The PBR1000 for March: Continuing to Rebuild

The March 2021 breaking news items of interest for The PBR1000 follow with the most current date first.

***Wednesday, March 31

The US Stock Exchanges Recap for March 2021 ending 03/31/21:

DJIA ends March 2021 at 32,981.55, -0.28% from last Friday, +6.62% MTD, +7.76% QTD/YTD, -0.57% from record 33,171.37 set 03/29/21.

NASDAQ ends March 2021 at 13,246.87, +0.82% from last Friday, +0.41% MTD, +2.78% QTD/YTD, -6.02% from record 14,095.47 set 02/12/21.

SPX ends March 2021 at 3,972.89, -0.04% from last Friday, +4.24% MTD, +5.77% QTD/YTD, -0.04% from record 3,974.54 set 03/26/21.

US Stock Exchanges March 2021 News Summary:

The Stock Market Bull and The Stock Market Bear traded strong punches in the first week of March. But then The Stock Market Bull dominated with a lot of nice jabs during the second week. During weeks three and four the combatants traded punches. During the whole month The Stock Market Bear focused on the technology oriented NASDAQ, had some good rounds, but The Stock Market Bull managed to sneak ahead in the last week. The Stock Market Bull also established several new record highs for the DJIA and S&P500 during the month. The bottom line is that The Stock Market Bull takes a 3-0 victory for March and remains unbeaten in the first 3 months of 2021.

The March 2021 tally YTD(3 Months) is:

 

• The Stock Market Bull: 2 months
• The Stock Market Bear: 0 months
• Mixed Results: 1 month

 

Daily Corporate News:

Microsoft(PBR15 $MSFT) wins a nearly $22 billion 5 year plus 5 year extension contract to supply US Army combat troops with its augmented reality headsets, technology is based on Microsoft’s HoloLens headsets, which were originally intended for the video game and entertainment industries. VOA News PR link.

American Airlines(PBR169 $AAL) has repaid in full $2.8 billion of revolving loans, in the aggregate, under three separate revolving credit facilities in a liquidity-neutral transaction, had borrowed the $2.8 billion in April 2020 in response to the coronavirus (COVID-19) pandemic and its impact on the demand for air travel. PR link.

Camping World(PBR344 $CWH) to acquire multi-location Hilltop RV Superstore, with dealerships in Escanaba and Ishpeming, Michigan, to close in 05/21. PR link.

KKR(PBR576 $KKR) has acquired The Exchange on 16th, a 750,000-square-foot Class A office complex in San Francisco, CA, from Kilroy Realty, for approximately $1 billion. PR link.

Cubic Corp(PBR961 $CUB) has accepted a proposal from Veritas Capital and Evergreen Coast Capital, an affiliate of Elliott Investment Management, to increase the price per share of their pending acquisition of Cubic to $75.00 per share in cash, around $3 billion which includes debt, has ceased engagement with ST Engineering who had bid $78/share, has set 04/27/21 for a special shareholders meetings to vote on being acquired. PR link.

Daily Economic News:

The US Dept of the Treasury says on 03/29/21 the US National Debt-Public is at $21.839 trillion, Intragovernmental $6.151 trillion, making 03/29/21 US Total National Debt at $27.990, 02/28/21 was at $28.005 trillion, 01/31/21 $27.829 trillion, 03/30/20 $23.687 trillion. PR link.

The US Dept of the Treasury says the 03/31/21 US 10 Year Treasury Note Yield was at 1.74%, 02/26/21 was at 1.44%, 01/29/21 1.11%, 03/31/20 0.70%. PR link.

ADP says the Preliminary March 2021 US Change in Private Sector Employment-Small Businesses(1-49 employees) is at +174,000, Mid-Sized(50-499) +188,000, Large-Sized(500 or more) +155,000; Goods Producing Sector is at +80,000, Services Sector 437,000; making March 2021 Total US Employment Change at +517,000, February 2021 was at +176,000, January 2021 +196,000, March 2020 -204,000. “We saw marked improvement in March’s labor market data, reporting the strongest gain since September 2020… “Job growth in the service sector significantly outpaced its recent monthly average, led with notable increase by the leisure and hospitality industry. This sector has the most opportunity to improve as the economy continues to gradually reopen and the vaccine is made more widely available. We are continuing to keep a close watch on the hardest hit sectors but the groundwork is being laid for a further boost in the monthly pace of hiring in the months ahead.” PR link.

The US Energy Information Administration says that on 03/26/21 the US Crude Oil Stocks is at 501.8(Millions of Barrels), 02/19/21 was at 463.0, 01/22/21 476.7, 03/20/21 455.4. PR link.

The American Automobile Assn says on 03/31/21 the US Average Price of a Gallon of Regular Gas is at $2.874, 02/26/21 was at $2.699, 01/29/21 $2.422, 03/31/20 $1.997. PR link.

The Federal Reserve Bank of Chicago says the February 2021 US 7th District Midwest Economy Index is at +0.35, January 2021 was at +0.65, December 2020 +1.26, February 2020 -0.16. “Index suggests slower Midwest growth through February.” PR link.

MNI Indicators says the Preliminary March 2021 Chicago Business Barometer Index(>50 Economy gaining) is at 66.3, February 2021 was at 59.5, January 2021 63.8, March 2020 47.8. PR link.

The US Dept of Commerce/BEA says the Preliminary 4Q20 US Net International Investment Position-Assets is at $32.156 trillion, Liabilities $46.248 trillion, making a 4Q20 Deficit at $14.092 trillion, 3Q20 Deficit was at $13.865, 2Q20 Deficit $13.085 trillion, 4Q19 Deficit $11.051 trillion. PR link.

***Tuesday, March 30

Daily Corporate News:

Walgreens(PBR16 $WBA) announces agreement with InComm Payments, a global payments technology company, to provide convenient and accessible financial services options for its customers, will launch a new bank account offering for its customers to be established at MetaBank* with a Mastercard debit card that will serve Walgreens shoppers both in-store and online and allow them to earn myWalgreens Cash rewards on all purchases. PR link.

Merck(PBR65 $MRK) spin-off of its women’s health, biosimilars and established brands businesses into a standalone, publicly-traded company, Organon, will follow with Organon acquiring Alydia Health, a commercial-stage medical device company focused on preventing maternal morbidity and mortality caused by postpartum hemorrhage (PPH) or abnormal postpartum uterine bleeding, for $240 million, to close in late 2Q21. PR link.

PayPal(PBR131 $PYPL) launches Checkout with Crypto, customers with cryptocurrency holdings in the US will be able to choose to check out with crypto within PayPal at checkout. PR link.

Becton Dickinson(PBR172 $BD) gets US FDA Emergency Use Authorization for the BD Veritor™ System for Rapid Detection of SARS-CoV-2 & Flu A+B assay, takes about 15 minutes and distinguishes between SARS-CoV-2, influenza A and influenza B, by providing definitive positive or negative individual digital display readouts for all three. PR link.

Gap Inc(PBR184 $GPS) to sell Janie and Jack, a premium children’s fashion brand acquired by Gap in 2019, to Go Global Retail, includes the e-commerce platform, all store leases, and assets, has 115 locations, terms not disclosed. PR link.

Illumina(PBR657 $ILMN)‘s $8 billion acquisition of multi-cancer early detection healthcare company GRAIL is challenged by the US Federal Trade Commission, Illumina disagrees and will oppose challenge, states its reasons why. PR link.

Daily Economic News:

The S&P CoreLogic Case-Shiller Preliminary January 2021 US National Home Price Index(01/2000=100) is at 236.31, December 2020 was at 234.45, November 2020 232.46, January 2020 212.48. “January’s data remain consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years. Alternatively, there may have been a secular change in preferences, leading to a shift in the demand curve for housing. Future data will be required to analyze this question.” PR link.

The Conference Board says the Preliminary March 2021 US Consumer Confidence Index(1985=100) is at 109.7, February 2021 was at 90.4, January 2021 88.9, March 2020 118.8. “Consumers’ assessment of current conditions and their short-term outlook improved significantly, an indication that economic growth is likely to strengthen further in the coming months. Consumers’ renewed optimism boosted their purchasing intentions for homes, autos and several big-ticket items. However, concerns of inflation in the short-term rose, most likely due to rising prices at the pump, and may temper spending intentions in the months ahead…” PR link.

The Federal Reserve Bank of Richmond says the March 2021 5th District Manufacturing Index(Annualized) is at +17%, February 2021 was at +14%, January 2021 +14%, March 2020 +2%. “Survey respondents were optimistic that conditions would continue to improve in the coming months.” PR link.

The Federal Reserve Bank of Richmond says the March 2021 5th District Service Sector Revenue Index(Annualized) is at +16%, February 2021 was at -6%, January 2021 -3%, March 2020 +1%. “Firms reported improved business conditions and increased capital spending. Survey respondents were optimistic that conditions would continue to improve in the next six months.” PR link.

***Monday, March 29

Daily Corporate News:

Boeing(PBR55 $BA) gets order for 100 Boeing 737 MAX jets, plus 155 options across 2 models from Southwest Airlines(PBR325 $LUV), raises Southwest’s 737 MAX commitment to more than 600 jets between the 737-7 and larger 737-8. PR link.

Allstate(PBR67 $ALL) to exit the Life and Annuity business by selling its Allstate Life Insurance Company of New York to Wilton Re for $220 million, to close in 2H21. PR link.

VISA(PBR130 $V) becomes first major payments network to settle transactions in digital currency USD Coin (USDC). PR link.

American Airlines(PBR169 $AAL) says on 03/26/21 the 7 day moving average of its net bookings is approximately 90% of the 2019 level, with a domestic load factor of approximately 80%, expects this strength in bookings to continue through the end of the 1Q21 and into the 2Q21. PR link.

Applied Materials(PBR171 $AMAT) $2.2 billion acquisition of Tokyo, Japan based provider of high-productivity batch processing systems and services for memory, foundry and logic Kokusai Electric from global investment firm KKR(PBR834 $KKR) is terminated as of 03/19/21 as Applied did not receive confirmation of timely approval from the regulator in China, Applied to pay KKR a termination fee of $154 million in cash. PR link.

News Corp(PBR326 $NWSA) to acquire the $191.7 million in 2020 revenues Books & Media segment of Houghton Mifflin Harcourt (HMH Books & Media) for $349 million in cash, will be operated by News Corp’s HarperCollins Publishers subsidiary, to close by 06/30/21. PR link.

Camping World(PBR344 $CWH) to acquire Trailer City RV dealership in Fairmont, WV, will be CWH’s first location in W Virginia, to close in 05/21. PR link.

Broadridge Financial(PBR550 $BR) to acquire global Stockholm, Sweden based Itiviti Holding AB, a leading provider of trading and connectivity technology to the capital markets industry, from Nordic Capital for approximately $2.5 billion cash, to close by 06/30/21. PR link.

Carlyle Group(PBR650 $CG)’s Carlyle Aviation Partners unit to acquire Fly Leasing Ltd(NYSE: FLY), a global leader in aircraft leasing for $17.05 per share in cash, for a total valuation of approximately $520 million, total enterprise value of approximately $2.36 billion. PR link.

Daily Economic News:

No economic news items today.

***Friday, March 26

The US Stock Exchanges Recap for Week 12 of 2021 ending 03/26/21:

DJIA ends Week 12 at record 33,072.88, +1.36% from last Friday, +6.92% MTD, +8.06% QTD/YTD, +0.00% from record 33,072.88 set 03/26/21.

NASDAQ ends Week 12 at 13,138.72,-0.58% from last Friday, -0.41% MTD, +1.94% QTD/YTD, -6.79% from record 14,095.47 set 02/12/21.

SPX ends Week 12 at record 3,974.54, +1.57% from last Friday, +4.29% MTD, +5.82% QTD/YTD, +0.00% from record 3,974.54 set 03/26/21.

US Stock Exchanges Week 12 of 2021 News Summary:

After losing Week 11 The Stock Market Bull entered the ring on Monday and had a good round. But The Stock Market Bear charged into Tuesday and Wednesday delivering some punishing body blows, especially to tech stocks. On Thursday The Stock Market Bull managed to hold is own and take the day. Friday started out slowly, but The Stock Market Bull finally took charge later in the day, surprisingly closing out the round with new records on the DJIA and S&P500. The Stock Market Bear was pretty bloodied up, but his earlier efforts gave him the NASDAQ for the week. The Stock Market Bull gets a split 2-1 decision in Week 12.

The Week 12 of 2021 tally YTD is:

 

• The Stock Market Bull: 5 weeks
• The Stock Market Bear: 4 weeks
• Mixed Results: 3 weeks

 

Week 12 News Summary:

Coronavirus Pandemic: As of today, Friday, 03/26/21, at 1:27PM Eastern US, the John Hopkins University CSSE unit says there are now 125,873,865 confirmed cases globally with 2,761,499 deaths, an increase from last Friday of 65,554, which is +4,588 from last Friday. For the US it is 30,137,807 confirmed cases and 547,812 deaths, an increase from last Friday of 7,079, which is -1,742 from last Friday, the 7th week in a row of declining death rates. US President Biden revised his goal of 100 million vaccinations by his first 100 days in office to 200 million vaccinations. States continue to open up more, and there are broad based pushes to especially open up schools. There are continuing concerns about variants, which have affected other countries, but so far have not had a major impact in the US. Vaccination programs continue to expand.

US Federal Government: The America Rescue Plan is still in the process of being understood and implementation is starting. Stimulus checks continue to be processed. The immigration surge at the Southern US border continues, temporary facilities are being built, but processing times are still lagging and no real solution is apparent at this time.

US Economy: Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen testified in both US House and US Senate committee hearings and tried to address inflationary fears and monetary policies. Weekly initial jobless claims took an encouraging dip. The new and existing home sales forecast was disappointingly lower than expected as the demand for housing continues an upward trend. At the same time mortgage rates increased. Bond yields retreated a little.

Corporate Business: Retailers continue to retool how they sell trying to find the delicate balance of physical stores and using e-commerce to drive sales. Manufacturing continues to trend up. However, automobile and other manufactured items requiring electronics are having a struggle as there is a shortage of microchips. The travel and hospitality sectors are gearing up for more reopenings in the coming months with the pandemic hopefully coming to a close. Corporations continue to try to address employee diversity, wage inequalities, and climate change issues.

International News: . Europe continues to struggle with surges in COVID-19 infections. A cargo barge is stuck sideways in the Suez Canal, blocking traffic from both directions, costing the global economy an estimated $10 billion/day. Myanmar continues to have protests resulting in many civilian casualties inflicted by the military which is controlling the government. N Korea lobbed some missiles into nearby seas causing some concern. US President Biden has invited Russian and Chinese leaders to participate in a climate change meeting.

Daily Corporate News:

Corning(PBR269) to increase production of glass vials for COVID-19 vaccines by 50% from prior targets, after receiving more federal funding, now expecting to produce 150 million vials in 2021, will hold about 1.2 billion vaccine doses. MarketWatch PR link.

Daily Economic News:

The US Dept of Commerce/BEA says the Preliminary February 2021 US Personal Income Annual Rate is at $19.946 trillion, January 2021 was at $21.462 trillion, December 2020 $19,491 trillion, February 2020 $19.116 trillion. “The decrease in personal income in February was more than accounted for by a decrease in government social benefits to persons. Within government social benefits, ‘other’ social benefits, specifically the economic impact payments to households, decreased.” More data at the PR link.

The U of MIchigan Final March 2021 Consumer Survey Index is at 84.9, February 2021 was at 76.8, January 2021 79.0, March 2020 89.1. “Consumer sentiment continued to rise in late March, reaching its highest level in a year due to the third disbursement of relief checks and better than anticipated vaccination progress…” PR link.

TrueCar says the Forecasted March 2021 US New Car Sales-Retail Units is at 1,260,416, Fleet Units is at 200,404, making March 2021 US Total New Car Sales Units at 1,460,820, February 2021 was at 1,196,008, January 2021 1,109,578, March 2020 990,332; March 2021 Average Transaction Price is at $37,549, March 2020 was at $36,364. PR link.

***Thursday, March 25

Daily Corporate News:

Kohl’s(PBR145 $KISS) announces Cole Haan, one of America’s most iconic footwear brands, is now available at 200 Kohl’s stores and online at Kohls.com. PR link.

United Airlines(PBR196 $UAL) adding 26 new US routes in late 05/21, will fly 46% of its international schedule compared to its May 2019 schedule. PR link.

News Corp(PBR326 $NWSA) to acquire Los Angeles, CA-based 130 employees and with nearly 100,000 digital subscribers across its platforms Investor’s Business Daily, from O’Neil Capital Management, for $275 million, will operate as a stand-alone brand as part of the Dow Jones unit, to close by 06/30/21. PR link.

Darden Restaurants(PBR365 $DRI) authorizes new up to $500 million share repurchase program, says its hourly restaurant team members earn more than $17 per hour today on average, announces increases in minimum hourly wages. PR link.

Lumentum(PBR939 $LITE) receives notice of termination for acquisition of Coherent(NASDAQ: COHR), Coherent is required to pay a $217.6 million termination fee, Lumentum notes that using 03/24/21 closing price Lumentum’s offer had a value of $283.12 while the value of II–VI(NASDAQ: IIVI)‘s offer was $281.21. PR link.

SunPower(PBR907 $SPWR) Chariman/CEO Tom Werner to retire, will remain Chairman for 6 months, Peter Faricy hired to become CEO on 04/19/21, add Chairman role upon Werner retirement. PR link.

Daily Economic News:

The US Dept of Commerce/BEA says the 3rd Estimate 4Q20 US Gross Domestic Product is revised from +4.1% to +4.3%, $21.495 trillion, 3Q20 was at $21.170 trillion, 2Q20 $19.520 trillion, 4Q19 $21.747 trillion. More data at the PR link.

The US Dept of Labor says that for the week ending 03/20/21 the US Weekly Initial Unemployment Insurance Claims is at 684,000, 02/20/21 was at 730,000, 01/23/21 847,000, 03/21/20 3,283,000. More data at the PR link.

FreddieMac says the week ending 03/25/21 US Average 30 Year Fixed Mortgage Rate is at 3.17% with 0.7 points/fees, 02/25/21 was at 2.97%, 01/28/21 2.73%, 03/26/20 3.50%. “Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest.” PR link.

The US Federal Reserve announces temporary and additional restrictions on bank holding company dividends and share repurchases currently in place will end for most firms after 06/30/21, based on results from upcoming stress test. PR link.

***Wednesday, March 24

Daily Corporate News:

American Airlines(PBR169 $AAL) prepays its CARES Act $550 million loan to the US Dept of Treasury, has terminated its loan commitments under the agreement. PR link.

YUM!(PBR466 $YUM) has acquired privately held Tel Aviv, Israel based Tictuk Technologies, an omnichannel ordering and marketing platform company, will give YUM! the ability to offer more ways for consumers globally to access and order its KFC, Pizza Hut, Taco Bell and The Habit Burger Grill brands through some of the world’s most popular social media and conversational platforms, terms not disclosed. PR link.

Daily Economic News:

No items published today.

***Tuesday, March 23

Daily Corporate News:

Wells Fargo(PBR34 $WFC) to sell its Corporate Trust Services business to Computershare for $750 million, to close in 2H21. PR link.

Intel(PBR37 $INTC) introduces “IDM 2.0,” its new integrated device manufacturing (IDM) model, includes significant manufacturing expansion plans, starting with an estimated $20 billion investment to build two new factories in Arizona, also announces plans to become a major provider of foundry capacity in the US and Europe to serve customers globally. PR link.

Hartford Financial(PBR136 $HIG) board unanimously rejects the Chubb(PBR84 $CB) 03/11/21 unsolicited proposal to acquire The Hartford for $65/share in cash and stock, also determines that entering into discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders. PR link.

General Mills(PBR165 $GIS) to sell its 51% controlling interest in Europe based Yoplait S.A.S. to Sodiaal, a leading French dairy cooperative, in exchange for full ownership of the Canadian Yoplait business and a reduced royalty rate for use of the Yoplait and Liberté brands in the US and Canada, to close by the end of 2021. PR link.

Chipotle(PBR453 $CMG) to add 8 restaurants in Canada in 2021, has 23 restaurants currently. PR link.

Altria(PBR105 $MO) Chairman Thomas F. Farrell II to retire at completion of his current term, new Chairman to be appointed after 05/20/21 annual meeting. PR link.

Daily Economic News:

The US Dept of Commerce/BEA says the Preliminary 4Q20 US Exports of Goods, Services & Income Receipts are at $840.0 billion, Imports of Goods, Services & Income Payments are at $1,028.5 billion, making the US 4Q20 International Trade Deficit at $188.5 billion, 3Q20 was at $180.9 billion, 2Q20 $163.2 billion, 4Q19 $104.3 billion; Preliminary 2020 US Trade Balance Deficit is at $647.2 billion, 2019 was at $480.2 billion. PR link.

The US Dept of Commerce/HUD says the Preliminary February 2021 US New Family Home Sales Annual Rate is at 775,000, January 2021 was at 948,000, December 2020 919,000, February 2020 716,000; the February 2021 US New Family Home Median Price is at $349,500, January 2021 $353,200, December 2020 $356,600, February 2020 $331,800. More data at the PR link.

The US Federal Reserve Bank of Philadelphia says the March 2021 US 3rd District Non-Manufacturing Current General Activity Index is at +38.6, February 2021 was at +3.9, January 2021 -17.5, March 2020 -35.1. “The indexes for general activity at the firm level, sales/revenues, and new orders all posted gains. Additionally, the index for full-time employment increased. The firms continued to report overall increases in the prices of both their own goods and their inputs. The respondents continued to anticipate growth over the next six months.” PR link.

***Monday, March 22

Daily Corporate News:

SYNNEX(PBR112 $SNX) to be acquired by Apollo Global Mgmt(PBR734)’s Tech Data for around $7.2 billion, including net debt, combined will have approximately $57 billion in estimated pro forma annual revenues and a team of over 22,000 associates and colleagues. PR link.

Applied Materials(PBR171 $AMAT) approves a new $7.5 billion stock buyback authorization, supplementing the previous authorization which has approximately $1.3 billion remaining. PR link.

Blackstone(PBR442 $BX) makes an unsolicited, non-binding and indicative proposal to acquire all of the shares in casinos operator Crown Resorts Australia(ASX: CWN) for around $6 billion, Blackstone currently holds 9.99% of Crown’s common shares. PR link.

Chemours(PBR512 $CC) initiates a strategic review to assess the potential sale of its Mining Solutions business, intended to drive shareholder value and portfolio focus. PR link.

Ametek(PBR549 $AME) to acquire Huntsville, AL-based Abaco System, a leading provider of mission critical embedded computing systems with annual sales of around $325 million, from Veritas Capital in an all-cash transaction valued at $1.35 billion, to close in mid-2021. PR link.

Kansas City Southern(PBR747 $KSU) to be acquired by Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) for $275/share cash & stock, represents and enterprise value of $29 billion, includes $3.8 billion of debt, will create the first rail network connecting the US, Mexico, and Canada, to be completed around mid-2022 following regulatory approvals. PR link.

Cubic Corp(PBR961 $CUB) receives an unsolicited proposal from Singapore Technologies Engineering (SGX: S63; Bloomberg-STE: SP) to acquire all of Cubic’s outstanding stock for $76 per share in cash, Board said offer might be superior to $70/share offer by Veritas Capital and an affiliate of Elliott Investment Management, Board will be reviewing proposal. PR link.

Roper Technologies(PBR479 $ROP) appoints director Amy Woods Brinkley as Chair of the Company’s Board, effective 06/01/21, will succeed Wilbur J. Prezzano, who is retiring from the Board, consistent with the Company’s mandatory retirement guidelines. PR link.

TreeHouse Foods(PBR567 $THS) elects Ann M. Sardini as Chair, effective as of the Annual Meeting of Stockholders in 04/21, has served as an independent Director since 05/08, succeeds Gary D. Smith, who will remain on the Board. PR link.

Apollo Global Mgmt(PBR734 $APO) names Jay Clayton as Non-Executive Chairman, co-founder Marc Rowan officially assumes the CEO role, per succession plan announced in 01/21, Rowan and Clayton succeed Apollo Founder Leon Black. PR link.

Daily Economic News:

The Natl Assn of Realtors says the Preliminary February 2021 US Existing Home Sales Annual Rate is at 6,220,000, January 2021 was at 6,660,000, December 2020 6,650,000, February 2020 5,700,000; the February 2021 US Median Existing Home Price is at $313,000, January 2021 was at $303,900, December 2020 $309,800, February 2020 $270,400. More data at the NAR PR link.

The Federal Reserve Bank of Chicago says the Preliminary February 2021 US National Activity Index is at -1.09, January 2021 was at +0.75, December 2020 +0.28, February 2020 +0.02. “Two of the four broad categories of indicators used to construct the index made negative contributions in February, but all four categories decreased from January.” PR link.

***Friday, March 19

The US Stock Exchanges Recap for \Week 11 of 2021 ending 03/19/21:

DJIA ends Week 11 at 32,627.97, -0.46% from last Friday, +5.48% MTD, +6.60% QTD/YTD, -1.17% from record 33,015.37 set 03/17/21.

NASDAQ ends Week 11 at 13,215.24,-0.79% from last Friday, +0.17% MTD, +2.54% QTD/YTD, -6.24% from record 14,095.47 set 02/12/21.

SPX ends Week 11 3,913.10, -0.77% from last Friday, +2.68% MTD, +4.18% QTD/YTD, -1.54% from record 3,974.12 set 03/17/21.

US Stock Exchanges Week 11 of 2021 News Summary:

The Stock Market Bull started out Week 11 strongly, establishing new record highs for both the DJIA and S&P500 on Monday and Wednesday, while also recovering a lot of lost ground on the NASDAQ. However, The Stock Market Bull celebrated with a little too much green beer on St. Patrick’s Day evening. Thursday morning arrived with a groaning Bull lying flat on the ground, covering his head with his hoofs, completely helpless and unable to come into the pasture. The Stock Market Bear immediately seized the opportunity and on Thursday and Friday overwhelmed the unprotected herd, closing out Week 11 with a somewhat narrow 3-0 victory.

The Week 11 of 2021 tally YTD is:

 

• The Stock Market Bull: 5 weeks
• The Stock Market Bear: 4 weeks
• Mixed Results: 2 weeks

 

Week 11 News Summary:

Coronavirus Pandemic: As of today, Friday, 03/19/21, at 1:26PM Eastern US, the John Hopkins University CSSE unit says there are now 122,086,638 confirmed cases globally with 2,695,945 deaths, an increase from last Friday of 60,966, which is +2,066 from last Friday. For the US it is 29,714,219 confirmed cases and 540,733 deaths, an increase from last Friday of 8,821, which is -870 from last Friday, the 6th week in a row of declining death rates. US President Biden’s goal of 100 million vaccinations by his first 100 days in office will be easily achieved. Some states are opening up more, Disney parks in California are scheduled to open in late April, for example. Variants are still a concern, but optimism is increasing that the end is in sight as vaccinations become more available and accepted as safe. In Europe the AstraZeneca vaccine was temporarily put on hold by most countries because of some recipients experiencing blood clots, but was cleared again by the end of the week.

US Federal Government: The America Rescue Plan is in action, with over 90 million people having received stimulus payments. Other parts of the plan becoming known and so far viewed as mostly positive. President Biden’s cabinet and other high level staff are in place after Senate approvals on a generally bipartisan basis. Immigration issues have surfaced again as undocumented children are crossing the border in much larger numbers with holding facilities being overwhelmed. FEMA is now involved and future actions and remedies are unclear.

US Economy: Despite much downplaying by the Federal Reserve after its mid-week meeting, concerns about inflation were being voiced by many and affected the stock market. The Fed kept short term interest rates at a 0.00-0.25% rate and indicated rates will probably stay low into 2023, based on their forecasts for low inflation and recovering employment. Initial jobless claims climbed higher than expected, some of that a reaction to some severe weather conditions in the Rockies and also in the Southeast. Manufacturing indices were mostly up, but retail dropped a little. Building permits issued took a drop as well. Bond yields rose again, and the Federal Reserve said it is allowing bank capital regulation exemptions to expire, which was a disappointing decision for financial institutions who view themselves as being a little more vulnerable now.

Corporate Business: Based on projections for the end of the Coronavirus Pandemic businesses are planning to open up more, as many companies adjust to new ways of doing business using e-commerce and logistics services. Travel and hospitality businesses have been especially hard hit by the pandemic, but are starting to make a recovery. Sports and entertainment arenas are starting to make plans to open up, but there are also a lot of streaming services getting in on the action. Small businesses still have a difficult road ahead, but the public also is showing that there is a pent up demand to be out and about and eager to help local establishments. Larger companies are also being more pro-active about their being regarded as climate conscious, talking about plans to minimize their carbon footprint. There are concerns about availability of labor and increases of raw materials.

International News: . The US and China held some initial meetings in Alaska, but initial indications are that there is a lot of work that will have to be done for smoother relations as President Biden and the Chinese leadership are taking some hard positions on trade and human rights. President Biden has also made some statements about Russia and its leader Vladimir Putin that have been unsettling for the Russians. The effects of trade from the UK and Europe Brexit decisions is starting to cause some economic problems on both sides. Myanmar continues to struggle as the military continues to rule the country with an increasingly hostile citizenry. The UK and other countries are opening doors to people who are considering leaving Hong Kong as China continues to increase its hold there.

Daily Corporate News:

VISA(PBR130) says it has been informed by the US Dept of Justice that an investigation is being opened into VISA’s US debit practices, VISA says it believes its US debit practices are in compliance, is cooperating with the DOJ. PR link.

Royal Caribbean(PBR867) completes $201 million cash sale of its Azamara brand to private equity firm Sycamore Partners. PR link.

Roku(PBR992) has acquired the “This Old House” business, inclusive of its global distribution rights and all of its subsidiary brands, including the “This Old House” and “Ask This Old House” TV programs, the show libraries(1,500+ episodes), all digital assets, and the television production studio, terms not disclosed. PR link.

Corteva(PBR209) adds 3 members to the Board, effective immediately, per agreement with key investor Starboard Value, will stand for re-election at annual meeting to be held 05/09/21. PR link.

Texas Roadhouse(PBR782) President Jerry Morgan promoted to also be CEO, effective immediately, succeeds founder/Chairman/CEO Kent Taylor who passed away on 03/18/21. PR link.

Daily Economic News:

The US Federal Reserve announces that the temporary change to its supplementary leverage ratio for bank holding companies will expire as scheduled on 03/31/21. PR link.

***Thursday, March 18

Daily Corporate News:

Walt Disney(PBR51 $DIS) plans to reopen its Disneyland Park and Disney California Adventure park on 04/30/21, requires reservations, open to California residents only. PR link.

Chubb(PBR84 $CB) confirms it submitted a preliminary proposal on 03/11/21 for a strategic business combination with insurance company Hartford Financial(PBR136 $HIG), aka The Hartford, values The Hartford at $65.00/share, a premium of 26% based on its unaffected 20-day volume weighted average share price of $51.70 as of 03/10/21, cash and stock proposal, has not yet heard back from The Hartford. PR link.

ViacomCBS(PBR107 $VIAC) gets new 11-year multiplatform rights agreement that extends CBS’ long-standing relationship with the NFL, starts in 2023 and goes through the 2033 season, will be home of the American Football Conference, includes the Paramount+ streaming service, includes 3 Super Bowls. PR link.

Hartford Financial(PBR136 $HIG) confirms receipt of unsolicited non-binding proposal from Chubb(PBR84 $CB) to be acquired for $65.00/share cash and stock proposal, being reviewed. PR link.

XPO Logistics(PBR186 $XPO) says it has filed a Form 10 with the US SEC for the spin-off of 100% of its logistics segment as a separate publicly traded company, shareholders to own stock in both companies, will be called GXO Logistics, to be completed in 2H21. PR link.

PPL Corp(PBR366 $PPL) to sell its UK utility business, Western Power Distribution, to National Grid plc for around $10.2 billion net proceeds, to close within 4 months, and in a separate transaction acquire National Grid’s Rhode Island utility, The Narragansett Electric Company, for $3.8 billion, to close within a year. PR link.

Lumentum(PBR944 $LITE) has received notice from Coherent(NASDAQ: COHR) that an unsolicited acquisition proposal from II–VI(NASDAQ: IIVI) to acquire Coherent in a cash and stock transaction constitutes a “Company Superior Proposal,” Lumentum has until 03/22/21 to amend its transaction agreement. PR link.

Peabody Energy(PBR563 $BTU) President/CEO Glenn Kellow to be leaving by 08/31/21 per agreement with the Board, which has started a search for a new CEO. PR link.

Illumina(PBR657 $ILMN) Chairman Jay Flatley to step down from Board at annual meeting scheduled for 05/26/21, successor to be John W. Thompson. PR link.

Texas Roadhouse(PBR782 $TXRH) Chairman/CEO/Founder Kent Taylor passes away. PR link.

Daily Economic News:

The US Dept of Labor says the 4Q20 US Hourly Wages & Salaries for All Workers(Average) is at $26.53, Benefits $12.07, for 4Q20 Total Hourly Compensation at $38.60, 3Q20 was at $38.26, 2Q20 $38.21, 4Q19 $37.10. PR link.

The Conference Board says the Preliminary February 2021 US Leading Economic Index(2016=100) is at 110.5, January 2021 was at 110.3, December 2020 109.8, February 2020 110.6. “… the acceleration of the vaccination campaign and a new round of large fiscal supports are not yet fully reflected in the LEI. With those developments, The Conference Board now expects the pace of growth to improve even further this year, with the U.S. economy expanding by 5.5 percent in 2021.” PR link.

The US Federal Reserve Bank of Philadelphia says the March 2021 US 3rd District Manufacturing General Activity Indicator is at +51.8, February 2021 was at +23.1, January 2021 +26.5, March 2020 -6.0. “All of the survey’s indexes for future conditions increased, as the firms indicated more widespread optimism about growth over the next six months.” PR link.

***Wednesday, March 17

Daily Corporate News:

Amazon(PBR2 $AMZN) expanding its Amazon Care service across the US this summer, for employees of both Amazon and participating companies in all 50 states, enables employees to connect with medical professionals via chat or video conference typically in less than 60 seconds. PR link.

Merck(PBR65 $MRK) files Form 10 with the US SEC for spinoff of its women’s health, biosimilars and established brands businesses into a standalone, publicly-traded company, Organon, to be completed in 2Q21. PR link.

Starbucks(PBR122 $SBUX) at virtual annual meeting celebrates starting with one store in Seattle’s Pike Place Market in 1971 to nearly 33,000 locations worldwide 50 years later. PR link.

Diamondback Energy(PBR626 $FANG) completes $2.29/share, around $2.2 billion all stock acquisition of QEP Resources(PBR988 $QEP). PR link.

Lumentum(PBR944 $LITE) revises proposal to acquire Coherent(Nasdaq: COHR) for $220.00 per share in cash and 0.6100 shares of Lumentum common stock, equates to $275.00/share, values transaction at $6.9 billion, with Silver Lake making a $1 billion investment in the combined company, requires stockholders approvals from both companies, to close in 2Q21. PR link.

Daily Economic News:

The US Federal Open Market Committee meeting of 03/16-17/21 concludes, keeps short term federal interest rates at 0.00-0.25% and “…will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee’s maximum employment and price stability goals.” PR link.

The US Dept of Commerce/HUD says the Preliminary February 2021 US Residential Building Permits Issued Annual Rate is at 1,682,000, January 2021 was at 1,886,000, December 2020 1,704,000, February 2020 1,438,000. PR link.

***Tuesday, March 16

Daily Corporate News:

Group 1 Automotive(PBR246 $GPI) has acquired two Toyota dealerships, located in Hyannis and Orleans on Cape Cod, MA, expected to generate approximately $120 million in annualized revenues. PR link.

Ross Stores(PBR189 $ROST) expects to name George Orban as Chairman and CEO Barbara Rentler Vice Chair at annual meeting to be held 05/19/21, current Chairman Michael Balmuth and Chairman Emeritus Norman Ferber will not be standing for re-election, but will be retained as advisers. PR link.

Daily Economic News:

The US Dept of Labor says the Preliminary February 2021 US Change In Import Prices is at +1.3%, January 2021 was at +1.4%, December 2020 +1.0%, February 2020 -0.7%, Last 12 Months +3.0%; the February 2021 US Change in Export Prices is at +1.6%, January 2021 was at +2.5%, December 2020 +1.2%, Last 12 Months +5.2%. PR link.

The US Federal Reserve says the Preliminary February 2021 US Industrial Production % of Capacity is at 73.8%, January 2021 was at 75.5%, December 2020 74.6%, February 2020 76.9%. PR link.

The US Dept of Commerce/Census says the Preliminary January 2021 US Sales-Manufacturers is at $513.3 billion, Retailers $523.5 billion, Wholesalers $531.7, for Preliminary January 2021 US Total Sales at $1,568.5 billion, December 2020 was at $1,498.0 billion, November 2020 $1,482.8 billion, January 2020 $1,465.1 billion. PR link.

The US Dept of Commerce/Census says the Advance February 2021 US Retail Sales-Retailers is at $507.5 billion, Food Services & Drinking Places $54.2 billion, for Total Advance February 2021 US Retail Sales at $561.7 billion, January 2021 was at $579.1 billion, December 2020 $538.3 billion, February 2020 $528.5 billion. PR link.

The Natl Assn of Home Builders/Wells Fargo says its Preliminary March 2021 US Housing Market Composite Index(>50 indicates more builders view conditions as good than poor) is at 82, February 2021 was at 84, January 2021 83, March 2020 72. “While single-family home building should grow this year, the elevated price of lumber is adding approximately $24,000 to the price of a new home. And mortgage interest rates, while historically low, have increased about 30 basis points over the last month. Nonetheless, the lack of resale inventory means new construction is the only option for some prospective home buyers.” PR link.

***Monday, March 15

Daily Corporate News:

News Corp(PBR338 $NWSA) gets 3 year agreement with Facebook(PBR30) to provide access to trusted news and information to millions of Facebook users in Australia through its Facebook News product. PR link.

Extended Stay America(NASDAQ: STAY) to be acquired by a 50/50 joint venture of Blackstone(PBR398 $FB)’s Real Estate Partners and Starwood Capital Group for $19.50/share cash, transaction valued at around $6 billion, to close in 2Q21. http://bit.ly/2Q8VvH7PR link.

Daily Economic News:

The Federal Reserve Bank of New York says the March 2021 Empire State Manufacturing General Business Conditions Index is at +17.4, February 2021 was at +12.1, January 2021 +3.5, March 2020 -21.5. “Looking ahead, firms remained optimistic that conditions would improve over the next six months, anticipating significant increases in employment.” PR link.

***Friday, March 12

The US Stock Exchanges Recap for \Week 10 of 2021 ending 03/12/21:

DJIA ends Week 10 at record 32,778.64, +4.07% from last Friday, +5.97% MTD, +7.10% QTD/YTD, +0.00% from record 32,778.64 set 03/12/21.

NASDAQ ends Week 10 at 13,319.86,+3.09% from last Friday, +0.97% MTD, +3.35% QTD/YTD, -5.50% from record 14,095.47 set 02/12/21.

SPX ends Week 10 at record 3,943.34, +2.64% from last Friday, +3.47% MTD, +4.99% QTD/YTD, +0.00% from record 3,943.34 set 03/12/21.

US Stock Exchanges Week 10 of 2021 News Summary:

The Stock Market Bull easily took the DJIA and S&P500 during Week 10, with both achieving records to end the week. The primary battle was over the NASDAQ as The Stock Market Bear continued to take out his anger on the tech stocks on Monday, Wednesday and Friday. But The Stock Market Bull severely gouged the Bear enough on Tuesday and Thursday resulting in a convincing and very satisfying Week 10 3-0 victory. With the $1.9 trillion stimulus money flowing into the economy and COVID-19 vaccinations accelerating it would be easy to predict that The Stock Market Bull has a few more good weeks ahead of him. What devious surprises might The Stock Market Bear have to spoil that?

The Week 10 of 2021 tally YTD is:

 

• The Stock Market Bull: 5 weeks
• The Stock Market Bear: 3 weeks
• Mixed Results: 2 weeks

 

Week 10 News Summary:

Coronavirus Pandemic: As of today, Friday, 03/12/21, at 2:23PM Eastern US, the John Hopkins University CSSE unit says there are now 118,860,770 confirmed cases globally with 2,634,979 deaths, an increase from last Friday of 58,900, which is -3,799 from last Friday. For the US it is 29,326,182 confirmed cases and 531,912 deaths, an increase from last Friday of 9,691, which is -2,820 from last Friday, the 5th week in a row of declining death rates. US President Biden announced during the week that 10% of adult Americans have been vaccinated, there are well over 1 million vaccinations occurring each day, and that by May 1 there should be enough COVID-19 vaccine doses from the 3 approved COVID-19 vaccines available for every adult in the US, that by the 4th of July, Independence Day, we may be able to enjoy traditional gatherings. However, COVID-19 variants keep popping up, and there is always the question of if current vaccines are effective against them as well.

US Federal Government: The US Senate approved the $1.9 trillion America Rescue Plan on a party-line vote. It was then sent back to the US House for its approval, which again passed on a party-line vote. President Biden signed the bill into law on Thursday, gave a brief presentation that evening to the public about the positive implications, and will be crossing the US to further extol its positive effects in the coming days. More of President Biden’s nominees for high level positions were approved by the US Senate in bipartisan votes. Some US troops remain in the Washington DC area as a precaution over a possible 2nd insurrection attempt.

US Economy: The weekly initial jobless insurance claims went down a notch, and job openings increased. Mortgage rates went up a little bit. The 12 month Consumer Price Index was +1.7%, which caused a sigh of relief from many economists concerned about inflation. US Treasury bond yields were up again causing some excitement and concern. Federal government outlays continue to be far more than receipts, causing some anxiety about possible longer term effects of increasing government debt. Business and consumer surveys are starting to indicate a more assured optimism about the future. The Federal Open Market Committee meets next week and most think it is unlikely they will change the 0.00-0.25% short-term interest rates. The European Central Bank made no changes to its short-term interest rates.

Corporate Business: More press is coming from corporations announcing resumption of dividend payouts and share buyback programs. Companies are starting to more aggressively advertise open positions, including more hospitality and amusement parks announcing seasonal and part-time hiring. Retailers are becoming more aggressive in offering new lines and upgrading their e-commerce platforms. Manufacturing surveys indicate increasing optimism about the future, especially for electronic vehicles and related businesses, also believing that parts shortages and logistic challenges will somehow be met by American ingenuity. All in all, the future is starting to become more positively viewed by all business sectors.

International News: . There have been some disturbing reports as the Myanmar military continues to kill protestors wanting to reinstate their democratically elected leaders. There were some reported cybersecurity attacks by foreign hackers, including some governments, most notably there has been some fingerpointing at Russia. There were some more kidnapping of students in Africa. There has been a recent significant increase in asylum seekers and unaccompanied children crossing into the US along its southern borders.

Daily Corporate News:

AT&T(PBR11 $T) updates strategy and financial outlook, includes expecting 120-150 million worldwide HBO Max and HBO subscribers by end of 2025, up from the 75-90 million projected in 10/19, to begin deploying the first 40 MHz of the 80 MHz C-band spectrum awarded in a recent US FCC auction by the end of 2021. PR link.

Cardinal Health(PBR14 $CAH) to sell its $750 million in annual revenues cardiovascular device manufacturer Cordis business to Hellman & Friedman for approximately $1 billion, to close by 12/31/21. PR link.

Boeing(PBR55 $BA) gets orders for 24 Boeing 737 MAX airplanes with option to purchase an additional 60 airplanes by private investment firm 777 Partners. PR link.

L Brands(PBR238 $LB) to repay $1.035 billion of debt with $1.1 billion from its cash, authorizes new $500 million share repurchase program, replaces previous authorization which had $79 million remaining. PR link.

Charles Schwab(PBR288 $SCHW) says new brokerage accounts were 1.2 million in February, up over 200% from February 2020 and up 11% compared to January 2021. Article includes hotlink to CFO commentary. PR link.

Blackstone(PBR401 $BX) Real Estate unit completes $3.4 billion acquisition of 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. PR link.

Lumentum(PBR944 $LITE) is notified by Coherent(NASDAQ: COHR) that an unsolicited acquisition proposal from II–VI(NASDAQ: IIVI) to acquire Coherent in a cash & stock transaction constitutes a “Company Superior Proposal,” Lumentum has until 11:59 p.m. Pacific Time on Wednesday, 03/17/21 to amend its transaction agreement or waive matching rights, Coherent would be required to pay a $217.6 million termination fee to Lumentum if Coherent terminates the definitive agreement. PR link.

Cedar Fair(PBR966 $FUN) hiring approximately 45,000 seasonal associates across its 12 US properties during 2021, having a virtual national hiring day on 03/13/21, outlines plans for reopening of parks. PR link.

Daily Economic News:

The US Dept of Labor says the Preliminary February 2021 US Producer Price Index Total Monthly Final Demand is at +0.5%, January 2021 was at +1.3%, December 2020 +0.3%, February 2020 -0.5%; the February 2021 US Total Last 12 Months Final Demand(Unadjusted) is at +2.8%, January 2021 was at +1.7%, December 2020 +0.8%, February 2020 +1.1%. PR link.

The U of Michigan Preliminary March 2021 US Consumer Sentiment Index is at 83.0, February 2021 was at 76.8, January 2021 79.0, March 2020 89.1. “Overall, the data indicate strong growth in consumer spending during the year ahead, with the largest percentage gains for services, including travel and restaurants, and the smallest increases for vehicles and homes.” PR link.

***Thursday, March 11

Daily Corporate News:

CVS Health(PBR4 $CVS) now offering COVID-19 vaccines in nearly 1,200 stores in 29 states and Puerto Rico, expanding to additional states as fast as supply allows, with the capacity to administer 20 25 million shots per month. PR link.

Verizon(PBR17 $VZ) sees big demand for its $25 billion debt deal. MarketWatch PR link.

Kroger(PBR20 $KR) Health unit increases COVID-19 vaccination capacity to 1 million doses per week, will use the first hour of pharmacy operations as a focus hour assigned to administering the three FDA-authorized vaccines, to launch in Ohio this week, expand in following weeks, is planning 100 mass vaccination off-site events nationwide. PR link.

T-Mobile(PBR46 $TMUS) outlines its 5G plans, says it is ahead of plan on merger synergy goals and expects total net present value of merger synergies to be more than $70 billion – up more than 60% from the original merger guidance of $43 billion, raises mid- and long-term guidance, setting up potential for up to $60 billion in shareholder returns from 2023 through 2025. PR link.

Goldman Sachs(PBR83 $GS) to invest $10 billion and $100 million in philanthropic support in new initiative One Million Black Women, investment areas to include healthcare, education, housing, and small business. PR link.

Johnson Controls(PBR136 $JCI) authorizes $4 billion share repurchase program increase, adds to the $2.0 billion available, plans to repurchase around $1 billion in fiscal 2021. PR link.

Kohl’s(PBR155 $KSS) announces its first private label, specialty athleisure brand, FLX, in more than 300 Kohl’s stores and online at Kohls.com, for women and men. PR link.

MGM Resorts(PBR241 $MGM)’s BetMGM gets exclusive sports betting experience with sports bar chain Buffalo Wild Wings in Colorado, New Jersey, Indiana, Iowa, Tennessee and West Virginia, to be available through an app in the sports bars. PR link.

Molson Coors(PBR292 $TAP) says it experienced a systems outage caused by a cybersecurity incident, working around the clock to get its systems back up as quickly as possible, has caused and may continue to cause a delay or disruption to parts of its brewery operations, production, and shipments. PR link.

Quest Diagnostics(PBR388 $DGX) to do $900 million shares repurchase in 1H21. PR link.

S&P Global(PBR434 $SPGI) acquisition of IHS Market(NYSE: INFO) gets shareholders approval by both companies, all stock transaction values IHS Market at $44 billion, includes $4.8 billion in debt, to close in 2H2021. PR link.

Hillenbrand(PBR812 $HI) completes $103.5 million cash sale of its Abel Pumps unit to IDEX(PBR817). PR link.

Ulta Beauty(PBR399 $ULTA) CEO Mary Dillon to become Executive Chair in 06/21, President Dave Kimbell to become CEO, current Chair Robert DiRomualdo to retire after 3 years and 17 years on the Board. PR link.

Daily Economic News:

The US Federal Reserve says the Preliminary 4Q20 US Networth of Households & Non-Profits is at $130.2 trillion, 3Q20 was at $123.2 trillion, 2Q20 $119.6 trillion, 4Q19 $118.2 trillion. PR link.

The US Dept of Labor says the Preliminary January 2021 US Job Openings-Public is at 6,236,000, Government 681,000, to make January 2021 US Total Job Openings at 6,917,000, December 2020 was at 6,753,000, November 2020 6,572,000, January 2020 7,155,000. PR link.

The US Federal Housing Finance Agency (FHFA) announces that Fannie Mae and Freddie Mac will extend temporary loan origination flexibilities from 03/31/21 to until 04/30/21. PR link.

FreddieMac releases its “Refinance Trends in 2020,” says, “While the economy was in recession, record low mortgage interest rates contributed to refinance activity reaching near record highs.” PR link.

***Wednesday, March 10

Daily Corporate News:

Apple(PBR3 $AAPL) to make Munich, Germany, its European Silicon Design Center, to focus on 5G and future wireless technologies, adding hundreds of new employees and a new state-of-the-art facility, to invest over $1 billion Euros($1.2 billion). PR link.

Verizon(PBR17 $VZ) says it succeeded in more than doubling its existing mid-band spectrum holdings by adding an average of 161 MHz of C-Band nationwide for $52.9 billion in the recent US FCC C-Band auction, outlines plans for continuing rollout of 5G and beyond. PR link.

Johnson & Johnson(PBR33 $JNJ) to receive an order for 100 million COVID-19 vaccines from the US government per statement by US President Biden, giving the US more than enough supply to vaccinate the entire US population. NBCNews PR link.

GE(PBR35 $GE) to combine its GE Capital Aviation Services leasing business (“GECAS”) with AerCap Holdings NV, will receive $30+ billion, including $24 billion in cash plus 46% ownership in new company and $1 billion paid in AerCap notes and/or cash upon closing, GE to reduce its debt by $30 billion after close of transaction, to close in 9-12 months. PR link.

GE(PBR35 $GE) at annual meeting in 05/21 to vote on 8:1 reverse stock split. PR link.

Target(PBR36 $TGT) partnering with 600+ CVS(PBR4 $CVS) locations within Target stores to offer COVID-19 vaccines to eligible guests and team members. PR link.

T-Mobile(PBR46 $TMUS) comments about its $9.3+ billion investment in the FCC’s C-Band auction, selectively acquiring additional mid-band spectrum it will use to take America’s largest and fastest 5G network to the next level. PR link.

Walt Disney(PBR51 $DIS)’s ESPN sports unit gets 7 year deal with the NHL, returning hockey to ESPN for the first time since 2004. PR link.

Oracle(PBR74 $ORCL) authorized the repurchase of up to an additional $20.0 billion of common stock under its existing share repurchase program in future quarters. PR link.

ConocoPhillips(PBR82 $COP) resumes its share repurchase program at an annualized level of $1.5 billion, a 50% increase compared to the level of repurchases underway in 4Q20 when the program was suspended due to the Concho acquisition. PR link.

American Airlines(PBR177 $AAL) upsizes AAdvantage Financing To $10.0 Billion and pricing of senior secured notes, proceeds to be used to pay off federal government loan and for general corporate purposes. PR link.

AMC Entertainment(PBR503 $AMC) in 4Q20 report says it had around 8 million patrons in 4Q20, as if 03/05/21, was operating approximately 527 of its 589 domestic locations, and approximately 78 of its 356 international locations. PR link.

Express(PBR890 $EXPR) is finalizing a strategy that will grow its digital channel to $1.0 billion in 2024. PR link.

Lumentum(PBR944 $LITE) to acquire global provider of lasers and laser-based technology for scientific, commercial and industrial customers Coherent(NASDAQ: COHR) for $261.62/share in cash and stock, around $6.6 billion, at closing Coherent stockholders to own approximately 24% percent of the combined company, to close in 2H21. PR link.

Daily Economic News:

The US Dept of the Treasury says the February 2021 US Federal Government Receipts is at $248.3 billion, Outlays $559.2 billion, to make February 2021 Deficit at $310.9 billion, January 2021 Deficit was at $162.8 billion, December 2020 Deficit $143.6 billion, February 2020 $235.3 billion; February 2021 YTD Deficit(5 Months) is at $1,046.7 billion, February 2020 YTD Deficit was at $624.5 billion. PR link.

The US Dept of Labor says the February 2021 US Change in Monthly Consumer Price Index-Urban is +0.4%, the February 2021 Last 12 Months(Unadjusted) is at +1.7%, January 2021 was at +1.4%, December 2020 +1.4%, February 2020 +2.3%. PR link.

The US Dept of Labor says the Preliminary February 2021 US Current Averaging Earnings Per Hour is at $30.01, Average Number of Hours Worked Per Week is at 34.6, for February 2021 US Average Earnings Per Week at $1,038.35, January 2021 was at $1,044.91, December 2020 $1,037.88, February 2020 $980.74. PR link.

***Tuesday, March 9

Daily Corporate News:

Walgreens(PBR16 $WBA) has provided approximately 5 million COVID-19 vaccinations across long-term care facilities, in stores and through dedicated clinics, is receiving approximately 1 million COVID-19 vaccine doses from Johnson & Johnson, Moderna and Pfizer this week as part of the Federal Retail Pharmacy Program. PR link.

Chevron(PBR27 $CVX) says it has exceeded its 2023 upstream carbon intensity reduction targets 3 years ahead of schedule and announces lower 2028 targets and zero routine flaring by 2030. PR link.

Target(PBR36 $TGT) launches new brand, Favorite Day, will feature more than 700 items across bakery, snacks, candy, premium ice cream, cake decorating supplies, beverage mixers, mocktails and more, to begin rolling out on 04/05/21. PR link.

Walt Disney(PBR49 $DIS) says it now has 100+ million global subscribers to its Disney+ streaming service, launched in the US on 11/12/19. PR link.

Albertsons(PBR54 $ACI) says 1+ million doses of COVID-19 vaccine have been administered to Americans nationwide through its pharmacy teams. PR link.

Penske Automotive(PBR130 $PAG) has adopted CarShop as its global brand for its used vehicle SuperCenters, by end of 2023 its goal is to expand CarShop from 17 international locations to 40, grow annual unit sales to 150,000, and increase revenue to $2.5 to $3.0 billion. PR link.

Assurant(PBR306 $AIZ) to sell its prearranged funeral insurance and final expense business, Global Preneed, and related legal entities and assets to CUNA Mutual Group, a broad financial services provider, for approximately $1.3 billion in cash, 75% of net proceeds to be used for share repurchases. PR link.

Daily Economic News:

CoreLogic says the December 2020 US Housing Mortgages 30 or More Days Delinquent is at 5.8%, November 2020 was at 5.9%, October 2020 6.1%, December 2019 3.7%. “Places with large job losses during the last year also experienced big jumps in mortgage delinquencies. By state, Hawaii and Nevada had the largest 12-month spike in delinquency rates, both up 4.1 percentage points. They also had large increases in unemployment rates, up 6.6 percentage points in Hawaii and 5.5 percentage points in Nevada compared with 3.1 percentage points for the U.S.” PR link.

***Monday, March 8

Daily Corporate News:

Eli Lilly(PBR138 $LLY) and Biolojic Design, a biotechnology company that computationally designs functional antibodies, to do a research collaboration and license agreement, will leverage Biolojic’s AI-based multibody platform to discover and develop a potential novel antibody-based therapy for treating diabetes, LLY will pay research fees associated with the collaboration, Biolojic to receive up to a total of $121 million for milestone achievements. PR link.

DuPont(PBR144 $DD) to acquire Laird Performance Materials, provider of high-performance electromagnetic shielding and thermal management with performance components and solutions that manage heat and protect devices from electromagnetic interference, with 4,300 employees and 2020 revenues of $465 million, from private equity firm Advent International, for $2.3 billion cash, to close in 3Q21. PR link.

DuPont(PBR144 $DD) authorizes new $1.5 billion share buyback program, expires 06/30/22, around $1 billion remaining on previous authorization, expects to complete by 06/01/21. PR link.

PayPal(PBR173 $PYPL) to acquire Tel Aviv, Israel based Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets, to close in 1H21, terms not disclosed. PR link.

Ross Stores(PBR198 $ROST) to add approximately 60 new stores – 40 Ross and 20 dd’s DISCOUNTS locations in fiscal 2021, over the long-term think Ross can grow to 2,400 locations and dd’s DISCOUNTS a chain of 600 stores. PR link.

DISH(PBR245 $DISH) to acquire Republic Wireless, an MVNO service operating on the T-Mobile network with 200,000 customers, to close in 2Q21, terms not disclosed. PR link.

Baxter(PBR273 $BAX) BioPharma Solutions unit to provide fill/finish sterile manufacturing services and supply packaging at its Bloomington, IN, campus for approximately 60-90 million doses of the Moderna COVID-19 Vaccine in 2021. PR link.

Camping World(PBR541 $CWH) continues march towards a national recreational dealer platform with acquisition of sites in Georgetown, DE; Lincoln, NE; and Billings, MT markets, will be first locations in those states, part of plan to acquire dealers or build its own facilities. PR link.

Laureate Education(PBR702 $LAUR) completes transfer control of Fundaempresa, which manages Laureate’s operations in Honduras – Universidad Tecnológica Centroamericana (UNITEC), including the operation of Centro Universitario Tecnológico (CEUTEC), with total student enrollment of around 23,000, to not-for-profit Fundación Nasser. PR link.

Apollo Global Mgmt(PBR755 $APO) to acquire Athene (NYSE: ATH), a retirement services company with total assets of $202.8 billion as of 12/31/20, in an all-stock transaction that implies a total equity value of approximately $11 billion for Athene, Apollo to also proceed with conversion to simplified structure, with single class of voting stock and equal voting rights for each share, to close in 01/22. PR link.

McAfee(PBR804 $MCFE) to sell its cybersecurity Enterprise business to a consortium led by Symphony Technology Group (STG) for $4.0 billion cash, to close by 12/31/21, McAfee to retain its name, focus on its consumer cybersecurity business. PR link.

FirstEnergy(PBR282 $FE) President/Acting CEO Steven E. Strah has been named President/CEO and a member of the Board, effective immediately. PR link.

Daily Economic News:

The US Dept of Commerce/Census says the Preliminary January 2021 US Wholesale Sales-Durables is at $258.4 billion, Non-Durables $269.7 billion, for January 2021 US Total Wholesale Sales at $661.7 billion, December 2020 was at $653.2 billion, November 2020 $649.5 billion, January 2020 $658.1 billion. PR link.

FannieMae says the February 2021 US Home Purchase Sentiment Index is at 76.5, January 2021 was at 77.7, December 2020 74.0, February 2020 92.5. “As we expected, the HPSI remained relatively flat in February, but underlying data indicate growing job-related optimism among consumers, especially among lower-income and renter groups… With the growing likelihood that lockdown restrictions will continue easing as vaccination efforts ramp up, and with warmer weather on the horizon and another round of fiscal stimulus pending, these two segments of consumers may have good reason to feel more positive about the labor market.” PR link.

***Friday, March 5

The US Stock Exchanges Recap for Week 9 of 2021 ending 03/05/21:

DJIA ends Week 9 at 31,496.30, +1.82% from last Friday/MTD, +2.91% QTD/YTD, -1.46% from record 31,961.86 set 02/24/21.

NASDAQ ends Week 9 at 12,920.15, -2.06% from last Friday/MTD, +0.25% QTD/YTD, -8.34% from record 14,095.47 set 02/12/21.

SPX ends Week 9 at 3,841.94, +0.81% from last Friday/MTD, +2.29% QTD/YTD, -2.36% from record 3,934.83 set 02/12/21.

US Stock Exchanges Week 9 of 2021 News Summary:

On Monday The Stock Market Bull charged onto the pasture with great determination and achieved great success. The Stock Market Bear, in an intentional distraction move, told the Bull that he needed to schedule his COVID-19 vaccine shots. The strategy worked to perfection, giving The Stock Market Bear his opportunity to viciously attack, especially the NASDAQ, which he did over the next 3 days, resulting in a big tech sell-off. But The Stock Market Bull did finally get his 1st shot scheduled and when he returned to the pasture was enraged at the deception and savagery of The Stock Market Bear, trampled him without mercy, and took Friday overwhelmingly. It was not enough, however, to recapture the NASDAQ, so Week 9 ends with The Stock Market Bull having a 2-1 mixed result. With all the volatility of the past 2 weeks it will be interesting to see what strategies work out for Week 10.

The Week 9 of 2021 tally YTD is:

 

• The Stock Market Bull: 4 weeks
• The Stock Market Bear: 3 weeks
• Mixed Results: 2 weeks

 

Week 9 News Summary:

Coronavirus Pandemic: As of today, Friday, 03/05/21, at 2:25PM Eastern US, the John Hopkins University CSSE unit says there are now 115,913,859 confirmed cases globally with 2,576,079 deaths, an increase from last Friday of 62,699, which is -182 from last Friday. For the US it is 28,873,800 confirmed cases and 522,221 deaths, an increase from last Friday of 112,511, which is -1,693 from last Friday, the 4th week in a row of declining death rates. With the addition of the US FDA Emergency Use Authorization of the Johnson & Johnson COVID-19 single shot vaccine last weekend the US now has 3 approved vaccines, production continues to ramp up, logistical systems running more smoothly and vaccinations are well over 1 million per day. President Biden announced that there will be enough vaccine doses for every US adult by the end of May. Controversially, the governor of Texas announced there are no longer any restrictions now, but strongly recommended people follow suggested guidelines by health professionals. A few other states are doing the same, while the vast majority are keeping restrictions in place for now.

US Federal Government: The US House passed its $1.9 trillion stimulus package and is now being worked on in the US Senate where it appears the Democrats slim edge in power can be used to leverage the some of the rules to pass the legislation without any Republican votes. President Biden has said he would sign it. The US House also passed a Voting Rights measure, which is also now headed to the US Senate. Presidential nominee’s for high level positions continue to advance, with only one person withdrawing from the process so far. A possible 2nd attempt at an insurrection with an attack on the Capital Building on March 4th was apparently thwarted.

US Economy: The ADP monthly employment report for February indicated much lower employment growth by the private sector than expected, but the US Dept of Labor Employment report for January released on Friday greatly exceeded expectations. The Federal Reserve Beige Book was released and indicated modest economic growth. The Congressional Budget Office released a report indicating that the US national debt continues to rise and will continue to do so for years to come, also increasing as a percent of gross domestic product. US trade also showed an increasing deficit. Treasury yields were up significantly for the week, signaling some concerns about inflation. However, Fed Reserve Chairman Powell indicated that it should not be a concern at this time. Manufacturing surveys and reports continue to show growth in that sector. Consumer debt did not increase as much as had been expected, with the reason given that many have used the stimulus checks to reduce credit card debt. Mortgage rates for a 30 year fixed rose to just above 3%.

Corporate Business: More corporations are resuming dividend payouts and share buyback programs. Some of the larger retailers are starting to more aggressively add products and services and use e-commerce to drive sales. Manufacturing continues to grow. There are a lot of opinions that say once the COVID-19 pandemic has passed there will be significant growth in all business sectors.

International News: . There continue to be some growing tensions with Iran and their activities in Syria. Also, Iran has stated that it will not negotiate directly with the US on its nuclear capabilities. The US has placed sanctions on some Russia officials over the way it is dealing with Putin adversary Navalny. Myanmar continues to experience unrest over the military’s overturn of the democratically elected government and military forces killed some people at a protest. Pope Francis is in Iraq trying to encourage Muslims and Christians to get along. The UK and Europe are experiencing some of the results of the Brexit deal with food shortages occurring in Northern Ireland. President Biden needs to address the arrangement the US made with the Taliban in Afghanistan, and decide whether or not to withdraw all US troops by May 1 per the agreement.

Daily Corporate News:

Chevron(PBR26 $CVX) to acquire all (33.925 million) of the publicly held common units representing the limited partner interests in Noble Midstream Partners, LP (NASDAQ: NBLX) not already owned by Chevron, each outstanding unitholder of Noble Midstream would receive 0.1393 of a share of common stock of Chevron in exchange for each Common Unit owned, to close in 2Q21. PR link.

Gilead Sciences(PBR133 $GILD) gets US FDA accelerated approval for Yescarta® (axicabtagene ciloleucel) for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy. PR link.

Nielsen(PBR444 $NLSN) completes $2.7 billion sale of its consumer packaged goods manufacturers and retailers data and insights provider Nielsen Global Connect business to private equity firm Advent International in partnership with James “Jim” Peck, former TransUnion CEO. PR link.

Norwegian Cruise Lines(PBR447 $NCLH) prices its underwritten public offering of 47,577,947 ordinary shares to the public for $30.00 per share, expects offering to close on 03/09/21. PR link.

Sprouts(PBR482 $SFM) to open 20 new stores in 2021, to be located in California, Florida and Texas, includes four with a new, smaller format. PR link.

Navient(PBR496 $NAVI) violated the Consumer Protection Act by engaging in unfair and deceptive conduct related to Washingtonians’ student loans, according to a King County Superior Court Judge, says Navient’s statements promoting co-signer release misrepresented the way Navient actually implemented the program, other claims to be addressed on 04/18/22 court date. State of Washington AG Office PR link.

Daily Economic News:

The US Dept of Labor says the February 2021 US Employment is at 150,239,000, +208,000 from January 2021, -8,493,000 from February 2020; February 2021 US Unemployed is at 9,972,000, -158,000 from January 2021, +4,256,000 from February 2020; February 2021 US Unemployment Rate is at 6.2%, January 2021 was at 6.3%, February 2020 3.5%. PR link.

The US Dept of Commerce/Census says the January 2021 US Exports-Goods is at $135.7 billion, Services $56.3 billion, January 2021 US Total Exports is $192.0 billion/; January 2021 US Imports-Goods is at $221.1 billion, Services $39.0 billion, January 2021 US Total Imports is at $260.1 billion; January 2021 US Total Deficit is $68.1 billion, December 2020 Deficit was at $67.0 billion, November 2020 Deficit $69.1 billion, January 2020 Deficit $44.4 billion. PR link.

The US Federal Reserve says the Preliminary January 2021 US Consumer Credit Outstanding-Revolving is at $965.1 billion, Non-Revolving $3,211.7 billion, for January 2021 US Total Consumer Credit Outstanding at $4,176.8 billion, December 2020 was at $4,178.1 billion, November 2020 $4,169.3 billion, January 2020 $4,201.5 billion. PR link.

***Thursday, March 4

Daily Corporate News:

Amazon(PBR2 $AMZN) opens its first physical store outside the US in the UK, the London store uses weight sensors to detect what customers pick up and bills their card automatically. Yahoo PR link.

ViacomCBS(PBR103 $VIAC) launches its Paramount+ streaming service, offers 2 tiers, premium at $9.99/mo, an ad supported tier at $4.99/mo. PR link.

Amgen(PBR129 $AMGN) to acquire developer of immuno-oncology and targeted cancer therapies Five Prime Therapeutics(NASDAQ: FPRX) for $38.00/share cash, representing an equity value of approximately $1.9 billion, to close by end of 2Q21. PR link.

Penske Automotive(PBR130 $PAG) to acquire Kansas City Freightliner, a retailer of medium and heavy-duty commercial trucks, expected to generate $450 million in annualized revenue, to close in 2Q21, terms not disclosed. PR link.

Gilead Sciences(PBR133 $GILD) completes around $1.29 billion cash, plus up to around $335 million for milestone achievements acquisition of MYR GmbH, a German biotechnology company focused on the development and commercialization of therapeutics for the treatment of chronic hepatitis delta virus (HDV). PR link.

Marriott Intl(PBR151 $MAR) to provide 4 hours equivalent pay for associates participating in its COVID-19 Vaccination Care Program. PR link.

Biogen(PBR219 $BIIB) to build a 175,000 sf gene therapy manufacturing facility at its Research Triangle Park manufacturing campuses in N Carolina, will create around 90 new jobs, around a $200 million investment. PR link.

Sprouts(PBR482 $SFM) authorizes a new share repurchase program for $300 million. PR link.

Square(PBR562 $SQ) to acquire a majority ownership stake in TIDAL, the global music and entertainment platform, for $297 million cash and stock, will operate independently within Square, Shawn “JAY-Z” Carter will be joining Square board at close of transaction, to close in 2Q21. PR link.

Old Dominion Freight Line(PBR616 $ODFL) anticipates hiring 800 Class A Commercial Driver’s License (CDL) truck drivers over the next 3 months, more than 1,200 jobs are currently open, including drivers, dock workers, and clerical positions, in response to a strong economic recovery with robust freight demand, tighter capacity. PR link.

Adtalem Education(PBR999 $ATGE)’s Chamberlain University opening its Irwindale campus in order to expand access to nursing education and better address projected nationwide nursing shortage of nearly half a million nurses by 2030. PR link.

Daily Economic News:

The US Congressional Budget Office publishes The 2021 Long-Term Budget Outlook, says at an estimated 10.3% of gross domestic product (GDP), the deficit in 2021 would be the second largest since 1945, exceeded only by the 14.9% shortfall recorded last year, forecasts national debt to almost double to 202% of GDP by 2051. PR link.

The US Dept of Commerce/Census says the Preliminary January 2021 US Manufacturers New Orders-Durables is at $256.7 billion, Non-Durables $252.7 billion, for January 2021 Manufacturers Total New Orders $509.4 billion, December 2020 was at $496.3 billion, November 2020 $488.3 billion, January 2020 $497.5 billion. PR link.

The US Dept of Labor says the Revised 4Q20 US Business Sector Labor Productivity Output/Hour Annual Rate is at -4.9%, 3Q20 was at +5.5%, 2Q20 +10.1%, 1Q20 -0.4%, the 2020 Annual Rate is +2.5%. PR link.

The US Federal Housing Finance Agency announces that Fannie Mae and Freddie Mac will continue to offer COVID-19 forbearance to qualifying multifamily property owners through 06/30/21, subject to the continued tenant protections FHFA has imposed during the pandemic, programs were set to expire 03/31/21. PR link.

MasterCard SpendingPulse says US February 2021 retail sales excluding automotive and gasoline increased 4.6% year-over-year when adjusted for Leap Year, online sales grew 54.7% compared to 2020. PR link.

***Wednesday, March 3

Daily Corporate News:

Walmart(PBR1) over next ten years will spend an additional $350 billion on items made, grown or assembled in the US, estimates it will support more than 750,000 new American jobs, has identified six priority categories to focus on: plastics; textiles; small electrical appliances; food processing; pharmaceutical and medical supplies; and Goods Not For Resale (GNFR). PR link.

ExxonMobil(PBR10) outlines plans through 2025 to increase earnings and cash flow to sustain and grow its dividend, reduce debt and fund advantaged projects, while working to commercialize lower emission technologies in support of the goals of the Paris Agreement. PR link.

Lowe’s(PBR41) says all stores in the US and Canada will be closed on Easter Sunday, 04/04/21, to showits appreciation for more than 300,000 associates’ continued dedication. PR link.

FedEx(PBR47) to invest $2 billion in its commitment to be carbon neutral by 2040, includes entire pickup and delivery (PUD) fleet will be electric vehicles by 2040, half of its FedEx Express PUD purchases will be EVs by 2025, rising to 100% by 2030. PR link.

Pfizer(PBR63) gets US FDA approval for supplemental New Drug Application (sNDA) for LORBRENA® (lorlatinib), expanding the indication to include first-line treatment of people with anaplastic lymphoma kinase (ALK)-positive non-small cell lung cancer (NSCLC). PR link.

Dollar Tree(PBR125) in 4Q20 report says it has authorized an increase of $2.0 billion for the share repurchase program, plans to open 400 new Dollar Tree stores, 200 Family Dollar stores and to renovate 1,250 Family Dollar stores. PR link.

CarMax(PBR155) providing bonuses to over 80% of its associates, $500 for fulltime associates, $250 for part-time associates employed by 03/01/20, prorated for associated hired after, 22,000 associates are eligible. PR link.

Las Vegas Sands(PBR225) to sell its Las Vegas properties, The Venetian and the Sands Expo and Convention Center, to Apollo Global Mgmt(PB755) and VICI Properties for around $6.25 billion, will focus on its Asian properties. PR link.

Jacobs Engineering(PBR229) completes acquisition of a 65% majority stake in UK based PA Consulting for enterprise value of $2.5 billion, remaining 35% to be owned by PA employees, PA has over 3,200 specialists globally in defence and security, consumer and manufacturing, government, health and life sciences, transport, energy and utilities, and financial services. PR link.

DISH(PBR244) and DraftKings(NASDAQ: DKNG) announce strategic agreement across DISH’s portfolio of brands to bring DraftKings’ sportsbook and daily fantasy experiences directly to DISH customers nationwide, beginning with a first-of-its-kind DraftKings app integration on the DISH TV Hopper platform, also allows for future DraftKings sportsbook and daily fantasy experiences with DISH Network’s SLING TV and Boost Mobile. PR link.

Bed Bath & Beyond(PBR275) announces the biggest change in its product assortment in a generation, plans to launch at least eight new Owned Brands in fiscal 2021, with six of these being launched sequentially in the first six months of the fiscal year, part of its 3 year transformation plan. PR link.

Boston Scientific(PBR288) to acquire the $200 million in annual revenues global surgical business of Israel based Lumenis LTD, a privately-held company that develops and commercializes energy-based medical solutions, for an upfront cash payment of $1.07 billion, to close in 2H21. PR link.

Ralph Lauren(PBR459) introduces ‘The Lauren Look,’ its first subscription apparel rental initiative, with the Lauren Ralph Lauren brand. PR link.

Michael’s Cos(PBR518) to be acquired by Apollo Global Mgmt(PBR755) for $22.00/share, transaction value of around $5.0 billion, today starts 25 calendar days go-shop period for alternative proposals, to close by 04/30/21. PR link.

Coty(PBR561) to partnerwith LanzaTech to introduce sustainable ethanol made from captured-carbon emissions into its fragrance products with goal of having the majority of its fragrance portfolio using ethanol sourced from carbon-capture by 2023. PR link.

Dycom(PBR686) authorizes a new $150 million share repurchase program, expires in 18 months. PR link.

Zynga(PBR980) has acquired Echtra Games, a cross-platform game studio composed of a development team whose core members have previously shaped the world of action role-playing games through their work on genre-defining titles including Diablo, Diablo II, the Torchlight franchise and more, terms not disclosed. PR link.

Alleghany Corp(PBR338) President/CEO Weston M. Hicks to retire at end of 2021, EVP Joseph P. Brandon to become President on 04/23/21, CEO and a director upon Hicks’ retirement. PR link.

Daily Economic News:

The US Federal Reserve releases the Beige Book for data collected through 02/22/21, says, “Economic activity expanded modestly from January to mid-February for most Federal Reserve Districts. Most businesses remain optimistic regarding the next 6-12 months as COVID-19 vaccines become more widely distributed… ” PR link.

ADP says the Preliminary February 2021 US Private Sector Change in Employment-Small Businesses(1-49 Employees) is at +32,000, Mid-Sized(50-499) +57,000, Large(500 or more) +28,000; Goods Producing Sector is -14,000, Services Sector +131,000; Total February 2021 Change in Employment is +117,000, January 2021 was at +195,000, December 2020 -75,000, February 2020 +199,000. “The labor market continues to post a sluggish recovery across the board… We’re seeing large-sized companies increasingly feeling the effects of COVID-19, while job growth in the goods producing sector pauses. With the pandemic still in the driver’s seat, the service sector remains well below its pre-pandemic levels; however, this sector is one that will likely benefit the most over time with reopenings and increased consumer confidence.” PR link.

The Institute for Supply Management says the February 2021 US Services PMI Index(>50 economy is growing) is at 55.3%, January 2021 was at 58.7%, December 2020 57.7%, February 2020 57.9%. “This reading indicates the ninth straight month of growth for the services sector, which has expanded for all but two of the last 133 months.” PR link.

IHS Markit says the February 2021 US Composite PMI Output Index is at 59.5, January 2021 was at 58.7, December 2020 55.3, February 2020 49.6. “Contributing to the overall rise in activity was a stronger rise in new business. Private sector new order growth was the fastest since April 2018. Despite a renewed contraction in service sector foreign client demand, an expansion in manufacturing export orders led to another modest upturn in overall new business from abroad… ” PR link.

***Tuesday, March 2

Daily Corporate News:

ExxonMobil(PBR10 $XOM) to reduce its 4,000 staff in Singapore by 300 in 2021, an impact of the COVID-19 pandemic. PR link.

Target(PBR35 $TGT) plans to invest approximately $4 billion annually during the next several years to continue scaling capabilities across its retail platform, will accelerate new store openings and store remodels, enhance fulfillment services and strengthen its supply chain. PR link.

Merck(PBE68 $MRK) has multiple agreements to expand manufacturing capacity and supply of SARS-CoV-2/COVID-19 medicines and vaccines, to get up to $268.8 million fro US Dept of Health & Human Services to adapt and make available a number of existing manufacturing facilities for the production of SARS-CoV-2/COVID-19 vaccines and medicines, has an agreement with Johnson & Johnson(PBR34 $JNJ) to manufacture its COVID-19 vaccine. PR link.

Kohl’s(PBR158 $KISS) in 4Q20 report says it is resuming share buybacks, anticipates $200-$300 million in 2021, says it has 65 million active customers, 30 million loyalty customers, 29 million Kohl’s charge card holders, expects mid-teens revenue increase in 2021. PR link.

American Electric Power(PBR199 $AEP), Dominion Energy(PBR193 $D), Duke Energy(PBR116 $DUK), Entergy Corp(PBR285 $ETR), Southern Co(PBR146 $SO) and the Tennessee Valley Authority, members of the Electric Highway Coalition, announce a plan to enable electronic vehicle(EV) drivers seamless travel across major regions of the US through a network of DC fast chargers for EVs for an estimated 18 million EVs by 2030. PR link.

Lithia Motors(PBR245 $LAD) has acquired the Fink Auto Group with five locations in the greater Tampa, FL market, is expected to add $430 million in annualized revenue, includes Hyundai of New Port Richey, the largest-volume Hyundai location in the US eight years in a row. PR link.

eBay(PBR287 $EBAY) receives acceptable proposed remedies from the UK Competition and Markets Authority(CMA)‘s concerns about its $9.2 billion cash & stock sale of its Classifieds business to Norway based Adevinta(OSLO: ADE), now plans to complete transaction in 2Q21. PR link.

Hertz(PBR313 $HTZGQ) files Plan for Reorganization with US Bankruptcy Court, contemplates that Knighthead Capital Management and Certares Opportunities will serve as the Plan Sponsors and will commit to invest up to $4.2 billion to purchase up to 100% (but not less than a majority) of the common stock of the reorganized Hertz, plan is to emerge from Chapter 11 in early to mid summer, hearing scheduled for 04/16/21. PR link.

Navistar(PBR395 $NAV) stockholders approve TRATON‘s proposal to acquire Navistar for $44.50 cash, to close in mid 2021. PR link.

Polaris Industries(PBR428 $PII) announces its 2022 snowmobile lineup, 22 new models on its rider-first, Matryx platform. PR link.

Agilent Technologies(PBR512 $A) to acquire Kirkland, WA, developer of next-generation sequencing (NGS)-based precision oncology solutions Resolution Bioscience for $550 million cash plus up to $145 million for milestone achievements, expects $50-55 million in revenues in 2021, to close in 04/21. PR link.

Camping World(PBR539 $CWH) to acquire EZ Living RV in Braidwood, IL, will be CWH 6th location in Illinois, to close in 03/21. PR link.

TreeHouse Foods(PBR602 $THS) announces agreement with JANA Partners, which owns approximately 7.4% of common stock, temporarily expands Board to 14 members, appoints two new independent directors: John P. Gainor Jr. and Kenneth I. Tuchman, expects to have 11 Board members after 2021 annual meeting. PR link.

Abercrombie & Fitch(PBR656 $ANF) in 4Q20 report says it has replaced existing share repurchase program that had a balance remaining of 3.2 million shares with a new authorization for 10 million shares available. PR link.

Palo Alto Networks(PBR679 $PANW) completes $156 million acquisition of Bridgecrew, a developer-first cloud security company. PR link.

Chico’s FAS(PBR889 $CHS) in 4Q20 report says it plans to push digital channel, anticipates closing approximately 13% to 16% of its remaining store fleet over the next three fiscal years, with approximately 40 to 45 of these closures occurring in fiscal 2021, the vast majority are expected to be mall-based Chico’s and White House Black Market stores. PR link.

WestRock(PBR175 $WRK) President/CEO/Board member Steven C. Voorhees to step down from on roles for health reasons on 03/15/21, hires David B. Sewell to be successor at that time. PR link.

Daily Economic News:

The PurdueU/CME Group February 2021 US Ag Economy Barometer Composite Index is at 165, January 2021 was at 167, December 2020 174, February 2020 168. “Relative to last fall, producers appear to be less confident about future growth in agricultural trade and are concerned about possible shifts in environmental and tax policy that could negatively impact the farm sector, leading them to be less confident about future conditions in the farm sector.” PR link.

***Monday, March 1

Daily Corporate News:

Walmart(PBR1 $WMT) drops its $35 minimum order requirement for Express Delivery, Express Delivery charge remains $10. PR link.

Berkshire Hathaway(PBR6 $BRK.B) shareholders get annual letter from Chairman Warren Buffett, mentions his $11 billion mistake, comments on BH’s version of being a conglomerate, repurchasing around 5% of BH’s stock for $24.7 billion in 2020, and much more. PR link.

Johnson & Johnson(PBR35 $JNJ)’s Janssen unit gets US FDA Emergency Use Authorization for its single-dose COVID-19 vaccine, to prevent COVID-19 in individuals 18 years of age and older, expects to deliver enough single-shot vaccines by the end of March to enable the full vaccination of more than 20 million people in the US, plans to deliver 100 million single-shot vaccines to the US during 1H21. PR link.

Cisco(PBR66 $CSCO) completes $115/share, around $4.3 billion cash acquisition of designer and manufacturer of high-speed, optical interconnect technologies Acacia Communications. PR link.

Nordstrom(PBR200 $JWN) in partnership with smart home gym and personal trainer provider Tonal to provide a 50 sf concept where visitors can experience a full Tonal demo and try a workout firsthand, to be in 40 stores in 20 states starting in March. PR link.

Royal Caribbean(PBR283 $RCL) offering $1,500,000,000 of its common stock to the public. PR link.

Genworth Financial(PBR371 $GNW) sells its interest Genworth Mortgage Insurance Australia for $247 million. PR link.

L3Harris Technologies(PBR426 $LHX) to sell its $500 million in annual revenues Military Training business to CAE for $1.05 billion and its $230 million in annual revenues Combat Propulsion Systems and related businesses to RENK AG for $400 million, both to close in 2H21. PR link.

Apache Corp(PBR448 $APA) completes its restructuring as a holding company, now APA Corporation, retains ticker NASDAQ: APA, Apache Corporation now a direct, wholly-owned subsidiary. PR link.

Perrigo(PBR547 $PRGO) to sell its Generic Rx Pharmaceuticals business to Altaris Capital Partners for total consideration of $1.55 billion, includes up to $50 million for milestone achievements, to close in 3Q21. PR link.

KKR(PBR608 $KKR) completes acquisition of 65% stake in Seiyu, a nationwide supermarket chain in Japan with more than 300 retail units, Japan based technology company Rakuten acquires 20%, and Walmart(PBR1 $WMT) retains 15% ownership, values Seiyu at around $1.6 billion. PR link.

Maximus(PBR674 $MMS) completes acquisition of the Federal division of privately held Attain for $430 million, provides artificial intelligence and machine learning to support the mission-critical objectives of numerous federal agencies. PR link.

Roku(PBR992 $ROKU) to acquire Nielsen(PBR444 $NLSN)’s Advanced Video Advertising (AVA) business, which includes Nielsen’s video automatic content recognition (ACR) and dynamic ad insertion (DAI) technologies, Nielsen and Roku will also enter into a strategic partnership to integrate complementary Nielsen ad and content measurement products into the Roku platform and further advance Nielsen ONE, the company’s cross-media measurement solution. PR link.

Daily Economic News:

The US Dept of Commerce/Census says the Preliminary January 2021 US Total Construction Spending-Residential is at $722.4 billion, Non-Residential $799.1 billion, January 2021 US Total Construction Spending is at $1,521.5 billion, December 2020 was t $1,496.5 billion, November 2020 $1,479.6 billion, January 2020 $1,437.7 billion. PR link.

The Institute for Supply Management says the February 2021 US Manufacturing PMI Index(>50 economy expanding) is at 60.8%, January 2021 was at 58.7%, December 2020 60.5%, February 2020 50.1%. “Manufacturing performed well for the ninth straight month, with demand, consumption and inputs registering strong growth compared to January. Labor-market difficulties at panelists’ companies and their suppliers continued to restrict manufacturing-economy expansion and will remain the primary headwind to production growth until employment levels and factory operations can return to normal across the entire supply chain…” PR link.

IHS Markit says the February 2021 US Manufacturing PMI Index is at 58.6, January 2021 was at 59.2, December 2020 57.1, February 2020 50.7. “Another month of strong production growth suggests that the US manufacturing sector is close to fully recovering the output lost to the pandemic last year, and a renewed surge in optimism suggests the recovery has much further to run…” PR link.

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