Long Island companies recover from Dow's lows
Owners of stock in Long Island companies have reason to smile. Most shares have recovered from the 52-week lows they hit after the Dow Jones industrial average fell below 7,000 a year ago. (Undated) Credit: iStock
Investors in Long Island stocks should be smiling these days.
Shares of the Island's publicly traded companies have made a broad recovery since hitting 52-week lows last March, when the blue-chip Dow Jones industrial average hit its lowest level - closing below 7,000 March 2-11 - in what has become known as the Great Recession.
Since Dec. 31, the Newsday Long Island Bloomberg Index, which was developed with a base value of 100, has risen 8.33 percent, to 167.10, as of Monday. Long Island's largest public companies led the way upward.
Long Island's largest company in terms of sales, Arrow Electronics Inc., the Melville-based distributor of electronic components and computer parts, is trading above $28, up from a 52-week low of $15, last March 10. In February, Arrow reported $63.1 million in fourth-quarter net income, compared to a net loss of $871.9 million in the same period in 2008. Chief executive officer Michael Long told investors that Arrow's cash flow was "well above our expectations."
Bethpage-based Cablevision Systems Corp. is above $24 a share, up from a 52-week low of $9.34 on March 9, 2009. In the last three months of 2009, the company said it earned $78.4 million, compared with a loss of $323.2 million in the same period in 2008. Cablevision, which owns Newsday, said more customers signed up for digital cable, TV, phone and Internet services.
Shares of Henry Schein Inc., the Melville-based distributor of dental and medical products, is trading around $56 a share, up from a 52-week low of about $33 last March 9. In the fourth quarter of '09, Henry Schein said it earned $85.4 million, up from $56 million a year earlier.
Islandia-based CA Inc., one of the world's largest manufacturers of business software, trades now above $22, up from a 52-week low of about $15 on March 9 last year. In its most recent quarter, CA said sales grew 8 percent, to $1.13 billion, after about a year of weak revenue. CA said it earned $257 million in the quarter, up from $208 million in the same period a year ago. CA said it was seeing strong growth in software fees, subscription and maintenance revenue.
Pall Corp., the manufacturer of high-tech filtration systems in Port Washington, closed Tuesday at $41, up from a 52-week low of about $18 on March 12. Pall is to report its latest results Thursday. In December, the company forecast 2010 earnings that exceeded analysts expectations.
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