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Global Issues Roll Wall Street

Originally published: 08.01.14 by Margot Crabtree


Geopolitical turmoil introduced our trading session and banking insolvency issues in Portugal closed up the other end. As our trading session ended July 15, 2014, corporate mergers were strong, but violence in Iraq brought tremors into the market.

The World Bank forecast slightly slower growth for the global economy this year, and cut their estimates from 3.2 percent to 2.8 percent. The Conference Board’s gauge of leading economic indicators, measuring future health, improved for the fourth month in May, up 0.5 percent, up from a revised 0.3 percent gain in April, a trend that was broadly positive across all sectors.

The Commerce Department said that sales of new homes shot up 18.6 percent in May, following a 3.7 percent increase in April. Just before the July 4th holiday, a report from the Labor Department showing acceleration in hiring pushed the Dow industrials above 17,000 for the first time.

U.S. employers added 288,000 jobs in June and drove the unemployment rate down to 6.1 percent. The Institute for Supply Management’s index of national factory activity for June, at 55.3, was little changed from May’s index. 

As earnings began, worries about banking in Portugal revived fears of financial insolvency in Europe. At session’s end, business inventories, as


reported by the Commerce Department, were up and in line with forecasts. Retail sales rose modestly in June, ahead just 0.2 percent. 

The Federal Reserve pointed to October as the end-point for the central bankers’ stimulus program, and Fed chief Yellen indicated that if the labor market continues to improve, interest rates could be increased sooner than earlier expected. 

"In light of corporate earnings being good, retail sales being good, manufacturing being good, even a data-driven Fed chairman is going to have to raise rates earlier than the market really wants," said Doug Cote, chief market strategist at Voya Investment Management. "So all the good fundamental data that should be good for the markets is also hawkish for (interest) rates." 

Exchange
Symbol
Company Name
Price
7/15/14
Price
6/15/14
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 31.98 32.15 -0.17 -0.53% 34.64 21.31 36620 1171107.6
NYSE ABB ABB Ltd. 22.77 23.27 -0.50 -2.15% 27.25 21.31 2300000 52371000
NYSE ARG Airgas, Inc. 109.76 105.99 3.77 3.56% 113.16 99.32 74290 8154070.4
NYSE AOS AO Smith Corp. 47.64 49.64 -2.00 -4.03% 55.18 38.01 90610 4316660.4
NYSE FIX Comfort Systems USA, Inc. 15.55 15.88 -0.33 -2.08% 20.95 14.04 37580 584369
NYSE DOV Dover Corp. 88.12 89.15 -1.03 -1.16% 91.84 66.27 166490 14671098.8
NASD ELON Echelon Corp. 2.33 2.46 -0.13 -5.28% 4.18 1.99 43370 101052.1
NYSE DD E. I. DuPont de Nemours & Co. 64.58 68.11 -3.53 -5.18% 69.75 54.10 918350 59307043
NYSE EME EMCOR Group, Inc. 44.09 44.82 -0.73 -1.63% 48.00 36.26 67280 2966375.2
NYSE EMR Emerson Electric Co. 67.50 66.33 1.17 1.76% 70.66 56.96 701740 47367450
NYSE F Ford Motor Co. 17.54 16.63 0.91 5.47% 18.02 14.40 3950000 69283000
NYSE GM General Motors Co. 37.58 36.06 1.52 4.22% 41.85 31.70 1600000 60128000
NYSE HON Honeywell International, Inc. 95.96 93.80 2.16 2.30% 96.49 78.88 783120 75148195.2
NASD HDSN Hudson Technologies, Inc. 3.08 3.01 0.07 2.33% 4.00 1.75 25090 77277.2
NYSE IR Ingersoll-Rand Plc 61.59 62.84 -1.25 -1.99% 64.11 46.32 269900 16623141
NYSE JCI Johnson Controls, Inc. 50.93 49.82 1.11 2.23% 52.50 36.93 664160 33825668.8
NYSE LII Lennox International Inc. 87.40 88.77 -1.37 -1.54% 94.69 66.94 49150 4295710
NYSE LXU LSB Industries, Inc. 37.56 41.18 -3.62 -8.79% 42.41 29.39 22540 846602.4
NYSE MTW Manitowoc Co., Inc. 31.63 28.08 3.55 12.64% 33.50 18.12 135160 4275110.8
NYSE NWL Newell Rubbermaid, Inc. 31.56 30.57 0.99 3.24% 32.54 24.32 276600 8729496
NYSE MLI Mueller Industries, Inc. 28.03 29.44 -1.41 -4.79% 32.13 26.50 56690 1589020.7
OTC NSANY Nissan Motor Co. Ltd. 19.46 18.77 0.69 3.68% 22.55 16.45 2100000 40866000
NASD OFLX OmegaFlex, Inc. 19.41 19.42 -0.01 -0.05% 24.99 16.16 10090 195846.9
NYSE PH Parker-Hannifin Corp. 123.49 127.18 -3.69 -2.90% 130.44 99.11 148940 18392600.6
NYSE RBC Regal-Beloit Corp. 77.93 77.71 0.22 0.28% 80.41 62.93 45130 3516980.9
NYSE ROK Rockwell Automation 123.24 125.66 -2.42 -1.93% 128.57 89.26 138440 17061345.6
OTC SIEGY Siemens Aktiengesellschaft  125.34 134.33 -8.99 -6.69% 139.28 102.77 846130 106053934.2
NYSE SPW SPX Corp.  106.68 107.03 -0.35 -0.33% 111.47 73.15 43820 4674717.6
NYSE TXN Texas Instruments 48.66 48.13 0.53 1.10% 49.77 37.13 1080000 52552800
NYSE UTX United Technologies Corp. 114.84 116.87 -2.03 -1.74% 120.66 99.50 916730 105277273.2
NYSE WSO Watsco, Inc. 98.54 100.79 -2.25 -2.23% 105.39 86.98 32250 3177915

 

The HVACR Business Stock Index slipped into the red, off 5.62 points, or 0.42 percent, and closed at 1320.23. Declining issues topped advancing issues at a 19-to-12 count. 

Siemens tumbled 8.99 points, or 6.69 percent after it lost its bid for Alstom’s gas turbine business to General Electric. The sweetened deal from GE includes three joint ventures. The transaction is incomplete, waiting for the sale of a 20 percent stake to the French government.

Siemens CEO Joe Kaeser noted plans to make acquisitions in the U.S. natural gas sector. SIEGY closed at 125.34, and was the top dollar loser.

Airgas rose 3.77 points or 3.56 percent. Airgas purchased the assets and opera- tions of Technical Alloy for an undisclosed sum. Terms of the acquisition were not disclosed. Technical Alloy had about $20 million in sales in 2013. Investment firm Jefferies & Co. restated its "buy" rating on ARG; its price target is now $126, up from an earlier $116. Airgas closed at 109.76, and was the top dollar gainer.

Parker-Hannifin slid 3.69 points, or 2.90 percent. Investment bank Credit Suisse cut its price target on PH to $144, from $148. Their current rating is "outperform." PH closed at 123.49.


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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