Month Littered with Record High Closes
Originally published: 08.17.16 by Margot Crabtree
It was not a powerhouse month, but more of a "slow and steady wins the race" trajectory as our trading session ended August 15, 2016.
Earnings led the way, and our month began with a new high for the S&P 500. The Labor Department said that 287,000 jobs were added to the economy in June, the biggest increase this year.
In July, 255,000 jobs were added, far outstripping the 180,000 jobs expected by economists.
The National Association of Realtors reported that sales of existing homes rose 1.1 percent in June, to the highest level since February, 2007. The Commerce Department said that housing starts increased in June by 4.8 percent, and single-family homes improved 4.4 percent.
The National Association of Home Builders/Wells Fargo builder confidence index was revised downward to 58 in July, from 60 in June, but snapped back to 60 in August, with stronger new home sales and home prices.
The Commerce Department said that new home sales rose 3.5 percent in June to a seasonally-adjusted 592,000, the highest level since February 2008.
In the last week of our session, though trading was lackluster, the three major indices notched record highs, twice; the last time this happened was in 1999. Despite the record highs, investors are wary.
"The market has run up in anticipation of better earnings ahead," said Brian Nick, chief investment strategist for TIAA Investments. "If those earnings don't come, we have the Wile E. Coyote moment where we're off the cliff ... and we're gonna fall."
Exchange |
Symbol |
Company Name |
Price
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| NASD | AAON | AAON, Inc. | 27.32 | 28.11 | -0.79 | -2.81% | 28.70 | 18.85 | 52920 | 1445774.4 |
| NYSE | ABB | ABB Ltd. | 22.13 | 20.00 | 2.13 | 10.65% | 22.16 | 15.74 | 2160000 | 47800800 |
| NYSE | AOS | AO Smith Corp. | 94.75 | 90.96 | 3.79 | 4.17% | 95.03 | 50.09 | 74430 | 7052242.5 |
| NYSE | FIX | Comfort Systems USA, Inc. | 29.21 | 31.93 | -2.72 | -8.52% | 35.00 | 24.22 | 37130 | 1084567.3 |
| NYSE | DOV | Dover Corp. | 74.44 | 73.11 | 1.33 | 1.82% | 74.74 | 50.91 | 155220 | 11554576.8 |
| NASD | ELON | Echelon Corp. | 5.19 | 4.86 | 0.33 | 6.79% | 7.50 | 4.41 | 4420 | 22939.8 |
| NYSE | DD | E. I. DuPont de Nemours & Co. | 68.64 | 67.16 | 1.48 | 2.20% | 75.72 | 47.11 | 874330 | 60014011.2 |
| NYSE | EME | EMCOR Group, Inc. | 57.28 | 51.87 | 5.41 | 10.43% | 57.39 | 40.98 | 60800 | 3482624 |
| NYSE | EMR | Emerson Electric Co. | 54.71 | 56.23 | -1.52 | -2.70% | 56.82 | 41.25 | 643540 | 35208073.4 |
| NYSE | FCAU | Fiat Chrysler | 6.96 | 6.75 | 0.21 | 3.11% | 10.89 | 5.45 | 1290000 | 8978400 |
| NYSE | F | Ford Motor Co. | 12.43 | 13.57 | -1.14 | -8.40% | 15.84 | 10.44 | 3980000 | 49471400 |
| NYSE | GM | General Motors Co. | 31.86 | 30.77 | 1.09 | 3.54% | 36.88 | 24.62 | 1560000 | 49701600 |
| NYSE | HON | Honeywell International, Inc. | 116.84 | 119.23 | -2.39 | -2.00% | 120.02 | 87.00 | 760880 | 88901219.2 |
| NASD | HDSN | Hudson Technologies, Inc. | 5.37 | 3.50 | 1.87 | 53.43% | 5.63 | 2.45 | 33610 | 180485.7 |
| NYSE | IR | Ingersoll-Rand Plc | 68.30 | 67.94 | 0.36 | 0.53% | 68.69 | 47.08 | 258000 | 17621400 |
| NYSE | JCI | Johnson Controls, Inc. | 44.32 | 43.98 | 0.34 | 0.77% | 47.32 | 33.62 | 637750 | 28265080 |
| NYSE | LII | Lennox International Inc. | 157.76 | 148.00 | 9.76 | 6.59% | 159.60 | 105.65 | 43470 | 6857827.2 |
| NYSE | LXU | LSB Industries, Inc. | 11.66 | 13.42 | -1.76 | -13.11% | 27.00 | 3.68 | 27960 | 326013.6 |
| NYSE | MTW | Manitowoc Co., Inc. | 4.81 | 5.64 | -0.83 | -14.72% | 17.68 | 4.00 | 137020 | 659066.2 |
| NYSE | MLI | Mueller Industries, Inc. | 34.48 | 35.32 | -0.84 | -2.38% | 35.52 | 23.09 | 57170 | 1971221.6 |
| NYSE | NWL | Newell Rubbermaid, Inc. | 54.89 | 48.69 | 6.20 | 12.73% | 55.45 | 33.26 | 456680 | 25067165.2 |
| OTC | NSANY | Nissan Motor Co. Ltd. | 19.74 | 19.67 | 0.07 | 0.36% | 21.92 | 16.57 | 2100000 | 41454000 |
| NASD | NTK | Nortek, Inc. | 85.99 | 86.62 | -0.63 | -0.73% | 92.96 | 33.85 | 16010 | 1376699.9 |
| NASD | OFLX | OmegaFlex, Inc. | 35.47 | 35.67 | -0.20 | -0.56% | 43.20 | 27.51 | 10090 | 357892.3 |
| NYSE | PH | Parker-Hannifin Corp. | 124.12 | 113.68 | 10.44 | 9.18% | 124.49 | 83.32 | 134680 | 16716481.6 |
| NYSE | RBC | Regal-Beloit Corp. | 64.18 | 60.08 | 4.10 | 6.82% | 73.17 | 47.77 | 44730 | 2870771.4 |
| NYSE | ROK | Rockwell Automation | 118.86 | 119.16 | -0.30 | -0.25% | 120.75 | 87.53 | 129400 | 15380484 |
| OTC | SIEGY | Siemens Aktiengesellschaft | 119.47 | 104.57 | 14.90 | 14.25% | 120.31 | 86.58 | 808890 | 96638088.3 |
| NYSE | SPXC | SPX Corp. | 18.40 | 16.05 | 2.35 | 14.64% | 18.82 | 7.62 | 41610 | 765624 |
| NYSE | TXN | Texas Instruments | 70.33 | 64.85 | 5.48 | 8.45% | 72.58 | 43.49 | 1000000 | 70330000 |
| NYSE | UTX | United Technologies Corp. | 109.69 | 105.50 | 4.19 | 3.97% | 109.83 | 83.39 | 836930 | 91802851.7 |
| NYSE | WSO | Watsco, Inc. | 146.13 | 138.90 | 7.23 | 5.21% | 146.25 | 106.58 | 27520 | 4021497.6 |
The HVACR Business Stock Index rose 46.39 points, or 3.80 percent, and ended at 12269.80. Advancing issues easily outpaced declining issues by a 21-to-11 count.
Siemens soared 14.90 points, or 14.25 percent, and closed at 119.47. For its third quarter Siemens earned 1.372 billion euros, or 1.64 euros per share ($1.53 billion and $1.83 per share). This compares to last year's 1.378 euros or 1.65 euros per share. Revenue was up 5 percent, to 19.80 billion euros ($22.12 billion).
Analysts expected earnings of 1.2 billion euros, or $1.34 billion. The company also upped its full-year forecast, to range between 6.50 euros and 6.70 euros. Its previous forecast was between 6 euros and 6.40 euros. Siemens was the top dollar gainer.
Despite beating estimates for second quarter earnings, Comfort Systems slid 2.72 points, or 8.52 percent. FIX earned net income of $17.7 million, or $0.47 per share, versus last year's $13.4 million, or $0.35 per share. Revenue was $427.5 million, compared to $416.6 million a year ago.
Analysts polled by Thomson Reuters expected earnings of $0.43 per share. Zacks cut its rating on Comfort Systems to "hold" from "buy," and Sidoti cut its rating to "neutral" from "buy." FIX ended at 29.21, and was the top dollar loser.
Hudson rose 1.87 points, or 53.43 percent. HDSN posted net income of $4.8 million, or $0.14 per share. Revenues were up 21 percent from a year ago, to $34.6 million. Analysts polled by Zacks expected earnings of $0.11 per share and revenue of $34.2 million.
Hudson shares jumped following news of a five-year, $400 million contract from the U.S. Defense Logistics Agency. Hudson closed at 5.37, and was the top percentage gainer.
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.