Winners and Losers: International Paper

IP announces it has received a check for $71.6 million related to an alternative fuel mixture it has produced.

Author:: William Hennelly
Publish date:: Mar 24, 2009 11:43 AM EDT

Shares of

International Paper

rose 14% on Tuesday after the company announced that it had received a check from the IRS for its production of an alternative fuel mixture.

On Friday, the company received its first check from the Internal Revenue Service in the amount of $71.6 million, related to an alternative fuel mixture produced and used at 15 of its mills from Nov. 14 to Dec. 14, 2008. IP was recently trading at $9.31, up $1.14, on volume above 7.4 million shares.

Bulk shipper

DryShips

(DRYS) - Get Report

was up 15%, or 73 cents to $5.63. DryShips will report fourth-quarter earnings after the market close today. As of 11:10 a.m. EST, 19.5 million shares were changing hands.

Shares of

Rubio's Restaurants

(RUBO)

were higher by 19% a day after the Carlsbad, Calif., operator of a chain of Mexican restaurants reported higher revenue and a smaller loss in the fourth quarter. Rubio's was up 73 cents to $4.53.

Shares of

T-3 Energy Services

(TTES)

were down $2.81, or 19%, to $12.04, on volume of 1.2 million shares after the company announced a change in its management ranks. The Houston-based maker of oil and gas drilling equipment announced that Steven W. Krablin would become president, CEO and chairman, replacing Gus D. Halas. More than 1 million shares were changing hands.