The Trib 30 index of local stocks pulled out of a two-month dive in November -- but barely.
The index ended the month Friday at 174 -- a mere 1.1 percent gain over its dismal finish of 172.1 at the end of October -- the Trib 30's worst performance in more than four years.
Industrial stocks took the worst beating in November, as ugly economic news continued to pour in. Two-thirds of the Trib 30 stocks that hit new, 52-week lows during the month were industrial stocks.
While the local index gained a little ground in November, twice as many stocks (20) fell as those that rose (10).
The Trib 30 is an equal-weighted index of stocks of companies located or dominant in Western Pennsylvania. An investor who divided $100,000 equally among the 30 stocks on Dec. 31, 1999 had a portfolio worth $174,000 at the end of trading yesterday.
Local stocks, however, compared well with the Dow Jones industrial average. The Dow list of 30 stocks ended November by closing at 8,829 yesterday -- 5.3 percent lower than its close of 9,325 at the end of October.
No stocks in the Trib 30 reached new highs last month.
Twelve local issues dropped to new, 52-week lows in November. Three of them -- all metals-related -- established their third new low marks in as many months.
Aluminum giant Alcoa fell to a new low of $6.80 during November, less than one-third its low mark of $20.93 set in September. Allegheny Technologies, which mainly produces stainless steel, fell to $15 last month. U.S. Steel plunged to $20.71, also less than one-third its low mark two months ago.
PNC Financial was the lone financial stock to sink to a new low ($39.09). The bank, which agreed Oct. 24 to buy troubled National City Corp., issued 93 million shares last week in connection with the deal.
The other industrials to set new lows, all for the second time in two months, were: High-tech tool and materials maker Kennametal ($12.82); food processor H.J. Heinz ($36.83); marker maker Matthews International ($32.30); safety equipment maker Mine Safety Appliances ($18.86); coatings, glass and chemicals maker PPG Industries ($35.94); scientific instrument maker Thermo Fisher Scientific ($26.65); and electrical and industrial supplier Wesco International ($11).
In addition, clothing retailer American Eagle Outfitter declined to $6.98 in November.
No comments:
Post a Comment