Facebook Twitter LinkedIn Google+


Stocks Remain Positive, but Momentum Slips

Originally published: 03.16.17 by Margot Crabtree


For the second time in three months, the Federal Reserve increased interest rates a quarter point, but the change was anticipated. As our trading session ended March 15, 2017, a little steam escaped the on-going rally, though stocks remained in positive territory.

The University of Michigan consumer confidence index fell in February to 96.3, from January’s 98.5, the first time the numbers have fallen since the election. Economists expected 96. The National Association of Realtors said that sales of existing homes rose 3.3 percent in January from the month before. It was the fastest pace since 2007, with prices pushed up amid dwindling supply. At February’s end, the Dow industrials climbed over 21,000 for the first time.

The Commerce Department reported that consumer spending rose 0.2 percent in January, following a 0.5 increase in December. The department also said that construction spending dropped 1 percent in January.

The current bull market passed its eight year birthday quietly. The February jobs report from the Labor Department showed that 235,000 jobs were added, higher than anticipated, with construction sector showing the strongest gains in ten years; wages also improved. The Commerce Department said that factory orders rose in January by 1.2 percent, following a


1.3 percent increase in December.

The National Association of Home Builders/Wells Fargo March builder sentiment index rose to 71, from 65 in February. It was the highest reading since June 2005. It also exceeded the reading of 65 expected from economists polled by FactSet. Despite the downturn, the attitude among investors remained upbeat.

“Job growth continues to offer a positive reflection on underlying economic conditions,” said Russell Price, an economist at Ameriprise Financial. “There are few factors more important to consumers than jobs. Overall, consumers are in great shape to support an accelerated pace of economic growth.”

Exchange
Symbol
Company Name
Price
3/15/17
Price
2/15/17
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 36.20 34.60 1.60 4.62% 36.30 25.33 52640 1905568
NYSE ABB ABB Ltd. 23.00 22.93 0.07 0.31% 23.90 18.50 2140000 49220000
NYSE AOS AO Smith Corp. 51.82 49.34 2.48 5.03% 51.97 36.40 147700 7653814
NYSE FIX Comfort Systems USA, Inc. 36.20 34.00 2.20 6.47% 39.67 26.05 37080 1342296
NYSE DOV Dover Corp. 79.33 80.15 -0.82 -1.02% 82.56 61.41 155580 12342161.4
NASD ELON Echelon Corp. 5.92 4.88 1.04 21.31% 6.01 4.17 4430 26225.6
NYSE DD E. I. DuPont de Nemours & Co. 81.49 77.94 3.55 4.55% 81.51 61.12 864570 70453809.3
NYSE EME EMCOR Group, Inc. 63.92 70.15 -6.23 -8.88% 73.44 44.27 59660 3813467.2
NYSE EMR Emerson Electric Co. 60.27 63.73 -3.46 -5.43% 64.36 48.45 645070 38878368.9
NYSE FCAU Fiat Chrysler 11.32 11.52 -0.20 -1.74% 11.63 5.45 1530000 17319600
NYSE F Ford Motor Co. 12.65 12.63 0.02 0.16% 14.22 11.07 3900000 49335000
NYSE GM General Motors Co. 37.09 37.08 0.01 0.03% 35.88 27.34 1500000 55635000
NYSE HON Honeywell International, Inc. 126.97 124.28 2.69 2.16% 127.52 122.85 760720 96588618.4
NASD HDSN Hudson Technologies, Inc. 6.84 7.75 -0.91 -11.74% 8.50 3.07 41520 283996.8
NYSE IR Ingersoll-Rand Plc 80.81 81.62 -0.81 -0.99% 82.17 58.25 259510 20971003.1
NYSE JCI Johnson Controls, Inc. 41.93 41.62 0.31 0.74% 48.97 34.66 938710 39360110.3
NYSE LII Lennox International Inc. 171.66 159.32 12.34 7.75% 172.07 129.26 42980 7377946.8
NYSE LXU LSB Industries, Inc. 9.83 9.94 -0.11 -1.11% 15.50 4.52 28410 279270.3
NYSE MTW Manitowoc Co., Inc. 5.90 6.77 -0.87 -12.85% 7.57 3.65 140190 827121
NYSE MLI Mueller Industries, Inc. 33.49 43.01 -9.52 -22.13% 43.96 27.42 57600 1929024
NYSE NWL Newell Rubbermaid, Inc. 48.96 47.27 1.69 3.58% 55.45 41.04 482400 23618304
OTC NSANY Nissan Motor Co. Ltd. 20.13 19.80 0.33 1.67% 20.76 16.80 3910000 78708300
NASD OFLX OmegaFlex, Inc. 42.76 44.90 -2.14 -4.77% 64.91 31.53 10090 431448.4
NYSE PH Parker-Hannifin Corp. 159.58 155.49 4.09 2.63% 160.08 99.10 133290 21270418.2
NYSE RBC Regal-Beloit Corp. 76.00 74.50 1.50 2.01% 77.20 51.57 44790 3404040
NYSE ROK Rockwell Automation 156.47 152.49 3.98 2.61% 157.30 106.67 128600 20122042
OTC SIEGY Siemens Aktiengesellschaft  66.36 64.66 1.71 2.64% 66.50 47.72 1620000 107503200
NYSE SPXC SPX Corp.  24.77 25.00 -0.23 -0.92% 28.13 12.78 42230 1046037.1
NYSE TXN Texas Instruments 81.82 75.67 6.15 8.13% 81.95 55.35 999640 81790544.8
NYSE UTX United Technologies Corp. 113.08 111.91 1.17 1.05% 114.44 96.00 801690 90655105.2
NYSE WSO Watsco, Inc. 147.69 148.40 -0.71 -0.48% 159.55 126.79 27460 4055567.4

 

 
Price 3/15/17
Price 2/15/17
Net Change
Percent Change
HVACR Business Stock Index 1,467.27 1,437.19 30.08 2.09%
Dow Jones Industrial Average 20,950.10 20,611.86 338.24 1.64%
S&P 500 Index 2,385.26 2,349.25 36.01 1.53%
NASDAQ Composite 5,900.05 5,819.44 80.61 1.39%

 

Gainers/Losers
$ Gainer Lennox International Inc. 12.34
$ Loser Mueller Industries, Inc. -9.52
 
% Gainer Echelon Corp. 21.31%
% Loser Mueller Industries, Inc. -22.13%
 
Advancers 19
Decliners 12

 

The HVACR Business Stock Index rose 30.08 points, or 2.09 percent, and closed at 1467.27. Advancing issues overpowered declining issues by a 19-to-12 count.

Lennox earnings, reported last month, continued to propel company stock ahead. Lennox issued earnings guidance for 2017, with earnings per share estimated between $7.55 and $8.15; analysts polled by Thomson Reuters expected $7.85, on average. Revenue was guided between $3.75 billion and $3.9 billion, versus the consensus average of $3.79 billion. LII jumped 12.34 points, or 7.75 percent, and closed at 171.66. Lennox was the top dollar gainer.

Mueller Industries toppled 9.52 points, or 22.13 percent. The company said it will pay a quarterly cash dividend of $0.10 per share, payable March 21, 2017, to shareholders of record as of March 7.

The company also experienced spikes in its trading volume. MLI’s average 3-month trading volume is roughly 96,800; over the last week of trading, its shares have traded an average of 353,300 daily. Mueller ended at 33.49, and was the top dollar and percentage loser.

Parker-Hannifin rose 4.09 points, or 2.63 percent. Goldman Sachs started coverage on PH with a rating of “buy” and a price target of $180. Morgan Stanley resumed coverage with an “overweight” rating, and another price objective of $180. JPMorgan upped its rating to “overweight” from “neutral.” Parker-Hannifin ended at 159.58.

 

 




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

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.
View article.

 

Stock Index Recovers from Last Month’s Swoon

The HVACR Business Stock Index inched down 3.01 points, or 0.21 percent, closing at 1423.73; the largest four companies in the index ended in negative terrain. However, advancing squeezed by declining issues by a 15-to-14 count.
View article.

 

Markets Tumble as Trade Wars Bite

The HVACR Business Stock Index tumbled, shedding 136.55 points, or 8.73 percent and closing at 1426.74, the lowest close since April 2017. Declining issues shut out advancing issues, with all thirty companies posting in negative terrain.
View article.

 

Stocks Push Higher Despite Trade Concerns

The HVACR Business Stock Index rose 52.22 points, or 3.46 percent, and ended at 1563.29. Advancing issues dominated declining issues by a 5-to-1 margin.
View article.

 

Stocks End Mixed on Earnings and Tariff Talk

The HVACR Business Stock Index slid 27.90 points, or 1.81 percent, and closed at 1511.08. However, advancing issues outpaced declining issues at a 17-to-14 count.
View article.