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Market Turbulence Dominates Session

Originally published: 12.16.18 by Margot Crabtree


Wall Street began our session on concerns of an oil glut and the slowdown of the global economy, and closed with trouble about Brexit and worries about China’s economy as our trading session ended Dec. 14, 2018.

The National Association of Realtors said that sales of existing homes rose 1.4 percent in October, ending a six-month decline. November’s National Association of Home Builders/Wells Fargo builder sentiment index fell from 68 in October, to 60; analysts polled by Reuters expected 67.

It was the steepest one-month decline in over 4.5 years. The Commerce Department said that construction spending fell 0.1 percent in October, the third monthly slide. A rebound in government projects was offset by soft homebuilding and non-residential construction.

The Commerce Department reported that durable goods slid by 4.4 percent in October, the biggest drop in 15 months. However, consumers spent more in October, at the fastest rate in seven months. The Commerce Department said that consumer spending rose 0.6 percent in October, fueled by stronger incomes. The Institute for Supply Management’s manufacturing index increased to 59.3 in November, from October’s 57.7.

Markets rallied at November’s end by hints from Fed chair Powell that the central bank’s interest rate hikes may be nearing


an end; the Dow industrials enjoyed their largest weekly advance in two years, the S&P 500 and the Nasdaq had their largest weekly percentage gains in almost seven. Although there was hope for a swift resolution of the U.S.-China trade impasse, hopes were soon dashed and volatility returned. As our session came to a close, the proverbial “Santa Claus rally” expected in December had not appeared.

“Over the last few weeks the mentality of ‘buy the dip’ has been replaced by something more like ‘sell the rally,’” said Mona Mahajan, U.S. investment strategist for Allianz Global Investors. “There is a little bit of a void right now, and I think that is creating some of this shift out of the most crowded and most profitable trades, and this overall shift in market mentality.”

Exchange
Symbol
Company Name
Price
12/14/18
Price
11/15/18
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 35.30 40.96 -5.66 -13.82% 44.90 29.05 52090 1838777
NYSE ABB ABB Ltd. 19.40 19.95 -0.55 -2.76% 28.67 18.74 2130000 41322000
NYSE AOS AO Smith Corp. 41.41 46.25 -4.84 -10.46% 68.39 40.34 143890 5958484.9
NYSE FIX Comfort Systems USA, Inc. 45.08 56.11 -11.03 -19.66% 59.05 35.85 36960 1666156.8
NYSE DOV Dover Corp. 76.32 86.19 -9.87 -11.45% 90.26 70.11 146330 11167905.6
NYSE DWDP DowDuPont 52.78 58.73 -5.95 -10.13% 77.08 51.32 2290000 120866200
NYSE EME EMCOR Group, Inc. 63.51 74.26 -10.75 -14.48% 85.08 63.24 57560 3655635.6
NYSE EMR Emerson Electric Co. 60.44 68.81 -8.37 -12.16% 79.70 59.96 626160 37845110.4
NYSE FCAU Fiat Chrysler 15.47 16.58 -1.11 -6.69% 24.95 14.97 1550000 23978500
NYSE F Ford Motor Co. 8.52 9.31 -0.79 -8.49% 13.48 8.17 3910000 33313200
NYSE GM General Motors Co. 35.10 35.55 -0.45 -1.27% 45.52 30.56 1410000 49491000
NYSE HON Honeywell International, Inc. 136.44 147.77 -11.33 -7.67% 162.52 133.71 740290 101005167.6
NASD HDSN Hudson Technologies, Inc. 1.27 1.09 0.18 16.51% 6.98 0.70 42600 54102
NYSE IR Ingersoll-Rand Plc 95.97 103.72 -7.75 -7.47% 107.08 79.63 245660 23575990.2
NYSE JCI Johnson Controls, Inc. 31.97 33.52 -1.55 -4.62% 41.53 30.60 924060 29542198.2
NYSE LII Lennox International Inc. 213.88 215.20 -1.32 -0.61% 230.66 177.36 40280 8615086.4
NYSE LXU LSB Industries, Inc. 6.50 7.25 -0.75 -10.34% 10.05 4.75 28620 186030
NYSE MTW Manitowoc Co., Inc. 15.27 19.07 -3.80 -19.93% 44.03 15.04 35590 543459.3
NYSE MLI Mueller Industries, Inc. 24.00 25.29 -1.29 -5.10% 37.57 21.96 57670 1384080
NYSE NWL Newell Brands, Inc. 22.08 21.38 0.70 3.27% 32.58 15.12 466800 10306944
OTC NSANY Nissan Motor Co. Ltd. 16.32 17.93 -1.61 -8.98% 22.14 16.18 3910000 63811200
NASD OFLX OmegaFlex, Inc. 53.53 58.67 -5.14 -8.76% 95.00 51.02 10090 540117.7
NYSE PH Parker-Hannifin Corp. 151.02 169.94 -18.92 -11.13% 212.80 143.00 132350 19987497
NYSE RBC Regal-Beloit Corp. 73.03 77.77 -4.74 -6.09% 86.75 67.84 43140 3150514.2
NYSE ROK Rockwell Automation 156.74 172.70 -15.96 -9.24% 209.38 153.67 120680 18915383.2
OTC SIEGY Siemens Aktiengesellschaft  56.34 57.93 -1.59 -2.74% 77.17 56.27 810050 45638217
NYSE SPXC SPX Corp.  26.87 29.75 -2.88 -9.68% 39.28 26.27 43390 1165889.3
NYSE TXN Texas Instruments 94.26 97.96 -3.70 -3.78% 120.75 87.90 960540 90540500.4
NYSE UTX United Technologies Corp. 118.80 129.73 -10.93 -8.43% 144.15 115.40 863380 102569544
NYSE WSO Watsco, Inc. 147.43 145.81 1.62 1.11% 192.94 138.61 29130 4294635.9
 
 
Price 12/14/18
Price 11/15/18
Net Change
Percent Change
HVACR Business Stock Index 1,332.91 1,423.73 -90.83 -6.38%
Dow Jones Industrial Average 24,100.51 25,289.27 -1,188.76 -4.70%
S&P 500 Index 2,599.95 2,730.20 -130.25 -4.77%
NASDAQ Composite 6,910.67 7,259.03 -348.36 -4.80%

 

Gainers/Losers
$ Gainer Watsco, Inc. 1.62
$ Loser Parker-Hannifin Corp. -18.92
 
% Gainer Hudson Technologies, Inc. 16.51%
% Loser Manitowoc Co., Inc. -19.93%
 
Advancers 3
Decliners 27

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.

Parker-Hannifin tumbled 18.92 points, or 11.13 percent, and closed at 151.02. Korean energy firm LS Industrial Systems has acquired PH’s division, Energy Grid Tie. The new company is U.S. based LS Energy Systems. PH was the top dollar loser.

Hudson swung to a loss in its third quarter compared a profit in the same quarter last year, but the loss was less than expected, and shares rose 0.18 points, or 16.51 percent. HDSN posted a loss of $13.9 million, or $0.33 per share; adjusted for one-time items, Hudson lost $0.01 per share.

Revenue was $40.5 million. Analysts polled by Zacks expected a loss of $0.16 per share. Hudson ended at 1.27 and was the top percentage gainer.

Manitowoc slid 3.80 points, or 19.93 percent, and closed at 15.27. MTW has a consensus rating of “hold” from the sixteen analysts that cover the stock. The average price objective is $30.91. MTW was the top percentage loser.

 




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.

 

 




Articles by Margot Crabtree

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.
View article.

 

Stock Index Recovers from Last Month’s Swoon

The HVACR Business Stock Index inched down 3.01 points, or 0.21 percent, closing at 1423.73; the largest four companies in the index ended in negative terrain. However, advancing squeezed by declining issues by a 15-to-14 count.
View article.

 

Markets Tumble as Trade Wars Bite

The HVACR Business Stock Index tumbled, shedding 136.55 points, or 8.73 percent and closing at 1426.74, the lowest close since April 2017. Declining issues shut out advancing issues, with all thirty companies posting in negative terrain.
View article.

 

Stocks Push Higher Despite Trade Concerns

The HVACR Business Stock Index rose 52.22 points, or 3.46 percent, and ended at 1563.29. Advancing issues dominated declining issues by a 5-to-1 margin.
View article.

 

Stocks End Mixed on Earnings and Tariff Talk

The HVACR Business Stock Index slid 27.90 points, or 1.81 percent, and closed at 1511.08. However, advancing issues outpaced declining issues at a 17-to-14 count.
View article.