Something is definitely wrong in the U.S. manufacturing sector, and it is showing up in the results of Grainger (NYSE:GWW), MSC Industrial (NYSE:MSM), and Fastenal (NASDAQ:FAST). While Fastenal hasn't fared too badly on a relative basis since my last report on the company, the shares nevertheless have fallen about 12% in the last six months. As is par for the course, Fastenal seen its growth rate hold up better than those of Grainger and MSC Industrial, but expectations have come down pretty significantly in response to slowing manufacturing activity.
Fastenal isn't exactly cheap, but it's about as close as the stock ever gets. Further weakness in industrial activity could push these shares down
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