November Turns Positive for Stock Index
Originally published: 12.16.17 by Margot Crabtree
Markets strode ahead and the major markets posted several record highs, with a broad rally at the close of November and the Dow industrials heading past the 24,000 mark for the first time. Our session ended with a tax overhaul rally as our trading session ended Nov. 15, 2017.
The Commerce Department reported that orders for durable goods fell in October, down 1.2 percent, after increases of 2.2 percent and 2.1 percent in the previous two months. The Commerce Department said that construction spending rose 1.4 percent in October, following smaller increases in the two previous months.
The Labor Department reported that October consumer spending grew 0.3 percent, while income was up by 0.4 percent. The Commerce Department said that growth in the third quarter increased at an annual rate of 3.3 percent, the fastest rate in three years.
The Conference Board said that its consumer confidence index shot up to 129.5 in November, from October’s 126.2. It was the highest reading since November, 2000. A strong jobs report did quite a bit of the heavy lifting: the November jobs report showed an increase of 228,000 jobs, and the jobless rate held steady at 4.1 percent, a 17-year low.
As our session pulled down the home stretch, stocks waffled as Republicans’ tax plan made its way through congressional halls. Although the quarter-point rate hike by the Fed was expected, investors balked at the Fed choice to keep rate hikes steady even though stronger growth is projected. The Commerce Department reported that sales from retailers and restaurants increased 0.8 percent in November, following a solid gain the month before. Despite the data, all eyes were on tax reform.
“The market is focused almost completely on the corporate tax reduction,” said Quincy Krosby, chief market strategist at Prudential Financial. “And there are still concerns that some of the key Republican senators are wavering.”
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 35.20 | 33.90 | 1.30 | 3.83% | 38.20 | 29.95 | 52470 | 1846944 |
| NYSE | ABB | ABB Ltd. | 26.00 | 25.09 | 0.91 | 3.63% | 26.48 | 20.93 | 2130000 | 55380000 |
| NYSE | AOS | AO Smith Corp. | 60.73 | 58.41 | 2.32 | 3.97% | 63.70 | 46.44 | 145820 | 8855648.6 |
| NYSE | FIX | Comfort Systems USA, Inc. | 43.55 | 40.70 | 2.85 | 7.00% | 44.68 | 31.80 | 36970 | 1610043.5 |
| NYSE | DOV | Dover Corp. | 97.48 | 92.70 | 4.78 | 5.16% | 99.15 | 68.10 | 155790 | 15186409.2 |
| NASD | ELON | Echelon Corp. | 5.22 | 4.69 | 0.53 | 11.30% | 7.20 | 4.26 | 4520 | 23594.4 |
| NYSE | DWDP | DowDuPont | 70.00 | 68.97 | 1.03 | 1.49% | 73.85 | 56.52 | 2340000 | 163800000 |
| NYSE | EME | EMCOR Group, Inc. | 81.09 | 76.86 | 4.23 | 5.50% | 82.03 | 59.76 | 58810 | 4768902.9 |
| NYSE | EMR | Emerson Electric Co. | 67.26 | 59.59 | 7.67 | 12.87% | 67.83 | 55.40 | 641820 | 43168813.2 |
| NYSE | FCAU | Fiat Chrysler | 17.61 | 17.26 | 0.35 | 2.03% | 18.33 | 8.73 | 1540000 | 27119400 |
| NYSE | F | Ford Motor Co. | 12.58 | 12.00 | 0.58 | 4.83% | 13.27 | 10.47 | 3900000 | 49062000 |
| NYSE | GM | General Motors Co. | 40.95 | 42.86 | -1.91 | -4.46% | 46.76 | 31.92 | 1420000 | 58149000 |
| NYSE | HON | Honeywell International, Inc. | 154.25 | 146.37 | 7.88 | 5.38% | 156.40 | 113.60 | 756810 | 116737942.5 |
| NASD | HDSN | Hudson Technologies, Inc. | 5.72 | 5.85 | -0.13 | -2.22% | 10.40 | 5.40 | 42040 | 240468.8 |
| NYSE | IR | Ingersoll-Rand Plc | 86.75 | 83.36 | 3.39 | 4.07% | 96.23 | 74.35 | 249870 | 21676222.5 |
| NYSE | JCI | Johnson Controls, Inc. | 37.26 | 35.73 | 1.53 | 4.28% | 44.70 | 34.51 | 925440 | 34481894.4 |
| NYSE | LII | Lennox International Inc. | 204.67 | 191.32 | 13.35 | 6.98% | 213.78 | 147.54 | 41770 | 8549065.9 |
| NYSE | LXU | LSB Industries, Inc. | 8.12 | 7.52 | 0.60 | 7.98% | 11.71 | 5.55 | 28410 | 230689.2 |
| NYSE | MTW | Manitowoc Co., Inc. | 39.30 | 37.40 | 1.90 | 5.08% | 42.12 | 21.00 | 35180 | 1382574 |
| NYSE | MLI | Mueller Industries, Inc. | 35.31 | 32.91 | 2.40 | 7.29% | 43.96 | 27.72 | 57810 | 2041271.1 |
| NYSE | NWL | Newell Brands, Inc. | 30.59 | 28.01 | 2.58 | 9.21% | 55.08 | 27.46 | 490100 | 14992159 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 19.53 | 18.97 | 0.56 | 2.95% | 20.91 | 18.18 | 3910000 | 76362300 |
| NASD | OFLX | OmegaFlex, Inc. | 69.06 | 64.37 | 4.69 | 7.29% | 74.55 | 41.87 | 10090 | 696815.4 |
| NYSE | PH | Parker-Hannifin Corp. | 194.26 | 179.73 | 14.53 | 8.08% | 195.83 | 139.49 | 133230 | 25881259.8 |
| NYSE | RBC | Regal-Beloit Corp. | 76.15 | 73.80 | 2.35 | 3.18% | 87.50 | 68.30 | 44300 | 3373445 |
| NYSE | ROK | Rockwell Automation | 190.93 | 188.73 | 2.20 | 1.17% | 210.72 | 133.61 | 128500 | 24534505 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 68.81 | 67.61 | 1.20 | 1.77% | 73.42 | 59.26 | 815520 | 56115931.2 |
| NYSE | SPXC | SPX Corp. | 30.69 | 29.43 | 1.26 | 4.28% | 32.71 | 21.97 | 42610 | 1307700.9 |
| NYSE | TXN | Texas Instruments | 101.22 | 96.77 | 4.45 | 4.60% | 101.60 | 72.47 | 985560 | 99758383.2 |
| NYSE | UTX | United Technologies Corp. | 126.17 | 117.57 | 8.60 | 7.31% | 126.44 | 106.85 | 798570 | 100755576.9 |
| NYSE | WSO | Watsco, Inc. | 165.27 | 164.19 | 1.08 | 0.66% | 171.15 | 134.08 | 27610 | 4563104.7 |
Note: Manitowoc had a 1:4 reverse stock split, effective 11-20-17.
|
|
Price 12/15/17 |
Price 11/15/17 |
Net Change |
Percent Change |
| HVACR Business Stock Index | 1,590.61 | 1,532.28 | 58.33 | 3.81% |
| Dow Jones Industrial Average | 24,651.74 | 23,271.28 | 1,380.46 | 5.93% |
| S&P 500 Index | 2,675.81 | 2,564.62 | 111.19 | 4.34% |
| NASDAQ Composite | 6,936.58 | 6,706.21 | 230.37 | 3.44% |
Gainers/Losers |
||||
| $ Gainer | Parker-Hannifin Corp. | 14.53 | ||
| $ Loser | General Motors Co. | -1.91 | ||
| % Gainer | Emerson Electric Co. | 12.87% | ||
| % Loser | General Motors Co. | -4.46% | ||
| Advancers | 29 | |||
| Decliners | 2 | |||
The HVACR Business Stock Index posted a solid 58.33-point gain, up 3.81 percent, and closing at 1590.61, an index record. Advancing issues dominated declining issues by a 29-to-2 count.
Parker-Hannifin posted results for its fiscal first quarter 2018, and shares soared 14.53 points, or 8.08 percent. PH posted net income of $285.4 million, or $2.10 per share, compared to net income of $210.1 million, or $1.55 per share in the year-ago quarter.
Adjusted for one-time items, PH earned $2.24 per share. Analysts polled by Zacks expected earnings of $22.02 per share. Revenue was $3.36 billion, versus last year’s $2.74 billion. Parker-Hannifin ended at 194.26, and was the top dollar gainer.
Despite an upgrade, General Motors slid 1.91 points, or 4.46 percent. Guggenheim upped its rating to “buy” from “neutral.” GM closed at 40.95, and was the top dollar and percentage loser.
Emerson Electric withdrew its offer to purchase Rockwell Automation, and shares rose 7.67 points, or 12.87 percent. Cowen analyst Gautam Khanna upgraded his rating on EMR to “outperform” from “market perform,” and increased the price target to $71, from $61. Emerson ended at 67.26, and was the top percentage gainer.
Rockwell, another index component, increased 2.20 points, or 1.17 percent, and ended at 190.93.