The Dow Jones Industrial Average and S&P traded at record levels in November, crossing the 16,000 and 1,800 point levels, respectively, for the first time. US equity markets continued to be fueled by loose Federal Reserve monetary policies, but were also heightened by modest economic advances, including improving manufacturing and consumer spending data, as well as lower jobless claims. Third quarter GDP improved 30 basis points to 2.8%, which was above analysts’ consensus of 2.0% growth due inventory buildup. For the month, the Dow, S&P 500 and NASDAQ grew 3.5%, 2.8% and 3.6%, respectively. Year to date, the Dow, S&P 500 and NASDAQ are up 22.8%, 26.6% and 34.5%, respectively.

All four IBO Stock Indexes increased. The Process/Metrology/Motion Instrumentation, Laboratory Instrumentation, Diversified Instrumentation and Lab Consumables/Equipment Stock Indexes gained 3.3%, 2.8%, 2.7% and 1.0%, respectively.

Laboratory Instrumentation Stock Index

For the month, the Index grew 2.8% to close at 927.87. Thirteen companies advanced, five declined and PerkinElmer was unchanged. Sequenom recorded the largest increase, rising 37%, while Harvard Bioscience fell 22%. Year to date, the Index has risen 40.0%, with 16 companies trading higher and three declining. Affymetrix has the largest price increase, climbing 168%, while Sequenom has fallen 40%.

On November 5, BD projected fiscal 2014 EPS to grow 6%–7% to $6.16–$6.22, and stated it would repurchase roughly $450 million of stock in 2014. Shares traded slightly higher. On November 26, the company raised its quarterly dividend by 10% to $0.55 per share. Shares slipped 0.3%. Sequenom soared 24.1% on November 8 after reporting stronger-than-expected third quarter revenues due to improved demand and bill collections. On November 5, NanoString Technologies narrowed its third quarter EPS loss by 10.2% to $0.44 due to a 63% climb in instrument sales. The company projected full-year sales to grow 31%–37% to $30.0–$31.5 million. Yet shares were slightly lower the next day. MOCON reported on November 6 that third quarter EPS grew 166.7% to $0.24, leading shares up 3.1%.

Conversely, on November 1, Bruker missed adjusted third quarter EPS and cut its 2013 EPS forecast by 9% to $0.72–$0.76. Shares fell 6.0%. On November 4, Luminex lowered its 2013 sales growth forecast 5% to $212–$217 million, leading shares down 6.2% the next day. On November 7, Bio-Rad Laboratories lowered its 2013 sales growth outlook from 3.5%–4.0% to 2.0%–3.0%, including acquisitions. Shares slipped 1.6% the next day.

In other financial news, shares of Pacific Biosciences popped 9.8% on November 22 after a filing showed that CEO Michael Hunkapiller, PhD, purchased 200,000 shares for a value of $722,000. On November 6, Morgan Stanley started coverage of Bruker with an “Overweight” rating. On the same day, Goldman Sachs downgraded Waters from “Buy” to “Neutral.”

Process/Metrology/Motion Instrumentation Stock Index

The Index grew 3.3% in November to 774.00 and is up 36.7% for the year. Values for all six companies increased for the month and year. Veeco Instruments led the Index for the month, rising 10%, and FEI is up 64% for the year.

Veeco climbed 6.0% on November 8 after posting improved fiscal first quarter EPS and a 33% increase in backlog. On November 14, MTS Systems projected fiscal 2014 EPS to grow 2%–6% to $3.55–$3.70. Fiscal first quarter EPS is expected to be $0.65–$0.75. Shares improved 1.9% the next day. On November 26, Pall reaffirmed 2013 pro forma EPS growth of 9%–15%, leading shares up 2.2%. On November 20, Goldman Sachs initiated coverage of FEI with a “Neutral” rating and a price target of $87.00 per share.

Lab Consumables/Equipment Stock Index

The Index improved 1.0% to 861.68 for the month. Five companies advanced, led by Cellular Dynamics International (CDI), which improved 10%, and three declined. Techne declined the most, falling 2%. Year to date, the Index has gained 31.4%, with seven companies trading up in double digits, while Enzo Biochem has fallen 9%.

Despite a wider-than-expected EPS loss, CDI reported on November 12 that third quarter sales grew 104.6%, leading shares up 4.2% the next day. However, on November 14, it was downgraded by Leerink Swann from “Outperform” to “Market Perform.” Citigroup upgraded QIAGEN on November 19 from “Sell” to “Neutral” and set a $24.00 price target. On November 20, Goldman Sachs started Pall with a “Neutral” rating and set an $80.00 price target.

Diversified Instrumentation Stock Index

The Index grew 2.7% in November to 206.94. Seven firms rose in value, while Mettler-Toledo declined. Agilent Technologies had the highest return, up 6%. For the year, the Index has advanced 30.8%, with all companies up. Teledyne Technologies leads all companies with a 43% return.

On November 7, Mettler-Toledo narrowed the upper end of its 2013 EPS guidance by $0.10 to $10.45–$10.50, including fourth quarter EPS of $3.70–$3.75. Shares fell 2.4%. On November 14, Agilent projected fiscal 2014 adjusted EPS of $3.03–$3.33 for mid-point growth of 10%. Fiscal first quarter 2014 adjusted EPS are expected to be $0.65–$0.67. Shares jumped 8.7% the next day. On November 22, it raised the company quarterly dividend 10% to 13.2 cents per share, and authorized a new share repurchase plan to maintain a share count of roughly 335 million diluted shares. Stifel Nicolaus initiated coverage of Xylem on November 20 with a “Hold” rating. On November 26, Goldman Sachs upgraded Danaher from “Neutral” to “Buy.”

International

This month, four Pacific Region companies traded higher and three declined. JEOL improved the most, gaining 10%, while Precision System Science fell 5%. For the year, all companies are in positive territory, led by Precision System Science, which has risen 472%.

On November 6, HORIBA reported that third quarter EPS grew 64% EPS to ¥39.85 ($0.40) and raised its full-year consolidated net income forecast by 8% to ¥6,800 million ($70 million). Yet shares fell 3.8% the next day. On November 8, Shimadzu reported that EPS grew 176% to ¥24.32 ($0.25) for the first half of fiscal 2014. EPS for the second half are projected to climb 57% to ¥26.54 ($0.27). Shares rose 1.9%.

In November, eight European companies improved, five contracted and Biotage was unchanged. Oxford Instruments climbed 16%, while Abcam dropped 7%. Year to date, 11 companies are up, and three have declined. Porvair has gained the most, rising 78%, while Alpha MOS is down 23%.

On November 5, Analytik Jena preannounced fiscal 2013 adjusted EBIT declined roughly 25% to €4.1–€5.0, leading shares down 5.2%. On November 12, Oxford reported an adjusted EPS decline of 13% to £0.29 ($0.44) for the fiscal half year, but raised its interim dividend by 10% to 3.36 pence ($0.05). On November 19, Halma reported half-year adjusted EPS grew 7% to £0.13 ($0.20) and raised its interim dividend by 7% to £0.04 ($0.07). Shares rose 2.3%.