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Wall Street Rises, But Oil Prices Pressure

Originally published: 12.17.15 by Margot Crabtree


What began as the best week of the year was book-ended with sharp declines in oil prices. As our trading session ended Dec. 15, 2015, oil pricing pressures hammered all 10 sectors of the S&P 500, and the HVACR Business Stock Index headed south, shedding 21.17 points, or 1.83 percent, closing at 1137.55. Declining issues overpowered advancing issues by a 25-to-8 count.

To begin our session, investors began to lean toward the expected rate hikes as a positive move, and as we closed, the central bankers were meeting on interest rates.

The National Association of Home Builders/Wells Fargo Homebuilder sentiment index, while still positive, slipped in November from a 10-year high in October, to 62, and fell again in December, down to 61.

The Commerce Department reported that new home sales rebounded in October, by 10.7 percent, following a drop-off the previous month. The University of Michigan's consumer sentiment index was up to 91.3 in November, near the six-month average, and up from October's 90.

That reading conflicts with The Conference Board's consumer confidence index, which showed a sharp drop in November, to 90.4, from 99.1. In the third week of our session, the Commerce Department reported that factory orders rose 1.5 percent


in October after falling in the two previous months.

The Commerce Department also said that U.S. construction spending rose to its highest level since Dec. 2007, up 1 percent in October, on home building and federal construction.

The downturn came in our last week, with pressures from oil and worry over the worldwide economy, especially China. The main concern was the dramatic slide in oil.

"We've got a heck of a commodity bear market here and the Fed's about to raise interest rates," said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. "People are growing concerned they're going to raise rates at the worst possible time."

 

Exchange
Symbol
Company Name
Price
12/15/15
Price
11/13/15
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 23.38 23.48 -0.10 -0.43% 25.34 18.85 54090 1264624.2
NYSE ABB ABB Ltd. 17.91 18.29 -0.38 -2.08% 23.66 17.13 2220000 39760200
NYSE ARG Airgas, Inc. 136.66 101.82 34.84 34.22% 139.22 86.09 72200 9866852
NYSE AOS AO Smith Corp. 77.75 75.60 2.15 2.84% 81.15 50.09 74890 5822697.5
NYSE FIX Comfort Systems USA, Inc. 30.93 29.90 1.03 3.44% 35.00 15.56 37290 1153379.7
NYSE DOV Dover Corp. 62.11 63.10 -0.99 -1.57% 78.21 55.50 154970 9625186.7
NASD ELON Echelon Corp. 5.54 7.10 -1.56 -21.97% 17.80 4.80 4420 24486.8
NYSE DD E. I. DuPont de Nemours & Co. 66.50 67.05 -0.55 -0.82% 76.59 47.11 876410 58281265
NYSE EME EMCOR Group, Inc. 48.71 48.32 0.39 0.81% 52.37 39.83 62720 3055091.2
NYSE EMR Emerson Electric Co. 45.22 47.69 -2.47 -5.18% 63.41 42.21 654560 29599203.2
NYSE FCAU Fiat Chrysler 13.50 13.52 -0.02 -0.15% 17.08 11.13 1290000 17415000
NYSE F Ford Motor Co. 13.87 13.92 -0.05 -0.36% 16.74 10.44 3900000 54093000
NYSE GM General Motors Co. 34.54 34.31 0.23 0.67% 38.99 24.62 1550000 53537000
NYSE HON Honeywell International, Inc. 98.47 101.08 -2.61 -2.58% 107.41 87.00 770690 75889844.3
NASD HDSN Hudson Technologies, Inc. 2.85 3.01 -0.16 -5.32% 4.75 2.45 32690 93166.5
NYSE IR Ingersoll-Rand Plc 53.50 56.86 -3.36 -5.91% 70.93 49.74 261050 13966175
NYSE JCI Johnson Controls, Inc. 39.38 43.08 -3.70 -8.59% 54.52 38.48 647680 25505638.4
NYSE LII Lennox International Inc. 129.22 133.33 -4.11 -3.08% 138.57 91.64 45060 5822653.2
NYSE LXU LSB Industries, Inc. 5.49 6.96 -1.47 -21.12% 47.33 5.38 22810 125226.9
NYSE MTW Manitowoc Co., Inc. 14.31 15.56 -1.25 -8.03% 23.15 13.86 136590 1954602.9
NYSE MLI Mueller Industries, Inc. 28.10 30.19 -2.09 -6.92% 37.18 26.96 57160 1606196
NYSE NWL Newell Rubbermaid, Inc. 44.13 42.68 1.45 3.40% 50.90 34.63 267100 11787123
OTC NSANY Nissan Motor Co. Ltd. 20.37 20.57 -0.20 -0.97% 21.92 16.65 2100000 42777000
NASD NTK Nortek, Inc. 42.08 45.67 -3.59 -7.86% 92.96 41.02 16260 684220.8
NASD OFLX OmegaFlex, Inc. 39.60 39.30 0.30 0.76% 43.20 23.50 10090 399564
NYSE PH Parker-Hannifin Corp. 95.69 99.85 -4.16 -4.17% 132.08 93.47 135980 13011926.2
NYSE RBC Regal-Beloit Corp. 57.86 61.95 -4.09 -6.60% 81.36 54.51 44660 2584027.6
NYSE ROK Rockwell Automation 101.54 102.64 -1.10 -1.07% 127.05 98.47 132020 13405310.8
OTC SIEGY Siemens Aktiengesellschaft  96.09 99.48 -3.39 -3.41% 116.00 87.88 808620 77700295.8
NYSE SPXC SPX Corp.  8.94 10.74 -1.80 -16.76% 22.90 8.22 40800 364752
NYSE TXN Texas Instruments 57.55 56.13 1.42 2.53% 59.99 43.49 1010000 58125500
NYSE UTX United Technologies Corp. 93.26 96.48 -3.22 -3.34% 124.45 85.50 887020 82723485.2
NYSE WSO Watsco, Inc. 119.94 120.86 -0.92 -0.76% 133.09 102.75 27610 3311543.4

 

Parker-Hannifin fell 4.16 points, or 4.17 percent and closed at 95.69. Investment bank JPMorgan Chase cut its price target on PH to $97, from $103. Analysts currently have a "neutral" rating on the stock. Parker-Hannifin was the top dollar loser.

Airgas rocketed ahead after Paris-based Air Liquide announced its plans to acquire the company for $13.4 billion, or about $143 per share. The all-cash bid, which includes debt, is subject to anti-trust and other regulatory hurdles, but has been approved by the boards of both companies.

The combined company, of which Airgas will be a subsidiary, will become the top supplier in North America, and hold a leading position worldwide. ARG soared 34.84 points, or 34.22 percent, and closed at 136.66. ARG was the top dollar and percentage gainer.

Echelon had a 1:10 reverse stock split effective Dec. 8, 2015. The split, approved by shareholders on Nov. 17, converted each 10 shares into one share, with the total number of shares changing from 44.1 million to 4.1 million. ELON slipped 1.56 points, or 21.97 percent, and was the top percentage loser. Echelon ended at 5.54.


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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