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Despite President's Lumber Tariff, Rayonier (RYN) Was Down...

|Includes: Rayonier Inc. (RYN)

President Trump imposed a tariff of up to 24% on Canadian lumber, which should help domestic producers, including Weyerhaeuser (NYSE:WY) and Rayonier (NYSE:RYN), via higher softwood lumber prices. Interestingly, RYN was still down today despite a gain of 230+ points for the DJIA. Investors may be sensing, as I argued in my most recent article, that RYN's share price is overheated.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.