The PBR1000 June 2018 Breaking News Items
The international community asks, “What is US President Trump going to do next?”
Here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for June 2018, starting with the last active business day.
***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 Bear gouged 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 Bull having 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 Half should 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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Citigroup(PBR32)’s Citibank NA unit settles with US Bureau of Consumer Financial Protection, agrees to pay $335 million for failing to reevaluate and reduce the annual percentage rates (APRs) for approximately 1.75 million consumer credit card accounts consistent with regulatory requirements. $C PR link.
DowDuPont(PBR45) names new members of Agriculture, Materials Science, and Specialty Products Divisions’ Advisory Committees, part of preparation to form 3 separate public companies. $DWDP PR link.
Archer-Daniels-Midland(PBR47) to acquire UKbased probiotic supplements for human, pet, and production-animal use provider Probiotics International for $245 million cash, to close in 3Q18. $ADM PR link.
AbbVie(PBR103 $ABBV) gets US District Court ruling that it used sham litigation to illegally maintain its monopoly over the testosterone replacement drug Androgel, ordered to pay $448 million in monetary relief to consumers who were overcharged for Androgel as a result. USFTC PR link.
Qualcomm(PBR126) extends $127.50/share tender offer for acquisition of NXP Semiconductors(NASDAQ: NXPI) to 07/06/18 5PM Eastern, 5.3% of the outstanding NXP common shares have been validly tendered. $QCOM PR link.
Newell Brands(PBR195) completes $2.2 billion sale of its Covington, KY, based global consumer and commercial package manufacturing business The Waddington Group to Novolex Holdings; also completes $395 million sale of its Rawlings Sporting Goods Co, a leading manufacturer and marketer of sporting goods, including the Official Ball of Major League Baseball, with $330 million in revenues in 2017, to a fund managed by Seidler Equity Partners, with Major League Baseballco-investing. $NWL PR link.
DISH(PBR200) and latino market provider Univision Communications unable to come to agreement on new contract, preparing for Univision to block DISH customers. $DISH PR link.
Tesla(PBR252 $TSLA) hits 8 year mark as a public company, nearly 2,000% increase in share price but no profit yet, experts weigh in. CNBC PR link.
Steel Dynamics(PBR303) completes $400 million acquisition of Terre Haute, IN, based high margin flat roll steel pocessor Companhia Siderurgica Nacional(“Heartland”), will expand annual flat roll steel shipping capacity to 8.4 million tons and total shipping capability to 12.4 million tons. $STLD PR link.
Dr Pepper Snapple(PBR405) shareholders approve merger with Keurig Green Mountain, DPS shareholders to receive $103.75/share special cash dividend and retain 13% of the combined company, creates $11 billion/yr company, to be called Keurig Dr Pepper, to close 07/09/18, to trade as NYSE: KDP starting 07/10/18. $DPS PR link.
Hess(PBR481) to sell its 50% joint venture interests in the Utica shale play in eastern Ohioto Ascent Resources – Utica, for $400 million net cash. $HES PR link.
Brunswick(PBR535) to acquire privately held Menomonee Falls, WI, based Power Products – Global Marine & Mobile electrical products business, includes 11 brands, $233 million in annual revenues, for $910 million cash, to close 3Q18. $BC PR link.
Adtalem Education(PBR887) to transfer ownership of 19 locations Carrington College to family-owned San Joaquin Valley College, to close mid fiscal 2019, terms not disclosed. $ATGE PR link.
CNX Resources(PBR959) to sell its Ohio Utica50% joint venture assets to Ascent Resources-Utica, LLC for $400 million net cash, to close 3Q18. $CNX PR link.
Sprint(PBR87) hires Andrew Davies as CFO, effective 07/02/18. $S PR link.
Crown Holdings(PBR326) promotes Hock Huat Goh to President/Asia Pacific Division, effective 08/01/18, succeeds Robert H. Bourque, Jr., who has been promoted to President/Transit Packaging Division. $CCK PR link.
The US Dept of Commerce/BEA says US Preliminary May 2018 Total Personal Income Annual Rate is at $17.005 trillion, +0.4% from April 2018, +4.0% from May 2017; May 2018 Total Personal Taxes were $2.076 trillion, Personal Outlays $14.448 trillion, Personal Savings $0.482 trillion, Savings Rate 3.2%, Effective Tax Rate 12.2%. USDOC PR link.
The US Dept of Treasury says the US National Debt Held by the Public on 06/28/18 was at $15.445 trillion, by Intragovernmental Holdings$5.684 trillion, Total National Debt is at $21.129 trillion, -0.1% from 05/31/18, +3.1% YTD, +6.5% from 06/30/17. USTreasury PR link.
The US Dept of Treasury says US 10 Year Treasury Note Yield on 06/29/18 was 2.85%, 05/31/18 was 2.83%, 04/30/18 2.95%, 06/30/172.31%. USTreasury PR link.
The Federal Reserve Bank of Chicago says the Midwest Preliminary May 2018 Economy Index(>0=above average growth) is at +0.51, April 2018 was +0.55. ChiFed PR link.
The MNI June 2018 Chicago Business Barometer is at 64.1, May 2018 was 62.7, April 2018 57.6, June 2017 65.7. MNI/ISM-Chicago PR link.
The American Automobile Assn says the US Average Price Per Gallon of Regular Gas on 06/29/18 was at $2.853, -3.6% from 05/31/18, +27.4% from 06/30/18. AAA PR link.
The U of Michigan US Final June 2018 Consumer Sentiment Index is at 98.2, indicates persistent strength due to continued favorable assessments of jobs and incomes, May 2018was 98.0, April 2018 98.8, June 2017 95.0. UMichigan PR link.
***Thursday, June 28:
The Federal Reserve Board releases results of review of capital plans of major US financial institutions. Many respond by increasing dividends and authorizing share repurchase programs. The following are some of those share repurchases up to amounts over the next 4 quarters:
Bank of America(PBR24 $BAC), $20.6 billion
JPMorgan Chase(PBR26 $JPM), $20.7 billion
Wells Fargo(PBR27 $WFC), $24.5 billion
Citigroup(PBR32 $C), $17.6 billion
American Express(PBR80 $AXP), $3.4 billion
Capital One(PBR116 $COF), $1.2 billion
US Bancorp(PBR117 $USB), $3.0 billion
Bank of NY Mellon(PBR179 $BK), $2.4 billion
PNC Financial(PBR189 $PNC), $2.0 billion
BB&T(PBR242 $BBT), $1.7 billion
Discover(PBR255 $DFS), $1.85 billion
State Street(PBR260 $STT), $1.2 billion
Ally(PBR292 $ALLY), $1.0 billion
SunTrust(PBR307 $STI), $2.0 billion
Fifth Third(PBR359 $FITB), $1.651 billion
KeyCorp(PBR399 $KEY), $1.225 billion
Citizens Financial(PBR419 $CFG), $1.02 billion
Regions Financial(PBR450 $RF), $2.031 billion
M&T Bank(PBR452 $MTB), $1.8 billion
Northern Trust(PBR467 $NTRS), $1.0 billion
Huntington(PBR643 $HBAN), $1.068 billion
The following financial institutions receive a conditional non-objection to capital plans, must maintain current capital distribution levels, amounts are share repurchases program up to amounts authorized over the next 4 quarters:
Morgan Stanley(PBR63 $MS), $4.7 billion
Goldman Sachs(PBR88 $GS), $5 billion
The Federal Reserve Board Comprehensive Capital Analysis and Review (CCAR)associated document. USFed PR link.
ExxonMobil(PBR2) completes acquisition of Indonesia based motorcycle lubricants manufacturer & marketer PT Federal Karyatama, includes the Federal Oil brand and a 700,000 barrel per year blending plant in Cilegon, Indonesia, terms not disclosed. $XOM PR link.
Amazon(PBR8) to acquire online pharmacy PillPack, offers pre-sorted doses of medications and home delivery services, to close 2H18, terms not disclosed. $AMZN PR link.
Amazon(PBR8) introduces Fire HD 10 Kids Edition, includes parental controls, $199.99. $AMZN PR link.
Amazon(PBR8) launches its Back to Schooland Off to College stores for parents, students, and educators. $AMZN PR link.
Kroger(PBR17) and Nuro, maker of the world’s first fully unmanned road vehicle, to pilot autonomous delivery starting in the fall, markets not announced. $KR PR link.
Walgreens Boots Alliance(PBR19) authorizes up to $10 billion share repurchase program, no expiration date. $WBA PR link.
Facebook(PBR69) announces new level of transparency for ads and pages. $FB PR link.
21st Century Fox(PBR102) sets 07/27/18 for rescheduled special meeting for vote on merger agreement with Walt Disney(PBR53). $FOX PR link.
Thermo-Fisher Scientific(PBR139) to acquire manufacturer of instrumentation and software used to enhance and extend the operation and performance of electron microscopes Gatan, a wholly owned subsidiary of Roper Technologies(PBR531), for $925 million cash, to close by end of 2018. $TMO PR link.
SYNNEX(PBR166) to acquire Convergys(PBR725) for $26.50/share stock/cash, $2.43 billion, integrate it with Concentrix, a wholly-owned subsidiary and global provider of customer engagement CRM BPO services, to close by end of 2018. $SNX PR link.
Sempra Energy(PBR263), after strategic portfolio review, plans to sell off US solar, wind, and certain midstream assets. $SRE PR link.
Genworth Financial(PBR337) and China Oceanwide extend merger agreement deadline to 08/15/18, awaiting regulatory approvals and working on agreement modifications. $GNW PR link.
Navient(PBR443) gets lawsuit from State of California regarding student loan issues, CEO says allegations unfounded, another attempt to blame a single servicer for the failures of the higher education system and the federal student loan program. $NAVI PR link.
AMC Entertainment(PBR503) Stubs loyalty program grows over 600% over 2 years to over 15 million household members. $AMC PR link.
RPM Intl(PBR511) announces agreement with investor Elliott Management on new initiatives, adds 2 members to the Board. $RPM PR link.
Caesars Entertainment(PBR518) gets final regulatory approvals to acquire Centaur Holdings for $1.7 billion, includes Hoosier Park Racing and Casino in Anderson, IN, and the Indiana Grand Racing and Casino in Shelbyville, IN, deal to close mid 07/18. $CZR PR link.
Twitter(PBR790) CEO Jack Dorsey tweets about reorganizing into groups to work better together over the next decade. $TWTR PR link.
TEGNA(PBR873) launches brand DEALBOSS, a new commerce franchise available across its local stations’ digital and social platforms and on-air in select markets. $TGNA PR link.
HNI Corp(PBR835) President Jeffrey D. Lorenger now CEO as planned, succeeds Stan A. Askren who remains Chairman until he retires by end of 2018. $HNI PR link.
Anthem(PBR30) hires Prakash Patel, MD, as EVP and President/Diversified Business Group, effective 08/06/18. $ANTM PR link.
Starbucks(PBR125) EVP/CFO Scott Maw to retire on 11/30/18, serve as senior advisor afterwards until 03/31/19, external search for new CFO starts. $SBUX PR link.
VISA(PBR154) hires Jennifer Grant as EVP/Chief Human Resources Officer effective in 08/18. $V PR link.
Air Products(PBR340) EVP/Chief Human Resources Officer Jennifer L. Grant departing on 07/20/18 for another opportunity, Victoria Brifo promoted to SVP/Chief Human Resources Officer, effective immediately. $APD PR link.
Kennametal(PBR854) Executive Chairman Ronald De Feo to retire on 07/01/18, remains on Board into 10/18, Lawrence W. Stranghoener to become new Chairman. $KMT PR link.
The US Dept of Commerce says US 1Q18 3rd Estimate Gross Domestic Product Annual Growth Rate was at +2.0%, $19.960 trillion, +1.0% from 4Q17, +4.7% from 1Q17. USDOC PR link.
The US Dept of Labor says US Initial Unemployment Insurance Claims for the Week Ending 06/23/18 were at 227,000, the 4 Week Moving Average was at 222,000, -0.1% from 05/26/18, -8.4% from 06/29/17, Total Insured Unemployment 4 Week Average for Week Ending 06/16/18 was at 1,719,500, Insured Unemployment Rate at 1.1%. USDOL PR link.
FreddieMac(PBR38) says US 30 Year Fixed Mortgage Rate Weekly Average for Week Ending on 06/28/18 was at 4.55% with 0.5 fees & points, 05/31/18 was at 4.56%, 04/26/184.58%, 06/29/17 3.88%. USDOL PR link.
***Wednesday, June 27:
Amazon(PBR8) launches its Back to Schooland Off to College online stores for parents, students, and educators. $AMZN PR link.
Ford(PBR10) and China based digital technologies provider Baidu sign Letter of Intent to jointly explore areas of cooperation in connectivity, artificial intelligence (AI) and digital marketing to Chinese consumers. $F PR link.
Kroger(PBR17) to locate new Digital Headquarters in downtown Cincinnati, will initially have 600 digital associates, expand to 1,000 by 2020. $KR PR link.
Walt Disney(PBR53) gets clearance from US Dept of Justice for $71.3 billion acquisition of 21st Century Fox(PBR102), requires the sale of the Fox Sports Regional Networks, transaction subject to additional regulatory agencies and approval by shareholders of both companies. $DIS PR link.
Molina Healthcare(PBR147) to sell its wholly owned subsidiary, Molina Medicaid Solutions (MMS), a Medicaid management information systems (MMIS) business, to DXC Technology(PBR115) for $220 million, to close 3Q18. $MOH PR link.
ONEOK(PBR241) to expand its natural gas pipeline infrastructure in the Permian Basin and Oklahoma by up to a total of 1.7 billion cubic feet per day(Bcf/d). $OKE PR link.
Conagra Brands(PBR352) to acquire $3+ billion/year frozen, refrigerated and shelf-stable food products provider Pinnacle Foods(PBR685) for $68/share, $10.9 billion cash/stock, includes net debt, to close by 2018 year end. $CAG PR link.
Avon Products(PBR468) accelerates digital transformation plans to become fast-beauty brand through its 6 million new Global Sales Team, mobile-enabled shoppable brochure live in 12 countries, attracts 500,000 users in first 48 hours. $AVP PR link.
Brookdale Senior Living(PBR523) and Welltower(PBR559) enter into mutually-beneficial REIT agreements. $BKD PR link.
Chipotle(PBR538) starting new initiatives across marketing, digital, consumer access, menu, analytics, and operations, restructuring to include consolidating offices, closing some underperforming locations, launching new loyalty program in 2019. $CMG PR link.
Sabre Corp(PBR625) integrates Booking(PBR225) listings into its industry-first Content Services for Lodging platform. $SABR PR link.
Qualcomm(PBR126) appoints Mark Fields, former President/CEO of Ford(PBR10), and Kornelis Smit, Vice Chairman of Comcast(PBR33), to the Board. $QCOM PR link.
The US Energy Information Administrationsays US Crude Oil Stockpiles on 06/22/18were at 416.6 millions of barrels, -4.1% from 05/25/18, -18.2% from 06/23/17. EIA PR link.
The US Dept of Commerce says US Preliminary 1Q18 Net Investment Positionwas US Assets $27,6 trillion, US Liabilities$35.5 trillion, Balance Deficit $7.9 trillion, 4Q17 Deficit was $7.7 trillion, 1Q17 Deficit $8.0 trillion. USDOC PR link.
***Tuesday, June 26:
Amazon(PBR8) launches support for Arabiclanguage books on Kindle, initially has over 12,000 titles, available for authors to publish Arabic language titles. $AMZN PR link.
GE(PBR18) announces strategic review results, will focus on Aviation, Power and Renewable Energy units, spin-off Healthcare unit as a standalone company, fully separate the Baker Hughes unit, reduce debt by $25 billion. $GE PR link.
American Express(PBR80) to launch a new cobranded Amazon(PBR8) credit card for small businesses in the US, part of a larger multi-year partnership. $AXP PR link.
Starbucks(PBR125) to expand Teavana into $1.2 billion packaged tea category at US grocery stores. $SBUX PR link.
VISA(PBR154) deposits $600 million into the litigation escrow account, says it has same effect as a share repurchase program. $V PR link.
Owens Corning(PBR425) enters into a Strategic Cooperation and Supply Agreementwith Chongqing Polycomp International Corpfor joint investment in technology, and construction and operation by CPIC of a new facility manufacturing high-modulus glass fiber products in China, primarily for use in wind blades, capacity to produce 110,000 metric tons of product/year. $OC PR link.
SAIC(PBR541) promotes Christopher Donaghey to SVP/Corporate Development. $SAIC PR link.
Lockheed(PBR57) elects Vicki Hollub, President/CEO of Occidental Petroleum(PBR217), to the Board. $LMT PR link.
The S&P CoreLogic Case-Shiller US Preliminary April 2018 National Home Price Index(01/2000=100) is at 200.86, March 2018was 198.86, February 2018 197.24, April 2017188.76. Case-Shiller PR link.
The Conference Board says the US Preliminary June 2018 Consumer Confidence Index(1985=100) is at 126.4, May 2018 was 128.8, April 2018 125.6, June 2017 117.3. TCB PR link.
The Federal Reserve Bank of Richmond says the US Fifth District June 2018 Manufacturing Index is at +20%, May 2018 was +16%, April 2018 -3%, June 2017 +11%. RichmondFed Mfg Index PR link.. The US Fifth District June 2018 Service Sector Revenue Index is at +21%, May 2018 was +11%, April 2018 +2%, June 2017+19%. RichmondFed Svc Sector Rev Index PR link.
ManpowerGroup(PBR138) 2018 US Talent Shortage Survey indicates high talent shortages, low unemployment and increasing demand for hard and soft skills. $MAN PR link.
***Monday, June 25:
Amazon(PBR8) Prime member savings will be available in all Whole Foods Market and Whole Foods Market 365 stores nationwide beginning 06/27/18. $AMZN PR link.
AT&T(9) to acquire AppNexus, a technology company that operates a leading global advertising marketplace and provides enterprise products for digital advertising, to close 3Q18, terms not disclosed. $T PR link.
Chevron(PBR13), BP, ConocoPhillips(PBR53), ExxonMobil(PBR2) and Royal Dutch Shellmotion to dismiss climate change lawsuit by cities of San Francisco and Oakland gets granted in N District of California Court. $CVX PR link.
GE(PBR18) to sell Distributed Power business, a unit of GE Power, did $1.3+ billion in sales in 2017, to global private equity investor Advent International for $3.25 billion,to close 4Q18. $GE PR link.
Boeing(PBR29) gets $5.6 billion commitment for 20 787-9 Dreamliners from Vietnam based Bamboo Airways, to be delivered from 04/20 into 2021. $BA PR link.
MetLife(PBR46) sued by State of Massachusetts for pension non-payments. $MET PR link.
Lockheed(PBR57) gets $1.12 billion order for 16 F-16 Block 70 aircraft from US governmentfor Royal Bahraini Air Force, to be built in Greenville, SC, to create 150-200 jobs. $LMT PR link.
American Express(PBR80) gets US Supreme Court decision, says antisteering provisions in its merchant contracts—which prohibit merchants from avoiding fees by discouraging customers’ American Express card use at the point of sale—do not violate federal antitrust law. $AXP PR link.
Kinder Morgan(PBR215), EagleClaw Midstream and Apache to do joint $2 billion development of 430 mile, 42 inch pipeline for up to 2 billion cubic feet/day natural gas from Permian Basin, to be in service by late 2020. $KM PR link.
Xerox(PBR282) CEO responds to $1 billion lawsuit filed by FujiFilm regarding terminated merger agreement, says internal accounting issues at Fuji Xerox were a result of FujiFilm’s mismanagement, which made it impossible to close the transaction. $XRX PR link.
CMS Energy(PBR414) to add 2 wind energy parks to its portfolio, up to 150 MW 75 wind turbines Gratiot Farms Wind Project(MI) and up to 105 MW 10,000 acre Northwest Ohio Wind Project. $CMS PR link.
Harley-Davidson(PBR470) says new tariffs from 6% to 31% from European Union is forcing it to shift production there, will take 9-18 months to gear up. $HOG PR link.
Brunswick(PBR535) ends sale process of Sea Ray business, to refocus Sea Ray on the sport boat and cruiser product portfolio, discontinue Sea Ray sport yacht and yacht models. $BC PR link.
Maximus(PBR789) expands share repurchase program to up to $200 million. $MMS PR link.
Hain Celestial(PBR717)Chairman/President/CEO/Founder Irwin D Simon to become Non-Executive Chairman upon appointment of new president/CEO, search firm retained. $HAIN PR link.
Marathon Oil(PBR551) promotes Zach Dailey to Advisor to the President/CEO Lee Tillman, effective 07/09/18. $MRO PR link.
Granite Construction(PBR701) VP/Corporate Finance and Treasurer Jigisha Desai promoted to SVP/CFO, effective 07/09/18, succeeds retiring Laurel J. Krzeminski. $GVA PR link.
The US Dept of Commerce/HUD says US Preliminary May 2018 New Family Homes Sold Annual Rate was 689,000, +6.7% from April 2018, +14.1% from May 2017; May 2018 Median Price was $313,000, -1.7% from April 2018, -3.3% from May 2017; May 2018 Supplyis at 5.2 months. USDOC PR link.
The Federal Reserve Bank of Chicago says the US Preliminary May 2018 Current National Activity Index is at -0.15, April 2018 was +0.42, March 2018 +0.26, May 2017 -0.19. ChiFed PR link.
***Friday, June 22:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 06/22/18:
The threat of escalated global trade wars and continued controversial US illegal immigration issues overwhelmed mixed economic news, the announcement of the US Space Force as a new military organization, OPEC increasing production of oil, and the NASDAQ setting a new record midweek. It was an easy win for the Stock Market Bear who viciously smacked down the Stock Market Bull for the week. With one week left in the first half of 2018, they are now tied YTD at 11 weekly wins each with 3 mixed results weeks.
DJIA ends the week at 24,580.89, -2.03% from last Friday, +0.68% MTD, +1.98 QTD, -0.56% YTD, -7.65% from record 26,616.71 set 01/26/18.
NASDAQ ends the week at 7,692.82, -0.69% from last Friday, +3.37% MTD, +8.91% QTD, +11.44% YTD, -1.14% from record 7,781.52 set 06/20/18.
SPX ends the week at 2,754.88, -0.89% from last Friday, +1.83% MTD, +4.32% QTD, +3.04% YTD, -4.11% from record 2,872.87 set 01/26/18.
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Amazon(PBR8) to open first fulfillment center in Alabama, in city of Bessemer, 855,000+ sf facility, will create 1,500+ fulltime jobs. $AMZN PR link.
Kroger(PBR17) completes acquisition of Chicago, IL, based 1,000 employees $250 million in profitable sales in 2017 largest US private meal kit company Home Chef for $200 million plus up to $500 million based on milestones achieved over next 5 years. $KR PR link.
UPS(PBR41) and the International Brotherhood of Teamsters do handshake on five-year agreement, covers 11,000 Teamsters-represented UPS employees in small package roles, to go into effect on 08/01/18 if ratified by members. $UPS PR link.
Eli Lilly(PBR122) completes $50.00/share, $1.6 billion cash acquisition of ARMO BioSciences(NASDAQ: ARMO), a late-stage immuno-oncology developer of a pipeline of proprietary product candidates that activate the immune system of cancer patients to recognize and eradicate tumors. $LLY PR link.
Qualcomm(PBR126) extends $127.50/share tender offer for acquisition of NXP Semiconductors(NASDAQ: NXPI) to 06/29/18 5PM Eastern, 4.8% of the outstanding NXP common shares have been validly tendered. $QCOM PR link.
Liberty Media(PBR367) withdraws proposal to acquire iHeartMedia(PBR441), results below expectations, open to future discussions. $FWONA PR link.
TravelCenters(PBR451) renewing its efforts to grow and expand the TA franchise network, launches new TA Express concept. $TA PR link.
Middleby(PBR806) completes $1.0 billion acquisition of global beverage solutions, soft serve and ice cream dispensing equipment, frozen drink machines, and automated double-sided grills developer $315 million in sales in 2017 the Taylor Company from UTC Climate, Controls & Security, a unit of United Technologies(PBR40). $MIDD PR link.
Adtalem Education(PBR887)’s Ross University School of Medicine celebrates its 40-year Anniversary on 06/23/18, has over 14,000 alumni. $ATGE PR link.
Netflix(PBR253 $NFLX) top communications executive Jonathan Friedland let go for “insensitive” remarks he made to his team. Hollywood Reporter PR link.
Owens & Minor(PBR308) hires Timothy P. Connolly as EVP/Operations & Supply Chain-Global Solutions. $OMI PR link.
Meritor(PBR659) promotes John Bennett to the newly created role of VP/Chief Technology Officer. $MTOR PR link.
***Thursday, June 21:
AT&T(9) to transfer data center colocation operations and assets to Brookfield Infrastructure in new strategic alliance, will become an active sales channel for the business, be the anchor tenant of the colocation operations, will receive $1.1 billion, to close in 6-8 months. $T PR link.
Medtronic(BR96) gets US FDA approval for use of the MiniMed(TM) 670G basal insulin delivery system in patients with type 1 diabetes seven years of age and older. $MDT PR link.
Dollar General(PBR119) expects to create 7,000 new jobs in FY 2018, recruiting management candidates. $DG PR link.
PayPal(PBR219) to acquire Simility for $120 million cash to expand global fraud prevention and risk management capabilities for merchants. $PYPL PR link.
Ball Corp(PBR268) to sell its 1,300 employees US steel food and aerosol packaging manufacturing assets to new joint venture called Ball Metalpack in partnership with private equity firm Platinum Equity for $675 million, will retain 49% ownership, to close in 07/18. $BLL PR link.
Darden Restaurants(PBR385) authorizes new $500 million share repurchase program, replaces existing program. $DRI PR link.
AmTrust Financial(PBR455) stockholders approve $14.75/share cash acquisition for 45% stake not owned by the Evergreen Parent made up of Stone Capital and the Karfunkel- Zyzskind Family, represents $2.95 billion total equity value, to close 2H18. $AFSI PR link.
AMC Entertainment(PBR503) completes sale and leaseback of a theatre for $53 million, part of plan to monetize non-essential assets. $AMC PR link.
Wayfair(PBR524) says today’s US Supreme Court decision allowing states to collect e-commerce retail sales taxes provides clarity, already collects taxes on 80% of transactions, sees little impact on its business. $W PR link.
KKR(PBR669) to own 49.99% stake in soon to be SFR TowerCo, with 10,198 telecommunications towers, the largest such firm in France, in exclusive agreement with Altice France, will have enterprise value of around $4.3 billion. $KKR PR link.
Twitter(PBR790) to acquire San Francisco, CA, based technology company Smyte, specializes in safety, spam, and security issues, terms not disclosed. $TWTR PR link.
Verisk Analytics(PBR842) acquires UK based global motor repair and mobility claims management solutions and developer of the leading subrogation portal in the UK Validus-IVC, terms not disclosed. $VRSK PR link.
Intel(PBR44) CEO Brian Krzanich resigns from position and board for violating non-fraternization policy, CFO Bob Swan appointed interim CEO. $INTC PR link.
Frontier Communications(PBR313) EVP/CFO R. Perley McBride to resign, effective 08/31/18, new CFO search starts. $FTR PR link.
Simon Property(PBR474) to promote Brian McDade to EVP/CFO, to succeed Andy Juster, effectove 10/01/18. $SPG PR link.
The US Supreme Court rules 5-4 in S Dakota vs Wayfair(PBR524) that states can charge a tax on e-commerce sales. SCOTUS PR link.
The US Federal Reserve System says results of recent Stress Test show that the 35 largest US bank holding companies are strongly capitalized and would be able to lend to households and businesses during a severe global recession. USFed PR link.
The Federal Reserve Bank of Philadelphiasays the 3rd District June 2018 Manufacturing General Activity Indicator is at 19.9, “… suggests continued expansion of the region’s manufacturing sector,” May 2018 was 34.4, April 2018 23.2, June 2017 26.9. PhillyFed PR link.
The Conference Board says the US Preliminary May 2018 Leading Economic Index(2016=100) is at 109.5, “…still points to solid growth but the current trend, which is moderating, indicates that economic activity is not likely to accelerate.” April 2018 was 109.3, March 2018 108.9. PhillyFed PR link.
***Wednesday, June 20:
ExxonMobil(PBR2) made its eighth oil discovery offshore Guyana at the Longtail-1 well, encountered approximately 256 feet of high-quality, oil-bearing sandstone reservoir, close to Turbot discovery, 500+ million barrels of oil equivalent combined. $XOM PR link.
Amazon(PBR8), Berkshire Hathaway(PBR3) and JPMorgan Chase(PBR26) hire Dr. Atul Gawande as the CEO of their partnership on US employee healthcare, effective 07/09/18, will be headquartered in Boston, operate as an independent entity free from profit-making incentives and constraints. $AMZN PR link.
Microsoft(PBR31) to deliver intelligent cloud from Norway datacenters in strategic partnership with Equinor. $MSFT PR link.
Microsoft(PBR31 $MSFT) to acquire San Francisco, CA, based machine learning startup Bonsai, fueling AI efforts. GeekWire PR link.
Walt Disney(PBR53) signs an amended acquisition agreement with 21st Century Fox(PBR102) for $38 per share in cash/stock(previous offer was $28/share), totals $71.3 billion. with Disney acquiring 21st Century Fox immediately following the spin-off of the businesses comprising “New Fox”. $DIS PR link.
HP Inc(PBR56) increases share repurchase program by $4 billion, had $1.2 billion available at end of 04/18. $HPQ PR link.
CBRE(PBR204) to acquire a majority interest in Israel based 750 employees facilities management provider Ramot Group, to close 3Q18, terms not disclosed. $CBRE PR link.
Tesla(PBR252 $TSLA) files suit against former employee alleging they stole company data.MarketWatch PR link.
AMC Entertainment(PBR503) launches new AMC Stubs A-List, 3 movies/week, all formats, food/beverage discounts, for $19.95/month. $AMC PR link.
Cooper-Standard(PBR622) authorizes new $150 million share repurchase program, effective 11/06/18. $CPS PR link.
Scientific Games(PBR689) gets New Mexico Lottery Authority 8 year contract to provide instant products and services, and a two-year loyalty rewards program. $SGMS PR link.
International Paper(PBR130) SVP/Industrial Packaging the Americas Tim Nicholls now SVP/CFO. $IP PR link.
Regis Corp(PBR919) promotes Laura Alexander to SVP/Merchandise. $RGS PR link.
Hillenbrand(PBR937) hires J. Michael Whitted as SVP/Strategy and Corporate Development. $HI PR link.
The US Dept of Commerce/BEA says US Preliminary 1Q18 Total Exports Receipts were $913.4 billion, Total Imports Payments were $1,037.5 billion, Total Deficit $124.1 billion, +6.9% from 4Q17, +15.2% from 1Q17. USDOC PR link.
The Natl Assn of Realtors says US Preliminary May 2018 Existing Home Sales Annual Rate is at 5,430,000, -0.4% from April 2018, -3.0% from May 2017; May 2018 Median Price is at $264,800, +2.7% from April 2018, +4.9% from May 2017. NAR PR link.
***Tuesday, June 19:
CVS Health(PBR7) Pharmacy unit now offering next day mailbox delivery from all 9,800 retail locations, same day in some major US cities, first national retailer to offer pharmacy and front store delivery chain-wide. $CVS PR link.
Amazon(PBR8) has over 500,000 residents in apartments using its Hub 24/7 safe storage service for delivery of packages, not limited to just Amazon deliveries, expanding nationwide. $AMZN PR link.
Amazon(PBR8) to open 4th fulfillment center in Michigan, in Gaines Township, 850,000+ sf facility, to provide 1,000+ fulltime jobs. $AMZN PR link.
Amazon(PBR8) announces Alexa for Hospitality, uses Amazon Echo devices in guestrooms, can ask for information, contact guest services, listen to music and more. Marriott International(PBR211) to be first to install at select properties. $AMZN PR link.
Ford(PBR10) and Germany based Volkswagen AG sign Memorandum of Understanding and are exploring a strategic alliance designed to strengthen each company’s competitiveness and better serve customers globally. $F PR link.
Verizon(PBR16 $VZ), AT&T(PBR9 $T), Sprint(PBR87 $S) to stop sharing users’ locations with data brokers. MarketWatch PR link.
Walgreens Boots Alliance(PBR19 $WBA) to become part of DJIA starting 06/26/18, will replace GE(PBR18 $GE). S&P DJI PR link.
UPS(PBR41) to invest $130 million to build an additional five compressed natural gas (CNG) fueling stations and add more than 700 new CNG vehicles including 400 semi-tractors and 330 terminal trucks. $UPS PR link.
Cisco(PBR60) announces intent to acquire privately-held Burlingame, CA, based cloud-based mobile experience and location services platform provider July Systems, terms not disclosed. $CSCO PR link.
21st Century Fox(PBR102) welcomes announcement by UK Secretary of State for Digital, Culture, Media and Sport that he intends to accept the final undertakings proposed by 21CF and The Walt Disney(PBR53) with a view to clearing 21CF’s proposed acquisition of the remaining shares in Sky on media plurality grounds. The undertakings are now subject to a 15-day public consultation. $FOX PR link.
Raytheon(PBR113) receives US Patent No. 10,000,000, covers a system for obtaining real-time readings on speed and distance from the data stream created by laser radars. $RTN PR link.
Starbucks(PBR125) new strategic plan to focus on accelerating growth in underserved USareas and in China, increase closure of underperforming stores, will net slightly lower stores growth, has added 5 million new digitally registered customers since 04/18, added 2 million active Starbucks Rewards members year-over-year to 15 million, plans to increase shareholder dividends. $SBUX PR link.
PayPal(PBR216) to acquire global payout platform provider Hyperwallet for $400 million cash. $PYPL PR link.
Tesla(PBR252 $TSLA)‘s Chairman/CEO Elon Musk says Germany is leading choice for Europe Gigafactory. MarketWatch PR link.
GameStop(PBR310) confirms it is in exploratory discussions with third parties regarding a potential transaction. $GME PR link.
Adobe Systems(PBR377) completes $1.68 billion acquisition of B2C and B2B cloud commerce developer Magento Commerce. $ADBE PR link.
Blackstone(PBR386) to acquire Shiller Park, IL, based 9,000 employees across 1,500 venues and 49 branch offices global events provider PSAV, terms not disclosed. $BX PR link.
Ascena Retail(PBR407) launching e-commerce sites for its Ann Taylor Factory and LOFT Outlet apparel units. $ASNA PR link.
Penn Natl Gaming(PBR682) to acquire the operations of Margaritaville Resort Casino in Bossier City, LA, for approximately $115 million cash, to close 2H18. $PENN PR link.
Cincinnati Bell(PBR979) gets final regulatory approval from US Federal Communications Commission for $650 million cash/stock acquisition of Hawaiian Telecom(NASDAQ: HCOM), to close 07/02/18. $CBB PR link.
Mondelez(PBR110) promotes Luca Zaramella to EVP/CFO, effective 08/01/18, succeeds leaving Brian Gladden. $MDLZ PR link.
Celgene(PBR219) promotes Jonathan Biller as EVP/General Counsel, effective 07/03/18, succeeds leaving Gerald F. Masoudi. $CELG PR link.
GoPro(PBR994) appoints Ty Ahmad-Taylor, VP/Product Marketing at Facebook(PBR69), to the Board. $GPRO PR link.
The US Dept of Commerce/HUD says US Preliminary May 2018 Private Housing Building Permits Issued Annual Rate was 1,301,000, -4.6% from April 2018, +8.0% from May 2017. USDOC PR link.
***Monday, June 18:
Alphabet(PBR21)’s Google Asia unit investing $550 million in JD.com $GOOG PR link.
JPMorgan Chase(PBR26 $JPM) gets a $65 million fine from the US Commodity Futures Trading Commission for manipulating the US Dollar International Swaps and Derivatives Association Fix from 01/2007 through 01/2012.CFTC PR link.
Anthem(PBR30) completes acquisition of largest US non-hospice, community-based palliative care provider Aspire Health, terms not disclosed. $ANTM PR link.
Microsoft(PBR31) acquires video-based social learning in education settings provider Flipgrid, used by 20 million Pre-K to PhD educators, students and families across 180 countries, terms not disclosed. $MSFT PR link.
Johnson & Johnson(PBR36) Vision unit gets US FDA approval for LASIK system iDESIGN Refractive Studio, approved for myopia, hyperopia, and mixed astigmatism, only available LASIK platform indicated for monovision LASIK in presbyopic myopic patients. $JNJ PR link.
Colgate-Palmolive(PBR181) authorizes up to $5 billion share repurchase program, replaces previous $5 billion program authorized in 2015. $CL PR link.
Valeant Pharmaceuticals(PBR325)’s Ortho Dermatologics division gets US FDA Complete Response Letter for DUOBRII™1 (halobetasol propionate and tazarotene) (IDP-118) lotion in the treatment of plaque psoriasis, has questions regarding pharmacokinetic data, a meeting has been requested. $VRX PR link.
Cinemark(PBR700) and Cineworld(LSE: CINE)to acquire remaining units of National CineMedia, LLC currently owned by AMC Entertainment(PBR503 $AMC) for $156.8 million, fulfills AMC’s requirement to sell its interest in NCM in order to acquire Carmike Cinemas. $CNK PR link.
Rent-A-Center(PBR745) to be acquired by Vintage Capital for $15.00/share, $1.365 billion cash, to close by 2018 end. $RCII PR link.
Square(PBR832 $SQ) gets NY state license to allow bitcoin trading on its Cash app, now available in 48 states. MarketWatch PR link.
SunPower(PBR878) introduces X-Series residential solar panel, says at 370-watts and 22.7% efficiency, it is the most efficient solar panel available for homes. $SPWR PR link.
The Finish Line(PBR883) $588 million acquisition by European retailer of sports, fashion and outdoor brands JD Sports Fashion Plc (LSE: JD) is completed. $FINL PR link.
BOK Financial(PBR926) to acquire Denverbased with operations in Colorado and Arizona, $3.8 billion in assets CoBiz Financial(NASDAQ:COBZ) for $23.02/share, $977 million stock/cash, to close 4Q18. $BOKF PR link.
Goodyear Tire(PBR184) EVP/CFO Laura K. Thompson to retire in 1Q19 after 35 years with the company, successor search starts. $GT PR link.
Adobe Systems(PBR377) promotes Dana Rao to EVP/General Counsel, succeeds retiring Mike Dillon. $ADBE PR link.
RR Donnelley(PBR394) hires Elif Sagsen-Ercel as Chief Strategy and Transformation Officer. $RRD PR link.
Pitney Bowes(PBR632) EVP/COO Michael Monahan retiring 07/09/18, position will not be filled; EVP/Chief Marketing Officer Abby F. Kohnstamm 07/01/18, Bill Borrelle to become SVP/Chief Marketing Officer. $PBI PR link.
Qorvo(PBR703) hires Paul J. Fego as Corporate VP/Global Operations, effective 07/30/18. $QRVO PR link.
Regis Corp(PBR919) hires Chad Kapadia as EVP/Chief Technology Officer, and Head of Product Engineering. $RGS PR link.
The Natl Assn of Home Builders/Wells Fargo US Preliminary June 2018 Housing Market Composite Index is at 68, May 2018 was 70, April 2018 68, June 2017 66. NAHB PR link.
Investing: Wells Fargo(PBR27) Investment Institute releases Midyear Outlook, says global economic growth is expected to continue into 2019, outlines 3 strategies for investors. $WFC PR link.
Economy: FannieMae(PBR20) June 2018 Economic and Housing Outlook forecasts 2018 annual GDP at 2.7%, 2019 at 2.3%, but concerns over trade tensions and Federal Reserve federal funds interest rate hikes. $FNMA PR link.
***Friday, June 15:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 06/15/18:
It was a week of drama as US President Trump left the G-7 meeting in a huff, signed an historic agreement in Singapore after meeting with N Korea’s Kim Jong Un, the Federal Reserve raised the federal funds interest rate by 0.25%, and Trump imposed 25% tariffs on $50 billion of Chinese goods. With all that the Stock Market Bull barely won the S&P500 to take 2 out of the 3 major US stock exchanges, which featured the NASDAQ achieving 2 new record days. The Stock Market Bearresponded by overwhelmingly taking the DJIAthe last 4 days in a row. The Stock Market Bullmaintains his narrow lead YTD with wins in 11 weeks, the Stock Market Bear 10 weeks, and 3 mixed results weeks.
DJIA ends the week at 25,090.48, -0.89% from last Friday, +2.76% MTD, +4.10 QTD, +1.50% YTD, -5.73% from record 26,616.71 set 01/26/18.
NASDAQ ends the week at 7,746.38, +1.32% from last Friday, +4.09% MTD, +9.67% QTD, +12.21% YTD, -0.19% from record 7,761.04 set 06/14/18.
SPX ends the week at 2,779.42, +0.01% from last Friday, +2.74% MTD, +5.25% QTD, +3.96% YTD, -3.25% from record 2,872.87 set 01/26/18.
To get all 15 of the full The PBR1000 Snapshots Click here!
Apple(PBR4) announces multi-year contract with producer, actress, talk show host, philanthropist and CEO of OWN Oprah Winfrey, together will create original programs for global distribution. $AAPL PR link.
AT&T(PBR9 $T)‘s newly acquired Time Warnerunit to be renamed WarnerMedia, execs departing according to internal memo. MarketWatch PR link.
Wells Fargo(PBR27) gets N California US District Court approval for $142 million settlement agreement for past improper retail sales practices. $WFC PR link.
Comcast(PBR33 $CMCSA) gets European Commission unconditional approval for $30 billion acquisition of UK’s Sky plc. European Commission PR link.
Medtronic(PBR96) gets US FDA approval for 200mm and 250mm lengths of the IN.PACT(TM) Admiral(TM) Drug-Coated Balloon (DCB) to treat long superficial femoral artery (SFA) lesions in patients with peripheral artery disease (PAD). $MDT PR link.
Qualcomm(PBR126) extends $127.50/share tender offer for acquisition of NXP Semiconductors(NASDAQ: NXPI) to 06/22/18 5PM Eastern, 4.7% of the outstanding NXP common shares have been validly tendered. $QCOM PR link.
Kellogg(PBR222) voluntarily recalls certain code dates for Honey Smacks cereal due to possible presence of Salmonella. $K PR link.
BorgWarner(PBR293) to restate financials for past few years due to re-evaluation of its accounting for liabilities relating to estimated value of incurred but not reported asbestos-related claims and their associated defense costs. $BWA PR link.
NVIDIA(PBR298 $NVDA) to be added to the S&P100 list on 06/20/18, will replace Time Warner which has been acquired by AT&T(9). S&P Dow Jones PR link.
Tutor Perini(PBR522) and joint venture partners Frontier-Kemper receive Notice of Intent to award a $410 million contract from the Los Angeles Metro Transportation Authority for the Purple Line Extension Section 3 Tunnels Project for future Purple Line subway service spanning approximately 2.6 miles between Century City and the VA Hospital in Westwood, currently working on the Purple Line Extension Section 2 Project. $TPC PR link.
Annaly Capital(PBR779) extends exchange offer of $19.65/share cash and stock, $900 million, to acquire MTGE Investment Corp(Nasdaq:MTGE), new date is 07/18/18, 5:00PM Eastern time, allows for additional approvals by regulators. $NLY PR link.
Deckers Outdoor(PBR872) SVP/Corporate Strategy, Planning & Investor Relations Steve Fasching to become CFO effective 07/16/18, to succeed Tom George. $DECK PR link.
Titan Intl(PBR957) hires David A. Martin as SVP/CFO, interim CFO Amy Evans remains VP/Chief Accounting Officer. $TWI PR link.
The Federal Reserve System says US Preliminary May 2018 Industrial Production Index(2012=100) is at 107.3, April 2018 was 107.4, March 2018 106.4, May 2017 105.1. USFed PR link.
The Federal Reserve Bank of New York says the Empire State June 2018 Manufacturing General Business Conditions Index is at 25.0, May 2018 was 20.1, April 2018 15.8, May 201718.1. NYFed PR link.
The U of Michigan US Preliminary June 2018 Consumer Sentiment Index is at 99.3, May 2018 was 98.0, April 2018 98.8, June 201795.1. UMichigan PR link.
***Thursday, June 14:
AT&T(PBR9) completes $85.4 billion cash/stock acquisition of Time Warner(PBR90), now is a part of the AT&T media business unit which will be renamed soon. $T PR link.
FreddieMac(PBR38) partners with re-employment solutions company NextJob to provide job search assistance to current and aspiring homeowners living in high-needs and other persistent poverty areas. $FMCC PR link.
Honeywell(PBR71) Transportation Systemsbusiness to be rebranded as Garrett-Advancing Motion upon spinoff as a separate publicly traded company, to close 3Q18. $HON PR link.
Qualcomm(PBR126 $QCOM) gets approval of Chinese antitrust regulators, the last authorization needed, for $127.50/share $44 billion acquisition of NXP Semiconductors(NASDAQ: NXPI). South China Morning Post PR link.
Broadcom(PBR152) 2Q18 report indicates 1,100 employees have been let go in restructuring so far, might be more(pg 28 note). $AVGO PR link.
Mylan(PBR249 $MYL) gets US FDA approvalthe first generic versions of Suboxone (buprenorphine and naloxone) sublingual film (applied under the tongue) for the treatment of opioid dependence. FDA PR link.
MGM Resorts(PBR271) Borgata Hotel Casino & Spa becomes first Atlantic City casino to accept a legal sports wager under New Jersey‘s new sports betting law. $MGM PR link.
AES Corp(PBR276) sells its 17% equity stake in Brazil utility Eletropaulo, will net $310 million. $AES PR link.
Royal Caribbean(PBR324) to take 66.7% equity stake for $1 billion in privately owned luxury and expedition cruising provider Silversea Cruises. $RCL PR link.
Granite Construction(PBR701) completes $536 million stock-for-stock acquisition of water management, construction, and drilling company Layne Christensen(NASDAQ: LAYN). $GVA PR link.
A. Schulman(PBR786) stockholders approve $42/share, $2/25 billion cash acquisition by plastics, chemicals and refining manufacturer LyondellBasell (NYSE: LYB), to close in 3Q18. $SHLM PR link.
SL Green Realty(PBR950) adds $500 million to share repurchase program, balance is now $2.0 billion. $SLG PR link.
Facebook(PBR69) top policy and communications executive Elliot Schrage to step down after 10 years with the company. $FB PR link.
Jones Lang LaSalle(PBR346) hires Alan Tse as Global General Counsel and Corporate Secretary, succeeds retiring Mark Ohringer. $JLL PR link.
Activision Blizzard(PBR389) hires Kristin Binns, Head of Corporate Communications at Twitter(PBR790), as SVP/Chief Communications Officer, to be effective in 07/18. $ATVI PR link.
ARRIS Intl(PBR412) promotes Ian Whiting to President/Enterprise Networks(Ruckus Networks), effective 07/01/18, succeeds leaving Dan Rabinovitsj. $ARRS PR link.
Equifax(PBR654) hires Bryson Koehler as Chief Technology Officer. $EFX PR link.
Allergan(PBR175) appoints Thomas C. Freyman, former EVP/Finance and Administration at Abbott Labs(PBR104), to the Board, Patrick O’Sullivan to retire from Board in 07/18. $AGN PR link.
FIS(PBR315) appoints Alexander Navab, former head of the Americas Private Equity business of KKR(PBR669), and Brian T. Shea, former Vice Chairman/CEO of Investment Services of The Bank of NY Mellon(PBR183), to the Board. $FIS PR link.
Analog Devices(PBR502) appoints Karen Golz, retired partner from Ernst & Young, to the Board. $ADI PR link.
Express(PBR845) appoints Winnie Park, CEO of Paper Source, to the Board. $EXPR PR link.
The US Dept of Labor says US Preliminary May 2018 Import Prices were +0.6% from April 2018, May 2018 Export Prices were also +0.6% from April 2018; Import Prices for May 2017 to 2018 were +4.3%, for May 2016 to 2017 +2.3%; Export Prices for May 2017 to 2018 were +4.9%, for May 2016 to 2017 +1.4%. USDOL PR link.
The US Dept of Commerce/Census says US Preliminary April 2018 Total Manufacturer Sales were $492.8 billion, Total Retail Sales$439.7 billion, Total Wholesaler Sales $493.3 billion, Total April 2018 Sales $1.426 trillion, +0.4% from March 2018, +6.7% from April 2017. USDOC PR link.
The US Dept of Commerce/Census says US Advance May 2018 Total Retail Sales were $443.1 billion, Total Food Services/Drinking Places $58.9 billion, Total Retail Trade $502.0 billion, +0.8% from April 2018, +5.9% from May 2017. USDOC PR link.
***Wednesday, June 13:
Cardinal Health(PBR14) gets Clayton, Dubilier & Rice to acquire 55% stake in largest manager of post-acute benefits for health plans 2+ million members naviHealth, CAH to retain 45% with call right option to reacquire, to close in 3Q18. $CAH PR link.
Microsoft(PBR31 $MSFT) and France based Thales announce a preferred partnership for the development of a common Defence Cloud solution for armed forces. Thales PR link.
Comcast(PBR33) makes $35/share cash offer for 21st Century Fox(PBR102 $FOX) after spin-off, a 19% premium offer over the current Walt Disney(PBR53 $DIS) bid. $CMCSA PR link.
Merck(PBR73) gets US FDA approval for KEYTRUDA® as a treatment of adult and pediatric patients with refractory primary mediastinal large B-cell lymphoma (PMBCL). $MRK PR link.
Stryker Corp(PBR235) issues statement saying it is not in discussions with Boston Scientific(PBR317) regarding a potential acquisition. $SYK PR link.
Sonoco Products(PBR506) joins Amazon(PBR8) Packaging Support and Supplier Network (APASS) service. $SON PR link.
Broadridge Financial(PBR572) will be added to the S&P 500® Index at the opening of trading on Monday, 06/18/18. $BR PR link.
AMC Networks(PBR721) increases stock repurchase program by $500 million, authorization is now $1.5 billion. $AMCX PR link.
TrueBlue(PBR775) to establish presence in UKwith acquisition of resourcing and recruitment marketing services provider TMP Holdings, terms not disclosed. $TBI PR link.
General Motors(PBR12) EVP/CFO Chuck Stevens to retire after 40+ years with the company, effective 03/01/19, Dhivya Suryadevara appointed as successor CFO, effective 09/01/18. $GM PR link.
HP Inc(PBR56) President/Personal Systems Ron Coughlin leaving to be CEO of a non-tech sector company, VP/General Manager Commercial PC Alex Cho named as successor. $HPQ PR link.
Macy’s(PBR114) hires Naveen Krishna as Chief Technology Officer. $M PR link.
Cognizant(PBR193) appoints Francisco D’Souza as Vice Chairman of the Board in addition to his current role as CEO. $CTSH PR link.
The US Federal Reserve Open Market Committee on unanimous vote raises federal funds interest rate 0.25% to 1.75-2.00%, sayslabor market has continued to strengthen and that economic activity has been rising at a solid rate, further changes to rates based on maintaining symmetric 2% inflation objective. FOMC PR link.
The US Dept of Labor says US May 2018 Producer Price Index Total Final Demand was +0.5% from April 2018, Total Last 12 Months is +3.1%, April 2018 was +2.6%, March 2018+3.0%, May 2017 +2.3% USDOL PR link.
***Tuesday, June 12:
AT&T(PBR9) gets US court approval for $85.4 billion cash/stock acquisition of Time Warner(PBR90), applauds decision, plans to close deal on or before 06/20/18. $T PR link.
Merck(PBR73) gets US FDA approval for KEYTRUDA® (pembrolizumab) as a therapy for certain cervical cancer situations. $MRK PR link.
Eli Lilly(PBR122) and AstraZeneca are discontinuing the global Phase 3 clinical trialsof Alzheimer’s therapy lanabecestat, not likely to meet their primary endpoints. $LLY PR link.
Avnet(PBR161) online communities, element14.com and Hackster.io, now exceeds one million members, creating world’s largest collaborative networks of engineers, entrepreneurs and developers. $AVT PR link.
Sears(PBR170) Ship-to-Store tires capability partnership with Amazon(PBR8) initially available at 47 Sears Auto Centers in eight metropolitan areas is expanded to an additional 71 stores, bringing the total to 118. $SHLD PR link.
CBRE(PBR204) to acquire 550 employees procurement and facilities management solutions provider FacilitySource for $290 million cash. $CBRE PR link.
Tesla(PBR252) Chairman/CEO Elon Musk tweets that 9% of salaried workforce will be let go in reorganization, Model 3 production to not be affected. $TSLA PR link.
Discover Financial(PBR255) new Discover College Commitment Program covers tuition, required fees, books and supplies needed to complete select online bachelor degrees from 3 accredited universities. $DISCA PR link.
Salesforce(PBR277) to invest $2.5+ billion over 5 years in UK market to support growing customer base. $CRM PR link.
Rent-A-Center(PBR745) reviewing offer to be acquired by Vintage Capital for $14.00/share cash. $RCII PR link.
PPG(PBR194) hires Rebecca Liebert as SVP/Automotive Coatings, succeeds Gary Danowski who becomes VP/Global Automotive Finish. $PPG PR link.
Guess?(PBR802) co-founder Paul Marciano resigns as Executive Chairman, will remain on Board, to transfer Chief Creative Officer and all other duties and responsibilities to CEO Victor Herrero, employment agreement that expires 01/30/19 will not be renewed, result of completion of investigation into allegations of misconduct; Maurice Marciano elected Chairman of the Board. $GES PR link.
The US Dept of Treasury says US May 2018 Total Federal Government Receipts were $217.1 billion, Total Outlays $363.9, for a Deficit of $146.8, Total YTD Deficit(8 Months)is at $532.2 billion, Total YTD Deficit May 2017was $432.9 billion. USTreasury PR link.
The US Dept of Labor says US Preliminary May 2018 Average Employee Current Earnings Per Hour is at $26.92, 34.5 Hours Work/Week, for a Total Average Weekly Wage of $928.74, +0.3% from April 2018, +3.0% from May 2017. USDOL PR link.
The US Dept of Labor says US Preliminary May 2018 Consumer Price Index-All Items, was +0.2%, April 2018 was +0.2%, March 2018-0.1%, May 2017 -0.1%, Last 12 Months +2.8%. USDOL PR link.
CoreLogic says US March 2018 Housing Loans 30 Days or More Delinquent was at 4.3%, February 2018 was 4.8%, January 20184.9%, March 2017 4.4%. CoreLogic PR link.
***Monday, June 11:
Amazon(PBR8) expands Prime benefit at Whole Foods Market to 10 additional states. $AMZN PR link.
Home Depot(PBR23 $HD) to spend $1.2 billion in the next five years to add 170 distribution centers. MarketWatch PR link.
Intel(PBR44) starts testing smallest ‘Spin Qubit’chip for quantum computing. $INTC PR link.
Lockheed(PBR57) and the F-35 Joint Program Office deliver 300th F-35 aircraft, to make 91 F-35s in 2018, will be at 160/year in 2023. $LMT PR link.
Starbucks(PBR125) and JPMorgan Chase(PBR26) launch second co-branded Starbucks Rewards™ Visa® Prepaid Card, has no monthly, annual or reload fees, customers can earn Starbucks Rewards everywhere Visa is accepted, first prepaid or debit product where you can earn Stars outside of Starbucks. $SBUX PR link.
Fluor(PBR148) joint venture completes financial arrangements to design, build, finance, operate and maintain the 2.25-mile Los Angeles International Airport (LAX) Automated People Mover project for the Los Angeles World Airports, to be completed in 2023, and be managed for 25 years. $FLR PR link.
Newell Brands(PBR195) expands share repurchase program by $2.5 billion, balance is now $3.6 billion, expires 12/31/19. $NWL PR link.
Envision Healthcare(PBR354) to be acquired by global investment firm KKR(PBR669) for $46/share cash for $9.9 billion enterprise value, to close 4Q18. $EVHC PR link.
Coty(PBR364)‘s newly relaunched COVERGIRLbrand will open its first-ever beauty destination, a flagship 10,000 sf “I Am What I Make Up” experiential store in NY City – Times Square, to open in Fall 2018. $COTY PR link.
NVIDIA(PBR510) powers Summit, world’s fastest supercomputer, with its 27,648 Volta Tensor Core GPUs, can perform more than three exaops, or 3 billion billion calculations per second. $NVDA PR link.
Endo Intl(PBR638) to do master settlement agreement allowing for the resolution of all known testosterone replacement therapy product liability claims against the Company. $ENDP PR link.
USG Corp(PBR674) to be acquired by Germanybased Gebr. Knauf KG for $44/share, $7.7 billion cash, to close in early 2019. $USG PR link.
Rent-A-Center(PBR745) completes strategic review, Board unanimously agrees to pursue business plan in place, not sell company. $RCII PR link.
Modine Manufacturing(PBR847) to sell its South African business operation, AIAC Air Conditioning South Africa (Pty) Ltd, to the current management team, terms not disclosed. $MOD PR link.
Sears Hometown(PBR912) to open 10-15 additional Buddy’s Home Furnishings rent-to-own stores in fiscal 2018, has 330 now; closed 21 stores in Hometown segment in 1Q18, to close 90-100 underperforming stores in 2Q18. $SHOS PR link.
Fitbit(PBR931) announces availability of Fitbit Ace™ at major retailers worldwide for $99.95 (USD), designed for kids ages 8 and older. $FIT PR link.
Kellogg(PBR222) President/Europe Chris Hood promoted to President/N America, VP/European Cereal Business Dave Lawlor becomes President/Europe. $K PR link.
KB Home(PBR552) promotes Matt Mandino to EVP/COO. $KBH PR link.
Watts Water Technologies(PBR958) hires Shashank Patel as CFO, effective 07/02/18. $WTS PR link.
MRC Global(PBR619) elects Henry Cornell, founder and senior partner of private investment firm Cornell Capital, to the Board. $MRC PR link.
***Friday, June 8:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 06/08/18:
The first full week of June saw the Stock Market Bull dominate the exchanges, highlighted by the tech heavy NASDAQ notching 3 new record highs. The Stock Market Bearmade a few tentative attempts midweek to enter the rich green pasture, but to no avail. This despite a tense G-7 meeting where 6 countries are trying to pile on US President Trump for his imposed and threatened trade tariffs. The Stock Market Bull now has a narrow lead YTD with wins in 11 weeks, the Stock Market Bear 10 weeks, and 2 mixed results weeks.
DJIA ends the week at 25,316.53, +2.77% from last Friday, +3.69% MTD, +5.03 QTD, +2.42% YTD, -4.88% from record 26,616.71 set 01/26/18.
NASDAQ ends the week at 7,645.51, +1.21% from last Friday, +2.73% MTD, +8.24% QTD, +10.75% YTD, -0.57% from record 7,689.24 set 06/06/18.
SPX ends the week at 2,779.03, +1.62% from last Friday, +2.73% MTD, +5.23% QTD, +3.94% YTD, -3.27% from record 2,872.87 set 01/26/18.
Amazon(PBR8) to open second fulfillment center in Tulsa, OK, 600,000+ sf facility, will add 1,500+ full-time jobs. $AMZN PR link.
AbbVie(PBR103) gets US FDA approval for VENCLEXTA® (venetoclax tablets) for certain lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL) situations. $ABBV PR link.
Royal Caribbean(PBR324) to eliminate plastic straws on all ships, will provide paper straws on request, reviewing other plastics to replace. $RCL PR link.
SeaWorld(PBR984) says all 12 of its theme parks have removed all single-use plastic drinking straws and single-use plastic shopping bags as part of its effort to protect the environment. $SEAS PR link.
Verizon(PBR16) names EVP, President/Global Networks and Chief Technology Officer Hans E. Vestberg to succeed Lowell C. McAdam as CEO, effective 08/01/18. McAdam will become Executive Chairman until his retirement at end of 2018 then becomes Non-Executive Chairman. $VZ PR link.
ExxonMobil(PBR2) VP of Human Relations Malcolm Farrant to retire on 08/01/18 after 35 years of service, President/SeaRiver Maritime unit Tracey Gunnlaugsson to be successor. $XOM PR link.
ExxonMobil(PBR2) SVP Michael J. Dolan to retire on 08/01/18 after 38 years of service. $XOM PR link.
Verizon(PBR16) EVP and President/Global Operations John Stratton to step down to be a strategic advisor reporting to CEO Lowell McAdam, will retire by end of 2018. $VZ PR link.
The US Dept of Labor says the US March 2018 Employee Average Wages/Salaries Per Hourwere at $24.77, Per Hour Benefits $11.55, Total Per Hour Compensation Cost $36.32, +1.25% from December 2017, +2.95% from March 2017. USDOL PR link.
The US Dept of Commerce/Census says US Preliminary April 2018 Wholesale Sales-Durables was at $238.9 billion, Non-Durables$254.4 billion, Total Wholesale Sales $493.3 billion, +0.8% from March 2018, +7.8% from April 2017. USDOC PR link.
***Thursday, June 7:
Snapshot 15 Summary: The PBR1000 Top 5 May 2018 By Market Capitalization(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 05/31/18 Market Capitalization in $ Billions):
1. Apple, PBR4, AAPL, $921B
2. Amazon, PBR8, AMZN, $788B
3. Microsoft, PBR31, MSFT, $760B
4. Alphabet, PBR21, GOOG, $745B
5. Facebook, PBR69, FB, $543B
Range: $921B to $0.01B
Total The PBR1000 Market Capitalization:$26.248 trillion, +0.94% YTD(5 months), +19.66% from 12/30/16(17 months)
Average: $26.248 billion
Median: $8.15 billion
Amazon(PBR8) introduces Alexa voice activated Amazon Fire TV Cube, $119.99, specials for Prime members and with other options, starts shipping 06/21/18. $AMZN PR link.
General Motors(PBR12) gets Japan’s Hondato partner on a new advanced chemistry battery to accelerate both company’s plans for all-electric vehicles. $GM PR link.
GE(PBR18) introduces wholly owned subsidiary AiRXOS to help accelerate the safe, efficient, scalable integration of air and ground space for manned and unmanned vehicles, has some initial government and private contracts. $GE PR link.
Target(PBR39) expanding its Shipt delivery services and Drive Up pick up services throughout the US Midwest and Southeast, services to be nationwide by the holiday season. $TGT PR link.
UPS(PBR41) announces major expansion to its ocean Less-Than-Container Load (LCL)service with the addition of direct sailings in 130 lanes across the globe. $UPS PR link.
Facebook(PBR69) is notifying 14 million people of an Audience Selector error that posted private messages publicly instead, error has been fixed. $FB PR link.
Mondelez(PBR110) completes $500 million acquisition of Tate’s Bake Shop, home of America’s top-rated chocolate chip cookie, from private equity firm The Riverside Company and other shareholders, including founder Kathleen King. $MDLZ PR link.
McDonald’s(PBR124 $MCD) announces job cuts to ‘eliminate layers’ in corporate structure. MarketWatch PR link.
Monsanto(PBR196) $128/share, $66 billion acquisition by Germany based Bayer AG is completed. $MON PR link.
Las Vegas Sands(PBR223) increases share repurchase program from $1.56 billion to $2.5 billion. $LVS PR link.
JCPenney(PBR231) expands online partnership with Fanatics, opening Fanatics 650 sf sports apparel shops in 325 stores, to be in 650 stores by back-to-school season. $JCP PR link.
Biogen(PBR239) gets exclusive option agreement with TMS Co to acquire TMS-007and backup compounds for acute stroke treatment, includes upfront payment of $4 million, an additional $18 million payment if Biogen exercises its option, with up to $335 million in potential development and commercialization milestones as well as tiered royalties. $BIIB PR link.
Anadarko(PBR248) gets a notice from SECsaying its stocks are being de-listed from the NYSE effective 06/07/18. $APC PR link.
Tesla(PBR252 $TSLA): The US Natl Transportation Safety Board releases preliminary report on 2017 Tesla Model X fatal crash in Mountain View, CA, on 03/23/18. NTSB PR link.
Ryder(PBR375) reserves 500 new Chanje Energy medium-duty electric panel vans for its lease & rental fleet, vehicle can haul up to 6,000 pounds and up to 580 cubic feet of cargo, all with zero vehicle exhaust emissions and 100-mile range on a single charge. $R PR link.
Ralph Lauren(PBR437) presents strategic growth plan, authorizes additional $1 billion share buyback program, balance is now $1.1 billion, nominates Linda Findley Kozlowski, COO at Etsy, to be elected to the Board at 08/18 shareholders meeting. $RL PR link.
AmTrust Financial(PBR455) gets amended merger agreement with Evergreen Parent(an entity of the Karfunkel-Zyskind Family and Stone Point Capital) from $13.50/share to $14.75/share, $2.95 billion, Icahn Enterprises(PBR129) is in agreement, encourages stockholders to vote for the deal at its 06/21/18 meeting. $AFSI PR link.
Taylor Morrison Homes(PBR595) to acquire developer and builder AV Homes(NASDAQ: AVHI) for $21.50/share, $963 million cash/stock, includes debt. $TMHC PR link.
Cenveo(PBR927) receives Bankruptcy Courtapproval of its Disclosure Statement, reaches agreement with Brigade Capital ManagementIn support of its Plan of Reorganization, targets confirmation hearing date in late 07/18 and expects to exit from Chapter 11 promptly thereafter. $CVOVQ PR link.
BorgWarner(PBR293) EVP/COO Frederic Lissalde to become President/CEO, effective 08/01/18, to succeed James R. Verrier who will then serve in a non-executive advisory role to the Board and CEO until he retires on 02/28/19. $BWA PR link.
Sealed Air(PBR540) Acting CFO/Chief Accounting Officer/Controller William G. Stiehl is now SVP/CFO. $SEE PR link.
Leidos(PBR285) appoints Robert Kovarik Jr., former partner at Ernst & Young, to the Board. $LDOS PR link.
Ameren(PBR439) elects Ward H. Dickson, EVP/CFO of WestRock(PBR192), to the Board. $AEE PR link.
Granite Construction(PBR701) elects Claes G. Bjork as Board Chairman, succeeds now retired William Powell, Jeffrey J. Lyash, President/CEO of Ontario Power Generation, appointed to the Board. $GVA PR link.
The US Federal Reserve says US Preliminary April 2018 Total Consumer Revolving Credit Outstanding was at $1.031 trillion, Non-Revolving Credit Outstanding at $2.852 trillion, Total Consumer Credit Outstanding $3.883 trillion, +0.2% from March 2018, +1.3% YTD(4 months), +4.8% from April 2017. USFed PR link.
The US Federal Reserve Z1 Report says US 1Q18 Total Networth of Households was $100.768 trillion, 1st time over $100 trillion, +1.0% from 4Q17, +7.0% from 1Q17; US 1Q18 Total Domestic Debt is $49.831 trillion, +1.8% from 4Q17, +5.0% from 1Q17. USFed PR link.
The FannieMae(PBR20) US May 2018 Home Purchase Sentiment Index is at a record high of 92.3, April 2018 was 91.7, March 2018 88.3, May 2017 86.2, $FNMA PR link.
The US Dept of Commerce announces $1.4 billion settlement on China’s Zhongxing Telecommunications Equipment Corporation(ZTE); ZTE board, management changes and strictest Bureau of Industry and Security(BIS) compliance requirements ever. USDOC PR link.
***Wednesday, June 6:
Snapshot 13 Summary: The PBR1000 Top 5 May 2018 Stock Performers Since 12/30/16(17 Months)(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 05/31/18 Stock Price, % Increase from 12/30/16):
1. Weight Watchers, PBR976, WTW $75.32, +558%
2. BlueLinx, PBR884, BXC, $40.55, +443%
3. Square, PBR832, SQ, $58.25, +327%
4. Scientific Games, PBR690, SGMS, $59.30, +324%
5. Systemax, PBR982, SYX, $33.02, +277%
Range: +558% to -92%
Number of Companies at 0% or Better:646/1,000
Average: +19.09%
Median: +11.52%
Tomorrow: The PBR1000 Top 5 May 2018 Market Capitalization Leaders.
Want all 15 of The PBR1000 Snapshots each month? Click here!
UnitedHealth(PBR6) authorizes purchase over time of 100 million shares, or approximately 10% of shares outstanding, replaces the 06/14 authorization, had around 29 million shares remaining. $UNH PR link.
Amazon(PBR8) introduces Echo Look in the US, Alexa driven style assistant, gives personalized recommendations, helps keep closet organized, and provides fashion inspiration, $199.99. $AMZN PR link.
Express Scripts(PBR25) makes strategic investment in self-service, pharmacist-supported, kiosk pharmacies provider MedAvail, can dispense a prescription in under 90 seconds, pilot beginning in Phoenix & Tucson, AZ, with 6 initial installations, plans 15 by year end in grocery stores, pharmacies and medical clinics. $ESRX PR link.
Pfizer(PBR55) to invest $600 million in biotechnology and other emerging growth companies through Pfizer Ventures. $PFE PR link.
Facebook(PBR69) funding tests of exclusive daily news content from major networks, including ABC, CNN, FOX, Univision, for its Facebook Watch news service. $FB PR link.
Northrop Grumman(PBR111) completes $34.50/share, $9.2 billion cash acquisition of Orbital ATK(PBR521), now a unit called Northrop Grumman Innovation Systems. $NOC PR link.
Carnival Corp(PBR160) to acquire TWC Enterprises Limited’s White Pass & Yukon Route (WP&YR) division, which includes White Pass’ port, railroad and retail operations in Skagway, AK. $CCL PR link.
Devon Energy(PBR211) to sell its interests in EnLink Midstream Partners(NYSE: ENLK) and EnLink Midstream(NYSE: ENLC) to an affiliate of Global Infrastructure Partners for $3.125 billion, to close in 07/18; in conjunction with sale increases share buyback program from $1 billion to $4 billion, expires 12/31/19. $DVN PR link.
Kellogg(PBR222) launches Kellogg’s Raisin Bran® with Bananas, suggested retail price $3.99. $K PR link.
Fortive(PBR407) to acquire Johnson & Johnson(PBR36)’s Ethicon subsidiary $775 million in revenues in 2017 Advanced Sterilization Products unit for $2.7 billion cash. $FTV PR link.
CMS Energy(PBR414) $1.4 billion in new credit facilities allows it to be the first syndicated sustainability-linked revolving credit facilities for a US borrower, clean energy goals include being coal free, reduce carbon emissions by 80%, and meet a renewable energy goal of 40+%, all by 2040. $CMS PR link.
AMC Entertainment(PBR503) to receive $45 million from sale of majority interest in movie theatre advertising service Screenvision Mediato Abry Partners. $AMC PR link.
Essendant(PBR507) board still in favor of combining with General Parts(PBR191)’s S.P. Richards unit, received expected second request for additional information from the Federal Trade Commission, has not heard back from Staples/Sycamore Partners on confidentiality request to proceed with possible merger talks. $ESND PR link.
Caesars Entertainment(PBR511) commits to reduce carbon emissions by 95% by 2050, to release request for proposal in 06/18 for a major utility-scale purchase of solar energy in the Las Vegas desert for its Nevada properties. $CZR PR link.
General Cable(PBR601) $30/share, $3 billion cash acquisition by Italian based global energy and telecom cable systems provider Prysmian Group (BIT: PRY) transaction has closed. $BGC PR link.
Twitter(PBR790) to offer $1.0 billion aggregate principal amount of convertible senior notes due in 2024 in a private placement to qualified institutional buyers. $TWTR PR link.
CVS Health(PBR7) announces several key management changes that will happen with acquisition of Aetna(PBR48) in 2H18, including Aetna EVP/CFO Shawn M. Guertin becoming EVP/CFO of CVS Health, succeeding departing David Denton. $CVS PR link.
Signet Jewelers(PBR405) hires Mary Elizabeth Finn as Chief People Officer and Stephen E. Lovejoy as Chief Supply Chain Officer. $SIG PR link.
Symantec(PBR581) EVP/Consumer Digital Safety Fran Rosch departing company on 06/29/18 to become CEO at a private company. $SYMC PR link.
Fitbit(PBR931) CFO Bill Zerella departing effective 06/15/18, Chief Accounting Officer Ronald W. Kisling to be successor. $FIT PR link.
SeaWorld(PBR984) hires Walter Bogumil to the new position of Chief Strategy Officer. $SEAS PR link.
Devon Energy(PBR211) elects John Krenicki Jr, senior operating partner at the private-equity investment firm Clayton, Dubilier & Rice and a former GE(PBR18) executive, to the Board. $DVN PR link.
Live Nation(PBR281) elects Dana Walden, Chairman/CEO of Fox Television Group at 21st Century Fox(PBR102), and Ping Fu, a highly regarded artist/scientist entrepreneur, to its Board. $LYV PR link.
The US Dept of Labor says US Revised 1Q18 Business Sector Labor Productivity Output/Hour-All Persons was +0.7%, 4Q17was -0.4%, 3Q17 +3.2%, 2Q17 +1.6%, 1Q17-0.7%. USDOL PR link.
The US Dept of Commerce says US Preliminary April 2018 Total Exports were valued at $211.2 billion, Total Imports $257.4 billion, Total Deficit $46.2 billion, YTD Total Deficit(4 Months) is $201.7 billion, YTD Total Deficit 2017(4 Months) was $180.9 billion. USDOC PR link.
***Tuesday, June 5:
Snapshot 12 Summary: The PBR1000 Top 5 May 2018 Stock Performers YTD(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 05/31/18 Stock Price, % Increase from 12/30/17):
1. BlueLinx, PBR884, BXC $40.55, +315%
2. Fossil, PBR728, FOSL, $21.88, +182%
3. Tenet Healthcare, PBR142, THC, $35.43, +134%
4. Whiting Petroleum, PBR953, WLL, $52.42, +98%
5. Netflix, PBR253, NFLX, $351.60, +83%
Range: +315% to -65%
Number of Companies at 0% or Better:449/1,000
Average: +0.02%
Median: -1.60%
The PBR1000 is used by astute business leaders and shrewd investors worldwide. Want the full PBR1000 results? Click here!
Wells Fargo(PBR27) to sell 52 retail bank branches to Flagstar Bancorp(NYSE: FBC)subsidiary Flagstar Bank, includes all Wells Fargo branches in Indiana (33), Michigan (14) and Ohio (1), and a small number of Wisconsinbranches (4), 490 employees to receive employment offers from Flagstar. $WFC PR link.
Microsoft(PBR31)’s Project Natick launches a 40 ft long undersea datacenter with 864 servers, looking for datacenter solutions that are quick to deploy, could provide internet connectivity for years. $MSFT PR link.
UPS(PBR41) and UPS Freight Teamsters Union members authorize a strike if necessary, gives the negotiating committees bargaining leverage this week and during subsequent negotiations for the national contract and the supplements. $UPS PR link.
Facebook(PBR69 $FB) gave data access to at least 4 electronics Chinese companies, claims the NY Times, including Huawei which has been flagged by American intelligence officials as a national security threat. NYT PR link.
Facebook(PBR69 $FB) confirms it shared user data with Chinese tech companies, has ended data sharing agreements with half of the 60+ device makers, will end its agreement with Hauwei by end of week. MarketWatch PR link.
UK opens door to 21st Century Fox(PBR102 $FOX)-Comcast(PBR33 $CMCSA) bidding war for Sky. MarketWatch PR link.
International Paper(PBR130) will not make an offer for Smurfit Kappa Group plc, given the lack of engagement by Smurfit Kappa’s Board of Directors and Management. $IP PR link.
PG&E(PBR164) gets California Public Utilities Commission approval to develop two new, five-year programs aimed at accelerating widespread electric vehicle (EV) adoption and combating climate change. $PCG PR link.
Newell Brands(PBR193) to sell for $395 million its Rawlings Sporting Goods Co, a leading manufacturer and marketer of sporting goods, including the Official Ball of Major League Baseball, with $330 million in revenues in 2017, to a fund managed by Seidler Equity Partners, with Major League Baseball co-investing, to close in 30-45 days. $NWL PR link.
US Steel(PBR240) to restart second Granite City, IL, blast furnace, will hire 300 new employees, to be shipping steel in 4Q18. $X PR link.
Under Armour(PBR510)’s limited edition The Rock’s Project Rock 1 $120/pair shoes sold out in 30 minutes online and in US Brand Houseson 05/28/18, global launch scheduled for 06/28/18. $UA PR link.
Ryerson(PBR653) to acquire bar, tube, plate, and sheet products producer $600 million in revenues/year Central Steel & Wire(OTC: CSTW) for $140 million cash. $RYI PR link.
Cenveo(PBR927) reaches agreement with major stakeholders to clear path for approval of Company’s first amended plan of reorganization, will enable Company to emerge from Chapter 11this summer, bankruptcy court hearing set for 06/07/18. $CVOVQ PR link.
Wendy’s(PBR985) to source vine-ripened tomatoes for its N American restaurantsprimarily from around a dozen greenhouse farms in the US/Canada by early 2019. $WEN PR link.
Lear Corp(PBR143) hires John Absmeier as Chief Technology Officer effective 06/18/18. $LEA PR link.
Bed Bath & Beyond(PBR237) promotes COO Eugene A. Castagna to President/COO, CFO Susan E. Lattmann to Chief Administrative Officer, and VP/Finance Robyn M. D’Elia to CFO & Treasurer. $BBBY PR link.
EMCOR(PBR361) elects its President/CEO Anthony J. Guzzi to also be Chairman, succeeds Steve Bershad who has retired due to Retirement Policy. $EME PR link.
Deckers Outdoor(PBR872) appoints Brian A. Spaly, executive chairman at western boot brand Tecovas, and Cindy L. Davis, former long time Nike(PBR98) executive, to its Board, announces Karyn O. Barsa has resigned from the Board. $DECK PR link.
Crocs(PBR1000) appoints Bill Gray, representative of and Senior Advisor to Blackstone(PBR386)’s Private Equity Group, to the Board. $CROX PR link.
The US Dept of Labor says US Preliminary April 2018 Total Job Openings were at record 6,698,000, +1.0% from March 2018, +9.7% from April 2017. USDOL PR link.
The Institute for Supply Management says US Preliminary May 2018 Non-Manufacturing Index(>50% economy growing) is at 58.6%, April 2018 was 56.8%, March 2018 58.8%, May 2017 56.9%. ISM PR link.
The IHS Markit US May 2018 Composite PMI is at 56.6, signals a pickup in growth momentum and the fastest expansion since April 2015, April 2018 was 54.9, March 2018 54.2, May 2017 53.6. IHS Markit PR link.
The PurdueU/CME Group US May 2018 Composite Ag Barometer is at 141, April 2018was 125, March 2018 135, May 2017 130. Increase driven both by an improvement in producer’s perception of current conditions and, especially, by a more optimistic view of future economic conditions, PurdueU/CME Group PR link.
The US Dept of Treasury releases Fact Sheet: Social Security and Medicare Trustees Report, indicates income is sufficient to pay full scheduled benefits until 2026 for Medicare’s Hospital Insurance program, costs to be 3.7% of GDP in 2017 to grow to 6.2% by 2092. Social Security Trust Funds estimated to be depleted by 2034. Fact Sheet includes hotlinks to official reports. US Treasury PR link.
Treasury Secretary Steven T. Mnuchin’s statement.
The US Food & Drug Administration takes action against 53 websites marketing unapproved opioids as part of a comprehensive effort to target illegal online sales. FDA PR link.
***Monday, June 4:
Snapshot 11 Summary: The PBR1000 Top 5 Month of May 2018 Stock Performers(Rank, Company, PBR Ranking by Revenues, Stock Symbol, 05/31/18 Stock Price, % Increase from 04/30/18):
1. Essendant, PBR507, ESND $13.99, +88%
2. Chesapeake Energy, PBR304, CHK, $4.47, +51%
3. Wayfair, PBR524, W, $92.35, +48%
4. Tenet Healthcare, PBR142, THC, $35.43, +48%
5. ArcBest, PBR718, ARCB, $47.45, +48%
Range: +88% to -60%
Number of Companies at 0% or Better:606/1,000
Average: +1.53%
Median: +1.85%
Tomorrow: The PBR1000 Top 5 Stock Performers YTD.
Walmart(PBR1) Brazil 80% majority ownership to be acquired by private equity firm Advent International, Walmart to retain 20% stake. $WMT PR link.
MicroSoft(PBR31) to acquire open source software development platform provider GitHubwith its 28+ million developers network for $7.5 billion in stock. $MSFT PR link.
NY Times article says Facebook(PBR69 $FB)has agreements with over 60 device makers that give them access to data on FB Users and Friends. NYT PR link.
Facebook(PBR69) responds to NY Timesarticle on why they disagree with characterization that FB gaves 60+ device makers access to FB User & Friends data. $FB PR link.
Tyson(PBR75) acquires Nebraska based organic branded chicken producer Tecumseh Poultry, includes the air-chilled Smart Chicken® brand, terms not disclosed. $TSN PR link.
3M(PBR89) completes sale of substantially all of its 500 employees, $400 million revenues/year, Communication Markets Division to Corning(PBR281) for $870 million, sale of telecommunications system integration services portion of the business based in Hannover, Germany, remains pending, to close by the end of 2018 for approximately $30 million. $MMM PR link.
McDonald’s(PBR124 $MCD) planning to add self-service kiosks at 1,000 of its restaurants each quarter for the next two years. MarketWatch PR link.
Mylan(PBR249) and Biocon get US FDA approval for Fulphila™ (pegfilgrastim-jmdb), to be the first biosimilar pegfilgrastim available in the US to help patients with nonmyeloid cancers reduce the risk of infection following myelosuppressive chemotherapy. $MYL PR link.
AmTrust Financial(PBR455) intends to adjourn special meeting of stockholders to 06/21/18, preliminary results indicate vote to merger agreement to go private is satisfied, but do not have majority of minority stockholders approval, planning meeting with Carl Icahn to resolve. $AFSI PR link.
Roper Technologies(PBR531) completes $1.1 billion cash acquisition of Atlanta, GA, based global software and solutions for asset-centric companies provider PowerPlan from private equity firm Thoma Bravo. $ROP PR link.
Scotts Miracle-Gro(PBR753) completes $425 million cash and $25 million SMG equity acquisition of largest hydroponic distributor in the US $460 million in sales in 2017 Sunlight Supply, becomes part of wholly owned subsidiary The Hawthorne Gardening Company. $SMG PR link.
Woodward(PBR848) completes $859 million acquisition of Rolls Royce Power Systems unit fuel injection systems technology company 1,000 employees L’Orange GmbH, has facilities in Germany, US, and China, did sales of $300 million in 2017. $WWD PR link.
Fitbit(PBR931) has shipped over 1 million Fitbit Versa devices since 04/16/18, over 2 million Fitbit users have downloaded new female health tracking feature which became available in 05/18. $FIT PR link.
Wabash Natl(PBR903) President/COO Brent L. Yeagy now CEO, succeeds Richard J. Giromini who has stepped down per transition plan announced in 12/17. $WNC PR link.
Anthem(PBR30) hires Felicia Norwood as EVP and President/Government Business Division, effective 06/18/18. $ANTM PR link.
Lowe’s(PBR40) CFO Marshall A. Croom to retire upon appointment of successor, has been with Lowe’s for 21 years. $LOW PR link.
Gilead Sciences(PBR109) promotes Andrew Dickinson to EVP/Corporate Development and Strategy. $GILD PR link.
Viacom(PBR218)‘s Nickelodeon Group President Cyma Zarghami stepping down after 30+ years at the network, search starts for new president, COO/Viacom Media Networks Sarah Levy to lead brand on interim basis. $VIA PR link.
Owens & Minor(PBR308) Group VP/Finance-Global Solutions Robert Snead has assumed the additional role of interim company CFO, succeeds leaving Richard “Randy” A. Meier. $OMI PR link.
Post Holdings(PBR493) President/CEO Post Consumer Brands Chris Neugent now EVP/Strategy, Howard Friedman hired to be President/CEO Post Consumer Brands effective 07/23/18. $POST PR link.
Sprint(PBR87) elects Stephen Kappes, Partner/COO of private equity firm Torch Hill Investment Partners and former Deputy Director of the US Central Intelligence Agency, to the Board. $S PR link.
Starbucks(PBR125) Executive Chairman Howard Schultz stepping down 06/26/18 after 40 years with company, will be named Chairman Emeritus, Myron E. “Mike” Ullman to be new chair of the Board and Mellody Hobson to be vice chair. $SBUX PR link.
Williams Cos(PBR344) appoints Nancy K. Buese, EVP/CFO of Newmont Mining(PBR358), to the Board. $WMB PR link.
LPL Financial(PBR562) elects Allison H. Mnookin, most recently CEO of online application software provider QuickBase, to the Board. $LPLA PR link.
The US Dept of Commerce/Census says US Preliminary April 2018 Manufacturers Total New Orders were at $494.4 billion, -0.8% from March 2018, +7.4% from April 2017. USDOC PR link.
***Friday, June 1:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 06/01/18:
In the shortened 4 day trading week theStock Market Bear won Tuesday and Thursday, the Stock Market Bull charged back with wins on Wednesday and Friday. It was a volatile weekthat saw many swings up or down by 1% or more, thanks to potential trade war issuesbalanced by optimistic diplomatic efforts with N Korea, and a good jobs report to start the new month. Bottom line, it was a mixed result in Week 22 with the Stock Market Bull taking 2 out of the 3 US exchanges. YTD the result is 10 weekly wins each and 2 mixed weekly results.
DJIA ends the week at 24,635.21, -0.48% from last Friday, +0.90% MTD, +2.21 QTD, -0.34% YTD, -7.44% from record 26,616.71 set 01/26/18.
NASDAQ ends the week at 7,554.33, +1.62% from last Friday, +1.51% MTD, +6.95% QTD, +9.43% YTD, -0.45% from record 7,588.32 set 03/12/18.
SPX ends the week at 2,734.62, +0.49% from last Friday, +1.08% MTD, +3.55% QTD, +2.28% YTD, -4.81% from record 2,872.87 set 01/26/18.
Tyson(PBR75) to sell its Sara Lee® Frozen Bakery and Van’s® businesses, which employ 1,160, to private equity firm Kohlberg & Company, terms not disclosed. $TSN PR link.
Eli Lilly(PBR121) and Incyte(NASDAQ: INCY)get US FDA approval for OLUMIANT® (baricitinib) for certain rheumatoid arthritis conditions. $LLY PR link.
Voya Financial(PBR326) completes $1.1 billion sale of its closed block variable annuity and fixed and fixed indexed annuities businesses to consortium led by Apollo Global Mgmt(PBR906). $VOYA PR link.
Wyndham Worldwide(PBR503) completes spin-off of Wyndham Hotels & Resorts, Wyndham Worldwide renamed to Wyndham Destinations trading under NYSE: WYND, is world’s largest vacation ownership and exchange company. $WYND PR link.
Scientific Games(PBR689) will implement the Delaware Lottery‘s expansion to full-scale sports betting following the US Supreme Court‘s overturn of the Professional and Amateur Sports Protection Act, first state in US to add full-scale sports betting since the court decision. $SGMS PR link.
Hyster-Yale Materials(PBR713) completes $90 million cash acquisition of 75% and controlling interest in private China based Zhejiang Maximal Forklift Co from KNSN Pipe and Pile Co. $HY PR link.
Boyd Gaming(PBR727) completes $100 million cash acquisition of Lattner Entertainment Group Illinois, operator of nearly 1,000 gaming units in 220 locations across the state of Illinois. $BYD PR link.
Vornado(PBR738) to sell its 49.5% interests in the 666 Fifth Avenue Office Condominium to its partner, the Kushner Companies, net proceeds to Vornado will be $120 million, will retain ownership of 666 Fifth Avenue Retail Condominium. $VNO PR link.
Kemper(PBR847) and 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) shareholders approve merger into Kemper for $129/share, $1.4 billion cash/stock, to close in 3Q18. $KMPR PR link.
Allison Transmission(PBR823) President/CFO David S. Graziosi takes over as CEO as planned. $ALSN PR link.
ExxonMobil(PBR2) VP/Investor Relations and Secretary Jeff Woodbury to retire after 35 years of service, Neil Hansen promoted to be successor on 07/01/18. $XOM PR link.
Newell Brands(PBR193) EVP/CFO Ralph Nicoletti to retire by end of 2018, new CFO search starts. $NWL PR link.
The Andersons(PBR607) hires Brian A. Valentine as SVP/CFO, effective 08/01/18. $ANDE PR link.
Louisiana-Pacific Corp(PBR739) CFO Sallie Bailey to retire on 07/13/18, new CFO search starts. $LPX PR link.
Minerals Tech(PBR922) promotes Jonathan Hastings to Group President/Performance Materials, effective 06/01/18, succeeds Gary Castagna who retired 05/31/18. $MTX PR link.
Henry Schein(PBR233) elects former Staples CEO Shira Goodman and Harvard CIO Anne Margulies to the Board, succeed Donald J. Kabat and Lawrence S. Bacow. $HSIC PR link.
The US Dept of Labor says US May 2018 Total Employment is at 155,474,000, +293,000 from April 2018, +2,582,000 from May 2017; May 2018 Unemployment at 6,065,000, -281,000 from April 2018, -772,000 from May 2017; May 2018 Unemployment Rate is at 3.8%, April 2018 was 3.9%, May 2017 4.3%. USDOL PR link.
The US Dept of Commerce/Census says US Preliminary April 2018 Total Construction Spending Annual Rate was at $1.310 trillion, +1.8% from March 2018, +7.6% from April 2017. USDOC PR link.
The Institute for Supply Management US May 2018 Manufacturing PMI Index(>50%=economy expanding) is at 58.7%, April 2018 was 57.3%, March 2018 59.3%, May 2017 55.5%, overall economy grew for the 109th consecutive month. ISM PR link.
The IHS Markit US May 2018 Manufacturing PMI is at 56.4, April 2018 was 56.5, March 201855.6, May 2017 52.7, strong performance reflected sharp expansions in output and new orders. IHS Markit PR link.
Automotive News says US May 2018 Total Light Vehicle Sales were at 1,257,706(excludes GM), +18.2% from April 2018, +3.1% from May 2017; May 2018 Average Transaction Pricewas $35,635, +0.6% from April 2018, +3.5% from May 2017. Automotive News PR link.
***Thursday, May 31:
The PBRMarketTools US Stock Exchanges Recap for the Month of May Ending 05/31/18:
May Summary: Geopolitical issues(N Korea, Iran, China, Italy) and US trade policies(tariffs) grabbed most of the headlines during May and caused volatility in the stock market, But the US economy continues to grow at a moderate rate and looks to continue that trend in the near future. Unemployment is very low, the tech sector had a major rally, and corporate earnings were better than expected. As a result, the Stock Market Bull wins May, the second win in a row, and is ahead of the Stock Market Bearwith 3 months of wins to 2 months.
DJIA ends May at 24,415.84, -1.36% from last Friday, +1.05% MTD, +1.30 QTD, -1.23% YTD, -8.27% from record 26,616.71 set 01/26/18.
NASDAQ ends May at 7,442.12, +0.11% from last Friday, +5.32% MTD, +5.36% QTD, +7.80% YTD, -1.93% from record 7,588.32 set 03/12/18.
SPX ends May at 2,705.27, -0.59% from last Friday, +2.16% MTD, +2.44% QTD, +1.18% YTD, -5.83% from record 2,872.87 set 01/26/18.
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