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Letter to the Editor

This article originally appeared in the July 2010 Issue of INSIGHT

Ditto Driving

I feel as though I could simply reprint last month’s column because everything’s about the same. Once again this month there are clear-cut big winners and large losers for our Collision Repair Industry related stocks on the road of life. The big winners are our refinish paint manufacturers, with the exception of Akzo Nobel, and the losers are our national car dealership groups.

Refinish paint manufacturer Akzo Nobel took the biggest detour from upward growth at the Dow again this month, of the companies we track. Akzo, with a per share stock price of $53.70, is almost 20 percent below its New Year’s per share price, but at least the stock price is a tad higher than it was in May.

Our other refinish coatings manufacturers, DuPont, PPG, Sherwin-Williams, and Valspar, all continued to cruise along nicely this month, with Sherwin-Williams again leading the paint pack at $77.92 per share, over 25 percent above its January price. DuPont’s $37.86 share price showed just over an 11 percent improvement YTD. PPG was also up about 11 percent YTD, and Valspar, with a $32.91 share price, posted an almost 20 percent improvement YTD.

Our national car dealership groups have definitely gone off-road this summer - and after such a lovely first half of the year. The Penske Automotive Group per share price climbed a tiny four cents over its last month’s posting per share, still off eleven percent from its beginning of 2010 per share price. CarMax fell farther behind, dropping over 13 percent YTD to $21.26 per share. Sonic Automotive’s per share price slipped a bit over eightpercent YTD, to $9.80 per share. AutoNation was the exception this month, recovering nicely to mark a per share stock price of $21.80, 12 percent above the vehicle retailer’s January price.

Our insurer stocks are still posting per share stock prices showing positive growth since the beginning of the year. Travelers per share price rose just two percent YTD, but still that is an improvement. Progressive has started idling again. The insurer’s per share price, at $19.95 is almost 11 percent above its January spot, but a hair off last month’s price. Allstate sank a little from last month’s showing of $31.84 per share to $30.67, but the Good Hands company is still barely coasting, up only one percent YTD.

I am happy to see that Ford Motor Company in particular among U.S. vehicle manufacturers has posted financial improvement again in its second quarter report. That is good news that I would like to see from the rest of the car makers!

-Charles Baker-

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