Okay, What Happened on the Last Day of July???
By Larry C. Paxton
Things were going so well at the beginning of July. Key economy indices continue to show improvement, to the point where the Federal Reserve talked about fading out of its Quantitative Easing program but saying any increases in interest rates are far down the road for now. Major stock exchanges reached new highs. For many, especially the bull market people, cautious optimism was becoming a little less cautious.
But then there was also the unexpected and tragic downing of the Malaysian Airlines international flight while over a contentious area of Ukraine. The war there has ended up forcing the international community to declare more and more difficult economic sanctions on Russia, which also has a negative effect as well for businesses around the world that provides products and services to Russia. Then there are the other events, including the Israeli attacks on Gaza as a response to the rockets being fired further and further in Israel, the continuing effort for the control of Iraq in a religious war, the conflict in Syria, in the last few days the problems with a prominent Portuguese bank, the default of debt payments by the Argentina government. There continues to be a lot of mergers, especially by US corporations with foreign companies and moving headquarters offshore to take advantage of lower corporate tax rates, and maybe investors were just also taking some of the profits from the recent rapid rises in stock prices. But after the build up all during the month of July and then the major dip on the last day, what does it all mean, and how should we prepare and respond? For each of us, the answer is different. But PBRMarketTools continues to provide the data and reporting to hopefully help you through this and help you make some sound decisions.
Take a deep breath, let’s see what happens in August!
Here are The PBR1000 July 2014 Breaking News briefs with hotlinks to the source documents, from the last day to the first day of July:
Thursday, July 31, 2014:
Stock Exchanges Recap for July:
DJIA closes at 16,563.30, -1.56% over 06/30/14 & QTD, -0.08% YTD.
NASDAQ closes at 4,369.77, -0.87% over 06/30/14 & QTD, +4.63% YTD.
SPX closes at 1,930.67, -1.51% over 06/30/14 & QTD, +4.45% YTD.
For more details subscribe to The PBR1000 today!
US Dept of Labor reports nonfarm employment in all 38 largest metro areas increased from June 2013 to June 2014. Click here for the USDOL press release.
France based broadband & mobile service provider Iliad makes offer for T-Mobile US(PBR115) for $15 billion cash for 56.6% ownership. Click here for the Iliad press release.
Target(PBR37) board names retail veteran Brian Cornell as its next Chairman/CEO, to be effective 08/12/14. Click here for the Target press release.
Freddie Mac(PBR32) reports 30 year fixed rate mortgages at 4.12% with 0.6 fees & points. Click here for the Freddie Mac mortgage page.
Nordstrom(PBR214) to acquire fast growth personalized clothing for men service Trunk Club, terms not disclosed. Click here for the Nordstrom mortgage page.
Brookdale Senior Living(PBR688) completes acquisition of Emeritus Corp(PBR889) for $2.8 billion. Click here for the Brookdale press release.
Alpha Natural Resources(PBR475) gives notice that 11 N. Virgina mining facilities with 1,100 employees to be idled. Click here for the ANR press release.
The Bon-Ton Stores(PBR700) names Kathryn Bufano president & CEO effective 08/25/14. Click here for the Bon-Ton press release.
Darden Restaurants(PBR302) announces accelerated $500 million buyback plan. Click here for the Darden press release.
CBRE Group(PBR348) has acquired Australian based 26 professionals Paragon Project Management Pty Ltd, terms not disclosed. Click here for the CBRE press release.
Cabot Corp(PBR613) closes sale of its Security Materials business to SICPA for $20 million. Click here for the Cabot Corp press release.
Atmel(PBR1004) completes acquisition of high performance low power Wi-Fi & bluetooth solutions company Newport Media(NR) for $140 million. Click here for the Atmel press release.
Wednesday, July 30, 2014:
US Dept of Commerce reports preliminary 2nd qtr GDP at 4.0%, annual rate of $17.294T, 1st qtr GDP revised from -2.9% to -2.1%. Click here for the USDOC press release.
Pfizer(PBR53) buying vaccines unit of Baxter International(PBR177) for $635 million. Click here for the Pfizer press release.
Susser Holdings(PBR399) schedules special stockholders meeting for 08/28/14 to vote on acquisition by Energy Transfer Equity(PBR55) Partners unit for $1.8 billion. Click here for the Susser press release.
Liberty Interactive(PBR232) selling its Provide Commerce floral & gift business to FTD Companies(NASDAQ: FTD) for $430 million. Click here for the Liberty Interactive press release.
Caesars Entertainment(PBR301) subsidiary Caesars Entertainment Operating Company appoints management team, takes steps to be listed. Click here for the Caesars press release.
Tuesday, July 29, 2014:
The US Dept of Commerce reports homeownership rate at 64.8% at end of 2nd quarter 2014, down from 65.0% in 1st quarter. Click here for the USDOC press release.
AECOM Technology(PBR317) acquiring commercial construction management firm Hunt Construction Group, does $1.2 billion revenues, terms not disclosed. Click here for the AECOM press release.
Caterpillar(PBR49) announces $2.5 billion accelerated stock buyback plan, follows $1.7 billion plan completed in March. Click here for the Caterpillar press release.
Boeing(PBR30) reselling Inmarsat-5 satellite military bandwidth to the US government. Click here for the Boeing press release.
Amgen(PBR144) in 2nd quarter report says it will be reducing staff primarily in US by 2,400-2,900 through 2015. Click here for the Amgen press release.
RadioShack(PBR618) opens 21 interactive remodel stores in San Francisco Bay area. Click here for the RadioShack press release.
Expedia(PBR490) completes acquisition of European based online car reservations company Auto Escape Group. Click here for the Expedia press release.
TreeHouse Foods(PBR812) completes acquisition of Flagstone Foods(NR) for $860 million cash. Click here for the TreeHouse Foods press release.
Walmart(PBR1) acquiring 16 person online shopping recommendation company Luvocracy. Click here for the Walmart Labs blog post.
Macerich(PBR1076) & Pennsylvania REIT form joint venture to redevelop downtown Philadelphia 1.4 million sf The Gallery, each partner contributing $106.8 million. Click here for the Macerich press release.
Monday, July 28, 2014:
Dollar Tree(PBR328) to acquire fellow retailer Family Dollar(PBR253) for $74.50/share, $9.2 billion transaction value. Click here for the Dollar Tree press release.
Tyson Foods(PBR87) announces proposed sale of 24 million Class A common stock & 30 million tangible equity units to help fund the Hillshire Brands(PBR571) acquisition. Click here for the Tyson Foods press release.
Medtronic(PBR163) completes acquisition of MRI-guided laser & image guided system developer Visualase for up to $105 million. Click here for the Medtronic press release.
Amazon(PBR36) announces customized 3D printed products store. Click here for the Amazon press release.
Darden Restaurants(PBR302) completes the $1.2 billion cash sale of its Red Lobster business to private equity investment firm Golden Gate Capital. Click here for the Darden press release.
Darden Restaurants(PBR302) announces that Chairman/CEO Clarence Otis to step down as Chairman, remain CEO until 12/31/14 at latest, Chairman/CEO roles now split, Interim Chair appointed. Click here for the Darden press release.
Owens & Minor(PBR285) elects Pres/COO Jim Bierman to Pres/CEO effective 09/01/14, current Chair/CEO Craig Smith to become Executive Chairman. Click here for the O & M press release.
Blackstone Group(PBR374) acquiring heart of London 330ksf 125 Old Broad Street from Brookfield Property Partners for $540 million. Click here for the Blackstone press release.
The Nationall Assn of Realtors says pending home sales slipped in June, forecasting 4.95 million sold homes in 2014, 2.8% lower than the 5.1 million sold in 2013. Click here for the NAR press release.
Friday, July 25, 2014:
DJIA closes at 16,960.57, -0.82% over 07/18/14, +0.80% MTD & QTD, +2.32% YTD.
NASDAQ closes at 4,449.56, +0.39% over 07/18/14, +0.94% MTD & QTD, +6.54% YTD.
SPX closes at 1,978.34, +0.01% over 07/18/14, +0.92% MTD & QTD, +7.03% YTD.
For more details subscribe to The PBR1000 today!
Safeway(PBR83) announces preliminary results of 2014 stockholder vote, 96% approve acquisition by Albertsons. Click here for the Safeway press release.
RadioShack(PBR618) receives continued listing standards notice from NYSE because trading under $1, plans to cure issue in 6 month period. Click here for the RadioShack press release.
The US Dept of Labor reports that in March 2014 86% of fulltime private industry workers received medical care benefits, 23% of part timers did. For more click here for the USDOL press release.
The US Dept of Commerce reports that 16 out of 22 industry groups contributed to the 1st quarter 2014 2.9% decrease in Gross Domestic Product. For details click here for the USDOC press release.
The US Dept of Commerce reports that Durable Goods Orders were up 0.7% in June to $239.9 billion. Click here for the USDOC press release.
Thursday, July 24, 2014:
US Dept of HUD says New Single Family Homes sold at 406,000 annual rate in June, down 8.1% from May, median price $273,500, avg price $331,400. Click here for the HUD press release.
Freddie Mac reports that 30 year fixed-rate mortgages averaged 4.13% with 0.6 point for the week ending 07/24/14. Click here for the Freddie Mac press release.
The US Securities & Exchange Commission fines Morgan Stanley(PBR80) $275 million for misleading investors in subprime residential mortgages. Click here for the SEC press release.
SunEdison(PBR883) acquiring Colorado 156 MW, 900 acre solar project from Community Energy(NR). XCEL Energy(PBR242) to contract for 25 year power purchase. Click here for the SunEdison press release.
Macerich(PBR1076) announces 1st phase of expanded Tysons Corner Center in Northern Virginia, adding 1.4 million sq feet of office, residential, hotel, & retail uses. Click here for the Macerich press release.
Wednesday, July 23, 2014:
Fannie Mae(PBR16) forecasts 2nd half 2014 growth of 3.0%, overall year at 1.5% due to slow 1st half. Click here for the Fannie Mae press release.
The International Monetary Fund sees the US economy accelerating in 2nd half of 2014(3-3.5%) & 2015, but 1.7% for all of 2014 due to slow 1st half. Click here for the IMF press release.
Blackstone Group(PBR374) buying majority stake in Service King Collision Repair Centers, The Carlyle Group(PBR521) retaining large minority stake. Click here for the Blackstone press release.
SunEdison(PBR883) subsidiary TerraForm Power(NASDAQ: TERP) closes IPO. Click here for the SunEdison press release.
Tuesday, July 22, 2014:
CIT Group(PBR608) acquiring regional S. Calif. privately held OneWest Bank for $3.4 billion stock & cash. Click here for the CIT Group press release.
LinkedIn(PBR984) to acquire business audience marketing firm Bizo(NR) for $175 million cash & stock. Click here for the LinkedIn press release.
Altria(PBR113) in its 2nd quarter report announces $1 billion stock buyback program. Click here for the Altria press release.
The National Association of Realtors says 5.04M sales of existing homes annual rate, +2.6% over May, $223,300 median price in June. Click here for the NAR press release.
US Dept of Labor reports Average Current Real Earnings for June at $24.45/hr, +0.2% over May, for 34.5 hour average work week. Click here for the USDOL press release.
Dept of Labor says Consumer Price Index-Urban +0.3% seasonally adjusted in June, mostly due to gasoline prices, +2.1% annual unadjusted. Click here for the USDOL press release.
Monday, July 21, 2014:
Yahoo!(PBR494) buying mobile analytics firm Flurry(NR). Click here for the Yahoo! press release.
Allergan(PBR392) to cut workforce by 1,500, eliminate 250 vacant positions per 2nd quarter 2014 report. Click here for the Allergan press release.
Netflix(PBR525) in 2nd quarter 2014 report to shareholders says it now has over 50 million subscribers in 40 countries, 36 million in the US. Click here for the Netflix press release.
Johnson & Johnson(PBR39) announces $5 billion stock buyback program. Click here for the JNJ press release.
Gentiva Health(PBR941) confirmed it has received a new $17.25/share buyout offer from Kindred Healthcare(PBR476). Click here for the Gentiva press release.
Arch Coal(PBR668) to idle its metallurgical coal Cumberland River coal complex. Click here for the Arch Coal press release.
Cliffs Natural Resources(PBR422) issues open letter to shareholders regarding upcoming meeting, recommendation to vote for its board of directors slate, not activist investor Casablanca Capital’s. Click here for the CNR press release.
Friday, July 18, 2014:
DJIA closes at 17,100.18, +0.92% over 07/11/14, +1.63% MTD, +3.16% YTD.
NASDAQ closes at 4,432.15, +0.38% over 0711/14, +0.54% MTD, +6.12% YTD.
SPX closes at 1,978.22, +0.54% over 07/11/14, +0.92% MTD, +7.03% YTD. For more details subscribe to The PBR1000 today!
AbbVie(PBR142) $54 billion cash & stock offer is finally accepted by Ireland’s Shire plc. Click here for the AbbVie press releases.
In 2nd quarter 2014 report General Electric(PBR9) says it plans its Synchrony Financial IPO to occur by the end of July. Click here for the GE press release.
Amazon(PBR36) introduces Kindle Unlimited for $9.99/mo for unlimited reading/listening service on any device. Click here for the Amazon press release.
Brunswick(PBR572) is selling its retail bowling centers business to Bowlmor AMF(NR) for $270 million. Click here for the Brunswick press release.
PPG Industries(PBR180) selling Mt Zion float glass manufacturing facility to Fuyao Glass America(NR), terms not disclosed. Click here for the PPG press release.
Arthur J Gallagher(PBR649) acquires employee benefits broker Foundation Strategies(NR), terms not disclosed. Click here for the AJG press release.
Thursday, July 17, 2014:
US Dept of HUD says seasonally adjusted annual rate for Private Housing Building Permits for June was 963,000, down 4.2% over May. Click here for the HUD press release.
Microsoft(PBR35) to simplify organization, eliminate 18,000 positions, in alignment with acquired Nokia devices business. Click here for the Microsoft press release.
Herbalife(PBR482) responds to Pershing Square(NR) attacks. Click here for the Herbalife press release.
Hewlett-Packard(PBR17) announces its President/CEO Meg Whitman is now its new Chairman. Click here for the HP press release.
Blackstone(PBR374) buys $8.6 billion loan portfolio from Spanish bank CatalunyaCaixa. Click here for the CatalunyaCaixa press release.
Gentiva Health(PBR941) board rejects Kindred Healthcare(PBR476) $16.00/share for 14.9% ownership, says has another 100% offer at $17.25/share. Click here for the Gentiva press release.
KeyCorp(PBR512) buying Portland based 170 employee tech investment & capital markets firm Pacific Crest Securities, no transaction details. Click here for the KeyCorp press release.
Wednesday, July 16, 2014:
International Game Technology(PBR798) is being acquired by Italian based game technology company Gtech SpA for $6.4 billion in cash, stock, & debt. Click here for the IGT press release.
Time Warner(PBR92) rejects unsolicited cash & stock offer to be acquired by Twenty-First Century Fox(PBR97). Click here for the Time Warner press release.
US Dept of Labor reports seasonally adjusted Producer Price Index for June was up 0.4%, was down 0.2% in May. Click here for the USDOL press release.
AmSurg(PBR1064) announces the completion of its acquisition of Sheridan Healthcare for $2.35 billion. Click here for the AmSurg press release.
AIG(PBR41) announces settlement with Bank of America(PBR21) on residential mortgage related disputes for $650 million plus. Click here for the AIG press release.
Tuesday, July 15, 2014:
Reynolds American(PBR312) to acquire fellow cigarette maker Lorillard(PBR358) for $68.88/share, $27.4 billion in cash, stock, & assumed debt. Click here for the Reynolds American press release.
Albemarle Corp(PBR738) to buy fellow specialty chemicals co Rockwood Holdings(PBR1006) in a deal valued at $6.2 billion cash & stock. Click here for the Albemarle press release.
Wolverine Worldwide(PBR718) announces plans to close 140 mostly Stride Rite stores by end of 2015. Click here for the Wolverine Worldwide press release.
Hewlett-Packard(PBR17) announces that chairman Ralph Whitworth is stepping down immediately to focus on health issues. Click here for the HP press release.
Apple(PBR6) & IBM(PBR24) forming global partnership to transform enterprise mobility. Click here for the Apple press release.
Sumitomo 3M(PBR91) buying out Sumitomo Electrics remaining 25% ownership share for $885 million. Click here for the 3M press release.
Monday, July 14, 2014:
Today The PBR1000 June 2014 By Industry Snapshot has been emailed to all Subscribers. A blog post to follow in the next week or so.
The US Dept of Justice announces $7 billion settlement with Citigroup(PBR26) for mortgages improprieties prior to 01/01/09. Click here for the USDOJ press release. Click here for the Citigroup press release.
The board of Ireland based Shire has indicated it is willing to recommend AbbVie’s(PBR142) latest $53 billion offer. Click here for the Shire press release.
Whiting Petroleum(PBR701) to buy Kodiak Oil & Gas(NYSE: KOG) for $6 billion in stock. Click here for the Whiting press release.
Abbott Labs(PBR127) to sell its developed markets branded generics pharmaceuticals business to Mylan(PBR361) & form a new publicly held entity. Click here for the Abbott Labs press release.
Exterran(PBR651) buying 110k horsepower natural gas compression assets of a Chesapeake Energy(PBR152) subsidiary for $135 million. Click here for the Exterran press release.
LinkedIn(PBR984) acquiring blogs & articles notifying service Newsle. Click here for the LinkedIn blog post.
eBay(PBR168) & Sotheby’s to create new live auctions for mid-priced($5k-$100k) art & collectibles. Click here for the eBay press release.
ConAgra Foods(PBR172) acquires Chinese potato processor TaiMei Potato Industry Ltd for $93 million. Click here for the ConAgra press release.
Sunday, July 13, 2014:
AECOM Technology(PBR317) to acquire engineering & construction firm URS(NYSE: URS) for $6 billion in cash, stock, & debt. Click here for the AECOM press release.
Friday, July 11, 2014:
DJIA closes at 16,943.81, -0.73% over 07/03/14, +0.70% MTD,2.21% YTD.
NASDAQ closes at 4,415.49, -1.57% over 07/03/14, +0.17% MTD, +5.72% YTD.
SPX closes at 1,967.57, -0.90% over 07/03/14, +0.37% MTD, +6.45% YTD. For more details subscribe to The PBR1000 today!
Reynolds American(PBR312) confirms it is in talks regarding possible acquisition of fellow cigarette manufacturer Lorillard(PBR358). Click here for the Reynolds American press release.
Yahoo(PBR494) is acquiring online video streaming company RayV. Click here for the RayV announcement.
Thursday, July 10, 2014:
The US Federal Trade Commission alleges Apple(PBR36) unlawfully billed parents millions for children’s unauthorized in-app charges. Click here for the FTC press release.
Verizon(PBR15) CEO says its wireless services gaining 1.4 million users in 2nd quarter. Click here for the Verizon press release.
Automotive News reports TRW Automotive(PBR154) is a takeover target by Germany’s auto supplier ZF Friedrichshafen AG for around $11 billion. Click here for the Automotive News article.
Freddie Mac(PBR32) says average 30 year fixed mortgage rate is 4.15% and 0.7 point, down from 4.51% a year ago. Click here for the Freddie Mac press release.
The US Dept of Commerce says May Wholesale Inventories at $532.7B, up 0.5% from April, Wholesale Sales at $453.2B, up 0.7%. Click here for the USDOC press release.
Whirlpool(PBR143) is acquiring majority interest in Italy’s appliances manufacturer Indesit for $1 billion. Click here for the Whirlpool press release.
Wednesday, July 9, 2014:
BusinessWeek: DISH Network(PBR199) asks FCC to deny Comcast(PBR44) & Time Warner Cable(PBR125) $45.2 billion deal. Click here for the BusinessWeek article.
Vornado(PBR708) to acquire St. Regis Fifth Avenue Retail for $700 million. Click here for the Vornado press release.
Vornado(PBR708) completes the $260 million sale of Los Angeles property Beverly Connection Shopping Center. Click here for the Vornado press release.
Cisco(PBR54) completes acquisition of privately held Tail-f, a specialist in virtualized networks. Click here for the Cisco press release.
Tuesday, July 8, 2014:
AbbVie(PBR142) makes new offer to Ireland based Shire, $38.45/share plus 0.8568 AbbVie shares, $51 billion deal. Click here for the Shire statement.
The US Dept of Labor reports 4.6 million job openings at end of May, 4.7 million hires, 4.5 million separations. Click here for the USDOL press release.
Monday, July 7, 2014:
The PBR1000 June 2014 Stocks/Commodities Snapshot blog post is now available. Click here for the The PBR1000 blog post.
Archer-Daniels-Midland(PBR27) to acquire Swiss based flavor systems company WILD Flavors GmbH for $3.13 billion cash. Click here for the ADM press release.
Atmel(PBR1004) to acquire high performance low power Wi-Fi & bluetooth solutions company Newport Media(NR) for $140 million. Click here for the Atmel press release.
Sunday, July 6, 2014:
Expedia(PBR490) acquiring Australia based online travel company Wotif Group for $658 million cash. Click here for the Expedia press release.
Friday, July 4, 2014:
Hospira(PBR565) completes acquisition of India based active pharmaceutical ingredient manufacturer Orchid Chemicals & Pharmaceuticals for $218 million. Click here for the Hospira press release.
Thursday, July 3, 2014:
DJIA closes at record 17,086.26, +1.28% over 06/27/14, +1.44% MTD, +2.97% YTD. NASDAQ closes at 4,485.93, +2.00% over 06/27/14, +1.76% MTD, +7.41% YTD. SPX closes at record 1,985.44, +1.25% over 06/27/14, +1.29% MTD, +7.42% YTD. Click here for The PBR1000 4th of July Special!
SunTrust Banks(PBR319) agrees to pay up to $320 million to resolve claims regarding administration of mortgages. Click here for the SunTrust press release.
Corinthian Colleges(PBR969) & the US Dept of Education sign operating agreement regarding the phase out of CCs 107 US campuses & online programs. Click here for the Corinthian Colleges press release.
US Dept of Labor reports June nonfarm payroll employment up by 288,000, unemployment rate falls from 6.3% to 6.1%. Click here for the USDOL press release.
US Dept of Commerce reports May exports of $195.50 billion, imports of $239.80 billion, deficit of $44.40 billion. Click here for the USDOC press release.
Blackstone(PBR374) closes $5.4 billion deal for industrial & auto components manufacturer Gates Corporation. Click here for the Blackstone press release.
Wednesday, July 2, 2014:
Facebook(PBR327) acquiring ad tech provider LiveRail. Click here for the Facebook press release.
Boeing(PBR30) gets $2.8 billion contract with NASA to build next generation rocket. Click here for the Boeing press release.
Textron(PBR218) to acquire flight simulation & pilot training company ProFlight. Click here for the Textron press release.
Popular(PBR753) completes its repayment of TARP bailout funds to the US government. Click here for the Popular press release.
Kroger(PBR25) agrees to buy online vitamin seller Vitacost for $280 million, according to the Wall Street Journal. Click here for the WSJ press release.
Tyson Foods(PBR87) makes it official, to buy Hillshire Brands(PBR571) for $63/share, $8.55 billion cash/debt deal. Click here for the Tyson Foods press release.
Tuesday, July 1, 2014:
Click here for the The PBR1000 June 2014 Breaking News Recap blog post.
MasterCard(PBR308) completes its acquisition of Australia based loyalty/rewards service Pinpoint. Click here for the MasterCard press release.
Regency Energy Partners(PBR760) completes its acquisition of midstream business of Eagle Rock Energy Partners(NASDAQ: EROC). Click here for the Regency press release.
Hormel Foods(PBR295) buying Muscle Milk privately held producer CytoSport Holdings for $450 million. Click here for the Hormel press release.
Actavis(PBR298) completes its $28 billion acquisition of Forest Labs(PBR595). Click here for the Actavis press release.
Google(PBR46) acquiring streaming music provider Songza(NR). Click here for the Songza announcement.
Alere(PBR664) announces resignation of Pres/CEO Ron Zwanziger & others, COO Namal Nawana appointed interim Pres/CEO. Click here for the Alere press release.
Mark Fields officially becomes President/CEO of Ford Motor(PBR8)
Air Products(PBR260) has new Chairman/President/CEO, Seifi Ghasemi.
(The purpose of The PBR1000 is to provide a wide range of interested people with the premier key demographic, industry, financial, personnel, and comments/news briefs on over 1,000 of the largest publicly traded companies with principal offices in the US, companies that have a huge impact on the US and world economies. This information is updated monthly and published in MS Excel format as The PBR1000 Monthly Update Report. During a month several supplementary reports are published as well.
Larry C. Paxton is the President/CEO of Pax Business Resources, LLC. PBRMarketTools is the marketing research unit. For several years Larry has worked for and provided products and services to The PBR1000 companies.)
