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Wall Street Completes a Mostly Upbeat Session in Positive Terrain

Originally published: 06.16.16 by Margot Crabtree


Our session began with a downturn on fears of higher interest rates, then rallied. As our trading session ended June 15, 2016, oil tumbled and the upturn fizzled just short of record closures in the national indices.

The University of Michigan’s consumer sentiment index increased to 94.7 in May, up from 89 in April. It was the highest reading in almost a year. The Commerce Department said that consumer spending jumped 1.0 percent in April. It was the largest increase in over six years.

The Institute for Supply Management reported that their manufacturing index improved to 51.3 in May, from 50.8 in April, boosted by a weaker dollar. Any reading higher than 50 indicates growth. The Dow industrials breached the 18,000 mark, driven by machinery, mining and oil.

As our session came to a close, oil prices fell and investors took some profits off the table. A weaker dollar boosted multi-nationals, but a poll in Britain by London’s The Independent showed that 55 percent of citizens there would prefer to exit the European Union.

A disappointing jobs report fueled a slump after the Labor Department said that only 38,000 jobs were created in May, the lowest amount in five years.

“After that May jobs


report, I think today’s decision [by the Federal Open Market Committee to keep interest rates steady] was a fait accompli,” said Kristina Hooper, head of U.S. investment strategies at Allianz Global Investors. “They needed to hit the pause button for June, but I think a July rate hike still remains a distinct possibility.”

 

Exchange
Symbol
Company Name
Price
6/15/16
Price
5/13/16
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 26.02 27.85 -1.83 -6.57% 28.61 18.85 53020 1379580.4
NYSE ABB ABB Ltd. 20.33 20.20 0.13 0.64% 22.75 15.74 2160000 43912800
NYSE AOS AO Smith Corp. 83.64 78.25 5.39 6.89% 85.39 50.09 74430 6225325.2
NYSE FIX Comfort Systems USA, Inc. 32.00 30.90 1.10 3.56% 35.00 22.59 37200 1190400
NYSE DOV Dover Corp. 69.67 64.93 4.74 7.30% 73.92 50.91 155150 10809300.5
NASD ELON Echelon Corp. 4.84 4.57 0.27 5.91% 9.30 4.41 4420 21392.8
NYSE DD E. I. DuPont de Nemours & Co. 65.76 62.91 2.85 4.53% 75.72 47.11 873510 57442017.6
NYSE EME EMCOR Group, Inc. 46.85 46.72 0.13 0.28% 52.37 40.98 60700 2843795
NYSE EMR Emerson Electric Co. 51.96 51.81 0.15 0.29% 59.37 41.25 643350 33428466
NYSE FCAU Fiat Chrysler 6.56 7.65 -1.09 -14.25% 10.93 5.78 1290000 8462400
NYSE F Ford Motor Co. 13.01 13.22 -0.21 -1.59% 15.84 10.44 3900000 50739000
NYSE GM General Motors Co. 28.86 30.52 -1.66 -5.44% 36.88 24.62 1550000 44733000
NYSE HON Honeywell International, Inc. 115.52 113.20 2.32 2.05% 117.51 87.00 762120 88040102.4
NASD HDSN Hudson Technologies, Inc. 3.21 3.53 -0.32 -9.07% 4.16 2.45 32970 105833.7
NYSE IR Ingersoll-Rand Plc 64.32 65.59 -1.27 -1.94% 69.80 47.08 257460 16559827.2
NYSE JCI Johnson Controls, Inc. 44.14 40.81 3.33 8.16% 52.38 33.62 648370 28619051.8
NYSE LII Lennox International Inc. 135.48 137.51 -2.03 -1.48% 143.19 105.65 43610 5908282.8
NYSE LXU LSB Industries, Inc. 13.39 13.80 -0.41 -2.97% 43.99 3.68 23870 319619.3
NYSE MTW Manitowoc Co., Inc. 5.60 5.89 -0.29 -4.92% 20.49 4.00 137020 767312
NYSE MLI Mueller Industries, Inc. 31.81 29.91 1.90 6.35% 36.30 23.09 57130 1817305.3
NYSE NWL Newell Rubbermaid, Inc. 48.46 47.49 0.97 2.04% 50.90 33.26 456680 22130712.8
OTC NSANY Nissan Motor Co. Ltd. 19.24 18.86 0.38 2.01% 21.92 16.57 2100000 40404000
NASD NTK Nortek, Inc. 50.01 49.78 0.23 0.46% 92.96 33.85 16300 815163
NASD OFLX OmegaFlex, Inc. 37.43 33.50 3.93 11.73% 43.20 27.51 10090 377668.7
NYSE PH Parker-Hannifin Corp. 111.62 109.77 1.85 1.69% 119.68 83.32 134680 15032981.6
NYSE RBC Regal-Beloit Corp. 57.60 56.47 1.13 2.00% 76.46 47.77 44730 2576448
NYSE ROK Rockwell Automation 115.58 113.08 2.50 2.21% 126.77 87.53 130260 15055450.8
OTC SIEGY Siemens Aktiengesellschaft  103.21 105.29 -2.08 -1.98% 111.05 86.58 808890 83485536.9
NYSE SPXC SPX Corp.  14.93 15.92 -0.99 -6.22% 18.59 7.62 41610 621237.3
NYSE TXN Texas Instruments 61.69 57.12 4.57 8.00% 62.31 43.49 1000000 61690000
NYSE UTX United Technologies Corp. 100.54 100.27 0.27 0.27% 116.56 83.39 836870 84138909.8
NYSE WSO Watsco, Inc. 133.49 131.97 1.52 1.15% 138.30 106.58 27520 3673644.8

 

The HVACR Business Stock Index rose 12.76 points, or 1.09 percent, and closed at 1182.63. Advancing issues climbed past declining issues at a 21-to-11 count.

A.O. Smith reached an all-time high on June 9 of 85.39; AOS has a price target of $129.53 on its stock. The company is slated to report upcoming earnings on July 28. AOS increased 5.39 points, or 6.89 percent, and closed at 83.64. A.O. Smith was the top dollar gainer.

Fiat Chrysler slid 1.09 points, or 14.25 percent. The company said its sales rose just 1 percent in May, typically the strongest month of the year for car-buying, and recent reports have shown a drop-off in car sales. FCAU ended at 6.56, and was the top percentage loser.

OmegaFlex rose 3.93 points or 11.73 percent. Although there was no corresponding news to explain the increase, OFLX did experience two days of especially high volume during our trading session: 16,400 on May 24 and 11,800 on June 8, compared to an average 3-month volume of just over 6,000. OFLX will report its earnings in the latter part of July.

OmegaFlex ended at 37.43, and was the top percentage gainer.

Dover Corp gained 4.74 points, or 7.30 percent. Dover announced plans to purchase Wayne Fueling for $780 million in cash. The transaction will close in the latter part of 2016. Investment firm Citigroup reiterated its “neutral” rating on DOV with an increased price target of $76.

Research firm Sanford C. Bernstein gave Dover an “outperform” rating, from “market perform” and boosted its price target to $66. Dover closed at 69.67.

 


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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