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Choppy Session Ends in Upswing as Earnings Season Begins

Originally published: 10.16.15 by Margot Crabtree


In contrast to typical trends, the Federal Reserve said it will not raise interest rates, and all 10 sectors of the S&P 500 took a hit.

As our trading session ended October 15, 2015, however, a further slowdown in job creation led the central bankers to decide not to raise rates at least for the next few months, and Wall Street hit an eight-week high. Between those bookends, the economic picture was mixed.

While new home sales surged to a seven-year high in August, September consumer sentiment fell to the lowest level in a year. The University of Michigan's sentiment index slid to 87.2, from 91.9 in August, the third straight monthly decline, on concerns about worldwide economic health.

In contrast, the Commerce Department reported that new home sales jumped 5.7 percent in August, the strongest pace since February 2008. Overall construction spending increased 0.7 percent in August to the highest in seven years, driven by government projects and home construction.

September's manufacturing growth remained at a two-year low, and Chinese factory activity slid to a six-and-a-half year low. The Labor Department reported an increase of only 142,000 jobs in September, rather than the 203,000 expected in a Reuters survey.

The Conference Board said


that its consumer confidence index rose to 103 in September, from 101.3 in August, the highest reading since January. Economists had expected a decline.

"There's a lot of cash on the sidelines, and we did break through to a new high since the August decline," said Tim Ghriskey, chief investment officer of Solaris Group. "Volume picked up as well, which is a strong indicator."

Exchange
Symbol
Company Name
Price
10/15/15
Price
9/15/15
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 21.07 20.32 0.75 3.69% 25.17 17.55 54230 1142626.1
NYSE ABB ABB Ltd. 18.66 18.62 0.04 0.21% 23.66 17.13 2220000 41425200
NYSE ARG Airgas, Inc. 92.79 93.98 -1.19 -1.27% 119.00 86.09 74650 6926773.5
NYSE AOS AO Smith Corp. 69.44 69.74 -0.30 -0.43% 77.43 45.40 75730 5258691.2
NYSE FIX Comfort Systems USA, Inc. 29.50 28.95 0.55 1.90% 30.89 13.42 37390 1103005
NYSE DOV Dover Corp. 59.80 61.32 -1.52 -2.48% 83.55 55.50 156460 9356308
NASD ELON Echelon Corp. 0.61 0.60 0.01 1.67% 2.18 0.48 44160 26937.6
NYSE DD E. I. DuPont de Nemours & Co. 56.70 48.30 8.40 17.39% 76.59 47.11 904840 51304428
NYSE EME EMCOR Group, Inc. 45.85 46.38 -0.53 -1.14% 48.89 39.43 62800 2879380
NYSE EMR Emerson Electric Co. 46.82 46.32 0.50 1.08% 65.94 42.21 657140 30767294.8
NYSE FCAU Fiat Chrysler 16.32 14.82 1.50 10.12% 17.08 8.56 1290000 21052800
NYSE F Ford Motor Co. 15.22 14.31 0.91 6.36% 16.74 10.44 3970000 60423400
NYSE GM General Motors Co. 33.32 30.99 2.33 7.52% 38.99 24.62 1570000 52312400
NYSE HON Honeywell International, Inc. 98.50 100.32 -1.82 -1.81% 107.41 83.48 781760 77003360
NASD HDSN Hudson Technologies, Inc. 3.30 3.12 0.18 5.77% 4.80 2.45 32620 107646
NYSE IR Ingersoll-Rand Plc 54.25 56.48 -2.23 -3.95% 70.93 49.74 265350 14395237.5
NYSE JCI Johnson Controls, Inc. 44.21 40.94 3.27 7.99% 54.52 38.48 654070 28916434.7
NYSE LII Lennox International Inc. 117.82 123.19 -5.37 -4.36% 126.85 73.71 45030 5305434.6
NYSE LXU LSB Industries, Inc. 17.71 22.53 -4.82 -21.39% 47.33 14.52 22790 403610.9
NYSE MTW Manitowoc Co., Inc. 15.07 17.03 -1.96 -11.51% 23.15 13.86 136590 2058411.3
NYSE MLI Mueller Industries, Inc. 31.78 30.42 1.36 4.47% 37.18 28.01 56990 1811142.2
NYSE NWL Newell Rubbermaid, Inc. 42.42 42.50 -0.08 -0.19% 44.51 31.14 267800 11360076
OTC NSANY Nissan Motor Co. Ltd. 20.17 18.95 1.22 6.44% 21.75 16.65 2100000 42357000
NASD NTK Nortek, Inc. 62.80 77.90 -15.10 -19.38% 92.96 59.21 16270 1021756
NASD OFLX OmegaFlex, Inc. 36.45 37.62 -1.17 -3.11% 41.06 19.66 10090 367780.5
NYSE PH Parker-Hannifin Corp. 102.37 108.17 -5.80 -5.36% 133.41 93.47 136170 13939722.9
NYSE RBC Regal-Beloit Corp. 60.83 63.84 -3.01 -4.71% 81.36 54.51 44840 2727617.2
NYSE ROK Rockwell Automation 105.24 106.55 -1.31 -1.23% 127.05 98.47 134110 14113736.4
OTC SIEGY Siemens Aktiengesellschaft  96.68 96.36 0.32 0.33% 120.26 87.88 822420 79511565.6
NYSE SPWC SPX Corp.  11.80 14.12 -2.32 -16.41% 26.01 11.02 41100 484980
NYSE TXN Texas Instruments 52.43 48.30 4.13 8.55% 59.99 42.04 1030000 54002900
NYSE UTX United Technologies Corp. 93.18 92.68 0.50 0.54% 124.45 85.50 890600 82986108
NYSE WSO Watsco, Inc. 126.64 123.76 2.88 2.33% 132.23 87.98 27570 3491464.8

The HVACR Business Stock Index rose 32.35 points, or 2.91 percent, and ended at 1145.52. Advancing issues inched past declining issues at a 17-to-16 count.

Shares of DuPont jumped 8.40 points, or 17.39 percent after the company announced the retirement of Ella Kullman, chair and CEO. Kullman, CEO since 2009, is succeeded by interim CEO Edward Breen, member of DD's board of directors. Citi analyst P.J. Juvekar upgraded DuPont to "buy" from "neutral" and increased its price target to $63, from $58. DD ended at 56.70, and was the top dollar and percentage gainer.

Nortek has ended its review of strategic objectives and said it has decided to end discussions to sell the company. The company also announced it has acquired the HVAC distribution business Phoenix Wholesale, which was funded by available cash. The purchase is expected to generate between $15 million to $20 million in revenue over the next year. NTK tumbled 15.10 points, or 19.38 percent, and was the top dollar loser. Nortek closed at 62.80.

Texas Instruments rose 4.13 points, or 8.55 percent. TXN upped its dividend and announced a stock buy-back program. TXN increased its dividend by 12 percent, to $0.38 per share. The $7.5 billion share repurchase program was given no firm deadlines, but noted that the purchases will be made "over time." Texas Instruments ended at 52.43.


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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