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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Wall Street Mixed after Late Stumbles
Originally published: 11.17.15 by Margot Crabtree
Markets began our session solidly positive, but as our trading session ended November 13, 2015, a looming rate hike and weak retail going into the holiday season dampened investor spirits.
As the session began, word of more economic stimulus in Europe and an interest rate cut by Chinese central bankers helped buoy markets. Home sales and housing starts rallied in September after the August slump. The National Association of Realtors said that sales of existing homes climbed 4.7 percent in September.
The Commerce Department said that September’s housing starts jumped 6.5 percent, but a 17 spike in multi-family housing was responsible for nearly all that improvement. The National Association of Home Builders/Wells Fargo builder sentiment index grew to 64 in October, from 61 in September, the highest in 10 years.
October ended with the biggest gains in four years.
The Commerce Department reported that the economy cooled off in the summer months, with lower production and inventories. The gross domestic product improved just 1.5 percent, lower than forecast. The Federal Reserve indicated that the economy may be strong enough to weather a rate hike in December.
Weak worldwide demand showed that Chinese exports fell in October by 6.9 percent, and imports also tumbled, further
“The market has internalized the fact that there is going to be a rate increase,” said Donald Selkin, chief market strategist at National Securities in New York. “The market is going to drift for the next few weeks until the Fed announces its decision, but you will see big moves in individual stocks.”
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 23.48 | 21.07 | 2.41 | 11.44% | 25.17 | 18.85 | 54090 | 1270033.2 |
| NYSE | ABB | ABB Ltd. | 18.29 | 18.66 | -0.37 | -1.98% | 23.66 | 17.13 | 2220000 | 40603800 |
| NYSE | ARG | Airgas, Inc. | 101.82 | 92.79 | 9.03 | 9.73% | 119.00 | 86.09 | 72060 | 7337149.2 |
| NYSE | AOS | AO Smith Corp. | 75.60 | 69.44 | 6.16 | 8.87% | 78.97 | 50.09 | 74890 | 5661684 |
| NYSE | FIX | Comfort Systems USA, Inc. | 29.90 | 29.50 | 0.40 | 1.36% | 35.00 | 13.99 | 37290 | 1114971 |
| NYSE | DOV | Dover Corp. | 63.10 | 59.80 | 3.30 | 5.52% | 83.55 | 55.50 | 154970 | 9778607 |
| NASD | ELON | Echelon Corp. | 0.71 | 0.61 | 0.10 | 16.39% | 1.95 | 0.48 | 44160 | 31353.6 |
| NYSE | DD | E. I. DuPont de Nemours & Co. | 67.05 | 56.70 | 10.35 | 18.25% | 76.59 | 47.11 | 876410 | 58763290.5 |
| NYSE | EME | EMCOR Group, Inc. | 48.32 | 45.85 | 2.47 | 5.39% | 49.98 | 39.43 | 62720 | 3030630.4 |
| NYSE | EMR | Emerson Electric Co. | 47.69 | 46.82 | 0.87 | 1.86% | 65.94 | 42.21 | 657140 | 31339006.6 |
| NYSE | FCAU | Fiat Chrysler | 13.52 | 16.32 | -2.80 | -17.16% | 17.08 | 11.08 | 1290000 | 17440800 |
| NYSE | F | Ford Motor Co. | 13.92 | 15.22 | -1.30 | -8.54% | 16.74 | 10.44 | 3900000 | 54288000 |
| NYSE | GM | General Motors Co. | 34.31 | 33.32 | 0.99 | 2.97% | 38.99 | 24.62 | 1560000 | 53523600 |
| NYSE | HON | Honeywell International, Inc. | 101.08 | 98.50 | 2.58 | 2.62% | 107.41 | 87.00 | 770690 | 77901345.2 |
| NASD | HDSN | Hudson Technologies, Inc. | 3.01 | 3.30 | -0.29 | -8.79% | 4.75 | 2.45 | 32690 | 98396.9 |
| NYSE | IR | Ingersoll-Rand Plc | 56.86 | 54.25 | 2.61 | 4.81% | 70.93 | 49.74 | 261050 | 14843303 |
| NYSE | JCI | Johnson Controls, Inc. | 43.08 | 44.21 | -1.13 | -2.56% | 54.52 | 38.48 | 647400 | 27889992 |
| NYSE | LII | Lennox International Inc. | 133.33 | 117.82 | 15.51 | 13.16% | 136.90 | 90.85 | 45060 | 6007849.8 |
| NYSE | LXU | LSB Industries, Inc. | 6.96 | 17.71 | -10.75 | -60.70% | 47.33 | 5.50 | 22810 | 158757.6 |
| NYSE | MTW | Manitowoc Co., Inc. | 15.56 | 15.07 | 0.49 | 3.25% | 23.15 | 13.86 | 136590 | 2125340.4 |
| NYSE | MLI | Mueller Industries, Inc. | 30.19 | 31.78 | -1.59 | -5.00% | 37.18 | 28.81 | 57160 | 1725660.4 |
| NYSE | NWL | Newell Rubbermaid, Inc. | 42.68 | 42.42 | 0.26 | 0.61% | 44.99 | 34.44 | 267100 | 11399828 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 20.57 | 20.17 | 0.40 | 1.98% | 21.75 | 16.65 | 2100000 | 43197000 |
| NASD | NTK | Nortek, Inc. | 45.67 | 62.80 | -17.13 | -27.28% | 92.96 | 44.41 | 16260 | 742594.2 |
| NASD | OFLX | OmegaFlex, Inc. | 39.30 | 36.45 | 2.85 | 7.82% | 43.20 | 23.50 | 10090 | 396537 |
| NYSE | PH | Parker-Hannifin Corp. | 99.85 | 102.37 | -2.52 | -2.46% | 133.41 | 93.47 | 135980 | 13577603 |
| NYSE | RBC | Regal-Beloit Corp. | 61.95 | 60.83 | 1.12 | 1.84% | 81.36 | 54.51 | 44840 | 2777838 |
| NYSE | ROK | Rockwell Automation | 102.64 | 105.24 | -2.60 | -2.47% | 127.05 | 98.47 | 134110 | 13765050.4 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 99.48 | 96.68 | 2.80 | 2.90% | 120.26 | 87.88 | 822420 | 81814341.6 |
| NYSE | SPXC | SPX Corp. | 10.74 | 11.80 | -1.06 | -8.98% | 23.87 | 10.64 | 40800 | 438192 |
| NYSE | TXN | Texas Instruments | 56.13 | 52.43 | 3.70 | 7.06% | 59.99 | 43.49 | 1010000 | 56691300 |
| NYSE | UTX | United Technologies Corp. | 96.48 | 93.18 | 3.30 | 3.54% | 124.45 | 85.50 | 887020 | 85579689.6 |
| NYSE | WSO | Watsco, Inc. | 120.86 | 126.64 | -5.78 | -4.56% | 133.09 | 99.15 | 27610 | 3336944.6 |
The HVACR Business Stock Index gained 13.21 points, or 1.15 percent, and closed at 1158.73. Advancing issues topped declining issues at a 21-to-12 count.
Lennox bested expectations and shares soared 15.51 points, or 13.16 percent. LII reported third quarter net income of $80.3 million, or $1.76 per share, compared to net income of $67.4 million, or $1.38 per share earned in the same quarter last year. Adjusted for one-time items, Lennox earned $1.82 per share. Revenue rose to $955 million, from $898 million.
Analysts surveyed by Zacks expected earnings of $1.80 per share and revenue of $940.3 million. LII closed at 133.33, and was the top dollar gainer.
Nortek tumbled 17.13 points, or 27.28 percent after swinging to a loss for the third quarter. NTK posted a loss of $14.4 million, or $0.90 per share, versus net income of $4.6 million, or $0.29 per share in the year-ago quarter. Revenue fell to $618.5 million, from $642 million a year ago. Nortek ended at 45.67, and was the top dollar loser.
Although earnings for DuPont fell in its third quarter, the results beat expectations, and shares jumped 10.35 points, or 18.25 percent. DD earned net income of $235 million, or $0.26 per share, versus net income of $433 million, or $0.47 per share last year, on weak agricultural sales and a strong dollar.
Sales fell to $4.9 billion, from $5.9 billion last year. Adjusted for one-time items, DuPont earned $0.13 per share. Analysts polled by Zacks expected earnings of $0.11 per share and sales of $5.22 billion. DuPont ended at 67.05, 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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