May 2017: Expect the Unexpected
On the road green and red lights are fairly predictable, in life and business not so much.
By Larry C. Paxton
There was a lot of activity in the world with important elections held and international incidents occurring. Controversies in the US abound, mostly revolving around President Trump as he continues to establish his agenda based on his campaign promises, as he makes appointments, issues executive orders, and uses social media to make interesting personal comments.
At the same time the US stock markets continued to advance, major mergers/acquisitions announcements were made, and the US economy again showed modest/moderate growth.
The optimists say more good times are ahead with no end in sight, the naysayers say the bubble is about to burst big time. We wish you well on your prognostications, especially for those The PBR1000 Subscribers making important decisions based on the data and information provided by PBRMarketTools!
Here’s a quick May 2017 summary on key activities that relate to The PBR1000:
Mergers & Acquisitions: 20 deals worth at least $1 billion initiated, closed, or updated. Total transaction value was $231 billion.
Spinoffs: 3
Share Repurchase Programs: 14 announced, total $48.9 billion.
Bankruptcies: 1 initiated or updated
CEO Changes: 12 announced.
Jobs/Wages: Modest growth.
US Economy: Modest/moderate growth continues, stable but fragile.
Federal Reserve Federal Funds Rate Changes: 0, remains 0.75-1.00%, more increases anticipated in 2017.
US Stock Market Exchanges: The Stock Market Bull easily won with the three US major stock exchanges up in May.
National: House passes Obamacare replacement, President Trump fires FBI director James Comey, President Trump introduces proposed budget, President Trump trip to Middle East & Europe, Russia vote meddling hearings continue, Puerto Rico files for bankruptcy.
International: Brexit negotiations continue, UK elections in June, independent centrist Emmanuel Macron wins France’s Presidential election, liberal Moon Jae-in wins S Korea Presidential election, moderate Hassan Rouhani re-elected as Iran’s President, OPEC extends oil production limits, global ransomware attacks, Ariane Grande concert in Manchester, England, ends with a terrorist attack, Middle East conflicts, refugee crisis, N Korea missile tests, climate change, and US President Trump actions continue to be the headliners.
For more details here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for May 2017, starting with the last active business day.
***Wednesday, May 31:
The PBRMarketTools US Stock Exchanges Recap for the Month Ending 05/31/17:
DJIA ends May at 21,008.65, -0.34% from last Friday, +0.33% MTD, +1.67% QTD, +6.31% YTD, -0.51% from record 21,115.55 set 03/01/17.
NASDAQ ends May at 6,198.52, -0.19% from last Friday, +2.50% MTD, +4.85% QTD, +15.15% YTD, -0.19% from record 6,210.19 set 05/26/17.
SPX ends May at 2,411.80, -0.17% from last Friday, +1.16% MTD, +2.08% QTD, +7.73% YTD, -0.17% from record 2,415.82 set 05/26/17.
GE(PBR9 $GE) oil & gas business $7.4 billion acquisition of Baker Hughes(PBR108) gets European Commission approval, on track to close transaction mid 2017. $BHI PR link.
Marathon Petroleum(PBR23) announces incremental $3 billion share repurchase authorization, balance available is $5.14 billion. $MPC PR link.
Whirlpool(PBR138) gets 4 year exclusive renewal with PulteGroup(PBR428) to provide its Amana®, Whirlpool®, Maytag®, KitchenAid® and Jenn-Air® brand home appliances in its new homes nationwide. $WHR PR link.
Whirlpool(PBR138) filing safeguard petition to stop Samsung, LG from repeatedly relocating their washer manufacturing facilities to avoid US trade sanctions. $WHR PR link.
Delek US(PBR536) $12.13/share $464 million of remaining stock acquisition of Alon USA Energy(NYSE:ALJ) to be voted on by stockholders of both companies at end of 06/17. $DK PR link.
Mead Johnson(PBR539) $90/share, $17.9 billion acquisition by global consumer health & hygiene company Reckitt Benckiser Group plc gets approval by both stockholder groups, expects to close by early 3Q17. $MJN PR link.
Wolverine Worldwide(PBR722) grants global, multi-year licensing agreement of the Stride Rite brand to Vida Shoes International, forms Wolverine Children’s Group, part of strategic transformation. $WWW PR link.
Regis Corp(PBR912) is considering strategic alternatives for its mall-based salons. $RGS PR link.
Take-Two Interactive(PBR956) acquires physics-based space simulation game Kerbal Space Program, 2 million units sold to date, terms not disclosed. $TTWO PR link.
Occidental Petroleum(PBR123) hires Cedric W. Burgher as CFO, succeeds retiring Chris Stavros. $OXY PR link.
AutoNation(PBR148) promotes Lance Iserman to EVP Sales/COO. $AN PR link.
Welltower(PBR635) hires Mary Ellen Pisanelli as SVP/Legal & Administration. $HCN PR link.
Itron(PBR896) hires Joan Hooper as SVP/CFO, effective 06/05/17. $ITRI PR link.
The Federal Reserve System releases the Beige Book, covers April/May, notes modest/moderate growth overall, some labor shortages, modest/moderate wage growth in general. Fed PR link.
The US Dept of Treasury says US National Debt on 05/30/17 is $19.846 trillion, same as 04/28/17, -0.7% YTD, +3.0% from 05/31/16. Treasury PR link.
The MNI May Chicago Business Barometer(50=Neutral) is at 59.4, April was 58.3, May 2016 was 49.3. ChiISM PR link.
AAA says US Average Price/Gallon of Regular Gas for 05/31/17 at $2.372, -1.1% from 04/28/17, +2.2% from 05/31/16. AAA PR link.
***Tuesday, May 30:
Merck(PBR70) gets US FDA approval for ISENTRESS® HD (raltegravir) as a combination therapy for some types of HIV-1 infected patients. $MRK PR link.
Exelon(PBR102) to retire Three Mile Island Generating Station around 09/2019, would need state policy reforms to remain open. $EXC PR link.
Terex(PBR357) authorizes new up to $280 million share repurchase program. $TEX PR link.
JM Smucker(PBR437) to acquire the Wesson® Oil Brand from Conagra Brands(PBR166 $CAG) for $285 million cash. $SJM PR link.
Arthur J Gallagher(PBR515) acquires Houston, TX, full service insurance agency Zuber Insurance Agency, terms not disclosed. $AJG PR link.
Intuitive Surgical(PBR863) gets US FDA clearance for new da Vinci robotic-assisted surgical system. $ISRG PR link.
Marathon Petroleum(PBR23) promotes Don Templin to President, effective 07/01/17. $MPC PR link.
Office Depot(PBR182) appoints Steve Calkins as President/Business Solutions, Troy Rice President/Retail, Michael Allison EVP/Chief Admin Ofcr, Kevin Moffitt Chief Digital Officer, John Gannfors EVP/Transformation and Strategic Sourcing. $ODP PR link.
CBS(PBR210) promotes Kelly Kahl to President/CBS Entertainment, succeeds Glenn Geller who is stepping down. $CBS PR link.
Reynolds American(PBR317) announces proposed leadership team after $59.64/share, $49 billion cash/stock acquisition by British American Petroleum(BSE: BAT), close expected in 3Q17. $RAI PR link.
Anixter(PBR391) promotes Bill Galvin to President/COO, effective 07/01/17. $AXE PR link.
TDS(PBR482) Telecom unit COO Jim Butman to succeed retiring TDS Telecom unit President/CEO David Wittwer by end of 2017. $TDS PR link.
The US Dept of Commerce Preliminary US April Total Personal Income Annual Rate at $16.438 trillion, +0.4% from March, +3.6% from April 2016. USDOC PR link.
The S&P CoreLogic Case-Shiller March National Home Price Index(01/2000=100) was 186.95, February was 185.45, March 2016 176.78. C-S PR link.
The Conference Board Preliminary US May Consumer Confidence Index(1985=100) is at 117.9, April was 119.4, May 2016 92.4. TCB PR link.
***Monday, May 29:
***US Memorial Day,
Remembering those who made the ultimate sacrifice for our freedoms.
***US Stock Markets Closed.
***Friday, May 26:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 05/26/17:
DJIA ends week at 21,080.28, +1.32% from last Friday, +0.67% MTD, +2.02% QTD, +6.67% YTD, -0.17% from record 21,115.55 set 03/01/17.
NASDAQ ends week at 6,210.19, +2.08% from last Friday, +2.69% MTD, +5.05% QTD, +15.36% YTD, +0.00% from record 6,210.19 set 05/26/17.
SPX ends week at 2,415.82, +1.43% from last Friday, +1.33% MTD, +2.25% QTD, +7.91% YTD, +0.00% from record 2,415.82 set 05/26/17.
Cisco(PBR60) completes $125 million acquisition of private San Francisco, CA, artificial intelligence conversational interfaces developer MindMeld. $CSCO PR link.
PPG(PBR190) to sell its remaining fiberglass operations, all in the US, with 1,000+ employees and $350 million revenues/2016, to Nippon Electric Glass Co for $545 million. $PPG PR link.
Newell Brands(PBR434) to sell its Winter Sports businesses to Kohlberg & Co unit of KKR(PBR332 $KKR) for $240 million. Also selling its Zoot® & Squadra® apparel brands in a separate transaction. $NWL PR link.
Coach(PBR496) commences $18.50/share, $2.4 billion tender offer for all common stock of Kate Spade(PBR970 $KATE), expires 06/23/17. $COH PR link.
Synopsys(PBR879) initiates $100 million accelerated share repurchase agreement with JPMorgan Chase(PBR21 $JPM). $SNPS PR link.
The US Dept of Commerce 1Q17 GDP Annual Growth Rate 2nd Estimate is +1.2%, $19.028 trillion, +0.8% from 4Q16, +4.1% from 1Q16. USDOC PR link.
The U of Michigan Final US May Consumer Sentiment Index at 97.1, April was 97.0, May 2016 94.7. UMich PR link.
***Thursday, May 25:
Phillip Morris Intl(PBR35) Modified Risk Tobacco Product(MRTP) application for its Electronically Heated Tobacco Product (EHTP) to get scientific review by US FDA. $PM PR link.
Viacom(PBR212) and Altice USA announce multi-year partnership, includes advanced advertising/content distribution agreements. $VIA PR link.
UNUM(PBR261) authorizes up to $750 million share repurchase program, expires 11/25/18, replaces previous authorization. $UNM PR link.
Quanta Services(PBR338) authorizes $300 million share repurchase program through 06/30/20. $PWR PR link.
Cabot Corp(PBR607) to build new fumed silica plant in Carrollton, KY, next to existing Dow Corning silicone monomer plant. $CBT PR link.
Cerner(PBR628) authorizes new up to $500 million share repurchase program, no expiration date set. $CERN PR link.
Vulcan Materials(PBR685) to acquire 31 Southern aggregates facilities Aggregates USA from SPO Partners for $900 million. $VM PR link.
Ford(PBR10) announces several global leadership appointments under new CEO Jim Hackett. $F PR link.
Staples(PBR122) hires Michelle Bottomley as Chief Marketing Officer, succeeds retiring Frank Bifulco. $SPLS PR link.
Core-Mark(PBR271) hires Jordana Kammerud as SVP/Chief Human Resources Officer, succeeds Joe Wegener who retires 06/30/17. $CORE PR link.
Adtalem Education(PBR905) hires Gena Ashe as SVP/Chief Legal Officer/Corporate Secretary, effective 05/30/17. $ATGE PR link.
The US Dept of Labor says US Initial Unemployment Insurance Claims for Week of 05/20/17 were 234,000, April was 257,000, May 2016 268,000. USDOL PR link.
The US Energy Information Administration reports that on 05/19/17 US Crude Oil Stocks were at 516.3 Millions of Barrels, -2.4% from 04/21/17, +2.1% from 05/20/16. EIA PR link.
FreddieMac(PBR41) says Average 30 Year Fixed Mortgage Rate for 05/25/17 is 3.95% with 0.5 Fees/Points, 04/27/17 was 4.03%, 05/26/16 2016 3.64%. $FMCC PR link.
14 OPEC members and 10 non-OPEC countries agree to extend by 9 months oil production cuts, now to be effective through 03/18. OPEC PR link.
Stock Investing Strategies: E*Trade(PBR930) study reveals Millennials are the most active options traders. $ETFC PR link.
***Wednesday, May 24:
Coca-Cola(PBR63) nears completion of US refranchising plan with Letter of Intent for Northeast Territory, includes metro NYC, Philadelphia, most of New Jersey, part of Delaware, plus 4 production facilities. $KO PR link.
Tesoro(PBR71) to complete $37.20/share, $6.4 billion all stock acquisition of Western Refining(PBR193 $WNR) on 06/01/17. $TSO PR link.
WestRock(PBR278) to acquire 5 containerboard manufacturing facilities from US Corrugated for $192 million. $WRK PR link.
Campbell Soup(PBR326) makes $10 million strategic investment in e-commerce meal provider Chef’d. $CPB PR link.
QuintilesIMS(PBR455) increases by $1 billion share repurchase program, balance is $3.5 billion, to be $850 million after repurchases announced. $Q PR link.
Brown-Forman(PBR563) issues statement saying it is not for sale, committed to preserving itself as a thriving, family controlled, independent company. $BFA PR link.
DeVry Education(PBR905 $DV) changes name to Adtalem Global Education(NYSE: ATGE). $ATGE PR link.
Tesla(PBR651) hires Gaby Toledano as Chief People Officer, succeeds leaving Arnnon Geshuri. $TSLA PR link.
The Federal Open Market Committee releases minutes from 05/02-03/17 meeting, shows general agreement in gradual increases in federal funds interest rate in the future based on current economic conditions. FOMC PR link.
The Natl Assn of Realtors says US April Existing Home Sales Annual Rate at 5.57 million, -2.3% from March, +1.6% from April 2016, Median Price at $244,800, +3.6% from March, +6.0% from April 2016. NAR PR link.
FreddieMac(PBR41) US May Housing Outlook Report says despite weak economic growth, housing got off to a good start in 2017, partly due to lower mortgage rates. $FMCC PR link.
***Tuesday, May 23:
Amazon(PBR29) Handmade at Amazon unit introduces the Wedding Shop for thousands of handmade items from around the world. $AMZN PR link.
Microsoft(PBR31) introduces its new Surface Pro, pre-orders start at $799. $MSFT PR link.
Merck(PBR70) gets another US FDA approval for Keytruda for certain solid tumors and colorectal cancer. $MRK PR link.
NextEra Energy(PBR173)’s Florida Light & Power unit files petition to close 1,300 megawatt St Johns River Power Park by end of 2017, will save $183 million and 5.6 million tons in carbon dioxide emissions per year. $NEE PR link.
FIS(PBR394) to sell 60% of its interest in Capco Consulting for $477 million net cash, retain 40% interest. $FIS PR link.
Intuit(PBR529)’s QuickBooks Online unit passes 2.2 million paid subscribers in 3Q17. $INTU PR link.
Great Plains Energy(PBR757) $12.2 billion acquisition of Westar Energy(PBR747 $WR) is denied again by Kansas Corporation Commission, revised proposal being planned. $GXP PR link.
Kroger(PBR20) President of Jay C and Ruler division Paul Bowen to retire effective 06/21/17. $KR PR link.
JCPenney(PBR234) hires Marci Grebstein as EVP/Chief Marketing Officer, starts in 06/17. $JCP PR link.
Alexion Pharmaceutical(PBR840) hires Brian Goff as Chief Commercial Officer effective 06/01/17, announces CFO Dave Anderson resigning effective 08/31/17, EVP/Head of R&D Martin Mackay retiring at end of 2017, EVP/Chief Human Resources Officer Clare Carmichael leaving effective 06/01/17. $ALXN PR link.
The US Department of Commerce/HUD estimates US April New Family Homes Sold Annual Rate at 569,000, -11.4% from March, +0.5% from April 2016, Median Price $309,200, -3.0% from March, -3.8% from April 2016. HUD PR link.
The Federal Reserve Bank of Richmond 5th District May General Business Manufacturing Index at +1%, April was +20%, March +22%. RichmondFed PR link.
US Budget: President Trump submits his Taxpayer First proposed budget. WhiteHouse PR link.
***Monday, May 22:
ExxonMobil(PBR2) completes mechanical work on 2 new 650,000 tons/year polyethylene lines at plastics plant in Mont Belvieu, TX, to begin production in 3Q17. $XOM PR link.
Loews Corp(PBR200) completes $1.2 billion acquisition of Atlanta, GA, based rigid plastic packaging manufacturer Consolidated Container Co from Bain Capital. $L PR link.
Arconic(PBR215) resolves pending proxy contest with largest shareholder(13.2%) Elliott Management which will nominate 3 new board members at 05/25/17 annual shareholders meeting. $ARNC PR link.
Huntsman Corp(PBR244) and Swiss based global specialty chemical company Clariant(SIX: CLN) to combine in merger of equals in all stock deal and enterprise value of around $20 billion, new company to be called HuntsmanClariant. $HUN PR link.
Core-Mark(PBR271) to acquire Carroll, IA, based 1,000 employee $1.4+ billion/yr 42,000 US/Canada customer locations fresh/broad-line supply solutions to the convenience store industry provider Farner-Bocken for $190 million. $CORE PR link.
Amkor Technology(PBR659) completes acquisition of Portugal based 550 employees $40 million/2016 wafer-level fan-out (WLFO) semiconductor packaging manufacturer NANIUM. $AMKR PR link.
TreeHouse Foods(PBR690) completes sale of $210 million/yr Soup and Infant Feeding business to affiliate of Insight Equity, terms not disclosed. $THS PR link.
Regeneron(PBR708) and Sanofi get FDA approval of Kevzara® (sarilumab) for the treatment of adult patients with moderately to severely active rheumatoid arthritis. $REGN PR link.
G-III(PBR766) enters multi-year license agreement for PVH(PBR328) to design and distribute DKNY menswear brand in the US and Canada, to launch in Spring 2018, is fourth partnership agreement. $GIII PR link.
Verisk Analytics(PBR943) acquires Denmark based wind and solar power market intelligence provider MAKE, terms not disclosed. $VRSK PR link.
Ford(PBR10) promotes Jim Hackett to CEO, succeeds Mark Fields. Jim Farley appointed EVP & President/Global Markets, Joe Hinrichs to EVP & President/Global Operations, Marcy Klevorn to EVP & President/Mobility, effective 06/01/17. Mark Truby appointed VP/Communications, succeeds retiring Ray Day. $F PR link.
CBS(PBR210) employment agreement with Chairman/President/CEO Leslie Moonves extended by 2 years, now through 06/30/21. $CBS PR link.
The Federal Reserve Bank of Chicago US May National Activity Index is +0.49, April was +0.07, February +0.15, May 2016 -0.09. ChiFed PR link.
International Trade: On 05/21/17 US President Donald Trump and Saudi Arabia’s King Salman sign $110 billion arms deal. WhiteHouse PR link
The following represents some of the agreements with US businesses:
Boeing(PBR27) gets several agreements from Saudi Arabia for military and commercial aircraft, guided missile systems, associated services. $BA PR link
Dow Chemical(PBR48) signs agreements for coatings & silicones investments in Saudi Arabia, to add 450 jobs in 2 facilities, add to 4,000 employees in 26 facilities already. $DOW PR link
Lockheed(PBR64) gets Saudi Arabia expressed intent to procure more than $28 billion worth of integrated air and missile defense, combat ship, tactical aircraft and rotary wing technologies and programs. $LMT PR link
Raytheon(PBR118) sign Memorandum of Understanding with Saudi Arabia Military Industries Company to implement indigineous defense, aerospace & cybersecurity capabilities. $RTN PR link
Natl Oilwell Varco(PBR127) to form joint venture with Saudi Aramco to manufacture high-specification drilling rigs & advanced drilling equipment. $NOV PR link
Blackstone(PBR352) to launch $40 billion infrastructure investment vehicle for mostly US projects, $20 billion from Public Investment Fund of Saudi Arabia. $BX PR link
McDermott Intl(PBR825) signs Memorandum of Understanding with Saudi Aramco, to expand local supply chain, develop full-scale fabrication & marine facilities, potential value of $2.8 billion and 2,000 jobs. $MDR PR link
***Friday, May 19:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 05/19/17:
DJIA ends week at 20,804.84, -0.44% from last Friday, -0.65% MTD, +0.69% QTD, +5.27% YTD, -1.47% from record 21,115.55 set 03/01/17.
NASDAQ ends week at 6,083.70, -0.61% from last Friday, +0.60% MTD, +2.91% QTD, +13.01% YTD, -1.40% from record 6,169.87 set 05/16/17.
SPX ends week at 2,381.73, -0.38% from last Friday, -0.10% MTD, +0.80% QTD, +6.38% YTD, -0.86% from record 2,402.32 set 05/15/17.
Ford(PBR10) to invest $350 million in Livonia, MI, new fuel efficient transmission manufacturing plant, adds/retains 800 jobs, makes $2.25+ billion in announced investments in Michigan in 2017. $F PR link.
AT&T(PBR12 $T) Communications Workers of America union members go on 3 day weekend strike. CWA PR link.
SuperValu(PBR164) $375 million acquisition of $3.8 billion/yr Unified Grocers expected to close soon after UG stockholders meeting scheduled for 06/22/17. $SVU PR link.
Titan Intl(PBR910) 3 US tire facilities ratify 5 year contract with United Steelworkers. $TWI PR link.
Avon(PBR303) hires James Thompson as SVP/General Counsel & Chief Ethics/Compliance Officer, effective 08/01/17. $AVP PR link.
Williams Cos(PBR348) elects Stephen Bergstrom as Chairman, succeeds Dr. Kathleen Cooper who will become Chair of the Nominating and Governance Committee. $WMB PR link.
Cree(PBR964) Chairman/President/CEO Chuck Swoboda to step down upon appointment of successor. $CREE PR link.
***Thursday, May 18:
General Motors(PBR8) restructures international markets, GM India to focus on export manufacturing, Isuzu Motors to purchase GM S Africa light commercial vehicle manufacturing operations, Chevrolet to be phased out of India and S Africa markets. $GM PR link.
Amazon(PBR29) introduces Amazon Charts, a weekly Top 20 Most Read from sales across its business units. $AMZN PR link.
Microsoft(PBR31) to offer cloud services in Africa from two data centers in Johannesburg and Cape Town, initial availability in 2018. $MSFT PR link.
Lowe’s(PBR50) to acquire Houston, TX, based 13 distribution centers maintenance, repair and operations (MRO) products to the multifamily housing industry distributor Maintenance Supply Headquarters for $512 million. $LOW PR link.
Merck(PBR70) gets two US FDA approvals for Keytruda for certain patients with locally advanced or metatastic types of bladder cancer. $MRK PR link.
AutoNation(PBR148) first auto retailer to sell 11 million vehicles, holding appreciation events nationwide. $AN PR link.
Facebook(PBR228 $FB), MLB strike deal to stream 20 Friday-night baseball games. MarketWatch PR link.
Facebook(PBR228 $FB) gets fined $123 million by the European Commission for providing misleading information about its 2014 WhatsApp takeover. EC PR link.
JCPenney(PBR234) to expand home refresh initiative to include supplying linens, towels, mattresses, window treatments and major appliances to hotels, vacation rentals and multi-unit properties. $JCP PR link.
Dana(PBR382) to open 15th factory in China in Chongquin, to employ 130, manufacture drive units with integrated Spicer® SmartConnect™ disconnecting all-wheel-drive (AWD) technology for a global automaker. $DAN PR link.
Noble Energy(PBR471) to sell Marcellus Midstream interest to Quantum Energy Partners for $765 million. $NBL PR link.
Concho Resources(PBR734) announces several key executive promotions and changes. $CXO PR link.
A.O. Smith(PBR815) promotes Kevin Wheeler to President/COO. $AOS PR link.
RH(PBR915) hires Prakash Muppirala as Chief Technology Officer and President of RH Digital Innovations. $RH PR link.
La-Z-Boy(PBR918) makes organizational changes. J Douglas Collier appointed to newly created role of Chief Commercial Officer & President/International; SVP/Chief Supply Chain Officer Darrell Edwards gets increased responsibility for manufacturing, regional distribution, and R&D, will now report to CEO; President/La-Z-Boy Retail Daniel King to now report to CEO. $LZB PR link.
The Children’s Place(PBR939) hires Pamela Wallack to newly created position of President-Global Product. $PLCE PR link.
The Federal Reserve Bank of Philadelphia May Manufacturing General Business Outlook Index is at 38.8, April was 22.0, March 32.8, May 2016 -1.5. PhillyFed PR link.
The Conference Board Preliminary US April Leading Economic Index(2010=100) at 126.9, March was 126.5, February 126.1, April 2016 123.9. TCB PR link.
***Wednesday, May 17:
Ford(PBR10) confirms plan to cut 1,400 jobs, through early retirement and ‘special’ separation packages in N America/Asia Pacific by end of 09/17. MarketWatch PR link.
Kroger(PBR20) family of stores hosting nationwide hiring event 05/20/17, reiterates plans to add 10,000 permanent positions in supermarket divisions in 2017. $KR PR link.
Amazon(PBR29) taking pre-orders for new Fire 7 tablet for $49.99 and Fire HD 8 for $79.99, both include Alexa. $AMZN PR link.
Johnson & Johnson(PBR37) expects more than 10 new blockbuster products to launch or file for regulatory approval by 2021, as well as 50-plus line extensions of existing and new medicines. $JNJ PR link.
Qualcomm(PBR106) files Breach of Contract Complaint against Apple(PBR5)’s manufacturers for non-payment of royalties. $QCOM PR link.
Southwest Airlines(PBR153) authorizes new $2 billion shares repurchase program. $LUV PR link.
Principal Financial(PBR265) authorizes new up to $250 million share repurchase program. $PFG PR link.
Ashland(PBR407) completes $660 million cash acquisition of private New Jersey based $300 million/year custom/branded nutritional & fragrance products manufacturer Pharmachem Laboratories. $ASH PR link.
American Airlines(PBR69) EVP/Chief Integration Officer Bev Goulet retiring after 24 years with company. $AAL PR link.
Halliburton(PBR90) promotes president Jeff Miller to President/CEO, effective 06/01/17, Chairman/CEO Dave Lesar to remain chairman. $HAL PR link.
Ralph Lauren(PBR349) hires Patrice Louvet as President/CEO, effective 07/17/17. $RL PR link.
YRC Worldwide(PBR472) promotes Stephanie Fisher to CFO. $YRCW PR link.
ON Semiconductor(PBR656) board elects Alan Campbell to succeed J. Daniel McCranie as chairman. $ON PR link.
FannieMae(PBR17) May 2017 Economic and Housing Outlook still anticipates growth at +2.0% in 2017, expects 2Q17 rebound to follow 1Q17 slowdown. $FNMA PR link.
***Tuesday, May 16:
Symantec(PBR385) blocks 22 million attempted WannaCry ransomware attacks across 300,000 endpoints globally. $SYMC PR link.
Kroger(PBR20) SVP/Retail Divisions Sukanya Madlinger to retire on 06/19/17, Louisville division president Calvin Kaufman named successor, VP Ann Reed named his successor. $KR PR link.
Principal Financial(PBR265) promotes Amy Friedrich to president, US Insurance Solutions, succeeds now CFO Deanna Strable-Soethout; Gary P. Scholten named Chief Digital Officer. $PFG PR link.
CNO Financial(PBR559) CEO Ed Bonach to retire 12/31/17, President Gary Bhojwani to be CEO 01/01/18. $CNO PR link.
H&R Block(PBR669) President/CEO Bill Cobb to retire 07/31/17, General Counsel Tom Gerke to be interim President/CEO 08/01/17. $HRB PR link.
Twitter(PBR735) co-founder Biz Stone to rejoin full-time to guide the company culture. $TWTR PR link.
Columbia Sportswear(PBR768) President/COO Bryan Timm leaving, other senior executives to assume responsibilities while assessing 1Q17 operating model adopted. $COLM PR link.
The US Dept of Commerce/HUD estimates US April Total Housing Permits Issued Annual Rate at 1.229,000, -2.5% from March, +5.7% from April 2016. HUD PR link.
The US Federal Reserve Board estimates US April Manufacturing Production Capacity at 76.7%, March was 76.1%, April 2016 75.2%. FRB PR link.
Economics Research: 800,000 factory jobs were lost to Chinese imports, but the U.S. is better off, researchers say. MarketWatch PR link.
***Monday, May 15:
AIG(PBR46), Hamilton Insurance Group and Two Sigma Insurance Quantified to expand partnership to accelerate the use of data science and technology for AIG’s global book of commercial insurance business. $AIG PR link.
Thermo Fisher Scientific(PBR175) to acquire 9,000 employee $1.9 billion revenues/2016 global drug developer/delivery solutions provider Patheon NV(NYSE: PTHN) for $35.00/share, $7.2 billion, includes $2 billion debt. $TMO PR link.
Western Digital(PBR194)’s SanDisk subsidiaries file Request for Arbitration to stop sale to 3rd parties of some intellectual property developed in joint ventures operated with Toshiba. $WDC PR link.
Biogen(PBR282) acquires Remedy Pharmaceuticals’ CIRARA™ for large hemispheric stroke situations for $120 million plus potential milestone/royalty payments. $BIIB PR link.
Owens Corning(PBR465) to acquire global 1,100 employee $240+ million revenues/2016 cellular glass insulation systems producerPittsburgh Corning for $560 million cash. $OC PR link.
Moody’s(PBR636) to acquire Amsterdam, NL, based global business intelligence/company info provider Bureau van Dijk for $3.27 billion. $MCO PR link.
AIG(PBR46) hires Brian Duperreault as President/CEO, succeeds Peter Hancock who has resigned. $AIG PR link.
AutoNation(PBR148) President/COO Bill Berman resigns, search starts; promotes SVP Scott Arnold to EVP/Customer Care & Brand Extensions. $AN PR link.
Applied Industrial Technologies(PBR787) VP/CFO Mark Eisele to retire by 08/31/17, to be succeeded by David Wells. $AIT PR link.
HCP(PBR834) hires Scott Brinker as EVP/Chief Investment Officer, effective 01/04/18. $HCP PR link.
RH(PBR915) hires Sandra Stangl as President/New Business Development. $RH PR link.
The Federal Reserve Bank of New York May Empire State General Business Conditions Index at -1.0, April was 5.2, May 2016 -9.0. NYFed PR link.
The Natl Assn of Homebuilders US May Housing Market Index at 70, April was 68, May 2016 58. NAHB PR link.
***Friday, May 12:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 05/12/17:
DJIA ends week at 20,896.61, -0.53% from last Friday, -0.21% MTD, +1.13% QTD, +5.74% YTD, -1.04% from record 21,115.55 set 03/01/17.
NASDAQ ends week at 6,121.23, +0.34% from last Friday, +1.22% MTD, +3.54% QTD, +13.71% YTD, -0.13% from record 6,129.14 set 05/10/17.
SPX ends week at 2,390.90, -0.35% from last Friday, +0.28% MTD, +1.19% QTD, +6.79% YTD, -0.36% from record 2.399.63 set 05/10/17.
Apple(PBR5) awards Corning(PBR281 $GLW) $200 million, its first Advanced Manufacturing Fund investment. $AAPL PR link.
Anthem(PBR38) terminates $48 billion merger agreement with Cigna(PBR85 $CI) because of court decisions, claims Cigna violated agreement & not eligible for reverse termination fee, plans to seek significant damages award. $ANTM PR link.
Cigna(PBR85) merger agreement with Anthem(PBR38) terminated, Cigna seeks $1.85 billion reverse termination fee, $13+ billion for additional damages. $CI PR link.
Progressive(PBR145) authorizes new 25 million shares repurchase program with no expiration date. $PGR PR link.
Group 1 Automotive(PBR276) increases share repurchase program to $75 million. $GPI PR link.
Ashland(PBR407) completes public spinoff of Valvoline(NYSE: VVV). $ASH PR link.
Frontier Communications(PBR501) to do 1:15 reverse stock split on 07/10/17, to reduce authorized shares to issue by 90% to 175 million. $FTR PR link.
Portland General Electric(PBR909) suspends permitting process for 2 new Oregon power plant sites while negotiating other power agreements. $POR PR link.
Group 1 Automotive(PBR276) board elects Stephen D. Quinn as Chairman, succeeds John Adams who remains on board. $GPI PR link.
Avis Budget(PBR316) President/CFO David Wyshner leaving in 06/17, to appoint Martyn Smith as interim CFO. $CAR PR link.
Allscripts(PBR944) SVP/Strategic Initiatives Dennis Olis named interim CFO, replaces leaving Melinda Whittington. MDRX PR link.
The US Dept of Labor says US April Consumer Price Index is +0.2%, Last 12 Months +2.2%, March +2.4%, February +2.7%.USDOL PR link.
The US Dept of Labor estimates US April Current Average Earnings/Hour at $26.19, $900.94/week, +0.6% from March, +2.5% from April 2016. USDOL PR link.
The US Dept of Commerce estimates US March Manufacturer/Retail/Wholesale Sales at $1.361 trillion, +0.0% from February, +6.5% from March 2016.
USDOC PR link.
The US Dept of Commerce Advance Report on US April Retail Sales are $474.9 billion, +0.4% from March, +4.4% from April 2016. USDOC PR link.
The U of Michigan Preliminary US May Consumer Sentiment Index at 97.7, April was 97.0, May 2016 94.7. UMich PR link.
***Thursday, May 11:
Apple(PBR5) issues $7 billion in corporate bonds. $AAPL PR link.
Verizon(PBR15) outbids AT&T(PBR12 $T), to acquire Straight Path Communications(NYSE MKT: STRP), a holder of millimeter wave spectrum configured for 5G wireless services, in $184.00/share, $3.1 billion all stock deal. $VZ PR link.
Cisco(PBR60) to acquire private San Francisco, CA, artifical intelligence conversational interfaces developer MindMeld for $125 million cash in 4Q17. $CSCO PR link.
Live Nation(PBR366) signs Shawn “JAY Z” Carter to a 10-year touring contract. $LYV PR link.
Expedia(PBR433) to acquire majority of London based global rail full service 25+ million bookings/year retailing/distribution platform developer SilverRail, terms not disclosed. $EXPE PR link.
Arthur J Gallagher(PBR515) acquires Aurora, NE, based individual and group financial products agency Strong Financial Resources, terms not disclosed. $AJG PR link.
Scientific Games(PBR937) launches multi-state linked instant lottery game Willy Wonka Golden Ticket, up to $1 billion prize winner. $SGMS PR link.
DuPont(PBR82) and Dow Chemical(PBR48 $DOW) announce board of directors for DowDupont merger, on track to close by 09/30/17. $DD PR link.
Dick’s Sporting Goods(PBR367) EVP/COO André Hawaux retiring at end of 2Q17, promotes Lauren Hobart to president, hires Keri Jones as EVP/Chief Merchant, effective 05/22/17. $DKS PR link.
Western Union(PBR441) elects Jeffrey A. Joerres as Non-Executive Chairman of the Board, succeeds retiring Jack Greenberg. $WU PR link.
Frontier Communications(PBR501) hires Chris Levendos as EVP/Field Operations, succeeds retiring John Lass. $FTR PR link.
Chipotle(PBR561) hires Scott Boatwright to new position of Chief Restaurant Officer effective 05/30/17. $CMG PR link.
The Cheesecake Factory(PBR893) CFO W. Douglas Benn to retire 07/07/17, to be succeeded by SVP/Finance & Strategy Matthew Clark. $CAKE PR link.
The US Dept of Labor says US April Producer Price Index was +0.5%, March was -0.1%, April 2016 +0.3%, Last 12 Months is +2.5%. USDOL PR link.
The PBR1000 Top 5 April Gainers Since 2015(Co, Rank by Revs, Stock Symbol, Stock Price 04/28/17, % Change from 12/31/15):
1. AMD, 524, AMD, $13.30, +363%
2. Cliffs Natural Resources, 821, CLF, $6.72, +325%
3. Tronox, 824, TROX, $16.51, +322%
4. NVIDIA, 365, NVDA, $104.30, +216%
5. Navistar Intl, 319, NAV, $26.91, +204%
Range: +363% to -83%,
Nbr Cos >0.0%: 768/1,005,
Average: +19.8%, Median: +18.4%
***Wednesday, May 10:
ExxonMobil(PBR2) to acquire Jurong Aromatics Corporation plant in Singapore, one of the largest in the world with 1.4 million tons annual production capacity. $XOM PR link.
Merck(PBR70) gets US FDA approval for Keytruda as a first line combination non-small lung cancer therapy. $MRK PR link.
Medtronic(PBR133) first to get FDA okay for MR-Conditional Quadripolar Cardiac Resynchronization Therapy-Pacemakers, also allows for MRI scans. $MDT PR link.
Whole Foods(PBR203) appoints 5 new directors to the board, names Gabrielle Sulzberger as board chairman, authorizes new $1.25 billion share repurchase program, appoints Keith Manbeck as EVP/CFO, effective 05/17/17, succeeds retiring Glenda Flanagan. $WFM PR link.
Western Union(PBR441) full digital access for cross-border person-to-person (P2P) money transfer services now in 40 countries, expansion to Asia Pacific, Latin America next. $WU PR link.
Abercrombie & Fitch(PBR595) confirms it is in preliminary discussions with several parties regarding a potential transaction. $ANF PR link.
Tesla(PBR651) starts accepting orders for its solar roof services, says cost is less than a typical residential roof. $TSLA PR link.
WGL Holdings(PBR717) stockholders approve $88.25/share, $6.4 billion acquisition by Canadian based energy infrastructure provider AltaGas(TSX: ALA), expects to close in 2Q18. $WGL PR link.
Crocs(PBR1008) closes net 16 stores in 1Q17, to transfer 24 stores to distributors 2Q17. $CROX PR link.
Eli Lilly(PBR142) hires Leigh Ann Pusey as SVP/Corporate Affairs & Communications, effective 06/12/17. $LLY PR link.
US Steel(PBR167) CEO Mario Longhi stepped down on 05/08/17, remains on board, President/COO David Burritt elected President/CEO. $X PR link.
TimeInc(PBR631) Chairman Joseph Ripp is retiring, Lead Independent Director John Fahey elected Non-Executive Chairman, to be effective at annual stockholders meeting on 06/29/17. $TIME PR link.
Rent A Center(PBR657) former EVP Joel M. Mussat rejoins as EVP/COO. $RCII PR link.
The US Dept of Treasury says US April Federal Government Receipts were $455.6 billion, Outlays $273.2 billion, Surplus $182.4 billion, YTD Deficit is $344.4 billion. Treasury PR link.
The US Dept of Labor estimates US April Imports Price Index was +0.5%, Exports +0.2%, Y-Y Imports +4.1%, Y-Y Exports +3.0%. USDOL PR link.
The PBR1000 Top 5 April YTD Gainers(Co, Rank by Revs, Stock Symbol, Stock Price 04/28/17, % Change from 12/30/16):
1. iHeartMedia, 400, IHRT, $2.15, +94%
2. Weight Watchers, 993, WTW, $20.88, +82%
3. Scientific Games, 689, SGMS, $23.75, +70%
4. Tronox, 824, TROX, $16.51, +60%
5. Restoration Hardware, 814, RH, $47.97, +56%
Range: +94% to -61%,
Nbr Cos >0.0%: 623/1,007,
Average: +7.0%, Median: +3.9%
***Tuesday, May 9:
Pentair(PBR363) to spin-off Electrical business as a separate public company, remain a public Water company, planned for 2Q18. $PNR PR link.
NVIDIA(PBR510) to train 100,000 developers in artificial intelligence systems in 2017, ten times more than in 2016, through its NVIDIA Deep Learning Institute. $NVDA PR link.
Electronic Arts(PBR527) authorizes up to $1.2 billion share buyback program through 05/31/19. $EA PR link.
West Corp(PBR842), a global provider of communication and network infrastructure services, to be acquired by Apollo Global Mgmt(PBR906) for $23.50/share, $5.1 billion cash, expects to close 2H17. $WSTC PR link.
Meredith Corp(PBR994) to distribute 1,000,000 copies of its 3rd quarterly lifestyle The Magnolia Journal, has 700,000 subscribers at $20/year. $MDP PR link.
The US Dept of Labor estimates US March Total Job Openings at 5,744,000, +1.1% from February, -1.9% from March 2016. USDOL PR link.
The US Dept of Commerce estimates US March Wholesales Sales at $465.5 billion, +0.0% from February, +9.1% from March 2016. USDOC PR link.
The PBR1000 Top 5 April Month Gainers(Co, Rank by Revs, Stock Symbol, Stock Price 04/28/17, % Change from 03/31/17):
1. Conn’s, 918, CONN, $17.60, +101%
2. Weight Watchers, 993, WTW, $20.88, +34%
3. Alere, 749, ALR, $49.17, +24%
4. CR Bard, 575, BCR, $307.48, +24%
5. Invacare, 1005, IVC, $14.70, +24%
Range: +101% to -85%,
Nbr Cos >0.0%: 583/1010,
Average: +1.4%, Median: +0.7%
***Monday, May 8:
Straight Path(NYSE MKT: STRP) gets a 3rd revised offer from a multi-national telecommunications company for $184.00/share, $2.3 billion, says constitutes a “superior proposal” to AT&T(PBR12 $T)‘s $95.63/share, $1.6 billion offer. $STRP PR link.
Lear Corp(PBR165) hosts groundbreaking ceremony for Its new Asia headquarters and technical center in Shanghai, will support 39,000 employees in 11 Asia countries. $LEA PR link.
PPG(PBR190) 3rd offer of $105.50/share $28.8 billion cash/stock for European based specialty paints, coatings and chemicals provider AkzoNobel gets rejected, issues a statement about their meeting. $PPG PR link.
Fidelity Natl Financial(PBR331)’s FNFV Group(NYSE: FNFV) business to sell its One Digital Health and Benefits unit for $560 million cash. $FNF PR link.
Coach(PBR496) to acquire millienials focused fashion retailer Kate Spade(PBR970 $KATE) for $18.50/share, $2.4 billion. $COH PR link.
Brink’s(PBR613) Increases dividend by 50%, approves up to $200 million share repurchase program through 12/31/19. $BCO PR link.
Pinnacle Foods(PBR751) to exit certain low-margin/non-strategic Aunt Jemima® frozen breakfast products following voluntary recall last week. $PF PR link.
Sinclair Broadcast Grp(PBR894) to acquire Tribune Media(NYSE: TRCO) for $43.50/share, $3.9 billion cash/stock, plus assumption of $2.7 billion of debt. $SBGI PR link.
TripAdvisor(PBR936) and GrubHub(NYSE: GRUB) to bring restaurant delivery service to TripAdvisor US consumers. $TRIP PR link.
Bon-Ton Stores(PBR707) President/CEO Kathryn Buffano to resign upon expiration of her contract on 08/25/17, COO William Tracy to be successor. Chad Stauffer promoted to EVP/Chief Merchandising Officer. $BONT PR link.
Regis Corp(PBR912) promotes Rachel Endrizzi to Chief Marketing Officer. $RGS PR link.
FannieMae(PBR17) says US April Home Purchase Sentiment Index at 86.7, March was 84.5, April 2016 83.7. $FNMA PR link.
Verisk Analytics(PBR943) says US property/casualty insurers report $4.7 billion net underwriting loss in 2016, had an $8.9 billion net underwriting gain in 2015. $VRSK PR link.
***Friday, May 5:
The PBRMarketTools US Stock Exchanges Recap for the Week Ending 05/05/17:
DJIA ends week at 21,006.94, +0.32% from last Friday/MTD, +1.66% QTD, +6.30% YTD, -0.51% from record 21,115.55 set 03/01/17.
NASDAQ ends week at 6,100.76, +0.88% from last Friday/MTD, +3.20% QTD, +13.33% YTD, +0.00% from record 6,100.76 set 05/05/17.
SPX ends week at 2,399.29, +0.63% from last Friday/MTD, +1.55% QTD, +7.17% YTD, +0.00% from record 2.399.29 set 05/05/17.
Anthem(PBR38) files paperwork to take its $48 million acquisition of Cigna(PBR85) to the US Supreme Court after US Court of Appeals rejects the merger. $ANTM PR link.
Dow Chemical(PBR48) US Apprenticeship Program gets US Dept of Labor registration, program offers pathway to manufacturing careers. $DOW PR link.
JCPenney(PBR234) agrees to settle in principle a securities class action lawsuit for $97.5 million to be paid by insurance, denies the allegations based on former CEO & CFO statements in 08/13 & 09/13 on liquity prior to a public offering. $JCP PR link.
Parker Hannifin(PBR218) VP Global Supply Chain & Procurement John Dedinsky to retire, Tom Gentile promoted to position, effective 07/01/17. $PH PR link.
Huntsman Corp(PBR244) files SEC Registration Statement for proposed IPO of spin-off Pigments & Additives business Venator Materials. $HUN PR link.
Asbury Automotive(PBR424) hires Sean D. Goodman as SVP/CFO, effective 07/05/17. $ABG PR link.
Bon-Ton Stores(PBR707) chairman Tim Grumbacher retiring from the board effective 05/13/17, has been a board member since 1967. Board member, his wife, and CPA Debra Simon elected as successor. $BONT PR link.
The US Dept of Labor says US April Employment at 153,156,000, +0.1% from March, +1.4% from April 2016, Unemployment Rate at 4.4%. USDOL PR link.
The US Federal Reserve estimates US March Total Consumer Credit Outstanding at $3.806 trillion, +0.4% from February, +6.0% from March 2016. FRB PR link.
***Thursday, May 4:
Starbucks(PBR178) grants exclusive rights to Caribbean Coffee Traders to own and operate Starbucks locations in Jamaica. $SBUX PR link.
Starbucks(PBR178) triples number of products eligible for Stars through the Starbucks Rewards™ loyalty program by adding grocery aisle store items. $SBUX PR link.
LabCorp(PBR413) completes acquisition of Spokane, WA, based 8 states lab services provider Pathology Associates Medical Laboratory from Providence Health & Catholic Health Initiatives, terms not disclosed. $LH PR link.
Snap-On(PBR641) acquires UK based $41 million/yr torque products manufacturer Norbar Torque Tools for $72 million. $SNA PR link.
NuStar(PBR673) completes $1.475 billion acquisition of crude oil transportation, pipeline gathering and storage assets in the Midland Basin of W Texas holder Navigator Energy Services. $NS PR link.
Express(PBR860) to close its 17 Canada stores, continue to operate 635 US stores. $EXPR PR link.
Restorations Hardware(PBR915) authorizes up to $700 million share repurchase program, just finished a $300 million program. $RH PR link.
Nordstrom(PBR214) hires Anne Bramman as CFO, effective 06/02/17, succeeds retired Mike Koppel. $JWN PR link.
The US Dept of Labor estimates US 1Q17 Labor Productivity Output/Hr-All Persons was -1.5%, 4Q16 was +2.4%, 1Q16 was -0.7%. USDOL PR link.
The US Dept of Commerce estimates US March Exports were $191.0 billion, Imports $234.7 billion, Deficit $43.7 billion, YTD(3 months) Deficit $135.7 billion. USDOC PR link.
The US Dept of Commerce estimates US March Manufacturers New Orders were $478.1 billion, +0.2% from February, +5.8% from March 2016. USDOC PR link.
PNC Financial(PBR189) Small Business Outlook Survey says 88% of small-medium sized business owners are optimistic about near term national economy, was 71% in the fall, 56% last spring. $PNC PR link.
***Wednesday, May 3:
AIG(PBR46) authorizes an additional up to $2.5 billion share repurchase program, balance available is now $3.8 billion. $AIG PR link.
Sprint(PBR86) ends FY with 59,507,000 connections, gained 187,000 in last quarter. $S PR link.
Sprint(PBR86) announces Sprint Magic Box, world’s first all-wireless small cell to densify its LTE Plus network. $S PR link.
Macy’s(PBR97) and Tailored Brands(PBR643 $TLRD) to wind down operations under the tuxedo rental license agreement Macy’s, Inc. had established with Men’s Wearhouse on 06/09/15. $M PR link.
Facebook(PBR228 $FB) to hire 3,000 people to remove violent posts. MarketWatch PR link.
Avis Budget(PBR316) enters new cooperation agreement with largest stockholder SRS Investment Management, terminates stockholder rights plan. $CAR PR link.
Arthur J Gallagher(PBR515) acquires S Texas commercial/personal insurance products Harlingen, TX, agency Texas Insurance Managers, terms not disclosed. $AJG PR link.
Flowers Foods(PBR591) reorganizing into two business units, Fresh Bakery and Specialty/Snacking, realigns key leadership roles. $FLO PR link.
Tesla(PBR651) provides 1Q17 update, gives progress report on Model 3, production to start in 07/17. $TSLA PR link.
Scripps Networks(PBR732) to acquire 4 million consumers millennial-focused food media company Spoon University. $SNI PR link.
New York Times(PBR971) paid digital subscriptions get traction, now has 2.2 million digital subscribers at 1Q17 end, up 348,000 from 4Q16. $NYT PR link.
Altria(PBR110) General Counsel Denise Keane to retire on 07/01/17, Deputy General Counsel Murray Garnick to be successor. $MO PR link.
General Mills(PBR162) president/COO Jeffrey Harmening to be CEO, effective 06/01/17, succeeds Ken Powell who will remain chairman until his retirement within the next year. $GIS PR link.
Federal Open Market Committee meeting ends, votes 9-0 to keep federal funds short term interest rate at 0.75-1.00%. FOMC PR link.
ADP(PBR235) says US April Change In Non-Farm Private Employment was +177,000, March was +263,000, April 2016 +156,000. $ADP PR link.
The Markit US April Composite PMI Output Index is at 53.2, March was 53.0, April 2016 52.4. Markit PR link.
The ISM US April Non-Manufacturing Index is at 57.5%, March was 55.2%, April 2016 55.7%. ISM PR link.
Trulia research shows only 34.2% of homes nationally have seen their value surpass their pre-recession peak. Trulia PR link.
Puerto Rico files for bankruptcy, crushed by $74 billion in debts and $49 billion in pension liabilities. USAToday PR link.
***Tuesday, May 2:
Apple(PBR5) sells 50.8 million iPhones in 2Q17, increases share repurchase program from $175 billion to $210 billion. $AAPL PR link.
Microsoft(PBR31) offering teachers and students Windows 10 education PCs starting at $189, introduces Surface Laptop, starts at $999, available 06/15/17. $MSFT PR link.
DuPont(PBR82) and Dow Chemical(PBR48 $DOW) get China’s Ministry of Commerce conditional regulatory approval of their proposed merger of equals, on track to close by 08/31/17. $DD PR link.
Whirlpool(PBR138) to acquire 20+ million user digital platform for personalized recipes and cooking resources provider Yummly, terms not disclosed. $WHR PR link.
Devon Energy(PBR143) to divest approximately $1 billion of upstream assets across its portfolio over next 12-18 months. $DVN PR link.
CenturyLink(PBR160) completes $2.15 billion plus $150 million equity stake in new company sale of data centers and co-location business to consortium led by BC Partners and Medina Capital. $CTL PR link.
Owens & Minor(PBR292) to acquire $450 million/year direct-to-patient medical supplies distributor Byram Healthcare for $380 million cash. $OMI PR link.
DaVita Healthcare(PBR302) HealthCare Partners Nevada unit completes acquisition of 3,000 providers network WellHealth Quality Care, terms not disclosed. $DVA PR link.
DaVita Healthcare(PBR302) completes $415 million acquisition of Renal Ventures & its 36 dialysis centers in 6 states. $DVA PR link.
Dick’s Sporting Goods(PBR367) Golf Galaxy unit opens 36 new stores, formerly Golfsmith locations, now has 98 stores in 33 states. $DKS PR link.
Ryder(PBR378) to be exclusive maintenance provider and primary N America distributor for electric vehicle and drone package delivery manufacturer Workhorse Group(NASDAQ: $WKHS). $R PR link.
Noble Energy(PBR471) to sell all its upstream Appalachia natural gas assets to an undisclosed buyer for $1.225 billion. $NBL PR link.
Chipotle(PBR561) launches accelerated business degree customized for Its employees. $CMG PR link.
Perrigo(PBR565) cooperating with authorities per search warrants executed by US Dept of Justice related to ongoing investigation of drug pricing in the pharmaceutical industry. $PRGO PR link.
Buffalo Wild Wings(PBR981) newest 3 independent directors send letter to shareholders recommending they vote for their slate of directors, not Marcato Capital‘s nominees, at 06/02/17 annual meeting. $BWLD PR link.
Weight Watchers(PBR988) end of 1Q17 subscriber base grows by 16% year-over-year to 3.6 million subscribers. $WTW PR link.
Ruby Tuesday(PBR990) signs development agreement with Qatar based Al Bairaq Trading Import & Export Co to open 5 Ruby Tuesdays over next 5 years in Qatar. $RT PR link.
Molina Healthcare(PBR284) Chief Accounting Officer Joseph White appointed CFO and interim CEO, succeeds John Molina and Dr. J Mario Molina, who remain on the board. $MOH PR link.
Automotive News says US April New Auto Sales at 1,426,883 vehicles, -4.7% from April 2016, YTD Sales -2.4% from 2016. AutoNews PR link.
The PurdueU/CME US April Ag Barometer Composite Index at 130, March was 124, April 2016 106. PurdueU/CME PR link.
***Monday, May 1:
AmerisourceBergen(PBR16) gets new 5 year pharmaceutical supply agreement with Express Scripts(PBR22 $ESRX), generated $23 billion in FY2016. $ABC PR link.
Amazon(PBR29) gives Prime to every household in Manchester-by-the-Sea, MA, as Academy Award winning film comes to Prime Video. $AMZN PR link.
AIG(PBR46) completes sale of Japan life insurance business to FWD Group, terms not disclosed. $AIG PR link.
Cisco(PBR60) to acquire private SD-WAN solutions provider Viptela for $610 million. $CSCO PR link.
3M(PBR92) completes $850 million sale of its 450 employees $215 million/yr identity management business to global digital security company Gemalto. $MMM PR link.
McDonald’s(PBR101) Invents an Unnecessarily Superfluous Utensil(the Frork) for New Signature Crafted(TM) Recipes. $MCD PR link.
Community Health Systems(PBR125) announces 4 divestiture transactions, includes 13 hospitals. $CYH PR link.
Tenet Healthcare(PBR161) to net $725 million in sale of 4 Houston acute care hospitals to HCA(PBR75 $HCA). $THC PR link.
Monsanto(PBR187) terminates 11/15 agreement for sale of Precision Planting Equipment business to Deere & Co(PBR81 $DE) because of US Dept of Justice issues. $MON PR link.
Monsanto(PBR187)’s NemaStrike(TM) technology approved by EPA, controls plant parasitic nematodes in crops like corn, soybeans, & cotton. $MON PR link.
CBRE(PBR301) acquires 31 professionals leading Australian healthcare project advisory and management firm Aurora Projects, terms not disclosed. $CBG PR link.
Lithia(PBR451) acquires $500 million/year Pittsburgh, PA, Baierl Auto Group with Toyota, Honda, Subaru, Ford, Chevrolet, Acura, Kia and Cadillac locations in the Cranberry Township area. $LAD PR link.
Markel(PBR470) completes acquisition of Houston, TX, based large private surety 8 offices company serving the US SureTec Financial Corp. $MKL PR link.
IAC(PBR665) to acquire Angie’s List(NASDAQ: $ANGI) for $8.50/share, $130+ million, to combine with IAC’s HomeAdvisor into a new public company ANGI Homeservices. $IAC PR link.
Equinix(PBR793) completes $3.6 billion cash acquisition of 29 data centers from Verizon(PBR15 $VZ). $EQIX PR link.
Beacon Roofing(PBR818) acquires 11 branches California-based waterproofing, sealant, air barrier and concrete restoration materials distributor Lowry’s Specialty Distribution, terms not disclosed. $BECN PR link.
PerkinElmer(PBR839) completes $276 million sale of its Medical Imaging business to Varian Medical(PBR678). $PLI PR link.
Greenbrier Cos(PBR846) now 60% owner in Brazilian railcar manufacturer Greenbrier-Maxion, is now largest freight railcar manufacturer in S America, #2 in the US, and soon to be #1 in Europe. $GBX PR link.
The Cheesecake Factory(PBR893) opens first restaurant in Hong Kong at Harbour City Mall under a licensing agreement. $CAKE PR link.
Republic Airways(PBR951) exits from Chapter 11, now a private company closely held by certain unsecured credit holders. $RJETQ PR link.
Bob Evans(PBR954) completes around $605 million sale of Bob Evans Restaurants unit to Golden Gate Capital; completes $115 million acquisition of potato products producer Pineland Farms Potato; Mike Downsley appointed President/CEO. $BOBE PR link.
New York Times(PBR971) expanding coverage in Australia, opens Sydney bureau, offering digital news service, scheduling events. $NYT PR link.
Arconic(PBR215) president of Arconic Defense Eric Roegner now also president of Arconic Global Rolled Products, succeeds leaving Kay Meggers. $ARNC PR link.
Arthur J Gallagher(PBR515) hires Chris Mead as its Chief Marketing Officer. $AJG PR link.
Blackhawk Network(PBR998) promotes Greg Brown to SVP/International, part of succession plan to be head of International currently held by Bill Tauscher. $HAWK PR link.
The US Dept of Commerce estimates US March Personal Income Annual Rate at $16.473 trillion, +0.2% from February, +4.5% from March 2016. USDOC PR link.
The US Dept of Commerce estimates US March Total Construction Spending Annual Rate at $1.218 trillion, -0.2% from February, +3.6% from March 2016. USDOC PR link.
The ISM US April Manufacturing PMI Index(50% is flat) is 54.8%, March was 57.2%, April 2016 50.8%. ISM PR link.
The Markit US April Manufacturing PMI at 52.8, March was 53.3, April 2016 50.8. Markit PR link.
(The PBR1000 is the premiere business intelligence service covering over 1,000 of the largest publicly held companies with principle or administration headquarters in the US. These companies generate nearly $13 trillion in annual worldwide revenues, more than all other companies in the US combined. These are the key drivers in the US and world economies. On a monthly, quarterly, and annual basis several analytical reports in customizable Microsoft Excel format are provided to The PBR1000 subscribers. Users worldwide include C-level executives, entrepreneurs, sales/marketing/advertising professionals, investors/investment advisors, business professors/students, human resources/career counselors/job seekers, federal/state/local government agencies, social causes organizations, to name just a few. To order your monthly or significantly discounted annual subscription, just go to the PBRMarketTools.com Subscribe page.)
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