RBC Hit Hardest by January Market Pullback

Resource from: CBCC Likes:2944

Apr 11,2008

From December 31, 2007 through January 18, 2008, the manufacturing sector of the U.S. market took a beating. The four key publicly traded bearing industry companies took varying hits to their valuations. All are back up off the lows, but still show the impact in year-on-year comparisons. RBC Bearings was hit the hardest, shares in the company falling 33% from $43.46 on December 31 all the way through the 30's to settle at $28.91 by January 18. They have since recovered a bit to $33.15, still off 24%. A year ago, shares traded at $32.08. Kaydon shares dropped 25%, from $54.54 on December 31 to $41.06 on January 18. Kaydon has struggled to regain the lost ground, hitting $42.70 yesterday, still down 22% from December 31. A year ago, shares traded at $41.20. Timken shares which had traded at $32.85 on December 31, fell to $26.94 by January 18, more than 18%. They have since recovered to $30.17, now down just 8% and the largest gainer of the four in year-ago comparisons, trading then at $28.09. NN fared best in the short term, its shares falling from $9.42 on December 31 to $7.98 on January 18, or 15%. NN shares now trade at $9.72, up 3% from December 31. But at this time last year, shares were trading at $11.51, leaving NN the only year-on-year loser of the four.

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