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Economics Improve but HVACR Index Slips into Red

Originally published: 06.01.14 by Margot Crabtree


A mixed bag greeted investors this session, with economic news generally positive, while even over-performing earnings bore scrutiny and geopolitical turmoil pressured Wall Street. The Consumer Price Index rose 0.2 percent in March, largely on food and housing rental, though other inflationary rates remained fairly tame.

The University of Michigan’s index of consumer sentiment rose to 84.1 in April, from 80 in March — a ninemonth high. Durable goods orders rose 2.6 percent in March, following a 2.1 percent increase in February and declines in the two months prior. The Commerce Department reported that new home sales fell to an eight-month low in March, with 384,000 units, compared to the 450,000-unit pace expected by economists polled by Reuters.

In jobs news, the Labor Department stated employers increased hiring by 288,000 jobs in April, 70,000 ahead of expectations. The unemployment rate fell to 6.3 percent, the lowest since September 2008. The Commerce Department reported that factory orders grew 1.1 percent in March after improving 1.5 percent in February, and orders for core capital goods — a measure of business investment — increased 3.5 percent in March, the largest increase since January 2013.

Wholesale stockpiles improved 1.1 percent in March, with sales rising by


the widest amount in 10 months. Retail sales posted their largest gains in 1.5 years in March, a larger improvementthan expected.

“The small caps have really been selling off, and I think you’re continuing to see a rotation out of anything the market considers riskier,” said Uri Landesman, president of Platinum Partners in New York.

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. 29.88 25.89 3.99 15.41% 34.27 20.05 36620 1094205.6
NYSE ABB ABB Ltd. 23.57 25.49 -1.92 -7.53% 27.25 20.65 2300000 54211000
NYSE ARG Airgas, Inc. 105.89 105.69 0.20 0.19% 113.16 92.86 73970 7832683.3
NYSE AOS AO Smith Corp. 47.28 45.70 1.58 3.46% 55.18 35.11 90610 4284040.8
NYSE FIX Comfort Systems USA, Inc. 15.33 14.61 0.72 4.93% 20.95 13.27 37580 576101.4
NYSE DOV Dover Corp. 85.77 81.95 3.82 4.66% 87.39 62.61 166490 14279847.3
NASD ELON Echelon Corp. 2.42 2.63 -0.21 -7.98% 4.18 1.99 43350 104907
NYSE DD E. I. DuPont de Nemours & Co. 66.83 66.90 -0.07 -0.10% 68.82 52.02 918350 61373330.5
NYSE EME EMCOR Group, Inc. 44.39 44.46 -0.07 -0.16% 48.00 36.26 67280 2986559.2
NYSE EMR Emerson Electric Co. 66.64 66.55 0.09 0.14% 70.66 53.42 701740 46763953.6
NYSE F Ford Motor Co. 15.69 15.84 -0.15 -0.95% 18.02 14.30 3950000 61975500
NYSE GM General Motors Co. 34.36 33.36 1.00 3.00% 41.85 31.13 1600000 54976000
NYSE HON Honeywell International, Inc. 91.16 91.71 -0.55 -0.60% 95.91 76.15 783120 71389219.2
NASD HDSN Hudson Technologies, Inc. 2.86 2.94 -0.08 -2.72% 4.09 1.75 25090 71757.4
NYSE IR Ingersoll-Rand Plc 57.16 55.57 1.59 2.86% 63.42 42.64 269900 15427484
NYSE JCI Johnson Controls, Inc. 44.63 45.96 -1.33 -2.89% 52.50 34.40 664160 29641460.8
NYSE LII Lennox International Inc. 83.53 87.05 -3.52 -4.04% 94.69 59.30 49150 4105499.5
NYSE LXU LSB Industries, Inc. 36.44 37.28 -0.84 -2.25% 42.06 29.39 22530 820993.2
NYSE MTW Manitowoc Co., Inc. 27.52 30.43 -2.91 -9.56% 33.46 16.18 135160 3719603.2
NYSE NWL Newell Rubbermaid, Inc. 29.25 29.03 0.22 0.76% 32.54 24.32 280900 8216325
NYSE MLI Mueller Industries, Inc. 27.81 29.13 -1.32 -4.53% 32.13 24.05 56690 1576548.9
OTC NSANY Nissan Motor Co. Ltd. 17.77 17.76 0.01 0.06% 24.15 16.45 2100000 37317000
NASD OFLX OmegaFlex, Inc. 20.00 20.75 -0.75 -3.61% 24.99 12.74 10090 201800
NYSE PH Parker-Hannifin Corp. 122.56 121.27 1.29 1.06% 129.77 92.08 148940 18254086.4
NYSE RBC Regal-Beloit Corp. 74.55 74.54 0.01 0.01% 80.41 61.86 45130 3364441.5
NYSE ROK Rockwell Automation 119.77 122.43 -2.66 -2.17% 128.46 80.60 138440 16580958.8
NYSE SI Siemens AG 132.66 131.72 0.94 0.71% 139.28 99.07 846130 112247605.8
NYSE SPW SPX Corp.  102.75 97.36 5.39 5.54% 109.89 69.27 43820 4502505
NYSE TXN Texas Instruments 44.89 45.81 -0.92 -2.01% 49.77 34.10 1080000 48481200
NYSE UTX United Technologies Corp. 115.70 115.84 -0.14 -0.12% 120.66 90.30 916730 106065661
NYSE WSO Watsco, Inc. 99.65 97.72 1.93 1.98% 105.39 79.66 32250 3213712.5

 

The HVACR Business Stock Index slipped 7.83 points, or 0.61 percent, and closed at 1284.79. Declining issues inched past advancing issues at a 16-to-15 count.

Shares of Lennox International fell 3.52 points, or 4.04 percent. LII reported adjusted income from continuing operations of $20.8 million, or $0.42 per share, versus $17 million, or $0.33 per share last year. Revenue was up 4 percent, to $695 million. The Lennox board of directors upped its quarterly dividend 25 percent, to $0.30 per share. LII closed at 83.53, and was the top dollar loser.

SPX Corp rose 5.39 points, or 5.54 percent this session. The company reported net income of $317.8 million, or $6.71 per share, compared to net income of $10 million, or $0.29 per share a year ago. Revenue was off 1.9 percent, to $1.07 billion, from $1.09 billion the year previous.

On an adjusted basis, SPW earned net income from continuing operations of $0.27 per share; analysts polled by Thomson Reuters expected $0.21 per share and revenue of $1.11 per share. Investment firm JPMorgan cut its rating on SPX Corp to “neutral” from “overweight” with a price target of $112. SPW closed at 102.75, and was the top dollar gainer.

Manitowoc bested earnings estimates but missed on revenues, and slipped 2.91 points, or 9.56 percent. MTW lost $8.8 million, or $0.06 per share, compared to net income of $10.4 million, or $0.08 per share a year ago. Sales were $850 million, off 5 percent from a year ago. On an adjusted basis, MTW earned $0.17 per share.

Analysts at Zacks Equity Research expected earnings of $0.22 per share and revenue of $920 million. Manitowoc ended at 27.52, 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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