http://www.marketwatch.com/news/story/international-paper-slashes-dividend-sells/story.aspx?guid={6892B955-05BD-4831-B1A2-DB5811324DAB}&siteid=yhoof
See above for full story of press releases from IP.
In addition to cutting their dividend, IP also said it would sell a large chunk of land assets in order help pay down debt and maintain their credit rating.
This news, coupled with an almost 5% drop in the S&P 500 today, contributed to this 10% drop.
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