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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Techs End Strong, Other Markets Falter
Originally published: 09.01.14 by Margot Crabtree
turbulent session ended in mostly negative terrain as geopolitical pressures joined with variable economic data. As our trading session ended August 15, 2014, the sell-off moderated but only the technology sector remained in positive terrain.
Despite starting out strong, markets headed south by the end of July, and the S&P entered August with its largest weekly loss since 2012. Argentine debt was the initial front-runner in global pressure. Portugal's troubled Banco Espirito Santo tumbled 40 percent after reporting its loss for the second quarter.
The U.S. added 209,000 jobs in July, but fewer in that month than in the previous three months. The Thomson Reuters/University of Michigan
final consumer sentiment index for July was 81.8, from the June reading of 82.5 and below the estimate of 82. Factory orders grew beyond expectations, up 1.1 percent versus the 0.6 forecast.
Things improved in our last week, but the Ebola outbreak in Africa and tensions in Gaza kept the pressure on. The Federal Reserve said that manufacturing production gained 1 percent in July compared to June, and June's was revised slightly higher, to a 0.3 percent rise.
Retail sales were soft in July, however, the weakest since January.
"Consumers are finding they can live
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
Percent
|
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 18.54 | 21.32 | -2.78 | -13.04% | 23.09 | 15.43 | 55010 | 1019885.4 |
| NYSE | ABB | ABB Ltd. | 22.62 | 22.77 | -0.15 | -0.66% | 27.25 | 21.31 | 2290000 | 51799800 |
| NYSE | ARG | Airgas, Inc. | 108.42 | 109.76 | -1.34 | -1.22% | 113.16 | 99.32 | 74530 | 8080542.6 |
| NYSE | AOS | AO Smith Corp. | 48.20 | 47.64 | 0.56 | 1.18% | 55.18 | 41.31 | 90030 | 4339446 |
| NYSE | FIX | Comfort Systems USA, Inc. | 14.65 | 15.55 | -0.90 | -5.79% | 20.95 | 13.28 | 37710 | 552451.5 |
| NYSE | DOV | Dover Corp. | 87.38 | 88.12 | -0.74 | -0.84% | 91.84 | 67.78 | 166550 | 14553139 |
| NASD | ELON | Echelon Corp. | 2.05 | 2.33 | -0.28 | -12.02% | 4.18 | 1.77 | 43540 | 89257 |
| NYSE | DD | E. I. DuPont de Nemours & Co. | 65.25 | 64.58 | 0.67 | 1.04% | 69.75 | 56.09 | 915240 | 59719410 |
| NYSE | EME | EMCOR Group, Inc. | 41.58 | 44.09 | -2.51 | -5.69% | 48.00 | 36.26 | 67030 | 2787107.4 |
| NYSE | EMR | Emerson Electric Co. | 62.97 | 67.50 | -4.53 | -6.71% | 70.66 | 60.14 | 697920 | 43948022.4 |
| NYSE | F | Ford Motor Co. | 17.31 | 17.54 | -0.23 | -1.31% | 18.12 | 14.40 | 3930000 | 68028300 |
| NYSE | GM | General Motors Co. | 33.84 | 37.58 | -3.74 | -9.95% | 41.85 | 31.70 | 1600000 | 54144000 |
| NYSE | HON | Honeywell International, Inc. | 94.23 | 95.96 | -1.73 | -1.80% | 98.09 | 78.88 | 782540 | 73738744.2 |
| NASD | HDSN | Hudson Technologies, Inc. | 2.79 | 3.08 | -0.29 | -9.42% | 4.00 | 1.75 | 32030 | 89363.7 |
| NYSE | IR | Ingersoll-Rand Plc | 60.55 | 61.59 | -1.04 | -1.69% | 64.77 | 47.06 | 267510 | 16197730.5 |
| NYSE | JCI | Johnson Controls, Inc. | 47.33 | 50.93 | -3.60 | -7.07% | 52.50 | 39.42 | 666080 | 31525566.4 |
| NYSE | LII | Lennox International Inc. | 84.05 | 87.40 | -3.35 | -3.83% | 94.69 | 67.56 | 48570 | 4082308.5 |
| NYSE | LXU | LSB Industries, Inc. | 38.87 | 37.56 | 1.31 | 3.49% | 42.41 | 29.39 | 22600 | 878462 |
| NYSE | MTW | Manitowoc Co., Inc. | 27.54 | 31.63 | -4.09 | -12.93% | 33.50 | 18.12 | 135300 | 3726162 |
| NYSE | NWL | Newell Rubbermaid, Inc. | 33.28 | 31.56 | 1.72 | 5.45% | 33.71 | 24.32 | 273800 | 9112064 |
| NYSE | MLI | Mueller Industries, Inc. | 28.84 | 28.03 | 0.81 | 2.89% | 32.13 | 26.50 | 56710 | 1635516.4 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 19.39 | 19.46 | -0.07 | -0.36% | 21.33 | 16.45 | 2100000 | 40719000 |
| NASD | OFLX | OmegaFlex, Inc. | 17.65 | 19.41 | -1.76 | -9.07% | 24.99 | 15.93 | 10090 | 178088.5 |
| NYSE | PH | Parker-Hannifin Corp. | 112.78 | 123.49 | -10.71 | -8.67% | 130.44 | 99.75 | 148970 | 16800836.6 |
| NYSE | RBC | Regal-Beloit Corp. | 70.50 | 77.93 | -7.43 | -9.53% | 80.41 | 62.93 | 45180 | 3185190 |
| NYSE | ROK | Rockwell Automation | 114.29 | 123.24 | -8.95 | -7.26% | 128.57 | 96.20 | 137870 | 15757162.3 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 122.02 | 125.34 | -3.32 | -2.65% | 139.28 | 105.68 | 841860 | 102723757.2 |
| NYSE | SPW | SPX Corp. | 101.42 | 106.68 | -5.26 | -4.93% | 111.47 | 73.15 | 42560 | 4316435.2 |
| NYSE | TXN | Texas Instruments | 47.56 | 48.66 | -1.10 | -2.26% | 49.77 | 38.00 | 1070000 | 50889200 |
| NYSE | UTX | United Technologies Corp. | 105.63 | 114.84 | -9.21 | -8.02% | 120.66 | 99.50 | 914810 | 96631380.3 |
| NYSE | WSO | Watsco, Inc. | 92.36 | 98.54 | -6.18 | -6.27% | 105.39 | 86.98 | 32300 | 2983228 |
The HVACR Business Stock Index slid 53.88 points, or 4.08 percent, and closed at 1266.34. Declining issues flattened advancing issues by a 26-to-5 count.
Parker Hannifin shares tumbled, although second quarter profit rose 11 percent. PH earned $301.2 million, or $1.98 per share, versus $271.1 million, or $1.78 per share in the same quarter last year. Revenue was up 3 percent to $3.53 billion. On an adjusted basis, earnings were $2.06 per share; analysts expected earnings of $2.07 per share and $3.57 billion in revenue. PH also guided lower for the year. PH fell 10.71 points, or 8.67 percent and was the top dollar loser. PH closed at 112.78.
Newell Rubbermaid bested estimates and posted a 37 increase in second-quarter profit. NWL earned net income of $150.6 million, or $0.54 per share, versus net income of $109.8 million, or $0.37 per share in the year-ago quarter. Net sales were $1.52 billion, from last year's $1.47 billion. Adjusted income was $0.59 per share, compared to the Zacks consensus average of $0.54 per share. NWL cited stronger sales volume. NWL rose 1.72 points, or 5.45 percent, and closed at 33.28. Newell Rubbermaid was the top dollar and percentage gainer.
United Technologies fell 9.21 points, or 8.02 percent this session. Second quarter net income was $1.68 billion, or $1.84 per share, compared to net income of $1.56 billion, or $1.71 per share last year. Revenue was up 7 percent, to $17.2 billion. Analysts expected earnings of $1.71 per share.
"A little bit slower order growth may have spooked some people," said Edward Jones analyst Christian Mayes. "We have had strong growth the last few quarters and it slowed down a bit."
UTX closed at 105.63.
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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