After Sluggish Start, FINdex Rebounds in Second Quarter
8/9/2009
FEATURE
Following two quarters of declines, the FIN Fastener Stock Index rebounded in the second quarter of 2009, gaining 16.9% in value compared with a 14.5% increase by a composite index of related stocks.
B/E Aerospace continued its comeback during Q2, posting a 65% increase in share value to $14.36 after a 12% gain during the first quarter. B/E Aerospace recorded the largest percentage decline in the FINdex during 2008, with its stock dropping 85% to $7.69.
Other strong FINdex performers during the second quarter included Dorman Products, whose shares jumped 48%; Carpenter Technologies, with share value improvement of 47%; and Alcoa, which achieved a 40% stock value increase.
Most gains registered in the 15% to 18% range, although Precision Castparts, ITW and Simpson Mfg. achieved stock gains of 20% or more.
Black and Decker and Chicago Rivet were the only companies in the FINdex to lose share value of 7% to 9% during the period.
The FINdex declined 14.6% during the first quarter of 2009, after falling 42% during 2008, when publicly companies recorded an average 25% drop in stock prices during the final quarter.
The FINdex declined 42% during 2008. ©2009 GlobalFastenerNews.com
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