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Stocks Push Higher Despite Trade Concerns

Originally published: 09.17.18 by Margot Crabtree


Largely positive economic data toyed with potential trade negotiations with China and technology stimulated markets as our trading session ended Sept. 14, 2018.

Trade talks between the U.S. and Canada on the North American Free Trade Agreement (NAFTA) faltered when a deal could not be reached. The pace of hiring rose in August and pay shot up at the fastest rate in nine years. The Labor Department reported the addition of 201,000 jobs created in August; the unemployment rate remained at 3.9 percent, near an 18-year low.

The Institute for Supply Management said that its manufacturing index rose to 61.3 in August, from July’s 58.1 reading. Sixteen of eighteen manufacturing industries expanded in August, with highest gains in clothing, textiles, paper and electronic equipment.

The Conference Board rose to an 18-year high, to 133.4 in August, from July’s 127.9. The Commerce Department reported that construction projects increased 0.1 percent in July, with a 12-month increase of 5.8 percent. The Commerce Department said that retail sales slowed a bit, but core sales remained solid. August retail numbers grew 0.1 percent, up from an earlier report of a 0.5 percent gain.

Economists surveyed by Reuters expected an increase of 0.4 percent. Annual wage growth expanded


at its strongest pace in over nine years in August, with a record 6.9 million job openings in July.

The Federal Reserve said that industrial production increased by a sturdy 0.4 percent in August; the figure includes factory output, mines and utilities. Factory production was up 0.2 percent in August, boosted by automakers. The Labor Department reported that consumer prices increased 2.7 percent in August year-over-year, up 0.2 percent from July.

That reflects a softening of inflation, as the July rate was 2.9 percent for the year. Separately, the department said that the Producer Price Index fell in August for the first time since Feb. 2017, weighed by lower prices in transportation and warehousing. The wholesale price of goods slid 0.1 percent in August after a flat July. The Federal Reserve reported that consumer debt was up by a seasonally adjusted $16.6 billion in July, up from a gain of $8.5 percent in June.

“The seas are calm for the economy with enough wind in the sails to keep the expansion on track and not enough inflation pressures out there to halt the economy’s forward progress,” said Chris Rupkey, chief economist at MUFG.

Exchange
Symbol
Company Name
Price
9/14/18
Price
8/15/18
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 40.20 39.95 0.25 0.63% 43.30 29.05 52260 2100852
NYSE ABB ABB Ltd. 23.96 22.12 1.84 8.32% 28.67 21.22 2130000 51034800
NYSE AOS AO Smith Corp. 59.36 57.98 1.38 2.38% 68.39 56.30 144540 8579894.4
NYSE FIX Comfort Systems USA, Inc. 56.50 55.40 1.10 1.99% 59.05 33.85 37040 2092760
NYSE DOV Dover Corp. 88.48 82.35 6.13 7.44% 88.71 70.11 147700 13068496
NASD ELON Echelon Corp. 8.46 8.40 0.06 0.71% 8.49 4.07 4540 38408.4
NYSE DWDP DowDuPont 68.58 66.46 2.12 3.19% 77.08 61.27 2310000 158419800
NYSE EME EMCOR Group, Inc. 77.12 76.55 0.57 0.74% 85.08 66.88 58180 4486841.6
NYSE EMR Emerson Electric Co. 77.54 73.56 3.98 5.41% 78.00 57.47 628470 48731563.8
NYSE FCAU Fiat Chrysler 17.50 15.61 1.89 12.11% 24.95 15.33 1550000 27125000
NYSE F Ford Motor Co. 9.45 9.45 0.00 0.00% 13.48 9.22 3910000 36949500
NYSE GM General Motors Co. 34.63 35.94 -1.31 -3.64% 46.76 33.44 1410000 48828300
NYSE HON Honeywell International, Inc. 165.11 153.18 11.93 7.79% 166.01 137.18 742610 122612337.1
NASD HDSN Hudson Technologies, Inc. 1.39 1.83 -0.44 -24.04% 9.80 1.39 42400 58936
NYSE IR Ingersoll-Rand Plc 103.40 97.90 5.50 5.62% 104.25 79.63 245310 25365054
NYSE JCI Johnson Controls, Inc. 38.00 37.55 0.45 1.20% 42.60 32.89 924920 35146960
NYSE LII Lennox International Inc. 226.09 222.08 4.01 1.81% 229.98 164.72 40260 9102383.4
NYSE LXU LSB Industries, Inc. 9.09 6.73 2.36 35.07% 10.05 4.75 28610 260064.9
NYSE MTW Manitowoc Co., Inc. 22.98 21.82 1.16 5.32% 44.03 21.18 35540 816709.2
NYSE MLI Mueller Industries, Inc. 28.97 31.01 -2.04 -6.58% 37.57 25.26 57590 1668382.3
NYSE NWL Newell Brands, Inc. 21.70 20.89 0.81 3.88% 43.99 20.21 472500 10253250
OTC NSANY Nissan Motor Co. Ltd. 18.98 18.57 0.41 2.21% 22.14 18.11 3910000 74211800
NASD OFLX OmegaFlex, Inc. 75.24 86.55 -11.31 -13.07% 95.00 53.50 10090 759171.6
NYSE PH Parker-Hannifin Corp. 187.15 166.49 20.66 12.41% 212.80 152.47 132360 24771174
NYSE RBC Regal-Beloit Corp. 84.90 80.40 4.50 5.60% 86.65 67.84 43450 3688905
NYSE ROK Rockwell Automation 191.60 171.69 19.91 11.60% 210.72 155.81 123170 23599372
OTC SIEGY Siemens Aktiengesellschaft  63.65 62.31 1.34 2.15% 77.17 61.68 814100 51817465
NYSE SPXC SPX Corp.  34.65 33.93 0.72 2.12% 39.28 25.90 43050 1491682.5
NYSE TXN Texas Instruments 105.36 109.60 -4.24 -3.87% 120.75 82.87 972200 102430992
NYSE UTX United Technologies Corp. 137.80 131.75 6.05 4.59% 139.24 112.65 800090 110252402
NYSE WSO Watsco, Inc. 183.35 170.05 13.30 7.82% 192.94 152.25 29050 5326317.5
 
 
Price 9/14/18
Price 8/15/18
Net Change
Percent Change
HVACR Business Stock Index 1,563.29 1,511.08 52.22 3.46%
Dow Jones Industrial Average 26,154.67 25,162.41 992.26 3.94%
S&P 500 Index 2,904.98 2,818.37 86.61 3.07%
NASDAQ Composite 8,010.04 7,774.12 235.92 3.03%

 

Gainers/Losers
$ Gainer Parker-Hannifin Corp. 20.66
$ Loser OmegaFlex, Inc. -11.31
 
% Gainer LSB Industries, Inc. 35.07%
% Loser Hudson Technologies, Inc. -24.04%
 
Advancers 25
Decliners 5
Unchanged 1

The HVACR Business Stock Index rose 52.22 points, or 3.46 percent, and ended at 1563.29. Advancing issues dominated declining issues by a 5-to-1 margin.

Parker-Hannifin soared 20.66 points, or 12.41 percent. Research firm Buckingham upped its rating on PH to “buy” from “neutral.” PH closed at 187.15, and was the top dollar gainer.

Omega Flex tumbled 11.31 points, or 13.07 percent, and closed at 75.24. OFLX directors declared a regular quarterly dividend of $0.24 per share. It is payable on Oct. 2, 2018, to shareholders of record as of Sept. 21. OFLX was the top dollar loser.

Rockwell jumped 19.91 points, or 11.60 percent. Investment firm Morgan Stanley re-started coverage on ROK with a rating of “underweight.” Their price target is $163. Rockwell closed at 191.60.




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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