Lumber Prices Hit Weyerhaeuser Profit
Bloomberg News
Weyerhaeuser Co. shares tumbled as the third-largest paper and lumber company said that profit this quarter will be hurt by lower prices and U.S. restrictions on Canadian timber.
Third-quarter profit will fall to 5 cents to 10 cents a share, Weyerhaeuser said. Analysts were anticipating a profit of 35 cents a share.
Weyerhaeuser tumbled $5.94, or 12%, to $43.79 on the NYSE, its biggest one-day drop since 1987.
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