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Wall Street Shrugs Off Hurricanes, Geopolitical Tensions

Originally published: 10.17.17 by Margot Crabtree


Wall Street continued to ignore devastating hurricanes in the US and saber rattling from North Korea, and strode ahead firmly as our trading session ended Oct. 16, 2017, with earnings season just kicking off.

Pressures on housing remained, as sales were pulled down by hurricanes and the widening shortage of available listings. The Commerce Department said that housing starts fell 0.8 percent in August, the second consecutive monthly drop.

The National Association of Home Builders/Wells Fargo builder sentiment index is still positive, though it fell to 64 in September, from August's 67. Sentiment was dampened by builders' concerns about the availability of skilled labor and the cost of building materials.

The Commerce Department reported that the economy grew faster than expected in the April-June quarter, as the gross domestic product (GDP) rose at 3.1 percent, up from the 3 percent increase expected. It was the fastest rate of growth in over two years. Consumer spending remains robust. Brakes are expected in the GDP, however, as the economy registers the impact of hurricanes.

The Labor Department reported that the US lost 33,000 jobs in September. The monthly drop was the first in almost seven years, but is expected to moderate as businesses re-open and


construction companies start reconstruction work. The Commerce Department reported that US factory orders gained 1.2 percent in August after a decline of 3.3 percent in July

As our session ended, markets inched backwards and forwards in a narrow range, hitting records and retreating; insurers took a dive after the White House said it would stop subsidy payments to insurers under the current health care law. The Commerce Department reported that September retail sales increased by 1.6 percent after a drop in August. Most of the uptick came from sales of cars as consumers replaced cars destroyed by hurricanes, and from a jump in gasoline prices.

"We're seeing a continuation of the strength in the market combined with low volatility," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "There seems to be money searching for stocks and looking for investments, simply because the momentum is still positive. Also we're entering a seasonal period where it's difficult to fight the tape. So I imagine there's cash coming in off the sidelines."

Exchange
Symbol
Company Name
Price
10/16/17
Price
9/15/17
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 34.30 32.95 1.35 4.10% 38.20 27.45 52600 1804180
NYSE ABB ABB Ltd. 24.97 24.43 0.54 2.21% 25.83 20.26 2130000 53186100
NYSE AOS AO Smith Corp. 61.21 58.22 2.99 5.14% 61.80 43.66 146420 8962368.2
NYSE FIX Comfort Systems USA, Inc. 36.80 34.60 2.20 6.36% 39.67 26.90 37120 1366016
NYSE DOV Dover Corp. 94.77 89.81 4.96 5.52% 95.14 65.50 155730 14758532.1
NASD ELON Echelon Corp. 5.00 4.69 0.31 6.61% 7.20 4.17 4450 22250
NYSE DWDP DowDuPont 70.93 69.86 1.07 1.53% 71.88 51.60 2340000 165976200
NYSE EME EMCOR Group, Inc. 70.40 68.00 2.40 3.53% 73.44 55.10 59180 4166272
NYSE EMR Emerson Electric Co. 64.44 62.35 2.09 3.35% 64.92 49.38 640020 41242888.8
NYSE FCAU Fiat Chrysler 17.67 16.66 1.01 6.06% 18.10 6.25 1540000 27211800
NYSE F Ford Motor Co. 12.12 11.62 0.50 4.30% 13.27 10.47 3900000 47268000
NYSE GM General Motors Co. 45.76 38.88 6.88 17.70% 46.11 30.21 1450000 66352000
NYSE HON Honeywell International, Inc. 143.75 138.95 4.80 3.45% 145.30 107.41 760570 109331937.5
NASD HDSN Hudson Technologies, Inc. 6.21 9.16 -2.95 -32.21% 10.40 5.55 41640 258584.4
NYSE IR Ingersoll-Rand Plc 91.30 89.44 1.86 2.08% 94.39 63.87 253670 23160071
NYSE JCI Johnson Controls, Inc. 41.75 39.81 1.94 4.87% 46.17 36.74 932400 38927700
NYSE LII Lennox International Inc. 181.09 167.53 13.56 8.09% 192.58 140.97 42180 7638376.2
NYSE LXU LSB Industries, Inc. 7.54 6.99 0.55 7.87% 11.71 4.52 28410 214211.4
NYSE MTW Manitowoc Co., Inc. 9.22 7.79 1.43 18.36% 9.97 3.65 140610 1296424.2
NYSE MLI Mueller Industries, Inc. 34.84 32.25 2.59 8.03% 43.96 27.72 57630 2007829.2
NYSE NWL Newell Rubbermaid, Inc. 42.75 43.20 -0.45 -1.04% 55.08 40.88 490100 20951775
OTC NSANY Nissan Motor Co. Ltd. 19.31 20.55 -1.24 -6.03% 20.91 18.06 3910000 75502100
NASD OFLX OmegaFlex, Inc. 62.13 66.14 -4.01 -6.06% 74.55 34.62 10090 626891.7
NYSE PH Parker-Hannifin Corp. 181.41 169.69 11.72 6.91% 181.94 118.77 133200 24163812
NYSE RBC Regal-Beloit Corp. 79.60 77.05 2.55 3.31% 87.50 56.45 44600 3550160
NYSE ROK Rockwell Automation 186.41 173.73 12.68 7.30% 186.49 115.36 128360 23927587.6
OTC SIEGY Siemens Aktiengesellschaft  70.33 69.72 0.61 0.87% 73.42 55.73 812830 57166333.9
NYSE SPXC SPX Corp.  29.63 26.32 3.31 12.58% 30.37 15.49 42520 1259867.6
NYSE TXN Texas Instruments 94.23 84.84 9.39 11.07% 94.41 66.80 990040 93291469.2
NYSE UTX United Technologies Corp. 119.01 113.08 5.93 5.24% 124.79 97.62 798770 95061617.7
NYSE WSO Watsco, Inc. 159.46 155.00 4.46 2.88% 163.95 128.60 27480 4381960.8

 

 
Price 10/16/17
Price 9/15/17
Net Change
Percent Change
HVACR Business Stock Index 1,578.76 1,516.98 61.79 4.07%
Dow Jones Industrial Average 22,956.96 22,268.34 688.62 3.09%
S&P 500 Index 2,557.64 2,500.23 57.41 2.30%
NASDAQ Composite 6,624.00 6,448.47 175.53 2.72%

 

Gainers/Losers
$ Gainer Lennox International Inc. 13.56
$ Loser OmegaFlex, Inc. -4.01
 
% Gainer Manitowoc Co., Inc. 18.36%
% Loser Hudson Technologies, Inc. -32.21%
 
Advancers 27
Decliners 4

 

The HVACR Business Stock Index jumped 61.79 points, or 4.07 percent, and ended at 1578.76, another record high close. Advancing issues dominated declining issues by a 27-to-4 count.

Lennox International soared 13.56 points, or 8.09 percent. Investment firm Cleveland Research started coverage on LII with a rating of "neutral." Wolfe Research re-stated its "peer perform" rating on Lennox. LII ended at 181.09, and was the top dollar gainer.

Hudson Technologies stumbled, shedding 2.95 points, or 32.21 percent. Hudson closed its purchase of the Airgas-Refrigerant unit of Airgas, a transaction which was valued at about $220 million. ARI is a refrigerant distributor and an EPA-certified reclaimer. HDSN ended at 6.21, and was the top percentage loser.

Manitowoc rose 1.43 points, or 18.36 percent, and closed at 9.22. MTW broke into new 52-week high territory, breaching 9.97. Manitowoc was the top percentage gainer.




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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