On Tuesday, investors gave earnings from International Paper a Bronx cheer, with shares declining about 1.5 percent after the release.» Read More
Many investors were expecting third-quarter earnings to be bad. And so far they haven't been disappointed.
Packaging and building products company Temple-Inland, which is under pressure from activist investor Carl Icahn, said Monday that it would sell 1.55 million acres of timberland to Campbell Group for $2.38 billion and then issue a $1.1 billion special dividend.
International Paper said on Thursday its second-quarter profit rose on improved pricing and stable volumes, but earnings fell short of market expectations and pulled the company's shares down 2.7%.
The largest U.S. paper and forest products company reported net income of $434 million, or 97 cents a share, compared with a year-earlier loss of $1.24 billion, or $2.54 a share.
Stocks closed mixed as the Dow Jones Industrials had their worst quarterly performance in almost two years. "What you've seen this quarter is a lot of negative shocks to the system in the market, yet the markets really don't want to go down," said Erik Ristuben of Russell Investment Group.