Market Turbulence Dominates Session
The HVACR Business Stock Index lost 90.83 points, or 6.38 percent, and ended at 1332.91, its lowest close in over two years. Declining issues dominated advancing issues by a 9-to-1 margin.
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Markets Falter with Political Turmoil and Trade War Concerns
Originally published: 04.17.18 by Margot Crabtree
A month made turbulent with politics and threats of a trade war ended in the red as our session closed April 13, 2018.
The Federal Reserve moved as expected to increase short-term interest rates by a quarter point, to 1.75 percent. The Fed also said it plans to raise rates twice more in 2018, and upped anticipated hikes in 2019 from two to three. Retail sales slipped for the third straight month as the Commerce Department reported a decline of 0.1 percent in February.
The Conference Board reported that its consumer confidence index slid to 127.7 in March, from February’s 130, the highest reading since Nov. 2000.
The National Association of Home Builders/Wells Fargo builder sentiment index fell in March to 70, the third consecutive month of declines. The Commerce Department said that construction spending increased just 0.1 percent in February.
The listless pace came from a 2.1 percent drop in government spending for construction, although hotel and office building increased from the month before. Road construction fell.
The Federal Reserve said that factory output increased by 1.2 percent in February, with gains in furniture, cars and computers. The Commerce Department reported that orders for durable goods rose 3.1 percent in February, beating
The pace of factory growth slowed in March: the Institute for Supply management said that its manufacturing index slid to 59.3, from February’s 60.8. Any figure above 50 indicates growth. Trade fears began to wane as our session came to a close and investors began to eye the earnings reporting season just beginning.
“Every day the market wakes up and it struggles with whether it should pay attention to noise or pay attention to fundamentals,” said Marina Severinovsky, an investment strategist at Schroders.
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 34.45 | 38.80 | -4.35 | -11.21% | 40.25 | 29.95 | 52430 | 1806213.5 |
| NYSE | ABB | ABB Ltd. | 22.86 | 24.13 | -1.27 | -5.26% | 28.67 | 21.92 | 2130000 | 48691800 |
| NYSE | AOS | AO Smith Corp. | 63.79 | 65.24 | -1.45 | -2.22% | 68.39 | 49.64 | 145470 | 9279531.3 |
| NYSE | FIX | Comfort Systems USA, Inc. | 40.65 | 42.35 | -1.70 | -4.01% | 44.80 | 31.90 | 37100 | 1508115 |
| NYSE | DOV | Dover Corp. | 93.86 | 99.12 | -5.26 | -5.31% | 109.06 | 76.47 | 154580 | 14508878.8 |
| NASD | ELON | Echelon Corp. | 4.48 | 4.67 | -0.19 | -4.07% | 7.20 | 4.10 | 4520 | 20249.6 |
| NYSE | DWDP | DowDuPont | 66.17 | 67.88 | -1.71 | -2.52% | 77.08 | 59.29 | 2330000 | 154176100 |
| NYSE | EME | EMCOR Group, Inc. | 78.78 | 80.40 | -1.62 | -2.01% | 85.08 | 60.30 | 58370 | 4598388.6 |
| NYSE | EMR | Emerson Electric Co. | 68.42 | 70.93 | -2.51 | -3.54% | 74.45 | 56.77 | 634840 | 43435752.8 |
| NYSE | FCAU | Fiat Chrysler | 23.41 | 21.14 | 2.27 | 10.74% | 24.95 | 9.60 | 1540000 | 36051400 |
| NYSE | F | Ford Motor Co. | 11.28 | 11.07 | 0.21 | 1.90% | 13.48 | 10.14 | 3920000 | 44217600 |
| NYSE | GM | General Motors Co. | 38.73 | 37.85 | 0.88 | 2.32% | 46.76 | 31.92 | 1400000 | 54222000 |
| NYSE | HON | Honeywell International, Inc. | 146.12 | 151.07 | -4.95 | -3.28% | 165.13 | 122.40 | 748380 | 109353285.6 |
| NASD | HDSN | Hudson Technologies, Inc. | 4.42 | 5.48 | -1.06 | -19.34% | 10.40 | 4.39 | 42400 | 187408 |
| NYSE | IR | Ingersoll-Rand Plc | 84.13 | 90.22 | -6.09 | -6.75% | 97.67 | 81.25 | 249890 | 21023245.7 |
| NYSE | JCI | Johnson Controls, Inc. | 34.08 | 37.05 | -2.97 | -8.02% | 44.37 | 33.23 | 926120 | 31562169.6 |
| NYSE | LII | Lennox International Inc. | 198.71 | 211.44 | -12.73 | -6.02% | 223.05 | 160.18 | 41180 | 8182877.8 |
| NYSE | LXU | LSB Industries, Inc. | 6.16 | 6.97 | -0.81 | -11.62% | 11.71 | 5.36 | 28600 | 176176 |
| NYSE | MTW | Manitowoc Co., Inc. | 28.12 | 29.94 | -1.82 | -6.08% | 44.03 | 21.20 | 35430 | 996291.6 |
| NYSE | MLI | Mueller Industries, Inc. | 26.71 | 27.98 | -1.27 | -4.54% | 37.57 | 25.26 | 57560 | 1537427.6 |
| NYSE | NWL | Newell Brands, Inc. | 25.72 | 28.89 | -3.17 | -10.97% | 55.08 | 23.85 | 485660 | 12491175.2 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 20.84 | 21.17 | -0.33 | -1.56% | 22.14 | 18.60 | 3910000 | 81484400 |
| NASD | OFLX | OmegaFlex, Inc. | 66.50 | 63.52 | 2.98 | 4.69% | 76.63 | 47.00 | 10090 | 670985 |
| NYSE | PH | Parker-Hannifin Corp. | 172.48 | 180.08 | -7.60 | -4.22% | 212.80 | 151.17 | 133050 | 22948464 |
| NYSE | RBC | Regal-Beloit Corp. | 72.20 | 73.30 | -1.10 | -1.50% | 87.50 | 67.84 | 43970 | 3174634 |
| NYSE | ROK | Rockwell Automation | 172.88 | 181.76 | -8.88 | -4.89% | 210.72 | 148.31 | 127780 | 22090606.4 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 64.65 | 65.51 | -0.86 | -1.31% | 77.17 | 61.68 | 815520 | 52723368 |
| NYSE | SPXC | SPX Corp. | 32.58 | 31.10 | 1.48 | 4.76% | 33.93 | 21.97 | 42950 | 1399311 |
| NYSE | TXN | Texas Instruments | 102.16 | 109.71 | -7.55 | -6.88% | 120.75 | 75.92 | 983110 | 100434517.6 |
| NYSE | UTX | United Technologies Corp. | 122.71 | 129.25 | -6.54 | -5.06% | 139.24 | 109.10 | 800090 | 98179043.9 |
| NYSE | WSO | Watsco, Inc. | 183.41 | 181.38 | 2.03 | 1.12% | 189.72 | 134.08 | 29020 | 5322558.2 |
|
|
Price 4/13/18 |
Price 3/15/18 |
Net Change |
Percent Change |
| HVACR Business Stock Index | 1,534.31 | 1,582.58 | -48.27 | -3.05% |
| Dow Jones Industrial Average | 24,360.14 | 24,873.66 | -513.52 | -2.06% |
| S&P 500 Index | 2,656.30 | 2,747.33 | -91.03 | -3.31% |
| NASDAQ Composite | 7,106.65 | 7,481.74 | -375.09 | -5.01% |
Gainers/Losers |
||||
| $ Gainer | OmegaFlex, Inc. | 2.98 | ||
| $ Loser | Lennox International Inc. | -12.73 | ||
| % Gainer | Fiat Chrysler | 10.74% | ||
| % Loser | Hudson Technologies, Inc. | -19.34% | ||
| Advancers | 6 | |||
| Decliners | 25 | |||
The HVACR Business Stock index shed 48.27 points, or 3.05 percent, and closed at 1534.31. Declining issues outweighed advancing issues by a 25-to-6 count.
Lennox International tumbled 12.73 points, or 6.02 percent. Lennox said it will sell its refrigeration businesses in South America, Asia and Australia to allow the company to focus on its European and U.S. divisions. The company is also selling its various real estate holding related to the businesses in those areas. Proceeds from the sales are expected at about $110 million. Investment firm Stifel upped its price target on LII to $218, from $206. LII closed at 198.71, and was the top dollar loser.
Fiat Chrysler rose 2.27 points, or 10.74 percent. The company announced that it plans to spin off its Magneti Marelli components unit, part of its five-year plan.
“The separation will deliver value to FCA shareholders, while providing the operational flexibility necessary for Magneti Marelli's strategic growth in the coming years,” Fiat Chysler CEO Sergio Marchionne said in a statement. “The spin-off will also allow FCA to further focus on its core portfolio while at the same time improving its capital position.”
FCAU ended at 23.41, and was the top percentage gainer.
Despite an upgrade, shares of Rockwell Automation fell 8.88 points, or 4.89 percent. Investment firm Wells Fargo upped its rating to “outperform” from “market perform.” Rockwell closed at 172.88.
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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