Dow Inc. to Pare Workforce Costs 6%, Take Charges

Storied materials-science company Dow Inc.  (DOW) – Get Report said that it would restructure, cutting “workforce costs” 6% and taking $500 million to $600 million of third-quarter charges for the effort.

It didn’t specify the amount of any layoffs.

The restructuring stems from the coronavirus pandemic, which has curbed demand for Dow products, the company said.

Besides the 6% cost cut, the revamp includes “[rationalizing] certain manufacturing assets,” the Midland, Mich., company said in a statement. 

“These actions are expected to result in total annualized [earnings before interest, taxes, depreciation and amortization] savings of more than $300 million by the end of 2021.”

The industrial intermediates-and-infrastructure segment will shut certain amines and solvents facilities in the U.S. and Europe, as well as select small-scale downstream polyurethanes manufacturing facilities. 

The performance-materials-and-coatings unit will shutter manufacturing assets, primarily small-scale coatings reactors.

“Given the expected gradual and uneven global economic recovery

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Stocks Pare Losses as Tech Rally Tempers Bank Rout: Markets Wrap

TipRanks

These 2 Penny Stocks Could Rally All the Way to $11, Says Cantor

Is more volatility on tap for stocks? Following a three-week losing streak, the longest in about a year, all eyes are on the market. The three major U.S. stock indexes have struggled for the last few weeks as the titans of tech, which have fueled the charge forward from COVID-induced lows, came under pressure due to overheated valuations, with market watchers waiting to see how renewed lockdown fears will come into play.So, what’s the bottom line for investors? Even though uncertainty remains as Wall Street gears up for the fourth quarter, the pros are pounding the table on a select few names, noting that these tickers boast strong long-term growth narratives.Bearing this in mind, our focus shifted to two penny stocks backed by investment firm Cantor. Major gains could be in store, as the firm’s analysts

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