The Dow Chemical Company (NYSE:DOW) – BlackBerry shares rise after Third Point discloses stake

The Dow Chemical Company (NYSE:DOW) [Reuters] – BlackBerry (BB.TO) (BBRY.O) shares rose more than 6 percent in early trading on Tuesday after investor Daniel Loeb’s Third Point hedge fund disclosed it had bought 10 million shares in the smartphone maker and technology company. Third Point said late on Friday it now owns a 1.9 percent stake in BlackBerry, making it the No. 5 shareholder in the Waterloo, Ontario-based company, according to Thomson Reuters data. Shares in BlackBerry rose 6.8 percent to $9.59 on the New York Stock Exchange, while its Toronto-listed shares rose 6 percent to C$10.47. It has also agitated for changes at blue chips such as Dow Chemical Co(NYS:DOW) and Yahoo Inc(NSQ:YHOO).
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The Dow Chemical Company (DOW), valued at $55.51B, began trading this morning at $46.49.
 
During the trading session, DOW traded between $46.01 to $47.00 and has traded between $29.81 and $47.32 over the past 12 months.
 
DOW shares are currently priced at 15.94x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 22.13x earnings multiple.
 
And for income investors, the company pays shareholders $1.48 per share annually in dividends, yielding 3.20%.
 
According to a consensus of 17 analysts, the earnings estimate of $0.74 per share would be $0.05 better than the year-ago quarter and a $0.04 sequential decrease. The full-year EPS estimate is $2.93, which would be a $0.45 better than last year.
 
The quarterly earnings estimate is predicated on a consensus revenue forecast of $14.82 Billion. If reported, that would be a 3.06% increase over the year-ago quarter.
 
In terms of ratings, Argus upgraded DOW from Hold to Buy (Aug 5, 2013). Previously, Argus downgraded DOW from Buy to Hold.
 
The average price target for DOW shares is $48.33, which is 3.96% above where the stock opened this morning.
 
The Dow Chemical Company (NYSE:DOW), manufactures and supplies chemical products for use as raw materials worldwide. The Dow Chemical Company was founded in 1897 and is based in Midland, Michigan.
 
Tag Helper ~ Stock Code: DOW | Common Company name: Dow Chemical | Full Company name: The Dow Chemical Company (NYSE:DOW) .

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