West Virginia Stock Index – Top 20 Employers
This index tracks the top 20 publicly traded companies that do business in West Virginia, and is weighted by number of employees. This index accounts for nearly 50,000 workers throughout West Virginia. Individual company stock prices are weighted by their portion of the 50,000.
Companies included in the index are (in order of employment): Wal-Mart, Massey Energy, Kroger, CSX, International Steel Group, American Electric Power, Sears, DuPont, Verizon, Allegheny Energy, Consolidated Coal, Pilgrim's Pride, Rite Aid, Lowe's, Bob Evans, BB&T, Mylan Pharmaceuticals, Mountaineer Park, Peabody (Eastern Associated Coal), and Teletech.
This index compares current stock prices to the same data beginning January 5, 2004, and is compared to the Dow Jones Industrial Average for the same time period.
For more information about this index call Christine Risch at 304-696-6251.
WV Stock Index Doubles
The West Virginia stock index tracks the top 20 publicly traded companies that conduct business in West Virginia. This index accounts for nearly 50,000 employees throughout West Virginia. The companies included in the index in order of employment are Wal-Mart, Massey Energy, Kroger, CSX, International Steel Group, American Electric Power, Sears, DuPont, Verizon, Allegheny Energy, Consolidated Coal, Pilgrim's Pride, Rite Aid, Lowe's, Bob Evans, BB&T, Mylan Pharmaceuticals, Mountaineer Park, Peabody (Eastern Associated Coal), and Teletech.
The West Virginia index compares the stock prices of the individual companies to the Dow Jones Industrial Average on a weekly basis and weights prices based on employment shares. While the data of both the WV index and the Dow Jones index have been tracked since January of 2004, the WV index has consistently out-performed the Dow Jones index since June 2004. In May of 2008, the WV index surpassed the 200 mark; reaching 207.17, while the Dow Jones index remained at a position of 124.
Since January of 2004, multiple events have shifted the outcome of the West Virginia index including buyouts, stock splits, and the changes in the energy industry. In March of 2005, Sears Roebuck and Company purchased the K-Mart Corporation and now operates at Sears Holdings Corporation. When this change took place the stock price of the corporation dramatically increased from $57.98 to $131.11 per share immediately. After the company purchased K-Mart, the stock price of the organization continued to increase, and in May of 2007, Sears Holdings Corporation’s stock price peaked at $190.91 per share. However, since that peaked, its stock price has continually declined. As of June 3, 2008, the stock price was $83.78 per share. Another buyout took place in April of 2005. Mittal Steel (MT) purchased International Steel Group. While initially the merger created a drop in the stock price of Mittal Steel, the stock price has continued to gradually increase after the completion of the merger. As of June 3, 2008, the stock price for Mittal Steel was just above $97.00 per share.
Massey Energy, American Electric Power, Consolidated Coal Company, Allegheny Energy, Eastern Associated Coal, and Peabody have experienced growth in the energy industry which is reflected in the increase the firms’ stock prices. The increased energy prices have increased the stock prices of many firms in the energy industry including those within the West Virginia stock index. Massey Energy, which was only added to the index in January of 2007, has more than tripled its stock price since its addition to the index. While Consolidated Coal Company experienced a sharp decline in May 2006, the company’s stock price has continued to increase since that point. Allegheny Energy has also had a positive effect on the WV index. In January of 2004, Allegheny Energy stock had a price of $12.50 while in June of 2008 the stock was being traded for $53.89. Eastern Associated Coal’s stock price has also increased, and as of the beginning of June 2008, the stock was being traded for over $70.00 per share. Peabody has also been a successful organization in the stock market. The organization employs over 1,200 employees and as of June 3, the stock was priced at $77.52. Combined, these companies in the West Virginia energy industry have had a dominate effect on the WV stock index.
Four companies that are a part of the WV index have experienced a stock split since January of 2004. Peabody completed a stock split in February of 2006, and Consolidated Coal Company (CNX) experienced a stock in June of 2006. Shortly thereafter, Lowe’s and CSX experienced stock splits in July of 2006 and August of 2006 respectively.
Other stocks within the index, Wal-Mart, Kroger, EI DuPont De Nemours & Company, and Bob Evans Farm, have remained somewhat consistent with only slight increases and/or decreases since January of 2004. However, some firms have shown consistent decreases in the stock prices of their companies since January 2004. For example, Lowe’s stock price in January of 2004 was $53.00 per share but in June of 2008 the stock was being traded for less than $25 per share. The stock price of Lowe’s has continually declined since the beginning of the index data. Other firms within the index have also exhibited slight decreases since January of 2004 including Mountaineer Park and Mylan Pharmaceuticals.
The data from January of 2004 to the present shows many increases, declines and shifts within both the WV index and the Dow Jones Industrial Average. The large energy industry in WV and other organizational buyouts have pushed the WV index above that of the Dow Jones. Despite the changing economy and shifting market, the WV stock index continues to surpass the Dow Jones Industrial Average.
