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Market Update (NYSE:DOW): DuPont to cut 1,700 jobs from US headquarters

[AFP] – US chemicals giant DuPont announced plans Tuesday to cut 1,700 jobs from its headquarters as it restructures ahead of its planned merger with Dow Chemical. The layoffs, tied to a $700 million cost-cutting plan announced by DuPont on December 11, will have a “significant” impact on Delaware, the mid-Atlantic state where the company is based, said chief executive Ed Breen in a message to employees reviewed by AFP. The job cuts reflect “the urgent need to restructure our cost base and, as part of that effort, reduce our corporate overhead costs so that we can remain competitive,” Breen said. Read more on this. The Dow Chemical Company (DOW) , with a current value of $61.16B, began trading this morning at $51.72. A quick look at the market, the company’s stock traded between $51.72 and $53.03 with its 52-week range being $35.11 to $57.10. DOW shares are currently priced at 15.95x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 29.72x earnings multiple. And for dividend hunters, the company pays shareholders $1.84 per share annually in dividends, yielding 3.57%. In a review of the consensus earnings estimate this quarter, 21 sell-side analysts are looking at $0.70 per share, which would be $0.15 worse than the year-ago quarter and a $0.03 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $3.28 would be a $0.17 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $11.23 Billion. If reported, that would be a 21.91% decrease over the year-ago quarter. Recently, Deutsche Bank upgraded DOW from Hold to Buy (Oct 23, 2014). Previously, RBC Capital Mkts Initiated DOW at to Outperform. Investors should keep in mind is that the average price target is $58.56, which is 13.23% above where the stock opened this morning. See more in (NYSE:DOW) Similar Articles: Company Update: E I du Pont de Nemours and Company (NYSE:DD) – DuPont to cut 1,700 jobs from US headquarters Market Update: The Dow Chemical Company (NYSE:DOW) – Dow Delivers Progress on JV Consolidation Commitments Market Update: The Dow Chemical Company (NYSE:DOW) – Seven Dow Technologies Honored By R&D 100 Magazine
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