Shares of Chemtura Corp. were hammered after the Philadelphia chemical maker issued earnings late Monday that missed analysts' estimates. Shares were down 10.8 percent, to $19.58 in midday trading.
Chemtura Corp. said fourth-quarter earnings rose 13 percent from a year earlier, to $27 million, or 27 cents per share, on sales of $622 million in the last quarter of 2012.
The sales figure represents an 8 percent increase from the prior-year period. But analysts, on average, expected earnings of 32 cents per share on revenue of $684 million, according to Bloomberg News. - Reid Kanaley