Saturday, October 13, 2012

Pennsylvania Corp Stock Prices Up an Average 133% Since President Obama Took Office

In a recent post, from an extensive review of SEC filings, I found 74 Corps headquartered in the State of Pennsylvania, with externally audited under US Generally Accepted Accounting Principles (US GAAP) After-tax Net Income or Net Loss of at least $100 mil in any of the most recent five fiscal years.

These 74 Largest Pennsylvania Corps filing with the SEC generated Externally Audited US GAAP Total After-tax Net Income from Continuing Operations of $24,357 mil in the most recent fiscal year 2011, which was a profit improvement of a massive $16,549 mil, or up 212%, over the Total After-tax Net Income of $7,808 mil generated by these same 74 companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.

Pennsylvania Largest Corp 2011 Earnings 

Since corporate earnings drive stock prices, in this post I turn my attention to just how well the stock market prices of these Pennsylvania Corps have performed since President Obama took office.

Of these 74 Pennsylvania Corps, 62 of them had their common stock trading on both January 16, 2009, which is the last day stocks traded before President Obama took office, and also on yesterday's date, Friday, October 12, 2012.

I retrieved all of the below stock market closing price information from the excellent Big website.

These 62 Pennsylvania Corps had an average stock market price increase of a very robust 133% since President Obama took office on January 20, 2009.  This is roughly double the increase in both the S&P 500 Index, which increased by 69%, and the Dow Industrials Index, which increased by 61%, both during the same time span.

So what this means in simplistic terms is that if you invested the same amount of money.....say $1, the common stock of each of these 62 Pennsylvania companies at the closing market price on January 16, 2009, this would have cost you initially $62,000, ignoring any transaction costs, and this stock portfolio would now be worth $144,460.     

There are many financially astute Pennsylvania citizens, and they already had this all figured out.  They probably just didn't previously have the precise average percentage increases tied down.

Pennsylvania citizens have to be extremely happy with the stock market performance of their many fine Pennsylvania companies during the Obama Administration.

And Pennsylvania citizens also must be very pleased with how the Obama Administration worked so hard and very effectively on so many fronts to create a US economic environment that permitted these Pennsylvania companies to flat out flourish.  This highly successful effort created a robust US economic environment which was quite a change from what existed in the just horrible financial meltdown, near Depression year of 2008.

When I think of the Obama Administration, the thought that comes top of mind to me is widespread competence, all throughout the upper ranks of the US government.  But frankly, it's also pretty clear to me that the Obama Administration is just not very good at selling its many significant accomplishments, particularly on the economic front.

About the only thing I hear from the Obama Administration on the economic front is the positive effect of the auto rescue on the US economy.  Granted, this did positively and substantially impact US states like Michigan, whose Corps had an average stock price increase of 344% since President Obama took office, and also like Ohio, whose Corps average stock prices were up 161%, and Indiana, whose Corps average stock prices were up 131%.

But of the 27 Michigan Corps comprising this 344% average stock price increase, 20 of them were Non-Auto Industry companies, and they had an average stock price increase of an exceptional 314%.

And the very successful auto rescue had little to do with Pennsylvania Corps 133% average stock price increase, with North Carolina Corps 99% average stock price increase, with Iowa Corps 99% average stock price increase, with Virginia Corps 97% average stock price increase, with Nevada Corps 178% average stock price increase, with Colorado Corps 179% average stock price increase, and with Florida Corps 137% average stock price increase....all occurring during the Obama Administration.

There is something else very positive going on in the US economy since President Obama has taken over, and the Obama Administration has very modestly taken no credit for it.  But when you think of the overall US economy in 2008 and now, there is clearly a substantial turnaround that has occurred, and the Obama Administration played a key role here in this massive economic revival from the depths of a near Depression. 

Below here are the common stock market closing prices of each of these 62 Pennsylvania companies at both the most recent date, and also at the date just before President Obama took office, as well as the percentage stock market price changes for this period of time.

Market Market Percentage

Pennsylvania Price Price Increase

HQs 10-12-12 1-16-09 (Decrease)

S&P 500 Index
1,428.59 850.12 68%
Dow Industrials Index
13,328.85 8,281.22 61%

Pennsylvania Largest Corps

Atlas Energy LP Pittsburgh $35.68 $3.11 1047%
Sunoco Philadelphia $7.75 $0.78 896%
Kulicke & Soffa Philadelphia $9.65 $1.67 478%
Dick's Sporting Goods Coraopolis $50.39 $12.18 314%
Safeguard Scientifics Wayne $15.40 $3.78 307%
EnerSys Reading $32.37 $9.26 250%
Vishay Intertechnology Malvern $8.59 $2.51 242%
Triumph Group Berwyn $62.40 $19.80 215%
Wesco Intl Pittsburgh $56.11 $18.08 210%
Sunoco Logistics Partners Philadelphia $48.32 $16.34 196%
Ansys Canonsburg $69.55 $24.64 182%
PPG Industries Pittsburgh $114.23 $41.43 176%
Rite Aid Camp Hill $1.16 $0.43 170%
Pennsylvania Real Estate Investment Trust Philadelphia $16.49 $6.28 163%
Carpenter Technology Wyomissing $51.10 $19.47 162%
Westinghouse Air Brake Wilmerding $83.60 $33.26 151%
Gardner Denver Wayne $57.55 $22.90 151%
Universal Health Services King of Prussia $45.33 $18.94 139%
FMC Philadelphia $53.63 $22.57 138%
Armstrong World Industries Lancaster $46.20 $19.52 137%
Ametek Berwyn $34.11 $14.44 136%
Comcast Philadelphia $35.78 $15.33 133%
Unisys Blue Bell $21.72 $9.40 131%
Urban Outfitters Philadelphia $36.61 $16.14 127%
Mylan Inc Canonsburg $23.78 $11.00 116%
Viropharma Exton $28.77 $13.38 115%
American Eagle Outfitters Pittsburgh $21.54 $10.06 114%
AmeriSource Bergen Chesterbrook $39.50 $18.71 111%
Penn National Gaming Wyomissing $40.82 $19.71 107%
TE Connectivity Ltd Philadelphia Area $32.75 $15.82 107%
Kennametal Latrobe $36.09 $17.57 105%
Airgas Radnor $80.11 $39.05 105%
Hershey Hershey $69.53 $35.03 98%
Crown Holdings Philadelphia $37.22 $18.87 97%
Penn Virginia Resource Partners Radnor $25.57 $13.36 91%
Liberty Property Trust Malvern $36.93 $20.00 85%
RAIT Financial Trust Philadelphia $5.05 $2.75 84%
EQT Pittsburgh $60.32 $33.00 83%
Toll Brothers Horsham $32.71 $19.11 71%
PNC Financial Pittsburgh $62.73 $37.54 67%
Erie Indemnity Erie $63.20 $37.84 67%
HJ Heinz Pittsburgh $56.34 $36.08 56%
SEI Investments Oaks $21.17 $13.57 56%
ACE Ltd Philadelphia $77.01 $49.77 55%
Amerigas Partners Valley Forge $44.51 $30.07 48%
Air Products & Chemicals Allentown $82.00 $57.02 44%
Endo Pharmaceuticals Chadds Ford $30.48 $22.27 37%
Dentsply York $37.01 $27.15 36%
Teleflex Limerick $68.41 $51.25 33%
CONSOL Energy Canonsburg $35.14 $26.48 33%
Fulton Financial Lancaster $10.40 $7.90 32%
Lincoln National Radnor $23.76 $18.21 30%
InterDigital King of Prussia $34.77 $26.73 30%
Radian Group Philadelphia $4.35 $3.53 23%
Allegheny Technologies Pittsburgh $31.42 $26.34 19%
Federated Investors Pittsburgh $20.44 $18.62 10%
Black Box Lawrence $25.17 $24.53 3%
Alcoa Pittsburgh $8.69 $9.43 -8%
Natl Penn Bancshares Boyertown $8.89 $10.63 -16%
Harsco Camp Hill $20.20 $26.94 -25%
United States Steel Pittsburgh $21.19 $32.58 -35%
Penn Virginia Corp Radnor $4.89 $23.41 -79%

Average Increase: all 62 Pennsylvania Corps


S&P 500 Index
1,428.59 850.12 68%
Dow Industrials Index
13,328.85 8,281.22 61%

It should be pointed out that the above earlier period stock prices of Unisys has been adjusted to reflect the effect of a one-for-ten reverse stock split, and of Safeguard Scientifics has been adjusted for a one-for-six reverse stock split.