Wall Street feels pain on Tuesday
After a 2.13 percent drop on Monday, the HCN Stock Index sank another 5.27 percent on Tuesday, falling to 777.55. The index is down 22.2 percent since the Lehman Brothers bankruptcy of Sept. 15.
The Dow Jones Industrial Average on Tuesday plunged 508 points, or 5.11 percent, to 9,447.11.
Among the 20 companies on the HCN Stock Index, 17 showed declines on Tuesday, including a 22.05 percent drop at Louisiana Pacific and a 15.63 percent decline at Builders FirstSource. Home Depot and Lowe’s were down 4.08 percent and 5.65 percent, respectively.
On the positive side, shares of Tractor Supply gained 64 cents to $34.83; BMHC gained 9 cents to $0.77; and Simpson Manufacturing shares rose 38 cents to $24.26.
Madison, Wis., True Value store holds grand opening
North Side True Value Hardware, located in Madison, Wis., held a two-day grand opening Oct. 4 and 5, after relocating from a 12,000-square-foot to a 14,000-square-foot space, store manager Jeff Jacoby said.
During the weekend celebration, the store raffled off a patio set, gas grill, patio heater and lawn mower, and sold bratwurst, hot dogs and soda for $1 each, donating the proceeds to the American Red Cross.
“It was one of the biggest weekends ever for us,” Jacoby said.
The new store focuses on core hardware categories like hardware, plumbing and lawn and garden, and owner Tom Meikle has also added the Benjamin Moore line of paint and an outdoor furniture department. Meikle also owns a store in Columbus, Wis.
Lincoln Electric acquires Brazilian manufacturer
Cleveland-based professional tools manufacturer Lincoln Electric has announced the acquisition of a 90 percent interest in Sao Paulo, Brazil-based Brastak.
The $30 million deal increases Lincoln Electric’s worldwide operations. Brastak produces brazing products, used in the welding and repair of pipes and plumbing.
“The Brastak acquisition represents the expansion of our brazing product line as well as our continued expansion into developing international markets,” said John M. Stropki, chairman and CEO of Lincoln Electric. He said the move primarily will help the company serve professionals in South America.
Lincoln Electric is one of the world’s largest manufacturers of arc welding products.