Why Rayonier Advanced Materials Stock Jumped 11% at the Open Today
Shares of Rayonier Advanced Materials (NYSE: RYAM), which makes high-purity cellulose specialty products, rose an impressive 11.7% in the first half hour of trading on Oct. 20. By 10 a.m. EDT, however, the price had pulled back to around 6.5%. There were no material updates from the company, but one Wall Street investment house revised its view of the stock.
RBC Capital Markets upped Rayonier from sector perform, which is basically a hold rating, to outperform. As investors often do, they took that research house update as a reason to buy the stock. The problem here is that the company isn't exactly hitting on all cylinders.
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Source Fool.com
