It’s no understatement to say that 2020 was off to a difficult start for the stock market.
The Dow Jones Industrial Average, an index of 30 blue chip stocks, lost nearly 8,000 points in a four-week period that began in February.
But for the most part, the market recovered and performed well in 2020 despite millions of jobs lost as the coronavirus pandemic shut businesses down and got others into trouble.
The three major indices – the Dow, the S&P 500 and the Nasdaq – all ended the year in positive territory. In fact, tech-focused Nasdaq was up 44% at year-end.
2020 performance was mixed for owners of local interest stocks in the Erie region.
This was certainly the case with General Electric. While the conglomerate no longer owns the locomotive plant in Erie, the county’s largest employer for decades, it remains, according to most information, the most widespread inventory in the region.
Here’s a look at some of the most closely watched companies in Erie and their performance:
• General Electric Co .: After years of disappointment, GE stock owners, including hundreds of former GE employees in the Erie area, got good news in 2019 when the stock rose 53.9% over the year to end at $ 11.16 in 2019.
The stock’s performance wasn’t that strong in 2020. While the company’s earnings were better than expected in the third quarter, GE stock fell 3.2% to end the year at $ 10.80.
• Wabtec Corp .: The Pittsburgh-based company, which GE Transportation acquired in early 2019, posted third-quarter revenue from $ 2 billion in Q3 2019 to $ 1.9 billion in Q3 2020. Meanwhile, shares in the Company’s year ended December 31st at $ 77.20, down 7.2% for the year.
• • Erie Indemnity Co .: After rising 27% to late 2019 at $ 166, it seemed unlikely that shares of Erie Indemnity could do better in 2020. However, Erie Indemnity, the management company of Erie Insurance based in Erie, stock price rose more than 47% to close the year at $ 244.57.
Over the past year, some Erie-linked bank stocks have seen strong performances.
• • PNC Financial Services Group Inc .: This Pittsburgh-based bank, which is among the largest in the country, ended the year with shares valued at $ 149, down 6.6% for the year.
• • Northwest Bancshares Inc .:The parent company of Warren-based Northwest Bank also saw its share value decline in 2020, closing the year down 21.5% at $ 12.74.
• Chuchill Downs Inc .: Despite the downtime associated with the coronavirus, the owner of Presque Isle Downs & Casino had a successful hand at times in 2020. For example, the company’s latest earnings report showed that third-quarter sales were up 10% year-over-year.
The company’s share price rose 43.4% to $ 194.79.
• National fuel gas company: Low natural gas prices have become difficult times for the parent company of National Fuel Gas Distribution Corp. , a natural gas supplier serving the region. Although fourth quarter earnings exceeded projections, they were down nearly 26% from the fourth quarter of 2019.
The share price also fell, closing the year at $ 41.13, down 11.6% for the year.
• Steris Corp .: Fourteen years after the medical device maker closed its Erie manufacturing facility, some people are still watching the company that formerly became American Sterilizer Corp. in 1995. bought. The company’s share price continues to rise. In 2020, it rose 25.3% to close at $ 189.54.
Contact Jim Martin at jmartin@timesnews.com. Follow him on Twitter at @ETNmartin.
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