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Article: Standard Motor hums; Investors embrace auto parts maker as dull alternative to flashy failures.(Brief Article)
- Article from:
- Crain's New York Business
- Article date:
- August 5, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Standard motor products Inc. is an 83-year-old, family-run auto parts manufacturer, with a factory and headquarters in Long Island City, Queens.
Its bonds are labeled junk, and the one Wall Street analyst who follows the company rates its shares ``underweight.''
It's hardly the standard recipe for stock market success-except this year.
Disillusioned with technology and telecom companies, and increasingly wary of sprawling corporations with complex accounting methods, investors have been revving up Standard Motor's shares. Its stock has risen 26% in the past year, to close at $16.10 on Friday. In the same period, the Dow has fallen 21%.
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