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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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
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
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| 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.
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