June 2016: Setting the Stage for the Second Half
Big Ben says it’s time for The United Kingdom to leave the European Union.
By Larry C. Paxton
Several stories broke in June 2016 to set the stage for the second half.
The Federal Reserve was set to increase the funds rate, the disappointing jobs report came out, and the funds rate is not changing for now.
Donald Trump and Hillary Clinton became the clear presumptive nominees of their political parties after the final primaries in early June. But both candidates carry some heavy baggage, have high negatives, and their economic and business policies are not yet clear. The Rio Olympics are coming up in August, but the US Presidential race looks like it may be become a very expensive combination marathon and wrestling event with lots of explosives and negative ads involved.
Then Brexit happened. There was short term volatility in the global stock markets as UK citizens narrowly voted to leave the European Union, there are efforts to invalidate the results, and there is a lot of conjecture about what will happen and impact long term.
At the end of the month the great majority of large US financial firms got a no objection to their capital plans from the Federal Reserve and a flurry of raised dividends and share buyback programs were announced.
The stage has been set. Let’s see what surprises come up in the second half!
Following are The PBR1000 and economic related breaking news items of interest for June 2016, starting with the last active business day.
Thursday, June 30:
The PBR1000 End of June US Stock Exchanges Snapshot:
DJIA ends June at 17,929.99, +3.04% from last Friday, +0.80% MTD, +1.38% QTD, +2.90% YTD, -2.09% from record 18,312.39 on 05/19/15.
NASDAQ ends June at 4,842.67, +2.86% from last Friday, -2.13% MTD, -0.56% QTD, -3.29% YTD, -7.21% from record 5,218.86 on 07/20/15.
SPX ends June at 2,098.86, +3.02% from last Friday, +0.09% MTD, +1.90% QTD, +2.69% YTD, -1.50% from record 2,130.82 on 05/21/15.
Amazon(PBR29) 2nd annual Prime Day to be 07/12/16, 100,000+ deals worldwide available. $AMZN PR link.
International Paper(PBR117) completes $150 million sale of Asia based 18 factories, 3,000 employees, corrugated packaging business. $IP PR link.
Hertz(PBR259) receives $2 billion from separation of equipment rental business, authorizes $395 million share repurchase program. $HTZ PR link.
Hertz(PBR259) reaches US off-airport supply agreements with Uber & Lyft. $HTZ PR link.
Ball Corp(PBR312) completes $8.4 billion cash/stock acquisition of UK based metal beverage can maker Rexam(LSE: REX). $BLL PR link.
Hershey(PBR354) board rejects $107/share cash/stock acquisition by Mondelez(PBR87 $MDLZ), & no reason for further discussion. $HSY PR link.
Newmont Mining(PBR358) selling interest in Indonesia’s PTNNT copper/gold mines for $1.3 billion. $NEM PR link.
HanesBrands(PBR459) completes $222 million acquisition of Champion Europe, uniting Champion brand globally. $HBI PR link.
CIT Group(PBR608) files initial Form 10 for separation of commercial aircraft leasing business, to close by end of 2016. $CIT PR link.
NASDAQ(PBR618) completes $1.1 billion acquisition of International Securities Exchange from Deutsche Borse Group. $NDAQ PR link.
AMC Entertainment(PBR728) issues statement on Carmike Cinemas(NASDAQ: CKEC) delay to vote on being acquired. $AMC PR link.
Ruby Tuesday(PBR1041) to open a series of Tesla(PBR651 $TSLA) Supercharger Stations. $RT PR link.
Cardinal Health(PBR26) hires Pamela Kimmet as Chief Human Resources Officer. $CAH PR link.
The US Dept of Treasury says 06/29/16 US National Public Debt at $13.909 trillion, Government $5.374 trillion, Total $19.283 trillion.
Treasury PR link.
The US Dept of Labor estimates US 4 Week Moving Average Initial Unemployment Claims at 266,750, was 278,500 last month. USDOL PR link.
The US Dept of Commerce estimates US 1st Quarter Net International Investment Position at $24.083 trillion in Assets, $31.609 trillion Liabilities, -$7.526 trillion Balance. USDOC PR link.
EIA says June Barrels of Crude Oil Stocks at 526.6 million, was 537.1 million in May, 487.4 million in December. EIA PR link.
FreddieMac says Average 30 Year Fixed Mortgage Rate at 3.48% with 0.5 fees/points, was 3.64% on 05/26/16, 4.01% on 12/31/16. $FMCC PR link.
The June MNI Chicago Business Barometer at 56.8, May was 49.3, Dec 42.9. ISM-Chicago PR link.
AAA says end of June Regular Gas National Average Price/Gallon at $2.288, May was $2.322, June 2015 was $2.768. AAA PR link.
Wednesday, June 29:
GE(PBR9)’s GE Capital financial unit receives approval for rescission of status as nonbank Systemically Important Financial Institution. $GE PR link.
JPMorgan Chase(PBR21) capital plan not objected to by the Federal Reserve, includes up to $10.6 billion in shares repurchases by 06/30/17. $JPM PR link.
Bank of America(PBR24) authorizes $5 billion common stock repurchase program through 06/30/17. $BAC PR link.
CitiGroup(PBR28) authorizes $8.6 billion common stock repurchase program over next 4 quarters. $C PR link.
Energy Transfer Equity(PBR52) terminates $37.6 billion merger agreement with Williams Cos(PBR348 $WMB). $ETE PR link.
Oracle(PBR78) prices $14 billion aggregate principal amount of investment grade notes, proceeds for general corporte purposes. $ORCL PR link.
Morgan Stanley(PBR79) authorizes $3.5 billion common stock repurchase program over next 4 quarters. $MS PR link.
American Express(PBR83) repurchasing up to $3.3 billion in shares, capital plan accepted by Federal Reserve. $AXP PR link.
Alcoa(PBR115) files initial 10-K for separation of upstream business to be called Alcoa Corporation, value-added businesses to remain with existing corporation, to be named Arconic, scheduled for 2H2016. $AA PR link.
Capital One(PBR116) authorizes up to $2.5 billion common stock repurchase program through 06/30/17. $COF PR link.
NextEra Energy(PBR173)’s Florida Power & Light subsidiary to buy Indiantown coal-fired 330 MW power plant for $451 million, replace with cleaner area natural gas power plants. $NEE PR link.
PNC Financial(PBR189) gets approval of capital plan by the Federal Reserve, authorizes up to $2.0 billion shares repurchase program through 06/30/17. $PNC PR link.
Ecolab(PBR201) to acquire France based 700 global employees $250 million/2015 healthcare & hygiene provider Anios. $ECL PR link.
State Street(PBR260) authorizes up to $1.4 billion common stock repurchase program through 06/30/17. $STT PR link.
AGCO(PBR280) to acquire Denmark based manufacturer of seed & grain processing & storage products Cimbria for $340 million. $AGCO PR link.
AMD(PBR446) acquires Radeon software PC gaming technologies developer HiAlgo. $AMD PR link.
KeyCorp(PBR544) authorizes up to $350 million common share repurchase program through 06/30/17. $KEY PR link.
Comerica(PBR740) authorizes up to $440 million equity repurchases through 06/30/17, no objection of capital plan by the Federal Reserve. $CMA PR link.
Apollo Global Mgmt(PBR906 $APO) affiliates to acquire Diamond Resorts Intl(NYSE: $DRII) for $30.25/share, $2.2 billion cash. http://bit.ly/2974O5e$DRII PR link.
Lands’ End(PBR976) SEC 13D filing shows Edward Lampert’s ESL Partners has 57.3% stake. SEC 13D PR link.
McCormick(PBR552) to promote Michael Smith to EVP/CFO, effective 09/01/16, succeeds retiring Gordon Stetz. $MKC PR link.
Brinker Intl(PBR697) promotes Kelli Valade to president, Chili’s Bar & Grill. $EAT PR link.
The US Dept of Commerce estimates May US Personal Savings at $730.6B, -3.1% from April, May Savings Rate at 5.3%. USDOC PR link.
Tuesday, June 28:
McKesson(PBR6) to combine its Technology Solutions unit with IT services provider Change Healthcare into a new company with $3.4 billion sales in 2016. $MCK PR link.
Dow Chemical(PBR48) restructuring before merger with Dupont(PBR82), to eliminate 2,500(4%) positions globally. $DOW PR link.
Cisco(PBR60) intends to acquire Waltham, MA, private cloud security provider CloudLock for $293 million. $CSCO PR link.
Gilead Sciences(PBR107) gets FDA approval for Hepatitis C single tablet regimen Epclusa. $GILD PR link.
Carnival Corp(PBR184) authorizes $1 billion share repurchase program. $CCL PR link.
Nordstrom(PBR214) to integrate Trunk Club operations with Nordstrom fulfillment network, close Goose Island facility by 08/2017. $JWN PR link.
Air Products(PBR267) Materials Technologies’ Electronic Materials division to be spunoff in 09/2016 as Versum Materials with headquarters in Tempe, AZ. $APD PR link.
Ball Corp(PBR312) gets US FTC approval for $8.4 billion cash/stock acquisition of UK based metal beverage can maker Rexam(LSE: REX). $BLL PR link.
Jones Lang LaSalle(PBR449) to acquire London based 25,000 client properties in 48 countries MSCI Global Occupiers unit. $JLL PR link.
Babcock & Wilcox(PBR695) restructuring, to immediately eliminate 200 jobs in traditional coal-fired power generation unit. $BW PR link.
Honeywell(PBR74) president/COO Darius Adamczyk to succeed Dave Cote as CEO on 03/31/17, Cote to be executive chairman. $HON PR link.
The US Dept of Commerce 3rd estimate of 1st Quarter GDP revised to +1.1% from +0.8%, $18.230 trillion. USDOC PR link.
The S&P/Case-Shiller April National Home Price Index is at 178.69, 5.0% annual gain(Jan2000=100). S&P/CS PR link.
The Conference Board estimates the June Consumer Confidence Index at 98.0, May was 92.4(1985=100). TCB PR link.
Monday, June 27:
Kroger(PBR20 $KR) sues Visa(PBR224 $V) over pin debit transactions. MarketWatch PR link.
PepsiCo(PBR43 $PEP) to bring back Diet Pepsi with Aspartame. MarketWatch PR link.
INTL FCStone(PBR88) to acquire 100,000 clients, $11 billion in assets, 160 employees correspondent securities clearing & independent wealth management units of Stifel Financial(PBR835)’s Sterne Agee subsidiary. $INTL PR link.
Medtronic(PBR133) to expand heart failure portfolio with acquisition of Heartware International(NASDAQ: $HTWR) for $58.00/share, $1.1 billion cash. $MDT PR link.
Gannett(PBR414) to acquire $320 million/year digital market solutions company ReachLocal(NASDAQ: $RLOC) for $4.60/share cash. $GCI PR link.
Wynn Resorts(PBR427) to open Wynn Palace in the Cotai area of Macau on 08/22/16. $WYNN PR link.
Chipotle(PBR561) unveils Chiptopia Summer Rewards 3 month program starting 07/01/16, based on multiple paid visits. $CMG PR link.
DENTSPLY Sirona(PBR694) to acquire Israeli based $80 million/year dental implants manufacturer MIS Implants Technologies for $375 million cash. $XRAY PR link.
Skechers USA(PBR808) wins trademark dispute regarding its Twinkle Toes & Bobs Shoes brands against Converse. $SKX PR link.
Wendy’s(PBR877) entering Brazilian market through joint venture with Infinity Services & Starboard. $WEN PR link.
People’s United Financial(PBR1012) to acquire Suffolk Bancorp(NYSE: $SCNB) in $402 million all stock transaction. $PBCT PR link.
Charles River Labs(PBR1025) acquires biologics/biosimilars analytical contract research organization Blue Stream Labs. $CRL PR link.
FreddieMac June Outlook forecasts 2016 30 year fixed rate mortgages to average 3.9%, 4.5% in 2017. $FMCC PR link.
Friday, June 24:
The PBR1000 Week Ending 06/24/16 US Stock Exchanges Snapshot:
DJIA at 17,400.75, -1.58% from last Friday, -2.17% MTD, -1.61% QTD, -0.14% YTD, -4.98% from record 18,312.39 on 05/19/15.
NASDAQ at 4,707.98, -1.92% from last Friday, -4.85% MTD, -3.32% QTD, –5.98% YTD, -9.79% from record 5,218.86 on 07/20/15.
SPX at 2,037.41, -1.63% from last Friday, -2.84% MTD, -1.08% QTD, -0.32% YTD, -4.38% from record 2,130.82 on 05/21/15.
Energy Transfer Equity(PBR52) entitled to terminate merger agreement with Williams Cos(PBR348) per Delaware Chancery Court ruling. $ETE PR link.
Pfizer(PBR56) completes acquisition of inflammation/immunology providor Anacor Pharmaceuticals(NASDAQ: ANAC) for $99.25/share, $5.2 billion cash. $PFE PR link.
ON Semiconductor(PBR656) extends $20/share, $2.4 billion cash tender offer for Fairchild Semiconductor(PBR1000) to 07/08/16, currently has commitment of 40.7% of shares. $ON PR link.
United Technologies(PBR45) hires Vince Campisi as SVP/Digital & Chief Info Officer, succeeds retiring Nancy Davis. $UTX PR link.
TECO Energy(PBR758) president/CEO John Ramil to retire on 08/31/16, to serve on Emera(TSX: EMA) board after 07/01/16 acquisition. $TE PR link.
The U of Michigan Final June Index of Consumer Sentiment Index was at 93.5, May was 94.7. UMich PR link.
Brexit Results: The UK votes 52% to 48% to exit the European Union. BBC PR link.
Thursday, June 23:
Macy’s(PBR97) president Jeff Gennette to add CEO role in 1st quarter, 2017, Terry Lundgren to remain Executive Chairman. $M PR link.
Barnes & Noble(PBR408) COO Jaime Carey promoted to President of Development & Restaurants Group; Michael Ladd hired as VP/Stores. $BKS PR link.
Roper Technologies(PBR614) hires John Stipancich as VP/General Counsel & Secretary. $ROP PR link.
The US Dept of HUD estimates May New Single-Family Home Sales at 551,000, -6.0 from April, +8.7% from May 2015. HUD PR link.
The Conference Board May US Leading Economic Index® at 123.7, -0.2% from April(2010 = 100). TCB PR link.
Wednesday, June 22:
Amazon(PBR29) to build 600,000 sf fulfillment center in Braselton, GA, to create 500+ fulltime jobs. $AMZN PR link.
Whirlpool(PBR138) EVP/CFO Larry Venturelli to retire in early 2017, Jim Peters to be EVP/CFO 08/01/16. $WHR PR link.
A. Schulman(PBR791) promotes Andreas Gunther to EVP/Chief Human Resources Officer, effective 07/01/16, succeeds retiring Kim Whiteman. $SHLM PR link.
Natl Assn Realtors says May Existing Home Sales at 5.53 million, +1.8% from April, +4.5% from May 2015. NAR PR link.
Tuesday, June 21:
CVS Health(PBR11) to expand healthy foods initiative to all 2,900+ stores. $CVS PR link.
Cablevision(PBR390) acquisition by Netherlands based Altice NV(Euronext: ATC) for $34.90/share, $17.7 billion enterprise value, is completed, creates 4th largest cable TV operator in the US, renamed to Altice USA. $ATC PR link.
QEP Resources(PBR626) to acquire 9,400 acres, 430 potential oil wells, in Permian Basin in Martin County, TX, for $600 million. $QEP PR link.
Tesla(PBR651) offers to buy SolarCity for $26.50-28.50/share in all stock deal. $TSLA PR link.
Kroger(PBR20)’s Ralphs division president Donna Giordano retiring effective 07/23/16, Valerie Jabbar promoted to succeed her. $KR PR link.
Biogen(PBR282) promotes Paul McKenzie, PhD, to EVP/Pharmaceutical Operations & Technology, effective 07/01/16. $BIIB PR link.
NVIDIA(PBR510) EVP/Chief Admin Officer & Secretary David Shannon to retire by 12/31/16. $NVDA PR link.
Lands’ End(PBR976) promotes Becky Gebhardt to EVP/Chief Marketing Officer, announces additional marketing leadership personnel. $LE PR link.
Monday, June 20:
Walmart(PBR1) & JD.com(NASDAQ: $JD) form strategic alliance to serve consumers across China. $WMT PR link.
Icahn Enterprises(PBR147 $IEP) increases proposal from $7/share to $8/share to buyout remaining shares it does not own in Federal-Mogul(NASDAQ: FDML). $FDML PR link.
Kellogg(PBR198) creates Eighteen94 Capital with $100 million to help fund next generation innovation startups. $K PR link.
Marathon Oil(PBR250) to acquire 61,000 acres 9,000 barrels of oil/day in Oklahoma Anadarko Basin STACK from PayRock Energy for $888 million. $MRO PR link.
Henry Schein(PBR270) to expand presence in Japan by owning 50% interest in $125 million/year 8 dealers dental equipment & supplies distributor J. Morita subsidiary One Piece. $HSIC PR link.
Caesars Entertainment(PBR314) launches 50th anniversary 50 day countdown activities/events for Caesars Palace-Las Vegas. $CZR PR link.
Avis Budget(PBR316) to hire 1,500 part time positions on 06/22/16 during national hiring day. $CAR PR link.
SemGroup(PBR866) transfers 51 positions from Oklahoma City headquarters to Tulsa headquarters, which now has 175 positions. $SEMG PR link.
Bristol-Myers Squibb(PBR185) promotes Murdo Gordon to new position of EVP/Chief Commercial Officer. $BMY PR link.
Friday, June 17:
The PBR1000 Week Ending 06/17/16 US Stock Exchanges Snapshot:
DJIA at 17,675.16, -1.06% from last Friday, -0.63% MTD, -0.06% QTD, +1.44% YTD, -3.48% from record 18,312.39 on 05/19/15.
NASDAQ at 4,800.34, -1.92% from last Friday, -2.99% MTD, -1.43% QTD, -4.14% YTD, -8.02% from record 5,218.86 on 07/20/15.
SPX at 2,071.22, -1.19% from last Friday, -1.23% MTD, +0.56% QTD, +1.33% YTD, -2.80% from record 2,130.82 on 05/21/15.
Microsoft(PBR31) acquires conversational intelligence app developer Wand Labs. $MSFT PR link.
DISH(PBR196) receives rejection from Tribune Publishing(NYSE: $TPUB) regarding use of arbitration, wants “fair market rates.” DISH replies. $DISH PR link.
Blackstone(PBR352) acquires Dublin, Ireland, 1.2 million sf 180 stores retail complex Blanchardstown Centre. $BX PR link.
Tower Intl(PBR874) authorizes open ended $100 million share buyback program. $TOWR PR link.
Amgen(PBR135) promotes Esteban Santos to EVP, Operations, effective 07/25/16, succeeds retiring Madhu Balachandran. $AMGN PR link.
The US Dept of Labor estimates May Current Average Earning at $25.59/Hr, +0.2% from April, +2.6% from May 2015. USDOL PR link.
The US Dept of HUD estimates May Private Housing Building Permits at a 1.138 million annual rate, +0.7% from April, -10.1% from May 2015. HUD PR link.
Thursday, June 16:
Walt Disney(PBR57) opens Shanghai Disney Resort. $DIS PR link.
Xerox(PBR144) business process outsouring $7 billion/2015 spinoff to be named Conduent, document technology $11 billion/2015 to remain Xerox. $XRX PR link.
AES Corp(PBR171) to sell 100% equity interest in Brazil’s AES Sul to CPFL Energia SA(NYSE: $CPL) for $464 million. $AES PR link.
DISH(PBR196) asks Tribune(NYSE: $TPUB) to agree to binding, baseball-style arbitration, end blackout for DISH customers; touts success of free over-the-air antenna solution. $DISH PR link.
Viacom(PBR212) lead independent director files lawsuit to prevent invalid attempt to remove members of the Company’s Board of Directors. $VIA PR link.
BlackRock(PBR252) buys 50% interest in Grandview, TX, 211 megawatt wind project. now has 3 gigawatt wind/solar capacity worldwide. $BLK PR link.
Revlon(PBR900) to acquire global beauty products provider Elizabeth Arden(NASDAQ: $RDEN) for $14.00/share, $870 million cash. $REV PR link.
Scientific Games(PBR937) gets 7 year extension with Georgia Lottery, Jumbo Bucks instant game tops $10 billion for #2 lottery in the world. $SGMS PR link.
Brinker Intl(PBR697) hires Rick Badgley as Chief People Officer, effective 07/18/16. $EAT PR link.
The US Dept of Labor says May Consumer Price Index at +0.2%, April was +0.4%, +1.0% over last 12 months. $USDOL PR link.
The Philadelphia Federal Reserve says June Manufacturing Business General Activity Indicator at +4.7, was -1.8 in May. PhiladelphiaFed PR link.
The NAHB/Wells Fargo June Housing Market Index at 60, May was 58. NAHB/WF PR link.
Wednesday, June 15:
Office Depot(PBR182) to hire 8,000 associates during back-to-school season, up 33% from last year. $ODP PR link.
Jabil Circuit(PBR188) to do up to $400 million share repurchase program through 08/17. $JBL PR link.
Mylan(PBR346) completes $950 million cash acquisition of topicals-focused specialty and generics business of Renaissance Acquisition Holdings. $MYL PR link.
Celgene(PBR347) adds $3.0 billion to share repurchase program, balance is $5.3 billion, has repurchased $15.2 billion in shares since 2009. $CELG PR link.
Pioneer Natural Resources(PBR476) to acquire 28,000 Midland Basin acres from Devon Energy(PBR143 $DVN) for $450 million. $PXD PR link.
Arch Coal(PBR691) files amended plan of reorganization & disclosure statement, has support of majority of senior secured lenders, hearing scheduled for 06/22/16. $ACIIQS PR link.
Nu Skin(PBR756) gets $210 million strategic investment from Ping An ZQ China Growth Opportunity Limited. $NUE PR link.
Panera Bread(PBR768) removing all food additives from 50 grocery items by end of 2016. $PNRA PR link.
Dynegy(PBR777) to acquire Energy Capital Partners’ 35% interest in Atlas joint venture for $750 million, will own 100% of ENGIE 9,058 MW US fossil portfolio. $DYN PR link.
Ferrellgas(PBR801) acquires Pagosa Springs, CO, retailer Selph’s Propane, 240th propane acquisition in 75 years. $FGP PR link.
AMSURG(PBR945) to merge with Envision Healthcare(NYSE: $EVHC) in all stock $15 billion enterprise value deal. $AMSG PR link.
Iron Mountain(PBR663) EVP/CFO Rod Day resigns, effective after filing of 10-Q, Stuart Brown hired to be EVP/CFO. $IRM PR link.
The US Dept of Labor says the May Producer Price Index at +0.4%, April was +0.2%, last 12 months at -0.1%. USDOL PR link.
The US Federal Reserve estimates May Industrial Production Index at 103.6, April was 104.0(2012=100), % Change from previous year at -1.4%. FRB PR link.
The Federal Reserve-New York says June Empire State Manufacturing Survey General Business Conditions Index at 6.0, May was -9.0. FRBNY PR link.
The FOMC maintains federal funds rate at 0.25-0.50% to foster maximum employment & price stability. FRB PR link.
ADP(PBR235) 2016 Annual Health Benefits Report for Large Employers says system remains stable. $ADP PR link.
Tuesday, June 14:
The PBR1000 Fun Fact: The PBR1000 Stock Price % Change YTD(5 months) ranged from +170.89% to -96.86%, 642/1003 were >0.00%, median was +5.71%, overall was +3.75%.
Staples(PBR122) to roll out same-day delivery service in 8 major US cities. $SPLS PR link.
Bed Bath & Beyond(PBR240) acquires home décor/design provider Kings Lane in all cash transaction. $BBBY PR link.
Universal Forest Products(PBR733) to acquire $83 million sales/2015 treated wood provider Robbins Manufacturing. $UFPI PR link.
Kroger(PBR20) promotes Dennis Gibson to president, King Soopers stores division, effective 07/01/16, succeeds retiring Russ Dispense. $KR PR link.
MetLife(PBR39) board waives age 65 retirement policy for chairman/president/CEO Steven Kandarian. $MET PR link.
Xerox(PBR144) hires Ashok Vemuri as EVP & CEO of Xerox Business Services, which is to be a public spinoff. $XRX PR link.
MasterCard(PBR291) promotes Michael Fraccaro Chief Human Resources Officer, succeeds leaving Ron Garrow, effective 07/08/16. $MA PR link.
Scientific Games(PBR937) wins 8 year plus 2 year extension N Carolina’s instant game lottery business. $SGMS PR link.
Red Robin(PBR1046) CFO Stuart Brown leaving effective 07/15/16, Terry Harryman to be interim CFO. $RRGB PR link.
US Dept of Labor estimates May US All Imports Prices Index at +1.4% from April, -5.0% from May 2015. USDOL PR link.
US Dept of Commerce estimates April Value of Distributive Trade Sales/Manufacturers’ Shipments at $1.290 trillion, +0.9% from March, -1.3% from Apr 2015. USDOC PR link.
The US Dept of Commerce estimates May US Retail Sales at $455.6 billion, +0.4% from April, +2.5% from May 2015. USDOC PR link.
Jobs: Manpower(PBR132) says nearly 1 in 4 companies anticipate increasing staff levels in 3Q2016. $MAN PR link.
Housing: CoreLogic says April Serious Housing Foreclosures at 1.135M, -21.6% from April 2015, 1.1% of all houses. CoreLogic PR link.
Monday, June 13:
Microsoft(PBR31 $MSFT) to acquire 433 million members LinkedIn(PBR843) for $196/share, $26.2 billion cash. $LNKD PR link.
McDonald’s(PBR101) to relocate its corporate headquarters to Chicago’s West Loop by spring 2018. $MCD PR link.
DISH(PBR196) customers in 33 markets blacked out by Tribune Broadcasting, affected customers offered free over-the-air antennas. $DISH PR link.
Blackstone(PBR352) sells majority interest in Germany’s 288 MW offshore windfarm’s WindMW to China Three Gorges. $BX PR link.
Symantec(PBR385) to acquire global 15,000+ customers cloud web security provider Blue Coat for $4.5 billion cash. $SYMC PR link.
Arthur J Gallagher(PBR515) acquires Madison, WI, The Buchholz Planning Corp, a provider of life/disability insurance for healthcare organizations nationwide. $AJG PR link.
BlueLinx(PBR892) does 1-10 reverse stock split after stock market close. $BXC PR link.
Cheesecake Factory(PBR893) opens first restaurant in China at Disneytown in Shanghai Disney Resort. $CAKE PR link.
On Assignment(PBR918) authorizes new $150 million over 2 years stock repurchase program. $ASGN PR link.
Tyson Foods(PBR80) promotes Tom Hayes to president, Lonnie Smith remains CEO. $TSN PR link.
HanesBrands(PBR459) chairman/CEO Richard Noll to become executive chairman, COO Gerald Evans, Jr, to be CEO on 10/01/16. $HBI PR link.
Corrections Corp(PBR965) hires Scott Irwin to succeed retiring Steve Groom as EVP, General Counsel & Secretary. $CXW PR link.
Friday, June 10:
The PBR1000 Week Ending 06/10/16 US Stock Exchanges Snapshot:
DJIA at 17,865.34, +0.33% from last Friday, +0.44% MTD, +1.02% QTD, +2.53% YTD, -2.44% from record 18,312.39 on 05/19/15.
NASDAQ at 4,894.55, -0.97% from last Friday, -1.08% MTD, +0.51% QTD, -2.25% YTD, -6.21% from record 5,218.86 on 07/20/15.
SPX at 2,096.07, -0.15% from last Friday, -0.04% MTD, +1.76% QTD, +2.55% YTD, -1.63% from record 2,130.82 on 05/21/15.
JetBlue(PBR429) to fly to Cuba with first commercial flights in more than 50 years. $JBLU PR link.
Westlake Chemical(PBR538 $WLK) to acquire Axiall(PBR521) for $33.00/share, $3.8 billion cash. $AXLL PR link.
ON Semiconductor(PBR656) extends $20/share, $2.4 billion cash tender offer for Fairchild Semiconductor(PBR1000 $FCS) to 06/23/16, currently has commitment of 36.8% of shares. $ON PR link.
Brink’s(PBR613) hires Doug Pertz as president/CEO. $BCO PR link.
NASDAQ(PBR618) hires Michael Ptasznik as CFO, effective 07/11/16. $NDAQ PR link.
The US Dept of Treasury says May Fiscal YTD(8 mos) Receipts at $2.139 trillion, Outlays $2.456 trillion, Deficit $407 billion, was $367 billion in 2015. Treasury PR link.
The U of Michigan says Preliminary June Consumer Sentiment Index at 94.3, May was 94.7, June 2015 was 96.1. UMich PR link.
Thursday, June 9:
Energy Transfer Equity(PBR52) & Williams Cos(PBR348 $WMB) receive FTC clearance for $37.6 billion merger, closing based on pending lawsuits. $ETE PR link.
Sysco(PBR61) gets European Commission okay for $3.1 billion acquisition of European food services distributor Brakes Group, transaction to close in early July. $SYY PR link.
Merck(PBR70) to acquire private P2X3 receptor therapies developer Afferent Pharmaceuticals for $500 million plus up to an additional $750 million. $MRK PR link.
AutoNation(PBR148) to acquire $110 million/year Centennial Chyrsler Jeep in Denver, CO. $AN PR link.
Applied Materials(PBR299) authorizes new $2 billion share repurchase program. $AMAT PR link.
Dover(PBR343) to acquire Austin, TX, based global provider of fuel dispensing, payment, systems and aftermarket services for retail and commercial fuel stations Wayne Fueling Systems for $780 million cash. $DOV PR link.
The Andersons(PBR525) responds to HC2 2nd unsolicited $37.00/share offer with asset break up options saying it significantly undervalues company. $ANDE PR link.
Tesla(PBR651) says there is no safety defect in suspensions of Model S or X, no NHTSA investigation. $TSLA PR link.
Tempur Sealy(PBR687) adds $200 million to share repurchase program, balance is $205 million. $TPX PR link.
White Mountains Insurance(PBR775) sells Tranzact business. $WTM PR link.
Walgreens Boots Alliance(PBR36) appoints EVPs Alex Gourlay & Ornella Barra to Co-Chief Operating Officers, other executive changes announced. $WBA PR link.
Ralph Lauren(PBR349) hires Jane Nielsen as CFO, Bill Campbell, Corp SVP Global Supply Chain, Jeffrey Kuster, Group President-Americas. $RL PR link.
Visteon(PBR351) hires Steven Fitzgerald as VP/Chief Human Resources Officer. $VC PR link.
Intl Flavors & Fragrances(PBR666) hires Gregory Yep as EVP, Chief Global Scientific & Sustainability Officer, effective 06/20/16. $IFF PR link.
FreddieMac says mortgage rates drop on negative jobs report, 3.60% for 30 yr fixed. $FMCC PR link.
The US Dept of Labor estimates March Employee Costs for Employee Compensation averaged $23.25/hr wages+$10.70/hr benefits = $33.95/hr. USDOL PR link.
The US Federal Reserve Z1 Report says US Total 1Q2016 Domestic Debt at $45.7 trillion, +1.4% from 4Q2015, +5.1% from 1Q2015. FRB PR link.
The US Dept of Commerce estimates Total April US Wholesale Sales at $434.2 billion, +0.98% from March, -2.60% from April 2015. USDOC PR link.
The PBR1000 2015 Dividend Index is 1,019.6, +11.6% over 2014. 735/1005 companies, 73.1%, paid dividends, range is $0.02 to $18.02 per share.
Wednesday, June 8:
Micron Technology(PBR180) $3.2 billion acquisition of Inotera Memories of Taiwan not closing in July, update later in 2016. $MU PR link.
Carnival Corp(PBR184) Australia based ships Carnival Spirit & Carnival Legend welcome 500,000th guest since starting in 2012. $CCL PR link.
Boston Scientific(PBR356) announces restructuring program to reduce expenses by up to $150 million/year by 2020. $BSX PR link.
Jones Lang LaSalle(PBR449) to acquire San Antonio, TX, based Travis Commercial. $JLL PR link.
Arthur J Gallagher(PBR515) acquires Crystal Lake, IL, US construction/manufacturing insurer KRW Insurance Agency. $AJG PR link.
CR Bard(PBR637) adds $500 million to share repurchase authorization, balance is $705 million. $BCR PR link.
Tesla(PBR651 $TSLA) breaks into the top 10 most valuable car brands. MarketWatch PR link.
Aéropostale(PBR924 $AROPQ) battles Sycamore for turnaround chance – MarketWatch. MarketWatch PR link.
Brown & Brown(PBR972) completes acquisition of $34 million/year insurance products provider Morstan General Agency. $BRO PR link.
CBRE(PBR301) promotes Mike Lafitte & Cal Frese to Global Group Presidents. $CBG PR link.
Spirit AeroSystems(PBR370 $SPR) names COO Tom Gentile to CEO, effective late July, after retirement of Larry Lawson. MarketWatch PR link.
KBR(PBR395) promotes Lynn Nazareth to VP of Investor Relations. $KBR PR link.
Coach(PBR496) CFO Jane Hamilton Nielsen is leaving in August, Andrea Shaw Resnick appointed interim CFO, search started. $COH PR link.
IAC(PBR665 $IAC) Vimeo unit CEO Kerry Trainor stepping down after 4 years. MarketWatch PR link.
The US Dept of Labor estimates April US Job Openings at 5.79 million, +2.08% from March, +3.73% from April 2015. USDOL PR link.
The PBR1000 Total May Market Capitalization was $20.158 trillion, -0.43% from April, +0.16% YTD.
The PBR1000 May Market Cap Leaders were:
1. Apple $AAPL $547B
2. Alphabet $GOOGL $505B
3. Microsoft $MSFT $417B
4. ExxonMobil $XOM $369B
5. Amazon $AMZN $341B.
Tuesday, June 7:
Amazon(PBR29 $AMZN) sees ‘huge potential’ in India, announces $3 billion investment. MarketWatch PR link.
Ralph Lauren(PBR349) to restructure from 9 to 6 management levels. $RL PR link.
Gannett(PBR414) reiterates its interest in acquiring Tribune Publishing(NYSE: TPUB) for $15.00/share. $GCI PR link.
Jones Lang LaSalle(PBR449) to acquire 500 employee global corporate real estate technology provider BRG. $JLL PR link.
Zimmer Biomet(PBR512) to acquire spine disorders medical device provider LDR(NASDAQ: LDRH) for $37.00/share, $1.0 billion cash. $ZBH PR link.
Yahoo!(PBR519 $YHOO) seeks to raise $1 billion in patent auction. MarketWatch PR link.
Six Flags(PBR1040) adds $500 million to share repurchase plan, balance is $510 million. $SIX PR link.
Ashland(PBR407) hires Mary Meixelsperger as CFO for soon to be public spinoff Valvoline unit. $ASH PR link.
The US Dept of Labor says 1Q2016 Business Sector Output/Hr All Persons at Annual Rate was -0.7% from 4Q2015. USDOL PR link.
The US Federal Reserve estimates April Consumer Credit Outstanding at $3.602 trillion, +0.37% from March, +1.87% YTD, +6.40% from April 2015 FRB PR link.
PurdueU/CME Group May Ag Barometer Index at 97, April was 106. PurdueU/CME PR link.
The World Bank 2016 Global Growth Forecast revised lower to 2.4% from 2.9%. WorldBank PR link.
Monday, June 6:
GE(PBR9) completes $5.6 billion sale of Appliances business to Qindao Haier Co. $GE PR link.
Comcast(PBR42) begins rollout of gigabite internet in Nashville, intro offer of $70/mo for 36 months. $CMCSA PR link.
Devon Energy(PBR143) to divest $1 billion in non-core upstream assets in 3Q2016. $DVN PR link.
General Mills(PBR162) to launch first new cereal in more than 15 years. $GIS PR link.
BlackRock(PBR252) to sell Asia Square Tower 1 in Singapore for $2.45 billion. $BLK PR link.
Hertz(PBR259) to spinoff equipment rental business into separate public company Herc Holdings on 06/22/16. $HTZ PR link.
Jones Lang LaSalle(PBR449) to acquire UK based global mechanical/electrical property maintenance firm Integral UK. $JLL PR link.
Arthur J Gallagher(PBR515) acquires Lubbock, TX, retail insurance broker Ashmore & Associates, serves central US. $AJG PR link.
Plexus(PBR807) announces new $150 million share repurchase program. $PLXS PR link.
Revlon(PBR900) acquires Coty(NYSE: COTY)’s international Cutex businesses, completes global consolidation of Cutex brand. $REV PR link.
Viacom(PBR944) changes its bylaws to block Paramount sale. $VIA PR link.
Ford(PBR10) announces changes in China, India, Global Strategy & Finance leadership team. $F PR link.
Oshkosh(PBR368) promotes John Bryant to president, Defense Segment. $OSK PR link.
DSW(PBR778) SVP/CFO Mary Meixelsperger resigns, Jared Poff promoted to SVP, Finance & interim CFO. $DSW PR link.
Friday, June 3:
The PBR1000 Week Ending 06/03/16 US Stock Exchanges Snapshot:
DJIA at 17,807.06, -0.37% from last Friday, +0.11% MTD, +0.69% QTD, +2.19% YTD, -2.76% from record 18,312.39 on 05/19/15.
NASDAQ at 4,942.52, +0.18% from last Friday, -0.11% MTD, +1.49% QTD, -1.30% YTD, -5.30% from record 5,218.86 on 07/20/15.
SPX at 2,099.13, +0.00% from last Friday, +0.10% MTD, +1.91% QTD, +2.70% YTD, -1.49% from record 2,130.82 on 05/21/15.
The PBR1000 Stock Index for May is 69,355.91, +1.31% from April, +3.75% YTD, -1.59% from 12/31/14.
The PBR1000 May Stocks Monthly Change Range was +84.24% to -73.53%, 588/1005(58.5%) were >0.0%, Median was +1.20%.
The PBR1000 May Stocks YTD Change Range was +170.89% to -96.86%, 643/1005(64.0%) were >0.0%, Median was +5.71%.
The PBR1000 May Stocks 12/31/14 Change Range is +133.02% to -99.18%, 449/1005(44.8%) were >0.0%, Median is -3.71%.
Arrow Electronics(PBR120) to acquire the technical & electronics media portfolio of UBM. $ARW PR link.
Jones Lang LaSalle(PBR449) acquires NY headquartered 40 professionals construction related consulting firm Merritt & Harris. $JLL PR link.
The Andersons(PBR525) responds to 06/02/16 HC2(NYSE MKT: HCHC) letter restating $37.00/share offer with break up options. $ANDE PR link.
Alphabet(PBR44) Nest division CEO Tony Fadell is stepping down, being replaced by Marwan Fawaz. $GOOGL PR link.
Priceline(PBR319) .com subsidiary names COO Brett Keller interim CEO, succeeds Paul Hennessey who has left. $PCLN PR link.
The US Dept of Labor says May US Non-Farm Employment at 151,030,000, +26,000, +0.02%, from April, Unemployment rate 4.7%. USDOL PR link.
The US Dept of Commerce estimates April US Total Manufacturers New Orders were $460.5 billion, +1.9% from March, -1.8% from April 2015. USDOC PR link.
The US Dept of Commerce estimates April Total Exports YTD at $724.9 billion, Imports $884.2 billion, Deficit $159.3 billion. USDOC PR link.
Markit says May US Composite PMI Output Index at 50.9, April was 52.4. Markit PR link.
The ISM May US Non-Manufacturing Index at 52.9%, April was 55.7%. ISM PR link.
Thursday, June 2:
Amazon(PBR29) to open 2 fulfillment centers in Edwardsville, IL, creates 1,000 new jobs. $AMZN PR link.
Johnson & Johnson(PBR37) to acquire privately held hair care products provider Vogue International for $3.3 billion cash. $JNJ PR link.
Praxair(PBR233) completes $352 million acquisition of Yara International‘s European CO2 gas business. $PX PR link.
Gannett(PBR414) comments on support of Tribune Publishing(NYSE: TPUB) stockholders for Gannett’s $15.00/share offer. $GCI PR link.
Activision Blizzard(PBR540) Overwatch online team shooter game has 7 million players, 119 million hours logged, since release on 05/24/16. $ATVI PR link.
FTI Consulting(PBR941) authorizes up to $100 million stock repurchase program. $FCN PR link.
Huntsman Corp(PBR244) names Rohit Aggarwal as president, Textiles Effects division, effective 07/01/16, succeeds retiring Paul Hulme. $HUN PR link.
Hershey(PBR354) promotes Michele Buck to EVP/COO. $HSY PR link.
Colfax(PBR517) hires Christopher Hix as CFO, effective 07/01/16, succeeds Scott Brannan. $CFX PR link.
Patterson Cos(PBR542) Dental unit CEO Paul Guggenheim promoted to new corporate position of Chief Innovation Officer. $PDCO PR link.
Conn’s(PBR986) hires Lee Wright as CFO, succeeds Tom Moran. 3 other executive appointments in legal & credit. $CONN PR link.
ADP(PBR235) says May US #Employment Growth was 173,000, 76,000 from small businesses, 63,000 from midsized, 34,000 from large. $ADP PR link.
Wednesday, June 1:
Coca-Cola(PBR63 $KO) to acquire Unilever’s soy-based beverage business for $575 million. MarketWatch PR link.
National Oilwell Varco(PBR127) to acquire the completion tools business of Trican Well Service(TSX: TCW). $NOV PR link.
Shari Redstone says Viacom(PBR212 $VIA) shareholders have spoken and want new management. MarketWatch PR link.
JCPenney(PBR234) proposing to refinance & extend maturity date of $2.25 billion real estate term loan. $JCP PR link.
CBRE(PBR301) acquires London based luxury goods retail property advisor Michael Horwitz & Co,, terms not disclosed. $CBG PR link.
Jones Lang LaSalle(PBR449) acquires Finland based project development and architectural services 43 professionals team Procofin Oy. $JLL PR link.
Salesforce(PBR453) to acquire global digital commerce market cloud leader Demandware(NYSE: DWRE) for $75/share, $2.8 billion cash. $CRM PR link.
TeamHealth(PBR498) acquires Oceanside, CA, 70,000 patients/year Tri-City Emergency Medical Group. $TMH PR link.
Brown-Forman(PBR563) completes $400 million acquisition of the BenRiach Distillery Co with GlenDronach, BenRiach, & Glenglassaugh single malt Scotch whisky brands. $BF PR link.
Beacon Roofing(PBR818) has acquired Portland, OR, based residential roofing distributor Woodfeathers, terms not disclosed. $BECN PR link.
Assurant(PBR268) hires Richard Dziadzio as CFO/Treasurer, effective 07/16/16. $AIZ PR link.
SunTrust Banks(PBR307) to promote Margaret Callihan to Chief Human Resources Officer, effective 08/01/16, succeeds retiring Kenneth Carrig. $STI PR link.
S&P Global(PBR477) EVP/CFO Jack Callahan leaving in August. $SPGI PR link.
DeVry Education(PBR905) promotes Patrick Unzicker to SVP/CFO & Treasurer, succeeds leaving Timothy Wiggins. $DV PR link.
Auto Sales: AutoNews says May Total Auto Sales Units at 1,535,670, -6.1% from May 2015. AutoNews PR link.
TrueCar estimates US May Auto Sales at $51.9 billion, -0.8% from May 2015, Average Transaction Price $32,944, +3.4% from May 2015. TrueCar PR link.
The auto industry will change more in next five years than prior 50, says GM’s president. MarketWatch PR link.
ISM says May Manufacturers PMI at 51.3%, April was 50.8%, 12 of 18 industries show growth. ISM PR link.
Markit says May US Manufacturers PMI at 50.7, April was 50.8, weakest performance since Sept 2009. Markit PR link.
US Dept of Commerce estimates May US Construction Spending Annual Rate at $1.134 trillion, -1.83% from April, +4.51% from May 2015. USDOC PR link.
The US Federal Reserve releases Beige Book, notes modest US economic growth since 04/13/16 release. FRB PR link.
International Economy: Chart shows China’s debt bubble bigger than subprime bubble. MarketWatch PR link.
Smartphone shipments to ‘substantially slow’ in 2016. MarketWatch PR link.
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