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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Major Markets Positive, HVACR Business Index Slips
Originally published: 11.18.17 by Margot Crabtree
Wall Street was largely positive until the final week as our trading session ended Nov. 15, 2017. Markets began our session with their 5th record weekly close, and the Dow industrials ended above the 23,000 mark for the first time.
The Commerce Department reported that construction spending rose 0.3 percent in September. The National Association of Home Builders/Wells Fargo builder sentiment index increased from September’s 64 to 68 this month, the strongest reading since May.
The Federal Reserve said that industrial production rose 0.3 percent in September, with factory output up 0.1 percent, mining up 0.4 percent and utilities up 1.5 percent. The Labor Department said that worker productivity increased 3 percent in the third quarter, the best increase in three years.
Although weaker than forecast, the Labor Department reported that employers added 261,000 jobs in October, with the unemployment rate down to 4.1 percent, the lowest point in almost 17 years, a bump from post-hurricane activity. The Conference Board said that consumer confidence was up to a 17-year high: 125.9 in October, from a revised 120.6 in September.
It was tax cut prospects, however, that carried the most weight in the markets.
“Most investors knew there was uncertainty about the specific provisions, but
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 33.90 | 34.30 | -0.40 | -1.17% | 38.20 | 29.95 | 52470 | 1778733 |
| NYSE | ABB | ABB Ltd. | 25.09 | 24.97 | 0.12 | 0.48% | 26.58 | 20.26 | 2130000 | 53441700 |
| NYSE | AOS | AO Smith Corp. | 58.41 | 61.21 | -2.80 | -4.57% | 62.16 | 46.44 | 145820 | 8517346.2 |
| NYSE | FIX | Comfort Systems USA, Inc. | 40.70 | 36.80 | 3.90 | 10.60% | 44.68 | 31.80 | 36970 | 1504679 |
| NYSE | DOV | Dover Corp. | 92.70 | 94.77 | -2.07 | -2.18% | 97.09 | 68.10 | 155790 | 14441733 |
| NASD | ELON | Echelon Corp. | 4.69 | 5.00 | -0.31 | -6.20% | 7.20 | 4.26 | 4520 | 21198.8 |
| NYSE | DWDP | DowDuPont | 68.97 | 70.93 | -1.96 | -2.76% | 73.85 | 52.72 | 2340000 | 161389800 |
| NYSE | EME | EMCOR Group, Inc. | 76.86 | 70.40 | 6.46 | 9.18% | 81.77 | 59.76 | 58810 | 4520136.6 |
| NYSE | EMR | Emerson Electric Co. | 59.59 | 64.44 | -4.85 | -7.53% | 67.79 | 53.92 | 640020 | 38138791.8 |
| NYSE | FCAU | Fiat Chrysler | 17.26 | 17.67 | -0.41 | -2.32% | 18.33 | 7.30 | 1540000 | 26580400 |
| NYSE | F | Ford Motor Co. | 12.00 | 12.12 | -0.12 | -0.99% | 13.27 | 10.47 | 3900000 | 46800000 |
| NYSE | GM | General Motors Co. | 42.86 | 45.76 | -2.90 | -6.34% | 46.76 | 31.92 | 1420000 | 60861200 |
| NYSE | HON | Honeywell International, Inc. | 146.37 | 143.75 | 2.62 | 1.82% | 147.60 | 111.78 | 761820 | 111507593.4 |
| NASD | HDSN | Hudson Technologies, Inc. | 5.85 | 6.21 | -0.36 | -5.80% | 10.40 | 5.70 | 42040 | 245934 |
| NYSE | IR | Ingersoll-Rand Plc | 83.36 | 91.30 | -7.94 | -8.70% | 96.23 | 74.02 | 249870 | 20829163.2 |
| NYSE | JCI | Johnson Controls, Inc. | 35.73 | 41.75 | -6.02 | -14.42% | 46.17 | 34.51 | 928000 | 33157440 |
| NYSE | LII | Lennox International Inc. | 191.32 | 181.09 | 10.23 | 5.65% | 201.40 | 146.25 | 41770 | 7991436.4 |
| NYSE | LXU | LSB Industries, Inc. | 7.52 | 7.54 | -0.02 | -0.27% | 11.71 | 5.55 | 28410 | 213643.2 |
| NYSE | MTW | Manitowoc Co., Inc. | 9.35 | 9.22 | 0.13 | 1.41% | 10.53 | 4.82 | 140720 | 1315732 |
| NYSE | MLI | Mueller Industries, Inc. | 32.91 | 34.84 | -1.93 | -5.54% | 43.96 | 27.72 | 57810 | 1902527.1 |
| NYSE | NWL | Newell Brands, Inc. | 28.01 | 42.75 | -14.74 | -34.48% | 55.08 | 27.45 | 490100 | 13727701 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 18.97 | 19.31 | -0.34 | -1.76% | 20.91 | 18.18 | 3910000 | 74172700 |
| NASD | OFLX | OmegaFlex, Inc. | 64.37 | 62.13 | 2.24 | 3.61% | 74.55 | 40.41 | 10090 | 649493.3 |
| NYSE | PH | Parker-Hannifin Corp. | 179.73 | 181.41 | -1.68 | -0.93% | 189.83 | 134.03 | 133230 | 23945427.9 |
| NYSE | RBC | Regal-Beloit Corp. | 73.80 | 79.60 | -5.80 | -7.29% | 87.50 | 68.00 | 44300 | 3269340 |
| NYSE | ROK | Rockwell Automation | 188.73 | 186.41 | 2.32 | 1.24% | 210.72 | 129.66 | 128360 | 24225382.8 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 67.61 | 70.33 | -2.72 | -3.87% | 73.42 | 55.74 | 812830 | 54955436.3 |
| NYSE | SPXC | SPX Corp. | 29.43 | 29.63 | -0.20 | -0.67% | 32.71 | 21.97 | 42610 | 1254012.3 |
| NYSE | TXN | Texas Instruments | 96.77 | 94.23 | 2.54 | 2.70% | 99.05 | 69.92 | 985560 | 95372641.2 |
| NYSE | UTX | United Technologies Corp. | 117.57 | 119.01 | -1.44 | -1.21% | 124.79 | 106.21 | 798570 | 93887874.9 |
| NYSE | WSO | Watsco, Inc. | 164.19 | 159.46 | 4.73 | 2.97% | 167.94 | 134.08 | 27610 | 4533285.9 |
|
|
Price 11/15/17 |
Price 10/16/17 |
Net Change |
Percent Change |
| HVACR Business Stock Index | 1,532.28 | 1,578.76 | -46.48 | -2.94% |
| Dow Jones Industrial Average | 23,271.28 | 22,956.96 | 314.32 | 1.37% |
| S&P 500 Index | 2,564.62 | 2,557.64 | 6.98 | 0.27% |
| NASDAQ Composite | 6,706.21 | 6,624.00 | 82.21 | 1.24% |
Gainers/Losers |
||||
| $ Gainer | Lennox International Inc. | 10.23 | ||
| $ Loser | Newell Brands, Inc. | -14.74 | ||
| % Gainer | Comfort Systems USA, Inc. | 10.60% | ||
| % Loser | Newell Brands, Inc. | -34.48% | ||
| Advancers | 10 | |||
| Decliners | 21 | |||
The HVACR Business Index fell 46.48 points, or 2.94 percent, closing at 1532.28. Declining issues battered advancing issues by a better than 2-to-1 margin.
Newell Brands fell short of Wall Street estimates for its third quarter, and shares tumbled 14.74 points, or 34.48 percent following a slew of downgrades. NWL posted net income of $234.4 million, or $0.48 per share. Adjusted for one-time items, Newell earned $0.86 per share. Revenue was $3.68 billion.
Analysts surveyed by Zacks expected earnings of $0.92 per share and revenue of $3.70 billion. Newell was downgraded by RBC Capital Markets (to “outperform” from “top pick), Raymond James (to “market perform” from “strong buy”) and JPMorgan (to “neutral” from “overweight”). Newell ended at 28.01, and was the top dollar and percentage loser.
Lennox soared after beating estimates for third quarter. LII said it earned net income of $103.5 million, or $2.44 per share. Adjusted for one-time items, Lennox earned $2.53 per share. Revenue was $1.05 billion.
Analysts polled by Zacks expected earnings of $2.44 per share and revenue of $1.03 billion. Investment firm retained its “hold” rating on LII, but upped its price target to $192, from $187. Lennox jumped 10.23 points, or 5.65 per share, and was the top dollar gainer. LII ended at 191.32.
Ingersoll-Rand beat earnings for its third quarter, but missed on revenue, and shares dropped 7.94 points, or 8.70 percent. IR posted net income of $367 million, or $1.43 per share. Adjusted for one-time items, Ingersoll-Rand earned $1.44 per share. Revenue was $3.67 billion.
Analysts polled by Zacks Investment Research expected earnings of $1.44 per share and revenue of $3.71 billion. IR received a mix of downgrades and ratings restatements, and closed at 83.36.
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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