Shares of International Paper Co. (NYSE: IP) rallied more than 3% in Tuesday's pre-market trading after smaller rival Temple-Inland Inc. (NYSE: TIN) rejected its proposal to acquire the Company for $30.60 per Temple-Inland share in cash. Temple-Inland said that its Board of Directors, after careful consideration with its independent financial and legal advisors, voted unanimously to reject International Paper's proposal after the Board determined unanimously that the proposal grossly undervalues Temple-Inland and is not in the best interest of Temple-Inland's stockholders.
Cliffs Natural Resources Inc. (NYSE: CLF) slumped more than 2% after the company announced that it is offering to sell, subject to market and other conditions, 9,000,000 common shares through an underwritten offering. In connection with the offering, the underwriters have been granted an over-allotment option to purchase an additional 1,350,000 common shares. Cliffs intends to use the net proceeds from the offering to repay borrowings under the Company's previously announced bridge credit facility that was used to fund a portion of the Company's recent acquisition of Consolidated Thompson Iron Mines Limited. Any remaining net proceeds will be used for general corporate purposes.
Juniper Networks Inc. (NYSE: JNPR) rose more than 2% after Evercore Partners upgraded its rating on the company to Overweight from Equalweight. The firm raised its price target on the stock to $37 from $36.
Weyerhaeuser Co. (NYSE: WY) rallied more than 2% in Tuesday's pre-market trading after DA Davidson upgraded the company to Neutral from Underperform.
Shares of CA Inc. (NASDAQ: CA) dropped more than 2% after Cowen lowered its rating on the company to Neutral from Outperform.
Full disclosure: None.
