"International Paper Co., which registered with the federal government as an alternative fuel mixer in the fourth quarter of 2008, has received a $71.6 million refund check from the Internal Revenue Service.The payment was related to the use of alternative fuels at 15 of the company’s mills from Nov. 14-Dec. 14, 2008. International Paper plans to continue submitting refund claims based on its production and use of fuel mixtures. The U.S. Internal Revenue Code allows a $0.50 per gallon excise tax credit for alternative fuel mixtures used by taxpayers for sale or trade in the taxpayer’s business.Investors responded positively to the news Tuesday, as IP’s stock price closed up 12%, to $9.15."
Taken from Memphis Business Journal...
See full story at
http://memphis.bizjournals.com/memphis/stories/2009/03/23/daily19.html?ana=yfcpc
This stock has been rallying recently. While today represented a significant event that investors cheered, I believe the market is beginning to realize that this stock has been trading at a huge discount. Also, as a result of a lot of positive developments relating to the company, I think it will continue to be traded up to around the $10-12 level in the coming days/weeks. Our average cost is $8.36 and we've gone from being down 67% to a gain of 9.5% as of today (about a 2-3 week period).
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