PCL completed the sale of 112,000 acres of timberland to The Nature Conservancy and The Trust for Public Land for $250 million. This particular deal was the second step of a three phase land deal whereby the company would divest itself of 320,000 acres to conservation organizations, with the stipulation that it can continue harvesting the land for another 15 years.[1]
Stock prices drop at news that first quarter profits were lower than expected due to a slight fall in the housing market, worrying investors about Plum Creek's future potential.
Shares rise as it is announced that Thomas M. Lindquist will take a position as COO at Plum Creek; investor confidence rises at the news that the ex=VP at Trammell Crow Company will take over Plum Creek's operations.
Plum Creek's shares drop dramatically as they announce a Q107 estimate well below analyst estimates, scaring investors into selling.
