The PBR1000 April 2020 Breaking News Recap

April 30, 2020 by

The PBR1000: April is All About Social Distancing

PBR1000 Coronavirus COVID19

Every one must do their part to stop the spread of the COVID-19 virus, as Leonardo da Vinci’s Mona Lisa demonstrates.

By Larry C. Paxton

The April 2020 breaking news items of interest for The PBR1000 follow with the most current date first.

***Thursday, April 30

The PBRMarketTools US Stock Exchanges Recap for the month of April 2020 ending 04/30/20:

DJIA ends April at 24,345.72, +2.40% from last Friday, +11.80% MTD/QTD, -14.69% YTD, -17.62% from record 29,551.42 set 02/12/20.

NASDAQ ends April at 8,889.55, +2.95% from last Friday, +15.45% MTD/QTD, -0.93% YTD, -9.45% from record 9,817.18 set 02/19/20.

SPX ends April at 2,912.43, +2.67% from last Friday, +12.68% MTD/QTD, -9.85% YTD, -13.99% from record 3,386.15 set 02/19/20.

The April 2020 News Summary: It was another month of Coronavirus news and its effect on the world. As of late 04/30/20 the John Hopkins University CSSE COVID-19 Dashboard shows 3,271,692 cases confirmed worldwide with 232,807 deaths. In the US its 1,056,466 cases with 62,850 deaths. The response has included lockdowns, social distancing, temporary closures of businesses and schools, less traffic, and the pleasant side effects of bluer skies and being more aware birds chirping during a greening and flowering springtime. It is hopefully also a time for families to enjoy the playing and laughing with and getting to know better precious little ones. It has also been a time of great collaborations as companies work together to make ventilators, face masks, gowns, and other related medical aids, as well as accelerated development of new tests and vaccines. Medical practices started using telehealth capabilities. Only emergency situations were actively handled at hospitals. Significant internet bandwidth is being used, and seems to be working remarkably well, for on-line meetings, classes, and communications between loved ones. At the end of April some countries, and in the US some states, were starting to relax some restrictions. In the US the federal government launched some aggressive business loans programs and started sending out $1,200 stimulus checks to most adults, $500 for each child. The impact is around $3 trillion of new national debt. Towards the end of the month US economic indices and surveys, with data that often lags a month or two, started showing some of the damage, with just about all sectors down, except for some in technology and pharma. US initial unemployment claims climbed a remarkable 30,000,000 people in April from layoffs and furloughs. There do seem to be some indications that the cases and deaths are leveling off, but because not much is known about COVID-19 there are concerns about the virus recurring again soon and during the next flu season. Efforts to reopen the economy are being received with mixed reactions of optimism and skepticism from politicians, healthcare professionals, business leaders, and the public. Nevertheless, while the US stock exchanges suffered huge losses in February and March, in April there was a major resurgence, with daily activity still having big volatile up and down swings on an almost daily basis. But when the bell rang for April The Stock Market Bear, while still a big presence, lost out to The Stock Market Bull, who finally took over the pasture after some major struggles and prevails to win his first month of 2020 with a 3-0 victory, but there is a lot of ground to make up. Expert opinions remain varied and mixed, with many of them having agendas as well. Stay safe, keep informed, appreciate and thank those on the front lines, and we wish you and your dear ones the best as we all navigate and deal with these uncertain times.

The April 2020 tally YTD is:
The Stock Market Bull: 1 Month
The Stock Market Bear: 2 Months
Mixed Results: 1 Month

Apple(PBR4) in 2Q20 report says it has authorized an increase of $50 billion to the existing share repurchase program. $AAPL PR link.

Microsoft(PBR20 $MSFT) Teams usage has increased to more than 75 million daily active users, had 200 million meeting participants in a single day in April. The Verge PR link.

Boeing(PBR40) expects to close its $25 billion bond offering on 05/04/20, does not plan to seek additional funding through the capital markets or the US government options at this time. $BA PR link.

Intel(PBR45) introduces the 10th Gen Intel® Core™ S-series desktop processors, including Intel’s flagship Core i9-10900K processor, the world’s fastest gaming processor. $INTC PR link.

Macy’s(PBR118 $M) to reopen 68 stores on 05/04/20, another 50 stores on 05/11/20, and all 775 stores to be open in 6 weeks, with modified hours and adjustments. MarketWatch PR link.

Danaher(PBR175) completes $825 million sale of its label-free biomolecular characterization, chromatography hardware and resins, and microcarriers and particle validation standards businesses, which generated $140 million in revenues in 2018, to Sartorius AG, sale was part of condition for its 03/31/20 acquisition of Biopharma. $DHR PR link.

SS&C Tech(PBR563) to acquire New York-based 150+ employees developer of systems for trust accounting, payments and unique asset servicing on modern, web-based technology Innovest Systems for $120 million, to close in 2Q20. $SSNC PR link.

Marathon Petroleum(PBR21) elects director John Surma as non-executive Chairman, President/CEO Michael Hennigan elected to the Board. $MPC PR link.

The US Dept of Labor says the US Initial Unemployment Insurance Claims for the Week Ending 04/25/20 is at 3,839,000, 03/21/20 was at 3,283,000, 02/22/20 219,000, 04/20/19 230,000; Total Insured Unemployment on 04/18/20 is at 17,992,000, 04/13/19 was at 1,655,000; the Insured Unemployment Rate on 04/18/20 is at 12.4%, 04/13/19 was at 1.2%. USDOC PR link.

The US Dept of Commerce says the Preliminary March 2020 US Total Personal Income Annual Rate is at $18.696 trillion, -2.0% from February 2020, +1.4% from March 2019, Personal Current Taxes are at $2.188 trillion, Outlays $14.339 trillion, for Savings of $2.169 trillion, for a Savings Rate of 13.1%. USDOC PR link.

The US Dept of Labor says the 1Q20 Employment Cost Index for All Civilian Workers(12/2005=100) is at 140.0, 4Q19 was at 138.9, 1Q19 136.2. USDOL PR link.

The US Dept of Treasury says on 04/29/20 the US National Debt-Public is at $18.927 trillion, Intragovernmental $5.927 trillion, Total Debt $24.854 trillion, +4.9% from 03/31/20, +7.1% YTD, +12.8% from 04/30/19. USTreasury PR link.

The US Dept of Treasury says the Yield on a 10 Year Treasury Note on 04/30/20 is at 0.64%, 03/31/20 was at 0.70%, 02/28/20 1.13%, 04/30/19 2.51%. USTreasury PR link.

FreddieMac says the US Weekly Average 30 Year Fixed Mortgage Rate as of 04/30/20 is at 3.23% with 0.7 points/fees, 03/26/20 was at 3.50%, 02/27/20 3.45%, 04/25/19 4.2%. “These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April.” FreddieMac PR link.

The Federal Reserve Bank of Chicago says the Preliminary March 2020 US 7th District Midwest Economy Index is at -1.02, February 2020 was at -0.16, January 2020 -0.35, March 2019 +0.05. ChiFed PR link.

MNI Indicators says the April 2020 Chicago Business Barometer(<50 = Declining) is at 35.4, March 2020 was at 47.8, February 2020 48.9, April 2019 52.6. “… fell … to its lowest level since March 2009 as business confidence dipped sharply amid the current spread of COVID-19.” MNI PR link.

The American Automobile Assn says the US National Average Price Per Gallon of Regular Gas on 04/30/20 is at $1.772, 03/31/20 was at $1.997, 02/29/20 $2.447, 04/30/19 $2.882. AAA PR link.

***Wednesday, April 29

Alphabet(PBR11)’s Google unit to make its Google Meet video conferencing product free for everyone, with availability rolling out over the coming weeks, first 60 minutes are free. $GOOG PR link.

Centene(PBR42) to facilitate the distribution of 25,000 Quest Diagnostics(PBR395) COVID-19 test kits each week to Federally Qualified Health Centers (FQHCs) in ten states or districts across the country. $CNC PR link.

Best Buy(PBR71) will be offering in-store consultation service appointments in around 200 stores starting in 05/20. $BBY PR link.

Gilead Sciences(PBR134) phase 3 trial of investigational antiviral Remdesivir in patients with severe COVID-19 demonstrated that patients receiving a 10-day treatment course of remdesivir achieved similar improvement in clinical status compared with those taking a 5-day treatment course. $GILD PR link.

LPL Financial(PBR488) to acquire San Diego, CA, based Lucia Securities, a broker-dealer and registered investment advisor firm with around 20 advisors and $1.5 billion of client assets under management, terms not disclosed, to close in 2H20. $LPLA PR link.

Lyft(PBR868) to layoff around 982 employees, around 17% of its workforce, has furloughed around 288 employees, is impact of the Coronavirus pandemic. $LYFT PR link.

The Federal Open Market Committee issues a statement after its 04/28-29/20 meeting, keeps the federal funds short term interest rate at 0.00-0.25%, says “The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy.” FOMC PR link.

The US Dept of Commerce/BEA says the Preliminary 1Q20 Real GDP Annual % Growth Rate is at -4.8%, GDP Annual $ Rate is at $21.538 trillion, -0.9% from 4Q19, +2.1% from 1Q19. USDOC PR link.

The US Energy Information Administration says US Millions of Barrels of Crude Oil in Inventory on 04/24/20 is at 527.6, was 455.4 on 03/20/20, 443.3 on 02/21/20, 460.6 on 04/19/19. EIA PR link.

***Tuesday, April 28

PBRMarketTools.com welcomes leading global provider of industry-specific, cloud-based software solutions for the life sciences industry Veeva Systems to The PBR1000, ranked 993 by revenues. More details on the  Veeva Systems Spotlight page.

Ford(PBR12) reports 1Q19 loss of over $2 billion, to phase in its manufacturing production in Europe starting 05/04/20, outlines other activities and plans to ramp up business. $F PR link.

Oracle(PBR77) selected by Zoom Communications as its new cloud infrastructure partner to handle dramatic increase in users and video conferencing usage. $ORCL PR link.

Electronic Arts(PBR536) to launch 5 of its games on Alphabet(PBR11)’s Google Stadia cloud-based gaming platform. $EA PR link.

TripAdvisor(PBR948) to reduce workforce by 900+, about 25% of workforce, in response to COVID-19 pandemic impact. $TRIP PR link.

WW(PBR958) in 1Q20 report says it ended quarter with 5.0 million subscribers, up from 4.6 million in 1Q19, will continue to make digital push. $WW PR link.

Crane(PBR694) Chairman R.S. Evans has retired as planned after 47 years with the company, director Jim Tullis is new Chairman. $CR PR link.

The US Dept of Commerce/Census says the 1Q20 US Total Housing Units is at 140,362,000, +1,153,000 from 1Q19, Occupancy Rate is at 88.6%, 1Q19 was at 87.9%, Home Ownership Rate is at 65.3%, 1Q19 was at 64.2%. USDOC PR link.

The S&P CoreLogic Case-Shiller February 2020 US National Home Price Index(01/2000=100.00) is at 213.6, January 2020 was at 212.34, December 2019 212.38, December 2018 204.89. Case-Shiller PR link.

The Conference Board says the Preliminary April 2020 US Consumer Confidence Index(1985=100) is at 86.9, March 2020 was at 118.8, February 2020 132.6, April 2019 129.2. “… consumers were less optimistic about their financial prospects and this could have repercussions for spending as the recovery takes hold. The uncertainty of the economic effects of COVID-19 will likely cause expectations to fluctuate in the months ahead.” TCB PR link.

The Federal Reserve Bank of Richmond April 2020 US 5th District Manufacturing Index(Annualized) is at -53%, March 2020 was at +2%, February 2020 -2%, April 2019 +9%. “Firms reported weakened local business conditions and expected conditions to remain soft in the next six months.” RichmondFed PR link.

The Federal Reserve Bank of Richmond April 2020 US 5th District Service Sector Revenue Index(Annualized) is at -87%, March 2020 was at +1%, February 2020 +26%, April 2019 +23%. “Firms expected conditions to remain soft in the near future.” RichmondFed PR link.

***Monday, April 27

Boeing(PBR40) to resume 787 operations at Boeing South Carolina (BSC), with most teammates returning on 05/03 or 05/04, includes all operations temporarily suspended on 04/08 in response to the COVID-19 pandemic. $BA PR link.

Boeing(PBR40) terminates Master Transaction Agreement (MTA) with Brazil based Embraer, had planned to create a joint venture comprising Embraer’s commercial aviation business and a second joint venture to develop new markets for the C-390 Millennium medium airlift and air mobility aircraft, says Embraer did not satisfy the necessary conditions. $BA PR link.

Coca-Cola(PBR82) announces a 5 year agreement with Microsoft(PBR20) to standardize its business operations on Microsoft’s cloud, will utilize Microsoft Azure, Dynamics 365 and Microsoft 365, will be implementing Microsoft Teams for collaborations. $KO PR link.

NVIDIA(PBR286) completes $125/share, around $6.9 billion cash acquisition of end-to-end Ethernet and InfiniBand smart interconnect solutions and services for servers and storage supplier Mellanox(NASDAQ: MLNX). $NVDA PR link.

Domtar(PBR498) to temporarily idle the operations of its Hawesville, KY, mill beginning 05/05/20, expects to restart the H1 paper machine in 06/20, while the H2 paper machine will remain idled until 07/20, will temporarily layoff around 400 employees. $UFS PR link.

Adtalem Education(PBR982) completes $465 million sale of its Brazilian portfolio, Adtalem Educacional do Brasil, to YDUQS, the second largest education company in Brazil. $ATGE PR link.

***Friday, April 24

The PBRMarketTools US Stock Exchanges Recap for Week 17 ending 04/24/20:

DJIA ends Week 17 at 23,775.27, -1.93% from last Friday, +8.48% MTD/QTD, -16.69% YTD, -19.55% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 17 at 8,634.52, -0.18% from last Friday, +12.14% MTD/QTD, -3.77% YTD, -12.05% from record 9,817.18 set 02/19/20.

SPX ends Week 17 at 2,836.74, -1.32% from last Friday, +9.76% MTD/QTD, -12.20 YTD, -16.23% from record 3,386.15 set 02/19/20.

The Week 17 News Summary: Almost all news continues to revolve around the coronavirus pandemic. The world has nearly 200,000 deaths from coronavirus, the US has just over 50,000 of those, with New York getting hit the hardest. There are mixed signals as to whether or not there has been a peak or not. There is some talk about re-opening economies. In the US several states have indicated they are taking some initial steps, though cautiously. The Senate and House passed, and President Trump has signed, a new stimulus bill to provide an additional $484 billion to small businesses and healthcare operations. There was an initial disbursement of funds to 80 million taxpayers, more is scheduled over the next few months. 1Q20 corporate earnings are being released and it is clear that there has been an impact and it will continue into 2Q20. US economic reports on existing and new housing, jobless claims, and business and consumer surveys are also showing a downward trend. Companies are taking on debt in the hopes of getting through this. Oil prices continue to be near rock bottom, gold prices are rising. The Stock Market Bear came out strong the first couple of trading days, then The Stock Market Bull made a valiant comeback attempt. However, it came up short, The Stock Market Bear sweeps to a Week 17 3-0 victory after missing out the past couple of weeks. It will be interesting to see if the late in the week optimism carries over into Week 18. Use your face masks when appropriate and place your bets!

The Week 17 of 2020 tally YTD is:
The Stock Market Bull: 8 weeks
The Stock Market Bear: 8 weeks
Mixed Results: 1 week

ExxonMobil(PBR3) has reconfigured manufacturing operations in Louisiana to produce medical-grade hand sanitizer for donation to COVID-19 response efforts, initial production of 160,000 gallons– enough to fill nearly 5 million 4-ounce bottles – is being distributed to medical providers and first responders in Louisiana, New Jersey, New Mexico, New York, Pennsylvania and Texas. $XOM PR link.

Johnson & Johnson(PBR35)’s Janssen Pharmaceutical unit and Emergent BioSolutions to collaborate on development and manufacturing of a COVID-19 vaccine, JNJ goal is to manufacture 1 billion doses of COVID-19 vaccines globally. $JNJ PR link.

Facebook(PBR46) introduces real time video Messenger Rooms, can be created from within Messenger or Facebook, up to 50 people, no time limit, rolling out in some countries this week and will expand to the rest of the world in coming weeks. $FB PR link.

US Foods(PBR109) completes $970 million cash acquisition from Apollo Global Mgmt(PBR995) of 70 small-format cash and carry stores across the US Northwest that serve small and mid-sized restaurants and other food business customers with $1.1 billion in revenues in 2019 Smart Foodservice Warehouse Stores. $USFD PR link.

Sempra Energy(PBR286) completes $3.59 billion cash sale of its equity interests in its Peruvian businesses, including its 83.6% stake in Luz del Sur, to China Yangtze Power International (Hongkong). $SRE PR link.

SkyWest(PBR732) to receive $438 million through the Payroll Support Program Under CARES Act. $SKYW PR link.

AT&T(PBR9) Chairman/CEO Randall Stephenson to retire as CEO, will be Executive Chairman until 01/21, President/COO John Stankey elected to become CEO on 07/01/20, will become a Board member on 06/01/20. $T PR link.

The U of Michigan Final April 2020 Index of Consumer Sentiment is at 71.8, March 2020 was at 89.1, February 2020 101.0, March 2019 98.4. “In the weeks ahead, as several states reopen their economies, more information will reach consumers about how reopening could cause a resurgence in coronavirus infections. Consumers’ reactions to relaxing restrictions will be critical… ” UM PR link.

***Thursday, April 23

Kroger(PBR22) Health division is expanding free COVID-19 testing sites to Colorado, Michigan, Ohio and Tennessee, joining existing sites in Kentucky and Tennessee, for all priority groups, including healthcare workers, first responders and symptomatic groups. $KR PR link.

DTE Energy(PBR217) says its mid-Michigan’s Gratiot County Polaris Wind park is operational, providing enough clean energy to power more than 64,000 homes, its 68 turbines generating 168 megawatts and is now the largest operating wind park in Michigan, the first of four new wind parks DTE will commission in 2020. $DTE PR link.

Baxter(PBR273) gets US FDA Emergency Use Authorization for its Oxiris Blood Purification Filter for COVID-19 treatment. $BAX PR link.

Chesapeake Energy(PBR355) adopts a shareholder rights plan to protect the availability of its net operating loss carryforwards valued at around $7.6 billion. $CHK PR link.

Agilent Technologies(PBR523) gets US FDA approval for PD-L1 IHC 22C3 pharmDx as a companion diagnostic (CDx) to identify patients with non-small cell lung cancer who are appropriate for first-line monotherapy with KEYTRUDA (pembrolizumab) on the Dako Omnis platform. $A PR link.

Cooper Tire & Rubber(PBR763) to reopen US and Serbia plants, Mexico facility to return to temporary shutdown. $CTB PR link.

The US Dept of Commerce/HUD says the Preliminary March 2020 US New Family Homes Sold Annual Rate is at 627,000, February 2020 was at 741,000, January 2020 777,000, March 2019 693,000; Median Home Price is at $321,400, February 2020 was at $330,100, January 2020 $328,900, March 2019 $310,600; Months Supply is at 6.4. More data at the link. USDOC PR link.

***Wednesday, April 22

Tyson(PBR75) to indefinitely suspend operations at its Waterloo, IA, pork plant this week due to worker absenteeism, company’s largest pork plant with 2,800 team members, will provide COVID-19 testing. $TSN PR link.

L Brands(PBR241) receives notice from Sycamore Partners purporting to terminate 55% interest acquisition of Victoria’s Secret unit for $525 million and is seeking a declaratory judgment that its termination of the Transaction Agreement is valid; L Brands contends the termination is invalid. $LB PR link.

PG&E(PBR184) President/CEO Bill Johnson to retire 06/30/20, Board member Bill Smith to be interim CEO at that time until replacement hired. $PCG PR link.

The ADP Workforce Vitality Report says 1Q20 Average Wage Level is at $29.18, 4Q19 was at $28.93, 3Q19 $28.71, 1Q19 $28.40. ADP PR link.

***Tuesday, April 21

AbbVie(PBR94) gets US FDA approval for IMBRUVICA® (ibrutinib) in combination with rituximab for the treatment of previously untreated patients with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL); is 11th US FDA approval for IMBRUVICA since first approved in 2013. $ABBV PR link.

Netflix(PBR158) in 1Q20 report says it has 182.86 million global streaming paid memberships, 4Q19 was at 167.09 million, 1Q19 148.86 million. $NFLX PR link.

Quest Diagnostics(PBR392) has begun to perform antibody testing for coronavirus (COVID-19) using blood samples, expects to do 150,000 tests/day by early-May. $DGX PR link.

Chipotle(PBR489) in 1Q20 report says digital sales grew 80.8%, accounted for 26.3% of sales; agrees to pay $25 million fine related to past food safety incidents beginning in 2015. $CMG PR link.

Express(PBR882) adopts limited duration shareholder rights plan because of impact of COVID-19 pandemic on company, expires 04/19/21. $EXPR PR link.

The Natl Assn of Realtors says the Preliminary March 2020 Existing Home Sales Annual Rate is at 5,270,000, February 2020 was at 5,760,000, March 2019 5,230,000; Median Sales Price is at $280,600, February 2020 was at 270,100, March 2019 $259,700. “More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.” NAR PR link.

The Federal Reserve Bank of Philadelphia says the April 2020 3rd District Non-Manufacturing General Activity Index is at -96.4, March 2020 was at -35.1, February 2020 +31.0, April 2019 +18.9. “The respondents expect overall declines over the next six months, as future activity indexes fell further to historic lows.” PhillyFed PR link.

***Monday, April 20

Alphabet(PBR11 $GOOG)’s Google unit and Facebook(PBR46 $FB) being forced by Australia to pay for news content. MarketWatch PR link.

Tyson(PBR72) will resume limited operations at its pork plant in Columbus Junction, IA, on 04/21/20 after being idle for two weeks due to COVID-19 concerns. $TSN PR link.

Uber(PBR226) gets $810 million federal govermentwide Rideshare/Ride-hail Passenger Services contract. $UBER PR link.

The Cheesecake Factory(PBR837) gets $200 million convertible preferred investment from affiliates of Roark Capital. $CAKE PR link.

The Federal Reserve Bank of Chicago says the Preliminary March 2020 US National Activity Index is at -4.19, February 2020 was at +0.06, January 2020 -0.27, March 2019 -0.04. “Index suggests economic growth decreased substantially in March.” ChiFed PR link.

***Friday, April 17

The PBRMarketTools US Stock Exchanges Recap for Week 16 ending 04/17/20:

DJIA ends Week 16 at 24,242.49, +2.21% from last Friday, +10.61% MTD/QTD, -15.05% YTD, -17.97% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 16 at 8,650.14, +6.09% from last Friday, +12.34% MTD/QTD, -3.59% YTD, -11.89% from record 9,817.18 set 02/19/20.

SPX ends Week 16 at 2,874.56, +3.04% from last Friday, +11.22% MTD/QTD, -11.03 YTD, -15.11% from record 3,386.15 set 02/19/20.

The Week 16 News Summary: The primary news headliner continues to be the Coronavirus pandemic, now with over 2.2 million confirmed cases worldwide, and over 150,000 deaths, with the US being the leader with over 680,000 cases and over 32,000 deaths, the primary hot spot being New York City, according to John Hopkins University CSSE. But there is some cautious optimism as cases and death rates seem to have plateaued. Pharmaceuticals are working on therapies that have shown some initial positive results, and manufactures are coming together to make ventilators, face masks, and gowns. On Thursday US President Trump announced a 3 phase plan to re-open the economy starting soon. Over 80 million US stimulus checks have been delivered and more are in process. US economic data, which usually lags 1-2 months, is starting to show the short term negative effects, including more millions of unemployment claims, sales across all sectors showing significant declines, and business and consumer survey indices showing large drops. Expert opinions are mixed in forecasting a recovery, some saying it will happen quickly, some saying 2 years or more, some proclaiming there will be some profound changes in economic makeup as a result of people working and schooling from home, people eating at home, a reorganization of manufacturing, and supply logistics for just about everything. With the news of the leveling off of cases, plans to re-open the economy, and initial stimulus checks having been delivered, the US stock markets had another good weekly rebound. The major US stock exchanges alternated up and down volatile days, but Friday was a big up and The Stock Market Bull prevailed to win Week 16 with a 3-0 result, but still lags significantly The Stock Market Bear year-to-date and from the amazing record highs established in February. Stay safe, and let’s see what happens next week!

The Week 16 of 2020 tally YTD is:
The Stock Market Bull: 8 weeks
The Stock Market Bear: 7 weeks
Mixed Results: 1 week

The total market capitalization(stock value) of The PBR25 Top Buy Stocks is $4.9 trillion, the range is $2.99 billion to $1+ trillion, the median is $58 billion. More details on The PBR25 info page.

Walmart(PBR1) hires over 150,000 temporary workers over 30 day period, had over 1 million applicants, plans to hire 50,000 more. $WMT PR link.

TravelCenters(PBR464) says its travel centers remain open, providing essential services to drivers across the nation with fuel, showers, restrooms, quick-serve restaurants and convenience stores, but as a result of having to close full service restaurants is furloughing around 2,900 field employees and 122 corporate staff. $TA PR link.

Altria(PBR114) Chairman/CEO Howard Willard, who is recovering from COVID-19, retires after 28 years with the company, Vice Chairman/CFO Billy Gifford elected as new CEO, Thomas Farrell named Independent Chairman. $MO PR link.

The Conference Board Preliminary March 2020 US Leading Economic Index((2016=100) is at 104.2, February 2020 was at 110.9, January 2020 111.1, March 2019 111.7. “The sharp drop in the LEI reflects the sudden halting in business activity as a result of the global pandemic and suggests the US economy will be facing a very deep contraction.” TCB PR link.

***Thursday, April 16

Looking for the best stocks in which to consider investing? Check out The PBR25 to find out how our independent researchers select the Top 25 Buy Stocks. Here’s the link!

Chevron(PBR15) affiliates have sold non-operating interests in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields (including interests in the Western Export Route Pipeline) and the Baku-Tbilisi-Ceyhan (BTC) oil pipeline located in Azerbaijan, to MOL Hungarian Oil and Gas PLC for $1.57 billion, part of $5-10 billion 2018-2020 divestment program. $CVX PR link.

Verizon(PBR19) to acquire enterprise-grade cloud-based video conferencing and event platform provider BlueJeans, will be deeply integrated into Verizon’s 5G product roadmap, providing secure and real-time engagement solutions for high growth areas such as telemedicine, distance learning and field service work, terms not disclosed. $VZ PR link.

Boeing(PBR40) will resume all Commercial Airplanes production in a phased approach at its Puget Sound-region facilities next week, after suspending operations last month in response to the COVID-19 pandemic. $BA PR link.

Southern Co(PBR145) to reduce its workforce by around 20%(about 6,000) in response to coronavirus pandemic effect on its business, expects reduction to last into the summer. $SO PR link.

Goodyear Tire(PBR214) in response to coronavirus pandemic affect on business to reduce its payroll costs through a combination of furloughs, temporary salary reductions and salary deferrals covering over 9,000 of its corporate and business unit associates, including substantial salary reductions and deferrals for the company’s CEO, officers and directors. $GT PR link.

VF Corp(PBR229)’s Dickies unit to shift production, manufacture by 09/20 3.4 million FDA-compliant isolation gowns for US hospitals and healthcare workers. $VFC PR link.

eBay(PBR287) as a result of hiring Jamie Iannone as eBay ‘s new CEO, activist investor Starboard has withdrawn its nomination of director candidates for election at eBay ‘s 2020 Annual Meeting of Stockholders. $EBAY PR link.

Frontier Communications(PBR375) has received approvals on an interim basis from the US Bankruptcy Court for the Southern District of New York for the “First Day” motions related to the Company’s voluntary Chapter 11 petitions filed on 04/14/20. $FTR PR link.

The US Dept of Commerce/HUD says the Preliminary March 2020 US Housing Permits Issued Annual Rate is at 1,353,000 units, -6.8% from February, +5.1% from March 2019. For Housing Starts and Completions go to the link. USDOC PR link.

The US Federal Reserve Bank of Philadelphia says the April 2020 3rd District Manufacturing General Activity Indicator is at -56.6, March 2020 was at -12.7, February 2020 +36.7, April 2019 +11.0. “Responses indicated a continued prominent weakening in manufacturing activity… The survey’s future indexes, however, remained elevated, suggesting that respondents expect growth in manufacturing activity to pick back up over a horizon of six
months.” PhillyFed PR link.

***Wednesday, April 15

The average estimated 12 month return on a The PBR25 Top Buy Stock is currently +20.2%. A financial institution has the highest estimate at +99.5%. Find out more here!

Apple(PBR4) announces the second-generation iPhone SE, 4.7 inch Retina HD display, features the best single-camera system ever in an iPhone, starts at $399. $AAPL PR link.

Best Buy(PBR71) to temporarily furlough 51,000 employees, including nearly all part-time employees, in response to the COVID-19 pandemic. $BBY PR link.

United Airlines(PBR73) expects to receive $5.0 billion through the Payroll Support Program under CARES Act, includes federal government getting 4.6 million shares of UAL common stock. $UAL PR link.

GoPro(PBR988) to lay off 20% of its workforce, around 200 employees, in response to effect of coronavirus pandemic on its business. $GPRO PR link.

The US Federal Reserve releases its Beige Book from information collected through 04/06/20, reports “All Districts reported highly uncertain outlooks among business contacts, with most expecting conditions to worsen in the next several months.” USFed PR link.

The US Federal Reserve says the Preliminary March 2020 US % of Manufacturing Production Capacity is at 72.7%, February 2020 was at 77.0%, January 2020 76.7%, March 2019 78.4%; Capacity Growth Last 12 Months is at +1.9%. Go to the link for Industrial Production. USFed PR link.

The US Dept of Commerce/Census says the Preliminary February 2020 Total Sales-Manufacturers is at $500.3 billion, Retail $463.2 billion, Wholesalers $500.7 billion, Total $1.464 trillion, -0.5% from January 2020, +1.4% from February 2019. USDOC PR link.

The US Dept of Commerce/Census says the Advance March 2020 US Sales-Retail is at $434.5 billion, Food Services & Drinking Places $48.6 billion, Total $483.1 billion, -8.7% from February 2020, -6.2% from March 2019. USDOC PR link.

The US Federal Reserve Bank of New York says the April 2020 Empire State Manufacturing General Business Conditions Index is at -78.2, March 2020 was at -21.5, February 2020 +12.9, April 2019 +9.4. “The headline general business conditions index plummeted fifty-seven points to -78.2, its lowest level in the history of the survey—by a wide margin… Though current conditions were extremely weak, firms expected conditions to be slightly better six months from now.” NYFed PR link.

The Natl Assn of Home Builders says the Preliminary April 2020 Composite Housing Market Index(<50=conditions are poor rather than good) is at 30, March 2020 was at 72, February 2020 74, April 2019 63. “Reflecting the growing effects of the COVID-19 pandemic, builder confidence in the market for newly-built single-family homes plunged 42 points in April to 30… was the largest single monthly change in the history of the index and marks the lowest builder confidence reading since June 2012.” NAHB PR link.

***Tuesday, April 14

The PBR25 Top Buy Stocks is compiled monthly from 15,000 analyst estimates. Average return over 60+ months is 153%, S&P 500 average was 34%. Find out more here!

American Airlines(PBR67) approved by US Treasury for $5.8 billion in financial assistance from the Payroll Support Program (PSP) created through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, expects to separately apply for a loan from the US Treasury of approximately $4.75 billion. $AAL PR link.

3M(PBR98) is partnering with Cummins(PBR127) to increase the production of high efficiency particulate filters for use in 3M’s powered air purifying respirator(PAPRs). $MMM PR link.

Devon Energy(PBR456) agreement to sell it Barnett Shale unit to Banpu Kalnin Ventures has been amended from $770 million to up to $830 million, includes $570 million cash and contingent payments of up to $260 million, closing date changed from 04/15/20 to 12/31/20. $DVN PR link.

The US Dept of Labor says the Preliminary March 2020 US Monthly All Imports Prices are at -2.3%, Exports -1.6%; Last 12 Months All Imports Prices are at -4.1%, Exports -3.6%. USDOL PR link.

CoreLogic says the January 2020 US House Loans 30 Days or More Delinquent is at 3.5%, December 2019 was at 3.7%, November 2019 3.9%, January 2019 4.0%. “The mortgage market experienced a strong year of improvement in loan performance during 2019 – carrying over into the first month of 2020. However, mounting job losses since the COVID-19 pandemic was declared a national emergency has raised the possibility of many borrowers falling behind on their mortgage payments in coming months.” CoreLogic PR link.

***Monday, April 13

Because of volatility the monthly The PBR25 Top Stock Buy Recommendations has been updated for 04/09/20 and gives you the ability to do the updates yourself at any time. Find out more here!

Amazon(PBR2) says it has filled the 100,000 full/part time positions announced on 03/16/20, is now planning to hire for an additional 75,000 jobs. $AMZN PR link.

Ford(PBR12) to design and produce urgently needed medical equipment and supplies for health care workers, first responders and patients fighting coronavirus, including face shields, powered air-purifying respirators, reusable gowns, and COVID-19 collection test kits in collaborations with 3M(PBR98) and Thermo Fisher Scientific(PBR112). $F PR link.

Chesapeake Energy(PBR355) approves 1-for-200 reverse stock split, will be effective for start of trading on 04/15/20. $CHK PR link.

Blackstone(PBR401) to provide up to $2 billion to support Alnylam Pharmaceuticals(Nasdaq: ALNY), the leading RNAi therapeutics company, in a broad strategic collaboration for Alnylam’s advancement of innovative RNA interference (RNAi) medicines that have the potential to transform the lives of patients suffering from a range of debilitating diseases. $BX PR link.

Groupon(PBR797) adopts a limited duration rights plan as a result of market volatility and uncertainty as a result of the COVID-19 pandemic, expires 03/10/21. $GRPN PR link.

AutoNation(PBR148) President/CEO since 07/19 Cheryl Miller taking a leave of absence for health reasons, Executive Chairman Mike Jackson to add President/CEO role until she returns. $AN PR link.

eBay(PBR287) hires Jamie Iannone as CEO and member of the Board effective 04/27/20. $EBAY PR link.

***Friday, April 10

Prudential Financial(PBR53) to sell Prudential of Korea to KB Financial Group for $1.9 billion, to close by 12/31/20. $PRU PR link.

3M(PBR98) files lawsuit against New Jersey based Performance Supply LLC, alleging illegal price gouging and deceptive trade practices in the sales of N95 respirators, charging 500-600% over 3M list prices on $45 million in orders from New York. $MMM PR link.

The US Dept of Treasury says the March 2020 US Federal Government Receipts are at $236.8 billion, Outlays $355.9 billion, for a Deficit of $119.1 billion, March 2019 Deficit was at $146.9 billion; 2020 YTD(6 months) Receipts are at $1.604 trillion, YTD Outlays $2.347 trillion, for a YTD Deficit of $743.6 billion, 2019 YTD Deficit was at $691.2 billion. USTreasury PR link.

The US Dept of Labor says the Preliminary March 2020 Employee Current Average Earnings Per Hour is at $28.62, Average Hours Worked Per Week at 34.2, for Average Weekly Earnings of $978.80, -0.2% from February 2020, +2.2% from March 2019. USDOL PR link.

The US Dept of Labor says the March 2020 Consumer Price Index Monthly Change is at -0.4%, February 2020 was at +0.1%, January 2020 +0.1%, March 2019 +0.4%, March 2020 Last 12 Months Change is at +1.5%, February 2020 was at +2.3%, January 2020 +2.5%, March 2019 +1.9%. USDOL PR link.

***Thursday, April 9

The PBRMarketTools US Stock Exchanges Recap for Week 15 ending 04/09/20:
(***Note: US stock exchanges are closed on 04/10/20 in observance of Good Friday.)

DJIA ends Week 15 at 23,719.37, +12.67% from last Friday, +8.22% MTD/QTD, -16.89% YTD, -19.74% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 15 at 8,153.58, +10.59% from last Friday, +5.89% MTD/QTD, -9.13% YTD, -16.95% from record 9,817.18 set 02/19/20.

SPX ends Week 15 at 2,789.82, +12.10% from last Friday, +7.94% MTD/QTD, -13.65 YTD, -17.61% from record 3,386.15 set 02/19/20.

The Week 15 News Summary: At the start of the shortened week there appeared some encouraging signs globally that the Coronavirus pandemic may be slowing, even though the US has not seen that yet in major hit areas like New York. Social distancing, wearing facemasks, and frequent washing of hands seems to be helping. Scientists working for major pharmaceuticals, research organizations and government labs are working hard and cooperatively to find cures and develop vaccines for Coronavirus. Manufacturers are ramping up to make more face masks, ventilators, and protective gear. Global economic news is still not solid but everyone pretty much agrees that there will be at least a short term major hit with some saying a full recovery might not happen until well into 2021 based on assumptions that could change rapidly and dramatically one way or another. The US economy took another big hit as the week’s initial unemployment jobs claims were over 6.6 million. Companies are still doing layoffs, furloughs, taking out loans, suspending share buyback programs, and senior executives are taking significant salary cuts as strategies for preserving cash at this time. Retailers and restaurants are adapting to and promoting curbside pickup and delivery services. Besides the US $2.2 trillion stimulus bill which is starting to be implemented, the US Fed at the end of the week announced a $2.3 trillion loan package for lenders, primarily to be used by the major banking systems to support businesses. The Saudi Arabia-Russia oil production and prices war continues, but there was some news that negotiations are ongoing and the issues could be resolved soon. The major US stock exchanges reacted positively in Week 15. The Stock Market Bull charged onto the pasture, appearing to be COVID-19 free now, and severely gored The Stock Market Bear, as all exchanges were up over 10% for the week. Nevertheless, The Stock Market Bear still has a significant lead year-to-date. The Markets experts are all over the place on whether to buy stocks now, hold off, or get out altogether. This is Holy Week for many people across the world, and there are many prayers being lifted up for health and minimal economic impact. Let’s hope those prayers continue to be lifted and answered in a positive way in the weeks to come.

The Week 15 of 2020 tally YTD is:
The Stock Market Bull: 7 weeks
The Stock Market Bear: 7 weeks
Mixed Results: 1 week

Pfizer(PBR62) to pay an $185 million up front fee to BioNTech SE (Nasdaq: BNTX) to jointly develop a COVID-19 vaccine, to pay a total of up to $748 million based on milestone achievements. $PFE PR link.

The US Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy. USFed PR link.

The US Dept of Labor says the Preliminary March 2020 Producer Price Index Total Monthly Final Demand is at -0.2%, February 2020 was at -0.6%, January 2020 +0.5%, March 2019 +0.4%, Last 12 Months +0.7%. USDOL PR link.

The US Dept of Commerce/Census says the Preliminary February 2020 Wholesale Sales-Durables is at $238.1 billion, Non-Durables $262.5 billion, Total $500.6 billion, -0.8% from January 2020, +1.1% from February 2019. USDOC PR link.

The U of Michigan Preliminary April 2020 Consumer Sentiment Index is at 71.0, March 2020 was at 89.1, February 2020 101.0, April 2019 97.2. “Consumers need to be prepared for a longer and deeper recession rather than the now discredited message that pent-up demand will spark a quick, robust, and sustained economic recovery.” UMichigan PR link.

***Wednesday, April 8

Wells Fargo(PBR26) gets approval from the US Federal Reserve to expand its participation in the Paycheck Protection Program and offer loans to a broader set of its small business and nonprofit customers subject to the terms of the program. $WFC PR link.

Walt Disney(PBR49)’s Disney+ streaming service now has 50+ million subscribers, launched 5 months ago, available in over dozen countries. $DIS PR link.

Medtronic(PBR101) gets US FDA Emergency Use Authorization for its Puritan Bennett™ 560 (PB560) ventilator, expects to manufacture over 25,000 ventilators across all product lines over next 6 months. $MDT PR link.

Spirit AeroSystems(PBR385) receives notice that deliveries to Boeing(PBR40)‘s facilities have been suspended because of coronavirus pandemic, Spirit reducing workforce by 3,200, initiates voluntary retirement program for 850 employees, plus additional cost cutting actions. $SPR PR link.

The Federal Open Market Committee releases the minutes from its 03/15/20 Special Meeting when it lowered the federal funds rate from 1.00-1.25% to 0.00-0.25%. FOMC PR link.

***Tuesday, April 7

Greenbrier(PBR720) has orders for 8,500 railcars valued at $815+ million, has a $3.2 billion backlog, because of coronavirus pandemic has reduced global workforce by 3,500, primarily in Mexico. $GBX PR link.

The US Dept of Labor says the Preliminary February 2020 Job Openings-Private is at 6,101,000, Government 782,000, Total Openings 6,883,000, January 2020 was at 7,012,000, February 2019 7,047,000. USDOL PR link.

The US Federal Reserve says the Preliminary February 2020 Consumer Credit Outstanding-Revolving is at $1.096 trillion, Non-Revolving $3.129 trillion, Total $4.226 trillion, +0.5% from January 2020, +4.6% from February 2019. USFed PR link.

FannieMae says the March 2020 US Home Purchase Sentiment Index is at 80.8, February 2020 was at 92.5, January 2020 93.0, February 2019 84.3. “… the HPSI dropped to its lowest level since December 2016, with Americans reporting greater concern about their job security than at any point in the last six years… ” FannieMae PR link.

The Purdue U/CME Group March 2020 US Ag Economy Barometer is at 121, February 2020 was at 168, January 2020 167, March 2019 133. “The point drop was the largest one-month fall in the life of the index, which dates to October 2015. Declines in agricultural commodity prices and concerns about the coronavirus crisis impact on the U.S. economy and agricultural sector weighed heavily on farmer sentiment in March.” PurdueU/CME Group PR link.

***Monday, April 6

3M(PBR98) and Trump Administration announce a plan to import 166.5 million respirators over the next three months primarily from China to support healthcare workers in the US, will work together to ensure that this plan does not create further humanitarian implications for countries currently fighting the COVID-19 outbreak, and committed to further collaborate to fight price gouging and counterfeiting, also enables 3M to continue US production of 35 million N25 respirators which can be distributed to Canada and Latin America markets. $MMM PR link.

Fifth Third Bancorp(PBR310) is hiring for nearly 1,000 positions in retail banking centers, mortgage and operations, including a significant number in its Cincinnati headquarters market. $FITB PR link.

Tractor Supply(PBR358) plans to immediately fill more than 5,000 full-time and part-time Team Member positions across its nearly 1,900 stores in 49 states and eight distribution centers. $TSCO PR link.

Stericycle(PBR659) completes $462.5 million cash sale of its 2,000 employees Domestic Environmental Solutions business, excluding the healthcare customer and unused consumer pharmaceutical take-back services, to Harsco(PBR943). $SRCL PR link.

Woodward(PBR749) and Hexcel(PBR866) have mutually agreed to terminate their all stock merger of equals agreement, cite business uncertainties as a result of coronavirus pandemic. $WWD PR link.

IBM(PBR38) has new CEO, Arvind Krishna, has interview with CNBC. $IBM PR link.

Calumet Specialty(PBR657) accelerates CEO transition, appoints board member Steve Mawer as CEO, effective immediately. $CLMT PR link.

SeaWorld(PBR971) CEO Serge Rivera resigns as CEO and Board member, CFO/Treasurer Marc Swanson appointed Interim CEO, Chief Accounting Officer Elizabeth Castro Gulacsy appointed Interim CFO/Treasurer, all effective immediately. $SEAS PR link.

***Friday, April 3

The PBRMarketTools US Stock Exchanges Recap for Week 14 ending 04/03/20:

DJIA ends Week 14 at 21,052.53, -2.70% from last Friday, -3.94% MTD/QTD, -26.23% YTD, -28.76% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 14 at 7,373.08, -1.72% from last Friday, -4.25% MTD/QTD, -17.83% YTD, -24.90% from record 9,817.18 set 02/19/20.

SPX ends Week 14 at 2,488.65, -2.08% from last Friday, -3.71% MTD/QTD, -22.97 YTD, -26.51% from record 3,386.15 set 02/19/20.

The Week 14 News Summary: With 1.1 million cases and nearly 59,000 deaths worldwide, and growing exponentially, the COVID-19 virus dominates the news. The US now has the most cases with nearly 274,000, deaths are just under 7,100. The effect is now starting to show up in the US economy. Initial unemployment cl.aims have hit nearly 10,000,000 in the past 2 weeks. Jobs reports by ADP and the US government this week started to show considerable work losses as well as companies of all sizes furlough or layoff their employees. The pandemic is expected to grow significantly in April, there are more and more supply chain logistics issues, stores are still having trouble keeping inventories of important items. At the same time Saudi Arabia and Russia are locked in battle over oil prices, which have nosedived. The US is in the middle of the negotiations, and it appears there might be a helpful resolution soon. US stock market exchanges were mixed going into Friday, but The Stock Market Bull was exhausted, confused, and a no-show. The Stock Market Bear takes Week 14 3-0, now leads the weekly tally, is totally dominate year-to-date, and near-term looks like he will continue to do so.

The Week 14 of 2020 tally YTD is:
The Stock Market Bull: 6 weeks
The Stock Market Bear: 7 weeks
Mixed Results: 1 week

3M(PBR98) issues statement saying it is in compliance and working with US government to be in compliance with the Defense Production Order Act regarding its manufacturing of N25 respirators during the COVID-19 virus pandemic, says it has secured approval from China to export to the US 10 million N95 respirators manufactured by 3M in China, expresses concerns that its production in the US not be made available to Canadian and Latin American markets is a humanitarian issue, and could result in retaliation. $MMM PR link.

Chico’s FAS(PBR872) adopts a limited duration shareholder rights plan, expires 04/01/21, response to COVID-19 virus pandemic and affect it might have financially. $CHS PR link.

Ocwen Financial(PBR997) provides an update on its financial situation, plans to have shareholders vote on a reverse stock split at 2020 annual meeting, date not yet set. $OCN PR link.

The US Dept of Labor says the March 2020 US Total Employed is at 155,772,000, -2,987,000 from February 2020, -976,000 from March 2019; Total Unemployed is at 7,141,000, +1,354,000 from February 2020, +929,000 from March 2019, Unemployment Rate is at 4.4%, February 2020 was at 3.5%, March 2019 3.8%. USDOL PR link.

The Institute for Supply Management says the March 2020 US Non-Manufacturing Index(>50% economy growing) is at 52.5%, February 2020 was at 57.9%, January 2020 55.5%, March 2019 56.1%. ISM PR link.

IHS Markit says the March 2020 US Composite PMI Output Index is at 40.9, February 2020 was at 49.6, January 2020 53.3, March 2019 54.6. “The marked decrease in business activity stemmed mainly from the outbreak of COVID-19 and the impact of measures to contain the virus spread on companies and households across the country.” IHS Markit PR link.

The John Hopkins U CSSE Dept says the Global COVID-19 Virus Cumulative Case Tally on 04/03/20 is at 1.07 million, with 55,761 deaths. JHU CSSE PR link.

***Thursday, April 2

DaVita Healthcare(PBR273) to hire at least 15,000 new employees throughout 2020, available positions range from care giving roles in centers across the US to corporate support roles. $DVA PR link.

Perrigo(PBR539) completes $113 million in cash acquisition in bankruptcy sale of the oral care assets of High Ridge Brands, assets include leading children’s oral care value brand, Firefly®, in addition to the REACH® and Dr. Fresh® brands. $PRGO PR link.

The US Dept of Labor says the US Initial Unemployment Claims for the Week Ending 03/28/20 is 6,648,000, for 03/21/20 it was 3,307,000, 03/14/20 282,000. USDOL PR link.

The US Dept of Commerce/Census says the Preliminary February 2020 US New Orders-Durable Goods is at $249.5 billion, Non-Durable Goods $247.9 billion, Total $497.4 billion, -0.0% from January 2020, +0.1% from February 2019. USDOC PR link.

The US Dept of Commerce/Census says the Preliminary February 2020 Exports-Goods is at $137.2 billion, Services $70.3 billion, Total Exports $207.5 billion; Imports-Goods is at $198.4 billion, Services $49.1 billion, Total Services $247.5 billion, Total Deficit $39.9 billion, Total Exports YTD(2 months) is at $415.9 billion, Total Imports YTD $501.3 billion, Total Deficit YTD $85.4 billion, Total February 2019 Deficit YTD was at $105.1 billion. USDOC PR link.

***Wednesday, April 1

T-Mobile US(PBR69) completes $59 billion acquisition of Sprint(PBR90), John Legere hands off CEO role to Mike Sievert. $TMUS PR link.

Altria(PBR116) says it will defend its $12.8 billion minority investment in JUUL after the US Federal Trade Commission files an administrative complaint. $MO PR link.

Genworth Financial(PBR349) sale to China Oceanwide for $5.43/share, $2.7 billion cash close extended from 03/31/20 to 06/30/20, but hopes to close sometime in 05/20, needs Delaware regulatory approval, approval of financing by China regulators. $GNW PR link.

Whiting Petroleum(PBR877) files for Chapter 11 in US Bankruptcy Court, has more than $585 million of cash on its balance sheet and will continue to operate its business in the normal course without material disruption. $WLL PR link.

ADP says the Preliminary March 2020 US Change in Private Sector Employment-Small Sized Businesses(1-49 Employees) is at -90,000, Mid Sized(50-499) +7,000, Large Sized(500 or more) +56,000, Total -27,000, February 2020 was at +179,000, January 2020 +205,000, March 2019 +165,000. ADP PR link.

The US Dept of Commerce/Census says the Preliminary February 2020 US Construction Spending-Residential is at $571.6 billion, Non-Residential $795.1, Total $1.367 trillion, -1.3% from January 2020, +6.0% from February 2019. USDOC PR link.

The Institute for Supply Management says the Preliminary March 2020 US Manufacturing PMI Index(,50% economy contracting) is at 49.1%, February 2020 was at 50.1%, January 2020 50.9%, March 2019 55.3%. “Comments from the panel were negative regarding the near-term outlook, with sentiment clearly impacted by the coronavirus (COVID-19) pandemic and energy market volatility.” ISM PR link.

IHS Markit says the March 2020 US Manufacturing PMI Index is at 48.5, February 2020 was at 50.7, January 2020 51.9, March 2019 52.4. “March data indicated a moderate deterioration in operating conditions across the U.S. manufacturing sector. Driving the overall decline were the sharpest downturns in output and new orders since the financial crisis in 2009 amid weak domestic and foreign demand conditions following the outbreak of coronavirus disease 2019 (COVID-19).” IHS Markit PR link.

***Tuesday, March 31

The PBRMarketTools US Stock Exchanges Recap for the month of March ending 03/31/20:
DJIA ends March at 21,917.16, +1.30% from last Friday, -13.74% MTD, -23.20% QTD/YTD, -25.83% from record 29,551.42 set 02/12/20.

NASDAQ ends March at 7,700.10, +2.64% from last Friday, -10.12% MTD, -14.18% QTD/YTD, -21.57% from record 9,817.18 set 02/19/20.

SPX ends March at 2,584.59, +1.70% from last Friday, -12.51% MTD, -20.00% QTD/YTD, -23.67% from record 3,386.15 set 02/19/20.

The March 2020 News Summary: The news of the month was dominated by the COVID-19 virus pandemic. Stock exchanges worldwide have taken a significant dip. World and US economic data, which usually lags 1-3 months, is starting to show some of the impact. Supply chains are becoming disrupted. There is a run at grocery stores on almost all items, essential and non-essential. In the US manufacturing of face masks and much needed ventilators is ramping up. New York City has been especially hard hit, as well as California and the State of Washington. People are being strongly encouraged, and in some states it has been mandated, to stay at home and avoid contact with others as much as possible. A massive national $2 trillion coronavirus stimulus bill was created, passed and was signed into law quickly and with bipartisan support, another $2 trillion is being suggested for infrastructure issues. In China the rate of new cases has started dropping dramatically, in the US the forecast is that April will be the big month. The Stock Market Bear and his friend COVID-19 had several big feast days during the month. The Stock Market Bull tried to fight back and did have a few significant recovery days, but it was not nearly enough. The Stock Market Bear is undefeated so far in 2020, seems to have the momentum and appears energized to possibly do more of the same in April. Expert opinions vary, many of whom have their own agendas. Stay safe, do your research and due diligence, and wish you all the best in April!

The Month of March 2020 tally YTD is:
The Stock Market Bull: 0 months
The Stock Market Bear: 2 months
Mixed Results: 1 month

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