Paper Stocks Get Crumpled
The hits keep on coming for the beleaguered and overleveraged paper industry. On Feb. 18 it was International Paper's (IP) CEO, John Faraci, delivering the bad news, suggesting his company might soon cut its $1 a share dividend. The CEO's musings followed the company's weak fourth quarter results, a surprisingly large $452 million loss announced on Jan. 29 that has pushed International Paper shares down almost 50% in just a few weeks.
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