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To: richardred who wrote (727)	6/1/2005 1:39:17 PM
From: richardred	Respond to of 7256

MeadWestvaco (MWV: news, chart, profile) shares fell by 49 cents to $28.43 after it warned late Tuesday it would take more downtime than originally expected. The Stamford, Conn.-based company said it would take an $8 million to $12 million charge in the second quarter and that results at the packaging segment would be at or below second quarter 2004 levels. Higher raw material costs would also continue and be "significantly higher" than in the second quarter of 2004, MeadWestvaco said. J.P. Morgan analysts, who had been expecting about $6 million in downtime related costs, cuts MeadWestvaco's second-quarter earrings forecast to 25 cents a share from 30 cents a share. The average analyst estimate from Thomson First Call is for second-quarter income of 28 cents a share, down from 32 cents a share. On Tuesday, shares of International Paper fell after Credit Suisse First Boston cut its earnings estimates. Analyst Mark Connelly said the Stamford, Conn., company is seeing a slower-than-expected price recovery in containerboard and printing and writing grades, while cost cutting measures are failing to feed through to its bottom line. In addition, Connelly said the market for freesheet products is plagued with as much as 7% to 9% excess capacity, which is keeping a lid on prices. marketwatch.com