FIN Fastener Stock Index Gains 15.7% in Q2
FIN Fastener Stock Index Gains 15.7% in Q2
Jason Sandefur
The FIN Fastener Stock Index rose 15.7% in the second quarter of 2003, compared with a 12.6% increase in an index of related stocks. The improvement follows a first quarter fastener stock performance that fell 11.2%.
Most fastener stocks reported Q2 gains. B/E Aerospace recorded the largest percentage increase, as its share price climbed 63% to $3.10.
Fastener stocks gaining 20% or more include: Alcoa, Aviall, Black & Decker, Dover, Honeywell, Nucor, Precision Castparts, Textron, B/E Aerospace, Fastenal, and Park-Ohio.
Fastener companies with declining share prices were T-3 Energy Services, H. Paulin and Ivaco, whose shares fell 36% to 0.80.
Despite the overall Q2 stock gains, the Wall Street Journal reported June manufacturing in the Chicago area � traditional home of the fastener industry � was �more sluggish than hoped, reinforcing worries that the economic recovery still is muted.� �2003 FastenerNews.com
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