September 2017: Steadiness Amid The Chaos
With wars, a record number of refugees, and extreme weather conditions, there is a worldwide call for help. Please assist as you are able.
By Larry C. Paxton
In September the world was swirling in a thousand different directions with record strength hurricanes, destructive earthquakes, terrifying nuclear and missile tests, never ending local and regional wars, continued geopolitical uncertainties, elections, and unrest.
Nevertheless, the economies of the US and the world continued to grow at modest to moderate rates with most forecasts indicating more of the same in the years ahead.
Somehow it doesn’t make sense and you wonder when and how this will all resolve itself. Right now just about any scenario can be plausible. We will rapidly close in on the end of 2017 and it will be interesting to see what the legacy is.
Here’s a quick September 2017 summary on key activities that relate to The PBR1000:
The PBR1000 Mergers & Acquisitions: 25 deals worth at least $1 billion initiated, closed, or updated. Total transaction value was $94 billion.
The PBR1000 Spinoffs: 2
The PBR1000 Share Repurchase Programs: 17 announcements, total $8.8 billion.
The PBR1000 Bankruptcies: 1 initiated or updated
The PBR1000 CEO Changes: 7 announced.
Jobs/Wages: 4.2% 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%, another increase possible in 2017.
US Stock Market Exchanges: All three US major stock exchanges established new closing records during the month. The Stock Market Bull easily won September(See The PBR1000 September Stocks/Commodities Snapshots blog post.)
The PBR1000 Additions: 6, Knight-Swift Transportation(PBR990, $KNX), per merger mentioned in Removals, DowDuPont(PBR48, $DWDP), per merger mentioned in Removals, Coca Cola Bottling(PBR643, $COKE), the largest US independent bottler for Coca Cola Company(PBR62, $KO), Norwegian Cruise Lines(PBR487, $NCLH), Sabre Corp(PBR615, $SABR), Signet Jewelers(PBR392, $SIG)
The PBR1000 Removals: 8, Knight Transportation(PBR977) and Swift Transportation(PBR547), merged to form Knight-Swift(PBR990, $KNX), Dow Chemical(PBR48) and EI DuPont(PBRPBR82), merged to form DowDuPont(PBR48, $DWDP), Staples(PBR122), acquired by Sycamore Partners, Cabela’s(PBR606), acquired by Bass Pro Shops, Parexel Intl(PBR762), acquired by Pamplona Capital Management, ARO Liquidation(PBR924), fka Aeropostale, in bankruptcy, selling off assets.
National: Hurricane Irma attacks Florida, then Hurricane Maria devastates Puerto Rico; Obamacare Repeal vote cancelled; President Trump rescinds DACA; US debt ceiling increased; proposed tax plans introduced; Supreme Court reinstates President Trump travel ban; President Trump interviews Federal Reserve Chairperson candidates; Russian involvement in US election investigation still in progress, controversial Playboy founder Hugh Heffner dies.
International: N Korea nuclear test; N Korea missile launch over Japan; German elections, Angela Merkel wins, but results disappoint; Mexico earthquakes; Brexit negotiations continue; continuations of Middle East conflicts, refugee crisis; oil/gold prices fluctuate; Japan parliament dissolved, snap election called.
The PBR1000 September Breaking News Items
Here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for September 2017, starting with the last active business day.
***Friday, September 29:
The PBRMarketTools US Stock Exchanges Recap for the Week and Month Ending 09/29/17:
DJIA ends at 22,405.09, +0.25% from last Friday, +2.08% MTD, +4.94% QTD, +13.37% YTD, -0.03% from record 22,412.59 set 09/20/17.
NASDAQ ends at record 6,495.96, +1.07% from last Friday, +1.05% MTD, +5.79% QTD, +20.67% YTD, +0.00% from record 6,495.96 set 09/29/17.
SPX ends at record 2,519.36, +0.68% from last Friday, +1.93% MTD, +3.96% QTD, +12.53% YTD, +0.00% from record 2,519.36 set 09/29/17.
AIG(PBR46) welcomes decision of Financial Stability Oversight Council’s decision to remove AIG’s designation as a Systemically Important Financial Institution (SIFI). $AIG PR link.
Merck(PBR70) discontinuing development of 2 therapies for chronic hepatitis C, to focus on ZEPATIER® (elbasvir and grazoprevir). $MRK PR link.
Community Health Systems(PBR125)completes divestiture of 5 Pennsylvaniahospitals per 30 hospitals planned divestiture program announced 2Q17. $CYH PR link.
Caesars Entertainment(PBR314) prices $5.7 billion in senior secured credit facility and $1.7 billion senior notes due 2025, to be used in a full repayment of all existing debt at Caesars Entertainment Resort Properties and Caesars Growth Properties Holdings, to result in $260 million savings over original debt, funds to be available upon emergence from bankruptcy by Caesars Entertainment Operating Companyand other conditions. $CZR PR link.
Quest Diagnostics(PBR353) completes acquisition of the Outreach Laboratory Services of two Hartford HealthCare Hospitalsin Connecticut, terms not disclosed. $DGX PR link.
Alliant Energy(PBR634) to build 300 megawatt 121 turbines Upland Prairie Wind Farm in Clay & Dickinson counties in NW Iowa, construction to start in spring 2018, to serve 130,000 homes/year, part of proposed $1.8 billion 1,000 megawatt plan for Iowa. $LNT PR link.
Vulcan Materials(PBR685) announces Vancouver, British Columbia, based Polaris Materials Corporation (TSX:PLS) has terminated agreement to be acquired because it has received a superior offer, has paid Vulcan $10 million(Canadian) termination fee. $VMC PR link.
Wolverine World Wide(PBR722) sells US Dept of Defense footwear business and Big Rapids, MI, factory to Original Footwear, terms not disclosed. $WWW PR link.
PAREXEL Intl(PBR762) $88.10/share, $5.0 billion cash acquisition by Pamplona Capital Management is completed. $PRXL PR link.
Eli Lilly(PBR142) promotes Josh Smiley to SVP/CFO, to succeed retiring Derica Rice, Myles O’Neill to SVP & President/Manufacturing Operations, both effective 01/01/18, Dan Skovronsky, MD, PhD, to SVP/Science and Technology and President/Research Labs, effective 06/01/18. $LLY PR link.
Becton Dickinson(PBR318) to add two directors from soon to be acquired CR Bard(PBR637) to its Board, Timothy Ring, Chairman/CEO, and David Melcher, President/CEO of the Aerospace Industries Association (AIA). $BD PR link.
The US Dept of Treasury reports that the US National Debt Total on 09/28/17 was $14.649 trillion Public, $5.554 trillion Intragovernmental, $20.203 trillion Total Debt, +1.8% from 08/31/17, +3.2% from 09/30/16. Treasury PR link.
The US Dept of Commerce/BEA says US Preliminary August Total Personal Income Annual Rate is at $16.469 trillion, +0.2% from July, +2.3% from August 2016, Personal Savings Rate at 3.6%, Effective Tax Rate12.5%. USDOC PR link.
The Federal Reserve Bank of Chicago 7th District Preliminary August Midwest Economy Index is at 0.10, July was 0.30. June0.43, August 2016 -0.17. ChiFed PR link.
MNI/ISM-Chicago reports that the MNI Chicago September Barometer Index(>50 gaining> is at 65.2, August was 58.9, July 58.9, September 2016 54.2. MNIChi PR link.
The American Automobile Assn says the US Average Price/Gallon of Regular Gas on 09/29/17 was $2.568, +4.9% from 08/31/18, +15.9% from 09/30/16. AAA PR link.
The U of Michigan US Final September Consumer Sentiment Index is at 95.1, Augustwas 96.8, July 93.4, September 2016 91.2. UMich PR link.
The Gold Price/Ounce Closing Price(GCZ7 12/17) on 09/29/17 was $1,282.50, -3.3% from 08/31/17, +11.4% from 12/31/16, -2.8% from 09/30/16. $GOLD PR link.
The US Dept of Treasury reports the US 1 Year Treasury Bill Yield at Close on 09/29/17 was 1.31%, 08/31/17 was 1.23%, 12/31/16 0.85%, 09/30/16 0.59%. Treasury PR link.
The Euro/USD Closing Exchange Rate on 09/29/17 was $1.1814, -0.9% from 08/31/17, +5.1% from 09/30/16. $EURUSD PR link.
***Thursday, September 28:
Amazon(PBR29) to open 650,000 sf fulfillment center in Euclid, OH, to employ 1,000+ fulltime, to be 5th center in Ohio. $AMZN PR link.
Lockheed(PBR64) authorizes additional $2 billion share repurchase program, balance available is now $4 billion. $LMT PR link.
Andeavor(PBR71) to complete incentive distribution rights for 59% buy-in after Andeavor Logistics(NYSE: ANDX) completes acquisition of Western Refining Logistics(NYSE: WNRL)for $1.8 billion(includes debt). $ANDV PR link.
Tyson(PBR80) boosts 2017 EPS guidance on strong beef segment performance, to eliminate 450 positions mostly in corporate offices in restructuring effort. $TSN PR link.
Amgen(PBR135) and AbbVie(PBR136)dismisses all pending patent litigation, allows commercialization of AMGEVITA™, an AbbVie HUMIRA® (adalimumab) biosimilar, Amgen to launch AMGEVITA in $4 billion market Europeon 10/17/17, in US on 01/31/23. $AMGN PR link.
Eli Lilly(PBR142 $LLY) gets US FDA approvalfor Verzenio (abemaciclib) therapy for certain advanced or metastatic breast cancers. FDA PR link.
Starbucks(PBR178) extends licensing agreement with long-time Asia strategic partner Maxim’s Caterers Limited to include exclusive rights for Singapore. $SBUX PR link.
YUM!(PBR217)’s Taco Bell unit and fashion retailer Forever 21 to introduce new limited edition Forever 21 x Taco Bell collection on 10/10/17, to be available in Forever 21 stores and online 10/11/17. $YUM PR link.
KKR(PBR332) completes majority interest acquisition of global manufacturer, marketer, distributor and retailer of vitamins, nutritional supplements, sports & active nutrition and ethical beauty products Nature’s Bounty, hires Paul Sturman to be its CEO, succeeds departing Steve Cahillane. $KKR PR link.
Netflix(PBR447 $NFLX) to create Netflix Canada, invest minimum $400 million over 5 years, to establish permanent, multi-purpose film and television production presence for global distribution, first such venture outside the US. Canada Heritage Ministry PR link.
Invesco(PBR469) to acquire Guggenheim Investments’ exchange-traded funds (ETF)business, includes $36.7 billion of assets under management as of 08/31/17, for $1.2 billion cash. $IVZ PR link.
NVIDIA(PBR510) now offering interactive voice Google Assistant with its Shield TV streaming service. $NVDA PR link.
NASDAQ(PBR618) evaluating strategic alternatives for the Public Relations Solutionsand Digital Media Services units, do $195 million/year, wants to allocate more resources towards technology, data and analytics opportunities, leveraging its capital markets foundation. $NDAQ PR link.
MEDNAX(PBR794) acquires Hartford, CT, based 10 outpatient centers, exclusive provider to 7 regional hospitals Jefferson Radiology and Jefferson Imaging Associates, 60+ physicians, terms not disclosed. $MD PR link.
GoPro(PBR902) announces HERO6 Blackfeaturing 4K60 and 1080p240 video, $499.99, and Fusion, a waterproof, mountable 5.2K spherical camera, $699.99. $GPRO PR link.
Chevron(PBR3) to promote Mike Wirth to Chairman/CEO, effective 02/01/18, to succeed retiring John Watson, Mark Nelson to succed Wirth as VP/Midstream, Strategy & Policy. $CVX PR link.
Philip Morris Intl(PBR35) CFO Jacek Olczak to become COO, President/Asia Region Martin Luther to become CFO, restructuring from 4 to 6 geographic Regions. $PM PR link.
Kellogg(PBR198) Executive Chairman/CEO John Bryant retires as CEO, to remain Chairman until 03/15/17, Steven Cahillane hired as CEO, effective 10/02/17, to also be Chairman on 03/15/17. $K PR link.
Brown-Forman(PBR563) promotes Lawson Whiting to COO, effective 10/01/17. $BFA PR link.
Helmerich & Payne(PBR600) VP/CFO Juan Pablo Tardio to retire in 06/18, successor search starts. $HP PR link.
The US Dept of Labor says US 4 Week Average Initial Unemployment Insurance Claims on 09/23/17 were at 277,750, +17.3% from 08/26/17, +8.5% from 09/24/16, Uninsured Unemployment Rate remains at 1.4%. USDOL PR link.
The US Dept of Commerce says US 2Q17 3rd Estimate of Gross Domestic Product Annual Rate is +3.1%, $19.250 trillion, +1.0% from 1Q17, +3.8% from 2Q16. USDOC PR link.
FreddieMac(PBR41) says US 30 Year Fixed Rate Mortgages on 09/28/17 Averaged 3.83% with 0.6 points/fees, 08/31/17 was 3.82% with 0.5 points/fees, 09/29/16 was 3.42% with 0.5 points/fees. $FMCC PR link.
***Wednesday, September 27:
Walmart(PBR1) relaunches Parent’s Choicebrand – including everything from diapers to blankets to wipes to baby food, to grow to more than 275 items. $WMT PR link.
Ford(PBR10) to develop self-driving cars for Lyft. $F PR link.
Amazon(PBR29) introduces new Fire TV for $69.99, $AMZN PR link., and newly designed Echo with Alexa($99.99) and Echo Plus($149.99) smart home hub, $AMZN PR link.
Delta(PBR72) is 1st US global airline carrier to offer free mobile messaging in flight, effective 10/01/17. $DAL PR link.
Medtronic(PBR133) gets US FDA approval for HeartWare(TM) HVAD(TM) System as a destination therapy for patients with advanced heart failure who are not candidates for heart transplants. $MDT PR link.
Abbott Labs(PBR134) gets US FDA approvalof FreeStyle® Libre Flash Glucose Monitoring System as replacement for routine finger sticks1for adults with diabetes. $ABT PR link.
Praxair(PBR233) shareholders approve 50/50 stock ownership deal with Germany based Linde AG(Xetra: LIN) to become a $30 billion/year Linde plc, plan to close 2H18. $PX PR link.
Applied Materials(PBR299) authorizes new up to $3 billion share repurchase program. $AMAT PR link.
Campbell Soup(PBR326) says $700 million cash acquisition of $218 million revenues/last 12 months organic broth/soup and shelf-stable plant-based beverages and other meals/sides producer Pacific Foods of Oregon subject to resolution of recently filed $250 million lawsuit against PFO. $CPB PR link.
Wabash Natl(PBR917) completes $21/share, $364 million acquisition of Goshen, IN-based 2nd largest US manufacturer of truck bodies with 2016 sales of $299 million Supreme Industries(NYSE MKT:STS). $WNC PR link.
Gilead Sciences(PBR107) COO Kevin Young to retire by 03/31/18. $GILD PR link.
Core-Mark(PBR271) promotes Scott McPherson to newly created position of President/COO, SVP/US Distribution-West Christopher L. Walsh to retire by 12/31/17, to be succeeded by SVP/Sales & Marketing Christopher Hobson. $CORE PR link.
Flowers Foods(PBR594) hires Debo Mukherjee as Chief Marketing Officer, effective 10/02/17. $FLO PR link.
La-Z-Boy(PBR918) SVP/CFO Mike Riccio to retire in 06/18, national successor search starts. $LZB PR link.
PayPal(PBR254) appoints Rodney Adkins, former IBM(PBR25) senior executive, to the Board. $PYPL PR link.
Hormel Foods(PBR293) Chairman Jeffrey Ettinger retires, President/CEO Jim Snee to add Chairman role, effective 11/20/17. $HRL PR link.
The US Dept of Commerce says US Preliminary 2Q17 US Assets were at $25.938 trillion, Liabilities $33.873 trillion, Deficit $7.935 trillion, 1Q17 Deficit was $8.092 trillion. USDOC PR link.
The US Energy Information Administrationreports 09/22/17 US Crude Oil Stocks were at 471.0 million barrels, +2.9% from 08/25/17, -0.2% from 09/23/16. EIA PR link.
***Tuesday, September 26:
Amgen(PBR135) and China based Simcere Pharmaceutical announce strategic collaboration co co-develop and commercialize certain inflamation and oncology biosimilars In China. $AMGN PR link.
Aramark(PBR184) gets multi-year agreement to be the official retail partner for NFL events across the country. $ARMK PR link.
Parker Hannifin(PBR218) acknowledges US Dept of Justice filing regarding its US qualified aviation ground fuel filtration business, total related annual revenues less than $20 million. $PH PR link.
JCPenney(PBR234) to offer Frigidaire® kitchen appliances in 600 major appliance showrooms and online starting 10/01/17, also launches first-ever cookware line from celebrity chef Ayesha Curry. $JCP PR link.
Blackstone(PBR352) completes acquisition of 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.
Newell Brands(PBR434) resumes share repurchase program suspended in 4Q15, $256 million of $500 million authorization is available. $NWL PR link.
Clorox(PBR442)’s Kingsford unit to offer Kingsford® branded pre-cooked ribs and barbecue entrees starting in 12/17 through multi-year agreement with unit of Carl Buddig & Co. $CLX PR link.
Chipotle(PBR561) enters partnership with chef Richard Blais for its Tasty Made burger restaurant. $CMG PR link.
Cabela’s(PBR606) $61.50/share, $5 billion acquisition by Bass Pro Shops has been completed. $CAB PR link.
IAC(PBR665)’s Vimeo unit to acquire 10 million+ events/year LiveStream, terms not disclosed, launches its own Vimeo Livestreaming service. $IAC PR link.
Twitter(PBR735) making a 280 character limit version available to a small test group, provides some initial results. $TWTR PR link.
Griffon Corp(PBR890) amends purchase price for Emerson Electric(PBR109 $EMR)‘s $300 million+ revenues/year ClosetMaid unit from $260 million to $200 million due to increased manufacturing costs, to close 10/02/17. $GFF PR link.
Northrop Grumman(PBR113) COO Gloria Flach and VP/Government Relations Sid Ashworth to retire on 12/31/17, Kathy J. Warden to become President/COO, Mark Caylor to be VP and President/Mission Systems, Shawn Purvis to be VP and President/Enterprise Services, Lesley Kalan to be VP/Government Relations. $NOC PR link.
Kohl’s(PBR149) Chairman/President/CEO Kevin Mansell to retire in 05/18, Michelle Gass to become CEO, COO Sona Chawla to become President. $KSS PR link.
Equifax(PBR795) Chairman/CEO Richard Smith retires, Board member Mark Feidler appointed Chairman, Paulino do Rego Barros, Jr, appointed Interim CEO, CEO search starts. $EFX PR link.
Kaman Corp(PBR934) corporate EVP and President/Aerospace Group Gregory Steiner to retire 01/02/18, hires Richard Barnhart as President/Aerospace Group, effective 10/01/17. $KAMN PR link.
Comerica(PBR740) appoints Barbara R. Smith, CEO of Commercial Metals(PBR362), to the Board. $CMA PR link.
The US Dept of Commerce/HUD reports US Preliminary August New Family Homes Sold Annual Rate at 560,000, -3.4% from July, -1.2% from August 2016, Median Price is $300,200, -6.2% from July, -0.7% from August 2016. HUD PR link.
The S&P/CoreLogic/Case-Shiller Home Price Index(01/2000=100) was 194.10 in July, 192.70 in June, 190.93 in May, 183.22 in July 2016. Case-Shiller PR link.
The Federal Reserve Bank of Richmond says the 5th District September Annualized Manufacturing Index is at 19%, August was 14%, July 14%, September 2016 -6%. RichmondFed PR link.
The Federal Reserve Bank of Richmond says the 5th District September Service Sector Revenue Index is at 22%, August was 22%, July 12%, September 2016 10%. RichmondFed PR link.
The Conference Board says the US Preliminary September Consumer Confidence Index(1985=100) is at 119.8, August was 120.4, July 120.0, September 2016 103.5. TCB PR link.
***Monday, September 25:
GE(PBR9 $GE) Industrial Solutions unit, based in Atlanta, GA, with a 13,500 employees globally, $2.7 billion revenues/2016, to be acquired by Switzerland based ABB for $2.6 billion, to close 1H18. ABB PR link.
Amazon(PBR29) Web Services unit to open data centers in the Middle East by early 2019, to launch an AWS Edge Network location in the United Arab Emirates (UAE) in 1Q18. $AMZN PR link.
Target(PBR40) to raise minimum wage to $11/hour in 10/17, commits to minimum $15/hour by end of 2020. $TGT PR link.
AIG(PBR46) reorganizes, no longer has Commercial and Consumer segments, transitioning to General Insurance led by CEO Peter Zaffino, Life & Retirement led by CEO Kevin Hogan, and a stand-alone, technology-enabled platform led by CEO Seraina Macia. Rob Schimek, CEO of Commercial, leaving by 10/31/17. $AIG PR link.
Amgen(PBR135) says critical manufacturing areas in its Juncos, Puerto Rico, not significantly impacted by Hurricane Maria, no inventory lost, no interruption to patient supply anticipated, working to return to normal operations, has 2,000 employees in Puerto Rico. $AMGN PR link.
AbbVie(PBR136) says facilities in Puerto Ricoare intact, operational, and are returning to normal after Hurricane Maria, running on generators, has 1,200 employees on the island. $ABBV PR link.
Genuine Parts(PBR191) to acquire London, UK, based second largest European distributor of vehicle parts, tools and workshop equipment, 7,500 employees, 1,800 stores, Alliance Automotive Group for $2 billion, to close 4Q17. $GPC PR link.
Allergan(PBR219) authorizes new $2 billion share repurchase program, recently completed $15 billion program. $AGN PR link.
SunTrust Banks(PBR307) to sell its commercial lines insurance premium finance subsidiary, $1.4 billion in assets Premium Assignment Corporation (PAC), to IPFS Corporation, terms not disclosed. $STI PR link.
TechnipFMC(PBR334) authorizes up to $500 million share repurchase program through 12/31/18. $FTI PR link.
NVIDIA(PBR510) CEO/Founder Jensen Huang kicks off global GTC Tour, unveiling AI tools and partnerships in China, including Alibaba, Tencent, Baidu, JD.com and iFlyTech for cloud services, and OEMs Huawei, Inspur, and Lenovo. $NVDA PR link.
Arthur J Gallagher(PBR515) acquires Naples, FL, based retail property/casualty broker and benefit consultant Premier Insurance dba Lutgert Insurance, terms not disclosed. $AJG PR link.
Colfax(PBR517) to sell its $463 million revenues in 2017 Fluid Handling business to CIRCOR for $860 million cash, to close in 4Q17. $CFX PR link.
American Equity(PBR859) to transition its 78,000 members National Guard and Fire Fighter group life insurance coverage to Armed Forces Benefit Association(AFBA), terms not disclosed. $AEL PR link.
Synovus Financial(PBR966) completes acquisition of certain Cabela’s(PBR606 $CAB)assets and liabilities for $1.2 billion, which will then sell credit card assets/related liabilities to Capital One(PBR116 $COF), which will become exclusive 10 year VISA(PBR224 $V) card provider. $SNV PR link.
Allergan(PBR219) EVP/CFO Tessa Hilado to retire upon appointment of successor. $AGN PR link.
HanesBrands(PBR459) hires Barry Hytinen as CFO, effective 10/16/17. $HBI PR link.
Moody’s(PBR636) hires Melanie Hughes as Chief Human Resources Officer. $MCO PR link.
Tempur Sealy(PBR687) promotes Bhaskar Rao to EVP/CFO, effective 10/13/17, succeeds departing Barry Hytinen. $TPX PR link.
Bristow Group(PBR919) directors Bruce Stover and David Gompert to depart Board in 03/18, Gaurdie Banister Jr, former Shell Oil senior executive, to join Board on 10/01/17. $BRS PR link.
The Federal Bank of Chicago says the Preliminary August National Activity Index is at -0.31, July was +0.03, June +0.16, August 2016 -0.43. ChiFed PR link.
***Friday, September 22:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 09/22/17:
DJIA ends week at 22,349.59, +0.36% from last Friday, +1.83% MTD, +4.68% QTD, +13.09% YTD, -0.28% from record 22,412.59 set 09/20/17.
NASDAQ ends week at 6,426.92, -0.33% from last Friday, -0.03% MTD, +4.67% QTD, +19.39% YTD, -0.53% from record 6,461.32 set 09/19/17.
SPX ends week at 2,502.22, +0.08% from last Friday, +1.24% MTD, +3.25% QTD, +11.76% YTD, -0.24% from record 2,508.24 set 09/20/17.
Johnson & Johnson(PBR37) Janssen unit receives Complete Response Letter from US FDA for Sirukumab, for treatment of moderate to severe rheumatoid arthritis, of Biologics License Application, planning a follow-up session with FDA. $JNJ PR link.
Cisco(PBR60) completes $320 million cash acquisition of Sunnyvale, CA, based hyperconvergence software developer Springpath. $CSCO PR link.
Merck(PBR70) gets US FDA approval for KEYTRUDA® (pembrolizumab) use for certain advanced gastric cancers. $MRK PR link.
International Paper(PBR117) to invest $300 million to convert its No. 15 paper machine at Riverdale Mill in Selma, AL, from uncoated freesheet to high quality whitetop linerboard and containerboard, to add 450,000 tons of annual capacity, provide some flexibilities. $IP PR link.
Abbott Labs(PBR134) gets US FDA approvalfor MRI-compatibility for its ELLIPSE™ ICDused for treatment of abnormally fast heart rhythms. $ABT PR link.
ConAgra(PBR166) to acquire Angie’s Artisan Treats, the maker of Angie’s BOOMCHICKAPOP ready-to-eat popcorn, from TPG Growth, terms not disclosed. $CAG PR link.
Bristol-Myers Squibb(PBR185)’s Opdivo® (nivolumab) gets US FDA approval for treatment of hepatocellular carcinoma patients previously treated with sorafenib. $BMY PR link.
Allergan(PBR219) gets Refusal to File Letterfrom US FDA for Vraylar® (cariprazine) supplemental New Drug Application (sNDA)for the treatment of negative symptoms in schizophrenia, to meet with FDA to address issues. $AGN PR link.
TSYS(PBR790) President/COO Pamela Joseph resigns, effective 09/30/17; Chairman/CEO M Troy Woods to assume additional role of President, commits to being CEO through at least end of 2020. $TSS PR link.
Ferrellgas(PBR801) hires Doran Schwartz as CFO, effective 10/16/17, to succeed Al Heitmann, who will remain in an advisory role until his retirement on 01/31/18. $FGP PR link.
Insperity(PBR814) appoints Ellen Masterson, a former PriceWaterhouseCoopers executive, as a new independent director. $NSP PR link.
***Thursday, September 21:
ExxonMobil(PBR2) Baytown and Beaumontrefineries begin fuels production, chemical plants ramping up to normal operations as recovery continues from Hurricane Harvey. $XOM PR link.
Alphabet(PBR44 $GOOG)’s Google unit to pay $1.1 billion to Taipei, Taiwan, based smartphone developer HTC(TWSE: 2489) for some employees working on Pixel smartphones and for non-exclusive license of certain HTC intellectual property. HTC PR link.
Texas Instruments(PBR220) increases quarterly dividend by 24% to $0.62/share, adds $6.0 billion share repurchase program, balance available is now $10.6 billion. $TXN PR link.
Core-Mark(PBR271) gets 3 year food service distribution services renewal agreement for 4,500 Rite-Aid(PBR105 $RAD) drug stores. $CORE PR link.
AECOM(PBR322) announces capital allocation policy and $1 billion stock repurchase authorization. $ACM PR link.
Blackstone(PBR352) to acquire Darmstadt, Germany, based 2,300 employees global applied measuring technology provider Schenck Process from IK Investment Partners, terms not disclosed. $BX PR link.
Perrigo(PBR565) gets US FDA approval for its AB rated generic version of opioid agonist Exalgo®(hydromorphone HCl) 32mg Extended Release Tablets, used for certain pain therapies, $35 million market. $PRGO PR link.
FMC Corp(PBR566) gets Competition Commission of India (CCI) approval for acquisition of certain assets of DuPont Crop Protection business for $1.2 billion cash, expects to close 11/01/17. $FMC PR link.
Minerals Tech(PBR949) authorizes $150 million 2 year share repurchase program, effective 10/01/17. $MTX PR link.
PPG(PBR190) EVP Viktor Sekmakas to retire, effective 09/30/17. $PPG PR link.
PPG(PBR190) SVP/Automotive Coatings Tim Knavish to become SVP/Industrial Coatings & other units, effective 09/30/17, succeeds departing Shelley Bausch, Gary Danowski to become VP/Automotive Coatings. $PPG PR link.
Dana(PBR382) promotes Christophe Dominiak to SVP/Chief Technology Officer, succeeds retiring George Constand. $DAN PR link.
Flowserve(PBR492) hires Lee Eckert as SVP/CFO, effective 10/09/17. $FLS PR link.
MDU Resources(PBR513) promotes Jason Vollmer to VP/CFO, effective 09/30/17, succeeds departed Doran Schwartz. $MDU PR link.
Citrix(PBR658) hires Mark J. Ferrer as EVP/Chief Revenue Officer, EVP/Worldwide Sales and Services Carlos Sartorius to assist in transition, retire at end of 2017. $CTXS PR link.
Tiffany(PBR551) elects Roger Farah as new Chairman, effective 10/02/17, succeeds Michael Kowalski who will remain as a director. $TIF PR link.
The US Federal Reserve Bank reports US 2Q17 Households & Nonprofits Net Worth at $96.196 trillion, +1.8% from 1Q17, +9.3% from 2Q16. Fed PR link.
The Federal Reserve Bank of Philadelphiasays the Philadelphia September Manufacturing General Activity Indicator is at 23.8, August was 18.9, July 19.5, September 2016 11.6. PhillyFed PR link.
The Conference Board says US August Leading Economic Index(2010=100) is at 128.8, July was 128.4, June 128.1, August 2016 124.1. TCB PR link.
FreddieMac(PBR41) in September Outlookforecasts US new and existing home sales to increase 2% in 2018, house price growth of 4.9%, refinance share of mortgage activity to decline to 25%. $FMCC PR link.
The Natl Retail Federation estimates Halloween spending to reach record $9.1 billion, +8.3% from 2016. NRF PR link.
***Wednesday, September 20:
Walmart(PBR1) to again offer extra hours to associates rather than hire seasonal workers for the holidays, bringing back Holiday Helpers to assist customers. $WMT PR link.
Anthem(PBR38) to acquire Florida based 40,000 members Medicare Advantage health plans and healthcare delivery networks provider HealthSun, terms not disclosed. $ANTM PR link.
Beacon Roofing(PBR818) making public offering of 6,325,000 shares of its common stock for $47.50/share, expects to close on 09/25/17. $BECN PR link.
Scientific Games(PBR937) to acquire Las Vegas, NV, based 1,000 employees globally digital gaming provider NYX Gaming Group(TSXV: NYX) for around $631 million. $SGMS PR link.
Office Depot(PBR182) hires David Bleisch as EVP/Chief Legal Officer & Corporate Secretary, succeeds Steve Calkins who was promoted to President, Business Solutions Division in 05/17. $ODP PR link.
EOG Resources(PBR159) appoints C. Christopher Gaut, most recently Chairman/CEO of Forum Energy Technologies, to the Board, effective 10/01/17. $EOG PR link.
Citrix(PBR658) elects Ajei S. Gopal, currently President/CEO of engineering simulation developer ANSYS, to the Board. $CTXS PR link.
The Federal Reserve Open Market Committeefinishes meeting, says labor market has continued to strengthen and that economic activity has been rising moderately so far this year, federal funds interest rate remains 1.00-1.25%, balance sheet normalization programto start in 10/17. FOMC PR link.
The Natl Assn of Realtors says US August Existing Home Sales Annual Rate is at 5.35 million, -1.7% from July, +2.0% from August 2016; Median Price is $253,500, -1.9% from July, +5.6% from August 2016. NAR PR link.
***Tuesday, September 19:
Ford(PBR10 $F) to cut production for 1-3 weeks at 5 plants as demand slips. MarketWatch PR link.
Amazon(PBR29) announces all new Amazon Fire HD 10, retails for $149.99. $AMZN PR link.
Walgreens Boots Alliance(PBR36) gets regulatory clearance for purchase of 1,932 Rite Aid(PBR105) stores and related assets over 6 months starting in 10/17 for $4.375 billion cash. $WBA PR link.
Kohl’s(PBR149) to offer free returns of Amazon(PBR29 $AMZN) items at 82 stores across Los Angeles and Chicago areas starting in 10/17. $KSS PR link.
Swiss based Clariant confirms receipt of letter from investor White Tale Holdings, reconfirms its full commitment to $20 billion merger of equals with Huntsman Corp(PBR244 $HUN). Clariant PR link.
Huntsman Corp(PBR244) says Clariant 15%+ stockholder White Tale Holding‘s public letter is false and misleading regarding $20 billion merger of equals. $HUN PR link.
Post Holdings(PBR486) to acquire producer and distributor of refrigerated potato, pasta and vegetable-based side dishes, pork sausage, and a variety of refrigerated and frozen convenience food items Bob Evans Farms(NASDAQ: BOBE) for $77.00/share, $1.5 billion cash, to be completed 1Q18. $POST PR link.
TEGNA(PBR622) authorizes up to $300 million share repurchase program over 3 years, anticipates 2018 revenue and cash flow will be particularly strong, driven by both Olympics and Super Bowl advertising, very strong political spending, as well as further ramp up of multiple revenue initiatives. $TGNA PR link.
WABCO(PBR704) completes $145 million acquisition of private, Hanover, PA, based $130 million/2016 commercial vehicle technologies supplier RH Sheppard. $WBC PR link.
Crocs(PBR1000) and British fashion designer Christopher Kane debut limited-edition Swiftwater Sandals, features a richly embellished rhinestone spin. $CROX PR link.
Xylem(PBR575) promotes Colin Sabol to SVP & President/Sensus & Analytics, effective 10/01/17, succeeds Randy Bays who will move into an advisory role. $XYL PR link.
Microsoft(PBR31) appoints Hugh Johnston, Vice Chairman/CFO of PepsiCo(PBR43) to the Board; G Mason Morfit to not stand for Board re-election in 11/17. $MSFT PR link.
eBay(PBR163) appoints Adriane Brown, currently advisor with Intellectual Ventures and former senior executive with Honeywell(PBR74), and Diana Farrell, Founding President/CEO at think tank JPMorgan Chase(PBR21) Institute, to the Board. EBAY PR link.
Colfax(PBR517) appoints Didier Teirlinck, strategic advisor to the CEO of Ingersoll Randand former EVP of Ingersoll Rand’s Climate segment, to its Board. $CFX PR link.
Twitter(PBR735) appoints Patrick Pichette, former SVP/CFO of Google, to the Board, effective 12/01/17; Hugh Johnston, Vice Chairman/CFO of PepsiCo(PBR43), to step down from Board, effective 10/01/17. $TWTR PR link.
The US Dept of Commerce/HUD says US Preliminary August Private Housing Building Permits Issued Annual Rate is at 1,300,000, +5.7% from July, +8.3% from August 2016. USDOC PR link.
The US Dept of Labor reports US Preliminary August Import Prices were +0.6%, July -0.1%, June -0.2%, August 2016 -0.2%; Export Priceswere +0.6%, July +0.5%, June -0.1%, August 2016 -0.8%; YTD Import Prices are +2.1%, Export Prices +2.3%. USDOC PR link.
***Monday, September 18:
Valero Energy(PBR13) acquisition of Martinez and Richmond Terminals in California, assets of Plains All American Pipeline(PBR66 $PAA), terminated by mutual agreement. $VLO PR link.
Amazon(PBR29) to open 3rd fulfillment center in Portland, OR, 1 million sf facility, to create 1,000+ fulltime jobs. $AMZN PR link.
Amazon(PBR29) to open 4th fulfillment center in Ohio, a 1 million sf facility in Monroe, to create 1,000+ fulltime jobs. $AMZN PR link.
Macy’s(PBR97) to hire 80,000 seasonal associates in 2017, schedules national hiring event for 09/28-29/17. $M PR link.
Northrop Grumman(PBR113) to acquire global aerospace and defense technologies provider Orbital ATK(PBR655) for $134.50/share, $9.2 billion cash, includes $1.4 billion in debt, expects to close in 1H18. $NOC PR link.
Medtronic(PBR133) announces US FDA approval and US launch of Intellis(TM) platform for the management of certain types of chronic intractable pain. $MDT PR link.
L Brands(PBR247) authorizes new $250 million share repurchase program, includes $10.3 million remaining from previous $250 million plan. $LB PR link.
Henry Schein(PBR270) authorizes new up to $400 million share repurchase program, $25 million still available from previous authorization. $HSIC PR link.
Sanmina(PBR401) authorizes new up to $200 million share repurchase program, to be effective upon completion of current program which has a balance of $53 million. $SANM PR link.
Envision Healthcare(PBR581) authorizes up to $250 million share repurchase program. $EVHC PR link.
Taylor Morrison Home(PBR595) extends share repurchase program to 12/31/18, increases amount available to $100 million from $56.4 million balance remaining. $TMHC PR link.
Meritor(PBR639) to sell its interest in Meritor WABCO joint venture to WABCO(PBR704) for $250 million plus $225 million to $265 million over next 3 1/2 years based on earnings of the business. $MTOR PR link.
TD Ameritrade(PBR662) completes $4 billion cash/stock acquisition of private Scottrade Financial Services. $AMTD PR link.
PAREXEL Intl(PBR762) shareholders approve acquisition by Pamplona Capital Managementfor $88.10/share, $5.0 billion cash, to close 09/29/17. $PRXL PR link.
Itron(PBR896) to acquire Internet of Important Things™ connectivity platforms and solutions to utilities and cities provider, $311 million in sales/2016 with $1.2 billion backlog Silver Spring Networks(NYSE: SSNI) for $16.25/share(25% premium over 09/15/17 closing price), $830 million cash. $ITRI PR link.
Apollo Global Mgmt(PBR906) completes $17.12/share, $1.1 billion acquisition of private clubs management provider ClubCorp(NYSE: MYCC). $APO PR link.
Scientific Games(PBR937) to re-incorporate from Delaware to Nevada pending special shareholders meeting approval. $SGMS PR link.
ManTech Intl(PBR938) to acquire private Bethesda, MD, based 300 employees IT solutions provider InfoZen for $180 million. $MANT PR link.
Verizon(PBR15) hires Rima Qureshi as EVP/Chief Strategy Officer, effective 11/06/17, to succeed Roy Chestnut who is departing by 12/31/17. $VZ PR link.
Ingredion(PBR415) EVP/Global Specialties & President/Americas Jim Zallie to become President/CEO on 01/01/18, current President/CEO/Chairman Ilene Gordon to be Executive Chairman until retirement in 07/18. $INGR PR link.
CommScope(PBR482) EVP/CFO Mark Olson to retire on 03/31/18, search firm being retained. $COMM PR link.
Envision Healthcare(PBR581) reorganizing, Karen Witty to be EVP/COO, Kevin Eastridge to be promoted to CFO, succeeds retiring Claire Gulmi, Physicians Services Group COO Brian Jackson to be President/Physicians Services, all effective 10/02/17. $EVHC PR link.
MSA Safety(PBR996) promotes Bob Leenen to President/MSA International, succeeds retiring Ronald Herring, Jr. $MSA PR link.
Dollar Tree(PBR309) CEO Bob Sasser assumes Executive Chairman role, Enterprise President Gary Philbin appointed President/CEO, Macon Brock remains on Board as Chairman Emeritus. $DLTR PR link.
Intel(PBR51) elects Andrew Wilson, CEO of Electronic Arts(PBR527 $EA), to the Board. $INTC PR link.
Cisco(PBR60) Executive Chairman John Chambers to not stand for re-election at 12/11/17 annual shareholders meeting, to become honorary Chairman Emeritus, CEO Chuck Robbins to be appointed Chairman. $CSCO PR link.
TEGNA(PBR622) board member Jennifer Dulski has resigned to begin a new professional opportunity. $TGNA PR link.
The Natl Assn of Home Builders/Wells Fargo US Preliminary September Housing Market Index is at 64, August was 67, July 64, September 2016 65. NAHB/WF PR link.
***Friday, September 15:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 09/15/17:
DJIA ends week at record 22,268.34, +2.16% from last Friday, +1.46% MTD, +4.30% QTD, +12.86% YTD, +0.00% from record 22,268.34 set 09/15/17.
NASDAQ ends week at 6,448.47, +1.39% from last Friday, +0.31% MTD, +5.02% QTD, +19.79% YTD, -0.18% from record 6,460.19 set 09/13/17.
SPX ends week at record 2,500.23, +1.58% from last Friday, +1.16% MTD, +3.17% QTD, +11.68% YTD, +0.00% from record 2,500.23 set 09/15/17.
Walmart(PBR1) CEO Doug McMillon announces 5-7 year plan to develop a new centralized home office located in Bentonville, AR. $WMT PR link.
MetLife(PBR39) completes $250 million acquisition of Fortress Investment Group‘s $33 billion in assets from 100+ institutional clients Logan Circle Partners, a traditional fixed income asset management business. $MET PR link.
Bon-Ton Stores(PBR707) to hire 10,000 associates for the holiday season, as well as 500 for its fulfillment/e-commerce centers. $BONT PR link.
Equifax(PBR795) releases details on cybersecurity incident, that its Chief Information Officer and Chief Security Officer are retiring, interim appointments made. $EFX PR link.
PerkinElmer(PBR839) SVP/CFO Andy Wilson to retire in 08/18, executive search firm retained. $PKI PR link.
Sysco(PBR61) elects Sheila G. Talton, currently serving as President/CEO of Gray Matter Analytics, to the Board, will stand for re-election at 11/17/17 annual meeting. $SYY PR link.
Natl Oilwell Varco(PBR127) appoints Melody B. Meyer, former Chevron(PBR3) executive, to the Board. $NOV PR link.
The US Federal Reserve Board says US Preliminary August Industrial Production Total Index(2012=100) is at 104.7, +0.2% from July, +2.2% from August 2016; Total Industry Capacity at 76.1%, July was 76.9%, effect of Hurricane Harvey. FRB PR link.
The Federal Reserve Bank of New York September Empire State Manufacturing Survey Index is at 24.4, August was 25.2, July9.8, September 2016 -1.2. NYFed PR link.
The US Dept of Commerce/Census says US Preliminary July Total Manufacturers/Retail/Wholesales Sales at $1.359 trillion, +0.2% from June, +4.9% from July 2016. USDOC PR link.
The US Dept of Commerce/Census says US Advance August Total Retail Sales were at $474.8 billion, -0.2% from July, +3.2% from August 2016. USDOC PR link.
The U of Michigan US Preliminary September Consumer Sentiment Index is at 95.3, Augustwas 96.8, July 93.4, September 2016 91.2. UMichigan PR link.
***Thursday, September 14:
Amazon(PBR29) to open 1 million sf fulfillment center in the Charter Township of Shelby, MI, to open in 2018, will create 1,000 new full-time jobs. $AMZN PR link.
Amgen(PBR135) and Allergan(PBR219 $AGN)’s MVASI™ (bevacizumab-awwb) gets US FDA first anti-cancer biosimilar approval for treatment of 5 types of cancer. $AMGN PR link.
Netflix(PBR447) renews 2014 agreement with Orange TV for France, expands partnership to include all 29 countries served by Orange Group. $NFLX PR link.
QuintilesIMS(PBR455) to do 4 million share repurchase as part of secondary public 9 million stock sale. $Q PR link.
AmTrust Financial(PBR564) to sell Personal Lines Policy Management System to National General Holdings Corp for $200 million in 3 payments. $AFSI PR link.
Manitowoc(PBR579) to do 1:4 reverse stock split, needs to be approved at special stockholders meeting to be held sometime in 4Q17. $MTW PR link.
Equinix(PBR793) opens its newest International Business Exchange™ (IBX®)data center in Silicon Valley, a $122 million facility called SV10, located at its Great Oaks campus in San Jose. $EQIX PR link.
Synopsys(PBR879) to do $100 million accelerated share repurchase for 1.01 million shares from HSBC. $SNPS PR link.
Office Depot(PBR182) hires Jerri DeVard as EVP/Chief Marketing Officer. $ODP PR link.
TimeInc(PBR631) promotes Edward Felsenthal to Editor-in-Chief of TIME, succeeds Nancy Gibbs who stepped down on 09/12/17. $TIME PR link.
Alexion Pharmaceutical(PBR840) appoints Paul A. Friedman, MD, former President/CEO of biopharmaceuticals company Incyte Corp, to the Board, succeeds retired R. Douglas Norby; Director Alvin S. Parven to retire from Board at next annual meeting. $ALXN PR link.
The US Dept of Labor says US Preliminary August Average Weekly Employee Earningswere at $907.82, -0.2% from July, +2.8% from August 2016. USDOL PR link.
The US Dept of Labor says US August Consumer Price Index for All Items was +0.4%, July was 0.1%, June +0.0%, Last 12 Months(Unadjusted) +1.9%. USDOL PR link.
The PBR1000 Top 5 August Stock Price Gainers(Company, Rank by Revenues, Stock Symbol, Stock Price 08/31/17, % Change from 07/31/17) are:
1. Triple-S Mgmt(PBR676), GTS, $24.71, +60%
2. Hertz Global(PBR297), HTZ, $21.74, +59%
3. Calumet(PBR584), CLMT, $8.00, +54%
4. Manitowoc Co(PBR905), MTW, $8.23, +44%
5. Systemax(PBR899), SYX, $24.44, +35%
Range: +60% to -78%
Number of Companies >0.0%: 431/1,002
Average: -0.65%
Median: -0.97%
To get the full The PBR1000 Snapshot 11 list, as well as 14 other insightful analytical reports, 22 rankings, and 200 data/info items per company go to the Subscribe page.
***Wednesday, September 13:
Target(PBR40) hiring 100,000 team members for the holiday season plus 4,500 for its distribution/fulfillment centers. $TGT PR link.
Alleghany Corp(PBR467) to sell its underwriter of workers’ compensation insurance, primarily in California, Pacific Compensation Insurance Company, to CopperPoint Mutual Insurance Company for $150 million cash. $Y PR link.
Greenbrier(PBR846) completes production on its 50,000th covered hopper railcar, built the first one 11 years ago. $GBX PR link.
Mylan(PBR346) hires Dennis Zeleny as Chief Human Relations Officer. $MYL PR link.
Bristol-Myers Squibb(PBR185) elects Karen Vousden, PhD, a highly regarded cancer researcher, to the Board, will serve on Science and Technology Committee. $BMY PR link.
Deckers Outdoor(PBR929) confirms receipt of 10 nominees for board from major shareholder Marcato Capital Management, will review, states confidence in current board and business strategy. $DECK PR link.
SeaWorld(PBR948) elects international theme parks executive Yoshikazu Maruyama as Chairman, succeeding David D’Alessandro who is stepping down along with directors Judith A. McHale, and Ellen O. Tauscher; Donald Robinson elected Lead Independent Director; all effective 10/09/17. $SEAS PR link.
The US Dept of Labor says US August Producer Price Index was +0.2%, July was -0.1%, June +0.1%, August 2016 -0.2%. USDOL PR link.
The US Dept of Treasury says US August Receipts were $226.3 billion, Outlays $334.0 billion, Deficit $107.7 billion, YTD Receipts(11 Months) $2.996 trillion, YTD Outlays $3.640 trillion, YTD Deficit $673.7 billion. Treasury PR link.
***Tuesday, September 12:
Walmart(PBR1 $WMT) moving from 6 divisional groups to 4, 44 regional groups to 36, in order to keep up with the fast pace of change in the retail sector. MarketWatch PR link.
Apple(PBR5 $AAPL) announces Apple Watch Series 3(PR link), iPhone 8 and iPhone 8 Plus(PR link), and iPhone X(PR link).
AT&T(PBR12) Unlimited Choice customers join AT&T Unlimited Plus customers in getting HBOincluded with their wireless plans starting 09/15/17. $T PR link.
DowDuPont(PBR48) announces certain targeted adjustments to be made between the Materials Science and Specialty Productsdivisions before spin-offs occur. $DWDP PR link.
Staples(PBR122) acquisition by private equity firm Sycamore Partners for $10.25/share(about a 20% premium from 04/03/17), $6.9 billion cash, is completed, no longer a publicly traded company. $SPLS PR link.
Centene(PBR177) to acquire not-for-profit 1.6 million members $4.8 billion in revenues for 6 months ended 06/30/17 Fidelis Care for $3.75 billion, will become Centene’s health plan in New York State. $CNC PR link.
MGM Resorts(PBR273) to purchase 10 million shares at $32.75/share, from Tracinda Corporation, which will retain 47.1 million shares, represents 8.3% of common stock. $MGM PR link.
Dover(PBR343) exploring strategic alternatives for the separation of its upstream energy businesses within its Energy segment, including a tax-free spin-off, sale or other strategic combination. $DOV PR link.
Alexion Pharmaceutical(PBR840)restructuring, reduce global workforce by 20%, to close multiple manufacturing and office sites, relocate corporate headquarters to Boston, MA, by mid 2018, Center of Excellence for R&D and other functions to be in New Haven, CT. $ALXN PR link.
AGNC Investment(PBR992) to do public offering of 24.5 million common shares, expects total gross proceeds of $510.8 million before expenses. $AGNC PR link.
Flowserve(PBR492) hires David Wilson as President, Industrial Products Division, succeeds EVP/Global Operations and interim President/IPD Tom Pajonas who is retiring by 12/31/17. $FLS PR link.
SPX(PBR506) hires Franklin McClelland as VP/Business Development and Strategy. $SPX PR link.
TimeInc(PBR631) TIME Editor-in-Chief Nancy Gibbs is stepping down after 32 years at the brand, including four years at its helm. $TIME PR link.
New York Times(PBR971) announces key appointments and changes to digital operations, goal is $800 million in digital related revenues by 2020. $NYT PR link.
Chesapeake Energy(PBR131) appoints Leslie S. Keating, EVP/Supply Chain Strategy and Transformation for Advance Auto Parts(PBR279), to the Board. $CHK PR link.
The US Dept of Labor says US Preliminary July Total Job Openings were at 6,170,000, +0.9% from June, +5.8% from July 2016. USDOL PR link.
CoreLogic reports US June 30 Days or More Mortgage Delinquency Rate is at 4.5%, Maywas 4.5%, April 4.8%, June 2016 5.3%, Total June Rate In Foreclosure at 0.7%. CoreLogic PR link.
Manpower(PBR132) 4Q2017 US Employment Outlook Survey shows +17% Net Employment Outlook, same as 3Q2017. $MAN PR link.
Manpower(PBR132) 4Q2017 Global Employment Outlook Survey shows that all 43 countries have no negative growth outlooks, first time since 2Q2008. $MAN PR link.
***Monday, September 11:
***Remembering 9/11, Lives Lost, 1st Responders, Buildings Destroyed, and the Rebuilding of the American Spirit.***
Johnson & Johnson(PBR37) Janssen unit discontinuing Hepatitis C development program, focus on chronic Hepatitis B therapies. $JNJ PR link.
Medtronic(PBR133) is informing patients worldwide of a voluntary recall of specific lots of infusion sets used with all models of Medtronic insulin pumps. $MDT PR link.
Nordstrom(PBR214) introduces Nordstrom Local retail concept and neighborhood hub, a 3,000 sf retail space, for free personal styling, onsite alterations and a suite of Nordstrom services, opening 2 stores on 10/03/17 in West Hollywood & Century City, CA. $JWN PR link.
Pilgrim’s Pride(PBR310) acquires N Irelandbased UK/Europe poultry and prepared foods supplier Moy Park for enterprise value of $1.3 billion. $PPC PR link.
Sealed Air(PBR344) to acquire Singaporebased 1,300 employee, 14 plants across Asia, fabricator of polyethylene foam Fagerdala for $100 million cash, in 10/17. $SEE PR link.
Arthur J Gallagher(PBR515) acquires Flemington, NJ, based full-service property/casualty insurance agency Franklin-Case Agency, terms not disclosed. $AJG PR link.
Equinix(PBR793) to acquire Itconic, a data center, connectivity and cloud infrastructure solutions provider in Spain and Portugal, from The Carlyle Group(PBR581), for $259 million, to close in 4Q17. $EQIX PR link.
Cooper Cos(PBR950) to acquire $168 million in sales/2017 PARAGARD® Intrauterine Device (IUD) business from Teva Pharmaceutical(NYSE: TEVA) for $1.1 billion cash. $COO PR link.
Knight Transportation(PBR977) and Swift Transportation(PBR547) complete $6 billion all stock merger deal, now Knight-Swift Transportation Holdings, keeps Knight KNXtrading symbol, companies to maintain distinct brands and operations. $KNX PR link.
Alaska Air(PBR454) hires Diana Birkett Rakow as VP of External Relations, succeeds departed Joe Sprague. $ALK PR link.
Host Hotels(PBR455) EVP/CFO Greg Larson to retire in 11/17, Michael D. Bluhm hired as successor. $HST PR link.
Macquarie Infrastructure(PBR901) promotes Christopher Frost to President/COO, effective on or before 10/31/17, expected to succeed James Hooke as CEO when he steps down in early 2018 and joins the Board. $MIC PR link.
Cabot Corp(PBR607) elects Michael Morrow, recently retired PricewaterhouseCooper executive, to the Board. $CBT PR link.
***Friday, September 8:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 09/08/17:
DJIA ends week at 21,797.79, -0.86% from last Friday, -0.68% MTD, +2.10% QTD, +10.30% YTD, -1.45% from record 22,118.42 set 08/07/17.
NASDAQ ends week at 6,360.19, -1.17% from last Friday, -1.07% MTD, +3.58% QTD, +18.15% YTD, -1.17% from record 6,435.33 set 09/01/17.
SPX ends week at 2,461.43, -0.61% from last Friday, -0.41% MTD, +1.57% QTD, +9.94% YTD, -0.79% from record 2,480.91 set 08/07/17.
Allergan(PBR219) and Saint Regis Mohawk Tribe announce agreements regarding RESTASIS® patents, tribe to receive $13.5 million upon execution of agreement, up to $15 million/year in royalties, patents expire 08/27/24. $AGN PR link.
TD Ameritrade(PBR662) opens registration through 10/02/17 for its 4th Annual thinkorswim Challenge for US college students to test their investing skills. $AMTD PR link.
Brinker Intl(PBR697)’s Chili’s restaurants changing menu from 125 items to 75, effective 09/18/17. $EAT PR link.
Synopsys(PBR879) to repatriate $775-850 million in international cash to the US during 4Q17 in anticipation of US corporate tax reform. $SNPS PR link.
Sprint(PBR86) hires Ivo Rook as SVP IoT, effective 01/01/18. $S PR link.
Kraft Heinz(PBR156) Kraft Heinz(PBR156) EVP/CFO Paulo Basilio to be Zone President/US, VP & Category Head-Planters David Knopf to be EVP/CFO, COO/US George Zoghbi to be Strategic Advisor to the Board, all effective 10/01/17. $KHC PR link.
Coty(PBR524) hires Daniel Ramos as Chief Scientific Officer and EVP R&D, effective 09/15/17. $COTY PR link.
Avista(PBR990) VP/State and Federal Regulation Kelly Norwood to retire 11/01/17, VP/Customer Solutions Kevin Christie to add the responsibilities to his role. $AVA PR link.
Salesforce(PBR453) appoints Bernard Tyson, currently Chairman/CEO Kaiser Health Plan and Hospitals, to the Board. $CRM PR link.
A. Schulman(PBR791) appoint Carol Eicher and Allen Spizzo to the Board, Dr. William Joyce appointed senior advisor to the Board and company consultant. Follows cooperation agreement between Cruiser Capital Advisor and Kingdon Capital Management, which collectively own 9.83% of A. Schulman common stock, and the Joyce Trusts which own 2.55%. $SHLM PR link.
The US Dept of Labor says US 2Q17 Wages/Salaries for All Workers Averaged$24.10/hour, Benefits $11.18/hour, Total$35.28/hour, unchanged from 1Q17, +3.6% from 2Q16. USDOL PR link.
The US Dept of Commerce/Census US Preliminary July Total Wholesale Sales at $465.1 billion, -0.0% from June, +6.0% from July 2016. USDOC PR link.
The US Federal Reserve says US July Total Consumer Debt at $3.754 trillion, +0.5% from June, +3.0% YTD, +9,9% from 12/2015. TheFedPR link.
The FannieMae(PBR17) US August Home Purchase Sentiment Index is at 88.0, July was 86.8, June 88.3(Record), August 2016 85.0. $FNMA PR link.
***Thursday, September 7:
Amazon(PBR29) opens search for a second and equal headquarters location in the US, expects to spend $5+ billion for construction, to employ 50,000. $AMZN PR link.
Pfizer(PBR56 $PFE) Meridian Medical Technologies unit warning letter from US FDAmade public, regards EpiPen manufacturing violations that have lead to malfunctions and possibly death. FDA PR link.
Eli Lilly(PBR142) to streamline operations, to reduce global workforce by 3,500, primarily from US voluntary early retirement program by 12/31/17, to close R&D facilities in Bridgewater, NJ, and Shanghai, China. $LLY PR link.
Bristol-Myers Squibb(PBR185) completes $300 million cash upfront and up to $1.01 billion upon milestone achievements acquisition of developer of innate immune response for treating cancer therapies IFM Therapeutics. $BMY PR link.
Celgene(PBR347) reports that the US FDA has placed a partial clinical hold on five trials and a full clinical hold on one trial in the Celgene FUSION™ program. $CELG PR link.
Newell Brands(PBR434) to acquire Rockville, MD, based $55 million revenues/year Chesapeake Bay Candle for $75 million. $NWL PR link.
Williams-Sonoma(PBR508) to interview for over 4,000 open positions nationwide on first National Hiring Day on 09/14/17. $WSM PR link.
Arthur J Gallagher(PBR515) acquires employee benefits consultant and brokerage firm Nebraska-based Lincoln Financial Management, terms not disclosed. $AJG PR link.
Equifax(PBR795) announces cybersecurity event from mid-May through July, potentially impacting 143 million US consumers, offers free 3-bureau credit reports and identity theft protection for 1 year. $EFX PR link.
Fitbit(PBR870) and continuous glucose monitoring provider DexCom(NASDAQ: DXCM)to collaborate on developing an app for the Fitbit Ionic smartwatch. $FIT PR link.
Boeing(PBR27) hires Phil Musser as SVP/Communications, effective 09/25/17, succeeds Tom Downey who is stepping down, retiring early next year. $BA PR link.
VISA(PBR224) hires Charlotte Hogg as corporate EVP & CEO/European Operations, effective 10/01/17. $V PR link.
Sealed Air(PBR344) President/CEO Jerome A. Peribere to retire on 12/31/17, successor Edward L. Doheny II hired as director, COO and CEO-designate, effective 09/18/17. $SEE PR link.
TD Ameritrade(PBR662) appoints Peter deSilva, head of Scottrade retail business, to President/Retail Distribution, to be effective upon completion of acquisition of Scottrade, succeeds current head of Retail Distribution Tom Bradley who will be leaving the organization. $AMTD PR link.
Whiting Petroleum(PBR667) to do 1:2 to 1:6 reverse stock split, to be voted on at special shareholders meeting to be scheduled in 4Q17. $WLL PR link.
ADP(PBR235) announces that after meeting with Bill Ackman’s Pershing Square on 09/05/17 the decision remains not to include its Board nominees at the next annual meeting. $ADP PR link.
The US Dept of Labor says US Revised 2Q17 Labor Productivity at +1.3%, 1Q17 was -0.8%, 4Q16 +2.0% 2Q16 +0.6%. USDOL PR link.
***Wednesday, September 6:
Amazon(PBR29) to open first fulfillment center in NY, to be located on Staten Island, 855,000 sf, to employ 2,250 fulltime. $AMZN PR link.
Johnson & Johnson(PBR37) recently acquired Actelion unit gets US FDA approval for TRACLEER® (bosentan) for use in pediatric patients aged three years and older with idiopathic or congenital pulmonary arterial hypertension. $JNJ PR link.
Merck(PBR70) to acquire RIG-I therapeutics for immuno-oncology pioneer Rigontec for $136 million cash plus up to $412 million in contingent payments. $MRK PR link.
Deere & Co(PBR81) to acquire Sunnyvale, CA, based 60 employees machine learning in agriculture developer Blue River Technologyfor $305 million. $DE PR link.
T-Mobile(PBR95) ONE family plans to now include free service Netflix(PBR447) On Us in exclusive partnership, requires two or more paid voice lines. $TMUS PR link.
Kohl’s(PBR149) announces ability to buy Amazon(PBR29) smart home products in 10 select Kohl’s stores across the Los Angeles and Chicago areas starting in 10/17. $KSS PR link.
Sempra Energy(PBR254) gets US Bankruptcy Court approval 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.
Sealed Air(PBR344) completes $3.2 billion sale of its Diversey Care division & food hygience and cleaning services units of its Food Care division to Bain Capital. $SEE PR link.
Terex(PBR357) authorizes new up to $225 million share repurchase program. $TEX PR link.
Kelly Services(PBR443) acquires substitute teacher staffing services for K-12 public, private and charter schools, and early child care centers provider Teachers On Call, terms not disclosed. $KELYA PR link.
Global Payments(PBR762) completes $1.2 billion cash/stock acquisition of the communities and sports divisions cloud-based payment technology solutions for event planners provider ACTIVE Network from Vista Equity Partners. $GPN PR link.
GoDaddy(PBR905) to sell 20 million shares at $44.00/share of Class A Common Stock held by 3 stockholders. $GDDY PR link.
Rite Aid(PBR105) corporate President & CEO/Stores Ken Martindale has resigned to assume a leadership position in another company; EVP/Store Operations Bryan Everett promoted to new position of COO/Stores. $RAD PR link.
Starbucks(PBR178) board member Rosalind Brewer to also be Group President/COO, effective 10/02/17. $SBUX PR link.
Abercrombie & Fitch(PBR595) welcomes back Scott Lipesky, appoints him as SVP/CFO, effective 10/02/17. $ANF PR link.
Tailored Brands(PBR643) hires Frank Hamlin as EVP/Chief Marketing Officer and Boris Sherman as EVP/Chief Technology Officer. $TLRD PR link.
GNC(PBR743) hires Ken Martindale as CEO, succeeds interim CEO Bob Moran, who has been elected Non-Executive Chairman, Michael Hines steps down as Chairman, remains on Board, all effective 09/11/17. $GNC PR link.
Vertex Pharmaceuticals(PBR893) hires Tom Graney as SVP/CFO, effective 09/13/17. $VRTX PR link.
The US Dept of Commerce says US Preliminary July Exports were $194.4 billion, YTD $1.349 trillion, July Imports $238.0 billion, YTD $1.668 trillion, July Deficit $43.6 billion, YTD Deficit $319.0 billion, July 2016 YTD Deficit was $332.3 billion. USDOC PR link.
The Federal Reserve Board releases the Beige Book, data from 07/01/17 through 08/28/17, says US economic activity expanded at a modest to moderate pace, mixed results for vehicle sales, low inventories of homes for sale continued to weigh on residential real estate activity, energy and natural resources sector was generally positive prior to shutdowns arising from Hurricane Harvey. TheFed PR link.
The Federal Reserve Board Vice-Chairman Stanley Fischer submits resignation, to be effective around 10/13/17. TheFed PR link.
The ISM US August Non-Manufacturing Index(>50=Economy Growing) is 55.3%, Julywas 53.9%, June 57.4%, August 2016 51.4%. ISM PR link.
The IHS Markit US August Composite PMI Output Index is at 55.3, July was 54.6, June53.9, August 2016 51.5. IHS Markit PR link.
***Tuesday, September 5:
Tyson(PBR80) to build $320 million poultry complex in eastern Kansas, begin production mid 2019, process 1.25 million birds/week, employ 1,600. $TSN PR link.
Monsanto(PBR187) The Climate Corpsubsidiary completes sale of its Precision Planting equipment business to AGCO(PBR280), terms not disclosed. $MON PR link.
PPG(PBR190) completes $545 million sale of its remaining fiberglass operations, all in the US, with 1,000+ employees and $350 million revenues/2016, to Nippon Electric Glass Co. $PPG PR link.
MGM Resorts(PBR273) authorizes $1.0 billion share repurchase program. $MGM PR link.
Group 1 Automotive(PBR276) reports $15 million in Hurricane Harvey related damages to its Houston area auto dealerships. $GPI PR link.
Caesars Entertainment(PBR314) majority owned subsidiary Caesars Entertainment Operating Company secures financing of $2.2 billion to finance the fee and leasehold interests in Caesars Palace Las Vegas as part of plan to emerge from Chapter 11 bankruptcy. $CZR PR link.
Fidelity Natl Financial(PBR331) to acquire clinical documentation and coding solutions for healthcare facilities T-System Holdings for $200 million cash. $FNFV PR link.
Arthur J Gallagher(PBR515) acquires Gothenburg, Sweden, based retail insurance broker Nordic Forsakring & Riskhantering AB, terms not disclosed. $AJG PR link.
NASDAQ(PBR618) to acquire global content and analytics for institutional investors provider eVestment, terms not disclosed. $NDAQ PR link.
Griffon Corp(PBR890) to acquire Emerson Electric(PBR109)‘s $300 million+/year ClosetMaid unit for $260 million. Also exploring strategic alternatives for its $468 million/2017 Clopay Plastics unit because of unsolicited interest. $GFF PR link.
TeleFlex(PBR923) to acquire private urology medical devices developer NeoTract for $725 million plus up to $375 million based on milestones achieved. $TFX PR link.
UK based International Game Technology(NYSE: IGT) and Scientific Games(PBR937 $SGMS), the two largest slot game feature patent portfolios in North America, sign slot games patent cross-licensing agreement, terms not disclosed. $IGT PR link.
AIG(PBR46) hires Lucy Fato as EVP/General Counsel, effective 10/16/17. $AIG PR link.
LKQ(PBR376) hires Varun Laroyia as EVP/CFO, effective 10/01/17, succeeds Nick Zarcone who is now President/CEO. $LKQ PR link.
Green Plains(PBR649) CFO Jerry Peters to retire 09/11/17, hires John Neppl as successor. $GPRE PR link.
Bristow Group(PBR919) promotes Timothy Knapp to SVP/General Counsel, effective 09/26/17. $BRS PR link.
McDermott Intl(PBR825) appoints Philippe Barril, COO of SBM Offshore N.V. and former Technip executive, to the Board. $MDR PR link.
Toro(PBR855) Chairman Michael Hoffman to retire, effective 11/03/17, President/CEO Richard Olson to be successor. $TTC PR link.
The US Dept of Commerce/Census says US Preliminary July Total Manufacturers New Orders were at $466.3 billion, -3.3% from June, +3.1% from July 2016. USDOC PR link.
The PurdueU/CME Group US August Composite Agriculture Barometer Index is at 132, July was 139, June 131, August 2016 95. PurdueU/CME PR link.
President Trump is phasing out the Deferred Action for Childhood Arrivals(DACA) program implemented by an Executive Order issued by former President Obama in June, 2012. White House PR link.
***Monday, September 4:
***US Stock Markets Closed in Observance of Labor Day.***
United Technologies(PBR45) to acquire avionics, flight controls, aircraft interior and data connectivity solutions provider Rockwell Collins(PBR485 $COL) for $140/share, $30 billion cash/stock. $UTX PR link.
HB Fuller(PBR870) to acquire South Bend, IN, based $650 million/year, 1,500 employees in 5 countries Royal Adhesives & Sealants for $1.575 billion. $FUL PR link.
***Friday, September 1:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 09/01/17:
DJIA ends week at 21,987.56, +0.80% from last Friday, +0.18% MTD, +2.99% QTD, +11.26% YTD, -0.59% from record 22,118.42 set 08/07/17.
NASDAQ ends week at record 6,435.33, +2.71% from last Friday, +0.10% MTD, +4.80% QTD, +19.55% YTD, +0.00% from record 6,435.33 set 09/01/17.
SPX ends week at 2,476.55, +1.37% from last Friday, +0.20% MTD, +2.19% QTD, +10.62% YTD, -0.18% from record 2,480.91 set 08/07/17.
Marathon Petroleum(PBR23) drops down joint-interest ownership in certain assets to MPLX for $1.05 billion. $MPC PR link.
Dow Chemical(PBR48) and DuPont(PBR82)complete merger of equals, now DowDuPont(NYSE: DWDP) with 3 divisions, Agriculture, Materials Science, and Specialty Products, all to be spinoffs within 18 months. $DD PR link.
Hewlett Packard Enterprises(PBR55)completes spin-off of software business with UK based Micro Focus Intl(LSE: MCRO, NYSE: MFGP) in $8.8 billion cash/stock deal. $HPE PR link.
Pfizer(PBR56) gets US FDA approval for MYLOTARG™ (gemtuzumab ozogamicin) for certain conditions of acute myeloid leukemia(AML). $PFE PR link.
Tenet Healthcare(PBR161) to transfer ownership of its 2 Philadelphia hospitals to Paladin Healthcare for around $170 million. $THC PR link.
SYNNEX(PBR209) completes $600 million cash acquisition of security, UCC and networking services provider Westcon-Comstor North America and Latin America businesses, plus minority stake in EMEA and APAC units. $SNX PR link.
KKR(PBR332) to acquire majority stake in non-invasive aesthetic treatments 80+ clinics 135 medical professionals 3 million treatments in last year Laser Clinics Australia, terms not disclosed. $KKR PR link.
TechnipFMC(PBR334) gets SEC notification that BlackRock(PBR252 $BLK) now owns 5% of stock. $FTI PR link.
Weyerhauser(PBR355) completes $402.5 million cash sale of its timberlands/manufacturing business in Uruguay to a consortium led by BTG Pactual’s Timberland Investment Group. $WY PR link.
O’Reilly Automotive(PBR359) authorizes additional $1 billion for share repurchase program, balance available now is $9.75 billion, effective for 3 years. $ORLY PR link.
LabCorp(PBR413) completes $1.2 billion cash acquisition of global 4,500 employees specialty contract research organization drug developer Chiltren. $LH PR link.
ABM Industries(PBR478) completes $1.25 billion cash/stock acquisition of Cleveland, OH, based $1.1 billion/year 37,000 employees nationwide facility services in the education/commercial industries provider GCA Services Group. $ABM PR link.
Arthur J Gallagher(PBR515) acquires Scottsdale, AZ, based long-haul and corporate fleet transportation third-party claims administrator National Transportation Adjusters, terms not disclosed. $AJG PR link.
Whiting Petroleum(PBR667) completes $500 million sale of its Fort Berthold area assets in N Dakota to RimRock Oil & Gas Williston. $WLL PR link.
Expedia(PBR433) SVP/Treasurer & Investor Relations appointed CFO, succeeds now President/CEO Mark Okerstrom. $EXPE PR link.
Penske Automotive(PBR170) appoints Greg Smith, former Vice Chairman of Ford Motor(PBR10), to the Board. $PAG PR link.
The US Dept of Labor reports that US August Employment was at 153,439,000, -74,000(-0.05%) from July, +1,784,000(+1.2%) from August 2016, Unemployed was at 7,132,000, Unemployment Rate was 4.4%, August 2016 was 4.9%. USDOL PR link.
The US Dept of Commerce/Census US Preliminary July Total Construction Spending Annual Rate is at $1.212 trillion, -0.6% from June, +4.4% from July 2016. USDOC PR link.
The U of Michigan US Final August Consumer Sentiment Index is at 96.8, July was 93.4, June95.1, August 2016 89.8. UMich PR link.
The ISM US August Manufacturing PMI is at 58.8%, July was 56.3%, June 57.8%, August 2016 49.4%. ISM PR link.
The IHS Markit US August Manufacturing PMIis at 52.8, July was 53.3, June 52.0, August 2016 52.0. IHS Markit PR link.
Automotive News estimates US August New Light Vehicles Sales were at 1,484,826 units, August 2016 was 1,512,626, Annual Rate at 16,130,000, Hurricane Harvey to have an impact. Automotive News PR link.
TrueCar/ALG reports US August New Light Vehicles Average Transaction Price(ATP) was $32,346/unit, +0.5% from August 2016, August Average Incentive Per Unit Spending at $3,799, 11.7% of ATP. TrueCar/ALG PR link.
***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.
Check out the BLOG page for the previous RECAPS and SNAPSHOTS posts.
