March 2016: Are We Working Together Yet?
It Would Be Boring If Someday We Achieved Working Together As A Perfectly Organized Team.
By Larry C. Paxton
The 1st Quarter of 2016 ended with a lot of unresolved issues and unsure directions.
Most of the breaking news continued to revolve around oil and energy. Prices and supply fluctuated and productivity decisions were left hanging. There is still a lot of confusion around the many facets of this major commodity that has a great effect on the world economically and politically.
Annual earnings reports continued to flow in with mixed results, but mostly down for corporations with international operations.
US economic data continues to show mostly moderate growth, with a feeling of fragility. Jobs reports are encouraging, but wage growth still lags. The Federal Reserve continues to take a cautious approach to federal funds rates increases because of the data, especially because of lower than desired inflation rate.
All these issues are compounded by the international continuing war on ISIS and other extremist groups. The attack in Brussels reminds us of how serious this is, as well as the ongoing large immigration of citizens fleeing from war zones in the Middle East.
Finally, there is the US Presidential election. The turmoil caused by unconventional candidates, the sometimes bizarre caucuses and primary elections processes, continued influx and use of money by the candidates, their superpacks, and by special interest groups would have the Founding Fathers shaking their heads.
The 2nd Quarter is starting, make your predictions and let’s see how it unfolds!
Following are The PBR1000 and economic related breaking news items of note for March 2016, starting with the last active day.
Thursday, March 31:
The PBR1000 End of Month US Stock Exchanges Snapshot:
DJIA ends March at 17,685.09, +0.97% from last week, +7.08% MTD, +1.49% QTD/YTD, -3.43% from record 18,312.39 on 05/19/15.
NASDAQ ends March at 4,869.85, +2.02% from last week, +6.84 MTD, -2.75% QTD/YTD, -6.69% from record 5,218.86 on 07/20/15.
SPX ends trading week at 2,059.74, +1.17% from last week, +6.60% MTD, +0.77% QTD/YTD, -3.34% from record 2,130.82 on 05/21/15.
General Electric(PBR9)’s GE Capital Files Request for Rescission of Status as a Systemically Important Financial Institution. $GE PR link.
Amazon(PBR29)’s Twitch to launch league for popular iOS esports game ‘Vainglory.’ MarketWatch article link.
Thermo Fisher Scientific(PBR175) completes $14/share, $1.3 billion cash acquisition of cellular/genetic analysis products provider Affymetrix(NASDAQ: AFFX). $TMO PR link.
Starwood Hotels(PBR417) reaffirms to merge with Marriott Intl(PBR211 $MAR) for $77.94/share, $13.3 billion after Anbang Insurance consortium withdraws offer. $HOT PR link.
Boise Cascade(PBR610) completes $215 million acquisition of 270 employees Engineered Lumber unit from Georgia-Pacific. $BCC PR link.
SunEdison(PBR782) confirms subpoena, SEC investigation. MarketWatch article link.
Visteon(PBR351) names VP/Corporate Controller William Robertson to interim CFO, succeeds Jeff Stafeil who is leaving. $VC PR link.
Molson Coors(PBR558) hires Mauricio Restrepo as CFO, effective 05/02/16. $TAP PR link.
The US Dept of Labor says on 03/26/16 Weekly Initial Unemployment Claims at 276,000, insured unemployment rate at 1.6%. USDOL PR link.
The US Dept of Commerce says 4th Quarter US International Investment Position was Assets $23.2T, Liabilities $30.6T, Bal -$7.4T. USDOC PR link.
FreddieMac(PBR41) says on 03/31/16 Average Weekly 30 Year Fixed Mortgage Rate was at 4.71% with 0.5 points/fees. $FMCC PR link.
Housing: FreddieMac(PBR41) predicts housing will have its best year in a decade. $FMCC PR link.
The US Dept of Treasury says on 03/30/16 the US National Debt for Public at $13.9 trillion, Intragovernmental holdings $5.3 trillion, total $19.2 trillion. Treas PR link.
Jobs Growth-Healthcare: Sick people are keeping job growth healthy MarketWatch article link.
Manufacturing-Chicago PMI: ISM says March Chicago PMI at 53.6, +6.0 from February. ISM article link.
Business: IMF says it’s new business, not smaller ones, that needs cultivation. MarketWatch article link.
Millennials: Why millennials are such tough customers. MarketWatch article link.
Wednesday, March 30:
IBM(PBR25 $IBM) to buy Salesforce(PBR453 $CRM) consultant Bluewolf Group. MarketWatch article link.
Amazon(PBR29) to open 7th fulfillment center in California in San Bernardino, to create 1,000+ fulltime hourly jobs. $AMZN PR link.
MetLife(PBR39) SIFI ‘to big to fail’ designation rescinded by US District Court, CEO issues statement regarding positive decision. $MET PR link.
No longer ‘too big to fail,’ MetLife(PBR39 $MET) proceeds with breakup plans. MarketWatch article link.
BlackRock(PBR252 $BLK), money-management giant, to cut about 400 jobs. MarketWatch article link.
CBRE(PBR301) to acquire affiliate Atrium AS in Norway, terms not disclosed. $CBG PR link.
Gannet(PBR414) says $12/share, $280 million acquisition of Journal Media Group(NYSE: JMG) delayed, working with Dept of Justice to resolve issues. $GCI PR link.
Arthur J Gallagher(PBR515) acquires Farmington, CT, wholesale insurance broker Joseph & Distel, terms not disclosed. $AJG PR link.
Chipotle(PBR561 $CMG) is developing a burger chain. MarketWatch PR link.
Sandridge Energy(PBR975 $SDOC) warns of possible bankruptcy filing. MarketWatch PR link.
PepsiCo(PBR43 $PEP) Frito-Lay N America CEO Tom Greco leaves, Al Carey promoted to CEO of consolidated 3 N America Divisions. MarketWatch article link.
Biogen(PBR282) hires Michel Vounatsos as EVP/Chief Commercial Officer, effective 04/18/16, reports to CEO. $BIIB PR link.
CEO of SunEdison(PBR782 $SUNE)’s two spinoffs abruptly leaves. MarketWatch article link.
Donaldson Co(PBR783) promotes Jeffrey Spethmann to SVP/Industrial Products, effective 04/04/16, reports to president/CEO. $DCI PR link.
Domino’s Pizza(PBR889) promotes Tim McIntyre to EVP/Communications, Investor Relations & Legislative Affairs, succeeds retiring Lynn Liddle, effective early May, reports to CEO. $DPZ PR link.
The US Energy Info Administration says on 03/25/16 the Average Regular Gasoline Price was $2.066/gal, Diesel $2.121, Heating Oil $2.131, Propane $2.008. EIA PR link.
ADP(PBR235) says March Employment up 200,000, 86,000 from small businesses, 75,000 midsized, 39,000 large. $ADP article link.
Venture Capital: Venture-capital firms raising money at highest rate in more than 15 years. MarketWatch article link.
Personal Finance: When it comes to saving money, millennials are killing it. MarketWatch article link.
Economy: Why cheaper imports aren’t giving Americans much relief. MarketWatch article link.
Economy: Here’s why the Fed doesn’t know if inflation is a problem. MarketWatch article link.
Minimum Wage-Opinion: A higher minimum wage is no way to solve the problem of poverty. MarketWatch article link.
Investing: The emotional and psychological risks of investing. MarketWatch article link.
Tuesday, March 29:
Boeing(PBR27) to cut more than 4,500 jobs by June in accelerated cost cutting. MarketWatch article link.
Comcast(PBR42)’s NBC Olympics Surpasses $1 Billion In National Advertising Sales For Rio 2016. $CMSCA article link.
Ross Stores(PBR253) opens 28 new locations, on track to open 90 in 2016. $ROST article link.
Diebold(PBR676) reaches minimum tender condition for $1.8 billion acquisition of Wincor Nixdorf, transaction close expected summer 2016. $DBD PR link.
International Game Technology(PBR878) signs 7 year contract with Virginia Lottery to provide new lottery technologies and services. $IGT PR link.
Investing: The U.S. IPO market is looking like 2009. MarketWatch PR link.
Unions: Supreme Court’s 4-4 decision preserves compulsory union dues MarketWatch article link.
Consumer Survey: Consumer confidence rebounds in March – Conference Board. MarketWatch article link.
Investing: The 3 most valuable indicators for do-it-yourself investors. MarketWatch article link.
Monday, March 28:
Avon(PBR303) & 3% stakeholder group led by Barington Capital Group reach agreement, avoid proxy contest. $AVP PR link.
Marriott Intl(PBR211) reaffirms commitment to acquire Starwood Hotels(PBR417 $HOT), says longterm value is $92.36-$103.46/share. $MAR PR link.
Starwood Hotels(PBR417) says revised $88.66/share cash proposal from Anbang Insurance led investor consortium is superior, working on details. $HOT PR link.
Colgate-Palmolive(PBR168) promotes Justin Skala, Noel Wallace to COO posts, Franck Moison to vice chairman. $CL PR link.
HCP(PBR831) EVP/CFO Timothy Schoen leaving to be president of BioMed Realty, effective 05/22/16, CFO seach initiated. $HCP PR link.
Revlon(PBR900) hires Fabian Garcia as president/CEO, effective 04/15/16. $REV PR link.
The US Dept of Commerce says February US Personal Income Annual Rate at $15.7 trillion, +0.2% from January, Personal Savings at 5.4%, +0.1% from January. USDOC article link.
Economy: Consumer spending off to weak start in 2016. MarketWatch article link.
US Manufacturing: U.S. manufacturing dead? Output has doubled in three decades. MarketWatch article link.
Transportation Stocks: Dow transports on track for worst losing streak since August swoon. MarketWatch article link.
International Economy-China: China’s identity crisis: Is it supply or demand? MarketWatch article link.
Friday, March 25:
***Good Friday Observed.***
***US Stock Markets Closed.***
Citigroup(PBR28 $C)’s new Costco(PBR18 $COST) cards coming in May with more benefits. MarketWatch news link.
VF Corp(PBR232) exploring strategic alternatives for its supplies, apparel, and fanware Licensed Sports Group. $VFC PR link.
RR Donnelley(PBR243) announces CEOs/boards for planned separation in 10/2016 into 3 independent public companies. $RRD PR link.
Cameron Intl(PBR269) $66.86/share, $14.8 billion cash/stock acquisition by Schlumberger(NYSE: SLB) to close on 04/01/16, has received Chinese antitrust approval. $CAM PR link.
The US Dept of Commerce in 3rd Est says 4th Quarter Gross Domestic Product was at a +1.4% annual rate. 2015 GDP was +2.4%. USDOC PR link.
Corporate Financial Results: Corporate profits fall in 2015 for first time since Great Recession. MarketWatch article link.
Thursday, March 24:
The PBR1000 End of Trading Week US Stock Exchanges Snapshot:
DJIA ends trading week at 17,515.73, -0.49% from last week, +6.05% MTD, +0.52% QTD/YTD, -4.35% from record 18,312.39 on 05/19/15.
NASDAQ ends trading week at 4,773.50, -0.46% from last week, +4.73 MTD, -4.67% QTD/YTD, -8.53% from record 5,218.86 on 07/20/15.
SPX ends trading week at 2,035.94, -0.67% from last week, +5.37% MTD, -0.39% QTD/YTD, -4.45% from record 2,130.82 on 05/21/15.
Amazon(PBR29) to open 800,000 sf fulfillment center in Edgerton, KS, will create 1,000 fulltime hourly jobs plus managers. $AMZN letter link.
American Airlines(PBR69) files SEC 8-K announcing 6% pay increase for mainline flight attendants effective 04/01/16. $AAL letter link.
Yahoo!(PBR519) is sent letter by investor Starboard Value expressing concerns and nominating 9 candidates for board. Starboard letter link.
Netflix(PBR447) admits throttling itself on AT&T(PBR12), Verizon(PBR15) wireless networks. MarketWatch news link.
Wednesday, March 23:
American Airlines(PBR69) announces new profit sharing program. $AAL PR link.
Bristol-Myers Squibb(PBR185) to acquire private biotech autoimmune diseases therapies developer Padlock Therapeutics for up to $600 million. $BMY PR link.
Terex(PBR357) in negotiations with Zoomlion to be acquired for $31.00/share cash. $TEX PR link.
Fifth Third Bancorp(PBR387) creates 100 new tech jobs with salary packages worth more than $100,000 each. $FITB PR link.
TeamHealth(PBR498) now 8.0% owned by JANA Partners per agreement. $TMH PR link.
KeyCorp(PBR544) & First Niagara Financial(PBR980 $FNFG) shareholders approve $4.1 billion merger, expects to close in 3Q2016. $KEY PR link.
Allscripts Healthcare(PBR1014) in joint venture to acquire private Netsmart Technologies to combine with Homecare unit to create largest technology company exclusively dedicated to human services and post acute care. $MDRX PR link.
Pinnacle Foods(PBR751) CEO Robert Gamgort leaving by 04/30/16 to become CEO of Keurig(PBR507 $GMCR). $PF PR link.
The US Dept of HUD says February New Family Home Sales at a 512,000 annual rate, +2.0% from January, -6.1% from February 2015. HUD PR link.
Tuesday, March 22:
How GE(PBR9) Exorcised the Ghost of Jack Welch to Become a 124-Year-Old Startup. Bloomberg Business article link.
Southern Co(PBR155) gets California regulators approval for $12 billion acquisition of AGL Resources(PBR452 $GAS), still expected to close 2H2016. $SO PR link.
AutoZone(PBR290) authorizes additional $750 million for ongoing share repurchase program. $AZO PR link.
Lumber Liquidators(PBR1061) resolves California Air Resources Board inquiry. $LL PR link.
Tenet Healthcare(PBR161) promotes Eric Evans to president, Hospital Operations, succeeds leaving Britt Reynolds. $THC PR link.
Newell rubbermaid(PBR434) hires Russ Torres to new position of Chief Transformation Officer. $NWL PR link.
Human Resources: Below the Surface – Emerging Global Motivators & Job Search Preferences. Manpower(PBR132) article link.
Monday, March 21:
Apple(PBR5 $AAPL) announces iPhone SE, 9.7-inch iPad Pro, lower watch prices MarketWatch PR link.
Anthem(PBR38) files suit against Express Scripts(PBR22 $ESRX) to recover damages for pricing & operations issues. $ANTM PR link.
Cisco(PBR60) completes $1.4 billion acquisition of private IoT services platform provider Jasper Technologies. $CSCO PR link.
Marriott Intl(PBR211) to acquire Starwood Hotels(PBR417 $HOT) for $79.53/share, $13.6 billion, in revised agreement. $MAR PR link.
Sherwin-Williams(PBR251) to acquire Valspar(PBR526 $VAL) for $113.00/share, $11.3 billion. $SHW PR link.
EMCOR(PBR392) to acquire electrical/instrumentation services providers Ardent Services and Rabalais Constructors for $205 million cash. $EME PR link.
Western Union(PBR441) to be first to offer Cubans & other worldwide citizens remittances services to Cuba in 2H2016. $WU PR link.
Arthur J Gallagher(PBR515) to acquire global insurance management operations of Kane Group, terms not disclosed. $AJG PR link.
NASDAQ(PBR618) to acquire 10,000 clients board portal solution Boardvantage for $200 million. $NDAQ PR link.
Olin Corp(PBR838) to reduce chlor alkali production. $OLN PR link.
Red Robin(PBR1046) acquires 13 franchised restaurants with almost 800 employees in Texas. $RRGB PR link.
Visteon(PBR351) hires Markus Schupfner as Chief Technology Officer, effective 04/01/16. $VC PR link.
General Cable(PBR418) EVP/CFO Brian Robinson to leave pending identification of successor and transition period. $BGC PR link.
Griffon Corp(PBR890) Telephonics subsidiary president Joseph Battaglia to retire 09/30/16, COO Kevin McSweeney to become president. $GFF PR link.
Mattress Firm(PBR932) president Ken Murphy adds CEO title, Steve Stagner becomes Executive Chairman. $MFRM PR link.
The National Assn of Realtors says February Existing Home Sales at a 5.08 million annual rate, -7.1% from January, +2.2% from February 2015. NAR PR link.
Battery Technologies: Big battery breakthroughs are coming, thanks to taxpayers’ investments. MarketWatch article link.
Friday, March 18:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 17,602.30, +2.26% from last week, +6.57% MTD, +1.02% QTD/YTD, -3.88% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,795.65, +0.99% from last week, +5.22 MTD, -4.23% QTD/YTD, -8.11% from record 5,218.86 on 07/20/15.
SPX ends week at 2,049.58, +1.35% from last week, +6.07% MTD, +0.28% QTD/YTD, -3.81% from record 2,130.82 on 05/21/15.
Bank of America(PBR24) adds $800 million to $4.0 billion share repurchase program authorized in 2015. $BAC PR link.
Walgreens Boots Alliance(PBR36) exercises warrants to purchase $1.17 billion & 14.97% of AmerisourceBergen(PBR16 $ABC) common shares. $WBA PR link.
Staples(PBR122) & Office Depot(PBR182 $ODP) send letter to customers regarding the upcoming hearing in US District Court per lawsuit by FTC regarding the proposed merger. $SPLS PR link.
US Steel(PBR167) to idle plants, lay off workers. $X PR link.
MGM Resorts(PBR273) & partner Infinity World to sell their Las Vegas CityCenter The Shops at Crystals mall to Invesco & Simon Property(PBR494) for $1.1 billion. $MGM PR link.
Airbus plans defense-unit sale to KKR(PBR332) for $1.2 billion. $KKR PR link.
Starwood Hotels(PBR417) determines Anbang Insurance & partners $76/share offer is superior to the Marriott Intl(PBR211 $MAR) offer & to terminate that agreement. $HOT PR link.
Starwood Hotels(PBR417) gives details for spin-off completion & merger of its vacation ownership business. $HOT PR link.
ON Semiconductor(PBR656) extends $20.00/share, $2.4 billion cash tender offer for Fairchild Semiconductor(PBR1000 $FCS) to 03/31/16. $ON PR link.
Thursday, March 17:
McKesson(PBR6) to cut 1,600 jobs in US. $MCK PR link.
JPMorgan Chase(PBR21) authorizes $1.88 billion increase to $6.4 billion equity repurchase program. $JPM PR link.
Ingram Micro(PBR62) to acquire $125 million/yr unified communications/collaboration value added distributor NETXUSA. $IM PR link.
Newell Rubbermaid(PBR434) to sell its Levolor & Kirsch window coverings business to Hunter Douglas for $270 million. $NWL PR link.
IDEX(PBR861) completes $224.2 million cash acquisition of $120 million/yr safety/emergency response equipment manufacturer Akron Brass. $IEX PR link.
Aeropostale(PBR924) in 10-K report says evaluating strategic alternatives, including sale or restructuring of company. $ARO PR link.
SeaWorld(PBR1013) announces last generation of orcas in its care. $SEAS PR link.
American Capital Agency(PBR992) promotes Gary Kain to CEO, Alvin Puryear as non-executive chair. $AGNCP PR link.
The US Dept of Labor says that January Job Openings were at a historical high of 5.541 million, Hires 5.030 million, Separations 4.903 million. USDOL PR link.
Technology/Wearables: Apple(PBR5) will lead surge in #wearable shipments through 2020. MarketWatch PR link.
Wednesday, March 16:
Peabody Energy(PBR372) in 2015 10-K report indicates it may have to file for bankruptcy. $BTU PR link.
Chipotle(PBR561 $CMG) is giving away millions of free burritos to lure back wary customers. MarketWatch article link.
SunEdison(PBR782) delays filing of 10-K report, has identified material weaknesses in internal controls over financial reporting. $SUNE PR link.
Kroger(PBR20) promotes Mary Ellen Adcock to Group VP-Retail Operations, effective 05/16/16, succeeds retiring Marnette Perry. $KR PR link.
The US Dept of Labor says February Average Employee Current Earnings at $25.35/hour, -0.12% from January, +2.2% from February 2015. USDOL PR link.
The US Dept of Labor says February Consumer Price Index was -0.2% from January, +1.0 over last 12 mos. USDOL PR link.
The US Dept of HUD says February Privately-Owned Housing Units Building Permits were at a 1,167,000 annual rate, -3.1% from January, +6.3% from February 2015. HUD PR link.
The US Federal Reserve says February US Total Industrial Production was -0.5% from January, -1.0% from February 2015. FRB PR link.
The US Federal Reserve in March meeting maintains 0.25-0.50 federal funds rate at this time. FRB PR link.
Gambling: This is how much Americans will spend betting on March Madness games. MarketWatch article link.
Global Economy: 59% of fund managers see an economy in its final innings — highest percent since 2008. MarketWatch article link.
Housing: FreddieMac(PBR41) survey shows more than half of renters plan to continue renting. $FMCC PR link.
Tuesday, March 15:
UPS(PBR47) to invest $100 million in compressed natural gas, CNG vehicles, & related infrastructure. $UPS PR link.
Alcoa(PBR115) precision engineering/advanced manufacturing public spinoff to be named Arconic, separation planned for 2H2016. $AA PR link.
Arthur J Gallagher(PBR515) acquires Oklanoma based retail insurance broker Bomford, Couch & Wilson, terms not disclosed. $AA PR link.
CME Group(PBR664) to sell Aurora, IL, data center to CyrusOne(NASDAQ: CONE) for $130 million, then do 15 year lease back. $CME PR link.
Eastman Kodak(PBR871) talking to prospective buyers of its PROSPER Inkjet busness. $KODK PR link.
CBRE(PBR301) Global Investors CEO Matt Khourie to be CEO of Trammell Crow Co unit, succeeds Danny Queenan who remains COO Global Investors; CEO CBRE Clarion Securities Ritson Ferguson to add CEO Global Investors title. $CBG PR link.
The US Dept of Labor says February Total Producer Price Index for Final Demand at -0.2%, with Goods at -0.6%, Services 0.0%. USDOL PR link.
The US Dept of Commerce says January Total Trade Sales & Mfrs Shipments were at $1.296 trillion, -0.4% from December, -1.1% from January 2015. USDOC PR link.
The US Dept of Commerce says February Total US Retail & Food Services Sales were $447.3 billion, -0.1% from January, +3.1% from February 2015 USDOC PR link.
Monday, March 14:
International Paper(PBR117) to sell Asia based 18 factories, 3,000 employees, corrugated packaging business for $150 million. $IP PR link.
Avon(PBR303) to reduce workforce worldwide by 2,500 under 3 year plan, 1,700 in 2016. $AVP PR link.
Starwood Hotels(PBR417) receives unsolicited $76.00/share cash offer, has $63.74/share agreement with Marriott Intl(PBR211 $MAR). $HOT PR link.
Fresh Market(PBR942) to be acquired by Apollo Global Mgmt(PBR906) for $28.50/share, $1.36 billion cash. $TFM PR link.
Cabot Corp(PBR607) President/CEO Patrick Prevost resigns for health reasons, remains on board. EVP Sean Keohane promoted to president/CEO. $CBT PR link.
New York Times(PBR971) Andy Rosenthal steps down as Editorial Page Editor, to be a columnist, James Bennet rejoins to succeed him. $NYT PR link.
Auto Loans: Auto sales at risk as defaults of subprime loans rise. MarketWatch PR link.
Economy: Morgan Stanley(PBR79) cuts S&P 500 target as recession fears rise. MarketWatch PR link.
Jobs: There’s little slack left in the jobs market, former Obama adviser says. MarketWatch PR link.
World Economy: Chinese economic data paint a gloomy picture. MarketWatch PR link.
Oil: OPEC stands pat on 2016 global oil demand estimate. MarketWatch PR link.
Friday, March 11:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 17,213.31, +1.21% from last week, +4.22% MTD, -1.22% QTD/YTD, -6.00% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,748.47, +0.67% from last week, +4.18 MTD, -5.17% QTD/YTD, -9.01% from record 5,218.86 on 07/20/15.
SPX ends week at 2,022.19, +1.11% from last week, +4.66% MTD, -1.06% QTD/YTD, -5.10% from record 2,130.82 on 05/21/15.
Ford(PBR10) forms Ford Smart Mobility LLC subsidiary to develop, invest in mobility services, Jim Hackett is chairman. $F PR link.
HARMAN Intl(PBR456) completes acquisition of global automotive cyber security provider TowerSec, terms not disclosed. $HAR PR link.
Armstrong World(PBR772) to spin-off $1.2 billion/2015 Armstrong Flooring as separate public company with 04/01/16 distribution date. $AWI PR link.
IGT(PBR878) signs 10+ year agreement with N. Carolina Education Lottery to provide lottery technologies & services. $IGT PR link.
Boeing(PBR27) CTO/SVP Engineering John Tracy to retire late summer; Colbert, Fancher, Hyslop, Shanahan named to new SVP roles. $BA PR link.
Polaris Industries(PBR531) hires Robert Mack as SVP-Corporate Development/Strategy & president, Adjacent Markets, effective 04/01/16. $PII PR link.
SunEdison(PBR782) hires Ilan Daskal as CFO Designee, by 04/04/16. $SUNE PR link.
The US Dept of Labor says February Import Prices Index was -0.3% from January, -6.1% between February 2015 & February 2016. USDOL PR link.
Thursday, March 10:
Arthur J Gallagher(PBR515) acquires Arlington Hts, IL, Midwest retail insurance broker Vincent L Braband Insurance, terms not disclosed. $AJG PR link.
Yahoo!(PBR519) Sports unit partners with NHL to bring fans free, live out-of-market games & on-demand premium content. $YHOO PR link.
Iron Mountain(PBR663) acquires Baltics’ leading doc storage/archiving company Archyyvu Sistemos, terms not disclosed. $IRM PR link.
PolyOne(PBR586) promotes Michael Garratt as SVP/Chief Commercial Officer & Donald Wiseman SVP & president, Performance Products & Solutions. $POL PR link.
The US Federal Reserve says Total 4th Quarter US Domestic Nonfinancial Debt was at $45.1 trillion, with $14.1 trillion from Household Debt, $12.8 trillion from Business Debt, & $18.1 trillion from Government Debt. FRB PR link.
The US Dept of Treasury says February Receipts at $169.1 billion, Outlays $361.8 billion, Deficit $192.6 billion, fiscal YTD(5 mos) Deficit $353.0 billion. Treasury PR link.
The US Dept of Labor says December Employee Costs for Employee Compensation averaged Wages $23.06/hr, Benefits $10.52/hr, Total $33.58/hr. USDOL PR link.
Personal Finance: Consumers Are Still Lagging in Savings Despite Cheaper Gas and Lower Mortgage Rates. MainStreet article link.
Housing: Another 1 million homes regained positive equity in 2015, CoreLogic says. MarketWatch article link.
Wednesday, March 9:
Amazon(PBR29 $AMZN) to be provided air cargo services by Air Transport Services Group. $ATSG PR link.
Pfizer(PBR56) commences $5 billion accelerated share repurchase program. $PFE PR link.
NASDAQ(PBR618) to acquire International Securities Exchange from Deutsche Borse Group for $1.1 billion. $NDAQ PR link.
ADT(PBR627) acquisition by Apollo Global Mgmt(PBR906 $APO) affiliate expected to close before June 2016. $ADT PR link.
Tailored Brands(PBR643) to close around 250 Jos Banks/Mens Wearhouse stores during fiscal year 2016. $TLRD PR link.
Visteon(PBR351) hires Brett Pynnonen as VP & General Counsel, effective 03/14/16, succeeds leaving Peter Ziparo. $VC PR link.
Dana Holding(PBR382) hires Jonathan Collins as CFO, effective 03/28/16. $DAN PR link.
Darden Restaurants(PBR398) appoints Ricardo Cardenas to CFO, replaces Jeffrey Davis who has left. $DRI PR link.
Crown Castle(PBR603) hires Daniel Schlanger as SVP, to be CFO on 06/01/16. $CCI PR link.
American Eagle Outfitters(PBR640) Chief Financial & Admin Officer Mary Boland to retire on 04/01/16. $AEO PR link.
The US Dept of Commerce says January Wholesale Sales were at $433.1 billion, -1.3% from December, -3.1% from January 2015. USDOC PR link.
Advertising Industry: Advertisers taking money out of TV, moving more to digital in 2017 MarketWatch article link.
Tuesday, March 8:
Intel(PBR51) acquires Israeli virtual reality startup Replay Technologies for immersive sports, terms not disclosed. $INTC PR link.
Lockheed Martin(PBR64) Aeronautics unit announces voluntary layoff program to reduce employment by 1,000 positions in the US. $LMT PR link.
Whole Foods Market(PBR203 $WFM) and NRG(PBR186) to plan large scale commercial solar project portfolio with 84 stores. $NRG PR link.
CarMax(PBR202) hiring more than 1,600 positions nationwide. $KMX PR link.
AutoZone(PBR290) is hiring 10,000 full-time/part-time AutoZoners for its 5,100+ stores. $AZO PR link.
Intuit(PBR529 $INTU) sheds QuickBase in plan to pare down. MarketWatch article link.
Cerner(PBR628) authorizes up to $300 million share repurchase program, no time limit. $CERN PR link.
SunEdison(PBR782 $SUNE) sent letter by Vivant Solar(NYSE: VSLR) terminating merger agreement, plans to seek legal remedies for willful breach. $VSLR PR link.
Calpine Corp(PBR330) hires Charlie Gates as EVP-Power Operations, effective 04/01/16. $CPN PR link.
American Axle & Mfg(PBR602) VP-Driveline Product Engineering Philip Guys now also Chief Technology Officer. $AAM PR link.
Mortgages: Equifax(PBR795) says January Total Balance of First Mortgages was $8.3 trillion, +2.1% from January 2015. $EFX PR link.
Corporate Finance: U.S. companies have enough liquidity for next 12 months, but face risk after that. MarketWatch PR link.
Employment: Manpower(PBR132) releases Q2 2016 hiring outlook. $MAN infographic link.
Housing/Foreclosures: 38,000 completed foreclosures in January, down 16.2% YOY. CoreLogic article link.
Monday, March 7:
US Supreme Court turns away Apple(PBR5 $AAPL) appeal in e-books antitrust case, expected to pay $450 million as part of settlement. MarketWatch PR link.
United Continental(PBR77) president/CEO Oscar Munoz to return to duties full time on 03/14/16 after heart transplant recovery. $UAL PR link.
Southern Co(PBR155) Power subsidiary acquires 120 megawatt East Pecos Solar Facility, terms not disclosed. $SO PR link.
Pepco(PBR493 $POM) and Exelon(PBR102) revise filing to provide several pathways to secure merger’s significant benefits for Pepco customers. $EXC PR link.
AMC Networks(PBR851) announces up to $500 million share repurchase program, no deadline set. $AMCX PR link.
JM Smucker(PBR437) to promote Mark Smucker to President/CEO on 05/01/16, Richard Smucker to be Executive Chairman, Timothy Smucker to be Chairman Emeritus. $SJM PR link.
United Rentals(PBR438) hires Chris Hummel as SVP-Chief Marketing Officer. $URI PR link.
Xylem(PBR575) hires Mark Rajkowski to be SVP-CFO starting 03/28/16. $XYL PR link.
CME Group(PBR664) announces 4 Managing Director promotions. $CME PR link.
The US Federal Reserve says January Consumer Debt is at $3.533 trillion, +0.30% from December, +6.48% from January 2015. FRB PR link.
Inflation: Fed’s Fischer and Brainard disagree on inflation threat. MarketWatch article link.
Wages/Jobs: ‘Silver tsunami’ is holding down wage growth, says Fed study. MarketWatch article link.
Friday, March 4:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 17,006.77, +2.20% from last week, +2.97% MTD, -2.40% QTD/YTD, -7.13% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,717.02, +2.76% from last week, +3.49 MTD, -5.80% QTD/YTD, -9.62% from record 5,218.86 on 07/20/15.
SPX ends week at 1,999.99, +2.67% from last week, +3.51% MTD, -2.15% QTD/YTD, -6.14% from record 2,130.82 on 05/21/15.
Intuit(PBR529) selling its Quicken unit to HIG Capital, expected to close in April, terms not disclosed. $INTU PR link.
Manitowoc(PBR579) completes spinoff of independent public company Manitowoc Foodservices(NYSE: MFS). $MTW PR link.
SunEdison(PBR782) & TerraForm Power settle & terminate Latin America Power acquisition. $SUNE PR link.
Republic Airways(PBR1015) VP-Finance & Treasurer Jason Secore has resigned effective 03/24/16, taking position at AAR Corp(PBR883). $RJET PR link.
The US Dept of Labor says 158.9 million people employed in February, 7.816 million unemployed, 4.9% unemployment rate. USDOL PR link.
The US Dept of Commerce says January Exports were $176.5 billion, Imports $222.1 billion, for Deficit of $45.6 billion, Deficit was $44.7 billion in December. USDOC PR link.
Thursday, March 3:
AT&T(PBR12) plans to sell linear TV ads using Web-like methods. MarketWatch article link.
Verizon(PBR15 $VZ) & Hearst Corp form joint venture Verizon Hearst Media Partners to create new digital video content brands for mobile obsessed millenials. MarketWatch article link.
Barnes & Noble(PBR408) to open 4 new stores in fiscal year 2017 using a new concept. $BKS PR link.
Lithia Motors(PBR451) authorizes $250 million Class A shares repurchase program. $LAD PR link.
Fiserv(PBR474) completes $200 million cash acquisition of ACI Worldwide(NASDAQ: ACIW)‘s digital banking/electronics payments provider unit Community Financial Services. $FISV PR link.
Herbalife(PBR487) files SEC Form 8-K, corrects ‘Active New Member’ metrics for 2015. $HLF PR link.
AMC Entertainment(PBR728) to acquire Carmike Cinemas(NASDAQ: CKEC) for $30/share, $1.1 billion cash, creates largest movie theater chain in the US & world. $AMC PR link.
The US Dept of Labor says 4Q2015 Business Sector Labor Productivity changed at a -2.2% annual rate, output +1.0%, hrs worked +3.2%. USDOL PR link.
The US Dept of Commerce says January New Orders-Manufactured Durable Goods at $237.1 million, Non-Durable at $226.8 million, total $463.9 million, +1.6% from December. USDOC PR link.
Wednesday, March 2:
ExxonMobil(PBR2) adjusts capital expenditures to $23 billion in 2016, down 25% from 2015. $XOM PR link.
McKesson(PBR6) to acquire Canada based 8,600 employees 470+ retail pharmacies Rexall Health from Katz Group for $2.2 billion. $MCK PR link.
AT&T(PBR12 $T) prepping DirecTV unit to enter crowded online video marketplace. MarketWatch article link.
Target(PBR40 $TGT) partners with Finnish design house Marimekko for next ‘capsule collection,’ 200 items available 04/17/16. MarketWatch article link.
Prudential Financial(PBR55) completes $529 million purchase from partner ILC for 40% ownership stake in Chile based retirement services provider AFP Habitat. $PRU PR link.
Yahoo!(PBR519) launches new experience dedicated to esports, names Yahoo Esports leadership team. $YHOO PR link.
SunEdison(PBR782 $SUNE) buyout of Vivint Solar in jeopardy. MarketWatch article link.
Sprint(PBR86) hires Robert Hackl to be Chief Experience Officer/President-National Sales on 04/01/16. $S PR link.
Chesapeake Energy(PBR131 $CHK) former CEO Aubrey McClendon, shale pioneer, dead after car crash. MarketWatch article link.
Huntsman Corp(PBR244) promotes Scott Wright to president, Advanced Materials division, effective 06/01/16, succeeds James Huntsman. $HUN PR link.
Hess Corp(PBR248) elects James Quigley as chairman, succeeds Mark Williams who has retired for health reasons. $HES PR link.
The US Federal Reserve releases Beige Book, says business contacts generally optimistic about future economic growth. FRB PR link.
Jobs: ADP(PBR235)’s February National Employment Report says small businesses added 76,000 jobs, midsized 62,000, large 76,000, total 214,000. $ADP article link.
Economy Opinion: 7 big risks are now plaguing the U.S. and global economies. MarketWatch article link.
Energy Opinion: Why OPEC will never cut production again. MarketWatch article link.
Tuesday, March 1:
Cisco(PBR60) to expand data center portfolio technologies with acquisition of private CliQr for $260 million cash, to close in 3Q2016. $CSCO PR link.
Honeywell(PBR74) no longer pursuing combination with United Technologies(PBR45 $UTX). $HON PR link.
EMC Corp(PBR111 $EMC) $59 billion acquisition by Dell is on track, says Michael Dell. http://on.mktw.net/1Y0h31HMarketWatch article link.
Anadarko Petroleum(PBR154) to cut capital expenditures by almost 50%, sell $3 billion in assets in 2016. $APC PR link.
Assurant(PBR268) completes $940 million sale of employee benefits business to Canada’s Sun Life Financial. $AIZ PR link.
Avon(PBR303) gets $435 million investment from Cerberus Capital Management for 16.6% stake; N American business split off as a separate private company. $AVP PR link.
McGraw Hill(PBR477) selling 2 assets from S&P Global Market Intelligence division, SPSE & CMA, to Intercontinental Exchange(PBR556 $ICE), terms not disclosed. $MHFI PR link.
NextEra Energy(PBR173) promotes John Ketchum to EVP/Finance & CFO, succeeds retiring Moray Dewhurst. $NEE PR link.
CF Industries(PBR502) hires Tom Grooms as Chief Information Officer. $CF PR link.
Brinker Intl(PBR697) hires John Cywinski as EVP-Strategic Innovation. $EAT PR link.
Barnes Group(PBR1030) hires Michael Beck as company SVP & president of Aerospace unit. $B PR link.
The US Dept of Commerce says January Construction Spending Annual Rate at $1.141 trillion, +1.5% from December, +10.4% from January 2015. USDOC PR link.
Auto Industry: Automakers to see $44 billion in revenue on solid new vehicle sales growth in February. TrueCar PR link.
Auto Industry: February Auto Sales were at 1,343,922 units, +6.8% from February 2015. Automotive News PR link.
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