New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
September 21, 2012
10:10 EDTKS, IP, PKG, RKTContainerboard makers surge as analyst sees price increase sticking
Containerboard makers are rallying after Deutsche Bank analyst Mark Wilde earlier today upgraded the stocks covered in the sector to Buy from Hold. Wilde expects the publication Pulp and Paper Week to report that September prices have increased about $40 per ton. After speaking with several privately owned companies in the sector, the analyst sees a much greater chance that a recent containerboard price increase will be maintained. Wilde, who also noted that the sector's inventories dropped to their lowest August level in decades last month, now sees a 75%-80% that the price increase will be maintained, up from his previous 50% estimate. The analyst's upbeat outlook for the sector marks a reversal from a forecast he made earlier this month, when he downgraded all four of the sector's stocks and warned that the containerboard price hike investors were expecting to occur in the Fall may not materialize. The analyst admitted today that he's "eating a bit of crow." In today's note, Wilde upgraded the following containerboard makers to Buy from Hold: International Paper (IP), Rock-Tenn (RKT), Packaging Corp. of America (PKG) and KapStone Paper (KS). In early morning trading, KapStone surged 8.32% to $20.95, International Paper gained 3.20% to $35.81, Rock-Tenn advanced 2.39% to $68.97 and Packaging Corp. of America rose 2.85% to $33.98.
News For IP;RKT;PKG;KS From The Last 14 Days
Check below for free stories on IP;RKT;PKG;KS the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
April 16, 2014
16:21 EDTPKGPackaging Corp. to pay $17.6M to settle class action suit
Packaging Corporation of America announced that it has reached an agreement to settle a civil, class action lawsuit filed against the company and eight other North American manufacturers of containerboard. The lawsuit, filed in 2010, is pending in the U.S. District Court for the Northern District of Illinois. Under the terms of the agreement, which must be approved by the court, the company will pay $17.6M into a settlement fund in return for a dismissal and release of all claims of the purported class. Packaging Corp. will record a reserve for the expected settlement of the agreement in its Q1 results, which will result in an after-tax charge of $11.3M, or 11c per share.
April 15, 2014
12:40 EDTKSKapStone reports minor fire at Longview facility
Subscribe for More Information
10:00 EDTRKT, IPOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
06:37 EDTRKTRockTenn downgraded to Neutral from Buy at Longbow
Subscribe for More Information
06:37 EDTIPInternational Paper downgraded to Neutral from Buy at Longbow
Subscribe for More Information
April 9, 2014
10:06 EDTIP, RKTOn The Fly: Analyst Initiation Summary
Subscribe for More Information
07:15 EDTIPInternational Paper initiated with an Outperform at Credit Suisse
Subscribe for More Information
07:15 EDTRKTRockTenn initiated with an Outperform at Credit Suisse
Subscribe for More Information
April 8, 2014
14:34 EDTIPInternational Paper acquires remaining shares of Orsa IP Embalagens
International Paper has acquired the remaining 25% of shares of Orsa International Paper Embalagens S.A. from its joint venture partner, Brazilian pulp and packaging producer Jari Celulose, Embalagens e Papel S.A. The shares were purchased at the original transaction price per share for ~$135MM. With this transaction, International Paper takes full ownership of three containerboard mills and four box plants, which made up Jari's former corrugated packaging assets. "This investment is in-line with our strategy to selectively grow our industrial packaging business globally in attractive markets and put capital to work that deliver returns above our cost of capital," said CEO John Faraci.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use