BUZZ-Croda: bottom of FTSE 100 after trading update
** Speciality chemicals maker Croda International (Other OTC: COIHF - news) down 3.7 pct, top pct loser on FTSE 100 and set for biggest one-day drop in nearly 3 years
** Co says Q1 constant currency sales for the core businesses rose 4 pct, below Morgan Stanley (Xetra: 885836 - news) 's estimate of 5.4 pct growth
** "The "miss" seems to largely be a deliberate move to shed volume in PT (performance technologies) to boost margin & improve mix, the benefit of which would be higher margins," Morgan Stanley says
** Organic growth miss for core businesses should not be interpreted as "weaker" demand, MS adds
** Croda also affirms outlook for the full year
** "We'd be buying on any material weakness, and continue to think Croda's balance sheet remains a key source of upside risk," MS says