March 2017: Keeping Promises
President Trump needs Congress to help keep his promises. The Capital building is beautiful, but what happens inside can sometimes be very ugly.
By Larry C. Paxton
Once again most corporate, economic, government, and investing news in the month seemed to revolve around the early days and actions of a new US President and the US Congress. On the very first day of March the major US stock exchanges skyrocketed to new highs based on President Trump’s speech to Congress and the nation the night before. Throughout March the pace continued by President Trump carrying out, or trying to carry out, his campaign promises. There was controversy over his new executive order regarding immigrants, a new healthcare bill was introduced but failed to gain passage, a budget was introduced, A Supreme Court nominee was named and the path to confirmation has some possible potholes, N Korea continued to take worrisome actions, and the list goes on, some more are in the paragraphs below. A lot happened in March, but the ramifications will probably not be known or clear for some time and April looks like it will provide more of the same.
Here’s a quick March 2017 summary on key activities that relate to The PBR1000:
Mergers & Acquisitions: 26 deals worth at least $1 billion initiated, closed, or updated. Total transaction value was $306 billion.
Spinoffs: None
Share Repurchase Programs: 13 announced, total $13.6 billion.
Bankruptcies: 4 initiated or updated
CEO Changes: 9 announced.
Jobs: Modest growth.
US Economy: Modest/moderate growth continues, stable but fragile.
Federal Reserve Federal Funds Rate Changes: 1, +0.25% to 0.75-1.00%, more increases anticipated in 2017.
National: US House unable to pass new healthcare plan, Obamacare continues, proposed budget released, Trump/Germany’s Merkel meet, Neil Gorsuch nominated to Supreme Court, Russia vote meddling hearings.
International: Brexit formal notice given to the European Union, UK Parliament attack, oil price fluctuations, Middle East conflicts, refugee crisis, N Korea missile tests, European elections, climate change, US President Trump actions continue to be the headliners.
For more details here are The PBR1000 corporate and economic related breaking news items of interest with hotlinks to the sources for March 2017, starting with the last active business day.
***Friday, March 31:
The PBRMarketTools Week Ending 03/31/17 US Stock Exchanges Recap:
DJIA ends March at 20,663.22, +0.32% from last Friday, -0.72% MTD, +4.56% QTD/YTD, -2.14% from record 21,115.55 set 03/01/17.
NASDAQ ends March at 5,911.74, +1.42% from last Friday, +1.48% MTD, +9.82% QTD/YTD, -0.04% from record 5,914.34 set 03/30/17.
SPX ends March at 2,362.72, +0.80% from last Friday, -0.04% MTD, +5.53% QTD/YTD, -1.39% from record 2,395.96 set 03/01/17.
Johnson & Johnson(PBR37) declares $280/share, $30 billion cash tender offer for Swiss based pharmaceutical company Actelion(SIX:ATLN) successful, expects to close transaction in 2Q17. $JNJ PR link.
Pfizer(PBR56) gets FDA approval for its IBRANCE® (palbociclib) metastic breast cancer therapy. $PFE PR link.
DuPont(PBR82) merger with Dow Chemical(PBR48 $DOW) transaction close date amended to be by 08/31/17, first of three spinoffs to be Material Science. $DD PR link.
Mylan(PBR346) provides update on expanded worldwide voluntary recall of certain lots of EpiPen® Auto-Injector. $MYL PR link.
The Andersons(PBR525) completes sale of Florida farm center locations to Wedgworth’s, terms not disclosed. $ANDE PR link.
FMC Corp(PBR566) to acquire portion of DuPont(PBR82 $DD)’s Crop Protection business to satisfy European Union requirements for DuPont’s merger with Dow Chemical(PBR48 $DOW), DuPont to acquire FMC Health and Nutritiion, FMC to make a $1.2 billion cash payment to DuPont. $FMC PR link.
WhiteWave Foods(PBR624) $56.25/share, $12.5 billion cash acquisition by France based global food company Danone gets US Dept of Justice approval, transaction to close soon. $WWAV PR link.
Verizon(PBR15) announces new operating structure with focused in 3 areas, hires Hans Vestberg as EVP/Network & Technology, Marni Walden is EVP/Media & Telematics, John Stratton EVP/Customer & Product Operations. $VZ PR link.
The US Dept of Treasury says US National Debt on 03/30/17 was $19.847 trillion, -0.4% from 02/27/17, +3.0% from 03/31/16. Treasury PR link.
The US Dept of Treasury says US 1 Year Treasury Bill Yield on 03/31/17 was 1.03%, 02/28/17 was 0.88%, 03/31/16 0.59%. Treasury PR link.
The US Dept of Commerce estimates US February Total Personal Income Annual Rate at $16.439 trillion, +0.4% from January, +4.6% from February 2016. USDOC PR link.
The Federal Reserve Bank of Chicago estimates the 7th District February Midwest Economy Index at +0.27, January was +0.01, December +0.06. ChicagoFed PR link.
The University of Michigan US March Final Consumer Sentiment Index was 96.9, February was 96.3, March 2016 91.0. UMich PR link.
The MNI March Chicago Business Barometer at 57.7, February was 57.4, March 2016 53.6(>50 gaining). MNI/ISM PR link.
The AAA Regular Gas Average Gallon Price for 03/31/17 is $2.314, +1.1% from 02/28/17, +12.4% from 03/31/16. AAA PR link.
***Thursday, March 30:
ExxonMobil(PBR2) announces new oil discovery on the Snoek well offshore Guyana, part of Stabroek Block. $XOM PR link.
AT&T(PBR12) selected by FirstNet for 25 year $6.5 billion agreement to build & manage America’s first nationwide public safety broadband network dedicated to first responders. $T PR link.
VF Corp(PBR232) introduces 2021 strategic growth plan, authorizes $5 billion share repurchase program. $VFC PR link.
JCPenney(PBR234) to celebrate 100 years in Texas on 03/31/17 at a store in Wichita Falls, where the first store opened. $JCP PR link.
Celanese(PBR369) sues 3 Chinese high-potency sweetner competitors in Europe for patent infringement, seeks additional US patent rights. $CE PR link.
Rent A Center(PBR657) not renewing Acceptance Now agreement with Conn Appliances because of under performance, expires 06/06/17, involves 115 kiosks. $RCII PR link.
Analog Devices(PBR701) acquires private San Jose, CA, based broadband GaAs and GaN amplifier expert OneTree Microdevices, terms not disclosed. $ADI PR link.
Kaman Corp(PBR934) increases stake from 26% to 49% in India based advanced composite structures manufacturing joint venture with Kineco Ltd. $KAMN PR link.
Six Flags(PBR962) to repurchase $500 million of its common stock, does not anticipate pursuing an real estate investment trust structure. $SIX PR link.
Facebook(PBR228 $FB) Oculus unit co-founder Palmer Luckey leaves. TechCrunch PR link.
Vail Resorts(PBR908) hires Lynanne Kunkel as Chief Human Relations Officer, effective 05/15/17. $MTN PR link.
The US Dept of Commerce says US 4Q16 GDP 3rd Estimate is +2.1%, $18.869 trillion annual rate, +1.0% from 3Q16, +3.6% from 4Q15. USDOC PR link.
The US Dept of Labor US Initial Unemployment Insurance Claims 4 Week Moving Average for 03/25/17 is 254,250, +5.5% from February, -5.1% from March 2016. USDOL PR link.
The US Energy Information Administration says US Crude Oil Stocks on 03/24/17 were 534.0 million barrels, +3.0% from 02/17/17, +6.0% from 03/25/16. EIA PR link.
FreddieMac(PBR41) says US 30 Year Fixed Mortgage Rate Average for 03/30/17 is 4.14%, 02/23/17 was 4.16%, 03/31/16 was 3.71%. $FMCC PR link.
The US Congressional Budget Office says Federal Budget Deficit at 77% of GDP, could rise to 150% by 2047 if no changes made. CBO PR link.
***Wednesday, March 29:
Amazon(PBR29) to open 2nd Houston area fulfillment center, 10th in Texas, to be 1 million sf, employ 1,000 fulltime employees. $AMZN PR link.
Intel(PBR51) promotes Aicha Evans to Chief Strategy Officer. $INTC PR link.
ConocoPhillips(PBR53) to sell its 50% interest in Foster Creek Christina Lake partnership interest and Western Canada Deep Basin gas assets to Cenovus for $13.3 billion cash/stock. $COP PR link.
Mylan(PBR346) completes acquisition of Cold-EEZE(R) brand with several OTC cold remedies. $MYL PR link.
Mylan(PBR346) reviewing Complete Response Letter from FDA not approving its generic of GlaxoSmithKline’s Advair Diskus® asthma medication. $MYL PR link.
HCP(PBR834) completes $1.125 billion sale of 64 properties leased to Brookdale Senior Living(PBR587 $BKD) to Blackstone(PBR352 $BX) affiliates. $HCP PR link.
LabCorp(PBR413) promotes Gary Huff to CEO/LabCorp Diagnostics, one of LabCorp’s two primary business segments. $LH PR link.
The US Dept of Commerce estimates US 4Q16 Assets at $23.917 trillion, Liabilities $32.026 trillion, Deficit $8.109 trillion, USDOC PR link.
International News: The UK officially notifies the European Union that it is leaving the organization, expects the Brexit process to take two years.
***Tuesday, March 28:
General Motors(PBR8) board rejects investor Greenlight Capital’s proposal for dual class stock structure and four board nominees for upcoming annual shareholder meeting. $GM PR link.
Ford(PBR10) to invest $1.2 billion in 3 Michigan facilities. $F PR link.
Amazon(PBR29) to open 1 million sf fulfillment center in Clear Brook, VA, to employ 1,000 fulltime. $AMZN PR link.
Amazon(PBR29) to acquire Middle East e-commerce leader SOUQ.com, terms not disclosed. $AMZN PR link.
Wells Fargo(PBR30) agrees to settle class action lawsuit regarding retail sales practices for $110 million. $WFC PR link.
American Airlines(PBR69), largest airline in the world, makes $200 million equity investment in China’s largest airline, China Southern Airlines. $AAL PR link.
Delta Air(PBR72) and Korean Air to implement a joint venture arrangement to grow trans-Pacific network serving 290+ destinations in the Americas and 80+ in Asia. $DAL PR link.
BlackRock(PBR252) investing in data science technologies as part of investment teams, segmenting into 4 active equity products. $BLK PR link.
Salesforce(PBR453) launches Financial Services Cloud Einstein for financial advisors. $CRM PR link.
Tesla(PBR651) gets $1.8 billion investment for 5% ownership by China’s Tencent internet company. $TSLA PR link.
Rent A Center(PBR657) adopts stockholder rights plan. $RCII PR link.
Regeneron(PBR708) & Sanofi get FDA approval of DUPIXENT® (dupilumab) Injection, the first and only biologic medicine approved for the treatment of adults with moderate-to-severe atopic dermatitis. $REGN PR link.
AMC Entertainment(PBR728) completes $929 million cash acquisition of Sweden based largest Northern Europe 7 country region theatre exhibitor Nordic Cinema Group. $AMC PR link.
KB Home(PBR802) chairman/president/CEO Jeffrey Mezger rings NYSE opening bell in celebration of company’s 60th(Diamond) anniversary. $KBH PR link.
AIG(PBR46) announces Donna DeMaio rejoining company as EVP/Chief Auditor. succeeds Martha Gallo who is now CIO. $AIG PR link.
Caesars Entertainment(PBR314) promotes Christian Stewart to newly created role of EVP/Gaming & Interactive Entertainment. $CZR PR link.
Mylan(PBR346) hires former SEC commissioner Daniel M. Gallagher as Chief Legal Officer, effective 04/17/17. $MYL PR link.
Tailored Brands(PBR643) elects Dinesh Lathi as non-executive chairman of the board, succeeds William Sechrest who remains a member of the board. $TLRD PR link.
Treehouse Foods(PBR690) hires Moe Alkemade to be SVP/Chief Strategy Officer, succeeds Rachel Bishop who is now president/Snacks division. $THS PR link.
Itron(PBR896) EVP/CFO Mark Schmitz resigns, VP/Strategic Planning & Treasury Robert Farrow named interim CFO until successor found. $ITRI PR link.
The Federal Reserve Bank of Richmond says 5th District March Manufacturing Index at 22%, February was 17%, January 12%. RichmondFed PR link.
The Conference Board US March Preliminary Consumer Confidence Index(1985=100) is at 125.6, February was 116.1, March 2016 96.1. TCB PR link.
The S&P CoreLogic Case-Shiller US January National Home Price NSA Index is 185.51(01/2000=100), December was 185.21, January 2016 175.23. CoreLogic PR link.
Fitch Ratings research indicates US auto insurer underwriting results tumble; return to profit a long haul. Fitch PR link.
FreddieMac(PBR41) US March Outlook says house pricing increasing faster than income, mortgage rates going up, expects mortgage originations to drop, cap 2017 home sales. $FMCC PR link.
***Monday, March 27:
Dow Chemical(PBR48 $DOW) and DuPont(PBR82) merger gets EU approval conditioned on divesting some business units. $DD PR link.
Macy’s(PBR97) to be exclusive US department store for G-III Apparel Group’s DKNY women’s apparel & accessories brand starting 02/18. $M PR link.
Computer Sciences(PBR237) shareholders approve acquisition of Enterprise Services business of Hewlett Packard Enterprise(PBR55 $HPE), to be called DXC Technology, will create $26 billion/yr global IT services company. $CSC PR link.
Ball Corp(PBR312) sells Hubbard, OH, 70 employee paint & general line plant to BWAY, was part of US Can acquisition in 2006. $BLL PR link.
Sealed Air(PBR344) to sell its Diversey Care division & food hygience and cleaning services units of its Food Care division to Bain Capital for $3.2 billion; increases share repurchase program by $1.5 billion, balance is $2.2 billion. $SEE PR link.
Darden Restaurants(PBR398) to acquire 165 casual dining locations averaging $4.4 million/year each Cheddar’s Scratch Kitchen for $780 million cash. $DRI PR link.
Perrigo(PBR565) completes up to $2.85 billion divesture of muscular sclerosis drug Tysabri® royalty stream to affiliate of Royalty Pharma. $PRGO PR link.
GEO Group(PBR953) to do 3:2 stock split payable on 04/24/17. $GEO PR link.
Viacom(PBR212) hires Jim Gianopulos as chairman/CEO of its Paramount Pictures division effective 04/03/17. $VIA PR link.
Alexion Pharmaceutical(PBR840) hires Ludwig Hantson, PhD, as CEO, succeeds David Brennan who is expected to be appointed chairman on 05/10/17. $ALXN PR link.
***Friday, March 24:
The PBRMarketTools Week Ending 03/24/17 US Stock Exchanges Recap:
DJIA ends week at 20,596.72, -1.52% from last Friday, -1.04% MTD, +4.22% QTD/YTD, -2.46% from record 21,115.55 set 03/01/17.
NASDAQ ends week at 5,828.74, -1.22% from last Friday, +0.06% MTD, +8.28% QTD/YTD, -1.28% from record 5,904.03 set 03/01/17.
SPX ends week at 2,343.98, -1.44% from last Friday, -0.83% MTD, +4.70% QTD/YTD, -2.17% from record 2,395.96 set 03/01/17.
Tesoro(PBR71) $37.30/share all stock deal, $6.4 billion transaction, acquisition of Western Refining(PBR193 $WNR) approved by stockholders of each company, expects to close 1H2017. $TSO PR link.
SeaWorld(PBR948) gets long-term investment with Beijing, China, based tourism real estate firm Zhonghong Group acquiring the 21% equity stake held by Blackstone(PBR352 $BX) for $23.00/share. SeaWorld to also provide advisory services to Zhonghong. $SEAS PR link.
***Thursday, March 23:
Amazon(PBR29 $AMZN) wins $1.5 billion tax dispute with IRS. MarketWatch PR link.
GameStop(PBR294) 2017 plan includes opening 35 new Collectibles stores, 65 new Technology Brand stores, to close 2-3% of global store footprint. $GME PR link.
KKR(PBR332) completes $1.28 billion tender offer acquisition of Japan based power tool/life sciences equipment manufacturer Hitachi Koki. $KKR PR link.
KKR(PBR332) completes tender offer acquisition of 20,000 employees worldwide Japanese automotive components manufacturer Calsonic Kansei Corp. $KKR PR link.
Arthur J Gallagher(PBR515) acquires Novato, CA, based retail property/casual insurance broker Farallone Pacific Insurance Services, terms not disclosed. $AJG PR link.
Brunswick(PBR584) to close Bayliner & Sea Ray Joinville boat manufacturing facility in Brazil due to South America weak economy. $BC PR link.
Walt Disney(PBR57) extends chairman/CEO Bob Iger’s contract to 07/02/19. $DIS PR link.
Coca-Cola(PBR63) names Francisco Crespo to new position of Chief Growth Officer, Robert Long to Chief Innovation Officer, SVP/CIO Barry Simpson to report to CEO, Jennifer Mann to Chief People Officer, Bea Perez to Chief Public Affairs, Communications and Sustainability Officer. Retirements announced include EVP/Chief Marketing Officer Marcos de Quinto, SVP/Chief People Officer Ceree Eberly, SVP/Chief Public Affairs/Communications Officer Clyde Tuggle. $KO PR link.
Macy’s(PBR97) board elects Jeff Gennette as president/CEO, succeeds Terry Lundgren who retains executive chairman role. $M PR link.
The US Dept of HUD says US February New Homes Sold Annual Rate at 592,000 units, Median Price $296,200, -3.9% from January, -4.9% from February 2016. HUD PR link.
***Wednesday, March 22:
Apple(PBR5) acquires iPad/iPhone automation tool Workflow. Techcrunch PR link.
Microsoft(PBR31) gets patent license agreement with Toyota primarily for connected car technologies. $MSFT PR link.
Philip Morris Intl(PBR35) to invest $322 million in Greek cigarette factory to convert to tobacco sticks producer for smoke-free IQOS, to make 20 billion tobacco sticks/year. $PM PR link.
Cisco(PBR60) completes $3.7 billion acquisition of private application performance monitoring developer AppDynamics. $CSCO PR link.
Merck(PBR70) Animal Health unit acquires controlling interest in privately held leading Brazil animal health products producer Vallee SA, terms not disclosed. $MRK PR link.
Sears(PBR93) CFO Jason Hollar reiterates company focus is on long-term profitability in response to some press regarding 2017 Annual Report comments. $SHLD PR link.
Medtronic(PBR133) receives FDA approval for CoreValve(TM) Evolut(TM) Pro Transcatheter Valve with Advanced Sealing. $MDT PR link.
Starbucks(PBR178) plans to create 240,000+ jobs globally(68,000 in the US), open 12,000 new stores(3,400 in the US) by fiscal year 2021. $SBUX PR link.
PNC Financial(PBR189) meets 30% Carbon Reduction Goal ahead of plan, reports results of 2016 Corporate Social Responsibility Plan. $PNC PR link.
PPG Industries(PBR190) makes revised proposal of $96.61/share, $26.3 billion cash/stock for European based specialty paints, coatings and chemicals provider AkzoNobel, gets rejected again. $PPG PR link.
Campbell Soup(PBR326) authorizes new up to $1.5 billion share repurchase program to start 05/01/17 with no expiration date. $CPB PR link.
Alaska Air(PBR454) to incorporate many Virgin America brand elements, phase out VA name in 2019. $ALK PR link.
Hologic(PBR767) completes $66.00/share, $1.65 billion cash acquisition of medical aesthetics systems developer Cynosure(NASDAQ: CYNO). $HOLX PR link.
GoDaddy(PBR905) to acquire website security products and services provider Sucuri, terms not disclosed. $GDDY PR link.
Williams Cos(PBR348) hires US Magistrate Judge T Lane Wilson as its SVP/General Counsel, succeeds resigned Sarah Miller. $WMB PR link.
HRG Group(PBR420) president/CEO Omar Asali to resign 04/14/17, chairman Joseph Steinberg to add CEO role. $HRG PR link.
Tailored Brands(PBR643) promotes EVP/COO Bruce Thorn to president/COO. $TLRD PR link.
Brinker Intl(PBR697) promotes Steve Provost to Chili’s Chief Marketing/Innovation Officer. $EAT PR link.
The Natl Assn of Realtors says US February Existing Home Sales Annual Rate at 5.48 million, -3.7% from January, +7.7% from February 2016. Realtor PR link.
***Tuesday, March 21:
Apple(PBR5) introduces iPhone7 & iPhone7 Plus RED Special Edition; new 9.7 inch iPad with Retina display; Clips app for creating videos. $AAPL PR link.
Amazon(PBR29) introduces Alexa with Prime Now to order items by voice and get 2 hour free delivery. $AMZN PR link.
Progressive(PBR145)’s Direct Insurance Company subsidiary selling its Australian business to The Hollard Insurance Company, terms not disclosed. PRG PR link.
Cummins(PBR146) to cut its global water use by 50% by 2020. $CMI PR link.
Marathon Oil(PBR250) to acquire 21,000 net surface acres in Permian’s Northern Delaware basin in New Mexico for $700 million. $MRO PR link.
AutoZone(PBR290) increases share repurchase program by $750 million. $AZO PR link.
SunPower(PBR680) to supply 31% of solar panels in projects awarded and 130 MW in solar capacity in 1st round of French tender. $SPWR PR link.
Cooper Cos(PBR950) increases share repurchase program by $500 million, has $618.5 million available with no expiration date. $COO PR link.
YRC Worldwide(PBR472) promotes Jason Ringgenberg to Chief Information Officer. $YRCW PR link.
CNO Financial(PBR559) promotes Mike Heard to President of Washington National, Gerardo Monroy Chief Marketing Officer, and Joel Schwartz as President of Colonial Penn. $CNO PR link.
Denbury Resources(PBR963) CEO Phil Rykhoek to retire on 06/30/17, board to recommend COO Christian S. Kendall as successor. $DNR PR link.
***Monday, March 20:
eBay(PBR163) to roll out 3-day or less guaranteed delivery for 20 million items. $EBAY PR link.
Arthur J Gallagher(PBR515) acquires Springfield, IL, based Nicoud Insurance Services, serves central US as property/casualty broker & employee benefits consultant, terms not disclosed. $AJG PR link.
Comcast(PBR42) promotes Dave Watson to president/CEO Comcast Cable, succeeds Neil Smit who becomes Comcast vice chairman on 04/01/17. $CMCSA PR link.
Avery Dennison(PBR396) elects Greg Lovins to VP/Interim CFO, retains Treasurer role, succeeds leaving SVP/CFO Anne Bramman. $AVY PR link.
The Federal Reserve Bank of Chicago US February National Activity Index(CFNAI) is +0.34, January was +0.02, February 2016 -0.17. ChiFed PR link.
***Friday, March 17:
The PBRMarketTools Week Ending 03/17/17 US Stock Exchanges Recap:
DJIA ends week at 20,914.62, +0.06% from last Friday, +0.49% MTD, +5.83% QTD/YTD, -0.95% from record 21,115.55 set 03/01/17.
NASDAQ ends week at 5,901.00, +0.67% from last Friday, +1.30% MTD, +9.62% QTD/YTD, -0.05% from record 5,904.03 set 03/01/17.
SPX ends week at 2,378.25, +0.24% from last Friday, +0.62% MTD, +6.23% QTD/YTD, -0.74% from record 2,395.96 set 03/01/17.
Walmart(PBR1) acquires women’s fashion and accessories online specialty retailer ModCloth, terms not disclosed. $WMT PR link.
Huntsman Corp(PBR244) to close remaining operations at its titanium dioxide facility in Calais, France, in 3Q17, affects 108 positions. $HUN PR link.
KKR(PBR332) and CDPQ to jointly acquire 4,400 US professionals in 140 offices USI Insurance Services from Onex, transaction values USI at $4.3 billion. $KKR PR link.
Bon-Ton Stores(PBR707) says NASDAQ to withdraw its deficiency notice, company meets minimum market value standard to continue to be listed. $BONT PR link.
The US Dept of Labor says US December Average Hourly Wages and Benefits was $34.90, +2.2% from September, +3.9% from December 2015, USDOL PR link.
The Federal Reserve estimates US February Industrial Production Capacity was at 75.4%, January was 75.5%, February 2016 75.6%. FRB PR link.
The Conference Board says the US February Leading Economic Index was 126.2(2010=100), 6th monthly gain, highest in over a decade. TCB PR link.
The U of Michigan US March Preliminary Consumer Sentiment Index is 97.3, February was 96.3, March 2016 91.7. UMich PR link.
***Thursday, March 16:
3M(PBR92) to acquire 1,500 employees worldwide safety devices provider Scott Safety from Johnson Controls(PBR68 $JCI) for $2.0 billion. $MMM PR link.
Dollar General(PBR151) to open 1,000 new stores, relocate/remodel 900 stores in fiscal 2017. $DG PR link.
CenturyLink(PBR160) and to be acquired Level 3 Communications(PBR375 $LVLT) shareholders approve $66.50/share, $34 billion merger, expects to close by 09/30/17. $CTL PR link.
ConAgra Foods(PBR166) to acquire Thanasi Foods, maker of Duke’s® Meat Snacks and BIGS® Seeds, terms not disclosed. $CAG PR link.
PVH(PBR328) to acquire direct-to-consumer intimate women’s apparel e-commerce retailer True&Co., terms not disclosed. $PVH PR link.
Peabody Energy(PBR372) presiding Chapter 11 judge to confirm Plan of Reorganization, on track to emerge from Chapter 11 in early 04/17. $BTUUQ PR link.
Hyatt Hotels(PBR537) doing $300 million accelerated share repurchase agreement with Deutsche Bank affiliate. $H PR link.
AmTrust Financial(PBR564) delays 2016 10-K report, 2015 & 2014 reports being restated, should not be relied upon. $AFSI PR link.
hhgregg(PBR864) terminates Letter of Intent with anonymous party to buy its assets, has others to talk to during Chapter 11 reorganization. $HGGG PR link.
PharMerica(PBR911) acquires national CareMed Specialty Pharmacy, terms not disclosed. $PMC PR link.
Dollar General(PBR151) EVP/Chief Merchandising Officer Jim Thorpe to retire on 04/15/17. $DG PR link.
Ameren(PBR410) promotes Shawn Schukar to Chairman/President of Ameren Transmission subsidiary starting 05/01/17, succeeds retiring Maureen Borkowski. $AEE PR link.
PulteGroup(PBR428) hires Todd Sheldon as EVP/General Counsel, succeeds retired Steve Cook. $PHM PR link.
Knowles Corp(PBR990) hires Mike Polacek as president of it Intelligent Audio unit, succeeds retiring Paul Dickinson. $KN PR link.
The US Dept of Labor estimates US January Job Openings at 5.625 million, +1.6% from December, -1.5% from January 2016. USDOL PR link.
The US Dept of Commerce/HUD estimates US February Private Housing Building Permits Annual Rate at 1.213 million, -6.2% from January, +4.4% from February 2016. USDOC/HUD PR link.
The Federal Reserve Bank of Philadelphia says March Philadelphia Manufacturing General Activity Indicator is at 32.8, February was 43.6, March 2016 10.6. PhillyFed PR link.
International Data Corporation forecasts that the Augmented and Virtual Reality Headsets Market will grow from 10.1 million units shipped worldwide in 2016 to 99.4 million units in 2021. IDC PR link.
***Wednesday, March 15:
AT&T(PBR12) gets European Commission approval for $85.4 billion cash/stock acquisition of Time Warner(PBR103 $TWX). $T PR link.
Enterprise Products(PBR59) wins bankruptcy bid for $189 million for E Texas/N Louisiana midstream business and assets of Azure Midstream Partners. $EPD PR link.
Barnes & Noble(PBR408) authorizes up to $50 million share repurchase program. $BN PR link.
Pioneer Natural Resources(PBR476) to sell NE Texas Martin County acreage with 1,500 barrels of oil/day equivalent for $266 million. $PXD PR link.
NVIDIA(PBR510) partners with Germany based Bosch, world’s largest automotive supplier, to develop artificial intelligence self-driving systems for mass market cars. $NVDA PR link.
Tempur Sealy(PBR687) amends Rights Plan to add Qualified Offer Exemption Provision, to be voted on at 2017 annual meeting. $TPX PR link.
GoPro(PBR902) to restructure, cut 270 positions, on track for new hardware, software and international growth in 2017. $GPRO PR link.
Marathon Petroleum(PBR23) EVP/Corporate Strategy Randy Nickerson to retire on 04/01/17. $MPC PR link.
Peabody Energy(PBR372) promotes Charles Meintjes to new position of EVP/Corporate Services & Chief Commercial Officer; George Schuller to succeed Meintjes as president-Australia. $BTUUQ PR link.
Williams-Sonoma(PBR508)’s Pottery Barn Brands president Sandra Stangl resigning 03/31/17 after 23 years at company. Marta Benson promoted to president/Pottery Barn brand, Jennifor Kellor promoted to president/Pottery Barn Kids & PBteen brands. $WSM PR link.
The Federal Open Market Committee votes 9-1 to increase by 0.25% the US federal funds rate to 0.75-1.00%. Many financial institutions raise their Prime Lending Rate from 3.75% to 4.00%. FOMC PR link.
The US Dept of Labor says US February Consumer Price Index-Urban was +0.1% from January, January was +0.6% from December, last 12 months is +2.7%. USDOL PR link.
The US Dept of Labor estimates US February Current Average Earnings/Hr at $26.09, +0.2% from January, +2.8% from February 2016. $USDOL PR link.
The US Dept of Commerce estimates US January Manufacturers/Retail/Wholesale Sales at $1.359 trillion, +0.2% from December, +6.4% from January 2016. $USDOC PR link.
The US Dept of Commerce US February Advance Retail Sales Estimate at $474.0 billion, +0.1% from January, +5.7% from February 2016. USDOC PR link.
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The Federal Reserve Bank of New York says the March Empire State Manufacturing General Business Index is at 16.4, February was 18.7, March 2016 -1.5. NYFed PR link.
The Natl Assn of Homebuilders says US March Housing Market Composite Index at 71, February was 65, March 2016 was 58. NAHB PR link.
***Tuesday, March 14:
Merck(PBR70) gets FDA approval for KEYTRUDA® (pembrolizumab) for treatment of adult and pediatric patients with refractory classical Hodgkin lymphoma (cHL), or who have relapsed after three or more prior lines of therapy. $MRK PR link.
Community Health Systems(PBR125) to sell 4 Pennsylvania hospitals to Pinnacle Health, terms not disclosed. $CYH PR link.
Medtronic(PBR133) gets FDA approval for Melody(TM)Transcatheter Pulmonary Valve (TPV) for implantation in patients whose surgical bioprosthetic pulmonary heart valves have failed. $MDT PR link.
Medtronic(PBR133) gets FDA clearance for Kyphon(TM) Xpede Bone Cement, a new bone cement indication for treating sacral fractures. $MDT PR link.
Parker Hannifin(PBR218) installs 30 MW 4 hour duration lithium ion battery-based energy storage facility, the largest in the world, in S California. $PH PR link.
Cognizant(PBR272) launches $1.5 billion accelerated share repurchase agreement with Barclays, Citibank, and UBS AG. $CTSH PR link.
Sonoco Products(PBR480) completes $230 million cash acquisition of thermoformed packaging for fruit/vegetables manufacturer Peninsula Packaging Co. $SON PR link.
NASDAQ(PBR618) announces NYIAX, world’s first advertising contract exchange, to transform ad inventory into standardized and durable securities in $72 billion US digital advertising marketplace. $NDAQ PR link.
Gap Inc(PBR179) hires Mark Breitbard as president/CEO of Banana Republic unit, starts in early May, succeeds Andi Owen who has left. $GPS PR link.
Universal Corp(PBR833) CFO David Moore returns from temporary medical leave of absence. $UVV PR link.
Revlon(PBR900) hires Serge Jureidini as president, Elizabeth Arden & Fragrances. $REV PR link.
The US Dept of Labor says US February Producer Price Index was +0.3% from January, January was +0.6% from December, December +0.2% from November, last 12 months +1.8%. USDOL PR link.
Manpower(PBR132) Report: Global Job Outlook Improving as Employers in 39 of 43 Countries Report Positive Hiring Plans for Q2 2017. $MAN PR link.
Manpower(PBR132) Report: U.S. Employer Confidence Remains Positive as One in Five Plan to Increase Staff in Q2 2017. $MAN PR link.
***Monday, March 13:
Intel(PBR51) to acquire autonomous vehicle computer vision products developer Mobileye NV(NYSE: MBLY) for $63.54/share, $15.3 billion cash. $INTC PR link.
Travelers Cos(PBR104) to acquire UK based small business insurance policies distributor Simply Business for $490 million. $TRV PR link.
Staples(PBR122) to focus on N American business, selling its Australian and New Zealand business to Platinum Equity, terms not disclosed. $SPLS PR link.
Medtronic(PBR133) gets FDA clearance for Reveal LINQ(TM) Insertable Cardiac Monitor (ICM) with TruRhythm(TM) Detection. $MDT PR link.
Parker Hannifin(PBR218) celebrates 100th year of its founding and being an engineering innovator. $PH PR link.
JCPenney(PBR234) accelerates expansion of Home Services by testing 6 replacement and remodeling programs in select markets. $JCP PR link.
AGCO(PBR280) to acquire European balers and loader wagons forage division of Lely Group, terms not disclosed. $AGCO PR link.
Mylan(PBR346) launches Exemestane Tablets, 25 mg, a generic version of the reference listed drug, Pfizer(PBR56)’s Aromasin® Tablets, a post menopausal breast cancer therapy. US market is $100 million/yr. $MYL PR link.
NCR(PBR383) to acquire 49% of Blackstone(PBR352) stake, 14.4 million shares, extends lockup of 51% remaining balance for 6 months; increases 2017 planned share repurchase from $300 million to $350 million. $NCR PR link.
Ruby Tuesday(PBR990) to explore strategic alternatives, including sale or merger. $RT PR link.
Viacom(PBR212) promotes Kern Schireson to newly created position of EVP/Chief Data Officer. $VIA PR link.
Lincoln Financial(PBR213) hires Raj Chakraborty to newly created position of Chief Digital Officer. $LNC PR link.
Owens & Minor(PBR292) hires Stuart Morris-Hipkins as EVP/Global Manufacturing Services. $OMI PR link.
Hershey(PBR354) hires Mary Beth West as SVP/Chief Growth Officer, effective 05/01/17. $HSY PR link.
Under Armour(PBR668) hires Clay Dean as Chief Innovation Officer. $UA PR link.
Personal Investing: Investing and retirement investing attitudes results from Capital One(PBR116)’s Financial Freedom Annual Survey. $COF PR link.
***Friday, March 10:
The PBRMarketTools Week Ending 03/10/17 US Stock Exchanges Recap:
DJIA ends week at 20,902.98, -0.49% from last Friday, +0.44% MTD, +5.77% QTD/YTD, -1.01% from record 21,115.55 set 03/01/17.
NASDAQ ends week at 5,861.73, -0.15% from last Friday, +0.62% MTD, +8.89% QTD/YTD, -0.72% from record 5,904.03 set 03/01/17.
SPX ends week at 2,372.60, -0.44% from last Friday, +0.38% MTD, +5.97% QTD/YTD, -0.97% from record 2,395.96 set 03/01/17.
Stanley Black & Decker(PBR249) completes $1.95 billion cash acquisition of Tools business of Newell Brands(PBR434 $NWL). $SWK PR link.
Mylan(PBR346) launches generic of Pfizer(PBR56 $PFE)’s Pristiq tablets for major depressive disorder treatment, $853 million/yr US market. $MYL PR link.
HARMAN Intl(PBR456) $112.00/share, $8.0 billion cash acquisition by S Korea based Samsung Electronics(KRX: 005930) is completed. $HAR PR link.
Analog Devices(PBR701) completes $60/share, $14.8 billion stock/cash acquisition of high performance analog integrated circuits developer Linear Technology(PBR1011 $LLTC). $ADI PR link.
AMC Entertainment(PBR728) in compliance with the US Dept of Justice Final Order on AMC’s acquisition of Carmike Cinemas, reaches 20 year agreement for National CineMedia to provide cinema advertising at most legacy and future AMC theatres. $AMC PR link.
Viacom(PBR212) promotes Christa D’Alimonte to EVP/General Counsel & Secretary, effective 04/15/17, succeeds leaving Michael Fricklas. $VIA PR link.
Facebook(PBR228) to live stream at least 22 2017 regular season Major League Soccer matches in English on the Univision Deportes Facebook page. MLS PR link.
The US Dept of Treasury says US February FYTD(5 months) Federal Government Receipts are $1.257 trillion, Outlays $1.606 trillion, Deficit $349.0 billion, February 2016 FYTD Deficit was $353.0 billion. Treasury PR link.
The US Dept of Labor says US February Total Employed at 152.5 million, +0.3% from January, +1.0% from February 2016, Unemployment rate at 4.7%. USDOL PR link.
***Thursday, March 9:
Kroger(PBR20) approves incremental $500 million share repurchase program, balance is $620 million. $KR PR link.
Comcast(PBR42) completes acquisition of Icontrol Networks & its IoT Converge home security service, terms not disclosed. $CMCSA PR link.
Staples(PBR122) says it will close around 70 stores in N America, targets $500 million free cash flow in 2017. $SPLS PR link.
PPG Industries(PBR190 $PPG) unsolicited proposal of $87/share, $22 billion for European based specialty paints, coatings and chemicals provider AkzoNobel is turned down as undervalued. AkzoNobel PR link.
Stanley Black & Decker(PBR249) completes $775 million plus ongoing royalties acquisition of Craftsman Tools from Sears Holdings(PBR93 $SHLD). $SWK PR link.
Marathon Oil(PBR250) sells Canadian Oil Sands subsidiary to Shell/Canadian Natural Resources for $2.5 billion cash, to acquire 70,000 net acres in Permian Basin from BC Operating for $1.1 billion cash. $MRO PR link.
Avis Budget(PBR316) adds 11 US states to consumer used car sales program, now has nearly 40 states in program. $CAR PR link.
Ingredion(PBR415) completes acquisition of 120 employee rice starch/rice flour business of Thailand’s Sun Flour Industry Co, now has 870 employees, 4 facilities in Thailand. $INGR PR link.
Ulta Salon(PBR646) authorizes new $425 million share repurchase program, plans to open 100 net new stores in fiscal 2017, grow e-commerce sales by 40%. $ULTA PR link.
BE Aerospace(PBR748) stockholders approve $64.38/share $8.3 billion cash/stock acquisition by Rockwell Collins(PBR495 $COL), expects to close deal after regulatory approvals in spring, 2017. $BEAV PR link.
Marathon Petroleum(PBR23) promotes Rod Nichols to EVP/Human Resources, Health and Administrative Services. $MPC PR link.
AIG(PBR46) President/CEO Peter Hancock to resign upon appointment of CEO successor. $AIG PR link.
LKQ(PBR376) president/CEO Robert Wagman steps down for health reasons, CFO Nick Zarcone selected as new president/CEO. $LKQ PR link.
The US Dept of Labor estimates US February Imports Price Index was +0.2% from January, +4.6% from February 2016, Exports Price Index +0.3% from January, +3.1% from February 2016. USDOL PR link.
The US Federal Reserve estimates 4Q16 Networth of Households/Non-Profits is $92.804 trillion, +2.3% from 3Q16, +6.3% from 4Q15. FRB PR link.
***Wednesday, March 8:
GE(PBR9) to sell Water & Process Technologies business to France based Suez and Canadian Caisse de dépôt et placement du Québec for $3.4 billion cash. Suez PR link.
Colfax(PBR517) to acquire Siemens Turbomachinery Equipment GmbH from Siemens AG for a cash consideration of approximately $205 million. $CFX PR link.
Scientific Games(PBR937) signs exclusive James Bond licensing deal with EON Productions and MGM. $SGMS PR link.
Bristol-Myers Squibb(PBR185) hires Dr. Tom Lynch, Jr, as EVP/Chief Scientific Officer, effective 03/16/17, succeeds retiring Dr. Francis Cuss. $BMY PR link.
The US Dept of Labor estimates US 2016 Labor Productivity Output/Hr-All Persons was +0.3%, 2015 was +0.8%, 2014 +0.6%. USDOL PR link.
The US Dept of Commerce estimates US January Wholesale Sales were $463.7 billion, -0.1% from December, +8.4% from January 2016. USDOC PR link.
The ADP US February National Employment Report says 298,000 jobs created, 104,000 from small businesses, 122,000 from medium sized, 72,000 from large sized. $ADP PR link.
The Conference Board US February Total Online Advertised Job Vacancies were at 4,537,613, -7.4% from January, -17.3% from February 2016. TCB PR link.
***Tuesday, March 7:
The PBR1000 February Snapshot 11
Top 5 Month Stock Price Gainers Summary:
1. Community Health Systems(PBR115), $CYH, +52%
2. AMD(PBR536), $AMD, +39%
3. Tronox(PBR808), $TROX, +38%
4. Kindred Healthcare(PBR343), $KND, +35%
5. SunPower(PBR912), $SPWR, +32%
Range: +52% to -57%
Companies >+0%: 651/1,000
Average: +2.51%
Median: +2.4%
Get the full Snapshot 11 list with many more details and the 14 other analytical snapshots today with a 2 month or significantly discounted annual The PBR1000 subscription! Subscribe link.
Penske Automotive(PBR170) acquires Jaguar and Land Rover dealerships In Paramus, New Jersey, from the Prestige Family of Fine Cars, generate $215 million revenues/year. $PAG PR link.
AutoNation(PBR148) EVP/General Counsel, Corporate Secretary, & Human Resources Jon Ferrando to retire 03/31/17. $AN PR link.
JetBlue(PBR429) announces 8 executive leadership promotions. $JBLU PR link.
Juniper Networks(PBR516) announces new organizational structure, appoints Kevin Hutchins to new position of SVP/Strategy & Product Line Management, engineering organization now reports to chief development officer Andy Athreya, EVP/GM Development/Innovation Jonathan Davidson has resigned. $JNPR PR link.
Coty(PBR524) hires Laurent Kleitman as President/Consumer Beauty, succeeds leaving Esi Eggleston Bracey. $COTY PR link.
Nu Skin(PBR756) hires Mark Lawrence as CFO, effective 03/27/17, succeeds Ritch Wood who will become CEO. $NUS PR link.
The US Federal Reserve estimates US January Consumer Credit Outstanding at $3.774 trillion, +0.2% from December, +6.3% from January 2016. FRB PR link.
The US Dept of Commerce estimates US January Exports were $192.1 billion, Imports $240.5 billion, Deficit $48.4 billion, January 2016 was $43.3 billion. USDOC PR link.
The US Energy Information Administration says 2016 US Crude Oil Production Average was 8.9 million barrels/day, forecasts 9.2 million b/d in 2017, 9.7 million b/d in 2018. EIA PR link.
FannieMae(PBR13) says US February Home Purchase Sentiment Index at 88.3, January was 82.7, February 2016 was 82.7. $FNMA PR link.
The PurdueU/CME US February Ag Barometer Index is 134, January was 153, February 2016 was 96. PurdueU/CME PR link.
***Monday, March 6:
ExxonMobil(PBR2) plans $20 billion of investments over 10 years to expand manufacturing in US Gulf region. $XOM PR link.
General Motors(PBR8) selling Opel/Vauxhall subsidiary & GM Financial’s European operations to France based PSA Group(Paris: UG) for $2.3 billion. $GM PR link.
GE(PBR9 $GE) and Baker Hughes(PBR108) receive expected second round of requests from US Dept of Justice regarding pending $7.4 billion merger deal, transaction still expected to close mid 2017. $BHI PR link.
Ross Stores(PBR253) opens 23 Ross Dress for Less and 5 dd’s DISCOUNTS stores across 15 states in February/March, part of 90 stores planned for 2017. $ROST PR link.
PSEG(PBR257) outlines 5 year $15 billion investment in energy infrastructure upgrade plans. $PEG PR link.
Advance Auto Parts(PBR279) 2017 plans include opening a new distribution center, open 75-85 new stores, hire 15,000+ team members. $AAP PR link.
Casey’s General Stores(PBR342) authorizes up to $300 share repurchase program over 2 years, fiscal year 2017 goal is to build/acquire 77-116 stores, replace 35 existing locations, complete 100 major remodels. $CASY PR link.
Peabody Energy(PBR372) names post chapter 11 emergence new board members. Reorganization plan hearing scheduled for 03/16/17. $BTUUQ PR link.
Peabody Energy(PBR372) has US reclamation bonding assurances in place upon emergence from Chapter 11. $BTUUQ PR link.
The Andersons(PBR525) to sell Florida farm center locations to Wedgworth’s, terms not disclosed. $ANDE PR link.
CA Technologies(PBR550) to acquire private SaaS-based secure DevOps platform provider Veracode for $614 million cash. $CA PR link.
Analog Devices(PBR701) gets final regulatory approval from China for $60.00/share, $14.8 billion stock/cash acquisition of high performance analog integrated circuits developer Linear Technology(PBR1011 $LLTC), plans to complete transaction on 03/10/17. $ADI PR link.
Universal Forest Products(PBR733) acquires certain assets of first operation devoted to hardwood products, Indiana based $30 million/2016 Quality Hardwood Sales, completes acquisition of Florida based $86 million/2016 treated wood products manufacturer Robbins Manufacturing. $UFPI PR link.
Applied Industrial Technologies(PBR787) acquires hydraulic and lubrication components, systems & solutions distributor Sentinel Fluid Controls, terms not disclosed. $AIT PR link.
hhgregg(PBR864) files for Chapter 11 Reorganization, expects smooth process to emerge in around 60 days. $HGGG PR link.
Barnes Group(PBR977) to acquire private Virginia based hot runner temperature and sequential valve gate control systems for the plastics industry supplier Gammaflux, terms not disclosed. $B PR link.
Wells Fargo(PBR30) hires Allen Parker as SrEVP/General Counsel, effective 03/27/17, succeeds retiring James Strother. $WFC PR link.
AIG(PBR46) promotes Martha Gallo to Chief Information Officer, succeeds Philip Fasano who has left the company. $AIG PR link.
Halliburton(PBR90) CFO Mark McCollum has left for a CEO position, EVP/General Counsel Robb Voyles adds interim CFO role, promotes Lyn Beaty to SVP/Finance. $HAL PR link.
CSX(PBR226) hires E. Hunter Harrison as CEO, succeeds chairman/CEO Michael Ward who has retired, shareholders to provide input on CEO compensation package, board reconstituted per agreement with investor Mantle Ridge. $CSX PR link.
Fitbit(PBR870) in reorganization hires Jeff Devine as EVP/Operations, Chief Business Officer Woody Scal & EVP/Interactive Tim Roberts leaving by end of March; to focus on two business areas, Consumer Health/Fitness and Enterprise Health. $FIT PR link.
Lands’ End(PBR976) new CEO Jerome Griffith starts today. $LE PR link.
The US Dept of Commerce estimates US January Manufacturers’ Total New Orders at $470.2 billion, +1.2% from December, +3.8% from January 2016. USDOC PR link.
***Friday, March 3:
The PBRMarketTools Week Ending 03/03/17 US Stock Exchanges Recap:
DJIA ends week at 21,005.71, +0.88% from last Friday, +0.93% MTD, +6.29% QTD/YTD, -0.52% from record 21,115.55 set 03/01/17.
NASDAQ ends week at 5,870.75, +0.44% from last Friday, +0.78% MTD, +9.06 QTD/YTD, -0.56% from record 5,904.03 set 03/01/17.
SPX ends week at 2,383.12, +0.67% from last Friday, +0.82% MTD, +6.44% QTD/YTD, -0.54% from record 2,395.96 set 03/01/17.
The February Non-Manufacturing ISM NMI Index is 57.6%, January was 56.5%, February 2016 was 53.4%(>50%=Growing). ISM PR link.
***Thursday, March 2:
McKesson(PBR6) has 70% stake upon completion of combining its Technology Solutions unit with IT services provider Change Healthcare. $MCK PR link.
Amazon(PBR29) to install solar systems on 50 fulfillment facility rooftops worldwide by 2020, 15 of those by end of 2017. $AMZN PR link.
Caterpillar(PBR54) issues statement saying it is cooperating with law enforcement authorities who entered 3 Peoria, IL, facilities, including headquarters, with search and seizure warrants. $CAT PR link.
Alcoa(PBR115) consolidates to 3 business units, Bauxite, Alumina, & Aluminum. Aluminum a consolidation of smelting, cast products, rolled products, and most energy segments. $AA PR link.
Office Depot(PBR182) retains Zimmerman Advertising as its advertising and media agency of record in 2 year agreement. $ODP PR link.
hhgregg(PBR864) to close 3 distribution centers and 88 stores to refocus on core markets and goals. $HGG PR link.
E*Trade(PBR930) lowers trade commissions rate from $9.99 to $6.95/trade, active traders(30+/qtr) have $4.95 rate plus $0.50/option. $ETFC PR link.
Alexion Pharmaceutical(PBR840) founder/chairman Leonard Bell, MD, to retire 05/10/17, Interim CEO David Brennan expected to be appointed chairman at that time. $ALXN PR link.
Cincinnati Bell(PBR981) CEO Ted Torbeck to retire on 05/31/17, Leigh Fox to be successor as president/CEO. $CBB PR link.
***Wednesday, March 1:
Marathon Petroleum(PBR23) drops down terminal, pipeline and storage assets to MPLX(NYSE: MPLX) for $2 billion cash/stock. $MPC PR link.
General Dynamics(PBR94) authorizes additional 10 million shares for repurchase program. $GD PR link.
McDonald’s(PBR101) unveils new global growth plan, to refranchise 4,000 restaurants in 2017, a year ahead of schedule, focus on digital, expand delivery services, to have 2,500 Experience of the Future restaurants by end of 2017. $MCD PR link.
Eli Lilly(PBR142) completes $46.50/share, $960 million acquisition of pain management for migraine developer CoLucid(NASD: CLCD). $LLY PR link.
Icahn Enterprises(PBR147) to keep Tropicana Casino & Resort in Atlanta City, selling the former Trump Taj Mahal Casino Resort to investor group lead by Hard Rock International. $IEP PR link.
LKQ(PBR376) completes $310 million sale of its OEM glass manufacturing business to Mexico based Vitro SAB. $LKQ PR link.
AmTrust Financial(PBR564) completes $92.8 million cash acquisition of Pennsylvania/New Jersey workers’ compensation specialist $116 million/2015 gross written premiums firm AmeriHealth Casualty Insurance from Independence Health Group. $AFSI PR link.
Perrigo(PBR565) gets FDA final approval for generic version of Eli Lilly(PBR142)’s Axiron®(Testosterone) Topical Solution, 30 mg/1.5 mL. $PRGO PR link.
Fortune Brands(PBR569) authorizes new up to $300 million share repurchase program, expires in 2 years. Current authorization has $196 million available, expires early 2018. $FBHS PR link.
Monster Beverage(PBR785) authorizes new up to $500 million share repurchase program. $MNST PR link.
Beacon Roofing(PBR818) has 10 locations in Michigan with acquisition of 3 branches Eastern Michigan based ACME Building Materials. $BECN PR link.
CenterPoint Energy(PBR295) promotes Scott Doyle to SVP/Natural Gas Distribution, Joe Vortherms SVP/Energy Services. $CNP PR link.
The US Federal Reserve releases the Beige Book, modest to moderate economic growth, some tightening of the labor market. BeigeBook PR link.
The US Dept of Commerce estimates US January Total Personal Income Annual Rate at $16.371 trillion, +0.4% from December, +4.0% from January 2016. USDOC PR link.
The US Dept of Commerce estimates US January Total Construction Spending Annual Rate at $1.180 trillion, -1.0% from December, +3.1% from January 2016. USDOC PR link.
The US February Manufacturing ISM Report on Business PMI Index at 57.7%, January was 56.0%, February 2016 was 49.5%. ISM PR link.
Automotive News says US February Total New Auto Sales were at 1,333,128 vehicles, +16.7% from January, -1.1% from February 2016. Auto News 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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