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Market Rout Sinks Stocks

Originally published: 09.17.15 by Margot Crabtree


The pincers of global economic health and the Federal Reserve's decision on interest rates squeezed stocks this session and created wide swings on Wall Street. As our trading session ended Sept. 15, 2015, just ahead of the Fed meeting, volatility still ruled.

The month began with the largest drop in U.S. stocks in almost four years. The sell-off from more news of shrinkage in the Chinese economy came even as economic data in the states showed continuing strength.

The National Association of Realtors said that sales of existing homes grew by 2 percent in July, the third straight month of increases and the most resilient pace in eight years. July single-family starts grew at the fastest rate since late 2007, as well.

The Commerce Department said that single family housing starts grew by 12.8 percent, and overall starts clocked in a 0.2 percent for the month. A day after a 1,000-point drop in the Dow industrials, markets posted the biggest one-day gain in four years.

The Commerce Department reported that consumer spending was up 0.3 percent in July, powered by wages and salaries that improved with the largest increase in eight months, and boosted by items like cars. The Conference Board said its


consumer confidence index swelled to 101.5 in August, following a July reading of 91.

As August ended, Wall Street closed out its worst month in three years. The Labor Department said that applications for unemployment benefits fell 6,000 to 275,000. Applications have been below the 300,000 mark for six months, a run not seen in 42 years.

In a separate report, the number of available jobs was up sharply in July to 5.75 million, an 8 percent gain. It is the highest level since records started in 2000.

"The debate around the Fed continues, but the Fed will do more damage waiting for December to raise rather than start the normalization process," said Art Hogan, chief market strategist at Wunderlich Securities. "If they don't raise rates this week, it's a bad signal."

Exchange
Symbol
Company Name
Price
8/15/14
Price
7/15/14
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 20.32 23.23 -2.91 -12.53% 25.17 16.78 54230 1101953.6
NYSE ABB ABB Ltd. 18.62 20.02 -1.40 -6.99% 23.66 18.22 2220000 41336400
NYSE ARG Airgas, Inc. 93.98 106.94 -12.96 -12.12% 119.00 92.51 74650 7015607
NYSE AOS AO Smith Corp. 69.74 70.29 -0.55 -0.78% 77.43 44.60 75730 5281410.2
NYSE FIX Comfort Systems USA, Inc. 28.95 29.33 -0.38 -1.30% 30.32 12.63 37390 1082440.5
NYSE DOV Dover Corp. 61.32 63.95 -2.63 -4.11% 86.13 55.50 156460 9594127.2
NASD ELON Echelon Corp. 0.60 0.54 0.06 11.11% 2.58 0.48 44100 26460
NYSE DD E. I. DuPont de Nemours & Co. 48.30 53.86 -5.56 -10.32% 76.59 47.88 904840 43703772
NYSE EME EMCOR Group, Inc. 46.38 47.91 -1.53 -3.19% 48.89 38.68 62800 2912664
NYSE EMR Emerson Electric Co. 46.32 49.60 -3.28 -6.61% 65.94 44.03 657140 30438724.8
NYSE FCAU Fiat Chrysler 14.82 15.59 -0.77 -4.94% 17.08 8.54 1290000 19117800
NYSE F Ford Motor Co. 14.31 14.78 -0.47 -3.18% 16.77 10.44 3970000 56810700
NYSE GM General Motors Co. 30.99 31.49 -0.50 -1.59% 38.99 24.62 1580000 48964200
NYSE HON Honeywell International, Inc. 100.32 106.08 -5.76 -5.43% 107.41 82.89 781760 78426163.2
NASD HDSN Hudson Technologies, Inc. 3.12 3.21 -0.09 -2.80% 4.80 2.45 32620 101774.4
NYSE IR Ingersoll-Rand Plc 56.48 61.55 -5.07 -8.24% 70.93 52.47 265350 14986968
NYSE JCI Johnson Controls, Inc. 40.94 45.50 -4.56 -10.02% 54.52 38.48 654070 26777625.8
NYSE LII Lennox International Inc. 123.19 125.05 -1.86 -1.49% 126.85 72.91 45030 5547245.7
NYSE LXU LSB Industries, Inc. 22.53 25.97 -3.44 -13.25% 47.33 21.87 22790 513458.7
NYSE MTW Manitowoc Co., Inc. 17.03 17.22 -0.19 -1.10% 27.57 14.89 136590 2326127.7
NYSE MLI Mueller Industries, Inc. 30.42 32.08 -1.66 -5.17% 37.18 27.10 56990 1733635.8
NYSE NWL Newell Rubbermaid, Inc. 42.50 43.50 -1.00 -2.30% 44.51 31.14 267800 11381500
OTC NSANY Nissan Motor Co. Ltd. 18.95 18.78 0.17 0.91% 21.75 16.65 2100000 39795000
NASD NTK Nortek, Inc. 77.90 74.63 3.27 4.38% 92.96 70.73 16270 1267433
NASD OFLX OmegaFlex, Inc. 37.62 32.83 4.79 14.59% 41.06 19.00 10090 379585.8
NYSE PH Parker-Hannifin Corp. 108.17 113.67 -5.50 -4.84% 133.41 99.74 138420 14972891.4
NYSE RBC Regal-Beloit Corp. 63.84 72.52 -8.68 -11.97% 81.36 62.15 44840 2862585.6
NYSE ROK Rockwell Automation 106.55 116.17 -9.62 -8.28% 127.05 98.55 134110 14289420.5
OTC SIEGY Siemens Aktiengesellschaft  96.36 106.60 -10.24 -9.61% 127.60 95.27 822420 79248391.2
NYSE SPW SPX Corp.  56.06 65.59 -9.53 -14.53% 103.27 52.03 41100 2304066
NYSE TXN Texas Instruments 48.30 50.64 -2.34 -4.62% 59.99 41.47 1030000 49749000
NYSE UTX United Technologies Corp. 92.68 98.70 -6.02 -6.10% 124.45 87.17 890600 82540808
NYSE WSO Watsco, Inc. 123.76 130.63 -6.87 -5.26% 132.23 84.28 27570 3412063.2

 

The HVACR Business Stock Index swooned with the national markets, and lost 68 points, or 5.76 percent, and closed at 1113.17. Declining issues dominated advancing issues by a 29-to-4 count.

Airgas tumbled 12.96 points, or 12.12 percent. Investment firm Baird cut its rating on ARG to "neutral" from "outperform." Zacks said that eight analysts have given Airgas a price target of $112.75. ARG closed at 93.98, and was the top dollar loser.

Nortek rose 3.27 points, or 4.38 percent. The Wall Street Journal reported that United Technologies is in talks to acquire Nortek. No details of the transaction were revealed, and neither company would report on the speculation. NTK closed at 77.90.

SPX Corp announced that its board has approved the spin-off of its flow technology unit into a separate publicly-traded company. Stakeholders will receive a distribution of one share of the new company, trading under the ticker FLOW, for each share of SPW common stock.

When the transfer is complete, SPW will trade under the ticker SPXC. SPW shed 9.53 points, or 14.53 percent, and was the top percentage loser. SPX Corp closed at 56.06.

 


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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