NEW YORK (

TheStreet

) -- Shares of

Solutia

(NYSE:

SOA

) were gapping up Friday morning with an open price 41.4% higher than Thursday's closing price. The stock closed at $19.51 Thursday and opened today's trading at $27.58.

The average volume for Solutia has been 1.3 million shares per day over the past 30 days. Solutia has a market cap of $2.37 billion and is part of the

basic materials

sector and

chemicals

industry. Shares are up 12.9% year to date as of the close of trading on Thursday.

Solutia Inc. engages in the manufacture and marketing of performance materials and specialty chemicals used in a range of consumer and industrial applications. It operates in three segments: Advanced Interlayers, Performance Films, and Technical Specialties. The company has a P/E ratio of 9.5, above the average chemicals industry P/E ratio of 9.2 and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Solutia as a

buy

. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, notable return on equity and attractive valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full

Solutia Ratings Report

.

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