Barron\'s - 21.10.2019

October 21, 2019 BARRON’S M31

Last Prev. Year

Week Week Ago

DJIndAvg 26770.20 26816.59 25444.34

P/E Ratio 19.25 19.22 22.21

Earns Yield % 5.19 5.20 4.50

Earns $ 1390.68 1395.50 1145.84

Divs Yield % 2.30 2.29 2.18

Divs $ 616.46 615.12 554.96

Mkt to Book 4.11 4.12 4.10

Book Value $ 6512.92 6512.92 6201.99

DJTransAvg 10508.74 10291.98 10438.81

P/E Ratio 17.44 17.32 10.54

Earns Yield % 5.73 5.77 9.49

Earns $ 602.50 594.27 990.72

Divs Yield % 1.59 1.62 1.43

Divs $ 166.69 166.69 149.39

Mkt to Book 3.24 3.18 3.24

Book Value $ 3239.67 3239.67 3217.98

DJUtilityAvg 866.01 866.66 746.30

P/E Ratio 27.74 27.76 18.20

Earns Yield % 3.60 3.60 5.50

Earns $ 31.22 31.22 41.02

THEWEEKINSTOCKSFORTHEMAJORINDEXES

12-Month Weekly Friday Weekly 12-Month ChangeFrom

High Low High Low Close Chg. %Chg. Chg. %Chg. 12/31 %Chg.

DowJonesIndexes

27359.16 21792.20 30 Indus 27025.8826770.20 26770.20 –46.39 –0.17 1325.86 5.21 3442.74 14.76

11098.99 8637.15 20 Transp 10508.7410256.10 10508.74 216.76 2.11 69.93 0.67 1338.34 14.59

880.50 692.00 15 Utilities 866.01 857.10 866.01 –0.65 –0.08 119.71 16.04 153.08 21.47

9056.67 7261.50 65 Comp 8980.27 8878.96 8940.80 36.05 0.40 488.50 5.78 1230.36 15.96

DowJonesIndexes

31091.22 24126.04 US TSM Float 30655.1530314.42 30532.11 168.85 0.56 2037.70 7.15 4807.60 18.69

753.15 583.86 US Market 743.52 735.79 740.58 3.70 0.50 52.23 7.59 118.02 18.96

683.25 484.10 Internet 612.19 599.90 599.90 –5.02 –0.83 28.77 5.04 74.64 14.21

NewYorkStockExchange

13239.87 10769.83 Comp-z 13039.2312896.22 13006.64 79.72 0.62 549.37 4.41 1632.25 14.35

8237.82 6610.76 Financial-z 8192.23 8074.16 8192.23 117.45 1.45 558.77 7.32 1222.75 17.54

16646.06 14248.22 Health Care-z 16255.1115865.37 16176.82 285.34 1.80 322.38 2.03 1018.43 6.72

11538.79 8814.91 Energy-z 9375.52 9290.72 9290.72 –96.14 –1.02 –2248.07 –19.48 –50.72 –0.54

NYSEAmericanStockExchange

2652.44 2200.34 NYSE Amer Comp 2440.30 2424.78 2440.30 8.69 0.36 –212.15 –8.00 148.04 6.46

2777.50 2209.18 Major Mkt 2710.69 2656.00 2656.00 -45.60 –1.69 132.59 5.25 292.82 12.39

Standard&Poor'sIndexes

1339.87 1042.77 100 Index 1329.82 1314.56 1321.61 5.84 0.44 85.52 6.92 207.74 18.65

3025.86 2351.10 500 Index 2997.95 2966.15 2986.20 15.93 0.54 218.42 7.89 479.35 19.12

4090.58 3157.69 Indus 4041.67 3998.37 4018.24 13.35 0.33 281.88 7.54 643.58 19.07

1986.80 1567.40 MidCap 1938.65 1909.03 1936.76 20.19 1.05 64.59 3.45 273.72 16.46

992.06 793.86 SmallCap 955.41 932.17 950.37 14.77 1.58 –11.69 –1.21 105.43 12.48

NasdaqStockMarket

8330.21 6192.92 Comp 8156.85 8048.65 8089.54 32.50 0.40 640.52 8.60 1454.27 21.92

8016.95 5899.35 100 Index 7942.85 7842.33 7868.49 24.62 0.31 761.26 10.71 1538.53 24.31

6788.50 5040.94 Indus 6489.23 6379.87 6423.31 35.83 0.56 406.32 6.75 1022.27 18.93

10380.21 7404.82 Insur 10185.1810057.57 10185.18 116.01 1.15 2004.85 24.51 2299.08 29.15

3880.87 3114.63 Banks 3653.95 3576.27 3653.95 72.06 2.01 –92.22 –2.46 380.12 11.61

5202.26 3647.99 Computer 5202.26 5114.05 5114.05 –21.26 –0.41 669.15 15.05 1203.47 30.77

439.67 326.76 Telecom 383.42 374.72 382.00 3.46 0.91 12.71 3.44 33.19 9.52

RussellIndexes

1677.13 1298.02 1000 1655.37 1638.60 1648.69 7.76 0.47 119.71 7.83 264.43 19.10

1614.98 1266.93 2000 1541.84 1505.43 1535.48 23.58 1.56 –6.56 –0.43 186.92 13.86

1779.48 1380.60 3000 1755.15 1735.82 1748.07 9.45 0.54 118.02 7.24 275.93 18.74

1591.36 1033.21 Value-v 1259.64 1247.10 1258.73 8.73 0.70 56.51 4.70 165.10 15.10

1649.92 1223.26 Growth-v 1632.22 1614.38 1619.46 4.17 0.26 160.19 10.98 304.84 23.19

2291.85 1750.33 MidCap 2235.70 2215.31 2232.70 12.36 0.56 175.50 8.53 375.39 20.21

Others

6402.26 5082.63 Value Line-a 6189.32 6087.55 6164.70 53.03 0.87 95.08 1.57 778.74 14.46

552.12 446.06 Value Line-g 519.75 511.43 517.59 4.08 0.79 –22.66 –4.19 45.22 9.57

10924.49 8503.45 DJ US Small TSM 10455.4810239.01 10418.52 137.94 1.34 91.38 0.88 1371.83 15.16

720.53 571.68 Barron's 400 683.47 673.25 681.99 6.82 1.01 –17.43 –2.49 72.28 11.86

High/Low'sarebaseduponthedailyclosingindex.a-ArithmeticIndex.G-GeometricIndex.V-Value1000andGrowth1000y-Dec.
31,1965=50z-Dec.31,2002=5000

144FILINGS

SEC Form 144 must be filed by holders of restricted securities (also called letter stock) who intend to sell shares. Shares Indi-

cated:thenumbertobesold.SalesDate:theapproximatedateofthesale.(Sometimessharesaren'tsold,eventhoughtheirowner

has filed a Form144.) Source: Thomson Reuters

Shares Sale
Company Sym Indicated $Value Date Seller Title

Best Buy BBY 407,880 27,315,571 9/26/19 Joly, Hubert CEO

Slack Technologies WORK 278,109 6,599,527 10/1/19 Butterfield, Daniel CEO

Rite Aid RAD 259,919 1,828,530 9/30/19 Standley, John FO

Nike NKE 165,000 15,416,748 9/30/19 Parker, Mark CEO

Cargurus CARG 131,779 4,006,080 10/8/19 Steinert, Langley CEO

Docusign DOCU 120,000 7,800,000 10/7/19 Alhadeff, Loren O

Medical Properties Trust MPW 101,964 2,016,848 10/10/19 Aldag, Edward O

Smartsheet SMAR 100,000 3,585,000 10/3/19 Barker, Geoffrey AF

World Fuel Services INT 100,000 3,925,000 10/7/19 Kasbar, Michael CEO

Medical Properties Trust MPW 77,500 1,502,787 9/25/19 Hamner, Richard O

Divs Yield % 2.91 2.91 3.18

Divs $ 25.21 25.21 23.72

Mkt to Book 2.33 2.34 2.07

Book Value $ 370.98 370.98 360.31

S&P500Index 2986.20 2970.27 2767.78

P/E Ratio 22.08 21.96 22.60

Earns Yield % 4.54 4.57 4.43

Earns $ 135.67 135.67 122.48

Divs Yield % 1.98 2.00 1.99

Divs $ 59.13 59.41 55.08

Mkt to Book 3.51 3.49 3.35

Book Value $ 851.62 851.62 826.52

S&PIndIndex 4018.24 4004.89 3736.36

P/E Ratio 24.31 24.23 25.01

Earns Yield % 4.11 4.13 4.00

Earns $ 165.30 165.30 149.39

Divs Yield % 1.84 1.85 1.86

Divs $ 73.94 74.09 69.50

Mkt to Book 4.55 4.53 4.41

Book Value $ 883.41 883.41 847.90

Last Prev. Year

Week Week Ago

U.S. DOLLAR INDEX vs EURO and YEN

-10

0

10

N D J F M A M J J A SO

EURO in $

s

YEN in $

s

DXY (97.19)

s

Source: Tullett Prebon

By the Pound: As the pound bounced on hopes for a Brexit deal, the dollar fell against

other currencies and lowered the U.S. Dollar Index by 1.2% for the week, to 97.19.

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

Natera Inc 5,714,286 $35.00 $200,000,010

PagSeguro Digital 8,625,000 $28.00 $653,250,000

TradeWeb Markets 17,287,878 $42.00 $726,090,876

Source:DealogicLLC,NewYorkCity;(212)577-4400.

STOCKVOLUME

Last Prev. Year YOY

Week Week Ago %Chg

NYSE(a) 3,705,518 3,971,895 4,156,605 -10.85

30 Dow Inds (b) 1,162,264 1,139,583 1,504,293 -22.74

20 Dow Trans (b) 260,985 254,036 310,624 -15.98

15 Dow Utils (b) 232,121 182,123 234,784 -1.13

65 Dow Stks (b) 1,655,369 1,575,742 2,049,700 -19.24

NYSE American (a) 48,612 46,463 59,711 -18.59

Nasdaq(d) 9,032,606 9,240,143 12,029,878 -24.92

NYSE 15 Most Active

Average Price 13.51 10.61 21.82 -38.08

% Tot Vol 14.22 13.76 14.74 -3.53

Stock Offerings $(z,v) 2,666,500 r910,600 1,577,100 69.08

DailyStockVolume

Daily 10/14 10/15 10/16 10/17 10/18

NYSE(a) 631,483 733,486 752,883 726,058 861,608

30 Inds (b) 177,881.0 247,477.2 218,236.6 225,057.3 293,611.4

20 Trans (b) 33,855.3 50,091.7 53,606.5 54,895.6 68,535.4

15 Utils (b) 31,400.7 37,940.6 56,756.9 49,455.2 56,567.8

65 Stks (b) 243,137.0 335,509.5 328,600.1 329,408.2 418,714.6

NYSE Amer(a) 9,058 10,626 7,858 11,191 9,879

Nasd(d) 1,431,193 1,820,355 1,884,883 1,864,956 2,031,219

NYSE 15 Most Active

Avg. Price 13.71 26.47 16.17 13.45 22.26

% Tot Vol 14.66 15.32 16.10 15.29 13.82

Numbersinthousandssavepriceandpercentages.(a)Primary

volume. (b)Compositevolume.(d)asof4:10pm.(r)Revised.(v)

W/EThursday.(z)Source:Refinitiv.

INDEXES'P/ES&YIELDS

DJ latest 52-week earnings and dividends adjusted by Dow Divisors at Friday's close. S&P Dec. 4-quarter's GAAP earnings as

reported and indicated dividends based on Friday close.S&P 500 P/E ratios based on GAAP earnings as reported. For additional

earningsseries,pleaserefertowww.spglobal.com.DJlatestavailablebookvaluesforFY2018and2017,andS&Platestfor2018and

2017. r-Revised data

Market Laboratory

BARRON'S50-STOCKAVERAGE

This index is an weighted average of 50 leading issues.

Useful in security valuation. Source: Barron's Stats

Oct17 Oct10 Oct Yr-to-Yr

2019 2019 2018 %Chg

S&P 500 Index 2997.95 2938.13 2776.08 7.99

Barron's 50 Index 9255.73 9098.43 8732 6.00

Projected quarterly earn 106.56 107.92 120.51 –11.58

Annualized projected earn 426.22 431.67 482.04 –11.58

Annualized projected P/E 21.72 21.08 18.1 19.83

Five-year average earn 394.13 394.40 391.25 0.74

Five-year average P/E 23.48 23.07 22.3 5.23

Year-end earn 412.87 414.23 522.02 –20.91

Year-end P/E 22.42 21.96 16.7 34.02

Year-end earns yield, % 4.46 4.55 6.0 –25.48

Best grade bond yields, % 2.82 2.71 4.11 –31.30

Bond yields/stock ylds, % 0.63 0.60 0.69 –7.93

Actual year-end divs 216.09 216.03 202.30 6.82

Actual yr-end divs yld, % 2.33 2.37 2.32 0.65

PERSHAREVALUESOFSTOCKSINTHEDOW

JONESAVERAGES

This is a list of the Dow Jones trailing 52-week diluted

share earnings, dividends and book values as reported

by the company. Bolded numbers indicate new values.

Sources Barron's Stats and FactSet.

IndustrialStocks

Book

Earns Divs. Value

Am Exp 8.27 1.60 26.32

Apple 11.73 3.00 22.53

Boeing 8.54 7.875 0.60

Caterpillar 10.74 3.78 24.39

Chevron Corp 7.72 4.69 81.22

Cisco Sys 2.60 1.38 9.36

Coca Cola 1.80 1.59 3.98

Disney Walt 7.95 1.76 32.52

Dow 0.10 1.40

ExxonMobil 4.15 3.38 45.27

Goldman Sachs 22.35 3.75214.80

Home Depot 10.04 5.11 (1.70)

IBM 8.97 6.38 18.82

Intel 4.29 1.245 16.51

Johnson&John 6.40 3.70 22.44

Book

Earns Divs. Value

JPMorgChase 10.13 3.30 70.35

McDonalds 7.61 4.64 (8.16)

Merck Co 3.57 2.20 10.30

Microsoft 5.07 1.84 13.39

Nike Inc 2.68 0.88 5.77

Pfizer 2.21 1.42 11.09

Proc Gam 1.36 2.9459 18.49

3M Co 8.28 5.68 16.99

Travelers Cos 10.03 3.18 86.85

UnitedHealth Grp 13.75 3.96 53.85

Utd Tech 6.13 2.94 44.63

Verizon 3.83 2.4225 12.86

Visa 5.21 1.00 12.88

Walgreens 5.10 1.7775 27.31

Wal-mart 4.44 2.11 25.19

TransportationStocks

Alaska Air Group 4.08 1.37 30.45

American Airlines 3.33 0.40 (0.37)

Avis Budget Grp 2.45 Nil 5.45

C.H. Robinson 4.97 2.00 11.62

CSX Corp 4.19 0.92 15.35

Delta Air Lines 7.10 1.4525 20.13

Expeditors Int'l 3.62 0.95 11.58

FedEx 1.59 2.60 68.08

Hunt (JB) 4.53 1.02 19.33

JetBlue Air 1.44 Nil 15.02

KC Southern 5.70 1.44 47.65

Kirby Corp 1.82 Nil 53.67

Landstar Sys 6.42 0.68 17.12

Matson Inc 2.17 0.85 17.69

Norf So 10.30 3.46 57.30

Ryder Sys 6.04 2.18 54.79

Southwest Air 4.32 0.68 17.83

Un Pacific 8.49 3.36 28.17

UPS 5.47 3.79 3.52

United Airlines 10.80 Nil 37.03

UtilityStocks

AES Corp. 0.59 0.5395 4.84

Am Elec 4.00 2.68 38.58

American Water Works 3.21 1.91 32.45

CenterPt Energy 1.14 1.14 12.61

Con Ed 4.22 2.935 52.11

Dominion Energy 3.18 3.578 29.53

Duke Energy 4.52 3.7275 60.27

Edison Int'l (0.77) 2.4425 32.10

Exelon 2.35 1.4325 31.78

FirstEnergy 0.40 1.50 13.17

NextEra Energy 6.95 4.86 71.43

NiSource Inc. 0.31 0.795 13.08

Pub Sv Ent 2.88 1.86 28.53

Sempra Energy 6.87 3.7975 54.35

Southn Co. 4.28 2.44 23.91

ComingU.S.Auctions

Yields(%)

Day When Last

Issued* Auction

M

$45.0bil 3-month 1.666 1.640

$42.0bil 6-month 1.619 1.620

T

$40.0bil 2-year 1.578 1.612

W

$41.0bil 5-year 1.561 1.600

TH

$32.0bil 7-year 1.651 1.633

*AsofFridayafternoon.

DELTAMARKETSENTIMENTINDICATOR

The Delta MSI measures the position of ~1,800 stocks relative to an

intermediate-term moving average crossover (MAC) point. When

greaterthan50%ofthestocksfollowedareabovethisMACpoint,the

market is bullish and equities are attractive. When the indicator is

below 50%, risk is elevated and stock exposures should be reduced.

ManagerusesdiscretiononassetallocationwhenMSIis50%+/-3%.

Last 2Weeks 3Weeks

CurrentSentiment Week Ago Ago

BEARISH 47.4% 37.5% 46.0%

CurrentMarketExposure:0%Equities,0%Bonds,100%Cash

Source:DeltaInvestmentManagement

http://www.deltaim.com,(415)249-6337