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Wall Street Charges Ahead to Begin 2018

Originally published: 01.17.18 by Margot Crabtree


Wild and wooly 2017 hardly hesitated before charging into 2018 as our trading session ended Jan 15, 2018. Despite some churning and low volume at year’s end, index records continued to be made and broken again.

For the year, a strong economy was bolstered by recovering world markets and a lower dollar, and the Dow industrials surged past 25,000 for the first time.

The Conference Board reported that consumer confidence fell in December, down to 122.1, from November’s revised 128.6 reading. Economists had expected a drop, but the decline was more than expected.

The Institute for Supply Management’s manufacturing index increased in December to 59.7, from a reading of 58.2 in November. The Commerce Department reported that retail sales were up 0.4 percent in December, after a 0.9 percent increase in November. Spending for those months together was the healthiest since 2005.

The National Association of Realtors said that sales of existing homes in November increased at the fastest rate in almost 11 years, up 5.6 percent, despite the lack of housing stock. This dovetailed with a report from the Commerce Department, which said that sales of single-family homes and permits shot up 5.3 percent in November, the highest rate since Sept. 2007.

To


pile on, the National Association of Home Builders/Wells Fargo sentiment index jumped 5 points in December, to 74. It’s the strongest index reading since July 1999. The Commerce Department reported that construction was up 0.8 percent in November, from October’s revised 0.9 percent gain. It was the fourth straight monthly increase.

The Labor Department reported that 148,000 jobs were added in December: less than economists were expecting, but the unemployment rate stayed at 4.1 percent for the third consecutive month, the lowest since 2000. The unemployment rate was 4.7 percent a year ago.

“The improving labor market, robust consumer confidence and the imminent boost to disposable incomes from the recently-enacted tax cuts suggest that spending will continue to grow at a healthy pace over the first half of this year,” said Andrew Hunter, an economist at Capital Economics.

Exchange
Symbol
Company Name
Price
1/15/18
Price
12/15/17
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 36.55 35.20 1.35 3.84% 38.25 29.95 52470 1917778.5
NYSE ABB ABB Ltd. 28.09 26.00 2.09 8.04% 28.13 22.04 2130000 59831700
NYSE AOS AO Smith Corp. 65.32 60.73 4.59 7.56% 65.37 46.44 145820 9524962.4
NYSE FIX Comfort Systems USA, Inc. 44.10 43.55 0.55 1.26% 44.80 31.90 36970 1630377
NYSE DOV Dover Corp. 104.14 97.48 6.66 6.83% 104.56 75.51 155790 16223970.6
NASD ELON Echelon Corp. 5.90 5.22 0.68 13.03% 7.20 4.26 4520 26668
NYSE DWDP DowDuPont 75.41 70.00 5.41 7.73% 76.34 56.76 2340000 176459400
NYSE EME EMCOR Group, Inc. 84.14 81.09 3.05 3.76% 85.08 59.76 58810 4948273.4
NYSE EMR Emerson Electric Co. 73.91 67.26 6.65 9.89% 74.45 56.00 638640 47201882.4
NYSE FCAU Fiat Chrysler 23.39 17.61 5.78 32.82% 23.80 9.46 1540000 36020600
NYSE F Ford Motor Co. 13.23 12.58 0.65 5.17% 13.29 10.47 3900000 51597000
NYSE GM General Motors Co. 44.07 40.95 3.12 7.62% 46.76 31.92 1420000 62579400
NYSE HON Honeywell International, Inc. 159.07 154.25 4.82 3.12% 159.49 116.98 756810 120385766.7
NASD HDSN Hudson Technologies, Inc. 6.37 5.72 0.65 11.36% 10.40 5.40 42040 267794.8
NYSE IR Ingersoll-Rand Plc 91.10 86.75 4.35 5.01% 96.23 76.31 249870 22763157
NYSE JCI Johnson Controls, Inc. 39.80 37.26 2.54 6.82% 44.70 34.51 925440 36832512
NYSE LII Lennox International Inc. 210.68 204.67 6.01 2.94% 214.70 147.98 41770 8800103.6
NYSE LXU LSB Industries, Inc. 9.76 8.12 1.64 20.20% 11.71 5.55 28410 277281.6
NYSE MTW Manitowoc Co., Inc. 39.36 39.30 0.06 0.15% 42.12 21.00 35180 1384684.8
NYSE MLI Mueller Industries, Inc. 36.91 35.31 1.60 4.53% 43.96 27.72 57810 2133767.1
NYSE NWL Newell Brands, Inc. 32.26 30.59 1.67 5.46% 55.08 27.46 490100 15810626
OTC NSANY Nissan Motor Co. Ltd. 20.75 19.53 1.22 6.25% 20.97 18.18 3910000 81132500
NASD OFLX OmegaFlex, Inc. 66.20 69.06 -2.86 -4.14% 76.63 41.87 10090 667958
NYSE PH Parker-Hannifin Corp. 210.04 194.26 15.78 8.12% 210.35 141.06 133230 27983629.2
NYSE RBC Regal-Beloit Corp. 78.05 76.15 1.90 2.50% 87.50 70.25 44300 3457615
NYSE ROK Rockwell Automation 207.92 190.93 16.99 8.90% 210.72 139.38 128390 26694848.8
OTC SIEGY Siemens Aktiengesellschaft  74.65 68.81 5.84 8.49% 74.74 59.26 815520 60878568
NYSE SPXC SPX Corp.  32.93 30.69 2.24 7.30% 33.18 21.97 42610 1403147.3
NYSE TXN Texas Instruments 112.72 101.22 11.50 11.36% 113.00 73.87 985560 111092323.2
NYSE UTX United Technologies Corp. 136.58 126.17 10.41 8.25% 136.58 106.85 798570 109068690.6
NYSE WSO Watsco, Inc. 174.24 165.27 8.97 5.43% 175.16 134.08 27610 4810766.4
 
 
Price 1/15/18
Price 12/15/17
Net Change
Percent Change
HVACR Business Stock Index 1,716.84 1,590.61 126.23 7.94%
Dow Jones Industrial Average 25,803.19 24,651.74 1,151.45 4.67%
S&P 500 Index 2,786.24 2,675.81 110.43 4.13%
NASDAQ Composite 7,261.06 6,936.58 324.48 4.68%

 

Gainers/Losers
$ Gainer Rockwell Automation 16.99
$ Loser OmegaFlex, Inc. -2.86
 
% Gainer Fiat Chrysler 32.82%
% Loser OmegaFlex, Inc. -4.14%
 
Advancers 30
Decliners 1

 

The HVACR Business Stock Index left the major markets in the dust, jumping 126.23 points, or 7.94 percent, and ending at 1716.84, a second consecutive index record. Advancing issues nearly shut out declining issues at a 30-to-1 count.

After Rockwell Automation’s rejection of Emerson’s acquisition offer, reported last month, shares of Rockwell soared 16.99 points, or 8.90 percent. Rockwell will report fiscal first quarter 2018 earnings after production deadlines. ROK closed at 207.92, and was the top dollar gainer.

Omega Flex fell 2.86 points, or 4.14 percent and was the top dollar and percentage loser. Analysts at BidaskClub cut their rating to “sell” from “hold.” OFLX ended at 66.20.

“We’re not going to break up anything,” said Fiat Chrysler CEO Sergio Marchionne, amid acquisition rumors. “We have no intention of breaking it up and giving anything to the Chinese,”

Marchionne said at the Detroit Auto Show. Brokerage JP Morgan upgraded FCAU to “overweight” from “neutral.” Fiat Chrysler jumped 5.78 points, or 32.82 percent, and was the top percentage gainer. FCAU ended at 23.39.

 




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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Wall Street Charges Ahead to Begin 2018

The HVACR Business Stock Index left the major markets in the dust, jumping 126.23 points, or 7.94 percent, and ending at 1716.84, a second consecutive index record. Advancing issues nearly shut out declining issues at a 30-to-1 count.
View article.