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Month Littered with Record High Closes

Originally published: 08.17.16 by Margot Crabtree


It was not a powerhouse month, but more of a "slow and steady wins the race" trajectory as our trading session ended August 15, 2016.

Earnings led the way, and our month began with a new high for the S&P 500. The Labor Department said that 287,000 jobs were added to the economy in June, the biggest increase this year.

In July, 255,000 jobs were added, far outstripping the 180,000 jobs expected by economists.

The National Association of Realtors reported that sales of existing homes rose 1.1 percent in June, to the highest level since February, 2007. The Commerce Department said that housing starts increased in June by 4.8 percent, and single-family homes improved 4.4 percent.

The National Association of Home Builders/Wells Fargo builder confidence index was revised downward to 58 in July, from 60 in June, but snapped back to 60 in August, with stronger new home sales and home prices.

The Commerce Department said that new home sales rose 3.5 percent in June to a seasonally-adjusted 592,000, the highest level since February 2008.

In the last week of our session, though trading was lackluster, the three major indices notched record highs, twice; the last time this happened was in 1999. Despite the record


highs, investors are wary.

"The market has run up in anticipation of better earnings ahead," said Brian Nick, chief investment strategist for TIAA Investments. "If those earnings don't come, we have the Wile E. Coyote moment where we're off the cliff ... and we're gonna fall."

Exchange
Symbol
Company Name
Price
8/15/16
Price
7/15/16
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 27.32 28.11 -0.79 -2.81% 28.70 18.85 52920 1445774.4
NYSE ABB ABB Ltd. 22.13 20.00 2.13 10.65% 22.16 15.74 2160000 47800800
NYSE AOS AO Smith Corp. 94.75 90.96 3.79 4.17% 95.03 50.09 74430 7052242.5
NYSE FIX Comfort Systems USA, Inc. 29.21 31.93 -2.72 -8.52% 35.00 24.22 37130 1084567.3
NYSE DOV Dover Corp. 74.44 73.11 1.33 1.82% 74.74 50.91 155220 11554576.8
NASD ELON Echelon Corp. 5.19 4.86 0.33 6.79% 7.50 4.41 4420 22939.8
NYSE DD E. I. DuPont de Nemours & Co. 68.64 67.16 1.48 2.20% 75.72 47.11 874330 60014011.2
NYSE EME EMCOR Group, Inc. 57.28 51.87 5.41 10.43% 57.39 40.98 60800 3482624
NYSE EMR Emerson Electric Co. 54.71 56.23 -1.52 -2.70% 56.82 41.25 643540 35208073.4
NYSE FCAU Fiat Chrysler 6.96 6.75 0.21 3.11% 10.89 5.45 1290000 8978400
NYSE F Ford Motor Co. 12.43 13.57 -1.14 -8.40% 15.84 10.44 3980000 49471400
NYSE GM General Motors Co. 31.86 30.77 1.09 3.54% 36.88 24.62 1560000 49701600
NYSE HON Honeywell International, Inc. 116.84 119.23 -2.39 -2.00% 120.02 87.00 760880 88901219.2
NASD HDSN Hudson Technologies, Inc. 5.37 3.50 1.87 53.43% 5.63 2.45 33610 180485.7
NYSE IR Ingersoll-Rand Plc 68.30 67.94 0.36 0.53% 68.69 47.08 258000 17621400
NYSE JCI Johnson Controls, Inc. 44.32 43.98 0.34 0.77% 47.32 33.62 637750 28265080
NYSE LII Lennox International Inc. 157.76 148.00 9.76 6.59% 159.60 105.65 43470 6857827.2
NYSE LXU LSB Industries, Inc. 11.66 13.42 -1.76 -13.11% 27.00 3.68 27960 326013.6
NYSE MTW Manitowoc Co., Inc. 4.81 5.64 -0.83 -14.72% 17.68 4.00 137020 659066.2
NYSE MLI Mueller Industries, Inc. 34.48 35.32 -0.84 -2.38% 35.52 23.09 57170 1971221.6
NYSE NWL Newell Rubbermaid, Inc. 54.89 48.69 6.20 12.73% 55.45 33.26 456680 25067165.2
OTC NSANY Nissan Motor Co. Ltd. 19.74 19.67 0.07 0.36% 21.92 16.57 2100000 41454000
NASD NTK Nortek, Inc. 85.99 86.62 -0.63 -0.73% 92.96 33.85 16010 1376699.9
NASD OFLX OmegaFlex, Inc. 35.47 35.67 -0.20 -0.56% 43.20 27.51 10090 357892.3
NYSE PH Parker-Hannifin Corp. 124.12 113.68 10.44 9.18% 124.49 83.32 134680 16716481.6
NYSE RBC Regal-Beloit Corp. 64.18 60.08 4.10 6.82% 73.17 47.77 44730 2870771.4
NYSE ROK Rockwell Automation 118.86 119.16 -0.30 -0.25% 120.75 87.53 129400 15380484
OTC SIEGY Siemens Aktiengesellschaft  119.47 104.57 14.90 14.25% 120.31 86.58 808890 96638088.3
NYSE SPXC SPX Corp.  18.40 16.05 2.35 14.64% 18.82 7.62 41610 765624
NYSE TXN Texas Instruments 70.33 64.85 5.48 8.45% 72.58 43.49 1000000 70330000
NYSE UTX United Technologies Corp. 109.69 105.50 4.19 3.97% 109.83 83.39 836930 91802851.7
NYSE WSO Watsco, Inc. 146.13 138.90 7.23 5.21% 146.25 106.58 27520 4021497.6

 

The HVACR Business Stock Index rose 46.39 points, or 3.80 percent, and ended at 12269.80. Advancing issues easily outpaced declining issues by a 21-to-11 count.

Siemens soared 14.90 points, or 14.25 percent, and closed at 119.47. For its third quarter Siemens earned 1.372 billion euros, or 1.64 euros per share ($1.53 billion and $1.83 per share). This compares to last year's 1.378 euros or 1.65 euros per share. Revenue was up 5 percent, to 19.80 billion euros ($22.12 billion).

Analysts expected earnings of 1.2 billion euros, or $1.34 billion. The company also upped its full-year forecast, to range between 6.50 euros and 6.70 euros. Its previous forecast was between 6 euros and 6.40 euros. Siemens was the top dollar gainer.

Despite beating estimates for second quarter earnings, Comfort Systems slid 2.72 points, or 8.52 percent. FIX earned net income of $17.7 million, or $0.47 per share, versus last year's $13.4 million, or $0.35 per share. Revenue was $427.5 million, compared to $416.6 million a year ago.

Analysts polled by Thomson Reuters expected earnings of $0.43 per share. Zacks cut its rating on Comfort Systems to "hold" from "buy," and Sidoti cut its rating to "neutral" from "buy." FIX ended at 29.21, and was the top dollar loser.

Hudson rose 1.87 points, or 53.43 percent. HDSN posted net income of $4.8 million, or $0.14 per share. Revenues were up 21 percent from a year ago, to $34.6 million. Analysts polled by Zacks expected earnings of $0.11 per share and revenue of $34.2 million.

Hudson shares jumped following news of a five-year, $400 million contract from the U.S. Defense Logistics Agency. Hudson closed at 5.37, and was the top percentage gainer.

 


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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