Which Direction Should The Company Take?
By Larry C. Paxton
September featured a lot of The PBR1000 mergers, acquisitions, spin-offs, a major IPO, and some changes in leadership. Additionally, there is continuing uncertainty and questions about the current and future effects of the phasing out of the Federal Reserve Quantitative Easing program. The Treasury Department issued a ruling making mergers with foreign corporations for tax purposes a big question mark as well. Other impacts will be reviewed in The PBR1000 Stocks/Commodities Snapshot that will be released in a few days.
Breaking news items of interest for September for The PBR1000 follow, with the most current date first.
Tuesday, September 30:
Stock Exchanges Recap for the month of September:
DJIA closes at 17,042.90, -0.41% from last Friday, -0.32% MTD, +1.29% QTD, +2.81% YTD.
NASDAQ closes at 4,493.39, -0.42% from last Friday, -1.90% MTD, +1.93% QTD, +7.59% YTD.
SPX closes at 1,972.29, -0.53% from last Friday, -1.55% MTD, +0.62% QTD, +6.70% YTD.
eBay(PBR169) & payments unit PayPal to become separate public companies in 2nd half 2015. Click here for the eBay press release.
Yahoo!(PBR495) sold 140 million shares of Alibaba for $9.4 billion according to 8-K report. Click here for the Yahoo! filing.
Johnson & Johnson(PBR39) announces agreement to acquire private clinical stage company Alios BioPharma for $1.75 billion cash. Click here for the J&J press release.
Murphy Oil(PBR446) to sell some of its Malaysian assets for $2.0 billion. Click here for the Murphy Oil press release.
Masco(PBR314) to spin-off its installation & other services business into a separate independent public company. Click here for the Masco press release.
Johnson Controls(PBR65) wants to divest its non-core global facilities management unit Global Workplace Solutions. Click here for the Johnson Controls press release.
News Corp(PBR299) to acquire online real estate listings service Move(NASDAQ: MOVE) for $950 million. Click here for the News Corp press release.
DR Horton(PBR395) announces retirement of CEO Donald Tomnitz, to be succeeded by COO David Auld on 10/01/14. Click here for the DRH press release.
Monday, September 29:
Macy’s(PBR97) to hire around 86,000 associates for the holiday season, 3.6% more than 2013. Click here for the Macy’s press release.
Cisco(PBR54) announces completion of privately held MetaCloud acquisition, 30 companies add support to the Intercloud. Click here for the Cisco press release.
ADT(PBR627) non-compete expires, ready to enter commercial security business. Click here for the ADT press release.
The US Dept of Commerce says August personal income +0.3%, disposable income +0.3%, personal consumption expenditures +0.5% over July. Click here for the USDOC press release.
Sunday, September 28:
NiSource(PBR424) announces plan to split into 2 separate public companies. Click here for the NiSource press release.
Friday, September 26:
Stock Exchanges Recap for the Week:
DJIA closes at 17,113.15, -0.96% from last Friday, +0.09% MTD, +1.70% QTD, +3.24% YTD.
NASDAQ closes at 4,512.19, -1.48% from last Friday, -1.49% MTD, +2.36% QTD, +8.04% YTD.
SPX closes at 1,982.85, -1.37% from last Friday, -1.02% MTD, +1.15% QTD, +7.28% YTD.
Yahoo!(PBR495) confirms it is reviewing a letter from major stockholder Starboard suggesting a merger with AOL(PBR805). Click here for the Yahoo! press release.
AutoBlog reports that Ford Motor(PBR8) recalls 850,000 2013/2014 cars & SUVs for airbag issues. Click here for the AutoBlog notice.
Abbott Labs(PBR127) completes its acquisition of Latin American based CFR Pharmaceuticals for $2.9 billion plus debt. Click here for the Abbott Labs notice.
Chiquita Brands(PBR658) announces revised merger agreement with Ireland based Fyffes. Click here for the Chiquita press release.
The US Dept of Commerce in 3rd estimate report says GDP was 4.6% at an annual rate in 2nd quarter 2014. Click here for the USDOC press release.
Thursday, September 25:
GameStop(PBR287) announces it plans to hire 25,000 holiday workers, up 47% from last year. Click here for the GameStop press release.
DIRECTV(PBR90) stockholders approve merger with AT&T(PBR12), expected to close in 1st half of 2015. Click here for the DIRECTV press release.
Ford Motor(PBR8) has exceeded the UAW job commitment with 14,000+ new jobs created since 2011. Click here for the Ford press release.
Lockheed(PBR61) increases stock repurchase program by $2.0 billion. Click here for the Lockheed press release.
Blackhawk Network(PBR1058) to acquire global incentive solutions provider Parago for $290 million. Click here for the Blackhawk Network press release.
LabCorp(PBR418) to acquire cardiovascular diagnostic lab tests on NMR provider LipoScience(NASDAQ: LPDX) for $5.25/share, $85.3 million transaction value. Click here for the LabCorp press release.
Energy Transfer Equity(PBR55) announces 1st step of acquisition of Susser Holdings(PBR399), name change to Sunoco. Click here for the ETE press release.
Symantec(PBR368) appoints Michael Brown as CEO, had been interim CEO. Click here for the Symantec press release.
Coach(PBR486) announces the retirement of executive chairman Lew Frankfort. Click here for the Coach press release.
In its advance report The US Dept of Commerce says August orders for US durable goods were $245.4 billion, down 18.2% from July. Click here for the USDOC press release.
The US Dept of Labor reports that median employee tenure unchanged at 4.6 years in January 2014 compared to January 2012. Click here for the USDOL press release.
Wednesday, September 24:
Valeant Pharmaceuticals(NYSE: VRX) in its 3rd quarter results includes an open letter to Allergan(PBR391) CEO regarding the proposed merger, offers an “olive branch.” Click here for the Valeant press release.
Walmart(PBR1) to provide an exclusive low cost checking account nationwide through Green Dot Corp(NYSE: GDOT) by the end of October. Click here for the Walmart press release.
Hasbro(PBR560) announces new merchandising relationship with Walt Disney(PBR62) for Princess & Frozen dolls starting in 2016. Click here for the Hasbro press release.
In a jury trial Boston Scientific(PBR350) is found responsible for licensing breach, $308 million awarded plaintiff, plans to appeal decision. Click here for the BS SEC 8-K filing.
The US Dept of HUD reports August new family home sales at a 504,000 annual rate, up from 427,000 in July, median price $275,600. Click here for the HUD press release.
Tuesday, September 23:
General Motors(PBR7) to create a separate Cadillac business unit in 2015 with global headquarters in New York City. Click here for the GM press release.
Spectrum Brands(PBR559) buying Proctor & Gamble’s(PBR32) European pet food business, does $200 million/year, terms not disclosed. Click here for the SB press release.
CF Industries(PBR438) confirms merger of equals discussions with Yara International ASA(OSLO: YAR). Click here for the CFI press release.
Starbucks(PBR185) to buy remaining 60.5% share of 1,000+ locations Starbucks Japan in 2 step process for $913 million. Click here for the Starbucks press release.
Monday, September 22:
Sigma-Aldrich(PBR715) being bought by Germany based Merck for $140/share, $17 billion cash. Click here for the S-A press release.
Clorox(PBR428) announces it is closing its Venezuela operations because of local economic policies, seeking a buyer for those assets. Click here for the Clorox press release.
Endo Health(PBR738) responds to rejected $2.2 billion bid for Auxilium Pharmaceuticals, tells why the merger is good. Click here for the EH press release.
Apple(PBR6) reports it sold a record of over 10 million iPhone6/iPhone6 Plus devices over the first weekend after launch. Click here for the Apple press release.
Arthur J Gallagher(PBR648) acquires healthcare consulting firm The Benfield Group. Click here for the AJG press release.
Adobe Systems(PBR564) acquires developer of software development kits for mobile apps Aviary. Terms not disclosed. Click here for the Adobe press release.
Owens & Minor(PBR285) to acquire Ireland based privately held surgical kitting company ArcRoyal. Terms not disclosed. Click here for the O&M press release.
Dun & Bradstreet(PBR957) in a joint partnership to provide its business data on the data-as-a-service cloud platform of Oracle(PBR75). Click here for the D&B press release.
The US Treasury comments on targeted actions it is taking to discourage corporate inversions. Click here for the Treasury press release.
The National Association of Realtors reports existing home sales in August closed at a 5.05 million annual rate, down from 5.14 million in July. Click here for the NAR press release.
Sunday, September 21:
Dresser-Rand(PBR663) agrees to be acquired by Germany based Siemens AG for $83/share, $7.6 billion cash total transaction value. Click here for the D-R press release.
Ferro Corp(PBR962) acquiring Italian tile coatings manufacturing firm Vetriceramici for $108 million cash. Click here for the Ferro Corp press release.
Friday, September 19:
Stock Exchanges Recap for the Week:
DJIA closes at 17,279.74, +1.72% from last Friday, +1.06% MTD, +2.69% QTD, +4.24% YTD.
NASDAQ closes at 4,579.79, +0.27% from last Friday, -0.01% MTD, +3.89% QTD, +9.65% YTD.
SPX closes at 2,010.40, +1.25% from last Friday, +0.35% MTD, +2.56% QTD, +8.77% YTD.
In the largest IPO in US history China based Alibaba(NYSE: BABA) opens at $92.70, closes at $93,89, up 38.07% over the $68.00 initial asking price. Market cap at $231.44 billion.
Safeway(PBR83) CEO to become President/CEO of combined company with acquirer Albertsons, other management named. Click here for the Safeway press release.
Scotland votes 55% to 45% to stay a member of the United Kingdom rather than become a separate independent country.
Thursday, September 18:
Air Products(PBR260) to reorganize into 7 reporting segments starting 10/01/14. Click here for the Air Products press release.
Kroger(PBR24) opens 2,000th fuel center, is 3rd largest US fuel centers operator. Click here for the Kroger press release.
Home Depot(PBR35) says it has completed malware elimination, could have affected 56 million cards from April to September. Click here for the Home Depot press release.
AIG(PBR41) CEO announces company reorganization, new leadership structure. Click here for the AIG press release.
The Financial Post reports that Costco(PBR19) Canada is switching from American Express(PBR85) to Capital One(PBR116) & Mastercard(PBR307) as exclusive credit card issuers at the beginning of 2015. Click here for the Financial Post article.
Oracle(PBR75) appoints Larry Ellison as Exec Chairman/Chief Technology Officer, Safra Catz & Mark Hurd as Co-CEOs. Click here for the Oracle press release.
JetBlue(PBR441) announces president Robin Hayes to succeed Dave Barger as CEO on 02/16/15. Click here for the JetBlue press release.
Clorox(PBR428) announces that EVP/COO Benno Dorer to become CEO on 11/20/14, Don Knauss to continue as Chairman. Click here for the Clorox press release.
Brunswick(PBR576) completes sale of its retail bowling centers to Bowlmor AMF for $270 million. Click here for the Brunswick press release.
Spectrum Brands(PBR559) is acquiring privately held $40 million/year doors, locks, & hardware manufacturer Tell Manufacturing, terms not disclosed. Click here for the SB press release.
The US Census Bureau/Dept of HUD reports SAAR August building permits of 998,000, down 5.6% from revised July rate, up 5.3% from August 2013. Housing starts are at 956,000, down 14.4% from July, up 8.0% from August 2013. Click here for the Census/HUD joint press release.
The US Dept of Commerce reports that 2nd quarter travel & tourism generated $1.5 trillion in revenues & employed 7.7 million people directly & indirectly. Click here for the USDOC press release.
The US Dept of Labor reports that the median number of years wage and salary workers have been with their current employer was 4.6 yrs in Jan 2014, same as in Jan 2012. Click here for the USDOL press release.
Wednesday, September 17:
Endo Health(PBR738) proposes acquisition of men’s healthcare products developer Auxilium Pharmaceuticals for $28.10/share, $2.2 billion cash & stock. Click here for the Endo Health press release.
Dupont(PBR82) sent letter by large shareholder Trian Partners recommending more aggressive divestments to double shares value. Click here for the Trian press release & letter.
Family Dollar(PBR254) board recommends rejection of Dollar General(PBR154) offer, reaffirms Dollar Tree(PBR328) deal. Click here for the Family Dollar press release.
Dollar General(PBR154) responds to Family Dollar(PBR254) saying it is still committed to the acquisition, will make $80/share tender offer to shareholders. Click here for the Dollar General press release.
Cisco(PBR54) to acquire privately held MetaCloud, provider of large private open-stack clouds. Terms not disclosed. Click here for the Cisco press release.
Arthur J Gallagher(PBR648) acquires NY, NY based retail insurance broker Hagedorn & Co. Terms not disclosed. Click here for the AJG press release.
Agilent Technologies(PBR365) announces SVP Mike McMullen is now President/COO, to become CEO on 03/18/15, succeeding current CEO Bill Sullivan. Click here for the Agilent press release.
Agilent Technologies(PBR365) to spin-off electronic measurements subsidiary Keysight into separate public company, NYSE: KEYS, on 11/01/14. Click here for the Agilent press release.
Amazon(PBR36) introduces $199 Kindle Voyager & new $79 Kindle ebook readers. Click here for the Amazon press release.
Amazon(PBR36) introduces new Fire HD Tablet, 6″ $99, 7″ $139. Click here for the Amazon press release.
The US Dept of Labor says the Consumer Price Index(Urban) was down 0.2% in August, increased 1.7% over the last 12 months. Click here for the USDOL press release.
The US Dept of Labor says August Current Average Earnings/Hour is $24.53, up 0.25% over July, 34.5 hour average work week. Click here for the USDOL press release.
Tuesday, September 16:
Rackspace(PBR983) names company veteran Taylor Shore as its new CEO & board member. Co-founder Graham Weston is now the non-executive chairman. Click here for the Rackspace press release.
Rackspace(PBR983) decides to remain an independent entity after evaluating several merger possibilities. Click here for the Rackspace press release.
NASA awards Boeing(PBR31) $4.2 billion and private SpaceX $2.6 billion to develop manned transport capability to the International Space Station by 2017. Click here for the NASA press release.
Humana(PBR71) board authorizes $2 billion stock buyback program through end of 2016. Click here for the Humana press release.
KKR(PBR270) completes its $1.1 billion acquisition of Singapore based packaging company Goodpack. Click here for the KKR press release.
KKR(PBR270) to invest $551 million to own 85% of Japan based electronics manufacturer Pioneer spin-off Pioneer DJ. Click here for the KKR press release.
Eli Lilly(PBR121) to contribute up to $500 million in alliance with AstraZeneca to co-develop a potential treatment for Alzheimer’s disease. Click here for the Eli Lilly press release.
Assurant(PBR286) names Alan B. Colberg as its new President. On 01/01/15 he will also become CEO & board member, succeeding Robert Pollock, who will be retiring. Click here for the Assurant press release.
The US Dept of Labor reports that the Total Producer Price Index was unchanged in August at 0.0%, up 1.8% for the past 12 months. Click here for the USDOL press release.
Monday, September 15:
Microsoft(PBR30) announces it is acquiring MineCraft game developer Mojang for $2.5 billion. Click here for the Microsoft press release.
TRW Automotive(PBR155) to be acquired by Germany auto supplier ZF Friedrichshafen AG for $105.60/share, $13.5 billion cash. Click here for the TRWA press release.
Apple(PBR6) announces over 4 million pre-orders for iPhone6 & iPhone6 Plus in under 24 hours. Click here for the Apple press release.
Cognizant Technology(PBR292) to acquire privately held healthcare IT software developer TriZetto for $2.7 billion cash. Click here for the Cognizant press release.
Danaher(PBR139) to acquire Swiss based dental implant restorations company Nobel Biocare for $2.2 billion. Click here for the Danaher press release.
Brocade Communication(PBR831) has acquired privately held network visibility & analytics technology company Vistapointe, terms not disclosed. Click here
for the Brocade press release.
RadioShack(PBR617) appoints long time advisor Holly Etlin as interim CFO after departure of John Feray. Click here for the RadioShack press release.
Popular(PBR752) completes the sale of its Central Florida Regional Operations to Harbor Community Bank. Click here for the Popular press release.
AvalonBay Communities(PBR996) selling its 20% $6 million initial investment share of NY, NY, Avalon Christie Place for $108 million. Click here for the AvalonBay press release.
Blackhawk Network(PBR1058) acquires online provider of customizable prepaid incentive and rewards cards company CardLab, terms not disclosed. Click here for the Blackhawk Network press release.
Magellan Health(PBR604) announces the opening of its new corporate headquarters in Scottsdale, Arizona, was previously in Connecticut. Click here for the Blackhawk Network press release.
The US Federal Reserve Board reports that the August industrial production index was down 0.1%, the manufacturing output index was down 0.4%. Click here for the FRB press release.
Friday, September 12:
Stock Exchanges Recap for the Week:
DJIA closes at 16,987.51, -0.87% from last Friday, -0.65% MTD, +0.96% QTD, +2.48% YTD.
NASDAQ closes at 4,567.60, -0.33% from last Friday, -0.28% MTD, +3.62% QTD, +9.36% YTD.
SPX closes at 1,985.54, -1.10% from last Friday, -0.89% MTD, +1.29% QTD, +7.42% YTD.
The PBR1000 August 2014 Monthly Snapshot is released. It includes a new quarterly rankings by revenues for annual 10-Ks filed through 06/30/14, an updated CEOs list, and 1,087 companies(4 companies have been removed(acquired, no longer listed), and 12 new companies.)
Darden Restaurants(PBR392) issues statement regarding Starboard’s operational plan, provides progress report on Olive Garden efforts. Click here for the Darden press release.
ADP(PBR217) spin-off of new publicly held CDK Global(NASDAQ:CDK) to be completed after market close on 09/30/14. Click here for the ADP press release.
Arthur J Gallagher(PBR648) acquires Australian based insurance broker Parmia Pty, terms not disclosed. Click here for the AJG press release.
The US Dept of Commerce reports preliminary estimate of August retail & food services revenues of $444.4 billion, up 0.6% from July. Click here for the USDOC press release.
The US Dept of Commerce reports trade sales & manufacturers’ shipments for July were estimated at $1,360.3 billion, up 0.8% from June. Click here for the USDOC press release.
Thursday, September 11:
Patriot Day. 13th Anniversary of 9/11.
Alliance Data(PBR537) to acquire digital marketing company Conversant(NR)(NASDAQ: CNRV) for $35/share, $2.3 billion in cash & stock. Click here for the Alliance Data press release.
Radio Shack(PBR617) in 2nd quarter results report says it is pursuing comprehensive recapitalization options. Click here for the Radio Shack press release.
Abbott Labs(PBR127) announces new $3 billion stock repurchase program, declares 363rd consecutive quarter of paying dividends. Click here for the Abbott Labs press release.
Alcoa(PBR122) signs $1+ billion multiyear supply contract with Boeing(PBR31), to be sole supplier for aluminum alloy wing skins. Click here for the Abbott Labs press release.
Eastman Chemical(PBR280) to acquire specialty chemical company Taminco(NYSE: TAM) for $2.8 billion, expected to close by end of 2014. Click here for the Eastman Chemical press release.
Continental Resources(PBR614) 2:1 stock split takes effect today, closes at $75.79/share.
The US Dept of the Treasury reports August receipts of $194.2 billion, outlays of $323.0 billion, for a $128.7 billion deficit, $589.2 billion deficit YTD. Click here for the Treasury press release.
Wednesday, September 10:
JDS Uniphase(PBR936) to split into an optical components & commercial lasers company & a network and service enablement company. Click here for the JDSU press release.
Activision Blizzard(PBR510) sells over $500 million of its Destiny Worldwide game on first day of availability. Click here for the Activision Blizzard press release.
TRW Automotive(PBR155) selling its engine valve business to Federal-Mogul(NR)(NASDAQ: FDML) for $385 million cash, to close 1st quarter 2015. Click here for the TRWA press release.
AutoNation(PBR152) acquiring Audi, Mercedes-Benz, Porsche and Volvo stores in the Seattle-Bellevue market from Barrier Motors(NR). Click here for the AutoNation press release.
Chiquita Brands(PBR658) signs confidentiality agreement with Brazil’s Cutrale/Safra Groups similar to $1.07 billion Fyffes deal. Click here for the Chiquita press release.
Baxter International(PBR176) announces Baxalta as the name of the new global biopharmaceutical public company to be spun-off in mid 2015. Click here for the Baxter press release.
Viacom(PBR200) completes acquisition of UK’s Channel 5 for $757 million. announces 1st joint programming commission. Click here for the Viacom press release.
Sony to make available 22 Viacom(PBR200) networks on its cloud TV service. Click here for the Viacom press release.
Google(PBR46) acquiring tremor-cancelling device developer LiftLabs, terms not disclosed. Click here for the Google posts.
The US Dept of Commerce reports that Monthly Wholesale Trade for July(Preliminary) was $533.8 billion in inventories, $458.6 billion in sales. Click here for the USDOC press release.
The US Dept of Labor reports that private employers spent an average of $30.11/hr on employee compensation in June, $9.09 of it for benefits. Click here for the USDOL press release.
Tuesday, September 9:
Apple(PBR6) announces mobile payments Apple Pay, the iPhone6 & iPhone6 Plus, and the Apple Watch in 3 press releases. Click here for the Apple Pay press release, click here for the Apple iPhone6 press release, and click here for the Apple Watch press release.
The US Congressional Budget Office(CBO) reports that the preliminary Oct-Aug Federal Government Income was $2.663 trillion, outlays were $3.252 trillion, with a deficit of $589 billion, $166 billion less than last year. Click here for the CBO press release.
Arthur J Gallagher(PBR648) acquires employee benefits agency Everett James, no terms disclosed. Click here for the AJG press release.
The US Dept of Labor reports that 2013 average spending was $51,100 per consumer unit(household), down 0.7% from 2012. Click here for the USDOL press release.
The US Dept of Labor reports end of July job openings was 4.7 million, same as June, hire rate of 3.5%, separations rate of 3.3%. Click here for the USDOL press release.
The US Dept of Labor reports an August labor participation rate of 62.8%, an employment/population ratio of 59.0%, and an unemployment rate 6.1%, all little changed for the last few months. Click here for the USDOL press release.
Monday, September 8:
General Electric(PBR9) selling its appliances business to Swedish based Electrolux for $3.3 billion, to close in 2015. Click here for the GE press release.
General Mills(PBR149) to buy branded organic & natural food products producer Annie’s(NYSE: BNNY) for $46/share, $820 million total. Click here for the General Mills press release.
Hertz(PBR249) announces that Chairman/CEO Mark Frissora is stepping down for personal reasons, Hertz Equipment Rental unit President/CEO Brian M MacDonald named Interim CEO. Click here for the Hertz press release.
Home Depot(PBR35) confirms its payment data systems have been breached, investigating from April on to determine scope. Click here for the Home Depot press release.
FMC Corp(PBR578) to acquire Denmark based multinational crop protection company Cheminova for $1.8 billion. Click here for the FMC Corp press release.
Bemis(PBR466) is selling its global Pressure Sensitive Materials unit(MACtac) to private equity firm Platinum Equity for $170 million, 4th quarter close. Click here for the Bemis press release.
Chiquita(PBR658) postpones special shareholders meeting to 10/03/14 re Ireland based Fyffes merger, also now open again to merger with Brazilian Cutrale/Safra Groups. Click here for the Chiquita press release.
The US Federal Reserve Board reports that consumer credit grew by $26 billion in last month, 9.7% annual growth rate. Click here for the FRB press release.
Friday, September 5:
Stock Exchanges Recap for the Week:
DJIA closes at 17,137.36, +0.23% over last Friday & MTD, +1.85% QTD, +3.38% YTD.
NASDAQ closes at 4,582.90, +0.06% over last Friday & MTD, +3.96% QTD, +9.73% YTD.
SPX closes at 2,007.71, +0.22% over last Friday & MTD, +2.42% QTD, +8.62% YTD.
Allergan(PBR391) sets up special stockholders meeting for 12/18/14 in response to Pershing Square letter. Click here for the Allergan press release.
Kroger Co(PBR24) announces plan to hire 20,000 permanent employees in its supermarket divisions. Click here for the Kroger press release.
Dollar General(PBR154) reconfirms its intent to acquire Family Dollar(PBR254) after latest $80/share offer rejection. Click here for the Dollar General press release.
The US Dept of Labor reports that total nonfarm payroll employment increased by 142,000 in August, and the unemployment rate was little changed at 6.1 percent. Click here for the USDOL press release.
Thursday, September 4:
Darden Restaurants(PBR302) issues open letter to shareholders recommending its board concept, has initiated search for new CEO. Click here for the Darden press release.
Tesla(PBR881) announces that Nevada has been selected for its lithium battery gigafactory. Click here for the Tesla press release.
Mattress Firm to acquire West Coast based specialty bedding retailer The Sleep Train for $425 million. Click here for the Mattress Firm press release.
Assurant(PBR286) acquires residential valuations products/services provider eMortgage Logic for $17 million plus incentives. Click here for the Assurant press release.
The Nordstrom(PBR214) board authorizes $1 billion share repurchase program. Click here for the Nordstrom press release.
The SandRidge Energy(PBR885) board approves an up to $200 million common stock repurchase program. Click here for the SandRidge press release.
Johnson & Johnson(PBR39) responds to ebola crisis with commitment to accelerate vaccine program in collaboration with the US National Institutes of Health (NIH) and provide humanitarian relief aid. Click here for the J&J press release.
The US Dept of Commerce reports that the July 2014 international trade deficit decreased 0.6 percent from June, to $40.5 billion. Exports increased 0.9 percent, to $198.0 billion, and imports rose 0.7 percent, to $238.6 billion. Click here for the USDOC press release.
The US Dept of Labor reports that productivity increased 2.3 percent in the nonfarm business sector in the second quarter of 2014; unit labor costs decreased 0.1 percent (seasonally adjusted annual rates). In manufacturing, productivity increased 3.3 percent and unit labor costs decreased 1.6 percent. Click here for the USDOL press release.
Wednesday, September 3:
KKR(PBR270) is selling its 74% stake in Versatel GmbH to German/European based United Internet AG for $1.7 billion. Click here for the KKR press release.
AbbVie(PBR142) & Google(PBR46) backed Calico to co-invest $1.5 billion to develop age-related diseases therapies. Click here for the AbbVie press release.
CVS Caremark(PBR13) changes name to CVS Health, ends tobacco sales 1 month early. Click here for the CVS press release.
Men’s Wearhouse(PBR775) announces early termination agreement between Jos. A. Bank & Jim’s Formal Wear. Click here for the Men’s Wearhouse press release.
AutoData Corp reports US light vehicle sales in August were at a 17.53 million seasonally adjusted annual rate, up from 16.48 million in July. Click here for the AutoData website & spreadsheet download.
The Congressional Budget Office(CBO) projects federal public held debt to be $12.8 trillion by fiscal year end, $20.6 trillion by 2024. Click here for the CBO press release.
The US Census Bureau releases the July Manufacturers’ Shipments, Orders, Inventories Report. New orders up 10.5% over June to $558.3B. Click here for the Census Bureau press release.
The OECD reports global unemployment to remain above pre-crisis levels through 2015. Click here for the OECD press release.
Tuesday, September 2:
Dollar General(PBR153) ups bid for Family Dollar(PBR253) to $80/share, addresses antitrust issues. Click here for the DG press release.
Boston Scientific(PBR351) closes its $415 million cash acquisition of interventional division of Bayer AG. Click here for the BS press release.
AutoZone(PBR283) to acquire original equipment import replacement parts distributor Interamerican Motor Corp(NR). Terms not disclosed. Click here for the AutoZone press release.
Halliburton(PBR93) reaches $1.1 billion settlement on claims related to the 2010 Macondo well incident in the Gulf of Mexico. Click here for the Halliburton press release.
Duke Energy(PBR112), Piedmont Natural Gas(PBR1032) select Dominion Resources(PBR203) to build 550-mile natural gas ‘Atlantic Coast Pipeline’ for $4.5 billion+. Click here for the Duke Energy press release.
Archer-Daniels-Midland(ADM)(PBR27) is selling its global chocolate business to Cargill(NR) for $440 million. Click here for the ADM press release.
Allergan(PBR392) files answer in Federal Court responding to Valeant and Pershing Square’s counterclaims. Click here for the Allergan press release.
Darden Restaurants(PBR302) announces new director nominees of reconstituted board for 2014 annual meeting of shareholders. Click here for the Darden press release.
Brookdale Senior Living(PBR688) & HCP(PBR861) complete $1.2 Billion CCRC(continuing care retirement communities) joint venture & amendment of former Emeritus leases. Click here for the Brookdale press release.
AGL Resources(PBR502) completes the sale of its Tropical Shipping insurance unit to Seattle based Saltchuk Resources for $220 million after taxes. Click here for the AGL press release.
Baker Hughes(PBR124) acquires Weatherford International’s pipeline & specialty services business for $250 million. Click here for the Baker Hughes press release.
Albemarle(PBR738) completes sale of its antioxidant, ibuprofen and propofol businesses to SI Group. No terms disclosed. Click here for the Albemarle press release.
A. Schulman(PBR855) continues growth in Asia Pacific with acquisition of Australia-based Compco for $6.7 million cash. Click here for the A. Schulman press release.
The US Dept of Census reports total annual rate of construction in July($981.3B) was +1.8% over revised June($963.7B). Click here for the Census press release.
Monday, September 1:
US Federal Holiday: Labor Day
The PBR1000 August 2014 Breaking News Recap is published. Click here for the blog post.
AIG(PBR41) announces that Peter D. Hancock is now President/CEO, per succession plan announced on 06/10/14. Click here for the AIG press release.
United Parcel Service(UPS)(PBR50) has new CEO, David Abney.
TeamHealth(PBR538) new President/CEO is Mike Snow.
(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.)
