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Wednesday, February 12, 2014

Loeb's Third Point blasts Dow Chemical 'lack of transparency', (NASDAQ: YHOO)

Dow Chemical Co's "lack of transparency" makes it difficult to determine whether the petrochemical giant should be split up or kept together, hedge fund titan Daniel Loeb said on Wednesday.The harsh words escalate the tension between the largest U.S. chemical maker and Loeb, operator of the $14 billion Third Point hedge fund.Loeb, who last month said Dow Chemical had become the largest equity investment held by Third Point and urged the company to spin off its lucrative but slow-growing petrochemical unit and focus on specialty materials, issued the remarks a day after Dow Chemical said an internal review found breaking up the company would not help shareholders.By digging in its heels, Dow Chemical wants to show it doesn't plan to give in easily to Loeb's demands the way that Yahoo! Inc and other companies have in the past.

Yahoo! Inc. (Yahoo is a global technology company. Shares of YHOO fell by 1.01% or $-0.39/share to $38.11. In the past year, the shares have traded as low as $20.58 and as high as $41.72. On average, 17898600 shares of YHOO exchange hands on a given day and today's volume is recorded at 14084137.