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November Turns Positive for Stock Index

Originally published: 12.16.17 by Margot Crabtree


Markets strode ahead and the major markets posted several record highs, with a broad rally at the close of November and the Dow industrials heading past the 24,000 mark for the first time. Our session ended with a tax overhaul rally as our trading session ended Nov. 15, 2017.

The Commerce Department reported that orders for durable goods fell in October, down 1.2 percent, after increases of 2.2 percent and 2.1 percent in the previous two months. The Commerce Department said that construction spending rose 1.4 percent in October, following smaller increases in the two previous months.

The Labor Department reported that October consumer spending grew 0.3 percent, while income was up by 0.4 percent. The Commerce Department said that growth in the third quarter increased at an annual rate of 3.3 percent, the fastest rate in three years.

The Conference Board said that its consumer confidence index shot up to 129.5 in November, from October’s 126.2. It was the highest reading since November, 2000. A strong jobs report did quite a bit of the heavy lifting: the November jobs report showed an increase of 228,000 jobs, and the jobless rate held steady at 4.1 percent, a 17-year low.

As our session pulled


down the home stretch, stocks waffled as Republicans’ tax plan made its way through congressional halls. Although the quarter-point rate hike by the Fed was expected, investors balked at the Fed choice to keep rate hikes steady even though stronger growth is projected. The Commerce Department reported that sales from retailers and restaurants increased 0.8 percent in November, following a solid gain the month before. Despite the data, all eyes were on tax reform.

“The market is focused almost completely on the corporate tax reduction,” said Quincy Krosby, chief market strategist at Prudential Financial. “And there are still concerns that some of the key Republican senators are wavering.”

 

Exchange
Symbol
Company Name
Price
12/15/17
Price
11/15/17
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 35.20 33.90 1.30 3.83% 38.20 29.95 52470 1846944
NYSE ABB ABB Ltd. 26.00 25.09 0.91 3.63% 26.48 20.93 2130000 55380000
NYSE AOS AO Smith Corp. 60.73 58.41 2.32 3.97% 63.70 46.44 145820 8855648.6
NYSE FIX Comfort Systems USA, Inc. 43.55 40.70 2.85 7.00% 44.68 31.80 36970 1610043.5
NYSE DOV Dover Corp. 97.48 92.70 4.78 5.16% 99.15 68.10 155790 15186409.2
NASD ELON Echelon Corp. 5.22 4.69 0.53 11.30% 7.20 4.26 4520 23594.4
NYSE DWDP DowDuPont 70.00 68.97 1.03 1.49% 73.85 56.52 2340000 163800000
NYSE EME EMCOR Group, Inc. 81.09 76.86 4.23 5.50% 82.03 59.76 58810 4768902.9
NYSE EMR Emerson Electric Co. 67.26 59.59 7.67 12.87% 67.83 55.40 641820 43168813.2
NYSE FCAU Fiat Chrysler 17.61 17.26 0.35 2.03% 18.33 8.73 1540000 27119400
NYSE F Ford Motor Co. 12.58 12.00 0.58 4.83% 13.27 10.47 3900000 49062000
NYSE GM General Motors Co. 40.95 42.86 -1.91 -4.46% 46.76 31.92 1420000 58149000
NYSE HON Honeywell International, Inc. 154.25 146.37 7.88 5.38% 156.40 113.60 756810 116737942.5
NASD HDSN Hudson Technologies, Inc. 5.72 5.85 -0.13 -2.22% 10.40 5.40 42040 240468.8
NYSE IR Ingersoll-Rand Plc 86.75 83.36 3.39 4.07% 96.23 74.35 249870 21676222.5
NYSE JCI Johnson Controls, Inc. 37.26 35.73 1.53 4.28% 44.70 34.51 925440 34481894.4
NYSE LII Lennox International Inc. 204.67 191.32 13.35 6.98% 213.78 147.54 41770 8549065.9
NYSE LXU LSB Industries, Inc. 8.12 7.52 0.60 7.98% 11.71 5.55 28410 230689.2
NYSE MTW Manitowoc Co., Inc. 39.30 37.40 1.90 5.08% 42.12 21.00 35180 1382574
NYSE MLI Mueller Industries, Inc. 35.31 32.91 2.40 7.29% 43.96 27.72 57810 2041271.1
NYSE NWL Newell Brands, Inc. 30.59 28.01 2.58 9.21% 55.08 27.46 490100 14992159
OTC NSANY Nissan Motor Co. Ltd. 19.53 18.97 0.56 2.95% 20.91 18.18 3910000 76362300
NASD OFLX OmegaFlex, Inc. 69.06 64.37 4.69 7.29% 74.55 41.87 10090 696815.4
NYSE PH Parker-Hannifin Corp. 194.26 179.73 14.53 8.08% 195.83 139.49 133230 25881259.8
NYSE RBC Regal-Beloit Corp. 76.15 73.80 2.35 3.18% 87.50 68.30 44300 3373445
NYSE ROK Rockwell Automation 190.93 188.73 2.20 1.17% 210.72 133.61 128500 24534505
OTC SIEGY Siemens Aktiengesellschaft  68.81 67.61 1.20 1.77% 73.42 59.26 815520 56115931.2
NYSE SPXC SPX Corp.  30.69 29.43 1.26 4.28% 32.71 21.97 42610 1307700.9
NYSE TXN Texas Instruments 101.22 96.77 4.45 4.60% 101.60 72.47 985560 99758383.2
NYSE UTX United Technologies Corp. 126.17 117.57 8.60 7.31% 126.44 106.85 798570 100755576.9
NYSE WSO Watsco, Inc. 165.27 164.19 1.08 0.66% 171.15 134.08 27610 4563104.7
Note: Manitowoc had a 1:4 reverse stock split, effective 11-20-17.
 
Price 12/15/17
Price 11/15/17
Net Change
Percent Change
HVACR Business Stock Index 1,590.61 1,532.28 58.33 3.81%
Dow Jones Industrial Average 24,651.74 23,271.28 1,380.46 5.93%
S&P 500 Index 2,675.81 2,564.62 111.19 4.34%
NASDAQ Composite 6,936.58 6,706.21 230.37 3.44%

 

Gainers/Losers
$ Gainer Parker-Hannifin Corp. 14.53
$ Loser General Motors Co. -1.91
 
% Gainer Emerson Electric Co. 12.87%
% Loser General Motors Co. -4.46%
 
Advancers 29
Decliners 2

 

The HVACR Business Stock Index posted a solid 58.33-point gain, up 3.81 percent, and closing at 1590.61, an index record. Advancing issues dominated declining issues by a 29-to-2 count.

Parker-Hannifin posted results for its fiscal first quarter 2018, and shares soared 14.53 points, or 8.08 percent. PH posted net income of $285.4 million, or $2.10 per share, compared to net income of $210.1 million, or $1.55 per share in the year-ago quarter.

Adjusted for one-time items, PH earned $2.24 per share. Analysts polled by Zacks expected earnings of $22.02 per share. Revenue was $3.36 billion, versus last year’s $2.74 billion. Parker-Hannifin ended at 194.26, and was the top dollar gainer.

Despite an upgrade, General Motors slid 1.91 points, or 4.46 percent. Guggenheim upped its rating to “buy” from “neutral.” GM closed at 40.95, and was the top dollar and percentage loser.

Emerson Electric withdrew its offer to purchase Rockwell Automation, and shares rose 7.67 points, or 12.87 percent. Cowen analyst Gautam Khanna upgraded his rating on EMR to “outperform” from “market perform,” and increased the price target to $71, from $61. Emerson ended at 67.26, and was the top percentage gainer.

Rockwell, another index component, increased 2.20 points, or 1.17 percent, and ended at 190.93.

 

 




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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