Fastenal steps into Fannie Mae's shoes
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.