Celanese appointed a new general counsel
On January 17, Celanese (CE) announced that it appointed A. Lynne Puckett as the company’s senior vice president and general counsel. The change will be effective on February 23. Previously, Puckett was the general counsel at Colfax. She focused on the legal aspects related to complex acquisitions, corporate and security matters, and debt and equity offerings.
Celanese will likely benefit from Puckett’s experience. Mark Rohr, Celanese’s chairman and CEO, said, “Lynne’s extensive experience and her leadership approach make her a valuable addition to our Celanese team. Her balance of strategic insights coupled with execution excellence will complement our legal team nicely. Her orientation toward volunteerism echoes our own corporate value of making a positive impact on our communities and reinforces our culture.”
Stock price update
Celanese continued its upward journey in 2019. The stock closed at $97.81 and gained 3.2% for the week ending January 18. Despite the gains, Celanese stock traded 3.7% below the 100-day moving average price of $101.56. Celanese’s 100-day moving average has fallen from $114.36 to the current levels, which indicates weakness in the stock. So far in 2019, Celanese stock has gained 9.3%. Eastman Chemical (EMN), LyondellBasell (LYB), and Westlake Chemical (WLK) have gained 12.3%, 6.7%, and 20.5%, respectively.
Celanese’s 14-day RSI (relative strength index) score of 63 indicates that the stock isn’t overbought or oversold. An RSI of 30 and below indicates that the stock is oversold. An RSI of 70 and above indicates that the stock has moved into the overbought position.
Investors could hold Celanese indirectly through the Invesco DWA Basic Materials Momentum ETF (PYZ). PYZ had 3.4% exposure to Celanese as of January 18. PYZ gained 2.3% for the week.