This invention is directed to chemical derivatives of carbon nanotubes wherein the carbon nanotubes have a diameter up to 3 nm. In one embodiment, this invention also provides a method for preparing carbon nanotubes having substituents attached to the side wall of the nanotube by reacting single-wall carbon nanotubes with fluorine gas and recovering fluorine derivatized carbon nanotubes, then reacting fluorine derivatized carbon nanotubes with a nucleophile. Some of the fluorine substituents are replaced by nucleophilic substitution. If desired, the remaining fluorine can be completely or partially eliminated to produce carbon nanotubes having substituents attached to the side wall of the nanotube. The substituents are dependent on the nucleophile, and preferred nucleophiles include alkyl lithium species such as methyl lithium.