The PBR1000 for December: Will Congress Be A Generous Giver?

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

***Thursday, December 31

The PBRMarketTools US Stock Exchanges Recap for Week 53 of 2020 and year ending 12/31/20:

DJIA ends Week 53 and 2020 at record 30,606.48, +1.35% from last Friday, +3.27% MTD, +10.17% QTD, +7.25% YTD, +0.00% from record 30,606.48 set 12/31/20.

NASDAQ ends Week 53 and 2020 at 12,888.28, +0.65% from last Friday, +5.65% MTD, +15.41% QTD, +43.64% YTD, -0.09% from record 12,899.42 set 12/28/20.

SPX ends Week 53 and 2020 at record 3,756.07, +1.43% from last Friday, +3.71% MTD, +11.69% QTD, +16.26% YTD, +0.00% from record 3,756.07 set 12/31/20.

The Week 53 of 2020 News Summary:

Coronavirus Pandemic: The year 2020 has ended and the final tallies are in. As of Thursday, 12/31/20, at 15:23PM Eastern US, the John Hopkins University CSSE unit says there are now 83,316,999 confirmed cases globally with 1,815,557 deaths, an increase from last Friday of 64,557, which is -14,671 from last Friday. For the US it is 19,923,169 confirmed cases and 345,015 deaths, an increase from last Friday of 14,769, which is -2,442 from last Friday. The Pfizer/BioNTech and Moderna vaccinations started a week ago to mixed success because of logistical issues.

US Presidential Transition: President-Elect Joe Biden continues to nominate high level officials. The Republicans are running out of time to contest allegations of voter fraud as courts continue to rule lawsuits as not valid. President Trump has still not conceded the race. The US House will continue to have a Democrat majority. The control of the US Senate will be decided by two US Senate runoff elections to be held on January 5 in Georgia.

US Economy: The number of weekly initial unemployment insurance claims fell again. Other indicators show a modestly growing economy. While the US House passed a bill authorizing a $2,000 benefit per qualified person, it appears the US Senate will not be approving the measure. The $600 benefit is already being sent out.

International News: The UK approves the Brexit deal. The Coronavirus Pandemic worsens in the European Union, more lockdowns and restrictions are being put in place.

US Stock Exchanges: It was a shortened trading week of 4 days, trading volumes were low, and it was a non-volatile week, with The Stock Market Bull having a nice day on Monday. The Stock Market Bear made a half-hearted appearance on Tuesday, and then The Stock Market Bull closed out Week 53 and 2020 with records for all 3 major US stock exchanges during the week, including 2 of them on the last day. It was a strange and dramatic year that started strong, then took a huge dip because of the Coronavirus Pandemic, and then had a strong recovery, The Stock Market Bull came out a clear and convincing victor in 2020. Now 2021 awaits, expert prognosticators are all over the place from doomsday to bright clear shiny days forecasts. Enjoy the long weekend to start the New Year, get a good rest, and then get ready to ride the 2021 rollercoaster!

The Week 53 of 2020 tally YTD is:
The Stock Market Bull: 26 weeks
The Stock Market Bear: 19 weeks
Mixed Results: 8 weeks

The December of 2020 tally YTD is:
The Stock Market Bull: 7 months
The Stock Market Bear: 4 months
Mixed Results: 1 month

ExxonMobil(PBR4 $XOM) estimates possible 4Q20 non-cash impairments of $20 billion from its upstream business. PR link.

Ford(PBR13 $F) and India based Mahindra & Mahindra decide not complete the automotive joint venture proposed in 10/19 between their respective companies due to fundamental changes in global economic and business conditions – caused, in part, by the global pandemic. PR link.

Cigna(PBR14 $CI) completes the $6.3 billion cash sale of its group life and disability insurance business to New York Life. PR link.

JCPenney(PBR292 $JCPNQ) CEO Jill Soltau exiting effective 12/31/20, Simon Property(PBR481 $SPG) Chief Investment Officer Stanley Shashoua appointed Interim CEO effective 01/01/21, new CEO search starts. PR link.

The US Dept of the Treasury says the 12/29/20 US National Debt-Public is at $21.468 trillion, Intragovernmental $6.092 trillion, for 12/29/20 Total US Debt of $27.560 trillion. 12/31/19 was at $23.201 trillion. PR link.

The US Dept of Labor says the Week Ending 12/26/20 US Initial Unemployment Insurance Claims is at 787.000, 11/21/20 was at 778,000, 10/24/20 751,000, 12/21/19 222,000; the Week Ending 12/19/20 Total Insured Unemployment is at 5,219,000, 11/14/20 was at 6,071,000, 10/17/20 7,756,000, 12/14/19 1,719,000; the Week Ending 12/19/20 Insured Unemployment Rate is at 3.6%, 11/14/20 was at 4.1%, 10/17/20 5.3%, 12/14/19 1.2%. PR link.

The Federal Reserve Bank of Chicago says the Preliminary November 2020 7th District Midwest Economy Index is at +1.79, October 2020 was at +3.00, September 2020 +4.34, November 2019 -0.61. “Index suggests slower, but still above-trend Midwest growth through November.” PR link.

FreddieMac says the 12/31/20 Average 30 Year Fixed Mortgage Rate is at 2.67% with 0.7 fees/points, 11/25/20 was at 2.72%, 10/29/20 2.81%, 12/26/19 3.74%. “Heading into 2021 we expect rates to remain flat, potentially rising modestly off their record low, but solid purchase demand and tight inventory will continue to put pressure on housing markets as well as house price growth.” PR link.

The American Automobile Assn says the 12/31/20 US Average Price for a Gallon of Regular Gas is at $2.253, 11/30/20 was at $2.127, 10/20/20 $2.142, 12/31/19 $2.583. PR link.

***Wednesday, December 30

Live Nation(PBR264 $LYV)’s Ticketmaster unit will pay a $10 million criminal fine to avoid prosecution on US Dept of Justice charges it repeatedly accessed the computer systems of rival Songkick whose assets its parent Live Nation Entertainment later purchased. Financial Post PR link.

UGI Corp(PBR440 $UGI) to acquire Mountaintop Energy Holdings, owner of Mountaineer Gas Company, the largest gas local distribution company in W Virginia for an enterprise value of $540 million, which includes the assumption of approximately $140 million of debt, to close in 2H21. PR link.

Devon Energy(PBR459 $DVN) and WPX Energy(NYSE: WPX) shareholders agree to all stock merger of equals, will result in an enterprise value for the combined entity of approximately $12 billion, will be called Devon Energy, builds a dominant Delaware Basin acreage position totaling 400,000 net acres, to close on 01/07/21. PR link.

McCormick(PBR513 $MKC) has purchased 100% of the shares of privately held FONA International, a leading manufacturer of clean and natural flavors for the food, beverage and nutritional markets, for $710 million in cash. PR link.

Acadia Healthcare(PBR723 $ACHC) to sell its its behavioral health UK operations, The Priory Group, to Waterlands Private Equity for around $1.47 billion, to close by 01/31/21. PR link.

The US Energy Information Administration says the 12/25/20 US Crude Oil Stocks(Millions of Barrels) is at 493.5, 11/20/20 was at 488.7, 10/23/20 492.4, 12/20/20 441.4. PR link.

The MNI Indicators December 2020 Chicago Business Barometer(>50 is gaining) is at 59.5, November 2020 was at 58.2, October 2020 61.1, December 2019 48.9. PR link.

***Tuesday, December 29

Boeing(PBR40)’s 737 MAX passenger flights resume in US after nearly two-year ban. CNBC PR link.

Pfizer(PBR63 $PFE) and BioNTech(NASDAQ: BNTX) gets additional order for 100 million doses of its COVID-19 vaccine for the 27 states of the European Union, brings total order to 300 million doses, to be delivered in 2020 and 2021. PR link.

Simon Property(PBR479 $SPG) completes $43.00/share cash, around $3.4 billion, 80% ownership interest in Taubman Centers(NYSE: TCO), includes 26 super-regional shopping centers in the US and Asia. PR link.

The US Dept of Commerce/BEA says the Preliminary 3Q20 US Assets is at $29.408 trillion, Liabilities $43.359 trillion, for a 3Q20 Deficit of $13.950 trillion, 2Q20 Deficit was $13.085 trillion, 1Q20 $12.163 trillion, 3Q19 $10.935 trillion. PR link.

The S&P CoreLogic Case-Shiller Preliminary October 2020 US National Home Price Index(01/2000=100) is at 229.93, September 2020 was at 226.82, August 2020 224.16, October 2019 212.10. PR link.

***Monday, December 28

Pfizer(PBR63 $PFE) and Myovant Sciences (NYSE: MYOV) to collaborate to develop and commercialize relugolix – a once-daily, oral gonadotropin-releasing hormone (GnRH) receptor antagonist – in oncology and women’s health in the US and Canada, Pfizer will also receive an exclusive option to commercialize relugolix in oncology outside the US and Canada, excluding certain Asian countries, Pfizer to pay upfront fee of $650 million, up to $4.2 billion to Myovant based on achievement of milestones. PR link.

VF Corp(PBR295) has completed the acquisition of around $500 million in annual revenues Supreme®, a privately-owned global streetwear brand, for $2.1 billion, is now a wholly owned subsidiary. PR link.

New York Community Bank(PBR912 $NYCB) President/CEO/Director Joseph R. Ficalora to retire from all roles after 55 years with the bank, effective 12/31/20, SEVP/CFO Thomas R. Cangemi is appointed successor. PR link.

MasterCard(PBR184)’s Spending Pulse preliminary reports show that holiday retail sales excluding automotive and gasoline increased 3.0% this expanded holiday season, running 75 days from October 11 through December 24, with online sales growing 49.0% compared to 2019, and accounting for 19.7% of all retail sales. PR link.

TrueCar says the Forecasted December 2020 US New Vehicle Unit Sales-Retail is at 1,428,094, Fleet 177,008, for Total New Vehicle Unit Sales of 1,605,102, November 2020 was at 1,214,891, December 2019 1,533,555; December 2020 Average Transaction Price is at $38,797, November 2020 was at $37,991, December 2019 $37,029. PR link.

***Saturday, December 26

The PBRMarketTools US Stock Exchanges Recap for Week 52 of 2020 ending 12/25/20:

DJIA ends Week 52 at 30,199.87, +0.447% from last Friday, +1.89% MTD, +8.70% QTD, +5.82% YTD, -0.34% from record 30,303.37 set 12/17/20.

NASDAQ ends Week 52 at 12,804.73, +0.38% from last Friday, +4.97% MTD, +14.66% QTD, +42.71% YTD, -0.02% from record 12,807.92 set 12/22/20.

SPX ends Week 52 at 3,703.06, -0.17% from last Friday, +2.25% MTD, +10.11% QTD, +14.62% YTD, -0.52% from record 3,722.48 set 12/17/20.

The Week 52 of 2020 News Summary:

Coronavirus Pandemic: It was another week of much higher numbers of people affected by the virus. As of Friday, 12/25/20, at 23:59PM Eastern US, the John Hopkins University CSSE unit says there are now 79,840,000 confirmed cases globally with 1,751,000 deaths, a weekly increase of 79,228, which is -2,580 from last Friday. For the US it is 18,756,000 confirmed cases and 330,246 deaths, a weekly increase of 17,211, which is -2,039 from last Friday. The US FDA has two Emergency Use Authorization approvals for COVID-19 vaccitions, Pfizer/BioNTech and Moderna, initial distribution and vaccinations are now occurring. The US federal government has negotiated an additional 100 million doses to by delivered by the end of July, 2021. More COVID-19 candidate vaccines are expected to be approved in January, 2021.

US Presidential Transition: President-Elect Joe Biden has nominated more high cabinet positions nominees, with a very diverse set of individuals. The Republicans continue to lose cases to overturn election results because of lack of evidence for voter fraud. While there are a few holdouts, and President Trump has still not conceded the race, Biden is clearly the winner of the election by most Americans. The US House will continue to have a Democrat majority. The control of the US Senate will be decided by two US Senate runoff elections to be held on January 5 in Georgia, polls continue to show a close race, but Democrats are narrowly leading going into the final full week of campaigning.

US Economy: After a few weeks of upticks the number of people applying for unemployment benefits took a dip, as did the number of people who continue to receive those benefits. Both existing home sales and new home sales took a dip on their annual rates. The 3Q20 Gross Domestic Product estimate was increased from 33.1% to 33.4%. Congress approved a new stimulus bill tied to a new spending bill by large margins. However, President Trump has indicated he might possibly veto the bill because he feels the $600 benefit per qualified person should be $2,000. Votes are expected on Monday. Other economic indices show the economy growing, but at a slower pace.

International News: The UK and the European Union made a Brexit deal. Details are being released. Travel between Britain and the European continent has been disrupted because of the significant increase in COVID-19 cases, resulting in some food shortages and many drivers of transport vehicles have been stranded.

US Stock Exchanges: It was a shortened 3 1/2 days trading week. It was a non-volatile week, with The Stock Market Bear having a big day on the DJIA on Tuesday, but The Stock Market Bull countered with a record close on the NASDAQ the same day. At the end of the week The Stock Market Bull pulled out a narrow 2-1 mixed result in Week 52 which could have gone either way. Going into the last week of the year The Stock Market Bull seems to have an insurmountable lead for 2020, no major meltdown is expected. Have a great last week of the year. It is a good time to be positive as we look forward to the start a much needed New Year.

The Week 52 of 2020 tally YTD is:
The Stock Market Bull: 25 weeks
The Stock Market Bear: 19 weeks
Mixed Results: 8 weeks

***Friday, December 25

***Christmas Day.
***US Stock Exchanges Closed.
***Giving Thanks for the little ones
***in our lives who will change the world.

***Thursday, December 24

Home Depot(PBR27 $HD) completes $56/share, total enterprise value of around $8 billion, acquisition of HD Supply Holdings(PBR464 $HDS), a leading national distributor of maintenance, repair and operations (MRO) products in the multifamily and hospitality end markets. PR link.

***Wednesday, December 23

Kroger(PBR22 $KR) Health division will provide the COVID-19 vaccine nationwide across its 2,200 pharmacies and 220 clinics, partnering with the federal government and state health departments to administer the vaccine in accordance with the rollout plan, is hiring nearly 1,000 health care personnel in support of the effort, has facilitated 250,000+ COVID-19 tests since 04/20. PR link.

Albertsons(PBR55 $ACI) Pharmacy & Health team has administered its first doses of the COVID-19 vaccine and is preparing for high consumer demand for immunizations across its 1,700 pharmacies, is hiring 800+ additional pharmacy staff, has launched a new website for FAQs and additional information. PR link.

Pfizer(PBR63 $PFE) and BioNTech SE(NASDAQ: BNTX) get a second agreement with the US government to supply an additional 100 million doses of the companies’ COVID-19 Vaccine from production facilities in the US by 07/31/21 for $1.95 billion, initial order was also for 100 million doses. PR link.

Merck(PBR68 $MRK) to receive up to around $356 million for manufacturing and supply of approximately 60,000-100,000 doses of COVID-19 vaccine MK-7110 to the US Government through 06/30/21, conditioned upon approval or Emergency Use Authorization of MK-7110 by the US FDA. PR link.

Huntsman(PBR429 $HUN) completes sale of around 42.5 million of the shares it holds in Venator Materials PLC to SK Capital Partners for approximately $100 million cash, includes a 30-month option for the sale of the remaining approximate 9.5 million shares it holds at $2.15/share. PR link.

Ascena Retail(PBR500 $ASNAQ) completes $540 million asset sale of its Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands assets to an affiliate of Sycamore Partners. PR link.

The US Dept of Commerce/BEA says the Preliminary November 2020 US Total Personal Income Annual Rate is at $19.493 trillion, October 2020 was at $19.715, September 2020 $19.843 trillion, November 2019 $18.788 trillion. PR link.

The US Dept of Commerce/HUD says the Preliminary November 2020 US New Family Homes Sold Annual Rate is at 841,000, October 2020 was at 945,000, September 2020 965,000, November 2019 696,000; November 2020 Median Price is at $335,300, October 2020 $337,500, September 2020 $340,500, November 2019 $328,000. PR link.

The U of Michigan Final December 2020 Consumer Sentiment Index is at 80.7, November 2020 was at 76.9, October 2020 81.8, December 2019 99.3. “While the rollout of the vaccine has been greeted as the beginning of the end, the end of the pandemic is still on the distant horizon in terms of a return to normalcy for consumer behavior, even among the most favored households.” PR link.

***Tuesday, December 22

Walmart(PBR1 $WMT) is being sued by the US Dept of Justice for Controlled Substances Act violations, says Walmart unlawfully dispensed controlled substances from pharmacies it operated across the country and unlawfully distributed controlled substances to those pharmacies throughout the height of the prescription opioid crisis. – USDOJ PR link.

Walmart(PBR1 $WMT) responds to the US Dept of Justice lawsuit accusing Walmart of Controlled Substance Act violations, says lawsuit is misguided and misleading, puts pharmacists between patients and their doctors. PR link.

Amazon(PBR2 $AMZN)’s Whole Foods grocery store unit gets a US FDA warning letter for engaging in a pattern of receiving and offering for sale misbranded food products under their own brand name, finished product labels failed to declare all major food allergens present in the products. US FDA PR link.

Alphabet(PBR12 $GOOG)’s Google unit says antitrust lawsuits, one for advertising technology, another for search and search advertising, are without merit and that it plans to defend itself vigorously. PR link.

Honeywell(PBR86 $HON) to acquire privately held Hamilton, NJ based 250 employees globally enterprise quality management software provider Sparta Systems for $1.3 billion in an all-cash transaction from New Mountain Capital, to close by end of 1Q21. PR link.

MGM Resorts(PBR241 $MGM)‘s sports betting and digital gaming company BetMGM is now an Official Sports Betting Partner of the Philadelphia 76ers professional basketball team. PR link.

DaVita Healthcare(PBR270 $DVA)’s Kidney Care unit says more than 100,000 DaVita patients have received a kidney transplant since 2000. PR link.

Alaska Air(PBR348 $ALK) restructures agreement with Boeing(PBR40 $BA), to receive a total of 68 Boeing 737-9 MAX aircraft with deliveries each year through 2024, also has options for an additional 52 planes, will largely replace Alaska’s Airbus fleet. PR link.

IAC(PBR557 $IAC) to spin-off its 200+ million users video software Vimeo unit to IAC shareholders as an independent separately traded public company, to close in 2Q21 if approved by shareholders during 1Q21 meeting. PR link.

Polaris Industries(PBR430 $PII) appoints EVP/CFO Michael Speetzen to Interim CEO, Lead Independent Director John Wiehoff appointed to become Chairman, both effective 01/01/21, they succeed Chairman/CEO Scott Wine who is departing the company. PR link.

The US Dept of Commerce/BEA says the 3rd Estimate 3Q20 US Real Gross Domestic Product Annual Rate is at +33.4%, $21.170 trillion, 2Q20 was at $19.520 trillion, 1Q20 $21.561 trillion, 3Q19 $21.540 trillion. PR link.

The Natl Assn of Realtors says the Preliminary November 2020 US Existing Home Sales Annual Rate is at 6,690,000, October 2020 was at 6,860,000, September 2020 6,570,000, November 2019 5,320,000; November 2020 Median Price is at $310,800, October 2020 was at $313,000, September 2020 $311,800, November 2019 $271,300. “Circumstances are far from being back to the pre-pandemic normal… However, the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021.” PR link.

The US Federal Reserve Bank of Philadelphia says the December 2020 US 3rd District Nonmanufacturing General Activity Index is at -26.8, November 2020 was at -15.9, October 2020 +16.0, December 2019 +13.2. “The future activity indexes suggest that respondents expect improvement at their firms and in the region over the next six months.” PR link.

The US Federal Reserve Bank of Richmond says the December 2020 US 5th District Manufacturing Index(Annualized) is at +19%, November 2020 +15%, October 2020 +29%, December 2019 -5%. “… manufacturers were optimistic that conditions would improve in the coming months.” PR link.

The US Federal Reserve Bank of Richmond says the December 2020 US 5th District Service Sector Revenue Index(Annualized) is at -9%, November 2020 +13%, October 2020 +19%, December 2019 +17%. “Survey respondents were optimistic that conditions would improve in the next six months.” PR link.

The Conference Board says the Preliminary December 2020 US Consumer Confidence Index(1985=100) is at 88.6, November 2020 was at 92.9, October 2020 101.4, December 2019 128.2. “Overall, it appears that growth has weakened further in Q4, and consumers do not foresee the economy gaining any significant momentum in early 2021.” PR link.

***Monday, December 21

Apple(PBR3 $AAPL) has closed around 80 of its 508 retail stores worldwide because of a resurgence of COVID-19, 54 closed in California. Barron’s PR link.

CVS Health(PBR5 $CVS) Pharmacy teams will administer the first dose of the Pfizer(PBR63) vaccine in facilities across 12 states this week, expects to vaccinate up to 4 million residents and staff at over 40,000 long-term care facilities, expects to complete its long-term care facility vaccination effort in approximately 12 weeks, will have the capacity to administer 20 to 25 million shots per month at its retail pharmacy locations subject to product availability and prioritization of populations. PR link.

LabCorp(PBR28 $LH) making available its Pixel by Labcorp™ At-Home COVID-19 Collection Kit available through Walgreens(PBR18 $WBA)‘s online Find Care digital health platform on smartphones and computers. PR link.

Lockheed Martin(PBR56 $LMT) to acquire $2 billion in 2019 revenues, 5,000 employees aerospace and defense rocket engine manufacturer Aerojet Rocketdyne(PBR896 $AJRD) for $56.00/share cash before $5.00/share dividend, $4.4 billion total transaction value, to close in 2H21. PR link.

Pfizer(PBR63 $PFE) and BioNTech SE(NASDAQ: BNTX) get conditional marketing authorization from the European Commission for its COVID-19 vaccine, has an agreement to supply 200 million vaccine doses to EU member states with option to purchase 100 million additional doses in 2021, now has conditional marketing authorization in 40 countries including the 27 EU states. PR link.

Thor Industries(PBR371 $THO) has acquired manufacturer of both gas and diesel luxurious Class A motorhomes $800 million in FY 2020 revenues Tiffin Motor Homes for $300 million. PR link.

Beacon Roofing(PBR420 $BECN) to sell its interior products business, consisting of 81 branch locations where it distributes construction products including wallboard, acoustical ceilings, steel framing and insulation to both residential and commercial contractors, to private equity firm American Securities, for $850 million cash, to close by 03/31/21. PR link.

Diamondback Energy(PBR632 $FANG) to acquire QEP Resources(PBR988 $QEP) for $2.29/share, around $2.2 billion all stock deal, includes $1.6 billion in debt, includes around 49,000 net acres in the Midland Basin primarily held by production, to close by early 2Q21. PR link.

Equity Residential(PBR792 $EQR) sells its San Diego, CA located Vantage Pointe, a 679-unit apartment property located in downtown San Diego, for around $312.5 million. PR link.

Rent-A-Center(PBR797 $RCII) to acquire fintech company with $1.25 billion in revenues in 2020 Acima Holdings, a leading provider of virtual lease-to-own solutions, for $1.273 billion in cash and around 10.8 million shares of Rent-A-Center common stock currently valued at $377 million, for total transaction of $1.65 billion, to close in 1H21. PR link.

The US Federal Reserve Bank of Chicago says the Preliminary November 2020 US National Activity Index is at +0.27, October 2020 was at +1.01, September 2020 +0..40, November 2019 +0.29. “Index suggests slower, but still slightly above-average growth in November.” PR link.

***Friday, December 18

The PBRMarketTools US Stock Exchanges Recap for Week 51 of 2020 ending 12/18/20:

DJIA ends Week 51 at 30,179.05, +0.44% from last Friday, +1.82% MTD, +8.63% QTD, +5.75% YTD, -0.41% from record 30,303.37 set 12/17/20.

NASDAQ ends Week 51 at 12,755.64, +3.05% from last Friday, +4.57% MTD, +14.22% QTD, +42.16% YTD, -0.07% from record 12,764.75 set 12/17/20.

SPX ends Week 51 at 3,709.41, +1.25% from last Friday, +2.42% MTD, +10.30% QTD, +14.81% YTD, -0.35% from record 3,722.48 set 12/17/20.

The Week 51 of 2020 News Summary:

Coronavirus Pandemic: It was another week of much higher numbers of people affected by the virus. As of today, Friday, 12/18/20, at 5:27PM Eastern US, the John Hopkins University CSSE unit says there are now 75,508,468 confirmed cases globally with 1,671,772 deaths, a weekly increase of 81,808, which is +6,393 from last Friday. For the US it is 17,416,108 confirmed cases and 313,035 deaths, a weekly increase of 19,250, which is +3,548 from last Friday. With the US FDA Emergency Use Authorization approval the initial distribution of the Pfizer/BioNTech COVID-19 vaccine began with several million doses being deployed to the states based on their population. Initial vaccinations are being done, primarily to frontline healthcare workers. An independent advisory panel has recommended that the Moderna vaccine also be approved and the US FDA has made an indication that it will do so shortly.

US Presidential Transition: President-Elect Joe Biden continues his line up of high cabinet positions nominees, with a very diverse set of individuals. The Republicans lawsuits have been pretty much dismissed, The Electoral College has voted and confirmed Joe Biden as President-Elect with 306 votes, above the 270 needed. President-Elect Biden made a speech to the American people about the voting process working, and gave a short preview of his agenda, with a special emphasis on controlling the Coronavirus Pandemic. Most prominent Republicans have conceded that Biden has won the White House, but President Trump still has not. While control of the US House will continue to be by a slimmer Democrat majority the US Senate control will be decided by two US Senate runoff elections to be held on January 5 in Georgia. Early voting has already begun there. If the Republicans get one of the seats they will have the at least 51 votes needed to control that chamber.

US Economy: It is no surprise that the increase in weekly numbers from the Coronavirus Pandemic upped the number of people filing for unemployment benefits. Housing construction numbers continue to remain high, manufacturing continues to grow but at a slower pace, and surveys of businesses continue to reflect guarded optimism for the next 6 months. The Federal Open Market Committee had its final meeting of the year, maintained the federal funds rate at 0.00-0.25%, indicated that it expects to remain at that level for a long time, said that the economy was growing modestly, but is fragile, and expressed concern that the US Congress had not already passed a stimulus bill. By the end of the week the US Congress was still negotiating a new stimulus bill, and signaled that a deal was very close.

International News: The most headlines continue to be regarding the hammering out of the details of the UK Brexit from the European Union including the many trade issues that need to be ironed out. Messages are mixed about if that can be achieved by the end of the year.

US Stock Exchanges: The Stock Market Bear had a good Monday taking the DJIA and S&P500. The Stock Market Bull then took over with some very nice days Tuesday through Thursday, ending Thursday with new record highs on all three major indices. He then decided to take Friday off rolling around on his back on the nice pasture grasses and The Stock Market Bear had a nice, but not really very volatile Friday. The Stock Market Bull wins Week 51 with a solid 3-0 result, leads the year, and it is difficult to imagine a scenario in which he loses the year. The last two weeks of 2020 will be shortened trading weeks because of the Christmas and New Year holidays. Celebrate responsibly, be thankful for all you have and are, be willing to share as you are able.

The Week 51 of 2020 tally YTD is:
The Stock Market Bull: 25 weeks
The Stock Market Bear: 19 weeks
Mixed Results: 7 weeks

CVS Health(PBR5 $CVS) and Walgreens Boots Alliance(PBR18 $WBA) start providing the Pfizer(PBR62 $PFE)/BioNTech COVID-19 vaccinations for residents and staff at US nursing homes and assisted living facilities per an agreement with the US government. CNBC PR link.

Wells Fargo(PBR26 $WFC) to sell its $10.0 billion private student loan portfolio to investors, with Firstmark, a division of Nelnet(PBR930 $NNI), assuming responsibility for servicing the portfolio upon the sale. PR link.

DuPont(PBR144 $DD) to spin-off its Nutrition & Biosciences unit, which will then merge with International Flavors(PBR531 $IFF) as planned, transaction planned for 02/01/21. PR link.

Tenet Healthcare(PBR166 $THC) selling its 87 locations urgent care platform, operating under the CareSpot and MedPost brands and managed by Tenet’s United Surgical Partners International (USPI) subsidiary, to FastMed, to close in 1Q21, terms not disclosed. PR link.

Blackstone(PBR402 $BX) completes $1.2 billion acquisition of Simply Self Storage, one of the top five private owners of self-storage and operator of a high-quality portfolio totaling 8 million sf across the US, from a Brookfield Asset Management real estate fund. PR link.

Blackstone(PBR402 $BX) proposes $5.17/share, around $4 billion cash, acquisition of UK based private jet services company Signature Aviation, which has rejected a similar lower price proposal from Global Infrastructure Partners. Signature Aviation PR link.

Darden Restaurants(PBR385 $DRI) CEO Gene Lee elected to also serve as Chairman, succeeds Chuck Sonsteby who becomes Lead Independent Director, effective 01/04/21. PR link.

The US Federal Reserve releases the results of its most recent stress tests of 33 of the largest US financial institutions, says “The results of the December 2020 stress test show that firms maintain strong capital levels under two hypothetical severe scenarios.” PR link.

The US Dept of Commerce/BEA says the Preliminary 3Q20 US Total Exports of Goods, Services, and Income Receipts is at $796.1 billion; Total Imports of Goods, Services, and Income Payments is at $974.5 billion, for a 3Q20 Deficit of $178.5 billion, 2Q20 Deficit was at $161.4 billion, 1Q20 Deficit $111.5 billion, 3Q19 $121.6 billion. PR link.

The Conference Board says the Preliminary November 2020 US Leading Economic Index(2016=100) is at 109.1, October 2020 was at 108.5, September 2020 107.7, November 2019 111.6. “The US LEI continued rising in November, but its pace of improvement has been decelerating in recent months, suggesting a significant moderation in growth as the US economy heads into 2021…” PR link.

The US Federal Food & Drug Administration agrees to an Emergency Use Authorization for a COVID-19 vaccine developed by Moderna, the FDA’s second such authorization, the first was last week for Pfizer(PBR62)/BioNTech‘s vaccine. PR link.

***Thursday, December 17

Alphabet(PBR12)’s subsidiary Google hit with a second antitrust lawsuit in two days with the most recent claiming the company altered the designs of its search engine to undercut competitors, filed by group of 38 states. MarketWatch PR link.

Alphabet(PBR12)’s subsidiary Google responds to today’s antitrust lawsuit, says redesigning Search would harm American consumers and businesses. PR link.

Alphabet(PBR12)’s subsidiary Google gets European Commission approval for $2.1 billion cash acquisition of health wearables company Fitbit(PBR971) subject to certain conditions. European Commission PR link.

Coca-Cola(PBR83) is cutting 2,200 jobs globally, including 1,200 in the US, as the coronavirus pandemic accelerates the soda giant’s restructuring efforts. Wall Street Journal PR link.

Otis(PBR236) issues recall for around 5,000 private residence elevators sold before 2013 due to entrapment hazard, risk of serious injury or death to young children. PR link.

Raymond James(PBR378) to acquire consumer-focused boutique investment bank Financo, has offices in New York and London, terms not disclosed. PR link.

KKR(PBR611) has sold two major student housing developments totaling 1,380 units in the Netherlands for around $213 million. PR link.

Twitter(PBR677) was fined €450,000 ($548,000) by an Irish regulator on Tuesday, after a bug in its Android app caused some users’ protected tweets to be made public, other EU regulators had pushed for a much higher fine. PR link.

The US Dept of Labor says the 3Q20 US Employer Costs for Employee Compensation-Wages & Salaries Per Hour is at $26.25, Benefits $12.01, 3Q20 Total $38.26, 2Q20 was at $38.21, 1Q20 $37.73, 3Q19 $37.03. PR link.

The US Dept of Commerce/HUD says the Preliminary November 2020 US New Residential Construction Building Permits Issued Annual Rate-Private Housing is at 1,639,000 units, October 2020 was at 1,544,000, September 2020 1,545,000, November 2019 1,510,000. PR link.

The US Federal Reserve Bank of Philadelphia says the December 2020 US 3rd District Manufacturing General Activity Indicator is at 11.1, November 2020 was at 26.3, October 2020 32.3, December 2019 2.4. “Changes in future indexes were mixed this month but suggest that overall growth is expected to continue over the next six months.” PR link.

***Wednesday, December 16

Alphabet(PBR12 $GOOG)’s subsidiary Google is being sued by State of Texas Attorney General and a multistate coalition for multiple violations of federal and state antitrust and consumer protection laws, including anticompetitive conduct, exclusionary practices and deceptive misrepresentations in connection with its role in the multi-trillion-dollar online display advertising industry. TX Attorney General PR link.

Facebook(PBR47 $FB) issues a statement critical of Apple(PBR3 $AAPL)‘s new iOS 14 opt in for ads policy which could impact advertising effectiveness for small businesses. PR link.

Abbott Labs(PBR99 $ABT) gets US FDA Emergency Use Authorization for its virtually guided at-home use of its BinaxNOW™ COVID-19 Ag Card rapid test for detection of COVID-19 infection, result is delivered in around 20 minutes without the need to send it out for processing, priced at $25, partnering with eMed to deliver and administer 30 million BinaxNOW at-home tests in 1Q21, with an additional 90 million in 2Q21. PR link.

The US Federal Open Meeting Committee issues a statement from its December 15-16 meeting, saying “The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.” The FOMC keeps the federal funds rate at 0.00-0.25%, expects to maintain that level for some time. PR link.

The US Dept of Commerce/Census says the Preliminary October 2020 US Sales-Manufacturers is at $488.6 billion, Retailers $497.1 billion, Wholesalers $496.6 billion, October 2020 Total Sales is at $1,482.3 billion, September 2020 was at $1,468.5 billion, August 2020 $1,456.0 billion, October 2019 $1,450.1 billion. PR link.

The US Dept of Commerce/Census says the Advance November 2020 US Retail Sales-Retailers is at $493.3 billion, Food Services & Drinking Places $53.2 billion, for Advance November 2020 Total Retail Sales at $546.5 billion, October 2020 was at $552.5 billion, September 2020 $552.8 billion, November 2019 $525.0 billion. PR link.

The Natl Assn of Home Builders Preliminary December 2020 Housing Market Composite Index is at 86, November 2020 was at 90, October 2020 85, December 2019 76. “Despite the decline, December is still the second-highest reading in the history of the series after last month’s 90. Housing demand is strong entering 2021, however the coming year will see housing affordability challenges as inventory remains low and construction costs are rising.” PR link.

***Tuesday, December 15

Walmart(PBR1) to expand its futuristic delivery capabilities with a new driverless truck trial in its home state of Arkansas, also in Louisiana, in expanded pilot with autonomous vehicle startup Gatik. BusinessInsider PR link.

Eli Lilly(PBR137) to acquire developer of potentially disease-modifying AAV9-based gene therapies for patients with neurodegenerative diseases Prevail Therapeutics(NASDAQ: PRVL) for at least $22.50/share, $880 million cash plus a contigent value right worth up to an additional $4.00/share based on milestone achievements, for up to $1.04 billion cash, to close in 1Q21. PR link.

Uber(PBR222) and Lyft(PBR660) roll out new benefits for California drivers under Prop 22, will provide guaranteed minimum wages and health care subsidies. TheVerge PR link.

Oshkosh(PBR425) to acquire Pratt Miller, which specializes in advanced engineering, technology and innovation across the motorsport and multiple ground vehicle markets, for a cash-free, debt-free purchase price of $115 million, to close in 1Q21. PR link.

Palo Alto Networks(PBR681) completes around $670 million cash and stock plus around $130 million in replacement equity awards acquisition of Expanse, a cybersecurity leader in attack surface management. PR link.

Apollo Global Mgmt(PBR758) and Hudson Executive Capital to acquire world’s largest ATM owner/operator Cardtronics(Nasdaq: CATM) for $35.00/share, around $2.3 billion in cash, includes net debt, to close in 1H21. Cardtronics PR link.

Frontier Communications(PBR373) President/CEO Bernie Han to step down effective 03/01/21, will remain on Board until emergence from Chapter 11, Nick Jeffery hired to be successor on 03/01/21. PR link.

The US Federal Reserve says the Preliminary November 2020 US Factory % of Capacity is at 73.3%, October 2020 was at 73.0%, September 2020 72.3%, November 2019 77.6%, Capacity Growth Over Previous Year is at +0.0%. PR link.

The US Dept of Labor says the Preliminary November 2020 US Change in Import Prices is +0.1%, October 2020 was at -0.1%, September 2020 +0.2%, November 2019 +0.2%, Year-to-Year -1.0%; Preliminary November 2020 US Change in Export Prices is +0.6%, October 2020 +0.2%, September 2020 +0.6%, November 2019 +0.1%, Year-to-Year -1.1%. PR link.

The Federal Reserve Bank of New York says the December 2020 US Empire State Manufacturing General Business Conditions Index is at +4.9, November 2020 was at +6.3, October 2020 +10.5, December 2019 +3.3. “… firms remained optimistic that conditions would improve over the next six months.” PR link.

***Monday, December 14

Amazon(PBR2 $AMZN) to get an order from Sacramento County Superior Court based on a request from the California Attorney General’s Office to comply with outstanding investigative subpoenas, state’s petition alleges that Amazon has failed to adequately comply with lawful requests for information as part of an ongoing investigation into the company’s coronavirus protocols and the status of COVID-19 cases at Amazon facilities across the state. PR link.

Freeport-McMoRan(PBR215 $FCX) completes sale of its non-core interests in the Kisanfu undeveloped cobalt and copper project in Congo to a wholly owned subsidiary of China Molybdenum Co., Ltd. (CMOC) for $550 million. PR link.

Uber(PBR222 $UBER) gets fined $59 million by the California Public Utilities Commission and threatens to suspend Uber’s license to operate in the state over Uber’s refusal to hand over data on sexual assaults. Washington Post PR link.

Bed Bath & Beyond(PBR277 $BBBY) increases share repurchases program from $675 million to $825 million, includes accelerated share repurchase program which has been increased from $225 million to $375 million; to sell its Cost Plus World Market brand to private equity firm Kingswood Capital Management, includes 243 brick-and-mortar locations, the CPWM digital business, 2 distribution facilities and a corporate office located in Alameda, CA, to close by 02/28/21, terms not disclosed. PR link.

Blackstone(PBR402 $BX) to acquire a best‐in‐class, 2.3 million square foot portfolio of lab office buildings, with 90% of the portfolio concentrated in Cambridge, MA, from Brookfield Asset Management for $3.45 billion, to close in 1Q21. PR link.

Electronic Arts(PBR495 $EA) to acquire UK based game developer and publisher CodeMasters for $7.98/share, around $1.2 billion cash, to close by end of 1Q21. PR link.

Alexion Pharmaceutical(PBR538 $ALXN), a global biopharma company with a focus on rare diseases, to be acquired by AstraZeneca (LSE/STO/Nasdaq: AZN), a global biopharmaceutical company, for $175/share, around $39 billion in cash and stock, to close in 3Q21. PR link.

Domino’s Pizza(PBR659 $PZZA) says more than 11,500 company-owned store and supply chain hourly team members and drivers will receive a special bonus in December, an investment totaling more than $9.6 million, with eligible team members earning up to $1,200 in bonus compensation. PR link.

Take-Two Interactive(PBR727 $TTWO) says it is considering its options upon learning that its plan to acquire UK based game developer CodeMasters Group for $6.82/share cash & stock, for an implied equity value of around $994 million is now being acquired by Electronic Arts(PBR495 $EA) for $7.98/share, around $1.2 billion cash. PR link.

Public Storage(PBR774 $PSA) receives letter from hedge fund investor Elliott Management saying PSA is underachieving, makes some suggestions including board refreshment, nominates 6 for the Board. PR link.

Public Storage(PBR774 $PSA) responds to hedge fund investor Elliott Management countering its claims, outlines achievements and plans. PR link.

La-Z-Boy(PBR941 $LZB) to resume its share repurchases program, has 4.5 million shares available, was suspended on 03/29/20 as part of COVID-19 Action Plan. PR link.

The US Federal Trade Commission is issuing orders to nine social media and video streaming companies, including Amazon.com(PBR2 $AMZN), ByteDance, which operates the short video service TikTok, Discord, Facebook(PBR47 $FB), Reddit, Snap(PBR937 $SNAP), Twitter(PBR677 $TWTR), Facebook’s WhatsApp, and Alphabet(PBR12 $GOOG)’s YouTube, requiring them to provide data on how they collect, use, and present personal information, their advertising and user engagement practices, and how their practices affect children and teens, will have 45 days from the date they received the order to respond. PR link.

***Friday, December 11

The PBRMarketTools US Stock Exchanges Recap for Week 50 of 2020 ending 12/11/20:

DJIA ends Week 50 at 30,046.37, -0.57% from last Friday, +1.38% MTD, +8.15% QTD, +5.28% YTD, -0.57% from record 30,218.26 set 12/04/20.

NASDAQ ends Week 50 at 12,377.87, -0.69% from last Friday, +1.47% MTD, +10.84% QTD, +37.95% YTD, -1.63% from record 12,582.77 set 12/08/20.

SPX ends Week 50 at 3,663.46, -0.96% from last Friday, +1.16% MTD, +8.93% QTD, +13.39% YTD, -1.05% from record 3,702.25 set 12/08/20.

The Week 50 of 2020 News Summary:

Coronavirus Pandemic: Cases and deaths surged in the US. As of today, Friday, 12/11/20, at 1:26PM Eastern US, the John Hopkins University CSSE unit says there are now 70,000,538 confirmed cases globally with 1,589,964 deaths, a weekly increase of 75,415, which is -626 from last Friday. For the US it is 15,746,026 confirmed cases and 293,785 deaths, a weekly increase of 15,702, which is +1,656 from last Friday. Hospitals are saying they are nearly maxed out for space because of the pandemic increase, and medical frontline workers are stressed. Various states and local governmental agencies are putting more strict guidelines in place for businesses and mask using in public. An Advisory Panel voted 17-4 with 1 abstention to encourage the US FDA to approve Emergency Use Authorization for the Pfizer/BioNTech vaccine. The US FDA most likely will approve the vaccine, and it is expected that initial doses will be provided early next week. It is also expected that the Moderna vaccine will have the same result next week.

US Presidential Transition: President-Elect Joe Biden has made more selections for high cabinet positions. Republicans continue to push lawsuits to overturn voting results based on procedures used in some key states. Most say there is a very low probability of success. The US House will remain under Democrat majority. In the US Senate the balance remains 50 Republicans, 46 Democrats, 2 Independents that caucus with the Democrats. The open seats will be determined by two runoff elections in Georgia on January 5, both races are too close to call at this time. President Trump has still not officially conceded the race.

US Economy: Most indices released continue to show a modest growing economy. However, with the rise of cases from the pandemic there was a substantial increase in weekly initial unemployment claims. Job openings were up a little bit, hiring was down a little bit, and separations were up a little bit. The Consumer Price Index was +0.2%, the Producer Price Index +0.1%. The U of Michigan Consumer Sentiment Index was up to 81.4, reflecting optimism over the US elections. The federal government receipts and outlays reflected a significant increase in the monthly deficit. The US Congress continues to struggle with coming up with a new stimulus package. Several economists have expressed concern that the longer it takes for a new package the higher probability that the economy will decline and take longer to recover. Of special concern is the unemployment benefits that expire the day after Christmas that will affect millions of workers. The US Congress kicked the can down the road by passing a one week spending bill and will have to wrestle over a new one next week. They did pass a defense spending bill. Both items need to be signed by the President.

International News: The UK and European Union continue to work on a Brexit deal, but it appears that there is a low probability of a successful outcome by year end, which is likely to have an economic impact all over Europe with lots of trade issues left in limbo. With US encouragement Morocco becomes the fourth Islamic nation to agree to normalize relations with Israel. US tech giants continue to be targets for antitrust and privacy issues in Europe and the US.

US Stock Exchanges: There was a lot of IPO action this week as DoorDash and Airbnb became public companies to much fanfare, and some others as well. However, overall it was a pretty non-volatile week, with The Stock Market Bull and The Stock Market Bear staring at each other in the ring and occasionally throwing a jab here and there that had little effect and there were no knockdowns. Even though The Stock Market Bull established new record highs for the NASDAQ and SPX on Tuesday, The Stock Market Bear outpointed the Bull to win the Week 50 bout. The Stock Market Bull will win the weekly and monthly tallies, and it appears he will also take a tumultuous 2020 because a complete collapse in the stock market before year end is not very likely. Hanukkah has started, Christmas is in two weeks, and the end of 2020 the following week. Stay safe, have some fun preparing for the holidays, spend some time thinking about the meaning of this time of year, and enjoy time with those close to you.

The Week 50 of 2020 tally YTD is:
The Stock Market Bull: 24 weeks
The Stock Market Bear: 19 weeks
Mixed Results: 7 weeks

MetLife(PBR48 $MET) to sell Metropolitan Property and Casualty Insurance Company and certain wholly owned subsidiaries to Farmers Group, Inc. (FGI), a subsidiary of Zurich Insurance Group, for $3.94 billion in cash, includes 10-year strategic partnership through which Farmers Insurance® will offer products on MetLife’s leading US Group Benefits platform, to close in 1Q21. PR link.

MetLife(PBR48 $MET) authorizes a new $3 billion share repurchase program, previous authorization has been used. PR link.

Pfizer(PBR62 $PFE) and BioNTech SE(NASDAQ: BNTX) gets US FDA Emergency Use Authorization for its COVID-19 vaccine, taken in 2 doses 3 weeks apart. PR link.

Oracle(PBR80 $ORCL) announces in its 10-Q report, pg 44, that it has moved its corporate headquarters from Redwood City, CA, to Austin, TX. PR link.

Viatris(PBR271 $VTRS) to close, downsize or divest up to 15 manufacturing facilities globally, up to 20% of its global workforce of approximately 45,000 may be impacted. PR link.

AMC Entertainment(PBR503 $AMC) expects to receive $100 million of cash from Mudrick Capital Management on 01/15/21 in a financing of First Lien Notes due April 2026, Mudrick will also convert $100 million of existing AMC debt into AMC common stock. PR link.

TreeHouse Foods(PBR606 $THS) has completed the acquisition of the majority of Ebro’s Riviana Foods US branded pasta business for $242.5 million cash, expected to generate $170-180 million in annual revenues. PR link.

KKR(PBR611 $ELAN) acquires a portfolio of approximately 9.7 million sf of industrial real estate properties located in seven major markets across the US from High Street Logistics Properties for around $835 million, now has around 30 million sf of industrial properties. PR link.

Elanco Animal Health(PBR733 $ELAN) to acquire exclusive global rights to Kindred Biosciences (NASDAQ: KIN)‘s KIND-030, a first-of-its-kind monoclonal antibody being developed for the treatment and prevention of canine parvovirus (CPV), includes an upfront payment of $500,000 and additional milestone payments based on successful completion of development targets, including efficacy, formulation and manufacturing, and sales. PR link.

The US Dept of Labor says the Preliminary November 2020 US Total Final Monthly Demand Producer Price Index is at +0.1%, October 2020 was at +0.3%, September 2020 +0.4%, November 2019 -0.1%, Last 12 Months(Unadjusted) is at +0.8%. PR link.

The U of Michigan Preliminary December 2020 US Consumer Sentiment Index is at 81.4, November 2020 was at 76.9, October 2020 81.8, December 2019 99.3. “Most of the early December gain was due to a more favorable long-term outlook for the economy, while year-ahead prospects for the economy as well as personal finances remained unchanged.” PR link.

***Thursday, December 10

Amazon(PBR2 $AMZN) fined around $42 million by France’s CNIL regulatory agency for for having placed advertising cookies on users’ computers, from the page amazon.fr, without obtaining prior consent and without providing adequate information. PR link.

Alphabet(PBR12 $GOOG)’s Google unit fined around $121 million by France’s CNIL regulatory unit for for having placed advertising cookies on the computers of users of the search engine google.fr, without obtaining prior consent and without providing adequate information. PR link.

Gilead Sciences(PBR134 $GILD) to acquire MYR GmbH, a German biotechnology company focused on the development and commercialization of therapeutics for the treatment of chronic hepatitis delta virus (HDV), for around $1.29 billion cash, plus up to around $335 million for milestone achievements. PR link.

Tenet Healthcare(PBR166 $THC) to acquire a portfolio of up to 45 ambulatory surgery centers from SurgCenter Development for around $1.1 billion, to close by 12/31/20. PR link.

Leidos(PBR279 $LDOS) to acquire Reston, VA based 1901 Group, a leading provider for managed IT services and cloud solutions in the private and public market with 26 locations across the US, for $215 million cash, to close in 1Q21. PR link.

Raymond James(PBR390 $RJF) to acquire Seattle, WA based NWPS/Northwest Plan Services, an independent provider of retirement plan administration with around 160 employees, 400,000+ participants, and $35+ billion in plan assets, to close by 12/31/20, terms not disclosed. PR link.

AvalonBay Communities(PBR849 $AVB) hires Benjamin Schall as President, to be effective by 02/01/21, Chairman/President/CEO Timothy Naughton to retire as CEO at end of 2021, will become Executive Chairman, Schall to then become CEO. PR link.

The US Dept of the Treasury says the November 2020 US Federal Government Receipts are at $220.0 billion, Outlays $364.8 billion, for a Deficit of $145.3 billion, October 2020 Deficit was at $284.1 billion, September 2020 $124.6 billion, November 2019 $208.8 billion; November 2020 YTD Deficit(2 months) is at $429.3 billion, November 2019 was at $343.3 billion. PR link.

The US Dept of Labor says the Preliminary November 2020 US Current Average Earnings/Hour is at $29.58, Average Hours Worked/Week is at 34.8, for Current Average Earnings/Week of $1,029.38, October 2020 was at $1,026.25, September 2019 $1,025.56, November 2019 $972.06. PR link.

The US Federal Reserve says the Preliminary 3Q20 US Networth of Households & Non-Profits is at $123.520 trillion, 2Q20 was at $119.702 trillion, 1Q20 $111.409, 3Q19 $114.752. PR link.

The US Dept of Labor says the November 2020 US Consumer Price Index is at +0.2%, October 2020 was at +0.0%, September 2020 +0.2%, November 2019 +0.2%, Last 12 Months +1.2%. PR link.

***Wednesday, December 9

AT&T(PBR9 $T)’s Warner Media unit to sell its Crunchyroll anime direct-to-consumer service to Funimation Global Group, a joint venture between Sony Pictures Entertainment and Sony Music Entertainment (Japan)’s subsidiary, Aniplex Inc, for $1.175 billion cash. PR link.

GE(PBR33 $GE) has agreed to pay a $200 million penalty to the US Securities and Exchange Commission to settle charges for disclosure failures in its GE Power and GE Capital insurance businesses. SEC PR link.

Lowe’s(PBR44 $LOW) authorizes an additional $15 billion share repurchase program, no time limit, balance available is now $19.7 billion. PR link.

Facebook(PBR47 $FB) being sued by the US Federal Trade Commission, 46 states, Washington, DC and Guam for illegal monopolization from its acquisitions of Instagram and WhatsApp. FTC PR link.

LabCorp(PBR262 $LH) gets US FDA Emergency Use Authorization (EUA) for the Pixel by LabCorp™ COVID-19 Test Home Collection Kit to become the first to be available over the counter without requiring a prescription, may be covered by medical insurance, out of pocket is $119. PR link.

Amphenol(PBR368 $APH) to acquire global supplier of advanced test systems, motion simulators and precision sensors MTS Systems(Nasdaq: MTSC) for $1.7 billion, includes debt, to close by mid 2021. PR link.

Encompass Health(PBR571 $EHC) is exploring strategic alternatives for its home health and hospice business with a range of options being consideration, including the full or partial separation of the home health and hospice business from Encompass Health through an initial public offering, spin-off, merger, sale or other transaction. PR link.

Cinemark(PBR699 $CNK) has sold more than 100,000 of its Private Watch Parties for 1.3 million moviegoers, pricing starts at $99. PR link.

Apollo Global Mgmt(PBR758 $APO) and and Hudson Executive Capital make a proposal to Cardtronics(NASDAQ: CATM) for $31.00/share, around $1.38 billion, Board will review and assess the terms of the proposal. Cardtronics PR link.

Public Storage(PBR777 $PSA) completes first phase acquisition of 24 units of Beyond Self Storage, to acquire the remaining 12 units upon their completion in 2021, total investment is $528 million. PR link.

Cleveland-Cliffs(PBR897 $CLF) completes $1.4 billion acquisition of ArcelorMittal USA, makes Cleveland-Cliffs the largest flat-rolled steel producer in N America, with combined shipments of approximately 17 million net tons in 2019, will also be the largest iron ore pellet producer in N America, with 28 million long tons of annual capacity. PR link.

Starbucks(PBR109 $SBUX) appoints Vice-Chair Mellody Hobson as Non-Executive Chair, will succeed current chair, Myron E. Ullman, III upon his retirement in 03/21. PR link.

The US Dept of Labor says the Preliminary October 2020 US Job Openings-Private is at 5,950,000, Government 702,000, for an October 2020 Total Job Openings of 6,652,000, September 2020 was at 6,494,000, August 2020 6,352,000, October 2019 7,309,000. PR link.

The US Dept of Commerce/Census says the Preliminary October 2020 US Wholesale Sales-Durables is at $244.5 billion, Non-Durables $252.1, October 2020 Total Wholesale Sales is at $496.6 billion, September 2020 was at $487.7 billion, August 2020 $485.7 billion, October 2019 $492.1 billion. PR link.

***Tuesday, December 8

GE(PBR33 $GE) voluntarily pre-funds $2.5 billion of estimated minimum ERISA GE Pension Plan funding requirements for 2021, 2022, and into 2023, repays $1.5 billion of its intercompany loan to GE Capital, actions to further solidify its financial position. PR link.

Apple(PBR4 $AAPL) to launch on 12/14/20 its Fitness+ app, the first fitness experience built around Apple Watch, $9.99/mo or $79.99/year; introduces its AirPods Max headset, over-ear design, features high-fidelity audio, Adaptive EQ, Active Noise Cancellation, and spatial audio, available starting 12/15/20, priced at $549. PR link.

Pfizer(PBR62 $PFE) and BioNTech SE(NASDAQ: BNTX)‘s investigational COVID-19 vaccine (BNT162b2) 38,000 participants phase 3 study suggests a favorable safety profile, with no specific safety concerns identified that would preclude issuance of a US FDA Emergency Use Authorization, FDA committee meets 12/10/20. PR link.

Goldman Sachs(PBR87 $GS) to acquire 100% of its mainland Chinese joint venture from partner Beijing Gao Hua Securities, the latest global bank to seek full control of its business as Beijing further opens up the financial sector. South China Morning Post PR link.

Tesla(PBR119 $TSLA) to sell up to $5 billion of its common stock from time to time, through an “at-the-market” offering program. PR link.

Uber(PBR224 $UBER) to invest a further $75 million in Joby Aviation, a transportation company developing an all-electric, vertical take-off and landing passenger aircraft, which it intends to operate as early as 2023, after initial investment of $50 million in 01/20, deal includes Joby’s acquisition of software tool Uber Elevate for the aerial ridesharing market. PR link.

US Steel(PBR239 $X) has exercised its call option to acquire the remaining equity of Big River Steel for approximately $774 million cash, acquired 49.9% equity stake in 10/19, to close in 1Q21. PR link.

Foot Locker(PBR379 $FL) adopts a short-term shareholder rights plan in response to a recent significant accumulation of the Company’s stock by Vesa Equity Investment, the Company’s largest shareholder, which currently has a 12.2% stake. PR link.

Sirius XM Radio(PBR388 $SIRI) popular radio talk show host Howard Stern extends exclusive agreement for 5 more years, audio/video archives to continue for an additional 7 years. PR link.

Activision Blizzard(PBR449 $ATVI)’s World of Warcraft® Shadowlands sells more than 3.7 million units on first day of release, a new pc gaming record, versions from $39.99 to $79.99. PR link.

The US Dept of Labor says the 3Q20-1st Revision US Labor Business Productivity Output/Hour is at +6.0%, 2Q20 was at +9.6%, 1Q20 +0.0%, 3Q19 +0.2%. PR link.

CoreLogic says the September 2020 US Housing Loans 30 or More Days Delinquent is at 6.3%, August 2020 was at 6.6%, July 2020 6.6%, September 2019 3.8%. “Although delinquencies remain high, it’s clear the economy has passed an initial stress test. High home equity balances and structural protections put in place as a result of the Great Recession contributed to surviving this test. Housing demand remains strong, and rates low, which provides optimism that the housing market will continue to be a bright spot in this COVID-ravaged economy.” PR link.

***Monday, December 7

Raytheon Technologies(PBR39 $RTX) authorizes up to $5 billion share repurchase program, replaces previous authorization approved on 10/14/15. PR link.

Northrop Grumman(PBR91 $NOC) to sell its federal IT and mission support business, expected to generate around $2.3 billion in revenues in 2020, to Veritas Capital, for $3.4 billion, to close in 1H21. PR link.

Altria(PBR115 $MO) gets US FDA authorization for the commercialization of its next generation of the IQOS tobacco heating system device, IQOS 3. PR link.

Carrier(PBR165 $CARR) to sell its remaining interest in Swedish based commercial and industrial refrigeration as well as heating and air conditioning products provider Beijer Ref AB, consisting of A and B shares, to global investment firm EQT, for around $1.1 billion, to close by 12/31/20. PR link.

Uber(PBR224 $UBER) autonomous vehicle technologies unit Apparate USA to be acquired by Aurora Innovation, Uber to also make a $400 million equity investment in Aurora, combined transaction will result in Uber having a 26% stake in Aurora, to close in 1Q21. PR link.

DISH(PBR243 $DISH) agrees to pay $210 million settlement with the US Dept of Justice and several states for committing certain telemarketing violations. PR link.

Adobe Systems(PBR275 $ADBE) completes $1.5 billion acquisition of work management platform for marketers provider with 3,000 customers with 1 million users Workfront. PR link.

Huntsman(PBR430 $HUN) to acquire around $106 million of revenues in 2019 Gabriel Performance Products, a N American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity, for $250 million, to close in 1Q21. PR link.

Post Holdings(PBR483 $POST) to acquire the iconic nationally recognized Peter Pan peanut butter brand, which is currently co-manufactured by 8th Avenue Food & Provisions, an affiliate of Post, from Conagra Brands(PBR281 $CAG), to close in 1Q21, terms not disclosed. PR link.

Apollo Global Mgmt(PBR758 $APO) to acquire the Italian B2C gaming machine, sports betting, and digital gaming businesses of International Gaming Technology(NYSE: IGT)‘s Italian affiliate for around $1.1 billion cash, to close in 1H21. IGT PR link.

NortonLifeLock(PBR821 $NLOK) to acquire consumer-focused portfolio of cybersecurity and privacy solutions to a strong base in Europe and key emerging markets provider Avira, from Investcorp Technology Partners, for around $360 million cash, to close by 02/28/21. PR link.

Ingersoll-Rand(PBR828 $IR) to acquire Springfield, MO based 160 employees with around $60 million in annual revenues Tuthill Vacuum and Blower Systems for $184 million cash, to close in 1Q21. PR link.

SL Green Realty(PBR986 $SLG) increases share repurchase program by $500 million, total authorizes is now $3.5 billion. PR link.

The US Federal Reserve says the Preliminary October 2020 US Consumer Credit Outstanding-Revolving is at $979.6 billion, Non-Revolving $3,184.6 billion, October 2020 Total Consumer Credit Outstanding is $4,164.2 billion, September 2020 was at $4,157.0 billion, August 2020 $4,142.0 billion, October 2019 4,163.3 billion. PR link.

The FannieMae November 2020 US Home Purchase Sentiment Index is at 80.0, October 2020 was at 81.7, September 2020 81.0, November 2019 91.5. “The HPSI appears to have peaked for now as consumers continue to consider how COVID-19 impacts their ability to buy or sell a home… This follows the HPSI’s recovery of slightly more than half of the loss experienced during the first few months of the pandemic.” PR link.

***Friday, December 4

The PBRMarketTools US Stock Exchanges Recap for Week 49 of 2020 ending 12/04/20:

DJIA ends Week 49 at record 30,218.26, +1.03% from last Friday, +1.96% MTD, +8.77% QTD, +5.89% YTD, +0.00% from record 30,218.26 set 12/04/20.

NASDAQ ends Week 49 at record 12,464.23, +2.12% from last Friday, +2.18% MTD, +11.61% QTD, +38.91% YTD, +0.00% from record 12,464.23 set 12/04/20.

SPX ends Week 49 at record 3,699.12, +1..67% from last Friday, +2.14% MTD, +9.99% QTD, +114.50% YTD, +0.00% from record 3,699.12 set 12/04/20.

The Week 49 of 2020 News Summary:
A top story continues to be the ongoing Coronavirus Pandemic, as it hits new weekly highs for infections and deaths. As of today, Friday, 12/04/20, at 2:28PM Eastern US, the John Hopkins University CSSE unit says there are now 65,686,172 confirmed cases globally with 1,514,549 deaths, a weekly increase of 76,041, which is +6,279 from last Friday. For the US it is 14,297,251 confirmed cases and 278,083 deaths, a weekly increase of 14,046, which is +3,891 from last Friday. Health experts are expecting an even greater increase soon from the lack of social distancing and use of masks during the US Thanksgiving week as families and friends gathered, with millions traveling many miles. Cooler temperatures are also contributing. But there continues to be optimism as vaccines are approved for emergency use authorization, manufacturing is ramped up, and distribution plans made. Initial inoculations should start in late December/early January. In US politics the President-Elect Joe Biden has introduced some cabinet and high level appointments, and starting to say which policies he plans start working on when inaugurated, like rejoining the Paris Climate Change and the World Health Organization. President Trump has been somewhat silent, still has not personally conceded the election, and has already raised over $200 million for another run in 2024. US economic news generally continued to support a modest increase. This was reiterated in the Federal Reserve Beige Book. Weekly initial unemployment claims are not falling as fast as most people would like, the jobs reports show modest growth at best, but manufacturing orders continue to increase, and business and consumer surveys indicate near term optimism. A cause for concern is that trade imbalances continue to increase. Retail sales overall, especially from online purchases, reached record levels during the Black Friday through Cyber Monday annual holiday shopping frenzy. There is still a chance Congress will pass another stimulus bill before year end, and it must also resolve government funding and military spending issues. The Stock Market Bull feasted too much over the Thanksgiving Weekend and slept in on Monday. The Stock Market Bear took advantage and had a big day. But The Stock Market Bull returned on Tuesday, dominated the week, and all 3 major US stock indices ended Week 49 at record highs. The Stock Market Bull has now clinched victories for most months and weeks won, and there does not appear to be any chance The Stock Market Bear can cause a complete collapse of the markets over the 4 weeks remaining. Stay safe, healthy and warm!

The Week 49 of 2020 tally YTD is:
The Stock Market Bull: 24 weeks
The Stock Market Bear: 18 weeks
Mixed Results: 7 weeks

Eli Lilly(PBR139 $LLY) and United Health(PBR7 $UNH) to partner in a pragmatic study of bamlanivimab (LY-CoV555) in high-risk, COVID-19 infected individuals; bamlanivimab recently received Emergency Use Authorization (EUA) by the U.S. Food and Drug Administration for the treatment of mild to moderate COVID-19 patients who are at high risk for progressing to severe COVID-19 and/or hospitalization. PR link.

MGM Resorts(PBR241 $MGM) launches digital gaming service BetMGM Casino in Pennsylvania, includes 140+ games accessible on Android, IOS, and desktops. PR link.

PSEG(PBR308 $PEG) to acquire 25% ownership interest from Orsted N America in 1,100 megawatt Ocean Wind project, New Jersey’s first offshore wind farm,could provide power by end of 2024. PR link.

Quest Diagnostics(PBR392 #DGX) gets US FDA authorization for first diagnostic test for at home collection of patient samples to detect both COVID-19 and influenza A and B (flu), the Quest Diagnostics RC COVID-19 +Flu RT-PCR Test for prescription use with the Quest Diagnostics Self-Collection Kit for COVID-19 +Flu by individuals who are suspected of respiratory viral infection consistent with COVID-19 when home collection is determined to be appropriate by an individual’s healthcare provider. PR link.

Blackstone(PBR404 $BX) completes $4.7 billion acquisition of online family history provider with 3 million subscribers and $1+ billion in annual revenues Ancestry® from Silver Lake, GIC, Spectrum Equity, Permira, and other equity holders. PR link.

Alliance Data(PBR492 $ADS) completes around $450 million cash and stock acquisition of Bread, a tech-driven digital payments company with an omnichannel solution for retailers and platform capabilities to banks. PR link.

Elanco Animal Health(PBR733 $ELAN) is making Indiana its base for future global consolidated operations, anchored by a new streamlined fit-for-purpose global headquarters in downtown Indianapolis, will take 2-3 years for the construction project. PR link.

Interactive Brokers(PBR814 $IBKR) to acquire the self-directed retail brokerage segment with its 70,000 customers of Folio Investments, which was acquired by Goldman Sachs(PBR87) on 09/18/20, to close in 01/21, terms not disclosed. PR link.

The Cheesecake Factory(PBR823 $CAKE) agrees to pay $125,000 in settlement to the US Securities and Exchange Commission for making misleading disclosures about the impact of the COVID-19 pandemic on its business operations and financial condition; is first public company to be charged. PR link.

The US Dept of Labor says the November 2020 Civilian Labor Force Employed is at 149,723,000, October 2020 was at 149,806,000, September 2020 147,536,000, November 2019 158,536,000; November 2020 Unemployment Rate is at 6.7%, October 2020 was at 6.9%, September 2020 7.9%, November 2019 3.5%. PR link.

The US Dept of Commerce/Census says the Preliminary October 2020 US Manufacturers New Orders-Durables is at $241.0 billion, Non-Durables $239.8 billion, Total New Orders $480.8 billion, September 2020 was at $475.9 billion, August 2020 $469.8 billion, October 2019 $496.6 billion. PR link.

The US Dept of Commerce/Census says the Preliminary October 2020 US Exports-Goods is at $126.3 billion, Services $55.7 billion, Total Exports $182.0 billion; October 2020 US Imports-Goods is at $207.8 billion, Services $37.4 billion, Total Imports $245.2 billion; October 2020 Trade Deficit is at $63.2 billion, September 2020 was at $62.0 billion, August 2020 $64.9 billion, October 2019 $42.9 billion; October 2020 Total Deficit YTD(10 months) is at $536.7 billion, October 2019 was at $489.7 billion. PR link.

***Thursday, December 3

Walmart(PBR1 $WMT) to pay out over $700 million in additional associate bonuses for the holiday season, will have paid over $2.8 billion total cash bonuses to associates in 2020. PR link.

Chevron(PBR16 $CVX) announces $14 billion capital and exploratory budget for 2021. PR link.

Boeing(PBR40 $BA) gets order from Ryanair for 75 additional 737 MAX jets, grows its firm 737 order book to 210 airplanes. PR link.

Facebook(PBR47 $FB) being sued by the US Dept of Justice, alleges Facebook favors H-1B visa workers and other temporary visa holders over US workers. US DOJ PR link.

Pfizer(PBR62 $PFE) now plans to have 50 million of its COVID-19 vaccine produced by end of 2020, had previously said 100 million, says scaling up the raw material supply chain took longer than expected, still plans to produce over $1 billion doses in 2021. Wall Street Journal PR link.

3M(PBR98 $MMM) restructuring in response to COVID-19 pandemic, expects to impact around 2,900 positions globally. PR link.

Southwest Airlines(PBR135 $LUV) sends notice of potential furloughs to nearly 7,000 employees, will take place March 15 or April 1 or within 14 days after those dates. bizjournals PR link.

International Paper(PBR138 $IP) to pursue a spin-off of its Printing Papers segment into a standalone, publicly traded company by end of 3Q21, new company will have around $4 billion in annual sales, 8 mills with 2.9 million metric tons of annual capacity and 0.4 million metric tons of coated paperboard capacity, IP to focus on corrugated packaging and absorbent cellulose fibers. PR link.

Intuit(PBR394 $INTU) completes $8.1 billion cash and stock acquisition of $1 billion in revenues Credit Karma, a consumer technology platform with more than 110 million members in the US, Canada and UK. PR link.

AMC Entertainment(PBR503 $AMC) to offer up to 200 million shares of its Class A stock, stock price at NYSE close on 12/02/20 was at $4.32/share. PR link.

Michael’s Cos(PBR535 $MIK) in 3Q20 report announces special bonus to be paid in the 4Q for team members totaling approximately $10 million in one-time holiday bonuses to both full-time and part-time team members. PR link.

Express(PBR892 $EXPR) says in 3Q20 report that it has completed a 10% workforce reduction at its Columbus, OH corporate office, expected to result in $13 million in benefits in 2021. PR link.

Parsley Energy(PBR903 $PE) sets 01/12/21 as date for special shareholders meeting to vote on $7.6 billion acquisition by Pioneer Natural Resources(PBR479 $PXD). PR link.

Curtiss-Wright(PBR822 $CW) Chairman/CEO David Adams to retire CEO role effective 01/01/21, to be Executive Chairman through 05/22 annual meeting, President/Defense and Power Segments Lynn Bamford to become President/CEO on 01/01/21, add Chairman role in 05/22. PR link.

IHS Markit says the November 2020 US Composite PMI Output Index is at 58.6, October 2020 was at 56.3, September 2020 54.3, November 2019 52.0. “… manufacturing and service sector firms both recorded faster expansions in output. The rate of growth was the sharpest since March 2015… business expectations strengthened to the highest since May 2014 amid vaccine hopes and signs of pent-up demand being released.” PR link.

The Institute for Supply Management(ISM) says the November 2020 US Services PMI Index(>50% economy is growing) is at 55.9%, October 2020 was at 56.6%, September 2020 57.8%, November 2019 53.9%. “In November, there continued to be a slight pullback in the rate of growth in the services sector. Respondents’ comments are mixed about business conditions and the economy. Restaurants continue to struggle with capacity constraints and logistics. Most companies are cautious as they navigate operations amid the pandemic and the aftermath of the U.S. presidential election…” PR link.

***Wednesday, December 2

Walmart(PBR1 $WMT) is removing the $35 shipping minimum for Walmart.com orders for its Walmart+ members beginning 12/04/20, delivery from Walmart stores on items like groceries will still carry a $35 minimum. PR link.

Pfizer(PBR62 $PFE) and BioNTech SE(NASDAQ: BNTX) COVID-19 mRNA vaccine gets Emergency Use Authorization in the UK, first authorization in the world, already has an agreement to supply a total of 40 million doses to the UK with delivery in 2020 and 2021, US FDA and EU EMA decisions expected in December. PR link.

AbbVie(PBR94 $ABBV) to pay Frontier Medicines an up front fee of $55 million plus additional milestone payments in multi-year global strategic collaboration to discover, develop and commercialize a pipeline of innovative small molecule therapeutics against high-interest, difficult-to-drug protein targets. PR link.

Mondelez(PBR112 $MDLZ) extends share repurchase program for an additional three years to 12/31/23, replaces existing authorization set to expire 12/31/20, also approves a $4 billion increase to the share repurchase program authorization, brings balance to approximately $6 billion. PR link.

Eli Lilly(PBR139 $LLY) gets $812.5 million purchase order from the US government for an additional 650,000 doses of its neutralizing antibody bamlanivimab (LY-CoV555) 700 mg, doses will be delivered through 01/21/21, with at least 350,000 of the additional doses delivered in 12/20. PR link.

Becton Dickinson(PBR182 $BDX) to invest around $1.2 billion over a 4-year period to expand and upgrade manufacturing capacity and technology for pre-fillable syringes (PFS) and advanced drug delivery systems (ADDS) across its six global manufacturing locations and add a new manufacturing facility in Europe. PR link.

XPO Logistics(PBR192 $XPO) to pursue a spin-off of 100% of its logistics segment as a separate publicly traded company, shareholders to own stock in both companies. PR link.

Discovery(PBR277 $DISCA) announces global launch of discovery+, the definitive non-fiction, real life subscription streaming service, debuting in the US on 01/04/21, includes partnership with Verizon(PBR20 $VZ) that gives its customers with select plans 12 months of discovery+ on Verizon, already rolled out in the UK, Ireland and India, initial 25 countries planned. PR link.

Norwegian Cruise Lines(PBR451 $NCLH) extends suspension on voyages through 02/28/21 and select voyages in March. PR link.

LPL Financial(PBR487 $LPLA) to acquire Waddell & Reed(PBR998 $WDR)’s Wealth Management business for $300 million from Macquarie Group (ASX: MQG) when it acquires Waddell & Reed, Macquarie to enter into a long-term partnership with LPL, will become one of LPL’s top tier strategic asset management partners, to close in mid 2021. PR link.

Abercrombie & Fitch(PBR658 $ANF) in its 3Q report says it will have closed 7 of its 15 flagship stores by 01/31/21, repositioning from larger format, tourist-dependent flagship locations to smaller, omni-enabled stores that cater to local customers. PR link.

Waddell & Reed(PBR998 $WDR) to be acquired by division of Macquarie Group (ASX: MQG) for $25.00/share, $1.7 billion, to close in mid 2021. PR link.

The US Federal Reserve releases the Beige Book, for data through 11/20/20. “Most Federal Reserve Districts have characterized economic expansion as modest or moderate since the prior Beige Book period. However, four Districts described little or no growth, and five narratives noted that activity remained below pre-pandemic levels for at least some sectors.” PR link.

ADP says the Preliminary November 2020 US National Change In Employment-Small Businesses is at +110,000, Mid-Sized +139,000, Large-Sized +58,000, Total +307,000, October 2020 was at +404,000, September 2020 +754,000, November 2019 +161,000; November 2020 Goods Producing Jobs are at +31,000, Services Sector +276,000. PR link.

***Tuesday, December 1

Wells Fargo(PBR26 $WFC) to sell its Des Moines, IA-based Centurion Life Insurance, licensed in 47 states and the District of Columbia, to Dallas, TX-bases insurtech startup Bestow, to close in 01/21, terms not disclosed. Barron’s PR link.

Hewlett Packard Enterprises(PBR101 $HPE) in its fiscal year 4Q20 report announces it is moving its corporate headquarters from San Jose, CA, to Houston, TX, its largest employment hub; San Jose to remain an innovation center, no layoffs are planned. PR link.

SYNNEX(PBR126 $SNX) completes spin-off of global CX solutions company Concentrix Corporation(NASDAQ: CNXC) to SYNNEX shareholders. PR link.

Kohl’s(PBR159 $KISS) and largest specialty beauty retailer in the world Sephora enter into a long-term strategic partnership, “Sephora at Kohl’s” to be in 200 Kohl’s stores in Fall 2021, will have 2,500 sf near front of the store, to expand to at least 800 stores by 2023. PR link.

Salesforce(PBR185 $CRM) to acquire channel-based messaging platform Slack(NYSE: WORK) for $26.79 in cash and 0.0776 shares of Salesforce common stock for each Slack share, for an enterprise value of around $27.7 billion, to close by 07/31/21. PR link.

Uber(PBR224 $UBER) completes the $2.65 billion acquisition of Postmates delivery service. PR link.

Lithia Motors(PBR245 $LAD) has acquired Ramsey Subaru and Mazda, the highest-volume Subaru and Mazda dealers in Iowa, expected to add $100 million in annual revenues. PR link.

Boston Scientific(PBR289 $BSX) to sell its developer, manufacturer and commercializer of life-saving antidotes used in hospitals and emergency care settings BTG Specialty Pharmaceuticals to affiliates of SERB, a European specialty pharmaceutical group, for $800 million cash, to close in 1H21. PR link.

Altice USA(PBR316 $ATUS) completes $3.2 billion sale of 49.99% of its Lightpath fiber enterprise business, serving the New York City metro area, to Morgan Stanley, ATUS will maintain control of Lightpath. PR link.

JM Smucker(PBR387 $SJM) completes around $550 million cash sale of its 160 employees $270 million in revenues for year ending 04/30/20 Crisco® oils and shortening business to B&G Foods. PR link.

Coty(PBR563 $COTY) completes $3.5 billion sale of its 60% ownership in Coty’s Professional and Retail Hair business, including the Wella, Clairol, OPI and ghd brands, to KKR(PBR609). PR link.

Hologic(PBR683 $HOLX) gets US FDA clearance and commercial availability of its Genius AI™ Detection technology, a new deep learning-based software designed to help radiologists detect subtle potential cancers in breast tomosynthesis images. PR link.

Elanco Animal Health(PBR733 $ELAN) shareholder Bayer AG affiliate to sell 54.5 million Elanco common shares at $30.25/share in a public offering, scheduled to close 12/03/20. PR link.

Tailored Brands(PBR771 $TLRDQ) emerges from Chapter 11 bankruptcy, emerges with a significantly bolstered financial position, $686 million of debt eliminated from its balance sheet and the full support of its new owners. PR link.

Vornado Realty Trust(PBR907 $VNO) to reduce overhead costs by over $35 million annually, which involves compensation reductions and a 70 person reduction in force. PR link.

Wendy’s(PBR939 $WEN), Rebel Foods and Sierra Nevada Restaurants agree to a strategic partnership to expand Wendy’s® presence in India over the next decade, Rebel Foods will partner with Sierra Nevada Restaurants to develop and operate approximately 250 Wendy’s cloud kitchens across India, and Sierra Nevada will develop 150 traditional Wendy’s restaurants. PR link.

The US Dept of Commerce/Census says the Preliminary October 2020 US Construction Spending Annual Rate-Residential is at $646.1 billion, Non-Residential $792.4, Total $1,438.5 billion, September 2020 was at $1,420.4 billion, August 2020 $1,426.9 billion, October 2019 $1,386.8 billion. PR link.

The Institute for Supply Management says the November 2020 US Manufacturing PMI Index(>50% economy expanding) is at 57.5%, October 2020 was at 59.3%, September 2020 55.4%, November 2019 48.1%. “Manufacturing performed well for the sixth straight month, with demand, consumption and inputs registering growth, but at slower rates compared to October. Labor market difficulties, both current and anticipated, at panelists’ companies and their suppliers will continue to dampen the manufacturing economy until the coronavirus (COVID-19) crisis ends…” PR link.

IHS Markit says the November 2020 US Manufacturing PMI Index is at 56.7, October 2020 was at 53.4, September 2020 53.2, November 2019 52.6. “… expectations regarding output over the coming year improved to the strongest since February 2015. Hopes of a vaccine and sustained increases in client demand reportedly drove optimism.” PR link.

The Purdue U/CME Group November 2020 US Ag Economy Barometer Composite Index is at 167, October 2020 was at 183, September 2020 156, November 2019 153. “Farmer sentiment pulls back post-election: regulation, trade, and taxes rated as top concerns.” PR link.

Adobe Systems(PBR275) says a record $10.8 billion was spent online by the end of Cyber Monday, an increase of 15.1 percent YoY, making it the largest online shopping day in US history and beating last year’s $9.4 billion record. Total season-to-date spending (November through Cyber Monday) was $106.5 billion (27.7 percent YoY growth), surpassing the $100 billion milestone nine days faster than last year. Smartphones accounted for 41.1 percent of revenue during the five-day period. PR link.

***Monday, November 30

The PBRMarketTools US Stock Exchanges Recap for November ending 11/30/20: DJIA ends November at 29,638.64, -0.91% from last Friday, +11.84% MTD, +6.68% QTD, +3.86% YTD, -1.36% from record 30,046.24 set 11/24/20. NASDAQ ends November at 12,198.74, -0.06% from last Friday, +11.80% MTD, +9.23% QTD, +35.46% YTD, -0.06% from record 12,205.85 set 11/27/20. SPX ends November at 3,621.63, -0.46% from last Friday, +10.75% MTD, +7.69% QTD, +12.10% YTD, -0.46% from record 3,638.35 set 11/27/20.

The YTD tally through November 2020 is:
The Stock Market Bull: 6 months
The Stock Market Bear: 4 months
Mixed Results: 1 month

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