June 2017: An Interesting 1st Half, Now What?
The first half of 2017 was pretty good for The PBR1000, but the second half predictions are all over the place. What’s your guess?
By Larry C. Paxton
Business continued as usual in June, with a surprise major news announcement(Amazon(PBR12) to acquire Whole Foods(PBR165)), the oil industry was still somewhat chaotic and directionless, the tech sector had a difficult month with significant sell-offs, the retail industry is still trying to figure out how to cope with e-commerce and compete against Amazon, President Trump has introduced some initiatives but not much has come of those yet as they get bogged down in the legislative process as legislatures still try to figure out how to deal with the President, and the economy continued to plug along unspectacularly(not a bad thing). But in the end, when you look at the numbers, it appears that it was a pretty good first half of the year. However, there is a sense that there are some undercurrents at play that could be very negative and disruptive.
As we peer into the crystal ball there is no clear picture, short term or long term for the second half. It is like looking into one of those Christmas balls that you shake up and watch the floating snowflakes fall, but right now those snowflakes are all in the shape of a question mark. For some this is a foreboding sign, for others they see it as a time of opportunity. So, in conclusion, what do you see happening and what will you adjust to take advantage of that during the second half of 2017? We wish you the best!
Here’s a quick June 2017 summary on key activities that relate to The PBR1000:
Mergers & Acquisitions: 23 deals worth at least $1 billion initiated, closed, or updated. Total transaction value was $158 billion.
Spinoffs: 2
Share Repurchase Programs: 5 announcements, total $2.75 billion.
Bankruptcies: 1 initiated or updated
CEO Changes: 12 announced.
Jobs/Wages: 4.3% unemployment rate, modest wage growth.
US Economy: Modest/moderate growth continues, stable but fragile.
Federal Reserve Federal Funds Rate Changes: 1 change, +0.25% increase to 1.00-1.25%, more increases possible in 2017.
US Stock Market Exchanges: The tech sector took a hit in June so only the NASDAQ finished in the red for June, all three US major stock exchanges established new closing records during the month and were up quarterly, YTD, and for the first half of 2017. The Stock Market Bull won by a wide margin in the first half.
National: Former FBI Director James Comey testifies before Congress, Republican House Representative Majority Whip Steve Scalise and 3 others survive being shot during a charity baseball game practice; Federal Reserve raises short term interest rate by 0.25%; Republican Senators release proposed healthcare plan, vote delayed until after 4th of July recess; Supreme Court reinstates President Trump’s 6 predominantly Muslim countries travel ban executive order with some conditions; Federal Reserve says 34 largest US holding banks meet stress test conditions(1 requires some modifications); no major legislation passed.
International: President Trump pulls the US out of the Paris Climate Accord; UK elections result in Prime Minister May losing her Tories majority, builds a loose coalition; Brexit negotiations continue as 1st year vote anniversary passes; continuations of Middle East conflicts, refugee crisis, and; US President Trump actions and tweets continue to be the headliners.
Here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for June 2017, starting with the last active business day.
***Friday, June 30:
The PBRMarketTools US Stock Exchanges Recap for the Week, Month, Quarter, and Half Ending 06/30/17:
DJIA ends week at 21,349.63, -0.21% from last Friday, +1.62% MTD, +3.32% QTD, +8.03% YTD, -0.83% from record 21,528.99 set 06/19/17.
NASDAQ ends week at 6,140.42, -1.99% from last Friday, -0.94% MTD, +3.87% QTD, +14.07% YTD, -2.87% from record 6,321.76 set 06/08/17.
SPX ends week at 2,423.41, -0.61% from last Friday, +0.48% MTD, +2.57% QTD, +8.24 YTD, -1.22 from record 2,453.46 set 06/19/17.
Boeing(PBR27) 3rd major business unit, Boeing Global Services, to launch 07/01/17, focuses on needs of government, space & commercial customers worldwide. $BA PR link
Baker Hughes(PBR108) stockholders approve $7.4 billion acquisition by GE(PBR9) Oil & Gasunit, to close 07/03/17, to delist NYSE: BHI, then to list as NYSE: BHGE on 07/05/17. $BHI PR link
Kraft Heinz(PBR156) to sell Campbell, NY, cheese plant to Upstate Niagara Cooperative, will retain 125 employees, KH to make $3-5 million investment to improve/maintain facility. $KHC PR link
Delek US(PBR536) completes $12.13/share $464 million acquisition of remaining stock of Alon USA Energy(NYSE:ALJ). $DK PR link
Bemis(PBR545) implementing restructuring/cost savings plan, to close 2 manufacturing facilities, reduce administrative workforce by 300, 5% of employees, over 3 years. $BMS PR link
CIT Group(PBR608) to sell its last non-N American business, Paris-based NACCO, its 14,000 rail cars European rail leasing business, to German-based VTG Aktiengesellschaft, for $980 million. $CIT PR link
Ventas(PBR671) reaffirms expected sale in 2H17 of 36 skilled nursing facilities for $700 million to facilitate Kindred Healthcare(PBR479)’s exit from its skilled nursing segment. $VTR PR link
The US Dept of Treasury says US Debt Held By Public on 06/29/17 was at $14.308 trillion, Intragovernmental Holdings $5.538 trillion, Total US Debt $19.846 trillion, -0.7% YTD, +2.4% from 06/30/16. Treasury PR link
The US Dept of Commerce/BEA says US May Total Personal Income Annual Rate at $16.488 trillion, +0.4% from April, +3.5% from May 2016. USDOC PR link
The Federal Reserve Bank of Chicagoestimates the 7th District May Midwest Economy Index was at +0.51, April was +0.72, March +.58, May 2016 +0.01. ChiFed PR link
The June MNI Chicago Business Barometer(50=Neutral) is 65.7, May was 59.4, April 58.3, June 2016 56.8. MNI/ISM Chicago PR link
AAA says US Regular Gas Average Price/Gallon on 06/30/17 was $2.239, -5.6% from May, -2.1% from June 2016. AAA PR link
The End of June Exchange Rate of a US Dollar for a Euro is $1.1427, +1.6% from May, +2.8% from June 2016. (PBRMarketTools June US Economic Indices Snapshot 46(Currencies).)
The U of Michigan US June Final Consumer Sentiment Index is at 95.1, May was 97.1, April 97.0, June 2016 93.5. UMich PR link
***Thursday, June 29:
Amazon(PBR29) announces 07/11/17 as 3rd Annual Prime Day for 30 hours in 13 countries for Prime members. $AMZN PR link
Walgreens Boots Alliance(PBR36) signs new agreement to buy 2,186 Rite Aid(PBR105)stores and related assets over 6 months for $5.175 billion cash, will pay Rite Aid $325 million termination fee from previous agreement. Rite Aid cancels $950 million sale of 865 stores to Fred’s(PBR897) Pharmacy. $WBA PR link
Anthem(PBR38 $ANTM) pulls back on offering Obamacare plans in Nevada. MarketWatch PR link
MetLife(PBR39) to spin-off 2.8 million US insurance policies/annuities contracts provider Brighthouse Financial as a separate publicly held company, scheduled for 07/19/17. $MET PR link
Aetna(PBR49 $AET) to move corporate headquarters from Hartford, CT, to New York, NY. Hartford Courant PR link
21st Century Fox(PBR91) responds to UKdecision for phase 2 review by Competition and Markets Authority of its $14.8 billion cash acquisition of European entertainment 30,000 employee Sky plc, now expects transaction to close by 06/30/18. $FOX PR link
Amgen(PBR135) gets US FDA approval for Vectibix® (Panitumumab) for use in wild-type RAS metastatic colorectal cancer. $AMGN PR link
Caesars Entertainment(PBR314) opens 48,000 sf full service production studio, first in Nevada, next to its Ballys Las Vegas property. $CZR PR link
DR Horton(PBR337) gets deal over Starwood Capital to acquire 75% of Forestar Group(NYSE: FOR) for $17.75/share, $560 million cash, Forestar to remain a public company. $DHI PR link
Delek US(PBR536) stockholders approve $12.13/share $464 million of remaining stock acquisition of Alon USA Energy(NYSE:ALJ), whose stockholders have also approved, transaction scheduled to be effective on 07/01/17. $DK PR link
PolyOne(PBR586) to sell its Designed Structures and Solutions (DSS)business(includes sheet, rollstock and packaging assets) to Arsenal Capital Partners for $115 million. $POL PR link
DSW(PBR778) to open its first warehouse outside N America in Oman at Muscat Grand Mall. $DSW PR link
Equinix(PBR793) expands presence in Frankfurt, Germany, with its new International Business Exchange™ (IBX®) data center, called FR6, at its Campus Kleyer location. $EQIX PR link
CMS Energy(PBR360) announces SVP/Transformation & Shared Resources JF Brossoit to add Engineering to responsibilities upon retirement of SVP Dan Malone on 11/01/17. $CMS PR link
Kennametal(PBR706) to hire Chris Rossi as President/CEO, CEO Rod De Feo to become Executive Chairman, effective 08/01/17. $KMT PR link
The US Dept of Commerce says US 1Q17 Gross Domestic Product Annual Rate(3rd Estimate) was +1.4%, $19.027 trillion, +0.8% from 4Q16, +4.1% from 1Q16. USDOC PR link
The US Dept of Labor says US Total Insured Unemployment 4 Week Moving Average on 06/17/17 was 1,938.750 people, +0.4% from May, -9.1% from June 2016, Insured Unemployment Rate at 1.4%. USDOL PR link
The US Energy Information Administrationsays US Crude Oil Stocks(Millions of Barrels) on 06/23/17 were 509.2, 05/24/17 was 516.3, 4/21/17 528.7, 06/24/16 495.9. EIA PR link
FreddieMac(PBR41) says US 30 Year Fixed Mortgage Rate Average on 06/29/17 is 3.88% with 0.5 fees/points, 05/25/17 was 3.95%, 04/27/17 4.03%, 06/30/16 3.48%. $FMCC PR link
***Wednesday, June 28:
Staples(PBR122) to be acquired by private equity firm Sycamore Partners for $10.25/share(about a 20% premium from 04/03/17), $6.9 billion cash, expects to close by 12/31/17. $SPLS PR link
SunTrust Banks(PBR307) authorizes $1.32 billion share repurchase program effective 07/01/17 through 06/30/18. $STI PR link
Weyerhauser(PBR355) to delist from the Chicago Stock Exchange, effective 07/20/17, remain on NYSE. $WY PR link
Noble Energy(PBR471) completes $1.225 billion sale of all its upstream Appalachia natural gas assets to Quantum Energy Partners affiliate. $NBL PR link
Hain Celestial(PBR712) Cultivate Venturesunit makes first strategic acquisition, Portland, OR, based prepared beans and bean-based dips sold in chilled deli tubs provider Better Bean, terms not disclosed. $HAIN PR link
Fred’s(PBR897) adopts a short-term shareholder rights plan, expires 09/25/17. $FRED PR link
Scientific Games(PBR937) gets new 8 year Maryland Lottery contract to provide systems & services. $SGMS PR link
New York Times(PBR971) NYT Cooking recipe site now available by digital subscription, $5/4 weeks. $NYT PR link
MSA Safety(PBR996) to acquire Pittsfield, NH, based 420 employees in 4 locations $110 million/yr firefighter protective clothing and boots provider Globe Holding for $215 million cash. $MSA PR link
Caterpillar(PBR54) VP Tom Bluth to be Chief Technology Officer & VP/Innovation & Technology Development division, VP Jean Savage to be VP/Surface Mining & Technology division, 3 other VP changes announced. $CAT PR link
Biogen(PBR282) hires Catherine Steele as SVP/Corporate Affairs, effective 07/17/17. $BIIB PR link
AECOM(PBR322) promotes Randall Wotring to COO, effective 07/01/17, succeeds departing Stephen Kadenacy. $ACM PR link
The US Dept of Commerce/BEA US Net International Investment Position 1Q17(Preliminary) Assets is estimated at $24.833 trillion, Liabilities at $33.050 trillion, Balance ($8.217) trillion, 4Q16 was ($8.318) trillion, 1Q16 ($7.834) trillion. USDOC PR link
The US Federal Reserve Board approves Comprehensive Capital Analysis and Review(Stress Test) for largest 34 US holding banks, with one requiring some modifications. FED PR link
***Tuesday, June 27:
Alphabet(PBR44 $GOOG)’s Google hit with European Union record $2.7 billion fine over its shopping comparison service, has 90 days to correct, company may appeal. BBC PR link
Intel(PBR51) introduces Intel SSD 545s, 1st commercially available 64 layer, TLC, 3D NAND solid state drive for client computing, to be available mid-2018. $INTC PR link
International Paper(PBR117) agrees to settle Kleen Products 2010 antitrust class action lawsuit, to pay $354 million into settlement fund, needs district court approval. $IP PR link
Western Digital(PBR194) develops 1st commercial 96 layers of vertical storage capability 3D NAND technology chip, BiCS4, initial production scheduled for 2018. $WDC PR link
VISA(PBR224) to invest in European based online payments company Klarna, serves 60 million consumers across 70,000 retailers, terms not disclosed. $V PR link
Facebook(PBR228) CEO Mark Zuckerberg announces that the Facebook community now has 2 billion people as of this morning. $FB PR link
BlackRock(PBR252) to acquire cash management financial technologies provider Cachematrix, terms not disclosed. $BLK PR link
Owens Corning(PBR465) completes $560 million cash acquisition of global 1,100 employee $240+ million revenues/2016 cellular glass insulation systems FOAMGLAS® producer Pittsburgh Corning. $OC PR link
NVIDIA(PBR510) announces 5 new European partnerships/collaboration with Volvo, VW, ZF, Autoliv, and HELLA for artificial intelligence applications for autonous vehicles, builds on relationships with Audi, Mercedes, Toyota, & Tesla. $NVDA PR link
Boeing(PBR27) SVP/Program Management, Integration & Development Programs Scott Fancher to retire in 09/17 after 40 year career. $BA PR link
Kohl’s(PBR149) hires Bruce Besanko as CFO, effective 07/10/17. $KSS PR link
Rent A Center(PBR657) hires Martin Evans as EVP/Chief Human Resources Officer, effective 07/18/17. $RCII PR link
Under Armour(PBR668) hires Patrik Frisk as President/COO, effective 07/10/17, announces strategic executive changes. $UA PR link
A. Schulman(PBR791)Chairman/President/CEO Joe Gingo to step down from CEO role in 08/18, to remain Chairman, international search firm retained. $SHLM PR link
The Federal Reserve Bank of Richmond says the US Fifth District June Annualized Manufacturing Index is at +7%, May was +1%, April +20%, June 2016 -10%. RichmondFed PR link
The Federal Reserve Bank of Richmond says the US Fifth District June Services Revenues Indicator is at +19%, May was +34%, April +22%. RichmondFed PR link
The Conference Board US June Consumer Confidence Index(1985=100) is at 118.9, May was 117.6, June 2016 97.4. TCB PR link
The S&P CoreLogic Case-Shiller US April National Home Price NSA Index(01/2000=100)is at 188.50, March was 186.73. February 185.36, April 2016 178.68. C-S PR link
NCR(PBR383) celebrates the 50th Anniversary of the ATM with a brief history. $NCR PR link
Auto Industry: General Motors(PBR8 $GM)expects 2017 US light-vehicle sales in the “low” 17-million range, down from earlier forecast to roughly match 2016’s 17.55-million record. MarketWatch PR link
The International Monetary Fund releases its concluding 2017 Article IV statement on the US economy and government policies issues. IMF PR link
***Monday, June 26:
Philip Morris Intl(PBR35) to invest $559 million for expansion of Crespellano facility in Bologna, Italy, create up to an additional 600 jobs, for production of smoke-free HEETS tobacco units. $PMI PR link
Lowe’s(PBR50) completes $512 million acquisition of Houston, TX, based 13 distribution centers maintenance, repair and operations products to the multifamily housing industry distributor Maintenance Supply Headquarters. $LOW PR link
Hartford Financial(PBR152) to transfer $1.6 billion of its $5.6 billion in pension liabilities to Prudential Financial(PBR55 $PRU), will net approximately $485 million after tax. $HIG PR link
Arconic(PBR215) issues statement saying it will no longer sell its Reynobond PE product for any high-rise structures applications, decision based on Grenfell Tower fire in London, England. $ARNC PR link
YUM!(PBR217 $YUM) selling 28 KFC locations across Tasmania, Australia to publicly held Australian restaurant operator Collins Foods for around $83 million cash. MarketWatch PR link
Avis Budget(PBR316) to offer fleet support/maintenance services forAlphabet(PBR44)’s Waymo‘s self-driving car program at Avis/Budget car rental locations. $CAR PR link
Avery Dennison(PBR396) completes $190 million plus up to $55 million earnouts acquisition of China based $160 million/2016 industrial specialty tapes manufacturer Yongle Tape Co. $AVY PR link
Sonoco Products(PBR480) to acquire $140 million/2017 400 employees developer/manufacturer of flexible and forming plastic packaging films Elk Grove, IL, based Clear Lam Packaging for $170 million. $SON PR link
Crown Castle(PBR603) completes $600 million acquisition of private S California 1,900 miles of fiber services provider Wilcon. $CCI PR link
Martin Marietta(PBR689) to acquire largest US pure-play aggregates 23 active sites private Bluegrass Materials for $1.625 billion cash. $MLM PR link
Scientific Games(PBR937) gets new 4 year contract plus 2 year extension option to provide instant games and additional services to the New Hampshire Lottery. $SGMS PR link
Buffalo Wild Wings(PBR981) rolls out Blazin’ Rewards® Loyalty Program nationwide, registered over 2 million members during pilot program. $BWLD PR link
SuperValu(PBR164) EVP/COO/CFO Bruce Besanko leaving for another an outside opportunity, EVP/Chief Strategy Officer Rob Woseth adds interim CFO role, VP/Controller David Johnson adds Chief Accounting Officer role. $SVU PR link
ABM Industries(PBR478) hires Andrea Newborn as EVP/General Counsel, effective 07/05/17. $ABM PR link
Fortune Brands(PBR569) to promote Patrick Hallinan to SVP/CFO, effective 07/01/17, succeeds Lee Wyatt who becomes EVP & will retire by 12/31/17. $FBHS PR link
The Federal Reserve Bank of Chicago May National Activity Index is at -0.26, April was 0.57, March -0.18, May 2016 -0.58. ChiFed PR link
FannieMae(PBR17) 2Q17 Mortgage Lender Sentiment Survey® Executive Summaryindicates more lenders looking to ease credit standards as mortgage demand cools and competition heats up. $FNMA PR link
***Friday, June 23:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 06/23/17:
DJIA ends week at 21,394.76, +0.05% from last Friday, +1.84% MTD, +3.54% QTD, +8.26% YTD, -0.62% from record 21,528.99 set 06/19/17.
NASDAQ ends week at 6,265.25, +1.84% from last Friday, +1.08% MTD, +5.98% QTD, +16.39% YTD, -0.89% from record 6,321.76 set 06/08/17.
SPX ends week at 2,438.30, +0.21% from last Friday, +1.10% MTD, +3.20% QTD, +8.91% YTD, -0.62% from record 2,453.46 set 06/19/17.
SuperValu(PBR164) completes $390 million acquisition of $3.8 billion/yr Unified Grocers. $SVU PR link
Caesars Entertainment(PBR314) and Caesars Acquisition Company (NASDAQ: CACQ) get Form S-4 registration merger approval from the SEC, vote for merger set for 07/25/17 for stockholders of both companies, still subject to regulatory and bankruptcy court approvals. $CZR PR link
DR Horton(PBR337) raises bid for 75% of Forestar Group(NYSE: FOR) from $16.25/share to $17.75/share, Forestar says offer is superior to Starwood Capital offer. $DHI PR link
Expedia(PBR433) completes acquisition of majority of London based global rail full service 25+ million bookings/year retailing/distribution platform developer SilverRail, terms not disclosed. $EXPE PR link
Coach(PBR496) extends $18.50/share, $2.4 billion tender offer for all common stock of Kate Spade(PBR970 $KATE) from 06/23/17 to 07/10/17 to allow Japan regulatory agencies to complete waiting period, expires on 07/02/17. $COH PR link
Humana(PBR58) hires Sam Despande for newly created position of SVP/Chief Risk Officer. $HUM PR link
Public Service Enterprise Group(PBR257)elects Ralph LaRossa to be President/CEO PSEG Power, to succeed retiring Bill Levis, David Daly to succeed LaRossa as President/COO PSE&G unit & Chairman/PSEG Long Island, effective 10/02/17. $PEG PR link
The US Dept of Commerce/HUD estimates US May New Family Homes Sold/For Sale Annual Rate at 610,000 units(April a revised 593,000, March a revised 644.000, May 2016 560,000),
Median Price $345,800,
Units Available 268,000,
Months Supply 5.3.
HUD PR link
Housing Market: The FreddieMac(PBR41) June Outlook says that despite some recent bumps, the U.S. housing market remains on track to exceed last year’s best-in-a-decade levels for housing starts and home sales. $FMCC PR link
Apparel Industry: The Adobe(PBR557) May Digital Price Index shows 7,000 new apparel products appear online each day, shows prices for apparel online drop faster than offline. $ADBE PR link
***Thursday, June 22:
Kroger(PBR20) authorizes $1 billion share repurchase program. $KR PR link
American Airlines(PBR69) files SEC Form-8 indicating unsolicited interest by Qatar Airwaysto buy around 10% of its common stock. $AAL PR link
Hain Celestial(PBR712) files SEC Form 10-K for 2016, 10-Qs for 1st 3 quarters of fiscal year 2017, authorizes new $250 million share repurchase program. $HAIN PR link
Dollar General(PBR151) hires Jason Reiser as EVP/Chief Merchandising Officer, effective 07/12/17. $DG PR link
CenturyLink(PBR160) names executives of 5 business units and 4 functional groups that will report to President/COO Jeff Storey upon completion of $66.50/share, $34 billion acquistion of Level 3 Communications(PBR375 $LVLT) by 3Q17. $CTL PR link
Dr Pepper Snapple(PBR406) promotes Lain Hancock to CEO of Bai Brands, succeeds departing founder Ben Weiss. $DPS PR link
LPL Financial(PBR543) hires Scott Seese as Managing Director/CIO, effective 07/10/17. $LPLA PR link
Martin Marietta(PBR689) hires Jim Nickolas as SVP/CFO, effective mid 08/17 upon retirement of EVP/CFO Anne Lloyd. $MLM PR link
Hain Celestial(PBR712) promotes James Langrock to EVP/CFO, effective 06/23/17, succeeds departing Pasquale Conte. $HAIN PR link
The Conference Board says US May Leading Economic Index(2010=100) at 127.0, April was 126.7, March 126.5, May 2016 123.4, forecasts moderate 2.0% growth in 2017. TCB PR link
***Wednesday, June 21:
Intel(PBR51) to provide Olympic Games with its 5G platforms, VR, 3D and 360-degree content development platforms, artificial intelligence platforms, and drones, along with other silicon solutions per TOP partnership through 2024 with Intl Olympic Committee. $INTC PR link
Nationstar Mortgage(PBR857) moves international call center operations back to US, creates 500 jobs. $NSM PR link
Dollar General(PBR151) hires Carman Wenkoff as EVP/Chief Information Officer, effective 07/10/17, succeeds retiring Ryan Boone. $DG PR link
FirstEnergy(PBR195) EVP & President/Generation James Lash to retire, effective 08/01/17, President/Nuclear Operating Co & Chief Nuclear Officer Samuel Belcher to add those responsibilities to his role. $FE PR link
Patterson Cos(PBR542) CEO/Animal Health unit John Adent is departing, VP/Animal Health Sales & Marketing Kevin Pohlman appointed interim President. $PDCO PR link
Equity Residential(PBR741) EVP/General Counsel Bruce Strohm to retire effective 01/01/18, to be succeeded by SVP/Legal Scott Fenster. $EQR PR link
SemGroup(PBR866) hires Susan Lindberg as VP/General Counsel, succeeds retiring Candice Cheeseman. $SEMG PR link
The Natl Assn of Realtors says US May Existing Home Sales Annual Rate at 5.62 million, +1.1% from April, +2.7% from May 2016, Median Price was record $252,800. NAR PR link
***Tuesday, June 20:
Ford(PBR10) investing $900 million in Kentucky Truck Plant, secure 1,000 hourly jobs, to build Ford Expedition and Lincoln Navigator; Ford Focus manufacturing moving from Mexico to China by 2019 to save $1 billion in investment costs. $F PR link
Sprint(PBR86) to open 78 new retail outlets throughout Los Angeles, Orange County, Inland Empire, & San Diego by end of 2017, creates 550+ jobs. $S PR link
Becton Dickinson(PBR318) gets FDA 510(k) clearance for new line of customizable, 3.0mm micro-laparoscopic instruments. $BDX PR link
AMD(PBR446) launches AMD EPYC™ 7000 series datacenter processors, sets high performance records for 2 and 1 socket servers. $AMD PR link
PAREXEL Intl(PBR762) to be acquired by Pamplona Capital Management for $88.10/share, $5.0 billion cash. $PRXL PR link
Hologic(PBR767) gets FDA clearance of Aptima® Assay to detect Herpes Simplex Virus 1 & 2 which affects 24+ million Americans. $HOLX PR link
3M(PBR92) promotes Michael Roman to EVP/COO and HC Shin to Vice Chair/EVP, and 5 other executive appointments; waives manadatory retirement age of 65 for CEO Inge Thulin. $MMM PR link
Whirlpool(PBR138) CEO Jeff Fettig to step down, remain Chairman, President/COO Marc Bitzer to be CEO, all effective 10/01/17. $WHR PR link
Regis Corp(PBR912) hires Andrew Lacko as EVP/CFO, effective 07/01/17. $RGS PR link
Aerospace Industry: Boeing(PBR27) in annual Services Market Outlook forecasts 10 year combined commercial/government aerospace services at $2.6 trillion, 20 year commercial up to $8.5 trillion. $BA PR link.
Boeing(PBR27) in annual Current Market Outlook forecasts 41,030 new airplanes needed over the next 20 years valued at $6.1 trillion. $BA PR link
***Monday, June 19:
GE(PBR9) Capital Aviation Services unit and Canada based asset manager CDPQ to form $2 billion aircraft leasing business named Einn Volant Aircraft Leasing. $GE PR link.
AmerisourceBergen(PBR16) reorganizes into 2 groups, Pharmaceutical Distribution and Strategic Global Sourcing, lead by Group President Robert Mauch, and Global Commercialization Services and Animal Health, lead by Group President James Cleary, Jr; executive management team named. $ABC PR link.
Boeing(PBR27) launches larger capacity 737 MAX 10 at Paris Air Show, to be industry’s most efficient, profitable single-aisle airplane, 240 orders already from 10+ customers. $BA PR link.
Philip Morris Intl(PBR35) to invest $320 million to build new smoke-free HEETS tobacco units product facility in Dresden, Germany, to employ 500. $PM PR link.
Time Warner(PBR103) and social networking provider Snap(OTCQB: SNAP) announce global partnership spanning media spending and development of made-for-Snap Shows over the next two years. $TWX PR link.
Hess(PBR248) to sell its enhanced oil recovery (EOR) assets in the Permian Basin to Occidental Petroleum(PBR123) for $600 million. $HES PR link.
Stryker Corp(PBR283) to acquire Canada based medical fluorescence imaging technology developer NOVADAQ Technologies(NASDAQ:NVDQ; TSX:NDQ) for $11.75/share, $701 million. $SYK PR link.
Celanese(PBR369) and Blackstone(PBR352 $BX) each contribute a business unit to form 70/30 joint venture in $1.3 billion/year 2,400 employee acetate tow business. $CE PR link.
TEGNA(PBR622) to sell CareerBuilder unit to Apollo Global Management(PBR906) and the Ontario Teachers’ Pension Plan Board for $250 million, will retain 12.5% interest. $TGNA PR link.
EQT(PBR784) to acquire natural gas producer Rice Energy(NYSE: RICE) in $6.7 billion cash/stock deal, includes $1.5 billion debt. $EQT PR link.
PerkinElmer(PBR839) to acquire Germany based 2,400 employee $310 million/2017 global autoimmune/infectious disease/allergy testing provider EUROIMMUN Medical Laboratory Diagnostics AG for $1.3 billion cash. $PKI PR link.
The Children’s Place(PBR939) to open retail stores in Indonesia, Singapore, Thailand and the Philippines per development agreement with Gill Capital. $PLCE PR link.
Buffalo Wild Wings(PBR981) to sell 83 company owned restaurants as part of refranchising effort. $BWLD PR link.
Navient(PBR443) promotes Tim Hynes to newly created position of EVP/Consumer Lending. $NAVI PR link.
Autodesk(PBR773) appoints current interim co-CEO Andrew Anagnost as President/CEO, effective immediately. $ADSK PR link.
FannieMae(PBR17) Economic & Strategic Research (ESR) Group’s June 2017 Economic and Housing Outlook sees 2.0% growth in 2017, with 2Q17 projected at 2.9% annual growth rate from 1.2% in 1Q17, but uncertainty surrounding fiscal and monetary policy is clouding the forecast. $FNMA PR link.
***Friday, June 16:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 06/16/17:
DJIA ends week at 21,384.28, +0.53% from last Friday, +1.79% MTD, +3.49% QTD, +8.21% YTD, +0.00% from record 21,384.28 set 06/16/17.
NASDAQ ends week at 6,151.76, -0.90% from last Friday, -0.75% MTD, +4.06% QTD, +14.28% YTD, -2.69% from record 6,321.76 set 06/08/17.
SPX ends week at 2,433.15, +0.06% from last Friday, +0.89% MTD, +2.98% QTD, +8.68% YTD, -0.30% from record 2,440.35 set 06/13/17.
Walmart(PBR1) to acquire internet built menswear fashion brand Bonobos for $310 million cash, CEO/Founder Andy Dunn to report to President/CEO of US eCommerce Marc Lore. $WMT PR link.
ExxonMobil(PBR2) to invest in 1st phase of development of Liza field off Guyana, expects initial production to be 120,000 barrels/day in 2020. $XOM PR link.
General Motors(PBR8) to open new supplier park in Arlington, TX, to create 850+ new jobs, 600 as replacements for work done outside the US. $GM PR link.
Amazon(PBR29) to acquire Whole Foods(PBR203 $WFM) for $42/share, a 27% premium from 06/15/17 close, $13.7 billion cash deal includes debt, expects to close 2H17, WF to continue to operate under its brand name, John Mackey to remain CEO, maintain headquarters in Austin, TX. $AMZN PR link.
Johnson & Johnson(PBR37) completes $280/share, $30 billion cash acquisition of Swiss based pharmaceutical company Actelion(SIX:ATLN). $JNJ PR link.
McDonald’s(PBR101 $MCD) and International Olympic Committee mutually agree to end worldwide TOP partnership. IOC PR link.
Equifax(PBR795) to acquire identity protection and resolution services company ID Watchdog(TSX.V: IDW), terms not disclosed. $EFX PR link.
Synopsys(PBR879) replenishes share repurchase program to $500 million. $SNPS PR link.
Apple(PBR5) hires Sony Pictures Television executives Jamie Erlicht and Zack Van Amburg to oversee all aspects of video programming. $AAPL PR link.
Caterpillar(PBR54) announces 3 VP retirements, 2 new divisions created in reorganization, 2 VP promotions, starts search for VP of new Digital Enables Solutions division. $CAT PR link.
Parker Hannifin(PBR218) VP/eBusiness, IoT, and Services Robert Bond retiring, Michael Chung elected successor, effective 08/01/17. $PH PR link.
Wabash Natl(PBR917) SVP & Group President/Diversified Products Mark Weber has left, successor search starts. $WNC PR link.
The US Dept of Commerce/HUD estimates US May Private Housing Permits Issued Annual Rate at 1,168,000, -4.9% from April, -0.9% from May 2016. HUD PR link.
The U of Michigan Preliminary US June Consumer Sentiment Index is at 94.7, May Final was 97.1, April 97.0, June 2016 93.5. UMich PR link.
***Thursday, June 15:
Amazon(PBR29) Prime members in Denver get new Prime Now free 2 hour delivery of Amazonand Sprouts Farmers Market(PBR688) items, 1 hour delivery available for $7.99. Prime Now is available in 30+ US cities. $AMZN PR link.
DuPont(PBR82) and Dow Chemical(PBR48)gets US Dept of Justice approval for merger of equals, expect to close transaction in 08/17, then do 3 spinoffs within 18 months. $DD PR link.
Nike(PBR98) announces realignment, new Consumer Direct Offense, to focus on 12 cities in 10 countries for growth, to cut 2% of its 70,700 workforce, cutting 25% of its styles, cutting product creation cycles in half. $NKE PR link.
AMD(PBR446) selected by US Dept of Energyfor PathForward 3 year program to accelerate critical computing technologies for the nation’s first exascale supercomputers. $AMD PR link.
Booz Allen Hamilton(PBR466) files SEC Form 8 stating the US Dept of Justice is conducting a civil & criminal investigation relating to certain elements of the Company’s cost accounting and indirect cost charging practices with the US government. $BAH PR link.
Michaels Cos(PBR503) authorizes new up to $500 million share repurchase program with no expiration date. $MIK PR link.
Mead Johnson(PBR539) $90/share, $17.9 billion acquisition by global consumer health & hygiene company Reckitt Benckiser Group plcis completed. $MJN PR link.
CIT Group(PBR608) completes $38 million at average $46.45/share open market repurchase program, to do $512 million accelerated share repurchase program with Morgan Stanley(PBR79). $CIT PR link.
Hologic(PBR767) receives expanded FDA 510(k) clearance to market Cynosure’s SculpSure® for non-invasive body contouring (Lipolysis) of back, inner and outer thighs, already cleared for abdomen and love handles(flanks). $HOLX PR link.
Skechers(PBR808) gets 2 US District Courtvictories over Adidas, preliminary junction against selling Mega-Blade children’s shoes denied, 2 patent infringement claims dismissed. $SKX PR link.
PG&E(PBR172) SVP/Generation & Chief Nuclear Officer Ed Halpin to retire 12/31/17. $PCG PR link.
Campbell Soup(PBR326) promotes SVP/Global Suppy Chain Bob Furbee, SVP/US Sales Jim Sterbenz, and VP/Corporate Strategy Emily Waldorf to Leadership team, all reporting to President/CEO Denise Morrison. $CPB PR link.
Analog Devices(PBR701) forms 3 new business groups and members of the executive team: Greg Henderson is SVP/Automotive, Communication and Aerospace & Defense, Yusuf Jamal is SVP/Industrial, Healthcare, Consumer, and IoT Solutions and Security, and Steve Pietkiewicz is SVP/Power Products. $ADI PR link.
The US Dept of Labor says US May Import Prices Index(Preliminary) was -0.3% from April, YoY +2.1%, Export Prices Index -0.7%, YoY +1.4%. USDOL PR link.
The US Federal Reserve says US May Industrial Production Capacity at 76.6%, April was 76.7%, March 75.9%, May 2016 75.6%. FRB PR link.
The Empire State June Manufacturing General Business Conditions Index is at 19.8, May was -1.0, April 5.2, June 2016 3.7. NYFed PR link.
The Federal Reserve Bank of Philadelphia June Manufacturing General Activity Indicator is at 27.6, May was 38.8, April 22.0, June 2016 4.1. PhillyFed PR link.
The Natl Assn of Home Builders says US builder confidence remains strong in June, US June Housing Market Composite Index at 67, May was 69, April 68, June 2016 60. NAHB PR link.
***Wednesday, June 14:
UPS(PBR47) issues statement regarding shooting incident in San Francisco area processing facility. $UPS PR link.
Mattel(PBR412) and Fosun to form joint venture in China to launch child development clubs. $MAT PR link.
Bon-Ton Stores(PBR707) selects 400 from 1,250+ artisan and entrepreneur applications for first “Close to Home” online sourcing fair. $BONT PR link.
Buffalo Wild Wings(PBR981) to pilot B-Dubs Express in two new small-format locations in the metro Minneapolis this summer, takeout/delivery to be emphasis. $BWLD PR link.
GE(PBR9) Power President/CEO Steve Bolze to retire, GE Energy Connections to be merged into GE Power, Russell Stokes to be President/CEO, effective 07/03/17. $GE PR link.
Biogen(PBR282) hires Jean-Paul Kress, MD, as EVP & President/International and Head of Therapeutic Operations, effective 06/19/17. $BIIB PR link.
William Cos(PBR348) hires Chad Zamarin as SVP/Corporate Strategic Development, effective 06/26/17, succeeds retiring Frank Billings. $WMB PR link.
Frontier Communications(PBR501) hires John Maduri as EVP/Consumer Sales, Market & Product, effective 07/24/17, succeeds leaving Cecelia McKenney. $FTR PR link.
The US Federal Open Market Committeeraises federal funds rate 0.25% to 1.00-1.25%, sees 2% inflation rate target in medium term, labor market continues to strengthen, economy growing moderately, expects to begin implementing a balance sheet normalization program this year. FOMC PR link.
The US Dept of Labor says US May Current Average Weekly Earnings at $901.97, +0.2% from April, +2.5% from May 2016. USDOL PR link.
The US Dept of Labor says US May Consumer Price Index was -0.1% from April, +1.9% over last 12 months. USDOL PR link.
The US Dept of Commerce says US April Total Manufacturers/Retailers/Wholesale Sales at $1.352 trillion, +0.0% from March, +5.6% from April 2016.
USDOC PR link.
The US Dept of Commerce says US May Retail/Food & Drinking Services(Advance Report) at $473.8 billion, -0.3% from April, +3.8% from May 2016. USDOC PR link.
***Tuesday, June 13:
Verizon(PBR15), after completion of $4.48 billion cash acquisition of Yahoo!(PBR519), forms Oath subsidiary with 50+ brand names including Yahoo! segments, AOL, HuffPost, & Tumblr. Tim Armstrong, former AOL CEO, is CEO of Oath. $VZ PR link.
UPS(PBR47) to open 893,000 sf processing facility in Indianapolis, IN, area, to add 575+ fulltime equivalent jobs. $UPS PR link.
Sears(PBR93) to eliminate 400 full-time positions in corporate, global support functions, and others, part of restructuring program. $SHLD PR link.
McDonald’s(PBR101) to hire 250,000 US restaurant employees, more than half from 16-24 age group. $MCD PR link.
Zimmer Biomet(PBR512) gets US FDA letter saying Warning letter of 06/03/15 relating to its Zhejiang, China manufacturing facility has been closed out. $ZBH PR link.
Yahoo!(PBR519) completes $4.48 billion sales of its operating business by Verizon(PBR15), to change name to Altaba Inc, register as an investment company, to begin trading with symbol AABA on 06/19/17. $YHOO PR link.
Tesla(PBR651) Model X is first SUV to achieve 5-star crash rating in every category from National Highway Traffic Safety Administration. $TSLA PR link.
Biogen(PBR282) EVP/Finance & CFO Paul Clancy is leaving to join another pharmaceutical company. $BIIB PR link.
Essendant(PBR458) President/CEO Robert Aiken, Jr, resigns, Group President/Industrial Richard Phillips appointed Interim President/CEO. $ESND PR link.
Herbalife(PBR487) promotes Frank Lamberti to EVP/Managing Director, The Americas and Worldwide Marketing, succeeds Miguel Angel Fernandez, who has left the Company to assume the role of president of Avon Products(PBR303). $HLF PR link.
Coty(PBR524) SVP/Chief Scientific Officer Ralph Macchio to retire on 06/30/17. $COTY PR link.
Alexion Pharmaceutical(PBR840) hires Paul Clancy as CFO, effective 07/31/17, succeeds Dave Anderson. $ALXN PR link.
The US Department of Labor says US May Total Final Demand was +0.0%, April was +0.5%, March -0.1%, Last 12 Months +2.4%. USDOL PR link.
Manpower(PBR132) 3Q17 Employment Outlook shows 1 in 4 companies to be hiring, 70% no change. $MAN PR link.
CoreLogic says US March Housing Mortgage Delinquencies 30 or more Days Past Due at 4.4% rate, lowest in 10 years. CL PR link.
***Monday, June 12:
Amazon(PBR29) to open 855,000+ sf fulfillment center in Thornton, CO, 2nd in state, to create 1,500+ fulltime jobs. $AMZN PR link.
Microsoft(PBR31) announces XBox One X, 42 new games, 22 with console exclusivity, $499 retail, to be available 11/07/17. $MSFT PR link.
JCPenney(PBR234) gets exclusive Libby Edelman collection fashion brand, to be available in 500 stores and online starting 07/14/17, full Fall launch on 09/08/17. $JCP PR link.
GE(PBR9) Chairman/CEO Jeff Immelt to retire as CEO, effective 08/01/17, remain Chairman through 12/31/17. President/GE Healthcare John Flannery to be successor CEO, then Chairman. $GE PR link.
Tyson Foods(PBR80) hires Scott Spradley as Chief Technology Officer, effective 06/26/17. $TSN PR link.
Halliburton(PBR90) hires Christopher Weber as EVP/CFO, effective 06/22/17. $HAL PR link.
La-Z-Boy(PBR918) hires David Behen as Chief Information Officer. $LZB PR link.
The US Dept of Treasury says US May Federal Government Receipts were $240.4 billion, Outlays $328.8 billion, Deficit $88.4 billion, Fiscal YTD Deficit(8 months) is $432.9 billion. Treasury PR link.
***Friday, June 9:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 06/09/17:
DJIA ends week at 21,271.97, +0.31% from last Friday, +1.25% MTD, +2.95% QTD, +7.64% YTD, +0.00% from record 21,271.97 set 06/09/17.
NASDAQ ends week at 6,207.92, -1.55% from last Friday, +0.15% MTD, +5.01% QTD, +15.32% YTD, -1.80% from record 6,321.76 set 06/08/17.
SPX ends week at 2,431.77, -0.30% from last Friday, +0.83% MTD, +2.92% QTD, +8.62% YTD, -0.30% from record 2,439.07 set 06/02/17.
ExxonMobil(PBR2) says NY Attorney General‘s ‘Reckless and False Allegations’ misstate climate policies. $XOM PR link.
WestRock(PBR278) completes $192 million acquisition of 5 containerboard manufacturing facilities from US Corrugated. $WRK PR link.
Boeing(PBR27) promotes Jenette Ramos to SVP/Supply Chain & Operations, succeeds Pat Shanahan who has been nominated for US Deputy Secretary of Defense. $BA PR link.
The US Dept of Labor says US 1Q17 Wages/Salaries Average Hourly Rate is $24.10, Benefits $11.18, Total $35.28, +1.1% from 4Q16, +3.9% from 1Q16. USDOL PR link.
The US Dept of Commerce says US April Total Wholesale Sales at $464.2 billion, -0.4% from March, +7.3% from April 2016. USDOC PR link.
***Thursday, June 8:
Amazon(PBR29) to open 855,000 sf fulfillment center in New Haven, CT, to create 1,500 fulltime jobs. $AMZN PR link.
Cigna(PBR85 $CI) and CVS Health(PBR11)launches Cigna Health Works, collaboration aligns Cigna-administered health benefits with CVS Pharmacy and CVS MinuteClinic retail health care services. $CVS PR link.
Nordstrom(PBR214) family members have formed a group to explore a possible “going private transaction.” $JWN PR link.
Yahoo!(PBR519) stockholders approver $4.48 billion cash acquisition of its operating business by Verizon(PBR15), expects to close 06/13/17, will then change name to Altaba Inc, register as an investment company. $YHOO PR link.
PolyOne(PBR586) acquires Pineville, NC, based global provider of customized formulations screen printing inks for the apparel market Rutland Holding Co. $POL PR link.
Endo Intl(PBR700) evaluating options per US FDA request it withdraw opioid OPANA® ERfrom the market. $ENDP PR link.
Leidos(PBR475) hires Jerald S. Howe, Jr, as EVP/General Counsel, succeeds Vincent A. Maffeo who is retiring effective 07/15/17. $LDOS PR link.
SAIC(PBR580) President/Global Markets & Missions Nazzic Keane adds corporate COO role; corporate headquarters moving from McLean, VA, to Reston, VA, effective 07/01/17. $SAIC PR link.
Bristow Group(PBR919) restructures into 2 primary hubs, Alan Corbett is VP/Europe hub, Rob Phillips is VP/Americas hub, executives team downsized by 3. $BRS PR link.
The US Federal Reserve says US 1Q17 Total Households/Non-Profits Net Worth at $94.835 trillion, +2.5% from 4Q16, +8.3% from 1Q16. FRB PR link.
***Wednesday, June 7:
Amazon(PBR29) opening new 800,000+ sf fulfillment center in Miami, FL, 10th in the state, to create 1,000+ fulltime jobs. $AMZN PR link.
Amazon(PBR29) to open 1st fulfillment center in Oregon in Troutdale, 855,000 sf, to create 1,500 fulltime jobs. $AMZN PR link.
Tyson(PBR80) completes $40.25/share, $4.2 billion cash acquisition of Cincinnati, OH, based $1.6 billion/2016, national sandwich maker AdvancePierre Foods Holdings(NYSE:APFH). $TSN PR link.
Sprint(PBR86) to open 60 new retail outlets, hire 450+ in New England area over next 18 months. $S PR link.
Baxter Intl(PBR176) gets US FDA approvaland commercial launch of ready-to-use Clindamycin injection in saline. $BAX PR link.
Allergan(PBR219) to acquire Keller Medical, adding Keller Funnel® to its plastic surgery portfolio, terms not disclosed. $AGN PR link.
Caesars Entertainment(PBR314) Operating Company subsidiary to raise up to $2.2 billion to repay existing indebtedness as part of Chapter 11 reorganization plan. $CZR PR link.
Markel(PBR470) to combine Wholesale and Global Insurance divisions into Market Assurance division by 01/01/18, Bryan Sanders to be president. $MKL PR link.
Arthur J Gallagher(PBR515) acquires Kent, England, global executive consultancy services Total Reward Group, terms not disclosed.$AJG PR link.
Hologic(PBR767) gets US FDA approval for its Genius™ 3D Mammography™ Exam as the only mammogram superior for women with dense breasts. $HOLX PR link.
PPG(PBR190) appoints Henrik Bergstrom to VP/Architectural Coatings, Latin America, and President/PPG Comex, succeeds retiring Marcos Archar Levy. $PPG PR link.
HNI Corp(PBR841) promotes Jeff Lorenger to President/Office Furniture. $HNI PR link.
New York Times(PBR971) promotes Meredith Kopit Levien to EVP/COO, part of plan to reshape and accelerate digital platforms. $NYT PR link.
The US Federal Reserve estimates US April Total Consumer Credit Outstanding at $3.821 trillion, +0.2% from March, +0.7% YTD, +6.0% from April 2016. FRB PR link.
The FannieMae(PBR17) US May Home Purchase Sentiment Index is 86.2, April was 86.7, March 84.5, May 2016 85.3. $FNMA PR link.
***Tuesday, June 6:
General Motors(PBR8) shareholders elect all 11 of GM’s Board nominees, rejects Greenlight’s proposal to create a dual-class stock structure. $GM PR link.
Amazon(PBR29) introduces discounted Amazon Prime subscription of $5.99/month for customers receiving government assistance. $AMZN PR link.
JCPenney(PBR234) opens 400 sf Dorm shops in 500 locations, caters to college students, offers online purchases & free pickup at nearest location. $JCP PR link.
WestRock(PBR278) completes $18/share, $2.28 billion acquisition of $1.6 billion/2016 Multi Packaging Solutions(NYSE: MPSX). $WRK PR link.
Fidelity Natl Financial(PBR331)’s FNFV Group(NYSE: FNFV) completes $560 million cash sale of its One Digital Health and Benefitsunit. $FNFV PR link.
Arthur J Gallagher(PBR515) acquires Ann Arbor, MI, full service insurance broker Armstrong/Robitaille/Riegle, Inc. and retirement plan services agency Ann Arbor Business Advisors, LLC. $AJG PR link.
SemGroup(PBR866) to acquire 330 acres 16.8 million barrel terminal Houston Fuel Oil Terminal Co for $2.1 billion. $SEMG PR link.
Cooper-Standard(PBR644) appoints Jonathan P. Banas as EVP/CFO, succeeds Matthew Hardt, who has resigned. $CPS PR link.
Columbia Sportswear(PBR768) realigns corporate leadership team, 6 changes announced. $COLM PR link.
Revlon(PBR900) CFO Juan Figuereo retiring, COO Chris Peterson adds CFO role to his responsibilities. $REV PR link.
MSA Safety(PBR1002) elects Nishan Vartanian to newly created post of President/COO. $MSA PR link.
The US Dept of Labor estimates US April Total Job Openings at 6,044,000, +4.5% from March, +7.1% from April 2016. USDOL PR link.
The PurdueU/CME Group US May Agriculture Barometer Index(100=Unchanged) is 130, April was 130, March 124, May 2016 97. PurdueU/CME PR link.
***Monday, June 5:
Apple(PBR5) announces HomePod wireless speaker, automatically adjusts audio based on position in a room. $AAPL PR link.
Baker Hughes(PBR108) & GE(PBR9 $GE) Oil & Gas announce 15 person executive team upon $7.4 billion acquisition by GE, expected to close mid 2017. $BHI PR link.
Marriott Intl(PBR211) expects to grow its 240 independent hotels under 3 collection brands by nearly 50% by 2019. $MAR PR link.
Discover Financial(PBR286) to hire 200+ in its Phoenix area customer care centers. $DFS PR link.
Becton Dickinson(PBR318) gets FDA 510(K) clearance for BD MAX™, a molecular test for harmful intestinal bacteria causing infectious diarrhea. $BD PR link.
DR Horton(PBR337) proposes to acquire 75% of Forestar Group(NYSE: FOR) for $16.25/share, $520 million cash. $DHI PR link.
Weyerhauser(PBR355) to sell its timberlands/manufacturing business in Uruguayto a consortium led by BTG Pactual’s Timberland Investment Group for $402.5 million cash. $WY PR link.
Cabela’s(PBR606) special shareholders meeting set for 07/11/17 to vote on $61.50/share, $5 billion acquisition by Bass Pro Shops, expects to close in 3Q17 if approved. $CAB PR link.
Tempur Sealy(PBR687) North America orders in May 2017 increased approximately 15% compared to May 2016 excluding Mattress Firm. $TPX PR link.
Williams-Sonoma(PBR508) names Alex Bellos President/West Elm brand, succeeds Jim Brett who has left to become CEO at J.Crew. $WSM PR link.
AmTrust Financial(PBR564) appoints Adam Karkowsky as EVP/CFO, succeeds Ronald Pipoly, Jr. $AFSI PR link.
Perrigo(PBR565) CEO John T. Hendrickson to retire upon appointment of successor. $PRGO PR link.
Equifax(PBR795) CMO Trey Loughran to become President/US Information Services(USIS), President/USIS Paulino Barros to lead Asia-Pacific business, both effective 07/01/17. $EFX PR link.
The US Dept of Labor revises US 1Q17 Labor Productivity/Hr to -1.0%, 4Q16 was +2.4%, 1Q16 -0.7%. USDOL PR link.
The US Dept of Commerce estimates US April Total Manufacturing New Orders at $469.0 billion, March was $469.8 billion, February $465.2 billion. USDOC PR link.
The IHS Markit US May Composite PMI Output Index at 53.6, April was 53.2, March 53.0, May 2016 50.9. IHS Markit PR link.
The ISM US May Non-Manufacturing Index is at 56.9%, April was 57.5%, March 55.2%, May 2016 52.9%. ISM PR link.
***Friday, June 2:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 06/02/17:
DJIA ends week at 21,206.29, +0.60% from last Friday, +0.94% MTD, +2.63% QTD, +7.31% YTD, +0.00% from record 21,206.29 set 06/02/17.
NASDAQ ends week at 6,305.80, +1.54% from last Friday, +1.73% MTD, +6.67% QTD, +17.14% YTD, +0.00% from record 6,305.80 set 06/02/17.
SPX ends week at 2,439.07, +0.96% from last Friday, +1.13% MTD, +3.23% QTD, +8.94% YTD, +0.00% from record 2,439.07 set 06/02/17.
Amazon(PBR29) to open new 855,000 sf fulfillment center in Fresno, CA, will create 1,500 new full-time jobs, to be 5th fulfillment center in Central Valley area. $AMZN PR link.
US Foods(PBR118) to acquire $100 million/yr 1,800 business customers broadline distributor of food and food-related products in the southern US F. Christiana, terms not disclosed. $USFD PR link.
Office Depot(PBR182) to sell its business in mainland China to Shanghai M&G COLIPU Office Supplies Co, part of plan to divest international units, terms not disclosed. $ODP PR link.
Blackstone(PBR352) to sell its pan European logistics company, Logicor, to affiliates of China Investment Corp for around $13.50 billion. $BX PR link.
Worthington Industries(PBR660) acquires $248 million/2016 global pressure cylinders and water system tanks manufacturer Amtrol for $283 million. $WOR PR link.
Buffalo Wild Wings(PBR981) President/CEO Sally Smith announces prior to annual stockholders meeting that she will retire by 12/31/17, successor search starts. $BWLD PR link.
The US Dept of Labor says US May Total People Employed at 152,923,000, -233,000(-0.2%) from April, +1,865,000(+1.2%) from May 2016, Unemployment Rate at 4.3%. USDOL PR link.
The US Dept of Commerce says US April Total Exports were $190.9 billion, Imports $238.6 billion, Deficit $47.7 billion, YTD Deficit is $186.6 billion, April 2016 YTD Deficit was $164.4 billion. USDOC PR link.
***Thursday, June 1:
Amazon(PBR29) to create 1,000 new full time jobs at new 850,000 sf fulfillment center in Jefferson, GA. $AMZN PR link.
Tesoro(PBR71) completes $37.20/share, $6.4 billion all stock acquisition of Western Refining(PBR193). $TSO PR link.
Tesoro(PBR71) & Tesoro Logistics LP(NYSE: TLLP) to change names to Andeavor(NYSE: ANDV) and Andeavor Logistics LP(NYSE: ANDX), effective 08/01/17. $TSO PR link.
Deere & Co(PBR81) to acquire German based private global road construction equipment manufacturer Wirtgen Group for $5.2 billion cash. $DE PR link.
Icahn Enterprises(PBR147) completes initial $1.3 billion sale of American Railcar Leasingunit to Sumitomo Mitsui Banking Corpsubsidiary, $561 million option for 4,600 railcars available. $IEP PR link.
Dollar General(PBR151) to acquire 322 stores in 36 states, opened 293 stores and remodeled or relocated 301 stores in 1Q17. $DG PR link.
PPG(PBR190) has withdrawn its $105.50/share $28.8 billion cash/stock for European based specialty paints, coatings and chemicals provider AkzoNobel (AKZA.AS:AKZOY). $PPG PR link.
Praxair(PBR233) & Germany based Linde AG(Xetra: LIN) sign business combination agreement to become a $30 billion/year Linde in 50/50 stock ownership deal, expects to close in 2Q18. $PX PR link.
Marathon Oil(PBR250) completes $700 million acquisition of 21,000 net surface acres in Permian’s Northern Delaware basin in New Mexico. $MRO PR link.
KKR(PBR332) closes $9.3 billion Asian Fund III, focused on investments in private equity transactions across the Asia Pacific region. $KKR PR link.
Greenbrier(PBR846) Europe & Astra Railcomplete merger, 75% owned by Greenbrier, creates Europe’s largest end-to-end freight railcar manufacturing, engineering and repair business to reach markets throughout Europe, Eurasia, and Gulf Cooperation Council countries like Saudi Arabia. $GBX PR link.
Eli Lilly(PBR142) EVP Global Services/CFO Derica Rice to retire on 12/31/17. $LLY PR link.
Sherwin-Williams(PBR251) completes $113.00/share, $11.3 billion acquisition Valspar(PBR526). $SHW PR link.
LKQ(PBR376) CFO Nick Zarcone now officially President/CEO, succeeds Rob Wagman who now serves as a part-time employee/advisor. $LKQ PR link.
Salesforce(PBR453) hires Corey duBrowa as EVP/Chief Communications Officer, to start in 07/17. $CRM PR link.
Herbalife(PBR487) COO Richard Goudis now CEO as planned, succeeds Michael Johnson who is now Executive Chairman. $HLF PR link.
Patterson Cos(PBR542)Chairman/President/CEO Scott Anderson steps down, director Jim Wiltz to serve as Interim President/CEO, John Buck appointed Chairman. $PDCO PR link.
PolyOne(PBR586) promotes Mark Crist to president of Color, Additives & Inks, succeeds retiring John Van Hulle. $POL PR link.
TEGNA(PBR622) completes spin-off of Cars.com(NYSE: CARS) as a separate public company, Dave Lougee named TEGNA President/CEO, succeeds retiring Gracia Martore, names TEGNA executive leadership team. $TGNA PR link.
Alexion Pharmaceutical(PBR840) hires John Orloff, MD, as Head/R&D, Anne-Marie Law as Chief Human Relations Officer, Indrani Franchini as Chief Compliance Officer. $ALXN PR link.
The US Dept of Commerce estimates US April Total Construction Spending Annual Rate at $1.219 trillion, -1.4% from March, +6.7% from April 2016. USDOC PR link.
ADP(PBR235) says US May Change in Employment was +253,000, 83,000 from Small Businesses, 113,000 Midsize, 57,000 Large. $ADP PR link.
The ISM US May Manufacturing PMI Index(50%=No Change) is 54.9%, April was 54.8%, March 57.2%, May 2016 51.3%. ISM PR link.
The IHS Markit US May Manufacturing PMI Index at 52.7, April was 52.8, March 53.3, May 2016 50.7. Markit PR link.
Automotive News reports US May New Light-Vehicles Sold was at 1,519,793 units, +6.5% from April, -0.5% from May 2016, Annual Rate is at 16.7 million. AutoNews PR link.
US Government News: President Trump announces that the US is pulling out of the Paris Climate Accord. White House PR link.
***Wednesday, May 31:
The PBRMarketTools US Stock Exchanges Recap for the Month Ending 05/31/17:
DJIA ends May at 21,008.65, -0.34% from last Friday, +0.33% MTD, +1.67% QTD, +6.31% YTD, -0.51% from record 21,115.55 set 03/01/17.
NASDAQ ends May at 6,198.52, -0.19% from last Friday, +2.50% MTD, +4.85% QTD, +15.15% YTD, -0.19% from record 6,210.19 set 05/26/17.
SPX ends May at 2,411.80, -0.17% from last Friday, +1.16% MTD, +2.08% QTD, +7.73% YTD, -0.17% from record 2,415.82 set 05/26/17.
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