HVAC companies listed on the US stock exchange had a lively summer, but not altogether a good one. At the close of trading on the 15^th August, sales were flat with the exception of the technology sector that has remained in positive territory.

Despite a strong start, markets have declined in late July and those in the S&P index posted their biggest weekly losses during August since 2012. Argentina’s debt was the first to cause global pressure. Banco Espirito Santo in Portugal fell 40 % after reporting a loss for the second quarter.

In July, 209,000 new jobs were created in the US; this is not so good when compared to the previous three months according to the Thomson Reuters/University of Michigan. The index of consumer opinion was 81.8 points in July against 82.5 points in June. On the other hand, beyond all expectations, factory orders rose by 1.1 % compared to the forecast 0.6%.

The situation improved in late August despite fears of Ebola outbreak in Africa and the tensions in the Gaza Strip. The Federal Reserve has said that manufacturing output rose 1% in July compared with the June which recorded a slight increase of 0.3 %. Retail sales slowed in July to the lowest since January.

The stock market prices for a basket of HVAC companies fell 53.88 points (4.08%) to close at 1,266.34. Of the 31 companies in the index, 26 showed a decrease.

PARKER HANNIFIN (PH) shares fell while earnings rose 11% in the second quarter. PH has gained 301.2 million or $ 1.98 per share against 271.1 million dollars, or $ 1.78 per share in the same quarter last year. Revenues increased by 3 %, or 3.53 billion dollars giving earnings of 2.06 dollars per share. Analysts had forecast a profit of $ 2.07 per share, $ 3.57 billion in revenue. PH recorded a fall of 10.71 points, or 8.67%. PH closed at 112, 78.

UNITED TECHNOLOGIES fell of 9.21 points, or 8.02% in the same period. Net income for the second quarter was 1.68 billion dollars or 1.84 dollars per share against a net profit of 1.56 billion dollars or 1.71 dollars per share last year. Revenue increased by 7% to 17.2 billion dollars. Analysts were expecting earnings of 1.71 per share.

“A slower than expected growth in orders may have scared some people” said Edward Jones analyst Christian Mayes. “We had a stronger growth in the previous quarters”.