Mar 18, 2026 12:30 PM Eastern Daylight Time Dow Jones Special Committee Elects Melanie Kirkpatrick Share NEW YORK--(BUSINESS WIRE)--The Dow Jones Special Committee, established as part of the acquisition of Dow Jones & Co. by News Corp in late 2007, has elected Melanie Kirkpatrick to succeed Tom Bray. Kirkpatrick, an author and retired journalist who spent most of her career at The Wall Street Journal, will serve out Bray's term ending Dec. 31, 2029, at which time she would be eligible for reelection to a f ...

Thanks, Jeff. Good morning, everybody, and thank you, Jeff, for having me. Before we get into Q&A, I'd just like to offer a few insights just to our -- what's happening in our key markets as well as some of the progress that we're making on our near-term actions and our self-help measures. We remain focused on what's firmly within our control regardless of the situation that's unfolding in the Middle East, in addition to our view on how the macroeconomic landscape is changing for 2026. I'll provide some upd ...

Summary of Dow's 2026 Conference Call Company Overview - **Company**: Dow (NYSE:DOW) - **Date of Conference**: March 18, 2026 - **CEO**: Jim Fitterling, CEO since 2018, with a long tenure at Dow since 1984 Key Market Insights - **Macroeconomic Landscape**: Dow is focused on internal actions amidst geopolitical tensions, particularly in the Middle East, and is adapting to changing macroeconomic conditions for 2026 [2][3] - **Self-Help Actions**: Ongoing self-help measures are yielding positive results, with a focus on cost structure and business transformation [3][4] - **Polyethylene Market**: January saw record high sales volumes for polyethylene, with a global price increase of $0.10 per pound announced in March, and an additional increase of $0.15 per pound in North America [4][5] Supply Chain and Pricing Dynamics - **Supply Constraints**: Up to 50% of polyethylene supply is offline or constrained due to Middle East events, leading to historically low inventory levels across the value chain [5][6] - **Feedstock Prices**: Rising feedstock prices, particularly naphtha in Asia, are impacting the global cost curve and leading to operating rate reductions in high-cost assets [4][5] - **Logistics Uncertainty**: Global logistics have become uncertain, affecting supply chains and pricing strategies [5][6] Financial Performance and Projections - **EBITDA Improvement**: Targeted actions are expected to deliver approximately $3 billion in EBITDA uplift over the next few years, with $500 million in cost savings anticipated by the end of 2026 [7][8] - **Transform to Outperform Initiative**: This initiative aims for at least $2 billion in near-term EBITDA improvements, with $500 million expected this year [8][9] - **Cash Flow Management**: Dow aims for $5 billion in EBITDA generation, with a conservative estimate of 50% translating to cash flows, maintaining CapEx at $2.5 billion [131][132] Strategic Initiatives - **Operational Efficiency**: Dow is consolidating executive roles to unify working capital ownership and enhance innovation [9][10] - **Customer Partnerships**: Upgrading commercial fundamentals and raw material sourcing to better meet customer needs [10][11] - **Sustainable Growth**: Evaluating target sites for additional productivity and growth improvements [10][11] Regional Market Dynamics - **Europe vs. Asia**: The competitive landscape in Europe is improving due to higher co-product values, while Asia's demand post-Lunar New Year remains uncertain but traditionally strong [6][60] - **Ethylene Production**: Dow's integrated ethylene production in the Americas is a significant advantage, with 25 billion pounds of advantaged ethylene capacity [71][72] Specialty Plastics Outlook - **Volume Growth**: Specialty plastics, particularly in wiring and cable applications, are expected to see good volume growth, while housing-related elastomers may face slower demand [85][91] Challenges and Risks - **Middle East Conflict**: The ongoing conflict is causing significant supply chain disruptions and uncertainty in pricing and logistics [12][30] - **Sadara Operations**: Dow's Sadara facility is experiencing reduced rates due to inventory constraints, with a focus on managing financial responsibilities with Aramco [138][145] Conclusion - **Long-Term Resilience**: Dow is committed to maintaining operational and financial discipline while navigating current market challenges to enhance shareholder value [10][11]

Summary of Dow Chemical's 2026 Conference Call Company Overview - **Company**: Dow Chemical (NYSE: DOW) - **CEO**: Jim Fitterling, CEO since 2018, with a long tenure at Dow since 1984 Key Industry Insights - **Market Dynamics**: The underlying demand conditions remain largely unchanged, but supply situations are evolving positively, impacting order books favorably [3][4] - **Polyethylene Pricing**: A $0.10 per pound price increase for polyethylene was announced globally in March, with an additional increase planned for April [4] - **Inventory Levels**: Industry inventory is below the five-year average, indicating strong working capital discipline and three years of destocking [4][21] - **Global Logistics**: Up to 50% of polyethylene supply is offline or constrained due to the Middle East conflict, leading to historically low inventory levels across the value chain [5] Financial Performance and Projections - **EBITDA Improvement**: Targeting approximately $3 billion of EBITDA uplift over the next few years, with $500 million in cost savings expected by the end of the year [8][9] - **Transform to Outperform Initiative**: Expected to deliver at least $2 billion in near-term EBITDA improvements, with $500 million anticipated this year [9][10] - **Cost Structure**: The completion of cost efforts and asset actions is projected to provide a $1 billion EBITDA improvement in 2026 [9] Strategic Actions - **Self-Help Measures**: Ongoing self-help actions are progressing well, focusing on cost structure and growth strategies [2][3] - **Operational Efficiency**: Plans to shut down high-cost upstream assets to strengthen competitive positioning [9] - **AI and Automation**: Implementing AI and automation to redesign workflows and improve operational efficiency [10][11] Customer and Market Engagement - **Customer Demand**: Strong demand from Asian customers, with Dow's order books booked out as much as possible [46][55] - **Regional Dynamics**: The company is monitoring demand post-Lunar New Year in Asia, which typically sees strong demand [57] Challenges and Risks - **Middle East Conflict**: The ongoing conflict has created significant supply chain pressures, with potential long-term impacts on operations and pricing [14][28] - **Naphtha Pricing**: Rising naphtha prices are affecting high-cost producers, which could lead to margin restoration in Europe [35][42] Future Outlook - **Volume Growth**: Limited volume growth expected in specialty plastics due to slower housing demand, but strong demand in electrical infrastructure and telecommunications is anticipated [81][87] - **Cash Flow Management**: Aiming for $5 billion in EBITDA generation, with a conservative estimate of 50% translating to cash flows [127] Conclusion - Dow Chemical is focused on navigating current market challenges while implementing strategic initiatives to enhance operational efficiency and financial performance. The company remains optimistic about future demand and pricing dynamics, particularly in the context of ongoing geopolitical tensions and evolving supply chain conditions.

S&P Dow Jones Indices Licenses S&P 500® to Trade[XYZ] for Perpetual Contracts on Hyperliquid Accessibility StatementSkip Navigation NEW YORK, March 18, 2026 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI"), the world's leading index provider, announced today that it has licensed the S&P 500® to Trade[XYZ] ("XYZ") to launch the first and only officially licensed perpetual derivative contract based on The 500®. XYZ is the leading provider of real world asset markets via perpetual derivatives on Hyperliquid, ...

Dow Presents at J.P. Morgan 2026 Industrials Conference Jim Fitterling, Chair and CEO Geopolitical events could pressure 1Q margins, but should provide meaningful tailwinds to mid-year 2026 earnings + Positive price momentum expected heading into 2Q across Dow portfolio, entering traditional high seasonal demand period + ndustry supply environment expected to show significant support via Middle East and Asian asset limitations + Trade and tariff backdrop provides additional heightened near-term volatility - ...

Core Viewpoint - Dow Inc has experienced a significant year-to-date gain of 58.4%, but there are concerns about potential profit-taking and a reversal of optimism as it approaches a historically bearish trendline [1]. Group 1: Stock Performance - Dow has climbed to within 3% of its 24-month moving average after previously closing below this trendline for five months [2]. - The stock is currently testing a long-term bearish trendline, which may indicate a potential reversal in its upward momentum [1]. Group 2: Historical Trends - Historical data shows that similar signals have occurred 12 times in the last 20 years, with the stock being higher one month later only 25% of the time, averaging a 5.4% loss [2]. - Three months following similar signals, Dow has averaged an 11.1% drawdown with a 42% win rate [2]. Group 3: Technical Indicators - Dow's 14-Day Relative Strength Index (RSI) is at 68, indicating it is on the cusp of "overbought" territory [4]. - The stock's 50-day put/call volume ratio of 7.69 is in the highest percentile of its annual range, suggesting a strong bullish sentiment among options traders [5]. Group 4: Analyst Insights - Wells Fargo has raised its price target for Dow to $45 from $30, just below a 12-month high of $37.75, indicating positive analyst sentiment [1].

Stock Market Overview - US stocks experienced gains, with the Dow Jones Industrial Average rising by 398 points, or 0.85%, while the S&P 500 and Nasdaq 100 increased by 0.6% [1] - The market sentiment was bolstered by a strong rebound in the previous session, where the S&P 500 recorded its largest one-day gain in over a month, primarily driven by technology and AI-related stocks [2] Oil Market Dynamics - Oil prices increased, with Brent crude rising approximately 1.6% to trade above $100 per barrel, influenced by geopolitical tensions in the Middle East [3] - The rise in oil prices is attributed to ongoing US-Israel attacks on Iran, raising concerns about potential disruptions in the Strait of Hormuz, a critical shipping route for global energy supplies [4] Technology Sector Performance - Technology stocks, especially those linked to artificial intelligence, are supporting market sentiment, with Nvidia shares rising 0.24% after a previous gain of 1.6% [6] - The revenue opportunity for AI chips is projected to reach at least $1 trillion by 2027, indicating strong growth potential in this sector [8] Airline Industry Recovery - Airline stocks are showing signs of recovery, with Delta Air Lines increasing by 4.7% after raising its revenue guidance for the current quarter, and American Airlines rising by 4.86% [8] Fed Policy and Economic Outlook - Investor focus is shifting towards the Federal Reserve's policy meeting, with expectations that interest rates will remain unchanged as the central bank evaluates the economic impact of rising energy prices and geopolitical uncertainty [10] - Market expectations for rate cuts have decreased, with traders now anticipating only one 25-basis-point cut later this year, down from earlier expectations of two cuts [11]

Core Insights - The Dow Jones Equity All REIT index experienced a decline of 1.52% during the week ending March 13, reflecting a downward trend in the broader stock market [2] Group 1: Market Performance - The performance of US equity real estate investment trusts (REITs) has been negatively impacted, with indexes falling alongside the overall stock market [2] - The S&P 500 index also showed a decline during the same period, indicating a broader market downturn affecting various sectors, including real estate [2]

Core Viewpoint - The investor briefing focuses on Dow Jones, featuring key presentations from News Corp leadership and the Dow Jones team, highlighting the company's strategic direction and product offerings [1][2]. Group 1: Leadership Presentations - The briefing will include opening remarks from News Corp Chair Lachlan Murdoch and Chief Executive Robert Thomson, setting the stage for discussions on Dow Jones [2]. - Almar Latour, the Chief Executive Officer of Dow Jones, will lead the Dow Jones team in the presentation, indicating a focus on the company's operational insights and future plans [2]. Group 2: Event Structure - The investor briefing is expected to last approximately 2 hours, which includes a question-and-answer session, allowing for direct engagement with the audience [2]. - Following the Q&A session, attendees will be invited to a reception where several Dow Jones products will be demonstrated, showcasing the company's offerings [2].