HVACR Business

JUN 2015

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HVACRBUSINESS.Com 6 HVACR Business J U N E 2 0 1 5 W all Street ended a session of waffing with a creep forward, with the S&P 500 Index ending in record territory as our trading session ended May 15, 2015. The Commerce Department reported that orders for durable goods were up by the highest amount in eight months in March. The University of Michigan's con - sumer sentiment index jumped to 95.9 in April, but tumbled to 88.6 in May, the lowest reading since October and the biggest drop in more than two years. March's overall construction spending fell 0.6 percent as the Commerce Department report - ed weakness in home building and government projects coun - terbalanced an increase in non- residential construction. A report from the Commerce Department showed that the economy slowed to a near halt in the frst quarter, growing at an annual rate of 0.2 percent, with weather, a slow-down in oil and gas drilling and tumbling exports pressuring advancement. In early May, Wall Street loved the Goldilocks jobs re - port: a little stronger, but not so robust as to invite a rate- raise by the Federal Reserve. The reports refecting a weaker economy, though, gave inves - tors heart that the Fed will not move aggressively on interest rates in 2015. "With the markets tread - ing, it's really refecting what's happening in the general econ - omy," said Warren West, prin- cipal at Greentree Brokerage Services in Philadelphia. "The rest of the economy's not breaking out, so how can the market?" Market listlessness was refected in the HVACR Business Stock Index, with the index falling 27.10 points, or 2.03 per - cent, and closing at 1309.10. Advancing issues bested declining issues by an 18-to- 14 count. SPX Corp swung to a loss on the stron - ger dollar, and shares fell 8.99 points, or 10.48 percent. SPW lost $7.1 million, or $0.17 per share, compared to net income of $318 million, or 6.59 per share last year. Adjusted for one-time items, SPW earned $0.05 per share. Revenue was $947 million. Analysts surveyed by Zacks Investment Research expected earnings of $0.08 per share and revenue of $980.4 million. SPW closed at 76.83, and was the top dollar loser. Rockwell Automation jumped 10.23 points, or 8.96 percent. The company's fscal second quarter results beat expecta - tions on earnings, but missed on revenues. Net income was up 14.3 percent to $206 million, or $1.51 per share, compared with net income of $180.3 million, or $1.28 per share last year. Excluding one-time items, ROK earned $1.59 per share. Revenue was $1.55 billion. Analysts polled by Zacks Investment Research expected $1.42 per share and revenue of $1.56 billion. Rockwell ended at 124.37, and was the top dol - lar gainer. Manitowoc slid 2.83 points, or 12.61 percent even though the company narrowed its loss and met earnings expectations for its frst quarter. MTW said it lost $8.4 mil - lion, or $0.06 per share, com- pared to a loss of $8.8 million, or $0.06 per share last year. Adjusted for one-time items, Manitowoc earned $0.05 per share, in line with expectations. Revenue fell 11.5 percent, to $752.1 million, which exceeded the $749.9 million anticipated by analysts. MTW closed at 19.62, and was the top percent - age loser. n F I N A N C E HVACR Business mARket WAtCH BY mARGOt CRABtRee PrEsidENt of tradE trENds, iNc. Markets inch Ahead in Lackluster session; HVACR Business index sinks HVACR Business mARket tRends HVACR Business stOCk indeX Source: Trade Trends, Inc. (303) 665-5881 Margot Crabtree is president of Trade Trends, Inc., a fnancial data services provider. She has been offering market analysis with customized stock indices and fnancial commentaries since 1999. For additional information, visit www.tradetrendsonline.com. Opt in Head over to the subscription Center at www.hvacrbusiness.com to Want to check the HVACR Business stock index BefORe you get the magazine? to this new enewsletter today!

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