WRK - Why International Paper WestRock and Packaging Corp. Stocks All Crashed Today
There was a sell-off in cardboard packaging stocks this morning, with shares of International Paper (NYSE: IP) down 9.4% at 10:30 a.m. ET on Friday, Packaging Corporation of America (NYSE: PKG) shares down 9.7%, and the stock of WestRock (NYSE: WRK) down 9.8%.
Shares of FedEx (NYSE: FDX) plunged more than 22% this morning after the company issued an earnings warning predicated on softening global volume. The volume FedEx referred to was the number of packages wrapped in cardboard and shipped to customers. And if that volume is down, then it makes sense that the demand for cardboard around the world might be falling as well.
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Why International Paper, WestRock, and Packaging Corp. Stocks All Crashed Today