Dow Chemical Co. (DOW) recently agreed to sell its hollow sphere plastic pigment product line to Fairlawn, Ohio-based specialty chemicals maker Omnova Solutions Inc. Hollow plastic pigments are used by the paper and paperboard industry. Dow also plans to close two production units at a Texas as part of its restructuring initiatives. The deal is expected to close in the fourth quarter of 2009.

Volatile crude oil prices have significantly affected the basic chemicals market, forcing the second-largest chemical manufacturer in the world to divest its styrene monomer and ethylbenzene production at Freeport, Texas. This sale will reduce Dow’s exposure to a capital-intensive Basic portfolio. About 60 employees will be affected.

Midland, Michigan-based Dow Chemical aims to shift focus to specialty chemicals that are used in cosmetics and food additives, and work with partners to meet basic chemical needs. After the Rohm & Haas acquisition in the second

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Highlighted stocks include Forest Oil Corporation (...

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While most finance wonks opine that dominant indices will need to double bottom (at the very least) before a secular, bull rally can take form, many also agree that the first-mover advantage in such a global rally will start in both commodities and emerging markets.

One such firm could be Sociedad Quimica y Minera de Chile (NYSE:SQM), a Chilean chemical manufacturer that deals in specialty fertilizers (its principal revenue source), iodine and iodine derivatives (used to produce polarizing film for LCD screens and contrast media), lithium and lithium derivatives (vital to the production of rechargeable batteries powering modern electronics and hybrid cars worldwide), potassium nitrate (to make glass or enamel coatings for refrigerators and bathtubs), and industrial chemicals.

SQM thus taps into two growing industries–agriculture and “green” technology. A report issued last month noted that:

Chile is the leading lithium producer in the world with

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Ferro Corporation (FOE), the specialty chemical manufacturer, recently announced it was selling its fine chemicals business to Novolyte Technologies LP for $66 million in cash. The company said the proceeds will be used to pay down debt.

The business manufactures electrolytes used to make lithium batteries as well as specialty solvents. Novolyte will absorb the manufacturing employees.

Ferro, a Zacks #1 Rank (Strong Buy), continues to have strong fundamentals.

On Aug 5, it reported second quarter earnings that beat Wall Street estimates by 31.25%. Sales rose 17% to $650 million from $553.7 million in the year ago period.

Consensus estimates for the third quarter are steady at 31 cents per share. Full year estimates are up 5 cents to $1.38 in the last 60 days. Analysts expect 2008 year-over-year earnings per share growth of 62.65%.

Ferro is now trading at 10.5x forward earnings. Its price-to-book is

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