Market Turbulence Dominates Session
Originally published: 12.16.18 by Margot Crabtree
Wall Street began our session on concerns of an oil glut and the slowdown of the global economy, and closed with trouble about Brexit and worries about China’s economy as our trading session ended Dec. 14, 2018.
The National Association of Realtors said that sales of existing homes rose 1.4 percent in October, ending a six-month decline. November’s National Association of Home Builders/Wells Fargo builder sentiment index fell from 68 in October, to 60; analysts polled by Reuters expected 67.
It was the steepest one-month decline in over 4.5 years. The Commerce Department said that construction spending fell 0.1 percent in October, the third monthly slide. A rebound in government projects was offset by soft homebuilding and non-residential construction.
The Commerce Department reported that durable goods slid by 4.4 percent in October, the biggest drop in 15 months. However, consumers spent more in October, at the fastest rate in seven months. The Commerce Department said that consumer spending rose 0.6 percent in October, fueled by stronger incomes. The Institute for Supply Management’s manufacturing index increased to 59.3 in November, from October’s 57.7.
Markets rallied at November’s end by hints from Fed chair Powell that the central bank’s interest rate hikes may be nearing an end; the Dow industrials enjoyed their largest weekly advance in two years, the S&P 500 and the Nasdaq had their largest weekly percentage gains in almost seven. Although there was hope for a swift resolution of the U.S.-China trade impasse, hopes were soon dashed and volatility returned. As our session came to a close, the proverbial “Santa Claus rally” expected in December had not appeared.
“Over the last few weeks the mentality of ‘buy the dip’ has been replaced by something more like ‘sell the rally,’” said Mona Mahajan, U.S. investment strategist for Allianz Global Investors. “There is a little bit of a void right now, and I think that is creating some of this shift out of the most crowded and most profitable trades, and this overall shift in market mentality.”
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 35.30 | 40.96 | -5.66 | -13.82% | 44.90 | 29.05 | 52090 | 1838777 |
| NYSE | ABB | ABB Ltd. | 19.40 | 19.95 | -0.55 | -2.76% | 28.67 | 18.74 | 2130000 | 41322000 |
| NYSE | AOS | AO Smith Corp. | 41.41 | 46.25 | -4.84 | -10.46% | 68.39 | 40.34 | 143890 | 5958484.9 |
| NYSE | FIX | Comfort Systems USA, Inc. | 45.08 | 56.11 | -11.03 | -19.66% | 59.05 | 35.85 | 36960 | 1666156.8 |
| NYSE | DOV | Dover Corp. | 76.32 | 86.19 | -9.87 | -11.45% | 90.26 | 70.11 | 146330 | 11167905.6 |
| NYSE | DWDP | DowDuPont | 52.78 | 58.73 | -5.95 | -10.13% | 77.08 | 51.32 | 2290000 | 120866200 |
| NYSE | EME | EMCOR Group, Inc. | 63.51 | 74.26 | -10.75 | -14.48% | 85.08 | 63.24 | 57560 | 3655635.6 |
| NYSE | EMR | Emerson Electric Co. | 60.44 | 68.81 | -8.37 | -12.16% | 79.70 | 59.96 | 626160 | 37845110.4 |
| NYSE | FCAU | Fiat Chrysler | 15.47 | 16.58 | -1.11 | -6.69% | 24.95 | 14.97 | 1550000 | 23978500 |
| NYSE | F | Ford Motor Co. | 8.52 | 9.31 | -0.79 | -8.49% | 13.48 | 8.17 | 3910000 | 33313200 |
| NYSE | GM | General Motors Co. | 35.10 | 35.55 | -0.45 | -1.27% | 45.52 | 30.56 | 1410000 | 49491000 |
| NYSE | HON | Honeywell International, Inc. | 136.44 | 147.77 | -11.33 | -7.67% | 162.52 | 133.71 | 740290 | 101005167.6 |
| NASD | HDSN | Hudson Technologies, Inc. | 1.27 | 1.09 | 0.18 | 16.51% | 6.98 | 0.70 | 42600 | 54102 |
| NYSE | IR | Ingersoll-Rand Plc | 95.97 | 103.72 | -7.75 | -7.47% | 107.08 | 79.63 | 245660 | 23575990.2 |
| NYSE | JCI | Johnson Controls, Inc. | 31.97 | 33.52 | -1.55 | -4.62% | 41.53 | 30.60 | 924060 | 29542198.2 |
| NYSE | LII | Lennox International Inc. | 213.88 | 215.20 | -1.32 | -0.61% | 230.66 | 177.36 | 40280 | 8615086.4 |
| NYSE | LXU | LSB Industries, Inc. | 6.50 | 7.25 | -0.75 | -10.34% | 10.05 | 4.75 | 28620 | 186030 |
| NYSE | MTW | Manitowoc Co., Inc. | 15.27 | 19.07 | -3.80 | -19.93% | 44.03 | 15.04 | 35590 | 543459.3 |
| NYSE | MLI | Mueller Industries, Inc. | 24.00 | 25.29 | -1.29 | -5.10% | 37.57 | 21.96 | 57670 | 1384080 |
| NYSE | NWL | Newell Brands, Inc. | 22.08 | 21.38 | 0.70 | 3.27% | 32.58 | 15.12 | 466800 | 10306944 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 16.32 | 17.93 | -1.61 | -8.98% | 22.14 | 16.18 | 3910000 | 63811200 |
| NASD | OFLX | OmegaFlex, Inc. | 53.53 | 58.67 | -5.14 | -8.76% | 95.00 | 51.02 | 10090 | 540117.7 |
| NYSE | PH | Parker-Hannifin Corp. | 151.02 | 169.94 | -18.92 | -11.13% | 212.80 | 143.00 | 132350 | 19987497 |
| NYSE | RBC | Regal-Beloit Corp. | 73.03 | 77.77 | -4.74 | -6.09% | 86.75 | 67.84 | 43140 | 3150514.2 |
| NYSE | ROK | Rockwell Automation | 156.74 | 172.70 | -15.96 | -9.24% | 209.38 | 153.67 | 120680 | 18915383.2 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 56.34 | 57.93 | -1.59 | -2.74% | 77.17 | 56.27 | 810050 | 45638217 |
| NYSE | SPXC | SPX Corp. | 26.87 | 29.75 | -2.88 | -9.68% | 39.28 | 26.27 | 43390 | 1165889.3 |
| NYSE | TXN | Texas Instruments | 94.26 | 97.96 | -3.70 | -3.78% | 120.75 | 87.90 | 960540 | 90540500.4 |
| NYSE | UTX | United Technologies Corp. | 118.80 | 129.73 | -10.93 | -8.43% | 144.15 | 115.40 | 863380 | 102569544 |
| NYSE | WSO | Watsco, Inc. | 147.43 | 145.81 | 1.62 | 1.11% | 192.94 | 138.61 | 29130 | 4294635.9 |
|
|
Price 12/14/18 |
Price 11/15/18 |
Net Change |
Percent Change |
| HVACR Business Stock Index | 1,332.91 | 1,423.73 | -90.83 | -6.38% |
| Dow Jones Industrial Average | 24,100.51 | 25,289.27 | -1,188.76 | -4.70% |
| S&P 500 Index | 2,599.95 | 2,730.20 | -130.25 | -4.77% |
| NASDAQ Composite | 6,910.67 | 7,259.03 | -348.36 | -4.80% |
Gainers/Losers |
||||
| $ Gainer | Watsco, Inc. | 1.62 | ||
| $ Loser | Parker-Hannifin Corp. | -18.92 | ||
| % Gainer | Hudson Technologies, Inc. | 16.51% | ||
| % Loser | Manitowoc Co., Inc. | -19.93% | ||
| Advancers | 3 | |||
| Decliners | 27 | |||
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.
Parker-Hannifin tumbled 18.92 points, or 11.13 percent, and closed at 151.02. Korean energy firm LS Industrial Systems has acquired PH’s division, Energy Grid Tie. The new company is U.S. based LS Energy Systems. PH was the top dollar loser.
Hudson swung to a loss in its third quarter compared a profit in the same quarter last year, but the loss was less than expected, and shares rose 0.18 points, or 16.51 percent. HDSN posted a loss of $13.9 million, or $0.33 per share; adjusted for one-time items, Hudson lost $0.01 per share.
Revenue was $40.5 million. Analysts polled by Zacks expected a loss of $0.16 per share. Hudson ended at 1.27 and was the top percentage gainer.
Manitowoc slid 3.80 points, or 19.93 percent, and closed at 15.27. MTW has a consensus rating of “hold” from the sixteen analysts that cover the stock. The average price objective is $30.91. MTW was the top percentage loser.