Clariant AG
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Based in Switzerland
Company profile

Clariant AG is a Switzerland-based producer of specialty chemicals. It operates through four business areas: Care Chemicals, Catalysis, Natural Resources, and Plastics and Coatings. The Care Chemicals business area produces ingredients for laundry detergents, fabric softeners, disinfectants and dishwashing detergents, as well as plasticizers, de-icing fluids for aircrafts and runways, and special solvents. The Catalysis business area offers a wide range of catalysts for the petrochemicals, plastics and refining industries. The Natural Resources business area provides products and services to the minerals and oil and mining industries. The Plastics and Coatings business area produces color and additive concentrates and performance solutions for plastics, flame retardants, polymer additives and waxes for functional effects in plastics, coatings, inks and other special applications, as well as organic pigments, pigment preparations and specialty dyes.

This security is an American depositary receipt
ADR Fees
American Depositary Receipt (ADR) Fee

ADR fees charged by custodial banks normally average from 1 to 3 cents per share. Other country fees might apply. To read more, see the Exception Fees tab at Brokerage Fees

Closing Price
$20.21
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
20.21
Day's Low
20.00
Volume
(Heavy Day)
Volume:
1,100

10-day average volume:
560
1,100

UPDATE: Cruise stocks lead S&P 500's losers after Royal Caribbean's $1 billion in stock, debt offerings

2:01 pm ET October 13, 2020 (MarketWatch)
Print

Tomi Kilgore

Royal Caribbean's stock suffering biggest selloff in 3 months, paces S&P 500 losers

Shares of cruise companies took a beating Tuesday, with Royal Caribbean Group hit the hardest after announcing a total of $1 billion worth of public stock and private convertible debt offerings, and providing a bookings update.

Royal Caribbean's stock (RCL) dove 13.2% in afternoon trading, to pace all of the S&P 500 index's decliners. The stock is on track for the biggest one-day decline since it tumbled 14.3% on June 11.

Trading volume jumped to 14.8 million shares, or more than double the full-day average of about 6.2 million shares, according to FactSet.

The stock's selloff also weighed on Royal Caribbean's peers, as shares of Norwegian Cruise Line Holdings Ltd. (NCLH) dropped 7.3% to be the second-biggest S&P 500 loser, and Carnival Corp. (CCL) slid 7.2% to be the third-biggest decliner.

Royal Caribbean said before the open that it had commenced a public offering of $500 million worth of its common stock (https://www.marketwatch.com/story/royal-caribbeans-stock-drops-after-offering-of-500-million-in-stock-and-500-million-in-convertible-debt-2020-10-13). Based on Monday's stock closing price of $69.83, that would represent about 7.16 million shares, or about 3.3% of the shares outstanding . The company plans to use the proceeds for general corporate purposes.

If the underwriters of the offering exercise all of the options granted to buy additional shares to cover overallotments, Royal Caribbean could raise an additional $75 million.

The company said it had also commenced a private offering of $500 million in senior convertible notes, due 2023, and has granted the underwriters options to buy up to an additional $75 million worth of the notes. Royal plans to use the proceeds to pay off its 2.650% senior notes due 2020.

The notes will be convertible at the holder's option in certain circumstances. The company said it can satisfy its conversion obligation by paying or delivering, "at its election," either cash, common stock or a combination of both.

Separately, Royal Caribbean said booking for 2021 have continued to improve over the last two months, but remain below pre-COVID-19 levels, while pricing for 2021 bookings is relatively flat.

See related: Royal Caribbean trials 'cruises to nowhere' with ships sailing in circles from Singapore (https://www.marketwatch.com/story/royal-caribbean-trials-cruises-to-nowhere-with-ships-sailing-in-circles-from-singapore-11602159694).

The company said it is waiting to hear from the Centers for Disease Control and Prevention (CDC) to confirm whether there will be future extensions of the CDC's previous "no sail" order (https://www.marketwatch.com/story/cdc-extends-us-cruise-ship-ban-to-just-oct-31-2020-09-30), which currently extends to Oct. 31.

For now, Royal said it remains "optimistic" that it will be able to resume commercial sailings some time this year.

Royal's stock has tumbled 54.6% year to date, while Norwegian's stock has plunged 71.3% and Carnival shares have plummeted 72.2%. The S&P 500 has gained 8.6% this year.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 13, 2020 14:01 ET (18:01 GMT)

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