The PBR1000 for July: What Now?

By Larry C. Paxton

The July 2020 breaking news items of interest for The PBR1000 follow with the most current date first.

***Friday, July 31

The PBRMarketTools US Stock Exchanges Recap for July and Week 31 ending 07/31/20:

DJIA ends July and Week 31 at 26,428.32, -0.16% from last Friday, +2.38% MTD/QTD, -7.39% YTD, -10.57% from record 29,551.42 set 02/12/20.

NASDAQ ends July and Week 31 at 10,745.27, +3.69% from last Friday, +6.82% MTD/QTD, +19.76% YTD, -0.20% from record 10,767.09 set 07/20/20.

SPX ends July and Week 31 at 3,271.12, +1.73% from last Friday, +5.51% MTD/QTD, +1.25% YTD, -3.40% from record 3,386.15 set 02/19/20.

The July and Week 31 News Summary: It was the start of a new half, a new quarter, and there was a sense of optimism. But the Coronavirus Pandemic insisted on staying in the limelight, there was a resurgence of new cases as states tried various strategies to re-open businesses and their economies. Now discussions are about how to re-open schools safely, to push for online learning, or some hybrid. As the month came to an end there was some new optimism as some promising vaccines were entering mid-stage phases on human subjects. The Coronavirus pandemic tallies as of today at 02:35PM Eastern US by the John Hopkins University CSSE unit is now 17,422,252 confirmed cases globally with 675,584 deaths. For the US it’s 4,550,247 confirmed cases and 152,940 deaths. The international trade wars continue with most attention on the US/China trade negotiations which seem very far apart at the end of the month. There was a flood of corporate earnings report by the end of the month. as technology stocks had some big quarterly wins, everyone else seemed to fizzle somewhat. The US economy took a big hit at the end of the month as the GDP plummeted, jobs numbers are not recovering as fast as hoped, and the $600/week unemployment benefit was starting to end. The 2 houses of Congress end the month trying to find some common ground to go for another round of stimulus. With all that, the bottom line is that The Stock Market Bull had an excellent month, taking all major US exchanges for a 4th month in a row 3-0 win with the US stock exchanges, but it was a battle as The Stock Market Bear had some strong appearances throughout the month as well. Week 31 was an indication of this, with a Bull 2-1 mixed result win. Summer is now starting to drag on, the Coronavirus Pandemic continues with a glimmer of hope for a vaccine and upcoming tests being developed that are supposed to be reliable, quick, and inexpensive. Be safe as we close out July and start August with a lot of questions still to be answered and searching for the best directions to take.

The Week 31 of 2020 tally YTD is:
The Stock Market Bull: 15 weeks
The Stock Market Bear: 13 weeks
Mixed Results: 3 weeks

The Monthly 2020 tally YTD(7 Months) is:
The Stock Market Bull: 4 months
The Stock Market Bear: 2 months
Mixed Results: 1 month

Amazon(PBR2) gets US Federal Communications Commission 5-0 approval for $10+ billion Project Kuiper, to deploy and operate a constellation of 3,236 low earth orbital satellites to deliver high-speed, low-latency broadband internet service to places beyond the reach of traditional fiber or wireless networks. $AMZN PR link.

Alphabet(PBR11 $GOOG)’s Google and Facebook(PBR46) to be required to pay for news content under new mandatory rules set by the Australian government, have 3 months to come to agreeable terms, arbiter to used if no agreements. MarketWatch PR link.

United Airlines(PBR74) to resume service on nearly 30 international routes in September, including flights to Asia, India, Australia, Israel and Latin America and to continue to add ways to visit popular vacation destinations in the Caribbean, Hawaii and Mexico, intends to fly 40% of its US schedule. $UAL PR link.

PSEG(PBR307) is exploring strategic alternatives for PSEG Power’s non-nuclear generating fleet, which includes more than 6,750 megawatts of fossil generation located in NJ, CT, NY and MD, as well as the 467-megawatt Solar Source portfolio located in various states. $PEG PR link.

Bausch Health(PBR354) resolves legacy investigation by the US Securities and Exchange Commission regarding Valeant’s former relationship with Philidor Rx Services and certain of Valeant’s accounting practices, policies and public disclosures relating to the 2014 and 2015 reporting periods, settlement will fully resolve the investigation, Bausch agrees to negligence-based charges only, will pay a $45 million civil penalty, neither admits nor denies the SEC’s charges. $BHC PR link.

Spirit AeroSystems(PBR386) to layoff an additional 450 workers at its Wichita, KS location, total of 1,100, because of Boeing(PBR40) reduction in number of 737 MAX commercial aircraft to be built in 2020. $SPR PR link.

Franklin Resources(PBR475) completes $50.00/share cash, around $4.4 billion, acquisition of Legg Mason(PBR761), assumes about $2 billion of LM debt. $BEN PR link.

National Fuel Gas(PBR941) completes around $541 million acquisition of a Royal Dutch Shell plc (NYSE: RDS.A) subsidiary’s upstream and midstream gathering assets in Pennsylvania. $NFG PR link.

Dominion Energy(PBR194) Chairman/President/CEO Thomas F. Farrell, II, to become Executive Chairman on 10/01/20, EVP/Co-COO Robert Blue to become President/CEO, other promotions announced. $D PR link.

The US Dept of the Treasury says the 07/29/20 US National Debt-Public is at $20.584 trillion, Intragovernmental $5.936 trillion, Total Debt $26.520 trillion, 06/30/20 was at $26.477 trillion, 05/31/20 $25.752 trillion, 07/31/19 $22.022 trillion. USTreasury PR link.

The US Dept of Labor says the June 2020 US Employment Cost Index(12/2005=100) is at 140.7, March 2020 was at 140.0, June 2019 137.0. USDOL PR link.

The US Dept of Commerce/BEA says the Preliminary June 2020 US Personal Income Annual Rate is at $19.880 trillion, May 2020 was at $20.103 trillion, April 2020 $21.038 trillion, June 2019 $18.615 trillion. USDOC PR link.

The Federal Reserve Bank of Chicago says the Preliminary June 2020 7th District Midwest Economy Index is at -9.48, May 2020 was at -8.38. “Index suggests Midwest growth well below trend through June.” ChiFed PR link.

The July 2020 MNI Chicago Business Barometer(>50=gaining) is at 51.9, June 2020 was at 36.6, May 2020 32.3, July 2019 44.4. “Business activity recovered following twelve consecutive months of readings below 50. Nevertheless, companies noted continued uncertainty amid the ongoing Covid-19 crisis.” MNI PR link.

The American Automobile Assn says the 07/31/20 Average Price for a Gallon of Regular Gas is at $2.189, 06/30/20 was at $2.178. 05/29/20 $1.972, 07/31/19 $2.721. AAA PR link.

The U of Michigan Final July 2020 US Consumer Sentiment Index is at 72.5, June 2020 was at 78.1, May 2020 72.3, July 2019 98.4. “Consumer sentiment sank further in late July due to the continued resurgence of the coronavirus. In the last four months, the Sentiment Index has remained trendless, averaging 73.7, a decline of 25% from the same period in 2019.” UMichigan PR link.

On 07/31/20 the GOLD(GC00) settlement price is $1,985.90/ounce, 06/30/20 it was $1,800.50, 05/31/20 1,743.00, 07/31/19 $1,437.80. GOLD current price link.

On 07/31/20 the OIL(CL1) settlement price is $40.27/barrel, 06/30/20 it was $39.27, 05/31/20 $35.32, 07/31/19 $58.58. OIL current price link.

***Thursday, July 30

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Apple(PBR4) says 3Q20 revenues were at $59.7 billion, +11% from 3Q19, has approved a 4:1 stock split to take effect on 08/31/20. $AAPL PR link.

Johnson & Johnson(PBR35) says its investigational adenovirus serotype 26 (Ad26) vector-based vaccine elicited a robust immune response as demonstrated by “neutralizing antibodies,” successfully preventing subsequent infection and providing complete or near-complete protection in the lungs from the virus in non-human primates in the pre-clinical study, a Phase 1/2a first-in-human clinical trial of the vaccine candidate in healthy volunteers has commenced in the US and Belgium. $JNJ PR link.

Facebook(PBR46) 2Q20 revenues at $18.7 billion, +11% from 2Q19, monthly active users at 2.70 billion, +12% year-over-year. $FB PR link.

Tyson(PBR76) says less than 1% of US workforce of 120,000 has active COVID-19, has created a chief medical officer position and plans to add almost 200 nurses and administrative support personnel to supplement the more than 400 people currently part of the company’s health services team, additional nurses will conduct the on-site testing and assist with case management, coordinating treatment for team members who contract the virus. $TSN PR link.

ViacomCBS(PBR104)’s CBS All Access adds 3,500 episodes from BET, Comedy Central, MTV, Nickelodeon, and Smithsonian Channel, plus new original series and exclusive live sports to its streaming service, to relaunch in 2021, will be largest provider of streaming services. $VIAC PR link.

LabCorp(PBR261) to create a program to offer total antibody testing at no charge through the patient’s doctor in support of increased blood plasma donations for use as a possible COVID-19 treatment. $LH PR link.

Royal Caribbean(PBR283) changes name from Royal Caribbean Cruises Ltd to Royal Caribbean Group(NYSE: RCL), has 63 ships in its fleet with 16 more on order. $RCL PR link.

HanesBrands(PBR419) 2Q20 sales at $1.74 billion, 2Q19 was at $1.76 billion, $752 million was from sales of protective garments globally. $HBI PR link.

The US Dept of Commerce/BEA says the Advance Estimate 2Q20 Real Gross Domestic Product Annual Rate is at -32.9%, 1Q20 was at -5.0%, 4Q19 +2.1%, 2Q19 +2.0%; the 2Q20 Annual GDP is at $19.4 trillion, 1Q20 was at $21.6 trillion, 4Q19 $21.7 trillion, 2Q19 $21.3 trillion. USDOC PR link.

The US Dept of Labor says the Week Ending 07/25/20 US Initial Jobless Claims 4 Week Average is at 1,368,500, 06/20/20 was at 1,620,250, 05/23/20 2,608,000, 07/20/19 213,000; Week Ending 07/18/20 US Total Insured Unemployment 4 Week Average is at 17,058,250, 06/13/20 was at 20,421,250, 05/16/20 22,722,250, 07/13/19 1,697,250. USDOL PR link.

FreddieMac says for the Week Ending 07/30/20 the US Weekly 30 Year Fixed Home Mortgage Rate Averaged 2.99% with 0.8 points/fees, 06/25/20 was at 3.13%, 05/28/20 3.15%, 07/25/19 3.75%. “Rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago. Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall.” FreddieMac PR link.

***Wednesday, July 29

The PBRMarketTools profile for social media giant Facebook(NASDAQ: $FB) has been updated, ranked 46 by revenues on The PBR1000. More on the Facebook Spotlight page.

GE(PBR33) in 2Q20 report says it will fully monetize its remaining stake in Baker Hughers(PBR123) over the next 3 years. $GE PR link.

Qualcomm(PBR120) in 3Q20 report says it will receive around $1.8 billion from Huawei settlement agreement and has entered into a new long-term patent license agreement with Huawei. $QCOM PR link.

Carnival Corp(PBR152) adds 2 more ships to remove from fleet, is in addition to 9 ships previously removed over 90 days, and 4 prior to 2020, expect to record aggregate non-cash impairment charges during 3Q20 to be $600-650 million, impact of COVID-19 pandemic. $CCL PR link.

PG&E(PBR184) and Tesla(PBR117) start construction on a 182.5-megawatt (MW) lithium-ion battery energy storage system (BESS) at PG&E’s electric substation in Moss Landing in Monterey County, will be owned and operated by PG&E, to have the system energized in early 2021 and fully operational in the 2Q21, will be one of the largest utility-owned, lithium-ion battery energy storage systems in the world. $PCG PR link.

JetBlue(PBR377) is deploying Honeywell(PBR85)‘s UV Cabin System as part of a 90 day pilot to evaluate effectiveness of using ultraviolet light to eliminate bacteria and viruses in passenger planes. $JBLU PR link.

Quest Diagnostics(PBR392) gets US FDA Emergence Use Authorization for for a new laboratory technique that speeds the process of extracting viral RNA from specimens and will enable the company to expand its daily capacity of COVID-19 molecular diagnostic tests on behalf of patients in the US, now expects to have the capacity to perform 150,000 tests per day by next week and to continue to build additional capacity beyond that to 185,000 tests per day by Labor Day. $DGX PR link.

Norwegian Cruise Lines(PBR449) extends previously announced suspension of global cruise voyages to include all voyages embarking between 10/01-31/20 for its three cruise brands, plans on monthly update. $NCLH PR link.

WW(PBR971)’s Health Solutions to be offered by CVS Health(PBR5)’s Point Solutions Management, will enable employers and plan sponsors that use CVS Caremark for pharmacy benefits management to access WW Health Solutions with simplified contracting, preferred pricing, and streamlined eligibility and billing processes. $WW PR link.

MGM Resorts(PBR241) elects Acting CEO Bill Hornbuckle as President/CEO, effective immediately. $MGM PR link.

The US Federal Open Market Committee releases statement from its 07/28-29/20 meeting, keeps federal funds short term interest rates at 0.00-0.25%. “The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.” FOMC PR link.

The US Energy Information Administration says the 07/24/20 US Crude Oil Stocks are at 526.0 millions of barrels, 06/19/20 was at 540.7, 05/22/20 534.4, 07/26/19 436.5. USEIA PR link.

***Tuesday, July 28

Walgreens Boots Alliance(PBR18) says contactless same-day curbside pick-up is now available at 8,600+ participating stores nationwide, includes nearly 1000 select grocery items, cleaning supplies, select over the counter products such as cough/cold, pain/fever and immunity support, infant formula/adult nutrition, medical supplies, first aid and paper goods. $WBA PR link.

Cognizant(PBR189) to acquire New Signature, one of the world’s largest independent Microsoft public cloud transformation specialists, to close in 3Q20, terms not disclosed. $CTSH PR link.

L Brands(PBR240) to reduce office headcount by around 15%, about 850 positions, reiterates plan to close around 250 Victoria’s Secret stores, says most Bath & Body Works and Victoria’s Secret stores in N America have reopened. $LB PR link.

Altice USA(PBR315) to sell 49.99% of its Lightpath fiber enterprise business, serving the New York City metro area, to Morgan Stanley Infrastructure Partners (MSIP) for an implied enterprise value of $3.2 billion, ATUS will maintain control of Lightpath, to close in 4Q20. $ATUS PR link.

Avis Budget(PBR334) in 2Q20 report says it has disposed of 100,000+ cars, cancelled 185,000+ incoming vehicle orders, reduced or furloughed 60+% of workforce. $CAR PR link.

AMC Entertainment(PBR501) gets multi-year agreement with Comcast(PBR28)’s Universal Filmed Entertainment Group, includes at least three weekends (17-days) of theatrical exclusivity for all Universal Pictures and Focus Features theatrical releases, at which time the studio will have the option to make its titles available across premium video on demand (PVOD) platforms, including through AMC Theatres On Demand. $AMC PR link.

Harley-Davidson(PBR508) sells 52,700 motorcyclies in 2Q20, compares to 71,800 motorcycles in 2Q19, impact of COVID-19 pandemic, remains focused on its The Rewire restructuring program. $HOG PR link.

Eastman Kodak(PBR983) to get a $765 million loan from the US International Development Finance Corporation (DFC) to support the launch of Kodak Pharmaceuticals, a new arm of the company that will produce critical pharmaceutical components that have been identified as essential but have lapsed into chronic national shortage, as defined by the US Food and Drug Administration (FDA). $KODK PR link.

The US Dept of Commerce/Census says the Preliminary 2Q20 US Total Housing Units is at 140.7 million, Occupied is at 126.8 million, Owner Occupied is at 86.0 million, Renter Occupied 40.8 million, Homeownership Rate is at 67.9%, 1Q20 was at 65.3%, 2Q19 64.8%. USDOC PR link.

The S&P CoreLogic Case-Shiller Preliminary May 2020 US National Home Price Index(01/2000=100) is at 218.87, April 2020 was at 217.45, March 2020 215.20, May 2019 209.53. Case-Shiller PR link.

The Conference Board says the Preliminary July 2020 US Consumer Confidence Index(1985=100) is at 92.6, June 2020 was at 98.3, May 2020 85.9, July 2019 135.8. “Looking ahead, consumers have grown less optimistic about the short-term outlook for the economy and labor market and remain subdued about their financial prospects. Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending.” TCB PR link.

The Federal Reserve Bank of Richmond says the July 2020 US 5th District Manufacturing Index is at +10%, June 2020 was at +0.0%, May 2020 -27%, July 2019 -12%. “Survey respondents were optimistic that conditions would improve in the next six months.” RichmondFed PR link.

The Federal Reserve Bank of Richmond says the July 2020 US 5th District Service Sector Revenue Index is at -14%, June 2020 was at -27%, May 2020 -50%, July 2019 +11%. “… businesses were optimistic that conditions would improve in the coming months.” RichmondFed PR link.

***Monday, July 27

The PBRMarketTools profile for digital financial services company Ally Financial(NYSE: $ALLY) has been updated, ranked 260 by revenues on The PBR1000. More on the Ally Financial Spotlight page.

Lowe’s(PBR44) and ANGI Homeservices(NASDAQ: ANGI) to get leads by offering Lowe’s for Pros Loyalty Program members a free, year-long HomeAdvisor subscription, qualifiying Lowe’s Pro loyalty members will get the annual subscription and also receive a credit for an average of 10 free leads connecting them to HomeAdvisor’s extensive network of millions of homeowners looking for Pros to complete home projects. $LOW PR link.

Under Armour(PBR517) gets a “Wells Notice” from the US SEC, is investigating “pull forward” sales reported from 3Q15 to 4Q16. $UA PR link.

Walgreens Boots Alliance(PBR18) CEO Stefano Pessina to become Executive Chairman, will succeed Jim Skinner upon appointment of new CEO, CEO search starts. $WBA PR link.

***Friday, July 24

The PBRMarketTools US Stock Exchanges Recap for Week 30 ending 07/24/20:

DJIA ends Week 30 at 26,469.89, -0.76% from last Friday, +2.55% MTD/QTD, -7.25% YTD, -10.43% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 30 at 10,363.18, -1.33% from last Friday, +3.03% MTD/QTD, +15.50% YTD, -3.75% from record 10,767.09 set 07/20/20.

SPX ends Week 30 at 3,215.63, -0.28% from last Friday, +3.72% MTD/QTD, -0.47% YTD, -5.04% from record 3,386.15 set 02/19/20.

The Week 30 News Summary: There was a lot press during the week about possible vaccines coming out by the end of 2020 for the coronavirus, which continues to be the headline news. The Coronavirus pandemic tallies as of today at 04:35PM Eastern US by the John Hopkins University CSSE unit is now 15,665,350 confirmed cases globally with 638,169 deaths. For the US it’s 4,106,225 confirmed cases and 145,324 deaths. On the international front US/China relations took another dip as the US demanded China close its Houston, TX, consulate office, with China responding by having the US consulate office closed in Chengdu. US corporate earnings were somewhat mixed as the the pandemic continues to result in lower revenues. Companies are adjusting by acquiring as much cash as they can by taking on a variety of debt, continuing to layoff people, and decrease dividends and stock buybacks. The technology sector continues to be robust, however. The US economy also had mixed signals as initial unemployment claims took another 1+ million leap. But existing and new home sales are showing a nice rebound as mortgage rates remain at historic lows. Congress announced it is working on another round of stimulus projects, expects something to pass probably in August. The US Presidential race took a strange twist when Donald Trump started wearing a mask, and cancelled part of the Republican Convention scheduled for Jacksonville, FL. The Stock Market Bull enjoyed sunshine in the pasture the first 3 days of the week, but The Stock Market Bear aggressively took the last 2 days and squeaked by with a complete 3-0 Week 30, his first since Week 26. Next week is the last in July, there will be some interesting economic reports coming out, can The Stock Market Bull hold onto the lead for the month?

The Week 30 of 2020 tally YTD is:
The Stock Market Bull: 15 weeks
The Stock Market Bear: 13 weeks
Mixed Results: 2 weeks

Intel(PBR45) reports positive reports for 2Q20, but says its key 7nm technology is behind because of discovery of a defect, now expects initial shipments towards end of 2022/early 2023. $INTC PR link.

Goldman Sachs(PBR87) resolves all the criminal and regulatory proceedings in Malaysia, including pending criminal proceedings against subsidiaries of Goldman Sachs and certain of their current and former directors, relating to 1Malaysia Development Berhad (1MDB), involves the payment to Malaysia of $2.5 billion and a guarantee Malaysia receives at least $1.4 billion from assets related to 1MDB seized by governmental authorities around the world. $GS PR link.

Schlumberger(PBR95) says 2Q20 revenues were $5.4 billion, 28% less than 1Q20, 35% year-on-year, taking $1+ billion charge for severance expenses of 21,000 employees. $SLB PR link.

Gilead Sciences(PBR133)’s Kite unit gets US FDA accelerated approval to Tecartus™ (brexucabtagene autoleucel, formerly KTE-X19), the first and only approved chimeric antigen receptor (CAR) T cell therapy for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL). $GILD PR link.

NRG Energy(PBR312) to acquire Direct Energy, a N American subsidiary of Centrica PLC, for $3.625 billion in an all-cash transaction, has operations in all 50 US states and 6 Canadian provinces, is a leading retail providers of electricity, natural gas, and home and business energy-related products and services, to close by 12/31/20. $NRG PR link.

Ascena Retail(PBR499) gets bankruptcy court approval for “first day” motions, including access to $430+ million in cash collateral, also approved procedures for store closing sales, including all Catherines stores, a significant number of Justice stores and a select number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores. $ASNA PR link.

Tailored Brands(PBR772) gets NYSE notification that it is no longer in compliance with listing standards, has 18 months to cure the deficiencies. $TLRD PR link.

The US Dept of Commerce/HUD says the Preliminary June 2020 New Family Homes Sold Annual Rate is at 776,000, May 2020 was at 682,000, April 2020 571,000, June 2019 726,000; June 2020 Median Home Price is at $329,200, May 2020 was at $310,200, April 2020 $307,100, June 2019 $311,800. USDOC PR link.

***Thursday, July 23

The PBRMarketTools profile for global medical devices company Boston Scientific(NYSE: $BSX) has been updated, ranked 288 by revenues on The PBR1000. More on the Boston Scientific Spotlight page.

Dow(PBR74) in 2Q20 report provides analysis on impact of coronavirus pandemic, plans 6% reduction in global workforce. $DOW PR link.

Ascena Retail(PBR499) has entered into a restructuring support agreement with over 68% of its secured term lenders, is expected to significantly reduce debt by approximately $1 billion, provide increased financial flexibility to enable the Company to continue its focus on generating profitable growth, to carry out plan has filed voluntary Chapter 11 petitions in the US Bankruptcy Court. $ASNAPR link.

AMC Entertainment(PBR501) now planning to reopen its US movie theatres in mid to late 08/20, approximately one-third of all AMC cinemas in Europe and the Middle East are already open and are operating normally. $AMC PR link.

ScanSource(PBR636) to implement a $30 million expense reduction plan in response to effect of COVID-19 pandemic, includes reduction of executive salaries, reduction of workforce, excludes its strong growth Intelisys business, will wind-down the Canpango professional services business. $SCSC PR link.

Twitter(PBR677) average monetizable daily active usage reached 186 million users in 2Q20, up 34% year over year, revenues were down 19%, indicating a moderate recovery, and there was an operating loss, but ad server project is nearly finished. $TWTR PR link.

SM Energy(PBR949) President/CEO Javan (Jay) D. Ottoson announces intention to retire by the end of 2020, serve on the Board until annual meeting in 05/21, EVP/COO Herbert S. Vogel appointed to be President/COO. $SM PR link.

The Conference Board says the Preliminary May 2020 US Leading Economic Index(2016=100) is at 102.0, April 2020 was at 100.0, March 2020 96.8, May 2019 111.7. “Together with a resurgence of new COVID-19 cases across much of the nation, the LEI suggests that the US economy will remain in recession territory in the near term.” TCB PR link.

***Wednesday, July 22

Alphabet(PBR11)’s Waymo unit gets expanded strategic technology partnership with Fiat Chrysler Auto for L4 fully self-driving technology across FCA’s full product portfolio. $GOOG PR link.

Pfizer(PBR63) and BioNTech SE (Nasdaq: BNTX) get $1.95 billion deal from the US federal government for 100 million doses of COVID-19 vaccine by the end of 2020, contingent on US FDA approval or emergency use authorization, potentially more than 1.3 billion doses by the end of 2021, Americans will receive the vaccine for free. $PFE PR link.

Nike(PBR81) moving towards its Consumer Direct Acceleration business model, announces leadership changes, expects to lead to a net loss of jobs across the company, resulting in pre-tax one-time employee termination costs of approximately $200 million to $250 million. $NKE PR link.

Tesla(PBR117 $TSLA) 4th US factory to be in Austin, TX, 2,000 acre complex, will build the Tesla Cybertruck, a pickup truck, and the Tesla Semi, a long-haul commercial truck as well as Model 3 and Model Y for the East Coast, will continue to grow in California, too, had an unexpected profitable 2Q20. MarketWatch PR link.

Marriott Intl(PBR150) opens its 800th property in Asia Pacific, the JW Marriott Nara in Japan, marks the entry of the JW Marriott brand into Japan. $MAR PR link.

Carnival Corp(PBR152)’s Princess Cruises extends pause of select global ship operations through 10/31/20 and 12/15/20. $CCL PR link.

AMD(PBR433) announces AMD Ryzen 4000 Series Desktop Processors with AMD Radeon Graphics Set for commercial and consumer desktop PCs. $AMD PR link.

The New York Times(PBR925) to acquire podcaster Serial Productions, has also entered into an ongoing creative and strategic alliance with “This American Life” that will enable it to continue to collaborate on long-form audio stories with Serial Productions and to collaborate on marketing and advertising sales with The Times, terms not disclosed. $NYT PR link.

Pyxus(PBR929)‘s Prepackaged Plan of Reorganization was overwhelmingly approved by each class of creditors entitled to vote, bankruptcy court hearing to consider approval of the Chapter 11 Prepackaged Plan is scheduled for 08/18/20. $PYXSQ PR link.

The New York Times(PBR925) President/CEO/Director Mark Thompson to step down from all roles effective 08/08/20, COO Meredith Kopit Levien named successor. $NYT PR link.

The Natl Assn of Realtors says the Preliminary June 2020 US Existing Home Sales Annual Rate is at 4,720,000, May 2020 was at 3,910,000, April 2020 4,330,000, June 2019 5,320,000; June 2020 Median Price is at $295,300, May 2020 was at $284,600, April 2020 $286,800, June 2019 $285,400; FreddieMac says June 2020 Average 30 Year Fixed Mortgage Rate is at 3.16%. “The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown… This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.” NAR PR link.

ADP says that 2Q20 US Wage Growth is at +6.0%, 2Q19 was at +3.9%; Wage Level is at $30.25/hr, 2Q19 was at $28.53; 2Q20 Job Growth is at -10.2%, 2Q19 was at +1.9%; 2Q20 Turnover Rate is at +80.0%, 2Q19 was at +68.5%. “While fiscal stimulus has helped, business closures and job losses continue, albeit at a slower pace, particularly as a resurgence in COVID-19 case counts has overtaken much of the country in June.” ADP PR link.

***Tuesday, July 21

The PBR1000 June 2020 Stocks & Commodities Snapshots Summary blog has been posted, includes US stock exchanges analysis, Top 5 Stock Performers in 4 categories. June 2020 Stocks & Commodities blog post.

PBRMarketTools profile for consumer giant Amazon.com(NASDAQ: $AMZN) has been updated, ranked 2 by revenues on The PBR1000. More on the Amazon.com Spotlight page.

Walmart(PBR1) to pay out another round of special bonuses, $300 for full-time hourly associates and $150 for part-time hourly and temporary associates, Drivers, Managers and Assistant Managers in stores, clubs, DCs, FCs and Health & Wellness will also receive a bonus, adds up to around $428 million; will also be closing all Walmart and Sam’s Club stores for Thanksgiving. $WMT PR link.

Microsoft(PBR20)’s LinkedIn unit to reduce its Global Sales and Talent Acquisition organizations by around 960 positions, 6% of the workforce, in response to Coronavirus pandemic. $MSFT PR link.

Best Buy(PBR72) raising the starting hourly wage for all Domestic employees to $15 effective 08/02/20, sales up around 15% compared to last year since stores reopened. $BBY PR link.

Gilead Sciences(PBR133) to acquire a 49.9% equity interest in Tizona Therapeutics, a privately held company developing first-in-class cancer immunotherapies, for $300 million, also gets an exclusive option to acquire the remainder of Tizona for up to an additional $1.25 billion, to close in 3Q20. $GILD PR link.

FirstEnergy(PBR281) says it has received subpoenas in connection with the investigation regarding possible bribery issues surrounding Ohio House Bill 6, are reviewing the details, intend to fully cooperate. $FE PR link.

Bed Bath & Beyond(PBR276) and 1-800-FLOWERS.COM(Nasdaq: FLWS) settle litigation relating to sale of BBBY’s PersonalizationMall.com, FLWS to pay $245 million, to close by 08/03/20. $BBBY PR link.

eBay(PBR287) to transfer its Classifieds business to Norway based Adevinta(OSLO: ADE) for a total consideration valued at approximately $9.2 billion, will receive $2.5 billion in cash and approximately 540 million Adevinta shares, would represent an equity stake of approximately 44% and around 33.3% voting stake. $EBAY PR link.

Boston Scientific(PBR288) gets US FDA approval for the WATCHMAN FLX™ Left Atrial Appendage Closure (LAAC) Device indicated to reduce the risk of stroke in certain types of patients. $BSX PR link.

Hertz(PBR314 $HTZ) inks temporary $650 million deal with creditors linked to fleet-reduction plan. MarketWatch PR link.

Tailored Brands(PBR772) expects to reduce corporate workforce by around 20%, up to 500 stores identified for potential closure over time, in response to Coronavirus pandemic, 96% of stores have reopened. $TLRD PR link.

Wendy’s(PBR939) launches “Wendy’s Rewards” mobile app program across the US. $WEN PR link.

Tapestry(PBR468) Chairman/CEO Jide Zeitlin resigns from all roles immediately for personal reasons, CFO Joanne Crevoiserat appointed Interim CEO, Lead Independent Director Susan Kropf appointed Chair, CEO search starts, to include internal and external candidates. $TPR PR link.

The Federal Reserve Bank of Chicago says the Preliminary June 2020 National Activity Index is at +4.11, May 2020 was at +3.50, April 2020 -18.09, June 2019 +0.13. ChiFed PR link.

The Federal Reserve Bank of Philadelphia says the July 2020 US 3rd District Non-Manufacturing General Activity Index is at +0.7, June 2020 was at -3.6, May 2020 -68.6, July 2019 +18.4. “The respondents expect overall improvement in conditions over the next six months, as both future activity indexes remain positive.” PhillyFed PR link.

***Monday, July 20

Walmart(PBR1 $WMT) has restarted talks on the sale of a stake in Asda in a deal that could value the UK supermarket at £7bn, 15 months after the collapse of a planned merger with Sainsbury’s. The Guardian PR link.

Chevron(PBR15) to acquire Noble Energy(PBR587) in an all share purchase at $10.38/share, around $5 billion, total enterprise value, including debt, is $13 billion, to close in 4Q20. $CVX PR link.

Verizon(PBR19) launches “Groceries from Walmart,” enables Yahoo Mail users to browse, add to cart, and buy essential groceries from Walmart(PBR1) right within Yahoo Mail. $VZ PR link.

Pfizer(PBR63) and BioNTech SE(Nasdaq: BNTX) announce early postive update from German Phase 1/2 COVID-19 vaccine study, including first T cell response data. $PFE PR link.

Pfizer(PBR63) and BioNTech SE(Nasdaq: BNTX) gets agreement with the United Kingdom to supply 30 million doses of their BNT162 mRNA-based vaccine candidate against SARS-CoV-2, currently in development, subject to clinical success and regulatory approval, to be delivered in 2020 and 2021, sales terms not disclosed. $PFE PR link.

eBay(PBR287) payments agreement with PayPal(PBR177) expires, eBay management of payments begins scaling globally. $EBAY PR link.

Caesars Entertainment(PBR350) $12.75/share, $17.3 billion cash/stock acquisition by Eldorado Resorts(NASDAQ: ERI) is completed, name changed from Caesars Entertainment Corp to Caesars Entertainment, Inc., creates the largest casino and entertainment company in the US, combined company owns and operates more than 55 casino properties worldwide. $CZR PR link.

Quest Diagnostics(PBR392) gets US FDA emergence use authorization to use specimen pooling with its proprietary molecular diagnostic test for COVID-19. $DGX PR link.

Ulta Beauty(PBR401) says about 50% of furloughed workers have been reactivated, has completed its phased reopening process, goal is still to have 1,500-1,700 stores in the US, to close 19 stores, add additional stores, plans entry in Canada in mid-2021. $ULTA PR link.

Flowers Foods(PBR614) in strategic restructuring consolidates its Fresh Packaged Bread business unit and Specialty/Snacking business unit into a single function, has eliminated approximately 250 positions across different departments and job levels. $FLO PR link.

E*Trade(PBR770) shareholders approve around $13 billion all stock acquisition by Morgan Stanley(PBR60), to close in 4Q20. $ETFC PR link.

Briggs & Stratton(PBR922) enters into agreement to sell shares and assets to KPS Capital Partners, is subject to higher or better bids from other potential purchasers, BGG also files for voluntary reorganization under Chapter 11 bankruptcy, has obtained $677.5 million in Debtor-In-Possession financing. $BGG PR link.

Dollar Tree(PBR125) CEO Gary Philbin retires, remains on Board and as an executive through 09/23/20, Enterprise President Michael A. Witynski promoted to President/CEO. $DLTR PR link.

***Friday, July 17

The PBRMarketTools US Stock Exchanges Recap for Week 29 ending 07/17/20:

DJIA ends Week 29 at 26,671.95, +2.29% from last Friday, +3.33% MTD/QTD, -6.54% YTD, -9.74% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 29 at 10,503.19, -1.08% from last Friday, +4.42% MTD/QTD, +17.06% YTD, -1.08% from record 10,617.44 set 07/10/20.

SPX ends Week 29 at 3,224.73, +1.25% from last Friday, +4.01% MTD/QTD, -0.19% YTD, -4.77% from record 3,386.15 set 02/19/20.

The Week 29 News Summary: We are well into summer and the hot news continues to be the Coronavirus Pandemic. The tallies as of today at 03:34PM Eastern US by the John Hopkins University CSSE unit is now 13,937,648 confirmed cases globally with 593,369 deaths. For the US it’s 3,634,807 confirmed cases and 139,076 deaths. Most health experts are now forecasting continued growth in cases for at least a few more weeks, and some beyond that. In the US many states that have reopened for business are shutting down some sectors, like restaurants, and/or requiring the use of face masks. The continued spread and reputation of the virus is now causing a great deal of concern by educational institutions as they try to figure out how to reopen safely, and most conceding that 100% virtual education is not necessarily effective for learning and is affecting socialization skills. On a more positive note, some potential vaccines and testing kits are entering advance evaluation phases. The US economy this week provided mixed signals. Job losses are a little lower but remain high, weekly unemployment benefits will be expiring in the next couple of weeks, but housing starts and permits are up, 30 year fixed mortgage rates went below 3% for the first time, manufacturing output is up, capacity utilization is up. At the same time there are renewed trade tensions between the US and China, global oil prices are remaining relatively stable but still at lower prices than last year. The US Congress is working on a new stimulus program, details are very sketchy at this time and might require they work through their normal August break. The stock market ended the week mixed as well. The Stock Market Bull took 3 out of the 5 days in Week 29, but The Stock Market Bear did enough damage on his 2 days for the markets to end mixed 2-1 in favor of the Bull, the first mixed result of 2020 since Week 1. Stay tuned as the summer excitement continues!

The Week 29 of 2020 tally YTD is:
The Stock Market Bull: 15 weeks
The Stock Market Bear: 12 weeks
Mixed Results: 2 weeks

Exelon(PBR89)’s ComEd subsidiary gets agreement with the US Dept of Justice, resolves the investigation into ComEd’s historical lobbying practices in Illinois, EXC has agreed to make payments totaling $200 million. $EXC PR link.

Franklin Resources(PBR476) has all needed approvals for $50.00/share cash, around $4.4 billion, acquisition of Legg Mason(PBR761), will also assume about $2 billion of LM debt, to close on 07/31/20. $BRN PR link.

The US Dept of Commerce/HUD says the Preliminary June 2020 US New Residential Building Permits Issued Annual Rate is at 1,241,000, May 2020 was at 1,216,000, April 2020 1,066,000, June 2019 1,273,000. Click on the link for Housing Starts and Completions data. USDOC PR link.

The U of Michigan Preliminary July 2020 Consumer Sentiment Index is at 73.2, June 2020 was at 78.1, May 2020 72.3, July 2019 98.4. “… declines are more likely in the months ahead as the coronavirus spreads and causes continued economic harm, social disruptions, and permanent scarring.” UMichigan PR link.

***Thursday, July 16

The PBR25 Top Buy Stocks have 12 month average returns estimated at +21.1% to +45.5% with 12 to 41 buy recommendations by analysts. More at The PBR25 page.

Ford(PBR12) and longtime leasing services partner ALD Automotive to form Ford Fleet Management for European private and corporate customers, will be an integrated leasing and fleet management solution, will begin in autumn in the UK. $F PR link.

JetBlue(PBR377) and American Airlines(PBR68) create a strategic partnership that will create seamless connectivity for travelers in the Northeast and more choice for customers across their complementary domestic and international networks. $AAL PR link.

3M(PBR98) has created resources to fight fraud, filed 18 lawsuits and removed thousands of deceptive websites and social media posts to stop pandemic profiteers. $MMM PR link.

Thermo Fisher Scientific(PBR112) amends acquisition of Netherlands based global provider of molecular diagnostics and sample preparation technologies QIAGEN NV(NYSE: QGEN; Frankfurt Prime Standard: QIA) from $11.5 billion to $12.7 billion cash, includes $1.2 billion in debt, tender offer expiration date is 08/10/20. $TMO PR link.

Carnival Corp(PBR152)’s Holland America Line ships Amsterdam, Maasdam, Rotterdam and Veendam will be leaving the fleet and transferring to undisclosed buyers in 2020, some cruises to be cancelled, 10 ships with an 11th on the way in 2021 to comprise the premium line’s fleet. $CCL PR link.

Netflix(PBR157) 2Q20 shows 10.1 million net adds compared to 2.7 million in 2Q19, expects slower rate for rest of year, Ted Sarandos appointed Co-CEO. $NFLX PR link.

Uber(PBR225) has acquired Routematch, supports cities in providing more accessible public transportation, has 500 transit agency partners in urban, suburban, and rural communities around the world, terms not disclosed. $UBER PR link.

Norwegian Cruise Lines(PBR449) has commenced an underwritten public offering of $250 million of ordinary shares, expects to use the net proceeds for general corporate purposes. $NCLH PR link.

Windstream(PBR481) says in 1H20 it has enabled approximately 100,000 new locations with gigabit-capable services and added over 40,000 net new broadband subscribers. $WINMQ PR link.

The US Dept of Commerce/Census says the Preliminary May 2020 US Sales-Manufacturers is at $417.0 billion, Retailers $448.2, Wholesalers $419.1, Total Sales $1,284.3 billion, April 2020 was at $1,185.0 billion, March 2020 $1,384.2 billion, May 2019 $1,455.7 billion. USDOC PR link.

The US Dept of Commerce/Census says the Advance June 2020 US Sales-Retail is at $476.9 billion, Food Services & Drinking Places $47.4 billion, for Total Retail Sales $524.3 billion, May 2020 was at $487.7 billion, April 2020 $412.8 billion, June 2019 $518.6 billion. USDOC PR link.

The Federal Reserve Bank of Philadelphia says the July 2020 3rd District Manufacturing General Business Indicator is at +24.1, June 2020 was at +27.5, May 2020 -43.1, July 2019 +16.6. “Although future indicators for general activity, new orders, and shipments declined from last month’s readings, the indexes remained elevated, suggesting that the firms expect overall growth over the next six months.” PhillyFed PR link.

The Natl Assn of Home Builders says the Preliminary July 2020 Composite Housing Market Index is at 72, June 2020 was at 58, May 2020 37, July 2019 65. “The HMI now stands at the solid pre-pandemic reading in March before the outbreak affected much of the nation… Builders are seeing strong traffic and lots of interest in new construction as existing home inventory remains lean, …” NAHB PR link.

***Wednesday, July 15

PBRMarketTools profile for technology giant Microsoft(NASDAQ: $MSFT) has been updated, ranked 20 by revenues on The PBR1000. More on the Microsoft Spotlight page.

Amazon(PBR2) to open a new 820,000 sf fulfillment center in Pflugerville, TX, to open in 2021, to create 1,000 new fulltime jobs. $AMZN PR link.

Apple(PBR4 $AAPL) wins European Union court battle over unpaid Irish tax bill of $15 billion, may be subject to appeal. MarketWatch PR link.

Alphabet(PBR11)’s Google unit to invest $4.5 billion in India’s Jio Platforms Ltd, taking a 7.73% stake in the company, is the first investment from the Google For India Digitization Fund, aims to accelerate India’s digital economy over the next five to seven years. $GOOG PR link.

Dell(PBR34) exploring spin-off of its 81% equity ownership interest in VMware (NYSE:VMW), would not occur prior to 09/21. $DELL PR link.

Boeing(PBR40), NASA’s lead industry partner for the International Space Station (ISS) since 1993, will continue supporting the orbiting laboratory through 09/24 under a $916 million contract extension. $BA PR link.

American Airlines(PBR68)informed approximately 25,000 U.S.-based employees of American and its affiliates, either directly or through a union representative, of the possibility of a workforce reduction at their work location, notices are part of response to the impacts of the COVID-19 pandemic, layoffs could start on or after 10/01/20. $AAL PR link.

Navistar(PBR274) and global self-driving technology company TuSimple have entered into a strategic partnership to co-develop SAE Level 4 self-driving trucks targeted for production by 2024. $NAV PR link.

JCPenney(PBR290) has identified 152 store closures, will reduce its workforce by approximately 1,000 corporate, field management, and international positions. $JCPNQ PR link.

Chipotle(PBR491) to hire as many as 10,000 employees over the next few months, including hourly and salaried management positions as well as crew, opening its 100th ChipotleLane drive-thru digital order pick-up lane later this month. $CMG PR link.

Edwards Lifesciences(PBR598) gets US FDA approval for the KONECT RESILIA aortic valved conduit (AVC), the first ready-to-implant solution for bio-Bentall procedures. $EW PR link.

Elanco Animal Health(PBR734) gets unanimous US Federal Trade Commission approval to acquire the animal health business of Bayer AG(ETR: BAYN) for $7.6 billion, 70% cash, 30% equity, last approval needed, to close around 08/01/20. $ELAN PR link.

Olin Corp(PBR467) hires Scott M. Sutton to succeed John E. Fischer as President/CEO, Fischer will become Executive Chairman, both effective 09/01/20. $OLN PR link.

The US Federal Reserve System says the Preliminary June 2020 Manufacturing Capacity Utilization is at 68.6%, May 2020 was at 65.1%, April 2020 64.2%, June 2019 77.7%. USFed PR link.

The US Dept of Labor says the Preliminary June 2020 US Change in Import Prices is at +1.4%, May 2020 was at +0.8%, April 2020 -2.6%, June 2019 -1.1%; the Preliminary June 2020 US Change in Export Prices is at +1.4%, May 2020 was at +0.4%, April 2020 -3.4%, June 2019 -0.6%; Last 12 Months Change in Import Prices is at -2.0%, Export Prices -1.6%. USDOL PR link.

The US Federal Reserve Bank of New York says the July 2020 Empire State Manufacturing General Business Conditions Index is at +17.2, June 2020 was at -0.2, May 2020 -48.5, July 2020 +4.2. “Firms remained optimistic about the six-month outlook, though less so than in June.” NYFed PR link.

The US Federal Reserve releases the Beige Book, says “Economic activity increased in almost all Districts, but remained well below where it was prior to the COVID-19 pandemic… Outlooks remained highly uncertain, as contacts grappled with how long the COVID-19 pandemic would continue and the magnitude of its economic implications.” USFed PR link.

***Tuesday, July 14

Amazon(PBR2) is collaborating with national provider Crossover Health to pilot convenient health centers for employees near its fulfillment centers and operations facilities in Texas, with 20 centers planned for 5 states in months ahead. $AMZN PR link.

Verizon(PBR19) announces several enhancements to its BlueJeans by Verizon videoconferencing service, including being able to host up to 150 speakers and 50,000 attendees. $VZ PR link.

Boeing(PBR40) delivered 20 commercial airplanes during 2Q20, had delivered 70 in 2Q19, reflects the significant impacts of the COVID-19 pandemic on customers and operations. $BA PR link.

3M(PBR98) and MIT doing research to learn if a simple-to-use, diagnostic device can produce highly accurate results to detect COVID-19 within minutes and is feasible to mass manufacture. $MMM PR link.

MGM Resorts(PBR241) to reopen its Borgata Hotel Casino & Spa in Atlantic City, NJ, on 07/26/20, with health protocols. $MGM PR link.

Lithia Motors(PBR245) has acquired $60 million in annual revenues DCH Subaru of Thousand Oaks, CA, now has 189 physical locations across the US through its 6 business lines. $LAD PR link.

Bed Bath & Beyond(PBR276) in Investors FAQ document says nearly all stores have opened, For the month of June, total comparable sales, for stores that have reopened and from digital channels combined, was positive and cash flow was positive. $BBBY PR link.

PVH(PBR311) to streamline its N American operations, is exiting its 162 outlet store Heritage Brands Retail business by mid 2021 and reducing its office workforce by approximately 450 positions or 12%. $PVH PR link.

Sirius XM Radio(PBR388) adds $2 billion to its share repurchase program. $SIRI PR link.

The US Dept of Labor says the June 2020 US Monthly All Items Consumer Price Index is at +0.6%, May 2020 was at -0.1%, April 2020 -0.8%, June 2019 +0.1%, Last 12 Months(Unadjusted) is at +0.6%. USDOL PR link.

The US Dept of Labor says the Preliminary June 2020 US Current Employee Average Earnings Per Hour is at $29.37, Average Weekly Hours are at 34.5, for Current Average Weekly Earnings of $1,013.27, May 2020 was at $1,031.28, April 2020 $1,027.03, June 2019 $961.82. USDOL PR link.

CoreLogic says the April 2020 US Home Mortgages 30 or More Days Delinquent is at 6.1%, March 2020 was at 3.6%, February 2020 3.6%, April 2019 3.6%. “Early-stage delinquencies (30-59 days past due) reached its highest level in at least 21 years in April. With home prices expected to drop 6.6% by May 2021, thus depleting home equity buffers for borrowers, we can expect to see an increase in later-stage delinquency and foreclosure rates in the coming months.” CoreLogic PR link.

***Monday, July 13

PBRMarketTools profiles HCA Holdings(NYSE: $HCA), one of the leading providers of healthcare services in the US, ranked 64 by revenues on The PBR1000. More on the HCA Holdings Spotlight page.

Walt Disney(PBR49) to again temporarily close Hong Kong Disneyland on 07/15/20 as required by the government and health authorities per coronavirus cases increase, resort hotels will remain open with adjusted level of services. $DIS PR link.

Pfizer(PBR63) and BioNTech SE (Nasdaq: BNTX) say two of the companies’ four investigational vaccine candidates from their BNT162 mRNA-based vaccine program (BNT162b1 and BNT162b2) being developed to help protect against SARS-CoV-2 received Fast Track designation from the US FDA, could manufacture 100 million doses by end of 2020 if all milestones and regulatory requirements met. $PFE PR link.

Hewlett Packard Enterprises(PBR102) to acquire Silver Peak, an SD-WAN (Software-Defined Wide Area Network) leader, for $925 million cash, will be combined with HPE’s Aruba business unit, to close by 10/31/20. $HPE PR link.

Sirius XM Radio(PBR388) to acquire pioneer in podcast production, distribution, and ad sales company Stitcher from E W Scripps (NASDAQ: SSP) for $265 million cash plus up to $60 million based on milestones achieved, to close in 3Q20. $SIRI PR link.

Analog Devices(PBR463) to acquire analog and mixed-signal products and technologies developer Maxim Integrated(PBR852) in an all stock transaction that will value the combination at $68 billion, 69% owned by ADI 31% by MXIM, to close in summer 2021. $ADI PR link.

AMC Entertainment(PBR501) reaches agreement to reduce debt by at least $460 million and secures $300 million in new funding. $AMC PR link.

Edwards Lifesciences(PBR598) settles with Abbott Labs(PBR99) on all outstanding patent disputes in cases related to transcatheter mitral and tricuspid repair products, EW to pay a one-time settlement fee plus royalty expenses through May 2024. $EW PR link.

The US Dept of Treasury says the June 2020 US Federal Government Receipts are $240.8 billion, Outlays $1,104.9 billion, Deficit is $864.1 billion; YTD Receipts(9 months) is at $2.260 trillion, YTD Outlays $5.004 trillion, YTD Deficit is at $2.744 trillion, June 2019 YTD Deficit was at $747.1 billion. US Treasury PR link.

The Federal Reserve Bank of New York says the June 2020 US Survey of Consumer Expectations shows that “consumers … remain less optimistic about earnings growth, income growth, and job finding expectations compared to the period before the COVID-19 outbreak. But some indicators measuring the outlook for household financial conditions show considerable improvement: home price growth expectations increased and the average probability of missing a future minimum debt payment reached a new series low.” NYFed PR link.

Adobe reports that June 2020 US Total Online Spending “was at $73 billion, up 76.2% from June 2019, down from May’s $82.5 million – a decrease that, in general, is typical at this time of the year… spend is still tracking above 2019 holiday season levels.” Adobe PR link.

***Friday, July 10

The PBRMarketTools US Stock Exchanges Recap for Week 28 ending 07/10/20:

DJIA ends Week 28 at 26,075.3, +0.96% from last Friday, +1.02% MTD/QTD, -8.63% YTD, -11.76% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 28 at record 10,617.44, +4.01% from last Friday, +5.55% MTD/QTD, +18.33% YTD, +0.00% from record 10,617.44 set 07/10/20.

SPX ends Week 28 at 3,185.04, +1.76% from last Friday, +2.73% MTD/QTD, -1.42% YTD, -5.94% from record 3,386.15 set 02/19/20.

The Week 28 News Summary: Like an untamed wildfire the coronavirus pandemic continues to be a part of nearly every news item. The coronavirus pandemic tally as of today at 12:35PM Eastern US by the John Hopkins University CSSE unit is now 12,376,147 confirmed cases globally with 556,895 deaths. For the US it’s 3,163,505 confirmed cases and 133,777 deaths. However, US economic news was generally positive to neutral throughout the week. While states vacillate between reopening or reclosing their economic engines nationally job hires were up, initial jobless claims were down a little, business surveys indicated mostly positiveness, most major brand retail chains have reopened nearly all their locations, but permanent workforce reductions have been announced as retailers restructure their operations and push for a more balanced digital e-commerce/brick and mortar stores mixed model. Most economic leaders indicate that they are seeing a 2 or more years recovery, especially if the coronavirus pandemic continues. Health officials and companies are indicating that a vaccine will be available by the end of the year at the earliest. Professional and college sports, a big staple of the American lifestyle, struggle to figure out how to move ahead. Riots and protests that sometimes included the tearing down of statues were noticeably absent during the week as people are finding out that having meaningful discussions are more productive. The opening of schools at all levels for the fall season is becoming a big issue loaded with lots of well-intended ideas and opinions, with a lot of important decisions to be made. The US presidential race heated up a little bit and looks to start accelerating soon. Amid all that news the US stock exchanges moved forward for a second week in a row. The Stock Market Bull did a big snort against the coronavirus as the NASDAQ chalked up 4 record days during the week and it continues to be well ahead for the year. The Stock Market Bear did take 2 out of the first 4 days, but it was for naught as on Friday The Stock Market Bull confidently ruled the pasture at the end of the day to take Week 28 with a 3-0 win. Next week there is a lot of economic news scheduled along with the constant coronavirus pandemic updates, so it should be another interesting week with more volatility probable. Stay safe, take a deep breath when needed, and stay focused on doing the best you can during these uncertain times.

The Week 28 of 2020 tally YTD is:
The Stock Market Bull: 15 weeks
The Stock Market Bear: 12 weeks
Mixed Results: 1 week

Carnival Corp(PBR152) sold 1 ship in June, has sell agreements for 5 ships, preliminary agreements to sell another 3 ships, all within 90 days, expects only 5 of 9 ships scheduled for delivery in fiscal years 2020 and 2021 to be delivered by end of fiscal 2021. $CCL PR link.

Royal Caribbean(PBR283) has purchased the remaining shares it did not own of Silversea Cruises, a pioneer and leader in ultra-luxury and expedition cruising, had purchased two-thirds of company in 07/18, used 5.2 million RCL shares for this purchase. $RCL PR link.

Penn Natl Gaming(PBR514)‘s Plainridge Park Casino in Massachusetts reopened on July 8 and Hollywood Casino Bangor in Maine is reopening today, 37 of its 41 gaming and racing properties have resumed operations with social distancing and safety protocols. $PENN PR link.

Square(PBR561) has acquired Stitch Labs, an operations management platform for growing commerce brands, plans to sunset Stitch Labs’s products in Spring 2021 so the team can focus on building out Square tools. $SQ PR link.

Express(PBR893) says 95% of its fashion stores have reopened, traffic and sales have steadily improved and its e-Commerce demand was positive in June. $EXPR PR link.

Greenbrier(PBR740) Chairman/CEO Bill Furman has agreed to continue in his current position for up to two more years, to retire from all positions in 09/22, agrees to modified compensation program. $GBX PR link.

The US Dept of Labor says the Preliminary June 2020 US Producer Price Index Total Monthly Final Demand is at -0.2%, May 2020 was at +0.4%, April 2020 -1.3%, June 2019 -0.2%; Last 12 Months Change is at -0.8%. USDOL PR link.

***Thursday, July 9

Walgreens Boots Alliance(PBR18) in 3Q20 report says most significant COVID-19 impact was in UK market, resulting in non-cash impairment charges of $2 billion, reorganization actions will impact more than 4,000 positions (7% of the workforce, mostly in the UK). $WBA PR link.

Merck(PBR66) Animal Health division gets US FDA approval for BRAVECTO® 1-MONTH (fluralaner) Chews for dogs and puppies 8 weeks of age and older, for treatment and prevention of fleas and treatment and control of ticks. $MRK PR link.

AbbVie(PBR94) gets US FDA approval for a supplemental Biologics License Application (sBLA) that supports expanded use of BOTOX® for the treatment of spasticity in pediatric patients 2 years of age and older, including those with lower limb spasticity caused by cerebral palsy. $ABBV PR link.

Carnival Corp(PBR152)’s Germany based AIDA Cruises unit to resume sailing operations in 08/20 with 3 sailings. $CCL PR link.

MGM Resorts(PBR241) gets multi-year sports betting partnership with the Denver Broncos, includes a new BetMGM Lounge at Empower Field of Mile High Stadium. $MGM PR link.

ConAgra Brands(PBR322) launches more than two dozen new products, hitting shelves this summer, including plant-based meals, keto-friendly diets. $CAG PR link.

Harley-Davidson(PBR508) is overhauling its global operating model, including a leaner, more nimble organization, called The Rewire, requires approximately 700 fewer positions across the company’s global operations with approximately 500 employees expected to exit the organization through 2020. $HOG PR link.

The US Dept of Commerce/Census says the Preliminary May 2020 Wholesale Sales-Durable Goods is at $207.5 billion, Non-Durable Goods $211.6, Total Wholesale Sales $419.1 billion, April 2020 was at $397.6 billion, March 2020 $475.6, May 2019 $500.2 billion. USDOC PR link.

***Wednesday, July 8

Ford(PBR12) in 2Q20 report says sales in greater China were at 158,589 vehicles, represents a 3% growth year-over-year and 78.7% sales increase compared to 1Q20. $F PR link.

Walgreens Boots Alliance(PBR18) to be the first national pharmacy chain to offer full-service doctor offices co-located at its stores at a large scale, following a highly successful trial begun last year, in partnership with VillageMD will open 500-700 “Village Medical at Walgreens” physician-led primary care clinics in more than 30 US markets in the next five years, with the intent to build hundreds more thereafter, initially will be staffed by more than 3,600 primary care providers, who will be recruited by VillageMD. $WBA PR link.

IBM(PBR38) to acquire Brazilian software provider of robotic process automation (RPA) WDG Automation, further advances IBM’s AI-infused automation capabilities, to close in 3Q20, terms not disclosed. $IBM PR link.

Allstate(PBR70) to acquire National General Holdings Corp for approximately $4 billion in cash, or $34.50 per share, 2019 gross premiums written were $5.6 billion, generated operating income of $319 million, to close in early 2021. $ALL PR link.

United Airlines(PBR73) SEC filings says it has informed approximately 36,000 US-based employees, either directly or through a union representative, of plans to implement a workforce reduction at their work location, is part of the Company’s strategic realignment of its business and new organizational structure as a result of the impacts of the COVID-19 pandemic. $UAL PR link.

American Express(PBR72), Discover Financial(PBR227), MasterCard(PBR186) and VISA(PBR130) are each beginning technical preparations for global expansion of the Click to Pay online checkout – based on the EMV® Secure Remote Commerce industry standard, universal digital checkout solution started in the US in October 2019, in use b over 10,000 merchants. $V PR link.

Bed Bath & Beyond(PBR276) in 1Q20 report says it has seen a surge in online buying, plans on closing around 200 stores over the next 2 years, response to COVID-19 pandemic. $BBBY PR link.

KKR(PBR609) to acquire 2+ million policyholders retirement and life insurance company Global Atlantic Financial Group Ltd, had a book value of around $4.4 billion on 03/31/20, will continue to operate as a separate business with its existing brands and management team. $KKR PR link.

Party City(PBR846) has regained compliance with the NYSE continued listing standards, stock price has averaged over $1.00/share over the past 30 days. $PRTY PR link.

Cedar Fair(PBR964)’s WildWater Adventure waterpark at Michigan’s Adventure is set to open the 2020 season on Thursday,07/16/20, reservations will be required, available starting 07/08/20. $FUN PR link.

The US Federal Reserve says the Preliminary May 2020 US Consumer Credit Outstanding Annual Rate-Revolving is at $995.6 billion, Non-Revolving $3,117.3 billion, Total $4,119.9 billion, April 2020 was at $4,131.2 billion, March 2020 $4,201.4 billion, May 2019 $4,085.8 billion. USFed PR link.

***Tuesday, July 7

The monthly The PBR25 Top 25 Buy Stocks has been released, Estimated Average 12 Month Return is 31.2%, Average Number of Buy Recommendations is 19. More at the The PBR25 page.

The June 2020 PBRMarketTools US Economic Indices Snapshot has been released, with over 400 rows of economic data covering jobs, housing, manufacturing, wholesale, retail, construction, stocks/commodities, currencies, business and consumer surveys and more plus the calendar of releases for July. More details on the US Economic Indices info page.

Altria(PBR114) gets the US FDA authorization for the marketing of the IQOS tobacco heating system as a modified risk tobacco product with a reduced exposure claim. $MO PR link.

Carnival Corp(PBR152) announces delay of its newest cruise ship and delays in cruises and some cruise cancellations, impact of the coronavirus pandemic. $CCL PR link.

Regeneron(PBR387) gets $450 million contract from a joint operation of the US Dept of Health & Human Services and the US Dept of Defense to manufacture and supply REGN-COV2, its investigational double antibody cocktail that is currently in two Phase 2/3 clinical trials for the treatment of COVID-19 and in a Phase 3 trial for the prevention of COVID-19 infection. $REGN PR link.

Nielsen Holdings(PBR448) optimization plan includes exiting several smaller, underperforming markets and non-core businesses in 2H20, global reduction in force of approximately 3,500 employees. $NLSN PR link.

The US Dept of Labor says the Preliminary May 2020 US Job Openings is at 5,397,000, April 2020 was at 4,996,000, May 2019 7,301,000; May 2020 US Job Hires is at 6,488,000, April 2020 was at 4,047,000, May 2019 5,687,000; May 2020 Job Separations is at 4,145,000, April 2020 was at 9,975,000, May 2019 5,547,000. USDOL PR link.

FannieMae says the June 2020 US Home Purchase Sentiment Index is at 76.5, May 2020 was at 67.5, April 2020 63.0, June 2019 91.5. “The share of renters who say it’s a good time to buy a home is now at its highest level in five years, suggesting favorable conditions for first-time homebuying… We believe the continuing uncertainty regarding the coronavirus’ containment suggests an uneven and potentially volatile course toward economic recovery.” FannieMae PR link.

The PurdueU/CME Group June 2020 Ag Economy Barometer Composite Index is at 117, May 2020 was at 103, April 2020 96, June 2019 126. “Farmer Sentiment Rebounds Amidst Ongoing COVID-19 Concerns.” PurdueU/CME Group PR link.

***Monday, July 6

PBRMarketTools profiles OneMain Holdings(NYSE: OMF), the largest lending-exclusive financial company in the US, ranked #557 by revenues on The PBR1000. More on the OneMain Holdings Spotlight page.

Duke Energy(PBR115) to invest $56 billion over 5 years in renewables, battery storage, energy efficiency programs and grid projects, will advance clean energy agenda without the Atlantic Coast Pipeline project. $DUK PR link.

Dominion Energy(PBR194) and Duke Energy(PBR115) cancel the Atlantic Coast Pipeline (“ACP”), despite last month’s 7-2 victory at the US Supreme Court, due to ongoing delays and increasing cost uncertainty, which had jumped from $4.5-5.0 billion to $8 billion, which threaten the economic viability of the project. $D PR link.

Dominion Energy(PBR194) to sell substantially all of its Gas Transmission & Storage segment assets, including more than 7,700 miles of natural gas storage and transmission pipelines and about 900 billion cubic feet of gas storage, to Berkshire Hathaway(PBR6) for $9.7 billion, includes $5.7 billion of debt, to close in 4Q20. $D PR link.

Uber(PBR225) to acquire Postmates for approximately $2.65 billion in an all-stock transaction, Uber to issue approximately 84 million shares of common stock for 100% of the fully diluted equity of Postmates, to close in 1Q21. $UBER PR link.

Regis Corp(PBR999) says 88% of franchise salon locations were open and 68% of company-owned salons were open as of 07/01/20, closed on the sale of 88 company-owned locations to franchisees in June, completes restructuring process as part of becoming a franchise business model only. $RGS PR link.

The Institute for Supply Management says the June 2020 US Non-Manufacturing Index(>50% = economy expanding) is at 57.1%, May 2020 was at 45.4%, April 2020 41.8%, June 2019 55.1%. “Respondents remain concerned about the coronavirus and the more recent civil unrest; however, they are cautiously optimistic about business conditions and the economy as businesses are beginning to reopen…” ISM PR link.

IHS Markit says the June 2020 US Composite PMI Output Index is at 47.9, May 2020 was at 37.0, April 2020 27.0, June 2019 51.5. “… companies expressed optimism towards the outlook for output over the coming year for the first time since March.” IHS Markit PR link.

***Friday, July 3

***US Federal Holiday in observance of
***Independence Day on Saturday, July 4th.
***US Stock Exchanges Closed.
***Remembering that all people
***are created equal.

***Thursday, July 2

The PBRMarketTools US Stock Exchanges Recap for Week 27 ending 07/03/20:

DJIA ends Week 27 at 25,827.36, +3.25% from last Friday, +0.06% MTD/QTD, -9.50% YTD, -12.60% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 27 at record 10,207.63, +4.62% from last Friday, +1.48% MTD/QTD, +13.76% YTD, +0.00% from record 10,207.63 set 07/02/20.

SPX ends Week 27 at 3,130.01, +4.02% from last Friday, +0.96% MTD/QTD, -3.12% YTD, -7.56% from record 3,386.15 set 02/19/20.

The Week 27 News Summary: During the week the month of June 2020 came to an end on a positive note. Week 27 ends continuing that trend. However, the Coronavirus Pandemic is threatening that in future weeks with a strong spike up in new cases today. On the other hand there was some new promising vaccine news. The coronavirus pandemic tally as of today at 1:33PM Eastern US by the John Hopkins University CSSE unit is now 10,780,980 confirmed cases globally with 518,121 deaths. For the US it’s 2,724,640 confirmed cases and 128,574 deaths. The US economy showed some strength as 4.8 million jobs were regained in the last month and the weekly US initial unemployment claims moved downward a little. Factory orders increased more than expected. But, once again, this might be temporary good news if states, cities and the US government impose new restrictions that force some reclosings, and this was a topic as Fed Chair Powell and US Treasury Secretary Mnuchin gave testimony in Congress this week. With the mixed good news The Stock Market Bull dominated the shortened week by a large margin with The Stock Market Bear taking only 1 session from the DJIA and none from the NASDAQ, which closed the week at a new record, or the SPX. The trend between the Bull and the Bear continues back and forth for the 5th straight week. We head into the long weekend to celebrate US Independence Day with what appears to be a spirit of cautious optimism as the 2nd half of 2020 starts, but also with the nation struggling with social distancing and masking practices, the resurfacing of significant inequality issues and a looming contentious US presidential election.

The Week 27 of 2020 tally YTD is:
The Stock Market Bull: 14 weeks
The Stock Market Bear: 12 weeks
Mixed Results: 1 week

Tesla(PBR117) produces 102,672 electric vehicles in a profitable 1Q20, 1Q19 was at 77,138. $TSLA PR link.

American Electric Power(PBR202) to acquire the entire planned 1,485 MW of North Central wind generation, is investing approximately $2 billion to bring new renewable energy to Public Service Company of Oklahoma (PSO) customers and SWEPCO customers in Arkansas and Louisiana, did not get Texas approval, customers to save over $3 billion over the next 30 years. $AEP PR link.

MGM Resorts(PBR241) to reopen the Springfield, MA based MGM Springfield in a limited capacity to the public on Monday, 07/13/20. $MGM PR link.

HanesBrands(PBR421) has completed production and distribution of more than 450 million all-cotton cloth face coverings and more than 20 million medical gowns supplied to the US government for use during the COVID-19 pandemic. $HBI PR link.

Alexion Pharmaceutical(PBR535) settles a suit, based on the Foreign Corrupt Practices Act, with the US Securities & Exchange Commission; without admitting or denying the SEC’s findings, Alexion will make a payment of approximately $21.5 million to the SEC. $ALXN PR link.

Coty(PBR353) CEO Peter Harf to become Executive Chairman, Sue Y. Nabi hired to be CEO, both effective 09/01/20. $COTY PR link.

The US Dept of Labor says the June 2020 US Civilian Labor Force Employed is at 142,182,000, +4,490,000 from May 2020, -14,283,000 from June 2019, Unemployed is at 17,750,000, -3,235,000 from May 2020, +11,774,000 from June 2019, Unemployment Rate is at 11.1%, May 2020 was at 13.3%, April 2020 14.7%, June 2019 3.7%. USDOL PR link.

The US Dept of Commerce/Census says the Preliminary May 2020 Exports-Goods is at $90.0 billion, Services $54.5 billion, Total Exports $144.5 billion; May 2020 Imports-Goods is at $166.0 billion, Services $33.1 billion, Total Imports $199.2 billion, Total Deficit is at $54.6 billion, May 2019 Total Deficit was at $51.3 billion; Total Exports YTD(5 months) $908.1 billion, Total Imports YTD $1,131.3 billion, Total YTD Deficit $223.2, May 2019 Total YTD Deficit was $245.5 billion. USDOC PR link.

The US Dept of Commerce/Census says the Preliminary May 2020 Manufacturers New Orders-Durable Goods is at $193.8 billion, Non-Durable Goods $219.0 billion, Total New Orders $412.8 billion, April 2020 was at $382.3 billion, March 2020 $441.8 billion, May 2019 $490.7 billion. USDOC PR link.

***Wednesday, July 1

Walmart(PBR1) announces Camp by Walmart, a free star-studded virtual camp with 200+ activities that brings summer fun directly to customers’ own backyards; in partnership with Tribeca will be using 160 store parking lots for contact-free drive-in movie theaters for 320 showings starting in 08/20, will end in 10/20. $WMT PR link.

Apple(PBR4 $AAPL) to re-close 30 stores because new COVID-19 cases, 77 now closed out of its 271 stores. MarketWatch PR link.

Kroger(PBR22) gets US FDA Emergency Use Authorization approval for its COVID-19 Test Home Collection Kit, results confirmed in less than 72 hours, in partnership with Gravity Diagnostics plans to process more than 60,000 tests per week by 07/31/20. $KR PR link.

Centene(PBR42) to establish an East Coast headquarters in Charlotte, NC, will begin multi-phase construction on the new 1+ million sf campus in 08/20, plans to create 6,000 new jobs and invest $1 billion in the Charlotte community over time, corporate headquarters will remain in St. Louis, MO. $CNC PR link.

Pfizer(PBR62) and BioNTech SE (Nasdaq: BNTX) announce positive preliminary data from the most advanced of four investigational vaccine candidates from their BNT162 mRNA-based vaccine program, Project Lightspeed, against SARS-CoV-2, the virus causing the current global pandemic. $PFE PR link.

Merck(PBR66) gets US Federal Trade Commission approval to acquire exclusive worldwide rights from Ridgeback Therapeutics to develop EIDD-2801, an investigational orally-available antiviral agent currently in early clinical development for the treatment of patients with COVID-19. $MRK PR link.

T-Mobile US(PBR69), per agreement with the US Justice Department, completes its $1.4 billion sale of Sprint’s 9.3 million customers prepaid wireless business to DISH(PBR243). $TMUS PR link.

United Airlines(PBR73) adds nearly 25,000 domestic and international flights in August, 40% of its overall schedule compared to August 2019. $UAL PR link.

Coca-Cola(PBR82 $KO) to close by 07/31/20 Odwalla juice business and 230 refrigerated trucks network that delivered fresh drinks to stores, will cut around 300 jobs, decision base on changing consumer tastes. MarketWatch PR link.

McDonald’s(PBR149 $MCD) is pausing the reopening of more of dine-in service in the US as coronavirus cases continue to spread across states, 2,200 of its 14,000 US restaurants currently have dine-in available. MarketWatch PR link.

PG&E(PBR184) emerges from Chapter 11 Bankruptcy, has new board of directors, funds Fire Victim Trust with $5.4 billion in cash and common stock representing 22.19% ownership stake in PG&E. $PCG PR link.

Constellation Brands(PBR337) acquires e-commerce digitally-native wine brand and direct-to-consumer (DTC) platform Empathy Wines, was launched in 2019, has sold 15,000 cases of wine to 2,000 subscribers, terms not disclosed. $STZ PR link.

Capri(PBR519) in 4Q21 report says all Versace, Jimmy Choo and Michael Kors stores in the Americas closed in mid-March 2020, approximately 70% of the 455 retail stores in the region are open, anticipate opening the vast majority of the remaining locations by 09/30/20. $CPRI PR link.

Tailored Brands(PBR773)’s Men’s Wearhouse subsidiary does not make a $6.1 million interest payment due 07/01/20, has 30 day grace period to make the payment, corporate has paid its own interest payment. $TLRD PR link.

Roku(PBR993) adds Peloton health & fitness app channel, 30 day free trial, $12.99/mo after the trial. $ROKU PR link.

ADP says the Preliminary June 2020 US Change In Employment-Small Businesses is at +937,000, Mid-Sized +559,000, Large-Sized 873,000, Total Change +2,369,000, May 2020 was at +3,065,000, April -19,409,000, June 2019 +102,000. More details at the link. ADP PR link.

The US Dept of Commerce/Census says the Preliminary May 2020 Total Construction Spending Annual Rate-Residential is at $543.9 billion, Non-Residential $812.5 billion, Total $1,356.4 billion, April 2020 was at $1,386.1, March 2020 $1,426.7 billion, May 2019 $1,352.9 billion. USDOC PR link.

The US Federal Open Market Committee releases the 06/09-10/20 meeting minutes. “Over the intermeeting period, risk sentiment improved, on net, as optimism over reopening the economy, potential coronavirus treatments, the unexpectedly positive May employment situation report, and other indicators that suggest that economic activity may be rebounding more than offset concerns arising from otherwise dire economic data releases, warnings from health experts that openings may have been premature, and renewed tensions between the United States and China.” FOMC PR link.

The Institute for Supply Management says the Preliminary June 2020 US Manufacturing PMI Index(>50 Economy expanding) is at 52.6%, May 2020 was at 43.1%, April 2020 41.5%, June 2019 51.7%. “As predicted, the growth cycle has returned after three straight months of COVID-19 disruptions. Demand, consumption and inputs are reaching parity and are positioned for a demand-driven expansion cycle as we enter the second half of the year.” ISM PR link.

The IHS Markit June 2020 US Manufacturing PMI Index is at 49.8, May 2020 was at 39.8, April 2020 36.1, June 2019 50.6. “The downward trend in production eased markedly as new orders stabilised amid reports of a relative improvement in demand conditions… Optimism about the year ahead meanwhile revived considerably.” IHS Markit PR link.

***Tuesday, June 30

The PBRMarketTools US Stock Exchanges Recap for the Month of June ending 06/30/20:

DJIA ends June at 25,812.88, +3.19% from last Friday, +1.69% MTD, +17.77% QTD, -9.55% YTD, -12.65% from record 29,551.42 set 02/12/20.

NASDAQ ends June at 10,058.77, +3.09% from last Friday, +5.99% MTD, +30.63% QTD, +12.11% YTD, -0.72% from record 10,131.37 set 06/23/20.

SPX ends June at 3,100.29, +3.03% from last Friday, +1.84% MTD, +19.95% QTD, -4.04% YTD, -8.44% from record 3,386.15 set 02/19/20.

The Month of June 2020 News Summary: The Coronavirus Pandemic was the primary driver for most news during June. The coronavirus pandemic tally as of 1:33PM Eastern US by the John Hopkins University CSSE unit is now 10,389,818 confirmed cases globally with 508,406 deaths. For the US it’s 2,620,250 confirmed cases and 126,645 deaths. There does appear to be some flattening out across countries of the world and economies are slowly being opened up. At the beginning of the month there was some optimism that the US could start reopening up its economy and states starting doing so. However, by the end of the month it was clear that there was an uptick rate in cases and several states have had to suspend or further modify their reopening plans. At the beginning of the month there was unexpected turmoil from the death of George Floyd, a person of color, when he died from a knee on his throat for several minutes by a Minneapolis policeman. It was unwarranted and protests broke out across the US that resulted in more deaths and destruction of property, some caused by some aggressive radical groups. This spread globally and other similar cases got wide reporting as well. By the end of the month some dialog was starting to happen. Local, state, and federal laws and proclamations continue to be made as incidents like this are reviewed and made public. This has also caused some bitterness especially in the South where many Civil War Memorials were defaced or destroyed. There does not appear to be an easy path forward to resolve this issues that have simmered and exploded time and again since the US Constitution went into effect in the late 1700’s. US/China trade negotiations were also at a difficult point compounded by events in Hong Kong as China tries to exert more pressure for it to be integrated into its society. Throughout the month the US economy was mixed as the reopening of the economy was attempted. The Federal Reserve gave a somewhat bleak forecast for the economy, rolled back some financial regulations, but also issued a stress test to the major banking institutions. After a major dip in March, the US stock exchanges made a very dramatic comeback for the quarter. The NASDAQ was especially active, set some new record highs, in trading that was volatile for much of the month for all exchanges. The Stock Market Bull prevailed 3-0 for June, but it was not an easy slog because The Stock Market Bear is relentless and continues to try to leverage the coronavirus pandemic and repercussions from it. The first half of 2020 is now in the books. With continued concerns about the Coronavirus Pandemic, the simmering civil unrest, and the upcoming US presidential election, the second half could be just as difficult.

The June 2020 tally YTD is:
The Stock Market Bull: 3 months
The Stock Market Bear: 2 months
Mixed Results: 1 month

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