Market Turbulence Dominates Session
The HVACR Business Stock Index lost 90.83 points, or 6.38 percent, and ended at 1332.91, its lowest close in over two years. Declining issues dominated advancing issues by a 9-to-1 margin.
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Specter of Higher Interest Rates Sends Markets South
Originally published: 04.01.15 by Margot Crabtree
Even though markets started out strong, Wall Street closed in a tumble after a strong jobs report renewed fears that the Federal Reserve will increase interest rates held at historic lows as our trading session ended March 13, 2015.
The Conference Board's index of leading economic indicators grew by 0.2 percent in January, the lowest rise in five months, suggesting the economy's momentum has slowed a bit. Growth was slower in the fourth quarter than originally thought: at 2.2 percent it was down from the earlier estimate of 2.6 percent.
Commerce Department reported that consumer spending, which drives 70 percent of the U.S. economy, was up 4.2 percent for the quarter, and the strongest rate since the first quarter of 2006.
In mid-month, the Nasdaq closed above 5,000 for the first time since the dot-com bust. The Commerce Department said new orders for manufactured goods unexpectedly slipped 0.2 percent in January following a 3.5 percent decline in December; economists polled by Reuters expected factory orders to rise 0.2 percent in January.
The department also reported that retail sales slipped 0.6 percent in February, following a 0.8 percent decline in January, the third straight drop. The University of Michigan's preliminary sentiment reading for March
"Regardless of whether the Fed hikes in June or September, it's coming and it's not very far away," said Craig Erlam, senior market analyst at OANDA. "That makes the dollar very strong compared to its peers."
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 22.15 | 23.37 | -1.22 | -5.22% | 23.95 | 16.78 | 54060 | 1197429 |
| NYSE | ABB | ABB Ltd. | 20.16 | 21.34 | -1.18 | -5.53% | 26.35 | 19.14 | 2260000 | 45561600 |
| NYSE | ARG | Airgas, Inc. | 114.84 | 115.27 | -0.43 | -0.37% | 119.00 | 101.36 | 75120 | 8626780.8 |
| NYSE | AOS | AO Smith Corp. | 62.04 | 62.76 | -0.72 | -1.15% | 64.49 | 44.14 | 89360 | 5543894.4 |
| NYSE | FIX | Comfort Systems USA, Inc. | 19.42 | 16.96 | 2.46 | 14.50% | 19.76 | 12.63 | 37270 | 723783.4 |
| NYSE | DOV | Dover Corp. | 71.25 | 74.41 | -3.16 | -4.25% | 91.84 | 67.13 | 163040 | 11616600 |
| NASD | ELON | Echelon Corp. | 1.08 | 1.16 | -0.08 | -6.90% | 3.30 | 1.06 | 43900 | 47412 |
| NYSE | DD | E. I. DuPont de Nemours & Co. | 80.50 | 76.18 | 4.32 | 5.67% | 80.41 | 63.70 | 905410 | 72885505 |
| NYSE | EME | EMCOR Group, Inc. | 44.63 | 43.70 | 0.93 | 2.13% | 48.00 | 38.68 | 62980 | 2810797.4 |
| NYSE | EMR | Emerson Electric Co. | 55.26 | 58.68 | -3.42 | -5.83% | 69.94 | 54.95 | 685200 | 37864152 |
| NYSE | FCAU | Fiat Chrysler | 16.41 | 14.53 | 1.88 | 12.94% | 16.59 | 8.54 | 1280000 | 21004800 |
| NYSE | F | Ford Motor Co. | 16.20 | 16.30 | -0.10 | -0.61% | 18.12 | 13.26 | 3960000 | 64152000 |
| NYSE | GM | General Motors Co. | 38.05 | 37.62 | 0.43 | 1.14% | 38.47 | 28.82 | 1610000 | 61260500 |
| NYSE | HON | Honeywell International, Inc. | 101.17 | 104.38 | -3.21 | -3.08% | 105.39 | 82.89 | 782660 | 79181712.2 |
| NASD | HDSN | Hudson Technologies, Inc. | 4.20 | 3.54 | 0.66 | 18.64% | 4.80 | 2.55 | 32310 | 135702 |
| NYSE | IR | Ingersoll-Rand Plc | 67.22 | 67.69 | -0.47 | -0.69% | 69.01 | 52.47 | 263320 | 17700370.4 |
| NYSE | JCI | Johnson Controls, Inc. | 48.82 | 48.50 | 0.32 | 0.66% | 52.00 | 38.60 | 657290 | 32088897.8 |
| NYSE | LII | Lennox International Inc. | 107.86 | 104.27 | 3.59 | 3.44% | 109.38 | 72.91 | 44680 | 4819184.8 |
| NYSE | LXU | LSB Industries, Inc. | 39.68 | 35.39 | 4.29 | 12.12% | 42.41 | 28.91 | 22660 | 899148.8 |
| NYSE | MTW | Manitowoc Co., Inc. | 21.41 | 21.86 | -0.45 | -2.06% | 33.50 | 16.24 | 135620 | 2903624.2 |
| NYSE | NWL | Newell Rubbermaid, Inc. | 38.60 | 39.57 | -0.97 | -2.45% | 40.37 | 28.27 | 268500 | 10364100 |
| NYSE | MLI | Mueller Industries, Inc. | 34.84 | 34.62 | 0.22 | 0.64% | 35.45 | 27.10 | 56920 | 1983092.8 |
| NASD | NTK | Nortek, Inc. | 84.40 | 79.00 | 5.40 | 6.84% | 92.30 | 70.73 | 16260 | 1372344 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 21.33 | 19.81 | 1.52 | 7.67% | 21.46 | 16.65 | 2100000 | 44793000 |
| NASD | OFLX | OmegaFlex, Inc. | 29.51 | 31.00 | -1.49 | -4.81% | 39.46 | 15.93 | 10090 | 297755.9 |
| NYSE | PH | Parker-Hannifin Corp. | 117.72 | 124.06 | -6.34 | -5.11% | 133.41 | 99.82 | 142460 | 16770391.2 |
| NYSE | RBC | Regal-Beloit Corp. | 76.65 | 76.14 | 0.51 | 0.67% | 80.22 | 62.15 | 44710 | 3427021.5 |
| NYSE | ROK | Rockwell Automation | 111.52 | 117.90 | -6.38 | -5.41% | 128.57 | 98.55 | 135440 | 15104268.8 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 108.66 | 109.87 | -1.21 | -1.10% | 137.06 | 103.20 | 881000 | 95729460 |
| NYSE | SPW | SPX Corp. | 83.58 | 87.37 | -3.79 | -4.34% | 111.47 | 77.30 | 40980 | 3425108.4 |
| NYSE | TXN | Texas Instruments | 57.12 | 57.97 | -0.85 | -1.47% | 59.99 | 41.47 | 1050000 | 59976000 |
| NYSE | UTX | United Technologies Corp. | 118.74 | 121.25 | -2.51 | -2.07% | 124.45 | 97.30 | 907160 | 107716178.4 |
| NYSE | WSO | Watsco, Inc. | 120.39 | 116.96 | 3.43 | 2.93% | 121.66 | 84.28 | 32360 | 3895820.4 |
The HVACR Business Stock Index inched down just 2.66 points, or 0.20 percent. Declining issues topped advancing issues by a 19-to-14 count.
Nortek was the top dollar gainer after releasing fourth quarter earnings. NTK's revenue for the quarter was up 16 percent, to $636.8 million. Net income was $4.6 million, or 0.29 per share, compared to a loss of $8.9 million, or $0.58 per share in the year-ago quarter. Analysts were expecting earnings per share of $0.19. Strength included sales in its HVACR unit. NTK rose 5.40 points, or 6.84 percent, and was the top dollar gainer. Nortek closed at 84.40.
Rockwell was the top dollar loser this month, shedding 6.38 points, or 5.41 percent. Rockwell issued $600 million in bonds to increase operating cash and to pay down debt. Rockwell CEO Keith Nosbusch sold 1,200 shares at an average price of $118, for a total value of $141,600. ROK closed at 111.52.
Echelon maintained its top percentage loser spot, hitting new 52-week lows after filing its annual report as our session came to a close. ELON shed 0.08 points, or 6.90 percent, and ended at 1.08.
LSB Industries advanced 1.22 points, or 3.17 percent. News that activist investor Starboard Value will nominate 5 candidates to LXU's board followed the current board's decision, after an internal review, to retain its present strategies.
Earlier suggestions from the activist investors included splitting the company in two, a move the company said it will consider after its expansion of a chemical facility in 2016. LXU ended at 39.68.
Margot Crabtree is president of Trade Trends, Inc., a financial data services provider. She has been offering market analysis with customized stock indices and financial commentaries since 1999. For additional information, visit www.tradetrendsonline.com.
About Margot Crabtree
Margot is president of Trade Trends, Inc., a financial data services provider. She has been offering market analysis with customized stock indices and financial commentaries since 1999. For additional information, visit tradetrendsonline.com.
Articles by Margot Crabtree
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