Dow Chemical (DOW) NewsBite - DOW Sells Powder Coatings Business
Posted: Thursday, November 12, 2009 10:07 AM EDT
By: Market Intelligence Center Staff
Dow Chemical (NYSE: DOW) opened at $28.20. So far today, the stock has hit a low of $27.90 and a high of $28.75. DOW is now trading at $28.47, up $1.76 (6.59%). Over the last 52 weeks the stock has ranged from a low of $5.89 to a high of $27.39. DOW said this morning it will sell its powder coatings business to Netherlands-based Akzo Nobel N.V. Financial terms of the deal were not disclosed, and DOW said it will use the proceeds to reduce its debt. The move is part of DOW's plan to sell non-core assets in order to raise more than $3.5 billion. Technical indicators for the stock are neutral and S&P gives DOW a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on DOW the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 22.50 range. [ABR-Seven Summits Strategic Investments NewsBite]
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