Visa is down 10% in four months, offering a compelling opportunity to invest in the blue chip stock.Visa (V 2.25%) reported third-quarter fiscal 2024 results on July 23. The results were a mixed bag, with a slight beat on earnings and a slight miss on revenue.Despite the stock selling off a bit on Wednesday in response to the news, the Dow Jones Industrial Average component stands out as my single favorite dividend stock to buy in August. Here's why. Visa's recipe for successA clear sense of what a company ...

Dow Jones Industrial Average Overview - The Dow Jones Industrial Average (Dow) is an index fund composed of 30 influential American companies traded on the NYSE, including Apple, Coca-Cola, and Microsoft [1] - The Dow has declined over 3% in the last five trading days due to investor rotation from mega and large-caps to small-caps in anticipation of Federal Reserve rate cuts [1] - The current market conditions present a buying opportunity for investors to acquire Dow stocks at lower prices [1] Nike (NKE) Analysis - Nike's stock valuation has dropped over 33% since the start of the year due to declining sales [2] - Despite underperforming competitors like ON, Adidas, and Hoka, Nike remains a strong value stock with long-term potential [2] - Management is addressing the sales decline by focusing on a "multiyear cycle of innovation" [2] - The upcoming Paris Olympics are expected to serve as a significant catalyst for Nike, with the company launching an extensive ad campaign around the event [3] - Analysts have set a one-year price target of $92.45 for Nike, representing a potential upside of over 30% [3] Visa (V) Analysis - Visa's stock has declined 7% over the past month but is positioned for a rebound [4][5] - The company operates in over 200 countries and territories, providing payment processing and information services [4] - Visa's current stock price is $254.17 with a market cap of $494.58 billion [5] - The company boasts high profitability with profit and operating margins of 54.72% and 66.86%, respectively [5] - Visa has consistently exceeded EPS predictions over the past year, with an average surprise of 2.45% [5] - Institutional ownership stands at 94%, with 166 hedge fund investors, indicating strong confidence in the company's stability and growth potential [6] Apple (AAPL) Analysis - Apple's stock has fallen over 6% in the past 10 days but is expected to reverse its trend soon [7] - The company's market cap is $3.315 trillion, making it the largest company globally [7] - Apple has consistently beaten EPS predictions over the past year, with an average surprise of 4% [7] - The company's profitability is strong, with profit and operating margins of 26.31% and 30.74%, respectively [7] - iPhone sales dipped in 2023 compared to 2022 due to increased competition, but revenue is expected to surge with the launch of the iPhone 16 lineup [8] - Apple's AI advancements, particularly through its "Apple Intelligence" initiative, are expected to act as catalysts for stock value growth [8]

Financial Performance - The Company reported net sales of $10.9 billion in Q2 2024, down 4% from $11.4 billion in Q2 2023, with decreases across all geographic regions and mixed results by operating segment [160]. - Net income available for common stockholders was $439 million in Q2 2024, down from $485 million in Q2 2023, resulting in earnings per share of $0.62 compared to $0.68 in the prior year [160]. - For the first six months of 2024, net income available for Dow Inc. common stockholders was $955 million, or $1.35 per share, compared to $392 million, or $0.54 per share in the same period of 2023 [178]. - Packaging & Specialty Plastics net sales were $5,515 million in Q2 2024, a decrease of 7% from $5,940 million in Q2 2023, with local prices down 4% and volume down 3% [182]. - Industrial Intermediates & Infrastructure net sales were $2,951 million in Q2 2024, down 7% from $3,177 million in Q2 2023, with local prices down 7% and volume up 1% [187]. - Performance Materials & Coatings net sales were $2,243 million in Q2 2024, up 2% from $2,197 million in Q2 2023, with volume up 7% despite local prices down 4% [193]. Cash Flow and Capital Expenditures - Cash provided by operating activities was $832 million in Q2 2024, down $515 million from Q2 2023, but up $372 million compared to Q1 2024 [160]. - Free Cash Flow for the first six months of 2024 was $(145) million, a decrease from $877 million in the same period of 2023 [213]. - Capital expenditures were $1,437 million in the first six months of 2024, compared to $1,001 million in the same period of 2023, with full-year capital spending expected to be around $3 billion [208]. - Cash and cash equivalents increased to $3,341 million as of June 30, 2024, from $2,987 million at December 31, 2023 [200]. Debt and Financing - Interest expense and amortization of debt discount increased to $197 million in Q2 2024 from $172 million in Q2 2023, primarily due to borrowings outside the United States [175]. - Net debt increased to $12,457 million as of June 30, 2024, from $10,799 million at December 31, 2023, representing a net debt to total capitalization ratio of 39.9% [227]. - The company issued $1.25 billion in senior unsecured notes in the first quarter of 2024, including $600 million of 5.15% notes due 2034 and $650 million of 5.60% notes due 2054 [229]. - The company redeemed $10 million of 2.10% notes and recognized a pretax gain of $5 million on early debt extinguishment in the second quarter of 2024 [230]. Operational Highlights - Volume increased by 1% compared to Q2 2023, with notable increases in Performance Materials & Coatings (up 7%) and Industrial Intermediates & Infrastructure (up 1%), while Packaging & Specialty Plastics saw a decrease of 3% [165]. - Operating EBIT for Packaging & Specialty Plastics was $703 million in Q2 2024, down $215 million from $918 million in Q2 2023, primarily due to lower selling prices and reduced demand [183]. - Operating EBIT for Industrial Intermediates & Infrastructure was $7 million in Q2 2024, an increase of $42 million from a loss of $35 million in Q2 2023, driven by lower raw material costs [188]. - Operating EBIT for Performance Materials & Coatings was $146 million in Q2 2024, up $80 million from $66 million in Q2 2023, primarily due to improved demand and higher operating rates [194]. Strategic Transactions - The Company announced a definitive agreement to sell its flexible packaging laminating adhesives business for approximately $150 million [161]. - The Company signed an agreement to acquire Circulus Holdings, PBLLC, which recycles plastic waste into post-consumer resin, with a total capacity of 50,000 metric tons per year [161]. Asbestos-Related Claims - As of June 30, 2024, there were 6,179 unresolved asbestos-related claims, a decrease from 7,162 claims in 2023, reflecting a reduction of approximately 13.7% [249]. - The number of claims filed in 2024 was 2,182, an increase of 14.2% compared to 1,911 claims filed in 2023 [249]. - Claims settled, dismissed, or otherwise resolved in 2024 totaled 2,370, which is an increase of 46.2% from 1,622 in 2023 [249]. - The number of individual claimants as of June 30, 2024, was 5,163, down from 5,705 in 2023, indicating a decrease of about 9.5% [249]. Corporate Governance and Compliance - The company has not identified any material changes in accounting policies since December 31, 2023, that would impact financial reporting [246]. - The evaluation of disclosure controls and procedures concluded that the companies' controls were effective as of the end of the reporting period [252]. - There were no changes in internal control over financial reporting that materially affected the companies during the quarter ended June 30, 2024 [253]. - Union Carbide does not consider the damages alleged against it to be a meaningful factor in determining potential asbestos-related liability [249].

[Table_Title] 研究报告 Research Report 26 Jul 2024 陶氏化工 Dow (DOW US) 陶氏化工 Dow (DOW US): 盈利势头环比增长；受维护影响净收入略低于预期 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com [Table_yemei1] 热点速评 Flash Analysis Title （本报告为 2024 年 7 月 25 日发布的英文报告的翻译版，以原版为准。） 事件 Source: HTI [Table_summary] 我们预计陶氏化工（海通国际未覆盖）2024 年第二季度的业绩将受到市场中性的评价，该公司公布的调整后净收 入为 4.82 亿美元，低于市场预期，但环比增长 22%，其原因是"计划维护活动和股权损失增加，以及销量下降" 导致的工业中间体和基础设施部门表现不佳。该公司基本达到了 2024 年第二季度的预期，净销售额为 109 亿美 元，而预期为 110 亿美元。对于 2024 年第三季度的预期，该公司预计净销售额为 111 亿美元，而共识为 ...

Core Viewpoint - Dow Inc. reported a decline in profits and net sales for the second quarter of 2024, indicating challenges in pricing and demand across various markets [1]. Financial Performance - Dow's reported profits were $439 million or 62 cents per share, down from $485 million or 68 cents per share a year ago [1]. - Adjusted earnings were 68 cents per share, a decrease from 75 cents a year ago, missing the Zacks Consensus Estimate of 72 cents [1]. - Net sales totaled $10,915 million, a 4% year-over-year decline, also missing the Zacks Consensus Estimate of $10,960.3 million [1]. - Cash and cash equivalents were $3,341 million, down approximately 10% from the previous quarter [4]. - Long-term debt was $16,016 million, down around 1% sequentially [4]. - Cash provided by operating activities was $832 million, down from $1,347 million in the year-ago quarter [4]. Segment Highlights - **Packaging & Specialty Plastics**: Sales fell 7% year over year to $5,515 million, with volumes down 3% due to reduced prices [2]. - **Industrial Intermediates & Infrastructure**: Sales declined 7% year over year to $2,951 million, with local prices falling 7% [2]. - **Performance Materials & Coatings**: Revenues rose 2% year over year to $2,243 million, with volumes increasing by 7% despite a 4% drop in local prices [3]. Outlook - Dow aims to improve sequential earnings while navigating a slower global macroeconomic environment in the second half of 2024 [5]. - The company anticipates third-quarter net sales of around $11.1 billion [5]. - Dow does not expect significant changes in demand for building & construction and consumer durables in 2024 [5]. Price Performance - Dow's shares have decreased by 0.7% over the past year, contrasting with an 11% decline in the industry [6].

Financial Data and Key Metrics Changes - In Q2 2024, Dow reported net sales of $10.9 billion, a decrease of 4% year-over-year but an increase of 1% sequentially, driven by gains in packaging and specialty plastics [6][7] - Operating EBIT was $819 million, up $145 million sequentially, reflecting gains in packaging and specialty plastics [7] - Cash flow from operations was $832 million, resulting in an 85% cash flow conversion on a trailing 12-month basis [7] Business Segment Performance Changes - Packaging and Specialty Plastics segment had an operating EBIT of $703 million, down $215 million year-over-year due to lower integrated margins and higher maintenance activity [8] - Industrial Intermediates & Infrastructure segment saw operating EBIT improve to $7 million, up $42 million year-over-year, driven by improved equity earnings [9] - Performance Materials and Coatings segment reported operating EBIT of $146 million, up $80 million year-over-year, driven by broad-based volume growth [9] Market Data and Key Metrics Changes - Packaging demand is growing globally, particularly in the U.S. and Canada, while Europe shows soft demand reflected in manufacturing PMI levels [11][12] - Infrastructure demand remains soft, with U.S. home sales below prior year levels and Eurozone construction PMI in contraction [12] - Consumer spending is resilient in most regions except Europe, where consumer confidence remains negative [13] Company Strategy and Industry Competition - Dow aims to capture more than $3 billion in EBITDA upside as macroeconomic conditions improve, focusing on operational and financial discipline [20][22] - The company is positioned to benefit from low-cost feedstock and plans to increase its production capacity in cost-advantaged regions [16][17] - Dow is advancing its Path2Zero project and has signed an agreement to acquire Circulus, enhancing its circular economy initiatives [25][24] Management's Comments on Operating Environment and Future Outlook - Management expects macro-dynamics to remain largely unchanged in the near term, with a deceleration in global economic recovery primarily led by China [11] - The company anticipates third-quarter earnings to be slightly above second-quarter performance, with robust domestic and export demand for polyethylene in North America [14] - Management is optimistic about capturing significant annual earnings upside at mid-cycle levels as economic recovery progresses [21] Other Important Information - Dow's focus on cash flow generation enabled $691 million in returns to shareholders, including $491 million through dividends and $200 million in share repurchases [7] - The company initiated the termination process for two U.S. pension plans to reduce administrative costs and risks [17] Q&A Session Summary Question: Guidance for Q3 sequential performance - Management expects slight improvement in Q3, with ethane pricing anticipated to rise and strong export environment from the U.S. Gulf Coast [30][33] Question: Impact of interest rates and geopolitical tensions - Management believes interest rate cuts will positively impact the housing market, while geopolitical tensions may lead to increased tariffs [35][39] Question: Corporate expenses and share repurchase criteria - Corporate expenses are expected to stabilize at $60 million to $65 million, and share repurchases will be evaluated based on capital allocation priorities [49][51] Question: Free cash flow expectations - The company generated positive free cash flow of $109 million in Q2 and expects to generate $600 million to $800 million in the second half of the year [52][54] Question: Impact of Hurricane Beryl - Hurricane Beryl had minimal impact on volumes, with some cost impact expected, but operations were quickly restored [58][59] Question: Fourth quarter expectations - Management anticipates continued strength in plastics and coatings, with potential seasonal softness in the fourth quarter [66][68]

Dow Inc. (DOW) reported $10.92 billion in revenue for the quarter ended June 2024, representing a year-over-year decline of 4.4%. EPS of $0.68 for the same period compares to $0.75 a year ago.The reported revenue represents a surprise of -0.41% over the Zacks Consensus Estimate of $10.96 billion. With the consensus EPS estimate being $0.72, the EPS surprise was -5.56%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Dow Inc. (DOW) came out with quarterly earnings of $0.68 per share, missing the Zacks Consensus Estimate of $0.72 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.56%. A quarter ago, it was expected that this materials science would post earnings of $0.47 per share when it actually produced earnings of $0.56, delivering a surprise of 19.15%.Over the last four quarters, the compan ...

Exhibit 99.1 July 25, 2024 Dow reports second quarter 2024 results FINANCIAL HIGHLIGHTS 1 • GAAP earnings per share was $0.62; operating earnings per share (EPS) was $0.68, compared to $0.75 in the yearago period and $0.56 in the prior quarter. Operating EPS excludes significant items in the quarter related to restructuring and efficiency costs totaling $0.06 per share. • Net sales were $10.9 billion, down 4% versus the year-ago period. Sales were up 1% sequentially, driven by gains in Performance Materials ...

MIDLAND, Mich., July 25, 2024 /PRNewswire/ -- Dow (NYSE: DOW):FINANCIAL HIGHLIGHTSGAAP earnings per share was $0.62; operating earnings per share (EPS)1 was $0.68, compared to $0.75 in the year-ago period and $0.56 in the prior quarter. Operating EPS excludes significant items in the quarter related to restructuring and efficiency costs totaling $0.06 per share.Net sales were $10.9 billion, down 4% versus the year-ago period. Sales were up 1% sequentially, driven by gains in Performance Materials & Coatings ...