The PBR1000 May 2018 Breaking News Items
Global trade has become a critical issue. Will world leaders be able to find fair and equitable solutions? Let’s hope so.
Here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for May 2018, starting with the last active business day.
***Thursday, May 31:
The PBRMarketTools US Stock Exchanges Recap for the Month of May Ending 05/31/18:
May 2018 Summary: Geopolitical issues(N Korea, Iran, China, Italy) and US trade policies(tariffs) grabbed most of the headlines during May and caused volatility in the stock market, But the US economy continues to grow at a moderate rate and looks to continue that trend in the near future. Unemployment is very low, the tech sector had a major rally, and corporate earnings were better than expected. As a result, the Stock Market Bull wins May, the second win in a row, and is ahead of the Stock Market Bear with 3 months of wins to 2 months.
DJIA ends May at 24,415.84, -1.36% from last Friday, +1.05% MTD, +1.30 QTD, -1.23% YTD, -8.27% from record 26,616.71 set 01/26/18.
NASDAQ ends May at 7,442.12, +0.11% from last Friday, +5.32% MTD, +5.36% QTD, +7.80% YTD, -1.93% from record 7,588.32 set 03/12/18.
SPX ends May at 2,705.27, -0.59% from last Friday, +2.16% MTD, +2.44% QTD, +1.18% YTD, -5.83% from record 2,872.87 set 01/26/18.
General Motors(PBR12) to get $2.25 billion investment from SoftBank Vision Fund for in automated driving venture GM Cruise Holdings, values GM Cruise at $11.5 billion, GM to also invest $1.1 billion. $GM PR link.
Delta(PBR68), Los Angeles World Airportsprepare for construction of $1.86 billion Delta Sky Way at LAX. $DAL PR link.
Hartford Financial(PBR166) completes $2.05 billion sale of its run-off life and annuity businesses Talcott Resolution to an investment group. $HIG PR link.
Sears(PBR168) has identified around 100 non-profitable stores, to close 72 in near future, continuing to evaluate sale of some or all assets to ESL Investments. $SHLD PR link.
LKQ(PBR295) completes $1.8 billion acquisition of Germany based European wholesale distributor of aftermarket spare parts for passenger cars, tools, capital equipment and accessories provider Stahlgruber. $LKQ PR link.
Assurant(PBR424) completes $2.5 billion acquisition of $1 billion revenues/2017 vehicle protection and financial services provider The Warranty Group. $AIZ PR link.
Wyndham Worldwide(PBR503) completes $1.95 billion acquisition of La Quinta(PBR998). $WYN PR link.
Symantec(PBR581) receives non-compliance notice from NASDAQ for not filing its annual 10-K report for year ended 03/31/18 on time, expects to submit a plan to regain compliance. $SYMC PR link.
Brink’s(PBR660) to acquire Hunt Valley, MD, based 5,400 employees 78 locations Dunbar Armored, the fourth largest US cash management company, for approximately $520 million cash, to close by end of 2018. $BCO PR link.
Sanderson Farms(PBR661) extends share repurchase program to 05/31/21, increases authorization from 1.0 million to 2.0 million shares. $SAFM PR link.
SM Energy(PBR997) completes combined $292.3 million sale of its remaining assets in the Williston Basin in Divide County, N Dakota, and the third-party operated assets Halff East in Upton County, TX. $SM PR link.
GameStop(PBR310) board member Shane Kim to serve as interim CEO, Rob Lloyd promoted to COO/CFO, Dan DeMatteo to continue serving as Executive Chairman. $GME PR link.
Celgene(PBR219) hires David Elkins as EVP/CFO, effective 08/01/18, succeeds Peter Kellogg who will become EVP/Chief Corporate Strategy Officer until his retirment in mid 2019. $CELG PR link.
Biogen(PBR238) hires Daniel Karp as EVP/Corporate Development, effective 06/11/18. $BIIB PR link.
Pioneer Natural Resources(PBR477)SVP/Investor Relations Frank Hopkins is retires, Neal Shah promoted as successor. $PXD PR link.
Pentair(PBR512) promotes Phil Rolchigo, PhD, to EVP/Chief Technology Officer. $PNR PR link.
The US Dept of Treasury says the US National Debt on 05/30/18 was Public $15.398 trillion, Intragovernmental $5.707 trillion, Total $21.105 trillion, +0.2% from 04/30/18, +3.0% YTD, +6.3% from 05/31/17. USTreasury PR link.
The US Dept of Labor says US 4 Week Moving Average Initial Unemployment Claims on 05/26/18 were at 222,250, -3.1% from 04/21/18, -5.5% from 05/25/17; Total 4 Week Moving Average Total Insured Unemployment on 05/19/18 was 1,743,500, -10.6% from 04/14/18, -9.8% from 05/18/17; Insured Unemployment Rate on 05/19/18 is 1.2%. USDOL PR link.
FreddieMac(PBR38) says US Average 30 Year Fixed Mortgage Rate on 05/31/18 is at 4.56%, on 04/26/18 was at 4.58%, 03/29/18 4.44%, 05/25/17 3.95%. $FMCC PR link.
The US Dept of Commerce/BEA says US Preliminary April 2018 Total Personal Income Annual Rate is at $16.935 trillion, +0.3% from March 2018, +3.8% from April 2017. USDOC PR link.
The Federal Reserve Bank of Chicago says the 7th District Preliminary April 2018 Midwest Economy Index is at +0.53, March 2018 was +0.52, February 2018 +0.41, April 2017 +0.49. ChiFed PR link.
The MNI May 2018 Chicago Business Barometer(>50 economy gaining) is at 62.7, April 2018 was 57.6, March 2018 57.4, May 2017 59.4. MNI/Chicago ISM PR link.
The US Energy Information Administrationsays US Crude Oil Stocks on 05/25/18 were at 434.5 million barrels of oil, +1.1% from 04/20/18, -15.8% from 05/24/17. EIA PR link.
The American Automobile Assn says the US National Average for Gas/Gallon on 05/31/18was at $2.959, on 04/30/18 it was $2.811, 03/30/18 $2.654, 05/31/17 $2.372. AAA PR link.
The August 2018 Closing Electronic Gold Price/Ounce on 05/31/18 was at $1,304.70, -0.9% from 04/30/18, -0.0% from 12/31/17, +2.3% from 05/31/17. MarketWatch PR link.
The US Dept of Treasury says the US 05/31/18 30 Year Treasury Bond Yield closed at 3.00%, on 04/30/18 was at 3.11%, 03/29/18 2.97%, 05/31/17 2.87%. USTreasury PR link.
The Closing Exchange Rate for a Euro on 05/31/18 was $1.1693 US Dollars. MarketWatch Quote PR link.
***Wednesday, May 30:
Walmart(PBR1) to provide a new associate education benefit in partnership with Guild Education, will subsidize the cost of college tuition, books and fees, associate contribution only $1/day. $WMT PR link.
Amazon(PBR8) Prime member discounts now available at an additional 121 Whole Foodsmarkets in 12 states, now available at all 365 stores. $AMZN PR link.
Pfizer(PBR55) gets US FDA approval for ulcerative colitis therapy XELJANZ® (tofacitinib). $PFE PR link.
21st Century Fox(PBR102) sets 07/10/18 for special meeting for stockholders to vote on $52.4 billion in stock acquisition of certain assets by Walt Disney(PBR53), may move or adjourn meeting if Comcast(PBR33) also makes a bid. $FOX PR link.
NGL Energy(PBR218) to sell its remaining Retail Propane business to Superior Plus Corp(TSX:SPB) for $900 million cash, to close within 60 days. $NGL PR link.
Tesla(PBR251 $TSLA) Model 3 now gets recommendation of Consumer Reports after its testers found that a recent over-the-air (OTA) update improved the car’s braking distance by almost 20 feet, still has other issues which CEO Elon Musk says are being addressed. CR PR link.
Jones Lang LaSalle(PBR346) wholly owned subsidiary LaSalle unit to acquire the $7 billion of assets under management Real Estate Multi-Manager business of Aviva Investors, and full ownership of the gross asset value of around $2 billion management of the Encore+ fund. $JLL PR link.
Polaris Industries(PBR480) to acquire privately held largest pontoon boat manufacturer in the US Boat Holdings for around net $705 million cash, to close in 3Q18. $PII PR link.
T Rowe Price(PBR520) to close its Tampa, FL, operations center in 06/19, consolidate into Maryland and Colorado centers, to affect 400 positions. $TROW PR link.
Michael Kors(PBR556) in 4Q18 report says it will continue to explore acquisitions in FY2019 to complement their existing luxury portfolio. $KORS PR link.
Iron Mountain(PBR598) acquires Dutch EvoSwitch data center business for $235 million. $IRM PR link.
Monster Beverage(PBR653) authorizes new up to $500 million share repurchase program. $MNST PR link.
The US Dept of Commerce says US 1Q18 2nd Estimate Gross Domestic Product Annual Growth Rate is at +2.2%, $19.957 trillion, +1.0% from 4Q17, +4.7% from 1Q17. USDOC PR link.
The US Federal Reserve releases Beige Book, from data collected on or before 05/21/18, says economic activity expanded moderately in late April and early May with few shifts in the pattern of growth, outlooks for near term growth were generally upbeat. USFed PR link.
ADP(PBR235) says US Preliminary May 2018 Change In National Employment was +178,000, +38,000 from Small Businesses, +84,000 from Medium Sized Businesses, and +56,000 from Large Businesses; Goods Producing Sector was +64,000 jobs, Service Sector +114,000. $ADP PR link.
Healthcare News: Statement by US FDACommissioner Scott Gottlieb, MD, on President Trump’s signing of the Right to Try Act. FDA PR link.
***Tuesday, May 29:
Amazon(PBR8) to open its first Oklahomafulfillment center, in Oklahoma City, 600,000 sf facility, to create 1,500+ full-time jobs by end of 2019. $AMZN PR link.
Walt Disney(PBR53)’s ABC unit cancels hit revival sitcom show “Roseanne” after Roseanne Barr’s racist tweet about former Obama adviser Valerie Jarrett. $DIS PR link.
Starbucks(PBR124) executive chairman/founder Howard Schultz sends open letter reminding everyone that today 8,000 Starbucks locations will be closed in the afternoon for training of its 175,000 partners, follow-on to recent incident in Philadelphia. $SBUX PR link.
WellCare Health Plans(PBR165) to acquire private $4.3 billion in revenues in 2018 Meridian Health Plan of Michigan, Inc., Meridian Health Plan of Illinois, Inc., and MeridianRx, a pharmacy benefit manager (PBM), (collectively, “Meridian”) for $2.5 billion in cash by end of 2018. $WCG PR link.
Allergan(PBR173) issues voluntary US recall of one lot (Lot# 5620706, Expiry May-2019) of TAYTULLA® 1mg/20mcg, 6×28 physicians sample pack, for use by women to prevent pregnancy, first four days of therapy had four non-hormonal placebo capsules instead of active capsules. $AGN PR link.
Monsanto(PBR194 $MON) $66 billion acquisition by Germany based Bayer AGgranted conditional approval by US Dept of Justice, Bayer must divest $9 billion in business and assets to BASF. USDOJ PR link.
Monsanto(PBR194 $MON) $66 billion acquisition by Germany based Bayer AGconditions set by US Dept of Justice to be completed in around 2 months. Bayer PR link.
Kinder Morgan(PBR213) to sell Canadian Trans Mountain Pipeline system and the expansion project (TMEP) to the Canadian government for around C$ 4.5 billion(US$ 3.5 billion) by early 4Q18. $KMI PR link.
MGM Resorts(PBR270) and MGM Growth Properties(NYSE: MGP) to acquire the real property and operations associated with the Empire City Casino‘s race track and casino for $850 million. $MGM PR link.
Arthur J Gallagher(PBR441) to acquire Simi Valley, CA, based retail property/casualty broker, and employee benefits consultant and broker Thomas Costello Insurance Agency, terms not disclosed. $AJG PR link.
SCANA(PBR545) to hold special stockholders meeting on 07/31/18 to vote on stock-for-stock merger into Dominion Energy(PBR228). $SCG PR link.
KKR(PBR670) to acquire global 10,000+ customers and 6,000 employees digital and IT infrastructure with a broad portfolio of software solutions provider BMC Software from a private investor group led by Bain Capital Private Equity and Golden Gate Capital, terms not disclosed. $KKR PR link.
Brown-Forman(PBR597) CEO Paul Varga to retire, effective 12/31/18, EVP/COO Lawson E Whiting to be successor. $BFA PR link.
HP Inc(PBR56) to promote Steve Fieler to CFO, effective 07/01/18, succeeds Cathie Lesjak who will become interim COO then retire in early 2019. $HPQ PR link.
Ocwen Financial(PBR991) EVP/CFO Michael Bourque leaving effective 06/22/18, new CFO search starts. $OCN PR link.
Tenet Healthcare(PBR141) appoints General Lloyd J. Austin, III, retired 4 star Army general, and Meghan M. FitzGerald, DrPH, Managing Partner at healthcare investment fund L1 Health and Assistant Professor of Health Policy at Columbia University, to the Board. $THC PR link.
Molina Healthcare(PBR146) elects Richard Zoretic, retired EVP of WellPoint, to the Board effective 08/01/18. $MOH PR link.
Hub Group(PBR579) elects Mary Boosalis, President /CEO of Premier Health, to the Board. $HUBG PR link.
Service Corp Intl(PBR688) elects Jakki L. Haussler, co-founder/CEO of Opus Capital Management, and Sara Martinez Tucker, chairman of The U of Texas Board of Regents, to the Board. $SCI PR link.
ServiceMaster(PBR707) appoints Steven B. Hochhauser, former chairman/CEO of Johns Manville, to the Board. $SERV PR link.
The S&P CoreLogic Case-Shiller US March 2018 National Home Prices Index(01/2000=100) is at 198.94, February 2018 was 197.29, January 2018 196.47, March 2017 186.74. Case-Shiller PR link.
The Conference Board US Preliminary May 2018 Consumer Confidence Index(1985=100)is at 128.0, April 2018 was at 125.6. TCB PR link.
***Monday, May 28:
***US Federal Holiday: Memorial Day.
Remembering those who made
the ultimate sacrifice for the freedoms
we enjoy and cherish today.***
***Friday, May 25:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 05/25/18:
In a repeat of last week the Stock Market Bullhad an excellent Monday and Wednesday was okay, but the Stock Market Bear took Tuesday,Thursday, and 2 out of 3 on Friday. However, it wasn’t enough and Week 21 belongs to the Stock Market Bull. Both have now won 10 weeks with one week a mixed result. All indices are in positive territory for the week, month, quarter, and now year, but still below their records.
DJIA ends the week at 24,753.09, +0.15% from last Friday, +2.44% MTD, +2.70 QTD, +0.14% YTD, -7.00% from record 26,616.71 set 01/26/18.
NASDAQ ends the week at 7,433.85, +1.08% from last Friday, +5.20% MTD, +5.24% QTD, +7.68% YTD, -2.04% from record 7,588.32 set 03/12/18.
SPX ends the week at 2,721.33, +0.31% from last Friday, +2.77% MTD, +3.05% QTD, +1.78% YTD, -5.27% from record 2,872.87 set 01/26/18.
PepsiCo(PBR43) to acquire Bare Foods C(dba Bare Snacks), a US-based maker of baked fruit and vegetable snacks, terms not disclosed. $PEP PR link.
Qualcomm(PBR125) extends $127.50/share tender offer for acquisition of NXP Semiconductors(NASDAQ: NXPI) to 06/08/18 5PM Eastern, 4.0% of the outstanding NXP common shares have been validly tendered. $QCOM PR link.
Principal Financial(PBR206) now has 60% ownership of CIMB-Principal Asset Management Group and CIMB-Principal Islamic Asset Management in SE Asia joint venture. $PFG PR link.
LabCorp(PBR283) to become a preferred national laboratory for Aetna(PBR48)‘s 20 million customers per extended and expanded agreement to be effective 01/01/19. $LH PR link.
Coty(PBR363)’s Professional Beauty division opens new N America headquarters on 26 acre campus in Calabasas, CA. $COTY PR link.
Windstream(PBR459) completes reverse 1:5 stock split. $WIN PR link.
Herbalife(PBR544 $HLF) largest shareholder Icahn Enterprises(PBR147) tendering up to 11.4 million Herbalife shares of its 45.7 million shares because it is an outsized position currently. MarketWatch PR link.
Great Plains Energy(PBR757) $14 billion merger of equals with Westar Energy(PBR769)gets final regulatory approvals, transaction to close in 06/18, merged company to be called Evergy, Inc. (NYSE: EVRG). $GXP PR link.
UPS(PBR41) hires Kevin Warren as SVP/Chief Marketing Officer. $UPS PR link.
Tesla(PBR251) hires Stuart Bowers as VP/Engineering, James Zhou VP/CFO-China, and several director level executive positions. $TSLA PR link.
Delek US(PBR378) and Delek Logistics Partners(NYSE:DKL) hire Regina Bynote Jones as EVP/General Counsel and Secretary. $DK PR link.
The U of Michigan US Final May 2018 Consumer Sentiment Index is at 98.0, April 2018 was 98.8, March 2018 101.4, May 201797.1. UMich PR link.
***Thursday, May 24:
Apple(PBR4 $AAPL) wins iPhone patent infringement law suit, to receive $539 million from Samsung. MarketWatch PR link.
McKesson(PBR6) in fiscal year 2018 report announces an additional share repurchase authorization of $4 billion. $MCK PR link.
VISA(PBR153) makes strategic investment in YellowPepper to accelerate adoption of mobile payments and tokenization in Latin Americaand the Caribbean, expansion of partnership started in 2017. $V PR link.
Celgene(PBR219) authorizes additional $3 billion share repurchase program, to do $2 billion accelerated share repurchase using existing program and part of the new authorization. $CELG PR link.
First Data(PBR244) to sell $120 million in revenues in 2017 card processing businesses in parts of Central and Southeastern Europe for around $450 million to European high tech payment infrastructure and services provider SIA. $FDC PR link.
UNUM(PBR259) authorizes new up to $750 million share repurchase program, expires 11/24/19, replaces previous $750 million authorization scheduled to expire 11/25/18. $UNM PR link.
Clorox(PBR453) authorizes up to $2 billion share repurchase program, replaces existing $750 million program. $CLX PR link.
Windstream(PBR459) to upgrade its cable TV network internet speeds in N Georgia from 100 megabits-per second(Mbps) to 300 Mbps within next 12 months, serves 67,000 households. $WIN PR link.
Cimarex Energy(PBR869) to sell oil and gas properties principally located in Ward County, TX, to Callon Petroleum for $570 million cash. $XEC PR link.
AGNC Investment(PBR978) has priced a public offering of 30,000,000 shares of common stock, expects total gross proceeds of about $558.0 million. $AGNC PR link.
Ryman Hospitality(PBR993) to do $150 million expansion of Gaylord Palms Resort & Convention Center in Kissimmee, FL, adds 303 new guest rooms, 90,000 sf of convention space. $RHP PR link.
Molina Healthcare(PBR146) hires Thomas Tran as CFO/Treasurer effective 06/04/18, succeeds retiring Joseph White. $MOH PR link.
KeyCorp(PBR399) Chief Human Resources Officer Craig Buffie to retire in 2H18, Brian Fishel to be successor. $KEY PR link.
La-Z-Boy(PBR946) hires Melinda D. Whittington as SVP/CFO effective 06/21/18, to succeed retiring Louis M. (“Mike”) Riccio. $LZB PR link.
Bed Bath & Beyond(PBR236) appoints Stephanie Bell-Rose, senior managing director at TIAA, to the Board. $BBBY PR link.
Conagra Brands(PBR351) appoints Anil Arora, director and vice-chairman of Envestnet, to the Board, effective 07/17/18. $CAG PR link.
TDS(PBR504) elects James (Jim) W. Butman, President/CEO of wholly owned subsidiary TDS Telecom, to the Board. $TDS PR link.
Kennametal(PBR853) elects Lorraine M. Martin, recently retired EVP and deputy of Lockheed(PBR64)’s Rotary and Mission Systems, to the Board effective 07/01/18. $KMT PR link.
The Natl Assn of Realtors says US April 2018 Existing Home Sales Annual Rate is at 5,460,000, -2.5% from March 2018, -1.4% from April 2017; April 2018 Median Price was $257,900, +3.0% from March 2018, +5.3% from April 2017. NAR PR link.
***Wednesday, May 23:
Walmart(PBR1 $WMT) to acquire Japan’s SoftBank Group‘s 21% stake in India’s e-commerce provider Flipkart, in addition to $16 billion for the 77% stake it is acquiring.MarketWatch PR link.
ExxonMobil(PBR3) to reduce 2016 levels of methane emissions by 15%, flaring by 25% by 2020. $XOM PR link.
Kroger(PBR17) to acquire Chicago, IL, based 1,000 employees $250 million in profitable sales in 2017 largest US private meal kit company Home Chef for $200 million plus up to $500 million based on milestones achieved over next 5 years. $KR PR link.
Anthem(PBR30) to acquire largest US non-hospice, community-based palliative care provider Aspire Health, terms not disclosed, to close 3Q18. $ANTM PR link.
Comcast(PBR33) considering superior all-cash offer to acquire 21st Century Fox(PBR102) after spinoff of “New Fox.” $CMCSA PR link.
IBM(PBR34) to add 1,800 jobs over 2 years in France to drive innovation in AI, blockchain, cloud computing and IoT. $IBM PR link.
Southern Co(PBR119)’s Southern Power unit to sell a 33% minority interest in its solar portfolio to Global Atlantic Financial Group Limited for $1.175 billion. $SO PR link.
Huntsman(PBR333) authorizes increase of $450 million share buyback program to $1 billion. $HUN PR link.
Chipotle(PBR537) to relocate its headquarters, currently in Denver, CO, to Newport Beach, CA, will impact 400 employees in Denver and New York. $CMG PR link.
Herbalife(PBR544) renews partnership through 2021 as official nutrition sponsor of international soccer star Cristiano Ronaldo. $HLF PR link.
Tiffany(PBR568) approves up to $1 billion share repurchase program, effective 06/01/18 through 01/31/22, replaces 2016 program. $TIF PR link.
Qorvo(PBR694) authorizes new up to $1 billion share repurchase program, includes $126 million remaining under previous plan. $QRVO PR link.
Wynn Resorts(PBR403) stockholders at annual meeting vote 14.0 million votes for and 55.9 million votes against the proposed executive officers compensation plan, a non-binding advisory vote. $WYNN PR link.
Revlon(PBR747) promotes COO Debra Perelman to President/CEO, effective immediately, is daughter of Board Chairman Ronald O. Perelman. $REV PR link.
Macy’s(PBR114) hires Paula Price as CFO, effective 07/09/18, to succeed retiring Karen Hoguet. $M PR link.
Eli Lilly(PBR121) SVP and President/Lilly Oncology Sue Mahony, PhD, to retire effective 08/31/18 after 18 years with the company. $LLY PR link.
Lear Corp(PBR142) hires Rashida Thomas as Chief Diversity Officer and Director/Talent Management. $LEA PR link.
Patterson Cos(PBR471) hires Donald Zurbay as CFO, effective 06/29/18, and Andrea Frohning as Chief Human Resources Officer, effective immediately. $PDCO PR link.
Cooper Cos(PBR844) hires Holly Sheffield as EVP/Chief Strategy Officer, effective 06/04/18; Dr. Robert Auerbach now President/CooperSurgical. $COO PR link.
Avnet(PBR160) appoints Oleg Khaykin, president/CEO of Viavi Solutions, to the Board. $AVT PR link.
Diebold Nixdorf(PBR529) appoints Ellen M. Costello, currently serving as an independent director on the board of Citigroup(PBR32), to the Board. $DBD PR link.
Sally Beauty(PBR589) appoints Denise Paulonis, EVP/CFO of The Michaels Companies(PBR503), to the Board. $SBH PR link.
The US Dept of Commerce/HUD says US Preliminary April 2018 New Family Homes Sold Annual Rate is at 662,000, -1.5% from March 2018, +11.6% from April 2017; April 2018 Median Home Price was at $312,400, -6.9% from March 2018, +0.4% from April 2017; April 2018 Months Supply at 5.4. USDOC PR link.
The Federal Open Market Committee releases minutes of its 05/01-02/18 meeting, notes labor market had continued to strengthen and that economic activity had been rising at a moderate rate, no federal funds rate increase, but a 90% chance for one at the 06/18 meeting. FOMC PR link.
***Tuesday, May 22:
Anthem(PBR30) to remain headquartered in Indianapolis, IN, spending $20 million in renovations for its new corporate offices in downtown area. $ANTM PR link.
MetLife(PBR46) authorizes new $1.5 billion share repurchase program, $370 million still available from 2017 authorization. $MET PR link.
Eli Lilly(PBR121)’s Taltz® (ixekizumab)receives the first US FDA approval for label update to Include data for psoriasis involving the genital area. $LLY PR link.
PPG(PBR192) gets NYSE notice regarding delayed Form 10-Q filing, has 6 months to be in compliance. $PPG PR link.
Tesla(PBR251 $TSLA) CEO Elon Musk says braking distance issue mentioned by Consumer Reports is a firmware fix which will be rolled out in a few days. MarketWatch PR link.
Electronic Arts(PBR518) acquires Israel based cloud gaming technology assets and personnel of a wholly owned subsidiary of GameFly, terms not disclosed. $EA PR link.
Varian Medical(PBR749) will not submit a counterproposal to competing bid by Chinabased CDH Investments for acquisition of Australian based interventional oncology radiation therapies provider Sirtex Medical Limited (ASX: SRX), explains why its $1.28 billion bid is the better one. $VAR PR link.
Portland General Electric(PBR857) issues request for proposals seeking an additional 100 average megawatts of renewable power generating resources, minimum bid size 10 megawatts, bids due by 06/15/18. $POR PR link.
Lowe’s(PBR40) hires JCPenney(PBR230) Chairman/CEO Marvin Ellison as President/CEO, effective 07/02/18, succeeds retiring Robert Niblock, director Richard W. Dreiling to also become Chairman. $LOW PR link.
JCPenney(PBR230) Chairman/CEO Marvin Ellison resigns effective 06/01/18 to take position at Lowe’s(PBR40), lead independent director Ron Tysoe elected Chairman, Office of the CEO formed with 4 senior executives assigned. $JCP PR link.
Qurate Retail(PBR278) names Jeff Yurcisin as President of Zulilly, effective 08/15/18, Mary Campbell as Qurate Retail Group Chief Merchandising and Interactive Officer effective immediately, Aidan O’Meara to President/Qurate Retail Group International effective 07/02/18, and Tom Bazzone to President/Frontgate. $QRTEA PR link.
Fred’s(PBR897) appoints Dana Goldsmith Needleman, principal of private real estate investment firm The Cogent Group, and Thomas Zacharias, President of real estate investment and advisory firm Zacharias & Co, to the Board. $FRED PR link.
The Federal Reserve Bank of Richmond says the US Fifth District May 2018 Manufacturing Index is at +16%, April 2018 was -3%, March 2018 +15%, May 2017 +3%. RichmondFed PR link.
The Federal Reserve Bank of Richmond says the US Fifth District May 2018 Services Revenues Index is at +11%, April 2018 was +2%, March 2018 +25%, May 2017 +24%. RichmondFed PR link.
Personal Finance: The US Federal Reserve in its Report on the Economic Well-Being of U.S. Households in 2017 says 4 out of 10 families would not be able to come up with $400 for an emergency, down from 50% in 2013. USFed PR link.
International Trade: China to cut import tariff on autos to 15% from 25%, auto parts to 6% from 8% to 25%, effective 07/01/18. MarketWatch PR link.
***Monday, May 21:
GE(PBR18) to spin-off GE Transportation unit which will then merge into Wabtec(PBR595)resulting in 50.1% ownership by GE and GE shareholders, 49.9% by Wabtec, in $11.1 billion deal, to close early 2019. $GE PR link.
Microsoft(PBR31) to acquire Berkeley, CA, based conversational Artificial Intelligence solutions developer Semantic Machines, terms not disclosed. $MSFT PR link.
Comcast(PBR33 $CMCSA) $30 billion bid for UK’s Sky plc unlikely to get an antitrust review, per a UK government official. MarketWatch PR link.
Southern Co(PBR119) to sell Florida assets Gulf Power Company, Florida City Gas and the entities holding Southern Power’s interests in Plant Oleander and Plant Stanton to NextEra Energy(PBR161) for $6.475 billion, includes debt. $SO PR link.
Amgen(PBR123) gets US FDA approval for the use of Prolia® (denosumab) for the treatment of glucocorticoid-induced osteoporosis (GIOP) in men and women at high risk of fracture. $AMGN PR link.
Micron Technology(PBR144) authorizes up to $10 billion share repurchase program. $MU PR link.
Kohl’s(PBR149) expands millennial brand portfolio through an apparel collection with POPSUGAR, to launch in 09/18. $KSS PR link.
Tesla(PBR251 $TSLA)‘s announces new high-performance Model 3 for $78,000. MarketWatch PR link.
Tesla(PBR251 $TSLA) Model 3 falls short of a Consumer Reports recommendation despite record range and agile handling, cites issues with braking, controls, and ride quality.Consumer Reports PR link.
Fifth Third Bancorp(PBR358) to merge MB Financial(Nasdaq: MBFI) into its operations in $4.7 billion 90% stock/10% cash deal. $FITB PR link.
Adobe Systems(PBR377) to aquire B2C and B2B cloud commerce developer Magento Commerce for $1.68 billion, to close 3Q18. $ADBE PR link.
Adobe Systems(PBR377) authorizes new up to $8 billion share repurchase program through FY 2019. $ADBE PR link.
Blackstone(PBR386 $BX) to acquire $1.1 billion in revenues in 2017 LaSalle Hotel Properties(NYSE: LHO) for $33.50/share, $4.8 billion cash, to close 3Q18. $LHO PR link.
AmTrust Financial(PBR450) activist 9.4% investor Icahn Enterprises(PBR147) files lawsuit in Delaware challenging going private by the Zyskind/Karfunkel families. $AFSI PR link.
Simon Property(PBR474) to install ultra-fast electric vehicle chargers at more than 30 of its shopping centers in partnership with Electrify America. $SPG PR link.
Cerner(PBR499) adds $500 billion to share repurchase program, $639 million now available, no expiration date set. $CERN PR link.
Roper Technologies(PBR614) to acquire Atlanta, GA, based global software and solutions for asset-centric companies provider PowerPlan from private equity firm Thoma Bravo for $1.1 billion cash. $ROP PR link.
Curtiss-Wright(PBR837) to utilize $50 million in repatriated cash to expand share repurchase program which has a current balance available of $36 million. $CW PR link.
Allscripts(PBR889) completes acquisition of mobile, enterprise patient engagement solutions developer HealthGrid, represents a significant expansion of the Allscripts FollowMyHealth®platform, terms not disclosed. $MDRX PR link.
Brunswick(PBR534) Chief Technology Officer David Foulkes gets additional responsibility of President/Brunswick Marine Consumer Solutions. $BC PR link.
FMC Corp(PBR714) President/FMC Agriculture Solutions Mark Douglas appointed corporate President/COO, other unit promotions reporting to Douglas also announced. $FMC PR link.
M&T Bank(PBR452) Corp elects Kevin J. Pearson, Vice Chairman of principal subsidiary M&T Bank, to its Board. $MTB PR link.
The Federal Reserve Bank of Chicago says the US Preliminary April 2018 National Activity Index is at +0.34, March 2018 was +0.32, February 2018 +0.73, April 2017 +0.44. ChiFed PR link.
***Friday, May 18:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 05/18/18:
The week of good 1st quarter corporate earnings was offset by geopolitical concerns. The Stock Market Bull did well on Monday and Wednesday, but the Stock Market Bear feasted on Tuesday and Thursday for a strong win in Week 20 of 2018 and YTD has now won 10 weeks.
DJIA ends the week at 24,715.09, -0.47% from last Friday, +2.28% MTD, +2.54 QTD, -0.02% YTD, -7.14% from record 26,616.71 set 01/26/18.
NASDAQ ends the week at 7,354.34, -0.66% from last Friday, +4.08% MTD, +4.12% QTD, +6.53% YTD, -3.08% from record 7,588.32 set 03/12/18.
SPX ends the week at 2,712.97, -0.54% from last Friday, +2.45% MTD, +2.73% QTD, +1.47% YTD, -5.57% from record 2,872.87 set 01/26/18.
Campbell Soup(PBR346) CEO Denise Morrison retires, director since 2016 Keith McLoughlin named interim CEO. $CPB PR link.
Middleby(PBR806) to acquire the global beverage solutions, soft serve and ice cream dispensing equipment, frozen drink machines, and automated double-sided grills developer $315 million in sales in 2017 the Taylor Company from UTC Climate, Controls & Security, a unit of United Technologies(PBR45), for $1.0 billion, to close 3Q18. $MIDD PR link.
Tenneco(PBR308) SVP/Finance Jason Hollar to become CFO on 07/01/18, to succeed retiring EVP/CFO Ken Trammell who will stay onboard in a broader leadership role as Tenneco separates into 2 independent public companies. $TEN PR link.
JetBlue(PBR387) EVP/Corporate Affairs, General Counsel and Corporate Secretary James Hnat to retire effective 06/30/18, will remain in an advisory role and on the Board. $JBLU PR link.
JetBlue(PBR387) VP/Customer Experience Joanna Geraghty promoted to President/COO, EVP/Operations Jeff Martin transitions to senior advisory role during reorganization. $JBLU PR link.
Flowserve(PBR560) hires Lanesha Minnix as SVP/Chief Legal Officer effective 06/11/18. $FLS PR link.
Vitamin Shoppe(PBR969) EVP/CFO Brenda Galgano to resign, effective 06/05/18, SVP/Business Development & Strategy Bill Wafford to be successor. $VSI PR link.
Take-Two Interactive(PBR883) appoints Paul Viera, founder/CEO of global investment firm Earnest Partners, to the Board. $TTWO PR link.
***Thursday, May 17:
Kroger(PBR17) increases investment in and partners with online grocery store retailer UKbased Ocado for online ordering, automated fulfillment and home delivery capabilities in the US, will start with 3 sites in US in 2018, expand to 20 over 3 years. $KR PR link.
United Technologies(PBR45 $UTX) activist investor Bill Ackman of Pershing Square says United Technologies should be split into 3 companies. Pershing PR link.
Amgen(PBR123) gets US FDA approval for Aimovig™ (erenumab-aooe) for the preventive treatment of migraine in adults, first and only FDA-approved treatment specifically developed to prevent migraine by blocking the calcitonin gene-related peptide receptor (CGRP-R). $AMGN PR link.
Emerson Electric(PBR184) to acquire global smart pneumatics technologies that power machine and factory automation applications developer Germany based 2,100 employees $425 million in 2017 sales Aventics from Tritonfor around $630 million. $EMR PR link.
CBS(PBR213) request for a temporary restraining order against the Redstone familyand National Amusements that would have enabled CBS to strip its Redstones/NA of its voting power is denied by Delaware court decision. $CBS PR link.
CBS(PBR213) board in a unanimous vote of the directors not affiliated with National Amusements approves pro rata dividend of 0.5687 shares of Class A common stock for each share of the Company’s Class A common stock and Class B common stock, conditioned on a final determination by the Delaware courts. $CBS PR link.
PayPal(PBR216) to acquire iZettle for $2.2 billion, will expand omnichannel presence in small businesses in Europe and Latin America, to close 3Q18. $PYPL PR link.
Tesla(PBR251 $TSLA) needs to raise $10.5 billion in capital to keep going through 2020, says Goldman Sachs(PBR89). MarketWatch PR link.
Global Partners(PBR318) to acquire retail fuel and Jiffy Mart convenience store assets in Vermont and New Hampshire from Champlain Oil Company, to close in 3Q18, terms not disclosed. $GLP PR link.
Williams Cos(PBR341) to acquire Williams Partners(NYSE: WPZ) in all stock deal valued at $10.5 billion, to close in fall of 2018. $WMB PR link.
AmTrust Financial(PBR450) shareholders get letter from 9.4% shareholder Carl Icahn/Icahn Enterprises urging them to vote against the $13.50/share, $2.7 billion acquisition by Stone Point Capital and the Karfunkel Family, requests 06/04/18 special meeting be moved to a later date. $AFSI PR link.
Hasbro(PBR488) authorizes additional $500 million for share repurchase program, balance available is now $639.2 billion. $HAS PR link.
GNC(PBR743) stockholders approve plan to get $300 million investment from China based Harbin Pharmaceutical, to form strategic joint venture partnership for manufacturing, marketing, sale and distribution of GNC-branded products in China. $GNC PR link.
United Continental(PBR76) CFO Andrew Levy leaves, SVP/Finance, Procurement and Treasurer Gerry Laderman appointed interim CFO, new CFO search starts. $UAL PR link.
Quest Diagnostics(PBR356) elects Helen I. Torley, President/CEO of novel cancer therapies developer/marketer Halozyme Therapeutics, to the Board. $DGX PR link.
Ascena Retail(PBR407) appoints John L. Welborn, Jr., currently Managing Director for investment advisory firm Stadium Capital Management, to the Board. $ASNA PR link.
Sealed Air(PBR529) director since 2012 Jerry R. Whitaker elected as non-executive Chairman of the Board. $SEE PR link.
Continental Resources(PBR845) elects Shelly Lambertz, COO of Hamm Capital, to the Board, replaces James L. Gallogly who is becoming President of the University of Oklahoma. $CLR PR link.
Rush Enterprises(PBR518) announced founder W. Marvin Rush died today at age 79, founded Company in 1965, served on Board from its incorporation until 08/16. $RUSHA PR link.
The Federal Reserve Bank of Philadelphiasays US 3rd District May 2018 Manufacturing General Activity Indicator is at 34.4, April 2018was at 23.2, March 2018 22.3, May 2017 35.5. PhillyFed PR link.
The Conference Board says the US Preliminary April 2018 Leading Economic Index(2016=100) is at 109.4, March 2018 was at 109.0, February 2018 108.6, suggests solid growth should continue through 2018. TCB PR link.
***Wednesday, May 16:
Walmart(PBR1) in partnership with Lord & Taylor to roll out the new Lord & Taylor flagship store on Walmart.com in the coming weeks, will debut with more than 125 brands, including Tommy Bahama, Vince Camuto, Miss Selfridge, La La Anthony, Lucky Brand, H Halston and Effy, will be part of Walmart.com’s broader fashion destination. $WMT PR link.
Amazon(PBR8) Prime members to get an additional 10% off sales prices off hundreds of Whole Foods items, starting in Florida, to roll out across all 365 Whole Foods markets in the US during summer 2018. $AMZN PR link.
Amazon(PBR8) to open its first fulfillment center in Tucson, AZ, 855,000+ sf, to employ 1,500+ full time. $AMZN PR link.
Oracle(PBR77) to acquire DataScience.com. $ORCL PR link.
International Paper(PBR130) supports Irish Takeover Panel ruling saying IP must announce whether it will will not make a binding offer for Smurfit Kappa Group plc by 7:00an 06/06/18, IP says it will not make a binding offer without approval of SKG board, says proposed $45/share in stock/cash, around $10.6 billion is a compelling strategic and financial rationale offer. $IP PR link.
Kinder Morgan(PBR212) Canada(TSX: KML)acknowledges Canada’s decision to repay KML for the Trans Mountain pipeline losses, KML continues to plan to move forward with pipeline construction. $KMI PR link.
CBS(PBR213) majority voting stockholder National Amusements amends CBS’s bylaws, requires supermajority for certain board actions related to dividends and changes in bylaws. $CBS PR link.
Group 1 Automotive(PBR264) authorizes increase of share repurchase program from $100 million to $126 million. GPI PR link.
Zoetis(PBR482) to acquire Union City, CA, based $245 million in revenues/FY2018 global veterinary point-of-care diagnostic instruments provider Abaxis(NASDAQ: ABAX) for $83/share, $2.0 billion. $ZTS PR link.
Herbalife(PBR487) sets Dutch Auction tender offer for common shares after 2:1 stock split at between $49 to $54/share. $HLF PR link.
Tenet Healthcare(PBR141) hires Paola Arbour as SVP/Chief Information Officer and Marie Quintana as SVP/Chief Marketing Officer. $THC PR link.
Wabash Natl(PBR867) hires Melanie D. Margolin as SVP/General Counsel. $WNC PR link.
Performance Food(PBR157) appoints Randy Spratt, EVP/Chief Information Officer and Chief Technology Officer for McKesson(PBR6) to the Board. $PFGC PR link.
The US Dept of Commerce/HUD says US Preliminary April 2018 Private Housing Building Permits Issued Annual Rate was at 1,352,000, -1.8% from March 2018, +7.7% from April 2017. USDOC PR link.
The US Federal Reserve says US Preliminary April 2018 Total Industry Production % of Capacity was at 78.0%, March 2018 was 77.6%, February 2018 77.1%, April 201776.2%. USFed PR link.
***Tuesday, May 15:
Amazon(PBR8) AWS cloud services are selected by Verizon(PBR16 $VZ) as its preferred public cloud provider. $AMZN PR link.
Boeing(PBR29) issues statement on World Trade Organization‘s final ruling saying European Union provided $22+ billion of illegal subsidies to European aircraft maker Airbus, clears way for the US Trade Representative to seek remedies in the form of tariffs against European imports to the US. $BA PR link.
IBM(PBR34) blockchain technology to be used by Veridium to help transform the carbon credit market with the goal of making it easier for companies to offset their environmental footprints. $IBM PR link.
Target(PBR39) Restock next-day delivery service of household essentials now available coast to coast, free for all Target REDcardpurchases, $2.99 for all other orders, no membership required. $TGT PR link.
Target(PBR39) to open 11 in-store men’s grooming departments with 600+ products ranging from $1.49 to $199.99, to have 80 departments by year end, items also available online. $TGT PR link.
Pfizer(PBR55) gets US FDA approval for RETACRIT® (epoetin alfa-epbx), a biosimilar to Epogen® and Procrit® (epoetin alfa)1, for all indications, is first and only biosimilar erythropoiesis-stimulating agent (ESA) to be approved in the US. $PFE PR link.
Facebook(PBR69) publishes enforcement numbers for the first time, says 3-4% of monthly active user accounts are fake accounts, 583 million fake accounts disabled in 1Q18, usually within a few minutes of registration. $FB PR link.
Tyson(PBR75) to acquire poultry rendering and blending assets of $550 million in expected revenues/2018 American Proteins, Inc. and AMPRO Products for $850 million, expected to enable Tyson Foods to recycle more animal products for feed, pet food and aquaculture. $TSN PR link.
Gilead Sciences(PBR110) gets US FDA approval for expanded indication for Truvada®(Emtricitabine and Tenofovir Disoproxil Fumarate) for reducing the risk of acquiring HIV-1 in adolescents. $GILD PR link.
Kellogg(PBR220 $K) closes operations in Venezuela amid country’s ‘deterioration.’MarketWatch PR link.
Blackstone(PBR383)’s International Market Centers unit to acquire AmercasMart, will create world’s largest permanent mart operator for furniture, home decor, rug, gift and apparel with nearly 20 million sf of showroom space, terms not disclosed, to close 3Q18. $BX PR link.
Trinity Industries(PBR588) files initial Form 10to spin-off newly named Arcosa as an independent publicly held infrastructure company, to be completed in 4Q18. $TRN PR link.
MSA Safety(PBR988) elects President/COO Nishan Vartanian as President/CEO as planned, succeeds William Lambert who is now non-executive Chairman. $MSA PR link.
Old Republic Intl(PBR430) promotes Craig R. Smiddy to corporate President/COO, other appointments announced. $ORI PR link.
Scientific Games(PBR699) hires Doug Albregts as EVP and Group CEO/Gaming Division. $SGMS PR link.
AutoZone(PBR268) appoints Gale V. King, EVP/Chief Administrative Officer for Nationwide, and Jill Soltau, President/CEO of JOANN Stores, to the Board. $AZO PR link.
The US Dept of Commerce/Census says US Preliminary March 2018 Total Manufacturers/Retail/Wholesale Sales are at $1.430 trillion, -0.1% from February 2018, +5.8% from March 2017. USDOL PR link.
The US Dept of Commerce/Census says US Advance April 2018 Total Retail/Food Services/Drinking Places Sales are at $497.6 billion, +0.3% from March 2018, +4.7% from April 2017. USDOC PR link.
The Federal Reserve Bank of New York says the Empire State May 2018 Manufacturing General Business Conditions Index is at 20.1, April 2018 was 15.8, March 2018 22.5, May 2017 3.0. NYFed PR link.
The National Assn of Home Builders/Wells Fargo Preliminary May 2018 Housing Market Index is at 70, April 2018 was 68, March 201870, May 2017 69. NAHB PR link.
***Monday, May 14:
Amazon(PBR8) to open its sixth Ohio fulfillment center in West Jefferson, will create 1,500+ full-time positions by the end of 2019. $AMZN PR link.
HP Inc(PBR56) unveils premium notebooks, desktops and displays from the HP Elite 1000 Series of devices for the office and the consumer oriented HP ENVY devices. $HPQ PR link.
Eli Lilly(PBR122) to acquire oncology compound AK-01, an Aurora kinase A inhibitor, developer AurKa Pharma from TVM Capital Life Science for $110 million upfront plus up to $465 million for milestone achievements. $LLY PR link.
Sears(PBR167) special committee of the board of directors initiating a formal process to explore the sale of its Kenmore brand and related assets, the Sears Home Improvement Products business of the Sears Home Services division and the Parts Direct business of the Sears Home Services division, ESL Investments has already expressed an interest in being a buyer. $SHLD PR link.
CBS(PBR213) and CBS special committee file lawsuit against National Amusements alleging breaches of fiduciary duty and seeking to prevent it from interfering with a special meeting of the Board of Directors at which it plans to issue dividends that would dilute National Amusements voting interests from 79% to 17%. $CBS PR link.
Tesla(PBR251 $TSLA) reorganizing into a more flat management structure and other news.MarketWatch PR link.
Baxter(PBR273) gets US FDA clearance for its Spectrum IQ Infusion System with Dose IQ Safety Software for bi-directional electronic medical records (EMR) integration to help ensure the correct medications and fluids are delivered to the patient. $BAX PR link.
Steel Dynamics(PBR302) to acquire Terre Haute, IN, based high margin flat roll steel processor Companhia Siderurgica Nacional(“Heartland”) for $400 million, will expand annual flat roll steel shipping capacity to 8.4 million tons and total shipping capability to 12.4 million tons. $STLD PR link.
The Mosaic Co(PBR369) to move its corporate headquarters from Plymouth, MN, to Hillsborough County, FL, will be more closely located to its primary customer base, timing, location, people to be relocated still under consideration. $MOH PR link.
JM Smucker(PBR370) completes $1.7 billion acquisition of privately held 700 employees Meadville, PA, based Ainsworth Pet Nutrition, maker of Rachael Ray™ Nutrish® pet food. $SJM PR link.
Caesars Entertainment(PBR511) applauds the US Supreme Court‘s decision to strike down the federal Professional and Amateur Sports Protection Act (PASPA), likely leaving sports betting regulations to the states. $CZR PR link.
Triumph Group(PBR609) provides update on sale of 3 non-core businesses, Triumph Aerospace Structures Long and Large (L&L)machining and metal finishing operations, APU Repair Product Line (RPL) of Triumph Aviation Services Asia, and Triumph Structures – Long Island, represents $165 million in annual sales, terms not disclosed. $TGI PR link.
Brinker Intl(PBR653) says payment card information of some of its Guests who visited certain Chili’s® Grill & Bar corporate-owned restaurants between 03/18 and 04/18 have been compromised in a data incident, extent under investigation. $TSLA PR link.
Molina Healthcare(PBR146) hires James Woys as EVP/Health Plan Services. $MOH PR link.
United Natural Foods(PBR309) COO Sean Griffin to retire on 10/01/18, President/Atlantic Region Chris Testa to become corporate President, two other appointments mentioned. $UNFI PR link.
W.R. Grace(PBR913) SVP/CFO Thomas E. Blaser to resign from company effective 05/31/18 by mutual agreement, VP/Controller William Dockman to be interim CFO, search starts. $GRA PR link.
Xerox(PBR281) terminates merger agreement with Fujifilm, enters into settlement agreement with Carl Icahn and Darwin Deason, appoints Jonathan Christodoro, Keith Cozza, Nicholas Graziano, Scott Letier and John Visentin to the Board, Gregory Brown, Joseph Echevarria, Cheryl Krongard and Sara Martinez Tucker remain on the Board, Robert J. Keegan, Charles Prince, Ann N. Reese, William Curt Hunter, and Stephen H. Rusckowski resign from the Board, Jeff Jacobson resigns as CEO and from the Board, Keith Cozza to be appointed Chairman, John Visentin to be elected Vice Chairman and CEO. $XRX PR link.
Wynn Resorts(PBR400) director John J. Hagenbuch decides not to stand for re-election at 2018 annual meeting, director Robert J. Miller tenders his resignation. $WYNN PR link.
Hillenbrand(PBR917) elects Daniel C. Hillenbrand, currently Chairman, and previously President/CEO of Able Manufacturing and Assembly, to the Board. $HI PR link.
Sports Betting: In an opinion by Justice Samuel Alito the US Supreme Courtinvalidates the 1992 Professional and Amateur Sports Protection Act, a federal law that says states can’t “sponsor, operate, advertise, promote, license, or authorize” sports gambling. US Supreme Court PR link.
***Friday, May 11:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 05/11/18:
The Stock Market Bull makes a dominating come back after 2 weeks of losses to the Stock Market Bear by winning all 5 days of the DJIA, and 4 out of 5 days for the NASDAQ and S&P500. All 3 exchanges were up by over 2% for the week and ahead year-to-date.
DJIA ends the week at 24,831.17, +2.34% from last Friday, +2.76% MTD, +3.02 QTD, +0.45% YTD, -6.71% from record 26,616.71 set 01/26/18.
NASDAQ ends the week at 7,402.88, +2.68% from last Friday, +4.76% MTD, +4.81% QTD, +7.24% YTD, -2.44% from record 7,588.32 set 03/12/18.
SPX ends the week at 2,727.72, +2.41% from last Friday, +3.01% MTD, +3.29% QTD, +2.02% YTD, -5.05% from record 2,872.87 set 01/26/18.
CVS Health(PBR7) commends the Trump Administration‘s focus on reducing the cost of prescription drugs, is well positioned to implement many of the key proposals. $CVS PR link.
Express Scripts(PBR25) issues statement supporting the Trump Administration‘s push to lower drug costs. $ESRX PR link.
Qualcomm(PBR126) extends $127.50/share tender offer for acquisition of NXP Semiconductors(NASDAQ: NXPI) to 05/25/18 5PM Eastern, 13.1% of the outstanding NXP common shares have been validly tendered. $QCOM PR link.
C.H. Robinson(PBR189) increases share repurchase authorization balance by 15 million, has 1.2 million remaining from previous authorization. $CHRW PR link.
Tesla(PBR251 $TSLA) CEO Elon Musk tweets about an all-wheel drive, dual motor ‘performance’ Model 3 to go into production starting in 07/18. MarketWatch PR link.
Symantec(PBR558) in its 4Q18 report says Audit Committee has commenced an internal investigation in connection with concerns raised by a former employee, may not be able to file 10-K on time. $SYMC PR link.
GameStop(PBR310) CEO Michael K. Mauler resigns, effective immediately, for personal reasons, Executive Chairman/Co-Founder Daniel A. DeMatteo adds interim CEO responsibilities as new CEO search starts. $GME PR link.
The Cheesecake Factory(PBR800) hires Scarlett May as EVP/General Counsel and Secretary of the Company, succeeds retiring Debby R. Zurzolo; SVP/COO Keith T. Carango now President/The Cheesecake Factory Bakery, succeeds now retired Max S. Byfuglin. $CAKE PR link.
Allison Transmission(PBR807) to promote Fred Bohley to VP/CFO & Treasurer on 06/01/18. $ALSN PR link.
Penske Automotive(PBR133) elects automotive executive Wolfgang Dürheimer, most recently Chairman/CEO of Bentley Motors Ltd, to the Board. $PAG PR link.
The US Food and Drug Administrationreleases a statement from Commissioner Scott Gottlieb, MD, on the Trump Administration’s plan to lower drug prices. FDA PR link.
The US Dept of Labor says US Preliminary April 2018 Import Prices Index changed +0.3%, March 2018 -0.2%, February 2018+0.2%, April 2017 +0.2%, Last 12 Months+3.3%; US Preliminary April 2018 Export Prices Index changed +0.6%, March 2018+0.3%, February 2018 +0.2%, April 2017+0.2%, Last 12 Months +3.8%. USDOL PR link.
The Federal Reserve Bank of Philadelphia 2Q18 Survey of Professional Forecastersindicates a slightly brighter outlook for US economic growth and labor markets in 2018 and 2019. PhillyFed PR link.
The U of Michigan US Preliminary May 2018 Consumer Sentiment Index is at 98.8, April 2018 was 98.8, March 2018 101.4, May 201797.1. UMichigan PR link.
***Thursday, May 10:
PPG(PBR26) finds discrepancies in its 1Q18, not able to file 10-Q at this time, possible impact on 2017 statements, VP/Controller employment has been terminated. $PPG PR link.
Cisco(PBR60) completes $270 million cash acquisition of Los Altos, CA, based privately held AI-driven relationship intelligence platform for finding new prospects, navigating the selling process, and strengthening relationships provider Accompany. $CSCO PR link.
Eli Lilly(PBR142) to acquire ARMO BioSciences(NASDAQ: ARMO), a late-stage immuno-oncology developer of a pipeline of proprietary product candidates that activate the immune system of cancer patients to recognize and eradicate tumors, for $50/share, $1.6 billion cash. $LLY PR link.
Alcoa(PBR253) and Rio Tinto(NYSE:RIO)announce a revolutionary process to make aluminum that produces oxygen and eliminates all direct greenhouse gas emissions from the traditional smelting process, Apple(PBR5) an investor and providing technical support, joint venture name is Elysis, plan to sell technology package in 2024. $AA PR link.
Gannett(PBR414) to acquire digital marketing software company WordStream for $130 million cash plus up to $20 million for achieving revenue targets in 2019 & 2020, expects $55 million in revenues in 1st year, to close 2Q18. $GCI PR link.
Arthur J Gallagher(PBR437) to acquire Brownsville, TX, based full-service Managing General Agency (MGA), broker and claims administrator, with focus on the Hispanic markets in Texas, California, and Florida, Pronto Insurance, terms not disclosed. $AJG PR link.
McDermott Intl(PBR825) completes $6 billion merger with CB&I(NYSE: CBI)(Chicago Bridge & Iron), completes 3:1 reverse stock split. $MDR PR link.
Anthem(PBR38) newly launched pharmaceutical benefits manager unit IngenioRxstarts external search for new CEO with departure of Brian Griffin, COO Deepti Jain named leader. $ANTM PR link.
Diplomat Pharmacy(PBR515) hires Brian Griffin as Chairman/CEO effective 06/04/18. $DPLO PR link.
The Mosaic Co(PBR300) hires Clint Freeland as SVP/CFO, effective 06/04/18. $MOS PR link.
The Mosaic Co(PBR300) director Gregory Ebel appointed Board Chairman, succeeds Robert Lumpkins who remains on the Board, James Popowich retired as a director, and Oscar Bernardes was newly elected to the Board. $MOS PR link.
Tractor Supply(PBR436) at 2018 annual meeting elects Denise Jackson, Chief Legal Officer and Corporate Secretary for AMN Healthcare Services(NYSE:AMN), the nation’s largest healthcare workforce solutions and staffing company, to the Board, Johnston C. Adams has retired, other directors re-elected. $TSCO PR link.
The US Dept of Treasury says US Preliminary April 2018 Federal Government Receipts were $510.447 billion, Outlays $296.192 billion, for Surplus of $214.255 billion, Fiscal Year To Date Deficit(7 months) is $385.444 billion, FY YTD Deficit April 2017 was $344.428. USTreasury PR link.
The US Dept of Labor says the US Preliminary April 2018 Consumer Price Index(aka Inflation) was at +0.2%, Last 12 Months +2.5%, March 2018 was +2.4%, February 2018 2.2%, April 2017 +2.2%. USDOL PR link.
The US Dept of Labor says US Preliminary April 2018 Employee Average Current Earnings/Hour is at $26.84, Average Work Hours/Week is at 34.5, Average Weekly Earnings at $925.98, +0.2% from March 2018, +2.5% from April 2017. USDOL PR link.
***Wednesday, May 9:
PBRMarketTools Snapshot 15 Summary: The PBR1000 April Top 5 By Market Capitalization(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 04/30/18 Market Capitalization in $ Billions, % Change YTD(4 months)):
1. Apple, PBR4, AAPL, $824B, -6%
2. Amazon, PBR8, AMZN, $763B, +37%
3. Microsoft, PBR31, MSFT, $738B, +12%
4. Alphabet, PBR21, GOOG, $717B, -2%
5. Facebook, PBR69, FB, $503B, -2%
Range: $824B to $0.01B
The PBR1000 Total Market Capitalization:$25.740 trillion, -0.8% YTD(4 months), +17.5% from 12/30/16(16 months)
Average: $25.740 billion
Median: $8.0 billion
The PBR1000, business intelligence to empower you to make better decisions. To find out more click here.
Walmart(PBR1) to pay $16 billion for an initial stake of approximately 77% in India e-commerce provider Flipkart, includes $2 billion of new equity funding. $WMT PR link.
Amazon(PBR8) announces the interactive Amazon Experience Centers within select Lennar(PBR340) model homes across the US, customers can simply ask Alexa to control the television, lights, thermostat, shades, and more. $AMZN PR link.
Sears(PBR93) Auto Centers first to work with Amazon(PBR8) to provide full-service tire installation and balancing for customers who purchase any brand of tires on Amazon.com. $SHLD PR link.
Qualcomm(PBR106) authorizes new $10 billion share repurchase program, no expiration date, replaces current 2015 $15 billion program which had $1.2 billion left. $QCOM PR link.
Caesars Entertainment(PBR314) to sell Octavius Tower at Caesars Palace and Harrah’s Philadelphia real estate assets to VICI Properties(NYSE:VICI) for $590 million, Caesars to continue to operate properties under long-term leases. $CZR PR link.
Royal Caribbean(PBR329) authorizes a $1 billion share repurchase program over next 2 years. $RCL PR link.
Wyndham Worldwide(PBR464) completes sale of its European vacation rentals business to an affiliate of Platinum Equity for $1.3 billion. $WYN PR link.
Wyndham Worldwide(PBR464) approves spin-off of wholly-owned subsidiary Wyndham Hotels & Resorts, Inc., the world’s largest hotel franchisor with more than 8,300 affiliated hotels, effective at end of 05/31/18, will start trading on 06/01/18 as NYSE: WH; Wyndham Worldwide to be renamed Wyndham Destinations, start trading on 06/01/18 replacing current WYN ticker with new ticker NYSE: WYND. $WYN PR link.
Groupon(PBR652) 1Q18 report shows it had now has 4.2 million voucherless members in deal with American Express(PBR83), global units sold were at 42.4 million in 1Q18, -7% from 1Q17, part of restructuring to focus on revenue generation that maximizes gross profit, had 32.6 million N American active customers, 17.0 million from International unit, authorizes $300 million share repurchase program. $GRPN PR link.
ON Semiconductor(PBR656) acquires Irelandbased specializing in Silicon Photomultipliers (SiPM), Single Photon Avalanche Diode (SPAD) and LiDAR sensing products for automotive, medical, industrial and consumer markets SensL Technologies, terms not disclosed. $ON PR link.
Sinclair Broadcast(PBR894) to raise $1.5 billion from divestiture of 23 TV stations to Fox Broadcasting, Standard Media Group(an affiliate of Standard General LP), Meredith Corp(PBR994), and Howard Stirk and Cunningham Broadcasting Corporation, to comply with regulators for Sinclair’s $43.50/share, $3.9 billion cash/stock, plus assumption of $2.7 billion of debt acquisition of Tribune Media Company(NYSE:TRCO). $SBGI PR link.
Univar(PBR334) President/COO David Jukes promoted to President/CEO, succeeds Chairman/CEO Stephen D. Newlin who has been appointed Executive Chairman. $UNVR PR link.
W.R. Grace(PBR645) President/COO Hudson La Force to succeed retiring CEO Fred Festa in 4Q18, Festa to become Non-Executive Chairman. $GRA PR link.
3M(PBR92) President & GM/3M Canada Company Mojdeh Poul to become EVP/Safety and Business Graphics unit effective 07/01/18, succeeds retiring Frank Little. $MMM PR link.
Covanta Holdings(PBR958) hires Ginny Angilello as SVP/Chief Human Resources Officer. $CVA PR link.
Gilead Sciences(PBR107) appoints Harish M. Manwani, Global Executive Advisor to the private equity business of Blackstone(PBR352), to the Board. $GILD PR link.
Tesla(PBR251) shareholders get letter from CtW Investment Group to vote against re-election of Board members Antonio J. Gracias, Kimball Musk, and James R. Murdoch at 06/05/18 annual meeting, says they are not independent directors, not experienced in the auto industry. $TSLA PR link.
Oshkosh(PBR368) appoints retired General Raymond T. Odierno, 38th Chief of Staff for the US Army, to the Board. $OSK PR link.
Ralph Lauren(PBR406) to add Angela Ahrendts, SVP/Retail at Apple(PBR5), and has appointed Michael George, President/CEO of Qurate Retail(PBR263) to the Board. $RL PR link.
CNO Financial(PBR559) elects Daniel Maurer as Board Chairman, succeeds Neal Schneider who retires from the position but will remain on the Board. $CNO PR link.
W.R. Grace(PBR645) appoints Schlomo Yanai, currently Chairman of the Cambrex Corporation, former Teva Pharmaceuticals CEO, and retired Israeli Major General, to the Board. $GRA PR link.
STERIS(PBR922) Board Chairman John P. Wareham to retire at 2018 annual meeting, independent director Dr. Mohsen M. Sohi expected to be appointed Chairman, Dr. Nirav Shah appointed to the Board. $STE PR link.
The US Dept of Labor says the US April 2018 Producer Price Index was +0.1%, March 2018was +0.3%, February 2018 +0.2%, Last 12 Months +2.6%. USDOL PR link.
The US Dept of Commerce/Census says US Preliminary March 2018 Total Wholesale Sales was at $498.0 billion, +0.4% from February 2018, +7.3% from March 2017. USDOC PR link.
California Solar Energy Update: California Energy Commission votes 5-0 to approve mandate for solar panels on new houses starting in 2020. LA Times PR link.
***Tuesday, May 8:
MetLife(PBR39) to provide annuity benefits to approximately 41,000 retirees and beneficiaries in the FedEx(PBR65) defined benefit pension plans, representing pension obligations of approximately $6 billion. $MET PR link.
Capital One(PBR116) has ceased new originations of residential mortgages and home equity loan products, to sell approximately $17 billion of first and second lien mortgages to DLJ Mortgage Capital, Inc., a subsidiary of Credit Suisse AG, in 2Q18, will then resume stock repurchase program. $COF PR link.
DISH(PBR196) ends 1Q18 with 10.845 million DISH TV subscribers and 2.303 million Sling TV subscribers. The total 13.148 million Pay-TV subscribers is compared to 13.528 million Pay-TV subscribers at the end of 1Q17. $DISH PR link.
Pentair(PBR363) authorizes new $750 million share repurchase program, expires 05/31/21, replaces existing program which had a balance of $450 million. $PNR PR link.
La Quinta(PBR998) Board approves spin-off of CorePoint Lodging as an independently held company(NYSE: CPLG, starting 05/31/18) in connection with La Quinta’s $1.95 billion acquisition by Wyndham Worldwide(PBR464 $WYN), to complete spin-off, then close acquisition on 05/30/18. $LQ PR link.
Diplomat Pharmacy(PBR515) expects to name next CEO by end of week, interim CEO Jeff Park has voluntarily resigned effective 05/11/18, will remain on the Board, CFO Atul Kavthekar to temporarily assume the additional responsibilities of the CEO until the appointment of the new CEO is effective. $DPLO PR link.
Facebook(PBR228) appoints Jeff Zients, CEO of diversified holding company Cranemere and former Director of the National Economic Council for President Obama, to the Board, effective 05/31/18. $FB PR link.
Blackstone(PBR352) appoints Sir John Hood, Chair of the Rhodes Trust, which oversees the Rhodes scholarship program, and President/CEO of the Robertson Foundation, to the Board, effective 05/14/18. $BX PR link.
MDU Resources(PBR513) board member A. Bart Holaday resigns, has reached age maximum for directors. $MDU PR link.
Adtalem Education(PBR905) appoints Georgette Kiser, Managing Director and Chief Information Officer of The Carlyle Group(PBR581), and Dr. Steven M. Altschuler, MD, Managing Director, Healthcare Ventures, at Ziff Capital Partners, to the Board; Kathy Boden Holland resigns from the Board to become Group President of its Medical and Healthcare vertical, currently Adtalem’s largest business unit; Chamberlain University unit President Susan Groenwald, PhD, RN, ANEF, FAAN, to retire after 12 years upon appointment of successor. $ATGE PR link.
The US Dept of Labor says US Preliminary March 2018 Total Job Openings-Private were at 5,928,000, Government 622,000, Total Openings 6,550,000, +7.8% from February 2018, +16.8% from March 2017. USDOL PR link.
CoreLogic says US February 2018 Total Percent of Mortgage Payments 30 Days or More Past Due was at 4.8%, January 2018 was 4.9%, December 2017 5.3%, February 20175.0%, Total Percent of Homes in Foreclosureis at 0.6%. CoreLogic PR link.
***Monday, May 7:
PBRMarketTools Snapshot 13 Summary: The PBR1000 April Top 5 Stock Gainers Since 12/30/16(16 Months)(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 04/30/18 Stock Price, % Increase from 12/30/16):
1. Weight Watchers, PBR985, WTW, $70.05, +512%
2. BlueLinx, PBR856, BXC, $40.22, +438%
3. Scientific Games, PBR699, SGMS, $53.30, +281%
4. Systemax, PBR903, SYX, $31.43, +258%
5. RH(Restoration Hardware), PBR765, RH, $95.45, +211%
Range: +512% to -99%
Number of Companies at 0% or Better:623/998
Average: +17.15%
Median: +10,54%
The PBR1000, business intelligence to empower you to make better decisions. To find out more click here.
Mondelez(PBR87) to acquire Tate’s Bake Shop, home of America’s top-rated chocolate chip cookie, for approximately $500 million from private equity firm The Riverside Company and other shareholders, including Founder Kathleen King, to close in summer 2018. $MDLZ PR link.
Starbucks(PBR178) to receive $7.15 billion from Nestlé SA for rights to market, sell, and distribute Starbucks®, Seattle’s Best Coffee®, Starbucks Reserve®, Teavana™ , Starbucks VIA® and Torrefazione Italia® packaged coffee and tea in all global at-home and away-from-home channels. $SBUX PR link.
Principal Financial(PBR265) authorizes new up to $300 million share repurchase program, $96 million remained under previous $250 million program. $PFG PR link.
Blackstone(PBR352 $BX) to acquire global investor and asset manager of commercial real estate Gramercy Property Trust for $27.50/share, $7.6 billion cash, to close 2H18. $GPT PR link.
Windstream(PBR426) Wholesale unit to expand new almost 1,700 mile southern route from Los Angeles to Dallas as part of 100G nationwide fiber network expansion strategy, to be completed in 3Q18. $WIN PR link.
Intl Flavors & Fragrances(PBR666) to acquire global flavors and natural fine ingredients producer with 70,000 products and 30,000+ customers Frutarom (TASE:FRUT) for $106.25/share, $7.1 billion cash/stock, to close in 6-9 months. $IFF PR link.
Hexcel(PBR921) authorizes additional $500 million share repurchase program, $212 million remaining from previous authorization. $HXL PR link.
Monsanto(PBR187) Chairman/CEO Hugh Grant announces intention to leave upon acquisition by Bayer AG, to close in 2Q18, several other named executives leaving as well, some staying on in the Crop Sciences unit. $MON PR link.
Wells Fargo(PBR30) hires Amanda Norton as Chief Risk Officer, starting in the summer of 2018, to succeed retiring Mike Loughlin. $WFC PR link.
PPG(PBR26) hires Daniel G. Korte as Global VP Elect/Aerospace, succeeds Barry N. Gillespie who is retiring on 08/01/18. $PPG PR link.
Medtronic(PBR133) hires Mike Weinstein as SVP/Strategy. $MDT PR link.
The US Federal Reserve says US Preliminary March 2018 Total Consumer Debt was at $3.875 trillion, +0.3% from February 2017, +1.1% from December 2017(YTD), +5.0% from March 2017. USFed PR link.
FannieMae(PBR17) says US April 2018 Home Purchase Sentiment Index is at 91.7, a new all-time survey high, March 2018 was 88.3, February 2018 85.8, April 2017 86.7. $FNMA PR link.
***Friday, May 4:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 05/04/18:
The Stock Market Bear easily had its way through Thursday. The Stock Market Bull then made a dramatic appearance on Friday and pushed the NASDAQ into plus territory for the week. In the end, the results were mixed for Week 20 of 2018 with the Stock Market Bearwinning 2 out of the 3 US stock exchanges.
DJIA ends the week at 24,262.51, -0.20% from last Friday, +0.41% MTD, +0.66 QTD, -1.85% YTD, -8.84% from record 26,616.71 set 01/26/18.
NASDAQ ends the week at 7,209.62, +1.26% from last Friday, +2.03% MTD, +2.07% QTD, +4.44% YTD, -4.99% from record 7,588.32 set 03/12/18.
SPX ends the week at 2,663.42, -0.24% from last Friday, +0.58% MTD, +0.85% QTD, -0.38% YTD, -7.29% from record 2,872.87 set 01/26/18.
Snapshot 12 Summary: The PBR1000 April Top 5 Stock Gainers YTD(4 Months)(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 04/30/18 Stock Price, % Increase from 03/29/18):
1. BlueLinx, PBR856, BXC, $40.25, +312%
2. Fossil, PBR671, FOSL, $14.95, +92%
3. Stage Stores, PBR915, SSI, $2.91, +73%
4. Netflix, PBR252, NFLX, $312.46, +63%
5. Eastman Kodak, PBR926), KODK, $4,95, +60%
Range: +312% to -94%
Number of Companies at 0% or Better:411/1,000
Average: -1.43%
Median: -3.01%
The PBR1000, business intelligence to empower you to make better decisions. To find out more click here.
Wells Fargo(PBR30) to pay $480 million in agreement in principle to resolve a consolidated securities fraud class action related to sales practices matters in the US District Court for the Northern District of California. $WFC PR link.
Xerox(PBR144) has taken an appeal from the decision enjoining the Fuji Xerox combination, says merger decision should be made by the shareholders, not the courts. $XRX PR link.
Newell Brands(PBR434) to sell its Covington, KY, based global consumer and commercial package manufacturing business The Waddington Group to Novolex Holdings, to result in after-tax proceeds of approximately $2.2 billion. $NWL PR link.
Newell Brands(PBR434) announces accelerated transformation plan, to generate around $10 billion in after-tax proceeds from divestitures by end of 2019, be an around $9.5 billion in sales/year company. $NWL PR link.
Sprouts(PBR688 $SFM) discontinues same-day home delivery service with Amazon(PBR29) Prime Now, effective 05/01/18, will expand the service with Instacart. Supermarket News PR link.
Cincinnati Bell(PBR988) gets Hawaiʻi Public Utilities Commission approval for $650 million cash/stock merger with Hawaiian Telecom(NASDAQ: HCOM), expects to close transaction soon after Federal Communications Commission review. $CBB PR link.
Xerox(PBR144) agreement on 05/01/18 with Carl Icahn and Darwin Deason expired 05/03/18 8PM with no actions taken, current Board and management team, including CEO Jeff Jacobson, remain in place. $XRX PR link.
Caterpillar(PBR54) hires Andrew Bonfield as CFO effective 09/01/18, succeeds Brad Halverson who retires 05/04/18, Financial Services division VP Joe Creed to be interim CFO. $CAT PR link.
Colgate-Palmolive(PBR168) VP/Corporate Controller Henning Jakobsen appointed CFO, succeeds Dennis Hickey who will be assuming the role of Vice Chairman. $CL PR link.
American Electric Power(PBR174)’s Southwestern Electric Power Co(SWEPCO)unit’s President/COO Venita McCellon-Allen has retired after 30 years with the company, Malcolm Smoak named SWEPCO interim President/COO.$AEP PR link.
The US Dept of Labor says US April 2018 Civilian Force Employed was at 155,181,000, +3,000 from March 2018, +2,020,000 from April 2017, April 2018 Unemployed at 6,346,000, April 2018 Unemployment Rate at 3.9%, April 2017 was 4.4%. USDOL PR link.
US/China Trade: US representatives in China, seek $200 billion cut in China trade imbalance. MarketWatch PR link.
***Thursday, May 3:
Snapshot 11 Summary: The PBR1000 April Top 5 Stock Month Performers(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 04/30/18 Stock Price, % Increase from 03/29/18):
1. Verifone, PBR858, PAY, $23.01, +50%
2. Andeavor, PBR82, ANDV, $138.32, +38%
3. Stage Stores, PBR915, SSI, $2.91, +33%
4. SM Energy, PBR978, SM, $23.95, +33%
5. Chipotle, PBR527), CMG, $423.33, +31%
Range: +50% to -48%
Number of Companies at 0% or Better:511/1,000
Average: -0.01%
Median: +0.16%%
The PBR1000 empowers astute business leaders and shrewd investors worldwide to make higher probability of success decisions. To find out more click here.
SuperValu(PBR164) completes its about $43 million cash sale of 21 of its 38 Farm Fresh Food & Pharmacy (“Farm Fresh”) stores to three different retailers: Harris Teeter, Kroger Mid-Atlantic Division, and Food Lion, in various stages for other 17 stores. $SVU PR link.
Kellogg(PBR198) adds $420 million to joint venture with Tolaram in West Africa, an emerging market. $K PR link.
KKR(PBR332) to convert from a partnership to a corporation, effective 07/01/18; increases share repurchase program to $500 million. $KKR PR link.
Griffon Corp(PBR890)’s Clopay Building Products unit to acquire $200 million expected annual sales US manufacturer and marketer of rolling steel door and grille products designed for commercial, industrial, institutional, and retail use CornellCookson for $180 million. $GFF PR link.
Weight Watchers(PBR988) in 1Q18 report says it has added 1 million subscribers since 1Q17, 4.6 million subscribers highest in company’s history, credits global response to its new WW Freestyle™ program. $WTW PR link.
United Continental(PBR77) hires Josh Earnest as Chief Communications Officer, starts 05/21/18. $UAL PR link.
Patterson Cos(PBR542) President/Patterson Dental N America David Misiak departing on 05/11/18, search for new president starts. $PDCO PR link.
Pool Corp(PBR836) adds $200 million to share repurchase program, balance available is now $236 million. $POOL PR link.
Alliance One Intl(PBR875) hires Bryan Mazur as EVP/Global Specialty Products. $AOI PR link.
Archer-Daniels-Midland(PBR34) elects AECOM(PBR322) Chairman/CEO Michael S. Burke to the Board along with the 11 current members. $ADM PR link.
Allergan(PBR219) elects John Davidson, former SVP/Controller and Chief Accounting Officer at Tyco International, to the Board. $AGN PR link.
Alaska Air(PBR454) elects Facebook(PBR228) VP/Finance Susan Li to the Board. $ALK PR link.
Scotts Miracle-Gro(PBR705) appoints its former CFO David Evans to the Board. $SMG PR link.
The US Dept of Labor says US Preliminary 1Q18 Business Sector Labor Productivity Output/Hour-All Persons, was at +1.1%, 4Q17was -0.4%, 3Q17 +3.2%, 1Q17 -0.7%. USDOL PR link.
The US Dept of Commerce says US March 2018 Exports were at $208.5 billion, Imports$257.5 billion, Deficit $49.0 billion, Exports YTD(3 months) were at $613.7 billion, Imports YTD $777.3 billion, Deficit YTD $163.6 billion, March 2017 Deficit YTD was $137.9 billion. USDOC PR link.
The US Dept of Commerce/Census says US Preliminary March 2018 New Orders for Durable Goods was valued at $255.2 billion, Non-Durable Goods $252.4 billion, Total$507.6 billion, +1.5% from February 2018, +8.1% from March 2017. USDOC PR link.
IHS Markit says US April 2018 Composite PMI Output Index was 54.9, March 2018 was 54.2, February 2018 55.8, April 2017 53.2. IHS Markit PR link.
The Institute for Supply Management says US April 2018 Non-Manufacturing Index is at 56.8%, March 2018 was 58.8%, February 201859.5%, April 2017 57.5%. ISM PR link.
***Wednesday, May 2:
Macy’s(PBR97) has acquired STORY, a concept store in New York City. STORY founder/CEO Rachel Shechtman will join Macy’s as brand experience officer. $M PR link.
Starbucks(PBR178) issues statement from Donte Robinson, Rashon Nelson, and CEO Kevin Johnson regarding settlement from arrest incident in Philadelphia on 04/12/18. $SBUX PR link.
Caesars Entertainment(PBR314) authorizes up to $500 million share repurchase program, no expiration date. $CZR PR link.
Live Nation(PBR366) to acquire 2nd highest grossing festival in the world in 2017 Rock in Rio, terms not disclosed. $LYV PR link.
Spirit AeroSystems(PBR370) to acquire high lift wing structures, mechanical assemblies and major functional components to major OEMs and Tier-1 suppliers in the global commercial aerospace and military markets supplier S.R.I.F. N.V., the parent company of 1,400 employees anticipated $400 million in sales/2018 Asco Industries, N.V., for $650 million in cash, to close 2H18. $SPR PR link.
Salesforce(PBR453) completes $44.89/share cash/stock, $6.5 billion enterprise value acquisition of $296 million in sales/2017 1,200 customers MuleSoft(NYSE: MULE). $CRM PR link.
Post Holdings(PBR486) authorizes new $350 million share repurchase program, had repurchased $488 million under previous authorizations. $POST PR link.
Arthur J Gallagher(PBR515) acquires Bellevue, WA, based retirement plan consultant and investment analyst firm ClearPoint Financial, terms not disclosed. $AJG PR link.
Tesla(PBR651 $TSLA) is accused of patent infringement by Nikola Corporation for its design of the Semi, asking $2+ billion in damages. AZ District Court PR link.
Boyd Gaming(PBR727) to acquire Lattner Entertainment Group Illinois, operator of nearly 1,000 gaming units in 220 locations across the state of Illinois, for $100 million cash. $BYD PR link.
McDermott Intl(PBR825) and CB&I(NYSE: CBI(Chicago Bridge & Iron) shareholders approve $6 billion merger to be named McDermott, expects to close 05/10/18. $MDR PR link.
Sprint(PBR86) President/CEO Marcelo Claure named Executive Chairman, CFO Michel Combes appointed CEO, both effective on or before 05/31/18, new CFO search starts. $S PR link.
Xerox(PBR144) reaches agreement with Carl Icahn and Darwin Deason; Keith Cozza of Icahn Enterprises(PBR147) to be named Chairman, John Visentin to be named Vice Chairman and CEO, CEO Jeff Jacobson to resign as Xerox CEO and from the Board, 6 directors to resign from the Board, 3 directors remain on the Board, no effect on pending claims against Fujifilm. $XRX PR link.
Scientific Games(PBR937) CEO SG Interactive Barry Cottle to become new President/CEO on 06/01/18, succeeds Kevin Sheehan who will remain as a senior advisor; also, Tim Bucher hired as EVP/Chief Products Officer. $SGMS PR link.
Kohl’s(PBR149) hires Doug Howe as Chief Merchandising Officer. $KSS PR link.
SunPower(PBR680) CFO Chuck Boynton to transition out, will remain CEO of 8point3 Energy Partners through the sale, hires Manavendra Sial as new CFO, effective after filing of 1Q18 10-Q report. $SPWR PR link.
Univar(PBR334) appoints Kerry J. Preete, EVP/Chief Strategy Officer at Monsanto(PBR147), to the Board. $UNVR PR link.
Wynn Resorts(PBR427) board sends shareholders letter asking them to vote for its nominees at 05/16/18 annual meeting, says largest shareholder Elaine Wynn’s “withhold the vote” against Director John J. (“Jay”) Hagenbuch campaign is misguided. $WYNN PR link.
HCP(PBR834) appoints Lydia Kennard, recently CEO of Los Angeles World Airports, and Kent Griffin, a seasoned REIT executive, to the Board. $HCP PR link.
US Federal Open Market Committee releases statement from its 05/01-02/18 meetings, says labor market has continued to strengthen and that economic activity has been rising at a moderate rate, keeps federal funds short term interest rate at 1.50-1.75%. FOMC PR link.
ADP(PBR235) says US April 2018 Private Sector Change In Employment was +204,000, +62,000 from Small Businesses, +88,000 from Midsize Businesses, +54,000 from Large Businesses, March 2018 change was +228,000, February 2018 +241,000, April 2017+155,000. $ADP PR link.
***Tuesday, May 1:
Apple(PBR5) authorizes new $100 billion share repurchase program, will complete the execution of the previous $210 billion share repurchase authorization during the fiscal 3Q18. $AAPL PR link.
Boeing(PBR27) to acquire independent provider of aviation parts and services in the aerospace industry KLX(NASDAQ: KLXI) for $63/share, includes assumption of about $1.0 billion of net debt, total $4.25 billion all cash, to close by 3Q18. $BA PR link.
Amazon(PBR29) to expand Boston Tech Huband create an additional 2,000 technology jobs, expanding into 430,000 sf development on Boston waterfront, plans to open the doors of its new office in 2021. $AMZN PR link.
Cisco(PBR60) to acquire Los Altos, CA, based privately held AI-driven relationship intelligence platform for finding new prospects, navigating the selling process, and strengthening relationships provider Accompany for $270 million cash. $CSCO PR link.
Cisco(PBR60) to sell its Service Provider Video Software Solutions (SPVSS) business to private equity firm Permira, who will create a new, rebranded company focused on developing and delivering video solutions for the Pay-TV industry, terms not disclosed, to close Cisco fiscal 1Q19. $CSCO PR link.
T-Mobile(PBR95) celebrates 5th year as a public company, reports 1.4 million net adds in 1Q18, 20th quarter in a row with 1+ million net adds, has 74 million customers. $TMUS PR link.
Medtronic(PBR133) gets US FDA approval for its Deep Brain Stimulation therapy for medically refractory epilepsy. $MDT PR link.
AbbVie(PBR136) commences modified “Dutch auction” tender offer to purchase up to $7.5 billion of its common stock at a price between $99.00/share and $114.00/share, expires 05/29/18. $ABBV PR link.
Lincoln Financial(PBR213) completes $3.3 billion acquisition of Liberty Life Assurance Company of Boston from Liberty Mutual Insurance Group. $LNC PR link.
L3 Technologies(PBR238) to sell its aviation logistics services, supply chain management, and maintenance, repair and overhaul services provider Vertex Aerospace unit to American Industrial Partners for $540 million cash. $LLL PR link.
Owens & Minor(PBR292) completes $710 million cash acquisition of $1 billion revenues/year surgical and infection prevention (“S&IP”) business of Halyard Health. $OMI PR link.
Hasbro(PBR549) to acquire Saban’s Power Rangers and several other entertainment brands, including My Pet Monster, Popples, Julius Jr., Luna Petunia, Treehouse Detectives and others, in a $522 million cash/stock deal, to close 2H18. $HAS PR link.
Pitney Bowes(PBR588) gets renewal and multi-year extension of its partnership with eBay(PBR163) to power eBay’s Global Shipping Program. $PBI PR link.
USG Corp(PBR599) authorizes a new round of negotiations for potential acquisition by Gebr. Knauf KG (“Knauf”). $USG PR link.
Vista Outdoor(PBR784) in strategic transformation growth plan to focus on ammunition, hunting and shooting accessories, hydration bottles and packs, and outdoor cooking products; exploring strategic options for remaining Sports Protection brands (e.g. Bell, Giro, and Blackburn), Jimmy Styks paddle boards, and Savage and Stevens firearms. $VSTO PR link.
Beacon Roofing(PBR818) has acquired Tri-State Builder’s Supply (“Tri-State”), a wholesale supplier of roofing, siding, windows, doors and related building products located in Duluth, MN. $BECN PR link.
MetLife(PBR39) CFO John Hele retires, succeeded by EVP/Treasurer John McCallion; promotes Stephen W. Gauster to EVP/General Counsel. $MET PR link.
Honeywell(PBR74) promotes Greg Lewis to interim role of VP/Corporate Finance until 08/03/18 at which time he will succeed retiring Tom Szlosek as CFO. $HON PR link.
JM Smucker(PBR437) President/Pet Food and Pet Snacks Barry Dunaway to retire 07/31/18, President/Canada, International & US Away From Home David Lemmon is successor; President/CEO Jeffrey Watters of soon to be acquired Ainsworth to become SVP/General Manager of Ainsworth. $SJM PR link.
Henry Schein(PBR270) President James Breslawski adds role of Vice Chairman, hired Jonathan Koch as SVP & CEO/Global Dental Group. $HSIC PR link.
US Steel/Aluminum Tariffs Update: On 04/30/18 President Trump approved Section 232 tariff modifications on steel and aluminum imports, has reached a final agreement with South Korea on steel imports, also has reached agreements in principle with Argentina, Australia, and Brazil with respect to steel and aluminum, is extending negotiations with Canada, Mexico, and the European Unionfor a final 30 days. White House PR link.
The US Dept of Commerce/Census says US Preliminary March 2018 Total Construction Spending Annual Rate is at $1.285 trillion, -1.7% from February 2018, +3.6% from March 2017. USDOC PR link.
The Institute for Supply Management says the US April 2018 Manufacturing PMI Index(>50%=Economy Expanding) is at 57.3%, March 2018 was 59.3%, February 201860.8%, April 2017 55.3%. ISM PR link.
IHS Markit says the US April 2018 Manufacturing PMI is at 56.5, highest since September 2014, March 2018 was 55.6, February 2018 55.3, April 2017 52.8. IHS Markit PR link.
Automotive News reports that US April 2018 Total Light Vehicles Sold were at 1,063,895 units, excludes GM who is now reporting only quarterly, -5.0% from April 2017, April 2018 Average Price was $35,411, +0.4% from from March 2018, +2.1% from April 2017. Automotive News PR link.
The PurdueU/CME Group April 2018 Ag Economy Barometer is 125, March 2018 was 135, February 2018 140, April 2017 130. PurdueU/CME Group PR link.
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(The PBR1000 provides astute investors and business professionals with the data, news, and analysis for taking higher probability of success actions. The PBR1000 covers over 1,000 of the largest publicly held companies with principle or administrative headquarters in the US. These companies generate $13 trillion in annual worldwide revenues, more than all other companies in the US combined. These are the key drivers in the US and world economies. On a monthly, quarterly, and annual basis several analytical reports in customizable Microsoft Excel format are provided to Subscribers of The PBR1000. Subscribers include C-level executives, entrepreneurs, sales/marketing/advertising professionals, investors/investment advisers, business professors/students, career counselors/job seekers, to name just a few. To order your monthly or significantly discounted annual subscription, just click here to go to the PBRMarketTools.com Order page.)
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