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Markets Fall in Oil’s Rout

Originally published: 12.17.14 by Margot Crabtree


Wall Street began our session with new highs for the Dow industrials and the S&P 500, and ended with the lowest numbers in 2½ years as our trading session ended Dec. 15, 2014. The session began well enough, with a rate cut in China and the possibility of new stimulus efforts by the European central bank.

The National Association of Realtors reported that October existing home sales increased 1.5 percent, the highest rate since September 2013, to an annualized rate of 5.26 million units; economists polled by Reuters expected a decline to a 5.16 million pace.

Oil began its free-fall in late November following a decision by OPEC members not to cut output. The Commerce Department reported that orders for durable goods rose 0.4 percent in October; consumer spending was also up. The Commerce Department reported sales of new single family homes rose for the third consecutive month in October, up 0.7 percent, but September's sales were downwardly revised to 455,000 units; economists polled by Reuters expected a 472,000-unit improvement.

Strong jobs data buffered oil's slide after the Labor Department said that employers in the U.S. hired more workers in November than in any month in almost three years. The Commerce Department


reported that construction spending rose in October to the highest level since May, up 1.1 percent, but homebuilder sentiment crumbled slightly in December.

"When you look at the major drivers of global growth — Japan, China and the Eurozone — they're really struggling," said Bill Strazzullo, chief market strategist at Bell Curve Trading. "Can the U.S. continue to grow at a moderate pace when the rest of the world is having major problems?"

 

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. 20.89 20.96 -0.07 -0.33% 23.09 16.78 54470 1137878.3
NYSE ABB ABB Ltd. 20.50 22.07 -1.57 -7.11% 27.25 19.92 2280000 46740000
NYSE ARG Airgas, Inc. 110.20 114.28 -4.08 -3.57% 118.75 99.32 74700 8231940
NYSE AOS AO Smith Corp. 53.46 53.17 0.29 0.55% 55.35 44.14 89540 4786808.4
NYSE FIX Comfort Systems USA, Inc. 15.56 14.90 0.66 4.43% 19.75 12.63 37640 585678.4
NYSE DOV Dover Corp. 67.76 80.21 -12.45 -15.52% 91.84 67.13 165360 11204793.6
NASD ELON Echelon Corp. 1.72 1.91 -0.19 -9.95% 4.18 1.67 43960 75611.2
NYSE DD E. I. DuPont de Nemours & Co. 69.27 70.80 -1.53 -2.16% 73.53 59.35 905950 62755156.5
NYSE EME EMCOR Group, Inc. 41.57 44.74 -3.17 -7.09% 48.00 38.68 64750 2691657.5
NYSE EMR Emerson Electric Co. 58.15 63.62 -5.47 -8.60% 70.66 57.76 693630 40334584.5
NYSE FCAU Fiat Chrysler 11.41 12.40 -0.99 -7.98% 13.76 7.20 1280000 14604800
NYSE F Ford Motor Co. 14.28 15.14 -0.86 -5.68% 18.12 13.26 3850000 54978000
NYSE GM General Motors Co. 31.00 31.65 -0.65 -2.05% 41.85 28.82 1610000 49910000
NYSE HON Honeywell International, Inc. 95.81 96.79 -0.98 -1.01% 100.16 82.89 782810 75001026.1
NASD HDSN Hudson Technologies, Inc. 3.71 3.79 -0.08 -2.11% 4.80 2.55 32030 118831.3
NYSE IR Ingersoll-Rand Plc 61.58 62.59 -1.01 -1.61% 64.77 52.47 265470 16347642.6
NYSE JCI Johnson Controls, Inc. 45.64 49.41 -3.77 -7.63% 52.50 38.60 666190 30404911.6
NYSE LII Lennox International Inc. 92.47 91.92 0.55 0.60% 96.06 72.61 48040 4442258.8
NYSE LXU LSB Industries, Inc. 29.29 32.98 -3.69 -11.19% 42.41 28.91 22610 662246.9
NYSE MTW Manitowoc Co., Inc. 16.95 20.72 -3.77 -18.19% 33.50 16.24 135520 2297064
NYSE NWL Newell Rubbermaid, Inc. 34.78 34.83 -0.05 -0.14% 36.85 28.27 271100 9428858
NYSE MLI Mueller Industries, Inc. 32.91 32.46 0.45 1.39% 34.39 27.10 56890 1872249.9
OTC NSANY Nissan Motor Co. Ltd. 17.31 18.58 -1.27 -6.84% 20.27 16.45 2100000 36351000
NASD OFLX OmegaFlex, Inc. 28.70 29.77 -1.07 -3.59% 33.75 15.93 10090 289583
NYSE PH Parker-Hannifin Corp. 121.92 128.44 -6.52 -5.08% 133.41 99.82 148640 18122188.8
NYSE RBC Regal-Beloit Corp. 70.42 71.12 -0.70 -0.98% 80.41 62.15 44690 3147069.8
NYSE ROK Rockwell Automation 103.38 110.12 -6.74 -6.12% 128.57 98.55 135770 14035902.6
OTC SIEGY Siemens Aktiengesellschaft  110.84 110.83 0.01 0.01% 139.28 103.20 835250 92579110
NYSE SPW SPX Corp.  78.54 91.93 -13.39 -14.57% 111.47 78.41 41070 3225637.8
NYSE TXN Texas Instruments 53.07 51.63 1.44 2.79% 56.00 40.33 1060000 56254200
NYSE UTX United Technologies Corp. 111.91 107.45 4.46 4.15% 120.66 97.30 911660 102023870.6
NYSE WSO Watsco, Inc. 103.14 101.50 1.64 1.62% 106.72 84.28 32330 3334516.2

 

The HVACR Business Stock Index slipped 31.98 points, or 2.55 percent, in tandem with the national markets, and closed at 1221.14. Declining issues overwhelmed advancing issues by a 3-to-1 margin.

Manitowoc slid 3.77 points, or 18.19 percent and ended at 16.95. Zacks Equity Research cut its rating on MTW to "strong sell," and cited MTW's weak third quarter and softer full-year results, all based on a decline in demand. Deutsche Bank cut its price target on Manitowoc to $20, from $23. Their current rating is "hold." MTW was the top percentage loser.

Personnel shifts sent shares of United Technologies ahead 4.46 points, or 4.15 percent. After the unexpected departure of United Tech's CEO Louis Chenevert, the company appointed UTX Chief Financial Officer Gregory Hayes to the top spot.

To replace Hayes as CEO, United Technologies brought back Akhil Johri, a 26-year former employee plucked from the CFO position at Pall Corp. UTX closed at 111.91, and was the top dollar gainer.

It was a tough session for Dover, down 12.45 points, or 15.52 percent. Dover reduced its full-year guidance and was hit by several downgrades. DOV lowered 2014 estimates to range between $4.55 per share and $4.62 per share, down from $4.75 to $4.80.

Analysts were seeking a midpoint of $4.77 per share. Both Global Hunter Securities and Bank of America cut their rating to "neutral" from "buy;" Goldman Sachs downgraded DOV to "sell" from "neutral." DOV ended at 67.76.


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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