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Stock Market & Financial Investment News

News Breaks
February 26, 2013
06:05 EDTPKG, IP, KS, RKTRockTenn announced $50/ton price hike, says Deutsche Bank
Deutsche Bank said its contacts reported that RockTenn (RKT) announced a $50/ton price hike for containerboard with an April 1 implementation date. Deutsche expects other companies to issue price increases as well, but said it remains uncertain as to the success of the hike. The firm has a Buy rating on RockTenn. Other names in the containerboard space include International Paper (IP), Packaging Corp. (PKG) and KapStone (KS).
News For RKT;IP;PKG;KS From The Last 14 Days
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October 9, 2015
10:02 EDTPKGHigh option volume stocks
High option volume stocks: SMCI PKG BWA EQT LOCO JBL
06:08 EDTIPWeyerhaeuser upgraded to Neutral from Sell at UBS
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06:07 EDTIPPotlatch upgraded to Neutral from Sell at UBS
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05:11 EDTIPInternational Paper to exit Chinese coated board JV
International Paper announced that it has entered into a definitive agreement with its Chinese coated board joint venture partner, Shandong Sun Holding Group, to sell its 55% equity interest in the joint venture. As consideration for the sale, the company will receive approximately $23M in cash. Additionally, the company will remove approximately $400 million of currently outstanding debt from the company's balance sheet, along with the other assets and liabilities of the IP-Sun JV, following completion of the transaction. International Paper also announced that it is pursuing strategic options for its corrugated box business in China and South East Asia and has signed a non-binding letter of intent with a prospective buyer based in China. The IP-Sun JV transaction is expected to be completed within the next six months, subject to satisfaction of closing conditions, including obtaining required Chinese governmental approvals. International Paper estimates the agreement to sell the Chinese coated board joint venture, which started in 2006, will result in net pre-tax noncash asset write-offs of approximately $200M to be recorded in the third quarter of 2015.
October 7, 2015
06:16 EDTIP, KS, PKGContainers and Packaging sector upgraded to Overweight at Wells Fargo
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September 25, 2015
07:55 EDTIP, PKGContainerboard stocks oversold at current levels, says Jefferies
Jefferies analyst Philip Ng believes containerboard stocks are already pricing in a $30-60/ton price decline. Industry contracts, however, expect downtime will balance the market and prices will hold, Ng tells investors in a research note. International Paper (IP), WestRock (WRK) and Packaging Corp. (PKG) are oversold at current levels and should be attractive for long term investors, Ng writes. He has a Buy rating on all three names.

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