Fastenal Listed on NASDAQ 100
Fastenal Listed on NASDAQ 100
Jason Sandefur
Fastenal Company has rejoined the NASDAQ 100 Index. Effective December 23, the Winona, MN-based fastener distributor giant was added to the index along with 14 other companies, including PETsMart and Patterson-UTI Energy. Fastenal is the only fastener company on the list.
The NASDAQ 100 Index is comprised of the 100 largest nonfinancial stocks on NASDAQ. The re-listing is based on share prices at the end of October. The index, touted as a closely watched barometer of US financial market activity, was founded in 1985. NASDAQ claims its index �has outperformed every other major stock index in the US on a cumulative basis since 1992.�
New Fastenal CEO Will Oberton told FIN in December that his company operates about 1,160 stores in the US, Mexico, Puerto Rico and Singapore. The company plans to open new stores at an annual rate of 15%. In 2001 Fastenal posted $818.3 million in revenue. The distributor reported an 11% sales increase for the first nine months of 2002. Web: fastenal.com �2002 FastenerNews.com
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