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Letter to the Editor
This article originally appeared in the April 2011 Issue of INSIGHT
Driving Along
It has been a mixed bag of forward impetus and stalling out at the Dow this go-round for our Collision Repair Industry-related stocks.
Two of our U.S. national auto sellers , for the second month in a row, led the pack in per share stock price increases on Wall Street this month, although both AutoNation, with a stock price of $33.06, and the Penske Automotive Group, posting a per share price of $19.29, were slightly off the marks the companies hit last month. CarMax and Sonic Automotive stayed pretty much in neutral gear this month, both just a hair above their January places.
Our refinish manufacturers showed very little movement this month on Wall Street. Sherwin-Williams’s stock price dropped slightly to $82.29 per share. Akzo-Nobel’s share price inched upwards just over three percent YTD, and PPG ended up just under three percent above its New Year’s share price. Valspar posted the best gain this month in our paint category. Valspar’s per share stock price of $37.48 jumped up nearly eight percent YTD.
Our insurer stock prices idled this month, showing very little change thus far in 2011. I think it unlikely that we will see any big jumps in insurer stock prices any time soon. Property and casualty insurance providers are sure to get hit with lots of claims in the aftermath of the devastating tornadoes and severe flooding much of the nation has experienced.
Good news out of the Motor City this month! Ford Motor Company has reported first quarter 2011 net income of $2.6 billion, an increase of $466 million from first quarter 2010, as fuel-efficient new products, continued investment in global growth, and the strengthening of Ford's core business boosted results. See page 4 for the complete story. Chrysler’s global automobile sales in April rose 20 percent compared to last year, with deliveries outside North America on the rise. As I wrap up this investment report, General Motors has announced that the giant car maker plans to invest about $2 billion in U.S. assembly and component plants, creating or preserving more than 4,000 jobs at 17 facilities in eight states.
Speaking of cars - I am sure that collision repairers across the country are hoping that Americans hit the road for vacation trips this summer despite the record-breaking prices at the gas pumps. Filling up my car’s tank is driving me crazy!
-Charles Baker-
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