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Markets Pop as Oil Regains Traction

Originally published: 03.17.16 by Margot Crabtree


Indexes closed with the strongest weekly gains this year to begin our trading session, and the Nasdaq posted the best improvement since July. As our session ended March 15, 2016, markets were in a holding pattern, awaiting word from the two-day Federal Reserve meeting.

The Labor Department said that consumer prices stayed flat in January as less expensive oil offset higher prices in health care and housing. The National Association of Home Builders/Wells Fargo builder sentiment index fell to a reading of 58 in February, down from 61 the previous month.

The Federal Reserve said that factory output increased in January by the strongest rate in 6 months. The Commerce Department that new orders for durable goods jumped by 4.9 percent in January, the highest in 10 months, a change from December's 4.6 percent decline.

The University of Michigan's sentiment index slid to 91.7, from January's 92. A revision showed that the U.S. economy grew at a stronger rate in the fourth quarter than earlier calculated. The Commerce Department said that the gross domestic product (GDP) showed a 1 percent improvement, compared to an earlier 0.7 percent rate.

Other numbers also reflected a stronger economy. The Commerce Department said


that January's factory orders improved 1.6 percent, the strongest gain in 7 months, while a significant category tracking business investment gained by the largest figure in 19 months.

The department also said that construction spending rose 1.5 percent in January, the largest increase in 8 months, shored up by non-residential construction. It was the highest level in over 8 years.

The European Central Bank boosted stimulus efforts, including bank loans, bond-buying expansion and interest rate cuts. Three times in our final week the S&P 500 closed above 2,000 for the first time since Jan. 5.

"While things aren't great, they're not the disaster we thought," said Bill Strazzullo, chief market strategist at Bell Curve Trading. "We've rallied after a horrendous start to the year."

 

Exchange
Symbol
Company Name
Price
3/15/16
Price
2/15/16
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 25.47 20.64 4.83 23.40% 26.48 18.85 54090 1377672.3
NYSE ABB ABB Ltd. 18.35 17.03 1.32 7.75% 23.66 15.74 2190000 40186500
NYSE ARG Airgas, Inc. 141.35 140.10 1.25 0.89% 141.92 86.09 72430 10237980.5
NYSE AOS AO Smith Corp. 73.20 65.81 7.39 11.23% 81.15 50.09 74680 5466576
NYSE FIX Comfort Systems USA, Inc. 28.83 25.55 3.28 12.84% 35.00 19.10 37290 1075070.7
NYSE DOV Dover Corp. 61.49 59.19 2.30 3.89% 78.21 50.91 155010 9531564.9
NASD ELON Echelon Corp. 6.00 5.43 0.57 10.50% 12.10 4.71 4420 26520
NYSE DD E. I. DuPont de Nemours & Co. 62.83 58.40 4.43 7.59% 75.72 47.11 871680 54767654.4
NYSE EME EMCOR Group, Inc. 45.85 44.32 1.53 3.45% 52.37 40.98 62720 2875712
NYSE EMR Emerson Electric Co. 50.79 46.02 4.77 10.37% 62.75 41.25 643120 32664064.8
NYSE FCAU Fiat Chrysler 7.60 6.11 1.49 24.39% 11.13 5.78 1290000 9804000
NYSE F Ford Motor Co. 13.23 11.55 1.68 14.55% 16.74 10.44 3900000 51597000
NYSE GM General Motors Co. 31.05 27.71 3.34 12.05% 38.99 24.62 1540000 47817000
NYSE HON Honeywell International, Inc. 108.68 103.48 5.20 5.03% 111.86 87.00 769320 83609697.6
NASD HDSN Hudson Technologies, Inc. 3.48 2.91 0.57 19.59% 4.75 2.45 32800 114144
NYSE IR Ingersoll-Rand Plc 58.64 51.32 7.32 14.26% 70.93 47.08 256850 15061684
NYSE JCI Johnson Controls, Inc. 37.66 34.81 2.85 8.19% 54.52 33.62 648240 24412718.4
NYSE LII Lennox International Inc. 132.88 119.50 13.38 11.20% 138.57 104.94 44700 5939736
NYSE LXU LSB Industries, Inc. 10.25 5.05 5.20 102.97% 47.33 3.68 22810 233802.5
NYSE MTW Manitowoc Co., Inc. 4.22 14.97 -10.75 -71.81% 22.67 4.00 136590 576409.8
NYSE MLI Mueller Industries, Inc. 27.45 25.40 2.05 8.07% 37.18 23.09 57160 1569042
NYSE NWL Newell Rubbermaid, Inc. 41.37 34.79 6.58 18.91% 50.90 33.26 267200 11054064
OTC NSANY Nissan Motor Co. Ltd. 19.07 17.07 2.00 11.72% 21.92 16.57 2100000 40047000
NASD NTK Nortek, Inc. 44.42 35.88 8.54 23.80% 92.96 33.85 16260 722269.2
NASD OFLX OmegaFlex, Inc. 34.12 33.18 0.94 2.83% 43.20 23.50 10090 344270.8
NYSE PH Parker-Hannifin Corp. 108.23 97.25 10.98 11.29% 125.33 83.32 135100 14621873
NYSE RBC Regal-Beloit Corp. 58.61 50.61 8.00 15.81% 81.36 47.77 44660 2617522.6
NYSE ROK Rockwell Automation 107.18 96.33 10.85 11.26% 127.05 87.53 131420 14085595.6
OTC SIEGY Siemens Aktiengesellschaft  100.83 90.80 10.03 11.05% 113.90 86.58 807730 81443415.9
NYSE SPXC SPX Corp.  12.86 8.80 4.06 46.14% 21.92 7.62 40800 524688
NYSE TXN Texas Instruments 55.73 51.14 4.59 8.98% 59.67 43.49 1010000 56287300
NYSE UTX United Technologies Corp. 96.29 85.95 10.34 12.03% 120.60 83.39 836430 80539844.7
NYSE WSO Watsco, Inc. 127.88 124.22 3.66 2.95% 133.09 106.58 27610 3530766.8

 

The HVACR Business Stock Index enjoyed a healthy uptick, besting the national markets and rising 99.84 points, or 9.78 percent, closing at 1,120.74. Advancing issues nearly shut out declining issues at a 32-to-1 count.

Lennox International zoomed ahead, up 13.38 points, or 11.20 percent. Investment firm Cowen and Co. started Lennox with an "outperform" rating and a target price of $138. LII ended at 132.88, and was the top dollar gainer.

Manitowoc tumbled 10.75 points, or 71.81 percent, following the completion of the spin-off of its food service subsidiary. Manitowoc Foodservice now trades on the New York Stock Exchange under the ticker MFS. Investment firm Barclays cut its price target on MTW to $4, from $14, citing a sector slow-down and pressure from overseas competitors. MTW ended at 4.22, and was the top dollar and percentage loser.

Although LSB Industries swung to a loss in its fourth quarter, Avondale Partners upped its price target on LXU, and shares jumped 5.20 points, or 102.97 percent. LXU said it lost $8.1 million, or $0.48 per share. Revenue was $157 million, off 16 percent from a year ago. Adjusted for one-time items, LXU lost $0.23 per share. LSB Industries closed at 10.25 and was the top percentage gainer.

 


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.

 

 




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