Stocks Push Higher Despite Trade Concerns
Originally published: 09.17.18 by Margot Crabtree
Largely positive economic data toyed with potential trade negotiations with China and technology stimulated markets as our trading session ended Sept. 14, 2018.
Trade talks between the U.S. and Canada on the North American Free Trade Agreement (NAFTA) faltered when a deal could not be reached. The pace of hiring rose in August and pay shot up at the fastest rate in nine years. The Labor Department reported the addition of 201,000 jobs created in August; the unemployment rate remained at 3.9 percent, near an 18-year low.
The Institute for Supply Management said that its manufacturing index rose to 61.3 in August, from July’s 58.1 reading. Sixteen of eighteen manufacturing industries expanded in August, with highest gains in clothing, textiles, paper and electronic equipment.
The Conference Board rose to an 18-year high, to 133.4 in August, from July’s 127.9. The Commerce Department reported that construction projects increased 0.1 percent in July, with a 12-month increase of 5.8 percent. The Commerce Department said that retail sales slowed a bit, but core sales remained solid. August retail numbers grew 0.1 percent, up from an earlier report of a 0.5 percent gain.
Economists surveyed by Reuters expected an increase of 0.4 percent. Annual wage growth expanded at its strongest pace in over nine years in August, with a record 6.9 million job openings in July.
The Federal Reserve said that industrial production increased by a sturdy 0.4 percent in August; the figure includes factory output, mines and utilities. Factory production was up 0.2 percent in August, boosted by automakers. The Labor Department reported that consumer prices increased 2.7 percent in August year-over-year, up 0.2 percent from July.
That reflects a softening of inflation, as the July rate was 2.9 percent for the year. Separately, the department said that the Producer Price Index fell in August for the first time since Feb. 2017, weighed by lower prices in transportation and warehousing. The wholesale price of goods slid 0.1 percent in August after a flat July. The Federal Reserve reported that consumer debt was up by a seasonally adjusted $16.6 billion in July, up from a gain of $8.5 percent in June.
“The seas are calm for the economy with enough wind in the sails to keep the expansion on track and not enough inflation pressures out there to halt the economy’s forward progress,” said Chris Rupkey, chief economist at MUFG.
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 40.20 | 39.95 | 0.25 | 0.63% | 43.30 | 29.05 | 52260 | 2100852 |
| NYSE | ABB | ABB Ltd. | 23.96 | 22.12 | 1.84 | 8.32% | 28.67 | 21.22 | 2130000 | 51034800 |
| NYSE | AOS | AO Smith Corp. | 59.36 | 57.98 | 1.38 | 2.38% | 68.39 | 56.30 | 144540 | 8579894.4 |
| NYSE | FIX | Comfort Systems USA, Inc. | 56.50 | 55.40 | 1.10 | 1.99% | 59.05 | 33.85 | 37040 | 2092760 |
| NYSE | DOV | Dover Corp. | 88.48 | 82.35 | 6.13 | 7.44% | 88.71 | 70.11 | 147700 | 13068496 |
| NASD | ELON | Echelon Corp. | 8.46 | 8.40 | 0.06 | 0.71% | 8.49 | 4.07 | 4540 | 38408.4 |
| NYSE | DWDP | DowDuPont | 68.58 | 66.46 | 2.12 | 3.19% | 77.08 | 61.27 | 2310000 | 158419800 |
| NYSE | EME | EMCOR Group, Inc. | 77.12 | 76.55 | 0.57 | 0.74% | 85.08 | 66.88 | 58180 | 4486841.6 |
| NYSE | EMR | Emerson Electric Co. | 77.54 | 73.56 | 3.98 | 5.41% | 78.00 | 57.47 | 628470 | 48731563.8 |
| NYSE | FCAU | Fiat Chrysler | 17.50 | 15.61 | 1.89 | 12.11% | 24.95 | 15.33 | 1550000 | 27125000 |
| NYSE | F | Ford Motor Co. | 9.45 | 9.45 | 0.00 | 0.00% | 13.48 | 9.22 | 3910000 | 36949500 |
| NYSE | GM | General Motors Co. | 34.63 | 35.94 | -1.31 | -3.64% | 46.76 | 33.44 | 1410000 | 48828300 |
| NYSE | HON | Honeywell International, Inc. | 165.11 | 153.18 | 11.93 | 7.79% | 166.01 | 137.18 | 742610 | 122612337.1 |
| NASD | HDSN | Hudson Technologies, Inc. | 1.39 | 1.83 | -0.44 | -24.04% | 9.80 | 1.39 | 42400 | 58936 |
| NYSE | IR | Ingersoll-Rand Plc | 103.40 | 97.90 | 5.50 | 5.62% | 104.25 | 79.63 | 245310 | 25365054 |
| NYSE | JCI | Johnson Controls, Inc. | 38.00 | 37.55 | 0.45 | 1.20% | 42.60 | 32.89 | 924920 | 35146960 |
| NYSE | LII | Lennox International Inc. | 226.09 | 222.08 | 4.01 | 1.81% | 229.98 | 164.72 | 40260 | 9102383.4 |
| NYSE | LXU | LSB Industries, Inc. | 9.09 | 6.73 | 2.36 | 35.07% | 10.05 | 4.75 | 28610 | 260064.9 |
| NYSE | MTW | Manitowoc Co., Inc. | 22.98 | 21.82 | 1.16 | 5.32% | 44.03 | 21.18 | 35540 | 816709.2 |
| NYSE | MLI | Mueller Industries, Inc. | 28.97 | 31.01 | -2.04 | -6.58% | 37.57 | 25.26 | 57590 | 1668382.3 |
| NYSE | NWL | Newell Brands, Inc. | 21.70 | 20.89 | 0.81 | 3.88% | 43.99 | 20.21 | 472500 | 10253250 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 18.98 | 18.57 | 0.41 | 2.21% | 22.14 | 18.11 | 3910000 | 74211800 |
| NASD | OFLX | OmegaFlex, Inc. | 75.24 | 86.55 | -11.31 | -13.07% | 95.00 | 53.50 | 10090 | 759171.6 |
| NYSE | PH | Parker-Hannifin Corp. | 187.15 | 166.49 | 20.66 | 12.41% | 212.80 | 152.47 | 132360 | 24771174 |
| NYSE | RBC | Regal-Beloit Corp. | 84.90 | 80.40 | 4.50 | 5.60% | 86.65 | 67.84 | 43450 | 3688905 |
| NYSE | ROK | Rockwell Automation | 191.60 | 171.69 | 19.91 | 11.60% | 210.72 | 155.81 | 123170 | 23599372 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 63.65 | 62.31 | 1.34 | 2.15% | 77.17 | 61.68 | 814100 | 51817465 |
| NYSE | SPXC | SPX Corp. | 34.65 | 33.93 | 0.72 | 2.12% | 39.28 | 25.90 | 43050 | 1491682.5 |
| NYSE | TXN | Texas Instruments | 105.36 | 109.60 | -4.24 | -3.87% | 120.75 | 82.87 | 972200 | 102430992 |
| NYSE | UTX | United Technologies Corp. | 137.80 | 131.75 | 6.05 | 4.59% | 139.24 | 112.65 | 800090 | 110252402 |
| NYSE | WSO | Watsco, Inc. | 183.35 | 170.05 | 13.30 | 7.82% | 192.94 | 152.25 | 29050 | 5326317.5 |
|
|
Price 9/14/18 |
Price 8/15/18 |
Net Change |
Percent Change |
| HVACR Business Stock Index | 1,563.29 | 1,511.08 | 52.22 | 3.46% |
| Dow Jones Industrial Average | 26,154.67 | 25,162.41 | 992.26 | 3.94% |
| S&P 500 Index | 2,904.98 | 2,818.37 | 86.61 | 3.07% |
| NASDAQ Composite | 8,010.04 | 7,774.12 | 235.92 | 3.03% |
Gainers/Losers |
||||
| $ Gainer | Parker-Hannifin Corp. | 20.66 | ||
| $ Loser | OmegaFlex, Inc. | -11.31 | ||
| % Gainer | LSB Industries, Inc. | 35.07% | ||
| % Loser | Hudson Technologies, Inc. | -24.04% | ||
| Advancers | 25 | |||
| Decliners | 5 | |||
| Unchanged | 1 | |||
The HVACR Business Stock Index rose 52.22 points, or 3.46 percent, and ended at 1563.29. Advancing issues dominated declining issues by a 5-to-1 margin.
Parker-Hannifin soared 20.66 points, or 12.41 percent. Research firm Buckingham upped its rating on PH to “buy” from “neutral.” PH closed at 187.15, and was the top dollar gainer.
Omega Flex tumbled 11.31 points, or 13.07 percent, and closed at 75.24. OFLX directors declared a regular quarterly dividend of $0.24 per share. It is payable on Oct. 2, 2018, to shareholders of record as of Sept. 21. OFLX was the top dollar loser.
Rockwell jumped 19.91 points, or 11.60 percent. Investment firm Morgan Stanley re-started coverage on ROK with a rating of “underweight.” Their price target is $163. Rockwell closed at 191.60.