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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Markets Flip to Positive after Unexpected Election Results
Originally published: 11.18.16 by Margot Crabtree
Wall Street began our session in a positive mood as corporate earnings provided an unexpected bright spot, but soon slumped into volatility as investors waited out the election slog. The election changed everything as our trading session ended Nov. 15, 2016.
The Federal Reserve reported that factory production increased 0.2 percent in September. The Institute for Supply Management’s index of factory activity improved 0.4 percent in October, to a reading of 51.9.
The Commerce Department reported that the U.S. gross domestic product rose by 2.9 percent in the third quarter, the strongest pace in two years. The Conference Board reported an October consumer confidence reading of 98.6, following September’s 103.5.
The Commerce Department reported that new single-family housing sales rose 3.1 percent in September; economists polled by Thomson Reuters expected a decline. The Commerce Department reported that construction spending was down in September, off 0.4 percent; economists surveyed by Reuters expected an increase of 0.5 percent.
To begin November, markets fell with the longest string of declines in 36 years; the VIX, the so-called “fear index,” was up sharply. After the unexpected election results, Wall Street rallied instead of falling, pushing the Dow industrials to all-time highs and the S&P 500 to its
“Last week’s rally was basically a digestion of Trump’s win and now that we’re past the digestion phase, the market is taking a bit of a breather and is waiting to see what lies ahead under a Republican government,” said Mark Watkins, regional investment manager at the Private Client Group at U.S. Bank in Park City, Utah.
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 32.30 | 29.35 | 2.95 | 10.05% | 33.50 | 19.06 | 52760 | 1704148 |
| NYSE | ABB | ABB Ltd. | 21.22 | 22.34 | -1.12 | -5.01% | 22.92 | 15.74 | 2140000 | 45410800 |
| NYSE | AOS | AO Smith Corp. | 47.53 | 48.93 | -1.40 | -2.86% | 51.49 | 30.15 | 147700 | 7020181 |
| NYSE | FIX | Comfort Systems USA, Inc. | 32.00 | 27.70 | 4.30 | 15.52% | 34.00 | 24.22 | 36910 | 1181120 |
| NYSE | DOV | Dover Corp. | 71.56 | 67.78 | 3.78 | 5.58% | 74.90 | 50.91 | 155350 | 11116846 |
| NASD | ELON | Echelon Corp. | 4.30 | 5.06 | -0.76 | -15.02% | 7.20 | 4.17 | 4430 | 19049 |
| NYSE | DD | E. I. DuPont de Nemours & Co. | 68.64 | 69.03 | -0.39 | -0.56% | 75.72 | 50.71 | 869340 | 59671497.6 |
| NYSE | EME | EMCOR Group, Inc. | 70.24 | 57.28 | 12.96 | 22.63% | 70.48 | 40.98 | 60650 | 4260056 |
| NYSE | EMR | Emerson Electric Co. | 55.78 | 49.88 | 5.90 | 11.83% | 56.82 | 41.25 | 643540 | 35896661.2 |
| NYSE | FCAU | Fiat Chrysler | 7.52 | 6.30 | 1.22 | 19.37% | 9.51 | 5.45 | 1290000 | 9700800 |
| NYSE | F | Ford Motor Co. | 12.04 | 11.91 | 0.13 | 1.09% | 14.76 | 11.02 | 3980000 | 47919200 |
| NYSE | GM | General Motors Co. | 33.43 | 31.87 | 1.56 | 4.89% | 36.88 | 26.69 | 1530000 | 51147900 |
| NYSE | HON | Honeywell International, Inc. | 113.12 | 109.00 | 4.12 | 3.78% | 120.02 | 93.71 | 762120 | 86211014.4 |
| NASD | HDSN | Hudson Technologies, Inc. | 7.66 | 6.08 | 1.58 | 25.99% | 7.78 | 2.64 | 34040 | 260746.4 |
| NYSE | IR | Ingersoll-Rand Plc | 75.92 | 65.79 | 10.13 | 15.40% | 76.45 | 47.08 | 258330 | 19612413.6 |
| NYSE | JCI | Johnson Controls, Inc. | 44.50 | 43.88 | 0.62 | 1.41% | 48.97 | 28.94 | 635800 | 28293100 |
| NYSE | LII | Lennox International Inc. | 151.14 | 157.62 | -6.48 | -4.11% | 164.02 | 105.65 | 43050 | 6506577 |
| NYSE | LXU | LSB Industries, Inc. | 8.28 | 5.50 | 2.78 | 50.55% | 15.50 | 3.68 | 27910 | 231094.8 |
| NYSE | MTW | Manitowoc Co., Inc. | 5.00 | 4.45 | 0.55 | 12.36% | 17.56 | 3.65 | 138770 | 693850 |
| NYSE | MLI | Mueller Industries, Inc. | 35.97 | 31.17 | 4.80 | 15.40% | 36.83 | 23.09 | 57380 | 2063958.6 |
| NYSE | NWL | Newell Rubbermaid, Inc. | 47.05 | 52.25 | -5.20 | -9.95% | 55.45 | 33.26 | 482400 | 22696920 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 18.55 | 19.14 | -0.59 | -3.08% | 21.92 | 16.57 | 2100000 | 38955000 |
| NASD | OFLX | OmegaFlex, Inc. | 41.33 | 38.11 | 3.22 | 8.45% | 42.40 | 27.51 | 10090 | 417019.7 |
| NYSE | PH | Parker-Hannifin Corp. | 140.02 | 124.54 | 15.48 | 12.43% | 140.07 | 83.32 | 133400 | 18678668 |
| NYSE | RBC | Regal-Beloit Corp. | 69.45 | 59.55 | 9.90 | 16.62% | 69.83 | 47.77 | 44760 | 3108582 |
| NYSE | ROK | Rockwell Automation | 133.48 | 116.80 | 16.68 | 14.28% | 133.54 | 87.53 | 129400 | 17272312 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 116.73 | 115.63 | 1.10 | 0.95% | 122.84 | 86.58 | 808890 | 94421729.7 |
| NYSE | SPXC | SPX Corp. | 22.48 | 19.79 | 2.69 | 13.59% | 22.64 | 7.62 | 41890 | 941687.2 |
| NYSE | TXN | Texas Instruments | 71.03 | 68.49 | 2.54 | 3.71% | 72.58 | 46.73 | 999490 | 70993774.7 |
| NYSE | UTX | United Technologies Corp. | 107.68 | 100.16 | 7.52 | 7.51% | 109.83 | 83.39 | 823410 | 88664788.8 |
| NYSE | WSO | Watsco, Inc. | 144.89 | 142.89 | 2.00 | 1.40% | 149.99 | 106.58 | 27530 | 3988821.7 |
Positive earnings boosted the HVACR Business Stock Index, which rose 34.46 points, or 2.81 percent, and closed at 1258.71. Advancing issues bypassed declining issues by a 24-to-7 count.
Rockwell Automation beat expectations for its fiscal fourth quarter, and shares jumped 16.68 points, or 14.28 percent and closed at 133.48. ROK earned net income of $185.2 million, or $1.43 per share.
Adjusted for one-time items, ROK earned $1.52 per share. Revenue was $1.54 billion. Analysts polled by Zacks expected earnings of $1.49 per share and revenue of $1.51 billion. Rockwell was our top dollar gainer.
Lennox also topped earnings and revenue estimates for the quarter, but other pressures, including a downgrade from UBS, sent LII down 6.48 points, or 4.11 percent. For the third quarter, LII posted net income of $101.7 million, or $2.33 per share, and revenue of $1.01 billion.
Analysts surveyed by Zacks expected earnings of $2.25 per share and revenue of $999.4 million. UBS cut its rating on Lennox to “neutral” from “buy.” LII ended at 151.14, and was the top dollar loser.
LSB Industries swung to a profit and increased 2.78 points, or 50.55 percent. For the third quarter, LXU posted net income of $133.6 million, or $4.14 per share. With adjustments for one-time items, LXU lost $2.12 per share. Revenue was $80.3 million.
The company reported that it is exploring strategic initiatives, including a sale of the company, or merger, or divestment of some assets. LXU ended at 8.28, 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.
Articles by Margot Crabtree
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