May 2016: Time to Heat Up?
Summer Is Coming! Temperatures are Rising, The Presidential Race is Heating Up, What will Business Do?
By Larry C. Paxton
The business mood in the U.S. didn’t make any dramatic shifts in May 2016. There was the usual mix of mergers/acquisitions, deals that broke up, executive leadership changes, and mixed economic data not only in the U.S., but in the world.
Oil prices were up again, but production and policies continued to be unpredictable.
In the last half of May there was a lot of speculation on whether or not the Fed would raise the funds interest rate in June with a prevailing sense that economic data is showing enough strength to justify such an action.
The Presidential Race Primaries Season is coming to an end. At this time it looks like it will be a very volatile general campaign, with neither candidate having a favorable rating by the public and it is difficult to know how business in the U.S. and globally will react.
With that it is appropriate to note that June is the month when summer officially starts and temperatures rise. Let’s see if business heats up as well.
Following are The PBR1000 and economic related breaking news items of interest for May 2016, starting with the last active day.
Tuesday, May 31:
The PBR1000 End of May US Stock Exchanges Snapshot:
DJIA ends May at 17,787.20, -0.48% from last Friday, +0.08% MTD, +0.58% QTD, +2.08% YTD, -2.87% from record 18,312.39 on 05/19/15.
NASDAQ ends May at 4,948.05, +0.29% from last Friday, +3.62% MTD, +1.61% QTD, -1.19% YTD, -5.19% from record 5,218.86 on 07/20/15.
SPX ends May at 2,096.06, -0.10% from last Friday, +1.53% MTD, +1.81% QTD, +2.59% YTD, -1.59% from record 2,130.82 on 05/21/15.
Freeport-McMoRan(PBR128) completes $1.0 billion cash sale of 13% interest in Morenci Mine to Sumitoma Metal Mining. $FCX PR link.
Whirlpool(PBR138) launches Vessi Fermentor home beer system exclusively through Indiegogo crowdfunding. $WHR PR link.
Viacom(PBR212 $VIA) board is ready to fight off Redstone family. MarketWatch PR link.
MGM Resorts(PBR273) to acquire Boyd Gaming(PBR727 $BYD) 50% ownership in Borgata Hotel Casino in Atlantic City, NJ, for $900 milllion. $MGM PR link.
Office Depot(PBR182) authorizes 12 month up to $100 million shares buyback program. $ODP PR link.
Coca-Cola Enterprises(PBR327) combines with CCIP & CCEAG, now Coca-Cola European Partners, creates largest Coca-Cola bottler in the world. $CCE PR link.
Ashland(PBR407) to spinoff Valvoline as separate public company, then reorganize as Ashland Global Holdings. $ASH PR link.
Cliffs Natural Resources(PBR518) gets new deal to supply ArcelorMittal USA tailor-made iron ore pellets through 2026. $CLF PR link.
Great Plains Energy(PBR757) to acquire Westar Energy(PBR747 $WR) in $60.00/share, $12.2 bllion cash/stock deal. $GXP PR link.
SemGroup(PBR866) to acquire Rose Rock Midstream(NYSE: RRMS) in all stock deal. $SEMG PR link.
Staples(PBR122) CEO Ron Sargent stepping down on 06/14/16, Shira Goodman, president N American Operations to be interim CEO. $SPLS PR link.
Newell Brands(PBR434) hires Fiona Laird as EVP & Chief Human Relations & Communications Officer. $NWL PR link.
The US Dept of Commerce estimates April Total Personal Income Annual Rate at $15.859 trillion, personal savings rate at 5.4%, March was 5.9%. USDOC PR link.
The S&P/Case-Shiller March National Home Price Index at 176.91, up from February’s 175.64(2000=100). SP/CS PR link.
The May MNI Chicago PMI at 49.3, down from April’s 50.4. MNI/ISM PR link.
The Conference Board says May Consumer Confidence Index is 92.6, April was 94.7(1985=100). TCB PR link.
FreddieMac(PBR41) in May Insight discusses Price-To-Income in light of 5.6% avg annual house price increases. $FMCC PR link.
Monday, May 30:
***Memorial Day***
***US Stock Markets Closed***
***Remember and Honor
our Fallen Heroes.***
Friday, May 27:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 17,873.22, +2.13% from last week, +0.56% MTD, +1.06% QTD, +2.75% YTD, -2.40% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,933.50, +3.44% from last week, +3.31% MTD, +1.31% QTD, -1.48% YTD, -5.47% from record 5,218.86 on 07/20/15.
SPX ends week at 2,099.06, +2.28% from last week, +1.63% MTD, +1.91% QTD, +2.70% YTD, -1.49% from record 2,130.82 on 05/21/15.
Thermo Fisher Scientific(PBR175) to acquire high performance electron microscopy provider FEI Company(NASDAQ: FEIC) for $107.50/share, $4.2 billion cash. $TMO PR link.
Terex(PBR357) terminates acquisition by Zoomlion, MHPS sale to Konecranes to proceed. $TEX PR link.
NCR(PBR383) completes first phase of sale of Interactive Printer Solutions Division, to be called Iconex, to Atlas Holdings. $NCR PR link.
Graham Holdings(PBR615) to acquire Jacksonville, FL, CW TV affiliate WCWJ & Roanoke, VA, NBC TV affiliate WSLS for $60 million. $GHC PR link.
ON Semiconductor(PBR656) extends $20/share, $2.4 billion cash tender offer for Fairchild Semiconductor(PBR1000 $FCS) to 06/09/16, currently has commitment of 36.4% of shares. http://bit.ly/1TMU2RI$ON PR link.
PC Connection(PBR786) acquires 200+ employees, $200 million/yr Philadelphia based global IT & services solutions provider Softmart. $PCCC PR link.
Brocade Communications(PBR845) completes $14.43/share, $1.5 billion cash/stock acquisition of Ruckus Wireless(NYSE: $RKUS). $BRCD PR link.
BB&T(PBR277) Crump Life Insurance unit to promote Rob Carney to president 07/01/16, succeeds leaving Brian Winikoff. $BBT PR link.
The US Dept of Commerce says 1Q16 Gross Domestic Product Annual Rate revised from 0.5% to 0.8%, $18.230 trillion. USDOC PR link.
The University of Michigan Final May Index of Consumer Sentiment at 94.7, up from April’s 89.0. UMich PR link.
Thursday, May 26:
Microsoft(PBR31 $MSFT) & Facebook(PBR228) to build an innovative new subsea cable across the Atlantic Ocean. $FB PR link.
Alphabet(PBR44 $GOOG)’s Google beats Oracle(PBR78 $ORCL) in landmark case over use of Java APIs in Android. MarketWatch PR link.
Energy Transfer Equity(PBR52) files counterclaims to Williams Cos(PBR348 $WMB), seeks court ruling allowing $37.6 billion merger termination. $ETE PR link.
Sears Holdings(PBR93) exploring alternatives to expand its brands; CFO to leave when successor named. $SHLD PR link.
Global Partners(PBR169) to sell 31 non-strategic gasoline stations/convenience stores in NY & Pennsylvania to Mirabito Holdings. $GLP PR link.
Core-Mark(PBR271) to do 2:1 stock split on 06/27/16. $CORE PR link.
Brown-Forman(PBR563) to do 2:1 stock split around 08/08/16 assuming stockholder approval. $BF PR link.
Pinnacle Entertainment(PBR844) EVP/General Counsel & Secretary John Godfrey tor retire 06/30/16, Donna Negrotto is successor. $PNK PR link.
Wendy’s(PBR877) appoints Todd Penegor as president/CEO, succeeds retiring Emil Brolick. $WEN PR link.
Deckers Outdoors(PBR929) to promote Dave Powers to CEO, effective 05/31/16, succeeds Angel Martinez who will remain chairman. $DECK PR link.
Rackspace(PBR935) promotes Carla Sublett to SVP & Chief Marketing Officer. $RAX PR link.
New York Times(PBR971) hires Ellen Shultz as EVP, Talent & Inclusion. $NYT PR link.
The US Dept of Labor says Initial Unemployment Insurance Claims for week ending 05/21/16 was 268,000, -10,000 from 05/14/16 USDOL PR link.
FreddieMac(PBR41) says 30 Year Fixed Mortgage Average Rate at 3.64%, 15 Year 2.89%, 5/1 Year ARM 2.87%. $FMCC PR link.
Investing: Five principles for strategic investment planning. MarketWatch PR link.
Wednesday, May 25:
Amazon(PBR29) to open 2nd fulfillment center in Joliet, IL, add 2,000 fulltime jobs. $AMZN PR link.
Amazon(PBR29) to add fulfillment centers in Tracy & Eastvale, CA, add 1,500 fulltime jobs. $AMZN PR link.
Microsoft(PBR31) to restructure smartphone business, includes 1,350 workforce reduction in Finland, 500 more globally. $MSFT PR link.
Baker Hughes(PBR108) announces simplified organization restructuring plans & several leadership changes. $BHI PR link.
Madison Square Garden(NYSE: MSG) & Las Vegas Sands(PBR197) & others to develop a 400,000 sf 17,500 seat Las Vegas music venue. $LVS PR link.
Travelers Cos(PBR104) promotes Greg Toczydlowski to president, Business Insurance; longtime executive Doreen Spadorcia to retire 09/01/16. $TRV PR link.
Sumner Redstone’s refusal to cede control has left Viacom(PBR212 $VIA) with an uncertain future. MarketWatch PR link.
Edison International(PBR216) chairman/president/CEO Theodore Craver, Jr, to retire 09/30/16, Pedro Pizarro to be CEO; CFO to retire, other leadership changes announced. $EIX PR link.
Economy: These are the states that are suffering while most of the U.S. booms. MarketWatch PR link.
Tuesday, May 24:
AIG(PBR46) launches a new equity crowdfunding insurance product to protect investors. $AIG PR link.
Carnival Corp(PBR184) consolidates $100+ million/yr media planning & buying with Omnicom(PBR192 $OMC) PHD. $CCL PR link.
Monsanto(PBR187) says Bayer AG(XETRA: BAY) $122/share, $62 billion offer is incomplete & financially inadequate, open for further discussion. $MON PR link.
Computer Sciences(PBR237) to acquire Enterprise Services segment of Hewlett Packard Enterprise, creates $26 billion/yr global IT services company. $CSC PR link.
TreeHouse Foods(PBR690) to close 660 employee Azusa, CA, plant in 2017, 60 employee Ripon, WI, plant in late 2016.$THS PR link.
Devry Education(PBR905) subsidiary Becker Professional Education to acquire anti-money laundering/financial crime prevention international membership organization ACAMS for $330 million. $DV PR link.
GoPro(PBR1010) to be Red Bull’s exclusive point of view camera & content provider through exclusive global partnership. $GPRO PR link.
Best Buy(PBR73) CAO/CFO Sharon McCollam stepping down 06/14/16, Corie Barry to be CFO, other promotions announced. $BBY PR link.
Gilead Sciences(PBR107) names Kevin Young CBE as COO, Martin Silverstein, MD, as EVP-Strategy. $GILD PR link.
ConAgra(PBR166) EVP/CFO John Gehring is retiring after 14 years with company, will stay until successor on board. $CAG PR link.
YRC Worldwide(PBR472) hires Justin Hall as Chief Customer Officer, reports to CEO. $YRCW PR link.
Devry Education(PBR905) names Lisa Wardell president/CEO, succeeds leaving Daniel Hamburger. $DV PR link.
The US Dept of HUD estimates April Single-Family Houses Sales at a 619,000 annual rate, +16.6% from March, +23.8% from April 2015. HUD PR link.
Monday, May 23:
GE(PBR9 $GE) to invest $1.4 billion in Saudi Arabia. MarketWatch PR link.
Boeing(PBR27) & Vietnam’s VietJet close $11.3 billion deal for 100 737 MAX 200 airplanes. $BA PR link.
DuPont(PBR82) & Dow Chemical(PBR48 $DOW) announce senior leadership appointments for merged DowDupont, expected to close 2H2016. $DD PR link.
ConAgra(PBR166) selling its Spicetec Favors & Seasonings business to Givaudan for $340 million. $CAG PR link.
Germany based Bayer AG(XETRA: BAY) confirms cash offer for Monsanto(PBR187 $MON), $122/share, $62 billion. $BAY PR link.
Viacom(PBR212) CEO, director file suit to block changes to Redstone trust. MarketWatch PR link.
Computer Sciences(PBR237) to acquire Europe technology services company Aspediens. $CSC PR link.
KBR(PBR395) to acquire government services technology company Wyle for $570 million cash. $KBR PR link.
Tribune Publishing rejects Gannett(PBR414) $15/share offer, gets $70.5 million investment from Nant Capital. $TPUB PR link.
Airgas(PBR461) $143/share, $13.4 billion cash acquisition by France based Air Liquide(Euronext Paris: AI) is completed. $ARG PR link.
LINN Energy(PBR484) & LINNCo to be delisted by NASDAQ on 05/24/16, to continue on OTC as LINEQ & LNCOQ. $LINE PR link.
CF Industries(PBR502) & Netherlands based OCI terminate $8 billion merger agreement, new U.S. Treasury policies cancel out synergies. $CF PR link.
Varian Medical(PBR678) to spin off imaging components business as an independent public company by end of 2016. $VAR PR link.
American Capital Agency(PBR992) to acquire its external manager, American Capital Mortgage Management, for $562 million cash. $AGNCP PR link.
CSX(PBR226) announces 4 senior operations executives promotions. $CSX PR link.
Abercrombie & Fitch(PBR595) hires Stacia Andersen as Brand President of A&F and abercrombie kids, Kristin Scott as Brand President of Hollister, both report to A&F Chief Merchandising Officer. $ANF PR link.
Alliant Energy(PBR634) hires Dirk Mahling as VP of Technology. $LNT PR link.
Rent A Center(PBR657) hires Angela Yochem as SVP/IT & CIO. $RCII PR link.
Investing: 7 unmistakable signs that a bear market is approaching. MarketWatch PR link.
Consumerism: Overconsumption is biggest threat to the American Dream. MarketWatch PR link.
Auto Loans: Second credit-ratings agency flags increased stress in auto-loan market. MarketWatch PR link.
Eurozone PMIs show economic activity slowing. MarketWatch PR link.
Friday, May 20:
The PBR1000 Week Ending 05/20/16 US Stock Exchanges Snapshot:
DJIA ends week at 17,500.94, -0.20% from last week, -1.53% MTD, -1.04% QTD, +0.44% YTD, -4.43% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,769.56, +1.10% from last week, -0.12% MTD, -2.06% QTD, -4.75% YTD, -8.61% from record 5,218.86 on 07/20/15.
SPX ends week at 2,052.32, +0.28% from last week, -0.63% MTD, -0.36% QTD, +0.41% YTD, -3.68% from record 2,130.82 on 05/21/15.
SunEdison(PBR782 $SUNE) creditors to conduct bankruptcy probe. MarketWatch PR link.
Lowe’s(PBR50) completes $2.4 billion acquisition of 496 corporate/dealer owned locations Canadian home improvement retailer/distributor RONA. $LOW PR link.
Stepan(PBR904) to close 30 employee Longford Mills, Canada, location by end of 2016. $SCL PR link.
Knowles Corp(PBR1048) to sell its mobile consumer electronics speaker and receiver product line to Loyal Valley Innovation Capital. $KNL PR link.
Berkshire Hathaway(PBR4 $BRKA) names Kara Raiguel to lead General Re unit. MarketWatch PR link.
CSX(PBR226) VP Cressie Brown to be SVP/Chief Admin Officer & Kathleen Brandt to be SVP/CIO, effective 07/01/16. $CSX PR link.
Carlisle Cos(PBR650) promotes Kevin Zdimal to VP of Business Development. $CSL PR link.
Gross Domestic Product: Moody’s downgrades U.S. 2016 growth forecast to 2% from 2.3%. MarketWatch PR link.
The Natl Assn of Realtors estimates April Median House Price at $232,500, +5.0% from March, +6.3% from April 2015 NAR PR link.
Innovation: The fix for secular stagnation is innovation — not tax cuts or fiscal spending. MarketWatch PR link.
Retirement: Here’s where the most retirees are moving — and why . MarketWatch PR link.
Retail: These retailers are profiting off the ‘Amazon effect.’ MarketWatch PR link.
Retail: Since no one is buying clothes, here’s what stores are selling instead. MarketWatch PR link.
New food labels: This could make you care more about the calories in your food. MarketWatch PR link.
Thursday, May 19:
Gap Inc(PBR179) to close 53 Old Navy stores in Japan & 22 Banana Republic stores globally. $GPS PR link.
FMC Technologies(PBR334) and France based Technip(Euronext: TEC) to merge as oil services TechnipFMC with equity value of $13 billion. $FTI PR link.
Arthur J Gallagher(PBR515) acquires Charlotte, NC, Eastern US hospital/healthcare retail insurance broker McNeary. $AJG PR link.
Panera Bread(PBR768 $PNRA) authorizes $600 million over 3 years shares repurchase program.
Advance Auto Parts(PBR279) CFO Mike Norona to leave upon hiring of a successor. $AAP PR link.
Pioneer Natural Resources(PBR476) president/COO Timothy Love to become president/CEO on 12/31/16, chairman/CEO Scott Sheffield to be executive chairman. $PXD PR link.
Economy: Moody’s downgrades U.S. 2016 growth forecast to 2% from 2.3%. MarketWatch PR link.
Philadelphia Fed says May Manufacturing Diffusion Index at -1.8, April was -1.6, but outlook is positive. PhillyFed PR link.
The Conference Board estimates April Leading Economic Index at 123.9, March was 123.1. TCB PR link.
Retail-Food: Does Wal-Mart(PBR1) have a buffer against Amazon(PBR29) in food? MarketWatch PR link.
International Trade: Obama-backed trade deal would give U.S. economy modest boost, study finds. MarketWatch PR link.
Investing: Four reasons for investors to buy biotechnology stocks now. MarketWatch PR link.
The Dollar: 5 reasons the dollar will get stronger. MarketWatch PR link.
Gasoline Prices: Gasoline eyes lowest Memorial Day weekend prices in over a decade. MarketWatch PR link.
Housing: The zombie mortgage apocalypse recedes as housing regroups. MarketWatch PR link.
Wednesday, May 18:
General Motors(PBR8 $GM) ends production of Cadillac electric coupe. MarketWatch PR link.
Microsoft(PBR31) selling feature phone business to FIH Mobile Ltd. and HMD Global, Oy for $350 million. $MSFT PR link.
FedEx(PBR65) meets all conditions for $4.8 billion cash acquisition of Netherlands based TNT Express, to close 05/25/16. $FDX PR link.
TJX Cos(PBR96) wants to open thousands more stores. $TJX PR link.
Medtronic(PBR133) to expand minimally invasive therapy portfolio with $350 million acquisition of gynecology business from Smith & Nephew. $MDT PR link.
Monsanto(PBR187) confirms it is reviewing unsolicited, non-binding proposal from Bayer AG. $MON PR link.
Liberty Interactive(PBR263) completes $2.4 billion investment in Liberty Broadband(NASDAQ: LBRDA) in support of Charter(PBR297)-Time Warner Cable(PBR119) merger. $QVCA PR link.
Hormel Foods(PBR293) to acquire nut butter-based snacks provider Justin’s, terms not disclosed. $HRL PR link.
Charter Communications(PBR297) completes $78.7 billion acquisition of Time Warner Cable(PBR119) & Bright House Networks. $CHTR PR link.
CBRE(PBR301) to acquire 49% of leading Malayasia real estate services firm C H Williams & Wong Malaysia. $CBG PR link.
The Andersons(PBR525) rejects as undervalued unsolicited $35, then $37/share offer from HC2. $ANDE PR link.
Tesla(PBR651) to sell 8.2 million shares of common stock @$204/share to accelerate production of Model 3. $TSLA PR link.
Federal Reserve releases FOMC minutes from 04/26-27/16 meeting, funds rate remains 0.25-0.50%, increase open for June meeting. FRB PR link.
FreddieMac(PBR41) in May Outlook says low mortgage rates keep housing on track during rapidly rising house prices. $FMCC PR link.
Compensation: New overtime rules will help workers, their families, and the economy. MarketWatch PR link.
Investing: This market is under long-term distribution, not consolidation. MarketWatch PR link.
Investing: Believe it or not, investing has never been so simple. MarketWatch PR link.
Housing: The minimum salary you need to afford the rent in these 15 cities. MarketWatch PR link.
Tuesday, May 17:
Alphabet(PBR44) unveils program for carpooling via app Waze, fraying ties with Uber. MarketWatch PR link.
Peabody Energy(PBR372) receives final approval from US Bankruptcy Court for $800 million Debtor-in-Possession (DIP) financing facility. $BTUUQ PR link.
Target(PBR40) hires Mark Tritton as EVP/Chief Merchandising Officer, promotes Jason Goldberger as Chief Digital Officer and president of Target.com. $TGT PR link.
The US Dept of Labor estimates April Current Average Weekly Earnings at $880.79, +0.61% from March, +2.5% from April 2015 USDOL PR link.
The US Dept of Labor estimates April Consumer Price Index was +0.4% from March, +1.1% over last 12 months. USDOL PR link.
The US Dept of HUD estimates April Private Housing Building Permits Issued Annual Rate was 1,116,000, +3.6% from March, -5.3% from April 2015. HUD PR link.
The US Federal Reserve Bank estimates April Industrial Production Index(2012=100) at 104.1, +0.7% from March, -1.1% from April 2015. FRB PR link.
Adobe(PBR557) says its April Consumer Goods Digital Price Index was -0.2% to -2.4% from March, except for hotels. $ADBE PR link.
Housing: Millennials and retirees drawn to luxury rentals, and developers respond. MarketWatch PR link.
Financial Planning: This is No. 1 financial regret of older Americans. MarketWatch PR link.
Transportation: Why cities aren’t ready for the driverless car. MarketWatch PR link.
Investing: Investors throw in the towel on stocks. MarketWatch PR link.
The Dollar: 5 reasons the dollar will get stronger. MarketWatch PR link.
Monday, May 16:
McKesson(PBR6) and Walmart(PBR1 $WMT) announce sourcing agreement for generic pharmaceuticals. $MCK PR link.
Energy Transfer Equity(PBR52) responds to 3rd Williams Cos(PBR348 $WMB) lawsuit that might delay $37.6 billion merger. $ETE PR link.
Pfizer(PBR56) to acquire inflammation/immunology providor Anacor Pharmaceuticals(NASDAQ: ANAC) for $99.25/share, $5.2 billion cash. $PFE PR link.
Terex(PBR357) to sell Material Handling/Port Solutions business to Finland based Konecranes for $1.3 billion cash/stock. $TEX PR link.
Gannett(PBR414) ups bid for Tribune Publishing(NYSE: TPUB) from $12.25/share to $15.00/share. $GCI PR link.
Arthur J Gallagher(PBR515) acquires Westlake Village, CA, retail insurance broker Hogan Insurance Services, terms not disclosed. $AJG PR link.
Range Resources(PBR726) to acquire N. Louisiana natural gas/oil company Memorial Resource Development Corp(NASDAQ: MRD) for $15.75/share, $4.4 billion cash. RRC PR link.
Equinix(PBR793) to divest eight European assets to Digital Realty Trust(NYSE: DLR) for $874.4 million. $EQIX PR link.
Brown & Brown(PBR972) to acquire assets of $34 million/year insurance products provider Morstan General Agency. $BRO PR link.
Empire State Manufacturing Survey, May 2016: Business activity declined; May index -9.0. NYFRB PR link.
NAHB/Wells Fargo May National Housing Market Index at 58, 4th straight month. NAHB PR link.
Investing: A new class of investor can now invest in startups. MarketWatch PR link.
Home Loans: HELOC values soar as equity rebounds and move-up options dwindle. MarketWatch PR link.
Retirement Investing: The inventor of the 401(k) says he created a ‘monster’. MarketWatch PR link.
Friday, May 13:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 17,535.32, -1.16% from last week, -1.34% MTD, -0.85% QTD, +0.63% YTD, -4.24% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,717.68, -0.39% from last week, -1.21% MTD, -3.12% QTD, -5.79% YTD, -9.60% from record 5,218.86 on 07/20/15.
SPX ends week at 2,046.61, -0.51% from last week, -0.90% MTD, -0.64% QTD, +0.13% YTD, -3.95% from record 2,130.82 on 05/21/15.
The PBR1000 Preliminary New Annual Rankings
Following are the top 10 of the new anticipated rankings, by last fiscal year revenues reported through April, 2016(revenues rounded to nearest billion, previous annual ranking in parentheses). Rankings are updated monthly, the Annual Rankings are used for news items references.
1, Walmart, $482B(1)
2. ExxonMobil, $269B(2)
3. Apple, $234B(5)
4. Berkshire Hathaway, $211B(4)
5. McKesson Corp, $179B(6)
6. UnitedHealth Group, $157B(14)
7. CVS Health, $153B(11)
8. General Motors, $152B(8)
9. Ford Motor, $150B(10)
10. AT&T, $147B(12)
The preliminary rankings will be in the The PBR1000 April Snapshots, which will be released during the week of May 16th.
Apple(PBR5) makes $1 billion investment in Chinese Uber rival Didi Chuxing. MarketWatch PR link.
Mylan(PBR346) to acquire the non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings for $950 million cash. $MYL PR link.
Williams Cos(PBR348) files lawsuit to prevent Energy Transfer Equity(PBR52 $ETE) from avoiding its obligations under the $37.6 billion merger agreement. $WMB PR link.
Newell Brands(PBR434) opening new global headquarters in Hoboken, NJ, in the fall 2016. $NWL PR link.
Albemarle(PBR792) promotes Karen Narwold to EVP/Chief Administrative Officer. $ALB PR link.
The US Dept of Labor says April Final Demand Producer Price Index was +0.2% from March, 12 month change is 0.0%. USDOL PR link.
The US Dept of Commerce estimates March Total Value of Distributive Trade Sales at $1.289.2 trillion, +0.3% from February, -1.7% from March 2015. USDOC PR link.
The US Dept of Commerce says April Advance Estimates of US Retail & Food Services Sales were $453.4 billion, +1.3% from March, +3.0% from April 2015. USDOC PR link.
The U of Michigan Preliminary May Surveys of Consumer Index is at 95.8, April Final was 89.0. UMich PR link.
Healthcare: Drug prices rising at fastest pace since Viagra’s introduction, PPI shows. MarketWatch PR link.
Commerce: Monopolies once again dominate our weak and unequal economy. MarketWatch PR link.
Oil: OPEC sees rival oil production declining as markets rebalance. MarketWatch PR link.
Eurozone economy growing slower than thought. MarketWatch PR link.
Retail: Traditional retailers stumble in their efforts to compete with Amazon(PBR29 $AMZN). MarketWatch PR link.
Thursday, May 12:
Honeywell(PBR74) to spinoff $1.3 billion/year resins & chemicals business to shareholders as independent public company named AdvanSix by early 2017. $HON PR link.
Charter Communications(PBR297) gets final regulatory approval for $78.7 billion acquisition of Time Warner Cable(PBR119 $TWC) & Bright House Networks, to close 05/18/16. $CHTR PR link.
Starwood Hotels(PBR417) completes sale of Vistana Signatures Experiences to Interval Leisure Group in stock/cash deal. $HOT PR link.
KB Home(PBR802) to exit metro Washington, DC, market. $KBH PR link.
Alcoa(PBR115) promotes Karl Tragl to group president, Engineered Products & Solutions, succeeds leaving Olivier Jarrault. $AA PR link.
Progressive Corp(PBR145) to promote Tricia Griffith to president/CEO, effective 07/01/16, succeeds retiring Glenn Renwick who remains executive chairman. $PGR PR link.
Genesco(PBR702) hires David Baxter as SVP & president/CEO of Lids Sports Group, effective 06/01/16. $GCO PR link.
HCP(PBR831) hires Tom Herzog as EVP & CFO, effective 06/27/16, succeeds leaving Tim Schoen. $HCP PR link.
The US Dept of Labor says US Imports Prices Index was +0.3% in April, same as in March, -5.7% for past 12 months. USDOL PR link.
Retail: Traditional retailers stumble in their efforts to compete with Amazon(PBR29). MarketWatch PR link.
Wednesday, May 11:
LINN Energy(PBR484) & affiliates file Chapter 11 bankruptcy, to continue business as usual during restructuring. $LINE PR link.
Jack in the Box(PBR987) promotes Keith Guilbault to brand president at Qdoba Mexican Eats subsidiary, succeeds leaving Tim Casey. $JACK PR link.
The US Dept of Treasury says April Receipts/Outlays at $438.4 billion/$332.0 billion, Surplus $106.5 billion, Fiscal YTD Deficit is $354.6 billion. Treasury PR link.
The PBR1000 April Stock Index is 69,006.43, +0.58% from March, +2.39% YTD.
Investing: Why a merely good portfolio beats the perfect portfolio. MarketWatch PR link.
Tuesday, May 10:
Staples(PBR122) to pay $250 million break up fee to Office Depot(PBR182 $ODP) to terminate $6.3 billion acquisition per FTC action to block the deal. Also cancels $550 million deal with Essendant(PBR458 $ESND). $SPLS PR link.
Allergan(PBR219) authorizes up to $10 billion share repurchase program. $AGN PR link.
Salesforce(PBR453) to use Amazon(PBR29) for new cloud service. MarketWatch PR link.
Pentair(PBR363) hires Karen Keegans as SVP/Chief Human Resources Officer, effective 06/01/16. $PNR PR link.
Restoration Hardware(PBR915) appoints 3 co-presidents: Eri Chaya, Chief Creative/Merchandising Officer, Karen Boone, Chief Financial/Admin Officer, & DeMonty Price, Chief Operating, Service and Values Officer. $RH PR link.
The US Dept of Labor estimates March US Job Hires were 5.292 million, -3.97% from February, +3.54% from March 2015. USDOL PR link.
The US Dept of Commerce estimates March US Trade Wholesale Sales at $430.7 billion, +0.72% from February, -2.02% from March 2015. USDOC PR link.
CoreLogic estimates March US Housing Payments Serious Delinguency at 1.2 million, -1.7% from February, -19.1% from March 2015. CoreLogic PR link.
Monday, May 9:
Freeport-McMoRan(PBR128) to sell mining interests in TF Holdings to China Molybdenum for $2.65 billion. $FCX PR link.
Southern Co(PBR155) completes $18.75/share, $425 million acquisition of electric utilities technologies provider PowerSecure Intl(NYSE: POWR). $SO PR link.
JCPenney(PBR234) expands major appliances to jcp.com & 500 stores nationwide. $JCP PR link.
Dick’s Sporting Goods(PBR367 $DKS) could get 180 stores out of Sports Authority auction: Canaccord. MarketWatch PR link.
Abercrombie & Fitch(PBR595) to open up retail outlets in Saudi Arabia, Qatar, Bahrain, & Oman through expanded master franchise agreement. $ANF PR link.
First Solar(PBR630) appoints Georges Antoun as Chief Commercial Officer to oversee global project and business development. $FSLR PR link.
HCP(PBR831) to spinoff in 2nd half of 2016 the HCP ManorCare portfolio into separate independent public company. $HCP PR link.
FMC Technologies(PBR334) promotes Doug Pferdehirt as president/CEO, effective 09/01/16, John Gremp keeps chairman role. $FTI PR link.
Jobs: Two more signs U.S. jobs market is slowing. MarketWatch PR link.
Friday, May 6:
The PBR1000 End of Week US Stock Exchanges Snapshot:
DJIA ends week at 17,740.63, -0.19% from last week/MTD, +0.31% QTD, +1.81% YTD, -3.12% from record 18,312.39 on 05/19/15.
NASDAQ ends week at 4,736.16, -0.82% from last week/MTD, -2.75% QTD, -5.42% YTD, -9.25% from record 5,218.86 on 07/20/15.
SPX ends week at 2,057.14, -0.40% from last week/MTD, -0.13% QTD, +0.65% YTD, -3.46% from record 2,130.82 on 05/21/15.
Air Products(PBR267) to sell Performance Materials unit to Germany based Evonik for $3.8 billion cash. To spinoff Electronic Materials unit as independent public company called Versum Materials. $APD PR link.
Charter Communications(PBR297) gets FCC approval for $78.7 billion acquisition of Time Warner Cable(PBR119 $TWC) & Bright House Networks. $CHTR PR link.
GoPro(PBR1010 $GPRO) bets it all on a holiday miracle. MarketWatch PR link.
The US Dept of Labor says April US Employment Situation was 151.0 million employed, 7.9 million unemployed, 5.0% unemployment rate. USDOL PR link.
The US Federal Reserve estimates April US Total Consumer Credit at $3.592 trillion, +0.83% from March, +1.61% YTD, +6.80% from April 2015. FRB PR link.
Retail Industry: Teen retailers are caught in a ‘perfect bankruptcy storm. MarketWatch PR link.
Thursday, May 5:
FannieMae(PBR17) CEO says it’s not sustainable to operate without capital. $FNMA PR link.
Chesapeake Energy(PBR131) selling 42,000 acres of Oklahoma STACK play for $470 million. $CHK PR link.
Omnicom(PBR192) Health Group unit to acquire BioPharm Communications. $OMC PR link.
Computer Sciences(PBR237) completes $720 million acquisition of UK based commercial insurance industry software developer Xchanging. $CSC PR link.
ITT Corp(PBR735) to form new parent holding company mid 05/16, reorganize its structure. $ITT PR link.
Kellogg(PBR198) CFO Ron Dissinger to retire at the end of 2016. New CFO search starts. $K PR link.
HARMAN Intl(PBR456) hires Henry Tirri as Chief Technology Officer, reports to chairman/president/CEO. $HAR PR link.
Abercrombie & Fitch(PBR595) EVP/COO Jonathan Ramsden leaving after 7 years, effective 06/15/16. $ANF PR link.
Brink’s(PBR613) names George Stoeckert as interim CEO. $BCO PR link.
American Eagle Outfitters(PBR640) hires Peter Horvath as Chief Global Commercial/Administrative Officer. $AEO PR link.
Endo International(PBR700) president, US Branded Pharmaceuticals, Brian Lortie, is stepping down upon appointment of successor. $ENDP PR link.
Teradata(PBR724) elects board director Victor Lund as president/CEO, succeeds Mike Koehler, who has left. $TDC PR link.
Wednesday, May 4:
AT&T(PBR12 $T) dumps Yahoo!(PBR519 $YHOO) after 15-year partnership. MarketWatch PR link.
Danaher(PBR137) to spinoff Fortive Corporation professional instrumentation/industrial technologies unit as separate public company on 07/02/16. $DHR PR link.
CDW(PBR239) adds $750 million to share repurchase program, balance is $891 million. $CDW PR link.
Tribune Publishing sends letter to Gannett(PBR414 $GCI) rejecting $815 million unsolicited acquisition offer as undervalued. $TPUB PR link.
Intercontinental Exchange(PBR556) issues statement saying will not pursue acquisition of London Stock Exchange Group. $ICE PR link.
Elon Musk: ‘High quality’ at Tesla(PBR651 $TSLA) will continue despite executive departure. MarketWatch PR link.
Aeropostale(PBR924) files Chapter 11 bankruptcy, to close 113 US stores, all 41 Canada stores, gets $160 million in DIP financing, expects to emerge from bankruptcy within 6 months. $AROP PR link.
Aéropostale(PBR924 $AROP) accuses lender of pushing it into bankruptcy. MarketWatch PR link.
Anthem(PBR38) hires John Gallina as CFO, effective 06/01/16, succeeds leaving Wayne DeVeydt. $ANTM PR link.
Medtronic(PBR133) hires Karen Parkhill as EVP/CFO, effective 06/20/16. $MDT PR link.
ADP(PBR235) says April Nonfarm Private Sector Employment was +156,000 over March. $ADP PR link.
The US Dept of Labor estimates 1Q2016 Nonfarm Labor Productivity Annual Rate was -1.0%, Output +0.4%, Hours Worked +1.5%. USDOL PR link.
The US Dept of Commerce says March US International Trade Exports YTD at $531.1 billion, Imports $664.4 billion, Deficit $133.3 billion. USDOC PR link.
The US Dept of Commerce estimates March US Manufacturing New Orders were $458.4 billion, +1.13% from February. USDOC PR link.
Markit says April US Composite PMI Output Index at 52.4, up from 51.3 in March. Markit PR link.
The ISM April Non-Manufacturing Report On Business® NMI Index at 55.7%, up from 54.7% in March. ISM PR link.
Housing: The seeds of the next housing crisis have been planted. MarketWatch PR link.
Mortgages: Fannie Mae(PBR17) less likely than Freddie Mac(PBR41) to need Treasury draw, analyst says. MarketWatch PR link.
Tuesday, May 3:
Wal-Mart(PBR1 $WMT)’s massive size may be an obstacle for further growth, analyst says. MarketWatch PR link.
Estee Lauder(PBR255) launches multi-year initiative, Leading Beauty Forward, includes net reduction of 900-1,200 positions globally. $EL PR link.
Biogen(PBR282) to spin off its hemophilia business as an independent public company late 2016/early 2017. $BIIB PR link.
Clorox(PBR442) acquires digestive probiotics developer Renew Life for $290 million cash. $CLX PR link.
Adobe Systems(PBR557) to acquire private content curation/audience engagement company Livefyre, terms not disclosed. $ADBE PR link.
Dynegy(PBR777) to shut down multiple central & southern Illinois coal-fueled units. $DYN PR link.
Arrow Electronics(PBR120) promotes Chris Stansbury to SVP & CFO, succeeds retiring Paul Reilly. $ARW PR link.
Mylan(PBR346) hires Kenneth Parks as CFO, effective 06/06/16. $MYL PR link.
Manitowoc(PBR579) hires David Antoniuk as VP/CFO, effective 05/31/16, succeeds leaving Carl Laurino. $MTW PR link.
CIT Group(PBR608) hires Denise Menelly as EVP, Head of Technology & Operations, effective 06/29/16. $CIT PR link.
Under Armour(PBR668) appoints Kip Fulks interim Chief Merchandising Officer with leaving of Henry Stafford. SVP Michael Lee to assume Chief Digital Officer responsibilities with leaving of Robin Thurston. $UA PR link.
Comerica(PBR740) names David Duprey CFO, effective immediately, succeeds leaving Karen Parkhill. $CMA PR link.
TrueCar estimates Total April US Car Sales at $49.7B, +5.6% from April 2015. TrueCar PR link.
AutoNews says Total April US Car Sales Units at 1,506,431, +3.50% from April 2015. AutoNews PR link.
eCommerce/Retail: Amazon(PBR29) accounted for 60% of U.S. online sales growth in 2015. MarketWatch PR link.
Investing: Despite bear concerns, odds still favor the bulls. MarketWatch PR link.
Monday, May 2:
Oracle(PBR78) to acquire energy utilities cloud services developer Opower(NYSE: OPWR) for $532 million. $ORCL PR link.
Halliburton(PBR90) $34.6 billion acquisition of Baker Hughes(PBR108 $BHI) terminated due to regulatory issues. $HAL PR link.
Baker Hughes(PBR108) to do $1.5 billion shares buyback program, $1 billion to reduce debt, from $3.5 billion received from Halliburton(PBR90 $HAL) as merger breakup fee. $BHI PR link.
International Paper(PBR117) to acquire Weyerhauser(PBR355 $WY)’s pulp business for $2.2 billion. $IP PR link.
Carnival Corp(PBR184) Adonia passenger ship arrives in Havana, first US to Cuba cruise in over 50 years. $CCL PR link.
Grain traders rejecting new soybeans from Monsanto(PBR187). MarketWatch PR link.
Gannett(PBR414) solicits “withhold” votes related to board elections for Tribune Publishing(NYSE: TPUB), which is being acquired for $815 million. $GCI PR link.
The Andersons(PBR525) completes sale of 8 grain & plant nutrients facilities in Iowa to MaxYield Cooperative. $ANDE PR link.
NASDAQ(PBR618) completes $200 million acquisition of 10,000 clients board portal solution Boardvantage. $NDAQ PR link.
Iron Mountain(PBR663) completes $2 billion acquisition of Australian based digital/physical document information management firm Recall Holdings. $IRM PR link.
Arthur J Gallagher(PBR515) acquires Little Rock, AR, based southern/central states retail insurance broker Hagan Newkirk Financial Services. $AJG PR link.
GNC(PBR743) starts strategic/financial review to increase shareholder value, including potential sale of company. $GNC PR link.
Beacon Roofing(PBR818) buys Lansing, MI, based 4 locations, roofing, siding, windows, & doors distributor Fox Brothers Co. $BECN PR link.
Apollo Global Mgmt(PBR906 $APO) Protection 1 affiliate completes $42/share cash acquisition of ADT(PBR627). $ADT PR link.
SunEdison(PBR782) hires John Dubel as Chief Restructuring Officer. $SUNEQ PR link.
The US Dept of Commerce estimates March Construction Spending Annual Rate at $1.138 trillion, +0.3% from February, +8.0% from March 2015. USDOC PR link.
ISM Manufacturing ISM® Report On Business® says April PMI at 50.8%, March PMI was 51.8%. ISM PR link.
Markit April US Manufacturing PMI at 50.8, down from 51.5 in March, output close to stagnation. Markit PR link.
Stock Market: Lousy stock sentiment suggests there’s more wall for worry to climb. MarketWatch PR link.
Puerto Rico: Puerto Rico misses payment as debt crisis escalates. MarketWatch PR link.
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