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September 11, 2008

Fastenal steps into Fannie Mae's shoes

So the fate of Fannie Mae and Freddie Mac are well known. What you might not know is that Winona-based company Fastenal stepped intoFannie's spot on the Standard & Poor's 500 index.
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Last year Fastenal celebrated 40 years in business by ringing the Nasdaq bell.

Here's some from a piece by AP about the Standard & Poor's deal:

Shares of industrial equipment maker Fastenal Co. rose, then pared some of it gains, Wednesday, after replacing Fannie Mae on the Standard & Poor's 500 index.

Standard & Poor's said Tuesday it would remove Fannie Mae and Freddie Mac from the S&P 500 after close of trading Wednesday, following a steep drop in the stock prices of the two mortgage giants.

Standard & Poor's said Tuesday the capitalization of the companies fell well below the $5 billion required to list among the S&P 500.

Freddie Mac was replaced by customer relations management company Salesforce.com.

The federal government on Sunday took over the mortgage finance companies in one of the largest federal interventions in the financial sector in history.

Shares of Fastenal rose 40 cents to close at $52.58. Earlier in the session, the stock touched as high as $54.04.

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Kudos to Winona-based Fastenal!
Fastenal is a progressive, fast growing local company and I am so proud of how far they have come in the course of 40 years! This is HUGE news and is an important milestone.
I have an interview there next Tueday and I would love to be a part of their team! I'm sure they value their employees more than my previous employer and I can't wait to be a part of that!

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