DOW: Dow Chemical's Shares Lower Following PaineWebber's EPS Cut - TheStreet

Dow Chemical (DOW) - Get Report is trading lower Friday after PaineWebber cut the company's third-quarter estimates to 45 cents a share from 53 cents per share.

PaineWebber analyst Andy Cash lowered his earnings-per-share estimates for Dow in 2000 to $2.23 from $2.33 and for 2001 to $2.30 from $2.33, citing the surprisingly sharp rise in oil and gas prices. The price target for the chemical company's shares remains at $40.

Shares of Dow were recently trading down 19 cents, or 0.74%, to $25.38. Dow shares have been as high as $47.13 within the past year.