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Analyzing SPY’s Stocks, Noble and ENSCO Rose

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Top stocks

On December 15, the stocks at the top of the SPDR S&P 500 ETF (SPY) were ENSCO (ESV), Noble (NE), and Mallinckrodt (MNK). They rose by 8.0%, 7.0%, and 6.4%, respectively, on the day.

The above graph compares the stock price performances of Noble and ENSCO since October 2015.

The energy sector rose for the second consecutive day in the wake of the rebound in the oil prices. ENSCO and Noble account for 0.03% and 0.02%, respectively, of SPY. Their respective beta values are 1.21 and 1.26. This implies that the stocks are volatile—especially to the oil prices. ENSCO and Noble’s trailing one-year yields are -39.7% and -14.4%, respectively, as of December 15.

ENSCO’s closing price is $16.40. Its 100-day, 50-day, and 20-day moving averages are $16, $17, and $16, respectively. Standard & Poor’s rated the stock as “BBB” with a stable outlook.

Bottom stocks

On December 15, the stocks at the bottom of SPY were Allegheny Technologies (ATI), 3M (MMM), and Chesapeake Energy (CHK). They yielded -12.4%, -6.0%, and -6.0%, respectively, on the day.

On December 15, 3M fell after the industrial conglomerate cut its profit forecast.

Economic data

The core rate of the CPI (consumer price index), excluding food and energy, remained unchanged at 0.2% for November 2015. This is in line with the Fed’s outlook. The CPI was 0.0%—compared to the prior reading of 0.2%. The strengthening US dollar and falling oil prices played a substantial role in the apparel, transportation, and recreation industries.

According to the Empire State Manufacturing Survey, the General Business Conditions Index for December 2015 came in at -4.6. Although the factory activity showed a contraction, it surpassed the consensus estimate of -7.0. It also passed the previous reading of -10.7.

The Housing Market Index for December 2015 came in at 61. It was below the consensus estimate of 63. It reported strong but slowing activity.

For more on US equities, visit Market Realist’s US Equity ETFs page.

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