August 2016: A Wait and See Month?
Maybe Football Season Is The Best Time To Also Develop A New Winning Business Strategy!
By Larry C. Paxton
There were some opportunities for some major dramatics in August 2016, but not much materialized.
Perhaps much of the excitement energy was transferred to the Rio De Janeiro 31st Olympiad which was center stage for half of the month. As always, it was a great celebration of sport at its best with dazzling performances in gymnastics, swimming, track & field, and many other events.
In the meantime US and global economic news continued to show moderate growth at best, with some big question marks regarding what Brexit really means. Mergers and acquisition activities were modest. There were no surprising leadership changes. The Federal Reserve did send a message that it might be open to increase the funds interest rate, but it would be a minimal increase.
With Labor Day being the traditional end of summer we enter a new season The big question is which will be more volatile, the economy, markets, the much anticipated U.S. Presidential debates, or the college and pro football season?
Following are The PBR1000 and economic related breaking news items of interest for August 2016, starting with the last active business day.
Wednesday, August 31:
The PBR1000 End of August US Stock Exchanges Snapshot:
DJIA ends August at 18,400.88, +0.03% from last Friday, -0.17%% MTD, +2.63% QTD, +5.60% YTD, -1.26% from record 18,636.05 on 08/15/16.
NASDAQ ends August at 5,213.22, -0.11% from last Friday, +0.99% MTD, +7.65% QTD, +4.11% YTD, -0.93% from record 5,262.02 on 08/15/15.
SPX ends August at 2,170.95, +0.09% from last Friday, -0.12% MTD, +3.43 QTD, +6.21% YTD, -0.88% from record 2,190.15 on 08/15/16.
Amazon(PBR29 $AMZN) and Wells Fargo(PBR30 $WFC) abruptly end student loan partnership. MarketWatch PR link.
Deere & Co(PBR81) to contest DOJ decision to block acquisition of Monsanto(PBR187 $MON) subsidiary The Climate Corp’s Precision Planting $100 million/year farming equipment unit. $DE PR link.
C.H. Robinson(PBR215) to acquire New Zealand/Australia $251 million/FY16 freight forwarding/customs brokerage services provider APC Logistics for $225 million cash. $CHRW PR link.
A-Mark Precious Metals(PBR419) acquires majority interest in Indiana based SilverTowne Mint, signs exclusive supplier agreement with global refiner/precious metals producer Asahi Refining USA. $AMRK PR link.
JetBlue(PBR429) flight 387 arrives in Santa Clara, Cuba, first US commercial flight to Cuba in over 50 years. $JBLU PR link.
Insight(PBR460) acquires Perth, Australia based technology consulting/managed services provider Ignia. $NSIT PR link.
Pioneer Natural Resources(PBR476) completes $450 million acquisition of 28,000 Midland Basin acres from Devon Energy(PBR143 $DVN). $PXD PR link.
NVIDIA(PBR510) in partnership with China’s Baidu to use artificial intelligence to develop cloud-to-car autonomous car platform. $NVDA PR link.
Brunswick(PBR584) completes acquisition of Germany based $41 million/2015 Indoor Cycling Group. $BC PR link.
IDEX(PBR861) completes $239 million acquisition of global Swiss based metal-to-metal seal & flow control solutions manufacturer SFC Koenig AG. $IEX PR link.
Fitbit(PBR870) opens Europe/Middle East/Africa headquarters office in Dublin, Ireland. $FIT PR link.
Apollo Global Mgmt(PBR906) extends $1.6 billion tender offer for Outerwall(824) to 09/22/16, 28.1% of shares tendered to date. $APO PR link.
Blackhawk Network(PBR998) to acquire UK based 20,000 clients global branding services provider Grass Roots Group for $118 million cash. $HAWK PR link.
McDonald’s(PBR101) USA president Mike Andres to retire at 2016 end, Chris Kempczinski named successor, other executive appointments named. $MCD PR link.
IDEX(PBR861) names Mike Yates as Interim CFO, effective 09/09/16, Heath Mitts is leaving. $IEX PR link.
ADP(PBR235) says 177,000 new US jobs created in August. $ADP PR link.
The Chicago August PMI Index falls 4.3 points to 51.5. MNI-ISM PR link.
Tuesday, August 30:
European Commission says Ireland gave illegal tax benefits to Apple(PBR5 $AAPL) worth up to $14.5 billion. EC PR link.
Apple(PBR5) CEO Tim Cook writes letter regarding history of taxes in European operations, says European Commission decision unfounded. $AAPL PR link.
Honeywell(PBR74) completes $1.5 billion acquisition of private supply chain & warehouse automatiion provider Intelligrated. $HON PR link.
KKR(PBR332) to acquire 4,000 clients contact centers & analytics software developer Calabrio, terms not disclosed. $KKR PR link.
Chipotle(PBR561) to offer free Kid’s Meals with purchase of an entre on Sundays during September. $CMG PR link.
Under Armour(PBR668) to open 1.3 million sf distribution center in Sparrows Point, MD, in summer 2018, employ 1,000. $UA PR link.
Brinker Intl(PBR697)’s Chili’s unit makes $30 million over 6 years commitment to St. Jude School Program. $EAT PR link.
Ford(PBR10) Credit unit group VP, chairman/CEO Bernard Silverstone retiring 10/01/16 after 37 years; Joy Falotico named successor. $F PR link.
General Cable(PBR418) hired Leah Stark in 07/16 as SVP/Chief Human Resources Officer. $BGC PR link.
S&P Global(PBR477) hires Steve Kemps as EVP/General Counsel. $SPGI PR link.
CIT Group(PBR608) rehires Jim Duffy to be EVP/Chief Human Resources Officer. $CIT PR link.
The Conference Board says the August Consumer Confidence Index(1985=100) is at 101.1, July was 96.7, Dec 2015 96.3. TCB PR link.
The S&P CoreLogic Case-Shiller June US National Home Price Index(Jan2000=100) at 182.42, May at 180.69, June 2015 173.61. CoreLogic PR link.
Monday, August 29:
Chevron(PBR3) to provide 0.65 million metric tons of liquid natural gas annually for 10 years to China through deal with ENN LNG Trading Company. $CVX PR link.
Amazon(PBR29) to open 850,000+ sf fulfillment center in Monee, IL. $AMZN PR link.
Walgreens Boots Alliance(PBR36) Walgreens unit & Prime Therapeutics to form new central specialty pharmacy/mail service businesses. $WBA PR link.
Mondelez(PBR87) says no longer pursuing acquisition of Hershey(PBR354 $HSY). $MDLZ PR link.
Southern Co(PBR155) subsidiary to acquire 147 MW Grant Plains wind facility in Oklahoma. $SO PR link.
NextEra Energy(PBR173) reaches agreements with 17 global financial institutions for $18.4 billion Oncor transaction. $NEE PR link.
Nordstrom(PBR214) to carry edited J. Crew collection in 16 full line stores & online beginning 09/12/16. $JWN PR link.
Core-Mark(PBR271) supply agreement with 1,100 Circle K stores in SE US not being renewed in 01/17. $CORE PR link.
Packaging Corp(PBR425) completes $386 million cash acquisition of independent corrugated products producer $324 million/2015 TimBar. $PKG PR link.
USG Corp(PBR599) to sell building product distributor L&W Supply unit to private $5.9 billion/2015 ABC Supply for $670 million cash. $USG PR link.
Verisk Analytics(PBR943) acquires offshore oil/gas data & subscriptions business of Quest Offshore. $VRSK PR link.
American Airlines(PBR69) promotes COO Robert Isom to president, succeeds leaving Scott Kirby. $AAL PR link.
United Continental(PBR77) hires Scott Kirby to new role of president. $UAL PR link.
KKR(PBR332) expands Asia-Pacific leadership team with new appointments in China, Korea, & Singapore. $KKR PR link.
The US Dept of Commerce estimates Total US July Personal Income Annual Rate at $16.023 trillion, +0.45% from June, +4.0% from July 2015 USDOC PR link.
Friday, August 26:
The PBR1000 Week Ending 08/26/16 US Stock Exchanges Snapshot:
DJIA ends week at 18,395.40, -0.85% from last Friday, -0.20% MTD, +2.60% QTD, +5.57% YTD, -1.29% from record 18,636.05 on 08/15/16.
NASDAQ ends week at 5,218.92, -0.37% from last Friday, +1.10% MTD, +7.77% QTD, +4.22% YTD, -0.82% from record 5,262.02 on 08/15/15.
SPX ends week at 2,169.04, -0.68% from last Friday, -0.21% MTD, +3.34% QTD, +6.12% YTD, -0.96% from record 2,190.15 on 08/15/16.
Judge denies Caesars Entertainment(PBR314 $CZR) litigation reprieve in $11 billion bondholder battle. MarketWatch PR link.
Herbalife(PBR354) CEO expresses appreciation for Carl Icahn‘s purchase of 2.3 million shares. $HLF PR link.
Rackspace(PBR935) to be acquired by Apollo Global Mgmt(PBR906 $APO) for $32.00/share, $4.3 billion cash. $RAX PR link.
The US Dept of Commerce 2nd Estimate 2Q GDP is 1.1%, $18.437 trillion, Personal Consumption Expenditures $12.965 trillion. USDOC PR link.
The Fed: Text of Janet Yellen’s speech at Jackson Hole, WY, symposium. When will interest rates go up? FRB PR link.
The U of Michigan August Final Index of Consumer Sentiment at 89.8, July was 90.0, Aug 2015 91.9. UMich PR link.
Investing: E*Trade(PBR930) study reveals varying ETF preferences of older & younger investors. $ETFC PR link.
Thursday, August 25:
Amazon(PBR29) introduces Amazon Vehicles, a car research destination & automotive community. $AMZN PR link.
Amazon(PBR29) to open 8th Texas fulfillment center, 2nd in Coppell. Employs over 10,000 full-time hourly workers in 5 current open facilities. $AMZN PR link.
Walgreens Boots Alliance(PBR36) exercises 2nd tranche of warrants to purchase AmerisourceBergen(PBR16 $ABC) shares, now owns 23.9% equity stake. $WBA PR link.
Freddie Mac(PBR41) & Fannie Mae(PBR17 $FNMA) to continue high loan-to-value refinancing HARP program through 09/30/17 when new program kicks in. $FMCC PR link.
Mylan(PBR346) providing options to cut retail cost of its EpiPen by 50% for eligible patients. $MYL PR link.
Berry Plastics(PBR488) to acquire flexible plastic packaging films manufacturer AEP Industries(NASDAQ: $AEPI) for $765 million cash/stock, includes debt. $BERY PR link.
ON Semiconductor(PBR656) receives FTC regulatory approval for acquisition of Fairchild Semiconductor(PBR1000 $FCS). tender offer still needs to be satisfied. $ON PR link.
Great Plains Energy(PBR757) $12.2 billion cash/stock acquisition of Westar Energy(PBR747 $WR) to be voted on by shareholders of both companies on 08/26/16, still expects to close in spring 2017. $GXP PR link.
Estee Lauder(PBR255) hires Andrew Ross as SVP/Strategy & New Business Development. $EL PR link.
Wednesday, August 24:
Pfizer(PBR56) to acquire small molecule anti-infective business from AstraZeneca for up to $1.575 billion plus royalties. $PFE PR link.
Lear Corp(PBR165) hires Dr. Andre Weimerskirch as VP, Cyber Security for E-Systems. $LEA PR link.
Williams Cos(PBR348) confirms receipt of investor Corvex‘s director nominations, expresses disappointment on timing. $WMB PR link.
Alcoa(PBR115) hires Kate Hargrove Ramundo to be future Arconic spinoff EVP/Chief Legal Officer/Secretary. $AA PR link.
Jones Lang LaSalle(PBR449) president Christian Ulbrich to add CEO role on 10/01/16, to succeed retiring Colin Dyer. $JLL PR link.
The Natl Assn of Realors says July Existing Home Sales Annual Rate at 5,390,000, -3.2% from June, -1.6% from July 2015 $NAR PR link.
Discover Financial(PBR286) report says Millennials are twice as likely as Boomers to take out a home equity loan. $DFS PR link.
Equifax(PBR795) survey says most college students pay credit cards in full each month. $EFX PR link.
Tuesday, August 23:
Medtronic(PBR133) completes $1.1 billion cash acquisition of miniaturized, mechanical circulatory support technologies developer Heartware International(NASDAQ: $HTWR). $MDT PR link.
Lear Corp(PBR165) signs investment agreement to build a 32,000 sq meter leather plant in Yangzhou, China. $LEA PR link.
Tesla(PBR651) announces new Model S electrical car version with range of 315 miles, 0-60 mph in 2.5 seconds, fastest production car in the world. $TSLA PR link.
Albemarle(PBR792) to acquire 15,000 MT/year lithium salts production assets in China. $ALB PR link.
Zoetis(PBR500) promotes Glenn David to EVP/CFO, succeeds Paul Herendeen, who has resigned. $ZTS PR link.
The US Dept of Commerce estimates July New Home Sales Annual Rate at 654,000, +12.4% from June, +31.3% from July 2015. July New Home Median Price at $294,600, -5.1% from June, -0.5% from July 2015. USDOC PR link.
The Federal Reserve Bank of Richmond estimates August 5th District Manufacturing Index(Annualized) at -11%, July was +10%, June -10%. RichmondFed PR link.
Monday, August 22:
Pfizer(PBR56) to acquire oncology biopharma firm Medivation(NASDAQ: $MDVN) for $81.50/share, $14 billion. $PFE PR link.
Peabody Energy(PBR372) reaches agreement with Illinois on financial assurances in support of coal mine restoration activities. $BTUUQ PR link.
TeamHealth(PBR498) acquires operations of Grossmont Emergency Medical Group, serves 100,000 San Diego area patients/year. $TMH PR link.
Green Plains(PBR649) to purchase 3 Abengoa Bioenergy ethanol plants for $237 million cash in bankruptcy sale. $GPRE PR link.
Office Depot(PBR182) Chairman/CEO Roland Smith to resign CEO role by 1Q2017 end; Troy Rice promoted to new position of COO. $ODP PR link.
Viacom(PBR212) president/CEO Philippe Bauman steps down, COO Thomas Dooley named interim president/CEO through 09/30/16, 5 independent directors elected to board. $VIA PR link.
Marathon Oil(PBR250) promotes T Mitch Little to EVP/Operations; EVP/CFO JR Sult is leaving; other executive changes made. $MRO PR link.
Avis Budget(PBR316) hires Arthur Orduna to new position of Chief Innovation Officer. $CAR PR link.
A. Schulman(PBR791) promotes Gary Miller to COO, Frank Roederer to SVP/GM USCAN. $SHLM PR link.
July Chicago Fed National Activity Index +0.27, from +0.05 in June. ChicagoFed PR link.
Friday, August 19:
The PBR1000 Week Ending 08/19/16 US Stock Exchanges Snapshot:
DJIA ends week at 18,552.57, -0.13% from last Friday, +0.65% MTD, +3.47% QTD, +6.47% YTD, -0.45% from record 18,636.05 on 08/15/16.
NASDAQ ends week at 5,238.38, +0.10% from last Friday, +1.48% MTD, +8.17% QTD, +4.61% YTD, -0.45% from record 5,262.02 on 08/15/15.
SPX ends week at 2,183.87, -0.01% from last Friday, +0.47% MTD, +4.05% QTD, +6.85% YTD, -0.29% from record 2,190.15 on 08/15/16.
ON Semiconductor(PBR656) extends $20/share, $2.4 billion cash tender offer for Fairchild Semiconductor(PBR1000 $FCS) to 09/01/16, currently has commitment of 70.3% of shares. $ON PR link.
A. Schulman(PBR791) to promote Andrean Horton to EVP/Chief Legal Officer on 09/01/16, succeeds retiring David Minc. $SHLM PR link.
Thursday, August 18:
Dow Chemical(PBR48) celebrates its 50,000th Habitat for Humanity home. $DOW PR link.
Caterpillar(PBR54) to close down certain mining product lines, eliminate 195 jobs. $CAT PR link.
Sprint(PBR86) launches Unlimited Freedom, 2 lines $100/mo unlimited talk/text/data plan. $S PR link.
T-Mobile US(PBR95) announces T-Mobile ONE unlimited calls/text/data 4 line family plan for $160/mo. $TMUS PR link.
Emerson Electric(PBR109) to acquire valves & controls business from Pentair(PBR363 $PNR) for $3.15 billion. $EMR PR link.
Continental Resources(PBR497) to sell 80,000 acres of non-strategic properties in N Dakota & Montana for $222 million. $CLR PR link.
Toro(PBR855) to do 2-for-1 stock split, effective 09/16/16. $TTC PR link.
Apollo Global Mgmt(PBR906) & Nike(PBR98 $NKE) form strategic partnership for apparel manufacturing in the Americas. $APO PR link.
United Continental(PBR77) hires Andrew Levy as EVP/CFO, Julia Haywood as EVP/Chief Commercial Officer. $UAL PR link.
Macy’s(PBR97) hires Richard Lennox as Chief Marketing Officer, effective 09/15/16. $M PR link.
General Cable(PBR418) EVP & president/CEO of Americas Gregory Lampert leaving; Juan Mogollon hired as SVP of Latin America. $BGC PR link.
A. Schulman(PBR791) Chairman Joe Gingo is now also president/CEO with departure of Bernard Rzepka. $SHLM PR link.
The US Dept of Justice issues a directive to phase out use of private prisons. DOJ PR link.
Employment: There are 1.2 million missing retail workers because Amazon(PBR29 $AMZN)’s so good MarketWatch PR link.
The Philadelphia Federal Reserve says August Manufacturing Business Outlook Survey Index at +2.0, July was -2.9, June 4.7. PhillyFed PR link.
The Conference Board says August Leading Economic Index at 124.3(2010=100), July was 123.8, June 123.4. TCB PR link.
Wednesday, August 17:
Cisco(PBR60) announces restructuring plan, to lay off up to 5,500 employees, 7% of global workforce. $CSCO PR link.
Progressive(PBR145), 4th largest US auto insurer, reports July Personal Lines Policies in Force are 14.544 million, +7% from July 2015. $PGR PR link.
JCPenney(PBR234) presents 3 year plan for accelerated growth through private brands, home & beauty. $JCP PR link.
Ingredion(PBR415) to acquire 120 employee rice starch/rice flour business of Thailand’s Sun Flour Industry Co, now has 870 employees, 4 facilities in Thailand. $INGR PR link.
Universal Forest Products(PBR733) promotes Mike Mordell to EVP-International Operations. $UFPI PR link.
The US Federal Reserve releases FOMC minutess for July meeting, labor market improved, 2Q GDP moderate, inflation rate <2% target. FRB PR link.
Tuesday, August 16:
Ford(PBR10) targets fully autonomous vehicle for ride sharing in 2021; invests in new tech companies, doubles Silicon Valley team. $F PR link.
Essendant(PBR458) reorganizing into Business & Facilities Essentials and Industrial Essentials, names management team. $ESND PR link.
Leidos(PBR475) completes $1.8 billion/50.5% equity acquisition of Lockheed(PBR64 $LMT)’s Information Systems & Global Solutions unit. $LDOS PR link.
Cintas(PBR523) to acquire branded uniforms & facility services programs G & K Services(NASDAQ: GK) for $97.50/share, $2.2 billion enterprise value. $CTAS PR link.
Wolverine Worldwide(PBR722) authorizes up to $300 million over 4 years share repurchase program. $WWW PR link.
KB Home(PBR802) acquires rights to 300+ homesites in master-planned community The Meadows in Castle Rock, CO. $KBH PR link.
Buffalo Wild Wings(PBR981) expands share repurchase program by $300 million, balance is $375 million. $BWLD PR link.
Visteon(PBR351) hires Christian Garcia as EVP/CFO, effective 10/01/16. $VC PR link.
Barnes & Noble(PBR408) CEO Ronald Boire departs per board decision, executive chairman Leonard Riggio to be interim CEO. $BKS PR link.
The US Dept of Labor says US July Consumer Price Index was +0.0%, last 12 mos +0.8%(Unadjusted). USDOL PR link.
The US Dept of Labor says US July Average Current Weekly Earnings at $886.31, +0.6% from June, +2.4% from July 2015. USDOL PR link.
The US Dept of HUD says US July Private Housing Building Permits were 1,152,000, -0.09% from June, +0.88% from July 2015 HUD PR link.
The US Federal Reserve says US July Total Industrial Production Capacity at 75.9%, +0.5% from June, -1.5% from July 2015. FRB PR link.
Monday, August 15:
AIG(PBR46) to sell its private mortgage insurance unit United Guaranty Corporation to Arch Capital Group(NASDAQ: ACGL) for $3.4 billion. $AIG PR link.
Aetna(PBR49) to reduce participation in Affordable Care Act individual public exchanges from 778 counties to 242 in 2017. $AET PR link.
Dollar General(PBR151) opens site 13,000, located in Birmingham, AL. $DG PR link.
Jones Lang LaSalle(PBR449) acquires Singapore 180 professional staff Asia Pacific interior design service PDM International. $JLL PR link.
Salesforce(PBR453 $CRM) to acquire business analytics firm BeyondCore, terms not disclosed. BeyondCore PR link.
Xylem(PBR575) to acquire global water industry technologies/data analytics firm $837 million/FY2016 Sensus for $1.7 billion. $XYL PR link.
Diebold(PBR676) completes $1.8 billion acquisition of Germany based 9,000 employee retail banks IT solutions/services provider Wincor Nixdorf. $DBD PR link.
Concho Resources(PBR734) to acquire 40,000 net Midland Basin acres from Reliance Energy for $1.625 billion, to have 150,000+ net acres. $CXO PR link.
FreddieMac(PBR41) August Outlook says 2016 could reach $2 trillion in mortgage originations, forecasts 2017 GDP at 1.9%. $FMCC PR link.
The preliminary Natl Assn of Homebuilders US August Housing Market Index at 60, July was 58, June 60. NAHB/Wells Fargo PR link.
The NY Federal Reserve says the August Empire State Manufacturing Survey General Business Conditions Index at -4.21, July was +0.55, Aug 2015 -12.79. NYFed PR link.
Friday, August 12:
The PBR1000 Week Ending 08/12/16 US Stock Exchanges Snapshot:
DJIA ends week at 18,576.47, +0.18% from last Friday, +0.78% MTD, +3.61% QTD, +6.61% YTD, -0.20% from record 18,613.51 on 08/11/16.
NASDAQ ends week at 5,232.89, +0.23% from last Friday, +1.37% MTD, +8.06% QTD, +4.50% YTD, +0.00% from record 5,232.89 on 08/12/15.
SPX ends week at 2,184.05, +0.05% from last Friday, +0.48% MTD, +4.06% QTD, +6.85% YTD, -0.08% from record 2,185.79 on 08/11/16.
Anthem(PBR38 $ANTM)-Cigna(PBR85 $CI) merger ruling unlikely to come in 2016, judge says. MarketWatch PR link.
KBR(395) to acquire the Honeywell(PBR74) 3,550 employee $600 million/yr government services provider HTSI for $266 million. $KBR PR link.
SunEdison(PBR782 $SUNEQ) shareholders lose bankruptcy fight, judge says company ‘hopelessly insolvent.’ MarketWatch PR link.
E*Trade(PBR930) reports End of July Stock Plan Accounts at 1,455,148, +0.8% from June, +8.1% from July 2015. $ETFC PR link.
21st Century Fox(PBR91 $FOX) Fox News unit gets new leadership team. MarketWatch PR link.
Dick’s Sporting Goods(PBR367) Teri List-Stoll no longer EVP/CFO, EVP/COO Andre Hawaux to serve as interim CFO. $DKS PR link.
The US Dept of Commerce estimates US June Trade Sales/Mfrs Shipments at $1.308 trillion, +1.16% from May, -0.64% from June 2015. USDOC PR link.
The US Dept of Commerce Advance July Retail Trade Total at $457.7 billion, -0.04% from June, +2.26% from July 2015. USDOC PR link.
The US Dept of Labor says US July Producer Price Index at -0.4%, June was +0.5%, -0.2% from July 2015. USDOL PR link.
The US Dept of Agriculture August WASDE report forecasts record levels for corn & soybean crops for 2016/2017. USDA PR link.
The U of Michigan Preliminary August Consumer Sentiment Index at 90.4, July was 90.0, June 93.5. UMich PR link.
Thursday, August 11:
Ingram Micro(PBR62) $38.90/share, $6.0 billion acquisition by China based Tianjin Tianhai must close by extended date of 11/13/16. $IM PR link.
Macy’s(PBR97) to close around 100 of its 728 stores in early 2017, represents $1 billion in revenues. $M PR link.
United Natural Foods(PBR371) acquires $50 million/year fresh & organic foods distributor/merchandiser Gourmet Guru. $UNFI PR link.
Lithia Motors(PBR451) acquires Kemp Ford in Thousand Oaks, CA, to add $65 million to annual revenues. $LAD PR link.
Meredith Corp(PBR994) promotes Tom Harty to president/COO. $MDP PR link.
The US Dept of Labor says US July Import Price Index was +0.1%, June was +0.6%, Yr-to-Yr -3.7%. USDOL PR link.
Adobe Systems(PBR557) reports falling consumer goods prices for six consecutive months in July Digital Price Index. http://bit.ly/2aLCsbZ
Healthcare: Arthur J Gallagher(PBR515) says most companies paying at least 5% more for health insurance premiums in 2016; 1-in-4 incurring double digit increases. $AJG PR link.
Wednesday, August 10:
Exelon(PBR102) to invest $25 billion over 5 years in infrastructure, smart grid technology in its 6 utilities serving 10 million customers. $EXC PR link.
Chesapeake Energy(PBR131) to transfer N Texas Barnett Shale asset to First Reserve; to renegotiate Mid-Continent Gas Gathering agreement. $CHK PR link.
Peabody Energy(PBR372) business plan approved by DIP lenders, plans to emerge from Chapter 11 bankruptcy by end of year. $BTUUQ PR link.
JetBlue(PBR429) July Passenger Load Factor at 87.7%, June was 87.0%, YTD is 85.1%. $JBLU PR link.
Herbalife(PBR487) gets approval from China’s Ministry of Commerce to operate in 3 more provinces, currently in 25. $HLF PR link.
LAM Research(PBR520 $LRCX) and KLA-Tencor(PBR692) provides update on $10.6 billion deal, regulatory approvals might extend past 10/20/16. $KLAC PR link.
WABCO(PBR704) to supply vast majority of vacuum pumps for China based auto manufacturer/Volvo owner Geely in multi-year deal. $WBC PR link.
AAR Corp(PBR883) hires Marcus Jadotte as VP of Public Affairs, to establish a Washington DC office. $AIR PR link.
The US Dept of Labor estimates Total US June Job Openings at 5,624,000, +2.0% from May, +8.8% from June 2015. USDOL PR link.
The US Dept of Treasury says Total US July Receipts were $210.0 billion, Outlays $322.8 billion, Deficit $112.8 billion, YTD Deficit $513.7 billion. Treasury PR link.
Tuesday, August 9:
Walt Disney(PBR57) to acquire 33% stake in video streaming company BAMTech for $1 billion, option to purchase majority stake. $DIS PR link.
American Airlines(PBR69) reports July traffic, total passenger load factor at 85.2%, -2.1% from July 2015. $AAL PR link.
RR Donnelley(PBR243) to move from NASDAQ to NYSE on 08/22/16, will use same RRD symbol. $RRD PR link.
Gannett(PBR414) completes $4.60/share, $140 million acquisition of $320 million/year digital market solutions company ReachLocal. $GCI PR link.
TD Ameritrade(PBR662) averaged 454,000 client trades per day in July, -3% from June, same as July 2015. $AMTD PR link.
SunPower(PBR680) to lay off 15% of workforce, 1,200 positions, primarily from the Philippines. $SPWR PR link.
Apollo Global Mgmt(PBR906) affiliates extend $30.25/share, $2.2 billion cash tender offer to acquire Diamond Resorts Intl(NYSE: DRII) extended to 08/24/16. $APO PR link.
Community Health System(PBR125) promotes Tim Hingtgen to president/COO on 09/01/16, succeeds retiring Wayne Smith. $CYH PR link.
hhgregg(PBR864) promotes Kevin Kovacs to CFO, Samuel Johnson to Chief Retail Officer. $HGG PR link.
Domino’s Pizza(PBR889) opens 13,000th store in the Seattle, WA, area. $DPZ PR link.
US Dept of Labor 2Q2016 Labor Productivity Annual Rate -0.7% from 1Q2016, Output +1.4%. USDOL PR link.
US Dept of Commerce estimates Total US June Wholesale Sales at $444.6 billion, +1.88% from May, -0.45% from June 2015. USDOC PR link.
CoreLogic: 38,000 completed foreclosures in June, down 4.9% YOY. CoreLogic PR link.
Monday, August 8:
Walmart(PBR1) to acquire e-commerce store Jet.com for $3 billion cash plus $300 million stock. $WMT PR link.
Chevron(PBR3) gets affirmation from US Appeals Court that $9.5 billion judgment in Ecuador was fraudulent & unenforceable in the US. $CVX PR link.
Delta Air Lines(PBR72) issues statement to customers regarding flight cancellations & delays. $DAL PR link.
Marriott Intl(PBR211) merger with Starwood Hotels(PBR417 $HOT) extended by up to 60 days per China Ministry of Commerce request. $MAR PR link.
Williams Cos(PBR348) to receive $209 million & Williams Partners(NYSE: WPZ) $817 million in sale of Canadian businesses. $WMB PR link.
Terex(PBR357) gets European Union & US Antitrust clearances for $1.3 billion sale of Material Handling/Port Solutions business to Konecranes, expected to close early 2017. $TEX PR link.
Intuit(PBR529)’s QuickBooks Online unit passes 1.5 million paid subscribers. $INTU PR link.
AMC Entertainment(PBR851) to accelerate deployment of Dolby cinema in 100 AMC sites by end of 2017, 7 years early. $AMCX PR link.
Mattress Firm(PBR932) to be acquired by S Africa based global integrated retailer Steinhoff for $64.00/share, $3.8 billion cash. $MFRM PR link.
Vail Resorts(PBR1032) to acquire Canada mountain resort Whistler Blackcomb in $46.8/share, $1.8 billion cash/stock deal. $MTN PR link.
Polaris Industries(PBR531) promotes Joel Houlton to VP Global Safety and Quality. $PII PR link.
Endo Intl(PBR700) hires Joseph Ciaffoni as president, US Branded Pharmaceuticals. $ENDP PR link.
hhgregg(PBR864) appoints 4 to SVP/VP responsibilities in marketing, 3 merchandising areas. $HGG PR link.
Red Robin(PBR1046) promotes president Denny Marie Post to CEO, succeeds retiring Steve Carley. $RRGB PR link.
New York Federal Reserve article: Consumers’ Income/Spending Growth Expectations Strengthen, Labor Market Expectations Weaken. $NYFED PR link.
Fannie Mae(PBR17 $FNMA) and Freddie Mac(PBR41 $FMCC) could need $126 billion taxpayer bailout in next crisis, stress test finds. MarketWatch PR link.
Friday, August 5:
The PBR1000 Week Ending 08/05/16 US Stock Exchanges Snapshot:
DJIA ends week at 18,543.53, +0.60% from last Friday/MTD, +3.42% QTD, +6.42% YTD, -0.28% from record 18,595.03 on 07/20/16.
NASDAQ ends week at 5,221.12, +1.14% from last Friday/MTD, +7.81% QTD, +4.27% YTD, +0.00% from record 5,221.12 on 08/05/15.
SPX ends week at 2,182.87, +0.43% from last Friday/MTD, +4.00% QTD, +6.80% YTD, +0.00% from record 2,182.87 on 08/05/16.
The PBR1000 End of July Top 5 Companies by Market Capitalization:
1. Apple(PBR3), $AAPL, $562.02B
2. Alphabet(PBR35), $GOOGL, $527.82
3. Microsoft(PBR25), $MSFT, $442.56B
4. ExxonMobil(PBR2), $XOM, $368.84B
5. Amazon(PBR18), $AMZN, $358.03B
Range: $562.02 to $0.00, median was $6.34B(PBR502), Average was $21.14B(PBR226).
Total The PBR1000 Market Capitalization was $21,208.33B, +3.30% from June, +5.31%YTD, +3.12% from 12/31/14. (1,003 companies)
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American Airlines(PBR69) & TMU-IAM Association reach interim agreement on pay increases for 30,000 ground employees. $AAL PR link.
International Paper(PBR117) to complete $2.2 billion acquisition of Weyerhauser(PBR355 $WY)‘s pulp business in 4Q2016. $IP PR link.
AbbVie(PBR136 $ABBV) files patent suit against Amgen(PBR135 $AMGN) over Humira biosimilar. MarketWatch PR link.
Priceline(PBR319)’s Booking.com unit adds its one-millionth property in Nantucket, Massachussets. $PCLN PR link.
Mylan(PBR346) completes $9.9 billion acquisition of Sweden based 4,500 employee global pharmaceuticals provider Meda. $MYL PR link.
Sprint(PBR86) hires Jan Geldmacher, former CEO of Vodafone Global Enterprise, as president of Sprint Enterprise. http://sprint.co/2ap4Q8h
Scientific Games(PBR937) hires Kevin Sheehan as new president/CEO, Gavin Isaacs to become vice chairman of the board. $SGMS PR link.
The US Dept of Labor estimates US July Employment at 151.5 million, +420,000 from June, +2.7 million from Jul 2015, Unemployment rate at 4.9%. USDOL PR link.
US Dept of Commerce says US Total June Exports YTD at $1.091 trillion, Imports $1.335 trillion, Deficit $245 billion. USDOC PR link.
US Federal Reserve estimates US June Consumer Credit Outstanding at $3.634 trillion, +0.34% from May, +2.78% YTD, +5.77% from June 2015 FedReserve PR link.
Thursday, August 4:
Spectra Energy(PBR422) sells its Canadian natural gas liquids business to Plains Midstream Canada for $204 million. $SE PR link.
LinkedIn(PBR843) 2Q2016 report says cumulative members grew 18% year-over-year to 450 million. $LNKD PR link.
Natl Oilwell Varco(PBR127) promotes Isaac Joseph to president, Wellbore Technologies unit. $NOV PR link.
Diebold(PBR676) promotes Octavio Marquez to SVP/Managing Director N & S America operations. $DBD PR link.
TreeHouse Foods(PBR690) EVP/CFO & interim president of Private Brands to become a senior advisor, search for new CFO starts. $THS PR link.
Bristow Group(PBR919) promotes Chip Earle to SVP/Chief Legal& Support Officer, Mary Wersebe to VP/Human Resources. $BRS PR link.
US Dept of Labor estimates US July Employment at 151,517,000, +420,000 from June, +2.651,000 from Jul 2015, Unemployment rate at 4.9% USDOL PR link.
The US Dept of Commerce estimates US June Manufacturers’ New Orders were $447.4 billion, -1.5% from May, -2.6% YTD. USDOC PR link.
Wednesday, August 3:
Stocks Fun Fact: The PBR1000 Top 5 YTD Stock Gainers through July are:
1. Cliffs Natural Resources(PBR842), $CLF, +400.63%
2. US Steel(PBR228), $X, +244.49%
3. AK Steel(PBR351), $AKS, +192.86%
4. Quad/Graphics(PBR478), $QUAD, +172.69%
5. CONSOL Energy(PBR633), $CNX, +145.32%
Range: +400.63% to -97.45%, 685 companies were +0.00%, median was +9.60%. (1,003 companies)
Allergan(PBR219) to sell pharmaceutical products distributor Anda to Teva Pharmaceuticals for $500 million. $AGN PR link.
Newfield Exploration(PBR830) In two separate agreements sells most of its Texas assets for $390 million. $NFX PR link.
Universal American(PBR882) completes sale of traditional insurance business to Nassau Reinsurance Group for $30.5 million cash. $UAM PR link.
Wolverine Worldwide(PBR722) promotes Mike Jeppesen to expanded role of president, Wolverine Heritage Group. $WWW PR link.
ADP(PBR235) says July Change in National Employment was +179,000 with Goods Producing -6,000, Services +185,000. $ADP PR link.
The Conference Board July Help Wanted Online Ads were 4,814,300, +3.4% from June, -10.3% from July2015. TCB PR link.
Markit reports July US Composite PMI Output Index at 51.8, June was 51.2, May 50.9. Markit PR link.
ISM says US July Non-Manufacturing Index at 55.5%, June was 56.5%, May 52.9%. ISM PR link.
Automotive News says July US New Auto Units Sold were 1,521,245, +0.5% from July 2015. AutoNews PR link.
Tuesday, August 2:
Stocks Fun Fact: The PBR1000 Top 5 Stock Gainers 12/31/14-07/31/16:
1. NVIDIA(PBR454), $NVDA, +184.79%
2. AMD(PBR536), $AMD, +156.93%
3. Amazon(PBR18), $AMZN, +144.50%
4. Newmont Mining(PBR320), $NEM, +132.80%
5. Insperity(PBR722), $NSP, +131.60%
Range: +184.79% to -95.15%, 494 companies were +0.00%, median was -0.16%. (991 companies)
AIG(PBR46) authorizes additional $3.0 billion for share repurchase program, balance is $4.0 billion. $AIG PR link.
Energy Transfer Equity(PBR52) & Sunoco Logistics(PBR158 $SXL) sell 36.75% stake in Bakken Pipeline Project to Enbridge Energy(PBR333 $EEP) & Marathon Petroleum(PBR23 $MPC) for $1.2 billion & $800 million respectively. $ETE PR link.
Allergan(PBR219) completes $40.5 billion cash/stock divestiture of global generics business to Teva Pharmaceutical. $AGN PR link.
Molina Healthcare(PBR284) to acquire certain Medicare Advantage assets from Aetna(PBR49 $AET) & Humana(PBR58 $HUM) for $117 million. $MOH PR link.
Mylan(PBR346) to complete $9.9 billion acquisition of Sweden based 4,500 employee global pharmaceuticals provider Meda on 08/05/16. $MYL PR link.
Avery Dennison(PBR396) completes $226 million acquisition of $170 million/year Mactac Europe. $AVY PR link.
Arthur J Gallagher(PBR515) acquires Pearland, TX, south central US retail insurance broker Victory Insurance Agency. $AJG PR link.
Griffon Corp(PBR890) adds $50 million to share repurchase program, balance is $64.6 million. $GFF PR link.
Cincinnati Bell(PBR1027) shareholders approve 1-for-5 reverse stock split, to be effective 10/05/16. $CBB PR link.
Macy’s(PBR97) hires Elisa Garcia as Chief Legal Officer, effective 09/07/16, succeeds retiring Dennis Broderick. $M PR link.
McDonald’s(PBR101) Chief Administrative Officer Pete Benson retiring on 09/02/16; organizational changes to be announced in coming weeks. $MCD PR link.
NRG Energy(PBR186) hires Bruno Sarda as VP/Sustainability. $NRG PR link.
PVH(PBR328) hires Raf Simons as Chief Creative Officer of its Calvin Klein unit. $PVH PR link.
TD Ameritrade(PBR662) EVP/COO Marv Adams resigning on 12/01/16, COO position to be eliminated. $AMTD PR link.
The Dept of Commerce estimates US June Total Personal Income Annual Rate at $15.883 trillion, +0.2% from May, +3.4% from June 2015. USDOC PR link.
TrueCar estimates July New Auto Sales at $48.9 million, Average Transaction Price $32,518, Incentive per Unit Spending $3,225. TrueCar PR link.
US July Purdue/CME Ag Barometer Index at 112, June was 104, May 97. Purdue/CME PR link.
Monday, August 1:
Verizon(PBR15) to acquire Ireland based global fleet & mobile workforce management solutions provider Fleetmatics(NYSE: FLTX) for $60.00/share, $2.4 billion cash. $VZ PR link.
Glaxo, Alphabet(PBR44 $GOOGL) plan $700 million bioelectric venture. MarketWatch PR link.
Pfizer(PBR56) acquires remaining 78% of private gene therapy firm Bamboo Therapeutics for up to $650 million. $PFE PR link.
McDonald’s(PBR101) USA announces big changes to its food. $MCD PR link.
Icahn Enterprises(PBR147) confirms co-manager arrangements with Brett Icahn and David Schechter. $IEP PR link.
MGM Resorts(PBR273) completes $900 million acquisition of Boyd Gaming(PBR727)‘s 50% ownership in Borgata Hotel Casino in Atlantic City, NJ. $MGM PR link.
Gannett(PBR414) extends $4.60/share tender offer for $320 million/year digital market solutions company ReachLocal(NASDAQ: RLOC) to 08/08/16, 42.09% of shares tendered so far. $GCI PR link.
Jones Lang LaSalle(PBR449) completes acquisition of UK based 1,600 clients in 60,000 locations property maintenance provider Integral UK. $JLL PR link.
Salesforce(PBR453) to acquire collaboration software developer Quip in $582 million stock deal. $CRM PR link.
Coach(PBR496) sells interest in 10 Hudson Yards headquarters location for $707 million, signs 20 year lease. $COH PR link.
Arthur J Gallagher(PBR515) acquires UK based employee benefits insurance provider Orb Financial Services. $AJG PR link.
Arthur J Gallagher(PBR515) acquires San Diego, CA, retail insurance broker Blue Horizon Insurance Services. $AJG PR link.
Tesla(PBR651 $TSLA) to acquire Solar City($SCTY) for $25.83/share, $2.6 billion in all stock deal. MarketWatch PR link.
Convergys(PBR703) becomes 2nd largest customer management services company in Germany with $135 million acquisition of buw. $CVG PR link.
Kennametal(PBR706) to eliminate 1,000 positions in FY2017, form new organizational structure with 3 operating units. $KMT PR link.
Equinix(PBR793) completes $211 million acquisition of Paris data center from Digital Realty. $EQIX PR link.
Newell Brands(PBR434) Chief Commercial Officer Joseph Arcuri leaving effective 08/31/16, to receive $625,000 severance payment plus other benefits. $NWL PR link.
hhgregg(PBR864) interim president/CEO & CFO Robert Riesbeck appointed president/CEO. $HGG PR link.
The US Dept of Agriculture lifts years-long ban on beef imports from Brazil. MarketWatch PR link.
The US Dept of Commerce estimates June US Construction Spending Annual Rate at $1.134 trillion, -0.65% from May, +0.27% from June 2015 USDOC PR link.
The July 2016 Manufacturing ISM® Report On Business® says PMI at 52.6%, June was 53.2%, May 51.3%. ISM PR link.
The Markit July Flash US Manufacturing PMI at 52.9, June was 51.3, May was 50.7. Markit PR link.
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