Core Viewpoint - Dow has declared a dividend of 35 cents per share, reflecting a balanced capital allocation approach to enhance financial flexibility amid a challenging macroeconomic environment [1][2]. Group 1: Dividend Announcement - The dividend is set at 35 cents per share and is payable on September 12, 2025, to shareholders of record on August 29, 2025 [1][2]. - This marks the 456th consecutive dividend paid by Dow or its affiliates since 1912 [2]. Group 2: Strategic Rationale - The adjustment in the dividend payout aims to maximize long-term shareholder value during a prolonged industry downturn and a lower-for-longer earnings environment [2][6]. - Dow's capital allocation approach remains unchanged, focusing on prioritizing high return-generating opportunities while maintaining a competitive dividend [2][6]. Group 3: Company Overview - Dow is a leading materials science company with a global presence, operating manufacturing sites in 30 countries and employing approximately 36,000 people [3]. - The company reported sales of approximately $43 billion in 2024, serving high-growth markets such as packaging, infrastructure, mobility, and consumer applications [3].

Core Insights - The company is facing a challenging earnings environment due to prolonged low earnings and trade uncertainties, prompting aggressive actions to enhance cash support and earnings growth, targeting over $6 billion by 2026 [2][22] - The company is adjusting its dividend to maintain a balanced capital allocation framework while focusing on margin improvement and optimizing its global portfolio [2][22] Financial Highlights - Net sales for Q2 2025 were $10.1 billion, a decrease of 7% year-over-year and down 3% sequentially [3][6] - GAAP net loss was $801 million, with operating EBIT at a loss of $21 million, down $840 million year-over-year [3][6] - Operating EBITDA was $703 million, down $798 million from the previous year [3][6] - Operating earnings per share were a loss of $0.42, compared to earnings of $0.68 in the same period last year [3][6] Segment Performance - **Packaging & Specialty Plastics**: Net sales decreased by 9% year-over-year to $5 billion, with local prices down 10% [7][10] - **Industrial Intermediates & Infrastructure**: Net sales were $2.8 billion, down 6% year-over-year, with operating EBIT at a loss of $185 million [13][15] - **Performance Materials & Coatings**: Net sales were $2.1 billion, down 5% year-over-year, but operating EBIT increased by $6 million due to margin expansion [18][19] Cash Flow and Shareholder Returns - Cash provided by operating activities was negative $470 million, down $1.3 billion year-over-year [6][34] - Returns to shareholders totaled $496 million in dividends during the quarter [6][34] Outlook - The company is focused on mitigating industry challenges through strategic actions and aims to enhance its position in higher-value applications [22] - Upcoming growth projects are expected to operationalize in Q3, contributing to more resilient earnings [22]

Core Insights - DuPont and Aero Tec Laboratories (ATL) have launched crash-resistant fuel bladders made with Kevlar® EXO™ for World Rally Championship cars, starting at the WRC Delfi Rally Estonia, enhancing safety and performance by reducing the weight of the Safety Fuel Cell by approximately 20% [1][2][3] Company Collaboration - The partnership between DuPont and ATL aims to innovate within the racing industry, having previously introduced similar technology in Formula One, which met stringent FIA safety requirements [2][3] - The expansion into the World Rally Championship follows the initial success in Formula One, indicating a strategic move to leverage learnings from one motorsport series to another [3] Product Innovation - Kevlar® EXO™ represents DuPont's most significant aramid fiber innovation in over 50 years, initially introduced for life protection applications, now being utilized in motorsports to enhance safety and reliability [3] - The integration of Kevlar® EXO™ into fuel bladders not only reduces weight but also provides teams with a competitive edge while improving protection [4] Future Plans - DuPont and ATL plan to further expand their partnership and explore additional applications of their technology in other motorsport series such as NASCAR, IndyCar, and Le Mans [4]

WILMINGTON, Del., July 22, 2025 /PRNewswire/ -- DuPont (NYSE: DD) will release its second quarter financial results at 6:00 a.m. ET on Tuesday, August 5, 2025. In addition, the company will host a conference call at 8:00 a.m. ET that day.The event will be webcast live and can be accessed on DuPont's Investors Relations webpage. A replay, along with the earnings release and supporting materials, will also be posted to the website.       The dial-in number for the conference call is 888-440-4172 toll-free wit ...

Core Viewpoint - Black Swan Graphene Inc. is making significant strides in the commercialization of its Graphene-Enhanced Masterbatch™ (GEM™) products, which are gaining traction in various industrial sectors, particularly in the polymer industry [1][2]. Commercial Initiatives - The company is currently collaborating with over 40 customers and companies on joint projects since launching multiple GEM products in mid-2024 [3]. - Black Swan's strategy involves working closely with distribution partners and masterbatch manufacturers to enhance product adoption and market reach [1][4]. Production Capacity Expansion - Black Swan has ordered a next-generation production unit, aiming to increase its production capacity to 140 tonnes per annum, more than tripling its current capacity [5]. - The new production unit will be installed at the existing facility of Thomas Swan & Co. Ltd., leveraging established infrastructure to minimize capital expenditure and accelerate output [6]. GEM Strategy - The GEM strategy is central to Black Swan's commercial advancements, with partnerships established with companies like Hubron International Ltd, Broadway Colours Ltd., and Modern Dispersions Inc. [7]. - Feedback from masterbatch companies indicates that Black Swan's graphene product is exceptionally well-suited for masterbatch applications due to its excellent dispersion properties [7][9]. Market Applications - In the agricultural sector, GEM products are being trialed by a major North American manufacturer to enhance the strength and sustainability of agricultural films [12]. - The global agricultural films market was valued at USD 11.45 billion in 2023 and is projected to grow at a CAGR of 8.8% from 2024 to 2030, driven by rising agricultural output and sustainable practices [13]. Packaging Solutions - Black Swan is collaborating with prominent packaging companies to improve barrier properties in various applications, achieving significant performance improvements such as over 20% weight reduction and more than 40% reduction in water vapor transmission [16][17]. - The company is also pursuing FDA approval for food contact applications, which could lead to widespread adoption of graphene in high-demand packaging solutions [17]. Bio-Based Packaging - Black Swan is making progress in the bio-based packaging sector, focusing on incorporating graphene-enhanced polylactic acid (PLA) into consumer packaging, achieving barrier property improvements of up to 50% [18]. Overall Focus - Black Swan is dedicated to large-scale production and commercialization of patented high-performance graphene products aimed at various industrial sectors, including concrete and polymers [20].

Group 1 - BASF SE has entered into a long-term agreement with Equinor to secure up to 23 terawatt hours (TWh) of natural gas annually over a 10-year period starting from October 1, 2025 [1][8] - The agreement supports BASF's energy and raw material portfolio diversification and aims to reduce its carbon footprint, with Equinor's gas supply being noted for its low emissions [2][8] - The partnership builds on a history of collaboration between BASF and Equinor, providing competitive terms that align with BASF's sustainability targets [3][4] Group 2 - The deal solidifies Equinor's role as a key energy provider to BASF, enhancing its strategic position through low-carbon energy infrastructure [4] - BASF's stock has gained 4.2% over the past year, contrasting with a 15.3% decline in the industry [6] - The Zacks Consensus Estimate for BASF's earnings is not provided, but comparisons with other companies in the Basic Materials space indicate a competitive landscape [7][9][10]

Summary of Key Points from the Conference Call Industry Overview - **Chemicals and Industrials**: The chemicals sector experienced five profit warnings for FY25 from companies including BASF, Brenntag, Covestro, Solvay, and Fuchs SE, primarily due to weaker pricing and margins driven by oversupply in China and softer oil prices. The industrials sector showed mixed results, with some companies beating expectations while others missed, particularly in the electrical and construction segments [7][30]. Core Insights - **Market Sentiment**: Goldman Sachs' Risk Appetite Indicator has returned to more bullish levels, indicating a tactical neutral stance in asset allocation over the next three months, while maintaining a modestly pro-risk outlook for the next twelve months, particularly favoring equities [1]. - **Equity Strategy**: There is a preference for diversification across assets and regions, with a specific emphasis on European equities as the PEG ratio compared to the US has widened [1][7]. - **Profit Warnings**: The chemicals sector's profit warnings reflect broader market challenges, with BASF's muted share price reaction suggesting market anticipation of cuts. Conversely, Umicore's positive trading update stands out amid the negative sentiment in the sector [7][11][29]. Notable Company Performances - **Publicis**: Reported a significant 200 basis point beat on organic growth, attributed to market share gains, although shares fluctuated due to concerns over AI impacts [10]. - **Novartis**: Delivered strong results but saw a share price decline due to high expectations and pressures from generics and tariffs [10][33]. - **Luxury Sector**: Richemont reported strong results, particularly in the US and Middle East, indicating robust high-end demand, which supports a positive outlook for LVMH [11][31]. Investment Opportunities - **Nebius Group**: Initiated coverage with a Buy rating, highlighting a 25%+ price target upside due to its position in the AI Neocloud market [13][14]. - **UCB**: Initiated with a Buy rating, forecasting significant sales growth from its blockbuster drug Bimzelx, with peak sales expected to reach €7 billion by 2033 [16]. - **German Telcos**: Potential for increased mobile consolidation could lead to significant upside for companies like UTDI and 1&1 [23]. Risks and Considerations - **Dollar Depreciation**: The outlook for USD depreciation is expected to slow unless new catalysts emerge, such as deeper Fed cuts or movements in the Chinese Yuan [3][4]. - **Profit Expectations**: High expectations in sectors like pharmaceuticals may lead to muted market reactions despite strong earnings, as seen with Novartis [10][33]. Additional Insights - **Sector Trends**: The industrials sector showed a mix of strong and weak performances, with electrical names generally performing well while construction and mining sectors faced challenges [11][30]. - **Market Dynamics**: The luxury goods market is showing resilience, particularly in the US, while European markets face downside risks due to structural issues [36]. This summary encapsulates the key points discussed in the conference call, highlighting industry trends, company performances, investment opportunities, and associated risks.

Company Overview - Kronos Worldwide, Inc. (NYSE: KRO) is an unintegrated western producer of titanium oxide (TiO₂), indicating that it does not own its own titanium ore mines [1] - The company is currently considered fairly valued but has limited upside optionality due to its lack of vertical integration [1] Investment Philosophy - The investment approach focuses on buying businesses for less than their intrinsic worth, emphasizing a decent margin of safety [1] - The strategy often involves contrarian investing, identifying opportunities in unpopular companies or industries [1] Research and Analysis - The company publishes detailed write-ups on equities of interest to provide insights and analysis, particularly for those that lack adequate coverage [1]

Investment Returns - The total return on the Fund's net asset value for the first half of 2025 was 2.3%, with dividends and capital gains reinvested [1] - The S&P Energy Sector and the S&P 500 Materials Sector had returns of 0.8% and 6.0%, respectively, while the benchmark (S&P 500 Energy Sector 80% and S&P 500 Materials Sector 20%) returned 1.8% [1] - The total return on the Fund's market price for the same period was 3.1% [1] Annualized Comparative Returns - For the 1-year period, the Fund's net asset value (NAV) decreased by 2.2%, while the market price increased by 1.7% [4] - Over 3 years, the NAV returned 10.7% and the market price returned 12.3% [4] - The 5-year returns were 21.2% for NAV and 22.1% for market price, while the 10-year returns were 6.1% for NAV and 6.8% for market price [4] Net Asset Value - As of June 30, 2025, the Fund's net assets were $634.74 million, down from $689.99 million a year earlier [6] - The number of shares outstanding increased to 26,888,697 from 25,453,641 [6] - The net asset value per share decreased to $23.61 from $27.11 [6] Largest Equity Portfolio Holdings - The top ten equity holdings accounted for 62.9% of net assets, with Exxon Mobil Corporation at 22.7% and Chevron Corporation at 11.5% [7] - Other significant holdings included ConocoPhilips (5.3%), Linde plc (4.7%), and EOG Resources, Inc. (3.8%) [7] Industry Weightings - The Fund's net assets were allocated primarily to the energy sector, with Integrated Oil & Gas at 35.1% and Exploration & Production at 19.8% [9] - Other allocations included Storage & Transportation (11.6%), Chemicals (13.6%), and Metals & Mining (3.6%) [10]

Core Viewpoint - Kronos Worldwide, Inc. is set to announce its second quarter 2025 earnings on August 6, 2025, after market close, pending the completion of quarter-end closing procedures [1] Company Overview - Kronos Worldwide, Inc. is a significant international producer of titanium dioxide products [1]