4/24/2009
NEWS BRIEFS
FINdex Rate of Decline Slows in Q1

The FIN Fastener Stock Index declined 14.6% during the first quarter of 2009, a slightly deeper drop than a 12% slump by a composite index of related industrial stocks.

The few bright spots among publicly traded fastener companies during Q1 included a 12% jump in value by B/E Aerospace, which turned in the achievement after recording the largest percentage decline in the FINdex during 2008, with its stock dropping 85% to $7.69.

Other fastener firms gaining ground during Q1 included Anixter (5%); Chicago Rivet (4%); and roughly break-even results achieved by both Precision Castparts and Paulin.

Fastener companies recording share losses of 25% or more during Q1 included Park-Ohio, Lawson, Simpson Mfg., Alcoa, Carpenter Technologies, Dorman Products and Barnes.

The FINdex declined 42% during 2008. On average, publicly traded fastener companies on average lost more than 40% of their share value, including an average 25% drop in stock prices during the final quarter of last year.