September 30, 2019 BARRON’S M35
Last Prev. Year
Week Week AgoDJIndAvg 26820.25 26935.07 26458.31
P/E Ratio 19.22 19.32 23.88
Earns Yield % 5.20 5.18 4.19
Earns $ 1395.50 1394.21 1108.08
Divs Yield % 2.29 2.28 2.09
Divs $ 613.95 613.95 551.98
Mkt to Book 4.12 4.14 4.27
Book Value $ 6512.92 6512.92 6201.99DJTransAvg 10341.27 10454.36 11379.36
P/E Ratio 17.47 17.66 11.67
Earns Yield % 5.72 5.66 8.57
Earns $ 591.84 591.84 975.48
Divs Yield % 1.61 1.59 1.31
Divs $ 166.69 166.69 149.39
Mkt to Book 3.19 3.23 3.54
Book Value $ 3239.67 3239.67 3217.98DJUtilityAvg 876.46 862.90 720.60
P/E Ratio 28.08 27.64 17.57
Earns Yield % 3.56 3.62 5.69
Earns $ 31.22 31.22 41.02INDEXES'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
- r-Revised data
Market Laboratory
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 26970.7126807.77 26820.25 –114.82 –0.43 361.94 1.37 3492.79 14.97
11409.96 8637.15 20 Transp 10433.3210333.31 10341.27 –113.09 –1.08 –1038.09 –9.12 1170.87 12.77
879.11 692.00 15 Utilities 879.11 864.33 876.46 13.56 1.57 155.86 21.63 163.53 22.94
9056.67 7261.50 65 Comp 8978.61 8926.66 8933.90 –21.14 –0.24 123.66 1.40 1223.46 15.87DowJonesIndexes
31091.22 24126.04 US TSM Float 30666.4230293.19 30293.19 –376.58 –1.23 103.59 0.34 4568.68 17.76
753.15 583.86 US Market 743.14 734.69 734.69 –8.48 –1.14 7.11 0.98 112.14 18.01
683.25 484.10 Internet 623.32 603.82 603.82 –21.95 –3.51 –33.37 –5.24 78.56 14.96NewYorkStockExchange
13239.87 10769.83 Comp-z 13085.3312971.98 12971.98 –121.82 –0.93 –110.54 –0.84 1597.59 14.05
8237.82 6610.76 Financial-z 8158.90 8097.16 8129.03 –19.28 –0.24 149.48 1.87 1159.55 16.64
16646.06 14248.22 Health Care-z 16221.1115887.05 15887.05 –414.84 –2.54 –412.29 –2.53 728.66 4.81
12444.93 8814.91 Energy-z 9818.26 9613.17 9622.07 –197.12 –2.01 –2547.66 –20.93 280.63 3.00NYSEAmericanStockExchange
2759.79 2200.34 NYSE Amer Comp 2568.33 2499.92 2499.92 –70.39 –2.74 –220.34 –8.10 207.66 9.06
2777.50 2209.18 Major Mkt 2751.43 2735.72 2735.72 -4.57 –0.17 131.23 5.04 372.54 15.76Standard&Poor'sIndexes
1339.87 1042.77 100 Index 1321.21 1308.66 1308.66 –13.04 –0.99 14.39 1.11 194.79 17.49
3025.86 2351.10 500 Index 2991.78 2961.79 2961.79 –30.28 –1.01 47.81 1.64 454.94 18.15
4090.58 3157.69 Indus 4027.54 3976.99 3976.99 –52.11 –1.29 18.25 0.46 602.33 17.85
2019.55 1567.40 MidCap 1947.83 1922.74 1922.74 –21.90 –1.13 –96.81 –4.79 259.70 15.62
1061.92 793.86 SmallCap 962.76 946.31 946.31 –15.80 –1.64 –115.61 –10.89 101.37 12.00NasdaqStockMarket
8330.21 6192.92 Comp 8112.46 7939.63 7939.63 –178.05 –2.19 –106.73 –1.33 1304.35 19.66
8016.95 5899.35 100 Index 7818.61 7681.58 7681.58 –141.97 –1.81 53.93 0.71 1351.62 21.35
6788.50 5040.94 Indus 6466.72 6322.28 6322.28 –151.31 –2.34 –169.15 –2.61 921.23 17.06
10380.21 7404.82 Insur 10363.7710260.31 10286.90 25.12 0.24 1726.09 20.16 2400.80 30.44
4080.95 3114.63 Banks 3682.20 3620.13 3638.99 –39.67 –1.08 –404.97 –10.01 365.15 11.15
5160.53 3647.99 Computer 5072.74 4987.62 4987.62 –81.30 –1.60 186.57 3.89 1077.05 27.54
439.67 326.76 Telecom 395.77 388.18 388.18 –8.94 –2.25 –6.41 –1.62 39.37 11.29RussellIndexes
1677.13 1298.02 1000 1654.19 1635.62 1635.62 –18.55 –1.12 21.08 1.31 251.36 18.16
1696.57 1266.93 2000 1558.25 1520.48 1520.48 –39.29 –2.52 –176.09 –10.38 171.92 12.75
1779.48 1380.60 3000 1755.21 1734.00 1734.00 –21.31 –1.21 7.48 0.43 261.86 17.79
1591.36 1033.21 Value-v 1268.95 1259.61 1259.61 –8.69 –0.69 12.27 0.98 165.97 15.18
1649.92 1223.26 Growth-v 1617.43 1593.24 1593.24 –24.96 –1.54 24.92 1.59 278.62 21.19
2291.85 1750.33 MidCap 2251.91 2223.76 2223.76 –25.84 –1.15 18.30 0.83 366.46 19.73Others
6529.21 5082.63 Value Line-a 6262.55 6163.89 6163.89 –92.11 –1.47 –365.32 –5.60 777.93 14.44
582.86 446.06 Value Line-g 527.40 518.73 518.73 –8.18 –1.55 –64.13 –11.00 46.36 9.81
11331.64 8503.45 DJ US Small TSM 10582.6610339.63 10339.63 –243.73 –2.30 –992.01 –8.75 1292.95 14.29
767.31 571.68 Barron's 400 684.60 674.65 674.65 –9.56 –1.40 –92.66 –12.08 64.95 10.65High/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
Logitech International LOGI 483,400 20,128,776 9/16/19 Darrell, Bracken AF
Altice Usa ATUS 350,000 10,405,600 9/19/19 Stewart, Charles CFO
Primoris Services PRIM 238,737 5,100,000 9/16/19 Pratt, Brian D
Apollo Medical AMEH 200,000 4,152,000 9/11/19 Vazquez, Adrian O
Fidelity National Information Services FIS 177,816 23,484,159 9/16/19 Drucker, Charles AF
Chegg CHGG 150,000 5,001,819 9/20/19 Rosensweig, Daniel UT
Merit Medical Systems MMSI 150,000 4,500,000 9/6/19 Lampropoulos,Fred CEO
Elastic Nv ESTC 140,000 12,950,000 9/18/19 Moorjani,Janesh CFO
Fidelity National Financial FNF 138,845 6,128,854 9/12/19 Gravelle, Michael GC
Dell Technologies DELL 131,900 7,266,583 9/10/19 Quintos,Karen O
STOCKVOLUME
Last Prev. Year YOY
Week Week Ago %ChgNYSE(a) 4,148,494 6,138,971 4,212,630 -1.52
30 Dow Inds (b) 1,208,064 1,386,073 1,179,829 2.39
20 Dow Trans (b) 200,799 285,785 202,443 -0.81
15 Dow Utils (b) 200,433 236,433 343,535 -41.66
65 Dow Stks (b) 1,609,296 1,908,291 1,725,807 -6.75
NYSE American (a) 57,286 144,729 100,069 -42.75
Nasdaq(d) 10,051,173 10,884,776 11,250,560 -10.66
NYSE 15 Most Active
Average Price 12.65 11.76 19.62 -35.52
% Tot Vol 13.61 15.66 15.17 -10.28
Stock Offerings $(z,v) 7,663,000 r5,788,200 8,386,700 -8.63DailyStockVolume
Daily 9/23 9/24 9/25 9/26 9/27NYSE(a) 821,235 952,276 839,706 755,470 779,807
30 Inds (b) 214,827.0 307,430.6 237,224.7 230,797.8 217,784.0
20 Trans (b) 41,801.9 50,157.4 40,233.0 32,442.3 36,164.6
15 Utils (b) 36,095.6 47,230.6 39,679.8 37,498.0 39,929.2
65 Stks (b) 292,724.6 404,818.6 317,137.4 300,738.0 293,877.8
NYSE Amer(a) 12,518 13,006 11,847 9,080 10,835
Nasd(d) 1,778,449 2,336,432 2,033,697 1,841,185 2,061,410
NYSE 15 Most Active
Avg. Price 13.57 12.38 18.95 10.18 25.82
% Tot Vol 13.50 18.09 15.29 13.51 14.19
Numbersinthousandssavepriceandpercentages.(a)Primary
volume. (b)Compositevolume.(d)asof4:10pm.(r)Revised.(v)
W/EThursday.(z)Source:Refinitiv.Divs Yield % 2.88 2.92 3.29
Divs $ 25.21 25.21 23.72
Mkt to Book 2.36 2.33 2.00
Book Value $ 370.98 370.98 360.31S&P500Index 2961.79 2992.07 2913.98
P/E Ratio 22.37 22.60 25.24
Earns Yield % 4.47 4.42 3.96
Earns $ 132.39 132.39 115.44
Divs Yield % 1.99 1.97 1.89
Divs $ 58.94 58.94 55.00
Mkt to Book 3.48 3.51 3.53
Book Value $ 851.62 851.62 826.52S&PIndIndex 3976.99 4029.10 3958.74
P/E Ratio 23.89 24.21 28.14
Earns Yield % 4.19 4.13 3.55
Earns $ 166.45 166.45 140.68
Divs Yield % 1.85 1.82 1.75
Divs $ 73.57 73.33 69.20
Mkt to Book 4.50 4.56 4.67
Book Value $ 883.41 883.41 847.90Last Prev. Year
Week Week AgoU.S. DOLLAR INDEX vs EURO and YEN
-10010O N D J F M A M J J ASEURO in $sYEN in $
sDXY (99.13)sSource: Tullett PrebonBig Bucks: The U.K. in turmoil, economies slowing in Europe and Asia...the dollar rose
0.7% against a basket of currencies, raising the U.S. Dollar Index to 99.13 by Thursday.
BARRON'S50-STOCKAVERAGE
This index is an weighted average of 50 leading issues.
Useful in security valuation. Source: Barron's Stats
Sep26 Sep19 Sept Yr-to-Yr
2019 2019 2018 %ChgS&P 500 Index 2977.62 3006.79 2906.75 2.44
Barron's 50 Index 9249.35 9335.01 9154 1.04
Projected quarterly earn 107.51 107.51 118.90 –9.58
Annualized projected earn 430.03 430.03 475.58 –9.58
Annualized projected P/E 21.51 21.71 19.2 11.74
Five-year average earn 401.15 401.15 391.29 2.52
Five-year average P/E 23.06 23.27 23.4 –1.44
Year-end earn 428.86 428.86 520.41 –17.59
Year-end P/E 21.57 21.77 17.6 22.61
Year-end earns yield, % 4.64 4.59 5.7 –18.45
Best grade bond yields, % 2.75 2.80 3.93 –30.07
Bond yields/stock ylds, % 0.59 0.61 0.55 7.44
Actual year-end divs 215.93 215.93 201.80 7.00
Actual yr-end divs yld, % 2.33 2.31 2.20 5.89
ComingU.S.Auctions
Yields(%)
Day When Last
Issued* AuctionM
$45.0bil 3-month 1.792 1.905
$42.0bil 6-month 1.839 1.860
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. ValueAm Exp 8.07 1.56 26.32
Apple 11.73 3.00 22.53
Boeing 8.54 7.875 0.60
Caterpillar 10.74 3.61 24.39
Chevron Corp 7.72 4.69 81.22
Cisco Sys 2.60 1.36 9.36
Coca Cola 1.64 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 Sachs23.84 3.75214.80
Home Depot 10.04 5.11 (1.70)
IBM 9.69 6.38 18.82
Intel 4.29 1.245 16.51
Johnson&John 6.03 3.70 22.44Book
Earns Divs. ValueJPMorgChase 9.79 3.20 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 2.9262 18.49
3M Co 8.28 5.68 16.99
Travelers Cos 10.03 3.18 86.85
UnitedHealth Grp 13.32 3.96 53.85
Utd Tech 6.13 2.94 44.63
Verizon 3.83 2.41 12.86
Visa 5.21 1.00 12.88
Walgreens 5.10 1.7775 27.31
Wal-mart 4.44 2.11 25.19TransportationStocks
Alaska AirGroup 4.08 1.37 30.45
AmericanAirlines 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 4.16 0.92 15.35
Delta Air Lines 6.70 1.4525 20.13
Expeditors Int'l 3.62 0.95 11.58
FedEx 1.59 2.60 68.08
Hunt (JB) 4.32 1.02 19.33
JetBlue Air 1.44 Nil 15.02KC Southern 5.59 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 8.42 3.36 28.17
UPS 5.47 3.79 3.52
United Airlines 9.87 Nil 37.03UtilityStocks
AES Corp. 0.59 0.5395 4.84
Am Elec 4.00 2.68 38.58
American WaterWorks 3.21 1.91 32.45
CenterPt Energy 1.14 1.14 12.61
Con Ed 4.22 2.935 52.11
DominionEnergy 3.18 3.578 29.53
Duke Energy 4.52 3.7275 60.27
Edison Int'l (0.77) 2.4425 32.10Exelon 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 23.91DISTRIBUTIONS&OFFERINGS
SecondaryDistributionsofcommonstocks
BioXcel Therapeutics 2,303,030 $8.25 $18,999,998
Citius Pharmaceuticals 7,821,230 $0.90 $7,000,677
Ctrip.com International Ltd 3,913,044 $28.00 $876,521,856
Ez Tec Empreendimentos27,000,000 $36.25 $234,943,230
Forestar Group 6,037,500 $17.50 $105,656,250
GlobalShip Lease 6,620,686 $7.25 $47,999,974
PalomarHoldings 5,250,000 $36.50 $191,625,000
Plus Therapeutics 3,000,000 $5.00 $14,999,729
PlymouthIndustrial REIT 3,000,000 $18.00 $54,000,000
STAGIndustrial 12,650,000 $29.00 $366,850,000
Univar Solutions 11,594,268 $21.20 $245,798,482
Vaxart 26,666,667 $0.30 $8,000,000
VEREIT 94,300,000 $9.50 $895,850,000
Source:DealogicLLC,NewYorkCity;(212)577-4400.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 AgoBULLISH 61.3% 67.1% 61.1%
CurrentMarketExposure:100%Equities,0%Bonds,0%Cash
Source:DeltaInvestmentManagement
http://www.deltaim.com,(415)249-6337