Industrial stocks are drawing investors’ attention today.  Earnings reports out of industrial stocks from chemicals to truck manufactures have the Dow Industrial Average trading higher by more than 150 points.

PACCAR (PCAR) manufactures trucks under brand names such as Peterbilt and Kenworth.  The company reported strong earnings beating on both the top and bottom lines.  PACCAR CEO Ron Armstrong commented positively on the strength of the economy, “The positive economic and freight growth in North America and Europe are good indicators that 2019 will be another strong truck market.”  PCAR is trading higher by over 2%.  

Another industrial company that reported strong earnings is chemicals and carbon materials manufacturer Ingevity (NGVT).  The company beat on both the top and bottom lines and is being rewarded as the stock breaks out into new high territory, trading up 6%. 

Staffing and IT services provider On Assignment (ASGN) is another example of a company being rewarded after beating on the top and bottom lines and raising revenue guidance.  The stock is up close to 5% as it breaks into new high territory. 

Robert Half (RHI) is a staffing stock that was featured in our July Newsletter.  RHI is up approximately 12% since we recommended it on July 9.  For a copy of the Staffing Newsletter call your account representative or email us at info@wstreet.com.   

Initial and Continuous Claims

Seasonally adjusted initial unemployment claims for the week ending July 21, increased 9,000 to 217,000, which was below the consensus of 219,000.  A better gauge of comparison is the 4-week moving average, which was 218,000, a decrease of 2,750 from the previous week’s average. 

Continuous claims, the number of people collecting unemployment benefits, declined 8,000 to 1.75 million, while the four-week moving average rose by 9,500. 

Note: This time of year, the numbers can be volatile as automobile manufacturers tend to shut down plant assembly lines for retooling.  Overall, the numbers still point to a strong labor market.  

Information Technology stocks are weak today on the back of Facebook.  The Dow is currently up 100 points, while the Nasdaq is down 84 points, and the S&P500 is down 9.  Advancers still outpace decliners 1660/1198 on the NYSE and 1520/1324 on the Nasdaq.