FIN Fastener Stock Index Rises 12.9% During Q2
FIN Fastener Stock Index Rises 12.9% During Q2
Jason Sandefur
The FIN Fastener Stock Index outpaced the competitors during the second quarter of 2004, posting a 12.9% gain compared with a 0.6% increase by an index of related stocks. The fastener gain followed a modest performance during Q1, when fastener stocks rose 3.9%.
Fastener stocks gaining 20% or more during Q2 included Aviall, Anixter, ITW, Nucor, PennEngineering, Precision Castparts and Park-Ohio.
Anixter completed its $33 million acquisition of bankrupt Distribution Dynamics Inc. during Q2.
Companies rebounding from Q1 share value losses included Aviall, Barnes, General Electric, ITW, PennEngineering, Precision Castparts, Textron and Lawson.
Fastener stocks with negative results during Q2 included Alcoa, Chicago Rivet, Federal Screw and Ivaco, which is still restructuring under court protection. �2004 FastenerNews.com
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