Packaging Investors Just Saw $3 Billion Wiped Out in One Hour
Photographer: Susana Gonzalez/Bloomberg
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Packaging investors just can’t catch a break. Containerboard data for March caught the Street by surprise and wiped off more than $3 billion in industry market-cap within an hour of the market open.
Through Monday, the S&P 500 Containers & Packaging Industry Index (S5CONP) had bounced back from its Dec. 26 low and was up about 24 percent, and was trading above all its major daily moving averages.