November 2016: Now What?
By Larry C. Paxton
On the evening of Tuesday, November 8th, after a long, laborious, and vitriolic 2016 US Presidential campaign between two unpopular candidates, Americans and people around the world turned on their TVs and surfed the internet on their various devices to follow what most believed would be a narrow popular vote and wide margin Electoral College win by Hillary Clinton. But as the evening unfolded it became apparent that maybe pollsters had somehow missed their marks. The impossible path to victory for businessman Donald J. Trump slowly became somehow maybe possible, gained momentum, then became shockingly probable. In the early hours of November 9th it became clear that Trump had won the Electoral College vote and was now President-Elect. On top of that, unexpectedly the Senate and House maintained their Republican majorities. It was a most improbable and unexpected result. For several days there was chaos as the media interviewed anyone and everyone, it was analyzed and reported on in every possible way, and to this day there is still a sense of dismay by many.
The stock market made a good run and broke records, but why? Is it a sense of optimism, or a relief that the event is done, resolved, and that we can now move on?
Now what?
By the end of November there was a sense of acceptance, a general spirit of cooperativeness, and willingness to see how this unconventional President-Elect proceeds. Trump was starting to form his cabinet and make appointees. There have been and will continue to be controversies, gaffs, and some turmoil.
The Trump presidency promises to be different, at times be unpredictable, will move faster, be more emotional, cause higher ups and deeper downs, will test Americans, world leaders, and people and institutions globally in ways we cannot foresee.
Will there really be massive deportations of illegal immigrants, a longer taller border wall paid for by Mexico, tearing up of trade agreements, a slew of new conservative Supreme Court justices? Can corporate tax rates and government regulations be significantly reduced and yet the economy improve? Is there really the money and peoplepower available for major infrastructure projects? Can good manufacturing jobs really return to the US and companies remain profitable? Can the middle class be built up, poverty be greatly reduced, and income inequality become an issue of the past? Will coal become the energy king again and renewable energy stagnate? What will now be our policies on climate change? Time will tell, and this is just a partial list.
You can predict that there will be some plausible but not provable conspiracy theories, continued true and untrue revelations on character flaws, and that Saturday Night Live will have a treasure lode of new hilarious weekly skits.
But there is also an excitement and hope that it all go well, that President Trump be given his fair chance to move the United States of America forward in a way that keeps it the greatest, most influential, admired, and maybe even appreciated country on the planet.
Americans need to come together to be supportive and at the same time be vigilant. It is a fine balancing act that needs our thoughts, prayers, communications, and appropriate actions.
While the election was the big news, the world of business did not stop. Here’s the quick November 2016 summary on key activities that relate to The PBR1000:
US Presidency: Donald J. Trump is the US President-Elect, to be inaugurated as the 45th President of the United States on Friday, January 20, 2017.
Mergers & Acquisitions: 25 deals worth over $1 billion initiated, closed, or updated. Total transaction value is $136 billion.
Restructurings/Spinoffs: 5
Share Repurchase Programs: 20 announced, total $54 billion
Bankruptcies: 0
CEO Changes: 10 announced.
Jobs: Tepid growth
US Economy: Modest/moderate growth continues, stable but fragile, significant growth in eCommerce, retail outlets down.
Federal Reserve Federal Funds Rate Changes: 0, remains at 0.25-0.50%, meeting mid December.
International: Brexit, oil price fluctuations, Middle East conflicts, refugee crisis, N Korea nuclear/missile tests, Cuba’s Fidel Castro’s death, upcoming European elections, climate change, new US president were the headliners.
For more details here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for November 2016, starting with the last active business day.
Wednesday, November 30:
The PBRMarketTools End of November US Stock Exchanges Recap:
DJIA ends November at 19,123.58, -0.15% from last Friday, +5.41% MTD, +4.45% QTD, +9.75% YTD, -0.15% from record 19,152.14 on 11/25/16.
NASDAQ ends November at 5,323.68, -1.39% from last Friday, +2.59% MTD, +0.22% QTD, +6.32% YTD, -1.39% from record 5,398.92 on 11/25/16.
SPX ends November at 2,198.81, -0.66% from last Friday, +3.42% MTD, +1.41 QTD, +7.58% YTD, -0.66% from record 2,213.35 on 11/25/16.
Tesla(PBR651 $TSLA) wins right to operate dealerships in Richmond, Va. MarketWatch PR link.
Synopsys(PBR879) completes acquisitions of technology security services providers Cigital and its spinoff Codiscope. $SNPS PR link.
GoPro(PBR1010) says Black Friday sales up 35% YoY, closing entertainment division, reducing workforce by 15%, president Tony Bates leaving. $GPRO PR link.
McCormick(PBR552) president/CEO Lawrence Kurzius to also be chairman up retirement of Alan Wilson on 01/31/17. $MKC PR link.
The US Dept of Treasury says 11/29/16 US Public Debt at $14.431 trillion, Government $5.499 trillion, Total $19.930 trillion, +5.9% YTD. Treasury PR link.
The US Federal Reserve Board releases Beige Book for period ending 11/18/16, reports mostly modest to moderate growth. FRB PR link.
The US Dept of Commerce estimates US October Total Personal Income Annual Rate at $16.260 trillion, Taxes $2.009 trillion, effective Tax Rate 12.35%. USDOC PR link.
The US Energy Information Administration says US Crude Oil Stocks on 11/25/16 were 488.1 million barrels, +4.3% from 10/21/16, +7.0% from 11/20/15. EIA PR link.
ADP(PBR235) says US November Employment +216,000 jobs from October, +228,000 from services, -11,000 from goods sectors. $ADP PR link.
ISM reports November MNI Chicago Business Barometer(50=Neutral) at 57.6, October was 50.6, September 54.2. ISM/MNI PR link.
American Automobile Assn says 11/30/16 US National Regular Gas Average/Gallon at $2.150, 10/31/16 was $2.210, 11/30/15 $2.038. AAA PR link.
OPEC members agree to cut oil production by 1.2 million barrels/day to 32.5 million barrels/day. MarketWatch PR link.
Tuesday, November 29:
AT&T(PBR12) DirecTV NOW streaming service available 11/30/16, $35/mo for 60+ channels to $70/mo for 120+ channels options. $T PR link.
Medtronic(PBR133) first to receive European approval for less-invasive HVAD® implant procedure. $MDT PR link.
Cognizant(PBR272) to acquire digital marketing/customer experience Netherland’s based 260 person agency Mirabeau BV. $CTSH PR link.
Pilgrim’s Pride(PBR310) to acquire Upper Midwest premium branded chicken products GNP Company for $350 million cash. $PPC PR link.
KKR(PBR332) to be majority shareholder in Sweden based 9,500 employees $990 million/yr beds/mattresses provider Hilder Anders. $KKR PR link.
McCormick(PBR552) to acquire Italian $56 million/yr flavor manufacturer Enrico Giotti SpAfor $127 million. $MKC PR link.
Sonoco Products(PBR480) promotes Rob Tiede to EVP/COO, other senior leadership promotions announced. $SON PR link.
The US Dept of Commerce 2nd Estimate 3Q16 Gross Domestic Product was 3.2%, $18.658 trillion, +1.1% from 2Q16, +2.84% from 3Q15. USDOC PR link.
The Conference Board November Consumer Confidence Index(1985=100) at 107.1, October was 100.8. TCB PR link.
S&P/CoreLogic/Case-Shiller September National Home Price Index(2000=100) at 184.80, Aug 184.12, Sept 2015 175.23. Case-Shiller PR link.
Adobe(PBR557) says Cyber Monday Online Sales at record $3.39 billion, +10.2% from 2015, Black Friday did $3.34 billion. $ADBE PR link.
Monday, November 28:
Allstate(PBR84) to acquire consumer protection plan provider SquareTrade for $1.4 billion. $ALL PR link.
Mylan(PBR346) Signs Sub-license Agreement with the Medicines Patent Pool to Increase Access to Hepatitis C Treatment in Developing Countries. $MYL PR link.
Under Armour(PBR668) changing Class A shares trading symbol from UA to UAA, Class C from UA.C to UA starting 12/07/16. $UA PR link.
Edwards Lifesciences(PBR819) to acquire Israel based private Valtech Cardio for $340 million plus up to $350 million over 10 years; authorizes up to an additional $1 billion in stock repurchase program, balance is $1.277 billion. $EW PR link.
Verisk Analytics(PBR943) acquires property/casualty insurance market intelligence data and analytics firm MarketStance. $VRSK PR link.
AMSURG(PBR945) & Envision Healthcare(NYSE: $EVHC) stockholders approve $15 billion merger, to be effective 12/01/16. $AMSG PR link.
Juniper Networks(PBR516) hires Terese Kemble as Chief Human Resources Officer. $JNPR PR link.
HSN(PBR609) hires Ron Little as CFO starting 01/03/17. $HSNI PR link.
Friday, November 25:
The PBRMarketTools Week Ending 11/25/16 US Stock Exchanges Recap:
DJIA ends week at 19,152.14, +1.51% from last Friday, +5.57% MTD, +4.61% QTD, +9.91% YTD, +0.00% from record 19,152.14 on 11/25/16.
NASDAQ ends week at 5,398.92, +1.45% from last Friday, +4.04% MTD, +1.64% QTD, +7.82% YTD, +0.00% from record 5,398.92 on 11/25/16.
SPX ends week at 2,213.35, +1.44% from last Friday, +4.10% MTD, +2.08% QTD, +8.29% YTD, +0.00% from record 2,213.35 on 11/25/16.
Economic Inequality: Global wealth study reveals ‘shockingly’ high levels of economic inequality. MarketWatch PR link.
International News: Longtime Cuban leader Fidel Castro dies at age 90.
Thursday, November 24:
***Happy & Blessed Thanksgiving!***
Let’s give thanks for our courageous forefathers, for the many freedoms we enjoy, for family and friends, for the safe food and water that sustains us,and pray for peace in the world.
Wednesday, November 23:
Merck(PBR70) and Sanofi Pasteur to end joint vaccines operations in Europe on 12/31/16. $MRK PR link.
Freeport-McMoRan(PBR128) completes at-the-market common stock offering, raises $1.5 billion on sale of 116.5 million shares since 07/28/16. $FCX PR link.
Eli Lilly(PBR142) says solanezumab for mild dementia due to Alzheimer’s disease phase 3 study did not meet primary endpoint. $LLY PR link.
Bed Bath & Beyond(PBR240) acquires PersonalizationMall.com for $190 million cash. $BBBY PR link.
FMC Technologies(PBR334) & France based Technip(EUROnext: TEC) get EU clearance for $13 billion merger, special stockholders meetings set for 12/05/16. $FTI PR link.
SPX(PBR506) to sell European Power Generation Business to Germany based mutares AG by 12/31/16. $SPXC PR link.
The Federal Reserve Board releases the FOMC minutes from 11/01-02/16 meeting, expects economy to grow at moderate pace, labor market to strengthen. FRB PR link.
The US Dept of Labor says 11/19/16 Unemployment Insurance Weekly Claims at 251,000, -0.8% from 10/22/16, -7.4% from 11/25/15. USDOL PR link.
The US Dept of HUD estimates US October Median Home Price at $304,500, -3.1% from September, +1.9% from October 2015. HUD PR link.
FreddieMac(PBR41) says 11/23/16 Average 30 Year Fixed Mortgage Rate at 4.03%, 10/27/16 was 3.47%, 11/25/15 was 3.95%. $FMCC PR link.
The University of Michigan US Final November Consumer Sentiment Index at 93.8, October was 87.2, November 2015 91.3. UMich PR link.
Tuesday, November 22:
Amazon(PBR29) to open third Nevada fulfillment center in N Las Vegas, will have 800,000 sf, create 1,000 jobs. $AMZN PR link.
Allergan(PBR219) gets FDA clearance for XEN® Gel Stent, new surgical treatment for refractory glaucoma. $AGN PR link.
Allergan(PBR219) acquires Chase Pharmaceuticals to expand CNS R&D pipeline and build on commitment to Alzheimer’s Disease. $AGN PR link.
KKR(PBR332) to acquire Nissan‘s 41% share of Japanese automotive components manufacturer Calsonic Kansei Corp. $KKR PR link.
Dr Pepper Snapple(PBR406) to acquire antioxidant infused beverages provider Bai Brands for $1.7 billion cash. $DPS PR link.
Lithia Motors(PBR451) acquires $90 million/year Honolulu, HI, Ford store. $LAD PR link.
The Federal Reserve Bank of Richmondsays 5th District October Manufacturing Index at 4, September was -4, August -8. RichmondFed PR link.
The National Assn of Realtors says US October Existing Home Sales Annual Rateat 5.6 million, +2% from September, +5.9% from October 2015 NAR PR link.
Monday, November 21:
AT&T(PBR12), DISH(PBR196) and WPP to acquire TV addessable advertising provider INVIDI, operate it together. $T PR link.
CitiGroup(PBR28) to add up to $1.75 billion to stock repurchase program, balance is up to $10.35 billion. $C PR link.
Johnson & Johnson(PBR37) Janssen Biotech unit gets FDA approval for DARZALEXas additional multiple myeloma therapy. $JNJ PR link.
Oracle(PBR78) acquires cloud-based 3,500 enterprise customers Internet performance/DNS provider Dyn. $ORCL PR link.
Sunoco Logistics(PBR158) to acquire Energy Transfer Partners(NYSE: ETP) for $21 billion in all stock deal. $SXL PR link.
Monsanto(PBR187) subsidiary The Climate Corporation acquires Estonia based VitalFields to expand digital agriculture innovation for European farmers. $MON PR link.
Constellation Brands(PBR377) authorizes new up to $1 billion share repurchase program, current $1 billion plan still in effect. $STZ PR link.
Symantec(PBR385) to acquire LifeLock(NYSE: LOCK) for $24/share, $2.3 billion to form world’s largest digital safety platform for consumers. $SYMC PR link.
Coty(PBR524) completes $510 million cash acquisition of UK high-end hairstyling appliances provider ghd. $COTY PR link.
Varian Medical(PBR678) authorizes 8 million stock repurchase plan starting 01/01/17, 4 million shares remain from 2016 authorization. $VAR PR link.
Boeing(PBR27) hires Kevin McAllister as president/CEO of Commercial Airplanes, promotes Stanley Deal to president/CEO of new Global Services unit. $BA PR link.
Tyson Foods(PBR80) president Tom Hayes to add CEO role with retirement of Donnie Smith on 12/31/16. $TSN PR link.
Barnes & Noble(PBR408) hires Demos Parneros as COO. $BKS PR link.
The October Chicago Fed National Activity Index at -0.08, September was -0.23, October 2015 -0.16. ChiFed PR link.
Friday, November 18:
The PBR1000 Week Ending 11/18/16 US Stock Exchanges Recap:
DJIA ends week at 18,867.93, +0.11% from last Friday, +4.00% MTD, +3.06% QTD, +8.28% YTD, -0.29% from record 18,923.06 on 11/15/16.
NASDAQ ends week at 5,321.51, +1.61% from last Friday, +2.55% MTD, +0.18% QTD, +6.27% YTD, -0.34% from record 5,339.52 on 09/22/16.
SPX ends week at 2,181.90, +0.81% from last Friday, +2.62% MTD, +0.63% QTD, +6.75% YTD, -0.38% from record 2,190.15 on 08/15/16.
Raytheon(PBR118) to add 2,000 jobs over 5 years to its 10,000 employees Missile Systems headquarters in Tucson, AZ. $RTN PR link.
Facebook(PBR228) authorizes up to $6.0 billion shares repurchase program, no deadline. $FB PR link.
Dana(PBR382) to acquire 80% of power-transmission, fluid power businesses of Europe’s Brevini Group SpA, to buy remaining 20% by 2020. $DAN PR link.
Southern Co(PBR155) hires Nancy Sykes as Chief Human Resources Officer. $SO PR link.
DSW(PBR778) SVP & interim CFO Jared Poff now officially SVP/CFO. $DSW PR link.
The Conference Board says US October Leading Economic Indicator at 124.5(2010=100), September was 124.4, August 124.1. TCB PR link.
Thursday, November 17:
JPMorgan Chase(PBR21) to pay $264 million fine to settle charges of corrupt hiring practices in Asia. MarketWatch PR link.
Tesoro(PBR71) to acquire Western Refining(PBR193 $WNR) in $37.30/share all stock deal, $6.4 billion transaction. $TSO PR link.
Community Health System(PBR125) selling Spokane, WA, area Rockwood Health Systemfor $425 million cash. $CYH PR link.
Southern Co(PBR155) subsidiary acquires controlling interest from SunPower(PBR680 $SPWR) in the 100 MW Boulder Solar I Facility near Las Vegas, NV. $SO PR link.
Wellcare Health Plans(PBR221) to acquire Universal American(PBR882 $UAM) for $10.00/share, $600 million cash. $WCG PR link.
Fiserv(PBR474) adds 15 million shares to current shares repurchase program. $FISV PR link.
Snap-On(PBR641) acquires $10 million/yr mechanical & electronic torque wrench provider Sturtevant Richmont for $13 million cash. $SNA PR link.
Tesla(PBR651 $TSLA), SolarCity($SCTY)shareholders approve $25.83/share, $2.6 billion merger. MarketWatch PR link.
Analog Devices(PBR701) acquires solid state laser beam steering technology from Vescent Photonics. $ADI PR link.
New York Times(PBR971) adds 41,000 net new subscribers in the week following the 11/08/16 US Election Day. $NYT PR link.
Allscripts(PBR1014) authorizes new $200 million shares repurchase program. $MDRX PR link.
HRG Group(PBR420) president/CEO Omar Asali leaving in 2H2017 fiscal year to start a long term investment company. $HRG PR link.
Molson Coors(PBR558) promotes Tracey Joubert to CFO, succeeds Mauricio Restrepo who has resigned. $TAP PR link.
TripAdvisor(PBR928) Viator unit CEO Barrie Seidenberg resigns, Dermot Halpin gets expanded role as president of global vacation rentals & attractions divisions. $TRIP PR link.
The US Dept of Labor says US October All Items Consumer Price Index at +0.4%, September +0.3%, Annual +1.6%. USDOL PR link.
The US Dept of Commerce estimates US October Housing Permits Issued Annual Rate at 1.229 million, +0.3% from September, +4.6% from October 2015. USDOC PR link.
The US Dept of Labor estimates US October Average Worker Earnings/Hr at $25.92, +0.39% from September, +2.9% from October 2015. USDOL PR link.
The Federal Reserve Bank of Philadelphiasays November Manufacturing General Activity Indicator at 7.6, October was 9.7, September 12.8. PhillyFed PR link.
Wednesday, November 16:
Freeport-McMoRan(PBR128) completes $2.65 billion cash sale of 70% interest in mining company TF Holdings to China Molybdenum. $FCX PR link.
First Solar(PBR630) expects 3GW of Series 6 production in 2019, reducing workforce, taking $500+ million restructuring charge. $FSLR PR link.
Allison Transmission(PBR865) to complete $500 million stock repurchase program by 12/31/16, authorizes new up to $1 billion program through 12/31/19. $ALSN PR link.
Republic Airways(PBR1015) files Plan of Reorganization, intends to emerge from Chapter 11 in 1Q2017. $RJETQ PR link.
BOK Financial(PBR1021) gets approval to acquire $578 million in assets MTB Bancshares for $102.5 million, expects to close on 11/30/16. $BOKF PR link.
HCA(PBR75) COO Sam Hazen now also president. $HCA PR link.
Gilead Sciences(PBR107) promotes Jim Myers to EVP/Worldwide Commercial Operations. $GILD PR link.
Kimberly-Clark(PBR141) promotes Michael Hsu to president/COO, adds international leaders to senior executive team. $KMB PR link.
The US Dept of Labor says US October Total Final Demand Producer Price Index at +0.0%, September was +0.3%, August +0.0%. USDOL PR link.
The US Federal Reserve Board estimates US October Industrial Production % of Capacityat 75.3%, September was 75.4%, August 75.6%. FRB PR link.
FreddieMac’s November Insight addresses 3 long term trends: income inequality, housing land costs, and increasing land use restrictions. $FMCC PR link.
The Natl Assn of Home Builders says US November Natl Housing Market Index at 63, October was 63, November 2015 was 62. FRB PR link.
Tuesday, November 15:
Viacom(PBR212) acquires Televisión Federal S.A. (Telefe) in Argentina from Telefónica S.A.for $345 million. $VIA PR link.
Biogen(PBR282) spin-off of hemophilia business Bioverativ on track for early 2017, chief therapeutics operations officer & CFO named. $BIIB PR link.
Avis Budget(PBR316) forms partnership with world’s largest mobile transportation platform, China’s Didi Chuxing, for car rental services globally. $CAR PR link.
Telephone & Data Sys(PBR482) subsidiary TDS acquires S Utah’s InterLinx Communications with its 170 miles of fiber optic transport. $TDS PR link.
La-Z-Boy(PBR916) acquires La-Z-Boy brand license from UK licensee Furnico, buys 9 independent operator La-Z-Boy Furniture Galleries in NE US. $LZB PR link.
Finish Line(PBR927) evaluating strategic alternatives, including a possible sale, of its specialty running store chain JackRabbit. $FINL PR link.
Gap Inc(PBR179) hires Teri List-Stoll as CFO starting 01/17/16, succeeds leaving Sabrina Simmons. $GPS PR link.
Buffalo Wild Wings(PBR981) hires Santiago Abraham as Chief Information Officer. $BWLD PR link.
The US Dept of Commerce estimates US September Mfrs/Retail/Wholesale Sales at $1.315 trillion, +0.7% from August, +0.8% from September 2015. USDOC PR link.
The US Dept of Commerce estimates US October Retail+Food/Drinking Places Salesat $465.9 billion, +0.8% from September, +4.3% from October 2015. USDOC PR link.
The US Dept of Labor estimates US October Import Price Index at +0.5%, Exports +0.2%, Imports YoY -0.2%, Exports YoY -1.1%. USDOL PR link.
The NY Federal Reserve Bank November Empire State Manufacturing General Business Conditions Index at 1.5, +8.3 from October, +11.6 from November 2015. NYFed PR link.
Retail: Online retailers tighten vice grip on department stores. MarketWatch PR link.
Logistics: UPS(PBR47) expects holiday deliveries to rise to a record of over 700 million packages. MarketWatch PR link.
Logistics: US Post Office expects holiday deliveries to jump to 750 million packages. MarketWatch PR link.
Monday, November 14:
GE(PBR9) Digital unit acquires cloud-based field service management solutions provider ServiceMax for $915 million. $GE PR link.
Amazon(PBR29) Home Services expands into 20 more US markets. $AMZN PR link.
Microsoft(PBR31) in 2 deals purchases 237 MW of wind energy, has now purchased over 500 MW. $MSFT PR link.
AIG(PBR46) selling Japan life insurance business to FWD Group, terms not disclosed. $AIG PR link.
HCA(PBR75) authorizes up to additional $2 billion for share repurchase program. $HCA PR link.
Avnet(PBR100) acquires 200,000 engineers, makers, and hobbyists online community Hackster. $AVT PR link.
Medtronic(PBR133) receives FDA approval for Claria MRI(TM) Quad Cardiac Resynchronization Therapy Defibrillator. $MDT PR link.
Estee Lauder(PBR255) to acquire prestige makeup millennials emphasis brand Too Facedfor $1.45 billion. $EL PR link.
Estee Lauder(PBR255) completes acquisition of wide range of skin tones cosmetics provider BECCA. $EL PR link.
Avis Budget(PBR316) adds $250 million to stock repurchase program, balance is now $400 million. $CAR PR link.
Enbridge(NYSE: ENB) special shareholders meeting set for 12/15/16 to vote on $28 billion acquisition of Spectra Energy(PBR422 $SE). $ENB PR link.
HARMAN Intl(PBR456) to be acquired by S Korea based Samsung Electronics(KRX: 005930) for $112.00/share, $8.0 billion cash. $HAR PR link.
NVIDIA(PBR510) teams with National Cancer Institute, US Dept of Energy to create CANDLE AI platform for accelerating cancer research. $NVDA PR link.
Cerner(PBR628) approves $500 million share repurchase program. $CERN PR link.
Ventas(PBR671) selling 36 skilled nursing fac ilities to operator Kindred Healthcare(PBR479 $KND) for $700 million, extends all Kindred’s long term acute care hospital leases to 2025. $VTR PR link.
Twitter(PBR787) gets a new 2.9 million shares purchase investment by hedge fund Jana Partners. $TWTR PR link.
Verisk Analytics(PBR943) acquires UK based large scale mapping/geospatial data provider GeoInformation Group. $VRSK PR link.
PG&E(PBR172) elects Geisha Williams as president/CEO, Tony Earley to executive chairman, Nick Stavropolous to president/COO, all effective 03/01/17. $PCG PR link.
MGM Resorts(PBR273) hires Aaron Fischer as SVP/Corporate Development. $MGM PR link.
NASDAQ(PBR618) president/COO Adena Friedman to be CEO on 01/01/17, to succeed Bob Greifeld who will become chairman. $NDAQ PR link.
HCP(PBR838) to promote CFO Tom Herzog to CEO & Chief Investment Officer Justin Hutchens to president on 01/01/17. $HCP PR link.
Friday, November 11:
***Veterans Day.***
Thank those who have served,
and those serving today,
who protect our country and its
precious hard fought for freedoms.
The PBRMarketTools Week Ending 11/11/16 US Stock Exchanges Recap:
DJIA ends week at 18,847.66, +5.36% from last Friday, +3.89% MTD, +2.95% QTD, +8.16% YTD, +0.00% from record 18,847.66 on 11/11/16.
NASDAQ ends week at 5,237.11, +3.78% from last Friday, +0.92% MTD, -1.41% QTD, +4.59% YTD, -1.92% from record 5,339.52 on 09/22/16.
SPX ends week at 2,164.45, +3.80% from last Friday, +1.80% MTD, -0.18% QTD, +5.90% YTD, -1.17% from record 2,190.15 on 08/15/16.
UPS(PBR47) to spend $196 million to expand by 260,000+ square feet & modernize Jacksonville, FL, hub. $UPS PR link.
Newmont Mining(PBR358) pours first gold at Nevada’s Long Canyon ahead of schedule and below budget. $NEM PR link.
Diebold(PBR676) finalizes 43.6% minority interest in banking & retail IT technologies joint venture with China’s Aisino Group. $DBD PR link.
Diebold(PBR676) finalizes 40% minority interest in ATM/kiosk services joint venture with China’s Inspur Group; Diebold to have exclusive rights outside China. $DBD PR link.
Belden(PBR822) makes public $13.82/share, $380 million cash offer for Digi International(NASDAQ: DGII). $BDC PR link.
The University of Michigan Preliminary US November Consumer Survey Index is at 91.6, October was 87.2, November 2015 91.2. UMich PR link.
Thursday, November 10:
MetLife(PBR39) authorizes $3 billion share repurchase program. $MET PR link.
UPS(PBR47) to build new 1.2 million square foot regional hub In Atlanta for $400 million, to employ 1,250. $UPS PR link.
ConocoPhillips(PBR53) to do $3 billion share repurchase program, initiate $5-8B N America natural gas asset divestiture program, $5 billion capital expenditures in 2017. $COP PR link.
Ingram Micro(PBR62) $38.90/share, $6.0 billion acquisition by China based Tianjin Tianhai must close by date extended to 12/15/16. $IM PR link.
Gilead Sciences(PBR107) gets FDA okay for Hepatitis B drug Vemlidy. $GILD PR link.
Kohl’s(PBR140) authorizes up to $2.0 billion share buyback program over 3 years. $KSS PR link.
ConAgra Foods(PBR166) renames itself ConAgra Brands after completion of spin-off of potato foods provider Lamb Weston as an independent public company. $CAG PR link.
American Financial(PBR435) completes $32/share, $320 million acquisition of non-owned shares of National Interstate(NASDAQ: $NATL). $AFG PR link.
Arthur J Gallagher(PR515) acquires UK based financial planning/employee benefits consultant Argentis, terms not disclosed. $AJG PR link.
Polaris Industries(PBR531) completes $665 million acquisition of private off-road jeep/truck aftermarket accessories $740 million/yr Transamerican Auto Parts. $PII PR link.
Adobe Systems(PBR557) to acquire video advertising platform developer TubeMogul(NASDAQ: TUBE) for $14/share, $540 million. $ADBE PR link.
Perrigo(PBR565) to review strategic alternatives for multiple sclerosis drug Tysabri®royalty stream. $PRGO PR link.
Willis Towers Watson(PBR621) increases share buyback program by $1 billion, balance is $1.228 billion. $WLTW PR link.
CME Group(PBR664) volume reaches all-time daily high of 44.5 million contracts on 11/09/16, previous high was on 10/15/14. $CME PR link.
Skechers USA(PBR808) transitions from 3rd party distributor to joint venture in S. Korea. $SKX PR link.
Bright Horizons(PBR1018) acquires UK based Asquith Day Nurseries & Pre-Schools, now has over 1,000 nurseries worldwide. $BFAM PR link.
Waste Management(PBR206) CFO Jim Fish, Jr, promoted to CEO, succeeds David Steiner who remains on the board, CFO search starts. $WM PR link.
Huntsman Corp(PBR244) appoints CFO J Kimo Esplin to EVP/Strategy & Investment, promotes Sean Douglas to EVP/CFO, both starting 01/01/17. $HUN PR link.
CME Group(PBR664) CEO Phupinder Gill to retire 12/31/16; Terry Duffy now Chairman/CEO; Bryan Durkin now president. $CME PR link.
The US Dept of Treasury says US Total October Federal Government Receipts at $221.7 billion, Outlays $265.9 billion, Deficit $44.2 billion. Treasury PR link.
Wednesday, November 9:
***Republican and businessman Donald Trump is elected 45th President of the United States. Republicans retain majority in both the House of Representatives and the Senate.*** . Politico PR link.
General Motors(PBR8) investing $900 million in 3 facilities, to layoff 2,000 at some Ohio & Michigan locations. $GM PR link.
Arthur J Gallagher(PBR515) acquires San Francisco, CA, actuarial employee benefits consultancy Altman & Cronin Benefits Consultancy. $AJG PR link.
SunPower(PBR680) Business Unitspresident Howard Wenger is leaving the company within the next 6 months. $SPWR PR link.
Twitter(PBR787) COO Adam Bain leaving, CFO Anthony Noto promoted to COO, CFO search starts. $TWTR PR link.
The US Dept of Commerce estimates US September Total Wholesale Sales at $445.0 billion, +0.2% from August, +0.4% from September 2015. USDOC PR link.
Tuesday, November 8:
*** US Elections Day!
*** Be a good citizen, cast your vote!
The PBR1000 October Snapshot 11 Summary:
The Top 5 Stock Price Gainers YTD:
1. Cliffs Natural Resources(PBR832), $CLF, +249%
2. Cloud Peak Energy(PBR984), $CLD, +196%
3. SunCoke Energy(PBR950), $SXC, +194%
4. Titan International(PBR944), $TWI, +159%
5. Quad/Graphics(PBR478), $QUAD, +155%
Range: +249% to -96%
Companies >+0%: 618/1,000
Average: +4.3%%
Median: +6.1%%
Get the full Snapshot 11 list with more details and the 14 other analytical snapshots with a monthly or significantly discounted annual The PBR1000 subscription today! Subscribe link.
CVS Health(PBR11) adds $15.0 billion to share repurchase program, balance is $18.7 billion. $CVS PR link.
Baxter Intl(PBR176) adds $1.5 billion to share repurchase program, balance is $1.9 billion. $BAX PR link.
Hertz(PBR259 $HTZ) now over one-third owned by Carl Icahn with today’s purchase of 15 million shares. MarketWatch PR link.
Blackstone(PBR352) to buy Germany’s OfficeFirst Immobilien with 1.4 million square meter office space across 6 cities portfolio. $BX PR link.
Arthur J Gallagher(PBR515) buys E Lansing, MI, wholesale insurance broker Regency Group, terms not disclosed. $AJG PR link.
Tesla(PBR651 $TSLA) agrees to buy Germany’s Grohmann Engineering. MarketWatch PR link.
Ventas(PBR671) talking to Kindred Health(PBR479 $KND) regarding KND planned exit from skilled nursing facilities business. $VTR PR link.
Service Corp Intl(PBR684) adds $313 million to share repurchase program, balance is $400 million. $SCI PR link.
The US Dept of Labor estimates US September Job Openings at 5.486 million, +0.6% from August, +2.4% from September 2015. USDOL PR link.
CoreLogic estimates US September Housing Serious Delinquencies at 1.014 million, -2.6% from August, -24.8% from September 2015. CoreLogic PR link.
Monday, November 7:
Kroger(PBR20) to hold open interviews on 11/09/16 for military veterans and their families, hired 7,000 in 2015. $KR PR link.
Windstream(PBR426) to own 51% in merger with network services provider EarthLink(NASDAQ: ELNK) in $1.1 billion transaction. $WIN PR link.
Insight(PBR460) to acquire $771 million/year 570 employee IT services firm DataLink(NASDAQ: DTLK) for $258 million. $NSIT PR link.
Kindred Healthcare(PBR479) to exit skilled nursing facility business. $KND PR link.
AmTrust Financial(PBR564) completes $218.7 million cash acquisition of ANV Holdings from Ontario Teachers’ Pension Plan. $AFSI PR link.
Cooper Cos(PBR950) acquires $29 million/yr in-vitro fertilization segment Wallace from Smiths Medical for $168 million. $COO PR link.
CA Technologies(PBR550) promotes Kieran McGrath as EVP/CFO. $CA PR link.
Brunswick(PBR584) hires Danielle Brown as VP/CIO starting 11/14/16, succeeds retiring Michael Schulz. $BC PR link.
HSN(PBR609) hires Carmen Bauza as EVP/Chief Merchandising Officer starting 11/28/16. $HSNI PR link.
Endo Intl(PBR700) promotes Terry Coughlin to EVP/COO, Tony Pera to president, Par Pharmaceuticals(US generics unit). $ENDP PR link.
The US Federal Reserve estimates US September Total Consumer Credit Outstanding at $3.707 trillion, +0.5% from August, +4.9% YTD. FedReserve PR link.
The Conference Board says US October Help Wanted Ads at 4.838 million, -2.0% from September, -10.2% from October 2015. USDOC PR link.
Friday, November 4:
The PBR1000 Week Ending 11/04/16 US Stock Exchanges Recap:
DJIA ends week at 17,888.28, -1.50% from last Friday, -1.40% MTD, -2.29% QTD, +2.66% YTD, -4.01% from record 18,636.05 on 08/15/16.
NASDAQ ends week at 5,046.37, -2.77% from last Friday, -2.75% MTD, -5.00% QTD, +0.78% YTD, -5.49% from record 5,339.52 on 09/22/16.
SPX ends week at 2,085.18, -1.94% from last Friday, -1.93% MTD, -3.83% QTD, +2.02% YTD, -4.79% from record 2,190.15 on 08/15/16.
Danaher(PBR137) completes $53/share, $4 billion cash acquisition of fully automated GeneXpert® systems developer Cepheid(NASDAQ:CPHD). $DHR PR link.
CenturyLink(PBR160) to sell data centers/colocation business to BC Partners/Medina Capital consortium for $2.15 billion plus $150 million equity stake in new company. $CTL PR link.
YUM!(PBR217)’s Taco Bell unit to add 100,000 U.S. jobs by 2022. MarketWatch PR link.
The US Dept of Labor says US October Employment at 151.925 million, -43,000 from September, 4.9% Unemployment Rate. USDOL PR link.
The US Dept Commerce estimates US September Exports at $189.2 billion, Imports $225.6 billion, Deficit $36.4 billion, Deficit YTD(9 mos) $366.9 billion. USDOC PR link.
Thursday, November 3:
Intel(PBR51) to acquire virtual reality startup VOKE for immersive sports. $INTC PR link.
NextEra Energy(PBR173) completes sale of Pennsylvania gas generating assets to Starwood Energy for $765 million. $NEE PR link.
CarMax(PBR202) hiring 2,500 positions nationwide, over 1,200 for automotive service careers. $KMX PR link.
NetApp(PBR405) to reduce worldwide headcount by 6%. $NTAP PR link.
American Axle & Mfg(PBR602) to acquire lightweight components for powertrain/suspenions manufacturer Metaldyne Performance Group(NYSE: MPG)for $1.6 billion cash/stock, assume $1.7 billion in net debt. $AXL PR link.
Intl Flavors & Fragrances(PBR666) to acquire $75 million/year private Fragrance Resources, terms not disclosed. $IFF PR link.
TreeHouse Foods(PBR690) to close 90 employees Delta, British Columbia facility, downsize by 100 employees a Battle Creek, MI, facility, over 15 months. $THS PR link.
Rackspace(PBR935) $32/share, $4.3 billion acquisition by Apollo Global Mgmt(PBR906) is completed. $RAX PR link.
Symantec(PBR385) promotes Nick Noviello to EVP/CFO starting 12/01/16, succeeds leaving Thomas Seifert. $SYMC PR link.
Fresh Del Monte(PBR527) promotes Youssef Zakharia to president/COO, succeeds Hani El-Naffy who remains on the board. $FDP PR link.
Abercrombie & Fitch(PBR595) EVP/Sourcing Diane Chang retiring on 06/24/17. $ANF PR link.
TreeHouse Foods(PBR690) EVP/CFO Dennis Riordan named acting president with leaving of Chris Sliva; Matthew Foulston to be EVP/CFO by 12/02/16. $THS PR link.
The US Dept of Labor Preliminary 3Q16 Labor Productivity Output at +3.4%, Revised 2Q16 was -0.4%, 3Q15 +2.3%. USDOL PR link.
The US Dept of Commerce estimates US September All Manufacturing New Ordersat $463.0 billion, August $459.1 billion, July $458.0 billion. USDOC PR link.
Markit US October Composite PMI Output Index at 54.9, September was 52.3, August 51.5. Markit PR link.
ISM says October US Non-Manufacturing ISM Index at 54.8%, September was 57.1%, August 51.4%. ISM PR link.
Wednesday, November 2:
Allergan(PBR21) completes $5 billion share purchase program, authorizes new $10 billion accelerated program, initiates $0.70/share dividend for 1Q17. $AGN PR link.
AIG(PBR46) authorizes up to $3.0 billion additional shares repurchase program. $AIG PR link.
Goodyear Tire(PBR157) breaks ground on $485 million expansion of Pulandian, China, factory, to produce 5 million large rim tires/year by 2020. $GT PR link.
American Electric Power(PBR174) seeks bids for up to 500,000 tons of coal to be delivered 01/17-03/17 to its generating plants. $AEP PR link.
Newmont Mining(PBR358) completes $1.3 billion sale in interest in Indonesia’s PTNNTcopper/gold mines. $NEM PR link.
Peabody Energy(PBR372) to sell Australian Metropolitan Mine for $200 million plus potential consideration. $BTUUQ PR link.
NVR(PBR533) authorizes $300 million shares repurchase program. $NVR PR link.
Brocade Communications(PBR845) to be acquired by Singapore based Broadcom Ltd(NASDAQ: AVGO) for $12.75/share, $5.9 billion cash. $BRCD PR link.
Amgen(PBR135): Lori Johnston returns as SVP/Human Resources starting 12/09/16. strong>$AMGN PR link.
Gap Inc(PBR179) EVP/CFO Sabrina Simmons to depart at end of FY2016. $GPS PR link.
Whole Foods(PBR203) eliminates co-CEO structure, appoints John Mackey CEO, Walter Robb remains on board, EVP/CFO Glenda Flanagan to retire after FY2017. $WFM PR link.
General Cable(PBR418) hires Matti Masanovich as SVP/CFO starting 11/11/16. $BGC PR link.
Intl Flavors & Fragrances(PBR666) hires Susana Suarez-Gonzalez as EVP/Chief Human Resources Officer starting 11/28/16, succeeds retiring Angelica Cantlon. $IFF PR link.
Federal Open Market Committee keeps federal funds interest rate at 0.25-0.50%, sees progress towards 2% inflation rate, improved labor conditions. FOMC PR link.
ADP(PBR235) October US Change in National Employment was +147,000, Sept was +154,000, Aug +177,000. $ADP PR link.
AutoNews: Revised report says October Vehicle Sales at 1,370,721, -4.4% from September, -5.9% from October 2015, 17.98 million annual rate. AutoNews PR link.
FreddieMac(PBR41) 2Q16 Apartment Investment Market Index at 110.4, 1Q16 was 107.6, 2Q15 115.9. $FMCC PR link.
The Chicago Cubs win the Baseball World Series in Game 7 at the Cleveland Indians 8-7 in a dramatic 10 inning overtime game. Chicago Tribune PR link.
Tuesday, November 1:
The PBR1000 October Snapshot 10 Summary:
The Top 5 Stock Price October Gainers:
1. Peabody Energy(PBR416), $BTUUQ, +465%
2. LINN Energy(PBR668), $LINEQ, +291%
3. SunEdison(PBR744), $SUNEQ, +268%
4. TeamHealth(PBR392), $TMH, +32%
5. SunCoke Energy(PBR953), $SXC, +27%
Range: +465% to -54%
Companies >+0%: 316/1,000
Average: -3.1%
Median: -2.7%
Get the full Snapshot 10 list with more details and the 14 other analytical snapshots with a monthly or significantly discounted annual The PBR1000 subscription today! Subscribe link.
Allergan(PBR21) completes $1.695 billion cash/stock acquisition of liver therapies developer Tobira Therapeutics. $AGN PR link.
Alcoa(PBR115) separation from Alcoa Inc, now known as Arconic, is complete. Now global leader in bauxite, alumina, aluminum products. $AA PR link.
YUM!(PBR217) completes spinoff of YUM China as an independent public company(NYSE: YUMC). $YUM PR link.
Liberty Interactive(PBR263) stockholders approve split-off of Liberty Expedia as a separate independent public company, to be effective 11/04/16. $QVCA PR link.
Dover(PBR343) completes $160 million sale of Tipper Tie, a global supplier of processing & clip packaging machines, to JBT Corp(NYSE: JBT). $DOV PR link.
Discovery Communications(PBR399) & MLB’s BAMTech form digital technology provider BAMTech Europe, first client is EuroSport Digital. $DISCA PR link.
Gannett(PBR414) terminates discussions to acquire Tronc(NASDAQ: TRNC)(fka Tribune Publishing). $GCI PR link.
Regions Financial(PBR450) adds $120 million to share repurchase program, balance now is $760 million, expires 06/30/17. $RF PR link.
Harris Corp(PBR481) to sell Caprock Communications managed satellite, terrestrial & wireless business for cruise/energy industries to SpeedCast International for $425 million cash. $HRS PR link.
Crown Castle(PBR603) to acquire NextEra Energy(PBR178 $NEE)‘s fiber services provider FPL FiberNet for $1.5 billion cash. $CCI PR link.
Equinix(PBR793) collaborates with Facebook(PBR228 $FB) to deploy/test industry’s 1st entirely open source-based packet-optical network solution. $EQIX PR link.
HCP(PBR838) selling 64 properties leased to Brookdale Senior Living(PBR587 $BKD) to Blackstone(PBR352 $BX) affiliates for $1.125 billion. $HCP PR link.
Air Products(PBR267) hires Dr Samir Serhan as EVP to oversee most technology, engineering, and manufacturing functions. $APD PR link.
Herbalife(PBR354) chairman/CEO to become executive chairman 06/01/17, COO Richard Goudis to be new CEO. $HLF PR link.
Fifth Third Bancorp(PBR387) hires Aravind Immaneni to be chief operations & technology officer starting 11/14/16. $FITB PR link.
T Rowe Price(PBR570) chairman/Chief Investment Officer Brian Rogers to retire 03/31/17, 6 senior investment leaders appointed as CIOs. $TROW PR link.
The US Dept of Commerce estimates US September Total Construction Spending Annual Rate at $1.150 trillion, -0.4% from August, -0.2% from September 2015. USDOC PR link.
Manufacturing ISM Report on Business October PMI Index at 51.9%, September was 51.5%, August 49.4%. ISM PR link.
Markit October Final US Manufacturing PMIat 53.4, September was 51.5, August 52.0. Markit PR link.
AutomotiveNews estimates US October New Vehicles Sold at 1.183 million units, -4.9% from October 2015. AutoNews PR link.
TrueCar estimates US October Total Vehicle Sales at $46 billion, -4.2% from October 2015, Average Transaction Price $33,544, +2.5% from October 2015. $TRUE PR link.
Purdue/CME Group October Ag Economy Barometer at 92, September was 101, August 95, future outlook dims. Purdue/CME Group PR link.
FTI Consulting forecasts 2016 online retail sales at $395 billion, 2017 $436 billion, 2020 $562 billion. FTI 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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