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Markets End Positive as Mergers Overpower Iraq Fears

Originally published: 07.01.14 by Margot Crabtree


Although turmoil in Iraq churned up market volatility this month, a slew of strong economic data kept markets on the upswing. As our trading session ended June 16, 2014, homebuilder sentiment and solid manufacturing data pushed Wall Street ahead.

When we started our session, the U.S. Association of Realtors said that existing home sales gained 1.3 percent in April, at an annual rate of 4.65 million units, falling short of the 4.68 million units expected by economists. Even so, it was only the second gain in nine months following pressure of higher mortgage rates and housing prices.

In April, new home sales rose 6.4 percent. A survey from HSBC indicated that the slowdown in the Chinese economy was weakening, and a reading on Chinese manufacturing in May revealed the best numbers in five months. Financial data firm Markit said that factory output in May rose to 59.6, from 58.2, its fastest rate since February 2011.

The Thomson Reuters/University of Michigan’s final May consumer sentiment reading was 81.9, down from 84.1 the month previous and below the 82.5 expected by economists surveyed by Reuters.

Reports by the Labor Department show 8.8 million more working now than at the the recession in 2010, when job loss was


at a peak. The Commerce Department reported that U.S. retail sales rose 0.3 percent in May, the fourth consecutive month of improvement, but economists were expecting a rise of 0.4 percent. Mergers littered the landscape.

According to Dealogic, the number of transactions is about the same as a year ago, but the value of the deals has increased. U.S. factory orders improved for a third consecutive month in April; factory output rose 0.6 percent in May across a broad section of industries, with the biggest jump in auto manufacturing.

Overall industrial production, including mining, manufacturing and utilities, also rose 0.6 percent. 

"With manufacturing accelerating, there is every good reason to believe that the economy is beginning to hit its stride," Joel Naroff, president of Naroff Economic Advisors, stated in a note to clients. 

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. 32.15 29.88 2.27 7.60% 34.27 20.19 36620 1177333
NYSE ABB ABB Ltd. 23.27 23.57 -0.30 -1.27% 27.25 20.65 2300000 53521000
NYSE ARG Airgas, Inc. 105.99 105.89 0.10 0.09% 113.16 92.86 74290 7873997.1
NYSE AOS AO Smith Corp. 47.64 49.64 -2.00 -4.03% 55.18 38.01 90610 4316660.4
NYSE FIX Comfort Systems USA, Inc. 15.88 15.33 0.55 3.59% 20.95 13.90 37580 596770.4
NYSE DOV Dover Corp. 89.15 85.77 3.38 3.94% 89.59 62.72 166490 14842583.5
NASD ELON Echelon Corp. 2.46 2.42 0.04 1.65% 4.18 1.99 43370 106690.2
NYSE DD E. I. DuPont de Nemours & Co. 68.11 66.83 1.28 1.92% 69.75 52.02 918350 62548818.5
NYSE EME EMCOR Group, Inc. 44.82 44.39 0.43 0.97% 48.00 36.26 67280 3015489.6
NYSE EMR Emerson Electric Co. 66.33 66.64 -0.31 -0.47% 70.66 53.42 701740 46546414.2
NYSE F Ford Motor Co. 16.63 15.69 0.94 5.99% 18.02 14.30 3950000 65688500
NYSE GM General Motors Co. 36.06 34.36 1.70 4.95% 41.85 31.13 1600000 57696000
NYSE HON Honeywell International, Inc. 93.80 91.16 2.64 2.90% 96.49 76.15 783120 73456656
NASD HDSN Hudson Technologies, Inc. 3.01 2.86 0.15 5.24% 4.00 1.75 25090 75520.9
NYSE IR Ingersoll-Rand Plc 62.84 57.16 5.68 9.94% 63.42 42.64 269900 16960516
NYSE JCI Johnson Controls, Inc. 49.82 44.63 5.19 11.63% 52.50 34.40 664160 33088451.2
NYSE LII Lennox International Inc. 88.77 83.53 5.24 6.27% 94.69 59.30 49150 4363045.5
NYSE LXU LSB Industries, Inc. 41.18 36.44 4.74 13.01% 42.30 29.39 22540 928197.2
NYSE MTW Manitowoc Co., Inc. 28.08 27.52 0.56 2.03% 33.46 16.18 135160 3795292.8
NYSE NWL Newell Rubbermaid, Inc. 30.57 29.25 1.32 4.51% 32.54 24.32 276600 8455662
NYSE MLI Mueller Industries, Inc. 29.44 27.81 1.63 5.86% 32.13 24.05 56690 1668953.6
OTC NSANY Nissan Motor Co. Ltd. 18.77 17.77 1.00 5.63% 22.55 16.45 2100000 39417000
NASD OFLX OmegaFlex, Inc. 19.42 20.00 -0.58 -2.90% 24.99 13.02 10090 195947.8
NYSE PH Parker-Hannifin Corp. 127.18 122.56 4.62 3.77% 130.44 92.08 148940 18942189.2
NYSE RBC Regal-Beloit Corp. 77.71 74.55 3.16 4.24% 80.41 61.86 45130 3507052.3
NYSE ROK Rockwell Automation 125.66 119.77 5.89 4.92% 128.57 80.60 138440 17396370.4
OTC SIEGY Siemens Aktiengesellschaft  134.33 132.66 1.67 1.26% 139.28 99.07 846130 113660642.9
NYSE SPW SPX Corp.  107.03 102.75 4.28 4.17% 109.89 69.27 43820 4690054.6
NYSE TXN Texas Instruments 48.13 44.89 3.24 7.22% 49.77 34.10 1080000 51980400
NYSE UTX United Technologies Corp. 116.87 115.70 1.17 1.01% 120.66 90.30 916730 107138235.1
NYSE WSO Watsco, Inc. 100.79 99.65 1.14 1.14% 105.39 79.66 32250 3250477.5

 

The HVACR Business Stock Index rose 41.06 points, or 3.20 percent, and closed at 1325.85. Advancing issues overpowered declining issues at a 28-to-3 count.

Rockwell Automation jumped 5.89 points, or 4.92 percent. The company’s board of directors authorized another $1 billion in stock repurchases. This joins an earlier stock buyback program in 2012 for $1 billion. ROK also declared a quarterly dividend of $0.58 per share. It will be paid on Sept. 10, 2014 for stakeholders of record as of Aug. 11. Rockwell closed at 125.66, and was the top dollar gainer.

ABB inched down 0.30 points, or 1.27 percent. The company announced that it has finished the placement of three gearless mill drive systems for Codelco’s Mina Ministro Hales, based in Chile. ABB ended at 23.27.

Shares of LSB Industries rose 4.74 points, or 13.01 percent, and closed at 41.18. LXU said it has formed a committee to explore the strategic options of separating business units, and transferring some or all of its chemical divisions into a master limited partnership structure. LSB Industries was the top percentage gainer this month.


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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