DD, CTVA, and CC are moving higher today
Dupont De Nemours Inc (NYSE:DD) stock is gapping higher today after news that the chemical name is joining Corteva (CTVA) and Chemours (CC) in setting up a $1.9 billion fund to settle multiple lawsuits over their alleged role in polluting drinking water in the U.S. with perfluoroalkyl and polyfluoroalkyl substances (PFAs). Chemours is set to contribute half of the amount, with the others splitting the rest, after the companies reach a formal agreement.
DD is up 6.3% at $71.67 at last glance, though familiar pressure at the $72 region appears to be keeping a cap on gains. Today's pop has the stock breaking above recent pressure at the 160-day moving average, though, a trendline that also provided support for its late-April pullback. Year-to-date, the equity is now up 4.2%.
The security's typically quiet options pits are seeing triple the intraday average call volume today. The most active contract is the October 72.50 call, followed by the 67.50 call in that series.
Of the 13 analysts in coverage, eight carry a "buy" or better rating on DD, with five a tepid "hold." Plus. the 12-month consensus price target of $77.95 is an 8.6% premium to current levels.