FIN Fastener Stock Index Drops 20.4% in Third Quarter

John Wolz

Fastener stocks plunged 20.4% during the third quarter of 2002, according to the FIN Fastener Stock Index.
In comparison, an index of related North American and world stock markets fell only 6.6%, but that was far better than the blue chips, which fell 17.9% for Q3.
European blue chips are down 35% for the year.
Among the few fastener gainers was Fairchild Corporation, which rose from 3.15 to 5.19. But its impending parent company, Alcoa, which has a deal pending to acquire its Fairchild Fastener division, dropped from 33.15 to 19.30
Among a few bright spots in the fastener industry is Federal Screw Works, which at 41.55 is up from 39 at the end of the second quarter and 35.01 at the beginning of the year.
At 8.66 R&B Inc. gained one penny. And it is up from 6.95 at the end of 2001.
Chicago Rivet & Machine edged down 40 cents to $25.30 from the end of Q2 to Q3, but remains above its 22.50 price at the beginning of the year.
Lawson Products edged down in the third quarter from 30.81 to 29.15 but remains ahead of its 27.19 at the beginning of the year.
Park-Ohio also remains ahead for the year. Though down 50 cents to 4 at the end of the third quarter, Park-Ohio started at 3.18.

Other fastener stocks showed substantial declines. Nucor was down from 65.04 to 37.90, including a 4.7% drop on the final day of the third quarter.
Though down from 5.50 at half way through 2002, Ivaco at 3.70 remains above its 3.25 at the close of 2001.

Other fastener stocks losing more than 10% of stock price during Q3 included: Aviall, Barnes, B/E Aerospace, Black & Decker, Danaher, Dover, Fastenal, Honeywell, ITW, Kaydon, PennEngineering, Precision Castparts, SPS and Textron.
�2002 FastenerNews.com