Ahead Of The Bell: Cytec Downgraded On 1Q Loss

Cytec announced various restructuring efforts in January, including cutting 600 positions, which the company says will reduce costs in the second and third quarters. Cytec said Thursday that it will take other steps to maintain its liquidity in light of the recession, including a more than 12 percent reduction of its global work force when combined with cuts announced in January.

Additionally, the company lowered its quarterly dividend by 90 percent, from 11.25 cents per share to 1.25 cents per share.

Shares Cytec plunged $3.54, or 19.4 percent, to $14.70 in premarket trading.