Why Shares of Weyerhaeuser Were Up in April
Shares of Weyerhaeuser Co. (NYSE: WY) gained 29% in April, according to data provided by S&P Global Market Intelligence. Investors sent the shares tumbling in March due to the company's potential COVID-19 exposure as an exporter of logs to Asia, but then bought back the shares as conditions seemed to stabilize.
Unfortunately, the rally was short-lived, as Weyerhaeuser shareholder optimism proved to be premature.
Weyerhaeuser, one of the world's largest owners of timberland, has been all over the place as the pandemic has spread. The stock fell 34% in March on concerns about the economic implications of the pandemic, but at the end of the month the company provided a business update that reassured investors that management had the situation under control.
Source Fool.com
