July 2017: Moving Forward, We Think.
So far the compass needle still points North, but there are always magnetic forces trying to move it in another direction. Let’s hope they remain weak.
By Larry C. Paxton
Business and the economy continued to move a little forward in July. Nothing really major happened one way or the other, with the exceptions that the US stock market exchanges had a very good month, the economic news continues to show modest/moderate growth, but this is counterbalanced by no major programs or legislation advancing. Then there is North Korea, with its successful intercontinental ballistic missile tests, and the world wondering what this means and how the US will respond.
President Trump continues to be unpredictable and the majority Republican control of both houses of Congress have not been able to pass much legislation that could have a dramatic effect on the economy.
Nevertheless, US business, as demonstrated through The PBR1000, continues as usual, shows modest growth, but there are starting to be some faint signs that the optimism that fueled this growing environment is in jeopardy if something doesn’t happen soon to resolve issues such as healthcare, infrastructure, the tax code, slow wage growth, income inequality, and illegal immigrant policies. There are a lot of reasons to remain optimistic, but real action and results are going to be required soon to keep it from fading.
Here’s a quick July 2017 summary on key activities that relate to The PBR1000:
Mergers & Acquisitions: 27 deals worth at least $1 billion initiated, closed, or updated. Total transaction value was $175 billion.
Spinoffs: 4
Share Repurchase Programs: 4 announcements, total $3.50 billion.
Bankruptcies: 1 initiated or updated
CEO Changes: 10 announced.
Jobs/Wages: 4.4% unemployment rate, modest wage growth.
US Economy: Modest/moderate growth continues, stable but fragile.
Federal Reserve Federal Funds Rate Changes: No change, remains 1.00-1.25%, more increases possible in 2017.
US Stock Market Exchanges: All three US major stock exchanges established new closing records during the month. The Stock Market Bull won July by a wide margin.
National: Russia’s possible meddling in the past US presidential campaign continues to be a big issue with revelation that Donald Trump, Jr., met with Russia contacts regarding negative information on Hillary Clinton. Senate Republicans fail to pass legislation to repeal and replace Obamacare; N Korea successfully tests intercontinental ballistic missiles that could reach the US.
International: President Trump attends G-20 Summit, meets with Russia’s Vladimir Putin, France’s Macron, and other international leaders, attends France’s Bastille Day ceremonies; Brexit negotiations continue; continuations of Middle East conflicts, refugee crisis; oil prices fluctuate; global central banks slow quantitative easing programs, and; US President Trump actions and tweets continue to be the headliners.
Here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for July 2017, starting with the last active business day.
***Monday, July 31:
The PBRMarketTools US Stock Exchanges Recap for the Month Ending 07/31/17:
DJIA ends July at record 21,891.12, +0.28% from last Friday, +2.54% MTD/QTD, +10.77% YTD, +0.00% from record 21,891.12 set 07/31/17.
NASDAQ ends July at 6,348.12, -0.42% from last Friday, +3.38% MTD/QTD, +17.93% YTD, -1.16% from record 6,422.75 set 07/26/17.
SPX ends July at 2,470.30,-0.07% from last Friday, +1.93% MTD/QTD, +10.34% YTD, -0.30% from record 2,477.83 set 07/26/17.
Energy Transfer Equity(PBR52) Partners unit selling its 32.44% stake in Rover Pipeline Project to Blackstone(PBR352 $BX) Energy Partners for approximately $1.57 billion. $ETE PR link.
International Paper(PBR117) to make $1.25 billion voluntary contribution to benefit pension plan by 09/15/17. $IP PR link.
Medtronic(PBR133) completes $6.1 billion cash sale of its Patient Care, Deep Vein Thrombosis (Compression), and Nutritional Insufficiencybusinesses to Cardinal Health(PBR26 $CAH). $MDT PR link.
Devon Energy(PBR143) to sell its Lavaca County assets in the Eagle Ford play for $340 million, part of $1 billion divestiture plan. $DVN PR link.
Goodyear Tire(PBR157) and United Steelworkers reach tentative agreement on new 5 year master labor contract that affects nearly 7,000 workers at 5 manufacturing plants. $GT PR link.
JCPenney(PBR234) joins the “Project Runway” catwalk with exclusive fashion brand and multi-season retail sponsorship. $JCP PR link.
Charter Communications(PBR297 $CHTR)says no thanks to Sprint(PBR86 $S)megamerger, staying with Verizon(PBR15 $VZ) Wireless reseller plan. MarketWatch PR link.
FIS(PBR394) completes $469 million cash sale of 60% of its interest in Capco Consulting to Clayton, Dubilier & Rice, retains 40% equity interest. $FIS PR link.
Discovery Communications(PBR399) to acquire lifestyle content in the home, food and travel categories for television, the Internet and emerging platforms developer Scripps Networks(PBR732 $SNI) for $90/share(34% premium over 07/21/17 closing stock price), $14.6 billion cash/stock. $DISCA PR link.
LabCorp(PBR413) to acquire global 4,500 employees specialty contract research organization drug developer Chiltren for $1.2 billion cash. $LH PR link.
SCANA(PBR489)’s S Carolina Electric & Gas Co to cease construction of the two new nuclear units at V.C. Summer Nuclear Station in Jenkinsville, SC, to file petition seeking approval of abandonment plan. $SCG PR link.
TEGNA(PBR622) completes $250 million cash sale of CareerBuilder unit to Apollo Global Management(PBR906 $APO) and the Ontario Teachers’ Pension Plan Board, will retain 12.5% interest. $TGNA PR link.
Tesla(PBR651) CEO Elon Musk gets the $35,000 Tesla Model 3 price tag he wanted — but extras cost more. MarketWatch PR link.
Groupon(PBR652) and Grubhub, with its 55,000 restaurant partners in 1,100 US cities, announce strategic partnership for food delivery to Groupon customers. $GRPN PR link.
Lincoln Electric(PBR710) completes $134 million cash acquisition of Air Liquide Welding. $LECO PR link.
Wolverine World Wide(PBR722) sells its Sebago® brand to global Italian based BasicNet, terms not disclosed. $WWW PR link.
Meredith Corp(PBR994) cooking expert “Chef John” Mitzewich of Food Wishes, an Allrecipes Production, has crossed the 2 million subscriber count on YouTube, making his channel one of the top 5 most popular food channels on the video site. $MDP PR link.
MSA Safety(PBR996) completes $215 million cash acquisition of Pittsfield, NH, based 420 employees in 4 locations $110 million/yr firefighter protective clothing and boots provider Globe Holding. $MSA PR link.
Raytheon(PBR118) promotes Kurt Amend to CEO/Raytheon Arabia, to be based in Riyadh, Saudi Arabia. $RTN PR link.
Regis Corp(PBR912) promotes Jamie Saurez to VP/Creative. $RGS PR link.
The US Dept of Treasury says US National Debt on 07/27/17 was $14.358 trillion for Debt Held by Public, $5.487 trillion for Intergovernmental Holdings, Total Debt$19.845 trillion. Treasury PR link.
The Federal Reserve Bank of Chicago 7th District June Midwest Economic Index is at +0.42, May was +0.55, April +0.72, June 2016-0.14. ChiFed PR link.
The MNI July Chicago Business Barometer(>50=Growing) is at 58.9, June was 65.7, May 59.4, July 2016 55.8. ISM/MNI Chicago PR link.
The American Automobile Assn says the US National Average Price of Regular Gas on 07/31/17 is $2.316/gallon, +3.4% from 06/30/17, +8.5% from 07/31/16. AAA PR link.
***Friday, July 28:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 07/28/17:
DJIA ends week at record 21,830.31, +1.16% from last Friday, +2.25% MTD/QTD, +10.46% YTD, +0.00% from record 21,830.31 set 07/28/17.
NASDAQ ends week at 6,374.68, -0.20% from last Friday, +3.82% MTD/QTD, +18.42% YTD, -0.75% from record 6,422.75 set 07/26/17.
SPX ends week at 2,472.10,-0.02% from last Friday, +2.01% MTD/QTD, +10.42% YTD, -0.23% from record 2,477.83 set 07/26/17.
American Airlines(PBR69) in 2Q17 report says it plans capital investments of $4.1 billion in 2017 for new aircraft. $AAL PR link.
Motorola Solutions(PBR423) to acquire from Airbus SE its Plant Holdings unit with its Airbus DS Communications VESTA ® suite 911 call-handling solution used throughout N America , terms not disclosed. $MSI PR link.
Windstream(PBR426) completes $227.5 million cash acquisition of Rye Brook, NY, based cloud-based unified communications for small/medium sized businesses provider Broadview Networks. $WIN PR link.
Moody’s(PBR636) gets European Unionclearance to acquire Amsterdam, NL, based global business intelligence/company info provider Bureau van Dijk for $3.27 billion, deal to close in 08/17. $MCO PR link.
Iron Mountain(PBR663) to acquire private MAG DATACENTERS, which operates 9 megawatts capacity Denver based data center FORTRUST, for $128 million. $IRM PR link.
Aaron’s(PBR725) acquires assets of SEI/Aaron’s, largest franchisee with 104 Aaron’s stores in 11 states, primarily in the Northeast, for $140 million cash. $AAN PR link.
Meredith Corp(PBR994) Allrecipes.com unit, the world’s largest digital food brand with more than 85 million users globally and 1.5 billion visits annually, celebrates its 20th anniversary. $MDP PR link.
Raytheon(PBR118) promotes Ralph Acaba to VP/Program Management Excellence, succeeds retiring Edward Miyashiro. $RTN PR link.
Ventas(PBR671)‘ EVP/Medical Property Operations and Lillibridge Healthcare Servicesunit president/CEO Todd Lillibridge to transition to senior advisory role to Ventas chairman/CEO in early 2018, successor search starts. $VTR PR link.
Portland General Electric(PBR909)president/CEO Jim Piro to retire 12/31/17, SVP/Power Supply, Operations, and Resource Strategy Maria Pope to become president 10/01/17, then CEO & board member 01/01/18. $POR PR link.
Crown Holdings(PBR298) elects Andrea Funk, CEO of Cambridge-Lee Industries, to the Board. $CCK PR link.
Welltower(PBR635) elects Gary Whitelaw, CEO of Bentall Kennedy, to the Board. $HCN PR link.
The US Dept of Commerce US 2Q17 1st Estimate Gross Domestic Product Annual Rate is +2.6%, 1Q17 was +1.2%; 2Q17 Annual GDP at $19.227 billion, +0.9% from 1Q17, +3.7% from 2Q16. USDOC PR link.
The US Dept of Labor says US 2Q17 Employment Cost Index, All Civilian Workers(2005=100) was at 129.7, +0.7% from 1Q17, +2.4% from 2Q16. USDOL PR link.
The US Food and Drug Administrationannounces new multi-year plan for tobacco and nicotine regulation to better protect kids, significantly reduce tobacco-related disease and death. FDA PR link.
The U of Michigan US July Final Consumer Sentiment Index at 93.4, June was 95.1, May97.1, July 2016 90.0. UMich PR link.
***Thursday, July 27:
Verizon(PBR15) in 2Q17 report shows 614,000 net increase to 109.1 million retail postpaid connections. $VZ PR link.
Amazon(PBR29) to open 855,000 sf fulfillment center in Romulus, MI, 2nd in state, to create 1,500 + new fulltime jobs. $AMZN PR link.
Wells Fargo(PBR30) to remediate $80 million to 570,000 auto loan customers who may have been financially harmed due to issues related to auto Collateral Protection Insurance (CPI)policies. $WFC PR link.
Merck(PBR70) will pay AstraZeneca up to $8.5 billion in total consideration, including $1.6 billion upfront, $750 million for certain license options and up to an additional $6.15 billion contingent upon successful achievement of future regulatory and sales milestones for global strategic oncology collaboration to co-develop and co-commercialize AstraZeneca’s LYNPARZA (olaparib) for multiple cancer types. $MRK PR link.
Delta(PBR72) makes 10% equity investment in longtime partner Air France-KLM for around $435 million. $DAL PR link.
Baxter Intl(PBR176) completes $625 million acquisition of $112 million/2016 Claris Injectables generics product portfolio and pipeline as well as three manufacturing plants. $BAX PR link.
Starbucks(PBR178) 3Q17 report shows opened 575 net new stores globally, bringing total store count to 26,736 across 75 countries, Starbucks Rewards membership up 8% year-over-year, to 13.3 million active members, will close all 379 Teavana stores over the coming year. $SBUX PR link.
Starbucks(PBR178) to acquire remaining 50% of shares of East China joint venture and operate all Starbucks stores in mainland China, remains committed to operating 5,000 stores in mainland China by 2021, to divest its 50% interest in its Taiwan joint venture. $SBUX PR link.
MasterCard(PBR291) selected by Kroger(PBR20 $KR) to be the network for its 1-2-3 REWARDS co-brand credit card program, to be issued by US Bancorp(PBR129 $USB). $MA PR link.
Gannett(PBR414)’s USA TODAY NETWORKand Sequential Brands(NASDAQ: SQBG)announce multi-year strategic partnership to license the Martha Stewart Brand in connection with the Food & Wine Experience Event Seriesstarting 09/16/17 in Detroit. $GCI PR link.
Expedia(PBR433) makes a $350 million primary minority investment in Southeast Asian online travel company Traveloka. $EXPE PR link.
AMD(PBR445) completes Ryzen Mainstream Desktop lineup with the release of quad-core Ryzen 3 processors. $AMD PR link.
Alliance Data(PBR462) increases 2017 share repurchase program from $500 million to $1 billion, extends expiration date to 07/31/18. $ADS PR link.
Williams-Sonoma(PBR508) opens a Pottery Barn, Pottery Barn for Kids, and a Williams Sonoma brands stores in Seoul, S Korea under franchise agreement with Hyundai Livart Furniture, to expand to 30 stores in S Korea over next 10 years. $WSM PR link.
TimeInc(PBR631) sells NYC based live events and creative services experiential company INVNT back to founders, terms not disclosed. $TIME PR link.
Twitter(PBR735) 2Q17 total Monthly Active Users was 328 million, same as 1Q17, +5% from 2Q16. $TWTR PR link.
United Technologies(PBR45) Otis Elevatorunit president Philippe Delpech to leave, interim Office of the President formed as search starts. $UTX PR link.
The US Dept of Labor US 07/15/17 Initial Unemployment Insurance Claims 4 Week Average at 1,963,750, +1.3% from June, -8.0% from July 2017. USDOL PR link.
The US Dept of Commerce/Census US 2Q17 Total Housing Units at 136.5 million, 118.9 million occupied(87.1%), 75.7 by owner(63.7%), 43.2 million(36.3%) by renters. USDOC PR link.
The Federal Reserve Bank of Chicago US June National Activity Index is at +0.13, Maywas -0.30, April +0.36,June 2016 +0.03. ChiFed PR link.
The US Energy Information Administrationsays US Crude Oil Stocks(Millions of Barrels) on 07/21/17 were at 483.4, 06/23/17 was 509.2, 05/24/17 516.3, 07/22/16 490.5. EIA PR link.
FreddieMac(PBR41) says US Average 30 Year Fixed Mortgage Rate for 07/27/17 is 3.92%, 06/29/17 was 3.88%, 05/25/17 3.95%, 07/28/163.48%. $FMCC PR link.
FreddieMac(PBR41) US July Outlookreleased, headline: “What is Causing the Lean Inventory of Houses?” $FMCC PR link.
***Wednesday, July 26:
Amazon(PBR29) has 50,000+ jobs available in its fulfillment centers, holding national Jobs Dayfair at 10 fulfillment centers on 08/02/17, 8-noon local time. $AMZN PR link.
Amazon(PBR29) introduces Amazon Now in Singapore, free 2 hour delivery on grocery items, local favorites and name-brand goods. $AMZN PR link.
Anthem(PBR38) 2Q17 report shows around 40.4 million members as of 06/30/17, gained 0.5 million in 1H17, expects to gain 300-500 thousand for all of 2017. $ANTM PR link.
Coca-Cola(PBR63) to re-formulate its Coca-Cola Zero, re-launch as Coca-Cola Zero Sugar, have a new design that looks more like Coca-Cola. $KO PR link.
Facebook(PBR228), in 2Q17 report, says it averaged 1.32 billion daily active users in June, +17% from June 2016, has 2.01 billion monthly active users, has 20,658 employees, +43% from June 2016. $FB PR link.
KKR(PBR332) to become joint partner with LS Group in S Korea based 1,150 employees global electrical auto parts maker LS Automotive and will additionally acquire LS Group affiliate LS Mtron‘s copper foil and flexible copper clad laminate business , for a total investment of $923.6 million. $KKR PR link.
Markel(PBR470) to acquire State National Cos(NASDAQ: SNC) for $21.00/share, $919 million cash. $MKL PR link.
Markel(PBR470) to acquire a majority interest in 4,000 acres 5,000 employees Miami, FL, based Costa Farms, terms not disclosed. $MKL PR link.
La Quinta(PBR998) files SEC Form 10 to spin-off real estate business as CorePoint Lodgingas an independent public company. $LQ PR link.
Brookdale Senior Living(PBR587) elects Marc Broomley as independent member of Board per agreement with investor Land & Buildings Management, takes seat of departed Mark Parrell . $BKD PR link.
NASDAQ(PBR618) elects PayPal(PBR254 $PYPL) EVP/CFO John Rainey to the Board. $NDAQ PR link.
The US Federal Reserve Open Market Committee issues statement for the 07/25-26/17meeting, decision 9-0 to maintain federal short term interest rates at 1.00-1.25%, supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation. FOMC PR link.
The US Dept of Commerce/HUD US Preliminary June New Family Homes Sold Annual Rate is at 610,000 units, +0.8% from May, +9.1% from June 2016, Median Price was $310,800, -4.2% from May, -3.4% from June 2016. HUD PR link.
***Tuesday, July 25:
ExxonMobil(PBR2) discovers additional oil in Payara reservoir offshore Guyana, now estimated at 500 million barrels, increases Stabroek Block to 2.25-2.75 billion barrels. $XOM PR link.
Amazon(PBR29) Business unit has over 1 million customers since launch in 04/15, has 85,000 business sellers. $AMZN PR link.
Philip Morris Intl(PBR35) to invest $570 million to transform by 2020 its cigarette production factory in Otopeni, near Bucharest, Romania,into a high-tech facility to manufacture HEETS, the tobacco units used with the electronic tobacco heating device IQOS. $PM PR link.
Walgreens Boots Alliance(PBR36) to enter into 10 year global deal for Fareva to take ownership of BCM, Walgreens Boots Alliance’s contract manufacturing business, which operates factories in the UK, France and Germany, for the manufacture and supply of own beauty brands and private label products, including products for sale in the USA. $WBA PR link.
Tesoro(PBR71) to supply transportation fuels and launch the ARCO brand in the states of Sonora and Baja California, Mexico. $TSO PR link.
Sprint(PBR86) to open 43 new retail stores and create 300+ jobs in N California by end of 2017. $S PR link.
McDonald’s(PBR101) McDelivery expands to 4,200 restaurants in 13 countries, including 3,500 in the US, with UberEATS, now available from 7,800 restaurants in 47 countries on 6 continents. $MCD PR link.
Caesars Entertainment(PBR314) and Caesars Acquisition(NASDAQ: CACQ) stockholders approve merger, Caesars Entertainment approve restructuring plan of Caesars Entertainment Operating Co(CEOC) to emerge from bankruptcy, both transactions to close in first week of 10/17. $CZR PR link.
Celgene(PBR347) to pay $280 million in civil litigation settlement agreement for promoting Thalomid® (thalidomide) for off-label uses before its 2006 FDA approval for newly diagnosed multiple myeloma. $CELG PR link.
Gannett(PBR414) enters strategic partnership with RealMatch to expand recruitment advertising services. $GCI PR link.
Tesla(PBR651 $TSLA) Model S back at the top at Consumer Reports. MarketWatch PR link.
SunPower(PBR680) to supply 29.9-megawatts of E-Series solar panels for several rooftop and ground-mount solar projects that Tenergie is developing in France. $SPWR PR link.
Rollins(PBR921) to acquire 120,000 customers, $50+ million/2016. 500+ employees Marietta, GA, based Northwest Exterminating Co, terms not disclosed. $ROL PR link.
Stanley Black & Decker(PBR249) hires Janet Link as SVP/General Counsel, succeeds retiring Bruce Beatt. $SWK PR link.
QuintilesIMS(PBR455) elects retired Johnson & Johnson senior executive Colleen Goggins to the Board. $Q PR link.
Williams-Sonoma(PBR508) hires Ryan Ross who rejoins as EVP/Rejuvenation brand, succeeds Alex Bellos who is now President/West Elm brand. $WSM PR link.
AvalonBay Communities(PBR955) elects former The Washington Post President/General Manager Steve Hills to the Board. $AVB PR link.
The Federal Reserve Bank of Richmond Fifth District July Annualized Manufacturing Indexis at +14%, June was +11%, May +3%, July 2016 8%. RichmondFed PR link.
The Federal Reserve Bank of Richmond Fifth District July Annualized Services Revenue Index is at +12%, June was +19%, May +24%, July 2016 -1%. RichmondFed PR link.
The Conference Board US Preliminary July Consumer Confidence Index(1985=100) is at 121.1, June was 117.3, July 2016 96.7. TCB PR link.
The S&P CoreLogic Case-Shiller US May National Home Price NSA Index(01/2000=100)is at 190.61, April was 188.77, March 186.68, May 2016 180.54. C-S PR link.
***Monday, July 24:
Sprint(PBR86) to open 64 stores in New York City metro area/New Jersey, add 300+ jobs. $S PR link.
Eli Lilly(PBR142) to make initial payment of $150 million and up to up to $250 million in additional development and regulatory milestones to Nektar Therapeutics (NASDAQ: NKTR) in strategic collaboration to co-develop NKTR-358 for autoimmune therapies. $LLY PR link.
Bristol-Myers Squibb(PBR185) gets US FDA expanded indication for Yervoy® (ipilimumab)injection for intravenous use in treatment of unresectable or metastatic melanoma in pediatric patients 12 years of age and older. $BMY PR link.
JCPenney(PBR234) to accept Apple(PBR5 $AAPL) Pay at all locations. $JCP PR link.
Huntsman Corp(PBR244) global developer and manufacturer of titanium dioxide (“TiO2”) pigments and performance additives subsidiary Venator Materials PLC launches IPO, to be listed in 08/17 as NYSE: VNTR. $HUN PR link.
Priceline(PBR319) completes $550 million acquisition of leading European travel meta engine provider Momondo Group, will report to KAYAK unit. $PCLN PR link.
KKR(PBR332)’s Internet Brands unit to acquire health information services provider WebMD(NASDAQ: WBMD) for $66.50/share, a 20% premium over 07/21/17 stock closing price, $2.8 billion cash. $KKR PR link.
KKR(PBR332) to acquire majority control of Ronkonkoma, NY, based global manufacturer, marketer and distributor of health and wellness products The Nature’s Bounty from The Carlyle Group(PBR581 $CG), terms not disclosed. $KKR PR link.
Sonoco Products(PBR480) completes $170 million acquisition of $140 million/2017 400 employees developer/manufacturer of flexible and forming plastic packaging films Elk Grove, IL, based Clear Lam Packaging. $SON PR link.
QEP Resources(PBR626) to sell two natural gas assets in southwest Wyoming for combined $777.5 million. $QEP PR link.
TeleFlex(PBR923) gets US FDA market clearance for its short term use Arrow® Seldinger Arterial Catheterization Device, to be available in the US this year. $TFX PR link.
JCPenney(PBR234) hires Jeffrey Davis as EVP/CFO. $JCP PR link.
Biogen(PBR282) hires Alisha A. Alaimo to SVP/US Therapeutic Operations. $BIIB PR link.
Applied Materials(PBR299) hires Dan Durn as SVP/CFO, effective 08/07/17, to succeed Bob Halliday who will move to a new role focused on business development and to retire by 12/31/18. $AMAT PR link.
Sanmina(PBR401) hires Gerry Fay as EVP/Chief Business Officer. $SANM PR link.
Triumph Group(PBR578) promotes Pete Wick to EVP/Precision Components. $TGI PR link.
Regis Corp(PBR912) hires Shawn Moren as SVP/Chief Human Relations Officer, effective 08/07/17, succeeds departed Carmen Thiede. $RGS PR link.
Edison Intl(PBR216) elects N America/UK transportation company FirstGroup PLC CEO Timothy T. O’Toole to Board, effective 08/01/17. $EIX PR link.
VF Corp(PBR232) Executive Chairman Eric Wiseman to retire on 10/28/17, President/CEO Steven Rendle to be successor Chairman. $VFC PR link.
CF Industries(PBR502) elects Arch Coal(PBR691 $ARCH) CEO John Eaves and T&T Farms owner Michael Toelle to the Board. $CF PR link.
The Natl Assn of Realtors says US June Existing Home Sales Annual Rate at 5,520,000, -1.8% from May, Median Sales Priceat $263.800, +4.4% from May, +6.5% from June 2016. NAR PR link.
Boeing(PBR27) releases 2017 Pilot and Technician Outlook, projects airline industry demand for more than 1.2 million pilots and technicians worldwide over the next 20 years. $BA PR link.
***Friday, July 21:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 07/21/17:
DJIA ends week at 21,580.07, -0.27 % from last Friday, +1.08% MTD/QTD, +9.20% YTD, -0.28% from record 21,640.75 set 07/19/17.
NASDAQ ends week at 6,387.75, +1.19% from last Friday, +4.03% MTD/QTD, +18.66% YTD, -0.04% from record 6,390.00 set 07/20/17.
SPX ends week at 2,472.54,+0.54% from last Friday, +2.03% MTD/QTD, +10.44% YTD, -0.05% from record 2,473.83 set 07/19/17.
Walmart(PBR1) to buy 55.3 million shares of Plug Power(NASDAQ: PLUG) at $2.1231/share, provides Walmart with hydrogen fuel cells at 22 distribution centers, to do 30 more over 3 years. $WMT PR link.
Whole Foods(PBR203) sends shareholder letter announcing special meeting on 08/23/17 at Austin, TX, headquarters to vote on acquisition by Amazon(PBR29 $AMZN), board unanimously recommends voting for the proposal. $WFM PR link.
Quanta Services(PBR338) completes $450 million cash/stock(plus up to $100 million performance payments over 3 years) acquisition of $500 million/2016 2,800 employees La Porte, TX, based Stronghold, a provider of high pressure and critical path solutions to the downstream and midstream energy markets. $PWR PR link.
Endo Intl(PBR700) restructuring, to close manufacturing/distribution facilities in Alabamain next 12-18 months, will reduce workforce by 875 positions. $ENDP PR link.
Autodesk(PBR773) elects Applied Systems CEO Reid French to the Board. $ADSK PR link.
***Thursday, July 20:
ExxonMobil(PBR2) launches legal challenge to a US Treasury finding on retroactive changes to guidance on Russian sanctions. $XOM PR link.
JPMorgan Chase(PBR21 $JPM) and PayPal(PBR254) strike payments partnership to enhance payments online, in app and in store. $PYPL PR link.
Citigroup(PBR28 $C) and PayPal(PBR254)expand strategic partnership, allows Citi cardmembers to use their ThankYou Pointsutilizing PayPal for purchases when shopping online, to start in 2018. $PYPL PR link.
Sprint(PBR86) opens 5 new stores in Indianapolis, IN, to open 12 new retail stores with 80+ jobs in Washington state, 9 new stores in Portland, OR, with 50 jobs. $S PR link.
Sears(PBR93) launches Kenmore products on Amazon(PBR29), including Alexa-enabled smart appliances. $SHLD PR link.
SuperValu(PBR164) to do 1:7 reverse stock split, effective after 08/01/17 close. $SVU PR link.
MGM Resorts(PBR273) to be added to the S&P500 Index on 07/26/17. $MGM PR link.
Corning(PBR281) introduces Corning Valor Glass for pharmaceutical packaging in collaboration effort with Merck(PBR70 $MRK)and Pfizer(PBR56 $PFE). Corning initial investment of $500 million to create 1,000 new US jobs, first part of $4 billion investment and 4,000 new high-tech jobs. $GLW PR link.
Mattel(PBR412) and WWE launching product line of fashion dolls featuring WWE female wrestling Superstars. $MAT PR link.
Abercrombie & Fitch(PBR595) to launch on 07/26/17 Abercrombie & Fitch and abercrombie kids fashion brands on China‘s largest consumer platform for brands and retailers Alibaba(NYSE:BABA)’s Tmall. $ANF PR link.
A.O. Smith(PBR815) to join the S&P500 Index, effective 07/26/17. $AOS PR link.
Revlon(PBR900) appoints Grey as its global creative agency of record and MediaCom as its global media agency of record. $REV PR link.
CDW(PBR239) promotes Christine Leahy to newly created role of Chief Revenue Officer and Christina Corley to SVP/Commercial & International Markets. $CDW PR link.
Groupon(PBR652) promotes Aaron Cooper to President/North America. $GRPN PR link.
PPG(PBR190) elects Marathon Petroleum(PBR23) Chairman/CEO Gary Heminger to the Board. $PPG PR link.
Constellation Brands(PBR377) elects SunTrust Banks(PBR307 $STI) EVP/Chief Marketing Officer Susan Somersille Johnson to the Board. $STZ PR link.
Intuit(PBR529) elects Facebook(PBR228 $FB)VP/Platform and Marketplace Deb Liu to the Board. $INTU PR link.
Sanderson Farms(PBR719) elects owner and managing principal of ThirtyNorth InvestmentsSuzanne T. Mestayer to the Board. $SAFM PR link.
The Federal Reserve Bank of Philadelphiasays US July District 3 Manufacturing General Activity Index is at 19.5, June was 27.6, May38.8, July 2016 -0.9. PhillyFed PR link.
The Conference Board says the US June Leading Economic Index(2010=100) is at 127.8, May was 127.0, April 126.7, June 2016123.8. TCB PR link.
***Wednesday, July 19:
Archer-Daniels-Midland(PBR34) acquires Israel based 45,000 MT storage facility strategically located at the Port of Ashdodcompany Industries Center, now known as ADM Israel. $ADM PR link.
Sprint(PBR86) to open 36 stores in Central/Northern Florida, add 300+ jobs. $S PR link.
T-Mobile(PBR95) had 1.3 million total net additions in 2Q17, has 17 straight quarters of adding more than 1 million, has 69.6 million customers. $TMUS PR link.
Whole Foods(PBR203) SEC filing by activist investor Jana says it has sold all its shares. $WFM PR link.
Reynolds American(PBR317) shareholders approve $59.64/share, $49 billion cash/stock acquisition by British American Petroleum(BSE: BAT), transaction to close around 07/25/17. $RAI PR link.
Becton Dickinson(PBR318) gets US FDA 510(k) clearance for the BD FACSLyric™ flow cytometer system for immunological diagnostics. $BDX PR link.
McCormick(PBR552) to acquire to acquire Reckitt Benckiser’s Food Division, including Frank’s RedHot Hot Sauce, French’s Mustard, French’s Crispy Vegetables and Cattlemen’s BBQ Sauce and other brands, for $4.2 billion. $MKC PR link.
PolyOne(PBR586) completes $115 million sale of its Designed Structures and Solutions (DSS) business(includes sheet, rollstock and packaging assets) to Arsenal Capital Partners. $POL PR link.
Crown Castle(PBR603) to sell $3.25 billion in common stock & $1.5 billion of preferred stock to help fund Lightower acquisition announced 07/18/17. $CCI PR link.
AVX(PBR969) to acquire the $300 million/2016 1,600 employees Transportation, Sensing & Control division of UK based TT Electronics PLC (LSE:TTG.L) for $155 million cash. $AVX PR link.
Avista Corp(PBR990) to be acquired by Ontario, Canada, based electrical utility Hydro One for $53/share(24% premium from 07/18/17), $5.3 billion cash. $AVA PR link.
Citigroup(PBR28) former PIMCO CEO Bill Thompson, Jr, retires from the Board. $C PR link.
Carnival Corp(PBR184) appoints Jason Glen Cahilly to the Board, former chief strategic and financial officer of the National Basketball Association. $CCL PR link.
Allergan(PBR219) appoints Joseph H. Boccuzi to Board, recently retired partner of a global executive search and leadership consulting firm. $AGN PR link.
Texas Instruments(PBR220) appoints its EVP/COO Brian Crutcher to the Board. $TXN PR link.
W.W. Grainger(PBR275) SVP/CFO Ron Jadin to retire by 12/31/17, new CFO search starts. $GWW PR link.
The Mosaic Co(PBR300) hires Kimberly Bors as SVP/Human Resources. $MOS PR link.
Newmont Mining(PBR358) appoints General Manager – Global Product Development, Onshore Wind at GE Renewable Energyexecutive Sheri Hickok and mining services, chemical and industrial sectors executive Dr. Molly P. Zhang to the Board. $NEM PR link.
Ashland(PBR407) elects Teledyne(PBR805)SVP/CFO Susan Main and Walgreens Boots Alliance(PBR36) EVP/Global Chief Human Resources Officer Kathleen Wilson-Thompson to the Board. $ASH PR link.
Sonoco Products(PBR480) appoints Philippe Guillemot to Board, was COO of Alcatel-Lucent SA, Boulogne-Billancourt, France before being acquired. $SON PR link.
Equinix(PBR793) promotes Charles Meyers to newly created role of President of Strategy, Services and Innovation, effective 08/01/17. $EQIX PR link.
The US Dept of Commerce/HUD estimates US June Private Housing Building Permits Issued Annual Rate at 1,254,000, +7.4% from May, +5.1% fromJune 2016. HUD PR link.
Housing/Rentals Industry: The Pew Research Center analysis of US Census data indicates more US households are renting than at any point in 50 years. Pew PR link.
The PBR1000 Summary Through June, 2017:
Companies Tracked: 1,005 public companies with primary operations in the US and annual revenues greater than $1.0 billion.
Total Worldwide Annual Revenues: $13.038 trillion
Profits: $946 billion
Average Profit Margin: 7.3%
Assets: $41.961 trillion
Equity: $8.033 trillion
Average Equity/Assets: 19.1%
Employees: 34.7 million
Market Capitalization: $23.657 trillion
The PBR1000 Stock Index: 80,142.45
***Tuesday, July 18:
Walmart(PBR1) opens new e-commerce 2 buildings totaling 2.2 million sf fulfillment center in Davenport, FL, creating 1,500+ Jobs. $WMT PR link.
Amazon(PBR29 $AMZN) launches Spark, a shoppable feed of stories and photos aimed at Prime members. TechCrunch PR link.
Microsoft(PBR31) and Chinese based internet provider Baidu join forces in the intelligent cloud to advance autonomous driving. $MSFT PR link.
Tesoro(PBR71) to begin terminaling and transportation services in Mexico per agreement with PEMEX. $TSO PR link.
Gilead Sciences(PBR107) gets US FDA approval for Vosevi™(Sofosbuvir/Velpatasvir/Voxilaprevir) for re-treatment of adults with chronic Hepatitis C virus. $GILD PR link.
VISA(PBR224) and PayPal(PBR254) extend partnership to Europe for online, in-app, and instore payments, enables PayPal in Europe to issue VISA accounts. $V PR link.
PayPal(PBR254) completes adjusted $2.64/share, $238 million acquisition of Canadabased cloud-based multi-channel bill payment processing($7 billion in 2016) and receivables management company TIO Networks(TSXV: TNC). $PYPL PR link.
MGM Resorts(PBR273 $MGM) acquires unscripted series TV hits producer Evolution Media, terms not disclosed. Deadline PR link.
Harley-Davidson(PBR400) in 2Q17 report says US sales were 82,984 units, 2Q16 was 90,112, international sales 136,437 & 144,724 units. $HOG PR link.
Crown Castle(PBR603) to acquire 32,000 miles of fiber in NE US major metro areas LTS Group Holdings, aka Lightower, for $7.1 billion cash. $CCI PR link.
AMC Entertainment(PBR728) responds to some media comments, says funding for recent acquisitions fully funded by AMC, not from private Chinese conglomerate parent Dalian Wanda. $AMC PR link.
Vornado(PBR738) completes spin-off of JBG SMITH Properties in NY and its combination with certain assets of The JBG Companies in Washington, DC, into a separate independent public company, JBG Smith(NYSE: JBGS). $VNO PR link.
Panera Bread(PBR768) $315/share, $7.5 billion cash acquisition by JAB Holding is completed, delisted from NASDAQ. $PNRA PR link.
Brocade Communications(PBR845)$12.75/share, $5.9 billion cash acquisition by Singapore based Broadcom Ltd(NASDAQ: AVGO) delayed for re-filings following discussions with the Committee on Foreign Investment in the US. $BRCD PR link.
GoDaddy(PBR905) completes $456 million sale of PlusServer to BC Partners, was an asset of the Host Europe Group acquired in 04/17. $GDDY PR link.
Apple(PBR5) promotes Isabel Ge Mahe to VP/Managing Director of Greater China, to be based out of Shanghai. $AAPL PR link.
Omnicom(PBR192) appoints former TEGNA(PBR619) President/CEO Gracia Martore as an independent director. $OMC PR link.
FirstEnergy(PBR195) promotes Ebony Yeboah-Amankwah to VP/Corporate Secretary, and Chief Ethics Officer, effective 07/30/17. $FEHB PR link.
Agilent Technologies(PBR364) appoints Juno Therapeutics CEO Hans Bishop to Board. $A PR link.
Barnes & Noble(PBR408) hires James Lampassi as VP/Real Estate Development, effective 07/31/17. $BKS PR link.
RPM Intl(PBR541) appoints Caterpillar(PBR54)VP/Global Information/CIO Julie Lagacy to the Board, succeeds Dr. Jerry Sue Thornton who has retired, Dover(PBR343) President/CEO Robert Livingston nominated to join Board at 10/05/17 annual stockholders meeting. $RPM PR link.
AmTrust Financial(PBR564) hires J. Daniel Hickey as new EVP/Business Strategy & Business Development. $AFSI PR link.
CIT Group(PBR608) appoints Khanh T. Tran, a Pacific Life Insurance executive for over 25 years, to the Board, effective 07/27/17. $CIT PR link.
KB Home(PBR802) appoints construction/development Vanir GroupChair/CEO Dorene Dominguez to board. $KBH PR link.
Six Flags(PBR962) Executive Chairman Jim Reid-Anderson appointed Chairman/President/CEO, roles he previously held from 08/10 through 02/16, replaces John Duffey who has retired, effective immediately. $SIX PR link.
The US Dept of Labor US June Preliminary All Imports Price Index at -0.2%, Exports -0.2%, May was -0.1% & -0.5%, April +0.2% & +0.2%; All Imports Year-to-Year at +1.5%, Exports+0.6%. USDOL PR link.
The Natl Assn of Home Builders/Wells Fargo US July Preliminary Housing Market Index is at 64, June was 66, May 69, July 2016 58. NAHB PR link.
***Monday, July 17:
Kroger(PBR20) making changes to sponsored defined benefits plan, to contribute up to $1 billion to plan which is underfunded. $KR PR link.
Proctor & Gamble(PBR33) $3.3 billion investor Trian Fund Management nominates Nelson Peltz for election to board. TFM PR link.
Proctor & Gamble(PBR33) responds to Trian Fund Management request, focused on shareholder value. $PG PR link.
FedEx(PBR65) TNT Express operations hack on 06/28/17 by Petya virus still being worked on, possible impact on financial reporting. $FDX PR link.
Ross Stores(PBR253) opens 21 Ross Dress for Less and 7 dd’s DISCOUNTS stores across 15 states in June/July, part of 90 stores planned for 2017. $ROST PR link.
WestRock(PBR278) completes asset acquisitions of Island Container Corp and Combined Container Industries, adds 80,000+ tons of containerboard into its corrugated packaging business, terms not disclosed. $WR PR link.
Celanese(PBR369) authorizes new $1.5 billion share buyback program, to complete current 2015 $1.0 billion program in 2017. $CE PR link.
General Cable(PBR418) reviewing strategic alternatives, including possible sale of company. $BGC PR link.
Netflix(PBR447) in 2Q17 subscribers increased from 99 million to 104 million, forecasts 3Q17 net adds at 3.65 million. $NFLX PR link.
Perrigo(PBR565) gets US FDA approval for its first-to-file AB rated generic version of AbbVie(PBR136 $ABBV)‘s testosterone therapy Androgel® Topical Gel, 1.62% packets, $88 million/year market. $PRGO PR link.
Flowers Foods(PBR591) announces voluntary employee separation incentive plan for certain salaried personnel as part of its effort to restructure, streamline operations. $FLO PR link.
Church & Dwight(PBR639) to acquire water-jet technology in both oral water flossers and replacement showerheads $265 million 12 month sales through 06/30/17 Ft Collins, CO, based Waterpik for $1 billion cash, to close 3Q17. $CHD PR link.
SemGroup(PBR866) completes $2.1 billion acquisition of 330 acres 16.8 million barrel terminal Houston Fuel Oil Terminal Co. $SEMG PR link.
Regis Corp(PBR912) to reorganize field structure into 4 brand/concept units: SmartStyle, Supercuts, Signature Style, and Premium | Mall Brands. $RGS PR link.
Scientific Games(PBR937) gets new 6 year contract as the primary instant games provider for the Colorado Lottery, includes two options to extend the contract two additional years. $SGMS PR link.
Caterpillar(PBR54) hires Cheryl H. Johnson as Chief Human Relations Officer, effective 07/24/17. $CAT PR link.
Sysco(PBR61) President/COO Tom Bené to be President/CEO, effective 01/01/18, succeeds Bill DeLaney who will be an advisor through 12/31/18. $SYY PR link.
Baxter Intl(PBR176) appoints Target(PBR40)EVP/CFO Cathy Smith to Board, to serve on Audit Committee. $BAX PR link.
Bank of NY Mellon(PBR183) hires Charles Scharf as CEO, effective immediately, to become Chairman 01/01/18, when Gerald Hassell retires. $BK PR link.
Textron(PBR207) promotes Julie Duffy to EVP/Human Resources, succeeds departed Cheryl Johnson. $TXT PR link.
Mattel(PBR412) CFO Kevin Farr to depart upon appointment of successor. $MAT PR link.
Meritor(PBR639) hires Cheri Lantz as VP/Chief Strategy Officer. $MTOR PR link.
Tesla(PBR651) adds 2 independent directors to board, Linda Johnson Rice, Chairman/CEO of Johnson Publishing Co, and James Murdoch, CEO of 21st Century Fox(PBR91). $TSLA PR link.
The Federal Reserve Bank of New York says the Empire State Manufacturing General Business Conditions Survey Index is at 9.8, June was 19.8, May -1.0, July 2016 -0.5. NYFed PR link.
Fannie Mae(PBR17) Economic & Strategic Research (ESR) Group’s July 2017 Economic and Housing Outlook says it expects 2017 economic growth to remain at 2.0% amid a projected 2nd half slowdown. $FNMA PR link.
Made in America: The White House releases a statement on a product made in the US by State. White House PR link.
Vacation Fun: Enjoy a baseball game! Check out this article: The Affordability of Attending An MLB Game, City By City. ValuePenguin PR link.
***Friday, July 14:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 07/14/17:
DJIA ends week at record 21,637.74, +1.04 % from last Friday, +1.35% MTD/QTD, +9.49% YTD, +0.00% from record 21,637.74 set 07/14/17.
NASDAQ ends week at 6,312.47, +2.59% from last Friday, 2.80% MTD/QTD, +17.26% YTD, -0.15% from record 6,321.76 set 06/08/17.
SPX ends week at record 2,459.27,+1.41% from last Friday, +1.48% MTD/QTD, +9.85% YTD, +0.00% from record 2,459.27 set 07/14/17.
US Foods(PBR118) to acquire combined $130 million annual sales 250 employees serving independent restaurant, school, grocery and convenience store customers in seven states across the Midwest broadline distributors The Thompson Company, Braunger Food and Variety Foods, all owned/operated by TOBA, terms not disclosed. $USFD PR link.
RH(PBR915)(fka Restoration Hardware) completes $700 million share repurchase program, completed $300 million program in 1Q17, has repurchased 49.6% of shares outstanding since beginning of 2017. $RH PR link.
The US Dept of Labor says US June Consumer Price Index was at +0.0% growth, May was -0.1%, April +0.2%, Last 12 Monthswas +1.6%. USDOL PR link.
The US Dept of Labor estimates US June Current Average Weekly Worker Earningswere at $905.63, +0.4% from May, +2.8% from June 2016. USDOL PR link.
The US Federal Reserve Board estimates US June Industrial Capacity was at 76.6%, Maywas 76.4%, April 76.4%, June 2016 75.4%. FED PR link.
The US Dept of Commerce estimates US May Total Manufacturers/Retail/Wholesaler Saleswere $1.350 trillion, -0.2% from April, +5.1% from May 2016. USDOC PR link.
The US Dept of Commerce in advance report estimates US June Total Retail/Food & Drinking Places Sales were $473.5 billion, -0.2% from May, +2.9% from June 2016. USDOC PR link.
The U of Michigan Preliminary US July Consumer Sentiment Index is at 93.1, Junewas 95.1, May 97.1, July 2016 90.0%. UMich PR link.
***Thursday, July 13:
Johnson & Johnson(PBR37)’s Janssen unit gets US FDA approval for TREMFYA™ (guselkumab) for the treatment of adults living with moderate to severe plaque psoriasis. $JNJ PR link.
CBS(PBR210 $CBS), BBC form global news partnership to share video, articles and other newsgathering resources. MarketWatch PR link.
JCPenney(PBR234) to add toy stores at all JCPenney locations and expand toys assortment on JCPenney.com. $JCP PR link.
KKR(PBR332) head of Global Macro & Asset Allocation Henry H. McVey releases mid-year update, outlines 5 areas of focus. $KKR PR link.
Mylan(PBR346) and India based Biocon(NSE: BIOCON) get US FDA Oncologic Drugs Advisory Committee 16-0 vote to recommend approval of biosimilar trastuzumab(Herceptin®} breast cancer therapy. $MYL PR link.
Magellan Health(PBR592) to acquire Senior Whole Health, serves complex, high-risk populations, providing both Medicare and Medicaid dual-eligible benefits to 22,000+ members in Massachusetts/NY, anticipates $1 billion revenues in 2017, to close 1Q18. $MGLN PR link.
Vista Outdoor(PBR784) announces historic partnership with 2 million members Boy Scouts of America, becomes official conservation partner. $VSTO PR link.
AIG(PBR46) appoints Seraina Macia as corporate EVP & CEO/Planned Technology, a new planned subsidiary. $AIG PR link.
Tiffany(PBR551) hires Alessandro Bogliolo as CEO, effective 10/02/17. $TIF PR link.
The US Dept of Treasury says US June Government Receipts were $338.7 billion, Outlays $428.9 billion, Deficit $90.2 billion, Deficit FYTD(9 months) is $523.1 billion. Treasury PR link.
The US Dept of Labor says US June Producer Price Index(PPI) Total Monthly Final Demandwas +0.1%, May was +0.0%, April +0.5%, Last 12 Months +2.0%, May +2.4%, April +2.5%. USDOL PR link.
***Wednesday, July 12:
Valero Energy(PBR13) and Plains All American Pipeline(PBR66) plan to challenge attempt to block proposed acquisition by Valero of Plains’ assets Martinez and Richmond Terminals in California. $VLO PR link.
Amazon(PBR29) Prime Day 07/11/17 was record sales day, grew by more than 60% over 2016, Echo Dot most popular purchased item. $AMZN PR link.
Alphabet(PBR44)’s Google unit spared $1.3 billion tax bill with victory in French court. Bloomberg PR link.
Eli Lilly(PBR142) reaches settlement in US Cialis patent litigation, US exclusive rights to end on 09/27/18 at earliest, no change in 2017 financial guidance. $LLY PR link.
Southern Co(PBR155) to launch 2 year battery storage research demonstration project in Pensacola, FL, using 250 kilowatt/1 megawatt-hour Tesla(PBR651) Powerpack lithium-ion industrial energy storage system. $SO PR link.
NRG Energy(PBR186) announces transformation plan, to reduce expenses by $1+ billion, sell $2.5-$4.0 billion in assets, remove $13 billion total debt from balance sheet. $NRG PR link.
PayPal(PBR254 $PYPL) gets partnership with Apple(PBR5 $AAPL) to allow consumers to pay for items in Apple’s App Store, Apple Music, iTunes and iBooks, available in 12 countries.MarketWatch PR link.
ABM Industries(PBR478) to acquire Cleveland, OH, based $1.1 billion/year 37,000 employees nationwide facility services in the education/commercial industries provider GCA Services Group for $1.25 billion cash/stock, to close by 09/30/17. $ABM PR link.
CommScope(PBR482) to acquire Santa Ana, CA, based Cable Exchange, a privately held quick-turn supplier of fiber optic and copper assemblies for data, voice and video communications with 2nd manufacuring location in Pineville, NC, terms not disclosed, to close within 60 days. $COMM PR link.
Equinix(PBR793) to expand by end of 2017 SY4 IBX data center in Sydney, Australia, by 1,500 cabinets for a total of 3,000, $42 million capital investment. $EQIX PR link.
Kroger(PBR20) hires Liz Ferneding as President/Ruler division, effective 07/31/17, succeeds retired Paul Bowen. $KR PR link.
Dow Chemical(PBR48) promotes Karen Carter to newly created position of Chief Inclusion Officer. $DOW PR link.
Scientific Games(PBR937) hires Shawn Williams as Chief Human Relations Officer, succeeds retiring Gary Melampy. $SGMS PR link.
The US Federal Reserve releases the Beige Book, pace of growth ranged from slight to moderate across all 12 districts, employmentmodest to moderate in most districts with labor markets tightening. FED PR link.
***Tuesday, July 11:
CVS Health(PBR11) 1,100 locations retail medical clinics MinuteClinic service gets deal to do workplace health tests through Alere(PBR752) eScreen Occupational Health Network. $CVS PR link.
Dow Chemical(PBR48) to divest a portion of its corn hybrid seed business in Brazil to CITIC Agri Fund for $1.1 billion to satisfy Brazil regulatory clearance for merger with DuPont(PBR82 $DD). $DOW PR link.
Intel(PBR51) unveils high performance Intel Xeon Scalable Processors for data center and network processors. $INTC PR link.
Alcoa(PBR115) to reopen 3 of 5 potlines at its Warrick Operations near Evansville, IN, to add 275 employees to site. $AA PR link.
Amgen(PBR135) gets US FDA approval for BLINCYTO® (blinatumomab) to treat relapsed or refractory B-cell Precursor Acute Lymphoblastic Leukemia in adults and children. $AMGN PR link.
Core-Mark(PBR271) completes adjusted $174 million cash acquisition of Carroll, IA, based 1,000 employee $1.4+ billion/yr 42,000 US/Canada customer locations fresh/broad-line supply solutions to the convenience store industry provider Farner-Bocken. $CORE PR link.
Symantec(PBR385) to acquire US/Israel-basedmobile threat defense provider Skycure, terms not disclosed. $SYMC PR link.
CONSOL Energy(PBR598) files SEC Form 10to split up into 2 separate publicly traded companies, a coal company and a natural gas exploration/production company by end of 2017. $CNX PR link.
Cabela’s(PBR606) shareholders approve $61.50/share, $5 billion acquisition by Bass Pro Shops, expects to close in 3Q17. $CAB PR link.
Rent A Center(PBR657) rejects unsolicited $15.00/share for all common stock offer by Vintage Capital. $RCII PR link.
Panera Bread(PBR768) shareholders approve $315/share, $7.5 billion cash acquisition by JAB Holding, to close by 07/31/17. $PNRA PR link.
Dynegy(PBR777) completes $480 million cash sale of its Armstrong and Troy Energy PJM dual-fueled peaking units to LS Power, proceeds to apply to debt reduction. $DYN PR link.
Dynegy(PBR777) to sell Lee , Dighton, and Milford Energy power generation plants for $300 million cash, funds to be used for debt reduction. $DYN PR link.
AAR Corp(PBR883) approves new up to $250 million share repurchase program. $AIR PR link.
Avery Dennison(PBR396) VP/Interim CFO Gregory Lovins appointed SVP/CFO. $AVY PR link.
Windstream(PBR426) hires Layne Levine as President/Enterprise business unit. $WIN PR link.
Zimmer Biomet(PBR512) President/CEO David Dvorak steps down, to temporarily serve in an advisory capacity, SVP/CFO Daniel Florin adds Interim CEO role until new CEO named. $ZBH PR link.
Twitter(PBR735) hires Ned Segal as CFO, effective late 08/17, succeeds Anthony Noto who retains COO role. $TWTR PR link.
The US Dept of Labor estimates US May Number of Job Openings was at 5,666,000, -5.0% from April, +1.5% from May 2016. USDOL PR link.
The US Dept of Commerce/Census estimates US May Wholesale Sales at $460.7 billion, -0.5% from April, +6.2% from May 2016. USDOC PR link.
CoreLogic says US April Percentage of Housing Mortgages 30 or more Days Delinquent at 4.8%, March was 4.4%, April 2016 5.3%, Total Percent of Houses in Foreclosure at 0.7%. CoreLogic PR link.
***Monday, July 10:
Amazon(PBR29) to open new fulfillment center in Orlando, FL, in 2018, to create 1,500 new full-time jobs. $AMZN PR link.
Facebook(PBR228 $FB) virtual reality Oculus Rift headset, Touch controllers, and some games for $598 bundle price lowered to $399 for a limited time. MarketWatch PR link.
Coach(PBR496) completes $18.50/share, $2.4 billion tender offer to acquire Kate Spade(PBR970 $KATE) which will become a wholly owned subsidiary. $COH PR link.
Frontier Communications(PBR501) completes 1:15 reverse stock split. $FTR PR link.
Abercrombie & Fitch(PBR595) terminates discussions regarding a potential transaction, determines best path forward is rigorous execution of its business plan. $ANF PR link.
Great Plains Energy(PBR757) $12.2 billion acquisition of Westar Energy(PBR747 $WR)amended to be merger of equals, transaction equity value is $14 billion, expects to close 1H18. $GXP PR link.
Equinix(PBR793) to expand SG2 International Business Exchange™ (IBX) data center in Singapore by 1,400 cabinets to a total of 6,300, and add 47,666 sf for $41.8 million capital investment. $EQIX PR link.
HealthSouth(PBR800) changing name to Encompass Health Corporation, NYSE trading symbol to change from HLS to EHC, effective 01/02/18. $HLS PR link.
Apollo Global Mgmt(PBR906) to acquire private clubs management provider ClubCorp(NYSE: MYCC) for $17.12/share(31% premium on 07/07/17 closing price), $1.1 billion cash, expects to close 4Q17. $APO PR link.
Scientific Games(PBR937) acquires UK basedmobile and desktop casino games and sports apps for real-money gaming partners provider Red7Mobile, terms not disclosed. $SGMS PR link.
Cincinnati Bell(PBR988) to combine with Hawaiian Telecom(NASDAQ: HCOM) in $650 million stock/cash deal, & to acquire N America/UK technology services/solutions provider OnX Enterprise Solutions for $201 million cash. $CBB PR link.
JCPenney(PBR234) CFO Edward Record resigns, to serve in an advisory role until 08/07/17, SVP/Chief Accounting Officer & Controller Andrew Drexler appointed Interim CFO. $JCP PR link.
Barnes & Noble(PBR408) hires Carl Hauch as VP/Stores. $BKS PR link.
Cerner(PBR628) Chairman/CEO Neal Patterson unexpectedly dies from complications of cancer, Vice Chairman/Co-Founder Cliff Illig named Chairman/Interim CEO. $CERN PR link.
Citrix(PBR658) promotes CFO/COO David Henshall to President/CEO after mutual separation decision with President/CEO Kirill Tatarinov; SVP/Finance Mark Coyle appointed Interim CFO. $CTXS PR link.
Vista Outdoor(PBR784) Chairman/CEO Mark DeYoung retires, independent lead director Michael Callahan named Interim Chairman/CEO. $VSTO PR link.
AAR Corp(PBR883) hires Mike Milligan to be CFO, effective 08/01/17, succeeds retiring Timothy J. Romenesko. $AIR PR link.
The US Federal Reserve estimates US May Consumer Debt at $3.843 trillion, +0.5% from April, +1.8% YTD, +5.9% from May 2016. FRB PR link.
Organisation for Economic Co-operation and Development says US May Composite Leading Indicator at 99.6, April & March were at 99.7, shows tentative signs of easing growth. OECD PR link.
***Friday, July 7:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 07/07/17:
DJIA ends week at 21,414.34, +0.30 % from last Friday/MTD/QTD, +8.36% YTD, -0.53% from record 21,528.99 set 06/19/17.
NASDAQ ends week at 6,153.08, +0.21% from last Friday/MTD/QTD, +14.30% YTD, -2.67% from record 6,321.76 set 06/08/17.
SPX ends week at 2,425.18,+0.07% from last Friday/MTD/QTD, +8.32 YTD, -1.15 from record 2,453.46 set 06/19/17.
Berkshire Hathaway(PBR4 $BRKA) agrees to acquire bankrupt Energy Future Holdings Corp, including its Oncor unit with its 121,000 miles of electrical lines in Texas, for $9 billion in cash. MarketWatch PR link.
MetLife(PBR39) to acquire Fortress Investment Group‘s $33 billion in assets from 100+ institutional clients Logan Circle Partners, a traditional fixed income asset management business, for approximately $250 million cash. $MET PR link.
Sears(PBR93) to close 8 Sears & 35 Kmartstores by early 10/17, liquidation sales to start beginning as early as 07/13/17. $SHLD PR link.
Eli Lilly(PBR142) says UK Supreme Courtrules that Actavis‘s products directly infringe Lilly’s Alimta® vitamin regimen patents in the UK, France, Italy and Spain. $LLY PR link.
Whole Foods(PBR203) submits Schedule 14A Proxy Statement regarding acquisition by Amazon(PBR29 $AMZN), includes history of how deal was made. $WFM PR link.
Tesla(PBR651) restates 2Q17 results, delivers 22,000+ Model S/Model X vehicles plus about 3,500 vehicles were in transit & will count in 3Q17. $TSLA PR link.
FTI Consulting(PBR941) terminating about 4% of its 4,700 global workforce in cost restructuring. $FCN PR link.
The US Dept of Labor says US June Employment at 153,168,000, +245,000 from May, +2,078,000 from June 2016, Unemployment Rate at 4.4%, May was 4.3%, June 2016 4.9%. USDOL PR link.
Fannie Mae(PBR17) says US June Home Purchase Sentiment Index at record 88.3, May was 86.2, April 86.7, June 2016 83.2. $FNMA PR link.
***Thursday, July 6:
Liberty Interactive(PBR263) to acquire the 62% of shares it doesn’t own of interactive multichannel retailer HSN(PBR609 $HSNI) for $40.36/share, $2.6 billion in all stock deal. $QVCA PR link.
AECOM(PBR322) to acquire $300 million/year Western US heavy civil construction provider Shimmick Construction for $175 million. $ACM PR link.
Campbell Soup(PBR326) to acquire $218 million revenues/last 12 months organic broth/soup and shelf-stable plant-based beverages and other meals/sides producer Pacific Foods of Oregon for $700 million cash. $CPB PR link.
KKR(PBR332) completes $5.5 billion sale of global dosage forms provider Capsugel to Lonza. $KKR PR link.
Williams Cos(PBR348) Partners unit(NYSE: WPZ) completes $2.1 billion sale its 88.46% interest in the Geismar, Louisiana, olefins facility to NOVA Chemicals; gets long-term feedstock supply/transportation agreements with NOVA Chemicals. $WMB PR link.
Blackstone(PBR352) to acquire world’s largest owner and operator of premier showroom space for the furnishings, home decor and gift industries International Market Centers, with 12.2 million sf of exhibition space, from Bain Capital & affiliates, terms not disclosed. $BX PR link.
Symantec(PBR385) to acquire Israeli-based isolation technology cybersecurity service Fireglass, terms not disclosed. $SYMC PR link.
PolyOne(PBR586) has acquired private solid/liquid colorant technologies provider Mesa, terms not disclosed. $POL PR link.
Endo Intl(PBR700) decides to voluntarily withdraw opioid OPANA® ER from the market per US FDA request, sales were $158.9 million in 2016. $ENDP PR link.
Caesars Entertainment(PBR314) hires Marco Roca as President/Global Development. $CZR PR link.
Sanmina(PBR401) EVP/CFO Bob Eulau to become CEO, effective 10/02/17, CEO Jure Sola to become Executive Chairman. $SANM PR link.
The US Dept of Commerce estimates US May International Trade Exports were $192.0 billion, Imports $238.5 billion, Deficit $46.5 billion, Deficit YTD(5 months) is $233.1 billion. USDOC PR link.
ADP(PBR235) estimates US June Employment Change was +158,000 new employees, net 0 from Goods Producing sector, +158,000 from Services sector. $ADP PR link.
The ISM US June Non-Manufacturing Index is at 57.4%, May was 56.9%, April 57.5%, June 2016 56.5%. ISM PR link.
The IHS Market US June Composite PMI Output Index is at 53.9, May was 53.6, April 53.2, June 2016 51.2. Markit PR link.
***Wednesday, July 5:
Amazon(PBR29) to create 1,500 new full-time Jobs at 855,000+ sf Salt Lake City,
UT, fulfillment center. $AMZN PR link.
Merck(PB70) says US FDA has placed clinical hold on 3 combination studies of KEYTRUDA® (pembrolizumab) for blood cancer multiple myeloma. $MRK PR link.
Halliburton(PBR90) acquires Tulsa, OK, based 500+ employees almost 30 US locations electric submersible pump (ESP) technology and services provider Summit ESP, terms not disclosed. $HAL PR link.
Group 1 Automotive(PBR276) acquires UK-based $330 million/year Beadles Group, has 12 auto dealerships with 7 brands, in southeastern greater London. $GPI PR link.
NVIDIA(PBR510) and China based cloud provider Baidu form broad partnership for development of artificial intelligence capabilities for self-driving vehicles and home assistants. $NVDA PR link.
Perrigo(PBR565) launches generic version of Eli Lilly(PBR142 $LLY)‘s testosterone therapy Axiron® Topical Solution, $248 million market. $PRGO PR link.
Envision Healthcare(PBR581) acquires Atlanta, GA, 68 clinical providers(includes 40 physicians) Northside Emergency Associates, provides services to 3 Northside system hospitals, 170,000 annual emergency department patient encounters. $EVHC PR link.
Envision Healthcare(PBR581) acquires multi-specialty multi-specialty physician group with 340 physician/midlevel providers Infinity Healthcare, provides emergency/hospitalist medicine, anesthesia and radiology services in Wisconsin and Illinois. $EVHC PR link.
Vantiv(PBR754 $VNTV) outbids JPMorgan Chase(PBR21 $JPM), to acquire UK based global card payments processor WorldPay for $10 billion. Forbes PR link.
Equinix(PBR793) opens new International Business Exchange data center in Amsterdamat its Science Park campus, $113 million facility is called AM4. $EQIX PR link.
Edwards Lifesciences(PBR819) gets US FDA approval for INSPIRIS RESILIA aortic valve, the first in a new class of resilient heart valves. $EW PR link.
AIG(PBR46) hires Peter Zaffino as EVP/Global COO, effective 08/01/17. $AIG PR link.
The US Dept of Commerce/Census estimates US May Manufacturers New Orders were at $464.8 billion, -0.8% from April, +2.3% from May 2016. USDOC PR link.
The Federal Open Market Committee(FOMC)releases the minutes from its 06/13-14/17 meeting, says labor markets continue to strengthen, industrial production up, expects higher 2Q17 GDP, economic activity rising moderately. FOMC PR link.
The Conference Board says US June Total Online Job Vacancies Advertised at 4,763,376, -1.0% from May, -6,4% from June 2016. TCB PR link.
The PurdueU/CME Group US June Agriculture Composite Barometer Index at 131, May was 130, April 130, June 2016 104. PurdueU PR link.
***Tuesday, July 4:
***US Independence Day***
***US Stock Exchanges Closed.***
***Be thankful for those who had the courage to sign The Declaration of Independence.***
Prologis(PBR940) to acquire partner’s share of Brazil based industrial real estate provider with 8.8 million sf Prologis CCP, for $362 million, will change name to Prologis Brazil. $PLD PR link.
***Monday, July 3:
GE(PBR9) Oil & Gas completes $7.4 billion acquisition of Baker Hughes(PBR108), to list as NYSE: BHGE on 07/05/17. $GE PR link.
Microsoft(PBR31 $MSFT) reorganizes global sales group, to focus on cloud services, to target two areas, large enterprise customers & small/medium businesses; layoffs loom.MarketWatch PR link.
INTL FCStone(PBR88) completes merger of wholly owned subsidiary Sterne, Agee & Leachinto INTL FCStone Financial wholly owned subsidiary to consolidate regulatory entities, operating efficiencies. $INTL PR link.
AK Steel(PBR386) to acquire Canada based 8 plants in Canada/US 1,000+ employees automotive engineering, tooling, die design and hot/cold stamped steel parts manufacturer Precision Partners for $360 million cash. $AKS PR link.
Post Holdings(PBR486) completes $1.75 billion acquisition of UK based global packaged ready-to-eat cereals producer Weetabix. $POST PR link.
Tesla(PBR651) delivers 22,000+ Model S/Model X vehicles in 2Q17, +53% over 2Q16, total 1H17 deliveries were around 47,100, deliveries affected by severe production shortfall of 100 kWh battery packs; Model 3 production to start in July. $TSLA PR link.
The US Dept of Commerce/Census estimates US May Total Construction Spending Annual Rate at $1.230 trillion, -0.0% from April, +4.5% from May 2016. USDOC PR link.
The ISM US June Manufacturing PMI Index is at 57.8%, May was 54.9%, April 54.8%, June 2016 53.2%. ISM PR link.
The IHS Markit June US Manufacturing PMI is at 52.0, May was 52.7, April 52.8, June 2016 50.4. Markit PR link.
Automotive News says US June New Vehicle Unit Sales were at 1,469,494, -3.3% from May, -3.0 from June 2016, YTD was 8,422,550, -2.2% from June 2016, Annual Rate at 16,600,000. Automotive News PR link.
(The PBR1000 is the premiere business intelligence service covering over 1,000 of the largest publicly held companies with principle or administration headquarters in the US. These companies generate nearly $13 trillion in annual worldwide revenues, more than all other companies in the US combined. These are the key drivers in the US and world economies. On a monthly, quarterly, and annual basis several analytical reports in customizable Microsoft Excel format are provided to The PBR1000 subscribers. Users worldwide include C-level executives, entrepreneurs, sales/marketing/advertising professionals, investors/investment advisors, business professors/students, human resources/career counselors/job seekers, federal/state/local government agencies, social causes organizations, to name just a few. To order your monthly or significantly discounted annual subscription, just go to the PBRMarketTools.com Subscribe page.)
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