24 October 2012 22:30 [Source: ICIS news]
HOUSTON (ICIS)--The US construction industry is recovering, though not enough to offset weakness in Europe and Asia, an analyst said on Wednesday following Dow Chemical’s release of third-quarter earnings.
Dow Chemical’s third-quarter net income fell 35% to $582m (€448m) on weaker sales, particularly in ?xml:namespace>
Morgan Stanley said it expects Dow’s stocks to rise as the market realises the company is performing better than expected. However, that increase will be slight, because of limited visibility in Dow’s two restructuring programmes.
In addition, Dow’s performance plastics sector was down but only modestly.
Financial analyst Wells Fargo said the segment benefitted from low feedstock costs in North America and Latin America, which offset the high cost of naphtha in Europe and Asia.
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