Weekly 5: Marine stocks soar to new highs
The BI Weekly 5 is a collection of tips, news and data affecting the boating industry this week. Be sure to look for the BI Weekly 5 every Tuesday on BoatingIndustry.com.
1. Marine stocks soar to new highs
Investors have obviously liked what they’ve heard from marine industry companies as they reported results over the last couple weeks.
- Brunswick Corp. – owner of numerous brands including Sea Ray, Boston Whaler and Mercury – hit a 52-week high last week at $46.56 a share and has hung at around $45 this week. That’s almost double the year-ago share price of $24. The stock hasn’t been at these heights since 2005.
- MarineMax was at a 52-week high of $16.22 a share Monday. Share price has more than doubled since last fall and is at its highest level since 2007.
- Marine Products Corp. – maker of Chaparral and Robalo boats – is off it’s 52-week high of $9.89, but is still up nearly 70 percent from it’s 52-week low.
2. Michigan boat tax break signed into law
Buyers of new boats will get a break when they trade in a used one, under a new law signed by Michigan Gov. Rick Snyder.
Under the new law, which takes effect in December and will be phased in over 25 years, buyers will pay less sales tax. Under the current system, if a buyer buys a $40,000 boat and traded in a $10,000 one, they pay sales tax on the entire $40,000. The new law requires sales tax only on the difference ($30,000 in this example.) In the first year, the exempt amount will be capped at $2,000, but it will be increased by $500 every year.
3. Ford talks about the marine market
Ford made a big splash last week with the announcement that the automaker would be working with Indmar to reenter the boating market. The Detroit News has some more info on the deal from Ford.
4. 5 signs you’re running your business like the government
Many small business owners like to complain about the inefficiencies of government. But are you making some of the same mistakes? Here are five signs you’re running your business too much like the government.
5. Change your marketing approach
We spend a lot of time offering you new tools to improve your marketing from advertising to social media. But if you’ve still got an old-fashioned approach, the tools won’t help. MarketingProfs offers some advice on rethinking your strategy.