Rough Start to 2016
Oil rose in the first week of our session, but the tumbling energy sector fell and fell again. As our trading session ended Jan. 15, 2016, it capped the worst two-week start to a year ever.
The HVACR Business Stock Index also faltered, shedding 126.72 points, or 11.14 percent, and ending at 1010.83. Declining issues nearly shut out advancing issues at a 32-to-1 count.
The Commerce Department reported that incomes improved 0.3 percent in November after rising 0.4 percent. Wages and salaries also increased, as did consumer spending in the month, up 0.3 percent, in line with expectations.
A.O. Smith endured a couple of ratings cuts, and fell 14.24 points, or 18.32 percent.
Airgas rose 1.64 points, or 1.20 percent. ARG has a consensus rating of "hold" from the fourteen firms that cover the stock, with a target price of $124. Airgas ended at 138.30, and was the top dollar and percentage gainer.
Lennox International tumbled 13.45 points, or 10.41 percent. Investment firm William Blair initiated coverage on LII with a rating of "outperform." Lennox closed at 115.77.
U.S. shipments of residential gas storage water heaters for November 2015 decreased 17.3 percent to 299,338 units, down from 362,082 units shipped in November 2014.
Year-to-date U.S. shipments of commercial gas storage water heaters increased 3.1 percent to 88,790 units, compared with 86,113 units shipped during the same period in 2014.