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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Stocks End Mixed on Earnings and Tariff Talk
Originally published: 08.16.18 by Margot Crabtree
Earnings and tariffs fueled a bumpy ride that closed mixed as our trading session ended August 15, 2018. The S&P 500 hit a 5-month high as our session began, but soon tech stocks and the unknown of tariffs eroded investor confidence.
When Google parent Alphabet posted strong earnings, that gave the S&P another pop, but then Twitter revealed a decline in monthly users and Facebook forecast a slower pace of revenue growth, which sent stock in both companies tumbling.
The Commerce Department reported that sales of new homes fell sharply in June, down 5.3 percent, as homebuilders face rising costs of lumber, and home buyers face rising mortgage rates. In a separate report, the department said that spending on construction fell 1.1 percent in June, the largest drop in over a year.
The Conference Board said that its consumer confidence index edged slightly higher in July, to 127.4, from the June reading of 127.1. The Federal Reserve said that industrial production, including output at utilities, factories and mines, increased 0.6 percent in June, from a 0.5 percent drop in May.
The Institute for Supply Management reported that its manufacturing index fell to 58.1 in July from 60.2 in June. The Commerce Department said
Our session closed out with economic turmoil in Turkey, which had U.S. and European stocks skidding.
“It was a classic risk-off move,” said Quincy Krosby, chief market strategist at Prudential Financial. “You worry about the collateral damage. You worry about the effects on Europe. You have banks losing because the 10-year U.S. Treasury came down.”
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 39.95 | 35.75 | 4.20 | 11.75% | 40.25 | 29.05 | 52260 | 2087787 |
| NYSE | ABB | ABB Ltd. | 22.12 | 21.63 | 0.49 | 2.27% | 28.67 | 21.22 | 2130000 | 47115600 |
| NYSE | AOS | AO Smith Corp. | 57.98 | 60.23 | -2.25 | -3.74% | 68.39 | 53.42 | 144540 | 8380429.2 |
| NYSE | FIX | Comfort Systems USA, Inc. | 55.40 | 48.30 | 7.10 | 14.70% | 59.05 | 32.45 | 37040 | 2052016 |
| NYSE | DOV | Dover Corp. | 82.35 | 74.91 | 7.44 | 9.93% | 88.09 | 67.04 | 147700 | 12163095 |
| NASD | ELON | Echelon Corp. | 8.40 | 8.29 | 0.11 | 1.33% | 8.49 | 4.07 | 4540 | 38136 |
| NYSE | DWDP | DowDuPont | 66.46 | 66.36 | 0.10 | 0.15% | 77.08 | 61.27 | 2310000 | 153522600 |
| NYSE | EME | EMCOR Group, Inc. | 76.55 | 77.35 | -0.80 | -1.03% | 85.08 | 62.15 | 58180 | 4453679 |
| NYSE | EMR | Emerson Electric Co. | 73.56 | 70.58 | 2.98 | 4.22% | 75.25 | 57.47 | 630090 | 46349420.4 |
| NYSE | FCAU | Fiat Chrysler | 15.61 | 19.43 | -3.82 | -19.66% | 24.95 | 12.47 | 1540000 | 24039400 |
| NYSE | F | Ford Motor Co. | 9.45 | 10.98 | -1.53 | -13.93% | 13.48 | 9.35 | 3910000 | 36949500 |
| NYSE | GM | General Motors Co. | 35.94 | 39.36 | -3.42 | -8.69% | 46.76 | 34.50 | 1410000 | 50675400 |
| NYSE | HON | Honeywell International, Inc. | 153.18 | 147.50 | 5.68 | 3.85% | 165.13 | 134.50 | 742610 | 113752999.8 |
| NASD | HDSN | Hudson Technologies, Inc. | 1.83 | 2.16 | -0.33 | -15.28% | 9.80 | 1.58 | 42400 | 77592 |
| NYSE | IR | Ingersoll-Rand Plc | 97.90 | 91.05 | 6.85 | 7.52% | 99.00 | 79.63 | 245310 | 24015849 |
| NYSE | JCI | Johnson Controls, Inc. | 37.55 | 35.12 | 2.43 | 6.92% | 42.60 | 32.89 | 924920 | 34730746 |
| NYSE | LII | Lennox International Inc. | 222.08 | 215.09 | 6.99 | 3.25% | 224.24 | 160.18 | 40260 | 8940940.8 |
| NYSE | LXU | LSB Industries, Inc. | 6.73 | 6.97 | -0.24 | -3.44% | 10.05 | 4.75 | 28610 | 192545.3 |
| NYSE | MTW | Manitowoc Co., Inc. | 21.82 | 27.39 | -5.57 | -20.34% | 44.03 | 21.18 | 35540 | 775482.8 |
| NYSE | MLI | Mueller Industries, Inc. | 31.01 | 29.62 | 1.39 | 4.69% | 37.57 | 25.26 | 57590 | 1785865.9 |
| NYSE | NWL | Newell Brands, Inc. | 20.89 | 27.80 | -6.91 | -24.86% | 50.90 | 20.21 | 485700 | 10146273 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 18.57 | 18.19 | 0.38 | 2.09% | 22.14 | 18.11 | 3910000 | 72608700 |
| NASD | OFLX | OmegaFlex, Inc. | 86.55 | 82.96 | 3.59 | 4.33% | 95.00 | 53.50 | 10090 | 873289.5 |
| NYSE | PH | Parker-Hannifin Corp. | 166.49 | 161.51 | 4.98 | 3.08% | 212.80 | 152.47 | 132960 | 22136510.4 |
| NYSE | RBC | Regal-Beloit Corp. | 80.40 | 82.45 | -2.05 | -2.49% | 86.65 | 67.84 | 43450 | 3493380 |
| NYSE | ROK | Rockwell Automation | 171.69 | 171.07 | 0.62 | 0.36% | 210.72 | 155.81 | 123170 | 21147057.3 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 62.31 | 68.22 | -5.91 | -8.66% | 77.17 | 61.68 | 812830 | 50647437.3 |
| NYSE | SPXC | SPX Corp. | 33.93 | 36.61 | -2.68 | -7.32% | 39.28 | 23.41 | 43050 | 1460686.5 |
| NYSE | TXN | Texas Instruments | 109.60 | 115.14 | -5.54 | -4.81% | 120.75 | 79.60 | 972200 | 106553120 |
| NYSE | UTX | United Technologies Corp. | 131.75 | 129.51 | 2.24 | 1.73% | 139.24 | 109.10 | 800090 | 105411857.5 |
| NYSE | WSO | Watsco, Inc. | 170.05 | 184.06 | -14.01 | -7.61% | 192.94 | 141.61 | 29050 | 4939952.5 |
|
|
Price 8/15/18 |
Price 7/13/18 |
Net Change |
Percent Change |
| HVACR Business Stock Index | 1,511.08 | 1,538.98 | -27.90 | -1.81% |
| Dow Jones Industrial Average | 25,162.41 | 25,019.41 | 143.00 | 0.57% |
| S&P 500 Index | 2,818.37 | 2,801.31 | 17.06 | 0.61% |
| NASDAQ Composite | 7,774.12 | 7,825.98 | -51.86 | -0.66% |
Gainers/Losers |
||||
| $ Gainer | Dover Corp. | 7.44 | ||
| $ Loser | Watsco, Inc. | -14.01 | ||
| % Gainer | Comfort Systems USA, Inc. | 14.70% | ||
| % Loser | Newell Brands, Inc. | -24.86% | ||
| Advancers | 17 | |||
| Decliners | 14 | |||
The HVACR Business Stock Index slid 27.90 points, or 1.81 percent, and closed at 1511.08. However, advancing issues outpaced declining issues at a 17-to-14 count.
Watsco tumbled 14.01 points, or 7.61 percent, and closed at 170.05 after missing second quarter estimates. WSO earned net income of $90 million, or $2.40 per share, compared to last year’s net income of $2.07 per share. Revenue was $1.33 billion versus $1.28 billion in the year-ago quarter. Analysts polled by Zacks Investment Service expected earnings of $2.47 per share. Watsco was the top dollar loser.
Dover jumped 7.44 points, or 9.93 percent after beating on revenue and earnings for the second quarter. DOV posted net income of $140 million, or $0.91 per share. Adjusted for one-time items, Dover earned $1.30 per share. Revenue was $1.8 billion. Analysts surveyed by Zacks expected earnings of $1.21 per share and revenue of $1.78 billion. DOV ended at 82.35, and was the top dollar gainer.
Newell Brands fell 6.91 points, or 24.86 per share after exceeding on revenue but falling short on revenue. For the second quarter, NWL earned $131.7 million, or $0.27 per share. Adjusted for one-time items, Newell earned $0.82 per share. Revenue was $2.2 billion.
Analysts polled by Zacks expected earnings of $0.78 per share and revenue of $3.84 billion. The company’s stock also fell after warning that tariff wars could cost the company up to $100 million over a year. Newell closed at 20.89, and was the top percentage loser.
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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View article.