April 2016: 2nd Quarter Starts A New Direction?
Is the Business Compass Functioning Properly?
By Larry C. Paxton
Oil prices rose, the meeting in Doha resulted in no change in global oil production policy, oil companies continue to adjust by selling off assets, the world economy indicates weak growth, The US GDP disappointed, the Federal Reserve made no change in the funds rate, annual and quarterly corporate earnings were mixed, with the tech sector getting hit hard by Apple and IBM results, but Amazon finally had an amazing report. There were some major mergers and acquisitions announced and the US presidential race continues to provide some scary entertainment value.
And so the second quarter of 2016 has started, with a fragile slow growth direction, with some volatility mixed in, and the bulls and bears still making their less than convincing cases for short and long term outlooks.
We at PBRMarketTools.com continue to not reveal our predictions so that we can say we told you so later on.
Following are The PBR1000 and economic related breaking news items of note for April 2016, starting with the last active day.
Friday, April 29:
The PBR1000 End of April US Stock Exchanges Snapshot:
DJIA ends week at 17,773.64, -1.28% from last week, +0.50% MTD/QTD, +2.00% YTD, -2.94% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,775.36, -2.67% from last week, -1.94% MTD/QTD, -4.63% YTD, -8.50% from record 5,218.86 on 07/20/15.
SPX ends week at 2,065.30, -1.26% from last week, +0.27% MTD/QTD, +1.05% YTD, -3.07% from record 2,130.82 on 05/21/15.
Amazon(PBR29 $AMZN) wows Wall Street analysts; $900-a-share here we come. MarketWatch PR link.
Community Health System(PBR125) completes spin-off of public Quorum Health Corp(NYSE: $QHC) with 38 hospitals in 16 states. $CYH PR link.
Occidental Petroleum(PBR123) president/COO Vicki Hollub now president/CEO, succeeds Steve Chazen who remains on the board. $OXY PR link.
The US Dept of Labor says 1Q16 Employee Cost Index(2005=100) was 126.0, +0.6 from 4Q15, +1.9 from 1Q15. USDOL PR link.
The US Dept of Commerce estimates March Personal Income Annual Rate at $15.734 trillion, +0.4% from February, +4.2% from March 2015. USDOC PR link.
The U of Michigan says April Consumer Sentiment at 89.0, -2.2% from March, -7.2% from April 2015. UMich PR link.
MNI/ISM says the April Chicago PMI at 50.4, -3.2 from March, new orders fell, sharp drop in orders backlogs MNI/ISM PR link.
Global Economy: The global economy’s wild ride is being fueled by too much debt. MarketWatch PR link.
Thursday, April 28:
Comcast(PBR42) NBC Universal unit to acquire DreamWorks Animation(NASDAQ: $DWA) for $41/share, $3.8 billion cash. $CMCSA PR link.
Oracle(PBR78) to acquire construction contracts/payment management cloud services provider Textura(NYSE: TXTR) for $26.00/share, $663 million cash. $ORCL PR link.
Abbott Labs(PBR134) to acquire cardiovascular medical devices developer St Jude Medical(PBR440 $STJ) for $85/share, $25 billion cash/stock. $ABT PR link.
AbbVie(PBR136) to expand oncology presence with acquisition of Stemcentrx for $5.8 billion cash/stock. $ABBV PR link.
Carnival Corp(PBR184) takes delivery of its largest ship, 133,500 ton 3,954 passenger Carnival Vista. $CCL PR link.
Level 3 Communications(PBR375) issues statement on FCC action to unlock $45 billion business data services market. $LVLT PR link.
Graphic Packaging(PBR553) completes acquisition of Australian based 3 locations folding carton manufacturer Colorpak(ASX: CKL). $GPK PR link.
Priceline(PBR319) CEO Darren Huston resigns after internal investigation, chairman Jeffrey Boyd now also interim CEO, Gillian Tans promoted to CEO of booking.com. $PCLN PR link.
Groupon(PBR652) hires Mike Randolfi as CFO. $GRPN PR link.
Symantec(PBR384) president/CEO Mike Brown to step down after successor found, company to focus on cybersecurity. $SYMC PR link.
The US Dept of Commerce in 1st Quarter Advance Estimate says Gross Domestic Product(GDP) growing at a 0.5% annual rate, $18.2 trillion. USDOC PR link.
The US Dept of Labor says Unemployment Initial Claims 4 Week Average at 256,000, lowest since 12/08/1973. USDOL PR link.
FreddieMac(PBR41) says Average 30 Year Fixed Mortgage Rate at 3.66%, -0.05% from mo ago, -0.02% from yr ago. $FMCC PR link.
Housing: Homeownership rate falls to third lowest on record. MarketWatch PR link.
Economy: What’s concerning about the GDP numbers — economist reactions. MarketWatch PR link.
Stocks Investing: Finra issues report cards on superfast traders in effort to stop manipulation. MarketWatch PR link.
Investment Fees: A catastrophe looms over high-fee mutual funds and investment advisers. MarketWatch PR link.
Retirement: The typical American couple has only $5,000 saved for retirement. MarketWatch PR link.
Retail: This is how the retail industry is dying. MarketWatch PR link.
Eurozone: Pro-Brexit economists make case for U.K. departure. MarketWatch PR link.
Wednesday, April 27:
Here’s what Apple(PBR5 $AAPL)’s horrible quarter means for the company in the long term. MarketWatch PR link.
Comcast(PBR42) Q1 video customers increase by 53,000, best Q1 in 9 years, high-speed internet customers increase 438,000, best Q1 in 4 years. $CMCSA PR link.
Backlash leads Comcast(PBR42 $CMCSA) to boost broadband data limits to 1 terabyte. MarketWatch PR link.
United Technologies(PBR45) to do $3 billion in share repurchases beyond $6 billion accelerated share repurchases, sets aside $1-2 billion for acquisitions. $UTX PR link.
Facebook(PBR228) founder Mark Zuckerberg announces proposal for new class of stock. $FB PR link.
Avery Dennison(PBR396) to acquire $170 million/year pressure sensitive labels manufacturer Mactac Europe for $226 million. $AVY PR link.
Murphy Oil(PBR448) to sell its 5% interest in Syncrude Canada to Suncor Energy for $750 million. $MUR PR link.
HanesBrands(PBR459) authorizes 40 million shares repurchase program, $1 billion. $HBI PR link.
HanesBrands(PBR459) to acquire Australia based underwear/intimate apparel company Pacific Brands for $800 million. $HBI PR link.
McGraw Hill(PBR477) changing its name to S&P Global, symbol NYSE: $SPGI. $SPGI PR link.
Yahoo!(PBR519) announces board changes and agreement with Starboard. $YHOO PR link.
Chipotle(PBR561 $CMG) just hit a ‘fundamental bottom’ after rocky quarter. MarketWatch PR link.
Brown-Forman(PBR563) to acquire for $400 million the BenRiach Distillery Co with GlenDronach, BenRiach, & Glenglassaugh single malt Scotch whisky brands. $BF PR link.
YUM!(PBR217) promotes David Gibbs to president/CFO, effective 05/02/16. $YUM PR link.
Biogen(PBR282) hires Michael Ehlers, PhD, as EVP-Research/Development, effective late 05/16. $BIIB PR link.
Barnes & Noble(PBR408) founder/chairman Leonard Riggio to retire in 09/16, to remain on board, Paul Guenther to become non-executive chairman. $BKS PR link.
First Solar(PBR630) CFO Mark Widmar to become CEO on 07/01/16, succeeds Jim Hughes who remains on board. $FSLR PR link.
Pinnacle Foods(PBR751) hires Mark Clouse as CEO, effective 05/23/16. $PF PR link.
Federal Open Market Committee 04/26-27/16 Meeting Statement: Labor market improves, economic growth slows, no funds rate change. FRB PR link.
Compensation: Right out of college, women already earn $9,000 a year less than men. MarketWatch PR link.
Housing: Here’s what’s behind America’s renewed mania for home renovation. MarketWatch PR link.
The American Dream: We’re going broke chasing the American Dream. MarketWatch PR link.
Global Economy: The world’s debt problem is really an investment problem. MarketWatch PR link.
US/China Trade: Apple(PBR5) is failing in China, while many others are starting to succeed. MarketWatch PR link.
Investing: Five steps to beating the market. MarketWatch PR link.
Tuesday, April 26:
Regulators block Walt Disney(PBR57 $DIS) from entering China online video market. MarketWatch PR link.
Laclede Group(PBR967) to acquire equity in EnergySouth, parent company of Mobile Gas and Willmut Gas, for $344 million. $LG PR link.
Markit April Flash US Composite PMI Output Index at 51.7, up from 51.3 in March, increase from services. Markit PR link.
ConferenceBoard says April Consumer Confidence Index at 94.2, down from March’s 96.1. CB PR link.
S&P/Case-Shiller February US Home Price Index at 175.61, continued slow growth from Jan 175.26. S&P/C-S PR link.
Economy: Cars no longer providing spark to economy. MarketWatch PR link.
Investing: Chart watchers say the stock market is stalling and exhausted, others are bullish. MarketWatch PR link.
Oil: World Bank lifts oil-price forecast, sees supply glut subsiding. MarketWatch PR link.
Corporate Ratings: Exxon Mobil(PBR2)’s downgrade leaves just two AAA-rated companies in the US. MarketWatch PR link.
Monday, April 25:
Honeywell(PBR74) announces $5 billion share repurchase program. $HON PR link.
Allergan(PBR219) breaks ground on $200 million Waco facility expansion, to add 100 fulltime jobs. $AGN PR link.
US Justice Department Allows Charter Communications(PBR297)’s Acquisition of Time Warner CablePBR119) and Bright House Networks to Proceed with Conditions. $HON PR link.
Ball Corp(PBR312) to sell select metal beverage can assets for $3.42 billion to meet regulatory requirements for purchase of Rexam plc. $BLL PR link.
Gannett(PBR414) proposes to acquire Tribune Publishing Company(NYSE: TPUB) for $12.25/share in cash, $815 million. $GCI PR link.
Boyd Gaming(PBR727) to acquire Las Vegas assets of Cannery Casino Resorts for $230 million cash. $BYD PR link.
Global Payments(PBR762) completes $4.3 billion acquisition of Heartland Payment Systems(PBR821 $HPY). $GPN PR link.
Bob Evans(PBR1020) to close 27 restaurants. $BOBE PR link.
Community Health System(PBR125) promotes Tim Hingtgen EVP-Operations, & John McClellan president, Division IV Operations. $CYH PR link.
Perrigo(PBR565) Chairman/CEO Joseph Papa resigns, president John Hendrickson adds CEO title, effective immediately. $PRGO PR link.
CIT Group(PBR608) hires John C Erickson as president of Consumer Banking, & president, California, reports to CEO. $CIT PR link.
The US Dept of HUD says March New Single-Family Houses Sold at a 511,000 annual rate, -1.5% from February, +5.4% from March 2015. HUD PR link.
Retail: Retail layoffs in 2016 could be highest since 2010. MarketWatch PR link.
Retail: More department stores should close, study says. MarketWatch PR link.
Trade Deficit: America’s trade deficit begins at home. MarketWatch PR link.
Share buybacks delivering more bang for the buck. MarketWatch PR link.
Friday, April 22:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 18,003.75, +0.59% from last week, +1.80% MTD/QTD, +3.32% YTD, -1.69% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,906.23, -0.65% from last week, +0.75% MTD/QTD, -2.02% YTD, -5.99% from record 5,218.86 on 07/20/15.
SPX ends week at 2,091.58, +0.52% from last week, +1.55% MTD/QTD, +2.33% YTD, -1.84% from record 2,130.82 on 05/21/15.
China suspends Apple(PBR5 $AAPL)‘s online book, movie services. MarketWatch PR link.
For McDonald’s(PBR101 $MCD), breakfast really is the most important meal of the day. MarketWatch PR link.
ADT(PBR627) stockholders approve $42.00/share cash acquisition by Apollo Global Mgmt(PBR906 $APO), to close 05/02/16. $ADT PR link.
Under Armour(PBR668) to be exclusive performance footwear & apparel supplier for UC Berkeley Golden Bear athletic teams through 2027. $UA PR link.
AmerisourceBergen(PBR16) EVP Retail Strategy & president, Good Neighbor Pharmacy David Neu to retire in summer 2016. $ABC PR link.
Economy: FreddieMac(PBR41) April Outlook: Economic outlook darkens, but housing remains bright spot $FMCC PR link.
Economy: On the U.S. economy, is the glass half full, or half empty? MarketWatch PR link.
Mortgage delinquencies fall to lowest in at least 16 years. MarketWatch PR link.
Markit Flash US Manufacturing PMI drops to 50.8 in April, lowest level in over 6.5 years Markit PR link.
Executive Compensation: Tesla(PBR651)’s Elon Musk is doing for executive compensation what he did for electric #cars. MarketWatch PR link.
Investing: Investors are ‘really overpaying’ for stocks, by this measure. MarketWatch PR link.
The Eurozone economy mired in low growth, no inflation. MarketWatch PR link.
Thursday, April 21:
Johnson Controls(PBR68) expects merger with Tyco plc(NYSE $TYC) to be completed on 10/01/16 with global headquarters in Cork, Ireland. $JCI PR link.
Sears Holding(PBR93) to close 68 KMarts & 10 Sears stores this summer to accelerate profitability effort. $SHLD PR link.
Starbucks(PBR178) adds 900,000 Rewards Loyalty Members in US in Q2, adds 100 million shares to repurchase authorization. $SBUX PR link.
DISH Network(PBR196) & Viacom(PBR212 $VIA) issue joint statement confirming multi-year contract agreed to. $DISH PR link.
AMD(PBR446) gets $293 million plus royalties in IP high performance processor/SoC licensing agreement in Chinese joint venture. $AMD PR link.
Tesla(PBR651 $TSLA)’s Musk says has almost 400,000 orders for Model 3. MarketWatch PR link.
Boyd Gaming(PBR727) to acquire Aliante Casino Hotel & Spa in Las Vegas for $380 million cash. $BYD PR link.
SunEdison(PBR782) undertakes Chapter 11 Reorganization, secures $300 million in new DIP financing. $SUNE PR link.
Heartland Payment Systems(PBR821 $HPY) stockholders approve $4.3 billion acquisition by Global Payments(PBR762), to close within 3 business days. $GPN PR link.
Tenet Healthcare(PBR161) hires Robert Webb as Chief Human Resources Officer, effective 05/16/16. $THC PR link.
The Philadelphia Fed says April General Activity Indicator at -1.6, was +12.4 in March, cites employment weakness. PhillyFed PR link.
The Conference Board says the March US Leading Economic Index at 123.4, +0.2% from February, 2010=100. CB PR link.
Jobs: Robots at work will mean higher pay and more skills for you. MarketWatch PR link.
Wednesday, April 20:
Amazon(PBR29) to open 6th fulfillment center in Texas, creates 1,000 new fulltime jobs, in Haslet near Dallas/Ft Worth. $AMZN PR link.
Comcast(PBR42) launches Xfinity TV Partner Program for apps independent of set-top boxes, Samsung is first partner. $CMCSA PR link.
McDonald’s(PBR101 $MCD) is testing new Big Macs and analysts want fries with that. MarketWatch PR link.
Devon Energy(PBR143) to sell non-core Mississippian assets for $200 million to White Star Petroleum, part of 2016 plan to sell $2-3 billion in assets. $DVN PR link.
Assurant(PBR268) hires Ajay Waghray as Chief Technology Officer, reports to president/CEO. $AIZ PR link.
Alliant Energy(PBR634) to do 2:1 stock split after close of business on 05/04/16. $LNT PR link.
Lincoln Electric(PBR710) adds 10 million shares to 2.8 million available for repurchase program. $LECO PR link.
Plexus(PBR807) EVP/COO Todd Kelsey to become president/CEO on 10/02/16, succeeds retiring Dean Foate. $PLXS PR link.
Rowan Cos(PBR925) appoints executives in finance, marketing, & investor relations in reorganization. $RDC PR link.
Natl Assn Realtors says March Existing Home Sales Annual Rate at 5.33 million, Median price $222,700 NAR PR link.
Jobs: Most new obs in U.S. are not crummy. MarketWatch PR link.
Compensation: These are the highest paying companies in the U.S. MarketWatch PR link.
Healthcare: Here’s how UnitedHealth(PBR14 $UNH)’s Obamacare retreat does — or doesn’t — affect you. MarketWatch PR link.
Infrastructure-Water: America’s water crisis is way bigger than Flint. MarketWatch PR link.
Investing: Hedge funds suffer biggest outflows since the Great Recession. MarketWatch PR link.
Tuesday, April 19:
CVS Health(PBR11) partners & invests in Curbside mobile app for customer orders pickup in an hour. $CVS PR link.
United Health(PBR14 $UNH) will exit most Obamacare state exchanges in 2017. MarketWatch PR link.
Intel(PBR51) to reduce global workforce by up to 12,000, 11%, through mid 2017. $INTC PR link.
Harley-Davidson(PBR400) in Q1 report says it expects to ship 269,000-274,000 motorcycles in 2016. $HOG PR link.
Netflix(PBR447 $NFLX) expects subscriber growth to slow as price, competition increases. MarketWatch PR link.
McCormick(PBR552) buys Australia based private global chilled packaged herbs Gourmet Garden brand provider Botanical Food Co for $114 million cash. $MKC PR link.
AmTrust Financial(PBR564) to acquire ANV Holdings from Ontario Teachers’ Pension Plan for $218.7 million cash. $AFSI PR link.
Allscripts Healthcare(PBR1014) completes joint venture deal to acquire private Netsmart Technologies to combine with Homecare unit to create largest technology company exclusively dedicated to human services and post acute care. $MDRX PR link.
SuperValu(PBR164) hires James Weidenheimer to new position of EVP, Corporate Development & Chief Innovation Director. $SVU PR link.
Rockwell Automation(PBR380) to promote Blake Moret to president/CEO, effective 07/01/16, Keith Nosbusch to remain chairman. $ROK PR link.
The US Dept of Commerce estimates March New Residential Building Permits annual rate at 1,086,000, -7.7% from February, +4.6% from March 2015. USDOC PR link.
Economy: There’s no secret U.S.-China pact, economists say after IMF meeting. MarketWatch PR link.
Monday, April 18:
Whirlpool(PBR138) announces $1 billion share repurchase program. $WHR PR link.
Nordstrom(PBR214) changing operating model, to phase out up to 400 jobs in corporate/regional support teams. $JWN PR link.
Arthur J Gallagher(PBR515) acquires Las Vegas, NV, based managing general insurance agent KDC Associates, terms not disclosed. $AJG PR link.
Colfax(PBR517) hires Shyam Kambeyanda as SVP & President, ESAB, effective 05/16/16, reports to president/CEO. $CFX PR link.
AmTrust Financial(PBR564) completes purchase of Texas based property/casualty insurance provider Republic Cos for $233 million. $AFSI PR link.
Nortek(PBR763) hires Bruno Biasiotta as COO, Air Management, reports to Nortek president/CEO. $NTK PR link.
Bristow Group(PBR919) promotes Chet Akiri to acting SVP operations & Chief Commercial Officer, 3 executive positions eliminated in restructuring. $BRS PR link.
Housing: Natl Assn of Home Builders says April Homebuilder Confidence remains at 58 for 3rd consecutive month, indicates slow but steady growth. NAHB PR link.
Tax Day-Opinion: Here’s how to fix the IRS and end America’s Tax Day mess. MarketWatch PR link.
Taxes: Compared to most countries, we’re undertaxed. MarketWatch PR link.
Friday, April 15:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 17,897.46, +1.82% from last week, +1.20% MTD/QTD, +2.71% YTD, -2.27% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,938.22, +1.80% from last week, +1.40% MTD/QTD, -1.38% YTD, -5.38% from record 5,218.86 on 07/20/15.
SPX ends week at 2,080.73, +1.62% from last week, +1.02% MTD/QTD, +1.80% YTD, -2.35% from record 2,130.82 on 05/21/15.
MGM Resorts(PBR273) & partner Infinity World complete $1.1 billion sale of Las Vegas CityCenter The Shops at Crystals Mall to Invesco & Simon Property(PBR494 $SPG). $MGM PR link.
EMCOR(PBR392) completes $205 million cash acquisition of electrical/instrumentation services providers Ardent Services and Rabalais Constructors. $EME PR link.
Newell Rubbermaid(PBR434) completes $60/share cash/stock acquisition of Jarden(PBR324 $JAH), now called Newell Brands, to be a $16 billion/year consumer products company. $NWL PR link.
McGraw Hill(PBR477) to Sell J.D. Power for $1.1 billion to investments firm XIO Group. $MHFI PR link.
Liberty Media(PBR534) completes recapitalization into three tracking stocks. $LMCA PR link.
ON Semiconductor(PBR656) extends $20.00/share, $2.4 billion cash tender offer for Fairchild Semiconductor(PBR1000) to 04/28/16. $ON PR link.
The US Federal Reserve says March Industrial Production Total Index at 103.4, -0.6 from February, -2.0 from March 2015. FRB PR link.
The U of Michigan says Preliminary March Consumer Sentiment Index at 89.7, -1.4% from February, -6.5% from March 2015. UMich PR link.
Thursday, April 14:
Berkshire Hathaway(PBR4) owned utility plans $3.5 billion for additional 2,000 megawatts Iowa wind farm. MarketWatch article link.
Microsoft(PBR31 $MSFT) sues US government over secret customer data searches. MarketWatch article link.
McDonald’s(PBR101 $MCD) pulls wraps from most menus. MarketWatch article link.
Gannett(PBR414), Tribune, McClatchy, & Hearst newspaper chains form advertising network. MarketWatch article link.
Chipotle(PBR561 $CMG) illness outbreaks cost it three years of earnings, but there is hope. MarketWatch article link.
EnerSys(PBR776) acquires advanced industrial applications lithium battery developer Enser, terms not disclosed. $ENS article link.
SunEdison(PBR782 $SUNE) internal investigation finds accounting issues but no fraud. MarketWatch article link.
Verisk Analytics(PBR943) acquires insurance automation provider Risk Intelligence Ireland, terms not disclosed. $VRSK article link.
Estee Lauder(PBR255) makes global leadership changes for EMEA, promotes Nancy Mahon to SVP/Global Corporate Citizenship/Sustainability & Maria Cristina Gonzalez Noguera to SVP/Global Public Affairs. $EL article link.
Southwest Gas(PBR867) hires Paul Daily as CEO of subsidiary Centuri Construction Group. $SWX article link.
The US Dept of Labor says March Current Average Earnings/Hour at $25.43, +0.28% from February, +2.3% from March 2015. USDOL PR link.
The US Dept of Labor says March Consumer Price Index was +0.1% over Feb, +0.9% over past 12 mos. USDOL PR link.
The PBR1000 Fun Fact: The PBR1000 March Market Capitalization was at $20.312 trillion, +6.40% from February, +0.29% YTD, -1.80% from December 2014.
Housing: Foreclosures fall to pre-crisis lows, RealtyTrac says. MarketWatch article link.
Housing/Pay: Americans are spending almost all of their pay raises on rent. MarketWatch article link.
Food: Americans are paying less for groceries amid global glut of crops. MarketWatch article link.
Personal Finance: Why Americans are some of the world’s worst savers. MarketWatch article link.
Retirement Planning: Don’t rely on the 4% rule for your retirement. MarketWatch article link.
International Economy: China’s giant bonfire of #debt needs one spark to become an inferno. MarketWatch article link.
Wednesday, April 13:
Nearly 40,000 Verizon(PBR15 $VZ) workers go on strike. MarketWatch article link.
Amazon(PBR29) introduces Kindle Oasis, thinner/lighter than previous versions, priced at $289.99. $AMZN article link.
PVH(PBR328) completes acquisition of balance of Tommy Hilfiger China joint venture, will add $100 million in revenues. $PVH article link.
Peabody Energy(PBR372) files for Chapter 11 bankruptcy, coal industry related, will continue to operate as usual during reorganization. $BTU article link.
McCormick(PBR552) announces that it does not intend to make an offer for Premier Foods plc. $MKC article link.
Legg Mason(PBR709) completes $585 million acquisition of 82% majority interest in real estate investment & $40 billion portfolio management firm Clarion Partners. $LM article link.
Gap Inc(PBR179) promotes Sonia Syngal to global president, Old Navy unit, reports to Gap CEO. $GPS article link.
Level 3 Communications(PBR375) CEO Jeff Storey returns after temporary medical leave from heart surgery. $LVLT article link.
GoPro(PBR1010) hires Danny Coster as VP of Design, reports to CEO. $GPRO article link.
The US Dept of Labor says March Final Demand Producer Price Index was -0.1%. Final demand index was -0.1% for 12 months. USDOL PR link.
The US Dept of Commerce says February Total Trade Sales/Manufacturers’ Shipments are estimated at $1,284.4 billion, -0.4% from January, -1.4% from February 2015. USDOC PR link.
The US Dept of Commerce estimates March Total US Retail/Food Services Sales at $446.9 billion, -0.3% from February, +1.7% from March 2015. USDOC PR link.
The US Federal Reserve releases the Beige Book, says economy growing at modest/moderate rate, expects trend to continue. USDOC document link.
Investing: These 12 U.S. companies have increased sales for at least 60 straight quarters. MarketWatch article link.
Taxes: Americans pay more in taxes than for housing, food, clothes combined. MarketWatch article link.
Banking: Regulators reject ‘living wills’ of five huge U.S. banks. MarketWatch article link.
Infrastructure: Our crumbling infrastructure is hurting U.S. competitiveness. MarketWatch article link.
Housing: The mortgage interest tax deduction may fuel inequality, researchers suggest. MarketWatch article link.
Healthcare: Yes, you are paying more for your health insurance. MarketWatch article link.
Student Loans: Why Obama is forgiving the student loans of nearly 400,000 people. MarketWatch article link.
Gas Prices: Drivers rev up for the cheapest summer gasoline prices in 12 years. MarketWatch article link.
Entertainment: The movie theater business is in panic mode over this. MarketWatch article link.
Tuesday, April 12:
Penske Automotive(PBR170) acquires Ontario, Canada, based Harper Truck Centres, to add $130 million revenues/year. $PAG PR link.
Facebook(PBR228) provides update on popular Messenger Platform at F8 Conference. $FB PR link.
Arthur J Gallagher(PBR515) acquires S Barrington, IL, based national retail insurance broker Insurance Plans Agency. $AJG PR link.
Activision Blizzard(PBR540) sets new CS:GO major esports records with 45 million hours watched, 1.6 million concurrent viewers 03/31-04/03/16. $ATVI PR link.
Triumph Group(PBR578) to reorganize from 6 to 4 business units, announces executive leadership changes. $TGI PR link.
Scotts Miracle-Gro(PBR705) to eliminate neonicotinoid-based pesticides from all its outdoor products. $SMG PR link.
Macy’s(PBR97) Chief Marketing Officer Martine Reardon leaving 05/13/16 after 32 years of service. $M PR link.
Abercrombie & Fitch(PBR595) hires Ashley Sargent Price as SVP & Creative Director of Marketing, reports to Chief Merchandising Officer. $ANF PR link.
Cracker Barrel(PBR729) hires Jill Golder as its next CFO. $CBRL PR link.
Revlon(PBR900) hires Juan Figuereo as EVP/CFO. $REV PR link.
The US Dept of Treasury says US March Receipts were $227.8 billion, Outlays $335.9 billion, Deficit -$108.0 billion, Fiscal YTD Deficit $461.0 billion. Treasury PR link.
Housing: CoreLogic says February Houses in Serious Delinquency at 1.252 million, -19.9% from February 2015. CoreLogic document link.
The US Dept of Labor says March US Import Prices were +0.2% compared to -0.4% in February, Exports were 0.0% after -0.5% in February. USDOL PR link.
Investing-Stocks: Why some analysts are nearly throwing in the towel on the S&P 500 this year. MarketWatch article link.
Wages: IWPR says gender wage gap widened in 2015. IWPR article link.
Monday, April 11:
Lockheed Martin(PBR64) delivers 150,000th Enhanced Laser Guided Training Round. $LMT PR link.
Goldman Sachs(PBR76 $GS) completes $5 billion deal to settle mortgage securities claims. MarketWatch PR link.
Chesapeake Energy(PBR131) has amended its $4.0 billion secured revolving credit facility agreement. $CHK PR link.
Marathon Oil(PBR250) to divest $950 million of non-core assets. $MRO PR link.
PulteGroup(PBR428) founder makes another plea for immediate removal of CEO. MarketWatch article link.
PulteGroup(PBR428) responds to latest letter from founder Bill Pulte. $PHM article link.
Arthur J Gallagher(PBR515) buys Minnesota based Midwest retail insurance broker Charles Allen Agency. $AJM PR link.
England’s Daily Mail confirms it’s exploring bid for Yahoo!(PBR519 $YHOO). MarketWatch article link.
Liberty Media(PBR534 $LMCA) Sirius XM($SIRI) unit adds 465,000 new subscribers in the first quarter. MarketWatch article link.
CNO Financial(PBR559) hires Gary Bhojwani as President, promotes Erik Helding to EVP/CFO. $CNO PR link.
Cabot Corp(PBR607) promotes Hobart Kalkstein to SVP & president, Reinforcement Materials & Jay Doubman to SVP-corporate strategy/development. $CBT PR link.
The PBR1000 FYI: March Stock Index was 68,902.18, +6.60% from February, +1.74% YTD, -3.48% from 12/31/14.
Company defaults headed for largest cyclical rise since recession. MarketWatch article link.
Investing: Forget flipping houses-these retail investors flip mortgages. MarketWatch article link.
Pharmaceuticals: Walgreens(PBR36 $WBA), CVS(PBR11 $CVS) are taking this big step to fight the opioids epidemic. MarketWatch article link.
Computer Industry: IDC says PC shipment decline continued in 1st quarter with hopes for improvement. IDC article link.
Economy-Inflation: Consumer inflation expectations retreat, even as gasoline climbs, survey finds. MarketWatch article link.
China: China’s grand strategy: Use the world as one large supply chain. MarketWatch article link.
Oil: 5 reasons #oil is trading above $40 a barrel again. MarketWatch article link.
OECD sees weaker global growth; China will steady. MarketWatch article link.
Friday, April 8:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 17,576.96, -1.21% from last week, -0.61% MTD/QTD, +0.87% YTD, -4.02% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,850.69, -1.30% from last week, -0.39% MTD/QTD, -3.13% YTD, -7.05% from record 5,218.86 on 07/20/15.
SPX ends week at 2,047.60, -1.21% from last week, -0.59% MTD/QTD, +0.18% YTD, -3.91% from record 2,130.82 on 05/21/15.
Marriott Intl(PBR211 $MAR) $77.94/share, $13.3 billion acquisition of Starwood Hotels(PBR417) gets okay at both shareholder meetings, to close mid 2016. $HOT article link.
Gannett(PBR414) completes $12/share, $280 million acquisition of Journal Media Group(NYSE: JMG). $GCI article link.
Crown Castle(PBR603) has acquired 336 towers in US & Puerto Rico Tower Development Corp for $461 million cash. $CCI article link.
HB Fuller(PBR870) hires John Corkrean as EVP/CFO, effective 05/17/16, succeeds Jim Giertz who is now EVP-Strategy. $FUL article link.
The US Dept of Commerce estimates February US Wholesale Trade Sales at $427.6 billion, -0.19% from January, -3.10% from February 2015. USDOC article link.
Economy: Why poor first-quarter GDP is nothing to worry about. MarketWatch article link.
Jobs: Millennials are in the driver’s seat as companies ramp up hiring. MarketWatch article link.
Housing: Is there a place for micro apartments & micro hotels in a country notorious for macro tastes? MarketWatch article link.
Auto Industry: Americans have fallen out of love with small cars. MarketWatch article link.
Taxes(Opinion): Inherited money doesn’t do much for the economy, so let’s spread it around. MarketWatch article link.
Thursday, April 7:
Alcoa(PBR115) to supply 3D printed titanium fuselage & engine pylon parts for Airbus aircraft. $AA PR link.
L Brands(PBR247) restructuring Victoria’s Secret into 3 business units, to lay off 200 workers in Columbus & New York. $LB PR link.
Barnes & Noble(PBR408) outsourcing certain NOOK technology functions, closing Santa Clara & Taiwan offices. $BKS PR link.
HanesBrands(PBR459) to acquire $210 million/2016 Champion Europe, uniting Champion brand globally. $HBI PR link.
Tesla(PBR651) says in the first week since the Model 3 announcement it has received 325,000 reservations at $1,000 each, representing $14 billion in future sales. $TSLA PR link.
Ruby Tuesday(PBR1041) hires Tom Williams as Chief People Officer. $RT PR link.
Ruby Tuesday(PBR1041) EVP/CFO Jill Golder is leaving, effective 04/11/16. $RT PR link.
The US Federal Reserve says February Total Consumer Credit at $3.568 trillion, +0.49% from January, +6.73% from February 2015. FRB PR link.
Housing: First-time buyers are skipping the starter home and saving for the big house in the suburbs. MarketWatch article link.
Wealth Management: America’s super-rich are hiding trillions of dollars in plain sight. MarketWatch article link.
Oil: What OPEC’s political agenda means for oil prices. MarketWatch article link.
Consumerism: The real reason Wal-Mart(PBR1 $WMT) and Starbucks(PBR178 $SBUX) want you to get their rewards cards. MarketWatch article link.
Wednesday, April 6:
Verizon(PBR15) acquires 24.5% equity in AwesomenessTV, to create short-form mobile video service. $VZ PR link.
Amazon(PBR29 $AMZN): 5 key lines from Jeff Bezos’s latest letter to shareholders. MarketWatch PR link.
Pfizer(PBR56) terminates $150 billion acquisition of Allergan(PBR219 $AGN), cites new US Treasury policies regarding inversions. $PFE PR link.
Sprint(PBR86) signs $2.2 billion deal for the sale and lease-back of certain existing network assets. $S PR link.
Halliburton(PBR90) & Baker Hughes(PBR108 $BHI) to contest US Dept of Justice antitrust suit against merger. $HAL PR link.
Medtronic(PBR133) gets FDA approval for world’s smallest pacemaker for US patients. $MDT PR link.
Monsanto(PBR187 $MON) swears off blockbuster deals. MarketWatch article link.
Allergan(PBR219) reiterates strong standalone growth profile and strategy following termination of Pfizer(PBR56 $PFE) $150 billion acquisition transaction. $AGN PR link.
Constellation Brands(PBR377) enhances fine wine portfolio with The Prisoner Wine Company Brands acquisition, terms not disclosed. $STZ PR link.
Kroger(PBR20) promotes Smith’s VP-Operations Kenny Kimball to president of the division, effective 04/30/16, succeeds retiring Jay Cummins. $KR PR link.
McDonald’s(PBR101) Andrew McKenna retiring after 12 years as chairman, 25 years as a director. $MCD PR link.
Pentair(PBR363) hires Dennis Cassidy as president, Valves & Controls segment. $PNR PR link.
JM Smucker(PBR437) SVP Supply Chain/Operations Dennis Armstrong retiring 09/30/16, promotes Randal Day to SVP Operations & Robert Ferguson to SVP Supply Chain. $SJM PR link.
The US Federal Reserve releases March 15-16 minutes, moderate growth, keeps federal funds rate at 1//4-1/2%. FOMC PR link.
Financial Advisers: Obama administration targets financial advisers better at enriching themselves than clients. MarketWatch PR link.
Tuesday, April 5:
Freeport-McMoRan(PBR128) reorganizes leadership structure in Oil & Gas subsidiary to reduce costs. $FCX PR link.
NextEra Energy(PBR173) completes $1.55 billion sale of 2 Texas fossil generating assets to Energy Future Holdings affiliate. $NEE PR link.
Stryker Corp(PBR283) completes $1.28 billion cash acquisition of defibrillators provider Physio-Control Intl from Bain Capital. $SYK PR link.
PulteGroup(PBR428) responds to founder Bill Pulte’s letter, summarizes events, supports CEO. $PHM PR link.
Arthur J Gallagher(PBR515) acquires Oklahoma City, OK, based employee benefits insurance broker Capital Benefits Group. $AJG PR link.
Lumber Liquidators(PBR1061) wins Proposition 65 lawsuit, judge rules in company’s favor. $LL PR link.
The US Dept of Labor says February US Hires were 5.422 million, +5.82% from Jan, +8.20% from February 2015. USDOL article link.
The US Dept of Commerce says March Exports estimated at $178.1 billion, Imports $225.1 billion, Deficit $47.0 billion, -2.4% from February. USDOC article link.
Markit says Final March US Services PMI at 51.3, up from 49.7 in February. Markit article link.
ISM says March Non-Manufacturing NMI at 54.5, up 1.1 from February, ISM article link.
Investment Strategies: Earnings don’t matter—until they do. MarketWatch article link.
Investment Strategies: ‘Seinfeld,’ mean reversion and the best time to rebalance your portfolio. MarketWatch article link.
Auto Industry: Why Tesla(PBR651 $TSLA)’s Model 3 could mean better, cheaper cars from other luxury brands MarketWatch article link.
Monday, April 4:
McKesson(PBR6) completes total of $1.2 billion for acquisitions of Vantage Oncology & of Biologics. $MCK PR link.
Gilead Sciences(PBR107) to acquire ACC inhibitor NASH developer Nimbus Apollo from Nimbus Therapeutics for $400 million plus $800 million future incentives. $GILD PR link.
Staples(PBR122) and Workbar offer full service coworking spaces in retail locations, initially in Boston area. $SPLS PR link.
Air Products(PBR267) to exit Energy-from-Waste business, take up to $1 billion discontinued operations write-off. $APD PR link.
BB&T(PBR277) complete $1.8 billion acquisition of National Penn Bancshares. $BBT PR link.
Blackstone(PBR352) to acquire majority interest in India based IT services provider Mphasis for $825 million-$1.1 billion. $BX PR link.
Axiall(PBR521) rejects revised $23.12/share cash/stock offer from Westlake Chemical(NYSE: WLK). $AXLL PR link.
Tesla(PBR651) delivers 14,820 vehicles in Q1 2016, some Model X parts supply issues, Model S orders +45% from Q1 2015. $TSLA PR link.
Groupon(PBR652) gets $250 million investment from Atairos, who gets board seat, includes possible collaboration with Comcast(PBR42 $CMCSA). $GRPN PR link.
Armstrong World(PBR772) completes spin-off of $1.2 billion/2015 Armstrong Flooring as separate public company(NYSE: AFI). $AWI PR link.
Brocade Communications(PBR845) to acquire Ruckus Wireless(NYSE: $RKUS) for $14.43/share, $1.5 billion cash/stock. $BRCD PR link.
Charles River Labs(PBR1025) completes $585 million cash acquisition of biopharma/ag/industrial chemicals CDMO co WIL Research. $CRL PR link.
Walt Disney(PBR57 $DIS) COO Thomas Staggs stepping down on 05/06/16, will be a special advisor to the CEO through fiscal year. MarketWatch article link.
Honeywell(PBR74) promotes Darius Adamczyk president/COO, other promotions announced. $HON PR link.
Macy’s(PBR97) hires Douglas Sesler as EVP-Real Estate. $M PR link.
Advance Auto Parts(PBR279) hires Thomas Greco as CEO, effective 04/11/16, interim George Sherman to remain president. $AAP PR link.
Owens & Minor(PBR292) hires Rony Kordahl as EVP, N American Operations, reports to president/CEO. $OMI PR link.
PulteGroup(PBR428) Chairman/CEO Richard Dugas to retire in May 2017, in part due to recent suggestion for CEO change. $PHM PR link.
Alaska Air(PBR454) to acquire Virgin America(NASDAQ: $VA) for $57/share, $4.0 billion cash. includes debt. $ALK PR link.
Triumph Group(PBR578) SVP/CFO Jeffrey McRae leaving after 10-K filing in May, search for new CFO starts. $TGI PR link.
Brunswick(PBR584) promotes Huw Bower to president, Boat Group, continues to report to chairman/CEO. $BC PR link.
The US Dept of Commerce estimates Total February US Manufacturing New Orders at $453.9B, -1.73% from January, -3.03% from February 2015. USDOC PR link.
Retirement: New conflict-of-interest rule will protect retirement investors. MarketWatch article link.
Global Economy: IMF says insurers pose risks to the global economy MarketWatch article link.
Healthcare: America’s facing a shortage of primary-care doctors. MarketWatch article link.
Banking: Regulators seen as exhausted in effort to end too-big-to-fail banks. MarketWatch article link.
Energy: Stress in oil credit market hits record level MarketWatch article link.
Housing: A tale of two housing markets is playing out in home equity MarketWatch article link.
Inflation: Why inflation expectations have fallen and won’t get up. MarketWatch article link.
Corporate Regulations: Treasury takes new steps to limit tax inversions. MarketWatch article link.
Friday, April 1:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 17,792.75, +1.58% from last week, +0.61% MTD/QTD, +2.11% YTD, -2.84% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,914.54, +2.95% from last week, +0.92% MTD/QTD, -1.85% YTD, -5.83% from record 5,218.86 on 07/20/15.
SPX ends week at 2,072.78, +1.81% from last week, +0.63% MTD/QTD, +1.41% YTD, -2.72% from record 2,130.82 on 05/21/15.
General Electric(PBR9 $GE) to sell stake in Poland’s Bank BPH’s Core Bank in $2.1 billion deal. MarketWatch article link.
Community Health System(PBR125) to spinoff public Quorum Health Corp on 04/29/16, will have 38 hospitals in 16 states. $CYH PR link.
Tenet Healthcare(PBR161) completes $575 million sale of Atlanta area 5 hospitals, 26 physician clinics to regional network WellStar Health. $THC PR link.
Bristol-Myers Squibb(PBR185) completes up to $600 million acquisition of private biotech autoimmune diseases therapies developer Padlock Therapeutics. $BMY PR link.
BB&T(PBR277) completes $500 million acquisition of $200 million revenues/year commercial wholesale insurance provider Swett & Crawford. $BBT PR link.
Stryker Corp(PBR283) completes $2.775 billion cash acquisition of medical disposable products provider Sage Products from Madison Dearborn Partners. $SYK PR link.
Frontier Communications(PBR501) completes $10.54 billion acquisition of Verizon(PBR15 $VZ) Wireline Operations in California, Texas & Florida. $FTR PR link.
The Andersons(PBR525) to sell 8 grain & plant nutrients facilities in Iowa to MaxYield Cooperative. $ANDE PR link.
Tesla(PBR651) starts accepting $1,000 to reserve newly announced 215 miles range, starting at $35,000 Model 3. $TSLA PR link.
Tesla(PBR651 $TSLA) Model 3 electric sedan reservations of nearly 200,000 on first day top total of all US 2015 plug-in car sales. MarketWatch article link.
ON Semiconductor(PBR656) extends $20.00/share, $2.4 billion cash tender offer for Fairchild Semiconductor(PBR1000 $FCS) to 04/14/16. $ON PR link.
Beacon Roofing(PBR818) buys Philadelphia, PA, building products distributor Atlantic Building Products. $BECN PR link.
Beacon Roofing(PBR818) buys N Carolina based Lyf-Tym Building Products. $BECN PR link.
Hub Group(PBR611) EVP-Sales Jim Gaw to retire on 06/30/16, Steve Rand being promoted to succeed him. $HUBG PR link.
The US Dept of Labor says March US Employment at 151.3 million, 8.0 million unemployed, 5.0% unemployment rate. USDOL PR link.
The US Dept of Commerce says February Construction Spending at a $1,144.0 billion annual rate, -0.5% from January, +10.3% from February 2015. USDOC PR link.
Manufacturing: ISM says March PMI at 51.8, up from February’s 49.5. ISM PR link.
Consumer Index: March Consumer Sentiment Index at 91.0, -0.7 from February. U of Michigan article link.
Healthcare: America’s 1 million-doctor shortage is right upon us. MarketWatch article link.
Auto Industry: March Total US Auto Sales were $54.691 billion, Average Vehicle Price $32,887, Average Unit Spending $3,005. TrueCar article link.
Auto Industry: Total March US Vehicle Units Sold were 1,595,065, +3.1% from March 2015. Automotive News article link.
Employment: Part-timers might account for labor-force surge. MarketWatch article link.
Minimum Wage: California, New York pass $15 minimum-wage laws MarketWatch article link.
Corporate: Companies with unequal voting rights underperform shareholder friendly ones, study finds. MarketWatch article link.
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