--- title: "U.S. Stock Market Midday Update: Modine Manufacturing down 11.70%, pressured by split concerns and negative earnings report" type: "News" locale: "en" url: "https://longbridge.com/en/news/294236872.md" description: "Modine Manufacturing fell 11.70%; Lennox International fell 19.46%, with a transaction volume of USD 472 million; Johnson Controls International plc fell 0.99%, with a transaction volume of USD 450 million; Trane Technologies fell 4.87%, with a transaction volume of USD 449 million; Carrier Global - WI fell 3.85%, with a market value of USD 50.4 billion" datetime: "2026-07-29T16:58:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294236872.md) - [en](https://longbridge.com/en/news/294236872.md) - [zh-HK](https://longbridge.com/zh-HK/news/294236872.md) --- # U.S. Stock Market Midday Update: Modine Manufacturing down 11.70%, pressured by split concerns and negative earnings report **U.S. Stock Market Midday Update** Modine Manufacturing fell 11.70%, with increased trading volume. Based on recent key news: 1. On July 27, Modine Manufacturing announced the spin-off of Performance Technologies into an independent operation, with the transaction expected to be completed by the end of the year. Although the spin-off is not considered a sale under U.S. accounting rules, Modine Manufacturing expects to classify Performance Technologies as discontinued operations after the transaction is completed. This news raised market concerns, leading to a decline in stock price. 2. On July 28, Modine Manufacturing's global business environmental systems and technology innovations failed to alleviate investor concerns regarding the spin-off transaction. Despite the company's commitment to improving air quality, reducing energy and water consumption, and lowering harmful emissions, the market remains skeptical about the business prospects post-spin-off, further pressuring the stock price. 3. On July 29, Modine Manufacturing is set to release its financial report on July 30, with market expectations being low. Analysts' concerns about the company's future profitability exacerbated the decline in stock price. The overall performance of the environmental protection industry has been weak, with significant capital outflows. **Top Stocks by Industry Trading Volume** Rheem fell 19.46%. Based on recent news, 1. On July 29, Rheem International Company announced its second-quarter financial report, showing earnings per share of $7.72, but revenue fell short of expectations, leading to a significant drop in stock price. The company expects full-year earnings per share to be between $23 and $24, lower than the previous expectation of $23.50 to $25. Sales in the second quarter for the home comfort solutions segment decreased by 7.3% year-on-year to $935.6 million. Source: Reuters 2. On July 29, Rheem International Company announced a downward revision of its annual profit forecast due to worsening challenges in the residential market, which affected its home comfort solutions business. The company expects profits for 2026 to be between $23 and $24 per share, lower than the previous expectation of $23.50 to $25. Source: Reuters 3. On July 28, Rheem International Company received two 2026 HVAC All-Star Awards, recognizing its performance in innovation and industry leadership. However, these awards failed to offset the negative impact of the poor financial report. Source: Reuters The weak residential market has a significant impact, requiring attention to macroeconomic changes. Johnson Controls fell 0.99%, with a trading volume of $450 million. Based on recent key news: 1. On July 29, Johnson Controls released its third-quarter financial report, showing a 9% increase in sales, 10% organic growth, and adjusted earnings per share of $1.42, with strong order momentum. The company raised its expectations for organic sales and adjusted earnings per share for fiscal year 2026, supported by strong demand and profit expansion across regions. Following this news, the stock price fell by 1.80%. 2. On July 29, Johnson Controls announced the implementation of a simplification and restructuring plan, aiming to achieve approximately $500 million in run-rate savings by fiscal year 2027 and focusing on lifecycle service growth This move aims to improve productivity, pricing, and operational leverage, leading to a decrease in selling and administrative expenses. Following this news, the stock price fluctuated. 3. On July 29, Johnson Controls provided guidance for adjusted earnings per share and organic sales growth for the fourth quarter, raising expectations for the fiscal year 2026. The company expects adjusted earnings per share of approximately $1.55 for the fourth quarter, with organic sales growth of 9% to 10%. Following this news, the stock price rose by 4.02%. Industry demand is strong, and macroeconomic data supports growth. Trane Tech fell by 4.87%. Based on recent key news: 1. On July 30, Trane Technologies is set to announce its second-quarter financial report, with the market expecting earnings per share of $4.26, a year-on-year increase of 9.8%, and revenue expectations of $6.2 billion, a year-on-year increase of 7.8%. Despite the company exceeding expectations over the past two years, investors remain cautious about the upcoming financial report, leading to a decline in the stock price. 2. On July 27, analysis from MarketBeat showed that although Trane Technologies received a "Moderate Buy" rating from analysts, top analysts are more optimistic about five other stocks, which may have weakened market confidence in Trane Technologies, further pressuring the stock price. 3. No other significant news recently. The market is cautious about the upcoming financial report. **Stocks ranked among the top in industry market capitalization** Carrier Global fell by 3.85%. Based on recent key news: 1. On July 27, Carrier announced the sale of its NORESCO business to OPTERRA Energy Services as part of a portfolio simplification, causing the stock price to drop by 3.85%. Source: Reuters 2. On July 28, Carrier raised its full-year sales and profit expectations, forecasting sales of approximately $23 billion and adjusted earnings per share of about $2.90, with the stock price rising by 2.32% in pre-market trading. Source: Zhitong Finance 3. On July 29, Carrier's second-quarter financial report showed a significant increase in orders, particularly with data center orders growing by over 300%, leading to an upward revision of the full-year performance guidance. Source: Wall Street Insight Data Center demand is strong, driving order growth ### Related Stocks - [MOD.US](https://longbridge.com/en/quote/MOD.US.md) - [LII.US](https://longbridge.com/en/quote/LII.US.md) - [JCI.US](https://longbridge.com/en/quote/JCI.US.md) - [TT.US](https://longbridge.com/en/quote/TT.US.md) - [CARR.US](https://longbridge.com/en/quote/CARR.US.md) ## Related News & Research - [Modine Manufacturing (NYSE:MOD) Issues Earnings Results](https://longbridge.com/en/news/294267593.md) - [Modine Q1 revenue rises on data centers, commercial HVAC strength](https://longbridge.com/en/news/294258790.md) - [Modine Publishes 2026 Sustainability Report | MOD Stock News](https://longbridge.com/en/news/294119057.md) - [MOD: Strong sales and earnings growth driven by Data Centers, with outlook reaffirmed for fiscal 2027](https://longbridge.com/en/news/294263871.md) - [MOD: Data Center and Commercial HVAC segments drove 28% sales growth, with robust outlook maintained](https://longbridge.com/en/news/294396109.md)