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Letter to the Editor

This article originally appeared in the November 2004 Issue of INSIGHT

A Barrel of Oil

During October the price of a barrel of oil seems to have had a bigger impact on the Stock Market than all the commotion surrounding the presidential election. As I write this today, the Dow has just squeaked over the 10,000 mark after about a month of staying just under that number, due to a higher-than-expected build up of crude oil supplies last week.

I for one will be glad when Election Day is over. (By the time you read this issue of INSIGHT this hotly contested election will already be over.) It is good to see people excited about casting a vote, some for the first time interested enough to head to the polls. INSIGHT’s home state of Ohio has been getting so much attention from both presidential candidates! I hope that whichever one wins will remember to make good on all those nice promises!

Despite the damages facing property/casualty insurers from the four-in-a-row hurricanes that battered the South, our industry insurers are still doing well on Wall Street.

SAFECO in particular has a per share price of over $45, up just under 17 percent since the beginning of 2004. It will be interesting to see what the recently announced executive restructuring (See page 16.) will do for SAFECO’s bottom line.

Keystone Automotive Industries has pulled late-model Taurus and Grand Am headlamps off the sales shelf after the parts failed tests to meet federal standards. (See page 4.) The Collision Repair Industry will be keeping a close eye on subsequent developments, especially at insurer head offices. The aftermarket supplier’s per share price is down about 20 percent from its January value.

Earl Scheib executives seem to be doing what they said they would after the deal to be acquired was tabled. They are working to improve the value of their operation and the company’s stock price reflects their efforts, up a very nice 28 percent year-to-date.

Insurance Auto Auctions continues to improve on Wall Street. The company’s hefty investment in technology seems to be paying off. IAA’s per share price is up a full third YTD.

Our refinish paint manufacturers are reporting rather nice quarterly results this month. In a flat market, much of the credit for good numbers must go to the careful implementation of cost-cutting measures at each company.

Sherwin-Williams has been doing well on Wall Street. At nearly $42, the company’s per share price is up over 20 percent YTD.

Our Market Watch this month is more optimistic than it has been for quite a while. Will Winter give collision repair facilities a much-needed boost in business?

-Charles Baker-

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