Wall Street Completes a Mostly Upbeat Session in Positive Terrain
Originally published: 06.16.16 by Margot Crabtree
Our session began with a downturn on fears of higher interest rates, then rallied. As our trading session ended June 15, 2016, oil tumbled and the upturn fizzled just short of record closures in the national indices.
The University of Michigan’s consumer sentiment index increased to 94.7 in May, up from 89 in April. It was the highest reading in almost a year. The Commerce Department said that consumer spending jumped 1.0 percent in April. It was the largest increase in over six years.
The Institute for Supply Management reported that their manufacturing index improved to 51.3 in May, from 50.8 in April, boosted by a weaker dollar. Any reading higher than 50 indicates growth. The Dow industrials breached the 18,000 mark, driven by machinery, mining and oil.
As our session came to a close, oil prices fell and investors took some profits off the table. A weaker dollar boosted multi-nationals, but a poll in Britain by London’s The Independent showed that 55 percent of citizens there would prefer to exit the European Union.
A disappointing jobs report fueled a slump after the Labor Department said that only 38,000 jobs were created in May, the lowest amount in five years.
“After that May jobs report, I think today’s decision [by the Federal Open Market Committee to keep interest rates steady] was a fait accompli,” said Kristina Hooper, head of U.S. investment strategies at Allianz Global Investors. “They needed to hit the pause button for June, but I think a July rate hike still remains a distinct possibility.”
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 26.02 | 27.85 | -1.83 | -6.57% | 28.61 | 18.85 | 53020 | 1379580.4 |
| NYSE | ABB | ABB Ltd. | 20.33 | 20.20 | 0.13 | 0.64% | 22.75 | 15.74 | 2160000 | 43912800 |
| NYSE | AOS | AO Smith Corp. | 83.64 | 78.25 | 5.39 | 6.89% | 85.39 | 50.09 | 74430 | 6225325.2 |
| NYSE | FIX | Comfort Systems USA, Inc. | 32.00 | 30.90 | 1.10 | 3.56% | 35.00 | 22.59 | 37200 | 1190400 |
| NYSE | DOV | Dover Corp. | 69.67 | 64.93 | 4.74 | 7.30% | 73.92 | 50.91 | 155150 | 10809300.5 |
| NASD | ELON | Echelon Corp. | 4.84 | 4.57 | 0.27 | 5.91% | 9.30 | 4.41 | 4420 | 21392.8 |
| NYSE | DD | E. I. DuPont de Nemours & Co. | 65.76 | 62.91 | 2.85 | 4.53% | 75.72 | 47.11 | 873510 | 57442017.6 |
| NYSE | EME | EMCOR Group, Inc. | 46.85 | 46.72 | 0.13 | 0.28% | 52.37 | 40.98 | 60700 | 2843795 |
| NYSE | EMR | Emerson Electric Co. | 51.96 | 51.81 | 0.15 | 0.29% | 59.37 | 41.25 | 643350 | 33428466 |
| NYSE | FCAU | Fiat Chrysler | 6.56 | 7.65 | -1.09 | -14.25% | 10.93 | 5.78 | 1290000 | 8462400 |
| NYSE | F | Ford Motor Co. | 13.01 | 13.22 | -0.21 | -1.59% | 15.84 | 10.44 | 3900000 | 50739000 |
| NYSE | GM | General Motors Co. | 28.86 | 30.52 | -1.66 | -5.44% | 36.88 | 24.62 | 1550000 | 44733000 |
| NYSE | HON | Honeywell International, Inc. | 115.52 | 113.20 | 2.32 | 2.05% | 117.51 | 87.00 | 762120 | 88040102.4 |
| NASD | HDSN | Hudson Technologies, Inc. | 3.21 | 3.53 | -0.32 | -9.07% | 4.16 | 2.45 | 32970 | 105833.7 |
| NYSE | IR | Ingersoll-Rand Plc | 64.32 | 65.59 | -1.27 | -1.94% | 69.80 | 47.08 | 257460 | 16559827.2 |
| NYSE | JCI | Johnson Controls, Inc. | 44.14 | 40.81 | 3.33 | 8.16% | 52.38 | 33.62 | 648370 | 28619051.8 |
| NYSE | LII | Lennox International Inc. | 135.48 | 137.51 | -2.03 | -1.48% | 143.19 | 105.65 | 43610 | 5908282.8 |
| NYSE | LXU | LSB Industries, Inc. | 13.39 | 13.80 | -0.41 | -2.97% | 43.99 | 3.68 | 23870 | 319619.3 |
| NYSE | MTW | Manitowoc Co., Inc. | 5.60 | 5.89 | -0.29 | -4.92% | 20.49 | 4.00 | 137020 | 767312 |
| NYSE | MLI | Mueller Industries, Inc. | 31.81 | 29.91 | 1.90 | 6.35% | 36.30 | 23.09 | 57130 | 1817305.3 |
| NYSE | NWL | Newell Rubbermaid, Inc. | 48.46 | 47.49 | 0.97 | 2.04% | 50.90 | 33.26 | 456680 | 22130712.8 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 19.24 | 18.86 | 0.38 | 2.01% | 21.92 | 16.57 | 2100000 | 40404000 |
| NASD | NTK | Nortek, Inc. | 50.01 | 49.78 | 0.23 | 0.46% | 92.96 | 33.85 | 16300 | 815163 |
| NASD | OFLX | OmegaFlex, Inc. | 37.43 | 33.50 | 3.93 | 11.73% | 43.20 | 27.51 | 10090 | 377668.7 |
| NYSE | PH | Parker-Hannifin Corp. | 111.62 | 109.77 | 1.85 | 1.69% | 119.68 | 83.32 | 134680 | 15032981.6 |
| NYSE | RBC | Regal-Beloit Corp. | 57.60 | 56.47 | 1.13 | 2.00% | 76.46 | 47.77 | 44730 | 2576448 |
| NYSE | ROK | Rockwell Automation | 115.58 | 113.08 | 2.50 | 2.21% | 126.77 | 87.53 | 130260 | 15055450.8 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 103.21 | 105.29 | -2.08 | -1.98% | 111.05 | 86.58 | 808890 | 83485536.9 |
| NYSE | SPXC | SPX Corp. | 14.93 | 15.92 | -0.99 | -6.22% | 18.59 | 7.62 | 41610 | 621237.3 |
| NYSE | TXN | Texas Instruments | 61.69 | 57.12 | 4.57 | 8.00% | 62.31 | 43.49 | 1000000 | 61690000 |
| NYSE | UTX | United Technologies Corp. | 100.54 | 100.27 | 0.27 | 0.27% | 116.56 | 83.39 | 836870 | 84138909.8 |
| NYSE | WSO | Watsco, Inc. | 133.49 | 131.97 | 1.52 | 1.15% | 138.30 | 106.58 | 27520 | 3673644.8 |
The HVACR Business Stock Index rose 12.76 points, or 1.09 percent, and closed at 1182.63. Advancing issues climbed past declining issues at a 21-to-11 count.
A.O. Smith reached an all-time high on June 9 of 85.39; AOS has a price target of $129.53 on its stock. The company is slated to report upcoming earnings on July 28. AOS increased 5.39 points, or 6.89 percent, and closed at 83.64. A.O. Smith was the top dollar gainer.
Fiat Chrysler slid 1.09 points, or 14.25 percent. The company said its sales rose just 1 percent in May, typically the strongest month of the year for car-buying, and recent reports have shown a drop-off in car sales. FCAU ended at 6.56, and was the top percentage loser.
OmegaFlex rose 3.93 points or 11.73 percent. Although there was no corresponding news to explain the increase, OFLX did experience two days of especially high volume during our trading session: 16,400 on May 24 and 11,800 on June 8, compared to an average 3-month volume of just over 6,000. OFLX will report its earnings in the latter part of July.
OmegaFlex ended at 37.43, and was the top percentage gainer.
Dover Corp gained 4.74 points, or 7.30 percent. Dover announced plans to purchase Wayne Fueling for $780 million in cash. The transaction will close in the latter part of 2016. Investment firm Citigroup reiterated its “neutral” rating on DOV with an increased price target of $76.
Research firm Sanford C. Bernstein gave Dover an “outperform” rating, from “market perform” and boosted its price target to $66. Dover closed at 69.67.
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.