Diamonds and Dogs
6/10/13Titan International Inc. (TWI)
Titan International is looking weak today, down 13.62% at $17.89. The off-highway vehicle company saw its shares fall after it was downgraded by William Blair and Jefferies. William Blair downgraded Titan International to Market Perform from Outperform citing weakness in the mining tire market outlook. The firm lowered its price target for shares to $21 from $24. Furthermore, A Jefferies analyst downgraded the company to "Hold" from "Buy," saying that the company's profits and sales could be pressured as a result of industry wide demand problems. Titan shares were able to hold up above their 52-week low of $16.86.
KapStone Paper and Packaging Corporation (KS)
KapStone Paper and Packaging is in the green today, up 17.90% at $35.04. The kraft paper product company saw its shares jump after news it would buy Longview Fibre Paper for $1.03 billion. Longview manufactures containerboard, specialty papers and corrugated containers. KapStone Chairman and CEO Roger Stone said the acquisition will immediately boost his company's profits. He added that it also will increase KapStone's exposure to the containerboard segment, broaden its Kraft paper line and make it a global producer of multiwall paper. KapStone shares set a new 52-week high of $35.76 intraday.