German chemicals association VCI on Wednesday said it expected production and revenues in the chemical and pharmaceutical sectors to drop this year, citing declining orders and supply chains disrupted by the coronavirus pandemic. Christian Kullmann, president of the association that represents chemical and pharmaceutical firms with operations in Germany, said: "2020 will be a difficult year."
Christian Gianni, Whirlpool VP of Technology, joins Yahoo Finance's Alexis Christoforous and Brian Sozzi to discuss the creation of respirators, alongside its partner Dow and Reynolds Consumer Products. Gianni also weighs in the potential for future innovation at Whirlpool.
DOW UPDATE Shares of JPMorgan Chase and Dow Inc. are posting positive momentum Wednesday morning, propelling the Dow Jones Industrial Average rally. Shares of JPMorgan Chase (JPM) and Dow Inc. (DOW) have contributed to the index's intraday rally, as the Dow (DJIA) is trading 311 points (1.
DOW UPDATE Behind strong returns for shares of Raytheon Technologies Corp. and Goldman Sachs, the Dow Jones Industrial Average is soaring Tuesday afternoon. Shares of Raytheon Technologies Corp. (RTX) and Goldman Sachs (GS) are contributing to the blue-chip gauge's intraday rally, as the Dow (DJIA) was most recently trading 592 points, or 2.
Jim Fitterling, chairman and chief executive officer, Dow Inc. (NYSE: DOW), will participate in a virtual fireside chat during Bernstein’s 36th Annual Strategic Decisions Conference on May 28 at 9:00 a.m. ET.
DOW UPDATE Buoyed by positive momentum for shares of Caterpillar and Intel, the Dow Jones Industrial Average is rallying Wednesday morning. Shares of Caterpillar (CAT) and Intel (INTC) are contributing to the blue-chip gauge's intraday rally, as the Dow (DJIA) was most recently trading 396 points (1.
DOW UPDATE The Dow Jones Industrial Average is soaring Monday afternoon with shares of Boeing and Raytheon Technologies Corp. delivering the strongest returns for the blue-chip average. The Dow (DJIA) was most recently trading 1,013 points higher (4.
Dow (NYSE: DOW) recently developed and commercialized a new formulated post-consumer recycled (PCR) plastic resin designed for collation shrink film applications in Asia Pacific.
DOW UPDATE Powered by strong returns for shares of Dow Inc. and Raytheon Technologies Corp., the Dow Jones Industrial Average is soaring Tuesday morning. Shares of Dow Inc. (DOW) and Raytheon Technologies Corp.
In response to the widespread devastation caused by extensive rain and dam failure impacting its global headquarters community, Dow (NYSE: DOW) and the Dow Company Foundation announced today $1 million of financial support for immediate relief and long-term recovery efforts associated with the flooding and its aftermath.
DOW UPDATE The Dow Jones Industrial Average is soaring Tuesday afternoon with shares of Raytheon Technologies Corp. and Goldman Sachs seeing positive growth for the blue-chip average. Shares of Raytheon Technologies Corp.
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DOW UPDATE Led by positive momentum for shares of Raytheon Technologies Corp. and Goldman Sachs, the Dow Jones Industrial Average is soaring Tuesday morning. The Dow (DJIA) was most recently trading 665 points higher (2.
Floodwaters surging through Central Michigan on Wednesday were mixing with containment ponds at a Dow Chemical Co. plant and could displace sediment from a downstream Superfund site, though the company said there was no risk to people or the environment.
The Dow Jones Industrial Average is soaring Tuesday afternoon with shares of Goldman Sachs and JPMorgan Chase leading the way for the price-weighted average. Shares of Goldman Sachs (GS) and JPMorgan Chase (JPM) have contributed about two thirds of the blue-chip gauge's intraday rally, as the Dow (DJIA) was most recently trading 588 points, or 2.4%, higher. Goldman Sachs's shares are up $16.86, or 9.4%, while those of JPMorgan Chase have risen $7.53, or 8.4%, combining for a roughly 167-point boost for the Dow.
DOW UPDATE Dragged down by negative returns for shares of Dow Inc. and Travelers, the Dow Jones Industrial Average is declining Tuesday morning. The Dow (DJIA) was most recently trading 104 points, or 0.
(Bloomberg) -- President Donald Trump said he’s sending federal emergency workers to Midland, Michigan, where dam failures have flooded a Dow Inc. chemical complex and homes in a disaster that may force the evacuation of more than 10,000 people.After two days of heavy rainfall, water from Wixom Lake breached one dam yesterday evening and then another late at night. That has caused Dow to close its headquarters and the manufacturing complex while the county has evacuated 1,000 people. As water levels rise to record levels, the City of Midland started plans to evacuate 10,000 more.In his tweeted response, Trump used the moment to take a shot at Michigan Governor Gretchen Whitmer. The two have tussled over getting medical supplies to the state and Trump, along with Michigan Republicans, have pressed the Democrat to open businesses sooner.“We have sent our best Military & @fema Teams, already there,” Trump tweeted today, referring to the Federal Emergency Management Agency. “Governor must now ‘set you free’ to help. Will be with you soon!”Flooding in central Michigan is just the latest disaster to hit the state, whose new governor is already working to contain the coronavirus pandemic. Michigan is ranked seventh in cases of Covid-19 and fourth in the number of deaths.Whitmer shot back when asked about criticism from Trump and Republicans amid the twin crises. The president is scheduled to visit the state tomorrow to tour a Ford Motor Co. factory that converted to make medical supplies.“To see Twitter this morning and see rhetoric like that is disheartening,” Whitmer said at a press conference in Midland on Wednesday afternoon. “We’ve got to take politics out of this and remember that we are all Americans fighting for our lives and our economy.”Better weather today has at least given the region a break from heavy rain, but the Tittabawassee River may have crested at a record 35 feet today, said Bridgette Gransden, Midland County administrator and controller, in a phone interview. By then, Midland will probably have to evacuate a quarter of its 40,000 residents, she said.“Midland County is not a stranger to flooding,” Gransden said. “Each flood experience is different. If we need to find other arrangements to shelter more people we will.”Of the 1,000 evacuated so far, about 300 had taken up in designated shelters while others made different arrangements. The city of Midland started an evacuation order for about 10,000 people, Gransden said.The region may be seeing a reprieve from the disaster. Clear weather and a lack of rainfall has seen the flooding recede by a few inches and may have peaked, Gransden said. If the water level continues to fall, downtown Midland may not be so heavily impacted.Dow said its operations are still closed down, but the company maintains that the flooding hadn’t released any chemicals into the region’s water.“It was confirmed there were flood waters commingling with an on-site pond used for storm water and brine system/groundwater remediation,” the company said on its Facebook page. “The material from the pond commingling with the flood waters does not create any threat to residents or environmental damage.”Whitmer said it’s not clear yet how much damage the two dams have incurred and added that if the floods were the result of negligence, the state will seek recourse.The owner of the Edenville Dam had its license revoked by the Federal Energy Regulatory Commission in 2018 because “throughout its ownership of the project Boyce Hydro Power LLC repeatedly failed to comply with its license for the Edenville Project, the Commission’s regulations, and Commission orders.” The concerns included the project’s ability to withstand floods.Boyce representatives couldn’t immediately be reached for comment.“The state of Michigan is reviewing every legal recourse we can,” Whitmer said at the press conference. “We will hold people responsible. The initial readout is that this was a known problem.”Whitmer had announced an emergency declaration and told people to evacuate the area during a Tuesday night press conference, saying downtown Midland could face 9 feet of water. “To go through this in the midst of a global pandemic is almost unthinkable,” she said.The Michigan State Police said that about 130 soldiers and more than 40 specialized vehicles from the Michigan National Guard arrived in the area at about 4 a.m. to evacuate citizens, augment emergency plans and offer logistics support. The Guard’s Light Medium Tactical Vehicles are capable of driving through high water. More than 200 soldiers and additional equipment are expected to arrive throughout the day.Company TownMidland, a two-hour drive northwest of Detroit, is the very definition of a company town. Herbert Henry Dow arrived there in 1890 and founded the company, which is now the city’s major employer.The breached dams are upstream of Dow’s headquarters, forcing the chemical company to activate emergency plans as the surge of water reached its industrial complex. Dow “is implementing its flood preparedness plan which includes the safe shutdown of operating units on site,” the company said. For now, Dow says the rising water is being dealt with through on-site containment ponds.Dow rose 1.5% to $36.18 in New York on Wednesday, amid a broader rise in the stock market.The chemical giant said that “only essential Dow staff needed to monitor the situation and manage any issues as a result of the flooding remain on site.” Other companies with operations at Dow’s complex include DuPont de Nemours Inc. and Corteva Inc. The companies are working together on their response, a Dow spokesperson said.A variety of chemical and industrial products, including Styrofoam and pesticides, are made by the companies in Midland and the surrounding region by Saginaw Bay, the leg of Lake Huron that dips into Michigan’s eastern side. Dow agreed last year to pay $77 million for environmental restoration projects to make up for pollution from the Midland plant, according to the Associated Press.The Edenville Dam, at the base of nearby Wixom Lake, failed amid high floodwaters in the area, sending water gushing through a now-gaping hole near its spillway. A second one, the Sanford Dam at the base of Sanford Lake, had also failed, according to the National Weather Service, which issued an alert advising of “extremely dangerous flash flooding” in the area.The river that flows below those lakes through Midland crested at nearly 34 feet in a 1986 flood that saw Dow Chemical shutter nearly all of its local operations. Floodwaters in Midland are expected to reach nearly 4 feet higher than that on Wednesday, Gransden said.The prospect of catastrophic floodwaters at an industrial plant stirs painful memories in Michigan, which has a history of problems with toxins slipping into ground water, especially PFAS compounds. The state’s Department of Environment, Great Lakes and Energy lists 91 sites with poisonous levels of the compound in the water.In January, State Attorney General Dana Nessel filed a lawsuit against 17 defendants, including DuPont and 3M Co., for contaminating sites in Michigan. The companies have denied liability and vowed to defend themselves.(Updates with impact on residents in the 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Dow Inc. (NYSE:DOW) shareholders should be happy to see the share price up 13% in the last month. But that doesn't...
The optimism has spilled over from the biotech sector, too, to infect (in a good way) stocks as far away as the basic materials sectors of chemicals (Dow Chemical (NYSE: DOW) up 9.4% in 1:45 p.m. EDT trading), copper (Freeport-McMoRan (NYSE: FCX) up 8.4%), and aluminum, too, with Alcoa (NYSE: AA) shares up an astounding 16.3%! After all, it was only four days ago that Alcoa CEO Roy Harvey told Bloomberg that Alcoa lacks "the clarity [or] the orders on the books, to signal that there is a definitive recovery coming."
DOW UPDATE The Dow Jones Industrial Average is up Friday afternoon with shares of UnitedHealth and Travelers leading the way for the price-weighted average. Shares of UnitedHealth (UNH) and Travelers (TRV) are contributing to the index's intraday rally, as the Dow (DJIA) is trading 7 points (0.