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Letter to the Editor

This article originally appeared in the October 2010 Issue of INSIGHT

Raking In or Mopping Up?

Once again, the story is the same for our refinish coatings manufacturers this month, with Akzo Nobel remaining about $7 off the company’s New Year’s Day mark of just over $67. Our other refinish coatings manufacturers, DuPont, PPG, Sherwin-Williams, and Valspar, all continued to perform nicely at the Dow this month, with DuPont again leading the paint pack. DuPont’s per share price of just under $43 posted a rise of over 26 percent YTD.

Genuine Parts has been doing nicely, too, on Wall Street. The auto parts distributor posted a per share price of $43.47, up 13 1/2 percent YTD.

Solera Holdings has been showing slow, steady improvement throughout the year at the Dow. This month was no exception. The company’s per share stock price of just above $41 was up nearly 13 percent above its January mark.

Our national car dealership groups, with the notable exception again of AutoNation, continued to post per share stock prices below their New Year’s spots.

The Penske Automotive Group per share price fared the worst on Wall Street this month, dropping even lower than it did last month. Penske’s share price of $12.05 was almost 21 percent below its price at the beginning of 2010.

Sonic Automotive and CarMax both saw their per share stock prices improve over last month’s postings. However, both national auto dealership groups were off their January marks.

All of our industry-related insurers have had a positive month, with Progressive in particular putting in a strong performance at the Stock Exchange. Our neighbor here in Cleveland posted a per share price of $20.73, over 15 percent above its January mark of $17.99.

It does not appear to me that any of our Collision Repair Industry-related companies will surprise me in the last two months of 2010 by raking in huge profits, but considering the nervousness of investors during the economy’s slowdown, the year has been relatively calm. With General Motors probably just about ready to make a public stock offering, and Ford Motor Company posting really healthy financial numbers for the past two quarters, I am not raking in big dividends - but I’m not mopping up any messy losses either.

-Charles Baker-

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