'Higher Value' Chemistry Key to Turnaround Says Chemours CEO

Chemours is up over 153% year-to-date and more than 50% since a short-seller targeted the chemical maker.

Shares of Chemours (CC) are up over 153% year-to-date and more than 50% since a short seller went after the chemical maker in June. Chemours emerged last June as a result of DuPont (DD) spinning off its performance chemicals business. Shares of the company last traded just under $14 a share, an impressive turnaround after sinking to the $3 level in January. Still, the company has a long way to go before it reaches its high of $22.25, which was achieved on the day of its initial public offering. The company is also financially on the hook for payments resulting from personal injury and wrongful death claims arising from DuPont's handling of PFOA, a chemical used in the production of Teflon. Citron Research's Andrew Left pointed to this litigation risk in June as a primary reason to short the company's shares. On the flip side, Greenlight Capital's David Einhorn has defended the stock, saying Left's damages estimates are way off. Vergnano said DuPont is the defendant in those trials with Chemours "being connected" and thus far the record has been good in fighting the lawsuits and he will continue to do so.