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First Quarter Contraction, Interest Rate Worries and Greek Debt Hamper Markets

Originally published: 06.16.15 by Margot Crabtree


Wall Street was beset from many directions and, despite the S&P 500 Index reaching a few new highs, markets ended in negative terrain as the trading session ended June 15, 2015.

The University of Michigan's sentiment index fell to 90.7 in May, from 95.9 in April, the lowest reading since November. Even so, the index in 2015 has hovered at levels not seen since 2004.

The Commerce Department said the contraction of the U.S. economy in the first three months of the year was brought on by bad winter weather and a larger trade deficit. As June began, a stronger jobs report renewed interest rate hike fears. U.S employers added 280,000 jobs to payrolls in May. Economists polled by Reuters expected an increase of 225,000.

The Commerce Department reported construction spending rose in April to the best level in more than six years, and as the trading session ended, homebuilders' confidence shot up to 59 in June, from 54 in May.

The National Association of Home Builders/Wells Fargo builder sentiment index said builders show more confidence in their sales outlook than they have since fall. Their projections for sales over the next six months is the strongest it's been in 10 years.

The Institute


for Supply Management's manufacturing index rose to 52.8 in May, from 51.5 the month before, increasing for the first time in six months. U.S. retail sales grew more than expected, up 1.2 percent in May, on cars and an array of other items.

The Commerce Department also reported that business stockpiles in the U.S. rose 0.4 percent in April, the strongest increase since March 2014. The gains follow a months of stockpiles remaining flat or falling.

The failure of negotiators to ink a deal to resolve Greece's debt crisis, however, weighed most heavily on markets.

"All eyes, including our own, are on Greece," said Erik Davidson, chief investment officer for Wells Fargo Private Bank. "This is a grand experiment and if it were to go awry, it would certainly have implications."

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. 23.55 23.14 0.41 1.77% 25.17 16.78 54140 1274997
NYSE ABB ABB Ltd. 22.51 22.21 0.30 1.35% 24.15 19.14 2240000 50422400
NYSE ARG Airgas, Inc. 105.01 103.04 1.97 1.91% 119.00 99.61 75510 7929305.1
NYSE AOS AO Smith Corp. 72.78 69.76 3.02 4.33% 73.50 44.60 76050 5534919
NYSE FIX Comfort Systems USA, Inc. 23.05 22.40 0.65 2.90% 23.96 12.63 36860 849623
NYSE DOV Dover Corp. 71.89 75.95 -4.06 -5.35% 91.84 67.13 160380 11529718.2
NASD ELON Echelon Corp. 0.90 0.93 -0.03 -3.23% 2.74 0.89 44050 39645
NYSE DD E. I. DuPont de Nemours & Co. 69.05 70.25 -1.20 -1.71% 80.65 63.70 905240 62506822
NYSE EME EMCOR Group, Inc. 47.01 45.83 1.18 2.57% 48.06 38.68 62690 2947056.9
NYSE EMR Emerson Electric Co. 58.70 60.19 -1.49 -2.48% 68.80 54.95 668300 39229210
NYSE FCAU Fiat Chrysler 15.51 15.45 0.06 0.39% 17.08 8.54 1290000 20007900
NYSE F Ford Motor Co. 15.05 15.48 -0.43 -2.78% 18.12 13.26 3900000 58695000
NYSE GM General Motors Co. 35.46 34.91 0.55 1.58% 38.99 28.82 1610000 57090600
NYSE HON Honeywell International, Inc. 103.44 106.85 -3.41 -3.19% 107.10 82.89 781710 80860082.4
NASD HDSN Hudson Technologies, Inc. 4.03 4.12 -0.09 -2.18% 4.80 2.60 32360 130410.8
NYSE IR Ingersoll-Rand Plc 69.04 70.91 -1.87 -2.64% 70.93 52.47 264720 18276268.8
NYSE JCI Johnson Controls, Inc. 51.58 50.48 1.10 2.18% 54.52 38.60 654830 33776131.4
NYSE LII Lennox International Inc. 113.60 114.06 -0.46 -0.40% 118.43 72.91 45000 5112000
NYSE LXU LSB Industries, Inc. 43.15 42.76 0.39 0.91% 47.33 28.91 22730 980799.5
NYSE MTW Manitowoc Co., Inc. 19.66 19.62 0.04 0.20% 33.50 16.24 136150 2676709
NYSE MLI Mueller Industries, Inc. 35.41 35.97 -0.56 -1.56% 37.18 27.10 56930 2015891.3
NYSE NWL Newell Rubbermaid, Inc. 40.60 40.08 0.52 1.30% 41.33 30.45 268700 10909220
OTC NSANY Nissan Motor Co. Ltd. 20.40 21.46 -1.06 -4.94% 21.75 16.65 2100000 42840000
NASD NTK Nortek, Inc. 84.00 84.00 0.00 0.00% 92.30 70.73 16270 1366680
NASD OFLX OmegaFlex, Inc. 35.30 31.12 4.18 13.43% 39.46 15.93 10090 356177
NYSE PH Parker-Hannifin Corp. 118.20 122.33 -4.13 -3.38% 133.41 99.82 138680 16391976
NYSE RBC Regal-Beloit Corp. 75.86 79.64 -3.78 -4.75% 81.36 62.15 44810 3399286.6
NYSE ROK Rockwell Automation 123.90 124.37 -0.47 -0.38% 127.88 98.55 134580 16674462
OTC SIEGY Siemens Aktiengesellschaft  104.52 110.00 -5.48 -4.98% 136.27 103.20 835250 87300330
NYSE SPW SPX Corp.  71.47 76.83 -5.36 -6.98% 111.47 70.92 41030 2932414.1
NYSE TXN Texas Instruments 53.04 55.61 -2.57 -4.62% 59.99 41.47 1040000 55161600
NYSE UTX United Technologies Corp. 114.61 118.49 -3.88 -3.27% 124.45 97.30 890200 102025822
NYSE WSO Watsco, Inc. 122.58 126.31 -3.73 -2.95% 131.10 84.28 27570 3379530.6

 

The HVACR Business Stock Index slid 29.56 points, or 2.26 percent, and closed at 1279.54. Declining issues bypassed advancing issues by a 19-to-13 count.

Siemens fell 5.48 points, or 4.98 percent. Siemens will provide turbines for a $3 billion offshore wind farm for ScottishPower Renewables.

"Selecting the turbine supplier will be the single largest agreement for East Anglia One, and the most significant in terms of achieving important cost-reduction goals," Keith Anderson, CEO of ScottishPower Renewables, said in a statement.

SIEGY closed at 104.52, and was the top dollar loser.

A.O. Smith increased 3.02 points, or 4.33 percent. Investment firm Maxim Group upped their target price on AOS to $78, from $72. AOS climbed to several new 52-week highs following the upgrade, topping out at a high of 73.50 on June 12. Zacks upgraded AOS to "buy" from "hold." AOS ended at 72.78.

Despite an upgrade, shares of SPX Corp slid 5.36 points, or 6.98 percent. Investment bank JPMorgan Chase & Co. upgraded SPW to a "focus list" rating. SPW ended at 71.47, and was the top percentage loser.


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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