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The major market averages have eased off their opening levels, but still trade higher for the session. The Dow and S&P lead the way with 0.3% gains while the Nasdaq lags with a 0.1% advance.
Shares of International Paper (IP 30.00, +0.35) and Temple-Inland (TIN 29.63, +8.62) are in focus today after International Paper made a $30.60 per share bid for Temple-Inland. The unsolicited bid was quickly rejected with Temple-Inland saying it “grossly undervalues” the company despite being a 46% premium to Monday’s closing price. Other packaging/paper stocks such as Boise (BZ 7.99, +0.52) and Packaging Corp. of America (PKG 28.50, +1.67) are seeing a positive response to the news.
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