December 2016: A Nice End, Let 2017 Start!
There are a lot of puzzle pieces to put together as we start 2017. Be alert for Trump Tweets!
By Larry C. Paxton
2016 finished on mostly a high note. The US stock markets registered new highs that were no where close to what prognosticators had predicted at the start of the year, mostly due to what most people called The Trump Bump. This was probably a reflection that the country had completed a long, controversial, mean-spirited, unconventional, and tumultuous presidential election. But the transfer of power will proceed in an orderly manner, there is a sense of relief, and hopeful optimism by a large segment of a somewhat disenchanted populace that felt traditional politics had failed them and this was a chance to make much needed changes. The President-Elect is an unpredictable person and there are still a lot of the traditionalists left, so fireworks can be expected. It will be an interesting show for the whole world.
After a long wait, the Federal Reserve Board finally increased the federal funds rate by a quarter point and signaled there will be more increases in 2017 if the economy continues its modest/moderate growth.
Here’s a quick December 2016 summary on key activities that relate to The PBR1000:
US Presidency: Donald J. Trump is the US President-Elect, to be inaugurated as the 45th President of the United States on Friday, January 20, 2017. Cabinet appointees being announced, heavy emphasis on business experience, major policy changes expected in healthcare, immigration, infrastructure programs, and international trade.
Mergers & Acquisitions: 28 deals worth at least $1 billion initiated, closed, or updated. Total transaction value is $157 billion.
Restructurings/Spinoffs: 6
Share Repurchase Programs: 9 announced, total $17 billion.
Bankruptcies: 0
CEO Changes: 20 announced.
Jobs: Modest growth.
US Economy: Modest/moderate growth continues, stable but fragile, significant growth in eCommerce, retail outlets down.
Federal Reserve Federal Funds Rate Changes: 1, increased 0.25% to 0.50-0.75%, more increases anticipated in 2017.
International: Brexit, oil price fluctuations, Middle East conflicts, refugee crisis, N Korea nuclear/missile tests, upcoming European elections, climate change, new US president continue to be the headliners.
For more details here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for December 2016, starting with the last active business day.
Friday, December 30:
The PBRMarketTools Year Ending 12/30/16 US Stock Exchanges Recap:
DJIA ends 2016 at 19,762.60, -0.86% from last Friday, +3.34% MTD, +7.94% QTD, +13.42% YTD, -1.06% from record 19,974.62 on 12/20/16.
NASDAQ ends 2016 at 5,383.12, -1.46% from last Friday, +1.12% MTD, +1.34% QTD, +7.50% YTD, -1.90% from record 5,487.44 on 12/27/16.
SPX ends 2016 at 2,238.83, -1.10% from last Friday, +1.82% MTD, +3.25% QTD, +9.54% YTD, -1.45% from record 2,271.72 on 12/13/16.
Freeport_McMoRan(PBR128) completes $592 million cash sale of onshore California properties to Sentinel Peak Resources California. $FCX PR link.
Abbott Labs(PBR134) to complete $25 billion cash/stock acquisition of cardiovasular medical devices developer St Jude Medical(PBR440) on 01/04/17. $ABT PR link.
Southern Co(PBR155) Power subsidiary to do joint development with Renewable Energy Systems Americas for 3,000 MW across 10 projects. $SO PR link.
Huntsman Corp(PBR244) completes sale of European surfactants business to Innospec(NASDAQ: IOSP) for $225 million. $HUN PR link.
SPX(PBR506) completes sale of European Power Generation business. $SPXC PR link.
Cabela’s(PBR606) and Bass Pro Shops receive request for additional info from FTC regarding $5.5 billion merger. $CAB PR link.
The Federal Reserve Bank of Chicago November Midwest Economic Index at -0.01, relative MEI +0.20. ChicagoFed PR link.
MNI December Chicago Business Barometer at 54.6, Nov was 57.6, Dec 2015 was 42.9. ISM/MNI PR link.
Thursday, December 29:
Sears Holdings(PBR93) announces secured standby Letter Of Credit facility for $200 million, can be expanded by $300 million. $SHLD PR link.
General Cable(PBR418) resolves ongoing SEC and DOJ investigations, agrees to $82.3 million in fines. $BGC PR link.
Welltower(PBR635) completes sale of 28 long-term/post-acute care facilities to Cindat/Union Life joint venture, retains 25% stake. $HCN PR link.
The US Dept of Commerce estimates US 3Q16 Net International Position at Assets $24.861 trillion, Liabilities $32.642 trillion, Deficit $7.781 trillion. USDOC PR link.
The US Dept of Labor says US 12/17/16 Total Insured Unemployment 4 Week Moving Average at 2.042 million, +0.9% from previous month, -7.6% previous year. USDOL PR link.
The US Energy Information Agency says 12/23/16 US Crude Oil Reserves at 486.1 million barrels, -0.4% from 11/25/16, +6.8% from 12/25/15. EIA PR link.
FreddieMac(PBR41) says US 30 Yr Fixed Mortgage Rate Average at 4.32%, 11/23/16 was 4.03%, 12/31/15 4.01%. $FMCC PR link.
Tech Trends: Intel(PBR51) experts share insights on tech trends for 2017 and beyond. $INTC PR link.
Consumer Electronics Show: The 5 tech trends that will dominate CES and 2017. MarketWatch PR link.
Wednesday, December 28:
McKesson(PBR6) completes $2.1 billion acquisition of Canada based 8,600 employees 470+ retail pharmacies Rexall Health from Katz Group; appoints Domenic Pilla as CEO McKesson Canada. $MCK PR link.
Sprint(PBR86) commits to create or bring back to the US 5,000 jobs. $S PR link.
Roper Technologies(PBR614) completes $2.8 billion cash acquisition of 22,000 clients global project management software/information solutions provider Deltek. $ROP PR link.
Southwest Gas(PBR867) to become a holding company on 01/01/17, keep SWX trading symbol. $SWX PR link.
PSEG(PBR257) Power unit president/CEO Bill Levis to retire 3Q17. $PEG PR link.
Personal Finance: Americans use debit cards twice as much as credit cards. MarketWatch PR link.
Real Estate: As home prices rise, house-flippers stage comeback. MarketWatch PR link.
Tuesday, December 27:
Amazon(PBR29) ships over 1 billion items for Prime and FulFillment subscribers during the 2016 holiday season. $AMZN PR link.
UPS(PBR47) forecasts 1.3 million packages back to retailers for 01/05/17, National Returns Day, 5.8 million during first full week of 01/17. $UPS PR link.
Qualcomm(PBR106) to appeal $865 million fine for unfair business practices from Korea Fair Trade Commission. $QCOM PR link.
Panasonic to invest $260M in a solar cell plant that will supply Tesla(PBR651 $TSLA). MarketWatch PR link.
Vornado(PBR738) announces final disposition of Skyline Properties recognizing $486 million gain. $VNO PR link.
Fred’s(PBR897) adopts shareholder rights plan, to close 40 underperforming stores in 1H2017. $FRED PR link.
The Federal Reserve Bank of Richmond says US 5th District December Manufacturing Annualized Index at 8%, November was 4%, October -4%. RichmondFed PR link.
The Conference Board US December Consumer Confidence Index at 113.7, November was 109.4, December 2015 96.3(1985=100). TCB PR link.
The Case-Shiller US October Home Price Index at 185.06, September was 184.65, October 2015 175.23(01/2000=100). C-S PR link.
Passive investing, a winner in 2016, shows no sign of stopping. MarketWatch PR link.
Monday, December 26:
***US Stock Markets Closed.
***Christmas Holiday Observed.
Friday, December 23:
The PBRMarketTools Week Ending 12/23/16 US Stock Exchanges Recap:
DJIA ends week at 19,933.91, +0.46% from last Friday, +4.24% MTD, +8.88% QTD, +14.40% YTD, -0.20% from record 19,974.62 on 12/20/16.
NASDAQ ends week at 5,462.69, +0.47% from last Friday, +2.61% MTD, +2.84% QTD, +9.09% YTD, -0.39% from record 5,483.94 on 12/20/16.
SPX ends week at 2,263.79, +0.25% from last Friday, +2.96% MTD, +4.41% QTD, +10.76% YTD, -0.35% from record 2,271.72 on 12/13/16.
Cardinal Health(PBR26) settles nationwide civil suit for $44 million with US Dept of Justice for 2012 administrative settlement with US DEA. $CAH PR link.
Halliburton(PBR90) settles for $100 million a class action suit filed in 2002 regarding longterm projects accounting & asbestos liability disclosures. $HAL PR link.
Biogen(PBR282) gets US FDA approval for SPINRAZA™ (nusinersen), first treatment for spinal muscular atrophy. $BIIB PR link.
Pinnacle West(PBR620) subsidiary APS contracts for 565 megawatts for 6 years starting 06/01/20 from Arlington Valley cycle power plant. $PNW PR link.
Caterpillar(PBR54) promotes Tom Pellette to group president/Energy & Transportation, Bob De Lange group president/Construction Industries, Billy Ainsworth to SVP & Strategic Advisor. $CAT PR link.
Caterpillar(PBR54) president/CEO Kent Adams of Caterpillar Financial Services Division to retire; VP Financial Services Division Mike DeWalt to retire, succeeded by Joe Creed; Zack Kauk promoted to VP/Excavation Division. $CAT PR link.
The US Dept of Commerce estimates US November New Houses Sold/For Sale Annual Rate at 592,000, +5.5% from October, +16.5 from November 2015. USDOC PR link.
University of Michigan says US December Final Consumer Sentiment Index at 98.2, November was 93.8, October 87.2. UMich PR link.
Thursday, December 22:
The PBR1000 November Snapshot 15
#101-105 By Market Capitalization Summary
(PBR Rankings are by Revenues):
101. Kinder Morgan(PBR184), $KMI, $49.6B
102. Ford Motor(PBR9), $F, $47.5B
103. Exress Scripts(PBR22), $ESRX, $46.8B
104. Dominion Resources(PBR226), $D, $45.9B
105. Aetna(PBR45), $AET, $45.9B
Total The PBR1000 Market Capitalization: $21.5 trillion
Range: $589.3B to $0.0B
Average: $21.5B
Median: $6.9B
Get the full Snapshot 15 list with more details and the 14 other analytical snapshots with a 2 month or significantly discounted annual The PBR1000 subscription today! Subscribe link.
Nokia expands patents legal fight with Apple(PBR5 $AAPL) to 9 countries. MarketWatch PR link.
Boeing(PBR27) delivers 500th 787 Dreamliner. $BA PR link.
Community Health System(PBR125) completes sale of ten medical office buildings across 5 states to HCP(PBR834 $HCP) for $163 million, doing leasebacks. $CYH PR link.
Southern Co(PBR155) subsidiary acquires two wind projects in Texas totaling 300 megawatts. $SO PR link.
Biogen(PBR282) gets SEC approval to spinoff Bioverativ(NASDAQ: BIVV), to be effective 02/01/17. $BIIB PR link.
Davita Healthcare(PBR302) HealthCare Partners Nevada unit to acquire 3,000 Nevada providers network WellHealth Quality Care. $DVA PR link.
KKR(PBR332 $KKR) seeks buyer for public utilities water venture. MarketWatch PR link.
Peabody Energy(PBR372) files plan of reorganization and disclosure statement to emerge from Chapter 11, hearing set for 01/26/17. $BTUUQ PR link.
Varian Medical(PBR678) to acquire PerkinElmer(PBR839 $PKI)’s Medical Imaging business for $276 million, will be included in spinoff Varex Imaging. $VAR PR link.
Reinsurance Group of America(PBR256) to promote president Anna Manning to CEO on 01/01/17, succeeds retiring Greig Woodring. $RGA PR link.
The US Dept of Commerce revises US 3Q16 GDP Annual Rate from 3.2% to 3.5%, $18.675 trillion, +1.2% from 2Q16, +2.9% from 3Q15. USDOC PR link.
The US Dept of Commerce estimates US November Total Personal Income Annual Rate at $16.234 trillion, +0.01% from October, +3.50% from November 2015. USDOC PR link.
The Federal Reserve Bank of Chicago estimates US November National Activity Index at -0.27, October was -0.05, September -0.11. ChicagoFed PR link.
The Conference Board US Preliminary November Leading Economic Index at 124.6(2010=100), Coincident 114.6, Lagging 123.2. TCB PR link.
Wednesday, December 21:
Coca-Cola(PBR63) to acquire Anheuser-Busch InBev(NYSE: BUD)‘s 54.5% equity stake in Coca-Cola Beverages Africa for $3.15 billion. $KO PR link.
Delta Air Lines(PBR72) & Aeromexico get US Dept of Transportation approval to establish largest transboarder alliance between US & Mexico. $DAL PR link.
Goldman Sachs(PBR76 $GS) gets fined $120 million by CFTC for manipulating interest rate products 2007-2012. MarketWatch PR link.
Stanley Black & Decker(PBR249) to sell majority Of Its Mechanical Security businesses to dormakaba For $725 million cash. $SWK PR link.
FMC Technologies(PBR334) & France based Technip(EUROnext: TEC) $13 billion merger to close 01/16/17. $FTI PR link.
Bristol-Myers Squibb(PBR185) elects Giovanni Caforio, MD, chairman, effective 05/02/16, succeeds retiring Lamberto Andreotti. $BMY PR link.
BB&T(PBR277) COO Chris Henson now also president. $BBT PR link.
Caesars Entertainment(PBR314) interim chief marketing officer Ruben Sigala now officially CMO. $CZR PR link.
Hershey(PBR354) EVP/COO Michele Buck to become president/CEO on 03/01/17, succeeds retiring John Bilbrey who will remain non-executive chairman. $HSY PR link.
Twitter(PBR786 $TWTR) is teetering after two more executive departures. MarketWatch PR link.
Allison Transmission(PBR865) chairman/CEO Lawrence Dewey to retire in 05/18. $ALSN PR link.
Red Hat(PBR936) CFO Frank Calderoni leaving in 01/17, VP Finance Eric Shander is acting CFO. $RHT PR link.
Natl Assn of Realtors says US November Existing Home Median Price at $234,900, +1.2% from October, +6.8% from November 2015. NAR PR link.
Bitcoin surpasses $800 for the first time in 3 years. MarketWatch PR link.
Executive Management: The Rising Risk of Being CFO. CFO Magazine PR link.
Tuesday, December 20:
Bank of America(PBR24) to sell UK consumer credit card $10 billion portfolio business MBNA Ltd to Lloyds Banking Group for $2.4 billion. $BAC PR link.
Amazon(PBR29) to expand again in Illinois with two more fulfillment centers and 1,000 full-time jobs. $AMZN PR link.
Walgreens Boots Alliance(PBR36) and Rite Aid(PBR105 $RAD) reach agreement to sell 865 Rite Aid Stores to Fred’s(PBR897 $FRED) Pharmacy for $950 million cash. $WBA PR link.
Chesapeake Energy(PBR131) to sell second Haynesville shale acreage position for $465 million. $CHK PR link.
Allergan(PBR219) to acquire Acelity L.P. Inc.’s regenerative medicine company LifeCell Corporation for $2.9 billion. $AGN PR link.
Praxair(PBR233) & Germany based Linde AG(Xetra: LIN) to merge as $30 billion/year Linde in 50/50 stock ownership deal. $PX PR link.
Biogen(PBR282) completes Bioverativ(NASDAQ: BIVV) spinoff, declares special dividend distribution of Bioverativ stock. $BIIB PR link.
Ingredion(PBR415) to acquire TIC Gums for $400 million cash; expands customer base, specialty portfolio & texture expertise. $INGR PR link.
Arthur J Gallagher(PBR515) acquires Metairie, LA, employee benefits insurance provider Group Insurance Associates. $AJG PR link.
Boyd Gaming(PBR727) completes $230 million cash acquisition Of Las Vegas assets Of Cannery Casino Resorts. $BYD PR link.
AMC Entertainment(PBR728 $AMC) required to divest movie theatres, reduce NCM ownership and complete screen transfers in order to complete $1.2 billion acquisition of Carmike Cinemas(NASDAQ: $CKEC) per US Dept of Justice. USDOJ PR link.
ABM Industries(PBR478) EVP/General Counsel & Corporate Secretary Sarah Hlavinka McConnell is leaving mid 01/17. $ABM PR link.
Hasbro(PBR549) Chairman, President/CEO Brian Goldner gets contract extension through 2020. $HAS PR link.
Endo Intl(PBR700) interim CFO Blaise Coleman is now officially CFO. $ENDP PR link.
Twitter(PBR786 $TWTR) chief technology officer Adam Messinger to leave the company. MarketWatch PR link.
ResMed(PBR977) hires Carlos Nunez, MD, as Chief Medical Officer. $RMD PR link.
Monday, December 19:
Icahn Enterprises(PBR147) to sell American Railcar Leasing unit to Sumitomo Mitsui Banking Corp subsidiary for $3.36 billion cash. $IEP PR link.
Estée Lauder(PBR255) completes $1.45 billion acquisition of prestige makeup millennials emphasis brand Too Faced. $EL PR link.
The Mosaic Co(PBR300) to acquire Brazil based Vale Fertilizantes for $2.5 billion. $MOS PR link.
LKQ(PBR376) to sell OEM glass manufacturing business to Mexico based Vitro SAB for $310 million. $LKQ PR link.
Constellation Brands(PBR377) completes $784.5 million sale of Canadian wine business to Ontario Teachers’ Pension Plan. $STZ PR link.
Adobe Systems(PBR557) completes $14/share, $540 million acquisition of video advertising platform developer TubeMogul(NASDAQ: TUBE). $ADBE PR link.
Legg Mason(PBR709) to get at least $500 million investment from Shandra Group, will have 15% stake, provide 2 directors. $LM PR link.
Macy’s(PBR97) hires Cheryl Heinonen as EVP/Corporate Communications, effective 01/09/17. $M PR link.
Staples(PBR122) promotes Faisal Masud to Chief Technology Officer. $SPLS PR link.
Biogen(PBR282) promotes EVP/Chief Commercial Officer Michel Vounatsos to CEO effective 01/06/17, succeeds George Scangos, PhD, who is stepping down. $BIO PR link.
Lands’ End(PBR976) hires Jerome Griffith as CEO starting 03/06/17. $LE PR link.
Friday, December 16:
The PBRMarketTools Week Ending 12/16/16 US Stock Exchanges Recap:
DJIA ends week at 19,843.41, +0.44% from last Friday, +3.76% MTD, +8.39% QTD, +13.88% YTD, -0.34% from record 19,911.21 on 12/13/16.
NASDAQ ends week at 5,437.16, -0.13% from last Friday, +2.13% MTD, +2.36% QTD, +8.58% YTD, -0.49% from record 5,463.83 on 12/13/16.
SPX ends week at 2,258.07, -0.06% from last Friday, +2.70% MTD, +4.14% QTD, +10.48% YTD, -0.60% from record 2,271.72 on 12/13/16.
Express Scripts(PBR22) authorizes an additional 65 million shares for share repurchase program, balance is 330 million shares. $ESRX PR link.
Pfizer(PBR56) gets FDA approval for removal of boxed warning regarding serious neuropsychiatric events from CHANTIX® (varenicline) smoking cessation treatment labeling. $PFE PR link.
Cummins(PBR146) authorizes new up to $1 billion share repurchase program, takes effect after completion of 2015 $1 billion plan. $CMI PR link.
Omnicom(PBR192) confirms 2 subsidiaries received subpoenas from the US Dept of Justice Antitrust Division concerning investigation of advertising industry video production/post-production practices. $OMC PR link.
Arthur J. Gallagher(PBR515) expands affinity business, acquires errors & omissions insurance provider National Ethics Association. $AJG PR link.
Liberty Media(PBR534) gets antitrust regulators approval for $8 billion acquisition of Formula 1, special stockholders meeting set for 01/17/17. $LMCA PR link.
Chipotle(PBR561) elects 4 new board members to help re-establish fast food industry leadership. $CMG PR link.
Mylan(PBR346) launches first generic EpiPen Auto-Injector, wholesales at $300/2 pack. $MYL PR link.
Beacon Roofing(PBR818) acquires BJ Supply of Bristol, Pa. $BECN PR link.
Clearwater Paper(PBR898) acquires 170 employees 5 manufacturing plants Manchester Industries for $68.25 million. $CLW PR link.
Restoration Hardware(PBR915) changing name to RH starting 01/01/17. $RH PR link.
Scientific Games(PBR937) gets 6-10 yr contract with Kansas Lottery. $SGMS PR link.
Viacom(PBR224) annual meeting proxy statement says Chairman Emeritus Sumner Redstone to attend board meetings, but have no vote, starting in 02/17. $VIA PR link.
The US Dept of HUD estimates US November Housing Permits Annual Rate at 1,201,000, -4.7% from October, -6.6% from November 2015 HUD PR link.
Japan surpasses China as the U.S.’s largest creditor. MarketWatch PR link.
Thursday, December 15:
Comcast(PBR42 $CMCSA)’s NBC bets viewers will watch Olympics year-round. MarketWatch PR link.
Merck(PBR70) subsidiary Idenix Pharmaceutical awarded $2.54 billion from Gilead Sciences(PBR107 $GILD) for infringement of a Hepatitis C drug patent. $MRK PR link.
21st Century Fox(PBR91) to acquire European entertainment 30,000 employee Sky plc for $14.8 billion cash. $FOX PR link.
3M(PBR92) expands parental leave benefits to 10 paid weeks for moms and dads. $MMM PR link.
Freeport-McMoRan(PBR128) completes $2.0 billion sale of Deepwater Gulf of Mexico properties to Anadarko Petroleum(PBR154 $APC). $FCX PR link.
Nucor(PBR130) to purchase Republic Conduit for $335 million. $NUE PR link.
Core-Mark(PBR271) gets 3 year 5 western states snacks/candies supply deal for 530 Walmart(PBR1 $WMT) stores. $CORE PR link.
Spectra Energy(PBR422) shareholders approve $28 billion merger into Enbridge(NYSE ENB), to close in 1Q17. $SE PR link.
GNC(PBR743) to close stores 12/28/16, re-open 12/29/16 with launch of One New GNC unified format. $GNC PR link.
Armstrong World(PBR772) to acquire accoustical ceiling, wall & structural solutions manufacturer Ohio-based Tectum, terms not disclosed. $AWI PR link.
McCormick(PBR552) completes $127 million acquisition of Italian $56 million/yr flavor manufacturer Enrico Giotti SpA. $MKC PR link.
DeVry Education(PBR905) settles litigation with FTC, to pay $49.4 million, to forgive $50.6 million of student loans. $DV PR link.
Weight Watchers(PBR988) new Apple(PBR5 $AAPL) Watch Series 2 subscription plan provides members plan information and notifications. $WTW PR link.
Franklin Resources(PBR315) co-president Vijay Advani leaving, Jennifer Johnson to continue as president. $BEN PR link.
Priceline(PBR319) promotes EVP Glenn Fogel to CEO, effective 01/01/17; interim CEO Jeff Boyd to become executive chairman. $PCLN PR link.
The US Dept of Labor says the US November Consumer Price Index at +0.2%, annual rate +1.7%. USDOL PR link.
The US Dept of Labor estimates US November Average Earnings/Week at $890.62, -0.1% from Oct, +2.2% from Nov 2015. USDOL PR link.
The NY Federal Reserve Bank says the December General Business Conditions Index at 9.0, November was 1.5, October -6.8. NYFed PR link.
The Philadelphia Federal Reserve Bank says the December Manufacturing General Activity Index at 21.5, November was 7.6, October 9.7. PhillyFed PR link.
The Natl Assn of Homebuilders estimates US December Housing Market Index at 70, November was 63, October 63. NAHB PR link.
Wednesday, December 14:
The PBR1000 November Snapshot 13
Top 5 Stock Price Gainers since 12/31/14 Summary:
1. NVIDEA(PBR452), $NVDA, +360%
2. AMD(PBR533), $AMD, +234%
3. Skywest(PBR633), $SKYW, +177%
4. Amazon(PBR20), $AMZN, +142%
5. Netflix(PBR351), $NFLX, +140%
Range: +360% to -90%
Companies >+0%: 555/1,000
Average: +5.2%
Median: +4.1%
Get the full Snapshot 13 list with more details and the 14 other analytical snapshots with a 2 month or significantly discounted annual The PBR1000 subscription today! Subscribe link.
GE(PBR9 $GE) to sell Industrial Solutions & GE Water businesses to raise $4 billion. MarketWatch PR link.
Amazon(PBR29) Prime Video service now available in over 200 countries/territories. $AMZN PR link.
Dupont(PBR82) to sell global food safety diagnostics business to Hygiena, terms not disclosed. $DD PR link.
Arrow Electronics(PBR120) authorizes additional $400 million share repurchase program. $ARW PR link.
KKR(PBR332) to sell advanced oral dosage delivery developer Capsugel to pharma/biotech Swiss based firm Lonza for $5.5 billion. $KKR PR link.
Alaska Air(PBR454) completes $4.0 billion cash acquisition of Virgin America, now 5th largest US airline. $ALK PR link.
Arthur J Gallagher(PBR515) acquires Phoenix, AZ, based employee benefits/human resources consulting firm MW Bagnall Co. $AJG PR link.
Yahoo!(PBR519) releases statement regarding 1 billion user data security breach in 2013. $YHOO PR link.
Liberty Media(PBR534) announces agreements with 3rd party investors to invest $1.55 billion to support Formula 1 acquisition. $LMCA PR link.
Hologic(PBR767) to divest blood screening business to partner Grifols for $1.85 billion. $HOLX PR link.
Albemarle(PBR792) completes $3.2 billion sale of Chemetall Surface Treatment business. $ALB PR link.
ExxonMobil(PBR2) chairman/CEO Rex Tillerson to retire 12/31/16, president Darren Woods is successor. $XOM PR link.
Host Hotels(PBR455) president/CEO W Edward Walter to retire 12/31/16, EVP James Risoleo to be successor. $HST PR link.
Cliffs Natural Resources(PBR518) appoints Kelly Tompkins as EVP/COO, Tim Flanagan EVP/CFO, treasurer, and chief accounting officer. $CLF PR link.
Pitney Bowes(PBR588) hires Stan Sutula III as EVP/CFO, succeeds Mike Monahan who remains COO. $PBI PR link.
Lincoln Electric(PBR710) EVP/General Counsel Fred Steuber to retire in 04/17, Jennifer Ansbury to be successor. $LECO PR link.
A. Schulman(PBR791) hires Gary Phillips as Chief Commercial Officer. $SHLM PR link.
SemGroup(PBR866) chairman John Chlebowski to retire 12/31/16, director Thomas McDaniel elected chairman starting 01/01/17. $SEMG PR link.
Pier 1 Imports(PBR916) president/CEO Alex Smith leaving effective 12/31/16, chairman Terry Loudon adds interim president/CEO role. $PIR PR link.
The US Federal Reserve Board releases FOMC statement, raising federal funds rate 0.25% to 0.50%-0.75%. FRB PR link.
The US Dept of Labor says US November Producer Price Index at +0.4%, October was +0.0%, last 12 months(Unadjusted) +1.3%. USDOL PR link.
The US Dept of Commerce estimates US October MTIS Total Sales at $1.327 trillion, +0.8% from September, +0.8% from October 2015. USDOC PR link.
The US Dept of Commerce estimates US November Total Retail Sales at $465.5 billion, +0.1% from October, +3.7% from November 2015. USDOC PR link.
The US Federal Reserve Board estimates US November Industrial Production Total Index(2012=100) was 103.9, October 104.3, November 2015 104.5. FRB PR link.
Prime Lending Rate: As a result of the Federal Reserve Board raising the Federal Funds Interest Rate to 0.50-0.75%, many banks raise their Prime Lending Rate from 3.50% to 3.75%.
Tuesday, December 13:
IBM(PBR25 $IBM) to hire 25,000 over 4 years in ‘new collar’ jobs says CEO Ginni Rometty in USA Today opinion piece. USAToday PR link.
Johnson & Johnson(PBR37) announces it has ended discussions with Actelion Pharmaceuticals. $JNJ PR link.
Alphabet(PBR44) is spinning out its driverless car company into new unit called Waymo. $GOOG PR link.
Monsanto(PBR187) shareholders approve $128/share, $66 billion cash acquisition by Germany’s Bayer AG, to close by end of 2017. $MON PR link.
Wynn Resorts(PBR427) to get $472 million and have 50.1% ownership in joint venture with Crown Acquisitions to develop & operate retail offerings at Wynn Las Vegas. $WYNN PR link.
JetBlue(PBR429) increases share buyback plan to $500 million, expires 12/31/19. $JBLU PR link.
Intuitive Surgical(PBR863) increases share repurchase program to up to $3.0 billion. $ISRG PR link.
SeaWorld(PBR1013) announces partnership with real estate developer Miral to develop SeaWorld Abu Dhabi by 2022. $SEAS PR link.
Facebook(PBR228) shakes up virtual-reality efforts with Oculus CEO stepping down. MarketWatch PR link.
Hertz(PBR259) hires Kathy Marinello as president/CEO starting 01/03/17, succeeds retiring John Tague. $HTZ PR link.
KBR(PBR395) hires Mark Sopp as CFO, effective in 1Q17, succeeds retiring Brian Ferraioli. $KBR PR link.
Barnes & Noble(PBR408) relieves Jaime Carey from president, development & restaurant responsibilities, has resigned. $BKS PR link.
CIT Group(PBR608) hires Gina Proia as EVP/Chief Marketing Officer & Communications Officer. $CIT PR link.
TimeInc(PBR631) Chief Revenue Officer Mark Ford to step down, assume new role of EVP/Senior Strategic Sales Advisor starting 01/09/17, Brad Elders is successor; president/COO, Sales & Marketing Mark Ellis, to leave effective 03/01/17. $TIME PR link.
Tailored Brands(PBR643) hires Jack Calandra as CFO starting 01/03/17. $TLRD PR link.
Kennametal(PBR706) promotes Michelle R. Keating to VP, Secretary & General Counsel. $KMT PR link.
Domino’s Pizza(PBR889) hires Kevin Morris as EVP/General Counsel. $DPZ PR link.
Minerals Tech(PBR949) elects Doug Dietrich as CEO. $MTX PR link.
Och-Ziff Capital(PBR978) hires Alesia Haas as CFO, succeeds retiring Joel Frank; David Levine hired as Chief Legal Officer, succeeds retiring David Becker. $OZM PR link.
Red Robin(PBR1046) hires Guy Constant as EVP/CFO. $RRGB PR link.
The US Dept of Labor estimates US November Import Prices Year-over-Year were -0.1%, Export Prices -0.3%. USDOL PR link.
Manpower(PBR132) releases US 1Q2017 Employment Outlook survey, 19% to increase staff, 73% no change. $MAN PR link.
CoreLogic says US October Foreclosure Housing Inventory at 328,000, -31.5% from Oct 2015, 0.8% of all US mortgaged homes. CoreLogic PR link.
Monday, December 12:
Boeing(PBR27) gets 80 airplanes, $16 billion order from Iran Air, will support nearly 100,000 US jobs. $BA PR link.
Dover(PBR343) completes $780 million cash acquisition of Austin, TX, based global provider of fuel dispensing, payment, systems and aftermarket services for retail and commercial fuel stations Wayne Fueling Systems. $DOV PR link.
Quest Diagnostics(PBR353) announces partial data security breach of 34,000 individual records. $DGX PR link.
Newell Brands(PBR434) to acquire New Zealand based food storage containers provider Sistema Plastics for $470 million; to acquire home fragrances provider Smith Mountain Industries, brand name WoodWick Candle, for $100 million. $NWL PR link.
Patterson-UTI Energy(PBR654) to acquire Seventy Seven Energy in mostly stock deal valued at $1.76 billion. $PTEN PR link.
SunPower(PBR680) sells majority interest in 2 Kern County, CA, solar projects, 67.4 MW each, will operate & maintain facilities. $SPWR PR link.
Scotts Miracle-Gro(PBR705) acquires smart water controllers maker Blossom & soil sensors/smart water valve systems provider PlantLink, terms not disclosed. $SMG PR link.
Viacom(PBR224) interim CEO Bob Bakish now president/CEO; terminates exploring merger with CBS(PBR210). $VIA PR link.
Ball Corp(PBR312) promotes Daniel Fisher to corporate SVP & COO/global beverage packaging, succeeds leaving Erik Bouts. $BLL PR link.
Chipotle(PBR561) founder/chairman now also sole CEO, Monty Moran has stepped down as co-CEO & member of the board. $CMG PR link.
Alexion Pharmaceuticals(PBR840) CEO David Hallal resigns, board member David Brennan appointed interim CEO; David Anderson hired as CFO. $ALXN PR link.
The US Dept of Treasury says 2 Month YTD(Nov) Receipts at $421.6 billion, Outlays $602.4 billion, Deficit $180.8 billion. 2015 Deficit was $201.1 billion Treasury PR link.
Friday, December 9:
The PBRMarketTools Week Ending 12/09/16 US Stock Exchanges Recap:
DJIA ends week at 19,756.85, +3.06% from last Friday, +3.31% MTD, +7.91% QTD, +13.38% YTD, -0.00% from record 19,756.85 on 12/09/16.
NASDAQ ends week at 5,444.50, +3.59% from last Friday, +2.27% MTD, +2.49% QTD, +8.73% YTD, -0.00% from record 5,444.50 on 12/09/16.
SPX ends week at 2,259.53, +3.08% from last Friday, +2.76% MTD, +4.21% QTD, +10.55% YTD, -0.00% from record 2,259.53 on 12/09/16.
Apollo Education(PBR681 $APOL) $1.14 billion acquisition by investor group lead by Apollo Global Mgmt(PBR906 $APO) dependent on posting $385 million letter of credit per US Dept of Education. MarketWatch PR link.
HB Fuller(PBR870) to eliminate/relocate 220 positions globally in accelerated restructuring program. $FUL PR link.
Ferro Corp(PBR1054) completes $54 million acquisition of Belgium based Cappelle Pigments. $FOE PR link.
Coca-Cola(PBR63) president/COO James Quincey to succeed Muhtar Kent as CEO on 05/01/17, Kent to continue as chairman. $KO PR link.
Ascena Retail(PBR499) president/CEO David Jaffe now also chairman. $ASNA PR link.
CME Group(PBR664) promotes Julie Winkler to chief commercial officer, Kim Taylor to president-Clearing/Post-Trade Services. $CME PR link.
Panera Bread(PBR768) promotes Blaine Hurst to president, succeeds Drew Madsen who has resigned. $PNRA PR link.
Titan Intl(PBR910) president Paul Reitz to add CEO role on 01/01/17. $TWI PR link.
The US Dept of Commerce estimates US October Wholesale Sales at $452.2 billion, +1.4% from September, +2.2% from October 2015. USDOC PR link.
The University of Michigan preliminary survey says US December Consumer Sentiment Index at 98.0, November was 93.8, December 2015 92.6. UMich PR link.
Thursday, December 8:
The PBR1000 November Snapshot 12
Top 5 Stock Price Gainers YTD Summary:
1. Cliffs Natural Resources(PBR832), $CLF, +458%
2. AK Steel(PBR354), $AKS, +308%
3. US Steel(PBR227), $X, +305%
4. Navistar(PBR264), $NAV, +248%
5. SunCoke Energy(PBR950), $SXC, +229%
Range: +458% to -80%
Companies >+0%: 715/1,000
Average: +11.0%
Median: +12.2%
Get the full Snapshot 12 list with more details and the 14 other analytical snapshots with a 2 month or significantly discounted annual The PBR1000 subscription today! Subscribe link.
Ford(PBR10) tops automotive industry for patents granted in 2016 with 3,200, 1,500 to employees YTD. $F PR link.
3M(PBR92) to sell 450 employees $215 million/yr identity management business to global digital security company Gemalto for $850 million. $MMM PR link.
LinkedIn(PBR843) $26.2 billion acquisition by Microsoft(PBR31) is completed per Jeff Weiner blog post. $LNKD PR link.
MDC Holdings(PBR952)’s Richmond American opens seven new communities In Denver-metro area. $MDC PR link.
UNUM(PBR261) non-executive chairman Thomas Watjen to not run for re-election at 05/17 annual meeting, lead independent director Kevin Kabat to be recommended to shareholders. $UNM PR link.
Great Plains Energy(PBR757) announces leadership team when acquisition of Westar Energy(PBR747 $WR) is completed in spring 2017. $GXP PR link.
KB Home(PBR802) promotes Chris Apostolopoulos to Regional President of Its California operations. $KBH PR link.
Apollo Global Mgmt(PBR906) hires Gary Parr as senior managing director & co-chairman of the Management Operating Committee. $APO PR link.
Titan Intl(PBR910) interim CFO James Froisland transitions to CFO. $TWI PR link.
The US Federal Reserve says US 3Q16 Households Networth at $90.196 trillion, +1.3% from 2Q16, +6.0% from 3Q15. FRB PR link.
The US Dept of Labor says US September Average Employee Cost/Hr was $23.42 wages/salaries, $10.73 benefits, total $34.15, +2.4% from September 2015. USDOL PR link.
Wednesday, December 7:
Comcast(PBR42) is Official Partner of US Olympic Committee through 2020; NBCUniversal unit has broadcast rights through 2032. $CMCSA PR link.
Staples(PBR122) to keep 15% equity in $1.9 billion/yr European business in sale to Cerberus Capital Management. $SPLS PR link.
Abbott Labs(PBR134) seeks to terminate $56/share, $5.8 billion deal to acquire global point of care diagnostics provider Alere(PBR752 $ALR). $ABT PR link.
Starbucks(PBR178) announces 5 year plan, to open 12,000 more stores globally by 2021, will have 37,000 stores total. $SBUX PR link.
Corning(PBR281) authorizes new $4.0 billion share repurchase program. $GLW PR link.
Royal Caribbean(PBR329) gets Cuban government approval for cruises to Cuba, to announce Florida-Cuba cruises soon. $RCL PR link.
FIS(PBR394) to sell SunGard Public Sector and Education businesses to Vista Equity Partners for $850 million. $FIS PR link.
Alaska Air(PBR454) settles consumer lawsuit, to close $4.0 billion cash acquisition of Virgin America soon. $ALK PR link.
Triumph Group(PBR578) selling Triumph Air Repair-Asia & Triumph Engines units, combined revenues of $81 million/yr, to The Gores Group. $TGI PR link.
Varian Medical(PBR678) spinoff of independent public company Varex Imaging to be completed by 01/31/17, includes $200 million cash transfer to Varian. $VAR PR link.
SunPower(PBR680) announces restructuring program, to lay off 25%(2,500) of global workforce. $SPWR PR link.
Curtiss-Wright(PBR837) expands share repurchase program to $200 million. $CW PR link.
Fitbit(PBR870) has acquired key smartwatch developer Pebbles personnel & intellectual property related to software/firmware, excludes hardware. $FIT PR link.
Domino’s Pizza(PBR889) opens first store in Sweden in Malmo, delivery/dine-in. $DPZ PR link.
Nu Skin(PBR756) president/CEO Truman Hunt to leave mid-2017 for leadership position in Mormon church; CFO Ritch Wood to be CEO, Ryan Napierski president. $NUS PR link.
The US Dept of Labor estimates US October Job Openings at 5.534 million, -1.7% from September, +2.1% from October 2015. USDOL PR link.
The US Federal Reserve Board estimates US October Consumer Credit at $3.727 trillion, +0.4% from September, +5.4% YTD, +6.1% from October 2015. FRB PR link.
Tuesday, December 6:
Phillips 66(PBR7) sets world record 11.84% for organic solar cell efficiency, for future thin film lightweight low cost manufacturing applications. $PSX PR link.
Ingram Micro(PBR62) $38.90/share, $6.0 billion acquisition by China based Tianjin Tianhai is completed. $IM PR link.
Nucor(PBR130) to acquire Southland Tube for $130 million. $NUE PR link.
Micron Technology(PBR180) completes $4.0 billion acquisition of Inotera Memories of Taiwan. $MU PR link.
KKR(PBR332) to acquire 100% equity in UK’s gas & electric smartmeters provider Calvin Capital, has contracts for 8+ million smartmeters. $KKR PR link.
Genesco(PBR702) selling its SureGrip Footwear subsidiary to Shoes for Crews, terms not disclosed. $GCO PR link.
Equinix(PBR793) to acquire 24 Verizon(PBR15 $VZ) data centers in North/South America for $3.6 billion cash. $EQIX PR link.
MasterCard(PBR291) authorizes new $4.0 billion share repurchase program, to start upon completion of current $4.0 billion program. $MA PR link.
Alaska Air(PBR454) gets Justice Department approval for $4.0 billion acquisition of Virgin America. $ALK PR link.
Roper Technologies(PBR614) to acquire 22,000 clients global project management software/information solutions provider Deltek for $2.8 billion cash. $ROP PR link.
Kroger(PBR20) group VP/Chief Digital Officer Kevin Dougherty retiring on 01/27/17, Yael Cosset hired as successor. $KR PR link.
Avnet(PBR100) hires Kevin Summers as chief information officer. $AVT PR link.
American Electric Power(PBR174) announces organizational and several executive leadership changes to be effective 01/01/17. $AEP PR link.
The US Dept of Commerce estimates US October Exports YTD at $1.836 trillion, Imports $2.245 trillion, Deficit $409 billion. USDOC PR link.
The US Dept of Commerce estimates US October Manufacturing New Orders at $469.5 billion, +2.8% from September, +1.3% from October 2015. USDOC PR link.
The US Dept of Labor estimates US 3Q16 Labor Productivity was +3.5% annual rate from 2Q16, 2Q16 was -0.4%, 3Q15 +2.3%. USDOL PR link.
PurdueU/CME US Nov Ag Barometer Composite Index at 116, October was 92, November 2015 97. PurdueU PR link.
Monday, December 5:
Chesapeake Energy(PBR131) to sell first of two Haynesville shale acreage positions for $450 million; $2 billion in divestitures in 2016. $CHK PR link.
Energy Transfer Partners & Sunoco Logistics(PBR158 $SON) respond to US Army’s Dakota Access Pipeline decision to not allow easement. $ETP PR link.
General Mills(PBR162) to reorganize into 4 global business groups, leadership announced, starts 01/01/17. $GIS PR link.
SuperValu(PBR164) completes $1.365 billion sale of Save-A-Lot business to Canada’s Onex Corp(TSX: OCX). $SVU PR link.
Centene(PBR177) Health-Net members get access to Tenet Healthcare(PBR161) services in 18 states in 3 year deal. $THC PR link.
Hilton Worldwide(PBR262) to spin-off of Park Hotels & Resorts and Hilton Grand Vacations as independent public companies; 1:3 reverse stock split scheduled for 01/03/17. $HLT PR link.
Caesars Entertainment(PBR314), Caesars Entertainment Operating Co get 90% approval vote by creditors, confirmation hearing scheduled for 01/17/17. $CZR PR link.
FMC Technologies(PBR334) & France based Technip(EUROnext: TEC) shareholders approve $13 billion merger, to close early 2017. $FTI PR link.
Under Armour(PBR668) gets its first professional league uniform deal with exclusive 10 year partnership with Fanatics & Major League Baseball, starts in 2020. $UA PR link.
WABCO(PBR704) authorizes new $600 million share buyback program. $WBC PR link.
Vornado(PBR Realty Trust(PBR738) completes $400 million refinancing of 350 Park Avenue realizing $111 million of net proceeds. $VNO PR link.
Domino’s Pizza(PBR889) 59 Phoenix area stores to hire 300 new team members. $DPZ PR link.
Viacom(PBR212) promotes Tom Gorke to EVP/Content Distribution, succeeds leaving Denise Denson. $VIA PR link.
LPL Financial(PBR543) president Dan Arnold to also be CEO upon retirement of Mark Casady on 01/03/17. $LPLA PR link.
Fortune Brands(PBR569) hires Tracey Belcourt as SVP/Global Growth & Development. $FBHS PR link.
ISM US November Non-Manufacturing Index at 57.2%, October was 54.8%, September 57.1%. ISM PR link.
Markit US November Final Composite PMI Output Index at 54.9, October was 54.9, September 52.3. Markit PR link.
Wearables Market: IDC says fitness trackers in the lead as wearables market grows 3.1% to 23 million shipped units in 3Q2016, Fitbit(PBR870 $FIT) leads with 5.3 million. IDC PR link.
Friday, December 2:
The PBRMarketTools Week Ending 12/02/16 US Stock Exchanges Recap:
DJIA ends week at 19,170.42, +0.10% from last Friday, +0.24% MTD, +4.71% QTD, +10.02% YTD, -0.11% from record 19,191.93 on 12/01/16.
NASDAQ ends week at 5,255.65, -2.65% from last Friday, -1.28% MTD, -1.06% QTD, +4.96% YTD, -2.65% from record 5,398.92 on 11/25/16.
SPX ends week at 2,191.95, -0.97% from last Friday, -0.31% MTD, +1.09% QTD, +7.24% YTD, -0.97% from record 2,213.35 on 11/25/16.
Allergan(PBR219)‘s ulcerative colitis therapy DELZICOL® (mesalamine) patent to expire 04/13/20 per settlement agreement. $AGN PR link.
Teleflex(PBR923) to acquire medical devices developer Vascular Solutions(NASDAQ: VASC) for 56.00/share, $1 billion cash. $TFX PR link.
Delta Air Lines(PBR72) announces Ned Walker returning as Chief Communications Officer, succeeds leaving Kevin Shinkle. $DALPR link.
Xerox(PBR144) hires Bill Osborne as CFO starting 12/05/16 after spinoff of Conduent, succeeds retiring Leslie Varon. $XRX PR link.
Stanley Black & Decker(PBR249) appoints lead independent director George Buckley board chairman starting 01/01/17, succeeds retiring John Lundgren. $SWK PR link.
The US Dept of Labor says US November Number People Employed at 152.085 million, +160,000 from October, +2.641 million from November 2015. USDOL PR link.
Thursday, December 1:
The PBR1000 November Snapshot 11
Top 5 Stock Price Gainers Summary:
1. FreddieMac(PBR43), $FMCC, +175%
2. FannieMae(PBR18), $FNMA, +164%
3. AK Steel(PBR354), $AKS, +76%
4. US Steel(PBR227), $X, +67%
5. Cliffs Natural Resources(PBR832), $CLF, +60%
Range: +175% to -41%
Companies >+0%: 764/1,000
Average: +6.45%
Median: +7.42%
Get the full Snapshot 11 list with more details and the 14 other analytical snapshots with a 2 month or significantly discounted annual The PBR1000 subscription today! Subscribe link.
Penske Automotive(PBR170) to acquire 5 locations $350 million/year Pennsylvania based used vehicles retailer CarSense. $PAG PR link.
Parker-Hannifin(PBR218) to acquire filtration company CLARCOR(PBR983 $CLC) for $83.00/share, $4.3 billion cash, includes debt. $PH PR link.
PVH(PBR328) forms joint venture with Grupo Axo for additional brands distribution in Mexico. $PVH PR link.
Calpine Corp(PBR330) completes $900 million acquisition of largest US independent power suppier to commercial/industrial retail customers Noble Americas Energy Solutions. $CPN PR link.
Weyerhauser(PBR355) completes $2.2 billion cash sale of Cellulose Fibers pulp mills to International Paper(PBR117 $IP). $WY PR link.
Celanese(PBR369) completes acquisition of Italy based 550 employees independent global thermoplastics compounder S.O.F.TER Group. $CE PR link.
CA Technologies(PBR550) to acquire Austria based 600 employees business automation software provider Automic for around $640 million. $CA PR link.
Danaher(PBR137) promotes Rainer Blair to EVP/Life Sciences, starts 01/01/17. $DHR PR link.
Progressive Corp(PBR145) promotes Lori Niederst to Chief Human Resources Officer, succeeds retiring Valerie Krasowski. $PGR PR link.
Starbucks(PBR178) chairman/CEO Howard Schultz to become executive chairman on 04/03/17, president/COO Kevin Johnson to be president/CEO. $SBUX PR link.
Texas Instruments(PBR220) promotes Rafael Lizardi to CFO starting 02/01/17, succeeds retiring Kevin March. $TXN PR link.
Avon Products(PBR303) hires Jamie Wilson as EVP/CFO starting 01/01/17, COO/CFO James Scully to remain COO. $AVP PR link.
The US Dept of Commerce estimates US October Total Construction Spending Annual Rate at $1.173 trillion, +0.5% from September, +4.4% from October 2015. USDOC PR link.
The November Manufacturing ISM Report on Business PMI Index at 53.2%, October was 51.9%, September 51.5%. ISM PR link.
The November Markit US Manufacturing PMI at 54.1, October was 53.4, September 51.5. Markit PR link.
TrueCar says November New Auto Average Transaction Price at $32,667, -1.9% from November 2015. TrueCar PR link.
Automotive News says US November New Auto Sales Units at 1,378,635, +3.6% from November 2015, Annual Rate at 17.83M. Automotive News PR link.
(The PBR1000 is the premiere business intelligence service covering over 1,000 of the largest publicly held companies with principle or administration headquarters in the US. These companies generate nearly $13 trillion in annual worldwide revenues, more than all other companies in the US combined. These are the key drivers in the US and world economies. On a monthly, quarterly, and annual basis several analytical reports in customizable Microsoft Excel format are provided to The PBR1000 subscribers. Users worldwide include C-level executives, entrepreneurs, sales/marketing/advertising professionals, investors/investment advisors, business professors/students, human resources/career counselors/job seekers, federal/state/local government agencies, social causes organizations, to name just a few. To order your monthly or significantly discounted annual subscription, just go to the PBRMarketTools.com Subscribe page.)
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