Opening Glance: Paper and packaging companies head lower
NEW YORK—Shares of several paper and packaging companies declined on Wednesday, bucking the market trend, after International Paper Co. posted a decline in first-quarter profit.
IP said rising costs for raw materials and sluggish earnings from land sales hurt results during the first quarter.
In morning trading, IP declined $1.26, or 4.6 percent, to $26.05, while Wall Street moved higher amid anticipation of an interest rate cut from the Federal Reserve.
Here's how some paper and packaging companies performed Wednesday:
Weyerhaeuser Co., down 15 cents to $63.97.
AbitibiBowater Inc., down 5 cents to $9.71.
MeadWestvaco Corp., down 64 cents, or 2.3 percent, to $26.77.
Domtar Corp., down 10 cents to $6.09.
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