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Stocks Plummet into Negative Terrain

Originally published: 02.17.18 by Margot Crabtree


As our month began, it took just eight trading days for the Dow industrials to surge from 25,000 to 26,000, but as our trading session ended Feb. 15, 2018, Wall Street had tumbled just as far and fast into correction territory.

The National Association of Home Builders/Wells Fargo builder sentiment index slid to 72 in January, from December’s 74, which was an 18-year high. The National Association of Realtors said that existing home sales slid 3.6 percent in December, weighed down by rising prices and the lack of homes available. 

The Commerce Department said that U.S. December construction spending rose 0.7 percent, to a record high, and the fifth monthly consecutive increase.

The Federal Reserve said that December’s industrial production rose 0.9 percent. The Commerce Department reported that orders for durable goods jumped 2.9 percent in December, the fastest rate since June, with a 15.9 percent push from non-military aircraft and parts.

As we entered February, however, a job report ignited inflationary fears, and markets endured their worst week in two years. The Labor Department reported that job growth jumped in January, and wages exploded, hitting their highest annual gain in over 8.5 years, sparking fears of inflation and faster-than-expected Fed rate increases,


and pressure on business profit from higher wages.

The Conference Board said that consumer confidence increased to 125.4 in January, from December’s revised 123.1. Markets improved a little as our session ended, but the savage downturn left everyone a bit dazed.

“The CPI (Consumer Price Index) shows there is some inflation, but it was not through the roof,” said Bruce Bittles, chief investment strategist at Robert W. Baird & Co. “People got too pessimistic.”

 

Exchange
Symbol
Company Name
Price
2/15/18
Price
1/15/18
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 34.60 36.55 -1.95 -5.34% 38.25 29.95 52470 1815462
NYSE ABB ABB Ltd. 25.47 28.09 -2.62 -9.33% 28.67 22.04 2130000 54251100
NYSE AOS AO Smith Corp. 65.23 65.32 -0.09 -0.14% 68.39 48.96 145820 9511838.6
NYSE FIX Comfort Systems USA, Inc. 41.45 44.10 -2.65 -6.01% 44.80 31.90 36970 1532406.5
NYSE DOV Dover Corp. 101.59 104.14 -2.55 -2.45% 109.06 75.51 154420 15687527.8
NASD ELON Echelon Corp. 4.71 5.90 -1.19 -20.17% 7.20 4.26 4520 21289.2
NYSE DWDP DowDuPont 71.85 75.41 -3.56 -4.72% 77.08 59.29 2330000 167410500
NYSE EME EMCOR Group, Inc. 76.50 84.14 -7.64 -9.08% 85.08 59.76 58810 4498965
NYSE EMR Emerson Electric Co. 71.50 73.91 -2.41 -3.26% 74.45 56.77 638640 45662760
NYSE FCAU Fiat Chrysler 22.39 23.39 -1.00 -4.28% 24.95 9.60 1540000 34480600
NYSE F Ford Motor Co. 10.76 13.23 -2.47 -18.67% 13.48 10.19 3900000 41964000
NYSE GM General Motors Co. 41.85 44.07 -2.22 -5.04% 46.76 31.92 1400000 58590000
NYSE HON Honeywell International, Inc. 153.42 159.07 -5.65 -3.55% 165.13 122.40 752000 115371840
NASD HDSN Hudson Technologies, Inc. 6.06 6.37 -0.31 -4.87% 10.40 5.40 42040 254762.4
NYSE IR Ingersoll-Rand Plc 92.01 91.10 0.91 1.00% 97.67 77.26 249890 22992378.9
NYSE JCI Johnson Controls, Inc. 38.19 39.80 -1.61 -4.05% 44.37 34.51 926120 35368522.8
NYSE LII Lennox International Inc. 207.23 210.68 -3.45 -1.64% 223.05 159.57 41770 8655997.1
NYSE LXU LSB Industries, Inc. 7.33 9.76 -2.43 -24.90% 11.71 5.55 28410 208245.3
NYSE MTW Manitowoc Co., Inc. 35.27 39.36 -4.09 -10.39% 44.03 21.00 35180 1240798.6
NYSE MLI Mueller Industries, Inc. 26.65 36.91 -10.26 -27.80% 43.68 25.59 57810 1540636.5
NYSE NWL Newell Brands, Inc. 27.64 32.26 -4.62 -14.32% 55.08 23.85 490100 13546364
OTC NSANY Nissan Motor Co. Ltd. 21.05 20.75 0.30 1.45% 22.14 18.18 3910000 82305500
NASD OFLX OmegaFlex, Inc. 60.90 66.20 -5.30 -8.01% 76.63 41.87 10090 614481
NYSE PH Parker-Hannifin Corp. 184.63 210.04 -25.41 -12.10% 212.80 151.17 133050 24565021.5
NYSE RBC Regal-Beloit Corp. 75.95 78.05 -2.10 -2.69% 87.50 71.05 44300 3364585
NYSE ROK Rockwell Automation 187.58 207.92 -20.34 -9.78% 210.72 148.31 127780 23968972.4
OTC SIEGY Siemens Aktiengesellschaft  69.10 74.65 -5.55 -7.43% 77.17 63.47 815520 56352432
NYSE SPXC SPX Corp.  31.30 32.93 -1.63 -4.95% 33.93 21.97 42610 1333693
NYSE TXN Texas Instruments 104.57 112.72 -8.15 -7.23% 120.75 75.52 983160 102809041.2
NYSE UTX United Technologies Corp. 130.00 136.58 -6.58 -4.82% 139.24 107.05 799780 103971400
NYSE WSO Watsco, Inc. 169.73 174.24 -4.51 -2.59% 182.79 134.08 27610 4686245.3
 
 
Price 2/15/18
Price 1/15/18
Net Change
Percent Change
HVACR Business Stock Index 1,615.38 1,716.84 -101.46 -5.91%
Dow Jones Industrial Average 25,200.37 25,803.19 -602.82 -2.34%
S&P 500 Index 2,731.20 2,786.24 -55.04 -1.98%
NASDAQ Composite 7,256.43 7,261.06 -4.63 -0.06%

 

Gainers/Losers
$ Gainer Ingersoll-Rand Plc 0.91
$ Loser Parker-Hannifin Corp. -25.41
 
% Gainer Nissan Motor Co. Ltd. 1.45%
% Loser Mueller Industries, Inc. -27.80%
 
Advancers 2
Decliners 29

 

The HVACR Business Stock Index plunged 101.46 points, or 5.91 percent and closed at 1615.38. Declining issues dominated advancing issues by a 29-to-2 count.

Mueller Industries shed 10.26 points, or 27.80 points, and closed at 26.65. For its fourth quarter, MLI earned net income of $5.7 million, or $0.10 per share, versus last year’s $17.3 million, or $0.30 per share. Revenue was $523.5 million, compared to revenue of $472.2 million in the year-ago quarter. Mueller was the top percentage loser.

Ingersoll-Rand met fourth quarter earnings estimates, but exceeded on revenue and posted a bullish forecast, which sent its shares ahead 0.91 points, or 1.00 percent. IR said it earned $459.9 million, or $1.81 per share. Adjusted for one-time items, IR earned $1.02 per share. Revenue was $3.62 billion.

Analysts expected earnings of $1.02, and revenue of $3.52 billion. For 2018, revenues are expected to increase between 5 percent and 5.5 percent. IR ended at 92.01, and was the top dollar gainer.

Although Parker-Hannifin beat on fiscal second quarter earnings and revenue, it also received a downgrade, and tumbled 25.41 points, or 12.10 percent. PH posted net income of $56.2 million, or $0.41 per share. Adjusted for one-time items, PH earned $2.15 per share. Revenue was $3.37 billion.

Analysts surveyed by Zacks expected earnings of $2.06 per share and revenue of $3.34 billion. Investment firm Buckingham Research cut its rating on Parker-Hannifin to “neutral” from “buy.” PH closed at 184.63, and was the top dollar 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.

 

 




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