Forecasters generally agree that the global economy is slowing. Government and corporations are making adjustments, and markets are reacting.
By Larry C. Paxton
The March 2019 News Recap:
Throughout the month the US/China trade negotiations were the most consistent theme, along with concerns over global economic slowing and possible effects on the US, which showed up in the latest GDP numbers. The Federal Open Market Committee kept the short term federal funds rate at 2.25-2.50%. There continue to be repercussions over the recent Boeing 737-MAX 8 airplane crashes in Indonesia and Ethiopia. Midwest floods could have an impact on crop production and there is significant property damage. The Mueller Report, which found no collusion between the Donald Trump campaign and Russia, continues to generate controversy. The Affordable Care Act, also known as Obamacare, could be in jeopardy per a recent court decision and President Trump has said he will come up with a better plan. In Europe the UK Brexit has a new deadline for mid April and the government is in turmoil trying to figure out what to do. Regarding the US stockmarkets, Week 13 was a big win for The Stock Market Bull after having lost Week 12 and having the month be in jeopardy. But he remains unbeaten on a monthly basis and way ahead weekly.
***Friday, March 29:
The PBRMarketTools US Stock Exchanges Recap for March 2019 ending 03/29/19:
DJIA ends March at 25,928.68, +1.67% from last Friday, +0.05% MTD, +11.15% QTD/YTD, -3.35% from record 26,743.50 set 09/21/18.
NASDAQ ends March at 7,729.32, +1.13% from last Friday, +2.61% MTD, +16.49% QTD/YTD, -4.69% from record 8,109.69 set 08/29/18.
SPX ends March at 2,834.40, +1.20% from last Friday, +1.79% MTD, +13.07% QTD/YTD, -3.29% from record 2,930.75 set 09/20/18.
The Week 13 YTD tally is:
The Stock Market Bull: 9 weeks
The Stock Market Bear: 2 weeks
Mixed Results: 2 weeks
The Month 3 YTD tally is:
The Stock Market Bull: 3 months
The Stock Market Bear: 0 months
Mixed Results: 0 months
Bristol-Myers Squibb(PBR140) $74 billion acquisition of Celgene(PBR220) gets recommendation by independent proxy advisory firms Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. $BMY PR link.
Charles Schwab(PBR329) moving to a new subscription pricing model for Schwab Intelligent Advisory™ and renaming the service Schwab Intelligent Portfolios Premium™, initial one-time $300 fee for planning, and a $30 monthly subscription ($90 billed quarterly). $SCHW PR link.
Magellan Health(PBR464) to bring 4 new directors onto the Board per agreement with 9.8% activist investor stakeholder Starboard Value LP. $MGLN PR link.
Hovnanian(PBR872) does 25:1 reverse stock split, primarily intended to increase the per share trading price of the Company’s Class A common stock to regain compliance with the minimum average closing price criteria set forth in the NYSE’s Listed Company Manual. $HOV PR link.
WW(PBR974)(fka Weight Watchers) reveals new US marketing campaign for spring, “It Works,” featuring Oprah Winfrey, starts 03/31/19. $WTW PR link.
General Dynamics(PBR89) promotes Robert E. Smith to EVP/Marine Systems, effective 07/01/19, succeeds retiring John P. Casey. $GD PR link.
The US Dept of Commerce/BEA says US Preliminary February 2019 Personal Income Annual Rate is at $18.042 trillion, +0.2% from January 2019, +4.2% from February 2018. USDOC PR link.
The US Dept of Commerce says US Preliminary February 2019 New Family Homes Sold Annual Rate is at 667,000, Median Price $315,300, +3.8% from January 2019, -3.6% from February 2018, New Houses Available 340,000, Months Supply at 6.1. USDOC PR link.
The US Dept of Treasury says the US Public Debt on 03/28/19 was at $16.241 trillion, Intragovernmental Holdings $5.788 trillion, Total US Debt $22.029 trillion, -0.4% from 02/28/19, +0.3% YTD(3 months), +4.5% from 03/30/18. USTreasury PR link.
The US Dept of Treasury says the US 5 Year Treasury Note Yield on 03/29/19 is at 2.23%, 02/28/19 was at 2.52%, 01/31/19 2.43%, 03/30/18 2.56%. USTreasury PR link.
The US Dept of Commerce/BEA says US Preliminary 4Q18 Total Assets were at $25.399 trillion, Total Liabilities $35.116 trillion, Total Deficit Balance $9.717 trillion, +0.9% from 3Q18, +25.8% from 4Q17. USDOC PR link.
The Federal Reserve Bank of Chicago says the US 7th District Midwest February 2019 Economy Index is at +0.43, January 2019 was at +0.24. ChiFed PR link.
The MNI March 2019 Chicago Business Barometer(>50=Gaining>) is at 58.7, February 2019 was at 64.7, January 2019 56.7, March 2018 57.4. MNI PR link.
The American Automobile Assn says the US Average Price/Gallon of Regular Gas on 03/29/19 is at $2.691, +11.5% from 02/28/19, +1.4% from 03/30/18. AAA PR link.
The Gold Price Per Ounce(GCM9 06/19) on 03/29/19 was at $1,297.00, -1.4% from 02/28/19, -0.6% YTD(3 months), -2.4% from 03/30/19. GOLD PR link.
The US Exchange Rate for 1 Euro on 03/29/19was $1.1219, -1.4% from 02/28/19, -8.8% from 03/30/18. EURUSD PR link.
The U of Michigan US Final March 2019 Consumer Sentiment Index is at 98.4, February 2019 was at 93.8, January 2019 91.2, March 2018 101.4. UMichigan PR link.
***Thursday, March 28:
Amazon(PBR5) to expand its Austin, TX, Tech Hub, to create 800 new tech jobs in fields including software and hardware engineering, research science, and cloud computing. $AMZN PR link.
Facebook(PBR67 $FB) is being charged by the US Dept of Housing and Urban Development(HUD) for violating the Fair Housing Act by encouraging, enabling, and causing housing discrimination through the company’s advertising platform. HUD PR link.
Church & Dwight(PBR607) to acquire the $180 million revenues in 2018 FLAWLESS™ and FINISHING TOUCH™ brands of hair removal products from Ideavillage Products for $475 million cash plus up to an additional $425 million for incentive achievements, to close 2Q19. $CHD PR link.
WABCO(PBR669) to be acquired by privately held global leader in driveline and chassis technologies ZF Friedrichshafen AG for $136.50/share, equity value of $7+ billion, to close in early 2020. $WBC PR link.
Domino’s Pizza(PBR738) opens its 10,000th store outside the US, located in the Luohu District of Shenzhen, China. $DPZ PR link.
Wells Fargo(PBR28) President/CEO Tim Sloan to retire effective 06/30/19, stepping down from current positions and Board immediately, SEVP/General Counsel C. Allen Parker appointed interim President/CEO, external search starts for new CEO. $WFC PR link.
Campbell Soup(PBR328) Chairman Les C. Vinney retires, Keith R. McLoughlin appointed Chairman. $CPB PR link.
Tailored Brands(PBR668) Executive Chairman Dinesh Lathi appointed President/CEO, Theo Killion appointed Chairman. $TLRD PR link.
Morgan Stanley(PBR61) President Colm Kelleher to retire from his position effective 06/30/19. $MS PR link.
The US Dept of Commerce says US 4Q18 Gross Domestic Product(3rd Estimate) is at +2.2%, $20.865 trillion, +1.0% from 3Q18, +5.2% from 4Q17, 2018 Annual GDP is at +2.9%, 2017 Annual GDP was at +2.2%. USDOC PR link.
The US Dept of Labor says US 4 Week Moving Average Initial Unemployment Insurance Claims for the Week Ending 03/23/19 were at 217,250, -5.1% from 02/23/19, -4.8% from 03/31/18. USDOL PR link.
FreddieMac(PBR38) says the US Average 30 Year Fixed Mortgage Rate on 03/28/19 is at 4.06% with 0.5 points/fees, 02/28/19 was at 4.35%, 01/31/19 4.46%, 03/29/18 4.44%. $FMCC PR link.
***Wednesday, March 27:
Ford(PBR12) restructures Russian joint venture Ford Sollers to grow commercial vehicle business; exiting passenger vehicle market in Russia by end of 06/19, expects to record pre-tax special item charges of about $450 million to $500 million. $F PR link.
Centene(PBR58) to acquire 5.5 million members primarily government-sponsored managed care services provider Wellcare Health Plans(PBR168) for $305.39/share cash & stock, $17.3 billion, to close 1H20. $CNC PR link.
Nucor(PBR148) to invest $1.35 billion to build new state-of-the-art steel plate mill in Brandenburg, KY, will be capable of producing 1.2 million tons per year of steel plate products, will employ 400+ full-time teammates at an average annual salary of $72,000, and is expected to be fully operational in 2022. $NUE PR link.
Salesforce(PBR273 $CRM) sued by 50 women claiming it helped Backpage in sex trafficking.CNBC PR link.
ON Semiconductor(PBR475) to acquire high performance Wi-Fi solutions developer Quantenna Communications(NASDAQ: QTNA) for $24.50/share, $1.07 billion, to close 2H19. $ON PR link.
Equifax(PBR660) and FICO introduce strategic partnership to deliver the Data Decisions Cloud. $EFX PR link.
Cedar Fair(PBR973) to acquire the 112 acres of land for $150 million on which its Great America Theme Park is located, had originally leased the land from the City of Santa Clara since 1976. $FUN PR link.
Fannie Mae(PBR21) Interim CEO Hugh R. Frater appointed CEO. $FNMA PR link.
Stryker Corp(PBR236) hires Rob Fletcher as VP/Chief Legal Officer, effective 04/22/19, succeeds Mike Hutchinson who will transition to serve as Advisor to the CEO through 05/20. $SYK PR link.
Ryder(PBR376) hires Scott Parker as EVP/CFO, succeeds retiring Art Garcia. $R PR link.
The US Dept of Commerce says US Preliminary January 2019 Exports-Goodswere at $137.4 billion, Services $70.0 billion, Total $207.4 billion; Imports-Goods were at $210.7 billion, Services $47.8 billion, Total$258.5 billion, Deficit is $51.1 billion, January 2018 Deficit was $53.1 billion. USDOC PR link.
The US Dept of Commerce/BEA says US Preliminary 4Q18 Total Exports Receipts were at $934.3 billion, Imports Payments $1.068 trillion, for a Deficit Balance of $134.4 billion, +15.7% from 4Q17. USDOC PR link.
The Energy Information Administration says US 03/22/19 Crude Oil Stocks were at 442.3 millions of barrels, -0.8% from 02/22/19, +2.9% from 03/23/18. USEIA PR link.
***Tuesday, March 26:
Apple(PBR3) and Qualcomm(PBR123) each get a win in federal patent rulings, International Trade Commission clears Apple in one case, but judge suggests iPhones face import ban in second. MarketWatch PR link.
Bed Bath & Beyond(PBR237) issues statement regarding activist investor group nominating 16 for the board, says it is already undertaking a comprehensive transformation to evolve the foundational structure of the business, drive shareholder value and best position the Company for long-term success. $BBBY PR link.
Blackstone(PBR387) acquires majority stake in franchisor of residential and commercial property damage restoration services SERVPRO, has 1,700 franchisees in the US and Canada, terms not disclosed. $BX PR link.
Wayfair(PBR522) will open its first full-service physical retail store in the fall of 2019, to be located in the Natick Mall in Natick, MA. $W PR link.
Raytheon(PBR110) promotes Wesley D. Kremer to President/Raytheon Missile Systems, to succeed Dr. Taylor W. Lawrence who is retiring on 07/14/19, Ralph H. Acaba to succeed Kremer as President/Raytheon Integrated Defense Systems, both appointments effective 03/30/19. $RTN PR link.
BNY Mellon(PBR183) hires Senthil Kumar as SVP and Chief Risk Officer, to be effective in 07/19, succeeds Jim Wiener, who moves into a new role as Head of Balance Sheet and Capital Strategy. $BK PR link.
JCPenney(PBR232) hires Bill Walford as EVP/CFO, effective 04/08/19, currently EVP/CFO of Vitamin Shoppe(PBR995), succeeds interim CFO Michael Fung who is leaving at the end of 04/19. $JCP PR link.
OneMain(PBR605) CFO Scott T. Parker leaving, Deputy CFO Micah Conrad named Acting CFO, effective immediately. $OMF PR link.
Vitamin Shoppe(PBR995) EVP/CFO Bill Wafford leaving effective 04/05/19 to become CFO of JCPenney(PBR232), Charles Knight appointed interim CFO. $VSI PR link.
The US Dept of Commerce/Census says US Preliminary February 2019 New Residential Construction Building Permits-Private Housing Annual Rate is at 1,296,000, -1.6% from January 2019, -2.0% from February 2018. USDOC PR link.
The Federal Reserve Bank of Richmond says the US 5th District March 2019 Manufacturing Index(Annualized) is at +10%, February 2019was at +16%, January 2019 -2%, March 2018+15%. “Firms were optimistic, expecting conditions to improve in the coming months.” RichmondFed PR link.
The Federal Reserve Bank of Richmond says the US 5th District March 2019 Service Sector Revenue Index(Annualized) is at +5%, February 2019 was at +17%, January 2019+6%, March 2018 +25%. “Firms remained optimistic, expecting to see continued growth in the next six months.” RichmondFed PR link.
The S&P CoreLogic Case-Shiller US January 2019 Natl Home Price Index(01/2000=100) is at 204.71, December 2018 was 205.07, November 2018 205.47, January 2018 196.35. Case-Shiller PR link.
The Conference Board says the US Preliminary March 2019 Consumer Confidence Index(1985=100) is at 124.1, February 2019 was at 131.4. “… consumers remain confident that the economy will continue expanding in the near term. However, the overall trend in confidence has been softening since last summer, pointing to a moderation in economic growth.” TCB PR link.
***Monday, March 25:
Apple(PBR3) releases 4 new services: A credit card called the Apple Card. $AAPL PR link.; game subscription service Apple Arcade.$AAPL PR link.; magazine & news subscription service Apple News+. $AAPL PR link.; original content video subscription service Apple TV+.$AAPL PR link.
McDonald’s(PBR122) to acquire Israel-based with headquarters in New York personalization and decision logic technology company Dynamic Yield, to initially be used customer digital services for Drive Thru windows. $MCD PR link.
Tesla(PBR132) tweet by Elon Musk says prices on all Tesla inventory cars worldwide rise by around 3% effective 04/02/19. $TSLA PR link.
Thermo-Fisher Scientific(PBR138) to acquire nearly 600 employees in Massachussets and Florida and anticipated 2019 revenues of $250 million viral vector manufacturing for gene and cell therapies provider Brammer Bio for approximately $1.7 billion cash. $TMO PR link.
Biogen(PBR239) authorizes new $5.0 billion share repurchase program, has no expiration date, previous authorization of 08/18 remains in effect with $1.7 billion available. $BIIB PR link.
PVH(PBR320) to reacquire from Dickson Concepts the license for the Tommy Hilfigerbrand in Hong Kong, Macau, Taiwan, Singapore and Malaysia, along with certain related leases and retail assets, to close 2Q19, terms not disclosed. $PVH PR link.
Ascena Retail(PBR412) to sell a majority interest in its subsidiary, Maurices Inc(“maurices”) to an affiliate of OpCapita for $300 million, to close by early summer 2019. $ASNA PR link.
Arthur J Gallagher(PBR445) acquires Potomac Falls, VA-based retail property/casualty, life and employee benefit brokerage and consulting services agency McLean Insurance Agency, terms not disclosed. $AJG PR link.
Titan Intl(PBR954) authorizes up to $25 million share repurchase program. $TWI PR link.
La-Z-Boy(PBR940) promotes Tj Linz to President/Retail Division effective 04/28/19, succeeds retiring Daniel E. King. $LZB PR link.
The Federal Reserve Bank of Chicago says the US Preliminary February 2019 Natl Activity Index is at -0.29, January 2019 was at -0.25, December 2018 -0.01, February 2018+0.75. ChiFed PR link.
***Friday, March 22:
The PBRMarketTools US Stock Exchanges Recap for Week 12 of 2019 ending 03/22/19:
DJIA ends the week at 25,502.32, -1.34% from last Friday, -1.60% MTD, +9.32% QTD/YTD, -4.94% from record 26,828.39 set 10/03/18.
NASDAQ ends the week at 7,642.67, -0.60% from last Friday, +1.46% MTD, +15.18% QTD/YTD, -5.76% from record 8,109.69 set 08/29/18.
SPX ends the week at 2,800.71, -0.77% from last Friday, +0.58% MTD, +11.72% QTD/YTD, -4.44% from record 2,930.75 set 09/20/18.
The Week 12 News Summary: It was another bad week for Boeing(PBR29) as the fallout from 2 recent crashes of its 737 MAX 8 aircraft has resulted in more investigations, including the FBI, regarding certification processes, which weighed down on its stock and the DJIA. The global and US economies appear to be slowing down resulting in the Federal Reserve Open Market Committee keeping short term federal funds interest rates at 2.25-2.50%. The bond market shows signs of a possible recession ahead. Other US economic indices are pointing to a slowdown as well. US/China trade negotiations continue, but nothing definite has been announced. The US Midwest is experiencing severe flooding from snow/rain, resulting in significant property and crop losses. Through Thursday The Stock Market Bull was ahead, but The Stock Market Bear took charge on Friday with one of the biggest downturn days of 2019 so far, and wins Week 12 3-0.
The Week 12 YTD tally is:
The Stock Market Bull: 8 weeks
The Stock Market Bear: 2 weeks
Mixed Results: 2 weeks
The US Dept of Treasury says US February 2019 Government Receipts were $167.3 billion, Outlays $401.2, Deficit is $234.0 billion, Total YTD Deficit(5 months) is $544.2 billion, Total YTD Deficit 2018(5 months) was $391.0 billion. USTreasury PR link.
The US Dept of Commerce/Census says the US Preliminary January 2019 Wholesale Sales-Durable Goods was at $245.6 billion, Non-Durable Goods $254.2 billion, Total Goods $499.8 billion, +0.5% from December 2018, +2.7% from January 2018. USDOC PR link.
The Natl Assn of Realtors says US February 2019 Existing Home Sales Annual Rate is at 5,510,000, +11.8% from January 2019, -1.8% from February 2018, Median Sales Price was $249,500, +0.8% from January 2019, +3.6% from February 2018. NAR PR link.
***Thursday, March 21:
The Federal Reserve Bank of Philadelphiasays the US 3rd District March 2019 Manufacturing General Business Indicator is at 13.7, February 2019 was at -4.1, January 2019 17.0, March 2018 23.8. “… firms remained generally optimistic about growth over the next six months.” PhillyFed PR link.
The Conference Board says the US Preliminary February 2019 Leading Economic Index(2016=100) is at 111.5, January 2019 was at 111.3, December 2018 111.3, February 2018108.5. “… the US LEI’s growth rate has slowed over the past six months, suggesting that while the economy will continue to expand in the near-term, its pace of growth could decelerate by year end.” TCB PR link.
***Wednesday, March 20:
The Federal Open Market Committee releases its meeting statement, keeping federal funds rate at 2.25-2.50%, says, “… labor market remains strong but that growth of economic activity has slowed from its solid rate in the fourth quarter … inflation for items other than food and energy remains near 2 percent … survey-based measures of longer-term inflation expectations are little changed.” FOMC PR link.
***Tuesday, March 19:
Apple(PBR3) updates its iMac line with up to 8-core Intel 9th-generation processors, delivering up to 2.4 times faster performance, 21.5″ screen version starts at $1,299, 27″ screen version starts at $1,799. $AAPL PR link.
Alphabet(PBR15)’s Google unit to launch later this year Stadia, a new video game platform which will deliver instant access to games on any type of screen—whether it’s a TV, laptop, desktop, tablet or mobile phone. $GOOG PR link.
Kroger(PBR19) to sell its 800 employees Turkey Hill manufacturing/distribution business producing popular iced teas, fruit drinks, milk, frozen dairy treats and a variety of ice creams to private equity firm Peak Rock Capital, to close fiscal 1Q19, terms not disclosed. $KR PR link.
Boeing(PBR28) 737-Max 8 aircraft certifications to be reviewed per directive by the US Dept of Transportation because of recent fatal crashes in Indonesia and Ethiopia. $BA PR link.
Citigroup(PBR31) Citibank NA gets $25 million fine from the US Dept of Treasury’s Office of the Comptroller for Currency for violating the Fair Housing Act. $C PR link.
Facebook(PBR67) outlines changes its making to its policies per settlements with National Fair Housing Alliance (NFHA), as well as the American Civil Liberties Union (ACLU), the Communication Workers of America (CWA) and other private parties to prevent discrimination in housing, employment and credit advertising. $FB PR link.
21st Century Fox(PBR92) completes spinoff of Fox Corporation(NASDAQ: FOXA and FOXB), 21CF acquisition by Walt Disney(PBR53) to be completed on 03/20/19. $FOX PR link.
AbbVie(PBR99) says US Food and Drug Administration has placed a partial clinical hold on all clinical trials evaluating venetoclax (VENCLEXTA®/VENCLYXTO®) for the investigational treatment of multiple myeloma, does not impact any of the approved indications for venetoclax, such as chronic lymphocytic leukemia (CLL) or acute myeloid leukemia (AML). $ABBV PR link.
Starbucks(PBR112) to change current single tiered loyalty rewards program to a 2-tier system for its 16+ million members. $SBUX PR link.
Tesla(PBR132) extends order deadline to avoid slight price increases from midnight 03/18/19 to midnight 03/20/19 because unable to process all orders due to unusually high order volume. $TSLA PR link.
Avnet(PBR155) is working with BitPay, the largest global blockchain payment provider, to accept cryptocurrency for products and services. $AVT PR link.
Performance Food(PBR161) to acquire privately held Naperville, IL-based 3rd largest US distributor of pre-packaged candy, snacks, specialty beverages and tobacco products in the convenience industry with $5.3 billion in fiscal 2018 revenues Eby-Brown Co, to close 2Q19, terms not disclosed. $PFGC PR link.
Goodyear Tire(PBR188) to modernize Goodyear Dunlop Tires Germany GmbH’s tire manufacturing facilities in Hanau and Fulda, Germany, will result in 1,100 job reductions, to be completed in 2022. $GT PR link.
MGM Resorts(PBR267) becomes Major League Soccer(MLS)‘s first official gaming partner and Roar Digital (Roar), the joint venture between MGM and GVC, as the exclusive Official Sports Betting Partner of MLS. $MGM PR link.
Jones Lang LaSalle(PBR349) to acquire commercial real estate capital markets intermediary provider HFF(NYSE: HF) in $49.16/share stock & cash deal with enterprise value of $2 billion, to close 3Q19. $JLL PR link.
AMD(PBR490) announces that Alphabet(PBR15)’s Google unit has selected high-performance, custom AMD Radeon datacenter GPUs for its Vulkan® and Linux®-based new Google Stadia videogaming platform. $AMD PR link.
DSW(PBR735) presents three-year strategic priorities, changing its name to Designer Brands Inc effective today, to change ticker symbol from NYSE: DSW to NYSE: DBI starting 04/02/19. $DSW PR link.
BorgWarner(PBR290) hires Kevin A. Nowlan as EVP/CFO, effective 04/01/19. $BWA PR link.
Trinity Industries(PBR618) promotes Eric R. Marchetto to SVP of Trinity and Group President/TrinityRail, Chairman/CEO roles being split, Leldon E. Echols appointed Chairman, Timothy R. Wallace remains CEO. $TRN PR link.
Barnes & Noble(PBR620) hires Joe Gorman as EVP/Operations. $BKS PR link.
SeaWorld(PBR982) COO John T. Reilly is leaving effective 03/31/19. $SEAS PR link.
The US Dept of Labor/Census says US 4Q18 Average Hourly Wages & Salaries for All Workers were at $24.91, Benefits $11.41, Total$36.32, -0.9% from 3Q18, +1.3% from 4Q17. USDOL PR link.
The US Dept of Commerce says US Preliminary January 2019 Manufacturers Orders-Durable Goods were at $255.3 billion, Non-Durable Goods $245.2 billion, Total$500.5 billion, +0.1% from December 2018, +4.2% from January 2018. USDOC PR link.
***Monday, March 18:
Apple(PBR3) introduces the all-new iPad Air, ultra-thin 10.5-inch design, includes Apple Pencil1 support and high-end performance, starts at $499, and introduces the new 7.9-inch iPad mini, starts at $399. $AAPL PR link.
Boeing(PBR28) Chairman/President/CEO Dennis Muilenburg releases letter to airlines, passengers, and the aviation community regarding updates and plans based on investigations of the recent 737 MAX 8 Lion Air Flight 610 and the Ethiopian Airlines Flight 302 fatal accidents. $BA PR link.
Starbucks(PBR112) opens 30,000th store, located in Shenzhen, China, the Starbucks Reserve® Shenzhen Bay Mix City location. $SBUX PR link.
Marriott Intl(PBR119) three-year growth plan includes opening 1,700+ hotels around the world. $MAR PR link.
Thermo-Fisher Scientific(PBR138) to invest $150 million in its Pharma Services unit to expand its Monza and Ferentino, Italy, and Greenville, NC facilities, to be completed within 24 months. $TMO PR link.
Allergan(PBR178) gets US FDA approval for supplemental New Drug Application for AVYCAZ® (ceftazidime and avibactam), expanding the label to include pediatric patients 3 months and older for the treatment of complicated intra-abdominal infections (cIAI) in combination with metronidazole and complicated urinary tract infections (cUTI), first FDA approval of a pediatric indication for cUTI and cIAI in more than a decade. $AGN PR link.
Newell Brands(PBR198) to sell its $640 million in sales in 2018 custom-designed plastic, nylons, monofilament, and zinc products manufacturerProcess Solutions business to One Rock Capital Partners for $500 million after tax. $NWL PR link.
Mylan(PBR247) conducting a voluntary nationwide recall of two lots of cancer drug Levoleucovorin Injection, 250 mg/25 mL due to presence of particulate matter identified as copper salts. $MYL PR link.
NVIDIA(PBR295) opens GPU Technology Conference, announces several updates and new capabilities for its microchips for use in datacenters, AI, robotics, autonomous vehicles. $NVDA PR link.
FIS(PBR313) to acquire payment technology company Worldpay(PBR584) in stock and cash deal for enterprise value of $43 billion, FIS shareholders will own around 53% and Worldpay shareholders around 47% of combined company, to close in 2H19. $FIS PR link.
William Cos(PBR346) to get $1.34 billion from Canada Pension Plan Investment Board for a 35% interest in joint venture in Ohio Valley Midstream and Utica East Ohio Midstream systems. $WMB PR link.
Activision Blizzard(PBR390) in collaboration with Tencent, announces that free online game Call of Duty®: Mobile to be available in certain regions in summer 2019, for Android and iOS mobile devices. $ATVI PR link.
S&P Global(PBR452) to sell its Standard & Poor’s Investment Advisory Services to Goldman Sachs(PBR86) Asset Managementunit, to close 1H19, terms not disclosed. $SPGI PR link.
Roper Technologies(PBR531) to acquire UK-based $75 million in revenues/year visual effects and 3D content for the digital design, visualization, and entertainment industries provider Foundry for around $540 million, to close in 04/19. $ROP PR link.
3M(PBR87) reorganizing from 5 business segments to 4, Michael Vale appointed EVP/Safety & Industrial Business Group, Ashish Khandpur, appointed EVP/Transportation & Electronics Business Group, Mojdeh Poul appointed EVP/Health Care Business Group, Paul Keel appointed EVP/Consumer Business Group, Denise Rutherford appointed SVP/Corporate Affairs, Stephen Shafer appointed SVP/Business Development and Marketing-Sales. $MMM PR link.
Franklin Resources(PBR428) hires Matthew Nicholls as EVP/CFO, effective 05/06/19, to succeed retiring and 30 year veteran of the company Ken Lewis. $BEN PR link.
CNO Financial(PBR559) hires Paul H. McDonough as CFO, succeeds leaving Erik Helding, and Rocco Tarasi as Chief Marketing Officer, succeeds leaving Gerardo Monroy, both start 04/01/19. $CNO PR link.
The Natl Assn of Home Builders/Wells Fargo US Preliminary March 2019 Housing Market Composite Index is at 62, February 2019 was at 62, January 2019 58, March 2018 70. “Builders report the market is stabilizing following the slowdown at the end of 2018 and they anticipate a solid spring home buying season, …” NAHB PR link.
***Friday, March 15:
The PBRMarketTools US Stock Exchanges Recap for Week 11 of 2019 ending 03/15/19:
DJIA ends the week at 25,848.87, +1.57% from last Friday, -0.26% MTD, +10.81% QTD/YTD, -3.65% from record 26,828.39 set 10/03/18.
NASDAQ ends the week at 7,688.53, +3.78% from last Friday, +2.07% MTD, +15.87% QTD/YTD, -5.19% from record 8,109.69 set 08/29/18.
SPX ends the week at 2,822.48, +2.89% from last Friday, +1.36% MTD, +12.59% QTD/YTD, -3.69% from record 2,930.75 set 09/20/18.
The Week 11 US Stock Exchanges Recap:
After last week’s embarrassing loss to The Stock Market Bear, the first of the year, The Stock Market Bull came stomping back to regain the pasture and takes Week 11 3-0 in dominant style.
The Week 11 YTD tally is:
The Stock Market Bull: 8 weeks
The Stock Market Bear: 1 week
Mixed Results: 2 weeks
The Week 11 News Summary: Boeing(PBR29)took a beating as a Boeing 737 Max 8 crashes killing all aboard, after a similar crash 5 months ago. The fleet has been grounded pending more information. There were mixed signals on US/China trade negotiations, at the end of the week there was some optimistic news on the global economy. US economic data was a little mixed, some results impacted by the December/January US federal government partial shutdown. Corporate earnings were a little mixed. Cheating on college admissionsby wealthy and famous parents to get their kids into prestigious universities was the surprise news event of the week.
Qualcomm(PBR123) gets $1.41/device, $31 million, in lawsuit against Apple(PBR3) for patent infringement for 3 chips used in smartphones. $QCOM PR link.
Qualcomm(PBR123) gets reversal from the Japan Fair Trade Commission (JFTC) on a 2009 cease-and-desist order affecting Qualcomm licensing in Japan, concludes Qualcomm’s cross-licensing provisions and non-assertion covenants did not violate Japanese antimonopoly law. $QCOM PR link.
Tesla(PBR132) introduces new Model Ycrossover vehicle, starts at $42,700 after price savings. $TSLA PR link.
Tesla(PBR132) extends $4.75/share in all stock deal, 55% premium over 02/01/19 stock price close, deal valued at around $218 million tender offer to acquire developer and manufacturer of ultracapacitors applied to the manufacturing of batteries Maxwell Technologies(NASDAQ: MXWL) from 03/19/19 to 04/02/19. $TSLA PR link.
Cree(PBR948) to sell its Lighting Productsbusiness unit, which includes the LED lighting fixtures, lamps and corporate lighting solutions business for commercial, industrial and consumer applications, to Ideal Industries for approximately $310 million, to close in 4Q19. $CREE PR link.
Olin Corp(PBR430) promotes James A. Varilek to EVP/COO, effective 04/01/19. $OLN PR link.
Diplomat Pharmacy(PBR536) hires Dan Davison as CFO/Treasurer effective 04/08/19, succeeding Atul Kavthekar. $DPLO PR link.
Meritor(PBR565) promotes Carl Anderson to SVP/CFO, succeeds leaving Kevin Nowlan. $MTOR PR link.
The US Dept of Labor says US Preliminary January 2019 Job Openings-Private were at 6,902,000, Government 678,000, Total7,580,000, +1.4% from December 2018, +15.0% from January 2018. USDOL PR link.
The US Federal Reserve says US Preliminary February 2019 Industrial Production Percent of Capacity was 78.2%, January 2019 was 78.3%, December 2018 78.7%, February 201877.2%. USFed PR link.
The Federal Reserve Bank of New York says the Empire State March 2019 Manufacturing General Business Conditions Index is at 3.7, February 2019 was at 8.8, January 2019 3.9, March 2018 21.9. NYFed PR link.
The U of Michigan US Preliminary March 2019 Consumer Sentiment Index is at 97.8, February 2019 was 93.8, January 2019 91.2, March 2018 101.4. UMichigan PR link.
***Thursday, March 14:
GE(PBR20) provides 2019 outlook, looking to 2020 and 2021 performance “… to be significantly better with positive Industrial free cash flow as headwinds diminish and our operational improvements yield financial results.” $GE PR link.
HCA(PBR59) to become majority owner of parent of Galen College of Nursing, one of the largest nursing educators in the US, terms not disclosed. $HCA PR link.
Arrow Electronics(PBR102) and Freelancer.com (ASX:FLN), the world’s largest freelancing and crowdsourcing marketplace by number of users, today announced the launch of ArrowPlus powered by Freelancer.com to help companies design and build hardware products through access to over half a million skilled electronic and electrical engineers. $ARW PR link.
Dollar General(PBR117) authorizes additional $1.0 billion to share repurchase program, balance available is now $1.346 billion, no expiration date. $DG PR link.
Becton Dickenson(PBR177) gets US FDA premarket approval for the Venovo™ venous stent, the first stent indicated to treat iliofemoral venous occlusive disease, which is obstructed or narrowed blood flow specific to the iliac and femoral veins located near the groin. $BDX PR link.
Stryker Corp(PBR236) acquires privately held Caesarea, Israel-based highly differentiated technology for the treatment of massive irreparable rotator cuff tears provider OrthoSpace, used on 20,000+ patients worldwide, in clinical trials in the US, for $110 million cash up front plus up to $110 million based on milestone achievements. $SYK PR link.
GameStop(PBR310) gets letters from activist investors Hestia Capital and Permit Capitalconcerning underperformance of company, demand bringing in new and independent Board members and tendering for up to $700 million of the Company’s common stock. $GME PR link.
Genworth Financial(PBR339) sale to China Oceanwide for $5.43/share, $2.7 billion cash close extended from 03/15/19 to 04/30/19 to get additional US, China, Canada and other regulatory approvals. $GNW PR link.
AMC Entertainment(PBR504) begins national rollout of food and beverage mobile ordering, starting in Boston, Denver and Houston, more to be added throughout 2019, can order tickets and food/beverage items online for pickup upon arrival. $AMC PR link.
TransDigm(PBR604) completes $122.50/share, a 38% premium from 10/09/18 closing price, around $4.0 billion in cash, includes debt, acquisition of Bellevue, WA, based 28 business units organized across eight platforms for specialty aerospace, defense and industrial products, 12,500 employees in more than 50 operating global locations, $2.0 billion sales/FY18 Esterline Technologies(PBR867). $TDG PR link.
Newell Brands(PBR198) President/CEO Michael Polk to retire at end of 2Q19, new CEO search starts. $NWL PR link.
Facebook(PBR67) Chief Product Officer Chris Cox is leaving the company, head of WhatsApp Chris Daniels also leaving, will be succeeded by Will Cathcart, Fidji Simo will be the new head of the Facebook app. $FB PR link.
TriNet(PBR673) hires Dilshad Simons as SVP/Products. $TNET PR link.
CIT Group(PBR809) hires Jim Hubbard as General Counsel & Corporate Secretary. $CIT PR link.
The US Dept of Commerce/HUD says US Preliminary January 2019 New Family Homes Sold/For Sale Annual Rate is at 607,000, -6.9% from December 2018, -4.1% from January 2018; Median Price is $317,200, -0.6% from December 2018, -3.8% from January 2018; Homes Available are at 336,000, -1.5% from December 2018, +13.9% from January 2018. USDOC PR link.
The US Dept of Labor says US Preliminary February 2019 Import Prices were +0.6%, January 2019 was at +0.1%, December 2018-1.4%, February 2018 +0.2%; Export Priceswere +0.6%, January 2019 was at -0.5%, December 2018 -0.7%, February 2018 +0.2%; Last 12 Months Import Prices were -1.3%, Export Prices +0.3%. USDOL PR link.
***Wednesday, March 13:
AT&T(PBR9 $T) hikes prices from $40/mo to $50/mo for base package, cuts channels for DirecTV Now streaming package. MarketWatch PR link.
Kroger(PBR19) completes $565 million sale of its digital coupon and digital rebate publishing platform You Technology to Inmar, finalizes long-term service agreement for Inmar to provide digital coupon services to the Kroger family of stores. $KR PR link.
JPMorgan Chase(PBR26) banking unit plans to open up to 90 branches in new markets and hire up to 700 employees by end of 2019. $JPM PR link.
Boeing(PBR29) temporarily grounds 737 MAX 8 & 9 airplane operations based on recent accidents and after consultation with the US Federal Aviation Administration (FAA), the US National Transportation Safety Board (NTSB), and aviation authorities and its customers around the world. $BA PR link.
Arthur J Gallagher(PBR445) acquires Cedar Rapids, IA-based commercial and personal property/casualty insurance, group and individual health, and individual life coverage and services agency Hammerberg Insurance Services, Inc., dba First Iowa Insurance Agency, terms not disclosed. $AJG PR link.
Signet Jewelers(PBR436) hires Joan M. Hilson as CFO, effective 04/04/19, succeeds leaving Michele Santana. $SIG PR link.
The US Dept of Labor says US Preliminary February 2019 Producer Price Index Total Final Demand was +0.1%, Goods were +0.4%, Services +0.0%, Last 12 Months +2.3%, January 2019 was +2.5%, December 2018+2.8%, February 2018 +2.7%. USDOL PR link.
The US Dept of Commerce/Census says US Preliminary January 2019 Construction Spending Annual Rate-Residential was at $517.2 billion, Non-Residential $762.5 billion, Total $1.280 trillion, +1.3% from December 2018, +0.3% from January 2018. USDOC PR link.
***Tuesday, March 12:
Wells Fargo(PBR27) President/CEO Tim Sloan shares with the US House Committee on Financial Services the many ways that Wells Fargo has become a better bank through the ongoing transformation of its operations, leadership and culture. $WFC PR link.
Biogen(PBR239) enters into a share purchase agreement with FUJIFILM Corporation which will acquire the shares of Biogen’s subsidiary, which holds Biogen’s 800 employees biologics manufacturing operations in Hillerød, Denmark, for up to $890 million in cash. $BIIB PR link.
HanesBrands(PBR416) launches Ultimate Baby line exclusively in Amazon(PBR5)’s online and mobile stores, Flexy and Zippin collections designed to grow with babies, differentiated by four simple sizes. $HBI PR link.
Chipotle(PBR537) launches Chipotle Rewardsloyalty program, using Venmo payouts to give away up to $250,000 to approximately 25,000 Chipotle fans per day through 03/15/19. $CMG PR link.
Pyxus(PBR893) announces the opening of its affiliate, Criticality, LLC‘s, industrial hemp extraction and purification 55,000 sf facility located in Wilson, NC. $PYX PR link.
SunPower(PBR889) gets partnership with 3.5 million members Sierra Club, members or supporters who purchase or lease a SunPower® home solar system can receive a $1,000 mail-in rebate and SunPower will give Sierra Club $1,000 to support the organization’s mission. $SPWR PR link.
Rite Aid(PBR132) leadership transition plan and an organizational restructuring results in CEO John Standley to step down upon appointment of successor; Kermit Crawford, President/COO, and Darren Karst, CFO/CAO, leaving, Bryan Everett named COO, Matt Schroeder named CFO. $RAD PR link.
HanesBrands(PBR416) Chairman and former CEO Richard A. Noll retiring, Ronald L. Nelson appointed Chairman effective 04/23/19, upon re-election to the Board that day. $TSLA PR link.
Element Solutions(PBR607) promotes Carey J. Dorman to CFO. $ESI PR link.
The US Dept of Labor says US February 2019 Consumer Price Index-Urban All Items Change was +0.2%, Food was +0.4%, Energy+0.4%, All Items Less Food & Energy +0.1%, All Items Change from February 2018 +1.5%. USDOL PR link.
The US Dept of Labor says US Preliminary February 2019 Current Employee Average Hourly Wage is $27.66, Average Weekly Hours Worked 34.4, Total Average Weekly Wage$951.50, +0.1% from January 2019, +3.1% from February 2018. USDOL PR link.
CoreLogic says US December 2018 Mortgage Loans 30 or More Days Delinquent were at 4.1%, December 2017 was 5.3%. CoreLogic PR link.
***Monday, March 11:
Tesla(PBR132) reverses decision to close all stores, will keep around 50% open for test drives and assistance in ordering online, base Model 3 price remains at $35,000, other models to increase 3%. $TSLA PR link.
Ross Stores(PBR208) to open 75 Ross and 25 dd’s DISCOUNTS new locations in fiscal year 2019. $ROST PR link.
NVIDIA(PBR295) to acquire end-to-end Ethernet and InfiniBand smart interconnect solutions and services for servers and storage supplier Mellanox(NASDAQ: MLNX) for $125/share, around $6.9 billion cash, to close by 12/31/19. $NVDA PR link.
Newmont Mining(PBR375) to own 38.5% and Barrick Gold(NYSE:GOLD)(TSX:ABX) 61.5% of joint venture combining their respective mining operations, assets, reserves, and talent in Nevada, complex will be the world’s single-largest gold producer; as a result Barrick has withdrawn its Newmont acquisition proposal. $NEM PR link.
Newmont Mining(PBR375) sets 04/11/19 for special shareholder meeting to vote on $12/share, $10 billion equity value all shares acquisition of Canada based global gold producer Goldcorp(NYSE: GC). $NEM PR link.
HanesBrands(PBR416) and basketball legend Michael Jordan celebrate their 30-year partnership with special trading card promotion included in 800,000 specially marked bonus packs of Hanes men’s underwear. $HBI PR link.
Arthur J Gallagher(PBR445) acquires Shelton, CT-based retail property/casualty broker and employee benefits consultant Merit Insurance, terms not disclosed. $AJG PR link.
Taylor Morrison Homes(PBR595) adds up to $100 million to its Class A stock repurchase program, expires 12/31/19. $TMHC PR link.
Hill-Rom(PBR742) to acquire Sarasota, FL-based 220,000 caregivers network real-time, mobile healthcare communications provider Voalte for $180 million cash plus up to $15 million for milestone achievements, to close 3Q19. $HRC PR link.
XPO Logistics(PBR187) terminates COO Kenneth R. Wagers III without cause, will receive severance pay, sign-on bonus, healthcare benefits, vested restricted stock. $XPO PR link.
TripAdvisor(PBR943) hires Kanika Soni as President/Hotels business unit, effective 04/15/19. $TRIP PR link.
The US Dept of Commerce says US Preliminary December 2018 Sales for Manufacturers were at $504.9 billion, Retailers$443.0 billion, Wholesalers $497.2 billion, Total Sales $1.445 trillion, -1.0% from November 2018, +2.1% from December 2017. USDOC PR link.
The US Dept of Commerce/Census says US Advance January 2019 Retail Sales were at $443.6 billion, Food Services & Drinking Places $60.8 billion, Total $504.4 billion, +0.2% from December 2018, +2.3% from January 2018. USDOC PR link.
***Friday, March 8:
The PBRMarketTools US Stock Exchanges Recap for Week 10 of 2019 ending 03/08/19:
DJIA ends the week at 25,450.24, -2.21% from last Friday, -1.80% MTD, +9.10% QTD/YTD, -5.14% from record 26,828.39 set 10/03/18.
NASDAQ ends the week at 7,408.14, -2.46% from last Friday, -1.65% MTD, +11.65% QTD/YTD, -8.65% from record 8,109.69 set 08/29/18.
SPX ends the week at 2,743.07, -2.16% from last Friday, -1.49% MTD, +9.42% QTD/YTD, -6.40% from record 2,930.75 set 09/20/18.
The Week 10 US Stock Exchanges Recap:
It was a week when The Stock Market Bulldecided to take a rest, The Stock Market Bearwas willing, eager and hungry. He feasted voraciously throughout the week to get his first victory of the year with a 3-0 trouncing.
The Week 10 YTD tally is:
The Stock Market Bull: 7 weeks
The Stock Market Bear: 1 week
Mixed Results: 2 weeks
The Week 10 News Summary: There was really no news on the continuing US/China trade negotiations, except for a few brief comments that they were making progress. Economic news was mostly the slowing of growth worldwide, the US trade imbalance reached a new high, the US Fed’s Beige Book indicated slowing growth expectations, jobs numberscame in significantly lower than expected, but unemployment continues to be low.
DowDuPont(PBR45) to complete spin-off of Materials Science Division as the new Dow, will start trading on 04/02/19 with ticker symbol NYSE: DOW; Corteva Agriscience™ spin-off from the new DuPont to be on 06/01/19. $DWDP PR link.
Medtronic(PBR95) authorizes additional $6 billion for shares repurchase program, balance is $7.3 billion, no expiration date. $MDT PR link.
Caesars Entertainment(PBR518) gets SEC filing by Icahn Enterprises(PBR127 $IEP) and affiliates showing 15.53% stake in CZR. $CZR PR link.
Brink’s(PBR665) hires Dana O’Brien as SVP/General Counsel effective 04/15/19. $BCO PR link.
The US Dept of Labor says US February 2019 Total Civilian Force Employed was at 156,949,000, +255,000 from January 2019, +2,546,000 from February 2018; February 2019 Total Unemployed is at 6,235,000, Unemployment Rate is 3.8%, January 2019was 4.0%, February 2018 4.4%. USDOL PR link.
The US Dept of Commerce/HUD says the US Preliminary January 2019 Private Housing Permits Issued Annual Rate was at 1,345,000, December 2018 was at 1,326,000, November 2018 1,322,000, January 2018 1,366,000. USDOC PR link.
***Thursday, March 7:
Tech Data(PBR77) authorizes additional $100 million to share repurchase program, is now $300 million, $107 million of authorization already used for repurchases. $TECD PR link.
Johnson Controls(PBR88) approves an additional $8.5 billion share repurchase program, subject to completion of sale of its Power Solutions business which is expected to close by 06/30/19. $JCI PR link.
Xerox(PBR278) to reorganize as a holding company, will become a direct, wholly-owned subsidiary of a new holding company, change is for more strategic, operational and financial flexibility. $XRX PR link.
Tesla(PBR132) says it has 12,000 supercharging stations across the US, in China, and Europe, continues to expand network, introducing V3 Supercharging Stations, will cut charging times by 50%, Model 3 can recover 75 miles in a 5 minute charge. $TSLA PR link.
Fifth Third Bancorp(PBR359) has all regulatory approvals needed for $4.7 billion 90% stock/10% cash acquisition of MB Financiall(NASDAQ: MBFI), to close on 03/22/19. $FITB PR link.
Trinity Industries(PBR619) authorizes new up to $350 million share repurchase program, expires 12/31/20. $TRN PR link.
ResMed(PBR818) acquires S Korea based HB Healthcare to help millions of South Koreans living with sleep apnea, chronic obstructive pulmonary disease (COPD) and other respiratory conditions. $RMD PR link.
MetLife(PBR46) EVP/Chief Risk Officer Ramy Tadros will become President/US Business, will succeed President/US Business and EMEA Michel Khalaf who becomes MetLife President/CEO on 05/01/19. $MET PR link.
ADP(PBR217) hires Kathleen Winters as CFO, effective 04/15/19, at which time current CFO Jan Siegmund will step down. $ADP PR link.
The US Federal Reserve System says US Preliminary January 2019 Consumer Credit Outstanding-Revolving is at $1.058 trillion, Non-Revolving $2.976 trillion, Total $4.035 trillion, Annual Rate is +5.1%. USFed PR link.
The US Dept of Labor says US 4Q18 Non-Farm Business Labor Productivity was +1.9% from 3Q18, +1.8% from 4Q17. USDOL PR link.
FannieMae(PBR20) says the the US February 2019 Home Purchase Sentiment Index is at 84.3, January 2019 was at 84.7, December 2018 83.5, February 2018 85.8. “The HPSI held steady in February, as consumers’ continuing optimism about economic conditions seems to be balanced with softening attitudes toward the housing market …” $FNMA PR link.
***Wednesday, March 6:
The PBR1000 Investor Spotlight for today is Axalta Coating Systems Ltd(PBR526)(NYSE: AXTA). Check out the Axalta profile at PR link.
Amazon(PBR5 $AMZN) to close all 87 of its U.S. pop-up stores. MarketWatch PR link.
Facebook(PBR67) Chairman/CEO Mark Zuckerberg outlines Facebook’s vision and principles around building a privacy-focused messaging and social networking platform. $FB PR link.
Synchrony Financial(PBR170) acquires Boise, ID-based pet health insurance industry pioneer Pets Best, has 125,000+ pet health insurance policies in force, more than one million claims processed, and payouts of $200 million in claims, terms not disclosed. $SYF PR link.
Baxter(PBR270) gets US FDA approval for and launches ready-to-use eptifibatide, a platelet aggregation inhibitor that prevents platelets from sticking together and clotting. $BAX PR link.
Bausch Health(PBR326) completes $195 million plus certain assumed liabilities as the “stalking horse” bidder acquisition of of certain assets of biopharmaceutical company focused on the development and commercialization of novel gastrointestinal (GI) therapies Synergy Pharmaceuticals(NASDAQ: SGYP). $BHC PR link.
GNC(PBR801) announces exclusive retail and Amazon partnership with Alani Nutrition, a premium women’s US made supplement brand offering a range of health and sports nutrition products. $GNC PR link.
Fitbit(PBR933) introduces 4 new products, includes waterproof Ace 2 for children 6+, retails for $69.95, to be available online and in stores in summer 2019, other products are Versa liteversions at lower prices. $FIT PR link.
Chico’s FAS(PBR827) hires Karen McKibbin as President/Chico’s Brand, effective 04/01/19. $GOOG PR link.
MSCI(PBR979) Head of Strategy, Corporate Development and Investor Relations Andrew C. Wiechmann to serve as Interim CFO and Treasurer, succeeds Kathleen A. Winters who is resigning effective 03/15/19. $MSCI PR link.
The US Federal Reserve System releases its Beige Book for data collected through 02/25/10, says, “Economic activity continued to expand in late January and February, with ten Districts reporting slight-to-moderate growth, and Philadelphia and St. Louis reporting flat economic conditions.” USFed PR link.
The US Dept of Commerce says US Preliminary December 2018 Total Exports-Goods were at $135.6 billion, Services $69.5 billion, Total Exports $205.1 billion; Total Imports-Goods were at $217.2 billion, Services$47.7 billion; Total Deficit-Goods were at $81.6 billion, Total Surplus-Services $21.8 billion, Total Deficit $59.8 billion; Total 2018 Exportswere at $2.500 trillion, Imports $3.121 trillion, Total Deficit $621.1 billion, Total 2017 Deficitwas $552.3 billion. USDOC PR link.
ADP(PBR218) says the US Preliminary February 2019 Total Private Non-Farm Sector Jobs Created were 183,000, -39% from Revised January 2019, -16.4% from Revised February 2018, 12,000 were from Small Businesses, 95,000 from Mid-Sized Businesses, and 77,000 from Large Businesses, 44,000 from Goods Producing Sector, 139,000 from the Services Sector. $ADP PR link.
The OECD sees global growth slowing, as Europe weakens and risks persist, forecasts US 2018 GDP at 2.9%, 2019 2.6%, and 2020 2.2%. OECD PR link.
***Tuesday, March 5:
Alphabet(PBR15)’s Chronicle unit launches enterprise cybersecurity service Backstory, the first global security telemetry platform designed for a world that thinks in petabytes. $GOOG PR link.
Home Depot(PBR24) to hire 80,000 associates for spring season, includes part-time and full-time positions for its around 2,000 stores and 100+ distribution centers. $HD PR link.
Johnson & Johnson(PBR35 $JNJ) Janssen Pharmaceuticals unit gets US FDA approvalfor Spravato (esketamine) nasal spray, in conjunction with an oral antidepressant, for the treatment of depression in adults who have tried other antidepressant medicines but have not benefited from them, only available through a restricted distribution system, first FDA approval of esketamine for any use. FDA PR link.
Kohl’s(PBR154 $KSS) in strategic collaboration with Planet Fitness(NYSE: PLNT) to open around 10 20,000-25,000 sf fitness centers adjacent to Kohl’s stores across the US in 2019. Planet Fitness PR link.
CarMax(PBR167) to create more than 300 jobs for their new Customer Experience Center opening in Peachtree Corners in the Atlanta, GA, area; CarMax Auto Finance headquarters in Kennesaw is hiring approximately 200 CAF customer service positions over the next 12 months. $KMX PR link.
Ross Stores(PBR208) authorizes new two year $2.55 billion share repurchase program, prior $1.95 billion program was completed in 01/19. $ROST PR link.
L Brands(PBR228) responds to letter from Barington Capital calling for a spin-off of Victoria’s Secret or an IPO of Bath & Body Works, reviews actions it has taken as a company to build shareholder value. $LB PR link.
L Brands(PBR228) gets letter from activist investor Barington Capital calling for spin-off of Victoria’s Secret or an IPO of Bath & Body Works. $LB PR link.
KKR(PBR672) completes $1.32 billion acquisition of BrightSpring which merged with PharMerica Corporation to become a leading provider of both home and community-based health and pharmacy services for high-need and medically complex populations. $KKR PR link.
GNC(PBR799) to integrate its manufacturing division through a strategic joint venture with International Vitamin Corporation, a global leader in vitamins and nutritional supplement manufacturing, GNC to receive around $176 million. $GNC PR link.
SunPower(PBR889) launches its Next Generation Technology home solar panel called A-Series, delivering 400 and 415 watts of power, the highest-power solar panels available today for the residential market, designed to deliver 60 percent more energy in the same amount of roof space over the first 25 years compared to conventional solar. $SPWR PR link.
Jones Lang LaSalle(PBR349) hires Stephanie Plaines as Global CFO, to be effective by 03/31/19. $JLL PR link.
Delek US(PBR379) promotes Assi Ginzburg to EVP/CFO of Delek US and Delek Logistics GP, succeeds Kevin Kremke who is assisting in the transition. $DK PR link.
Fortune Brands(PBR494) promotes President/Global Plumbing Group Nicholas Fink to newly created position of President/COO, Cheri Phyfer promoted to President/Global Plumbing Group. $FBHS PR link.
RH(PBR802) SVP/Finance & Chief Strategy Officer Jack Preston promoted to CFO, succeeds Ryno Blignaut who is stepping down for health considerations, will help with transition with resignation expected by 04/03/19. $RH PR link.
The US Dept of Treasury says US January 2019 Federal Government Receipts were $340.0 billion, Outlays $331.3 billion, Surplus$8.7 billion; Receipts YTD 2019(4 months) are at $1.111 trillion, Outlays YTD $1.421 trillion, Deficit YTD $310.3 billion, Deficit YTD 2018was at $175.7 billion. USTreasury PR link.
The US Dept of Commerce/HUD says US Preliminary December 2018 New Family Homes Sold Annual Rate is at 621,000 units, +3.7% from November 2018, -2.4% from December 2017; Median Price is at $318,600, +5.0% from November 2018, -7.2% from December 2017; New Houses Available Annual Rate is at 344,000, +3.0% from November 2018, +17.0% from December 2017. USDOC PR link.
The Institute for Supply Management says the US February 2019 Non-Manufacturing Index(>50%=Economy Growing) is at 59.7%, January 2019 was at 56.7%, December 201858.0%, February 2018 59.1%. ISM PR link.
The IHS Markit US February 2019 Composite PMI Output Index is at 55.5, January 2019 was at 54.4, December 2018 54.4, February 201855.8. IHS Markit PR link.
The PurdueU/CME Group US February 2019 Ag Barometer is at 136, January 2019 was at 143, December 2018 127, February 2018 140. PurdueU/CME Group PR link.
***Monday, March 4:
AT&T(PBR10 $T) WarnerMedia unit reorganization to consolidate all its affiliates and ad sales groups under one structure, with its units organized under entertainment networks, live programming, content production and affiliate and advertising sales, significant layoffs are expected as part of the reorganization.MarketWatch PR link.
Philip Morris(PBR34) becomes first international company to be certified globally for equal pay by the independent third-party EQUAL-SALARY Foundation. $PM PR link.
Eli Lilly(PBR120) will introduce a lower-priced version of Humalog® (insulin lispro injection 100 units/mL) in the US, providing diabetics an insulin option for 50% of the current Humalog list price. $LLY PR link.
Tesla(PBR132) CEO Elon Musk tweets that a Model Y unveil event is on March 14 at LA Design Studio, is an SUV about 10% larger than Model 3, will cost about 10% more, have slightly less range with same battery. $TSLA PR link.
Viacom(PBR223) completes $340 million acquisition of 12 million monthly active users free streaming television service in US Pluto TV. $VIA PR link.
Kellogg(PBR224)’s Morningstar Farms unit to convert its entire portfolio to be 100% plant-based (vegan) by 2021, will reduce the use of over 300 million egg whites annually, also introducing MorningStar Farms Cheezeburger, a vegan burger. $K PR link.
Biogen(PBR237) to acquire London, UK-based clinical-stage gene therapy company focused on adeno-associated virus (AAV) treatments for inherited retinal disorders Nightstar Therapeutics(NST; Nasdaq: NITE) for $25.50/share, around $800 million, to close by mid 2019. $BIIB PR link.
Office Depot(PBR280) and Alibaba Group(NYSE: BABA)’s Alibaba.com unit to launch A new co-branded online destination, “Office Depot on Alibaba.com”, focus is US small businesses. $ODP PR link.
GameStop(PBR310) approves new $300 million share repurchase authorization to replace the previous share repurchase authorization, which had $170 million remaining. $GME PR link.
Newmont Mining(PBR375) board unanimously determines that Barrick Gold(NYSE: GOLD) (TSX: ABX) unsolicited, all-stock negative premium proposal to acquire Newmont is not in its best interests, that the $12/share, $10 billion equity value all shares acquisition of Canadabased global gold producer Goldcorp(NYSE: GC) is a superior value. $NEM PR link.
Arthur J Gallagher(PBR445) to acquire the global aerospace retail and wholesale insurance broking division of London, UK-based Jardine Lloyd Thompson Group plc (JLT), to close in spring 2019. $AJG PR link.
Juniper Networks(PBR509) to acquire Mist Systems, a pioneer in cloud-managed wireless networks powered by Artificial Intelligence (AI), for $405 million cash, to close in fiscal year 2Q19. $JNPR PR link.
Scientific Games(PBR699) joint venture—Şans Girişim—won the 10-year exclusive sports betting IDDAA contract in Turkey, Europe’s largest state-sponsored sports betting market. $SGMS PR link.
Domino’s Pizza(PBR738) opens its global 16,000th store, located in Cheektowaga, NY. $DPZ PR link.
The Children’s Place(PBR892) wins bankruptcy auction to acquire intellectual property and related assets of Gymboree and Crazy 8 for $76 million in cash, includes trademarks, domain names, design rights, and customer databases. $PLCE PR link.
The Andersons(PBR615) President/Ethanol Group Michael Irmen to retire in 07/19, James Pirolli is successor, effective 04/01/19. $ANDE PR link.
The US Dept of Commerce/Census says US Preliminary December 2018 Total Construction Annual Rate-Residential was at $542.2 billion, Non-Residential $750.5 billion, Total $1.293 trillion, -0.6% from November 2018, +1.6% from December 2017. USDOC PR link.
Amazon(PBR5) decision to not build HQ2 in New York City because of backlash results in open letter from New York State Budget Director Robert Mujica citing why it was a good deal and the politics that caused it to fail. $AMZN PR link.
Kroger(PBR18) to stop accepting VISA(PBR144) cards at its Smith’s divisionstores starting 04/03/19, says excessive interchange and network fees exceed grocery store margins. $KR PR link.
NGL Energy(PBR163) completes acquisition of DCP Midstream(PBR332)‘s wholesale propane business, generally consisting of seven natural gas liquids terminals in the Eastern US, terms not disclosed. $NGL PR link.
PPG(PBR197) completes acquisition of Elverson, PA based 700+ employees globally in 10 plants manufacturer of low-friction, wear-resistant coatings for industrial applications in automotive, aerospace, energy and construction products and nonstick coatings for cookware, bakeware and small electric appliances Whitford Worldwide, terms not disclosed. $PPG PR link.
eBay(PBR298) announces initiatives including an operating review and the commencement of a strategic review of the Company’s portfolio of assets, including StubHub and eBay Classifieds Group, working collaboratively with investors Elliott Management, Starboard Value, and other significant shareholders, will include the addition of two new independent directors to the Board. $EBAY PR link.
Tower Intl(PBR872) completes around $290 million sale of its European Operations to privately owned French automotive supplier Financière SNOP Dunois S.A. $TOWR PR link.
Cimarex Energy(PBR883) completes $35/share, $1.6 billion cash & stock acquisition of Delaware pure-play Resolute Energy Corporation (NYSE: REN), includes long term debt of $710 million, adds 21,100 acres to Reeves County, TX, holdings. $XEC PR link.
ManTech Intl(PBR918) to acquire $98 million in revenues Kforce Government Solutions, Inc. (KGS), formerly a wholly-owned subsidiary of Kforce, Inc. for $115 million in cash, to close in 03/19. $MANT PR link.
Avery Dennison(PBR411) President/CEO Mitch Butier elected to replace retiring Chairman Dean Scarborough after 04/25/19 annual meeting. $AVY PR link.
Caesars Entertainment(PBR518) per agreement with around 10% stakeholder Icahn Enterprises(PBR127) replaces 3 directors, will add a fourth if a new CEO who is acceptable to new directors is not named within 45 days of the agreement. $CZR PR link.
Bristow Group(PBR958) SVP/CFO L. Don Miller named President/CEO, Brian Allman promoted to SVP/CFO. $BRS PR link.
ExxonMobil(PBR2) President/ExxonMobil Chemical Company John Verity to retire after 38 years with the company, SVP/Basic Chemicals Karen McKee named successor, effective 04/01/19. $XOM PR link.
Live Nation(PBR277) hires Ali Harnell as President and Chief Strategy Officer/Women Nation, a newly created division. $LYV PR link.
Lithia Motors(PBR285) Corporate Controller Tina Miller promoted to Chief Accounting Officer and Interim Principal Financial Officer. $LAD PR link.
The US Dept of Commerce/BEA says US Preliminary January 2019 Personal Income Annual Rate is at $17.993 trillion, Preliminary December 2018 was $18.017 trillion, November 2018 $17.838 trillion, January 2018 $17.258 trillion. USDOC PR link.
The Institute for Supply Management US February 2019 Manufacturing PMI Index is at 54.2%, January 2019 was at 56.6%, December 2018 54.1%, February 2018 60.8%. “Comments from the panel reflect continued expanding business strength, supported by notable demand and output, although both were softer than the prior month…” ISM PR link.
The IHS Markit US February 2019 Manufacturing PMI is at 53.0, January 2019was at 54.9, December 2018 53.8, February 2018 55.3. “Midway through the first quarter of 2019, manufacturing firms indicated a solid, albeit softer, improvement in the health of the sector, with the index registering its lowest level for 18 months.” IHS Markit PR link.
Automotive News says US February 2019 Total Light Vehicles Sold were at 1,268,571, -2.9% from February 2018, Seasonally Adjusted Annual Rate is 16,610,000, Average Transaction Price was $34,565, Average Incentive Outlay $3,721. “U.S. light-vehicle sales fell 2.9 percent in February as severe winter weather, lingering effects of the temporary U.S. government shutdown and anxiety over federal tax refunds curtailed showroom traffic.” Automotive News PR link.
The U of Michigan US Final February 2019 Consumer Sentiment Index is at 93.8, January 2019 was at 91.2, December 2018 98.3, February 2018 99.7. “While the overall level of confidence remains diminished, it is still quite positive.” UMichigan PR link.
***Thursday, February 28:
The PBRMarketTools US Stock Exchanges Recap for February 2019 ending 02/28/19:
DJIA ends February at 25,916.00, -0.44% from last Friday, +3.67% MTD, +11.10% QTD/YTD, -3.40% from record 26,743.50 set 09/21/18.
NASDAQ ends February at 7,532.53, +0.07% from last Friday, +3.44% MTD, +13.52% QTD/YTD, -7.12% from record 8,109.69 set 08/29/18.
SPX ends February at 2,784.49, -0.29% from last Friday, +2.97% MTD, +11.08% QTD/YTD, -4.99% from record 2,930.75 set 09/20/18.
The February 2019 US Stock Exchanges Recap:
It was easily another overwhelming month for The Stock Market Bull as all major US exchanges finished up 3% or more and over their November 2018 closes prior to the December collapse. On occasion The Stock Market Bear would make an appearance for a day now and then, and did have a run of 3 days at the end of the month, but with only moderate margins.
The Month 2 YTD tally is:
The Stock Market Bull: 2 months
The Stock Market Bear: 0 months
Mixed Results: 0 months
Check out the BLOG page for the previous RECAPS and SNAPSHOTS posts.
Click here to follow The PBR1000 on Twitter!
PBRMarketTools.com provides news, data, and analysis on 1,000 of the largest publicly held companies with primary operations in the US. The data and analysis is included in The PBR1000 Monthly Snapshots, an MS-Excel workbook with 15 snapshot worksheets, 27 rankings, and over 200 fields of data and information on each company. Click here to find out more!
(Image courtesy of FreeDigitalPhotos.net, Stuart Miles)
Copyright © 2019, All Rights Reserved, Pax Business Resources, LLC.
