Lumber Prices Hit Weyerhaeuser Profit

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.