Dow (DOW, $59.98) and LyondellBasell (LYB, $96.04) shares downgraded by Bank of America analyst
Shares of Dow Inc. and LyondellBasell fell after Bank of America analyst Steve Byrne downgraded rating on the chemicals companies.
Byrne cut his rating on Dow Inc. shares to underperform from neutral, while lowering his price target to $68 from $71. He downgraded LyondellBasell stock to neutral from buy and reduced his price target to $114 from $117.
The lowered outlook was largely due to the possibility of commodity price inflation peaking. The analyst is concerned that the risk could hurt a number of chemical chains as China slows, production recovers, and spending shifts from goods to services. “This is particularly true for U.S. polyethylene markets, as inventory balances approach healthier levels and domestic demand is being met. While U.S. polyethylene prices could move higher from here, we see the strength as increasingly at risk, with substantial downside possible,” Byrne noted.
DOW in upward trend: 10-day moving average crossed above 50-day moving average on September 27, 2024
The 10-day moving average for DOW crossed bullishly above the 50-day moving average on September 27, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 16 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
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Notable companies
The most notable companies in this group are Dow (NYSE:DOW), DuPont de Nemours (NYSE:DD), Chemours Company (The) (NYSE:CC).
Industry description
The specialty chemicals sector includes companies that produce chemicals and industrial gases, which are of relatively high-value, often made to customer specifications. Examples of specialty chemicals are electronic chemicals, industrial gases, coatings, adhesives and sealants, industrial and institutional cleaning chemicals. The products are often valued on the basis of their purposes/performances rather than for their composition. Linde Plc, Ecolab Inc., Air Products and Chemicals, Inc., and Dow, Inc. are some of the largest companies making specialty chemicals.
Market Cap
The average market capitalization across the Chemicals: Specialty Industry is 8.9B. The market cap for tickers in the group ranges from 47 to 223.16B. LIN holds the highest valuation in this group at 223.16B. The lowest valued company is GTBT at 47.
High and low price notable news
The average weekly price growth across all stocks in the Chemicals: Specialty Industry was -0%. For the same Industry, the average monthly price growth was 6%, and the average quarterly price growth was 4%. FEAM experienced the highest price growth at 48%, while CNEY experienced the biggest fall at -24%.
Volume
The average weekly volume growth across all stocks in the Chemicals: Specialty Industry was -73%. For the same stocks of the Industry, the average monthly volume growth was 40% and the average quarterly volume growth was 35%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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