Forestry co. stocks tumble
Shares in Canadian forestry companies were down Wednesday after an analyst downgrade and lower-than expected building permits for the crucial U.S. housing sector.
CIBC analyst Hamir Patel said in a note that the bank has reduced its outlook on the industry, including downgrades on Interfor Corp., Resolute Forest Products Inc., and West Fraser Timber Co., as concerns mount about U.S. housing.