Packaging and container stocks are getting a solid boost in the session. Last night's second-quarter results from Packaging Corp. of America (PKG) sparked a powerful rally throughout much of the sector. PKG reported shipments rose 7% in the quarter and made positive comments about the upcoming quarter. The good news pushed shares to a huge gap-higher open of more than 4%. The jump has lifted PKG back up to its 2012 highs where it is now stabilizing. Volume was running very heavy in the early going and will likely reach a new high for the year by the end of the session.International Paper (IP) Source: TradeStation View Chart »
Going along for the ride this morning is International Paper (IP). The paper products maker is surging after a gap-higher open. IP has been moving steadily higher since the bell and is up over 3.5% as it begins to hit heavy resistance near the $32.00 area. Along with IP, the leaders in this sector have been green since the bell and have totally ignored the ugly early selloff. This is very impressive bullish action and may signal a significant bottom is now in place for International Paper....291 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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