Most Markets Back Away from Post-Election Rally
Originally published: 01.17.17 by Margot Crabtree
The Dow industrials played peek-a-boo with 20,000 for most of our session, but pulled back as our trading session ended January 13, 2017.
The Commerce Department reported that a data calculation for business investment increased by 0.9 percent in November following a small rise in October, however, that followed a 1.5 percent decrease in September. The Commerce Department said that November factory orders dropped, the first decline in five months, down 2.4 percent.
The National Association of Realtors said that its November pending home sales index slid 2.5 percent, to 107.3, the weakest reading since the start of 2016. However, the Commerce Department reported that November new home sales were up 5.2 percent; sales were 16.5 percent ahead of last year.
The Conference Board reported that its December consumer confidence index improved to 113.7, from an upwardly-revised reading of 109.4 in November, above a Reuters estimate of 109. Markets began 2017 with a rush, and the Dow industrials topped out at 19,999.63 before closing below that number.
The Commerce Department said that retail sales increased 0.6 percent in December, powered by car sales, which gained 2.4 percent in the month. Excluding cars and gas, retail sales were unchanged from November. The Institute for Supply Management’s services index was 57.2 in December, unchanged from the month before, but the best reading since October 2015; the industry has improved for 83 consecutive months.
The Labor Department said that wholesale prices, as enumerated by the Producer Price Index, rose 0.3 percent in December, pushed by food, gas and cars. The Labor Department said that weekly applications for jobless benefits increased by 10,000, but still near historic lows.
The department reported that employers posted more jobs in November, up 1.3 percent, and hiring rose 1.1 percent. Quits also increased, suggesting strength in the labor market ahead. Thomson Reuters said it expects companies to report their best earnings growth in three years.
“The positive outlook for the U.S. economy has not changed since November,” said Kathy Lien, managing director of FX strategy at BK Asset Management. “American companies are adding jobs, paying more wages and optimism is on the rise.”
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 32.90 | 32.75 | 0.15 | 0.46% | 34.16 | 19.06 | 52760 | 1735804 |
| NYSE | ABB | ABB Ltd. | 22.48 | 20.97 | 1.51 | 7.20% | 22.92 | 15.74 | 2140000 | 48107200 |
| NYSE | AOS | AO Smith Corp. | 48.46 | 48.61 | -0.15 | -0.31% | 51.49 | 30.15 | 147700 | 7157542 |
| NYSE | FIX | Comfort Systems USA, Inc. | 33.80 | 34.20 | -0.40 | -1.17% | 35.25 | 24.22 | 36910 | 1247558 |
| NYSE | DOV | Dover Corp. | 79.65 | 76.03 | 3.62 | 4.76% | 81.49 | 50.91 | 155350 | 12373627.5 |
| NASD | ELON | Echelon Corp. | 4.75 | 5.26 | -0.51 | -9.70% | 6.70 | 4.17 | 4430 | 21042.5 |
| NYSE | DD | E. I. DuPont de Nemours & Co. | 73.60 | 74.89 | -1.29 | -1.72% | 75.86 | 50.88 | 869340 | 63983424 |
| NYSE | EME | EMCOR Group, Inc. | 68.96 | 72.53 | -3.57 | -4.92% | 73.44 | 40.98 | 60650 | 4182424 |
| NYSE | EMR | Emerson Electric Co. | 57.12 | 56.18 | 0.94 | 1.67% | 58.28 | 41.25 | 644450 | 36810984 |
| NYSE | FCAU | Fiat Chrysler | 9.73 | 8.73 | 1.00 | 11.45% | 11.32 | 5.45 | 1290000 | 12551700 |
| NYSE | F | Ford Motor Co. | 12.63 | 12.58 | 0.05 | 0.40% | 14.22 | 11.02 | 3900000 | 49257000 |
| NYSE | GM | General Motors Co. | 37.34 | 36.24 | 1.10 | 3.04% | 38.16 | 26.69 | 1520000 | 56756800 |
| NYSE | HON | Honeywell International, Inc. | 118.07 | 116.34 | 1.73 | 1.49% | 120.02 | 93.71 | 762120 | 89983508.4 |
| NASD | HDSN | Hudson Technologies, Inc. | 7.84 | 7.66 | 0.18 | 2.35% | 8.50 | 2.64 | 41410 | 324654.4 |
| NYSE | IR | Ingersoll-Rand Plc | 77.27 | 77.23 | 0.04 | 0.05% | 79.21 | 47.08 | 258330 | 19961159.1 |
| NYSE | JCI | Johnson Controls, Inc. | 43.66 | 42.42 | 1.24 | 2.92% | 48.97 | 28.94 | 935800 | 40857028 |
| NYSE | LII | Lennox International Inc. | 149.38 | 157.30 | -7.92 | -5.03% | 164.57 | 105.65 | 43050 | 6430809 |
| NYSE | LXU | LSB Industries, Inc. | 8.16 | 8.19 | -0.03 | -0.37% | 15.50 | 3.68 | 27910 | 227745.6 |
| NYSE | MTW | Manitowoc Co., Inc. | 5.96 | 5.90 | 0.06 | 1.02% | 17.40 | 3.65 | 138770 | 827069.2 |
| NYSE | MLI | Mueller Industries, Inc. | 39.50 | 40.54 | -1.04 | -2.57% | 41.81 | 23.09 | 57380 | 2266510 |
| NYSE | NWL | Newell Rubbermaid, Inc. | 47.00 | 46.68 | 0.32 | 0.69% | 55.45 | 33.26 | 482400 | 22672800 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 20.15 | 19.80 | 0.35 | 1.77% | 20.76 | 16.57 | 3970000 | 79995500 |
| NASD | OFLX | OmegaFlex, Inc. | 49.96 | 50.57 | -0.61 | -1.21% | 64.91 | 27.51 | 10090 | 504096.4 |
| NYSE | PH | Parker-Hannifin Corp. | 146.25 | 143.00 | 3.25 | 2.27% | 146.34 | 83.32 | 133400 | 19509750 |
| NYSE | RBC | Regal-Beloit Corp. | 71.80 | 72.20 | -0.40 | -0.55% | 75.60 | 47.77 | 44760 | 3213768 |
| NYSE | ROK | Rockwell Automation | 141.99 | 136.21 | 5.78 | 4.24% | 142.54 | 87.53 | 128720 | 18276952.8 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 123.80 | 120.66 | 3.14 | 2.60% | 125.00 | 86.58 | 808280 | 100065064 |
| NYSE | SPXC | SPX Corp. | 24.83 | 24.39 | 0.44 | 1.80% | 25.95 | 7.74 | 41890 | 1040128.7 |
| NYSE | TXN | Texas Instruments | 75.00 | 73.45 | 1.55 | 2.11% | 75.29 | 46.73 | 999490 | 74961750 |
| NYSE | UTX | United Technologies Corp. | 110.22 | 108.13 | 2.09 | 1.93% | 112.83 | 83.39 | 823410 | 90756250.2 |
| NYSE | WSO | Watsco, Inc. | 150.45 | 150.77 | -0.32 | -0.21% | 159.55 | 106.58 | 27530 | 4141888.5 |
|
|
Price 1/13/17 |
Price 12/15/16 |
Net Change |
Percent Change |
| HVACR Business Stock Index | 1,405.96 | 1,379.05 | 26.92 | 1.95% |
| Dow Jones Industrial Average | 19,885.73 | 19,852.24 | 33.49 | 0.17% |
| S&P 500 Index | 2,274.64 | 2,262.03 | 12.61 | 0.56% |
| NASDAQ Composite | 5,574.12 | 5,456.85 | 117.27 | 2.15% |
Gainers/Losers |
||||
| $ Gainer | Rockwell Automation | 5.78 | ||
| $ Loser | Lennox International Inc. | -7.92 | ||
| % Gainer | Fiat Chrysler | 11.45% | ||
| % Loser | Echelon Corp. | -9.70% | ||
| Advancers | 20 | |||
| Decliners | 11 | |||
The HVACR Business Stock Index closed in positive terrain, up 26.92 points, or 1.95 percent, and closed at 1405.96. Advancing issues topped declining issues at a 20-to-11 count.
Rockwell Automation jumped 5.78 points, or 4.24 percent, and closed at 141.99. Morgan Stanley upped its rating to “equal weight” from “underweight.” Bank of America/Merrill increased its rating to “neutral” from “underperform.” ROK was the top dollar gainer.
Fiat Chrysler was up 1 point even, or 11.45 percent. The company announced plans to invest $1 billion in the U.S. to build three Jeeps and a RAM truck in facilities in Michigan and Ohio, with the addition of 2,000 employees. FCAU ended at 9.73, and was the top percentage gainer.
Lennox tumbled 7.92 points, or 5.03 percent. Morgan Stanley cut its rating to “underweight” from “equal-weight.” Their current price target is $156. Vertical Research re-stated their rating of “hold” for LII stock. Lennox ended at 149.38, and was the top dollar loser.
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.