DowDuPont's stock falls after Cowen cuts rating, turns 'ambivalent' on chemical industry
Shares of DowDuPont Inc. fell 0.7% in morning trade Wednesday, after Cowen downgraded the chemical company and the industry, citing weakening macro conditions. Analyst Charles Neivert cut his rating on DowDuPont to market perform from outperform, and reduced his industry outlook to cautious. "Our industry view has become more circumspect in light of multiple risk factors which may constrain earnings, with a particular focus on the expanding supply/demand imbalance, strained feedstock supply and logistics, low oil prices and slowing GDP growth especially in regions important to U.S. chemical trade," Neivert wrote in a note to clients. "It has been 11-to-12 years since we were so universally ambivalent about owning chemical shares." DowDuPont's stock has shed 25% over the past 12 months, while the Dow Jones Industrial Average has gained 1.9%. Neivert also downgraded Celanese Corp. , Eastman Chemical Co. , Methanex Corp. and AdvanSix Inc. , all to market perform from outperform. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.