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Shares Of Solutia Rise On Analyst's Note
Stock quotes in this article:
SOA
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ST. LOUIS (AP) — Shares of Solutia Inc. rose Friday after an analyst whose company managed the underwriting of its 20.5 million-share offering raised his adjusted earnings forecast.
The specialty chemicals manufacturer's stock rose 16 percent in early trading, a day after the price fell 8.3 percent due to the offering which diluted the value for current shareholders.
The share offering cut Solutia's net debt to $1.12 billion from $1.3 billion, Jefferies & Co. analyst Laurence Alexander said. Solutia also reported sales rose $1 million to $131 million in May. ...
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