Why Chemours Stock Is Up Big Today
Three chemicals companies with a shared corporate history have reached a major settlement in a long-running water contamination case. Investors are pleased, sending shares of Chemours (NYSE: CC) up 24%, shares of (NYSE: DD) up 8%, and shares of Corteva (NYSE: CTVA) up 4% in Friday trading.
Chemours, a chemicals company, and Corteva, which makes fertilizers and other agricultural supplies, both have ties to the old DuPont chemical giant. Chemours was spun out of DuPont in 2015. DuPont then merged with Dow Chemical to form DowDuPont in 2017 before splitting into a number of businesses, including the present-day DuPont and Corteva, a few years later.
The companies are separate entities today, but they have a common legacy, and potentially legacy liabilities. A number of U.S. municipalities have long-running complaints about contaminated drinking water due to so-called "forever chemicals" that leaked into the ground when firefighting foam was deployed.
Source Fool.com
