PPG’s paint partnership
On February 25, PPG Industries (PPG) announced that it signed a multiyear corporate marketing agreement with the Oakland Raiders. As a result of the agreement, PPG will be the official paint of the Raiders. However, PPG didn’t disclose the financial aspects of the deal.
Bryan Iams, PPG vice president for corporate and government affairs, said, “PPG is excited to grow our relationship with the Raiders organization and their loyal fan base, which includes a number of do-it-yourself consumers and paint professionals.” He said, “PPG’s paints and coatings will help provide an exceptional experience for countless fans and will beautify the Raiders stadium for years to come.”
Stock price updates
PPG Industries’ stock price rose 1.2% and closed at $112.76 for the week ending March 1. The gains caused PPG Industries stock to trade 7.1% above its 100-day moving average price of $104.00, which indicates the positive trend in the stock. However, investors should be careful. The company’s 14-day relative strength index is at 70, which indicates that the stock has temporarily moved into an “overbought” position. There could be some sell-off in the near term.
Investors could hold PPG Industries indirectly by investing in the Guggenheim S&P 500 Equal Weight Materials ETF (RTM). RTM rose 1.5% during the week. RTM has invested 4.1% of its portfolio in PPG Industries as of March 1.