The PBR1000 February 2019 Breaking News Recap

By Larry C. Paxton

The February 2019 News Summary: There is still a feeling of optimism for the US/China trade negotiations, the US tariffs have been delayed as a result, but very few specifics have been made available. The US/N Korea talks were not as productive however, with no commitment by N Korea regarding denuclearization. Corporate earnings for 2018 were somewhat mixed, but positive for many key companies. Several companies announced restructuring and strategic alternatives initiatives and it was an active month for share buyback programs. There was some mergers & acquisitions activity, most notably the SunTrust/BB&T $66 billion all stock merger. Economic news was also somewhat mixed, but results and forecasts indicate an economy that continues to grow at a moderate pace as it appears the rest of the world will be slowing down. The initial estimate for the 4Q18 GDP was at +2.6%, better than anticipated. The Federal Reserve has backed off increasing short term federal funds rates and changed its assessment of the US economy from “strong” to “solid.” With the houses split politically and it still being early in the year, the US Congress has not produced much legislation, but did pass a spending bill. The 2020 US election races are starting to heat up with a lot of horses lining up for the Democratic presidential nomination.

***Thursday, February 28:

The PBRMarketTools US Stock Exchanges Recap for February 2019 ending 02/28/19:

DJIA ends February at 25,916.00, -0.44% from last Friday, +3.67% MTD, +11.10% QTD/YTD, -3.40% from record 26,743.50 set 09/21/18.

NASDAQ ends February at 7,532.53, +0.07% from last Friday, +3.44% MTD, +13.52% QTD/YTD, -7.12% from record 8,109.69 set 08/29/18.

SPX ends February at 2,784.49, -0.29% from last Friday, +2.97% MTD, +11.08% QTD/YTD, -4.99% from record 2,930.75 set 09/20/18.

The February 2019 US Stock Exchanges Recap:
It was easily another overwhelming month for The Stock Market Bull as all major US exchanges finished up 3% or more and over their November 2018 closes prior to the December collapse. On occasion The Stock Market Bear would make an appearance for a day now and then, and did have a run of 3 days at the end of the month, but with only moderate margins.

The Month 2 YTD tally is:
The Stock Market Bull: 2 months
The Stock Market Bear: 0 months
Mixed Results: 0 months

Amazon(PBR5) introduces Amazon Day service, for Prime members, can specify day you would like to receive your week’s purchases, in support of Shipment Zero project. $AMZN PR link.

Target(PBR38) and lifestyle apparel brand best known for its smiling pink whale logo vineyard vines doing a limited-edition collaboration, collection includes 300+ unique items spanning home and outdoor goods, pets, as well as apparel, accessories and swim for the entire family, price range is $2-$120, most items under $35. $TGT PR link.

Tesla(PBR132) announces standard Model 3 now available for target price of $35,000, 220 miles of range, top speed of 130 mph and 0-60 mph acceleration of 5.6 seconds, upgrade options available, shifting sales worldwide to online only, with some stores to remain open as galleries. $TSLA PR link.

Southwest Airlines(PBR136 $LUV) files a lawsuit accusing mechanics union workers of reporting trivial maintenance issues in an effort to take planes out of service and gain an advantage in contract negotiations. MarketWatch PR link.

Bristol-Myers Squibb(PBR140) shareholders get open letter from activist investor Starboardsaying why it is not voting for the Celgene(PBR220) $74 billion acquisition. $BMY PR link.

Bristol-Myers Squibb(PBR139) responds to letter from activist investor Starboard which says it will vote against $74 billion acquisition of Celgene(PBR220), provides benefits statements for the acquisition. $BMY PR link.

NGL Energy(PBR163) completes $238.8 million sale of its South Pecos Water Disposal Assetsto WaterBridge Resources. $NGL PR link.

PG&E(PBR166) to take $10.5 billion charge related to 2018 Camp Fire and additional $1.0 billion charge related to 2017 N California wildfires, states certain conditions exist which raise substantial doubt about PG&E Corporation’s and the Utility’s ability to continue as going concerns. $PCG PR link.

Gap Inc(PBR179) to separate into two independently traded companies, family apparel brand Old Navy and a yet-to-be named company, which will consist of the iconic Gap brand, Athleta, Banana Republic, Intermix and Hill City, to be completed in 2020. $GPS PR link.

L Brands(PBR228 $LB) to close 53 Victoria’s Secret stores in 2019, still has over 950 stores in the US. CNN PR link.

JCPenney(PBR232) releases 4Q18 results, will close 18 full-line stores in 2019, to close 9 ancillary home and furniture stores, expects positive free cash flow in 2019. $JCP PR link.

Michaels Cos(PBR489) hires Mark Cosby as Interim CEO, succeeds Chuck Rubin who has mutually agreed with the Board to transition out, will remain Chairman until 04/01/19, new CEO search starts. $MIK PR link.

Stericycle(PBR635) President/COO Cindy Miller to become President/CEO, effective 05/02/19, succeeds retiring Charles Alutto; CFO Daniel V. Ginnetti will transition to EVP/International upon appointment of successor. $SRCL PR link.

Delta(PBR66) Chief Marketing and Communications Officer Ned Walker to retire on 05/01/19 after 35 years with the company, Tim Mapes named successor. $DAL PR link.

JCPenney(PBR232) hires Michelle Wlazlo as EVP/Chief Merchant. $JCP PR link.

The US Dept of Commerce says the US 4Q18 Advance Estimate Real Gross Domestic Product Annual Rate is +2.6%, $20.891 trillion, +1.1% from 3Q18, +5.3% from 4Q17. USDOC PR link.

The US Dept of Treasury says US National Debt-Public on 02/27/19 was at $16.212 trillion, Intragovernmental Holdings $5.862 trillion, Total Debt $22.074 trillion, +0.4% from 01/31/19, +0.5% YTD(2 months), +5.8% from 02/28/18. USTreasury PR link.

The US Dept of Treasury says US 10 Year Treasury Note on 02/28/19 finished at 2.73%, 01/31/19 was at 2.63%, 12/31/18 2.69%, 02/28/18 2.87%. USTreasury PR link.

The US Dept of Labor says the US Initial Unemployment Insurance Claims 4 Week Moving Average for Week Ending 02/23/19 is at 229,000, +4.0% from 01/26/19, +2.7% from 02/24/18; Total Insured Unemployment 4 Week Moving Average for Week Ending 02/16/19 is at 1,761,750, +1.4% from 01/19/19, -7.0% from 02/24/18, Uninsured Employment Rate is at 1.3%. USDOL PR link.

The US Dept of Commerce/Census says US 4Q18 Total Housing Units was at 138,858,000, 122,469,000 occupied, for an Occupancy Rateof 88.2%, Homeownership Rate is at 64.8%. USDOC PR link.

The MNI February 2019 Chicago Business Barometer(>50 is Gaining) is at 64.7, January 2019 was at 56.7, December 2018 63.8, February 2018 61.9. MNI PR link.

Freddie Mac(PBR37) says US 30 Year Fixed Mortgage Rates Average on 02/28/19 was at 4.35% with 0.5 fees/points, 01/31/19 was at 4.46%, 12/27/18 4.55%, 02/22/18 4.40%. $FMCC PR link.

The American Automobile Assn says US National Average for a Gallon of Gas on 02/28/19 was at $2.413, +6.8% from 01/31/19, -4.6% from 02/28/18. AAA PR link.

***Wednesday, February 27:

FedEx(PBR42) announces FedEx SameDay Bot, an autonomous delivery device designed to help retailers make same-day and last-mile deliveries to their customers, being developed in collaboration with DEKA Development & Research Corp. and its founder Dean Kamen, inventor of many life-changing technologies, including the iBot™ Personal Mobility Device and the Segway®. $FDX PR link.

Best Buy(PBR63) authorizes new $3 billion share repurchase program, replaces the 02/17 existing authorization, had $1.5 billion in purchases remaining. $BBY PR link.

TJX Cos(PBR79) to repurchase approximately $1.75 to $2.25 billion of TJX stock during the fiscal year ending 02/01/20. $TJX PR link.

Blackstone(PBR387) Life Sciences unit provides $250 million in funding in joint venture with Novartis to form Anthos Therapeutics, a new biopharmaceutical company focused on advancing next-generation targeted therapies for high-risk cardiovascular patients. $BX PR link.

Endo Intl(PBR641) terminates around $190 million acquisition of Somerset Therapeutics, LLC, a New Jersey based specialty pharmaceutical company, and the business of its India-based affiliate Wintac Limited, which operates as Somerset Therapeutics’ contract developer and manufacturer, not getting India approvals on a timely basis. $ENDP PR link.

WABCO(PBR669) confirms that it has been approached by ZF Friedrichshafen AG and has engaged in preliminary discussions concerning a potential transaction. $WBC PR link.

DSW(PBR735) expanding its partnership with W Nail Bar to add nail salons to five additional retail locations in Austin, TX, Washington DC and Dublin, OH, an expansion of nail services test in Columbus, OH, locations. $DSW PR link.

Middleby(PBR819) to acquire $100 million/year in revenues Cooking Solutions Group, consists of the well-known brands APW Wyott®, Bakers Pride®, BKI® and Ultrafryer®, from Standex International Corporation (NYSE: SXI). $MIDD PR link.

Pyxus(PBR895) promotes Tracy G. Purvis to EVP/Business Services. $PYX PR link.

Ocwen Financial(PBR992) hires June C. Campbell as CFO, effective 03/04/19; Joseph J. Samarias will assume the role of EVP and General Counsel, effective 04/01/19, succeeds Timothy M. Hayes who is retiring. $OCN PR link.

The US Dept of Commerce/Census says US Preliminary December 2018 New Orders-Durable Goods were at $254.1 billion, Non-Durable Goods $245.8, Total $499.9 billion, +0.1% from November 2018, +2.4% from December 2017. USDOC PR link.

The US Energy Information Administrationsays US Crude Oil Stocks on 02/22/19 were at 445.9 Millions of Barrels, +0.0% from 01/25/19, +5.3% from 02/23/18. EIA PR link.

***Tuesday, February 26:

Walmart(PBR1) announces intent to achieve 100 percent recyclable, reusable or industrially compostable packaging for its private brand packaging by 2025, names additional goals. $WMT PR link.

ExxonMobil(PBR2) added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, now has 24.3 billion barrels in proven reserves for life of 17 years at current production rates. $XOM PR link.

AT&T(PBR10) merger with Time Warner upheld by DC Circuit Court. $T PR link.

GE(PBR19) Chairman/CEO Larry Culp sends first annual letter to shareholders, goal is to return GE to a position of strength, focus on team, technology, and global network, working on improving financial position, strengthening business starting with Power. 2018 10-K shows worldwide employees at 283,000 with 97,000 in the US, 2017 had 313.000 employees with 106,000 in the US. $GE PR link.

Boeing(PBR29) acquisition of 80% stake for $4.2 billion in joint venture with Brazil based Embraer(B3: EMBR3, NYSE: ERJ) gets Embraer shareholders approval, to close by end of 2019. $BA PR link.

Marriott Intl(PBR119) projecting to open more than 30 luxury properties around the globe across its 8 luxury brands in 2019. $MAR PR link.

Tesla(PBR132) CEO Elon Musk gets two weeks by judge to explain why he shouldn’t be held in contempt for his unauthorized tweet saying Tesla would produce 500,000 vehicles in 2019. $TSLA PR link.

Gap Inc(PBR179) authorizes new $1.0 billion share repurchase program, supersedes 02/25/16 existing authorization. $GPS PR link.

Newell Brands(PBR198) in Accelerated Transformation Plan to sell its $123 million in sales in 2018 Rainbow® indoor environments products developer and manufacturer Rexair to global private equity firm Rhone Capital, to close 2Q19, terms not disclosed. $NWL PR link.

Ameriprise(PBR243) authorizes additional $2.5 billion for share repurchase program through 03/31/21, current authorization with $500 million remaining expires 06/30/19. $AMP PR link.

Campbell Soup(PBR327) to sell its Ferndale, MI-based No. 1 branded refrigerated salsa in the US Garden Fresh Gourmet unit, also makes, sells and distributes hummus, dips and tortilla chips, to a Fountain of Health USA affiliate, to close in fiscal 3Q19, terms not disclosed. $CPB PR link.

Wynn Resorts(PBR401) says “The completion of the review by Nevada regulators is an important step forward, and we deeply appreciate the trust and confidence they have placed in the new leadership of Wynn Resorts to ‘grow and prosper.’” Provides review of actions it has taken since departure of Steve Wynn for sexual misconduct. $WYNN PR link.

Vitamin Shoppe(PBR995) to open around 30 popup stores in Navy Exchange Serviceslocations by end of 2019, will carry 300+ items. $VSI PR link.

Arconic(PBR222) hires Neil Marchuk as EVP/Human Resources effective 03/01/19. $ARNC PR link.

The US Congressional Budget Office projects that if the debt limit is not raised or suspended again after it is automatically reset on 03/02/19, the Treasury will probably run out of cash near the end of fiscal year 2019 or early in fiscal year 2020. CBO PR link.

The US Dept of Commerce/HUD says US Preliminary December 2018 Private Housing Building Permits Issued Annual Rate is at 1,326,000, +0.3% from November 2018, +0.5% from December 2017. USDOC PR link.

The Federal Reserve Bank of Richmond Fifth District February 2019 Manufacturing Index(Annualized) is at +16%, January 2019was at -2%, December 2018 -8%. “Firms remained optimistic that conditions would continue to improve in the next six months.” RichmondFed PR link.

The Federal Reserve Bank of Richmond Fifth District February 2019 Service Sector Revenue Index(Annualized) is at +17%, January 2019 was at +6%, December 2018+10%. “Firms were optimistic that conditions would continue to improve in the near future.” RichmondFed PR link.

The S&P CoreLogic Case-Shiller US December 2018 National Home Price Index(Jan2000=100) is at 212.96, November 2018 was at 213.45, October 2018 213.77, December 2017 204.42. Case-Shiller PR link.

The Conference Board US Preliminary February 2019 Consumer Confidence Index is at 131.4, January 2019 was at 121.7. “Looking ahead, consumers expect the economy to continue expanding. However, according to The Conference Board’s economic forecasts, the pace of expansion is expected to moderate in 2019.” The Conference Board PR link.

***Monday, February 25:

Berkshire Hathaway(PBR4) Chairman Warren Buffett releases the highly anticipated annual letter to shareholders, covers a wide range of issues. $BRKB PR link.

GE(PBR19) completes spin-off of Transportation Systems unit and its merger with Wabtec(PBR595), GE receives around $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec non-voting convertible preferred stock that, together, represent an approximately 24.9% ownership interest in Wabtec. $GE PR link.

50+ Microsoft(PBR22 $MSFT) employees sign letter saying they don’t want the US Army to use their products for war, protest a contract supplying the military with HoloLens headsets. MarketWatch PR link.

Bank of America(PBR25) to continue new branding as Bank of America, Merrill to be sub-brand for its investing and wealth management offerings. $BAC PR link.

Target(PBR38) introduces new labels Auden, Stars Above and Colsie for bras, panties and sleepwear, available in stores and online. $TGT PR link.

Facebook(PBR67) releases a blog post regarding health issues for its content review practices, including for contract reviewers. $FB PR link.

Tesla(PBR132 $TSLA) CEO Elon Musk tweet about 500,000 vehicles to be produced in 2019 gets US Securities and Exchange Commission to ask a federal judge to hold Musk in contempt, says tweet had not been pre-approved, as required by company policy and a court order; Musk replies in a tweet that he had indicated 350,000 to 500,000 vehicles. MarketWatch PR link.

Danaher(PBR158) to acquire the Biopharmabusiness of bioprocessing technologies and solutions provider GE(PBR19) Life Sciences unit for around $21.4 billion cash, expects to generate around $3.2 billion in revenues in 2019, to close in 4Q19. $DHR PR link.

Bausch Health(PBR326) gets US FDA approval for LOTEMAX® SM (loteprednol etabonate ophthalmic gel) 0.38%, a new gel formulation for the treatment of postoperative inflammation and pain following ocular surgery. $BHC PR link.

Newmont Mining(PBR375) gets unsolicited proposal from Barrick Gold, Newmont reiterates it remains confident that the current proposed combination of Newmont and Goldcorprepresents the best opportunity. $NEM PR link.

Regeneron(PBR462) and Sanofi strongly disagree with certain aspects of Delaware US District Court jury verdict upholding the validity of three of the five asserted claims of two Amgen(PBR121) US patents covering antibodies targeting PCSK9 (proprotein convertase subtilisin/kexin type 9), will appeal. $REGN PR link.

Windstream(PBR463) and all subsidiaries file voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code, filing result of court decision against Windstream on 02/15/19 regarding spinoff of certain telecommunications network assets into a real estate investment trust that was ruled invalid, has received a commitment from Citigroup Global Markets Inc. for $1 billion in debtor-in-possession financing. $WIN PR link.

Avon Products(PBR469) appoints global creative production company MediaMonks to support its Representative’s growing use of ecommerce and digital tools with a new Content Studio, looking to develop 12,000 content assets annually for Avon’s 50+ worldwide markets. $AVP PR link.

Caesars Entertainment(PBR518) will offer sports-tech entertainment provider DraftKings market access for its online gaming products in multi-state agreement. $CZR PR link.

Rush Enterprises(PBR525) completes formation of 50/50 joint venture with Tallman Group, the largest International Truck dealer in Canada with around $485 million in sales in 2018, will be named Rush Truck Centres of Canada Limited. $RUSHB PR link.

Marathon Oil(PBR551) to exit the UK business with divestitures of its two assets for $140 million, to close in 2H19. $MRO PR link.

Quad/Graphics(PBR573) $1.4 billion all shares acquisition of print and digital media solutions provider LSC Communications(PBR631) gets approval by shareholders of both companies, to close 2H19. $QUAD PR link.

Colfax(PBR670) completes $3.15 billion in cash acquisition of global orthopedic devices, software and services provider DJO Global from private equity funds managed by Blackstone(PBR387). $CFX PR link.

The US Dept of Commerce/Census says US Preliminary December 2018 Wholesale Sales-Durable Goods were at $245.6 billion, Nondurable Goods $251.5 billion, Total $497.1 billion, -1.0% from November 2018, +1.0% from December 2017. USDOC PR link.

The Federal Reserve Bank of Chicago says the US Preliminary January 2019 Composite Natl Activity Index is at -0.43, December 2018was at +0.05, November 2018 +0.36, January 2018 -0.29. ChiFed PR link.

***Friday, February 22:

The PBRMarketTools US Stock Exchanges Recap for Week 8 ending 02/22/19:

DJIA ends the week at 26,031.81, +0.57% from last Friday, +4.13% MTD, +11.59% QTD/YTD, -2.97% from record 26,743.50 set 09/21/18.

NASDAQ ends the week at 7,527.54, +0.74% from last Friday, +3.38% MTD, +13.45% QTD/YTD, -7.18% from record 8,109.69 set 08/29/18.

SPX ends the week at 2,792.67, +0.62% from last Friday, +3.28% MTD, +11.40% QTD/YTD, -4.71% from record 2,930.75 set 09/20/18.

The Week 8 US Stock Exchanges Recap:
The Stock Market Bull and The Stock Market Bear took Monday off in observance of the birthday of first US president and founding father George Washington. Tuesday and Wednesday The Stock Market Bulltook charge of the pasture, but on Thursday The Stock Market Bear sunk his claws deep enough to be in the lead. But on Friday The Stock Market Bull recovered nicely, won Week 8 3-0, and continues his unbeaten streak for 2019.

The Week 8 YTD tally is:
The Stock Market Bull: 7 weeks
The Stock Market Bear: 0 weeks
Mixed Results: 1 week

The Week 8 News Summary: There was a feeling of optimism about the US/China trade negotiations, though very few specifics were mentioned to the public. Corporate earnings continued to be mixed. Economic news was also mixed, existing home sales were down, but builder confidence was up. The Federal Reserve Open Market Committee minutes from the last meeting indicated a wait and see attitude for any further federal funds rate increases in the near future and changed its assessment of the US economy from “strong” to “solid.”

Newmont Mining(PBR374) $12/share, $10 billion equity value all shares acquisition of Canada based global gold producer Goldcorp(NYSE: GC) gets Ontario Superior Court of Justice (Commercial List)interim order, allows Goldcorp to proceed with shareholder meeting scheduled for 04/04/19. $NEM PR link.

Magellan Health(PBR464) shareholders get letter from 9.8% stake investor Starboard, says Magellan has underperformed, should consider sale, nominates 6 people for Board. $MGLN PR link.

Magellan Health(PBR464) responds to 9.8% stake investor Starboard, says will consider director suggestions. $MGLN PR link.

AutoNation(PBR130) hires Carl Liebert as President/CEO, Chairman/President/CEO Mike Jackson to become Executive Chairman, effective 03/11/19. $AN PR link.

Beacon Roofing(PBR423) President/CEO Paul Isabella will leave the Company later this fiscal year, will remain an advisor, new CEO search starts. $BECN PR link.

TrueCar’s ALG forecasts US February 2019 New Vehicle Sales will reach 1,268,141 units, down­ 2.6% from a year ago, seasonally adjusted annualized rate (SAAR) for total light vehicle sales is an estimated 16.6 million units for the month, Average Incentive Spending by automakers will reach an estimated $3,653 per vehicle in February, down $30 or 0.8% from a year ago, and up 3.0% or $108 from January 2019, estimates Average Transaction Price(ATP) $34,565, up 3.0% from a year ago while incentives as a percentage of ATP was at 10.6% down 3.7% year-over-year. TrueCar PR link.

***Thursday, February 21:

Ford(PBR11) investigating process for US emissions certification concerning road load per concern voiced by a handful of employees through its Speak Up program. $F PR link.

Alphabet(PBR21 $GOOG)’s Google unit to end forced arbitration for all worker disputes, takes effect on 03/21/19. Associated Press PR link.

Kraft Heinz(PBR104) in 4Q18 report says recorded non-cash impairment charges of $15.4 billion to lower the carrying amount of goodwill in certain reporting units, primarily US Refrigerated and Canada Retail, and certain intangible assets, primarily the Kraft and Oscar Mayer trademarks, says it received a subpoena in October 2018 from the US Securities and Exchange Commission associated with an investigation into the Company’s accounting policies, procedures, and internal controls related to its procurement function. $KHC PR link.

Tesla(PBR248 $TSLA) Model 3 loses Consumer Reports recommendation over reliability issues, Tesla says vast majority of issues have already been corrected through design and manufacturing improvements. Consumer Reports PR link.

Group 1 Automotive(PBR261) increases share repurchase program to $75 million. $GPI PR link.

Campbell Soup(PBR327) to sell its 225,000 sf Everett, WA, refrigerated soup plant to affiliate of Seattle-based private investment company Joshua Green Corp, terms not disclosed, to close 3Q19. $CPB PR link.

Wabtec(PBR596) to complete acquisition of GE(PBR19 $GE) spin-off Transportation Systems on 02/26/19, Wabtec to become member of S&P 500 on 02/27/19 replacing Goodyear Tire(PBR186 $GT) which will replace Wabtec on the S&P Mid Cap 400. $WAB PR link.

Pinnacle West(PBR636)’s Arizona Public Service subsidiary to add 850 megawatts of battery storage and at least 100 megawatts of new solar generation by 2025, for a total of 950 megawatts of new clean-energy technology. $PNW PR link.

Vail Resorts(PBR869) to purchase the ski fields at Falls Creek Alpine Resort and Hotham Alpine Resort in Victoria, Australia, for around $124 million, expects 1st year revenues of around $13 million, to close prior to 06/19, the start of ski season. $MTN PR link.

Rowan Cos(PBR978) $12 billion all-stock merger with UK based Ensco plc(NYSE: ESV)gets shareholders approval at both companies, to close 1H19. $RDC PR link.

Pioneer Natural Resources(PBR479) CEO Timothy L. Dove retires, Chairman and founding CEO Scott D. Sheffield named CEO, Lead Director J. Kenneth Thompson becomes Chairman, all effective immediately. $PXD PR link.

Caesars Entertainment(PBR517) in 4Q18 report says President/CEO Mark Frissora extending his departure date from 02/08/19 to 04/30/19 to aid in transition, company may extend for up to 1 month. $CZR PR link.

MGM Resorts(PBR267) CFO Dan D’Arrigo to take advantage of voluntary resignation program, COO Corey Sanders to become CFO, President Bill Hornbuckle to add COO role, all effective 03/01/19. $MGM PR link.

Wyndham Destinations(PBR504) names Oliver Chavy to President/RCI Exchanges, a vacation exchange serving approximately 3.8 million members and more than 4,300 affiliated vacation ownership resorts. $WYND PR link.

The Federal Reserve Bank of Philadelphiasays the US 3rd District Preliminary February 2019 Manufacturing General Activity Indicatoris at -4.1, first negative reading since 05/16, January 2019 was at +17.0, December 2018+9.1, February 2018 +28.1. “… firms’ responses indicated weaker conditions in the region’s manufacturing sector this month… survey’s future indexes indicate that respondents continue to expect growth over the next six months.” PhillyFed PR link.

The Natl Assn of Realtors says the US Preliminary January 2019 Existing Home Sales Inventory Annual Rate is at 4,940,000 homes, -1.2% from December 2018, -8.5% from January 2018; January 2019 Median Existing Home Price was $247,500, -2.4% from December 2018, +2.8% from January 2018. “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.” NAR PR link.

The Conference Board says the US Preliminary January 2019 Leading Economic Index(2016=100) is at 111.3, December 2018was at 111.4, November 2018 111.4. Some key data used is estimated because of the recent US federal government partial shutdown. A revision will be released on 03/04/19. TCB PR link.

***Wednesday, February 20:

Marriott Intl(PBR119) and Manchester United (NYSE:MANU) announce multi-year marketing partnership, giving the 120 million members of the Marriott Bonvoy travel programmeexclusive opportunities for once-in-a-lifetime Manchester United football experiences – including the chance to become the club’s Stadium Announcer or Kit Manager for the day. $MAR PR link.

Bristol-Myers Squibb(PBR139) files amended SEC Form S-4 regarding acquisition of global biopharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases Celgene(PBR220 $CELG) in cash and stock transaction with an equity value of approximately $74 billion, $102.43/share, stockholders of both companies to vote on 04/12/19, to close in 3Q19. $BMY PR link.

PVH(PBR320) to acquire the interests of its longtime Australian partner Gazal Corporationit does not already own for around $88 million, will give PVH full control of its brands in Australia, did around $185 million in sales in 2018, to close 2Q19. $PVH PR link.

Foot Locker(PBR355) authorizes new $1.2 billion share repurchase program, expires 01/31/22, replaces previous $1.2 billion of which $817 million has been used. $FL PR link.

Vistra Energy(PBR481) acquisition of Canadabased Crius Energy Trust (TSX: KWH.UN) for $328 million modified to $378 million plus the assumption of net debt of approximately $108 million, in response to an unsolicited acquisition proposal from a third party bidder on 02/14/19, Crius unitholders to vote on proposal 03/28/19, to close in 2Q19. $VST PR link.

KLA Corp(PBR580) completes $69.02/share in cash/stock, an equity value at $3.4 billion acquisition of solutions for use in the manufacture of printed circuit boards (PCBs), flat panel displays (FPDs), and semiconductor devices supplier Orbotech(NASDAQ: ORBK). $KLAC PR link.

MDC Holdings(PBR780)’s Richmond American Homes of Nevada subsidiaryannounces Grand Opening of six new communities, prices range from mid $200,000s to low $700,000s. $MDC PR link.

Eastman Kodak(PBR946) CEO Jeffrey Clarke steps down, Chairman Jim Continenza appointed Executive Chairman/CEO. $KODK PR link.

Tesla(PBR248) EVP/General Counsel Dane Butswinkas returning to his law firm, to work with Tesla in an outside role as before, VP/Legal Jonathan Chang named successor, has been with Tesla for 8 years. $TSLA PR link.

The Federal Reserve Open Market Committee Minutes from the 01/29-30/19 Meeting says “…information received since the Committee met in December indicated that the labor market had continued to strengthen and that economic activity had been rising at a solid rate… members agreed to change the characterization of recent growth in economic activity from “strong” to “solid,” consistent with incoming information that suggested that the pace of expansion of the U.S. economy had moderated somewhat since late last year.” FOMC PR link.

***Tuesday, February 19:

Amazon(PBR8) announces Shipment Zero, Amazon’s vision to make all Amazon shipments net zero carbon, with 50% of all shipments net zero by 2030. $AMZN PR link.

Ford(PBR11) to exit the commercial heavy truck business in S America, will cease production at the São Bernardo do Campo plant in Brazilduring 2019, ending sales of the Cargo lineup, F-4000 and F-350 — along with the Fiesta small car — once inventories are sold, will take a $460 million charge, will continue to produce SUVs and pickup trucks. $F PR link.

Alphabet(PBR21 $GOOG)’s Google Cloud unit to acquire data migration and integration services provider Alooma, terms not disclosed. Alooma PR link.

Merck(PBR71) gets US FDA approval for KEYTRUDA anti-PD-1 therapy for the adjuvant treatment of patients with melanoma with involvement of lymph node(s) following complete resection. $MRK PR link.

General Dynamics(PBR89) wholly owned subsidiary Jet Aviation acquires full ownership of the San Juan fixed-base operator (FBO) at Luis Muñoz Marin International Airport in Puerto Rico, terms not disclosed. $GD PR link.

Medtronic(PBR95) gets US FDA Breakthrough Device designation for its Personalized Closed Loop (PCL) insulin pump system, currently in development. $MDT PR link.

CenturyLink(PBR156) gets SEC Form 13D filing from investor Southeastern Asset Management saying it now has 6.2% stake in CTL, has some concerns about direction and leadership. $CTL PR link.

Devon Energy(PBR210) pursuing separation of its Canadian and Barnett Shale assets, authorizes additional $1 billion for shares repurchase program, now at $5 billion, $3.4 billion completed, expires 12/31/19. $DVN PR link.

Hormel Foods(PBR300) to sell its CytoSportbusiness, maker of Muscle Milk, to PepsiCo(PBR43) in next 60-90 days, more details to be provided at 02/21/19 HRL earnings call. $HRL PR link.

Targa Resources(PBR322) to sell a 45% interest in Targa Badlands, the entity that holds all of Targa’s assets in N Dakota, to Blackstone(PBR386) and affiliates for $1.6 billion cash, to close 2Q19. $TRG PR link.

Rockwell Automation(PBR403) and Schlumberger(PBR91) to form 53/47 joint venture Sensia, the oil and gas industry’s first fully integrated digital oilfield automation solutions provider, will have 1,000 employees, anticipates $400 million in annual revenues, to close in summer 2019. $ROK PR link.

Host Hotels(PBR485) acquires the fee simple interest in the 1 Hotel South Beach for $610 million, rated in the top-10 US hotels by Conde Nast Traveler and recently rated the #1 hotel in Miami Beach by TripAdvisor. $HST PR link.

Caesars Entertainment(PBRPBR517) gets SEC 13D filing showing Icahn Enterprises(PBR127) now holds around 10% of CZR outstanding shares. $CZR PR link.

Snap-On(PBR613) authorizes new $500 million share repurchase program, replaces previous authorization which had $206 million remaining. $SNA PR link.

Allergan(PBR174) disagrees with public shareholder letter from investor Apaloosa saying Chairman/CEO position should be split up immediately. $AGN PR link.

Flowers Foods(PBR592) President/CEO Allen L. Shiver to retire at annual meeting in 05/19 after 41 years with the company, COO Ryals McMullian to become President/CEO. $FLO PR link.

Middleby(PBR818) Chairman/President/CEO Selim Bassoul retires, CFO Timothy FitzGerald named CEO, promotes David Brewer EVP/COO, Chief Accounting Officer Bryan Mittelman promoted to CFO, Lead Independent Director Gordon O’Brien named Chairman. $MIDD PR link.

Avnet(PBR152) promotes SVP/Chief Human Resources Officer and Global Marketing & Communications MaryAnn Miller to Chief Administrative Officer, VP/Human Resources for the Americas Ken Arnold promoted to SVP/Chief People Officer. $AVT PR link.

Sherwin-Williams(PBR191) promotes President/Performance Coatings Group David B. Sewell to serve as President/COO, President/Consumer Brands Group Aaron M. Erter becomes President/Performance Coatings Group, and Robert F. Lynch becomes President/Consumer Brands Group, all effective 03/01/19. $SHW PR link.

WestRock(PBR192) President/Consumer Packaging Bob Feeser to retire on 04/30/19, Patrick (Pat) Lindner hired as successor. $WRK PR link.

Avis Budget(PBR321) hires John F. North III as CFO, effective 03/18/19, succeeds interim CFO Martyn Smith who will serve in transitional and advisory role for at least 6 months. $CAR PR link.

Woodward(PBR848) hires Tom Cromwell for newly created position of Vice Chairman and COO. $WWD PR link.

The Natl Assn of Home Builders/Wells Fargo US Preliminary February 2019 Housing Market Composite Index is at 62, January 2019 was at 58, December 2018 56, February 2018 71. “Ongoing reduction in mortgage rates in recent weeks coupled with continued strength in the job market are helping to fuel builder sentiment … In the aftermath of the fall slowdown, many builders are reporting positive expectations for the spring selling season.” NAHB/WF PR link.

***Monday, February 18:

***US Stock Exchanges Closed.
***US Federal Holiday
***Washington’s Birthday Observed.

The PBR1000 January 2019 Snapshots have been released, 15 snapshots with 26 rankings, 200+ fields of data and analytics per company, in MS-Excel format. Get your subscription today! The PBR1000 Subscribe link.

Navient(PBR962) rejects a highly conditional unsolicited “expression of interest” from Canyon Capital Advisors and Platinum Equity Advisorto acquire Navient for $12.50/share cash, a 6.6% premium on the 02/15/19 closing price. $NAVI PR link.

Caterpillar(PBR60) announces changes in responsibilities for three Executive Office members, new roles for two current VPs and the appointment of two new VPs, all effective 03/01/19. $CAT PR link.

Quest Diagnostics(PBR359) hires Gabrielle Wolfson as SVP & Chief Information and Digital Officer. $DGX PR link.

***Friday, February 15:

The PBRMarketTools US Stock Exchanges Recap for Week 7 ending 02/15/19:

DJIA ends the week at 25,883.25, +3.09% from last Friday, +3.53% MTD, +10.96% QTD/YTD, -3.52% from record 26,743.50 set 09/21/18.

NASDAQ ends the week at 7,472.41, +2.39% from last Friday, +2.62% MTD, +12.62% QTD/YTD, -7.86% from record 8,109.69 set 08/29/18.

SPX ends the week at 2,775.60, +2.50% from last Friday, +2.64% MTD, +10.72% QTD/YTD, -5.29% from record 2,930.75 set 09/20/18.

The Week 7 US Stock Exchanges Recap:
Monday was a low volume tepid mixed day. The Stock Market Bull must have realized that The Stock Market Bear was in hibernation and took a big stand on Tuesday and came back on Wednesday for another positive day. The Stock Market Bear made his presence known on Thursday for a mixed day, but The Stock Market Bull chased him back to his cave in a big way on Friday, and easily wins Week 7 3-0 to keep his unbeaten streak alive for 2019.

The Week 7 YTD tally is:
The Stock Market Bull: 6 weeks
The Stock Market Bear: 0 weeks
Mixed Results: 1 week

The Week 7 News Summary: At the beginning of the week there were concerns about whether or not the US/China trade discussions could make progress, but those fears seemed to dissipate during the week. A second US federal government shutdown was also an issue early in the week, but a bipartisan agreement was made and President Trump reluctantly signed it as well as an Executive Order for a national emergency to help build the wall he feels is necessary to protect the country. Economic news was okay, a little mixed, with the monthly retail trade report being disappointing, but job openings at very high levels. Corporate earnings were also somewhat mixed.

Marriott Intl(PBR119)’s Renaissance Hotelsbrand opens first location in Mexico, the Renaissance Cancún Resort & Marina, 180 guestrooms, including 11 suites, all with ocean, marina or golf course views. $MAR PR link.

Eli Lilly(PBR120) completes $235.00/share, $8.0 billion cash acquisition of biopharmaceutical developer and commercializer of highly selective medicines for patients with genomically defined cancers Loxo Oncology(NASDAQ: LOXO). $LLY PR link.

General Mills(PBR179) in restructuring decides to close Carson, CA, yogurt manufacturing facility, to incur around $130 net expenses through 2021 as a result. $GIS PR link.

Cognizant(PBR194) resolves issue relating to payments for permits and licenses for certain real estate facilities in India in violation of the US Foreign Corrupt Practices Act (“FCPA”) and other applicable laws, resolves all of the US Dept of Justice and US Securities and Exchange Commission investigations for Cognizant concerning this matter, will pay $28 million fine. $CTSH PR link.

Coty(PBR305) forms special committee of independent Board members to evaluate partial tender offer for up to 150 million Class A shares at $11.65/share, a premium of approximately 38% to the 90-day volume-weighted average share price as of 02/11/19, from JAB Cosmetics NV. $COTY PR link.

Mattel(PBR515) announces a slate Of 22 television shows for multi-platform distribution. $MAT PR link.

Toro(PBR768) to acquire privately-held Oklahoma based The Charles Machine Works, parent company of Ditch Witch and several other leading brands in the underground construction market, for $700 million cash, to close by 07/31/19. $TTC PR link.

CommScope(PBR533) on track for $31.75/share, around $7.4 billion cash, includes repayment of debt, acquisition of ARRIS Intl(PBR408) in 1H19, ARRIS CEO Bruce McClelland to become CommScope COO, current CommScope COO Morgan Kurk to become Chief Technology Officer. $COMM PR link.

PolyOne(PBR677) promotes Robert Bindner to President/Performance Products & Solutions, succeeds departing Don Wiseman. $POL PR link.

The US Dept of Labor says US Preliminary January 2019 Import Prices were -0.5%, -1.7% Year-to-Year, Export Prices were -0.6%, -0.2% Year-to-Year. USDOC PR link.

The US Federal Reserve says US Preliminary January 2019 Industrial Production % of Capacity was at 78.2%, December 2018 was at 78.8%, November 2018 78.9%, January 201877.0%. USFed PR link.

The Federal Reserve Bank of New York says the Empire State February 2019 Manufacturing General Business Index is at +8.8, January 2019 was at +3.9, December 2018 +11.5, February 2018 +16.4. “Business activity grew modestly in New York State … indexes assessing the six-month outlook improved noticeably, suggesting firms were fairly optimistic about future conditions.” NYFed PR link.

The U of Michigan US Preliminary February 2019 Consumer Sentiment Index is at 95.5, January 2019 was at 91.2, December 201898.3, February 2018 99.7. “The early February gains reflect the end of the partial government shutdown as well as a more fundamental shift in consumer expectations due to the Fed’s pause in raising interest rates…” UMichigan PR link.

***Thursday, February 14:

Walmart(PBR1) startup Spatial& partners with DreamWorks Animation to present a virtual reality activation offering tied to the upcoming theatrical release of How to Train Your Dragon: The Hidden World. $WMT PR link.

Amazon(PBR8) decides not to move forward with plans to build a headquarters in Long Island City, Queens, NY, says a number of state and local politicians are opposed. $AMZN PR link.

GE(PBR19 $GE) to shrink its Boston footprint, give back $87 million in incentives.MarketWatch PR link.

JPMorgan Chase(PBR26) launches its cryptocurrency JPM Coin, will run on a private enterprise blockchain, to service institutional clients in the settlement of funds, still in the prototype phase but will be rolled out to some institutional clients in a pilot program later in 2019. $JPM PR link.

Boston Properties(PBR774) says Alphabet(PBR21)’s Google unit signed a 15-year lease agreement for the ground-up redevelopment of Boston Properties’ 325 Main Street building in Kendall Center, Cambridge, MA, occupy 362,000 sf, brings Google’s total leased space from Boston Properties to more than 800,000 square feet in Cambridge. $BXP PR link.

GoDaddy(PBR841) hires Fara Howard as Chief Marketing Officer, promotes Andrew Low Ah Kee to COO, Chief Information Officer Arne Josefsberg retiring effective 06/30/19, will unify that function under Chief Technology Officer Charles Beadnall, Chief Product Officer Steven Aldrich leaving, search for successor started. $GDDY PR link.

The US Dept of Labor says US Preliminary January 2019 Final Demand Producer Price Index is at -0.1%, with Goods at -0.8%, Services +0.3%, Last 12 Months Final Demand is +2.5%, for December 2018 it was at +2.8%, November 2018 +2.8%, January 2018+2.5%. USDOL PR link.

The US Dept of Commerce/Census says that US Preliminary November 2018 Manufacturer Sales were at $505.1 billion, Retail Sales$452.0 billion, Wholesaler Sales $505.3 billion, Total Sales $1,462.5 billion, -0.3% from October 2018, +4.2% from November 2017. USDOC PR link.

The US Dept of Commerce says US Advance December 2018 Retail Sales were $446.0 billion, Food Services & Drinking Places $59.8 billion, Total $505.8 billion, -1.3% from November 2018, +2.3% from December 2017. USDOC PR link.

***Wednesday, February 13:

The January 2019 Snapshot 15 Summary:
The PBR1000 Top 5 by Market Capitalization(Rank, Company, PBR Ranking by Revenues, Stock Symbol, Market Capitalization in billions):

1. Amazon(PBR8 $AMZN), $840B
2. Microsoft(PBR22 $MSFT), $801B
3. Apple(PBR2 $AAPL), $785B
4. Alphabet(PBR21 $GOOG), $776B
5. Berkshire Hathaway(PBR4 $BRK.B), $508B

Range: $840 billion to $0.03 billion
The PBR1000 Total: $25.787 trillion, +9.18% from 12/31/18, -0.32% from 12/29/17
Average: $25.787 billion
Median: $7.50 billion

To get all 15 Snapshots and 27 rankings on The PBR1000 go to the Subscribe page.

Ford(PBR11) issues safety recall on select 2011-13 Ford F-150 vehicles with 6-speed automatic transmission that may experience an intermittent loss of the transmission output speed sensor signal to the powertrain control module, potentially resulting in a temporary, unintended downshift into first gear, affects 1.48 million vehicles in US/Canada, aware of five reports of accidents, including one report of “whiplash” potentially related to this condition. $F PR link.

Alphabet(PBR21)’s Google unit to invest over $13 billion in 2019 in data centers and offices across the US, with major expansions in 14 states. $GOOG PR link.

Johnson & Johnson(PBR35) to acquire privately held developer of robotic technologies Auris Health for approximately $3.4 billion cash with additional contingent payments of up to $2.35 billion payable upon reaching certain predetermined milestones. $JNJ PR link.

Cisco(PBR57) authorizes $15 billion increase in share repurchase program, balance available is now around $24 billion. $CSCO PR link.

DISH(PBR198) says it ended 2018 with 12.322 million subscribers, 9.905 million for DISH TV, 2.417 million for Sling TV, net loss of 920,000 from 2017. $DISH PR link.

Arconic(PBR220) to invest around $100 million to expand its hot mill capability and add downstream equipment capabilities to manufacture industrial and automotive aluminum products in its Tennessee Operations facility near Knoxville, TN, will create 70 jobs, to be completed by 4Q20. $ARNC PR link.

Pentair(PBR511) completes $160 million cash acquisition of Chicago, IL area based 170 employees water conditioners, water filters, drinking-water purifiers, ozone and ultraviolet disinfection systems, reverse osmosis systems and acid neutralizers for the residential and commercial water treatment industry provider Aquion. $PNR PR link.

Ametek(PBR559) authorizes additional $500 million for share repurchase program, balance available is $501 million. $AME PR link.

Skechers(PBR571) surpasses 3,000 Skechers retail stores worldwide with the opening of a 32,000+ sf superstore in Shenyang, China – now the brand’s largest, has stores on 6 continents. $SKX PR link.

Global Payments(PBR660) completes $1.2 billion cash/stock acquisition of the communities and sports divisions cloud-based payment technology solutions for event planners provider ACTIVE Network from Vista Equity Partners. $GPN PR link.

Louisiana-Pacific Corp(PBR748) authorizes new $600 million share repurchase program, including the intent to initially enter into a $400 million accelerated share repurchase program, will have $638 million available with $38 million carryover from previous authorization. $LPX PR link.

Sinclair Broadcast(PBR749) and the Chicago Cubs forming joint venture, will own/operate Marquee Sports Network, a Chicago, IL-based regional sports network, will be the Chicago-region’s exclusive network to view live Cubs games beginning with the 2020 Major League Baseball season. $SBGI PR link.

GNC(PBR800) $300 million investment by Harbin Pharmaceutical Group(Hayao) is completed, forms Hong Kong-based China e-commerce joint venture with Hayao. $GNC PR link.

Portland General Electric(PBR870) and NRG Energy(PBR269) subsidiary to develop nation’s first major energy facility co-locating wind, solar and battery storage, new energy facility in Eastern Oregon combining 300 megawatts of wind generation with 50 megawatts of solar generation and 30 megawatts of battery storage. $POR PR link.

Charles River Labs(PBR893) to acquire Europe based with operations in N Americanon-clinical contract research organization, specializing in regulated safety assessment services, non-regulated discovery services, and medical device testing, Citoxlab for around $510 million, to close 2Q19. $CRL PR link.

Wendy’s(PBR984) enters into Settlement Agreement with financial institutions related to the criminal cyberattacks which targeted the point of sale systems of certain Wendy’s franchisees in 2015 and 2016, will pay $50 million in late 2019 if approved by the court. $WEN PR link.

T Rowe Price(PBR520) Chairman Brian Rogers retiring from Board on 04/25/19 at annual meeting, CEO William Stromberg to assume Chairman role; approves 10 million share increase for common stock repurchase authorization, total repurchase authorization now nearly 22.4 million shares. $TROW PR link.

Alliant Energy(PBR653) Chairman/CEO Patricia Kampling to retire, effective 07/01/19, President/COO John O. Larsen to be successor as Chairman/President/CEO. $LNT PR link.

MasterCard(PBR232) CFO Martina Hund-Mejean to retire in 2019, has been CFO for 11 years, Sachin Mehra to be successor, effective 04/01/19. $MA PR link.

Thor Industries(PBR336) promotes Troy James to SVP/International Operations. $THO PR link.

Encompass Health(PBR586) Chief Human Relations Officer Cheryl Levy to retire after 12 years, effective 03/31/19, starts internal/external search. $EHC PR link.

The US Dept of Labor says the US Preliminary January 2019 Employee Current Average Earnings/Hour is at $27.56, Average Workweek Hours at 34.5, for Average Current Weekly Earnings of $950.82, +0.1% from December 2018, +3.5% from January 2018. USDOL PR link.

The US Dept of Labor says the US January 2019 Consumer Price Index(CPI) was 0.0%, December 2018 was -0.1%, November 20180.0%, Last 12 Months 1.6%. USDOL PR link.

The US Dept of Treasury says US December 2018 Federal Government Receipts were $312.6 billion, Outlays $326.1 billion, Deficit$13.5 billion, December 2018 Receipts YTD(3 Months) were at $771.2 billion, YTD Outlays$1,090.2 billion, YTD Deficit $318.9 billion, December 2017 YTD Deficit was $225.0 billion. USTreasury PR link.

***Tuesday, February 12:

January 2019 Snapshot 13 Summary: The PBR1000 Top 5 Stock Performers since 12/29/17(13 months) (Rank, Company, PBR Ranking by Revenues, Stock Symbol, 01/31/19 Stock Price, % Increase from 12/29/17):

1. BlueLinx(PBR896 $BXC), $29.15, +199%
2. AMC(PBR489 $AMD), $24.41, +137%
3. Crocs(PBR1000 $CROX), $28.72, +127%
4. Fossil(PBR738 $FOSL, $16.96, +118%
5. Genesis Healthcare(PBR738 $GEN), $1.57, +107%

Range: +199% to -90%
Number of Companies at 0% or Better:398/1,000
Average: -2.18%
Median: -6.65%
DJIA: +1.13%
NASDAQ: +5.48%
SPX: +1.14%

Tomorrow: The PBR1000 January 2019 Top 5 Stocks by Market Capitalization.

American Electric Power(PBR184) to acquire Sempra Energy(PBR259) Renewablessubsidiary and its 724 megawatts (MW) of operating wind generation and battery assets on 7 wind farms in Colorado, Hawaii, Indiana, Kansas, Michigan, Minnesota and Pennsylvania, for approximately $1.056 billion, to close in 2Q19. $AEP PR link.

CBS(PBR214 $CBS) ousted former Chairman/CEO Leslie Moonves, other CBS execs accused of insider trading in advance of sexual-harassment allegations in shareholder suit. MarketWatch PR link.

Dominion Energy(PBR228) to reduce methane emissions from its natural gas infrastructure by 50% over the next decade. $D PR link.

Coty(PBR305) gets partial tender offer for up to 150 million Class A shares at $11.65/share, a premium of approximately 38% to the 90-day volume-weighted average share price as of 02/11/19, from JAB Cosmetics NV, will require Coty approval to proceed. $COTY PR link.

Activision Blizzard(PBR389) authorizes new two year up to $1.5 billion share repurchase program. $ATVI PR link.

Arthur J Gallagher(PBR445) acquires Salem, OR-based surety bonds for mortgage brokers, artisan contractors and other industries across the US Surety Solutions, LLC and bond processing software used by Surety Solutions developer Agency Multiplied, terms not disclosed. $AJG PR link.

Simon Property(PBR476) authorizes up to $2 billion stock repurchase program over the next 24 months, replaces current authorization which had $633 million available. $SPG PR link.

Pentair(PBR511) completes $120 million cash acquisition of DeLand, FL-based 79 employees residential whole home water treatment systems provider Pelican Water Systems. $PNR PR link.

Edwards Lifesciences(PBR645) to acquire non-invasive monitoring of tissue oxygenation in the brain medical technology company CAS Medical Systems(NASDAQ: CASM) for $2.45/share, around $100 million, to close 2Q19. $EW PR link.

Six Flags(PBR968) to rebrand Buffalo, NY, area Darien Lake to Six Flags Darien Lake, Houston, TX, largest waterpark Wet & Wild Splashtown to be rebranded as Six Flags Hurricane Harbor, and Wet & Wild Phoenix, the largest waterpark in Arizona, will be rebranded Six Flags Hurricane Harbor Phoenix. $SIX PR link.

Akamai Technologies(PBR788) EVP/CFO Jim Benson to retire effective 03/01/19, SVP/Finance Ed McGowan to be successor. $AKAM PR link.

Cleveland-Cliffs(PBR819) hires Keith A. Koci as EVP/CFO, succeeds departing Timothy K. Flanagan. $CLF PR link.

The US Dept of Labor says US Preliminary December 2018 Job Openings-Private were at 6,707,000, Government 628,000, Total Openings 7,335,000, a new record, +2.4% from November 2018, +29.4% from December 2017. USDOL PR link.

The US Dept of Treasury says the Total US Debt on 02/11/19 reached $22.013 trillion, first time over $22 trillion, $16.157 trillion Debt Held by the Public, $5.856 trillion from Intragovernmental Holdings. USTreasury PR link.

The Federal Reserve Bank of New York says US total household debt increased by $32 billion (0.2%) to $13.54 trillion in the 4Q18, was 18th consecutive quarter with an increase and the total is now $869 billion higher than the previous peak of $12.68 trillion in the 3Q08. Outstanding student loan debt increased to $1.46 trillion from $1.44 trillion. Auto loan originations totaled $584 billion in 2018, the highest year in the 19-year history of the data for auto loan originations. Credit card balancesrose by $26 billion to $870 billion, first time credit card balances re-touched the 2008 nominal peak. NYFed PR link.

CoreLogic reports that the US November 2018 Percent of Mortgages on Homes 30 or More Days Delinquent is at 4.1%, November 2017was at 5.2%, November 2018 Total Percent of Homes In Foreclosure was at 0.4%, November 2017 was at 0.6%. “Solid income growth, a record amount of home equity and an absence of high-risk loan products put the U.S. homeowner on solid ground. All of this has helped push delinquency and foreclosure rates to the lowest levels in almost two decades, and will provide a cushion if the housing market should turn down.” Frank Nothaft, Chief Economist for CoreLogic. CoreLogic PR link.

Retail Industry: Analytics firms Coresight Research and Celect study finds markdowns cost US non-grocery retailers $300 billion in revenues in 2018, 12% of total sales. Celect PR link.

***Monday, February 11:

The January 2019 Snapshot 11 & 12 Summary: The PBR1000 Top 5 Month & YTD Stock Performers(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 01/31/19 Stock Price, % Increase from 12/31/18):

1. Pier 1 Imports, PBR905, $PIR, $0.82, +165%
2. FannieMae, PBR20, $FNMA, $2.54, +140%
3. FreddieMac, PBR37, $FMCC, $2.46, +134%
4. Ferrellgas, PBR862, $FGP, $1.22, +126%
5. YRC Worldwide, PBR514, $YRCW, $6.24, +98%

Range: +165% to -45%
Number of Companies at 0% or Better:936/1,000
Average: +9.33%
Median: +10.88%
DJIA: +7.17%
NASDAQ: +9.74%
SPX: +7.87%

Tomorrow: The PBR1000 Top 5 Stock Performers Since 12/29/17(13 Months).

Amazon(PBR8) to acquire home mesh WiFi systems provider eero, terms not disclosed. $AMZN PR link.

AT&T(PBR10 $T) to hire 500 full-time employees for a new 70,000 sf call center facility in Mesa, AZ. Phoenix Business Journal PR link.

Regeneron(PBR13) and Sanofi say that cholestrol medication Praluent® (alirocumab)will be made available at a new reduced US list price of $5,850 annually, a 60% reduction from the original price, for both the 75 mg and 150 mg doses, beginning in early 03/19. $REGN PR link.

Morgan Stanley(PBR61) to acquire global cloud-based software-as-a-service (SaaS) for equity administration, financial reporting and compliance provider with 3,000+ corporate clients Solium Capital(TSX: SUM) for $900 million. $MS PR link.

Ingersoll-Rand(PBR204) to acquire $400 million in revenues in 2018, 1,000 employees, 7 global manufacturing locations, fluid management systems with world class brands including Milton Roy®, LMI®, Haskel®, BuTech®, Dosatron®, YZ Systems®, Williams® and Hartell® provider Precision Flow Systems from funds advised by BC Partners Advisors L.P. and The Carlyle Group(PBR616) for $1.45 billion, to close mid-2019. $IR PR link.

Bemis(PBR579) $57.75/share, $6.8 billion all stock transaction acquisition by Australia based Amcor Limited (ASX: AMC) gets European Commission approval with some conditions, waiting for US and Brazil approvals, still on track of 2Q19 close. $BMS PR link.

Greif(PBR599) completes $1.8 billion acquisition of N America $1.4 billion in sales paperboard manufacturer Caraustar. $GEF PR link.

KKR(PBR673) completes $510 million acquisition of 60% stake in Mumbai, India, based global management, collection, transport and processing of hazardous, municipal, biomedical and e-waste, as well as the recycling of paper, plastic and chemicals, as well as renewable energy generation provider Ramky Enviro Engineers Limited. $KKR PR link.

FMC(PBR723) to distribute of all of its remaining interest in spin-off Livent Corporation(NYSE: LTHM) to FMC stockholders, payable on 03/01/19. $FMC PR link.

Valmont(PBR744) has acquired $21 million in revenues in 2018, 150 employees, hot-dip zinc galvanizing and CorroCote services provider Houston, TX-based United Galvanizing, terms not disclosed; also starting construction of a new hot-dip zinc galvanizing facility in Midland, PA, to be in service in early 2020, will then have 38 locations worldwide. $VMI PR link.

Bristow Group(PBR958) $560 million acquisition of privately held Aurora, OR based $281 million in revenues in 2018 Columbia Helicopters terminated by mutual agreement, actively considering mutually beneficial opportunities to work together, Bristow pays $20 million termination fee. $BRS PR link.

Colgate-Palmolive(PBR183) President/COO Noel Wallace to become President/CEO and member of the Board, Chairman/CEO Ian Cook to become Executive Chairman, effective 04/02/19. $CL PR link.

C.H. Robinson(PBR193) COO Robert (“Bob”) Biesterfeld named CEO, Chairman/CEO John Wiehoff to remain Chairman, both effective 05/09/19. $CHRW PR link.

Barnes Group(PBR960) SVP & President/Industrial Scott Mayo has stepped down from his positions and will depart after an appropriate transition period. $B PR link.

PG&E(PBR163) provides update on Board refreshment, says it expects that no more than five of the Company’s current directors will stand for election at the 2019 Annual Meeting of Shareholders, intends that a majority of the 11 directors of the Company will be new independent directors by the time of the 2019 Annual Meeting. $PCG PR link.

***Friday, February 8:

The PBRMarketTools US Stock Exchanges Recap for Week 6 ending 02/08/19:

DJIA ends the week at 25,106.33, +0.17% from last Friday, +0.43% MTD, +7.63% QTD/YTD, -6.42% from record 26,743.50 set 09/21/18.

NASDAQ ends the week at 7,298.20, +0.47% from last Friday, +0.23% MTD, +9.99% QTD/YTD, -10.01% from record 8,109.69 set 08/29/18.

SPX ends the week at 2,707.88, +0.05% from last Friday, +0.14% MTD, +8.02% QTD/YTD, -7.60% from record 2,930.75 set 09/20/18.

The Week 6 US Stock Exchanges Recap:
The Stock Market Bull charged out to a nice lead on Monday and Tuesday. But then The Stock Market Bear made an appearance on Wednesday, then took a big chunk out on Thursday. The markets opened down on Fridayand it looked like The Stock Market Bear would prevail for the week, but towards the end of the day The Stock Market Bull returned to scare The Stock Market Bear just enough to snatch Week 6 3-0 and maintain his unbeaten streakfor the year.

The Week 6 YTD tally is:
The Stock Market Bull: 5 weeks
The Stock Market Bear: 0 weeks
Mixed Results: 1 week

The Week 6 News Summary: In the early part of the weeks some major technology earnings reports were better than expected, but the rest of the week it was a mixed bag across all industries. The US federal government is still recovering from the partial shutdown, but started releasing a few new economic reports. There were some private releases as well showing that the US economy is still doing well, but off last year’s pace. President Trump gave his State of the Union Address on Tuesday night to mixed reviews and concerns that another government shutdown is possible starting on 02/15/19. Global growth concerns returned and as the week came to an end it appears that US/China trade negotiations are making progress and optimism expressed, but that there are still a lot of issues to be resolved and agreed upon.

Walmart(PBR1) introduces for its Walmart.comsite a modern aesthetic, MoDRN with three collections – Retro Glam, Refined Industrial and Scandinavian Minimal, features nearly 650 items across every room in the house. $WMT PR link.

Eli Lilly(PBR120) to initiate an exchange offer to divest its 80.2% interest in spin-off Elanco Animal Health (NYSE: ELAN). $LLY PR link.

Arconic(PBR220) in 4Q18 report says it will separate into Engineered Products & Forgingsand Global Rolled Products units, with a spin-off of one of them, will also consider the sale of businesses that do not best fit into either unit, to use $500 million of its share repurchase program in 1H19, authorizes new $500 million share repurchase program, expires 12/31/20. $ARNC PR link.

Chipotle(PBR536) has opened its 2,500th restaurant, located at The Shops at Todos Santos in Concord, CA, plans to open 140-155 new restaurants in 2019. $CMG PR link.

Nexeo Solutions(PBR582) to divest its plastics distribution business (“Nexeo Plastics”) to an affiliate of One Rock Capital Partners for an enterprise value of $640 million, to close in 1H19, prior to NXEO’s acquisition by Univar(PBR340). $NXEO PR link.

Verizon(PBR17) Chairman and former CEO Lowell C. McAdam not standing for re-election at 05/02/19 annual meeting, Board appoints CEO Hans Vestberg to also be Chairman, effective 03/08/19. $VZ PR link.

Schlumberger(PBR91) promotes Olivier Le Peuch to COO. $SLB PR link.

***Thursday, February 7:

Amazon(PBR8 $AMZN) joins Sequoia, T Rowe Price in $530 million Series B funding for self-driving startup Aurora. Electrek PR link.

Amazon(PBR8 $AMZN) gets lawsuit by film director Woody Allen seeking over $68 million for cancelled movie projects because of 1992 sexual assault allegations. TechCrunch PR link.

Ford(PBR11) is investing $1 billion in Chicago Assembly and Stamping Plants and adds 500 jobs to expand capacity for the production of all-new Ford Explorer, Police Interceptor Utility and Lincoln Aviator. $F PR link.

Walgreens Boots Alliance(PBR16 $WBA) to get FDA letter saying it is biggest violator of tobacco sales to minors. US FDA PR link.

Walgreens Boots Alliance(PBR16) says it has taken a number of steps to address FDA’s statement regarding sales of tobacco products to minors in its stores. $WBA PR link.

Bank of America(PBR25) adds $2.5 billion to $20.0 billion common stock repurchase program, expires 06/30/19. $BAC PR link.

IBM(PBR33 $IBM) to invest over $2 billion to grow its high-tech footprint at the SUNY Polytechnic Institute-Albany and throughout New York State, includes the establishment of an “AI Hardware Center” at SUNY Poly for artificial intelligence-focused computer chip research, development, prototyping, testing and simulation. State of NY PR link.

Philip Morris(PBR34) 4Q18 report says in 2018 it had 740.3 billion cigarette units shipped, -21.6 billion from 2017, had 41.4 billion heated tobacco units shipped, +5.1 billion from 2017. $PM PR link.

Johnson & Johnson(PBR36 $JNJ) will be the first drugmaker to list pill prices in TV ads, will start with popular blood thinner, Xarelto, which retails for $450-$540 per month without insurance. MarketWatch PR link.

Cisco(PBR57) calls for privacy to be considered a fundamental human right, makes some proposals. $CSCO PR link.

T-Mobile(PBR68) has 2.4 million total net additions in Q4 2018, 7.0 million in 2018, has 79.7 million total customers at end of 2018. $TMUS PR link.

Tyson(PBR76) to acquire Thailand and European operations of BRF SA for $340 million, includes four processing facilities in Thailand, one processing facility in the Netherlands and one processing facility in the United Kingdom. $TSN PR link.

Lear Corp(PBR144) increases share repurchase program to $1.5 billion, had $800 available at end of 2018, expires 12/31/21. $LEA PR link.

Sears(PBR168 $SHLDQ) Chairman Edward Lampert’s $5.2 billion bid for Sears assets gets approval by bankruptcy judge. Chicago Tribune PR link.

CDW(PBR188) authorizes a $1 billion increase in its share repurchase program, which had $336 million available at end of 2018. $CDW PR link.

Henry Schein(PBR234) completes spin-off of the Henry Schein Animal Health business and the subsequent merger with Vets First Choiceto form an independent public company with name Covetrus, to start trading as NASDAQ: CVET on 02/08/19. $HSIC PR link.

BB&T(PBR241) and SunTrust Banks(PBR291 $STI) to combine in merger of equals in an all stock deal valued at around $66 billion, will create 6th largest bank in the US by assets and deposits, to be headquartered in Charlotte, NC, to close 4Q19. $BBT PR link.

Sempra Energy(PBR259) subsidiary completes $328 million sale of its non-utility US natural gas storage facilities to an affiliate of ArcLight Capital Partners. $SRE PR link.

Foot Locker(PBR355) subsidiary is making a $100 million strategic minority investment in 1661, Inc., dba GOAT, a managed marketplace for authentic sneakers operating the GOAT and Flight Club brands (“GOAT Group”). $FL PR link.

Weyerhaeuser(PBR382) authorizes new up to $500 million share repurchase program, replaces previous program which had a $135 million remaining. $WY PR link.

YUM!(PBR461)’s Taco Bell unit offering free delivery for a limited time on orders over $12.00 before tax through expanded nationwide partnership with GrubHub. $YUM PR link.

Vistra Energy(PBR481) to acquire Canadabased Crius Energy Trust (TSX: KWH.UN) for $328 million, will make Vistra the leading residential electricity provider in the US with operations in 19 states and the District of Columbia, to close in 2Q19. $VST PR link.

Caesars Entertainment(PBR517)’s Caesars Palace Las Vegas to be home to a Bleacher Report branded studio originating from inside its legendary sports book in deal with Turner Sports, which has 250 million fans each month across Facebook, Instagram and Twitter alone.$CZR PR link.

Kansas City Southern(PBR778) hires Sameh Fahmy as EVP/Precision Scheduled Railroading. $KSU PR link.

Barnes Group(PBR960) appoints Patrick Hurley, PhD, to SVP/Chief Technology Officer. $B PR link.

The US Federal Reserve says US Preliminary December 2018 Total Consumer Credit Outstanding-Revolving was at $1.045 trillion, Non-Revolving $2.966 trillion, Total $4.010 trillion, +0.4% from November 2018, +4.7% YTD(12 months), first time over $4 trillion. USFed PR link.

The FannieMae(PBR20) US January 2019 Home Purchase Sentiment Index is at 84.7, December 2018 was 83.5, November 201886.2, January 2018 89.5. “The net share of Americans who say it is a good time to buy a home increased 4 percentage points from last month to 15%. This component is down 12 percentage points from the same time last year.” $FNMA PR link.

***Wednesday, February 6:

Kroger(PBR18) and Home Chef bringing retail weekly rotating meal meal kits to 500 additional Kroger stores across the US, and homechef.com has launched a customizable meal kit feature for online orders. $KR PR link.

Lowe’s(PBR39) to host National Hiring Day, to hire 50,000+ full-time, part-time, and seasonal store associates for its 1,700+ US stores. $LOW PR link.

Cisco(PBR58) completes $660 million cash acquisition of privately held Carlsbad, CA-based specialty semiconductor products manufacturer Luxtera. $CSCO PR link.

Dollar Tree(PBR124) plans new distribution center in Rosenberg, Fort Bend County, TX, plans to invest approximately $130 million, will create 300+ new jobs. $DLTR PR link.

JCPenney(PBR231) to discontinue selling major appliances effective 02/28/19, additionally, furniture will only be available at jcp.com and select Puerto Rico stores, mattresses continue to be available at 450+ stores and jcp.com. $JCP PR link.

Tesla(PBR248) now lists Model 3 starting price at $34,850, includes potential incentives and gas savings. $TSLA PR link.

Perrigo(PBR510) gets US FDA approval for Zovirax® Cream, 5% (acyclovir cream, 5%)developed in collaboration with Sol-Gel Technologies Ltd. (NASDAQ: SLGL), anticipates launching the product this month. $PRGO PR link.

Rush Enterprises(PBR525) subsidiary to enter into a new 50/50 joint venture with Tallman Group, the largest International Truck dealer in Canada with around $485 million in sales in 2018, will be named Rush Truck Centres of Canada Limited, to close on 02/25/19. $RUSHB PR link.

The New York Times(PBR927) has 265,000 net new digital subscription adds in 4Q18, ends 2018 with 3.4 million digital subscribers, 4.3 million total subscribers. $NYT PR link.

Cognizant(PBR194) hires Brian Humphries as CEO, effective 04/01/19, current CEO/Co-Founder Francisco D’Souza to become full-time Vice Executive Chairman until 06/30/19, will then remain on the Board. $CTSH PR link.

Arconic(PBR220) Chairman John Plant adds CEO role, succeeds Chip Blankenship, to serve as CEO for 1 year, Director Elmer Doty to serve as COO, Director Arthur Collins to serve as Lead Director, all effective immediately. $ARNC PR link.

Wells Fargo(PBR27) hires Julie Scammahorn as its Chief Auditor, to be effective in 04/19. $WFC PR link.

SAIC(PBR539) names Nathan Rogers as Chief Information Officer, succeeds retiring Bob Fecteau. $SAIC PR link.

The US Dept of Labor says US Revised 3Q18 Labor Productivity/Hour-All Persons was +1.8%, Output +3.9%, Hours Worked +2.1%, Real Compensation/Hour +0.9%. USDOL PR link.

The US Dept of Commerce says US November 2018 Total Goods Exported were $140.3 billion, Services $69.5 billion, Total Exports $209.8 billion; Total Goods Imported were $211.9 billion, Services $47.3 billion, Total Imports$259.2 billion, Total Deficit $49.4 billion, Total Deficit YTD(11 months) $552.3 billion, Total Deficit YTD 2017(11 months) $500.1 billion. USDOC PR link.

FreddieMac(PBR37) Insight reports that “… seniors born after 1931 are staying in their homes longer, and aging in place, resulting is higher homeownership rates for this group relative to previous cohorts. We estimate that this trend accounts for about 1.6 million houses held back from the market through 2018, representing about one year’s typical supply of new construction, or more than half of the current shortfall of 2.5 million housing units estimated in December’s Insight.” $FMCC PR link.

***Monday, February 4:

General Motors(PBR12 $GM) begins ‘vast majority’ of roughly 4,000 white-collar job cuts. Automotive News PR link.

GE(PBR19) to spin-off its Transportation Systems Holdings Inc on 02/14/19, will hold a portion of GE Transportation business unit which will merge with a Wabtec(PBR595)subsidiary. $GE PR link.

Tesla(PBR248 $TSLA) to acquire developer and manufacturer of ultracapacitors applied to the manufacturing of batteries Maxwell Technologies(NASDAQ: MXWL) for $4.75/share in all stock deal, 55% premium over 02/01/19 stock price close, deal valued at around $218 million, to close in 2Q19. Maxwell Technologies PR link.

NRG Energy(PBR269) completes $1 billion sale of its South Central business to Cleco Corporate Holdings. $NRG PR link.

Element Solutions(PBR607) to repurchase 37 million shares from Pershing Square Capital Management at a price of $11.72 per share. $ESI PR link.

Gannett(PBR688) board unanimously rejects MNG Enterprises‘ unsolicited $12/share cash, around $1.4 billion, proposal, says undervalues Gannett and is not in the best interests of Gannett and its shareholders, does not believe MNG’s proposal is credible. $GCI PR link.

Genesco(PBR720) completes $101 million cash sale of its Lids Sports Group headwear unit to FanzzLids Holdings, a holding company of affiliates of Ames Watson Capital. $GCO PR link.

Fred’s(PBR903) appoints CFO/interim CEO Joseph Anto as CEO, Ritwik Chatterjee as CFO, Nathaniel Klein as COO and Michael Ladd as Chief Stores Officer. $FRED PR link.

Chevron(PBR13) promotes Pierre Breber to VP/CFO, effective 04/01/19, succeeds Patricia Yarrington who is retiring after 38 years with the company; Mark Nelson will succeed Breber as EVP/Downstream and Chemicals, Colin Parfitt will become VP/Midstream, both effective 03/01/19. $CVX PR link.

Performance Food(PBR157) promotes SVP Craig Hoskins to corporate EVP and President/CEO of Foodservices segment. $PFGC PR link.

Newmont Mining(PBR374) hires Rob Atkinson as EVP/COO, effective 06/01/19, current President/COO Tom Palmer to remain President until he succeeds Gary Goldberg to become President/CEO. $NEM PR link.

Symantec(PBR519) hires Debora B. Tomlin as Chief Marketing Officer, effective 02/22/19. $SYMC PR link.

Kemper(PBR752) hires Kimberly A. Holmes as SVP/Chief Actuary and Strategic Analytics Officer. $KMPR PR link.

Pier 1 Imports(PBR905) hires Lance Wills as EVP/Chief Information Officer. $PIR PR link.

The US Dept of Commerce/Census says US Preliminary November 2018 Manufacturers New Orders-Durable Goods were at $250.8 billion, Non-Durable Goods $248.4 billion, Total$499.2 billion, -0.6% from October 2018, +4.1% from November 2017. USDOL PR link.

TD Ameritrade(PBR480)’s January 2019 Investor Movement Index falls to 4.28, a 6 year low. $AMTD PR link.

***Friday, February 1:

The PBRMarketTools US Stock Exchanges Recap for Week 5 ending 02/01/19:

DJIA ends the week at 25,063.89, +1.32% from last Friday, +0.26% MTD, +7.44% QTD/YTD, -6.58% from record 26,743.50 set 09/21/18.

NASDAQ ends the week at 7,263.87, +1.38% from last Friday, -0.25% MTD, +9.47% QTD/YTD, -10.43% from record 8,109.69 set 08/29/18.

SPX ends the week at 2,706.53, +1.57% from last Friday, +0.09% MTD, +7.97% QTD/YTD, -7.65% from record 2,930.75 set 09/20/18.

The Week 5 US Stock Exchanges Recap:
Monday was the only big day for The Stock Market Bear. The rest of the week pretty much belonged to The Stock Market Bull, who takes Week 5 3-0 and who keeps his unbeaten streak perfect so far for 2019.

The Week 5 YTD tally is:
The Stock Market Bull: 4 weeks
The Stock Market Bear: 0 weeks
Mixed Results: 1 week

The Week 5 News Summary: The US Federal Government partial shutdown ended, perhaps only for a few weeks while negotiations start up to meet the February 15 deadline. There were some strong corporate earnings reports from key companies. Private economic data showed a strong economy, as did the government economic data that was released. The jobs reports were particularly impressive. The Federal Open Market Committee kept short term federal funds rates at 2.25-2.50%, and seemed rather dovish regarding any further increases at least until June. US/China trade discussions seemed to be making good progress.

Archer-Daniels-Midland(PBR47) completes around $1.8 billion acquisition of France based global provider of value-added animal nutrition solutions Neovia. $ADM PR link.

HCA(PBR59) completes $1.5 billion acquisition of six-hospital system in Asheville and western North Carolina Mission Health. $HCA PR link.

3M(PBR87) completes total enterprise value of $1.0 billion acquisition of $200 million in revenues/year healthcare technology of cloud-based, conversational Artificial Intelligence (AI)-powered systems that help physicians efficiently capture and improve the patient narrative business of M*Modal, does not include other M*Modal business units.$MMM PR link.

HollyFrontier(PBR202) completes $655 million acquisition of global white oils, petrolatums and waxes supplier Sonneborn US Holdings and Sonneborn Coӧperatief UA. $HFC PR link.

CenterPoint Energy(PBR296) completes $72/share, $6 billion acquisition of Vectren(PBR756). $CNP PR link.

Steel Dynamics(PBR301) to acquire 75% majority stake with option to buy remaining 25% in the future Austin, TX-based painted Galvalume® flat roll steel used for roofing and siding applications distributor United Steel Supply for $134 million. $STLD PR link.

Chesapeake Energy(PBR302) completes $3.977 billion cash and stock acquisition of WildHorse Resource Development Corporation (NYSE:WRD), an oil and gas company with operations in the Eagle Ford Shale and Austin Chalk formations in SE Texas. $CHK PR link.

Thor Industries(PBR336) completes modified $2 billion acquisition of Germany based 7,300 employees $2.9 billion in revenues privately held international company Erwin Hymer Group, excludes EHG’s N American businesses, creates world’s largest RV manufacturer. $THO PR link.

ARRIS Intl(PBR408) shareholders approve $31.75/share, around $7.4 billion cash, includes repayment of debt, acquisition by CommScope(PBR533), to close 1H19. $ARRS PR link.

BGC Partners(PBR668) completes acquisition of Ed Broking Group Ltd, an independent Lloyd’s of London insurance broker with a strong reputation across Accident and Health, Aerospace, Cargo, Energy, Financial and Political Risks, Marine, Professional and Executive Risk, Property and Casualty, Specialty and Reinsurance. $BGCP PR link.

Performance Food(PBR157) Chairman Douglas M. Steenland has resigned, President/CEO George Holm elected to also be Chairman, Manuel A. Fernandez appointed Lead Independent Director. $PFGC PR link.

Roper Technologies(PBR531) hires Satish Maripuri as Group VP responsible for providing corporate leadership for several of its software businesses; separately, EVP Paul Soni is retiring. $ROP PR link.

The US Dept of Labor says US January 2019 Total Civilian Noninstutional Population is at 258,239,000, Total Employed is at 156,694,000, Total Unemployed is at 6,535,000, for an Unemployment Rate of 4.0%, December 2018 was at 3.9%, November 2018 3.7%, January 2018 4.1%. USDOL PR link.

The US Dept of Commerce/Census says US Preliminary November 2018 Total Construction Spending Annual Rate-Residential at $548.4 billion, Commercial$751.5 billion, Total 1.300 trillion, +0.8% from October 2018, +3.8% from November 2017. USDOC PR link.

The US Dept of Commerce/Census says US Preliminary November 2018 Wholesale Sales Annual Rate-Durable Goods was at $245.5 billion, Non-Durable Goods $259.8 billion, Total$505.3 billion, -0.6% from October 2018, +4.0% from November 2017. USDOC PR link.

The Institute for Supply Management says US January 2019 Manufacturing PMI Index(>50%=economy expanding) is at 56.6%, December 2018 was at 54.1%, November 201859.3%, January 2018 59.1%. ISM PR link.

The IHS Markit US January 2019 Manufacturing PMI Index is at 54.9, December 2018 was at 53.8, November 2018 55.3, January 2018 55.5. “… signalled a strong and faster improvement in the overall health of the sector …” IHS Markit PR link.

Automotive News says US January 2019 Total Light Vehicle Units Sold was estimated at 1,146,972, -1.1% from January 2018, Average Transaction Price was at $34,274, +1.9% from January 2018, Seasonally Adjusted Annual New Sales Rate at 16,900,000 light vehicles. Automotive News PR link.

The U of Michigan Final January 2019 Consumer Sentiment Index is at 91.2, December 2018 was at 98.3, November 201897.5, January 2018 95.7. UMichigan PR link.

***Thursday, January 31:

The PBRMarketTools US Stock Exchanges Recap for January 2019 Ending 01/31/19:

DJIA ends January 2019 at 24,999.67, +1.06% from last Friday, +7.17% MTD/QTD/YTD, -6.82% from record 26,743.50 set 09/21/18.

NASDAQ ends January 2019 at 7,281.74, +1.63% from last Friday, +9.74% MTD/QTD/YTD, -10.21% from record 8,109.69 set 08/29/18.

SPX ends January 2019 at 2,704.10, +1.48% from last Friday, +7.87% MTD/QTD/YTD, -7.73% from record 2,930.75 set 09/20/18.

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