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Wednesday, December 10, 2008
Lufkin Industries stock drops below $35 a share
After a year of good economic health, Lufkin Industries stock finished at a second consecutive new low Tuesday. Prices fell during the first half hour of Tuesday session and then fell further the bulk of the afternoon, closing lower by $4.30 at $32.73 on above average volume, realtimetraders.com reported. As of 9:30 a.m. Wednesday, the stock rebounded by nearly 4.30 percent, to $34.13. Market experts attribute the falling number to declining oil barrel prices. A Lufkin Industries spokesman did not immediately return a message seeking comment Wednesday morning. It was not clear what lower oil prices could mean for the company in 2009. Lufkin’s board earlier announced a regular quarterly dividend of 25 cents per share payable Wednesday to shareholders of record as of Dec. 1. Forbes.com listed Lufkin stock among its five “Nasdaq stars” on Dec. 2, as a standout for those looking to add growth stock to their portfolios. Forbes said it expected Lufkin to increase earnings at an annualized clip of 10 percent or better over the next few years. Founded in 1902, the company designs and makes oil field equipment and power transmission products worldwide. — Ashley Cook, acook@coxnews.com
