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Letter to the Editor

This article originally appeared in the May 2010 Issue of INSIGHT

Around the World

Well, if I were not already convinced that we have a truly global economy, the last few weeks of headlines and plunges at stock markets around the world certainly would have made me a believer - and added even more white to my hair. As I put pen to paper with a slightly shaky hand, I am amazed at what a difference one week can make at the Dow. What I wrote last month was pretty prophetic: As I well know NOTHING is a sure thing on Wall Street.

Hopefully, with the rest of Europe bailing out the shaky economy in Greece now the stock markets around the globe will stop holding their collective breath and regain some confidence in trading.

On the fifteenth of the month, when I did the stock chart, all was still rosy on Wall Street. Only three of the company stocks that we track here had per share stock prices below their New Year’s Day spots. Akzo Nobel was 12 percent below YTD, and Copart and Canadian body shop consolidator The Boyd Group were each a few percentage points off their January marks.

Refinish paint manufacturer Akzo Nobel took the hardest hit at the Dow again this month, of the companies we track, although Akzo did climb up from a bit over 16 percent down in March to about 12 percent below its YTD per share price. Our other refinish coatings manufacturers, DuPont, PPG, Sherwin-Williams, and Valspar, all showed a nice upward progression, with Sherwin-Williams leading the paint pack at $73.49 per share, over 18 percent above its New Year’s Day price.

Our national car dealership groups, AutoNation, CarMax, Penske Automotive Group, and Sonic Automotive posted improved stock prices, with Sonic showing the best gain. Sonic’s $12.49 per share price this month is 17 percent higher than its January mark. The others rose just slightly YTD.

In April, I wondered if we would see the Parts & Equipment Index hit 200 this month. At 203, this index has improved more than 17 percent over its January price.

Our insurer stocks had their best showing on Wall Street in months. Allstate has shown big improvement, posting a per share price of $34.30, an almost 13 percent improvement YTD. Progressive improved from its $17.36 posting last month to $20.78 this month, up over 15 percent YTD.

I would like to relax and enjoy the lovely warm weather, so I am really hoping that our global economy gets a grip on itself so that I can move away from the computer and into the great outdoors.

-Charles Baker-

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