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  • The S&P 500 is currently trading at about 17.5 times forward twelve-month earnings, above the 10-year median of nearly 15 times.
  • Broadcom rose 5% after the chipmaker reported upbeat fourth-quarter results and forecast, and doubled its dividend.
  • Biogen rose 4% following a study that showed higher doses of its Alzheimer’s drug appeared to reduce the risk of brain swelling.


Coca-Cola CEO Muhtar Kent to Step down Next Year

  • Operating Chief James Quincey will become chief executive in May.
  • Mr. Kent has been chief executive since 2008 and will remain chairman of the company.
  • As chief executive, Mr. Kent has made moves to diversify Coke beyond soda, spearheading the company’s $4.1 billion acquisition of Energy Brands—maker of Vitaminwater and Smartwater—in 2007 before becoming CEO.
  • Coke has spent more than $4 billion to acquire minority stakes in coffee maker Keurig Green Mountain and Monster Beverage.
  • Coke has built up a dairy business in recent years as it launched Fairlife, a lactose-free milk with 50% more protein and 30% fewer calories than regular milk, in the U.S. in late 2014.

Broadcom Gives a Rosy Outlook, Doubles Quarterly Dividend

  • Revenue more than doubled to $4.136 billion.
  • Gross margin fell to 52.5% from 54.2%.
  • Chip maker Avago completed its roughly $37 billion acquisition of rival Broadcom in February, with the combined company retaining the Broadcom name and AVGO ticker symbol.

American Airlines raises fourth-quarter unit revenue forecast

  • The world’s largest airline said higher average fares per mile have boosted its revenue and profit expectations for the fourth quarter.

Biogen and AbbVie Receive Health Canada Approval of Once-Monthly ZINBRYTA for Multiple Sclerosis

  • Results from DECIDE showed that ZINBRYTA(TM) demonstrated superior efficacy across multiple measures of MS disease activity.

Cisco Could Benefit from Tax Reform by Cutting Debt: Moody’s

  • The report examines the broad implications of Mr. Trump’s tax proposals for corporations with overseas cash.
  • It said that about $21.2 billion of Cisco’s debt matures over the next five years.
  • The company could use some of the roughly $65 billion in cash and equivalents it has trapped overseas to pay that off and reduce its debt.

Wells Fargo Likely Faces Regulatory Downgrade, Harming Its Prospects

  • Wells Fargo is likely to receive a regulatory downgrade that could hamper its business activity and growth.
  • CRA ratings are related to banks’ work in lower-to-moderate income neighborhoods.
  • The rating is used to evaluate applications for future approval of bank mergers and acquisitions and branch openings, among other business matters.

Wife of billionaire Pimco co-founder Bill Gross files for divorce

  • The wife of PIMCO co-founder Bill Gross is seeking a divorce after 31 years of marriage.
  • Once known as the “Bond King,” Gross left Pimco in September 2014, eight months after second-in-command Mohamed El-Erian quit after the two clashed over how to run the firm.
  • Gross has a net worth of $2.4 billion.

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Consumer Confidence in U.S. Surges Thanks to Optimism about Trump

  • The University of Michigan said Friday that its preliminary index of sentiment rose to 98, the highest since January 2015, from 93.8 in November.

U.S. wholesale inventories fall in October

  • U.S. wholesale inventories decreased 0.4 percent after rising 0.1 percent in September.
  • The component of wholesale inventories that goes into the calculation of GDP – wholesale stocks excluding autos – also fell 0.4 percent in October.
  • Inventory investment contributed half a percentage point to the economy’s 3.2% annualized growth rate in the third quarter.
  • Inventories had weighed on GDP growth since the second quarter of 2015.

Transportation Department Weighs Allowing Phone Calls during Flights

  • Proposal requires carriers and ticket agents to disclose availability of voice calls during flights.
  • U.S. aviation regulators on Thursday suggested they are leaning toward eventually allowing in-flight calls from airline passengers—with two important caveats: airlines will have the option of whether to provide the service, and passengers must be informed well in advance if the flight allows calls.
  • Phone calls on some flights are technically possible now using in-flight Wi-Fi services provided.

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Daimler to become 2016’s biggest luxury car maker – CEO

  • “We will achieve it this year, four years ahead of time,” Daimler CEO Dieter Zetsche said.
  • Daimler’s passenger car unit Mercedes Benz was on track for full-year sales of more than two million cars, Zetsche said, putting it ahead of rivals Audi and BMW.

South Africa’s Sibanye Gold to Buy Stillwater Mining for $2.2 Billion in Latest Platinum Push

  • Gold mining company expands further in to platinum mining, diversifying away from South Africa.
  • The purchase is Sibanye’s third platinum acquisition since late 2015 and would make the company, which until last year was solely a gold miner, the world’s third largest platinum producer.

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A Charlie Brown Christmas” premiered (1965)

U.S. astronauts completed repair work on the Hubble Space Telescope (1993)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

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