Did anyone see Dow Chemical's earnings presentation this morning? Revenue in their basic chemicals division was down 53.2% y/y (pricing down 29%, volumes down 24%). EBITDA swung to a $32m loss from $108 profit last year. The first bullet point on the slide reads:

"Caustic soda prices declined drastically in 2Q09 due to industry oversupply."

Isn't caustic soda HWKN's primary business? High exposure to Aluminum and Paper/Pulp? Who wants to buy this stock up here given that volumes and pricing in their primary industry have been decimated and the stock is near historic highs?