Oil Prices Continued To Drop At The End of 2014. What Does That Mean Short-Term and Long-Term?
By Larry C. Paxton
December 2014 finished on generally positive notes. The DJIA and S&P 500 finished at near their record highs, with the NASDAQ up significantly as well. The final numbers for holiday spending are not in, but initial indications are positive. 3rd quarter GDP numbers were revised up to a strong 5.0% annual rate. Most of the key indicators are preliminary, but reflect a mostly stable, though still fragile, US economy, and the envy of the rest of the world. Oil prices continued to drop significantly and the overall impact short term and long term are still a guess. Internationally the biggest news was the hacking of Sony along with an unnamed threat if the new movie, “The Interview,” was released. The primary suspect is North Korea.
Now we enter 2015 with some cautious optimism. Let’s get this show on the road!
Following are the December 2014 Breaking News items, from the latest date to the first:
Wednesday, December 31:
DJIA closes 2014 at 17,823.07, -1.28% from last Friday, -0.03% MTD, +4.58% QTD, +7.52% YTD.
NASDAQ closes 2014 at 4,736.05, -1.47% from last Friday, -1.16% MTD, +5.40% QTD, +13.40% YTD.
SPX closes 2014 at 2,058.90, -1.43% from last Friday, -0.42% MTD, +4.39% QTD, +11.39% YTD.
FreddieMac(PBR33) says 30 yr fixed rate mortgages finished last week of 2014 at an average of 3.87% with 0.6 points. Click here for the FreddieMac press release.
Eli Lilly(PBR121) completes $5.4 billion acquisition of Novartis Animal Healthcare. Click here for the Eli Lilly press release.
Spectrum Brands(PBR529) completes acquisition of Proctor & Gamble’s(PBR32) European based IAMs & Eukanuba pet food business, terms not disclosed. Click here for the SB press release.
Tuesday, December 30:
Clearwater Paper(PBR913) has sold its specialty products business & mills to Dunn Paper, terms not disclosed. Click here for the CP press release.
The US Dept of Commerce in its preliminary 3rd quarter report says that US international assets are at $24.6 trillion, liabilities at $30.8 trillion, -$6.2 trillion balance. Click here for the USDOC press release.
Monday, December 29:
Walgreen(PBR36) shareholders approve buy of 55% remaining of Alliance Boots, GmBH, reorganization with Walgreen as subsidiary of public Walgreen Alliance Boots(NASDAQ: WBA), to be completed by 12/31/14. Click here for the Walgreen press release.
Liberty Interactive(PBR233) & Liberty Media(PBR571) both extend contract of president/CEO Maffei through 2019. Click here for the Liberty Interactive press release.
Cars.com estimates new car sales at 1.51 million units in December, 16.86 million annual rate, forecasts 17.1 million in 2015. Click here for the Cars.com press release.
Friday, December 26:
DJIA closes week at 18,053.71(R), +1.40% from last Friday, +1.26% MTD, +5.93% QTD, +8.91% YTD.
NASDAQ closes week at 4,806.86, +0.87% from last Friday, +0.32% MTD, +6.98% QTD, +15.09% YTD.
SPX closes week at 2,088.77(R), +0.88% from last Friday, +1.03% MTD, +5.91% QTD, +13.01% YTD.
Thursday, December 25:
Stock Markets Closed.
Have a Merry and Blessed Christmas!
Wednesday, December 24:
FreddieMac(PBR33) reports that 30 year fixed mortgage rates averaged 3.83% with 0.6 points for the week ending 12/24/14. Click here for FreddieMac report.
The US Dept of Labor in its advance report says that for the week ending Dec 20 initial jobless claims were at 280,000, -9,000 from the previous week. The 4 week moving average was 290,250. Click here for the USDOL press release.
Tuesday, December 23:
Fun Fact: The PBR1000 Stock Index for the end of November was +5.26% over October, +20.97% YTD, +61.37% over YE2012. Click here for The PBR1000 November Stocks/Commodities Snapshot blog post.
Bristol-Myers Squibb(PBR165) receives FDA accelerated approval for melanoma cancer treatment Opdivo. Click here for the BMS press release.
Family Dollar(PBR252), because of lack of votes to adopt the Dollar Tree(PBR329) merger agreement, adjourns today’s special meeting of stockholders to 01/22/15. Click here for the Family Dollar press release.
Dollar General(PBR153) extends tender offer to acquire Family Dollar(PBR252) to 01/30/15. Click here for the Dollar General press release.
Keurig Green Mountain(PBR499) voluntarily recalling 7.2 million MINI Plus Brewers because of possible steam burns. Click here for the Keurig statement.
Vornado Realty Trust(PBR714) to spin-off subsidiary Urban Edge Properties as an independent public company on NYSE: UE in January. Click here for the Vornado statement.
GNC Holdings(PBR739) unveils an exclusive, multi-year ecommerce partnership with health & fitness publisher American Media. Click here for the GNC press release.
Equinix(PBR852) converting to a real estate investment trust(REIT) for tax purposes effective 01/01/15. Click here for the Equinix press release.
The US Dept of Commerce says, in 3rd estimate of the 3rd quarter, that GDP grew at an annual rate of 5.0%. Click here for the USDOC press release.
The US Dept of HUD estimates that November new home sales were at an annual rate of 438,000, -1.6% from revised October. Median sales price was $280,900. Click here for the HUD press release.
The US Dept of Commerce preliminary report says that November personal income was +0.4% over October, disposable personal income +0.3%. Click here for the USDOC press release.
DJIA closes over 18,000 for the first time at 18,024.17, 36th record of the year; S&P500 closes at 2,082.17, 51st record of the year.
Monday, December 22:
Boeing(PBR31) comments on Air China’s commitment for 60 737s for over $6 billion. Click here for the Boeing press release.
Anthem(PBR40) to acquire Florida based managed care Medicaid & Medicare programs provider Simply Healthcare, terms not disclosed. Click here for the Anthem press release.
Oracle(PBR75) to acquire digital marketing services company Datalogix, terms not disclosed. Click here for the Oracle press release.
DuPont(PBR83) to consolidate corporate headquarters at Chestnut Run Plaza in Wilmington, DE, on 07/01/15. Click here for the DuPont press release.
Abbott Labs(PBR127) completes $250 million acquisition of private electrophysiology technologies medical device company Topera. Click here for the Abbott press release.
Chesapeake Energy(PBR152) completes sale of Southern Marcellus & Utica Shale units to Southwestern Energy(PBR624) for a revised $4.975 billion; $1 billion common share buyback program approved. Click here for the CE press release.
Caesars Entertainment(PBR301) & Caesars Acquisition(NASDAQ: CACQ) to do an all stock merger with combined market capitalization of $3.2 billion; will still be controlled by affiliates of Apollo Global Management(PBR531) & TPG Capital. Click here for the Caesars press release.
Ocwen Financial(PBR881) reaches $150 million settlement with NY Dept of Financial Services, exec chairman/founder William Erbey to step down on 01/16/15. Click here for the Ocwen press release.
Actavis(PBR297) appoints Jonathan Kellerman as EVP, global chief compliance officer, reports to president/CEO Brent Saunders. Click here for the Actavis press release.
Ball Corp(PBR304) appoints Erik Bouts as SVP & COO/global metal beverage packaging, effective 02/01/15, reports to chair/pres/CEO John Hayes. Click here for the Ball press release.
President Obama promised that 2014 would be a year of action. What did he accomplish? Click here for the White House review.
The National Association of Realtors reports that the annual rate of existing home sales in November was down from October to 4.93 million. Click here for the NAR press release.
Friday, December 19:
DJIA closes week at 17,804.80, +3.03% from last Friday, -0.13% MTD, +4.47% QTD, +7.41% YTD.
NASDAQ closes week at 4,765.38, +2.40% from last Friday, -0.55% MTD, +6.05% QTD, +14.10% YTD.
SPX closes week at 2,070.65, +3.41% from last Friday, +0.15% MTD, +4.99% QTD, +12.03% YTD.
Safeway(PBR84) & Albertsons to sell 168 stores to satisfy FTC requirements for the merger to proceed. Click here for the Safeway press release.
Xerox(PBR128) is selling its information technology outsourcing business to France based Atos for $1.05 billion. Click here for the Xerox press release.
Estee Lauder(PBR242) to acquire Hollywood skincare brand GLAMGLOW, terms not disclosed, to close in 01/15. Click here for the EL press release.
Ally Financial(PBR290) announces that the US Treasury has sold its remaining 54.9 million shares invested through the TARP program. Click here for the Ally press release.
News Corp(PBR299) has acquired India based startup BigDecisions.com, terms not disclosed. Clickhere for the News Corp press release.
Subsidiary Caesars Entertainment(PBR301) Operating Company reaches agreement with 1st lien holder, debt restructuring program detailed. Click here for the Caesars press release.
Vornado Realty(PBR714) completes sale of 601k sf office building 1740 Broadway in Manhattan for $605 million. Click here for the Vornado press release.
Ferro Corp(PBR967) completes sale of majority of assets in Polymer Additives to HIG Capital for $154 million cash. Click here for the Ferro press release.
Boeing(PBR31) announces personnel & responsibility changes at corporate and International unit. Click here for the Boeing press release.
Thursday, December 18:
MacMillan Publishers CEO John Sargent comments on agreement for books & ebooks with Amazon(PBR37) that will go into effect on 01/05/15. Click here for the MacMillan/TOR press release.
DuPont(PBR83) files Form 10 to spin-off Performance Chemicals unit as publicly traded The Chemours Company. Click here for the DuPont press release.
Dover(PBR295) selling stationary and portable label/receipt printing unit Datamax O’Neil to Honeywell International(PBR73) for $185 million. Click here for the Dover press release.
The Pantry(PBR331) agrees to be acquired by Quebec, Canada based Alimentation Couche-Tard(TSX: ATD.A) for $36.75/share, $1.7 billion cash, includes assumed debt. Click here for the The Pantry press release.
Harman International(PBR448) to acquire German based 100 employee infotainment systems, connectivity, & car audio solutions technology firm S1nn GmbH, terms not disclosed. Click here for the Harman press release.
Arthur J Gallagher(PBR647) acquires national program broker Affinity Marketing Group, terms not disclosed. Click here for the AJG press release.
Hyster-Yale Materials(PBR732) acquires fuel cell stacks & hydrogen production/dispensing systems developer Nuvera Fuel Cells, terms not disclosed. Click here for the HYM press release.
Kraft Foods(PBR145) CEO Tony Vernon to retire on 12/27/14, chairman John Cahill elected to add CEO title at that time. Click here for the Kraft press release.
GATX(PBR1032) promotes Jim Conniff to SVP, Human Resources. Click here for the GATX press release.
FreddieMac(PBR33) in its weekly report says average 30 yr fixed mortgage rate is at a record low of 3.80% with 0.6 point, was 4.47% 1 year ago. Click here for the FreddieMac press release.
Wednesday, December 17:
DISH Network(PBR199) is the 1st major US pay-TV provider to integrate Netflix(PBR534) app on its set-top box. Click here for the DISH press release.
Visteon(PBR338) selling its 70% interest in S. Korea based 15,500 employee Halla Visteon Climate Control to Hahn & Co for $3.6 billion. Click here for the Visteon press release.
Alaska Air(PBR459) 3,400 flight attendants ratify new 5 year contract, among highest paid in the industry. Click here for the AA press release.
Constellation Brands(PBR483) completes $300 million acquisition of Mexico based Nava Glass, form 50/50 partnership with Owens-Illinois, & buy other nearby infrastructure assets. Click here for the CB press release.
BE Aerospace(PBR611) stockholders get 1 share in now public KLX(NASDAQ: KLXI) spin-off for each 2 shares held. Click here for the BEA press release.
Arthur J Gallagher(PBR647) acquires employee benefits, HR, & retirement plans consultation and brokerage Rockville, MD, based Independent Benefit Services. Click here for the AJG press release.
Curtiss-Wright(PBR771) sells its upstream oil & gas Cimarron Energy unit to Turnbridge Capital for $100 million. Click here for the C-W press release.
Coca-Cola Co(PBR59) appoints Julie Hamilton as Chief Customer & Commercial Leadership Officer, reports to chairman/CEO. Click here for the Coca-Cola press release.
Carnival Corp(PBR176) names Christine Duffy as president of Carnival Cruise Lines unit, reports to corporate CEO. Click here for the Carnival press release.
The US Dept of Labor reports that the November Consumer Price Index was -0.3% over October, mostly due to the decline in oil prices, +1.3% over the last 12 mos. Click here for the USDOL press release.
The US Dept of Labor reports that real average hourly earnings increased by 0.8 percent, seasonally adjusted, from November 2013 to November 2014. Combined with a 0.3 percent increase in the average workweek, the result is a 1.1 percent increase in real average weekly earnings over this period. Click here for the USDOL press release.
The US Federal Reserve Board releases its economic projections based on the Federal Open Market Committee meetings of 12/16-17/14. Click here for the FRB press release.
President Obama’s statement/video for charting a new course on Cuba. Click here for the White House press release.
Tuesday, December 16:
CVS Health(PBR13) adds $10 billion for multi-year common shares repurchase program, total $12.7 billion now available. Click here for the CVS press release.
Asbury Automotive(PBR449) has acquired $140 million/yr Texas Motors Ford, rebranding as David McDavid Ford Fort Worth. Click here for the AA press release.
Bloomin’ Brands(PBR555) to start paying quarterly dividends, starts $100 million share repurchase program, plans to open 40-50 new restaurants in 2015. Click here for the BB press release.
Abercrombie & Fitch(PBR559) sign 7 year exclusive deal for development of fragrances with Inter Parfums. Click here for the A&F press release.
Crown Castle International(PBR670) completes its merger with wholly owned subsidiary Crown Castle REIT. Click here for the CCI press release.
Cubic Corp(PBR1008) acquires modular networking/baseband communications equipment firm DTECH for up to $114.5 million. Click here for the CC press release.
FirstEnergy(PBR187) elects president/CEO Tony Alexander as executive chairman, Charles Jones to become new president/CEO, both effective 01/01/15. Click here for the FE press release.
WellCare Health Plans(PBR277) appoints Blair Todt as SVP, chief legal & administrative officer & secretary, effective 01/01/15, to report to CEO, succeeds SVP, general counsel & secretary Lisa Iglesias, who is leaving. Click here for the WellCare press release.
Actavis(PBR297) announces that upon the merger with Allergan(PBR392) Brent Saunders to be president/CEO, other global leadership appointments announced. Click here for the Actavis press release.
FreddieMac(PBR33) provides December US Economy/Housing Outlook, reviews 2014 predictions/results. Click here for the FreddieMac press release.
The US Census Bureau reports that privately-owned housing starts in November 2014 were at a seasonally adjusted annual rate of 1,028,000, 1.6 percent (+/- 8.1%)* below the revised October 2014 estimate of 1,045,000. Click here for the Census press release.
President Obama signs into law the $1.1 trillion 2015 spending bill passed by the House on 12/11/14 and the Senate on 12/13/14. Click here for the Voice of America summary.
Monday, December 15:
Express Scripts(PBR21) increases shares buyback program by 65 million shares, now at 205 million shares. Click here for the ES press release.
Archer-Daniels-Midland(ADM)(PBR28) is selling its global cocoa business to Olam International for $1.3 billion, to close in 2nd quarter 2015. Click here for the ADM press release.
Boeing(PBR31) increases share buyback program to $12 billion, increases dividend by 25%. Click here for the Boeing press release.
Pfizer(PBR53) making initial payment of $295 million to OPKO(NYSE: OPK) in global agreement to develop & commercialize long-acting human growth hormone hGH-CTP. Click here for the Pfizer press release.
Emerson Electric(PBR112) selling its power transmission solutions unit to Regal Beloit(PBR653) for $1.4 billion, to close in 1st quarter 2015. Click here for the EE press release.
Apache Corp(PBR169) selling its stake in the Wheatstone & Kitimat LNG projects to Woodside Petroleum(ASX: WPL) for $2.75 billion. Click here for the Apache press release.
AGCO(PBR246) authorizes new $500 million common share buyback program through 2016. Click here for the AGCO press release.
Davita Healthcare(PBR312) merging its 2 clinical research businesses into one unit, with an emphasis on kidney/renal related health issues. Click here for the Davita press release.
Avis Budget(PBR326) to combine 3 regions into 2, the Americas & International, related retirements & promotions announced. Click here for the AB press release.
Yahoo!(PBR500) completes $640 million acquisition of 400 employee video ads platform developer BrightRoll. Click here for the Yahoo! press release.
Arthur J Gallagher(PBR647) has acquired longtime NJ based retail insurance broker O’Gorman & Young, terms not disclosed. Click here for the AJG press release.
Ventas(PBR707) $2.6 billion acquisition of American Realty Capital Healthcare Trust(NASDAQ: HCT) expected to be completed in 01/15 after the ARC special stockholders meeting on 01/15/14. Click here for the Ventas press release.
LINN Energy(PBR810) completes sale of its Granite Wash & Cleveland Properties for $2.3 billion. Click here for the LINN press release.
SunCoke Energy(PBR964) to cut 175 jobs, reduce coal production in half, evaluating further coal mining business options. Click here for the SunCoke press release.
Riverbed Technology(PBR1085) to be acquired by private equity firm Thomas Bravo & the Ontario(Canada) Teachers Pension Plan for $21/share, $3.6 billion cash. Click here for the Riverbed press release.
Express Scripts(PBR21) EVP/CFO Cathy Smith leaving, James Havel to become EVP/Interim CFO on 01/02/15. Click here for the ES press release.
Humana(PBR71) appoints Cynthia Zipperle as SVP/Chief Accounting Ofcr/Controller, reports to SVP/CFO Brian Kane. Click here for the Humana press release.
AES Corp(PBR172) appoints acting COO Bernerd Da Santos as COO, effective 01/01/15. Click here for the AES press release.
Core-Mark(PBR271) SVP/Marketing Chris Hobson to also head up Sales, SVP/Corporate Development Scott McPherson to become SVP/Business Operations & Strategic Opportunities, both positions effective 01/01/15. Click here for the C-M press release.
WellCare Health Plans(PBR277) appoints president/COO Ken Burdick as CEO, effective 01/01/15. Click here for the WellCare press release.
Advanced Micro Devices(AMD)(PBR451) appoints James Clifford as SVP/Global Operations, reports to CEO Lisa Su. Click here for the AMD press release.
The US Federal Reserve Board preliminary report shows that November industrial production was +1.3% over October, +5.2% over November, 2013. Click here for the FRB press release.
Sunday, December 14:
PetSmart(PBR359) to be acquired by a consortium led by pan-Euopean buyout investor BC Partners for $83/share, $8.7 billion cash. Click here for the PetSmart press release.
Friday, December 12:
DJIA closes week at 17,280.83, -3.78% from last Friday, -3.07% MTD, +1.40% QTD, +4.25% YTD.
NASDAQ closes week at 4,653.60, –2.66% from last Friday, -2.88% MTD, +3.57% QTD, +11.42% YTD.
SPX closes week at 2,002.33, -3.52% from last Friday, -3.15% MTD, +1.52% QTD, +8.33% YTD.
Oil closes below $58, stock exchanges take a dive. Click here for the Oil(CLF5) current price.
Berkshire Hathaway(PBR5) is acquiring non-asset based 3rd party petroleum/chemicals logistics provider Charter Brokerage from Arsenal Capital Partners, terms not disclosed. Click here for the BH press release.
Abbott Labs(PBR127) completes acquisition of Russia based pharmaceutical developer Veropharm for $305 million. Click here for the Abbott Labs press release.
Arrow Electronics(PBR129) adds $200 million to its share buyback program, has used $1.2 billion since 2010. Click here for the AE press release.
Restaurant Brands International Inc. (TSX, NYSE: QSR) now owner of Burger King(PBR1063) & Canada based Tim Hortons brands, to start public trading on 12/15/14. Click here for the RBI press release.
AGCO(PBR246) SVP/GM of N. America, Robert Crain, to add S. America to responsibilities on 01/01/15. Click here for the AGCO press release.
The US Dept of Labor says the November Producer Price Index for final demand was -0.2%, +1.4% for past 12 months. Click here for the USDOL press release.
Thursday, December 11:
American Express(PBR86) & Delta Airlines(PBR78) agree to multi-year extension of their co-brand credit card program partnership. Click here for the AMEX press release.
Danaher(PBR139) completes acquisition of Swiss based Nobel Biocare. Click here for the Danaher press release.
Eastman Chemical(PBR282) completes the acquisition of $100 million/yr Commonwealth Laminating & Coating. Click here for the EC press release.
Assurant(PBR286) introduces Getaround auto rental service as part of new sharing economy services. Click here for the Assurant press release.
KBR(PBR344) to restructure into 3 business units, Tech/Consulting, Engineering/Construction, Government Services, by year end. Click here for the KBR press release.
Adobe Systems(PBR565) to acquire private photos & images website Fotolia from KKR(PBR272) for $800 million. Click here for the Adobe press release.
CONSOL Energy(PBR631) to pursue IPO for thermal coal business mid 2015, metallurgical business late 2015, authorizes $250 million shares buyback program. Click here for the CONSOL press release.
Armstrong World(PBR717) exiting European flooring business, DLW subsidiary filing for insolvency. Click here for the AW press release.
GrafTech(PBR1056) moving reduced 50 person global headquarters staff to Independence, OH, Innovation & Technology Center to Brooklyn Heights, OH, in 1st quarter, 2015. Click here for the GrafTech press release.
Crude light sweet oil(CLF5) closes at $59.95/barrel, new 5 year low. Click here for the current CLF5 price.
Kroger(PBR25) chairman David Dillon to retire on 12/31/14 after 38 years of company service, CEO Rodney McMullen to add chairman title on 01/01/15. Click here for the Kroger press release.
Caterpillar(PBR49) names new CIO, VP of Finance Services, & VP of Strategic Services. Click here for the current Caterpillar press release.
CBS Corp(PBR178) president/CEO Leslie Moonves gets new contract extending term to 06/30/19. Click here for the CBS press release.
Arch Coal(PBR671) names Matt Giljum VP/Finance & Treasurer upon retirement of Jim Florczak at end of January, 2015. Click here for the AC press release.
SeaWorld(PBR1002) chairman David D’Alessandro to add interim CEO title on 01/15/15, CEO Jim Atchison to become vice chairman. Click here for the SeaWorld press release.
The US Dept of Commerce advance estimate says November Retail & Food Sales were $449.3 billion, +0.7% over October, +5.1% over November, 2013. Click here for the USDOC press release.
The US Dept of Labor reports that November import prices -1.5%, -1.2% in October, both decreases driven by declining fuel prices. Click here for the USDOL press release.
The US Dept of Commerce reports that the October combined value of distributive trade sales & manufacturers’ shipments is estimated at $1,350.9 billion, -0.1% from September, +3.4% from October, 2013. Click here for the USDOC press release.
The US Federal Reserve Board says in the Z1 Funds Flow 3rd Quarter Report that the net worth of households & nonprofits dipped slightly to $81.3 trillion from the 2nd quarter. Click here for the FRB press release.
Wednesday, December 10:
Baxter International(PBR179) files initial Form 10 with SEC to spinoff Baxalta biopharmaceuticals unit in mid 2015, will have 20% ownership. Click here for the Baxter press release.
Actavis(PBR297) launches generic version of Pfizer’s(PBR53) Celebrex. Click here for the Actavis press release.
Mylan(PBR360) launches one of first generic versions of Celebrex, $2.5 billion/yr US market, has 286 ANDAs waiting FDA approval. Click here for the Mylan press release.
Alliance Data(PBR540) completes $2.3 billion cash & stock acquisition of digital marketing company Conversant. Click here for the AD press release.
First Solar(PBR628) enters residential market with investment in community solar solutions developer Clean Energy Collective, terms not disclosed. Click here for the First Solar press release.
Walmart(PBR1) US division COO Gisel Ruiz promoted to EVP of the International People division, reports to division pres/CEO David Cheesewright. US division Chief Development Officer Judith McKenna promoted to US division COO, reports to division president/CEO Greg Foran. Click here for the Walmart press release.
Walgreens(PBR38) CEO Greg Wasson to retire after completion of merger with Alliance Boots, successor leadership announced. Click here for the Walgreens press release.
MetLife(PBR42) announces that Esther Lee to join as EVP/Global Marketing Officer on 01/12/15, reports to chairman/president/CEO Steven Kandarian. Click here for the MetLife press release.
The US Dept of the Treasury reports November receipts of $191.4B, outlays of $248.3B, deficit of $56.8B. Click here for the Treasury press release.
The US Dept of Commerce releases 3rd Quarter Services Revenues Estimates for 12 services categories. Click here for the USDOC press release.
The US Dept of the Treasury in its says Lifetime Costs have been $426.3 billion of $475 billion authorized, has recovered $14 billion more than cost. Click here for the USDOT report.
Tuesday, December 9:
Discovery Communications(PBR433) to let Hulu stream many of its popular shows starting 01/01/15 in wide ranging agreement. Click here for the DC press release.
Advanced Micro Devices(AMD)(PBR451) to move from NYSE to NASDAQ on 01/02/15. Click here for the AMD press release.
Hudson City Bancorp(PBR1014) & M&T Bank Corp(PBR514) agree to extend merger deadline from 12/31/14 to 04/30/15. Click here for the M&T press release.
Belden(PBR868) to acquire global cybersecurity firm Tripwire for $710 million. Click here for the Belden press release.
Expedia(PBR491) & Airlines Reporting Corporation in 2015 Flight Predictions report say fares in US/Europe to drop slightly. Click here for the Expedia press release.
United Technologies(PBR45) welcomes back Akhil Johri as new SVP/CFO, reports to pres/CEO Gregory Hayes. Click here for the UT press release.
Delta Air Lines(PBR78) promotes Ranjan Goswami to VP Sales-West Coast, a new position. Click here for the Delta press release.
Abercrombie & Fitch(PBR557) CEO Michael Jeffries retires effectively immediately, Arthur Martinez appointed executive chairman, Office the Chairman group formed for day-to-day operations, new CEO search starts. Click here for the A&F press release.
Buckle(PBR1061) announces leadership changes in merchandising & finance areas. Click here for the Buckle press release.
Conn’s, in 3rd quarter report, announces VP/Chief Accounting Officer Mark Haley is now interim CFO, effective immediately, upon departure of Brian Taylor. Click here for the Conn’s press release.
OECD reports Foreign Direct Investment flows continued to struggle in the 1st half of 2014. Click here for the OECD press release.
The US Dept of Labor preliminary report shows that end of October Job Openings was at 4.8 million, 5.1 million job hires, & 4.8 million job separations. Click here for the USDOL press release.
The US Dept of Commerce reports in preliminary Wholesale Monthly Trade report that October sales were $454.6B, +0.2% over Sept. Click here for the USDOC press release.
Monday, December 8:
Merck(PBR63) to acquire antibiotics developer & marketer Cubist Pharmaceuticals(NASDAQ: CBST) for $102/share in cash, $9.5 billion total deal. Click here for the Merck press release.
EOG Resources(PBR193) sells off majority of Canadian assets for $410 million. Click here for the EOG press release.
CBRE Group(PBR347) acquires 200+ employee real estate consulting & advisory service IVI International, terms not disclosed. Click here for the CBRE press release.
Blackstone Group(PBR372) is selling its San Francisco Peninsula & Silicon Valley offices portfolio properties to Hudson Pacific Properties(NYSE: HPP) for $3.5 billion cash & stock. Click here for the Blackstone press release.
Asbury Automotive(PBR449) acquires Atlanta, GA, suburb new car dealership Sandy Springs Ford, does $110 million/yr. Click here for the Asbury press release.
Hyatt Hotels(PBR546) sells 644 room Vancouver(Canada) Hyatt Regency to InnVest for $123 million/$190,000 per key, will remain a Hyatt Regency. Click here for the Hyatt press release.
CareFusion(PBR580) sets 01/21/15 for special stockholders meeting to vote on the $12.2 billion merger deal with Becton Dickinson(PBR319). Click here for the BD press release.
Greenbrier Cos(PBR931) receives 14,100 in new railcar orders in its 1st quarter, valued at $1.24 billion. Click here for the Greenbrier press release.
FannieMae(PBR33) & FreddieMac(PBR16) announce new 3% down programs for new homebuyers. Click here for the FannieMae press release. Click here for the FreddieMac press release.
C.H. Robinson(PBR210) announces CFO & CIO transitions. Click here for the CHR press release.
JetBlue(PBR441) appoints Alexander Chatkewitz as VP/Controller, reports to Jim Leddy, SVP/Treasurer. Click here for the JetBlue press release.
Brinker International(PBR686) appoints Scarlett May as SVP/General Counsel & Secretary, effective 12/15/14. Click here for the BI press release.
Darling Ingredients(PBR942) announces that Chief Synergy Officer John Muse to reassume his CFO position, effective immediately, upon resignation of Colin Stevenson. Click here for the DI press release.
Friday, December 5:
DJIA closes week at 17,958.79, +0.73% from last Friday & MTD, +5.37% QTD, +8.34% YTD.
NASDAQ closes week at 4,780.76, -0.23% from last Friday & MTD, +6.40% QTD, +14.47% YTD.
SPX closes week at 2,075.37, +0.38% from last Friday & MTD, +5.23% QTD, +12.28% YTD.
Lockheed Martin(PBR61) Orion spacecraft has successful 1st test in goal of manned journey to Mars. http://lmt.co/1tZlgm4.
Eastman Chemical(PBR280) completes acquisition of specialty chemical company Taminco(NYSE: TAM) for $2.8 billion. Click here for the Eastman Chemical press release.
Dollar Tree(PBR328) provides an update on FTC’s review of acquisition of Family Dollar(PBR254), issues involved with Dollar General(PBR154) bid. Click here for the Dollar Tree press release.
Dollar General(PBR154) responds to the Dollar Tree(PBR328) update regarding DT’s proposed acquisition of Family Dollar(PBR254). Click here for the Dollar General press release.
LabCorp(PBR418) completes the acquisition of DNA testing services Bode Technology Group from SolutionPoint International. Click here for the LabCorp press release.
Apollo Education Group(PBR595) enters Brazil with 75% acquisition for $28 million of education provider FAEL. Click here for the AEG press release.
Sigma-Aldrich(PBR715) stockholders approve acquisition by Germany based Merck KGaA for $140/share, $17 billion cash, expected to close mid 2015. Click here for the S-A press release.
Genesco(PBR736) announces that SVP/CFO James Gulmi is retiring at the end of the FY, will be succeeded by Mimi Vaughn, SVP/Strategy & Shared Services. Click here for the Genesco press release.
The US Dept of Commerce reports that the internationall trade of goods & services deficit was $43.4 billion in October, -$0.2 billion from a revised September. Click here for the USDOC press release.
The US Dept of Labor reports that total nonfarm payroll employment increased by 321,000 in November, and the unemployment rate was unchanged at 5.8%. Click here for the USDOL press release.
The US Federal Reserve reports that the preliminary annual rate of Consumer Credit for October was at $882.6 billion revolving, $2,396.3 billion non-revolving. Click here for the FRB press release.
The US Dept of Commerce reports new orders for manufactured goods in October decreased $3.3 billion, or 0.7%, to $496.6 billion. Click here for the USDOC press release.
Thursday, December 4:
Best Buy(PBR67) selling its China based Five Star business to Jiayuan Group, does not affect private label operations in China. Click here for the Best Buy press release.
The Hershey Co(PBR348) has acquired Ontario, Canada, based confectionary products manufacturer The Allan Candy Company, terms not disclosed. Click here for the Hershey press release.
Barnes & Noble(PBR386) to acquire Microsoft(PBR30) preferred investment in NOOK Media, agree to terminate commercial agreement. Click here for the BN press release.
Keurig Green Mountain(PBR532) to acquire remaining 85% of equity of hot/cold dispenser developer MDS Global(dba Bevyz) for $220 million. Click here for the KGM press release.
Church & Dwight(PBR646) completes acquisition of the assets of manufacturer & seller of livestock feeds company VI-COR. Click here for the C&D press release.
Arthur J Gallagher(PBR648) acquires Brisbane, Australia, insurance broker Blue Holdings, no terms disclosed. Click here for the AJG press release.
Eastman Kodak(PBR798) reorganizing into 5 divisions, names division leaders & corporate functional leaders. Click here for the Kodak press release.
Walgreens(PBR38) names Linda Filler as president of retail products & chief merchandising officer, effective 01/01/15. Click here for the Walgreens press release.
Dupont(PBR82) names Matthias Heinzel as president of Nutrition & Health, effective 01/01/15, succeeds Craig Binetti, who is retiring. Click here for the Dupont press release.
Halliburton(PBR94) announces integration leadership team for the Baker Hughes(PBR124) acquisition. Click here for the Halliburton press release.
Bemis(PBR466) elects Mike Clauer as VP/CFO. Click here for the Bemis press release.
FreddieMac(PBR33) reports that the average 30 year fixed mortgage rate was 3.89% with 0.5 points on 12/04/14. Click here for the FreddieMac press release.
The US Dept of Labor reports that Unemployment Insurance Claims for the week ending 11/29/14 was 297,000, 4 week moving average was 299,000. Click here for the USDOL press release.
Wednesday, December 3:
Wellpoint(PBR40) corporate name is now Anthem, Inc, now trading with symbol ANTM. Click here for the Anthem press release.
NextEra Energy(PBR178) to acquire Hawaiian Electric(HEI)(PBR639) as a 3rd unit for $4.3 billion. HEI to spinoff American Savings Bank as a separate public company. Click here for the NextEra press release.
Corning(PBR330) announces $1.5 billion shares buyback program by end of 2016, 4th buyback program since 2011, $7 billion total. Click here for the Corning press release.
Cliffs Natural Resources(PBR421) selling its W Virginia Logan County coal assets to Coronado Coal for $175 million cash. Click here for the CNR press release.
General Dynamics(PBR91) elects S Daniel Johnson as EVP IT & Technology, effective 01/01/15, upon retirement of David Heebner. Click here for the GD press release.
Devon Energy(PBR253) president/CEO John Richels to retire on 07/31/15, COO Dave Hager to become CEO on 08/01/15. Click here for the DE press release.
The US Federal Reserve Board releases the Beige Book, an informal economic summary of the 12 districts, sees positive signs overall across all business segments. Click here for the Beige Book content.
The US Dept of Labor revises 3rd quarter nonfarm labor productivity, +2.3% annual rate, output +4.9%, hours worked +2.5%. Click here for the USDOL press release.
ADP(PBR217) reports +208,000 net new jobs in November, 101,000 from small companies, 65,000 from medium sized companies, 42,000 from large companies. 185,000 jobs were from the services providing industries, 17,000 from goods producing industries. Click here for the ADP press release.
Tuesday, December 2:
Auto Industry:
GM(PBR7) sells 225,818 vehicles in November, +6% from 2013, annual rate at 17.1M vehicles. Click here for the GM press release.
Ford(PBR8) sells 187,000 vehicles in Nov, -2% from 2013. Record sales for Escape, Explorer & Mustang. Click here for the Ford press release.
Chrysler(NR, foreign held) sells 170,839 vehicles in November, +20% over 2013, estimated 17.5 million annual rate. Click here for the Chrysler press release.
Home Depot(PBR35) to purchase assets of fasteners & builders hardware supplier to US retailers HD Supply Hardware Solutions(fka Crown Bolt), terms not disclosed. Click here for the HD press release.
Lockheed Martin(PBR61) statement on completion of acquisition of healthcare IT solutions for the government provider Systems Made Simple. Click here for the Lockheed press release.
MasterCard(PBR307) to start new $3.75 billion shares buyback program upon completion of $275 million remaining from the current $3.50 billion program. Click here for the MasterCard press release.
Corning(PBR330) to acquire Samsung fiber optics & cable business in S Korea, China, & SE Asia, terms not disclosed. Click here for the Corning press release.
Freescale Semiconductor(PBR545) acquires advanced HD content processing ICs developer Zenverge, terms not disclosed. Click here for the FS press release.
Brink’s(PBR575) reorganized from 4 geographic segments to 2 operating segments, makes leadership changes. Click here for the Brink’s press release.
RadioShack(PBR617) responds to lender covenant breaches claims, updates turnaround plan progress. Click here for the RadioShack press release.
Ferro Corp(PBR962) completes acquisition of Italian tile coatings manufacturing firm Vetriceramici for $108 million cash. Click here for the Ferro press release.
The Dept of Commerce reports that preliminary October Total Construction Activity at a $971 billion annual rate, +1.1% over revised September. Click here for the USDOC press release.
Monday, December 1:
Welcome to Cyber Monday!
The PBR1000 November 2014 Breaking News Recap has been released. Click here for the blog post.
Pfizer(PBR53) completes acquisition of vaccines unit of Baxter International(PBR177) for $635 million. Click here for the Pfizer press release.
Medtronic(PBR162) raising $17 billion in 7 private placements of senior notes to help finance Ireland based Covidien acquisition. Click here for the Medtronic press release.
C.H. Robinson(PBR210) to acquire private freight broker Freightquote.com for $365 million cash, to close in 1st quarter 2015. Click here for the CHR press release.
Huntsman Corp(PBR237) restructuring its pigments & additives business, reducing workforce by 900. Click here for the Huntsman press release.
Group 1 Automotive(PBR291) buying 3 UK based BMW/MINI dealerships, making a total of 17 UK dealerships, $1.3 billion in annual sales. Click here for the G1A press release.
Fidelity National Financial(PBR300) to acquire home warranty, home inspections, and commercial inspections provider BPG Holdings, terms not disclosed. Click here for the FNF press release.
Ashland(PBR331) completes the sale of its elastomers business to Lion Copolymer, terms not disclosed. Click here for the Ashland press release.
Mylan(PBR360) to manufacture & distribute Gilead Sciences(PBR236) HIV drug. Click here for the Mylan press release.
Blackstone Group(PBR372) selling its wholly-owned US industrial platform, IndCor Properties, to Singapore based sovereign wealth fund GIC for $8.1 billion. Click here for the Blackstone press release.
Apollo Global Management(PBR527) to acquire IT infrastructure provider Presidio Holdings, which has 6,000 clients, terms not disclosed. Click here for the ApolloGM press release.
Arthur J Gallagher(PBR648) acquires Australian insurance broker/risk management services firm Instrat Insurance Brokers. Click here for the AJG press release.
ON Semiconductor(PBR706) authorizes $1 billion shares buyback program over 4 years. Click here for the ON Semiconductor press release.
AOL(PBR805) to acquire digital media cross-screen video management & exchange program provider Vidible. Click here for the AOL press release.
Aetna(PBR57) appoints Karen Rohan as president, reports to CEO, will oversee national, government, & specialty businesses. Click here for the Aetna press release.
HSN(PBR618) appoints Jeffrey Kuster as president of Cornerstone & executive director of HSNi, reports to CEO. Click here for the HSN press release.
Citrix Systems(PBR683) appoints Geir Ramleth as SVP & Chief Strategy Officer, reports to CEO. Click here for the Citrix press release.
(The PBR1000 is the premiere comparative data and reporting service covering over 1,000 of the largest publicly held companies with principle or administration headquarters in the US. These companies generate over $13 trillion in annual worldwide revenues, more than all other companies in the US combined. These are the key drivers in the US and world economies. On a monthly, quarterly, and annual basis several analytical reports in customizable Microsoft Excel format are provided to The PBR1000 subscribers. Users include C-level executives, entrepreneurs, sales/marketing/advertising professionals, investors/investment advisers, business professors/students, career counselors/job seekers, to name just a few. To order your annual subscription, just go to the PBRMarketTools.com Order page.)
(Photo courtesy of freedigitalphotos.net, Stuart Miles.)
