Chemical makers tumble after DuPont's weak earnings, outlook

theflyonthewall.com

Several chemical makers are declining after DuPont (DD), one of the largest companies in the sector, reported weaker than expected third quarter results and significantly reduced its full-year earnings per share guidance. DuPont cited several reasons for its third quarter miss and guidance reduction, including lower demand for photovoltaic materials and titanium dioxide. Photovoltaic materials are used in the development of solar panels, while titanium dioxide is used as a pigment in paint. Weak infrastructure spending in Europe and Asia reduced demand for titanium dioxide and other chemicals, DuPont said. In early afternoon trading, DuPont dropped $4.32, or 8.68%, to $45.44. Other international chemical companies also retreated, with Dow Chemical (DOW) sinking 3.93% to $28.57, Huntsman Chemical (HUN) sliding 7.46% to $14.51, Akzoy Nobel (AKZOY) dropping 4.49% to $17.66 and LyondellBasell (LYB) giving back 4.51% to $52.97.

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