Despite Falling 11.2%, Fastener Stocks Outperform Related Markets in 2002

John Wolz

The FIN Fastener Stock Index fell 11.2% from the beginning to the end of 2002, which was better than the 15.8% drop in an index of related stocks.\
Fastener stocks gaining more than 10% during 2002 were Black & Decker, Fastenal, Federal Screw Works, Lawson Products, Park-Ohio, H. Paulin and R&B Inc.
Fastener stocks losing more than 10% were: Alcoa, Barnes, Dover, Honeywell, Nucor, PennEngineering, Precision Castparts and SPS Technologies.
Two fastener distribution stocks, Pentacon and Questron, went into bankruptcy during 2002. Pentacon was acquired by Anixter and Questron by General Electric.
Fairchild Corporation and TransTechnology have sold their fastener holdings. Though Alcoa acquired Fairchild�s aerospace fastener division, it will sell its automotive fastener business.
The FIN Fastener Stock Index rose 3.8% in the final quarter of 2002, after plummeting 20.4% in the third quarter and edging down 1.6% in the second. Fastener stocks had risen 11.5% in the first quarter of 2002.
An index of related stocks rose 10.1% for the fourth quarter.
During 2001 related stock markets rose 7.3% and the FIN Fastener Stock Index was up 6.2%.
Fastener stocks gaining 10% or more during the fourth quarter were: Alcoa, Danaher, Dover, Honeywell, ITW, Nucor, Precision Castparts, Textron, Fastenal and R&B.
Fastener stocks losing 10% or more during the final quarter of 2002 were: Aviall, TransTechnology, B/E Aerospace, Chicago Rivet and Ivaco. �2003 FastenerNews.com