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Letter to the Editor

This article originally appeared in the September 2009 Issue of INSIGHT

I Am Recovering - I Hope

There definitely seems to be light at the end of the tunnel on Wall Street this month. One glance at our Stock Review Chart shows me several reasons to smile - even if only slightly. I do believe that I may be on the road to recovery from the exceedingly severe nervous condition I have suffered from for the past several months when watching the economic news was hazardous to my health.

Only two of our industry-related supplier stocks and two of the insurers we track are in the red for their per share stock prices YTD. Whispers of an economic turn-around and hints of at least a first few steps toward recovery are drifting around the Dow.

Our national car dealerships are continuing to post huge gains over their dismal New Year 2009 per share stock prices. Sonic Automotive has hit the road this month at $13.29 per share, up an incredible 226 percent YTD. Penske Automotive is up over 118 percent YTD, posting a per share price of $18.58. CarMax has rebounded nicely at the Dow, too, with its per share price up about 100 percent. AutoNation hit the accelerator again this month, too, posting an almost 75 percent improvement per share compared to its dismal January price of $10.64.

Sonic Automotive intends to offer approximately 9,000,000 shares of its Class A common stock in an underwritten registered public offering. In connection with this offering, Sonic Automotive intends to grant the underwriters a 30-day option to purchase an additional 1,350,000 shares of common stock to cover over allotments.

Our paint and refinish manufacturers had a lovely month on Wall Street, with Akzo-Nobel, DuPont, PPG, and Sherwin-Williams all showing improvements of around 25 percent over their New Year’s marks. Valspar out-performed them all at the stock exchange, though. Valspar’s per share stock price hit $26.41 this month, a very tidy increase YTD of almost 43 percent.

Our industry-related insurer stocks continue to languish at the Dow. Allstate Insurance, with a per share stock price of just under $29 this month, is a little better than July’s posting of a hair below $25.

-Charles Baker-

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