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Dow Chemical resists spin-off pressure, raises buyback plan

By Swetha Gopinath and Garima Goel (Reuters) - Dow Chemical Co <DOW.N> hiked its dividend and tripled its share buyback program, but signaled that it was in no hurry to fall in line with activist shareholder Daniel Loeb's demands to spin off its slow-growing petrochemical businesses. The company also reported a quarterly profit that comfortably beat market expectations, powered by resilient agricultural demand and strong margins at its plastics business.

Investor presses for overhaul of Dow Chemical

Activist hedge fund Third Point Tuesday said it built an unspecified stake in Dow Chemical and pressed to overhaul a company that it argued has "woefully underperformed" peers. Third Point, which is known for campaigns to shake up Yahoo, Sotheby's, Sony and others, pressed Dow Chemical in a letter to consider spinning off its petrochemical assets and to evaluate a "meaningful" share buyback program. A Dow spokeswoman said the company "routinely monitors and engages with all of its shareholders" to boost shareholder value.

Third Point says it bought a stake in Dow Chemical and pushes for petrochemical unit spinoff

NEW YORK, N.Y. - Hedge fund Third Point LLC said Tuesday that it has acquired a significant stake in Dow Chemical and wants the company to spin off its petrochemicals division. Dow Chemical Co. shares jumped $2.25, or 5.2 per cent, to $45.32 in morning trading after rising as high as $46.70 earlier. The stock has been trading around six-year highs. Third Point says Dow is now its biggest investment but didn't specify how many shares it had acquired other than to say it was a significant position. CNBC reported that Third Point paid $1.3 billion for the stake.

Dow, Huawei sign global technology partnership memo

SHANGHAI, Dec. 3 (Xinhua) -- The China branch of U.S. multinational chemical corporation Dow Chemical signed a global technology partnership memorandum on Tuesday with Huawei, a Chinese information and communications technology solutions provider. Dow Chemical (China) Investment Company Limited and Huawei will establish a long-term partnership to boost their cooperation on innovation projects using their expertise, according to the memo.

Dow Chemical raises asset sale target to $3 billion-$4 billion

By Swetha Gopinath and Garima Goel (Reuters) - Dow Chemical Co <DOW.N> said it now expects to raise between $3 billion and $4 billion from asset sales in the next 18 to 24 months, at least double its earlier target, as it looks to shed businesses exposed to commodity price swings. The bulk of what Dow Chemical plans to sell is housed in its performance materials business, which was mainly responsible for the company's weaker-than-expected quarterly results.

US stocks higher as earnings come in mixed

US stocks moved higher Thursday amid a mixed bag of reports from leading companies. About 35 minutes into trade, the Dow Jones Industrial Average advanced 41.16 (0.27 percent) at 15,454.49. The broad-based S&P 500 was up a scant 0.10 (0.01 percent) at 1,746.48, while the tech-rich Nasdaq Composite Index rose 4.92 (0.13 percent) to 3,911.99.

Technology leads US stocks higher

Technology stocks led US equity markets higher Thursday as a surprisingly good earnings report from Facebook lifted the Nasdaq. The tech-rich Nasdaq Composite Index rose 25.59 (0.71 percent) to 3,605.19. The Dow Jones Industrial Average increased 13.37 (0.09 percent) to 15,555.61, while the broad-based S&P 500 added 4.31 (0.26 percent) at 1,690.25. Facebook was in focus after the leading social network's earnings report, released after the market closed Wednesday, showed robust growth in ad revenue from mobile technology.

Dow Chemical may sell businesses exposed to commodity swings

By Swetha Gopinath and Garima Goel (Reuters) - Dow Chemical Co <DOW.N> will consider selling its paint, construction and chlorine businesses as it joins industry rivals in shedding units vulnerable to commodity price swings, its chief executive said. Dow, the largest U.S. chemical maker by sales, reported a better-than-expected quarterly profit on Thursday due to strong margins in its plastics business and higher sales of pesticides to farmers. Its shares rose 1.5 percent in morning trading.

Dow Chemical says it will appeal $1.2 billion order after price-fixing verdict

KANSAS CITY, Kan. - A federal judge has ordered Dow Chemical Co. to pay $1.21 billion in damages after it lost a class-action lawsuit that accused it of conspiring to fix prices. Dow says it will appeal. The Feb. 20 jury verdict in federal court in Kansas City, Kan., was for Dow to pay $400 million in damages. The jury decided that Dow had participated in a price-fixing conspiracy for the chemical urethane, which is used in a wide variety of products.

Kuwait suspends executives over Dow Chemical payment

Kuwait's cabinet suspended on Thursday several senior oil executives over a $2.2 billion penalty paid to Dow Chemical for scrapping a joint venture and ordered a judicial investigation into the matter, an official statement said. The decision was taken at an extraordinary meeting, which also decided to appoint a new chief executive officer for national oil conglomerate Kuwait Petroleum Corp (KPC), the statement said.
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