The PBR1000 and the US Economy: A Cause and Effect Relationship
The PBR1000 companies generate over half the US Gross Domestic Product, pay attention to them!
By Larry C. Paxton
The November 2019 breaking news items of interest for The PBR1000 follow with the most current date first.
***Friday, November 29
The PBRMarketTools US Stock Exchanges Recap for Week 48 and the month of November 2019 ending 11/29/19:
DJIA ends Week 48 and November at 28,051.41, +0.63% from last Friday, +3.72% MTD, +4.22% QTD, +20.25% YTD, -0.40% from record 28,164.00 set 11/27/19.
NASDAQ ends Week 48 and November at 8,665.47, +1.71% from last Friday, +4.50% MTD, +8.33% QTD, +30.60% YTD, -0.46% from record 8,665.47 set 11/27/19.
SPX ends Week 48 and November at 3,140.98, +0.99% from last Friday, +3.40% MTD, +5.52% QTD, +25.30% YTD, -0.40% from record 3,153.63 set 11/27/19.
The Week 48 of 2019 News Summary: At the beginning of the week it seemed the US/China trade negotiations were going quite well, but at the end of the week not so much, in part due to the US House and Senate passing a resolution backing Hong Kong as a democracy, which was then signed by President Trump. The US economy was best summed up by the Federal Reserve’s Beige Book which said the economy is expanding modestly. It was a relatively quiet week for the Impeachment Inquiry because both US houses were on vacation. With Thanksgiving on Thursday and not a lot of controversial news it became another victory for The Stock Market Bull who took both Week 48 and November 3-0 in convincing style. However, The Stock Market Bear did make an appearance on the shortened Black Friday trading day, which brought back some memories of last December’s meltdown. Hopefully last year’s history will not repeat itself this year.
The Week 48 of 2019 tally YTD is:
The Stock Market Bull: 25 weeks
The Stock Market Bear: 15 weeks
Mixed Results: 8 weeks
The Month 11 of 2019 tally YTD is:
The Stock Market Bull: 9 months
The Stock Market Bear: 2 months
Mixed Results: 0 months
Intel(PBR43) provides a letter on why the US District Court, Northern District, judgment against Qualcomm(PBR133) for “licensing practices that have strangled competition in the CDMA and premium LTE modem chip markets for years, and harmed rivals, OEMs and end consumers…” should stand. $INTC PR link.
Tech Data(PBR84) $130 per share with an enterprise value of around $5.4 billion acquisition by Apollo Global Mgmt(PBR995) amended to $145 per share with an enterprise value of around $6 billion, to close in 1H20. $TECD PR link.
***Thursday, November 28
***US Thanksgiving Day Holiday.
***US Stock Exchanges Closed.
***Wednesday, November 27
Best Buy(PBR71 $BBY)‘s health offerings now serving 1 million seniors, with a goal of 5 million in fiscal 2025. MarketWatch PR link.
The US Dept of Commerce/BEA says the US 3Q19 2nd Estimate Real Annual Gross Domestic Product is at 2.1%, $21.542 trillion, +1.0% from 2Q19, +3.8% from 3Q18. USDOC PR link.
The US Federal Reserve System releases the Beige Book for data collected through 11/18/19, says, “Economic activity expanded modestly from October through mid-November, similar to the pace of growth seen over the prior reporting period….” USFed PR link.
The US Dept of Labor says the US 4 Week Moving Average Initial Unemployment Insurance Claims for the Week Ending 11/23/19 is at 219,750, +2.3% from 10/26/19, -2.1% from 11/24/18; the US 4 Week Moving Average Total Insured Unemployment for the Week Ending 11/16/19 is at 1,680,500, -0.3% from 10/19/19, +0.4% from 11/17/18. USDOL PR link.
The US Dept of Commerce/BEA says the US Preliminary October 2019 Total Personal Income Annual Rate is at $18.794 trillion, +0.0% from September 2019, +5.8% from October 2018; Total Personal Income Taxes Annual Rate is at $2.202 trillion, an 11.7% Effective Tax Rate; Personal Savings Rate is at 7.8%. USDOC PR link.
The US Energy Information Administration says that US Crude Oil Stocks on 11/22/19 were at 452.0 million barrels, +3.0% from 10/25/19, +0.3% from 11/23/18. EIA PR link.
FreddieMac(PBR40) says the US Average 30 Year Fixed Rate Mortgage on 11/27/19 was at 3.68% with 0.5 points/fees, 10/31/19 was at 3.78%, 09/26/19 3.64%, 11/29/18 4.81%. $FMCC PR link.
MNI says the Chicago November 2019 Business Barometer is at 46.3, October 2019 was at 43.2, September 2019 47.1, November 2018 66.4. MNI/ISM PR link.
***Tuesday, November 26
The PBR1000 Spotlight on MasterCard!
Mission Statement: “Every day, everywhere, we use our technology and expertise to make payments safe, simple and smart.”
Ticker: NYSE: MA
Stock Price(10/31/19): $276.81
Stock Price(11/25/19):$287.61
Current The PBR1000 Rankings:
209 By Revenues: $15.0 billion
15 By Market Capitalization: $276.4 billion(10/31/19)
80 By Total Yield: 25.3%
249 By Assets: $24.9 billion
463 By Employees: 14,800
16 By Analyst Estimates: Buy, 4.69/5.00, 35 Estimates
Average Target Stock Price(11/25/19): $312.88
To get the complete profile for MasterCard and for all 1,000 of The PBR1000 click here!
Jacobs Engineering(PBR206) opens its new European flagship office in London at the Cottons Centre, to hire approximately 2,400 staff in the UK over the next two years. $JEC PR link.
Xerox(PBR310) sends letter to HP Inc(PBR55), starts with “Your refusal to engage in mutual due diligence with Xerox defies logic.” and concludes with “We plan to engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity.” $XRX PR link.
The US Dept of Commerce/HUD says the US Preliminary October 2019 New Family Home Sales Annual Rate is at 733,000, -0.7% from September 2019, +31.6% from October 2018, Median Home Price is at $316,700, +2.1% from September 2019, -3.5% from October 2018, Homes Available are at 322,000, +0.3% from September 2019, -3.3% from October 2018. USDOC PR link.
The S&P CoreLogic Case-Shiller US September 2019 National Home Price Index(01/2000=100) is at 212.20, August 2019 was at 211.95, July 2019 211.59, September 2018 205.59. Case-Shiller PR link.
The Conference Board says the US Preliminary November 2019 Consumer Confidence Index(1985=100) is at 125.5, October 2019 was at 126.1, September 2019 126.3, November 2018 136.4. “Confidence Levels Still Remain High, and Should Support Solid Holiday Spending.” TCB PR link.
The US Federal Reserve Bank of Richmond says the US 5th District November 2019 Manufacturing Composite Index(Annualized) is at -1%, October 2019 was at +8%, September 2019 -9%, November 2018 +10%. “Survey respondents were optimistic that conditions would improve in the coming months.” RichmondFed PR link.
The US Federal Reserve Bank of Richmond says the US 5th District November 2019 Service Sector Revenue Index(Annualized) is at +15%, October 2019 was at +24%, September 2019 +6%, November 2018 +7%. “… firms were … optimistic that conditions would continue to improve in the near future.” RichmondFed PR link.
***Monday, November 25
HP Inc(PBR55) again rejects unsolicited proposal from Xerox(PBR310), says it significantly undervalues HP, is highly conditional and uncertain, there continues to be uncertainty regarding Xerox’s ability to raise the cash portion of the proposed consideration. $HPQ PR link.
AIG(PBR65) is selling a majority interest in reinsurance and run-off management solutions to the global insurance industry provider Fortitude Re to The Carlyle Group(PBR827) and T&D Holdings for around $1.8 billion, to close mid 2020. $AIG PR link.
Tesla(PBR141) CEO Elon Musk tweets that 200,000 Cybertrucks have been pre-ordered. $TSLA PR link.
McDonald’s(PBR147) settles California labor dispute started in 2013, agrees to pay $26 million, denies any wrongdoing as part of the settlement. $MCD PR link.
Jacobs Engineering(PBR206) to change ticker from JEC to NYSE: J on 12/10/19, will be changing name to Jacobs Solutions Inc to better reflect its new strategy and identity. $JEC PR link.
Viacom(PBR242) and CBS(PBR213) to complete merger after market close on 12/04/19, will be renamed ViacomCBS Inc, to begin trading on 12/05/19 as NASDAQ: VIACA and VIAC. $VIA PR link.
Uber(PBR273 $UBER) has lost its licence to operate in Britain’s capital city after the regulator Transport for London discovered more than 14,000 journeys had been taken with uninsured drivers, plans to appeal, will be able to operate during legal proceedings. MarketWatch PR link.
eBay(PBR286) to sell its StubHub unit to worldwide ticket marketplace for live sport, music and entertainment events viagogo for $4.05 billion cash, to close by end of 1Q20. $EBAY PR link.
Charles Schwab(PBR304) to acquire TD Ameritrade(PBR500) in an all-stock transaction valued at approximately $26 billion, combined firm is expected to serve 24 million client accounts with more than $5 trillion in client assets, to close in 2H20, TD Ameritrade suspends CEO search and names EVP/CFO Steve Boyle as interim President/CEO. $SCHW PR link.
Newmont Goldcorp(PBR402) to sell the Red Lake complex in Ontario, Canada, to Evolution Mining for $375 million in cash and up to an additional $100 million tied to new resource discoveries, to close in 1Q20. $NEM PR link.
Tiffany(PBR572) agrees to be acquired by LVMH Moet Hennessy – Louis Vuitton for revised bid of $135/share, $16.2 billion cash, to close in mid 2020. $TIF PR link.
Palo Alto Networks(PBR751) to acquire machine identity-based microsegmentation company Aporeto for around $150 million cash. $PANW PR link.
Wabash Natl(PBR856) Chairman Dr. Martin C. Jischke to retire at 2020 annual shareholders meeting, director Larry J. Magee expected to be successor. $WNC PR link.
The US Federal Reserve Bank of Chicago says the US Preliminary October 2019 National Activity Index is at -0.71, September 2019 was at -0.45, August 2019 +0.23, October 2018 +0.02. ChiFed PR link.
***Friday, November 22
The PBRMarketTools US Stock Exchanges Recap for Week 47 of 2019 ending 11/22/19:
DJIA ends Week 47 at a 27,875.62, -0.46% from last Friday, +3.07% MTD, +3.56% QTD, +19.50% YTD, -0.57% from record 28,036.22 set 11/18/19.
NASDAQ ends Week 47 at 8,519.88, -0.25% from last Friday, +2.74% MTD, +6.51% QTD, +28.40% YTD, -0.59% from record 8,570.66 set 11/19/19.
SPX ends Week 47 at 3,110.29, -0.33% from last Friday, +2.39% MTD, +4.49% QTD, +24.07% YTD, -0.38% from record 3,110.29 set 11/18/19.
The Week 47 of 2019 News Summary: There were mixed signals about the progress of the US/China trade negotiations during the week, even about a partial deal. Hong Kong protests and reactions by its and the Chinese government continue to escalate. US economic data was generally positive but cautiously guarded, as the global economy continues to show a steadily but slightly declining path, as expressed by the Federal Open Market Committee minutes from its last meeting. US politics was the most prominent news of the week as the US House hammered away at witnesses during the public Impeachment Inquiry over a possible attempted quid pro quo, or bribery, or extortion by President Trump for funding of the Ukraine military defense in exchange for an investigation into former Vice President and current US Presidential candidate Joe Biden and his son Hunter. But it appears that the primary impact on the US stock exchanges were the US/China trade news and US/global economics. Compared to past weeks it was not a volatile week with both The Stock Market Bull and The Stock Market Bear looking at each other rather than fighting. But in the end The Stock Market Bear narrowly edged out a 3-0 victory for Week 47.
The Week 47 of 2019 tally YTD is:
The Stock Market Bull: 24 weeks
The Stock Market Bear: 15 weeks
Mixed Results: 8 weeks
Amazon(PBR5 $AMZN) files suit with US Court of Federal Claims, is challenging Pentagon’s $10 billion JEDI cloud contract to Microsoft(PBR19). MarketWatch PR link.
Boeing(PBR28) debuts its 737 MAX 10, largest variant of the MAX family, can seat up to 230 passengers and offers the lowest seat-mile cost of any single-aisle airplane ever produced, has 550+ orders from 20+ customers. $BA PR link.
Tesla(PBR141) introduces the Cybertruck, designed to have the utility of a truck and the performance of a sports car, starts at $39,900, to be available by late 2021, $100 deposit. $TSLA PR link.
YUM!(PBR483) authorizes new up to $2 billion share repurchase program, to expire on 06/30/21. $YUM PR link.
AECOM(PBR155) Chairman/CEO Michael S. Burke to retire upon appointment of successor by 2020 annual meeting, to appoint 3 new members to the Board per agreement with activist investor Starboard Value. $ACM PR link.
Kimberly-Clark(PBR167) elects CEO Michael D. Hsu to additional role of Chairman, effective 01/01/20, Chairman Thomas J Falk retiring after 16 years in the role. $KMB PR link.
The U of Michigan US Final November 2019 Consumer Sentiment Index is at 96.8, October 2019 was at 95.5, September 2019 93.2, November 2018 97.5.”… the current period is distinctive for the much sharper partisan divisions in the economic expectations among consumers as well as the wide gap in optimism between consumers and business firms. One side anticipates a recession, while the other side expects an uninterrupted expansion in the year ahead.” UMichigan PR link.
***Thursday, November 21
Chubb Corp(PBR99) authorizes an up to $1.5 billion share repurchase program, expires 12/31/20. $CB PR link.
Medtronic(PBR101) gets US FDA approval of the IN.PACT™ AV drug-coated balloon (DCB), a paclitaxel-coated balloon indicated for the treatment of failing arteriovenous (AV) access in patients with end-stage renal disease (ESRD) undergoing dialysis. $MDT PR link.
Amgen(PBR124) completes $13.4 billion acquisition of Celgene(PBR203)‘s severe plaque psoriasis treatment Otezla. $AMGN PR link.
Xerox(PBR310) sends letter to HP Inc(PBR55) expressing surprise that its $22.00/share offer was considered undervalued, plans to proceed with an attempt to acquire HP. $XRX PR link.
Domino’s Pizza(PBR670) opens its first first store in the Czech Republic in the city of Brno. $DPZ PR link.
Hillenbrand(PBR930) completes $2 billion cash and stock acquisition of Milacron Holdings(NYSE: MCRN), which manufactures, distributes, and services engineered and customized systems in the approximately $30 billion plastics technology and processing industry, as well as fluid technologies and processing systems. $HI PR link.
Franklin Resources(PBR453) Chairman/CEO Gregory Johnson to step down from CEO role at annual meeting on 02/11/20, will become Executive Chairman, President/COO Jennifer M. Johnson to become President/CEO. $BEN PR link.
The Federal Reserve Bank of Philadelphia says the US 3rd District November 2019 Manufacturing General Activity Indicator was at +10.4, October 2019 +5.6, September 2019 +12.0, November 2018 +11.9. PhillyFed PR link.
The Conference Board says the US Preliminary October 2019 Leading Economic Index(2016=100) is at 111.7, September 2019 was at 111.8, August 2019 112.0, October 2018 111.3. TCB PR link.
The Natl Assn of Realtors says the US October 2019 Existing Home Sales Annual Rate is at 5,460,000, +1.9% from September 2019, +4.6% from October 2018, Existing Inventory is at 1,770,000, -2.7% from September 2019, -4.3% from October 2018, Median Price was at $270,900, -0.4% from September 2019, +6.2% from October 2018. NAR PR link.
***Wednesday, November 20
Apple(PBR3) breaks ground on its new 133-acre campus in Austin, TX, which will initially house 5,000 employees; at a production facility nearby it is preparing to ship the all-new Mac Pro to customers starting in 12/19. $AAPL PR link.
Eli Lilly(PBR117) to invest $400 million in its manufacturing facilities at its Lilly Technology Center campus in Indianapolis, IN, will create around 100 new highly skilled jobs. $LLY PR link.
Bristol-Myers Squibb(PBR133) completes $74 billion acquisition of Celgene(PBR203), which is now a wholly owned subsidiary. $BMY PR link.
Bristol-Myers Squibb(PBR133) says the Phase 3 study evaluating Opdivo (nivolumab) plus Yervoy (ipilimumab) versus Opdivo alone for the adjuvant treatment of patients who have had a complete surgical removal of stage IIIb/c/d or stage IV (no evidence of disease) melanoma did not achieve co-primary endpoint, study will continue for other endpoints. $BMY PR link.
PayPal(PBR202) to acquire Los Angeles, CA based 17 million monthly active users Honey Science Corporation, a rapidly-growing technology platform for shopping and rewards, for around $4 billion. $PYPL PR link.
Avery Dennison(PBR411) to acquire Amsterdam, Netherlands based around 900 employees Smartrac’s Transponder (RFID Inlay) Division, for the purchase price of around $252 million. $AVY PR link.
Carlisle Cos(PBR567) completes acquisition of 1,000+ employees San Diego, CA based Providien LLC, a provider of manufacturing solutions for global medical device OEMs, including thermoforming, medical device contract manufacturing, precision machining & metals, and medical injection molding, terms not disclosed. $CSL PR link.
Hologic(PBR699) to sell its 825 employees Cynosure medical aesthetics business to Clayton, Dubilier & Rice for $205 million cash, to close by 12/31/19. $HOLX PR link.
CrossAmerica Partners(PBR825) says Couche-Tard(TSX:ATD.A ATD.B) has sold all of its ownership interest in CrossAmerica to investment vehicles controlled by Joe Topper, the founder of CrossAmerica. $CAPL PR link.
Universal Corp(PBR863) to acquire Yakima Valley, WA based 200 employees FruitSmart, an independent specialty fruit and vegetable ingredient processor serving global markets, terms not disclosed, to close by 12/31/19. $UVV PR link.
Deluxe Corp(PBR890) to assume all retail and wholesale remittance processing for Synchrony(PBR169). $DLX PR link.
The US Federal Open Market Committee releases minutes from its 10/30/19 meeting. “… most participants judged that the stance of policy, after a 25 basis point reduction at this meeting, would be well calibrated to support the outlook of moderate growth, a strong labor market, and inflation near the Committee’s symmetric 2 percent objective and likely would remain so as long as incoming information about the economy did not result in a material reassessment of the economic outlook.” FOMC PR link.
***Tuesday, November 19
Kroger(PBR21) announces first-of-its-kind US partnership with Europe based hydroponic developer Infarm, will initially grow produce directly in some QFC brand stores in Bellevue and Kirkland, WA. $KR PR link.
Macy’s(PBR115 $M) sending letters to customers about a recent data breach, actions taken. MarketWatch PR link.
BB&T(PBR241) and SunTrust Banks(PBR296) get regulatory approvals from the US Federal Reserve System and the US Federal Deposit Insurance Corporation for merger of equals and become Truist Financial Corporation, to be completed by 12/06/19. $BBT PR link.
Gannett(PBR745) $1.35 billion cash/stock acquisition by New Media Investment Group(NYSE: NEWM) is completed, new company is called Gannett Co, Inc, ticker NYSE: GCI, Michael Reed will remain Chairman/CEO of the combined company and Paul Bascobert will serve as CEO of the operating subsidiary, Gannett Media Corp. $GCI PR link.
CIT Group(PBR852) gets US Office of the Comptroller of the Currency regulatory approval to acquire $6.8 billion in deposits, $4.5 billion of which are HOA deposits from more than 31,000 community associations nationwide, Mutual of Omaha Bank, for $1 billion cash and stock, to close in 1Q20. $CIT PR link.
The US Dept of Commerce/HUD says the US Preliminary October 2019 Private Housing Building Permits Issued Annual Rate is at 1.461 million, +5.0% from September 2019, +14.1% from October 2018. USDOC PR link.
***Monday, November 18
Amazon(PBR5) plans second fulfillment center in Mississippi, to be in DeSoto County in N Mississippi, over 1 million sf, will create 500 new full-time jobs starting at $15/hour. $AMZN PR link.
AT&T(PBR9) sells its 42% minority stake in Game Show Network to 58% stake holder Sony Pictures Entertainment for $500 million. $T PR link.
Ford(PBR12) announces the all-electric Mustang Mach-E, will be available in several variations, launching in late 2020, $500 refundable reservation deposit available now. $F PR link.
HP Inc(PBR55) Board unanimously rejects unsolicited proposal from Xerox(PBR310), says it significantly undervalues HP and is not in the best interests of HP shareholders, but open to more discussions about a possible combination. $HPQ PR link.
Thermo-Fisher Scientific(PBR119) to become a member of the S&P100 on 11/21/19, to replace being acquired Celgene(PBR205). SPIndices PR link.
HollyFrontier(PBR171) authorizes new $1 billion share repurchase program, replaces existing programs which had $281 million remaining. $HFC PR link.
Estee Lauder(PBR211) to acquire the shares that it does not already beneficially own in Have & Be Co. Ltd., the Seoul-based, global skin care company behind Dr. Jart+ and men’s grooming brand Do The Right Thing, has an enterprise value of around $1.7 billion. $EL PR link.
Coty(PBR340) to pay $600 million for 51% ownership in long-term partnership with Kylie Jenner to develop her Kylie Cosmetics, Kylie Skin, and other products, to close in 3Q20. $COTY PR link.
Blackstone(PBR423) completes $4.25 billion cash acquisition of real estate of Bellagio, is leasing it back to a subsidiary of MGM Resorts(PBR257) to operate the property for initial annual rent of $245 million, MGM Resorts will receive a 5% equity interest. $BX PR link.
Jefferies Financial(PBR634) to sell its remaining 31% interest in National Beef to Marfrig Global Foods for $970 million cash, to close by 11/30/19. $JEF PR link.
ServiceNow(PBR800 $NOW) to become a member of the S&P500 on 11/21/19, to replace being acquired Celgene(PBR205). SPIndices PR link.
Cooper Cos(PBR812) gets US FDA approval for its MiSight® 1 day contact lens1, indicated to slow the progression of myopia (nearsightedness or short-sightedness) when initially prescribed for children 8-12 years old. $COO PR link.
Lyft(PBR873 $LYFT) gets strategic partnership with Gett which is closing down its Juno ridesharing operations in New York City, turning accounts over to Lyft. TechCrunch PR link.
T-Mobile US(PBR70) President/COO Mike Sievert to become President/CEO on 05/01/20, will succeed John Legere whose contract expires 04/30/20, Legere will remain on the Board. $TMUS PR link.
Viacom(PBR242)‘s President/CEO Bob Bakish to become President/CEO of ViacomCBS, other ViacomCBS executives announced, merger to be completed in early 12/19. $VIA PR link.
ServiceNow(PBR800) announces Bill McDermott is now President/CEO, succeeds John Donahue who is leaving for another CEO position but remains on the Board. $NOW PR link.
The Natl Assn of Home Builders/Wells Fargo US Preliminary November 2019 Housing Market Index(>50=more builders view conditions as good than poor) is at 70, October 2019 was at 71, September 2019 68, November 2018 60. “Single-family builders are currently reporting ongoing positive conditions, spurred in part by low mortgage rates and continued job growth, …” NAHB PR link.
***Friday, November 15
The PBRMarketTools US Stock Exchanges Recap for Week 46 of 2019 ending 11/15/19:
DJIA ends Week 46 at a record 28,004.89, +1.17% from last Friday, +3.54% MTD, +4.04% QTD, +20.05% YTD, +0.00% from record 28,004.89 set 11/15/19.
NASDAQ ends Week 46 at a record 8,540.83, +0.77% from last Friday, +3.00% MTD, +6.77% QTD, +28.72% YTD, +0.00% from record 8,540.83 set 11/15/19.
SPX ends Week 46 at a record 3,120.46, +0.89% from last Friday, +2.73% MTD, +4.83% QTD, +24.48% YTD, +0.00% from record 3,120.46 set 11/15/19.
The Week 46 of 2019 News Summary: Early in the week news about the US/China trade negotiations was mixed, but by the end of the week it appeared that at least a Phase 1 deal is close, and China lifted its ban on US poultry. Protests seem to be escalating in Hong Kong and it is difficult to foresee how this will play out. The US economic results were mostly slightly down, but even then the economy appears to be in good shape, growing at a modest/moderate rate, with Fed Chairman Powell and other economists saying rate cuts are probably on hold for now. The big news of the week came from the start of the public testimonies for the Impeachment Inquiry by committees of the US House of Representatives with responses by both sides saying either President Trump clearly had a quid pro quo when asking the Ukraine leader to do an investigation into Joe and Hunter Biden business dealings, or there clearly was no such intent. The US stock exchanges seemed to care only about the US/China trade negotiations and took it as very positive. The Stock Market Bull, for the fourth week in a row, solidly trounced The Stock Market Bear 3-0 with all 3 major US exchanges closing Week 46 at record highs again, and all with at least a 20% gain year-to-date.
The Week 46 of 2019 tally YTD is:
The Stock Market Bull: 24 weeks
The Stock Market Bear: 14 weeks
Mixed Results: 8 weeks
Amazon(PBR5 $AMZN) to protest award of $10 billion Pentagon JEDI cloud-computing contract to Microsoft(PBR19). MarketWatch PR link.
Ford(PBR12) gets new collective bargaining agreement with the United Auto Workers(UAW), includes $6 billion in investment in Ford’s U.S. manufacturing facilities and creates or secures 8,500 US hourly jobs during the four-year contract. $F PR link.
Walt Disney(PBR54) announces over 10 million signups for its Disney+ streaming service since its launch on 11/12/19. $DIS PR link.
Bristol-Myers Squibb(PBR133) gets US Federal Trade Commission approval for its $74 billion acquisition of Celgene(PBR203) which has sold its global rights to OTEZLA® (apremilast) to Amgen(PBR123) for $13.4 billion cash per agreement with the FTC, to close on 11/20/19. $BMY PR link.
Masco(PBR359) to sell its Masco Cabinetry unit to ACProducts, a manufacturer of cabinetry products owned by American Industrial Partners, for $1.0 billion, to close in 1Q20. $MAS PR link.
Noble Energy(PBR527) to increase its ownership in Noble Midstream Partners LP (NYSE: NBLX), sells essentially all of its remaining US onshore midstream interests and assets to NBLX and eliminates its Incentive Distribution Rights for $1.6 billion. $NBL PR link.
HollyFrontier(PBR171) President/CEO/Director George Damiris to retire from all positions on 12/31/19, director and former Chairman and CEO Michael Jennings to become President/CEO on 01/01/20. $HFC PR link.
The US Dept of Labor says the US Preliminary October 2019 Import Prices were -0.5%, Export Prices -0.1%, October 2019 Import Prices Last 12 Months were -3.0%, Export Prices -2.2%. USDOL PR link.
The US Federal Reserve says the US Preliminary October 2019 Total Manufacturing Total Industry % of Capacity was at 76.7%, September 2019 77.5%, August 2019 77.9%, October 2018 79.3%, Capacity Growth Over Previous Year is +2.2%. USFed PR link.
The US Dept of Commerce/Census says the US Preliminary September 2019 Sales-Manufacturers was at $501.1 billion, Retail $459.6 billion, Wholesalers $498.6, Total Sales $1.459 trillion, -0.2% from August 2019, +0.5% from September 2018. USDOC PR link.
The US Dept of Commerce/Census says the US Advance October 2019 Sales-Retail is at $461.2 billion, Food Services & Drinking Places $65.3 billion, Total $526.5 billion, +0.3% from September 2019, +3.1% from October 2018. USDOC PR link.
The Federal Reserve Bank of New York says the Empire State November 2019 Manufacturing General Business Conditions Index is at +2.9, October 2019 was at +4.0, September 2019 +2.0, November 2018 +21.4. “Optimism about the six-month outlook remained subdued, while capital spending plans picked up markedly.” NYFed PR link.
***Thursday, November 14:
The October 2019 Snapshot 13 Summary: The PBR1000 Top 5 Performers Since 12/29/17(22 months)(Rank, Company, PBR1000 Ranking by Revenues, Stock Symbol, 10/31/19 Stock Price, % Increase from 12/29/17):
1. AMD, PBR442, $AMD, $33.93, +230%
2. BlueLinx, PBR755, $BXC, $31.26, +220%
3. Crocs, PBR996, $CROX, $34.99, +177%
4.Chipotle, PBR535, $CMG, $778.16, +169%
5. FTI Consulting, PBR885, $FCN, $108.87, +153%
Range: +230% to -98%
Number of Companies at 0% or Better: 497/991
Average: +8.58%
Median: +0.66%%
DJIA: +9.41%
NASDAQ: +20.12%
SPX: +13.61%
To find out more about The PBR1000 click here!
Amazon(PBR5) to open new 30,000 sf corporate offices facility in Las Vegas, NV, in support of its Human Resources department, will add 125 jobs. $AMZN PR link.
Microsoft(PBR19) Azure selected by Salesforce(PBR238) as its public cloud provider for Salesforce Marketing Cloud. $MSFT PR link.
Kroger(PBR21) and partner Ocado to open its 6th high tech Customer Fulfillment Center, to be located in Pleasant Prairie, WI, 350,000 sf facility, will add around 400 jobs, to open 24 months after breaking ground. $KR PR link.
Dollar Tree(PBR130 $DLTR) is sent warning letter by US FDA for receiving over-the-counter drugs produced by foreign manufacturers found to have serious violations of federal law. USFDA PR link.
Tesla(PBR141 $TSLA)‘s Model 3 and Model S regain a Consumer Reports recommendation because of improved reliability from results of annual survey. Consumer Reports PR link.
Marriott Intl(PBR149) has signed contracts with hotel developers to open two all-inclusive, oceanfront resorts in the Caribbean – an 800-room Marriott Hotel in Jamaica to open in 2022, and a 283-room Autograph Collection on Curaçao to open in 2024. $MAR PR link.
CNO Financial(PBR581) approves an additional $500 million for its share repurchase program, balance now available is around $607 million. $CNO PR link.
The Federal Reserve Bank of New York releases its November 2019 US Economy in a Snapshot. NYFed PR link.
The US Dept of Labor says the US Preliminary October 2019 Producer Price Index-Total Final Demand was +0.4%, September 2019 was at -0.3%, August 2019 +0.1%, October 2018 +0.8%, October 2019 Total Final Demand Year-Over-Year is at +1.1%, September 2019 was at +1.4%, August 2019 +1.8%, October 2018 +3.1%. USDOL PR link.
***Wednesday, November 13
The PBR1000 Spotlight on Autodesk!
Products/Services: Software from design professionals, engineers and architects, to digital artists, students and hobbyists.
Ticker: NASDAQ: ADSK, $147.36 on 10/31/19
Current The PBR1000 Rankings:
807 By Revenues: $2.6 billion
194 By Market Capitalization: $32.7 billion(10/31/19)
74 By Total Yield: 27.3%
670 By Assets: $4.7 billion
620 By Employees: 9,000
258 By Analyst Estimates: Overweight, 4.21/5.00, 24 Estimates, Average Target Stock Price $172.27(11/12/19)
To get the complete profile for Autodesk and for all 1,000 of The PBR1000 click here!
Apple(PBR3) unveils an all-new 16-inch MacBook Pro, features a 16-inch Retina Display, the latest 8-core processors, up to 64GB of memory, next-generation graphics with up to 8GB of VRAM and a new advanced thermal design, starts at $2,399. $AAPL PR link.
Nike(PBR80 $NKE) will stop selling its sneakers and apparel directly on Amazon(PBR5)’s website, ending a pilot program that began in 2017. Bloomberg PR link.
Tech Data(PBR84) to be acquired by Apollo Global Mgmt(PBR995) for $130 per share with an enterprise value of around $5.4 billion, to close in 1H20. $TECD PR link.
AbbVie(PBR93) prices $30 billion of senior unsecured notes, proceeds to help fund $63 billion acquisition of Allergan(PBR197). $ABBV PR link.
Weyerhaeuser(PBR392) completes $300 million cash sale of its 555,000 acres of Michigan timberlands to an affiliate of The Lyme Timber Company LP. $WY PR link.
Avon Products(PBR489) shareholders approve around $3.7 billion acquisition by Brazil based Natura &Co (B3: NATU3), to close in early 2020. $AVP PR link.
Abbott(PBR100) Executive Chairman/CEO Miles White to step down as CEO on 03/03/20, has been CEO for 21 years, will remain Executive Chairman, President/COO Robert Ford to become CEO. $ABT PR link.
The US Dept of Treasury says the US October 2019 Federal Government Receipts are at $245.5 billion, Outlays $380.0 billion, Deficit $134.5 billion, October 2018 Deficit was at $100.5 billion. USTreasury PR link.
The US Dept of Labor says the US Preliminary October 2019 Current Employee Average Earnings Per Week is at $969.39, September 2019 was at $967.33, August 2019 $966.98, October 2018 $943.58. USDOL PR link.
The US Dept of Labor says the US Preliminary October 2019 Consumer Price Index-Urban is +0.4%, Food +0.2%, Energy +2.7%, All Items Less Food & Energy +0.2%, Last 12 Months(Unadjusted) +1.8%. USDOL PR link.
***Tuesday, November 12
Facebook(PBR57) announces Facebook Pay, will provide a convenient, secure and consistent payment experience across Facebook, Messenger, Instagram and WhatsApp. $FB PR link.
Starbucks(PBR116) to open its Reserve Roastery Chicago, its largest US retail location with 5 floors and 35,000 sf, on 11/15/19. $SBUX PR link.
Tesla(PBR141)‘s Elon Musk tweets that the next Giga Factory will be in Berlin, Germany, will build batteries, powertrains & vehicles, starting with Model Y. $TSLA PR link.
PG&E(PBR179) says the Bankruptcy Court-approved deadline for fire claimants to file claims against PG&E has been extended to 12/31/19 at 5:00 pm Pacific Time. $PCG PR link.
DR Horton(PBR192) says for FY19 homes closed increased 10% to 56,975 homes and 9% in value to $16.9 billion. $DHI PR link.
ADP(PBR221) authorizes new $5 billion share repurchase program, replaces 2015 25 million shares authorization. $ADP PR link.
Mylan(PBR273) and Pfizer(PBR59)’s Upjohn division to combine as Viatris, to close around mid-2020. $MYL PR link.
Dean Foods(PBR383) files for voluntary Chapter 11 reorganization, has commitment for $850 million debtor-in-possession(DIP) financing, in advanced discussions with Dairy Farmers of America regarding a potential sale, business continues as usual. $DF PR link.
Insight(PBR411) will combine its two Tempe offices into a state-of-the-art creative 48 acres 295,000 sf global headquarters office space in Chandler, AZ, to open by end of 2020. $NSIT PR link.
Diplomat Pharmacy(PBR495) says in 3Q19 report it has concerns about meeting financial obligations by the end of 2019, intends to actively work with its lenders to renegotiate its covenants or amend its credit agreement. $DPLO PR link.
Chipotle(PBR535) is extending its new menu addition, Carne Asada, into 1Q20, exploring options to add as a permanent menu item in the future. $CMG PR link.
Verso Corp(PBR789) to sell its Androscoggin mill, located in Jay, ME, and its Stevens Point mill, located in Stevens Point, WI, to Pixelle Specialty Solutions for $400 million, to close in 1Q20. $VRS PR link.
Winnebago(PBR887) delivers the first all-electric mobile surgical instrument lab (eMSIL) to University of California at Los Angeles (UCLA) Health Center, expected to save UCLA Health Center close to $750,000 a year. $WGO PR link.
Ferrellgas(PBR945) reaches agreement with TPG Specialty Lending regarding alleged defaults. $FGP PR link.
Tupperware(PBR862) Chairman/CEO Tricia Stitzel steps down after 22 years with the company, Board appoints independent director Christopher D. O’Leary as Interim CEO, Lead Director Susan M. Cameron named Non-Executive Chairman, permanent CEO search starts. $TUP PR link.
CoreLogic says the US August 2019 Home Mortgages 30 Days or More Delinquent was at 3.7%, July 2019 was at 3.8%, June 2019 4.0%, August 2018 3.9%. CoreLogic PR link.
***Monday, November 11
***Federal Holiday: Veterans Day
***Honoring those who have served
***in the US Armed Forces.
***Thank you for your service.
The PBR25 Top Buy Analyst Recommendations Info:
– Average Recommendation: 4.73/5.00
– Avg Recommendations Range: 4.62-4.96/5.0
– Avg Number of Recommendations: 30
– Avg Number of Buy Recommendations: 25
– Range of Buy Recommendations: 15 to 44
– NYSE: 17 companies, NASDAQ: 8
– Avg Return since 12/31/14(58 mos): 156.0%
To get The PBR25 click here!
Welltower(PBR544) to acquire a 29-property Class-A medical office building portfolio from Hammes Partners for $787 million, to close in 4Q19, also has an additional gross investment volume of $885 million across four other separate outpatient medical transactions. $Well PR link.
SunPower(PBR939) to separate into two independent, complementary, strategically-aligned and publicly-traded companies – SunPower and Maxeon Solar Technologies, with an equity investment of $298 million to be made in Maxeon Solar by long-time partner Tianjin Zhonghuan Semiconductor Co., Ltd, to close in 2Q20. $SPWR PR link.
WW(PBR960) introduces myWW, its most customized weight-loss program ever, based on the results of a six-month clinical trial of the myWW program conducted at the Medical University of South Carolina’s Weight Management Center. $WW PR link.
***Friday, November 8
The PBRMarketTools US Stock Exchanges Recap for Week 45 of 2019 ending 11/08/19:
DJIA ends Week 45 at a record 27,681.24, +1.22% from last Friday, +2.35% MTD, +2.84% QTD, +18.66% YTD, *0.00% from record 27,681.24 set 11/08/19.
NASDAQ ends Week 45 at a record 8,475.31, +1.06% from last Friday, +2.21% MTD, +5.95% QTD, +27.73% YTD, +0.00% from record 8,475.31 set 11/08/19.
SPX ends Week 45 at a record 3,093.08, +0.85% from last Friday, +1.83% MTD, +3.91% QTD, +23.39% YTD, +0.00% from record 3,093.08 set 11/08/19.
The Week 45 of 2019 News Summary: Internationally, the US officially began its withdrawal from the Paris Climate Accord, the process will take a year. Towards the end of the week it was signaled that the US and China were close to an agreement on international trade that would phase out tariffs, which US President Trump denied on Friday. Protests continue in Hong Kong over policies and democracy concerns. Politically the US House has released some transcripts regarding the President Trump Impeachment Inquiry, to mixed reviews. There was not much US economic news, but jobs openings are still over 7 million, international trade showed some impact from tariffs, consumer debt slowed a little, consumer sentiment was generally positive. 3rd quarter corporate earnings continue to be mixed. There was a bump in CEOs leaving, quitting, or being forced out. The US stock exchanges were very active, with The Stock Market Bull easily prevailing 3-0 by the end of Week 45, with The Stock Market Bear showing some very noticeable hoof prints on his fur.
The Week 45 of 2019 tally YTD is:
The Stock Market Bull: 23 weeks
The Stock Market Bear: 14 weeks
Mixed Results: 8 weeks
The PBR1000 Welcomes Elanco Animal Health!
Date Added: 10/21/19
Products/Services: Animal health and food-animal production
Ticker: NYSE: ELAN, $27.02 on 10/31/19
Current The PBR1000 Rankings:
720 By Revenues: $3.1 billion
447 By Market Capitalization: $10.12 billion(10/31/19)
479 By Assets: $9.0 billion
761 By Employees: 5,780
334 By Analyst Estimates: Overweight, 4.09/5.00, 11 estimates, Average Target Price $33.43(11/08/19)
To get the complete profile for Elanco Animal Health and for all 1,000 of The PBR1000 click here!
Thermo-Fisher Scientific(PBR119) authorizes new $2.5 billion share repurchase program, no expiration date, replaces existing program which had $500 million remaining. $TMO PR link.
Celgene(PBR205) and Acceleron Pharma(NASDAQ: XLRN) get US FDA approval for REBLOZYL® (luspatercept-aamt) for the treatment of anemia in adults with beta thalassemia who require regular red blood cell transfusions. $CELG PR link.
Icahn Enterprises(PBR291) sends letter to Occidental Petroleum(PBR159) shareholders saying why OXY’s acquisition of Anadarko(PBR233) is a bad deal, plans to contest. $IEP PR link.
SunTrust Banks(PBR296) agrees to sell 30 branches in North Carolina, Virginia, and Georgia with $2.4 billion in deposits and $410 million in loans to First Horizon National(PBR856), transaction represents required regulatory divestitures in connection with the merger of equals between SunTrust and BB&T(PBR237). $STI PR link.
Xerox(PBR310) completes restructuring of relationship with FUJIFILM, receives $2.3 billion, $1 billion lawsuit FUJIFILM filed against Xerox after last year’s terminated merger is also dismissed. $XRX PR link.
Markel(PBR422) to acquire VSC, with 1,200 employees at 21 locations in 9 states providing comprehensive fire protection, life safety, and low voltage solutions to retailers, commercial campuses, healthcare facilities, and government properties throughout the SE US, to close in 4Q19, terms not disclosed. $MKL PR link.
Blackstone(PBR423) acquires majority stake in MagicLab, which builds and operates leading dating and social networking apps, including Bumble and Badoo, values the company at approximately $3 billion. http://bit.ly/BXik08$FB PR link.
Moody’s(PBR571) completes its $300 million sale of its global knowledge process outsourcing services provider Moody’s Analytics’ Knowledge Services (MAKS) business to European private equity firm Equistone Partners Europe Limited. $MCO PR link.
Winnebago(PBR887) completes $344 million cash and stock acquisition of $661 million in revenues for 12 months ending 06/19 55 dealer locations Newmar, a manufacturer of Class A and Super C motorized recreation vehicles. $WGO PR link.
Wendy’s(PBR953) to do an accelerated $100 million share repurchase program, to acquire 4.05 million common shares from Morgan Stanley(PBR63). http://bit.ly/WENik08$FB PR link.
The US Dept of Commerce/Census says the US Preliminary September 2019 Wholesale Sales-Durables was at $239.2 billion, Non-Durables $259.3 billion, Total $498.5 billion, +0.0% from August 2019, -0.6% from September 2018. USDOC PR link.
The US Preliminary November 2019 U of Michigan Consumer Sentiment Index is at 95.7, October 2019 was at 95.5, September 2019 93.2, November 2018 97.5. “Although consumers have become somewhat more cautious spenders, they see no reason to engage in the type of retrenchment that causes recessions.” UMichigan PR link.
***Thursday, November 7
Some more facts about The PBR25 Top Buy Analyst Recommendations:
– Number of Evaluations: 14,980
– Evaluations Weighted Average: 4.73/5.00
– Total Stock Price on 10/31/19: $5,695.54
– Total Average Target Stock Price: $6,849.09
– Average Stock Price Increase: 20.3%
– Number Paying Dividends: 15
– Total Market Capitalization: $4.8 trillion
Find out more about The PBR25, click here!
Facebook(PBR57) outlines steps it is taking to better identify new threats, close vulnerabilities and reduce the spread of viral misinformation and fake accounts during the US 2020 election season. $FB PR link.
T-Mobile US(PBR70) to make 5G available nationwide on 12/06/19, provide 10 years of free 5G access to first responders, to spend $10 billion for free service to 10 million rural households. $TMUS PR link.
Coca-Cola(PBR95) to launch sparkling water with a little caffeine brand AHA in 03/20. $KO PR link.
Gilead Sciences(PBR134) responds to government complaint alleging infringement of patents granted to the US Dept of Health and Human Services (HHS) for methods of HIV pre-exposure prophylaxis (PrEP) and post-exposure prophylaxis (PEP), says patents are not valid. $GILD PR link.
Nielson Holdings(PBR441) to spin-off the company’s Global Connect business, creating two independent, publicly traded companies—the Global Media business and the Global Connect business, to be completed in 9-12 months. $NLSN PR link.
Under Armour(PBR515) and Dwayne “The Rock” Johnson releases Project Rock x UA Freedom collection that celebrates veterans, helps support the Fisher House Foundation. $UA PR link.
Monster Beverage(PBR630) authorizes an additional up to $500 million share repurchase program, balance available is around $536.6 million. $MNST PR link.
WW(PBR960) announces 3Q19 ends with record 4.4 million subscibers, includes 3.1 million digital subscribers, 1.3 million studio+digital subscribers, to introduce a new program on 11/11/19. $WW PR link.
Gap Inc(PBR182) President/CEO Art Peck to step down from the company after 15 years and from the Board after a brief transition, Non-Executive Chairman Robert J. Fisher will also serve as Interim President/CEO, effective immediately, new CEO search starts. $GPS PR link.
NortonLifeLock(PBR541) EVP/CFO Vincent Pilette appointed CEO, effective 11/08/19. $NLOK PR link.
Teradata(PBR871) President/CEO Oliver Ratzesberger resigns from company and Board per mutual agreement on 11/05/19, Executive Chairman Victor Lund appointed to also be Interim President/CEO, new CEO search starts. $TDC PR link.
W.R. Grace(PBR904) Non-Executive Chairman Fred Festa retires, Lead Independent Director Christopher J. Steffen elected as successor. $GRA PR link.
SeaWorld(PBR972) hires Sergio (Serge) D. Rivera as CEO and member of the Board, effective 11/11/19, interim CEO Marc Swanson returns to CFO role. $SEAS PR link.
The US Federal Reserve says the US Preliminary September 2019 Consumer Debt-Revolving is at $1.077 trillion, Non-Revolving $3.072 trillion, Total Debt $4.149 trillion, +0.2% from August 2019, +2.7% YTD(9 months), +4.9% from September 2018. USFed PR link.
FannieMae(PBR22) says the US October 2019 Home Purchase Sentiment Index is at 88.8, September 2019 was at 91.5, August 2019 93.8, October 2018 85.7. “Consumer home purchase sentiment remains robust, with the HPSI still near its survey high despite dipping for a second consecutive month …” $FNMA PR link.
***Wednesday, November 6
As of 10/31/19 The PBR25 Buy Recommendations companies have averaged a return of +156.0% since 12/31/14(58 months), The DJIA is at +51.8%, NASDAQ +75.1%, S&P500 +47.5%. To find out more about The PBR25 click here.
Amazon(PBR5) to build a $40 million, 350,000 sf new state-of-the-art Amazon Robotics innovation hub and create 200 tech and advanced manufacturing jobs in Westborough, MA, to open in 2021. $AMZN PR link.
Kroger(PBR21) and TrueCar(NASDAQ: TRUE) launch a new auto buying program, offering members price context, and access to upfront, discounted prices on their next vehicle purchase from over 16,500 TrueCar Certified Dealers. TrueCar PR link.
UPS(PBR41) launches nationwide flat rate service called UPS Simple Rate, offers larger size options than what is in the marketplace today and customers do not need to enter package weight and dimensions or look up shipping zones. $UPS PR link.
HP Inc(PBR55) confirms it is in talks with Xerox(PBR310) regarding a possible combination of their companies. $HPQ PR link.
Facebook(PBR57) not responding to subpoenas from California attorney general’s office regarding it privacy practices, investigators seeking a court’s help in getting documents and answers from Facebook. MarketWatch PR link.
VISA(PBR151) to lease a new, 300,000 square foot, 13-story building in the Mission Rock neighborhood of San Francisco, will serve as Visa’s new global headquarters once completed, will also completely redesign its Foster City campus into a state-of-the-art facility, both to be completed in early 2024. $V PR link.
Biogen(PBR235) to make a $100 million upfront payment to Samsung Bioepis, may pay up to $210 million in additional development, regulatory and sales-based milestones, to secure the exclusive rights to commercialize two new ophthalmology biosimilars, SB11 referencing Lucentis®1 and SB15 referencing Eylea®2, in major markets worldwide, and other identified products. $BIIB PR link.
Office Depot(PBR281) approves a feasibility review of the implementation of a holding company reorganization, called The ODP Corporation, which is expected to be completed by the end of the first quarter of 2020. $ODP PR link.
Office Depot(PBR281) authorizes increase of share repurchase program to $200 million, extends expiration date to 12/31/21. $ODP PR link.
NVR(PBR404) authorizes $300 million share repurchase program. $NVR PR link.
Domtar(PBR498) increases share buyback program by $300 million, balance available is now $478 billion. $UFS PR link.
Taylor Morrison Homes(PBR592) to acquire William Lyon Homes (NYSE: WLH) for $21.45/share, $2.4 billion cash & stock deal, will create 5th largest homebuilder in the US, to close by early 2Q20. $TMHC PR link.
Bloomin’ Brands(PBR602) in 3Q19 report says it is exploring strategic alternatives, including possible sale of the company. $BLMN PR link.
TripAdvisor(PBR949) to be 40% owner and Trip.com Group 60% in joint venture, TripAdvisor China, to share content, Trip.com to get a TripAdvisor board seat, to purchase 6.95 million TripAdvisor shares for around $317.6 million. $TRIP PR link.
Boeing(PBR28 $BA) CEO Dennis Muilenburg gets vote of confidence, volunteers to forgo a bonus this year and any stock awards until all Max jets, including those sitting in Boeing lots, are flying, could take at least a year, compensation last year was worth $23.4 million, including a $13.1 million bonus and $7.3 million in stock awards. MarketWatch PR link.
The US Dept of Labor says the US Preliminary 3Q19 Labor Productivity Output/Hour-All Persons is at -0.3%, 2Q19 was at +2.8%, 1Q19 +3.6%, 3Q18 +0.8%. USDOL PR link.
***Tuesday, November 5
Walmart(PBR1 $WMT) withdraws complaint against Tesla(PBR141) solar panels. MarketWatch PR link.
Kroger(PBR21) approves a $1 billion share repurchase program, replacing the existing authorization that has approximately $546 million remaining. $KR PR link.
VISA(PBR151) issues statement in support of Tencent’s announcement that it intends to support international card schemes in its mobile wallet, will allow VISA to be used in the millions of places in China where WeChat Pay is accepted, instead of having to rely on cash. $V PR link.
Xerox(PBR310) restructures FUJIFILM relationship, will receive $2.3 billion from related transactions. $XRX PR link.
Chipotle(PBR535) to provide access to mental healthcare and financial wellness for more than 80,000 employees in 2020 through Employee Assistance Programs and enhanced benefits offerings. $CMG PR link.
Intl Flavors & Fragrances(PBR609) says its investigation of allegations that improper payments to representatives of customers were made in Russia and Ukraine has been substantiated and it has taken appropriate remedial actions, including replacing senior management in relevant locations. $IFF PR link.
Marvell Technology(PBR754) completes $650 million plus up to an additional $90 million for milestone achievements acquisition of Avera Semiconductor, the Application Specific Integrated Circuit (ASIC) business of GLOBALFOUNDRIES. $MRVL PR link.
Kaman Corp(PBR912) to acquire design, development, and manufacturing of precision springs, seals, and contacts with $95 million in 2019 revenues Bal Seal for $330 million cash. $KAMN PR link.
Graco(PBR947) celebrates the 50th anniversary of its Initial Public Offering. $GGG PR link.
Walmart(PBR1) receives resignation from Board from former McDonald’s(PBR147) CEO Steve Easterbrook. $WMT PR link.
Comerica(PBR653) Executive Chairman Ralph W. Babb Jr to retire on 12/31/19, President/CEO Curtis C. Farmer to also become Chairman on 01/01/20. $CMA PR link.
The US Dept of Labor says the US Preliminary September 2019 Job Openings-Private are at 6,300,000, Government 724,000, Total Job Openings 7,024,000, August 2019 was at 7,301,000, July 2019 7,174,000, September 2018 7,392,000. USDOL PR link.
The US Dept of Commerce says the US Preliminary September 2019 Exports-Goods are at $136.8 billion, Services $69.2 billion, Total Exports $206.0 billion, Exports YTD(10 months) $1.870 trillion; September 2019 Imports-Goods are at $208.6 billion, Services $49.9 billion, Total Imports $258.5 billion, Imports YTD are $2.352 trillion; September 2019 Total Deficit is at $53.5 billion, Total Deficit 2019 YTD(10 Months) is at $481.3 billion, Total Deficit 2018
YTD was $457.2 billion. USDOC PR link.
The Institute for Supply Management says the US October 2019 Non-Manufacturing Index(>50%=Economy growing) is at 54.7%, September 2019 was at 52.6%, August 2019 56.5%, October 2018 60.0%. ISM PR link.
IHS Markit says the US October 2019 Composite PMI Output Index is at 50.9, September 2019 was at 51.0, August 2019 50.7, October 2018 54.9. IHS Markit PR link.
The PurdueU/CME Group says the US October 2019 Ag Economy Barometer Composite Index is at 136, September 2019 was at 121, August 2019 124, October 2018 136. “… producers became more optimistic about both current and future economic conditions on their farms.” PurdueU/CME Group PR link.
***Monday, November 4
The PBR25 Top 25 Stock Buy Recommendations based on 14,980 analysts reviews as of 11/01/19 is now available. Check it out on The PBR25 page.
Apple(PBR3) commits $2.5 billion to combat housing crisis in California. $AAPL PR link.
Bank of America(PBR25) is accelerating move from its current US minimum hourly rate of pay of $17 to $20 by the end of 1Q20, more than a year earlier than originally planned. $BAC PR link.
Philip Morris(PBR37) to end cigarette production in its 40 billion units production capacity in 2019 factory in Berlin, Germany, by 01/01/20, around 950 employees to be impacted, will continue the production of expanded tobacco in Berlin. $PM PR link.
Stryker Corp(PBR233) to acquire Wright Medical Group NV(NASDAQ: WMGI) for $30.75 per share in all stock deal, for a total equity value of approximately $4.0 billion and a total enterprise value of approximately $5.4 billion. $SYK PR link.
Discover Financial(PBR244) will begin issuing contactless-enabled credit cards over the next several months, cardmembers can tap their Discover cards at card readers with the Contactless Symbol to pay at millions of stores. $DFS PR link.
Symantec(PBR541) completes $10.7 billion in cash sale of its enterprise security business to Broadcom(PBR146), Symantec changes its name to NortonLifeLock, to start trading as NASDAQ: NLOK on 11/05/19. $SYMC PR link.
Workday(PBR765) to acquire cloud-based platform for strategic sourcing and supplier engagement Scout RFP for around $540 million, to close by 01/31/20. $WDAY PR link.
First Horizon National(PBR856) and IBERIABANK Corporation(NASDAQ: IBKC) to combine in an all-stock merger of equals, FHN shareholders to own 56%, IBKC shareholders 44%, to be headquartered in Memphis, TN, will have $75 billion in assets, $57 billion in deposits and $55 billion in loans, to close 2Q20. $FHN PR link.
Pier 1 Imports(PBR956) gets NYSE approval for its business plan to regain compliance with NYSE continued listing standards, has 18 months to come into compliance with $50 million market capitalization and $50 million shareholder equity provision. $PIR PR link.
McDonald’s(PBR147) names President/McDonald’s USA Chris Kempczinski as President/CEO, succeeds Steve Easterbrook who has been separated for violating company policy. $MCD PR link.
Endo Intl(PBR741) President/CEO Paul V. Campanelli is now also Chairman, search for new President/CEO starts, Chairman Roger Kimmel appointed Senior Independent Director. $ENDP PR link.
Columbia Sportswear(PBR769) Chairman Gert Boyle passes away, was 90 years old, was company matriarch since 1970. $COLM PR link.
Columbia Sportswear(PBR769) President/CEO Tim Boyle appointed to also be Acting Chairman per the passing of Gertrude Boyle, Board to make formal appointment of new Chairman at next scheduled meeting in 01/20. $COLM PR link.
Genesco(PBR867) SVP/COO Mimi E. Vaughn to become President/CEO on 02/02/20, will succeed Robert J. Dennis who will become Executive Chairman. $GCO PR link.
Pier 1 Imports(PBR956) CFO Robert Riesbeck appointed CEO as well, effective 11/05/19, succeeds Interim CEO Cheryl Bachelder who remains on the Board. $PIR PR link.
The US Dept of Commerce says the US Preliminary September 2019 Manufacturers’ New Orders-Durable Goods was at $247.7 billion, Non-Durable Goods $249.0 billion, Total New Orders $496.7 billion, -0.6% from August 2019, -3.2% from September 2018. USDOC PR link.
***Friday, November 1
The PBRMarketTools US Stock Exchanges Recap for Week 44 of 2019 ending 11/01/19:
DJIA ends Week 44 at 27,347.36, +1.44% from last Friday, +1.11% MTD, +1.60% QTD, +17.23% YTD, -0.04% from record 27,359.16 set 07/15/19.
NASDAQ ends Week 44 at a record 8,386.40, +1.74% from last Friday, +1.13% MTD, +4.84% QTD, +26.39% YTD, +0.00% from record 8,386.40 set 11/01/19.
SPX ends Week 44 at a record 3,066.91, +1.47% from last Friday, +0.97% MTD, +3.03% QTD, +22.34% YTD, +0.00% from record 3,066.91 set 11/01/19.
The Week 44 of 2019 News Summary: The US/China trade negotiations seem to be making progress with a Phase One signing being planned for. UK’s Brexit has been delayed, a UK general election is scheduled for 12/12/19. Hong Kong protests continue over concerns of its democracy under China’s rule. US economic news was good as the Federal Open Market Committee lowered rates a quarter point to 1.50-1.75%, says US growth is at a moderate pace, and Friday’s job report was much better than anticipated. Third quarter corporate earnings are rolling in to mixed reviews, but generally positive. The Chicago teachers strike comes to an end, but fires continue to rage in California. The big sports news was the major league baseball comeback team Washington Nationals who won their first World Series by winning over the Houston Astros 4 games to 3, with the away team winning all 7 games, a first for the series. For stocks Week 44 was mixed until the good jobs report came out on Friday, which resulted in the NASDAQ and S&P500 setting records and the DJIA just shy of a new one. The Stock Market Bull charged and then gored The Stock Market Bear into submission and took the week 3-0.
The Week 44 of 2019 tally YTD is:
The Stock Market Bull: 22 weeks
The Stock Market Bear: 14 weeks
Mixed Results: 8 weeks
NGL Energy(PBR121) completes around $600 million acquisition from Golden Gate Capital of all of the equity interests of producer of water pipeline and disposal infrastructure solutions to some in the New Mexico and Texas producers Hillstone Environmental Partners. $NGL PR link.
FIS(PBR353) to build a new, expanded world headquarters in Jacksonville, FL, 12 story 300,000 sf facility to open in 06/22, to hire an additional 500 employees. $FIS PR link.
Timken(PBR656) completes around $165 million acquisition of Pegnitz, Germany based estimated $135 million in revenues in 2019 automatic lubrication systems developer BEKA Lubrication. $TKR PR link.
Fitbit(PBR961) to be acquired by Alphabet(PBR16) Google unit for $7.35/share, around $2.1 billion cash, to close in 2020. $FIT PR link.
Univar(PBR342) Executive Chairman Stephen D. Newlin to retire as an employee effective 12/31/19, will become Non-Executive Chairman, Independent Lead Director Christopher D. Pappas expected to become Independent Chairman at 05/20 annual meeting, Newlin to stand for election as a member of the Board. $UNV PR link.
Keysight Technologies(PBR617) President/CEO Ron Nersesian appointed to also be Chairman, Paul Clark now becomes Lead Indpendent Director. $KEYS PR link.
NOW(PBR710) CEO Robert Workman no longer there or on the Board, Board member Dick Alario appointed interim CEO, not a candidate for CEO, new CEO search starts. $DNOW PR link.
Primoris Services(PBR742) Chairman/CEO David King to remain Chairman, President Tom McCormick to become CEO after 10Q release. $PRIM PR link.
The US Dept of Labor says the US October 2019 Civilian Noninstitutional Population is at 259,845,000, Available Labor Force at 164,364,000, Employed at 158,510,000, +241,000 from September 2019, +1,928,000 from October 2018, Unemployed at 5,854,000, -258,000 from October 2018, Unemployment Rate is at 3.6%, October 2018 was at 3.8%. USDOL PR link.
The US Dept of Commerce/Census says the US Preliminary September 2019 Construction Spending Annual Rate-Residential is at $518.0 billion, Non-Residential $775.6 billion, Total $1.294 trillion, +0.5% from August 2019, -2.0% from September 2018. USDOC PR link.
The Institute for Supply Management says the US October 2019 Manufacturing PMI Index(<50%=Economy contracting) is at 48.3%, September 2019 was at 47.8%, August 2019 49.1%, October 2018 57.7%. “Overall, sentiment this month remains cautious regarding near-term growth …” ISM PR link.
The IHS Markit US October 2019 Manufacturing PMI Index is at 51.3, September 2019 was at 51.1, August 2019 50.3, October 2018 55.7. IHS Markit PR link.
TrueCar’s ALG unit says US October 2019 Average Light Vehicle Transaction Price was at $35,239, +0.2% from September 2019, +2.6% from October 2018; Average Incentive Outlay was $3,771; Average Annual Percentage Loan Rate was at 5.7%. TrueCar PR link.
***Thursday, October 31
The PBRMarketTools US Stock Exchanges Recap for October 2019 ending 10/31/19:
DJIA ends October 2019 at 27,046.23, +0.33% from last Friday, +0.48% MTD/QTD, +15.94% YTD, -1.14% from record 27,359.16 set 07/15/19.
NASDAQ ends October 2019 at 8,292.36, +0.60% from last Friday, +3.66% MTD/QTD, +24.97% YTD, -0.45% from record 8,330.21 set 07/26/19.
SPX ends October 2019 at 3,037.56, +0.50% from last Friday, +2.04% MTD/QTD, +21.17% YTD, -0.30% from record 3,046.77 set 10/30/19.
The October 2019 tally YTD is:
The Stock Market Bull: 8 months
The Stock Market Bear: 2 months
Mixed Results: 0 months
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