August 2017: Political and Weather Events
Sometimes you wonder if it’s the severe weather or stormy politics that make the palms sway so much.
By Larry C. Paxton
While the US and world economies continued to show steady modest/moderate growth we were reminded that Mother Nature has a voice in all this as well. Near the end of August Hurricane Harvey became the first of what could be a busy US major weather events season as it struck Southeast Texas with great devastation.
On the more peaceful, comforting, and awesomeness side was the US coast-to-coast complete solar eclipse, which provided a welcome distraction from what seems to be the constant turmoil, confusion, and frustrations that swirls around us daily and seem to have no end.
This is further aggravated by today’s reporting methods, compounded by social media, both fed by a combination of sensationalized real and fake news that is sometimes hard to differentiate, generated by people and groups with oftentimes extremist views, funded by a flood of advertising, seems to be polarizing the US as never before.
Maybe sports will be our salvation as we close in on professional baseball’s playoffs battles culminating in the always anticipated World Series. Football starts at all levels to become a major focus of our spare time and daily conversations. Let the hamburgers, hotdogs, chips, dips, and beer parties begin!
Here’s a quick August 2017 summary on key activities that relate to The PBR1000:
The PBR1000 Mergers & Acquisitions: 22 deals worth at least $1 billion initiated, closed, or updated. Total transaction value was $120 billion.
The PBR1000 Spinoffs: 1
The PBR1000 Share Repurchase Programs: 9 announcements, total $5.96 billion.
The PBR1000 Bankruptcies: 1 initiated or updated
The PBR1000 CEO Changes: 11 announced.
Jobs/Wages: 4.3% 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 August.
The PBR1000 Additions: None
The PBR1000 Removals: 2, Whole Foods(PBR203) acquired by Amazon(PBR29); Ruby Tuesday(PBR990), dropped below $1 billion in revenues in last fiscal year.
National: Month ends with devastating Hurricane Harvey slamming into SE Texas. Russia’s possible meddling in the past US presidential campaign continues to be investigated; rare coast to coast complete solar eclipse observed; N Korea continues to test intercontinental ballistic missiles that could reach the US; contoversial Charlottesville, VA, white supremacists rally; battle over Civil War monuments; NAFTA negotiations start; 2 governmental business advisory groups disbanded; additional troops being sent to Afghanistan; new tax plan guidelines proposed; leadership turnover in the White House staff; illegal immigration issues continues to play a role; healthcare plans remain a concern.
International: Brexit negotiations continue; Barcelona terror attack; continuations of Middle East conflicts, refugee crisis; oil/gold prices fluctuate; global central banks slow quantitative easing programs, and; US President Trump actions and tweets continue to be the headliners.
The PBR1000 August Breaking News Items
Here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for August 2017, starting with the last active business day.
***Thursday, August 31:
The PBRMarketTools US Stock Exchanges Recap for the Month Ending 08/31/17:
DJIA ends August at 21,948.10, +0.62% from last Friday, +0.26% MTD, +2.80% QTD, +11.06% YTD, -0.77% from record 22,118.42 set 08/07/17.
NASDAQ ends August at record 6,428.66, +2.60% from last Friday, +1.27% MTD, +4.69% QTD, +19.42% YTD, +0.00% from record 6,428.66 set 08/31/17.
SPX ends August at 2,471.65, +1.17% from last Friday, +0.05% MTD, +1.99% QTD, +10.40% YTD, -0.37% from record 2,480.91 set 08/07/17.
Wells Fargo(PBR30) reports completion of expanded 3rd party review of retail banking accounts, identifies a new total of approximately 3.5 million potentially unauthorized consumer and small business accounts, up from original 2.1 million, provides update on remediation efforts. $WFC PR link.
Macy’s(PBR97) expands same-day delivery service to 33 markets, includes macys.com and bloomingdales.com. $M PR link.
Dollar General(PBR151) net sales grew +8.1% in 2Q17, on track to open 1,285 new stores in 2017. $DG PR link.
C.H. Robinson(PBR215) acquires Montreal, Quebec, CAN based $124 million/FY2017 freight forwarding, customs brokerage, and surface transportation logistics provider Milgram & Company for $50 million cash. $CHRW PR link.
Hertz(PBR259) completes sale of its Brazil car rental and leasing operations to Localiza, S America’s largest rental car company, enters into long-term strategic partner referral and brand cooperation agreements. $HTZ PR link.
LAM Research(PBR520) completes acquisition of Coventor, a global provider of simulation and modeling solutions for semiconductor process technology, micro-electromechanical systems (MEMS), and the Internet of Things (IoT). $LRCX PR link.
Hologic(PBR767) announces US commercial availability of its Brevera® real time breast biopsy system with CorLumina® imaging technology. $HOLX PR link.
Middleby(PBR865) has acquired Ft Smith, AR, based $100 million annual revenues global commercial kitchen design, manufacturing, engineering, project management and equipment solutions provider QualServ, terms not disclosed. $MIDD PR link.
Tenet Healthcare(PBR161) Chairman/CEO Trevor Fetter to step down on or before 03/15/18, independent lead director Ronald Rittenmeyer becomes Executive Chairman effective immediately, CEO search firm retained. $THC PR link.
Woodward(PBR888) promotes Dan Bowman to Corporate VP/Strategy & Business Development. $WWD PR link.
The US Dept of Commerce/BEA US Preliminary July Total Personal Income Annual Rate is at $16.450 trillion, +0.4% from June, +2.4% from July 2016. USDOC PR link.
The US Dept of Labor US 4 Week Moving Average Initial Unemployment Insurance Claims for 08/26/17 is 236,750, -3.0% from 07/27/17, -10.3% from 08/20/16. USDOL PR link.
The US Dept of Treasury says US National Debt on 08/29/17 is $19.845 trillion, -0.7% from 12/30/16, +1.72% from 08/31/16. Treasury PR link.
The Federal Reserve Bank of Chicago says US Preliminary July 7th District Midwest Economic Index is at +0.29, June was +0.43, December 2016 +0.07, July 2016 -0.07. ChiFed PR link.
The MNI August Chicago Business Barometer(>50=Gaining) is at 58.9, same as July, June was 65.7, August 2016 51.5. MNI/ISM PR link.
FreddieMac(PBR41) reports US Average 30 Year Fixed Mortgage Rate on 08/31/17 is 3.82% with 0.5 points/fees, was 3.92% on 07/27/17, 4.32% on 12/29/16, 3.43% on 08/25/16. $FMCC PR link.
The American Automobile Assn says US National Average Price for a Gallon of Regular Gas on 08/31/17 is at $2.449, +5.7% from 07/31/17, +10.2% from 08/31/16. AAA PR link.
***Wednesday, August 30:
Ball Corp(PBR312) to cease production at its Birmingham, AL, Chatsworth, CA, and Longview, TX, beverage packaging plants in 2018, begin construction on new state-of-the-art beverage packaging facility in Goodyear, AZ, to begin production 2Q18. $BLL PR link.
Smart & Final(PBR517) launches delivery e-Commerce site Shop.smartandfinal.com powered By Instacart in extended partnership. $SFS PR link.
Blackhawk Network(PBR998) acquires gift card commerce solutions provider CashStar for $175 million. $HAWK PR link.
Lockheed(PBR64) promotes Stephanie Hill to SVP/Corporate Strategy & Business Development, effective 09/11/17. $LMT PR link.
Expedia(PBR433) President/CEO Dara Khosrowshahi has stepped down to become CEO at Uber, remains on the board; CFO & EVP/Operations Mark Okerstrom named successor. $EXPE PR link.
HCP(PBR834) promotes Tom Klaritch to COO, hires Doug Pasquale as Senior Advisor to the executive team, Senior Managing Director – Life Science Jon Bergschneider has resigned. $HCP PR link.
Allison Transmission(PBR865) President/CFO David Graziosi to become CEO on 06/01/18, to succeed retiring Lawrence Dewey. $ALSN PR link.
Tailored Brands(PBR643) appoints retail executive Sue Gove to the Board. $TLRD PR link.
The US Dept of Commerce US 2Q17 2nd Estimate Gross Domestic Product Annual Rate is revised to +3.0%, 1Q17 was +1.2%, Total 2Q17 Annual GDP is $19.247 trillion, +1.0% from 1Q17, +3.8% from 2Q16. USDOC PR link.
The US Energy Information Administrationsays US Crude Oil Stocks on 08/25/17 were at 457.8 millions of barrels, -5.3% from 07/21/17, -7.6% from 08/26/16. EIA PR link.
ADP(PBR235) US August Change In National Employment was +237,000, +17.9% from July, +68.1% from August 2016. Goods Producing Sector was +33,000, Services Sector+204,000. $ADP PR link.
Taxes: President Trump targets 15% corporate tax rate during visit in Missouri, simplified lower tax structure for citizens.
***Tuesday, August 29:
Bank of America(PBR24) announces Berkshire Hathaway(PBR4 $BRKA) exercised its warrants to purchase 700 million shares of Bank of America common stock, is now largest stockholder. $BAC PR link.
Andeavor(PBR71) opens first ARCO station in Mexico, in Tijuana, Baja California, expects to add 200-400 stations in Baja California and Sonora over next few years. $ANDV PR link.
Freeport-McMoRan(PBR128) announces framework for Agreement with Indonesian government regarding long-term operating rights For PT Freeport Indonesia. $FCX PR link.
Icahn Enterprises(PBR147) completes $600 million sale of the former Fontainebleau Las Vegas property, paid $148 million in 02/10. $IEP PR link.
AutoNation(PBR148) adds up to $250 million to share repurchase program, balance is $270 million. $AN PR link.
Thermo-Fisher Scientific(PBR175) completes $7.2 billion acquisition of 9,000 employee $1.9 billion revenues/2016 global drug developer/delivery solutions provider Patheon NV(NYSE: PTHN). $TMO PR link.
Michaels Cos(PBR503) to hire 15,000 for seasonal jobs for 2017 holiday season. $MIK PR link.
Domino’s(PBR889) and Ford(PBR10 $F) begin consumer research of pizza delivery using self-driving vehicles. $DPZ PR link.
The Conference Board US Preliminary August Confidence Index(1985=100) is at 122.9, Revised July was 120.0. TCB PR link.
S&P CoreLogic Case-Shiller US June National Home Price Index(01/2000=100) is at 192.60, May was 190.79, April 188.78, June 2016 182.10. Case-Shiller PR link.
Genworth Financial(PBR287) 2Q17 First-Time Homebuyer Market Report: First-Time Homebuyer Demand Continues to Outpace Housing and Mortgage Market, Driving Home Pricing Appreciation. $GNW PR link.
***Monday, August 28:
ExxonMobil(PBR2) completes acquisition of Jurong Aromatics Corporation plant in Singapore, one of the largest in the world with 1.4 million tons annual production capacity. $XOM PR link.
Amazon(PBR29) to open 2nd fulfillment center in Salem, OR, 1 million sf facility, will create 1,000+ fulltime jobs. $AMZN PR link.
Humana(PBR58) completes $1.5 billion accelerated share repurchase program announced 02/14/17. $HUM PR link.
Gilead Sciences(PBR107) to acquire engineered cell therapies developer Kite Pharma(NASDAQ: KITE) for $180/share, $11.9 billion cash, to close 4Q17. $GILD PR link.
Abbott Labs(PBR134) gets US FDA approvalfor Full MagLev™ HeartMate 3™ Left Ventricular Assist System, provides a new option for physicians managing advanced heart failure patients. $ABT PR link.
Western Digital(PBR194) to acquire cloud services storage company UpThere, terms not disclosed. $WDC PR link.
CBS(PBR210) to acquire Network Ten, one of three major commercial broadcast networks in Australia, also paves way for digital subscription video on-demand service CBS All Access in Australia. $CBS PR link.
Henry Schein(PBR270) to acquire independent family owned Columbia, SC, based $115 million/2016 animal health products supplier Merritt Veterinary Supplies in 3Q17, terms not disclosed. $HSIC PR link.
Core-Mark(PBR271) authorizes new up to $40 million share repurchase program. $CORE PR link.
Cognizant(PBR272) completes acquisition of national provider of business process services to the Medicare Advantage, Medicare Part D and Managed Medicaid markets in the United States, supporting 32 health plans and more than 4.4 million members in all 50 states TMG Health. $CTSH PR link.
Herbalife(PBR487) announces waiver and amendment of stock price condition for its up to $600 million of its common stock. $HLF PR link.
W.R. Grace(PBR625) to acquire Evonik Dental Silica and Huber Defoamer product lines, terms not disclosed. $GRA PR link.
CR Bard(PBR637) gets US FDA premarket approval for LUTONIX® 035 Drug Coated Balloon PTA Catheter (DCB) for end stage renal disease (ESRD) patients with stenotic lesions in dialysis arteriovenous (AV) fistulae. $BCR PR link.
Vulcan Materials(PBR685) to acquire Vancouver, British Columbia, based Polaris Materials Corporation (TSX:PLS), an aggregates and logistics company primarily serving California markets, terms not disclosed. $VMC PR link.
Fitbit(PBR870) announces its first smartwatch, Fitbit Ionic, builds on health & fitness platform, pre-sales orders online, in stores starting 10/17, $299.95. Also announces Fitbit Flyer(Wireless headphones), Fitbit Aria 2(WiFi smart scale), and a new premium guidance and coaching offering. $FIT PR link.
Finish Line(PBR927) adopts a Shareholder Rights Plan, expires 08/28/20. $FINL PR link.
Williams Cos(PBR348) hires John Williams as SVP/CFO, effective 09/05/17, succeeds retiring Don Chappel. $WMB PR link.
Blackstone(PBR352) hires Katsuyuki Kuki as Chairman and Representative Director of Japan. $BX PR link.
Hurricane Harvey slams SE Texas with winds and rain, flooding and damage, forcing evacuations for tens of thousands, expects to continue for several days.
***Friday, August 25:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 08/25/17:
DJIA ends week at 21,813.67, +0.64% from last Friday, -0.35% MTD, +2.17% QTD, +10.38% YTD, -1.38% from record 22,118.42 set 08/07/17.
NASDAQ ends week at 6,265.64, +0.79% from last Friday, -1.30% MTD, +2.04% QTD, +16.39% YTD, -2.45% from record 6,422.75 set 07/26/17.
SPX ends week at 2,443.05, +0.72% from last Friday, –1.10% MTD, +0.81% QTD, +9.12% YTD, -1.53% from record 2,480.91 set 08/07/17.
Amazon(PBR29) to open a new 855,000 sf fulfillment center in North Randall, OH, to create 2,000+ full-time jobs. $AMZN PR link.
Caesars Entertainment(PBR314) & Caesars Entertainment Operating Co(CEOC) get Nevada Gaming Commission approval for merger of Caesars Acquisition Co into Caesars Entertainment and for the reorganization of CEOC, both actions scheduled for 1st week of 10/17. $CZR PR link.
Archer-Daniels-Midland(PBR34) promotes Rachel Hudson to corporate secretary, also continues as CFO for Corn division. $ADM PR link.
Bon-Ton Stores(PBR707) COO Bill Tracy is now president/CEO and member of the Board. $BONT PR link.
***Thursday, August 24:
Amazon(PBR29) $42/share, $13.7 billion acquisition of Whole Foods(PBR203) to be completed Monday, 08/28/17, Whole Foods to lower prices on some best-selling grocery staples, begin to integrate Amazon Prime into its point-of-sale system. $AMZN PR link.
Comcast(PBR42) signs 40 month agreement for Sunrun(NASDAQ: RUN) to be exclusive residential solar energy provider for Comcast Cable. $CMCSA PR link.
Sears(PBR93) in 2Q17 report says it will close 28 KMart stores by year end, to annuitize an additional $512 million of its pension liability through agreement with Metropolitan Life. $SHLD PR link.
Hormel Foods(PBR293) acquires Brazil based branded, value-added 70 meats in 15 categories company Cidade do Sol, featuring the Cerratibrand. Hormel’s first entry into S America. $HRL PR link.
LabCorp(PBR413) $1.2 billion cash acquisition of global 4,500 employees specialty contract research organization drug developer Chiltrenclears FTC antitrust review, transaction to close around 09/01/17. $LH PR link.
WABCO(PBR704) to acquire private, Hanover, PA, based $130 million/2016 commercial vehicle technologies supplier RH Sheppard for $145 million. $WBC PR link.
Beacon Roofing(PBR818) to acquire East Rutherford, NJ, based 208 locations in 31 states exterior and interior building products distributor Allied Building Products Corp from Ireland based CRH plc(NYSE: CRH) for $2.625 billion cash. $BECN PR link.
Verisk Analytics(PBR943) to acquire Burlingame, CA, based risk insight, prediction, and management solutions for banks and creditors provider LCI for $151 million cash. $VRSK PR link.
Anthem(PBR38) hires Jacquelyn H. Wolf as EVP/Chief Human Resources Officer, effective 08/28/17. $ANTM PR link.
Fifth Third Bancorp(PBR387) hires Shellie Creson as Chief Auditor, effective 08/28/17, succeeds Bob Shaffer who became Chief Human Resources Officer in 02/17. $FITB PR link.
LabCorp(PBR413) hires Dr. Brian Caveney to newly created role of Enterprise-Wide Chief Medical Officer, effective 09/25/17. $LH PR link.
KBR(PBR395) appoints Lieutenant General Wendy M. Masiello, USAF (Ret.) to the Board. $KBR PR link.
Ciena Corp(PBR829) appoints Bill Fathers, currently Senior Operating Partner responsible for investments in Communications Infrastructure at Stonepeak Infrastructure Partners, to the Board. $CIEN PR link.
The Natl Assn of Realtors says US July Existing Home Sales Annual Rate is at 5,440,000, -1.3% from June, +2.1% from July 2016, Median Price is $258,300, -2.1% from June, +6.2% from July 2016. NAR PR link.
Investing Strategies: E*Trade(PBR930) Study Reveals That Amid High Valuations and Market Peaks, Many Investors Seek Individual Stocks over ETFs. $EFTC PR link.
***Wednesday, August 23:
Walmart(PBR1) to offer voice shopping for hundreds of thousands of items via Alphabet(PBR44 $GOOG)’s Google Assistantstarting late 09/17, to also integrate Easy Reorder service with Google Express, plans to expand voice shopping in 2018. $WMT PR link.
Amazon(PBR29 $AMZN) gets US Federal Trade Commission approval for $42/share, $13.7 billion acquisition of Whole Foods(PBR203 $WFM). FTC PR link.
Thermo Fisher Scientific(PBR175) gets final regulatory approvals for $7.2 billion acquisition of Patheon NV, expects to complete tender offer on 08/28/17. $TMO PR link.
Hershey(PBR354) to do share buyback from Hershey Trust, 1.5 million shares at $106/share, $159 million. $HSY PR link.
MEDNAX(PBR794) acquires Miami, FL, based 70+ physicians 1+ million studies/year practice Radiology Associates of S Florida, terms not disclosed. $MD PR link.
Target(PBR40) hires Minsok Pak as EVP/Chief Strategy & Innovation Officer, effective 09/11/17. $TGT PR link.
The US Dept of Commerce/HUD US Preliminary July New Family Homes Sold Annual Rate is at 571,000, -9.4% from June, -8.9% from July 2016. USDOC PR link.
***Tuesday, August 22:
Energy Transfer Equity(PBR52) files federal lawsuit against Greenpeace International, Greenpeace Inc., Greenpeace Fund, Inc., BankTrack And Earth First! for violation of federal and state racketeering statutes related to the construction of the Dakota Access Pipeline. $ETE PR link.
Sprint(PBR86) to open 44 new retail locations across Arizona, Colorado, Nevada, Utah and West Texas by the end of 2017, to add 300+ jobs. $S PR link.
Avnet(PBR100) acquires cloud-based global manufacturing processes developer and provider Dragoon Innovator, terms not disclosed. $AVT PR link.
Kohl’s(PBR149) to open 4 small format 35,000 sf stores across the US, open its 5th e-commerce fulfillment center, a 937,000 sf facility located in Plainfield, IN. $KSS PR link.
JCPenney(PBR234) launches Frank + Lulu, a whimsical new brand of bedding and decor for kids in 200 stores starting 09/01/17, with additional stores to follow. $JCP PR link.
United Rentals(PBR438) has acquired power equipment assets, primarily mobile rental generator sets, from Cummins(PBR146 $CMI), terms not disclosed. $URI PR link.
First Solar(PBR630) sells 280 megawatt California Flats Solar Project in Monterey County, CA, to global private asset manager Capital Dynamics, terms not disclosed. $FSLR PR link.
Intel(PBR51) Group President of Manufacturing, Operations and Sales Stacy Smith to retire at end of 01/18 after 30 years at Intel. $INTC PR link.
Asbury Automotive(PBR424) EVP/COO David Hult to succeed Craig Monaghan as president/CEO on 01/01/18. $ABG PR link.
Intuit(PBR529) CFO Neil Williams to step down in 01/18, Michelle Clatterbuck to be promoted to CFO, effective 02/01/18. $INTU PR link.
T Rowe Price(PBR570) hires Céline Dufétel as VP/CFO & Treasurer, starting in 12/17, to succeed retiring Kenneth Moreland. $TROW PR link.
H&R Block(PBR669) hires Jeff Jones as president/CEO, effective 10/09/17, succeeds interim president/CEO Tom Gerke, who will remain general counsel and chief adminstration officer. $HRB PR link.
Brinker Intl(PBR697) promotes Joe Taylor to SVP/CFO. $EAT PR link.
GoDaddy(PBR905) CEO Blake Irving to retire 12/31/17, president/COO Scott Wagner to be successor. $GDDY PR link.
XCEL Energy(PBR241) elects David Owens, recently retired EVP of the Edison Electric Institute association, to the Board. $XEL PR link.
L Brands(PBR247) elects Patricia Bellinger, Adjunct Lecturer/Research Fellow at Harvard Kennedy School, and Robert Schottenstein, Chairman/CEO of M/I Homes(NYSE: MHO), to the Board. $LB PR link.
The Federal Reserve Bank of Richmond 5th District August Service Sector Revenue Index(Annualized) is at 22%, July was 12%, June 19%, August 2016 3%. RichmondFed PR link.
The Federal Reserve Bank of Richmond 5th District August Manufacturing Index(Annualized) is at 14%, July was 14%, June 11%, August 2016 -4%. RichmondFed PR link.
***Monday, August 21:
***Solar Eclipse Day: The US experiences a rare coast to coast total solar eclipse. NASA website link.***
Cisco(PBR60) intends to acquire Sunnyvale, CA, based hyperconvergence software developer Springpath for $320 million cash, expects to close 1Q18. $CSCO PR link.
Dollar General(PBR151) has a grand opening on 08/19/17 to celebrate its 14,000th store, located in Dauphin, PA. $DG PR link.
Sempra Energy(PBR254) to acquire Energy Future Holdings, the indirect owner of 80% of Oncor Electric Delivery Co, operator of the largest electric transmission and distribution system in Texas, for $9.45 billion cash. $SRE PR link.
Packaging Corp(PBR425) to acquire Sacramento Container, Northern Sheets, and Central California Sheets for $265 million cash. $PKG PR link.
Fiserv(PBR474) acquires bank payments and liquidity management solutions provider Dovetail Group, terms not disclosed. $FISV PR link.
Herbalife(PBR487) to purchase up to $600 million of its common stock for $60-68/share after termination of negotiation to go private with a financial investor, Icahn Enterprises(PBR147 $IEP) and its affiliates agree not to acquire over 50% ownership unless they acquire 100%. $HLF PR link.
Perrigo(PBR565) gets US FDA approval and patent litigation settlement with AstraZeneca for the store brand over-the-counter equivalent of $300 million/year frequent heartburn therapy Nexium® 24HR (esomeprazole magnesium)capsules, to launch late 09/17. $PRGO PR link.
Nationstar Mortgage(PBR857) unveils new brand name, Mr. Cooper, for its mortgage servicing and originations operations, serves 3 million customers. $NSM PR link.
Johnson Controls(PBR68) accelerates CEO succession plan by 6 months, president/COO George Oliver to succeed Alex Molinaroli as Chairman/CEO on 09/01/17; Jürgen Tinggren appointed lead independent director and Jeffrey Joerres has stepped down from the Board. $JCI PR link.
Macy’s(PBR97) hires Hal Lawton as president, effective 09/08/17. $M PR link.
Willis Towers Watson(PBR621) hires Michael “Mike” J. Burwell as its new CFO, succeeds Roger Millay who is retiring on 10/02/17. $WLTW PR link.
Tailored Brands(PBR643) hires Andrew Iwaskow as EVP/Human Resources. $TLRD PR link.
Humana(PBR58) elects Frank Bisignano, Chairman/CEO of First Data, to the Board. $HUM PR link.
ADP(PBR235) Board rejects all 3 Pershing Square nominees for 2017 Annual Meeting, to nominate its 10 existing directors for re-election. $ADP PR link.
Polaris Industries(PBR531) appoints George Bilicic, vice chairman of investment banking at Lazard, to the Board. $PII PR link.
Invacare(PBR984) elects Barbara Bodem, SVP of finance for global specialty pharmaceutical company Mallinckrodt plc (NYSE: MNK), to the Board. $IVC PR link.
The Federal Reserve Bank of Chicago US Preliminary July National Activity Index is at -0.01, June was +0.16, May -0.30, July 2016+0.07. ChiFed PR link.
***Friday, August 18:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 08/18/17:
DJIA ends week at 21,674.51, -0.84% from last Friday, -0.99% MTD, +1.52% QTD, +9.67% YTD, -2.01% from record 22,118.42 set 08/07/17.
NASDAQ ends week at 6,216.53, -0.64% from last Friday, -2.07% MTD, +1.24% QTD, +15.48% YTD, -3.21% from record 6,422.75 set 07/26/17.
SPX ends week at 2,425.55,-0.65% from last Friday, –1.81% MTD, +0.09% QTD, +8.34% YTD, -2.23% from record 2,480.91 set 08/07/17.
Calpine Corp(PBR330), America’s largest generator of electricity from natural gas and geothermal resources, is to be acquired by investor consortium led by Energy Capital Partners for $15.25/share(51% premium from 05/09/17 price before press speculation reports), $5.6 billion cash, expects to close 1Q18. $CPN PR link.
Tenet Healthcare(PBR161) directors and employees of Glenview Capital ManagementRandy Simpson and Matt Ripperger have resigned from the Board. $THC PR link.
The U of Michigan US Preliminary August Consumer Sentiment Index is at 97.6, Julywas 93.4, June 95.1, August 2016 89.8. UMich PR link.
***Thursday, August 17:
Walmart(PBR1) 2Q18 report shows total revenue increased 2.1% over 2Q17, eCommerce GMV grows 67%, 67 million SKUs available. $WMT PR link.
Pfizer(PBR56) gets US FDA approval for BESPONSA® (inotuzumab ozogamicin), first and only CD22-directed antibody-drug conjugate indicated for the treatment of adults with relapsed or refractory B-cell precursor acute lymphoblastic leukemia. $PFE PR link.
Merck(PBR70) and AstraZeneca get US FDAadditional and broad approval for LYNPARZA for treatment of ovarian cancer. $MRK PR link.
PPG(PBR190) opens automotive refinish training center in Argentina, to train 300+ professionals annually. $PPG PR link.
ADP(PBR235) comments on Pershing Square‘s nomination of 3 directors, says current Board has the right balance of leadership continuity and fresh perspectives. $ADP PR link.
Hormel Foods(PBR293) to acquire Chicago, IL, based Fontanini Italian Meats and Sausagesfor $425 million. $HRL PR link.
Mylan(PBR346) agrees to $485 million settlement agreement on Medicaid Rebate Classification for EpiPen® Auto-Injector. $MYL PR link.
Blackstone(PBR352) to acquire Philadelphia, PA, area based independent investment management firm with over $10 billion in assets under management Harvest Fund Advisors, terms not disclosed. $BX PR link.
Peabody Energy(PBR372) to repurchase $40 million in shares from stockholder affiliates of Discovery Capital Management. $BTU PR link.
Arthur J Gallagher(PBR515) acquires Howell, MI, based employee benefit and healthcare finance brokerage and consulting services provider Ballard Benefit Works, terms not disclosed. $AJG PR link.
McCormick(PBR552) completes $4.2 billion acquisition of 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. $MKC PR link.
First Solar(PBR630) sells 40 Megawatt (MW)ac(enough to power 16,000 typical homes for a year) Cuyama Solar Project in Santa Barbara County, CA, to D. E. Shaw Renewable Investments, terms not disclosed. $FSLR PR link.
Freddie Mac(PBR41) hires Stacey Goodman as EVP/Chief Information Officer, effective 09/25/17. $FMCC PR link.
JCPenney(PBR234) elects Wonya Lucas, president/CEO Public Broadcasting Atlanta, to the Board. $JCP PR link.
Old Republic Intl(PBR445) elects Glenn Reed, recently retired as a Managing Director of the Strategy Division of The Vanguard Group, to the Board. $ORI PR link.
The US Federal Reserve Board Preliminary July Industrial Production Total Index(2012=100) is 105.5, +0.2% from June, +2.2% from July 2016; Total Industrial Capacity at 76.7%, +1.1% from July 2016. USFed PR link.
The Federal Bank of Philadelphia August Manufacturing Business Outlook Survey General Activity Indicator is at 18.9, July was 19.5, June 27.6, August 2016 4.3. PhillyFed PR link.
The Conference Board US Preliminary August Leading Economic Index(2010=100) is at 128.3, July was 127.9, June 127.1, August 2016 124.1. TCB PR link.
FreddieMac(PBR41) releases August Outlook, topic: How Cash Sales Affect Mortgage Originations. $FMCC PR link.
***Wednesday, August 16:
Verizon(PBR15) building private 4G LTE network for national public safety/first responders use. $VZ PR link.
Alphabet(PBR44 $GOOG)’s Google unit acquires AIMatter, maker of the Fabbycomputer vision app. TechCrunch PR link.
Intel(PBR51)’s Mobileye unit gets Fiat Chryslerto join BMW Group for development of autonomous driving platform that retains brand identity, but also available to all car manufacturers. $INTC PR link.
Tyson Foods(PBR80) investing $84 million to expand Union City, TN, poultry plant, to be completed by mid 2019, will create 300+ jobs. $TSN PR link.
Henry Schein(PBR270) to do 2:1 common stock split on 09/15/17 for shareholders of record 09/01/17, will have 158 million shares outstanding. $HSIC PR link.
United Rentals(PBR438) to acquire Miami, FL, based 1,200 employees in 69 branches serving 15,500 construction/industrial customers $419 million anticipated 2017 revenues equipment rentals company Neff Corporation for $25/share, $1.3 billion. $URI PR link.
LPL Financial(PBR543) acquires 3,200 US advisors independent broker-dealer network and $120 billion in client assets of National Planning Holdings for $325 million plus up to $123 million for level of business that onboards. $LPLA PR link.
Perrigo(PBR565) gets US FDA approval for AB rated generic Mycolog® II Cream for treatment of cutaneous candidiasis. $PRGO PR link.
UnitedHealth(PBR14) CEO Stephen Helmsley to become executive chairman on 09/01/17, succeeds Richard Burke who will become lead independent director, president David Wichmann to be new CEO. $UNH PR link.
AmTrust Financial(PBR564) promotes Ariel Gorelik to SVP/Chief Information Officer, succeeds Christopher Longo who continues as EVP/COO. $AFSI PR link.
Analog Devices(PBR701) hires Prashanth Mahendra-Rajah as SVP/Finance & CFO, effective 09/28/17. $ADI PR link.
Xylem(PBR575) elects Jeanne Beliveau-Dunn, Cisco(PBR60) VP/GM of Technical Services, to the Board. $XYL PR link.
The Federal Open Market Committee 07/25-26/17 Meeting Minutes released, judges the vulnerabilities of the US financial system as moderate on balance. FOMC PR link.
The US Dept of Commerce/HUD says US Preliminary July Total Private Housing Permits Issued Annual Rate at 1,223,000, -4.1% from June, +4.1% from July 2016. USDOC PR link.
***Tuesday, August 15:
Amazon(PBR29) to issue up to $16 billion in debt to fund Whole Foods(PBR203 $WFM)acquisition, repay 1.2% notes due in 2017, & for general corporate purposes. $AMZN PR link.
Group 1 Automotive(PBR276) acquires the exclusive Audi dealership in Fort Worth, TX, does $55 million/year, now has 13 Audi dealerships in the US & UK. $GPI PR link.
Advance Auto Parts(PBR279) to open 60-65 new stores in 2017, to reduce inventories to increase cash flow. $AAP PR link.
Live Nation(PBR366)’s TicketMaster unit launching in Switzerland, now in 30 countries. $LYV PR link.
SCANA(PBR489)’s S Carolina Electric & Gas Co to voluntarily withdraw its new nuclear abandonment petition to accommodate the legislative process. $SCG PR link.
Cliffs Natural Resources(PBR518) celebrates 170 year in business by re-naming itself to its historical name, Cleveland-Cliffs Inc, stock symbol remains NYSE: CLF. $CLF PR link.
Whiting Petroleum(PBR667) to sell its Fort Berthold area assets in N Dakota to RimRock Oil & Gas Williston for $500 million, to close 09/01/17. $WLL PR link.
AMC Entertainment(PBR728) not optimistic about MoviePass $9.95/month subscription for 365 movies/year plan. $AMC PR link.
Equinix(PBR793) opens its fifth International Business Exchange™ (IBX®) data center in Hong Kong, with 1,200 cabinets, called HK5, located in financial district. $EQIX PR link.
Brown & Brown(PBR972) to enter accelerated share repurchase program of $50 million with JPMorgan Chase(PBR21 $JPM). $BRO PR link.
Assurant(PBR268) hires Carey Roberts as EVP/Chief Legal Officer and Secretary, effective 10/30/17, to succeed Bart Schwartz who is retiring at year end. $AIZ PR link.
M&T Bank(PBR504) elects Rick Ledgett, Jr, recently retired as Deputy Director of the US National Security Agency, to the Board. $MTB PR link.
Cabot Corp(PBR607) elects Amanda Brock, CEO of water treatment company Water Standard, and Marcus Watts, President of principally automotive related umbrella company The Friedkin Group, to the Board. $COG PR link.
The US Dept of Commerce/Census US Preliminary June Total Manufacturers/Retailers/Wholesalers Salesare $1.375 trillion, +0.3% from May, +4.3% from June 2016; June Total Inventories were at $1.869 trillion, +0.5% from May, +2.8% from June 2016. USDOC PR link.
The US Dept of Commerce/Census US Advanced July Total Retail Sales are at $478.9 billion, +0.6% from June, +4.2% from July 2016. USDOC PR link.
The US Dept of Labor US Preliminary July Import Prices Index is +0.1%, June was -0.2%, May -0.1%, July 2016 +0.1%, Last 12 Months+1.5%; July Export Prices were +0.4%, June-0.2%, May -0.5%, July 2016 +0.2%, Last 12 Months +0.8%. USDOL PR link.
The Federal Reserve Bank of NY August Empire State Manufacturing General Business Conditions Index is at 25.2, July was 9.8, June 19.8, August 2016 -3.2. NYFed PR link.
The Natl Assn of Home Builders US Preliminary August Housing Market Composite Index is at 68, July was 64, June66, August 2016 59. NAHB PR link.
***Monday, August 14:
Target(PBR40) to acquire San Francisco, CA, based transportation technology company with 700 carriers network provider Grand Junction, terms not disclosed. $TGT PR link.
Andeavor(PBR71) to own 59% of Andeavor Logistics(NYSE: ANDX), which is buying Western Refining Logisting(NYSE: WNRL) for $1.8 billion(includes debt), after incentive distribution rights buy-in. $ANDV PR link.
VF Corp(PBR232) to acquire Williamson-Dickie Mfg. Co., a family-owned, private global workwear company, $875 million in revenues over the last 12 months, for $820 million cash. $VFC PR link.
Calumet Specialty(PBR431) to sell its Superior, WI, refinery and assets to a Husky Energy unit for $435 million cash plus around $60 million for other items. $CLMT PR link.
Brunswick(PBR584) completes headquarters move from Lake Forest, IL, to Woodland Falls Corporate Center in Mettawa, IL. $BC PR link.
Crocs(PBR1008 $CROX) to appeal the US Patent Office rejection of cornerstone design patent in its case against USA Dawgs. Footwear News PR link.
DISH(PBR196)’s Sling TV CEO Roger Lynch leaving to become CEO of Pandora Media($P), responsibilities to be added to President/COO Erik Carlson, effective 08/31/17. $DISH PR link.
Chipotle(PBR561) hires Laurie Schalow to newly created position of Chief Communications Officer. $CMG PR link.
McDermott Intl(PBR825) hires John Freeman as SVP/General Counsel and Corporate Secretary, succeeds retiring at the end of the year Liane Hinrichs. $MDR PR link.
Adtalem Education(PBR905) hires Mehul Patel as Group President/Professional Education, effective 09/05/17. $ATGE PR link.
Proctor & Gamble(PBR33) highlights significant value creation progress in Letter to Shareholders, encourages vote for its board nominees, not activist investor Nelson Peltz. $PG PR link.
3M(PBR92) elects Amy Hood, EVP/CFO of Microsoft(PBR31 $MSFT), to the Board. $MMM PR link.
Raytheon(PBR118) elects Robert Work, former US Deputy Secretary of Defense under President Obama, to the Board. $RTN PR link.
Terex(PBR357) elects Andra Rush, president/CEO in the $2 billion/year Rush Group of companies, to the Board. $TEX PR link.
Newfield Exploration(PBR830) elects Edgar R. “Bud” Giesinger, a former managing and audit engagement partner at KPMG, to the Board. $NFX PR link.
***Friday, August 11:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 08/11/17:
DJIA ends week at 21,858.32, -1.06% from last Friday, -0.15% MTD, +2.38% QTD, +10.60% YTD, -1.18% from record 22,118.42 set 08/07/17.
NASDAQ ends week at 6,256.56, -1.50% from last Friday, -1.44% MTD, +1.89% QTD, +16.23% YTD, -2.59% from record 6,422.75 set 07/26/17.
SPX ends week at 2,441.32,-1.43% from last Friday, -1.17% MTD, +0.74% QTD, +9.04% YTD, -1.60% from record 2,480.91 set 08/07/17.
First Solar(PBR630) awarded 241 megawatt module supply contract for Edify Energy solar projects in Australia, to serve needs of 73,000 homes in Queensland. $FSLR PR link.
Tesla(PBR651) ups amount of senior notes offer from $1.5 billion to $1.8 billion, due 2025, 5.30% interest rate, expects to close 08/18/17. $TSLA PR link.
Intuitive Surgical(PBR863) to do 3:1 stock split on 10/06/17, subject to stockholder approval. $ISRG PR link.
Caterpillar(PBR54) appoints Suzette Long as General Counsel/Corporate Secretary, had been serving as interim since 02/17. $CAT PR link.
Minerals Tech(PBR949) elects Carolyn Pittman, VP/Finance and Controller for Huntington Ingalls Newport News Shipbuilding, to its Board. $MTX PR link.
The US Dept of Labor says US July Consumer Price Index is at +0.1%, Last 12 Months +1.7%, June was +1.6%, July 2016 +0.8%. USDOL PR link.
The US Dept of Labor says US Preliminary July Current Average Earnings/Week are at $909.42, +0.3% from June, +2.8% from July 2016. USDOL PR link.
***Thursday, August 10:
Stanley Black & Decker(PBR249) opens $2 billion/year 9,000 employees STANLEY Security North America unit headquarters in Fishers, IN, 80,000 sf facility to house 350 employees. $SWK PR link.
Constellation Brands(PBR377) acquires S Florida‘s largest craft beer brewery, 45,000 barrels capacity Funky Buddha Brewery, terms not disclosed. $STZ PR link.
Moody’s(PBR636) completes $3.27 billion acquisition of Amsterdam, NL, based global business intelligence/company info provider Bureau van Dijk. $MCO PR link.
New York Times(PBR971) launches Chinese Travel Magazine 新视线, to be published 6x/year, distributed throughout mainland China. $NYT PR link.
TEGNA(PBR622) hires Adam Ostrow as Chief Digital Officer. $TGNA PR link.
Costco(PBR18) elects longtime director and Blackstone(PBR352) executive Hamilton E. (Tony) James as Chairman. $COST PR link.
Boeing(PBR27) elects former US Ambassador to Japan Caroline Kennedy to the Board. $BA PR link.
Caterpillar(PBR54) elects former New Hampshire US Senator Kelly Ayotte to the Board. $CAT PR link.
PNC Financial(PBR189) elects Ventas(PBR671) chairman/CEO Debra Cafaro to the Board. $PNC PR link.
The US Dept of Treasury says US July Federal Government Receipts were $232.0 billion, Outlays $275.0 billion, Deficit $43 billion, YTD Deficit(10 Months) $566.0 billion, YTD Deficit 2016 was $585.6 billion. Treasury PR link.
The US Dept of Labor says US July Total Producer Price Index was at -0.1%, June was +0.1%, May +0.0%, July 2016 -0.1%, Last 12 Months +1.9%. USDOL PR link.
***Wednesday, August 9:
Intel(PBR51)‘s newly acquired Mobileye unit to build fleet of 100 Level 4 SAE fully autonomous vehicles for testing in the US, Israel and Europe. $INTC PR link.
CBRE(PBR301) acquires majority interest in Toronto based private infrastructure and private equity investments $7 billion in assets business Caledon Capital Management, terms not disclosed. $CBG PR link.
Vantiv(PBR754) agrees to acquire UK basedglobal card payments processor WorldPay for $65.06/share, $10 billion. Worldpay PR link.
EnerSys(PBR776) authorizes new $100 million stock repurchase program, no deadline set. $ENS PR link.
Radian(PBR978) authorizes up to $50 million shares repurchase program, expires 07/31/18. $RDN PR link.
Sanmina(PBR401) to promote David Anderson to EVP/CFO, effective 10/02/17, to succeed Bob Eulau who becomes CEO. $SANM PR link.
The Children’s Place(PBR939) hires Steven Rado as Chief Digital Officer. $PLCE PR link.
The US Dept of Commerce/Census says US Preliminary June Wholesale Sales are at $465.8 billion, +0.7% from May, +5.5% from June 2016. USDOC PR link.
The US Dept of Labor says US Preliminary 2Q17 Labor Productivity Output/Hr-All Persons was +0.6%, revised 1Q17 was -0.8%, revised 2Q16 was +0.6%. USDOL PR link.
***Tuesday, August 8:
Intel(PBR51) completes $63.54/share, $15.3 billion cash tender offer of autonomous vehicle computer vision products developer Mobileye NV(NYSE: MBLY) which will de-list 08/21/17. $INTC PR link.
Walt Disney(PBR57) to have 75% stake after acquiring an additional 42% stake for $1.58 billion in ESPN-branded multi-sport service BAMTech from Major League Baseball unit; Disney to also end distribution agreement with Netflix(PBR447 $NFLX) at beginning of 2019. $DIS PR link.
Huntsman Corp(PBR244) subsidiary Venator Materials now an independent public company with IPO launch, listing as NYSE: VNTR. $HUN PR link.
Blackstone(PBR352) acquires 51% ownership in $35 billion real estate asset portfolio valued at $11.8 billion of Spain based Banco Popular SA. $BX PR link.
Lithia(PBR451) has acquired Downtown Los Angeles Auto Group, comprised of Audi, Mercedes-Benz, Nissan, Porsche, Toyota, and Volkswagen stores located in downtown Los Angeles and a Nissan store in nearby Carson, will add $1 billion in annual revenues. $LAD PR link.
Envision Healthcare(PBR581) to sell its medical transportation subsidiary, American Medical Response, to KKR(PBR332)’s Air Medical Group Holdings unit for $2.4 billion cash. $EVHC PR link.
CR Bard(PBR637) shareholders approve $317/share, $24 billion cash/stock acquisition by Becton Dickinson(PBR318), expects to close 4Q17. $BD PR link.
Church & Dwight(PBR639) completes $1 billion cash acquisition of 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. $CHD PR link.
Vantiv(PBR754) offer deadline to acquire UK based global card payments processor WorldPay for $10 billion extended from 08/08/17 to 08/11/17. WorldPay PR link.
Wabash Natl(PBR917) to acquire Goshen, IN-based 2nd largest US manufacturer of truck bodies with 2016 sales of $299 million Supreme Industries(NYSE MKT:STS) for $21/share, $364 million. $WNC PR link.
Alaska Air(PBR454) promotes Shane Tackett to SVP/Revenue Management & e-commerce, names Andy Schneider new VP/People. $ALK PR link.
Fossil Group(PBR617) EVP/CFO & Treasurer Dennis Secor effective 10/16/17, to be succeeded by board member Jeffrey Boyer. $FOSL PR link.
Pier 1 Imports(PBR916) EVP/CFO Jeffrey Boyer leaving, effective 10/03/17, successor search starts; Bhargav Shah hired as SVP/Chief Information Officer. $PIR PR link.
The US Dept of Labor estimates the US June Total Job Openings at a record 6,163,000, +8.1% from May, +11.4% from June 2016. USDOL PR link.
CoreLogic says US May Housing Mortgages 30 Days or More Delinquent at 4.5%, April was 4.8%, March 4.4%, May 2016 5.3%. CoreLogic PR link.
***Monday, August 7:
Thermo Fisher Scientific(PBR175) commences public offering of $1.5 billion of its common stock, to be used in $7.2 billion acquisition of Patheon NV, which is expected to close in 3Q17. $TMO PR link.
Office Depot(PBR182) partnering with Deliv to offer same day office products delivery service in Atlanta, GA, Los Angeles, CA, and Ft Lauderdale, FL, rollout to other markets by end of 2017. $ODP PR link.
DISH(PBR196) petitions FCC to deny Sinclair Broadcast Grp(PBR894) $43.50/share, $3.9 billion cash/stock, plus assumption of $2.7 billion of debt acquisition of Tribune Media(NYSE: TRCO). $DISH PR link.
CBS(PBR210) gets agreement with AT&T(PBR12) to join “DIRECTV NOW” Live TV service, to offer Entertainment, Sports and CBS News Programming as well as SHOWTIME, The CW, CBS Sports Network and Pop, terms not disclosed. $CBS PR link.
CBS(PBR210) All Access subscription service to expand internationally, first to Canada in 1H18, expects 4 million US subscribers at $5.99-$9.99/mo by end of 2017. $CBS PR link.
Ball Corp(PBR312) to repurchase around $100 million of its outstanding common stock in a private accelerated stock repurchase transaction with Goldman Sachs(PBR76). $BLL PR link.
Mylan(PBR346) gets tentative US FDA approval under PEPFAR program for first 3 drug combination used for treating HIV/AIDS in developing countries. $MYL PR link.
Netflix(PBR447) makes its first acquisition, Millarworld, the comic book publishing powerhouse founded by Mark Millar, creator of such iconic characters and stories as Kick-Ass, Kingsman, and Old Man Logan, terms not disclosed. $NFLX PR link.
Snap-On(PBR641) authorizes new up to $500 million share repurchase program. $SNA PR link.
Tesla(PBR651) to offer $1.5 billion in senior notes due 2025, to use net proceeds to further strengthen its balance sheet during period of rapid scaling of Model 3, and for general corporate purposes. $TSLA PR link.
Endo Intl(PBR700) reaches agreements to resolve virtually all known 22,000 US mesh product liability claims, making installment payments starting in 4Q17, adding $775 million to liability fund. $ENDP PR link.
Diplomat Pharmacy(PBR515) hires Joel Saban as president, succeeds leaving Paul Urick. $DPLO PR link.
Manitowoc(PBR579) EVP/Tower Cranes Larry Weyers resigning, effective 08/31/17, EVP/Mobile Cranes Aaron Ravenscroft appointed as successor. $MTW PR link.
SeaWorld(PBR948) appoints Interim CFO Marc Swanson to CFO, effective immediately. $SEAS PR link.
Assurant(PBR268) appoints Emigrant Bank vice chairman Harriet Edelman and former senior managing director of global ratings and research at Moody’s Investors Service Debra Perry to the Board. $AIZ PR link.
TimeInc(PBR631) appoints Katie Stanton, Chief Marketing Officer of health technology service Color, to the Board. $TIME PR link.
The Federal Reserve Board says US Preliminary June Total Consumer Debt at $3.856 trillion, +0.3% from May, +2.4% YTD, +5.7% from June 2016. FED PR link.
FannieMae(PBR17) says the US July Home Purchase Sentiment Index is at 86.8, June was 88.3, May 86.2, July 2016 86.5. $FNMA PR link.
***Friday, August 4:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 08/04/17:
DJIA ends week at record 22,092.81, +1.20% from last Friday, +0.92% MTD, +3.48% QTD, +11.79% YTD, +0.00% from record 22,092.81 set 08/04/17.
NASDAQ ends week at 6,351.56, -0.36% from last Friday, +0.05% MTD, +3.44% QTD, +17.99% YTD, -1.11% from record 6,422.75 set 07/26/17.
SPX ends weel at 2,476.83,+0.19% from last Friday, +0.26% MTD, +2.20% QTD, +10.63% YTD, -0.04% from record 2,477.83 set 07/26/17.
Wells Fargo(PBR30) settles 2006 lawsuit for $108 million to US government, related to VA loans, denies any wrongdoing. $WFC PR link.
Dow Chemical(PBR48 $DOW) and DuPont(PBR82) merger regulatory issues resolved, merger of equals to occur after NYSEcloses on 08/31/17, DowDuPont to begin trading on 09/01/17 with stock symbol DWDP. $DD PR link.
Travelers Cos(PBR104) completes $490 million acquisition of UK based 430,000+ accounts small business insurance policies distributor Simply Business. $DD PR link.
ADP(PBR235) activist investor Pershing Square seeking control of ADP, wants 5 of 10 board seats and CEO change, denied request to extend director nominations deadline, ADP says it already has a strong and independent Board. $ADP PR link.
Blackstone(PBR352 $BX) and CVC Capital Partners to acquire UK based online payments provider PaySafe for $3.9 billion. PaySafe PR link.
AT&T(PBR12) hires Brian Lesser as CEO/Advertising & Analytics. $T PR link.
Progressive(PBR145) elects former JPMorgan Chase(PBR21) senior executive Philip Bleser to the Board. $PGR PR link.
The US Dept of Labor says US July Employment at 153,513,000, +345,000 from June, +1,967,000 from July 2016, Unemployment Rate at 4.3%, July 2016 Unemployment Rate was 4.9%. USDOL PR link.
The US Dept of Commerce US Preliminary June Exports were at $194.4 billion, Imports$238.1 billion, Deficit $43.7 billion, Deficit YTD$276.4 billion, June 2016 Deficit YTD was $249.8 billion. USDOC PR link.
***Thursday, August 3:
Johnson & Johnson(PBR37)’s Janssen unit gets US FDA approval for IMBRUVICA® (ibrutinib) as first and only approved treatment in certain situations for adult patients with Chronic Graft-Versus-Host-Disease (cGVHD). $JNJ PR link.
Johnson & Johnson(PBR37)’s Janssen unit gets notice that US FDA Advisory Committeedoes not recommend approval of Sirukumab for treatment of moderately to severely active rheumatoid arthritis. $JNJ PR link.
AbbVie(PBR136) gets US FDA approval of Mavyret(glecaprevir and pibrentasvir) for certain Hepatitis C conditions. $ABBV PR link.
Bristol-Myers Squibb(PBR185) to acquire developer of innate immune response for treating cancer therapies IFM Therapeutics for $300 million cash upfront and up to $1.01 billion upon milestone achievements. $BMY PR link.
CDW(PBR239) authorizes additional $750 million for share repurchase program, balance is now $1.033 billion. $CDW PR link.
Bed Bath & Beyond(PBR240) realigns store management in about half its stores, to reduce Department and Assistant Store Manager positions by 880. $BBBY PR link.
Mastercard(PBR291) and PayPal(PBR252)expand partnership in Asia Pacific to spur mobile and digital commerce. $MA PR link.
AMC Entertainment(PBR728) authorizes up to $100 million share repurchase program over next 2 years. $AMC PR link.
Global Payments(PBR762) to acquire the communities and sports divisions cloud-based payment technology solutions for event planners provider ACTIVE Network from Vista Equity Partners for $1.2 billion cash/stock. $GPN PR link.
Allscripts(PBR944) to acquire McKesson(PBR6)‘s hospital/health system IT business, Enterprise Information Solutions for $185 million cash. $MDRX PR link.
Weight Watchers(PBR988) end of 2Q17 subscribers up by 20.1% year-over-year to 3.5 million. $WTW PR link.
Avon Products(PBR303) CEO Sheri McCoy to step down on 03/31/18, new CEO search starts. $AVN PR link.
Alaska Air(PBR454) elects James Beer, EVP/CFO of McKesson(PBR6), to the Board. $ALK PR link.
The US Dept of Commerce/Census estimates US June Manufacturers’ New Orders were $481.1 billion, +3.0% from May, +7.8% from June 2016. USDOC PR link.
The ISM US July Non-Manufacturing Index(>50%=Growing) is at 53.9%, June was 57.4%, May 56.9%, July 2016 55.5%. ISM PR link.
The IHS Markit US July Composite PMI Output Index is at 54.6, June was 53.9, May53.6, July 2016 51.8. IHS Markit PR link.
***Wednesday, August 2:
Medtronic(PBR133) gets US FDA approval and European CE Mark of the Avalus(TM) Surgical Aortic Valve. $MDT PR link.
Jacobs Engineering(PBR225) to acquire $4.4 billion/last 12 months, 20,000+ employees Englewood, CO, based global design, engineering and program management firm CH2M for $3.27 billion cash/stock, includes $416 million debt. $JEC PR link.
Symantec(PBR385) to sell its Website Securityand related PKI solutions to Lehi, UT, based DigiCert for $950 million and about a 30% equity stake in DigiCert common stock, part of Symantec plan to be focused on cloud generation Integrated Cyber Defense Platform. $SYMC PR link.
Macquarie Infrastructure(PBR901) invests $135 million in joint venture with Intersect Power to develop and own renewable power generation and storage, supports continued development of projects involving 700MW in California and Texas. $MIC PR link.
Macquarie Infrastructure(PBR901) to fund itsInternational-Matex Tank Terminals unit acquisition of Savannah, GA, based 7 terminals, 3.1 million barrels of liquid storage capacity Epic Midstream for $171.5 million. $MIC PR link.
PharMerica(PBR911) to be acquired by KKR(PBR332) for $29.25/share, $1.4 billion cash, includes debt, Walgreens Boots Alliance(PBR36) to be a minority investor, to close in early 2018. $PMC PR link.
Tronox(PBR946) to sell its Green River, WY, based Alkali Chemicals business, the world’s largest producer of natural soda ash, to Genesis Energy(PBR583 $GEL) for $1.325 billion cash, expects to close 2H17. $TROX PR link.
Ferro Corp(PBR992) has acquired Israelibased private global digital printing solutions on glass substrates provider Dip Tech for $60 million. $FOE PR link.
Mondelez(PBR87) chairman/CEO Irene Rosenfeld to step down as CEO in 11/17, remain chairman until retirement 03/31/18. Dirk Van de Put hired to be CEO, then add chairman role. $MDLZ PR link.
Travelers Cos(PBR104) CEO Alan Schnitzer elected Board Chairman, succeeds John Dasburg who becomes independent lead director again, elects Clarence Otis, former chairman/CEO of Darden Restaurants(PBR398), to the Board. $TRV PR link.
Stryker Corp(PBR283) elects Mary Brainerd, former president/CEO of HealthPartners, to the Board. $SYK PR link.
DSW(PBR778) elects Peter Cobb, eBags co-founder and e-commerce executive, to the Board. $DSW PR link.
OGE Energy(PBR789) elects Mike Sanner, retired as an audit partner from Ernst & Young, to the Board. $OGE PR link.
The ADP(PBR235) Preliminary US July National Change in Private Sector Employment was +178,000, -6.8% from revised June, -22.3% from July 2016. $ADP PR link.
OpenSignal releases State of Mobile Networks: USA (August 2017), compares AT&T(PBR12), Sprint(PBR86), T-Mobile(PBR95), & Verizon(PBR15) in 3G/4Gbenchmark tests. OpenSignal PR link.
***Tuesday, August 1:
Apple(PBR5) 3Q17 report shows iPhone sales at 41,026,000 units, 2Q17 was 50,763,000, 3Q16 40,399,000. $AAPL PR link.
General Motors(PBR8) closes $1.4 billion sale of Opel/Vauxhall to Groupe PSA, $1 billion sale of GM Financial’s European operations to Groupe PSA and BNP Paribas expected to close later this year. $GM PR link.
Verizon(PBR15) to purchase fiber-optic network assets serving the Chicago market from Englewood, CO, based WideOpenWest(NYSE: WOW) for $225 million, expects to close 1Q18. $VZ PR link.
Cisco(PBR60) completes $610 million acquisition of SD-WAN solutions provider Viptela. $CSCO PR link.
Tesoro(PBR71) & Tesoro Logistics LP(NYSE: TLLP) officially change names to Andeavor(NYSE: ANDV) and Andeavor Logistics LP(NYSE: ANDX). $ANDV PR link.
Allstate(PBR84) authorizes new $2 billion share repurchase program. $ALL PR link.
Sprint(PBR86) 1Q17 is profitable, first time in 3 years, had 61,000 net additions, 53.7 million total wireless connections. $S PR link.
Tenet Healthcare(PBR161) completes $750 million sale of 4 Houston acute care hospitals to HCA(PBR75). $THC PR link.
Bristol-Myers Squibb(PBR185) gets US FDA approval for Opdivo (nivolumab) in some metastatic colorectal cancer situations. $BMY PR link.
Celgene(PBR347) & Agios Pharmaceuticals(NASDAQ:AGIO) get US FDA approval for IDHIFA® (enasidenib) to treat certain acute myeloid leukemia situations. $CELG PR link.
CommScope(PBR482) completes acquisition of 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. $COMM PR link.
Costco(PBR18) announces that chairman/co-founder Jeff Brotman has died. $COST PR link.
Caterpillar(PBR54) Group President & CFO Brad Halverson to retire in early 2018, CFO external search starts. $CAT PR link.
Dr Pepper Snapple(PBR406) promotes SVP/Marketing Jaxie Alt to EVP/Human Relations, Andrew Springate to SVP/Marketing. $DPS PR link.
Ascena Retail(PBR499) consolidates executive leadership, appoints Gary Muto to newly created position of President and CEO of ascena Brands unit, Brian Lynch elevated to president/COO of Ascena Retail. $ASNA PR link.
SeaWorld(PBR948) appoints Marc Swanson as interim CFO, succeeds leaving Peter Crage. $SEAS PR link.
Post Holdings(PBR486) elects Ellen Harshman, dean emeritus of the John Cook School of Business at Saint Louis University, to the Board. $POST PR link.
Intl Flavors & Fragrances(PBR666) elects Stephen Williamson, SVP/CFO of Thermo Fisher Scientific(PBR175), to the Board. $IFF PR link.
Cracker Barrel(PBR729) elects Meg Crofton, former president of Walt Disney(PBR57) Parks and Resorts, US and France, to the Board. $CBRL PR link.
Donaldson(PBR783) president/CEO Tod Carpenter to add chairman role, succeeds Jeffrey Noddle who is not running for re-election. $DCI PR link.
The US Dept of Commerce/BEA Preliminary US June Personal Income Annual Rate at $16.378 trillion, Taxes $2.013 trillion, Disposable Personal Income $14.365 trillion, Outlays $13.818 trillion, Savings $0.546 trillion, Savings Rate 3.80%, Effective Tax Rate12.29%. USDOC PR link.
The US Dept of Commerce/Census Preliminary US June Construction Spending Annual Rate at $1.206 trillion, -1.3% from May, +4.5% from June 2016. USDOC PR link.
The ISM July US Manufacturing PMI Index is at 56.3%, June was 57.8%, May 54.9%, July 2016 52.6%. ISM PR link.
The IHS Markit US July Manufacturing PMI Index is at 53.3, June was 52.0, May 52.7, July 2016 53.8. IHS Markit PR link.
Automotive News reports that US Estimated July New Light Vehicles Units Sold is at 1,416,743, -3.6% from June, -6.9% from July 2016. Automotive News PR link.
The PurdueU/CME US July Ag Barometer Composite Index is at 139, June was 131, May130, July 2016 112. PurdueU/CME PR link.
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