The PBR1000 for June: How Hot Will the Economy Be?

June is the start of summer. How much hotness will The PBR1000 contribute to the US and world economies?

By Larry C. Paxton

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

***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

Alphabet(PBR11)’s Google unit acquires Kitchener-Waterloo, Canada based human computer interfaces and smart glasses pioneer North, terms not disclosed. $GOOG PR link.

Boeing(PBR40) delivers its 2,500th AH-64 Apache Helicopter, first one was delivered in 01/1984. $BA PR link.

Whirlpool(PBR154) implementing a workforce reduction program, includes voluntary retirement program and involuntary severance program, to be completed in 2020, expects $95 million in associated costs, expects total restructuring costs to be $260-280 million. $WHR PR link.

Mylan(PBR271) shareholders overwhelmingly approve plan to combine with Pfizer(PBR59)’s Upjohn division as Viatris, waiting final regulatory approvals, expects transaction to close in 4Q20. $MYL PR link.

AES Corp(PBR301) to sell 100% of its equity interest in the 295 MW Itabo power plant in San Cristobal, Dominican Republic to Grupo Linda, will net around $101 million, will further its decarbonization program, to close in 4Q20. $AES PR link.

Genworth Financial(PBR378) sale to China Oceanwide for $5.43/share, $2.7 billion cash close extended with 15th waiver from 06/30/20 to 09/30/20. $GNW PR link.

Cinemark(PBR699) will open showcasing some of Hollywood’s favorite classic films beginning Friday,07/24/20, with additional theatres reopening in subsequent weeks. $CNK PR link.

Kimco Realty(PBR991) realizes a $71.4 million gain from Albertsons Companies(NYSE: ACI) initial public offering, still has 39.8 million shares valued at around $628.2 million. $KIM PR link.

The US Dept of the Treasury says the 06/28/20 Debt Held By The Public is at $20.428 trillion, Intragovernmental $5.897, Total Debt $26.325 trillion, 05/31/20 was at $25.752 trillion, 04/29/20 $24.975 trillion, 06/28/19 $22.023 trillion. USTreasury PR link.

The US Dept of Commerce/BEA says the Preliminary 1Q20 US Net International Investment Position-Assets is at $26.767 trillion, Liabilities $38.825 trillion, Balance -$12.058 trillion, 4Q19 was at -$11.051 trillion, 1Q19 -$10.145 trillion. USDOC PR link.

The Federal Reserve Bank of Chicago says the Preliminary May 2020 US 7th District Midwest Economy Index is at -9.91, April 2020 was at -6.00, March 2020 -1.02, May 2019 -0.32. ChiFed PR link.

Market News International says the June 2020 MNI Chicago Business Barometer(<50 is declining) is at 36.6, May 2020 was at 32.3, April 2020 35.4, June 2019 49.7. MNI PR link.

The Conference Board says the Preliminary June 2020 Consumer Confidence Index(1985=100) is at 98.1, May 2020 was at 85.9, April 2020 85.7, June 2019 124.3. “Faced with an uncertain and uneven path to recovery, and a potential COVID-19 resurgence, it’s too soon to say that consumers have turned the corner and are ready to begin spending at pre-pandemic levels.” TCB PR link.

The S&P/CoreLogic/Case-Shiller Preliminary April 2020 US National Home Price Index(01/2000=100) is at 217.72, March 2020 was at 215.35, February 2020 213.31, April 2019 207.88. “April’s year-over-year gains were ahead of March’s, continuing a trend of gently accelerating home prices that began last fall. Results in April continued to be broad-based.” Case-Shiller PR link.

The American Automobile Assn says the 06/30/20 Average Price for a Gallon of Regular Gas is at $2.178, 05/29/20 was at $1.972, 04/30/20 $1.772, 06/28/19 $2.708. AAA PR link.

***Monday, June 29

Amazon(PBR2) to pay out over $500 million in a special Thank You bonus for June front-line workers, $500 for full-time Amazon, Whole Foods, and Delivery Service partners, $250 for part-timers, $1,000 for front-line Amazon & Whole Foods leaders, $3,000 for Delivery Service Partner owners, $150 for each Amazon Flex driver with more than 10 hours in June. $AMZN PR link.

Lowe’s(PBR44) adds $100 million to bonuses for COVID-19 pandemic work, has now allocated $450 million, active hourly associates in US stores, distribution centers and store support centers will receive the bonuses in mid-July, full-time hourly associates will receive $300, and part-time and seasonal associates will receive $150 from this new round. $LOW PR link.

Tesla(PBR117) had its Initial Public Offering 10 years ago on 06/29/20, opened at $17/share, closed today at $1,007.40/share.

Gilead Sciences(PBR133) says its remdesivi shortens COVID-19 related hospital stays by 4 days, is the first antiviral to have demonstrated patient improvement in clinical trials, set a price for governments of developed countries of $390 per vial, 5 treatments for $2,340, US private insurance companies will be $520 per vial. $GILD PR link.

Coty(PBR353) and Kim Kardashian West announced today that they have entered into a strategic transaction to further develop Kardashian West’s business globally, Coty will acquire a 20% ownership interest in Kardashian West’s beauty business for $200 million, to close in fiscal 3Q21. $COTY PR link.

Chesapeake Energy(PBR356) gets delisting notice from the NYSE because of it filing for voluntary Chapter 11 bankruptcy, will start trading on OTC Pink Sheets on 06/30/20 with symbol CHKAQ. $CHK PR link.

Chesapeake Energy(PBR356) files for voluntary Chapter 11 protection in the US Bankruptcy Court, has entered into a Restructuring Support Agreement with most creditors, has secured $925 million in debtor-in-possession (“DIP”) financing from certain lenders, plan of reorganization to eliminate around $7 billion of debt. $CHK PR link.

Chipotle(PBR492) announces partnership with GrubHub for national pickup and delivery services, can order from Chipotle locations through the Grubhub app or GrubHub.com. $CMG PR link.

AMC Entertainment(PBR502) shifts theatre openings by 2 weeks, will resume theatre operations at approximately 450 US locations on Thursday, 07/30/20, and at approximately 150 remaining locations the following week. $AMC PR link.

***Friday, June 26

The PBRMarketTools US Stock Exchanges Recap for Week 26 ending 06/26/20:

DJIA ends Week 26 at 25,015.55, -3.31% from last Friday, -1.45% MTD, +14.14% QTD, -12.34% YTD, -15.35% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 26 at 9,757.22, -1.90% from last Friday, +2.82% MTD, +26.72% QTD, +8.74% YTD, -3.69% from record 10,020.35 set 06/10/20.

SPX ends Week 26 at 3,009.05, -2.86% from last Friday, -1.16% MTD, +16.42% QTD, -6.86% YTD, -11.14% from record 3,386.15 set 02/19/20.

The Week 26 News Summary: The news of the week was again dominated by the Coronavirus Pandemic, which never seems to end, and saw a larger than expected spike up, a disappointment as states have started to reopen their economies and must weigh the importance of protecting the population, yet having a strong economy that keeps people employed and spending. The coronavirus pandemic tally as of 3:37PM Eastern US by the John Hopkins University CSSE unit is now 9,695,374 confirmed cases globally with 491,777 deaths. For the US it’s 2,461,444 confirmed cases and 124,960 deaths. US economic news was mostly down as well, existing and new home sales annual rates were down, weekly initial jobless insurance claims were higher than expected, reopenings were announced then some reclosings followed, US/China trade negotiations don’t seem to be yielding much, the Fed released its bank stress tests that quite don’t simulate the current environment, and the Fed shut down bank share buyback programs and limited bank dividends. President Trump signed an executive order suspending H-1B foreigner work visas for the rest of the year to some controversy, there is some talk on a new $3 trillion stimulus round, there continues to be some discontent over police policies and practices in the wake of questionable actions and attitudes by some law enforcement personnel, and the US presidential election is starting to ramp up more significantly. The Stock Market Bull took charge early in Week 26, but The Stock Market Bear took a big turn on Wednesday, took a little rest on Thursday, pounced back on Friday to take Week 26 3-0, and set the stage for the last 2 business days of the first half of 2020. Most investors are a little dazed and confused as this first half ends, maybe believe that this has all just been a really bad dream, and are cautiously optimistic that the second half will be a much happier and rosier one, especially if football season gets to happen.

The Week 26 of 2020 tally YTD is:
The Stock Market Bull: 13 weeks
The Stock Market Bear: 12 weeks
Mixed Results: 1 week

Amazon(PBR2) to acquire Zoox, a California-based company working to design autonomous ride-hailing vehicles from the ground up, terms not disclosed. $AMZN PR link.

Microsoft(PBR20) making a strategic change in its retail operations, including closing Microsoft Store physical locations, will continue to invest in its digital storefronts on Microsoft.com, and stores in Xbox and Windows. $MSFT PR link.

Facebook(PBR46) updates and revises posting policies to prepare for the 2020 US elections and fight against racial injustice. $FB PR link.

Gap Inc(PBR197) gets partnership with Kanye West to promote his YEEZY Gap fashion line, expected to appear in Gap stores and Gap.com in 2021. $GPS PR link.

Office Depot(PBR291) approves a 1-for-10 reverse common stock split, to become effective at 4:01 p.m. EDT on 06/30/20. $ODP PR link.

Tractor Supply(PBR366) adds Miranda Lambert’s new line of MuttNation “On the Farm” natural ingredients pet food and treats, available online now, in stores starting 07/20/20. $TSCO PR link.

Boyd Gaming(PBR693) to reopen its Valley Forge Casino Hotel in King of Prussia, PA, on 06/26/20, and its Par-A-Dice Hotel Casino in East Peoria, IL, on 07/01/20, will then have 26 of 29 properties open. $BYD PR link.

Cedar Fair(PBR964) to open its Dorney Park amusement park in Allentown, PA, on 07/08/20 to season ticketholders, to daily ticketholders on 07/11/20, will require reservations. $FUN PR link.

Navistar(PBR274) CEO Troy Clarke to become Executive Chairman and EVP/COO Persio V. Lisboa to become President/CEO on 07/01/20. $NAV PR link.

The US Dept of Commerce/BEA says the Preliminary May 2020 Personal Income Annual Rate is at $19.839 trillion, Personal Current Taxes are at $2.052 trillion, for Disposable Personal Income of $17.788 trillion, Personal Outlays are at $13.666 trillion, for Personal Savings of $4.121 trillion, April 2020 was at $6.025 trillion, March 2020 2.078 trillion, May 2019 $1.269 trillion. USDOC PR link.

The U of Michigan Final June 2020 Consumer Sentiment Index is at 78.1, May 2020 was at 72.3, April 2020 71.8, June 2019 98.2. “The resurgence of the virus will be accompanied by weaker consumer demand among residents of the Southern and Western regions and may even temper the reactions of consumers in the Northeast. As a result, the need for additional fiscal policies to relieve financial hardships has risen.” UMichigan PR link.

***Thursday, June 25

Alphabet(PBR11)’s Google unit announces a licensing program to pay publishers for high-quality content for a new news experience launching later this year, will help participating publishers monetize their content through an enhanced storytelling experience, have signed partnerships with local and national publications in Germany, Australia and Brazil. $GOOG PR link.

Walt Disney(PBR49 $DIS) delaying the reopening of its California theme parks, including Disneyland, which had been scheduled to start reopening 07/17/20, waiting to receive approval from government officials. MarketWatch PR link.

Macy’s(PBR118) to reduce corporate and management headcount by approximately 3,900, has reduced staffing across its stores portfolio, supply chain and customer support network, will adjust as sales recover, most remaining furloughed colleagues returning to work beginning 07/05/20. $M PR link.

Marriott Intl(PBR150) reopens Gaylord Rockies in Colorado, Gaylord Palms in Florida and Gaylord Opryland in Tennessee, join the recently opened Gaylord Texan. $MAR PR link.

Windstream(PBR482) says Bankruptcy Court confirms Plan of Reorganization, expects to emerge from Chapter 11 in late 08/20 as a privately-held company. $WINMQ PR link.

Keysight Technologies(PBR601) has acquired for $330 million The Carlyle Group(PBR682) portfolio company Eggplant, a digital automation intelligence specialist that did around $38 million in 2019 revenues. $KEYS PR link.

The US Federal Reserve modifies the Volcker Rule for financial institutions. USFed PR link.

The US Federal Reserve releases results of stress tests for 2020 and additional sensitivity analyses conducted in light of the coronavirus event. USFed PR link.

The US Dept of Commerce/BEA says the 1Q20 3rd Estimate US Real GDP Annual Rate is unchanged at -5.0%, 4Q19 was at +2.1%, 3Q19 +2.1%, 1Q19 +3.1%. USDOC PR link.

The US Dept of Labor says that for the Week Ending 06/20/20 the US Initial Jobless Claims is at 1,480,000, 05/23/20 was at 2,123,000, 04/25/20 3,839,000, 06/22/19 227.000; for Week Ending 06/13/20 the Total Insured Unemployment is at 19,522,000, 05/16/20 was at 21,052,000, 04/18/20 17,992,000, 06/15/19 1,688,000; the 06/13/20 Insured Unemployment Rate is at 13.4%, 05/16/20 was at 14.5%, 04/18/20 12.4%, 06/15/19 1.2%. More details at the PR link. USDOL PR link.

FreddieMac says the 06/25/20 Weekly Average 30 Year Fixed Mortgage Rate is at 3.13% with 0.8 points & fees, 05/28/20 was at 3.15%, 04/30/20 3.23%, 06/27/20 3.73%. “After the Great Recession, it took more than ten years for purchase demand to rebound to pre-recession levels, but in this crisis, it took less than ten weeks.” FreddieMac PR link.

***Wednesday, June 24

Amazon(PBR2) Web Services unit launches Amazon Honeycode, allows customers to quickly build powerful mobile and web applications – with no programming required. $AMZN PR link.

Apple(PBR4 $AAPL) has acquired Apple products security developer FleetSmith, terms not disclosed. FleetSmith PR link.

Merck(PBR66) gets US FDA approval for KEYTRUDA® (pembrolizumab) for the treatment of patients with recurrent or metastatic cutaneous squamous cell carcinoma (cSCC) that is not curable by surgery or radiation. $MRK PR link.

T-Mobile US(PBR69) pricies a registered public offering of 143,392,582 shares of its common stock at a $103.00/share, also separately announced the pricing of $1,860,465,000 aggregate purchase price for SoftBank shares who is monetizing its investment. $TMUS PR link.

Waste Management(PBR204) to acquire Advanced Disposal for $30.30/share cash, total enterprise value of $4.6 billion, includes approximately $1.8 billion of net debt, after close GFL Environmental to acquire a combination of Advanced Disposal and Waste Management assets for $835 million, representing approximately $345 million in 2019 revenues, part of agreement with the US Dept of Justice, to close by end of 3Q20. $WM PR link.

Ally Financial(PBR260) $2.65 billion cash & stock acquisition of privately held Woodbury, NY based $4.7 billion in assets non-prime credit card and consumer finance lender CardWorks has been terminated by mutual consent because of impacts of COVID-19 on the marketplace. $ALLY PR link.

Sempra Energy(PBR286) completes $2.23 billion divestiture of Chilean businesses. $SRE PR link.

GoDaddy(PBR748) CEO letter explains details of how 814 employees being affected by restructuring will be handled. $GDDY PR link.

GNC(PBR886) files for Chapter 11 Bankruptcy, remains open for business, has support from lenders, also reviewing option for a $760 million buyout, expects to accelerate the closure of at least 800 to 1,200 stores. $GNC PR link.

Crocs(PBR987) opens its new global headquarters in Broomfield, CO, 90,000 sf state of the art facility, plans to add to 375 positions that are moving there. $CROX PR link.

Worthington Industries(PBR645) Chairman/CEO John McConnell to become Executive Chairman, President Andy Rose to become President/CEO on 09/01/20. $WOR PR link.

The US Energy Information Administration says the 06/19/20 US Crude Oil Stocks were at 540.7 millions of barrels, 05/22/20 was at 534.4, 04/24/20 527.6, 06/21/19 469.6. USEIA PR link.

***Tuesday, June 23

PBRMarketTools.com profiles global stock exchanges operator Intercontinental Exchange, Inc., ranked #444 by revenues on The PBR1000. More details on the  Intercontinental Exchanges Spotlight page.

MasterCard(PBR186) to acquire Salt Lake City, UT based 500 employees worldwide Finicity, a leading N American provider of real-time access to financial data and insights, for $825 million, plus up to an additional $160 million, if performance targets are met. $MA PR link.

MGM Resorts(PBR241) to reopen its MGM National Harbor luxury resort and casino in Prince George’s County, MD, on 06/29/20. $MGM PR link.

MGM Resorts(PBR241) to reopen its Borgata Hotel Casino & Spa in Atlantic City, NJ, on 07/06/20. $MGM PR link.

AES Corp(PBR301) to sell its entire 49% equity interest in the 1,740 MW OPGC 1&2 coal-fired power plants in Odisha, India to Adani Power Limited, will reduce its portfolio of coal fired energy from 45% to 35%, on track to be <30% by end of 2020. $AES PR link.

The US Dept of Commerce/HUD says the Preliminary May 2020 New Family Homes Sold Annual Rate is at 676,000, April 2020 was at 580,000, March 2020 612,000, May 2019 600,000; the May 2020 New Family Home Median Price is at $317,900, April 2020 was at $303,000, March 2020 $331,800, May 2019 $312,700. USDOC PR link.

The Federal Reserve Bank of Philadelphia says the June 2020 Non-Manufacturing General Activity Index is at -3.6, May 2020 was at -68.6, April 2020 -96.4, June 2019 +10.2. “The respondents expect overall improvement in conditions over the next six months, as both future activity indexes rose well into positive territory.” PhillyFed PR link.

The Federal Reserve Bank of Richmond says the June 2020 US 5th District Manufacturing Index(Annualized) is at +0%, May 2020 was at -27%, April 2020 -53%, June 2019 +2%. “Manufacturers were also optimistic, overall, that conditions would improve in the next six months.” RichmondFed PR link.

The Federal Reserve Bank of Richmond says the June 2020 US 5th District Service Sector Revenue Index(Annualized) is at -28%, May 2020 was at -48%, April 2020 -87%, June 2019 +16%. “Firms also reported continued deterioration in local business conditions and decreased spending in June, but they were optimistic that conditions would improve in the coming months.” RichmondFed PR link.

***Monday, June 22

Microsoft(PBR20)’s Mixer unit decides time needed to grow its own livestreaming community to scale was out of measure with the vision and experiences that Microsoft and Xbox want to deliver for gamers, is teaming up with Facebook(PBR46) to enable the Mixer community to transition to Facebook Gaming. $MSFT PR link.

Delta(PBR65) is first US arline since start of COVID-19 pandemic to re-start service to China with flights between Seattle and Shanghai-Pudong via Seoul-Incheon on 06/25/20, operating twice per week, and from July and beyond it will operate once-weekly flights from Seattle and Detroit, also via Incheon. $DAL PR link.

Carnival Corp(PBR152) extends its operational pause in N America, cancelling all cruises through through 09/30/20. $CCL PR link.

PG&E(PBR184) gets confirmation of the company’s Chapter 11 Plan of Reorganization by the US Bankruptcy Court, expects to emerge from Chapter 11 in July, will be eligible to participate in the state’s new go-forward wildfire fund. $PGC PR link.

W.W. Grainger(PBR265) to sell its distribution business in China, Grainger China, to a purchaser owned by the Grainger China management team and Sinovation Ventures, a China-based venture capital firm, will maintain its Global Sourcing operations based in China, to close in 2020, terms not disclosed. $GWW PR link.

Bed Bath & Beyond(PBR276) gets a $850 million three-year secured asset-based revolving credit facility, expects approximately 95% of its total store fleet to re-open by the end of this week and nearly all stores to re-open by July 2020. $BBBY PR link.

The Federal Reserve Bank of Chicago says the Preliminary May 2020 US National Activity Index is at +2.61, April 2020 was at -17.89, March 2020 -4.67, May 2019 -0.08. ChiFed PR link.

The Natl Assn of Realtors says the Preliminary May 2020 Existing Home Sales Annual Rate is at 3,910,000, April 2020 was at 4,330,000, March 2020 5,270,000, May 2019 5,330,000; May 2020 Median Home Price is at $284,600, April 2020 was at $286,800, March 2020 $280,600, May 2019 $278,200. “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.” More info at the link. NAR PR link.

***Friday, June 19

The PBRMarketTools US Stock Exchanges Recap for Week 25 ending 06/19/20:

DJIA ends Week 25 at 25,871.46, +1.04% from last Friday, +6.27% MTD, +18.04% QTD, -9.35% YTD, -12.45% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 25 at 9,946.12, +3.73% from last Friday, +11.89% MTD, +29.17% QTD, +10.85% YTD, -0.74% from record 10,020.35 set 06/10/20.

SPX ends Week 25 at 3,097.74, +1.86% from last Friday, +6.36% MTD, +19.85% QTD, -4.12% YTD, -8.52% from record 3,386.15 set 02/19/20.

The Week 25 News Summary: It was a return of the Coronavirus Pandemic in the major headline stories for the week. Some states were experiencing some upticks which raises the alarm of a possible second or more waves. To add more controversy President Trump is planning a big rally in Tulsa, OK, in an arena with face masks optional. AMC Theatres will start opening up on 07/15/20, initially said face masks were optional, then the next day said they would be a requirement. The coronavirus pandemic tally as of 1:33PM Eastern US by the John Hopkins University CSSE unit is now 8,566,787 confirmed cases globally with 457,362 deaths. For the US it’s 2,209,930 confirmed cases and 118,894 deaths. The challenge of continuing to open up of the economy but risking the danger of creating a full blown second wave pandemic is a difficult balancing act with varied facts and opinions from scientists, politicians, economists, business owners and the citizenry. News and social media outlets reflect and influence this as well. At the same time the death in Minneapolis of a black man, George Floyd, by a white police officer with his knee on Floyd’s neck for several minutes, continues to create controversy about police attitudes, recruitment, , training and tactics. Today being Juneteenth has also sparked public conversations about racism, what it is, how pervasive is it, and what should be done. The US Presidential election is heating up too, with some interesting jockeying and ads by both sides. On a lighter note, the US economic news was mixed. Retail sales were higher than expected, initial jobless claims dropped a little, mortgage rates are at new lows and the Federal Reserve continues to grapple with using its powers in the most effective ways. A $1 trillion infrastructure plan is being worked on by both sides of the Congressional aisles, and there continue to be rumors about a new stimulus package. States and businesses continue to open up, except for some key areas such as the transportation sector as airlines try to add flights and keep enough cash reserves to help them get through this period. Cruise lines are delaying popular and profitable voyages. The Stock Market Bull had a good start to Week 25, The Stock Market Bear then tried a comeback in the 2nd half of the week, but failed to get a 2 week win streak. The Stock Market Bull ends up starting a new streak with a nice Week 25 3-0 win with only Tuesday being a volatile +-1% day, and it was a plus day. Stay tuned, the stage is set for what could be an interesting Week 26!

The Week 25 of 2020 tally YTD is:
The Stock Market Bull: 13 weeks
The Stock Market Bear: 11 weeks
Mixed Results: 1 week

Apple(PBR4 $AAPL) closing seven Apple stores in Arizona, two in both Florida and N Carolina, one in S Carolina because of coronavirus cases increase in those states. Associated Press PR link.

Merck(PBR66) completes acquisition of privately held vaccines, including a COVID-19 candidate, and immune-modulation therapies for infectious diseases and cancer developer Themis, terms not disclosed. $MRK PR link.

Mylan(PBR272) wins district court decision against Biogen(PBR221)’s Tecfidera® patent, clears the way for Mylan’s launch of its generic dimethyl fumarate product for multiple sclerosis patients upon the receipt of US FDA approval, working with the FDA to accelerate regulatory approval target action date, currently 11/16/20. $MYL PR link.

AMC Entertainment(PBR500) to require use of face masks when it starts reopening US theatres on 07/15/20, will have face masks available for $1. $AMC PR link.

Perrigo(PBR546) sells its UK-based Rosemont Pharmaceuticals business, a generic prescription pharmaceuticals manufacturer focused on liquid medicines, to a UK-headquartered private equity firm for around $195 million in cash, represents another step in Perrigo’s transformation to a consumer-focused self-care company. $PRGO PR link.

Synopsys(PBR689) replenishes its existing stock repurchase authorization to $500 million. $SNPS PR link.

Pyxus(PBR930) receives NYSE delisting notice for filing Chapter 11 bankuptcy notice, does not plan to appeal, is currently available on the OTC Pink List with ticker symbol PYXSQ. $PYXSQ PR link.

The US Dept of Commerce/BEA says the Preliminary 1Q20 US Total Exports of Goods, Services & Income Receipts is at $902.3 billion, -5.0% from 4Q19; Total Imports of Goods, Services & Income Payments is at $1,006.5 billion, -4.5% from 4Q19; Total Deficit is at $104.2 billion, -0.1% from 4Q19. USDOC PR link.

The Cruise Lines International Assn’s ocean-going cruise line members will voluntarily extend the suspension of cruise operations from US ports until 09/15/20 due to coronavirus pandemic issues. CLIA PR link.

***Thursday, June 18

Medtronic(PBR101) has approved Foxconn for the manufacturing of its Medtronic Puritan Bennett™ 560 (PB560) ventilators, plans to make 10,000 in the next year. $MDT PR link.

Tesla(PBR117)‘s North American Model S Long Range Plus vehicles now have an official EPA-rated range of 402 miles. $TSLA PR link.

McDonald’s(PBR150) expects to hire approximately 260,000 restaurant employees in the US this summer. $MCD PR link.

Jones Lang LaSalle(PBR174) re-opens its Chicago headquarters, 75+ offices open across the US, to have around 100 open by 07/31/20. $JLL PR link.

Biogen(PBR221 $BIIB)‘s multiple sclerosis treatment Tecfidera patent is invalidated in challenge by Mylan(PBR272), biggest revenue produces for Biogen with $4.43 billion in 2019, plans to appeal by mid 2021 based on court decisions in other related cases. MarketWatch PR link.

Hertz(PBR314) terminates its sale of $500 million in common stock offering while it is in Chapter 11 bankruptcy. $HTZ PR link.

JetBlue(PBR379) is adding 30 new domestic routes to serve customers in markets where leisure and VFR (visiting friends and relatives) travel is showing some signs of strength. $JBLU PR link.

Clorox(PBR459) announces AMC Entertainment(PBR500) to open 450 theatres on 07/15/20, have all remaining 150 theatres open by 07/31/20, with Phase 1 being at 30% of capacity, tentatively full capacity after further phase-ins by around Thanksgiving. $CLX PR link.

Apollo Global Mgmt(PBR756)’s Athene Holding Ltd unit acquires 11% stake in Prudential(PBR53) subsidiary Jackson National Life Insurance Company for $500 million, will reinsure a $27 billion in-force block of fixed deferred and fixed indexed annuities. $APO PR link.

The US Dept of Labor says the 1Q20 Average Hourly Employee Cost-Wages & Salaries is at $25.91, Benefits $11.82, Total Costs $37.73, 10th Percent is at $13.15, 50th Percentile(Median) $28.40, 90th Percentile $74.17, Wages & Salaries % of Total Compensation is at 68.7%, Benefits 31.3%. USDOL PR link.

The Federal Reserve Bank of Philadelphia says the June 2020 3rd District Manufacturing General Activity Indicator is at +27.5, May 2020 was at -43.1, April 2020 -56.6, June 2019 +1.5. “Manufacturing conditions in the region showed signs of improvement this month… All future indicators improved, suggesting that the firms expect overall growth over the next six months.” PhillyFed PR link.

The Conference Board says the Preliminary May 2020 Leading Economic Index is at 99.8, April 2020 was at 97.0, March 2020 103.1, May 2019 111.7. “The breadth and depth of the decline in the LEI between February and April suggest the economy at large will remain in recession territory in the near term.” PhillyFed PR link.

***Wednesday, June 17

Target(PBR36) is permanently raising its starting wage for US team members to $15/hour, will give a one-time recognition bonus of $200 to its frontline store and distribution center hourly workers for their efforts throughout the coronavirus pandemic, offering free access to virtual doctor visits for all team members through the end of the year. $TGT PR link.

Facebook(PBR46) building a new Voting Information Center to give people accurate information about voting, while also giving them the tools they need to register and make their voices heard at the ballot box, goal is 4 million new registrations, also activating option to turn off or on political ads. $FB PR link.

T-Mobile US(PBR69) per its agreement to acquire Sprint to sell Sprint’s Boost Mobile, Virgin Mobile and Sprint Prepaid business to DISH(PBR244) on 07/01/20. $TMUS PR link.

US Steel(PBR241) has commenced an underwritten public offering of 50,000,000 shares of its common stock, to use the net proceeds to strengthen its balance sheet, increase liquidity and for general corporate purposes. $X PR link.

Alcoa(PBR296) working with representatives of San Ciprian, Spain, site to restructure the aluminum plant that retains a portion of the casthouse in operation, collective dismissal could potentially affect up to 534 employees. $AA PR link.

Hertz(PBR314) suspends its sale of $500 million in common stock pending a further review of its purposes. $HTZ PR link.

ConAgra Brands(PBR322) reviewing its Mrs. Butterworth’s brand, including its syrup packaging, to eliminate racial bias, original intent was to evoke the images of a loving grandmother. $CAG PR link.

Perrigo(PBR539) makes minority investment in Watkins, CO, based leading supplier of industrial hemp-based CBD products free of tetrahydrocannabinol (“THC-free”) Kazmira, Perrigo to launch in a number of global markets, has exclusive for US store brand market. $PRG PR link.

Sinclair Broadcast(PBR608) to launch a news headline service, 25 positions to be filled, initial format includes 6am-9am slot on CW and MY networks, and its STIRR free streaming platform. $SBGI PR link.

Cinemark(PBR701) to kick off its four-phased reopening with select Dallas-area theatres beginning Friday, 06/19/20, with the remaining phases to take place between 07/03/20 and 07/17/20. $CNK PR link.

The US Dept of Commerce/HUD says the Preliminary May 2020 New Residential Construction Private Family Building Permits Issued Annual Rate is at 1,220,000 units, +14.5% from April 2020, -8.8% from May 2019. USDOC PR link.

***Tuesday, June 16

Schlumberger(PBR95) will permanently remove more than $1.5 billion of structural costs on an annual basis with major changes to its organizational structure, includes reducing its variable headcount. $SLB PR link.

PG&E(PBR185) issues statement on its pleading guilty to 84 counts of involuntary manslaughter and one count of unlawfully starting a fire for the 2018 Camp Fire. $PCG PR link.

Norwegian Cruise Lines(PBR450) extends suspension of global cruise voyages to include all voyages embarking between 08/01/20 through 09/30/20 for its three cruise brands, excludes September Seattle-based Alaska voyages. $NCLH PR link.

Big Lots(PBR512) closes $725 million sale and leaseback of four company-owned distribution centers with affiliates of Oak Street Real Estate Capital. $BIG PR link.

Red Robin(PBR979) files registration to sell up to $40 million in common stock. $RRGB PR link.

The US Federal Reserve says that Preliminary May 2020 Industrial Capacity is at 64.8%, April 2020 was at 64.0%, March 2020 73.2%, May 2019 77.8%. NAHB PR link.

The US Dept of Commerce/Census says the Preliminary April 2020 Manufacturers Sales are at $406.8 billion, Retailers $382.7 billion, Wholesalers $395.4 billion, Total Sales $1.185 trillion, -14.4% from March 2020, -18.4% from April 2019. USDOC PR link.

The US Dept of Commerce/Census says the Advance May 2020 Sales-Retail is at $446.9 billion, Food Services & Drinking Places $38.6 billion, Total Sales $485.5 billion, +17.7% from April, -6.1% from May 2019. USDOC PR link.

The Natl Assn of Home Builders/Wells Fargo Preliminary June 2020 Housing Market Composite Index(>50 = conditions are good) is at 58, May 2020 was at 37, April 2020 30, June 2019 64. “Builders report increasing demand for families seeking single-family homes in inner and outer suburbs that feature lower density neighborhoods. At the same time, elevated unemployment and the risk of new, local virus outbreaks remain a risk to the housing market.” NAHB PR link.

***Monday, June 15

Walmart(PBR1) joining forces with Shopify, an all-in-one commerce platform used by more than 1 million businesses, to open the Walmart Marketplace to their sellers. $WMT PR link.

United Airlines(PBR73) expects to have total available liquidity of approximately $17 billion at the end of the third quarter of 2020. $UAL PR link.

AbbVie(PBR94) gets US FDA approval for JUVÉDERM® VOLUMA™ XC for enhancement of the chin region, first and only product of its kind approved by the FDA for use in the chin. $ABBV PR link.

Hertz(PBR314) to sell up to $500 million in common stock, because in Chapter 11 Bankruptcy also issues a disclaimer saying it may lose value, even make it worthless, may be delisted by the NYSE. $HTZ PR link.

Brown-Forman(PBR604) to sell the Early Times, Canadian Mist, and Collingwood brands, and the Canadian Mist production assets, to Sazerac Company, to close in summer 2020, terms not disclosed. $BFB PR link.

Square(PBR691) acquires Verse, a Spanish P2P payments app that allows customers to send and receive payments from friends and family instantly, safely, and free of charge, terms not disclosed. $SQ PR link.

First Horizon National(PBR859) and IBERIABANK(NASDAQ: IBKC) get final regulatory approval for merger of equals, to close on 07/01/20, will become First Horizon upon completion of operations integration to be completed in 2021. $FHN PR link.

Pyxus(PBR930) files NT 10-K with the US SEC, was unable to provide annual report by 03/31/20 due to bankruptcy proceedings. $PYX PR link.

WW(PBR971) says Subscribers as of 06/06/20 totaled 4.9 million, up 7% from 06/08/19, consisting of 3.8 million Digital Subscribers and 1.1 million Studio + Digital Subscribers, plans to phase in reopen of 400 studios by 06/30/20. $WW PR link.

Lockheed(PBR56) Board member James D. Taiclet is now President/CEO, succeeds Marilyn Hewson who becomes Executive Chairman. $LMT PR link.

Pilgrim’s Pride(PBR268) President/CEO Jayson Penn begins paid leave of absence to focus on his defense of the recently disclosed indictment against him for price fixing, to which he has pleaded not guilty, Board has appointed Fabio Sandri, Pilgrim’s CFO, as interim president and CEO. $PPC PR link.

eBay(PBR288) publicly announces its termination of some previous employees for suspicious actions by its security personnel toward a blogger, who writes about the Company, and her husband, was also a factor in letting go of former CEO Devin Wenig. $EBAY PR link.

Avis Budget(PBR329) interim CEO Joe Ferraro is now CEO, Bernardo Hees named Executive Chairman. $CAR PR link.

The Federal Reserve Bank of New York says the June 2020 Empire State Manufacturing General Business Conditions Index is at -0.2, May 2020 was at -48.5, April 2020 -78.2, June 2019 -6.4. “After breaching record lows in April and May, the headline general business conditions index climbed forty-eight points to -0.2… Firms were notably more optimistic that conditions would be better in six months, with the index for future business conditions rising to its highest level in more than a decade… (June 2020 is at +56.5)” NYFed PR link.

***Friday, June 12

The PBRMarketTools US Stock Exchanges Recap for Week 24 ending 06/12/20:

DJIA ends Week 24 at 25,605.54, -5.55% from last Friday, +5.17% MTD, +16.83% QTD, -10.28% YTD, -13.35% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 24 at 9,588.81, -2.30% from last Friday, +7.87% MTD, +24.53% QTD, +6.87% YTD, -4.31% from record 10,020.35 set 06/10/20.

SPX ends Week 24 at 3,041.31, -4.78% from last Friday, +4.43% MTD, +17.67% QTD, -5.86% YTD, -10.18% from record 3,386.15 set 02/19/20.

The Week 24 News Summary: The week started out with much of the nation continuing to be in shock and turmoil in response to the killing of a black man, George Floyd, by a Minneapolis white policeman, on 05/29/20. There were a lot of speeches given, statements made by a wide variety of civil rights leaders, government officials and law enforcement leaders. There continued to be some destructive riots. Racism and and anger over police actions, policies, and training were the topics that dominated talk radio, TV reporting, social media and newspaper coverage. Floyd’s funeral was in Houston, TX, on Wednesday with strongly worded speeches by national figures, but also an appeal for peace by the family. On the US economic news front on Wednesday the US Federal Open Market Committee concluded its meeting keeping federal funds rates at 0.00-0.25%, and forecasting a slow recovery of the economy from the coronavirus pandemic. But there is a deep yearning to get past the pandemic by people and businesses and for a return to normal. Several states continued to allow business reopenings. Many major retailers, casinos/hotels, amusement parks and restaurants continued or announce timings to reopen. The coronavirus pandemic saw a surge in cases and deaths. Many opine that this is because there is more testing. Many federal, state and local public health officials continue to express concerns over the reopenings and people not following social distancing rules. Many hospitals said they were not prepared or able to handle an increase in cases. The coronavirus pandemic tally as of 1:33PM Eastern US by the John Hopkins University CSSE unit is now 7,586,973 confirmed cases globally with 423,545 deaths. For the US it’s 2,039,468 confirmed cases and 114,357 deaths. The Stock Market Bull charged into the pasture on Monday and had an excellent day, buoyed by the NASDAQ which reeled off 3 consecutive days of new records. But with mostly grim news dominating, The Stock Market Bear slashed and gashed his way to take over, with a major bloodletting on Thursday as all major US exchanges experienced a 5-7% drop. The badly wounded The Stock Market Bull made an attempt to come back on Friday, but the recovery was not nearly enough, and his 3 week win streak came to an ignoble end with everyone wondering what will happen in Week 25.

The Week 24 of 2020 tally YTD is:
The Stock Market Bull: 12 weeks
The Stock Market Bear: 11 weeks
Mixed Results: 1 week

Merck(PBR66) gets US FDA approval for GARDASIL 9 for the prevention of certain HPV-related head and neck cancers. $MRK PR link.

MGM Resorts(PBR243) to reopen its MGM Northfield Park racino facility in Ohio on 06/20/20. $MGM PR link.

Hertz(PBR314) gets Bankruptcy Court to approve sale of up to $1.0 billion in common stock. $HTZ PR link.

GNC(PBR887) reaches an agreement with required lender groups to extend the springing maturity dates for certain loans from 06/15/20 to 06/30/20. $GNC PR link.

The US Dept of Labor says the Preliminary May 2020 Import Prices Monthly Change is at +1.0%, the largest 1-month advance since February 2019, April 2020 was at -2.6%, March 2020 -2.4%, May 2019 +0.2%; May 2020 Export Prices Monthly Change is at +0.5%, April 2020 was at -3.3%, March 2020 -1.4%, May 2019 -0.3%; May 2020 Import Prices Change Year-To-Year are at -6.0%, Export Prices -6.0%. USDOL PR link.

The U of Michigan Preliminary June 2020 Consumer Sentiment Index is at 78.9, May 2020 was at 72.3, April 2020 71.8, May 2019 100.0. “Despite the expected economic gains, few consumers anticipate the reestablishment of favorable economic conditions anytime soon. Bad times financially in the economy as a whole during the year ahead were still expected by two-thirds of all consumers, and a renewed downturn was anticipated by nearly half over the longer term.” UMichigan PR link.

***Thursday, June 11

Jacobs Engineering Group(PBR245) is a Buy stock with a 4.81/5.0 rating. Find out more at the $J info link.

Uber(PBR226) and Lyft(PBR661) ordered by the State of California to treat drivers as employees. State of California PR link.

Keurig Dr Pepper(PBR279) says JAB Holdings BV intends for its majority-owned Maple Holdings BV subsidiary to convert 143 million shares, representing 10.1% ownership, into shares of KDP that will become freely tradeable after a lock-up period, JAB and Maple will collectively remain a 52.6% controlling shareholder of KDP following the distribution. $KDP PR link.

The Children’s Place(PBR917) is targeting to close an additional 300 stores by the end of fiscal 2021, with 200 closures planned for this year, and 100 closures planned for 2021, targeting mall-based, brick-and-mortar portfolio to represent less than 25% of revenue entering fiscal 2022, at end of 1Q20 has 920 stores and square footage of 4.3 million, has closed 275 stores, has 61 stores open to the public in the US and Canada as of 06/08/20. $PLCE PR link.

The US Dept of Labor says the Preliminary May 2020 US Producer Price Index Monthly Final Demand Change is +0.4%, April 2020 was at -1.3%, March 2020 -0.2%, May 2019 +0.2%; May 2020 Last 12 Months Change is at -0.8%, April 2020 was at -1.2%, March 2020 +0.7%, May 2019 +2.1%. USDOL PR link.

The US Federal Reserve says the Preliminary 1Q20 Networth of Households and Non-Profits is at $110.8 trillion, 4Q19 was at $117.4 trillion, 3Q19 $114.2 trillion, 1Q19 $111.2. USFed PR link.

***Wednesday, June 10

Ford(PBR12) and Volkswagen sign agreements for joint projects on commercial vehicles, electric vehicles, autonomous driving, does not include cross-ownership between the companies. $F PR link.

Walt Disney(PBR49) plans phase in reopening of DisneyLand in Anaheim, CA, starting 07/09/20 with Downtown Disney District, Disneyland park and Disney California Adventure park on 07/17/20, hotels/resorts on 07/23/20. $DIS PR link.

AbbVie(PBR94) and Genmab A/S (Nasdaq: GMAB) enter into a broad collaboration to jointly develop and commercialize three of Genmab’s next-generation bispecific antibody products, including epcoritamab, AbbVie to pay $750 million up front, up to $3.15 billion based on milestone achievements. $ABBV PR link.

Bristol-Myers Squibb(PBR108) get US FDA approval for Opdivo ® (nivolumab) for the treatment of patients with unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma (ESCC) after prior fluoropyrimidine- and platinum-based chemotherapy. $BMY PR link.

Hertz(PBR314) gets delisting notice from the NYSE because Hertz has commenced voluntary petitions for reorganization under chapter 11 of the Bankruptcy Code, decision is being appealed, stock will continue trading during appeals process. $HTZ PR link.

Simon Property(PBR480) terminates $52.50/share, $3.6 billion cash 80% acquisition of of 26 super-regional shopping centers in the US and Asia Taubman Centers(NYSE: TCO) because of impacts of COVID-19 and TCO’s business practices during the pandemic. $SPG PR link.

Boyd Gaming(PBR695) on 06/15/20 to resume operations at its two properties in Indiana: Blue Chip Casino Hotel and Spa in Michigan City, and Belterra Casino Resort in Florence, on 06/19/20 to reopen Belterra Park in Cincinnati, OH, will have 24 of its 29 nationwide properties open. $BYD PR link.

Tailored Brands(PBR771) as of 06/05/20 has reopened 634 stores, 44% of its fleet. $TLRD PR link.

Groupon(PBR871) to do 1:20 reverse stock split, to be effective after 06/10/20. $GRPN PR link.

Red Robin(PBR979) has reopened around 270 of its dining rooms, sales exceeding expectations, accompanied by record high dine-in Guest satisfaction scores and continued, strong retention of elevated off-premise sales. $RRGB PR link.

PG&E(PBR185) new Board to consist of 14 members, 11 of whom are new and will be officially appointed to join the Board at or prior to emergence from Chapter 11 bankruptcy, new Board chair to be elected. $PGC PR link.

The US Federal Open Market Committee 06/09-10/20 Meeting Statement keeps federal funds rate at 0.00-0.25%, says, “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 Federal Open Market Committee releases projections from its 06/09-10/20 meeting, shows anticipating US gross domestic product of -6.5% in 2020, +5.0 in 2021, +3.5% in 2022, +1.8% in the longer run. FOMC PR link.

The US Dept of the Treasury says the May 2020 Federal Government Receipts is at $173.9 billion, Outlays $572.7 billion, Monthly Deficit $398.8 billion; May 2020 Federal Government Receipts YTD(8 Months) is at $2.019 trillion, Outlays YTD $3.900 trillion, Deficit YTD $1.880 trillion, May 2019 Deficit YTD was at $0.739 trillion. USTreasury PR link.

The US Dept of Labor says the May 2020 Monthly Consumer Price Index Change is -0.1%, April 2020 was at -0.8%, March 2020 -0.4%, May 2019 +0.1%. “Declines in the indexes for motor vehicle insurance, energy, and apparel more than offset increases in food and shelter indexes to result in the monthly decrease in the seasonally adjusted all items index.” USDOL PR link.

The US Dept of Labor says the Preliminary May 2020 US Current Employee Average Earnings/Hour is at $29.75, Average Work Week is 34.7 hours, Total Average Weekly Earnings is at $1,032.33, April 2020 was at $1,027.37, March 2020 $978.33, May 2019 $958.73. USDOL PR link.

***Tuesday, June 9

Best Buy(PBR71) will have more than 800 locations across the US allowing a limited number of people inside starting 06/15/20, is bringing back more than 9,000 of its previously furloughed full- and part-time store employees and Geek Squad Agents. $BBY PR link.

MGM Resorts(PBR243) to re-open Las Vegas resorts Luxor and The Shoppes at Mandalay Bay Place 06/25/20, the ARIA, and Mandalay Bay, Four Seasons Las Vegas on 07/01/20. $MGM PR link.

Sempra Energy(PBR287) to close $2.23 billion cash sale of its equity interests in its Chilean businesses, including its 100% stake in Chilquinta Energía SA, to State Grid International Development Limited on 06/24/20. $SRE PR link.

Signet Jewelers(PBR465) has re-opened over 1,100 stores, will not reopen at least 150 North America stores and 80 UK stores, is committed to closing at least an additional 150 stores by the end of the fiscal year, continuing to optimize its virtual footprint through website efficiencies, expansion of site capabilities and building a roster of sales associates that are adept in virtual selling. $SIG PR link.

IAC(PBR554) agrees to sell shares valued at around $1.4 billion relating to Match Group in connection with separation of Match Group and IAC. $IAC PR link.

Verso Corp(PBR828) expects to idle the paper mill in Duluth, MN by the end of 06/20, and the Wisconsin Rapids Mill by the end of 07/20, will layoff approximately 1,000 employees. $VRS PR link.

Cedar Fair(PBR964) to open limited capacity amusement parks at 2 locations in Texas on 06/13/20, 1 in Kansas City, MO on 06/22/20, in Ohio Kings Island on 07/02/20 and Cedar Point on 07/09/20, waterparks re-opening dates not yet set. $FUN PR link.

HanesBrands(PBR419) appoints Steve Bratspies as CEO and member of the Board, effective 08/03/20, succeeds 37 year company veteran Gerald Evans, Jr. $HBI PR link.

The US Dept of Labor says the Preliminary April 2020 US Job Separations-Private are at 9,467,000, Government 421,000, Total Separations 9,888,000, March 2020 was at 14,643,000, April 2019 5,763,000. For Job Openings and Hires go to the link, Table A. USDOL PR link.

The US Dept of Commerce/Census says the Preliminary April 2020 US Wholesale Sales-Durables is at $187.3 billion, Non-Durables $208.0 billion, Total Sales $395.3 billion, March 2020 was at $475.6 billion, February 2020 $501.0 billion, April 2019 $498.5 billion. USDOC PR link.

CoreLogic says the March 2020 US Home Mortgages 30 Days or More Delinquent Rate is at 3.6%, February 2020 was at 3.6%, January 2020 3.5%, March 2019 4.0%. “… the job market began its downward spiral in March as shelter-in-place orders went into effect, thus increasing the likelihood of borrowers falling behind on their mortgage payments.” CoreLogic PR link.

***Monday, June 8

SAIC(PBR452) is a Buy stock with a perfect 5.0/5.0 rating. Find out more at the $SAIC info link.

Macy’s(PBR118) recently raised $1.3 billion from sale of 8.375% senior secured notes, will get an additional $3.15 billion from an asset-based credit agreement. $M PR link.

PG&E(PBR185) gets agreement with a select number of investors, including affiliates of Appaloosa, Third Point LLC, Zimmer Partners and Fidelity Management & Research Company, LLC, who will purchase an aggregate of $3.25 billion in common stock of PG&E, expected to be issued in a private placement upon PG&E’s emergence from Chapter 11, will pay up to $10.50/share. $PCG PR link.

PG&E(PBR185) to relocate headquarters to new more cost effective Oakland facilities beginning in 2022 and will seek to sell San Francisco headquarters complex. $PCG PR link.

PPG(PBR207) will record a restructuring charge of $160 to $180 million pretax, $125 to $140 million after-tax, or $0.52-$0.58 cents per diluted share, in 2Q20, nearly all related to employee severance. $PPG PR link.

FannieMae says the May 2020 US Home Purchase Sentiment Index is at 67.5, April 2020 was at 63.0, March 2020 80.8, May 2019 92.0. “… As lockdown restrictions begin to ease across the country, we expect economic recovery to be largely shaped by consumers’ decisions regarding when and how to reengage in the economy. We believe this month’s HPSI results and Friday’s unexpectedly favorable labor market report to be encouraging signs for the months ahead.” FannieMae PR link.

***Friday, June 5

The PBRMarketTools US Stock Exchanges Recap for Week 23 ending 06/05/20:

DJIA ends Week 23 at 27,110.98, +6.81% from last Friday, +11.36% MTD, +23.7% QTD, -5.00% YTD, -8.26% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 23 at 9,814.08, +3.42% from last Friday, +10.40% MTD, +27.45% QTD, +9.38% YTD, -0.03% from record 9,817.18 set 02/19/20.

SPX ends Week 23 at 3,193.93, +4.91% from last Friday, +9.67% MTD, +23.58% QTD, -1.14% YTD, -5.68% from record 3,386.15 set 02/19/20.

The Week 23 News Summary: At the beginning of the week the main headline dramatically changed from the coronavirus pandemic to the tragic death last Friday at the knee of a Minneapolis policeman on the neck of a man of color, George Floyd. Captured on video, the senseless loss caused outrage across many cities in the US and later the world, resulting in more deaths and property damage. It reaffirmed and increased awareness of systemic racism, poverty, as well as exposing radical groups fomenting much of the anger and destructive actions. Federal, state and local governments responded in a variety of ways with mixed reviews and results. Time will now see how this plays out. The international news front was also mixed with US/China trade issues appearing more problematic, compounded by China’s efforts to gain more control over a more democracy minded Hong Kong. Then some US economic news came out midweek, and the attention shifted to jobs. ADP released its monthly US private sector job changes report which was much more positive than expected. This was followed on Friday by an unexpected and stunningly positive report on jobs by the US Dept of Labor, which reflected the initial recovery efforts by businesses as they start re-opening. And while the coronavirus pandemic was still in the news, it really took a weak 3rd place at best. The coronavirus pandemic tally as of 12:32PM Eastern US by the John Hopkins University CSSE unit is now 6,713,881 confirmed cases globally with 393,709 deaths. For the US it’s 1,890,592 confirmed cases and 108,920 deaths. The pharma industry was also in the spotlight as more companies are getting involved in developing vaccines, testing kits, and protective equipment, and getting US FDA emergency use authorization approvals. The Stock Market Bear was unable to take any advantage from the civil unrest. On the other hand, The Stock Market Bull pounced on the jobs reports, finishing Week 23 with a resounding 3-0 victory, way ahead of expectations and starting to close in on record highs established during pre-coronavirus pandemic times. It was a week of volatile civil unrest, volatile government, volatile economic news, and a volatile Wall Street. The first half of 2020 has certainly become an historic time in so many ways.

The Week 23 of 2020 tally YTD is:
The Stock Market Bull: 12 weeks
The Stock Market Bear: 10 weeks
Mixed Results: 1 week

Kroger(PBR22) and technology for grocery ecommerce Ocado (LSE: OCDO) to expand their partnership with plans to construct three new Customer Fulfillment Centers (CFC) in the Great Lakes, Pacific Northwest and West regions, will create over 1,000 jobs. $KR PR link.

Merck(PBR66) gets US FDA approval for RECARBRIO™ (imipenem, cilastatin, and relebactam) for the treatment of adults with hospital-acquired and ventilator-associated bacterial pneumonia (HABP/VABP). $MRK PR link.

AbbVie(PBR94), Harbour BioMed, Utrecht University and Erasmus Medical Center are collaborating to develop a novel antibody therapeutic to prevent and treat COVID-19, the pandemic respiratory disease caused by the SARS-CoV-2 virus. $ABBV PR link.

MGM Resorts(PBR243) will reopen Excalibur Hotel & Casino Thursday, 06/11/20 following its closure earlier this year, joins MGM Resorts’ Bellagio, New York-New York, MGM Grand Las Vegas and The Signature, which all opened in Las Vegas Thursday, 06/04/20. $MGM PR link.

Cedar Fair(PBR964) gets approval by Ohio to reopen its theme parks, including Cedar Point and Kings Island, expects to open soon. $FUN PR link.

The US Dept of Labor says the May 2020 US Available Labor Force is at 158,277,000, Employed is at 137,242,000, +3,839,000 from April 2020, -19,516,000 from May 2019, Unemployed is at 20,985,000, -2,093,000 from April 2020, +15,097,000 from May 2019, Unemployment Rate is at 13.3%, April 2020 was at 14.7%, May 2019 3.6%. From Table A. USDOL PR link.

The US Federal Reserve says the Preliminary April 2020 US Consumer Debt-Revolving is at $1.020 trillion, Non-Revolving $3.114 trillion, Total Consumer Debt $4.133 trillion, March 2020 was at $4.202 trillion, February 2020 $4.209 trillion, April 2019 $4.070 trillion. USFed PR link.

***Thursday, June 4

American Airlines(PBR67) planning to fly more than 55% of its 07/19 domestic capacity in 07/20, resuming lounge service 06/22/20 at 11 Admirals Club lounges in 10 key US cities. $AAL PR link.

JCPenney(PBR291) to start store closing sales at 154 stores in first phase starting 06/11/20 after hearing with Bankruptcy judge, will take 10-16 weeks, has around 500 stores open now. $JCP PR link.

TD Ameritrade(PBR471) shareholders approve its acquisition by Charles Schwab(PBR304) for approximately $26 billion all stock, announces that the US Dept of Justice has decided to close its investigation of the proposed merger, to close in 2H20. $AMTD PR link.

Simon Property(PBR484 $SPG) is suing 400+ properties Gap(PBR198), its largest tenant, for $65.9 million for unpaid back rent. TheRealDeal PR link.

Michaels Cos(PBR530) says it has around 1,000 stores open, expects to have all 1,273 open by 06/30/20. $MIK PR link.

Electronic Arts(PBR535) launches 25+ new games on its Steam service, will be adding more, subscription service for players to be available later in the summer. $EA PR link.

Tiffany(PBR588) acquisition by LVMH Moet Hennessey-Louis Vuitton does not include LVMH buying Tiffany stock at this time. $LVMH PR link.

Sabre Corp(PBR626) to end all team furloughs by 07/06/20, will restore employee compensation back to 100% of base pay, to do a reduction of force of around 800 across 43 offices, is in addition to the 400 previously announced. $SABR PR link.

Carpenter Technology(PBR839) is reducing approximately 20% of its total global salaried positions in response to impact of the COVID-10 pandemic. $CRS PR link.

La-Z-Boy(PBR936) to reduce its global workforce by about 10%, or approximately 850 employees, across its manufacturing, retail and corporate locations, including the closure of its Newton, MS upholstery manufacturing facility. $LZB PR link.

SeaWorld(PBR973 $SEAS) to re-open Busch Gardens Tampa Bay and Adventure Island parks on 06/11/20, will require advance online reservations to help manage capacity and maintain social distancing within the parks. MarketWatch PR link.

The US Dept of Labor says the Revised 1Q20 US Business Sector Labor Productivity Output/Hour(Annual Rate) is -0.7%, 4Q19 was at +1.0%, 3Q19 -0.4%, 1Q19 +4.0%. USDOL PR link.

The US Dept of Commerce says the Preliminary April 2020 US Exports-Goods is at $95.5 billion, Services $55.8 billion, Total Exports $151.3 billion, March 2020 was at $190.2 billion, February 2020 $211.8 billion, April 2019 $209.3 billion; April 2020 US Imports-Goods is at $167.4 billion, Services $33.3 billion, Total Imports $200.7 billion, March 2020 was at $232.5 billion, February 2020 $246.4 billion, April 2019 $258.4 billion; the April 2020 Deficit is at $49.4 billion, March 2020 $42.3 billion, February 2020 $34.6 billion, April 2019 $49.1 billion; April 2020 Total Exports YTD(4 months) is at $763.8 billion, Imports YTD $932.0 billion, Total Deficit YTD $168.2 billion, April 2019 was at $194.2 billion. USDOC PR link.

***Wednesday, June 3

AIG(PBR64) completes $1.8 billion sale of its majority interest in reinsurance and run-off management solutions to the global insurance industry provider Fortitude Re to The Carlyle Group(PBR827) and T&D Holdings. $AIG PR link.

Fitbit(PBR969) has developed a high-quality, low-cost, easy-to-use emergency ventilator, Fitbit Flow, which has obtained Emergency Use Authorization (EUA) from the US Food & Drug Administration for use during the COVID-19 public health emergency. $FIT PR link.

Red Robin(PBR979) expects to have re-opened around 270 dining rooms with limited capacity by 06/07/20, represents about 65% of currently open Company-operated restaurants. $RRGB PR link.

ADP says the Preliminary May 2020 US Change in Private Sector Non-Farm Employment is at -2,760,000, April 2020 was at -19,557,000, March 2020 -302,000, May 2019 +89,000; the May 2020 Goods Producing Sector is at -794,000, Services -1,967,000. $ADP PR link.

The US Dept of Commerce/Census says the Preliminary April 2020 US Manufacturers New Orders-Durables is at $168.7 billion, Non-Durables $215.6 billion, Total New Orders $384.3 billion, March 2020 Total was $441.8 billion, February 2020 $496.5 billion, April 2019 $497.2 billion. $USDOC PR link.

The Institute for Supply Management says the May 2020 US Non-Manufacturing Index(<50% = contracting) is at 45.4%, April 2020 was at 41.8%, March 2020 52.5%, May 2019 56.9%. “Respondents remain concerned about the ongoing impact of the coronavirus. Additionally, many of the respondents’ respective companies are hoping and/or planning for a resumption of business…” ISM PR link.

The IHS Markit May 2020 US Composite PMI Index is at 37.0, April 2020 was at 27.0, March 2020 40.9, May 2019 50.9. “While views about prospects for the year ahead remained negative on balance, the degree of pessimism has also moderated considerably since April, to hint that sentiment is improving as increasing numbers of companies see the worst of the lockdown being behind them.” IHS Markit PR link.

***Tuesday, June 2

Pfizer(PBR62) is establishing the Pfizer Breakthrough Growth Initiative, will invest up to $500 million in biotechnology companies, will focus on making non-controlling equity investments in clinical-stage public companies, especially companies with small- to medium-sized market capitalizations across a range of therapeutic categories of interest to Pfizer. $PFE PR link.

The Cheesecake Factory(PBR822) has re-opened 34 restaurants since mid-May, expects to have approximately 65% of dining rooms across its concepts that closed due to COVID-19 reopened with limited capacity by mid-June, including an anticipated 124 Cheesecake Factory restaurants. $CAKE PR link.

Twitter(PBR677) appoints Patrick Pichette as independent Chairman, succeeds Executive Chairman Omid Kordestani who remains on the Board as a non-employee director. $TWTR PR link.

The PurdueU/CME Group May 2020 US Ag Economy Barometer Composite Index is at 103, April 2020 was at 96, March 2020 121, May 2019 101. “Farmers sentiment improved modestly in May as the Ag Economy Barometer rose to a reading of 103, but remained nearly 40 percent below its February peak of 168… two-thirds of producers believe it will be necessary for the U.S. Congress to pass additional legislation to provide more economic assistance to U.S. farmers.” PurdueU PR link.

***Monday, June 1

Coty(353) and KKR(PBR609) enter strategic partnership, KKR to acquire 60% ownership in Coty’s Professional and Retail Hair business, including the Wella, Clairol, OPI and ghd brands (together, “Wella”) for $3.5 billion, Coty Chairman Peter Harf adds CEO role. $COTY PR link.

Cooper Tire & Rubber(PBR794) to restart on a limited basis its tire manufacturing plant in El Salto, Mexico, already has plants re-opened in China, US, and Serbia. $CTB PR link.

Jones Lang LaSalle(PBR174) has named Siddharth N. (Bobby) Mehta Chairman of the Board, succeeds Sheila A. Penrose who had been Chairman since 2005, will remain an independent director. $JLL PR link.

Bed Bath & Beyond(PBR277) appoints Harriet Edelman as Independent Chair Of Board, succeeds Patrick Gaston who has stepped down after 13 years on the Board. $BBBY PR link.

The US Dept of Commerce/Census says the Preliminary April 2020 US Total New Construction Spending-Residential is at $544.3 billion, Total Non-Residential $801.9 billion, Total $1.346 trillion, -2.9% from March 2020, +3.0% from April 2019. USDOC PR link.

The Institute for Supply Management says the May 2020 US Manufacturing PMI Index(< 50% = economy contracting) is at 43.1%, April 2020 was at 41.5%, March 2020 49.1%, May 2019 52.1%. “The coronavirus pandemic impacted all manufacturing sectors for the third straight month. May appears to be a transition month, as many panelists and their suppliers returned to work late in the month. However, demand remains uncertain, likely impacting inventories, customer inventories, employment, imports and backlog of orders.” ISM PR link.

The IHS Markit May 2020 US Manufacturing PMI Index is at 39.8, April 2020 was at 36.1, March 2020 48.5, May 2019 50.5. “With increasing numbers of companies restarting production, we should see some improvements in the output trend in coming months, and it was reassuring to see signs of the downturn already starting to ease in May, suggesting April was the eye of the storm as far as the production collapse is concerned.” IHS Markit PR link.

***Friday, May 29

The PBRMarketTools US Stock Exchanges Recap for Week 22 ending 05/29/20:

DJIA ends Week 22 at 25,383.11, +3.75% from last Friday, +4.26% MTD, +15.81% QTD, -11.06% YTD, -14.11% from record 29,551.42 set 02/12/20.

NASDAQ ends Week 22 at 9,489.87, +1.77% from last Friday, +6.75% MTD, +23.24% QTD, +5.76% YTD, -3.33% from record 9,817.18 set 02/19/20.

SPX ends Week 22 at 3,044.31, +3.01% from last Friday, +4.53% MTD, +17.79% QTD, -5.77% YTD, -10.10% from record 3,386.15 set 02/19/20.

The end of May and Week 22 News Summary: Center stage during this Week 22 US 4 day work week was the ongoing US and China issues. While trade discussions have been difficult, the latest concern is China taking over more control of former UK colony Hong Kong. US President Trump’s immediate response is to use sanctions. The coronavirus pandemic continues to be big news as well. Countries around the world are starting to re-open their businesses and economy to mixed reviews. In the US many major retailers announced their re-openings and current plans for more. The coronavirus pandemic tally as of 12:32PM Eastern US by the John Hopkins University CSSE unit is now 5,878,701 confirmed cases globally with 362,769 deaths. For the US it’s 1,735,971 confirmed cases and 102,323 deaths. A stream of good news about potential vaccines and tests for coronavirus seemed to escalate during the week. The US economic news was mixed with real data indicating major downturns, especially for employment and real GDP adjusted down from -4.8% to -5.0%. However, it is also now showing some up signs, meaning negative numbers are starting towards the positive, and cautious optimism has been reflected in some interviews of Federal Reserve Board members. Week 22 was a typical progression from the start of May. The additional item of interest for May was the new $3 trillion stimulus package that went into effect mid-month to help businesses make it through the pandemic. It was certainly a good week and end of May for The Stock Market Bull. He came back well rested after the Memorial Day holiday, was eager to fight and quickly gored The Stock Market Bear deep on Tuesday and Wednesday. The Stock Market Bear recovered a little bit on Thursday, and Friday was a mixed result in favor of The Stock Market Bull who easily took Week 22 and the month of May with convincing 3-0 results, but still has a long way to go to get back to record levels achieved earlier in the year.

The Week 22 of 2020 tally YTD is:
The Stock Market Bull: 11 weeks
The Stock Market Bear: 10 weeks
Mixed Results: 1 week

The monthly tally YTD is:
The Stock Market Bull: 2 months
The Stock Market Bear: 2 months
Mixed Results: 1 month

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