The PBR1000 July 2018 Breaking News Items
International trade issues continue to dominate the business news. Will we see more or fewer cargo ships crossing the oceans?
By Larry C. Paxton
July 2018 was marked by trade tensions and threatened tariffs, but eased down towards the end of the month. The US economy continues to show good strength as indicated by the 4.1% GDP growth rate announced at the end of the month. However, the technology sector struggled with cybersecurity and identity issues.
Here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for July 2018, starting with the last active business day
***Tuesday, July 31:
The PBRMarketTools US Stock Exchanges Recap for the Month of July Ending 07/31/18:
DJIA ends July 2018 at 25,415.19, -0.14% from last Friday, +4.71% MTD/QTD, +2.82% YTD, -4.51% from record 26,616.71 set 01/26/18.
NASDAQ ends July 2018 at 7,671.79, -0.85% from last Friday, +2.15% MTD/QTD, +11.13% YTD, -3.28% from record 7,932.24 set 07/25/18.
SPX ends July 2018 at 2,816.29, -0.09% from last Friday, +3.60% MTD/QTD, +5.34% YTD, -1.97% from record 2,872.87 set 01/26/18.
The Stock Market Bull clearly had a strong month across the major US stock exchanges and now leads the Stock Market Bear 4 months to 2 months with 1 month mixed through July.
UPS(PBR41) partners with Thor Trucks to develop and test a fully-electric class 6 delivery truck in Los Angeles, CA, to deploy later in 2018. $UPS PR link.
Charter Communications(PBR67) in 2Q18 report says it has 27.6 million total customer relationships, a 3.3% increase from 2Q17, and 52.9 million total Primary Service Units. $CHTR PR link.
Facebook(PBR69) removes 32 pages and accounts from Facebook and Instagrambecause they were involved in coordinated inauthentic behavior, in very early stages of investigation. $FB PR link.
Medtronic(PBR94) gets US FDA approval for the Implantable System for Remodulin® (ISR)to treat patients with pulmonary arterial hypertension (PAH). $MDT PR link.
Starbucks(PBR124) opens its first USstandalone Italian themed Princi boutique bakery and café, located in Seattle, to open additional locations in New York and Chicago in the fall. $SBUX PR link.
Qualcomm(PBR125) commences tender offer to purchase up to $10 billion of its shares for $60.00/share to $67.50/share, expires 08/27/18. $QCOM PR link.
VISA(PBR153) renews Olympic partnershipthrough 2032, started in 1986, includes support of the International Paralympic Committee (IPC) and the Paralympic Games as well. $V PR link.
MGM Resorts(PBR269) becomes official gaming partner with the Natl Basketball Assn(NBA) and Womens NBA in multi-year deal. $MGM PR link.
Royal Caribbean(PBR322) completes $1 billion acquisition of 66.7% equity stake in privately owned luxury and expedition cruising provider Silversea Cruises. $RCL PR link.
Fortive(PBR406) to acquire privately held $270 million in revenues/2018 physical resource management software provider Accruent from Genstar Capital for $2.0 billion cash, to close 3Q18. $FTV PR link.
United Rentals(PBR409) completes $715 million cash acquisition of 950 employees $295 million in revenues for 12 months ending 05/31/18 multinational tank, pump, filtration and trench shoring rental solutions for a broad range of industrial and construction applications provider BakerCorp. $URI PR link.
Pioneer Natural Resources(PBR477) to sell its West Panhandle assets in Texas to an undisclosed buyer for $201 million. $PXD PR link.
AMC Entertainment(PBR504) Stubs A-Listenrollment exceeds 175,000 fully paid members after 5 weeks, well ahead of projections, aiming for 500,000 by 06/30/19, 1 million by 06/30/20, Stubs program currently has 15.8 million members. $AMC PR link.
Nationstar Mortgage(PBR929) acquisition by legacy reinsurance business provider WMIH Corp(NASDAQ: WMIH)(fka Washington Mutual) is completed, to continue trading as WMIH, will be changing name to Mr Cooper Group Inc(NASDAQ: COOP), considering reverse stock split. $NSM PR link.
McKesson(PBR5) promotes Brian Tyler, PhD, to President/COO. $MCK PR link.
FirstEnergy(PBR208) early retirement plan to be used by EVP/Corporate Strategy, Regulatory Affairs & Chief Legal Officer Leila Vespoli, retires 04/01/19, EVP/Finance James Pearson by 04/01/19, SVP/Chief Human Resources Charles Lasky on 06/01/19. $FE PR link.
American Tower(PBR405) EVP & President/US Tower Division Steven Marshall stepping down, Steve Vondran named successor, effective 08/01/18. $AMT PR link.
Owens Corning(PBR425) President/Roofing Brian Chambers promoted to newly created role of COO, Gunner Smith promoted to President/Roofing. $OC PR link.
Agilent Technologies(PBR539) SVP/CFO Didier Hirsch to retire on 10/31/18, Robert W. McMahon hired as SVP, effective 08/03/18, will become CFO on 09/01/18. $A PR link.
Moody’s(PBR570) hires Mark Kaye as SVP/CFO, effective 08/20/18. $MCO PR link.
Hologic(PBR698) CFO Bob McMahon leaving to become CFO at Agilent Technologies(PBR539), Chief Accounting Officer Karleen Oberton is named CFO successor. $HOLX PR link.
The US Dept of Treasury says US Total Debt Held By the Public on 07/30/18 is $15.566 trillion, Intragovernmental Holdings $5.733 trillion, Total National Debt $21.299 trillion, +0.5% from 06/29/18, +3.9% YTD, +7.3% from 07/31/17. USTreasury PR link.
The US Dept of Treasury says US 10 Year Treasury Note Yield on 07/31/18 was at 2.96%, 06/29/18 was 2.85%, 05/31/18 2.83%, 07/31/172.30%. USTreasury PR link.
The US Dept of Commerce/BEA says US Preliminary June 2018 Total Personal Income Annual Rate is at $17.572 trillion, +0.4% from May 2018, +5.1% from June 2017; Personal Savings Rate is at 6.8%, Effective Tax Rate11.7%. USDOC PR link.
The US Dept of Labor says US June 2018 Employment Cost Index(12/2005=100) is at 133.3, +0.6% from March 2018, +2.8% from June 2017. USDOL PR link.
The Federal Reserve Bank of Chicago says US 7th District Preliminary June 2018 Midwest Economy Index is at +0.40, May 2018was +0.58. ChiFed PR link.
The MNI July 2018 Chicago Business Barometer(>50=Gaining) is at 65.5, June 2018was at 64.1, May 2018 62.7, July 2017 58.9. MNI/ISM Chicago PR link.
The S&P CoreLogic Case-Shiller US May 2018 National Home Price NSA Index(01/2000=100)is at 202.95, April 2018 was 200.82, March 2018 198.83, May 2017 190.77. Case-Shiller PR link.
The Conference Board says US Preliminary July 2018 Consumer Confidence Index(1985=100) is at 127.4, June 2018 was 127.1. TCB PR link.
The American Automobile Assn says US Average Price/Gallon of Regular Gas on 07/31/18 was at $2.862, +0.3% from 06/29/18, +23.6% from 07/31/17. AAA PR link.
***Monday, July 30:
Johnson & Johnson(PBR36) Consumer unit to acquire privately held Zarbee’s, Inc, includes the full line of Zarbee’s Naturals™ products for children and adults, to close 3Q18, terms not disclosed. $JNJ PR link.
Caterpillar(PBR62) 2Q18 report says it has authorized a new $10 billion share repurchase program effective 01/01/19 with no expiration date, current $10 billion authorization from 01/01/14 expires 12/31/18, has $4.2 billion remaining. $CAT PR link.
T-Mobile(PBR70) signs $3.5 billion agreement for Nokia to provide its complete end-to-end 5G technology, software and services portfolio to accelerate US launch of T-Mobile’s 5G network. $TMUS PR link.
Tyson(PBR75) issues profit warning because of uncertainty of trade policies and tariffs, primarily chicken and pork, increased volatility in the commodities markets, lowers benefit from tax reforms. $TSN PR link.
US Foods(PBR115) to acquire Services Group of America‘s $3.2 billion in sales/2017 3,400 employees Food Group of Companies, includes 5 operating units, for $1.8 billion cash. $USFD PR link.
CBS(PBR214) selecting outside counsel to conduct an independent investigation into allegations of misconduct made against CEO Les Moonves, postpones annual shareholders meeting, no date yet set. $CBS PR link.
MGM Resorts(PBR269) and GVC Holdings PLC (LON: GVC) establish a 50/50 joint venture to create a world-class sports betting and online gaming platform in the US, initial investment is $100 million each. $MGM PR link.
MGM Resorts(PBR269) in joint venture with GVC and in partnership with Boyd Gaming(PBR727) to offer online and mobile gaming platforms – including sports betting, casino gaming and poker – in jurisdictions, currently 15 states, where either Boyd Gaming or MGM Resorts operate physical casino resorts and online licenses are available. $MGM PR link.
Frontier Communications(PBR312) and the Communications Workers of America District 9(California) amend and extend current contracts through 09/20, affects 2,700 employees. $FTR PR link.
KKR(PBR674 $KKR) and Williams Cos(PBR343) joint venture to acquire operator of southern part of Colorado’s Denver-Julesburg Basin natural gas and oil pipelines Dallas, TX, based Discovery Midstream from TPG Growth for $1.2 billion. Williams to also sell Four Corners Assets for $1.125 billion, to close 2H18. $WMB PR link.
Alliance Data(PBR357) authorizes new $500 million share repurchase program, starts 08/01/18, expires 07/31/19. $ADS PR link.
Dana(PBR380) to buy the $730 million in revenues/2017 5,900 employees in 10 manufacturing/engineering facilities around the globe Drive Systems segment of the Oerlikon Group (SIX: OERL) for around $600 million, to close late 2018/1Q19. $DAN PR link.
Harley-Davidson(PBR470) shares its “More Roads to Harley-Davidson” growth plan through 2022, includes new modular 500cc to 1250cc middleweight platform of motorcycles to launch in 2020, first electric motorcycle, LiveWire™, to launch in 2019. $HOG PR link.
Caesars Entertainment(PBR519) to introduce sports betting into its Atlantic City, Gulf Coast and Tunica properties in July and August, using Scientific Games(PBR696) sportsbook OpenBet platform. $CZR PR link.
AMC Networks(PBR726) to acquire digital channel company RLJ Entertainment(NASDAQ: RLJE) for $6.25/share, $274 million cash, to become an independent subsidiary, has 800,000 subscribers from its British/international oriented Acorn TVand Urban Movie Channel(UMC) with emphasis on African American and urban audiences. $AMCX PR link.
Fossil Group(PBR732) gets global licensing agreement through 2023 with BMW for watches and smartwatches. $FOSL PR link.
Macquarie Infrastructure(PBR886) to sell 644 MW power generation facility Bayonne, NJ, based Bayonne Energy Center for around $900 million cash, to close 4Q18. $MIC PR link.
TrueBlue(PBR778) CEO Steven Cooper to become Chairman, President/COO Patrick Beharelle to be CEO, effective 09/01/18. $TBI PR link.
Tesla(PBR250) hires Dave Morton as Chief Accounting Officer, was EVP/CFO for Seagate Technology. $TSLA PR link.
Avon Products(PBR467) hires Benedetto Conversano to newly-created role of SVP/Chief Digital & Information Technology Officer, effective 09/03/18, succeeds retiring Sue Liddie, GVP/Chief Information Officer, and will have additional digital related responsibilities. $AVP PR link.
TransDigm(PBR640) promotes Mike Lisman to CFO, interim CFO Jim Skulina named SVP/Finance. $TDG PR link.
The US Dept of Treasury says it expects to borrow $329 billion in privately-held net marketable debt in July-September 2018 quarter, expects to borrow $440 billion in October-December 2018 quarter. US Treasury PR link.
***Friday, July 27:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 07/27/18:
DJIA ends week at 25,451.06, +1.57% from last Friday, +4.86% MTD/QTD, +2.96% YTD, -4.38% from record 26,616.71 set 01/26/18.
NASDAQ ends week at 7,737.42, -1.06% from last Friday, +3.02 MTD/QTD, +12.08% YTD, -2.46% from record 7,932.24 set 07/25/18.
SPX ends week at 2,818.82, +0.61% from last Friday, +3.70% MTD/QTD, +5.43% YTD, -1.88% from record 2,872.87 set 01/26/18.
Weekly Summary: By the end of Wednesday it looked like the Stock Market Bull had a firm lock on the week, all US exchanges were well up, NASDAQ reached a new record, trade tensions with the European Union had eased. But the Stock Market Bear, masquerading as Facebook and Twitter, made an entrance, spoiling the week for NASDAQ which finished down. As a result, it was another mixed weekwith the Stock Market Bull again taking 2 exchanges to 1. The Stock Market Bull retains his small lead with 13 win weeks to the Stock Market Bear’s 12, with 5 weeks now ending mixed.
21st Century Fox(PBR101 $FOX) and Walt Disney(PBR53) shareholders from both companies approve Walt Disney $38/share, $71.3 billion acquisition of Fox Entertainmentassets. $DIS PR link.
NextEra Energy(PBR162) and Alliant Energy(PBR654 $LNT) agree to shorten the term of the Duane Arnold Energy Center power purchase agreement, will close in late 2020, Alliant to purchase power from 4 NextEra existing wind projects, NextEra to invest around $650 million in existing and new renewables generation across Iowa by end of 2020. $NEE PR link.
American Electric Power(181) cancels regional Wind Catcher project, plans to invest $24 billion in 2018 through 2021 to rebuild and enhance aging infrastructure, add advanced technologies to the energy system. $AEP PR link.
JetBlue(PBR389) pilots ratify a new 4 year agreement, starts 08/01/18. $JBLU PR link.
Timken(PBR701) to acquire Milan, Italy, based $140 million in revenues/2018 600 employees linear motion products engineering firm Rollon Group, to close by end of 09/18, terms not disclosed. $TKR PR link.
Twitter(PBR794) says 2Q18 revenues of $711 million was 24% over 2Q17, Daily Average Users +11%, Monthly Average Users at 335 million, +9 million from 2Q17, down 1 million from 1Q18 from recent decision to eliminate fake accounts. $TWTR PR link.
CBS(PBR213 $CBS) says it will investigate allegations of misconduct made against CEO Les Moonves by The New Yorker in an article written by Ronan Farrow. MarketWatch PR link.
AGCO(PBR335) offers 144,611 shares of restricted stock to vest on 12/31/20 for Chairman/President/CEO Martin H. Richenhagen as an inducement not to retire. $AGCO PR link.
The US Dept of Commerce says US Advanced Estimate 2Q18 Real Gross Domestic Product Annual Rate is at +4.1%, 1Q18 was +2.2%, 4Q17 +2.3%; Annual GDP is at $20.403 trillion, +1.8% from 1Q18, +5.4% from 2Q17. USDOC PR link.
The U of Michigan US Final July 2018 Consumer Sentiment Index is at 97.9, says despite the expectation of higher inflation and higher interest rates during the year ahead, consumers have kept their confidence at high levels due to favorable job and income prospects, June 2018 was 98.2, May 2018 98.0, July 2017 93.4. UMichigan PR link.
***Thursday, July 26:
Walmart(PBR1) enters longterm agreement for Capital One(PBR116) to be exclusive issuer of Walmart’s private label and co-branded credit card program in the US beginning 08/01/19. $WMT PR link.
Walmart(PBR1) launches new online shopping destination for the baby department, has added 30,000+ items, focus on nursery items. $WMT PR link.
ExxonMobil(PBR2) starts up new 1.5 million tons/year ethane cracker in its Baytown, TX, chemical and refining complex. $XOM PR link.
Facebook(PBR69 $FB) stock drops roughly 20%, loses $120 billion in value after warning that revenue growth will take a hit. MarketWatch PR link.
Cummins(PBR143) celebrates production of its 2 millionth engine at Jamestown Engine Plantfacility in Jamestown, NY. $CMI PR link.
Allergan(PBR174) authorizes new $2.0 billion share repurchase program, expects to deploy over the next 12 months. $AGN PR link.
Chesapeake Energy(PBR302) to sell Utica Shale position for $2 billion to private Houston, TX, based Encino Acquisition Partners. $CHK PR link.
United Natural Foods(PBR309) to acquire SuperValu(PBR164) for $32.50/share, $2.9 billion cash, includes debt, to close 4Q18, plans to divest SUPERVALU retail assets over time. $UNFI PR link.
Newmont Mining(PBR372) acquires 50% stake in Galore Creek Project in British Columbia, CAN, Teck Resources has other 50%, undeveloped site has estimated 8 million ounces of gold, 9 billion pounds of copper. $NEM PR link.
Fiserv(PBR469) gets 25 year longterm naming rights agreement for the nearly completed Wisconsin Entertainment and Sports Center, now called Fiserv Forum, home of the Milwaukee Bucks major league basketball team and Marquette University Golden Eaglesmen’s basketball team, terms not disclosed. $FISV PR link.
Welltower(PBR562) completes $20.75/share $4.4 billion acquisition of Quality Care Properties, Inc. (NYSE: QCP), 20% joint venture partner regional not-for-profit health system ProMedica Health System will provide operations support. $WELL PR link.
KKR(PBR674) to acquire multiple Caiforniafacilities 50,000 members, 4,000 employees active lifestyle and hospitality company The Bay Club from York Capital Management, terms not disclosed. $KKR PR link.
FMC Corp(PBR719) to rebrand its lithium materials business upon separation as a separate public company as Livent Corporation. $FMC PR link.
GGP(PBR811) stockholders approve acquisition by Canadian based global commercial real estate company Brookfield Property(NYSE: BPY) for $23.50/share, $9.25 billion cash, to close by end of 08/18. $GGP PR link.
Amgen(PBR122) EVP/Research & Development Sean Harper, MD, to retire, to be succeeded by SVP/Translational Sciences & Oncology David M. Reese, MD; EVP/Global Commercial Operations Anthony Hooper to retire, Murdo Gordon hired to be successor, effective 09/03/18. $AMGN PR link.
Alliance Data(PBR357) CFO Charles Horn to retire in 2019, succession plan to be implemented. $ADS PR link.
NCR(PBR415) announces new organizational structure, hires Owen Sullivan as COO, Frank D’Angelo as President/Banking, Paul Langenbahn as President/Commerce, Tim Vanderham as Chief Technology Officer, and Debra Bronder as SVP/Chief Human Relations Officer. $NCR PR link.
Regions Financial(PBR446) promotes John Owen to SrEVP/COO. $RF PR link.
The US Dept of Labor says US 4 Week Average Initial Unemployment Claims for Week Ending 07/21/18 was at 218,000, -1.8% from 06/23/18, -10.7% from 07/20/17. USDOL PR link.
The US Dept of Commerce/Census says US 2Q18 Total Housing Units were at 138,313,000, Occupancy Rate at 87.7%, Home Ownership Rate at 64.3%, 1Q18 was at 64.2%, 2Q1763.7%. USDOC PR link.
FreddieMac(PBR38) says US Average 30 Year Fixed Rate Mortgage on 07/26/18 was 4.54% with 0.5 points/fees, was 4.55% on 06/28/18, 4.56% on 05/31/18, 3.92% on 07/27/17. $FMCC PR link.
***Wednesday, July 25:
Facebook(PBR69) 2Q18 report shows 42% increase in revenues from 2Q17 to $13.038 billion, Daily Active Users in 06/18 were at 1.47 billion, +11% year over year. $FB PR link.
Honeywell(PBR71) Homes unit to be called Resideo after spin-off as a standalone public traded company in late 2018, emphasis will be home comfort and security using established channels. $ADP PR link.
Qualcomm(PBR125) in 3Q18 report says it is terminating its $44 billion cash agreement to purchase NXP Semiconductors(NASDAQ: NXPI), cites lack of timely approval by Chinaregulators, as a result intends to pursue an up to $30 billion share repurchase program. $QCOM PR link.
Qualcomm(PBR125 $QCOM) suggests Apple(PBR4 $AAPL) will use Intel(PBR44 $INTC) modems in new iPhone. MarketWatch PR link.
ONEOK(PBR239) to acquire 20% it doesn’t own in West Texas LPG Pipeline Limited Partnership for $195 million cash, to close on 07/31/18, will be sole owner. $OKE PR link.
Mattel(PBR517) in 2Q18 report says it is laying off 2,200 positions, representing 22% of global non-manufacturing workforce, as well as completing planned sale of manufacturing sites in Mexico, affected by “Toy R US” liquidation, Structural Simplification program to help it return to profitability. $MAT PR link.
TD Ameritrade(PBR614) Network financial news and education broadcast channel to launch 2 new daily programs, “Fast Market” and “Virtual Trade”, designed to provide market insight and trading education to viewers across varying proficiency levels. $AMTD PR link.
Bright Horizons(PBR909) launches Early Education Degree Achievement Plan to provide free college tuition for all full-time employees in the company’s early education centers and preschools in partnership with 4 higher education institutions. $BFAM PR link.
Marathon Petroleum(PBR37) Chairman/CEO Gary R. Heminger will continue in those roles after $35.6 billion acquisition in 2H18 of Andeavor(PBR82), 7 executives from MPC and 3 from ANDV will complete the leadership team. $MPC PR link.
Gilead Sciences(PBR108) President/CEO John F. Milligan, PhD, to step down by 12/31/18, been with company 28 years. $GILD PR link.
Best Buy(PBR65) Sr EVP and President/Multi-Channel Retail Shari Ballard stepping down effective 08/03/18, will serve in an advisory position through 03/19. $BBY PR link.
Albemarle(PBR697) Chief Strategy Officer Eric Norris named President/Lithium, President/Bromine Specialties Raphael Crawford to President/Catalysts, and hires Netha Johnson to be President/Bromine Specialties. $ALB PR link.
Albemarle(PBR697) VP/Treasurer Dave Ryan to become VP/Corporate Strategy & Investor Relations, Asst Treasurer Amy Dunbar becomes VP/Treasurer. $ALB PR link.
The US Dept of Commerce/HUD says US Preliminary June 2018 New Family Home Sales Annual Rate is at 631,000 units, -5.3% from May 2018, +2.4% from June 2017; June 2018 Median Sales Price is at $302,100, -2.5% from May 2018, -4.2% from June 2017. USDOC PR link.
The US Energy Information Administrationsays US Crude Oil Stocks on 07/20/18 were at 404.9 million barrels of oil, -2.8% from 06/22/18, -16.2% from 07/21/17. USEIA PR link.
ADP(PBR234) 2Q18 Workforce Vitality Reportshows National Average Wage Growth Rate of +3.0%, consistent with a tightening labor market, 1Q18 was +2.9%, 2Q17 +2.7%; 2Q18 National Average Turnover Rate at 63.0%, 1Q18 was 62.7%, 2Q17 59.9%. $ADP PR link.
***Tuesday, July 24:
Verizon(PBR16) says it had 531,000 retail postpaid net wireless additions, including 398,000 postpaid smartphone net adds in 2Q18, revenue growth at 4.7% year over year. $VZ PR link.
Verizon(PBR16) to launch residential 5G broadband in Houston, TX, in 2H18, already has plans for Sacramento and Los Angeles, 4th market to be announced. $VZ PR link.
Pfizer(PBR55) to build cutting-edge sterile injectable facility in Michigan, investing nearly $500 million in US manufacturing, to create 450+ jobs. $PFE PR link.
AbbVie(PBR102) gets US FDA approval of ORILISSA™ (elagolix) for management of moderate to severe pain associated with endometriosis. $ABBV PR link.
Marriott Intl(PBR120) signs agreement with luxury hospitality development firm Flag Luxury Group to build a more than $500 million Ritz-Carlton Hotel and Residences Tower in NYC’s NoMad neighborhood, will be 500+ feet in height, have 250 hotel rooms, 16 branded residences, to open in 2021. $MAR PR link.
Eli Lilly(PBR121) to separate Elanco Animal Health with Initial Public Offering, will have a minority stake, to complete in 2H18. $LLY PR link.
Aramark(PBR195) to significantly reduce single-use disposable plastics across its global food service operations by 2022. $ARMK PR link.
Netflix(PBR251) establishes first European production hub in Madrid, Spain, 22,000 square meters campus, over 13,000 cast, crew and extras working on 20 Netflix original productions across the country. $NFLX PR link.
eBay(PBR299) to provide its US sellers with greater access to business financing through partnership with Square(PBR835) Capital unit, up to $100,000. $EBAY PR link.
Harley-Davidson(PBR470) says 2Q18motorcycles sold were at 78,428, 2Q17 was 81,368, 1H18 was 129,514, 1H17 136,437, anticipates 231,000-236,000 for 2018. $HOG PR link.
Synovus Financial(PBR951) to acquire FCB Financial Holdings, Inc. (NYSE: FCB), owner of Florida Community Bank (FCB), Florida’s largest community bank, for $2.9 billion in all stock deal. $SNV PR link.
Comerica(PBR673) EVP/Corporate Development , Strategy, and Corporate Planning Jay Oberg to become Chief Risk Officer, effective 01/01/19, succeeds retiring Michael H. Michalak. $CMA PR link.
Brinker Intl(PBR686) hires Kelly Baltes as EVP and President/Maggiano’s Little Italy®. $EAT PR link.
The Federal Reserve Bank of Richmond says the US Fifth District July 2018 Manufacturing Index(Annualized) is at 20%, remains in solid expansionary territory, June 2018 was 21%, May 2018 17%. RichmondFed PR link.
The Federal Reserve Bank of Richmond says the US Fifth District July 2018 Service Sector Revenue Index(Annualized) is at 23%, shows strong growth, June 2018 was 19%, May 201816%. RichmondFed PR link.
***Monday, July 23:
ExxonMobil(PBR2) increases estimate for Guyana’s Stabroek Block from 3.2 billion to 4 billion barrels of oil. $XOM PR link.
Lockheed(PBR57) has hired 1,800+ employees in support of F-35 fighter aircraft since 01/2017, to add 400 more F-35 support jobs for Fort Worth, TX, facility. $LMT PR link.
Nike(PBR83 $NKE) raises pay for 7,000 workers to improve compensation equality. MarketWatch PR link.
Qualcomm(PBR125) Technologies subsidiary unveils world’s first fully-integrated 5G NR millimeter wave (mmWave) and sub-6 GHz RF modules for smartphones and other mobile devices. $QCOM PR link.
LifePoint Health(PBR377) to be acquired by RCCH Healthcare Partners, which is owned by Apollo Global Mgmt(PBR763) and affiliates, for $65.00/share, a 36% premium on 07/20/18 closing stock price, $5.6 billion, includes $2.9 billion net debt, to close in next several months, combined companies to be private, called LifePoint Health, remain headquartered in Brentwood, TN. $LPNT PR link.
Intercontinental Exchange(PBR462) completes $685 million cash acquisition of fixed income marketplace TMC Bonds. $ICE PR link.
KKR(PBR674) to acquire Taiwan based chemical products company LCY Chemical Corp in $1.56 billion share swap, to close in 4Q18. $KKR PR link.
Boston Properties(PBR766) and the Canada Pension Plan Investment Board form 55/45 joint venture, complete $628 million acquisition of 47 acre, 21 buildings, net 1.2 million rentable sf, 94% occupied, Santa Monica Business Park. $BXP PR link.
Popular(PBR844) authorizes up to $125 million share repurchase program. $BPOP PR link.
Fannie Mae(PBR20) announces CEO Timothy J. Mayopoulos to step down by end of 2018, EVP/CFO David Benson promoted to President, Celeste Brown promoted to EVP/CFO, both effective 08/06/18. $FNMA PR link.
Tenneco(PBR307) selects Brian J. Kesseler as CEO of Aftermarket and Ride Performanceunit, and Roger J. Wood as CEO of Powertrain Technology unit, both units to become independent, publicly traded companies in 2H19. $TEN PR link.
Vitamin Shoppe(PBR995) hires Sharon M. Leite as CEO, effective 08/27/18. $VSI PR link.
Bristol-Myers Squibb(PBR139) EVP/Chief Commercial Officer Murdo Gordon leaving, effective 08/03/18, for another opportunity. $BMY PR link.
Lithia Motors(PBR285) hires Erik Lewis as SVP/Chief Human Relations Officer, succeeds Chris Holzshu who is now an EVP. $LAD PR link.
RPM Intl(PBR512) VP/Public Affairs Randell McShepard now also in newly created role of Chief Talent Officer. $RPM PR link.
Domino’s Pizza(PBR731) promotes Tom Curtis to EVP/Team USA, succeeds Stan Gage who recently purchased 12 Domino’s stores to become a franchisee. $DPZ PR link.
Cabot Corp(PBR748) EVP & President/Performance Chemicals segment and Europe, Middle East and Africa (EMEA) region Nicholas Cross stepping down for personal reasons, effective 10/01/18 SVP Jay Doubman and VP Aled Rees to add these responsibilities. $CBT PR link.
The Federal Reserve Bank of Chicago says US Preliminary June 2018 National Activity Index is at +0.43, indicating a rebound in economic growth, May 2018 was at -0.43, April 2018 +0.49, June 2017 +0.12. ChicagoFed PR link.
The Natl Assn of Realtors says US Preliminary June 2018 Existing Home Sales Annual Rate is at 5.380 million, -0.6% from May 2018, -2.2% from June 2017; June 2018 Median Existing Home Price is at all time high of $276,900, +4.6% from May 2018, +5.2% from June 2017. NAR PR link.
Jobs: Boeing(PBR29) releases 2018 Pilot & Technician Outlook, forecasts a 20-year demand for 790,000 pilots, double the current workforce. $BA PR link.
***Friday, July 20:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 07/20/18:
DJIA ends week at 25,058.12, +0.15% from last Friday, +3.24% MTD/QTD, +1.37% YTD, -5.86% from record 26,616.71 set 01/26/18.
NASDAQ ends week at 7,820.20, -0.07% from last Friday, +4.13 MTD/QTD, +13.28% YTD, -0.44% from record 7,855.12 set 07/17/18.
SPX ends week at 2,801.83, +0.02% from last Friday, +3.07% MTD/QTD, +4.80% YTD, -2.47% from record 2,872.87 set 01/26/18.
Weekly Summary: It was a week where the word “would” or “would’t” played a big role in the summit between President Trump and Russia’s Putin. Federal Reserve Chairman Powell was cautiously upbeat about the US economy during Congressional hearings, which was backed up by its Beige Book release. Quarterly earnings reports came in somewhat mixed. Similarly, the Stock Market Bull and Stock Market Bear played a back and forth tug-of-war game throughout the week in which either could have won. At the end the margins were narrow and results mixed, with the Stock Market Bull taking a 2-1 edge. Year-to-Date the Stock Market Bull maintains a very slight lead with 13 to 12 win weeks and with 4 weeks now being mixed results.
Amazon(PBR8) to open first fulfillment center in Eastern Washington, in Spokane, 600,000 sf facility, to employ 1,500+ full-time associates. $AMZN PR link.
Pfizer(PBR55) gets US FDA approval for NIVESTYM™ (filgrastim-aafi), a biosimilar to Amgen(PBR122)’s Neupogen1 (filgrastim), for patients with neutropenia, many of whom have cancer and can be hospitalized for potentially life-threatening side effects stemming from chemotherapy. $PFE PR link.
Aramark(PBR195) is first sports concessionaire to pilot iPhone and Apple Business Chat and Apple Pay apps at Citizens Bank Park, home of the Philadelphia Phillies, allows fans in designated sections to order certain menu items for delivery to their seat. $ARMK PR link.
State Street(PBR262) to acquire privately held Burlington, MA, $300+ million in revenues/2017 300 clients investment management front office tools and solutions provider Charles Lab Development for $2.6 billion, to close 4Q18. $STT PR link.
Boston Scientific(PBR315) to acquire privately held Claret Medical, developer of the Sentinel® Cerebral Embolic Protection System used to protect the brain during certain interventional procedures, predominately in patients undergoing transcatheter aortic valve replacement (TAVR), for $220 million cash up front plus up to $50 million for milestone achievements. $BSX PR link.
Platform Specialty(PBR606) to sell its Agriculture Solutions business, Arysta LifeScience and its assets, to UPL Corporationfor $4.2 billion cash, to close late 2018/early 2019. $PAH PR link.
Platform Specialty(PBR606) to change name to Element Solutions Inc(NYSE: ESI) upon completion of sale of its Arysta LifeScienceunit; authorizes up to $750 million share buyback program after Arysta LifeScience sale. $PAH PR link.
Lowe’s(PBR40) hires Joe McFarland as EVP/Stores. $LOW PR link.
PPG(PBR193) promotes Anne M. Foulkes to SVP/General Counsel & Secretary, effective 08/01/18, succeeds retiring Glenn Bost. $PPG PR link.
Equifax(PBR659) promotes Paulino do Rego Barros Jr to President/US Information Systems, succeeds leaving Trey Loughran. $EFX PR link.
***Thursday, July 19:
Snapshot 15 Summary: The PBR1000 June 2018 Top 5 By Market Capitalization(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 06/29/18 Market Capitalization in Billions of $):
1. Apple(PBR4 $AAPL), $910B
2. Amazon(PBR8 $AMZN), $824B
3. Alphabet(PBR24 $GOOG), $780B
4. Microsoft(PBR31 $MSFT), $758B
5. Facebook(PBR69 $FB), $563B
Range: $910 billion to $0.01 billion
The PBR1000 Total: $26.212 trillion, +1.16% YTD(6 months), +20.08% from 12/30/17(18 months)
Average: $26.212 billion
Median: $8.15 billion
AT&T(PBR9 $T) $85.4 billion cash/stock acquisition of Time Warner(PBR90) lawsuit by the US Dept of Justice requested to be fast-tracked by DOJ. MarketWatch PR link.
Chevron(PBR13) gets climate change lawsuit by NY City dismissed by US District Court, judge says claims arise under federal common law, require uniform standard of decision. $CVX PR link.
Comcast(PBR33) says it is will no longer pursue acquisition of 21st Century Fox(PBR101)assets, will focus on UK based Sky plcacquisition. $CMCSA PR link.
Cisco(PBR60 $CSCO) says Amazon(PBR8 $AMZN) Web Services says it isn’t making a “commercial” networking switch, would compete directly with Cisco. GeekWire PR link.
Delta(PBR68) and Calgary, Alberta, CAN, based WestJet to create a comprehensive transborder joint venture arrangement that will offer customers an extensive route network within the US and Canada. $DAL PR link.
Merck(PBR73) net prices across US products are down 1.9%, commits to not increasing prices by more than inflation rate, lowering price of Hepatitis C therapy ZEPATIER by 60%, several other medicines by 10%. $MRK PR link.
Starbucks(PBR124) to open its first Deaf-friendly US Signing Store, to be in Washington, DC, in 10/18, near Gallaudet University, will hire 20-25 Deaf from across the US. $SBUX PR link.
Danaher(PBR154) to spin-off Dental unit as a separate independent, publicly traded company, did $3 billion in revenues in 2017, has 12,000 employees, to be completed in 2H19. $DHR PR link.
Concho Resources(PBR769) completes $9.5 billion all stock acquisition of RSP Permian(NYSE: RSPP), expands Concho’s strategic portfolio in the Permian Basin to approximately 640,000 net acres, now largest unconventional shale producer in the Permian Basin. $CXO PR link.
The Federal Reserve Bank of Philadelphiasays the 3rd District July 2018 Manufacturing General Activity Indicator is at 25.7, indicates continued expansion of manufacturing activity, June 2018 was 19.9, May 2018 34.4, July 201723.2. PhillyFed PR link.
The Conference Board says the US Preliminary June 2018 Leading Economic Index(2016=100) is at 109.8, points to continuing solid growth in the US economy, May 2018 was 109.3, April 2018 109.3, June 2017128.1. TCB PR link.
Jobs: President Trump signs an Executive Order to establish the National Council for the American Worker which will develop a National strategy for training and retraining the workers needed across high-demand industries, 20+ companies/associations sign a new Pledge to America’s Workers. White House PR link.
***Wednesday, July 18:
Snapshot 13 Summary: The PBR1000 Top 5 Stock Performers Since 12/30/16(18 Months)(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 06/29/18 Stock Price, % Increase from 12/30/16):
1. Weight Watchers(PBR976 $WTW), $101.10, +783%
2. BlueLinx(PBR885 $BXC), $37.53, +402%
3. RH(PBR795 $RH), $139.70, +355%
4. Square(PBR835 $SQ), $61.64, +352%
5. Systemax(PBR982 $SYX), $34.33, +291%
Range: +783% to -89%
Number of Companies at 0% or Better:647/1,000
Average: +19.73%
Median: +11.33%
Tomorrow: Snapshot 15 Summary: The PBR1000 June 2018 Top 5 By Market Capitalization.
Not a full subscriber to the much more detailed and insightful analytics of the monthly The PBR1000 Snapshots or The PBRMarketTools US Economic Indices Snapshots? Click here!
Amazon(PBR8) Prime members purchase more than 100 million items during Prime Day event, best sellers were Fire TV Stick with Alexa Voice Remote and Echo Dot. $AMZN PR link.
Alphabet(PBR21 $GOOG)’s Google unit gets record $5.1 billion fine from the European Union Antitrust Commission for illegal practices regarding Android mobile devices to strengthen dominance of Google’s search engine. European Commission PR link.
Express Scripts(PBR25) subsidiary eviCoreopens new provider service center in St Louis, MO, will add 100 jobs, will support physicians and other healthcare providers during the pre-authorization and medical benefit review process. $ESRX PR link.
Target(PBR39) has its biggest online one-day sales event on 07/17/18, millions of shoppers, 90% of items being shipped from local stores. $TGT PR link.
Intel(PBR44) breaks Guiness Book of World Records for drone light shows in celebration of 50th anniversary, featured 2,018 Intel® Shooting Star™ drones over its Folsom, CA, facility. $INTC PR link.
AIG(PBR58) completes $68.00/share, $5.56 billion cash acquisition of reinsurance, primary insurance, and asset management services provider Validus(NYSE: VR). $AIG PR link.
Tenet Healthcare(PBR141) to sell its last 3 Chicago area acute care hospitals to TWG Partners, will be managed by Pipeline Health. $TMC PR link.
Community Health Systems(PBR152) to sell Arkansas-based Sparks Health System to Baptist Health, to close 4Q18, terms not disclosed. $CYH PR link.
Devon Energy(PBR209) completes $3.125 billion sale of its interests in EnLink Midstream Partners(NYSE: ENLK) and EnLink Midstream(NYSE: ENLC) to an affiliate of Global Infrastructure Partners. $DVN PR link.
Global Partners(PBR317) completes $134 million acquisition of retail fuel and Jiffy Martconvenience store assets in Vermont and New Hampshire from Champlain Oil Company. $GLP PR link.
Dana(PBR381) collaborates with Mecalac to provide e-Drivetrain for world’s first electric compact wheeled excavator. $DANPR link.
Celanese(PBR443) to sell Nanjing, China, 275,000 metric ton per year industrial ethanol production unit and form TCX® technology joint venture with Chengzhi Shareholding Co, terms not disclosed. $CE PR link.
Intuit(PBR498) selling its Data Center in Quincy, WA, to privately held H5 Data Centers, has moved TurboTax Online and transitioning QuickBooks Online to Amazon(PBR8 $AMZN) Web Services. $INTU PR link.
Zions Bancorp(PBR742) gets notification that the Financial Stability Oversight Council (FSOC) will grant Zions’ appeal for relief from the designation of Zions or its successor as a systemically important financial institution, gets Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC)approval to merge holding company with bank, will then be under only one regulatory agency, the OCC, to close by 09/30/18. $ZION PR link.
Sinclair Broadcast(PBR744) in response to anticipated FCC concerns regarding its $43.50/share, $3.9 billion cash/stock, plus assumption of $2.7 billion of debt acquisition of Tribune Media Company(NYSE:TRCO)amends divestitures for Dallas and Houston TV stations, and TRCO has withdrawn divestiture of Chicago‘s WGN. $SBGI PR link.
La-Z-Boy(PBR938) to acquire La-Z-Boy Furniture Galleries® stores in Arizona from EBCO, Inc, largest-volume licensee operator within the 350-store network, includes 9 stores and $78 million in sales in 2017. $LZB PR link.
Willis Towers Watson(PBR338) extends CEO John Haley’s contract until 01/21, has been with company since 1977, CEO since 1998. $WLTW PR link.
Lear Corp(PBR142) hires Alicia Davis as VP/Investor Relations, effective 08/01/18. $LEA PR link.
Campbell Soup(PBR349) promotes Xavier Boza to SVP/Chief Human Relations Officer, effective 08/01/18, succeeds retiring Robert Morrissey. $CPB PR link.
Sabre Corp(PBR630) promotes Dave Shirk to EVP & President of newly created organization Travel Solutions, hiring Sundar Narasimhan as SVP & President/Sabre Labs & product strategy, appoints Louis Selincourt as SVP/Global Development Centers. $SABR PR link.
The US Federal Reserve releases Beige Bookfor data through 07/09/18, growth was modest/moderate in 10 of 12 district, Dallas has strong growth, St Louis slight growth; labor shortages in several types of businesses, wage increases modest/moderate, and; prices grew at modest/moderate rate, tariffs costs contribution slight/modest at this time. USFed PR link.
The US Dept of Commerce/HUD says US Preliminary June 2018 Total Private Housing Building Permits Issued were at a 1,273,000 rate, -2.2% from May 2018, -3.0% from June 2017. USDOC PR link.
***Tuesday, July 17:
Snapshot 12 Summary: The PBR1000 Top 5 Stock Performers YTD(6 Months)(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 06/29/18 Stock Price, % Increase from 12/29/17):
1. BlueLinx(PBR885 $BXC), $37.53, +285%
2. Fossil(PBR732 $FOSL), $26.87, +246%
3. Genesis Healthcare(PBR485 $GEN), $2.29, +201%
4. Weight Watchers(PBR976 $WTW), $101.10, +128%
5. Tenet Healthcare(PBR141 $THC), $33.57, +121%
Range: +285% to -92%
Number of Companies at 0% or Better:473/1,000
Average: +0.46%
Median: -1.11%
Tomorrow: Snapshot 13 Summary: The PBR1000 Top 5 Stock Performers Since 12/30/16(18 Months).
Walmart(PBR1) establishes 5 year strategic partnership with Microsoft(PBR31 $MSFT) to further accelerate digital innovation in retail. $WMT PR link.
Berkshire Hathaway(PBR3) board makes amendment so that share repurchases can be made at any time that both Chairman/CEO Warren Buffett and Vice Chairman Charlie Munger believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. $BRKB PR link.
Booking(PBR223) investing $500 million in China based mobile app powered on-demand car service company Didi, Booking to make available Didi and Didi to make available Booking apps on their platforms. $BKNG PR link.
Fidelity Natl Financial(PBR363) approves new 3 year 25 million shares repurchase program, effective 08/01/18, expires 07/31/21. $FNF PR link.
KKR(PBR674) to invest $400 million in Palo Alto, CA, based mobile gaming comprehensive platform provider AppLovin that gives developers the ability to connect with consumers around the globe. $KKR PR link.
Annaly Capital(PBR782) extends exchange offer of $19.65/share cash and stock, $900 million, to acquire MTGE Investment Corp(Nasdaq:MTGE), new date is 08/20/18, 5:00PM Eastern time, allows for additional approvals by regulators. $NLY PR link.
Goldman Sachs(PBR88) Chairman/CEO Lloyd C. Blankfein to retire as CEO on 09/30/18, Chairman and from the Board on 12/31/18, President/Co-COO David Solomon to be successor, join Board on 10/01/18. $GS PR link.
Texas Instruments(PBR189) Chairman Rich Templeton reassumes President/CEO roles on an ongoing indefinite basis, CEO Brian Crutcher has resigned due to violations of the company’s code of conduct regarding personal behavior. $TXN PR link.
Adtalem Education(PBR888) hires Dr. Karen Cox as President of Chamberlain University, effective 08/27/18. $ATGE PR link.
The US Federal Reserve says US Preliminary June 2018 Total Industry Capacity Productionis at 78.0%, May 2018 was 77.7%, April 201878.2%, June 2017 76.2%. USFed PR link.
The Natl Assn of Home Builders/Wells Fargo US Preliminary July 2018 Composite Housing Market Index is at 68, June 2018 was 68, May 2018 70, July 2017 64. NAHB PR link.
***Monday, July 16:
Snapshot 11 Summary: The PBR1000 Top 5 Month of June 2018 Stock Performers(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 06/29/18 Stock Price, % Increase from 05/31/18):
1. Cenveo(PBR927 $CVOVQ), $0.07, +250%
2. Fred’s(PBR893 $FRED), $2.28, +62%
3. Rent-A-Center(PBR749 $RCII), $14.72, +55%
4. Endo Intl(PBR643 $ENDP), $9.43, +50%
5. RH(PBR795 $RH), $139.70, +43%
Range: +250% to -28%
Number of Companies at 0% or Better:532/1,000
Average: +0.47%
Median: +0.39%
Tomorrow: The PBR1000 Top 5 Stock Performers YTD.
Berkshire Hathaway(PBR3) Chairman/CEO Warren Buffett converts some Class A shares into Class B shares, donates them to 5 foundations, valued at $3.4 billion. $BRKB PR link.
CVS Health(PBR7) responds to Request for Information on Trump Administration’s Blueprint to Lower Drug Prices, says drug manufacturers primarily responsible for higher prices. $CVS PR link.
Amazon(PBR8 $AMZN) founder/CEO Jeff Bezos becomes richest man in world, net worth cracks $150 billion. Bloomberg PR link.
Netflix(PBR251) adds 5.15 million members in 2Q18, was 5.20 million in 2Q17, below 6.2 million forecast, now has 130.14 million members. $NFLX PR link.
Praxair(PBR254 $PX) buyer Linde AG to sell the majority of its gases business in N Americaand certain business activities in S America to consortium of German industrial gases manufacturer Messer Group and CVC Capital Partners for $3.3 billion, considers these divestitures to be necessary in order to allow merger clearance with Praxair. Linde AG PR link.
Salesforce(PBR275) to acquire 3,000+ clients cloud-based, AI-powered marketing intelligence and analytics platform for enterprises, agencies and publishers provider Datorama, terms not disclosed. $CRM PR link.
Fortune Brands(PBR492) adds $400 million to repurchase program, authorization is now around $500 million, expires 04/20. $FBHS PR link.
Caesars Entertainment(PBR520) completes $1.7 billion acquisition of Centaur Holdings, includes Hoosier Park Racing and Casino in Anderson, IN, and the Indiana Grand Racing and Casino in Shelbyville, IN. $CZR PR link.
Caesars Entertainment(PBR520) breaks ground on CAESARS FORUM, a $375 million, 550,000 sf conference center in Las Vegas, NV, to debut in 2020. $CZR PR link.
Herbalife(PBR547) announces national partnership with League of United Latin American Citizens (LULAC). $HLF PR link.
Equifax(PBR659) acquires alternative data credit reporting agency DataX, terms not disclosed. $EFX PR link.
KKR(PBR674) to acquire RBMedia, largest independent publisher of audiobooks in the world with a catalogue of more than 35,000 titles spanning all genres, from Shamrock Capital, terms not disclosed. $KKR PR link.
Sinclair Broadcast(PBR744) responds to statement of FCC Chairman Pai on concerns with Tribune Media(NYSE:TRCO) acquisition. $SBGI PR link.
Cabot Corp(PBR748) adds 10 million shares to repurchase program, balance is now around 11 million shares. $CBT PR link.
Brown & Brown(PBR877) acquires $15 million/year Portland, ME, based disability services company Professional Disability Associates, terms not disclosed. $BRO PR link.
Alliance One Intl(PBR915) shareholders to vote on name change to Pyxus International, Inc,ticker NYSE: PYX, at 08/16/18 annual meeting. $AOI PR link.
Nationstar Mortgage(PBR929) expects to close $18.00/share or exchange share equivalent acquisition of legacy reinsurance business provider WMIH Corp(NASDAQ: WMIH)(fka Washington Mutual) on 07/31/18. $NSM PR link.
La-Z-Boy(PBR938) to acquire privately owned with manufacturing facilities in Tijuana, Mexico, Commerce, CA, based Joybird, an e-commerce retailer and manufacturer of custom, mid-century modern upholstered furniture for millenials and GenX consumers, with annual revenues of $55 million last year, to close early 2Q19, to be a wholly owned subsidiary. $LZB PR link.
Lithia Motors(PBR285) hires George Hines as its first Chief Technology & Innovation Officer. $LAD PR link.
The US Dept of Commerce says US Preliminary May 2018 Total Manufacturer/Retail/Wholesale Sales were at $1.450 trillion, +1.4% from April 2018, +8.6% from May 2017; May 2018 Total Manufacturer/Retail/Wholesale Inventorieswere at $1.937 trillion, +0.4% from April 2018, +4.4% from May 2017. USDOC PR link.
The US Dept of Commerce/Census says US Advance June 2018 Total Retail Sales were at $506.8 billion, +0.5% from May 2018, +6.6% from June 2017. USDOC PR link.
The Federal Reserve Bank of New York says the Empire State July 2018 Manufacturing General Business Conditions Index is at 22.6, a high level, suggesting a continuation of robust growth, June 2018 was 25.0, May 2018 was 20.1, July 2017 12.7. NYFED PR link.
The US Trade Representative says US has launched separate disputes at the World Trade Organization (WTO) against China, the European Union, Canada, Mexico and Turkey, challenging the tariffs each WTO Member imposed in response to President Trump’s actions on trade in aluminum and steel to protect the US’ national security interests. US Trade Rep PR link.
The International Monetary Fund says that amid rising tensions over international trade, the broad global expansion that began roughly two years ago has plateaued and become less balanced, continues to project global growth rates of just about 3.9% for both 2018 & 2019, but judge that the risk of worse outcomes has increased, even for the near term. IMF PR link.
***Friday, July 13:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 07/13/18:
DJIA ends week at 25,019.41, +2.30% from last Friday, +3.08% MTD/QTD, +1.21% YTD, -6.00% from record 26,616.71 set 01/26/18.
NASDAQ ends week at record 7,825.98, +1.79% from last Friday, +4.20 MTD/QTD, +13.36% YTD, +0.00% from record 7,825.98 set 07/13/18.
SPX ends week at 2,801.31, +1.50% from last Friday, +3.05% MTD/QTD, +4.78% YTD, -2.49% from record 2,872.87 set 01/26/18.
Week Summary: The Stock Market Bullcharged out the first 2 days of the week, the Stock Market Bear clawed back to make a strong statement on Wednesday, aided by President Trump‘s demanding meetings with NATO allies and new trade wars concerns. But the Stock Market Bull then trampled over him on Thursday and Friday, highlighted by the NASDAQ notching 2 record days. With 2 weekly wins in a row the Stock Market Bull takes a slight lead from the Stock Market Bear year-to-date with 13 to 12 win weeks and with 3 weeks being mixed results.
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Boeing(PBR29) to write off after-tax charge of $124 million after Delaware Supreme Courtdecision saying it is not entitled to recover certain costs associated with the 2005 sale of its production facilities in Wichita, KS, to Spirit Aerosystems. $BA PR link.
Target(PBR39) doing Target.com special 1 day all day online sales deals on Tuesday, 07/17/18, no membership required. $TGT PR link.
Pfizer(PBR55) and Tokyo, Japan, based Astellas Pharma Inc. (TSE: 4503) get US FDA approval of XTANDI® (enzalutamide), the first and only oral medication FDA-approved for both non-metastatic and metastatic castration-resistant prostate cancer (CRPC). $PFE PR link.
Valeant Pharmaceuticals(PBR325) name change to Bausch Health Companies Inc. is complete, to start trading as NYSE: BHC on Monday, 07/16/18, with new website www.BauschHealth.com. $VRX PR link.
Spectrum Brands(NYSE: SPB) completes $10 billion acquisition of major shareholder HRG Group(PBR509), becomes an independent public company, SPB board to replace HRG board, retain SPB stock ticker. $SPB PR link.
Brown-Forman(PBR598) authorizes $200 million share repurchase program, expires 07/12/19. $BFA PR link.
WABCO(PBR664) gets its first export deal to supply India’s Tata Motors with hydraulic power steering systems for Tata’s commercial vehicles. $WBC PR link.
Marathon Petroleum(PBR37) SVP/Marketing Tom Kelley to retire effective 10/01/18. $MPC PR link.
PG&E(PBR164) President/COO Nick Stavropoulos to retire at end of 09/18. $PCG PR link.
The US Federal Reserve submits its Monetary Policy Report to the US Congress, says economic activity increased at a solid pace over the 1H18, labor market has continued to strengthen, inflation measured on a 12-month basis was a little above the Federal Open Market Committee’s (FOMC) longer-run objective of 2%. The Fed expects further gradual increases in the target range for the federal funds rate will be consistent with a sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2% objective over the medium term. USFed PR link.
The US Dept of Labor says US Preliminary June 2018 All Imports Prices were -0.4%, May 2018 was +0.9%, April 2018 +0.5%; June 2018 All Exports Prices were +0.3%, May 2018 was +0.6%, April 2018 +0.5%; Last 12 Months Imports Prices were +4.3%, Exports Prices+5.3%. USDOL PR link.
The U of Michigan Preliminary July 2018 Consumer Sentiment Index is at 97.1, shows continuing strength due to favorable job and income prospects, but concerns on anticipated tariffs and inflation, June 2018 was 98.2, May 2018 98.0, July 2017 93.4. U of Michigan PR link.
***Thursday, July 12:
Apple(PBR4) and 10 initial suppliers launch $300 million over 4 years in new investment China Clean Energy Fund to connect suppliers with renewable energy sources. $AAPL PR link.
AT&T(PBR9) $85.4 billion cash/stock acquisition of Time Warner(PBR90) gets lawsuit by US Dept of Justice despite previous Court approval, AT&T to defend decision. $T PR link.
Johnson & Johnson(PBR36) ordered to pay $4.69 billion by St Louis, MO, jury in suit linking baby powder to ovarian cancer, plans to appeal verdict. $JNJ PR link.
Intel(PBR44) to acquire 19 years old Santa Clara, CA, based structured ASICs provider eASIC, to close 3Q18, terms not disclosed. $INTC PR link.
ConocoPhillips(PBR86) increases 2018 share repurchase plan from $2 billion to $3 billion, additional $9 billion authorized for share repurchase program, total authorization now at $15 billion, has achieved its $15 billion debt drawdown ahead of schedule. $COP PR link.
21st Century Fox(PBR102) gets UK Secretary of State for Digital, Culture, Media and Sportapproval for $18.30/share cash acquisition of UK based Sky plc. $FOX PR link.
Abbott Labs(PBR104) gets US FDA approvalfor for a next-generation version of its leading MitraClip® heart valve repair device used to repair a leaky mitral valve without open-heart surgery. $ABT PR link.
McDonald’s(PBR124 $MCD) pulling salads from 3,000 Midwest locations per notices posted by Iowa and Illinois public health departments regarding increases in Cyclospora infections by customers. MarketWatch PR link.
JCPenney(PBR231) remixes its Arizona leading apparel private denim brand for Back-to-Schoolseason, oriented towards GenZ, YouTube stars Brooklyn and Bailey McKnight to serve as brand ambassadors. $JCP PR link.
Tesla(PBR252) has surpassed 200,000 electric cars delivered, $7,500 federal tax credit for buyers being phased out after 12/31/18. $TSLA PR link.
Praxair(PBR256 $PX) acquisition by Germanybased Linde AG may require Linde AG to sell off its N American gases business as well as some S American businesses held by each. Linde AG PR link.
Williams Cos(PBR344) sets 08/09/18 for special stockholders meeting to vote on $10.5 billion all stock acquisition of Williams Partners(NYSE: WPZ). $WMB PR link.
Terex(PBR554) authorizes new up to $300 million repurchase program. $TEX PR link.
Northrop Grumman(PBR111) Chairman/CEO Wes Bush to step down from CEO position on 01/01/19, remain Chairman through 07/19, President/COO Kathy Warden to be President/CEO on 01/01/19. $NOC PR link.
MGIC Investment(PBR998) hires Paula Maggio as EVP/General Counsel & Secretary, effective 07/16/18, succeeds retiring Jeffrey Lane. $MTG PR link.
The US Dept of Treasury says US June 2018 Federal Government Receipts were $316.3 billion, Outlays $391.1 billion, Deficit $74.9 billion; June 2017 Deficit was $90.2 billion; June 2018 YTD Receipts(9 Months) are $2.541 trillion, YTD Outlays $3.148 trillion, YTD Deficit$607.1 billion, June 2017 YTD Deficit was $523.1 billion. USTreasury PR link.
The US Dept of Labor says US Preliminary June 2018 Current Employee Average Earnings/Hour is at $26.98, for 34.5 Average Hour Work Week, Total Average Earnings/Week is at $930.81, +0.2% from May 2018, +3.0% from June 2017. USDOL PR link.
The US Dept of Labor says US Preliminary June 2018 Consumer Price Index-Urban All Items is at +0.1%, All Items Less Food & Energy +0.2%, Last 12 Months(Unadjusted)+2.9%, May 2018 was +2.8%, April 2018+2.5%, June 2017 +1.6%. USDOL PR link.
***Wednesday, July 11:
Wednesday The PBR1000 Fun Facts:
The PBR1000 2017 Total Worldwide Revenues: $13.8 trillion
% Change from 2016: +7.6%
The PBR1000 2017 Total Worldwide Profits:$1.09 trillion
% Change from 2016: +13.5%
% of Revenues 2017: +7.9%
% of Revenues 2016: +7.5%
% of Revenues 2015: +6.9%
The PBR1000 2017 Total Worldwide Employees: 35.0 million
% Change from 2016: +1.2%
Not a full subscriber to the much more detailed and insightful analytics of the monthly The PBR1000 Snapshots or The PBRMarketTools US Economic Indices Snapshots? Click here!
Comcast(PBR33) counters 21st Century Fox(PBR102) $18.30/share bid, raises offer for UK’s Sky plc to $19.30/share, $34 billion, expects to complete acquisition by end of 10/18. $CMCSA PR link.
Humana(PBR54) with TPG Capital and Welsh, Carson, Anderson & Stowe, completes $1.4 billion acquisition of privately held hospice operators providing care to patients at 245 locations in 22 states Curo Health Services, Humana has 40% minority interest. $HUM PR link.
Pfizer(PBR55) reorganizing into 3 business units, science-based Innovative Medicines, off-patent branded and generic Established Medicines, and a Consumer Healthcare, starting fiscal year 2019, Group Presidents named. $PFE PR link.
Facebook(PBR69 $FB) to provide user data to independent research commission non-profit Social Science One and 7 other non-profit foundations to study the role of social media in elections and democracy, first Request for Proposal for Facebook data set available for academic research. Social Science One PR link.
Medtronic(PBR96) gets US FDA approval for a less-invasive implant approach of its HVAD(TM) System, a left ventricular assist device (LVAD) for patients with advanced heart failure. $MDT PR link.
21st Century Fox(PBR102) counters Comcast(PBR33), ups bid for UK’s Sky plc to $18.30/share cash, expects to close in 3Q18. $FOX PR link.
Broadcom(PBR159) to acquire information technology management software and solutions provider CA Technologies(PBR564) for $44.50/share, $18.9 billion cash, to close 4Q18. $AVGO PR link.
Activision Blizzard(PBR389) gets multi-year exclusive telecast agreement with Walt Disney(PBR53) ESPN and Disney XD units to broadcast its Overwatch League, the world’s first major global city-based esports league, terms not disclosed. $ATVI PR link.
Avery Dennison(PBR411) to terminate its Pension Plan, non-cash charge anticipated to be up to $600 million, no change in benefit amounts for 11,200 participants. $AVY PR link.
Scientific Games(PBR690) SG Social unit releases worldwide story driven 3D MONOPLY Slots mobile app, based on classic Hasbro(PBR549) game. $SGMS PR link.
ResMed(PBR852) and Alphabet(PBR21)‘s advanced health data analytics Verily unit to form a joint venture to study the health/financial impacts of undiagnosed/untreated sleep apnea, and develop software solutions to more efficiently identify, diagnose, treat and manage individuals with sleep apnea and other breathing related sleep disorders, affects 54 million Americans. $RMD PR link.
Systemax(PBR982) to sell its France based IT value added reseller business Inmac Wstore to Bechtle AG, Germany‘s largest independent IT systems integrator, terms not disclosed. $SYX PR link.
GoPro(PBR994) announces it has sold over 30 million HERO cameras since November 2009 launch, has sold over 4 million HERO5 Blackcameras since 4Q16 launch, 3 months faster than HERO4 Silver. $GPRO PR link.
A.O. Smith(PBR697) Chairman/CEO Ajita G. Rajendra to become Executive Chairman, effective 09/01/18, President/COO Kevin J. Wheeler to be President/CEO. $AOS PR link.
Colgate-Palmolive(PBR181) promotes Noel R. Wallace to President/COO, and P. Justin Skala to EVP/Chief Growth & Strategy Officer. $CL PR link.
UNUM(PBR260) hires Wade Hinton as VP/Diversity & Inclusion, effective 08/20/18. $UNM PR link.
Markel(PBR450) hires Robert Cox as President/COO/Insurance Operations, Brad Kiscaden promoted to President/Chief Administrative Officer, and Bryan Sanders to President/US Insurance, all effective 09/05/18. $MKL PR link.
The US Dept of Labor says US Preliminary June 2018 Total Monthly Demand Producer Price Index(PPI) is at +0.3%, May 2018 was +0.5%, April 2018 +0.1%, June 2017 +0.1%; Total Last 12 Months Final Demand is at +3.4%. May 2018 was +3.1%, April 2018+2.6%, June 2017 +1.9%. USDOL PR link.
The US Dept of Commerce/Census says US Preliminary June 2018 Total Wholesale Sales-Durable were at $244.2 billion, Non-Durable$264.8, Total $509.0 billion, +2.5% from May 2018, +11.8% from June 2017. USDOC PR link.
LPL Financial(PBR562) Research unit releases Midyear Outloook 2018, expects GDP of 3%, 10%+ stock total returns, flat to low-single-digits bonds growth. $LPLA PR link.
***Tuesday, July 10:
AT&T(PBR9) to acquire privately held San Mateo, CA, based cybersecurity threat intelligence provider AlienVault, to close 3Q18, terms not disclosed. $T PR link.
NGL Energy(PBR162) completes $900 million cash sale of its remaining Retail Propanebusiness to Superior Plus Corp(TSX:SPB). $NGL PR link.
JCPenney(PBR231) to open second store in Brooklyn, NY, a 75,000 sf multi-story facility in Kings Plaza, to open 08/10/18. $JCP PR link.
JetBlue(PBR390) orders 60 Airbus 220-300 aircraft for delivery beginning in 2020, option for 60 additional aircraft in 2025, to be assembled in Mobile, AL. $JBLU PR link.
Arthur J Gallagher(PBR442) acquires Pennington, NJ, based WCD Group, manages and mitigates risk in the environmental, construction and real estate marketplace. $AJG PR link.
QEP Resources(PBR930) to sell its eastern Utah based Uinta Basin assets to Middle Fork Energy Partners for $155 million. $SBUX PR link.
Stryker Corp(PBR235) Group President/MedSurg & Neurotechnology Tim Scannell to become President/COO, effective 08/01/18, Group President/Orthopaedics David Floyd to retire on 06/30/19, J Andrew Pierce to become Group President/MedSurg, and Spencer Stiles to become Group President/Instruments. $SYK PR link.
Vulcan Materials(PBR594) hires Suzanne H. Wood to be SVP/CFO, effective 09/01/18, will succeed EVP/CFO & Strategy Officer John R. McPherson who remain Chief Strategy Officer, will retire at end of 2018. $VMC PR link.
UNISYS(PBR736) hires Vishal Gupta as SVP/Technology and Chief Technology Officer, effective 08/01/18, succeeds leaving Tarek El-Sadany. $UIS PR link.
The US Dept of Labor says US Preliminary May 2018 Total Job Openings was at 6,637,000, -3.0% from April 2018, +16.7% from May 2017, May 2018 Total Hires were at 5,754,000, +3.1% from April 2018, +4.9% from May 2017, May 2018 Total Separations were at 5,468,000, +0.8% from April 2018, +3.8% from May 2017. USDOL PR link.
CoreLogic says US April 2018 Total Home Mortgages 30 or More Days Delinquent was at 4.2%, March 2018 was 4.3%, February 20184.8%, April 2017 4.8%. CoreLogic PR link.
***Monday, July 9:
Starbucks(PBR125) to phase out single use plastic straws, replace with recyclable lids, in all 28,000+ stores worldwide by 2020. $SBUX PR link.
Nordstrom(PBR180) deepens growth strategy through local market focus, plans to open additional Nordstrom Local neighborhood hubs with 1,200 sf store in Brentwood and 2,200 sf store in Downtown, Los Angeles, CA, this fall, designed to offer customers access to services like onsite tailoring and alterations, curbside pickup, buy online, pick up in store, easy returns and more. $JWN PR link.
Booking(PBR225) to acquire Sydney, Australia, based Asia/Pacific oriented with thousands of affiliates worldwide hotel metasearch site HotelsCombined, will become part of KAYAK unit, terms not disclosed. $BKNG PR link.
Anadarko(PBR248) completes $3.0 billion share repurchase program, adds $1.0 billion, increases debt reduction program by $500 million, now at $1.5 billion, expires 06/30/19. $APC PR link.
Tesla(PBR252 $TSLA) increases price of Model S and Model X by over $20,000 in China due to new trade-war tariffs, largest exporter of electric cars to China, planning gigafactory in Shanghai’s Free Trade Zone. Electrek PR link.
JM Smucker(PBR373) to sell its US bakingbusiness to Brynwood Partners for $375 million, includes Pillsbury®, Martha White®, Hungry Jack®, White Lily®, and Jim Dandy® brands, which generated $370 million net sales in 12 months ending 04/30/18. $SJM PR link.
Arthur J Gallagher(PBR442) acquires Chicago, IL-based licensed insurance broker, discount medical plan organization and third-party administrator, providing direct marketing of insurance and membership programs to many of the largest financial services institutions in the US and Canada, Reassurance Holdings, Inc., including its subsidiaries Coverdell & Co and Carefree Marketing, terms not disclosed. $AJG PR link.
Sonoco Products(PBR506) implementing a 4% increase on all composite and corresponding metal ends in the US & Canada starting with 08/01/18 shipments, decision based on new tariffs in place. $SON PR link.
Vista Outdoor(PBR811) to sell its Bollé, Cébé and Serengeti brands (the “Eyewear Brands”) to a European private equity fund for $158 million, to close in 30-45 days, to focus on core product categories of ammunition, hunting and shooting accessories, hydration bottles and packs, and outdoor cooking products. $VSTO PR link.
Lowe’s(PBR40) announces leadership restructuring roles and reassignments, COO Richard D. Maltsbarger is leaving. $LOW PR link.
Gilead Sciences(PBR109)’s Kite unit hires Michael Amoroso as SVP and Head of Worldwide Commercial, Cell Therapy, effective in 08/18. $GILD PR link.
CSX(PBR258) appoints Mark Wallace to EVP/Sales & Marketing and Chief Human Relations Officer Diana Sorfleet to succeed Wallace as EVP/Chief Admin Officer. $CSX PR link.
Range Resources(PBR758) and 17% stakeholder SailingStone Capital Partnersagree to reduce board to 9 members, to appoint two mutually agreed upon directors, initiate an external search for an EVP, split Chairman and CEO roles, appoints independent director Greg Maxwell as Chairman. $RRC PR link.
The US Federal Reserve says US Preliminary May 2018 Total Consumer Revolving Credit is at $1.039 trillion, Non-Revolving Credit $2.858 trillion, Total Consumer Credit $3.898 trillion, +0.6% from April 2018, +1.3% YTD, +4.7% from May 2017. USFed PR link.
FannieMae(PBR20) says the US June 2018 Home Purchase Sentiment Index is at 90.7, May 2018 was 92.3, April 2018 91.7, June 201788.3. $FNMA PR link.
TD Ameritrade(PBR609) June 2018 Investor Movement Index is at 5.45, May 2018 was at 5.06, clients were net buyers during the June IMX period. $AMTD PR link.
***Friday, July 6:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 07/06/18:
DJIA ends the week at 24,456.48, +0.76% from last Friday/MTD/QTD, -1.06% YTD, -8.12% from record 26,616.71 set 01/26/18.
NASDAQ ends the week at 7,688.39, +2.37% from last Friday/MTD/QTD, +11.37% YTD, -1.20% from record 7,781.52 set 06/20/18.
SPX ends the week at 2,759.82, +1.52% from last Friday/MTD/QTD, +3.22% YTD, -3.94% from record 2,872.87 set 01/26/18.
Week Summary: It was a week of two halves. Monday and Tuesday ended with net declinesfor the Stock Market Bear, then a day off Wednesday to celebrate US Independence Day, finishing off with a nice rebound by the Stock Market Bull on Thursday and Friday. International trade threats escalated, but were countered by a good economic report from the Federal Reserve. The bottomline is that the Stock Market Bull prevailed in a shortened Week 27 and is again tied with the Stock Market Bear with 12 win weeks each and with 3 weeks being mixed results.
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United Continental(PBR76) to record a special non-cash impairment charge of $105 million ($82 million net of taxes) associated with its Brazilroutes. $UAL PR link.
EchoStar(PBR874) issues statements about its proposed acquisition of Inmarsat plc, decision to not pursue. $SATS PR link.
RPM Intl(PBR511) streamlines leadership structure, Group Presidents to report directly to Chairman/CEO Frank Sullivan, President/COO Ronald Rice takes early retirement. $RPM PR link.
The US Dept of Labor says US June 2018 Civilian Labor Force Employed is at 155.6 million, +102,000 from May 2018, +2.3 million from June 2017, June 2018 Unemployed was 6.6 million, June 2018 Unemployment Rate is 4.0%, June 2017 was 4.3%. USDOL PR link.
The US Dept of Commerce says US Preliminary May 2018 Total Exports were $215.3 billion, Total Imports $258.4 billion, Total Deficit $43.1 billion, Total Deficit May 2017 was $45.8 billion; Total Exports YTD(5 months)were $1.046 trillion, Total Imports YTD $1.291 trillion, Total Deficit YTD $244.8 billion, Total Deficit YTD 2017 was $226.7 billion. USDOC PR link.
***Thursday, July 5:
Chevron(PBR13) gets favorable ruling when Argentine appeals court rejects fraudulent Ecuadorian judgment against Chevron. $CVX PR link.
Walgreens Boots Alliance(PBR19) completes $416 million acquisition of 40% minority stake in Sinopharm Holding GuoDa Drugstores Co., Ltd. (“GuoDa”), a leading retail pharmacy chain in China. $WBA PR link.
Boeing(PBR29) and Embraer (B3: EMBR3, NYSE: ERJ) sign non-binding Memorandum of Understanding that proposes the formation of a $4.75 billion joint venture comprising the commercial aircraft and services business of Embraer that would strategically align with Boeing’s commercial development, production, marketing and lifecycle services operations, Boeing to have $3.8 billion 80% stake, Embraer $975 million 20% stake. $BA PR link.
Micron Technology(PBR145) issues statement regarding preliminary injunction by Chinese courts against Micron entities in patent infringement cases filed by United Microelectronics Corporation (UMC) and Fujian Jinhua Integrated Circuit Co. (Jinhua), expects total revenue loss to be around 1% during legal process. $MU PR link.
Praxair(PBR256) in accordance with its proposed merger with Linde AG (LIN.DE), to sell the majority of its businesses in Europe to Taiyo Nippon Sanso Corporation for around $6 billion cash. $PX PR link.
Boston Scientific(PBR317) to acquire 65% stake it doesn’t already own in privately held single-shot cryoablation platform for the treatment of atrial fibrillation developer Cryterion Medical for $202 million cash up front. $BSX PR link.
Zebra Technologies(PBR606) to acquire $87 million in revenues in 12 months ending 03/31/18 developer of semi-, fully- and ultra-rugged tablets, 2-in-1 laptops, and a range of performance matched accessories Xplore Technologies(NASDAQ: XPLR) for $6.00/share, around $90 million cash, to close in 3Q18. $ZBRA PR link.
WABCO(PBR664) gets long-term agreement with S Korea based Hyundai Motor to supply industry’s lightest and highest performing single-piston air disc brakes for series production on Hyundai’s new medium-duty trucks starting in August 2019. $WBC PR link.
Intuitive Surgical(PBR687) gets US FDA clearance for first 60mm stapler compatible with the da Vinci Xi and X surgical systems. $ISRG PR link.
Square(PBR832 $SQ) has withdrawn its application to open an FDIC insured ILC depository bank, although it plans to refile with a top regulator at a later date. American Banker PR link.
Popular(PBR843) gets final regulatory approvals to acquire Wells Fargo(PBR27)’s auto finance business in Puerto Rico for $1.7 billion cash, to close 08/01/18. $BPOP PR link.
Wynn Resorts(PBR403) EVP/General Counsel & Secretary Kim Sinatra to no longer be with company effective 07/15/18, terms not yet finalized. $WYNN PR link.
The Federal Reserve Open Market Committeereleases minutes from its 06/12-13/18 meeting, notes that labor market had continued to strengthen and that economic activity had been rising at a solid rate, noted that uncertainty and risks associated with trade policy had intensified. FOMC PR link.
Advanced Data Processing says US Preliminary June 2018 Private Sector Change In Employment was +177,000 people, -6.4% from May 2018, +14.9% from June 2017. $ADP PR link.
The IHS Markit US June 2018 Services Business Activity Index is at 56.5, May 2018was 56.8, April 2018 54.6, June 2017 54.2; the US June 2018 Composite Index is at 56.2, May 2018 was 56.6, April 2018 54.9, June 201753.9. IHS Markit PR link.
The Institute of Supply Management US June 2018 Non-Manufacturing Index(>50%=growing) is 59.1%, May 2018 was 58.6%, April 2018 56.8%, June 2017 57.4%. ISM PR link.
***Wednesday, July 4:
US Stock Markets Closed.
US Independence Day
Celebrating Freedoms Earned Through Vision, Courage, and Sacrifices.
***Tuesday, July 3:
Amazon(PBR8) sets 07/16-17/18 as Prime Day, will offer deals on over 1 million items, includes Whole Foods. $AMZN PR link.
PayPal(PBR219) completes sale of $7.6 billion in receivables to Synchrony Financial(PBR172)for $6.9 billion, existing co-brand consumer credit card program agreement extended, and Synchrony is now the exclusive issuer of the PayPal Credit online consumer financing program in the U.S., through 2028. $PYPL PR link.
Cooper-Standard(PBR622) to acquire 500 employees in 4 facilities extruders and molders of organic, silicone, thermoplastic and engineered polymer products Lauren Manufacturing and Lauren Plastics, terms not disclosed. $CPS PR link.
Marriott Vacations(PBR865) calls for special shareholders meeting on 08/28/18 to vote on $4.7 billion cash/stock acquisition of ILG, will result in an upper-upscale and luxury vacation ownership and exchange company with 100+ vacation properties worldwide and around 650,000 owners, $2.9 billion in annual revenues. $VAC PR link.
Barnes & Noble(PBR592) terminates employment and board membership of CEO Demos Parneros for violations of the Company’s policies; interim Office of the CEO formed as search for new CEO starts. $BKS PR link.
Hershey(PBR368) hires Damien Atkins as SVP/General Counsel & Secretary, effective 08/13/18. $HSY PR link.
McDermott Intl(PBR702) hires Samik Mukherjee as EVP/COO. $MDR PR link.
The US Dept of Commerce/Census says US Preliminary May 2018 Manufacturers’ New Orders were at $247.1 billion for Durables, $249.0 billion for Non-Durables, $496.1 billion Total New Orders, +0.4% from April 2018, +7.3% from May 2017. USDOC PR link.
Automotive News reports that US June 2018 New Light Vehicle Sales were at 1,541,531 units, +5.0% from June 2017, Average Transaction Price was $33,148, +0.7% from June 2017, Average Incentive Outlay $3,779, Total Sales at $51.1 billion, Annual Rate17,000,000 units. Automotive News PR link.
The PurdueU/CME Group US June 2018 Ag Economy Baromoeter Composite Index is at 143, even with drop in crop prices futures and trade war concerns, May 2018 was 141, April 2018 125, June 2017 131. PurdueU PR link.
***Monday, July 2:
Archer-Daniels-Midland(PBR47) to acquire France based global provider of value-added animal nutrition solutions Neovia for around $1.8 billion, to close 4Q18. $ADM PR link.
Humana(PBR54) with TPG Capital and Welsh, Carson, Anderson & Stowe complete $9.00/share, $4.1 billion cash, includes debt, acquisition of Kindred Healthcare(PBR452. $HUM PR link.
Facebook(PBR69 $FB) reveals dozens of companies that received special access to user data. MarketWatch PR link.
Textron(PBR205) completes $810 million sale of its Rockford, IL, based 11 manufacturing facilities globally, 2,300 employees $470 million in sales/2017 Tools and Test Equipmentbusiness to Emerson Electric(PBR186). $TXT PR link.
Henry Schein(PBR234) and KKR(PBR669)’s Internet Brands unit completes joint venture formation of anticipated $400 million/year in revenues dental practice management related services provider Henry Schein One, HSIC to have 70% stake and provide management, KKR 30% stake, terms not disclosed. $HSIC PR link.
BB&T(PBR242) completes acquisition of Regions Financial(PBR447)‘s property and casualty and employee benefits products to businesses Insurance Group unit, has 60,000 clients in Southeast, Texas, and Indiana, terms not disclosed. $BBT PR link.
Tesla(PBR252) produces 5,031 Model 3 and 1,913 Model S and X vehicles in last 7 days of 2Q18, total 2Q18 production was 53,339 vehicles, a 55% increase from 1Q18. $TSLA PR link.
Interpublic(PBR350) to acquire Acxiom Corp(NASDAQ: ACXM)‘s 2,100 employee data management provider Acxiom Marketing Solutions unit for $2.3 billion cash, to close by end of 2018. $IPG PR link.
Dr Pepper Snapple(PBR405) announces 12 member board of directors for Keurig Dr Pepper, to be formed after merger with Keurig Green Mountain scheduled for 07/09/18. $DPS PR link.
Fortive(PBR407) to acquire expected $130 million in revenue in 2018 construction cost data, software and service provider Gordian from private equity firm Warburg Pincus for $775 million cash, to close 3Q18. $FTV PR link.
United Rentals(PBR410) to acquire 950 employees $295 million in revenues for 12 months ending 05/31/18 multinational tank, pump, filtration and trench shoring rental solutions for a broad range of industrial and construction applications provider BakerCorp for about $715 million cash, to close 3Q18. $URI PR link.
Signet Jewelers(PRB435) completes $445.5 million sale of non-prime receivables and implementation of a forward flow purchase arrangement for future non-prime receivables with funds managed by CarVal Investors and Castlelake. $SIG PR link.
Cummins(PBR438) to acquire Silicon Valley-based Efficient Drivetrains, which designs and produces hybrid and fully-electric power solutions for commercial markets, to close 3Q18, terms not disclosed. $CMI PR link.
Polaris Industries(PBR480) completes around net $705 million cash acquisition of privately held largest pontoon boat manufacturer in the US Boat Holdings. $PII PR link.
Pitney Bowes(PBR632) completes $361 million sale of its Document Messaging Technologies (DMT) production mail business and supporting software to Platinum Equity, some non-US units to close in 3Q18 & 4Q18 pending regulatory approvals. $PBI PR link.
Ryerson(PBR653) completes $140 million cash acquisition of bar, tube, plate, and sheet products producer $600 million in revenues/year Central Steel & Wire(OTC: CSTW). $RYI PR link.
KKR(PBR669) completes conversion from a limited partnership to a corporation. $KKR PR link.
Gannett(PBR684) completes $130 million plus up to $20 million for achieving revenue targets in 2019 & 2020 acquisition of digital marketing software company WordStream, expects $55 million in revenues in 1st year. $GCI PR link.
Kemper(PBR742) completes $129/share, $1.4 billion cash/stock acquisition of specialty, nonstandard auto insurance segment 2,300 employees, 10,600 independent agents, $1.4 billion in 2017 direct written premiums provider Infinity Property and Casualty Corporation (NASDAQ: IPCC). $KMPR PR link.
Trimble Navigation(PBR751) completes $1.2 billion cash acquisition of privately-held scalable construction management software developer Viewpoint from Bain Capital. $TRMB PR link.
Mueller Industries(PBR821) acquires 800 employees $166 million in sales in 2017 insulated HVAC flexible duct systems manufacturer and distributor ATCO Rubber Products for $162.8 million. $MLI PR link.
Rollins(PBR925) acquires Aardwolf Pestkare, its first acquisition in Singapore, terms not disclosed. $ROL PR link.
Cincinnati Bell(PBR979) completes $650 million cash/stock acquisition of Hawaiian Telecom(NASDAQ: HCOM). $CBB PR link.
Tesla(PBR252 $TSLA) SVP/Engineering Doug Field leaving after 5 years, had been on leave of absence since early 05/18. MarketWatch PR link.
Air Products(PBR340) promotes Victoria Brifo to VP/Chief Human Relations Officer. $APD PR link.
United Rentals(PBR410) EVP/CFO William Plummer to retire on 10/12/18, SVP/Controller & Chief Accounting Officer Jessica Graziano appointed successor. $URI PR link.
Sabre Corp(PBR625) hires Doug Barnett as EVP/CFO starting 07/23/18, succeeds retiring Rick Simonson. $SABR PR link.
The US Dept of Commerce/Census says US Preliminary June 2018 Total Construction Spending Annual Rate is at $1.309 trillion, +0.4% from May 2018, + 4.5% from June 2017. USDOC PR link.
The Institute for Supply Management US June 2018 Manufacturing PMI Index(>50% is expanding) is at 60.2%, 110th consecutive month of overall economic growth, demand remains strong, May 2018 was 58.7%, April 2018 57.3%, June 2017 56.7%. ISM PR link.
The IHS Markit US June 2018 Manufacturing PMI is at 55.4, ends strongest quarterly performance since 3Q14, May 2018 was 56.4, April 2018 56.5, June 2017 52.0. IHS Markit PR link.
***Friday, June 29:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 06/29/18:
Week/Month/Quarter/Half Year Summary: International trade issues again dominated the news for the week, economic results were still good but mixed, so the Stock Market Beargouged out the Stock Market Bull for a second week in a row win. Week 26 ends with the Stock Market Bear holding a slim 12 to 11 weeks lead with 3 weeks being mixed results. The month of June 2018 ends mixed with a slight edge to the Stock Market Bull winning 2-1, who retains a 3 months to 2 months lead, with 1 month now mixed. The 2nd Quarter belongs to the Stock Market Bull, following a 1st Quarter mixed result. The first half of the year and YTD is also a mixed result, with the Stock Market Bullhaving a 2-1 lead. The DJIA is clearly the exchange that has had the most struggles so far. With US elections coming up the 2nd Halfshould provide an interesting show and test for investors and stock exchanges worldwide.
DJIA ends the week and month at 24,271.41, -1.26% from last Friday, -0.59% MTD, +0.70 QTD, -1.81% YTD, -8.81% from record 26,616.71 set 01/26/18.
NASDAQ ends the week and month at 7,510.30, -2.37% from last Friday, +0.92% MTD, +6.33% QTD, +8.79% YTD, -3.49% from record 7,781.52 set 06/20/18.
SPX ends the week and month at 2,718.37, -1.33% from last Friday, +0.48% MTD, +2.93% QTD, +1.67% YTD, -5.38% from record 2,872.87 set 01/26/18.
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