Wall Street Player Weighs in On Stock of RI Lead Paint Defendants' Companies

According to Reuter's 2:30 P.M. report, following the ruling by Rhode Island Superior Court Judge Michael Silverstein, Sherwin-Williams' stock dipped three percent, NL Industries' stock dropped one percent and the stock of Millennium Holdings' parent Lyondell Chemical rose three percent.

A Wall Street player who both owns Sherwin-Williams stock and advises others about trading opines on this stock situation as it concerns Sherwin-Williams.

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Opinion of Wall Street Expert, off-the-record:

When the ruling hit the wires, Sherwin-Williams' stock took the hit to 65 but bounced right back to the mid 67s.  I sense it will trade there for a while.  There might be some fluctuation around that point but not much.  That's because the Judge didn't specify a monetary amount.  Also, everyone anticipated this sort of ruling so there was no major surprise. Had the Judge declared a high dollar amount, the stock would have been hammered, of course.

The next step is the appeal to the RI Supreme Court.  And as we all know what's in Sherwin-Williams' favor is that the company stopped putting lead in its paint around 1948 and by 1955 its paints for residential interior use were entirely lead-free. If the case moves to the federal level, I don't see how any federal court will allow this sort of ruling to stand.

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Copy of the RI lead paint ruling is available free by contacting me at mgenova981@aol.com