NEW YORK ( TheStreet) -- Packaging company Temple-Inland ( TIN) was surging 44.5% to $30.35 in premarket trading Tuesday after becoming the target of an aggressive, $3 billion hostile bid from International Paper ( IP). International Paper shares were up 3.9% to $30.80.

Paper and packaging products company Boise ( BZ) was also popping on the news, jumping 9.8% to $8.20, while materials company Louisiana-Pacific ( LPX) was spiking by 3.7% to $7.79.

Pep Boys ( PBY) was dropping 12.5% to $11.81 after the autoparts retailer and services provider missed Wall Street's consensus estimate for its first-quarter results.

ING Group ( ING) was rising 2.8% to $11.96 as Bloomberg reported that General Electric ( GE) and Capital One Financial ( COF) submitted offers for ING's U.S. online bank last week in a sale that may generate proceeds of about $9 billion.

Ford's ( F) CEO Alan Mulally is expected to reveal on Tuesday an aggressive plan to boost the automaker's global sales to 8 million vehicles a year from 5.3 million by the middle of the decade. Shares were rising 1.6% to $14.13.

HSBC ( HBC) has agreed to pay $62.5 million to a group of investors in a legal settlement over investments lost in connection to the Bernard Madoff fraud case. Shares were up 0.5% to $51.21.

The auction of diagnostics products company Gen-Probe ( GPRO) drew to a close Monday with most bidders dropping out, The Wall Street Journal reported.

Red Bank, N.J.-based home builder Hovnanian Enterprises ( HOV) reports its fiscal second-quarter results after Tuesday's closing bell. The average estimate of analysts polled by Thomson Reuters is for a loss of 51 cents a share in the April-ended period on revenue of $263 million.

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-- Written by Andrea Tse in New York.

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