According to a February 13th statement, DuPont (DD) and Chemours Co have agreed to pay $671 million in cash in order to settle a number of lawsuits, related to a leak of toxic chemical used in the production of Teflon. The liability was $300 million below what Wall Street analysts had expected, Alexander Laurence, an analyst at Jefferies, noted.
DuPont shares closed higher for a third straight session on Monday. The stock went up 0.79% ($0.61) to $77.82, after touching an intraday high of $77.90, or a level not seen since January 27th ($78.34). In the week ended on February 12th the shares of the science and technology-based company added 1.02% to their market value compared to a week ago, rebounding after a 1.63% slump in the prior period. The stock has extended its advance to 3.07% so far during the current month, following a 2.86% surge in January. For the entire 2016, the shares of the DJIA-included company gained 10.21%.
3 550 personal injury claims were reported to have been settled by the two entities. All of these claims involved a leak of perfluorooctanoic acid or C-8 from DuPonts Parkersburg plant, which allegedly contaminated water supplies in the area and was also cited as the cause of six diseases, including kidney cancer.
Both companies denied being involved in any harmful activities. In a response, DuPont said that it had discontinued the use of C-8 at its Parkersburg plant at least a decade ago.
A class action lawsuit was filed against DuPont by residents back in 2001, with claims being related to perfluorooctanoic acid exposure. A panel of scientists was called together by the company, which had to discover if C-8 might have been the cause of any diseases. The official conclusion exposed a probable link with six illnesses – thyroid disease, kidney and testicular cancer, pregnancy-induced hypertension, ulcerative colitis and high cholesterol. DuPont agreed not to challenge if C-8 use can lead to such diseases.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the DuPont stock are presented as follows:
R1 – $77.90
R2 – $77.99
R3 (Range Resistance – Sell) – $78.07
R4 (Long Breakout) – $78.32
R5 (Breakout Target 1) – $78.60
R6 (Breakout Target 2) – $78.73
S1 – $77.74
S2 – $77.66
S3 (Range Support – Buy) – $77.57
S4 (Short Breakout) – $77.33
S5 (Breakout Target 1) – $77.04
S6 (Breakout Target 2) – $76.91
By using the traditional method of calculation, the weekly levels of importance for E I du Pont de Nemours & Co (DD) are presented as follows:
Central Pivot Point – $76.67
R1 – $77.84
R2 – $78.47
R3 – $79.64
R4 – $80.81
S1 – $76.04
S2 – $74.87
S3 – $74.24
S4 – $73.61