7/11/2009
NEWS BRIEFS
FINdex Rebounds in Second Quarter

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% jump in stock value.

Most gains were more modest, ranging from 15% to 18%, although Precision Castparts, ITW and Simpson Manufacturing 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. Several prominent fastener companies recording share losses of 25% or more during Q1.

The FINdex declined 14.6% during the first quarter of 2009 after falling 42% during 2008. ©2009 GlobalFastenerNews.com