Rock-Tenn, JBI's partner, is up 6% today. But it
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Rock-Tenn, JBI's partner, is up 6% today. But it is because of this news:
Analysts across Wall Street raised estimates on the major packaging names following confirmation late Friday that the companies successfully pushed through a big increase on containerboard prices this month. The $50 a ton increase is much more than Credit Suisse was looking for and is also likely "well ahead of market expectations," according to the firm. J.P. Morgan, meanwhile, concedes it's a "bit surprised" by the size of the price increase. "We expect containerboard names to trade well in coming days; and, we admit we missed an opportunity to get more aggressive here." Rock-Tenn Co. ($72.90, +$4.18, +6.08%), International Paper Co. (IP, $36.89, +$1.38, +3.89%) Packaging Corp. of America (PKG, $34.90, +$1.15, +3.41%) and KapStone Paper & Packaging Corp. (KS, $21.67, +$1.06, +5.14%) were all trading higher Monday.