Dow Chemical (DOW) dropped to the single digits today. The stock is currently trading at $9.70. Dow’s market cap is down to 9 billion and is facing financial problems. Everyone agrees that Dow should renegotiate the deal with Rohm & Haas but there is no reason for Rohm & Haas to renegotiate. It appears highly likely that the courts will force Dow to go through with its 15 billion dollar purchase of Rohm & Haas. Rohm & Haas is also being paid 3 million dollars a day until the deal is completed. This may be a win for Dow but if the merger is completed it may be a losing situation for all of the employees of the combined companies.

As expected Harley Davidson (HOG) cuts its dividend from 33 cents a share to 10 cents. The 70% dividend cut should save the company about 210 million in much needed cash.

Research in Motion (RIMM) is down to $49 a share after dropping over $10 yesterday. The stock is still a little too expensive for my tastes but a decline to $36 might represent a nice buying opportunity.

Oil looks very cheap at the $35 level. I don’t think anyone knows the exact bottom for oil prices but I feel comfortable buying at this level. I have been buying the Proshares Crude Oil ETF(UCO) for a trade. I like BP for a longer term investment.