Barron\'s - 21.10.2019

M32 BARRON’S October 21, 2019

SELECTEDINITIALPUBLICOFFERINGS

Initial Most

Ticker Offer IPO Recent %

Code Price Date Price Chg

GalileoAcquisition GLEOU 10.00 10/18 10.04 0.4%

UnionAcquisitionII LATNU 10.00 10/18 10.10 1.0%

BellRingBrands BRBR 14.00 10/17 16.35 16.8%

InnatePharma IPHA 5.50 10/17 6.14 11.6%

Latest Latest Preceding Year YroYr

Date Data Period Ago %Chg

PULSEOFTHEECONOMY

Onlyincludesnewreports. Latest Latest Preceding Year YroYr

EconomicGrowthandInvestment Date Data Period Ago %Chg

Durable manufacturing (NAICS) a, ................................................ Sept 108.4 r109.2 107.8 0.56

Capacity utilization % .................................................................... Sept 77.5 77.9 78.5 –1.27

Industrial output a, ........................................................................ Sept 109.5 109.9 109.0 0.46

Manufacturing (NAICS) a, ............................................................. Sept 105.8 r106.4 106.2 –0.38

Nondurable manufacturing (NAICS) a............................................ Sept 103.1 r103.3 104.4 –1.25

Production

Electric power, (mil. kw hrs) (EEI) .................................................. Oct 12 70,459 80,103 74,100 –4.91

Mining (NAICS) a, ......................................................................... Sept 131.8 r133.5 126.7 4.03

Petroleum, related capacity, % ...................................................... Oct 11 83.1 85.7 88.8 –6.42

Rotary rigs running, U.S. & Can., (Hughes).................................... Oct 18 994 1,002 1,258 –20.99

Steel, (thous. tons)........................................................................ Oct 12 1,821 1,804 1,881 –3.19

Steel, rated capacity, % (AISI)........................................................ Oct 12 78.7 78.0 80.2 –1.87

Utilities a ....................................................................................... Sept 106.8 r105.4 105.2 1.52

ConsumptionandDistribution

Business sales, (mil. $) ................................................................. Aug 1,463.88 r1,461.64 1,448.48 1.06

Instinet Research Redbook Avg. (monthly %)................................ Oct 12 –0.19 –1.10 –1.00 ....

Baltic Dry Index ............................................................................. Oct 18 1,855 1,924 1,576 17.70

Retail store sales, (bil. $) ............................................................... Sept 525.56 r526.89 504.85 4.10

Inventories

Business inventories, (bil. $) ......................................................... Aug 2,042.13 r2,041.78 1,959.16 4.23

Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... Oct 11 434,850 425,569 416,441 4.42

Gasoline, (thous. bbls) .................................................................. Oct 11 226,201 228,763 234,156 –3.40

Inventory–to–sales ratio (Business) .............................................. Aug 1.40 1.40 1.35 3.70

Orders

No Activity for this Week

Trade

No Activity for this Week

Inflation

JOC–ECRI Industrial Price Index f.................................................. Oct 18 88.83 89.39 101.91 –12.83

Employment

Initial jobless claims (thous.) ........................................................ Oct 12 214 210 215 –0.47

Continuing claims (mil.) ................................................................ Oct 5 1.679 r1.689 1.660 1.14

Construction

Building contracts, F.W. Dodge, (bil. $).......................................... Sept 774.07 r818.66 711.54 8.79

New housing permits, (thous. units).............................................. Sept 1,387 r1,425 1,288 7.69

New housing starts, (thous. units) ................................................. Sept 1,256 r1,386 1,236 1.62

OtherIndicators

Citi Research Panic–Euphoria Reading .......................................... Oct 18 –0.09 r–0.11 0.12 ....

Index of coincident indicators h ..................................................... Sept 106.4 106.4 104.5 1.82

Index of lagging indicators h.......................................................... Sept 108.3 108.2 105.1 3.04

Index of leading indicators h .......................................................... Sept 111.9 r112.0 112.0 –0.09

Coincident to lagging ratio h .......................................................... Sept 0.98 0.98 0.99 –1.01

a-1997equals100.b-1982-84equals100.c-1982equals100.f-1996equals100.h-benchmarkrevision,2016equals100.r-Revised.

(^1) Earningsestimatesareforcalendaryears. (^2) Basedonlatestearningsestimate. Source:ThomsonReuters.
Market Laboratory
CONSENSUSOPERATINGEARNINGSESTIMATESFORDOWINDUSTRIALS
2019EPS^1 2020EPS^1
4Wks 2019 4Wks 2020
Company Ago Cur P/E^2 Ago Cur P/E^2
2019EPS^1 2020EPS^1
4Wks 2019 4Wks 2020
Company Ago Cur P/E^2 Ago Cur P/E^2
ComingEarnings
Day Consensus Year
Estimate Ago
Continuedfrompage13ofthemainsection.
T
LockheedMartin(3Q) 5.02 5.14
TRAVELERS(3Q) 2.35 2.54
Kimberly-Clark(3Q) 1.80 1.71
UNITEDTECHNOLOGIES (3Q) 2.03 1.93
UNITEDPARCELSERVICE (3Q) 2.06 1.82
W
ELILILLYANDCO(3Q) 1.40 1.39
EBAY (3Q) 0.64 0.56
GENERALDYNAMICS (3Q) 3.07 2.89
NORFOLKSOUTHERN (3Q) 2.59 2.52
CELGENE (3Q) 2.70 2.29
FORDMOTOR (3Q) 0.26 0.29
LASVEGASSANDS (3Q) 0.75 0.77
CATERPILLAR (3Q) 2.89 2.86
MICROSOFT (1Q) 1.24 1.14
FREEPORT-MCMORAN (3Q) 0.00 0.35
BOEING (3Q) 2.08 3.58
Th
COMCAST (3Q) 0.74 0.65
VISA (4Q) 1.43 1.21
3M (3Q) 2.49 2.58
BAXTERInt'l (3Q) 0.84 0.80
AMAZON.COM (3Q) 4.60 5.75
GILEADSCIENCES (3Q) 1.74 1.84
INTEL (3Q) 1.24 1.40
DANAHER (3Q) 1.15 1.10
CAPITALONEFin'l (3Q) 2.88 2.99
F
FRANKLINRESOURCES (4Q) 0.64 1.13
VERIZON(3Q) 1.24 1.22
PHILLIPS66(3Q) 2.57 3.10
ILLINOISTOOLWORKSI(3Q) 1.94 1.90
(Earningsaredilutedandreportdatesaretentative. Allfore-
castsandhistoricalnumbersexcludeextraordinaryitemsby
accountingdefinitions.)
Source:ThomsonFirstCall
EARNINGSSCOREBOARD
LastWeek'sMajorSurprises
Actual
Cons. NetPer
Company Ticker Period Est.^1 Share
Positive
CountyBancorp ICBK 3Q 0.50 0.82
Prologis PLD 3Q 0.48 0.71
NetflixInc NFLX 3Q 1.04 1.47
AtlanticUnionBanksh AUB 3Q 0.68 0.86
MercantileBank MBWM 3Q 0.63 0.77
SleepNumber SNBR 3Q 0.79 0.94
NicoletBankshares NCBS 3Q 1.18 1.40
CrownCastleInt'l CCI 3Q 0.49 0.58
WnsHldgs WNS 2Q 0.67 0.79
AtlassianCorp TEAM 1Q 0.24 0.28
TristateCapital TSC 3Q 0.43 0.50
IntuitiveSurgical ISRG 3Q 2.99 3.43
Negative
Ericsson ERIC 3Q 0.08 -0.19
BrandywineRealty BDN 3Q 0.05 0.04
WellsFargo WFC 3Q 1.15 0.92
Keycorp KEY 3Q 0.46 0.38
HeritageCrystalClean HCCI 3Q 0.32 0.28
KinderMorgan KMI 3Q 0.24 0.22
InteractiveBrokers IBKR 3Q 0.49 0.45
BB&T BBT 3Q 1.03 0.95
Infosys INFY 2Q 0.14 0.13
SuntrustBanks STI 3Q 1.41 1.34
TeliaCo TLSNF 3Q 0.67 0.64
(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReutersbeforeactualearningswerereported.
LastWeek'sMajorEstimateChanges
Prev. Last
FY Fri. Fri.
Company Ticker End Cons. Cons.
Positive
FirstMajesticSilver AG 19-Dec 0.01 0.06
UnitedStatesSteel X 19-Dec 0.20 0.24
Negative
KeaneGrp FRAC 19-Dec -0.07 -0.13
Alcoa AA 19-Dec -0.42 -0.55
(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReuters.
3M 9.43 9.28 17.6 10.14 10.02 16.3
AmericanExpress 8.12 8.12 14.7 8.99 8.99 13.2
Apple 11.92 11.91 19.8 13.57 13.53 17.4
Boeing 4.02 3.15 117.1 22.44 22.32 16.5
Caterpillar 11.78 11.71 11.3 12.27 11.96 11.0
Chevron 6.99 6.48 17.8 8.14 7.41 15.6
CiscoSystems 3.22 3.22 14.6 3.46 3.45 13.7
Coca–Cola 2.11 2.11 25.5 2.29 2.28 23.6
Disney 5.47 5.41 24.5 5.90 5.79 22.9
Dow 3.46 3.44 13.9 4.43 4.35 11.0
ExxonMobil 3.36 2.92 23.4 4.61 3.97 17.2
GoldmanSachs 23.20 22.08 9.3 25.27 24.24 8.5
HomeDepot 10.13 10.13 23.4 10.96 10.96 21.6
IBM 12.81 12.79 10.5 13.45 13.33 10.1
Intel 4.39 4.39 11.8 4.45 4.44 11.7
Johnson&Johnson 8.60 8.67 15.7 9.12 9.13 14.9
McDonalds 8.02 8.01 25.8 8.76 8.73 23.7
Merck 4.91 4.92 17.0 5.47 5.48 15.3
Microsoft 5.02 5.03 27.8 5.52 5.53 25.2
Morgan(J.P) 10.20 10.39 11.6 10.48 10.49 11.5
Nike 2.61 2.74 34.9 3.12 3.19 30.0
Pfizer 2.82 2.82 12.9 2.81 2.80 13.0
Procter&Gamble 4.77 4.76 24.5 5.02 5.02 23.2
Travelers 10.64 10.51 13.4 11.54 11.44 12.3
UnitedTechnologies 8.04 8.03 17.2 8.80 8.77 15.7
UnitedHealth 14.82 14.94 16.3 16.64 16.49 14.8
Verizon 4.80 4.81 12.6 4.89 4.90 12.3
Visa 5.61 5.61 31.7 6.52 6.51 27.3
Walgreens 5.94 5.93 9.4 6.06 6.04 9.3
Walmart 4.92 4.92 24.4 5.13 5.13 23.4
Median 17.1 15.4
DJIndustrials 1506.521486.85 18.21765.061740.72 15.5
DOWJONESU.S.TOTALMARKETINDUSTRYGROUPS
NetChange %ChangeandRanking 52Week
Top10WeeklyRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low
Aluminum DJUSAL 68.81 + 7.22 –16.10 +11.72 [1] –44.56 [140] –18.96 [140] –2.07 126.06 53.45
Health Care Providers DJUSHP 1879.48+ 123.92 –10.11 +7.06 [2] –10.83 [125] –.53 [129] +14.48 2,192.97 1,647.16
Tires DJUSTR 53.70 + 2.80 –18.64 +5.50 [3] –25.84 [137] –25.77 [141] –21.03 84.29 38.71
Drug Retailers DJUSRD 822.94 + 41.05 –70.04 +5.25 [4] –20.25 [131] –7.84 [138] –11.02 1,115.93 717.69
Home Construction DJUSHB 971.13 + 48.13 333.93 +5.21 [5] +52.84 [1] +52.41 [1] +21.65 971.13 595.43
Recreational Products DJUSRP 350.36 + 15.49 73.84 +4.63 [6] +7.39 [72] +26.70 [33] +9.29 350.36 258.37
Medical Supplies DJUSMS 889.90 + 33.37 120.41 +3.90 [7] –2.45 [110] +15.65 [91] +8.22 966.89 726.01
Furnishings DJUSFH 331.50 + 12.05 67.27 +3.77 [8] +5.45 [82] +25.46 [37] –3.37 347.85 251.21
Tobacco DJUSTB 622.31 + 21.93 35.69 +3.65 [9] –16.76 [130] +6.08 [114] –7.35 788.99 557.66
Health Care Equip & Svcs DJUSMC 1549.34 + 54.21 173.89 +3.63 [10] +4.21 [87] +12.64 [103] +16.86 1,583.71 1,281.59
NetChange %ChangeandRanking 52Week
Top10YrAgoRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low
Home Construction DJUSHB 971.13 + 48.13 333.93 +5.21 [5] +52.84 [1] +52.41 [1] +21.65 971.13 595.43
Nondurable Hshld Pdts DJUSHN 928.19 – 25.54 180.57 –2.68 [137] +39.39 [2] +24.15 [45] +9.76 980.69 710.47
Hshld Goods & Home ConstrDJUSHG 749.58 – 7.28 160.69 –.96 [120] +37.47 [3] +27.29 [31] +7.90 771.09 559.72
Residential REITs DJUSRN 257.62 + 4.03 65.40 +1.59 [45] +33.94 [4] +34.02 [13] +13.13 257.62 185.80
Water DJUSWU 2735.06 – .21 716.82 –.01 [101] +32.66 [5] +35.52 [9] +18.29 2,818.64 1,916.99
Bldg Materials & Fixtures DJUSBD 1017.80 + 15.10 290.95 +1.51 [48] +32.28 [6] +40.03 [5] +9.18 1,019.47 685.23
Specialty Finance DJUSSP 296.68 + 2.02 92.29 +.68 [79] +31.89 [7] +45.16 [2] +26.35 316.97 190.06
Specialty REITs DJUSSR 242.99 + 4.59 58.86 +1.93 [32] +30.42 [8] +31.96 [22] +10.94 246.56 177.73
Real Estate Services DJUSES 212.73 – 2.88 60.00 –1.34 [125] +29.77 [9] +39.28 [6] +22.77 221.46 145.69
Restaurants & Bars DJUSRU 1963.06 – 8.56 379.80 –.43 [113] +28.01 [10] +23.99 [46] +19.66 2,090.59 1,505.98
Groupsareweightedbycapitalization.52-weekhighsandlowsarebasedondailycloses.Dec.31,1991=100.IntheU.S.listings,%volchg
columnshowsthechangefromprevious65-daymovingaverage.Volumefiguresdonotreflectextendedtradinghours.
AMERICANDEBTANDDEFICITS
Latest Preceding YearAgoYearoverYear
Report Report Report %Chg
FederalBudgetDeficit(bil.$)-a ......................................... 1,068FY'21 1,101FY'20 1,092FY'19 ....
BudgetSurplus/Deficit(bil.$)-b,August ......................... –200.34 –119.70 –214.15 -6.45
TradeDeficit(bil.$,sa)-c,August ...................................... –54.90 r-54.04 –54.89 0.02
TreasuryGrossPublicDebt.(bil.$)-d ............................... 22,897.8 22,823.9 21,653.8 5.74
TreasuryStatutoryDebtLimit(bil.$)-d ............................. 21,987.7 .... ....
ConsumerInstallmentDebt(bil.$)-e,August ................. 4,140.5 r4,122.6 3,939.0 5.12
Sources:a-OfficeofManagementandBudget,b-MonthlyTreasuryStatement,c-MonthlyCommerceDept.Report,d-DailyTreasury
Statement,e-MonthlyFederalReserveRelease.StatutorydebtlimittemporarilysuspendedthroughJuly31,2021.
NYSEHALF-HOURLYVOLUME
Daily 10/14 10/15 10/16 10/17 10/18
9:30-10:00 75,639 88,701 94,949 88,367 163,269
10:00-10:30 36,101 46,704 40,583 38,910 38,806
10:30-11:00 28,048 46,878 33,472 36,569 32,305
11:00-11:30 27,265 39,858 30,156 27,771 29,116
11:30-12:00 21,574 31,212 27,219 30,021 27,530
12:00-12:30 20,614 27,552 24,174 25,215 29,073
12:30-1:00 17,723 23,851 23,663 20,375 23,113
1:00-1:30 16,218 23,937 23,116 19,245 21,737
1:30-2:00 17,824 24,244 25,390 21,878 20,386
2:00-2:30 16,917 25,583 24,482 22,463 22,345
2:30-3:00 18,760 25,120 24,135 24,572 24,454
3:00-3:30 22,040 29,644 31,668 28,586 29,923
3:30-4:00 312,761 300,201 349,878 342,086 399,552