HVACR Stock Index Bucks Trend, Turns Positive
Last-ditch rallies bookended our session but the month was dismal and not buoyant enough to turn most indices positive. As our trading session ended Feb. 15, 2015, a rally in beat-down energy prices and financials lifted Wall Street.
The HVACR Business Stock Index rose 10.06 points, or 1 point even, and closed at 1020.90. Advancing issues topped declining issues at a 23-to-10 count.
The Commerce Department reported that retail sales grew by 0.2 percent in January, and December's figures were revised upward. The National Retail Federation expects sales to be above average in 2016, built on stronger hires and wages and lower gas prices.
Comfort Systems fell 2.54 points, or 9.04 percent. The company said that it has acquired the ShoffnerKalthoff group of companies for an undisclosed amount. The acquisition is expected to contribute $70 million in annual revenue.
Manitowoc rose 2.14 points, or 16.68 percent after it bested analysts' expectations for fourth quarter earnings. MTW reported net income of $43.8 million, or $0.32 per share.
Watsco soared 14.37 points, or 13.08 percent on strong earnings that beat estimates. For its fourth quarter, WSO posted net income of $24.4 million, or $0.75 per share, versus last year's $0.69 per share.
U.S. shipments of residential gas storage water heaters for December 2015 decreased 14.3 percent to 381,971 units, down from 445,720 units shipped in December 2014.
Year-to-date U.S. shipments of commercial gas storage water heaters increased 4.1 percent to 98,095 units, compared with 94,247 units shipped during the same period in 2014.