Barron\'s - 30.09.2019

M36 BARRON’S September 30, 2019

SELECTEDINITIALPUBLICOFFERINGS

Initial Most

Ticker Offer IPO Recent %

Code Price Date Price Chg

OportunFinancial OPRT 15.00 9/26 16.26 8.4%

PelotonInteractive PTON 29.00 9/26 25.24 -13.0%

Latest Latest Preceding Year YroYr

Date Data Period Ago %Chg

PULSEOFTHEECONOMY

Onlyincludesnewreports. Latest Latest Preceding Year YroYr

EconomicGrowthandInvestment Date Data Period Ago %Chg

Gross domestic product ................................................................ 2nd Qtr 2.0 3.1 3.5 2.30

Personal income, (bil. $)................................................................ Aug 18,773.3 r18,699.8 17,951.6 4.58

Personal Savings Rate, St.Louis Fed.............................................. Aug 8.1 r7.8 7.5 8.00

All fixed investment, (bil. $)............................................................ 2nd Qtr 3,337.4 3,349.4 3,295.4 1.27

Non–residential investment, (bil. $) ............................................... 2nd Qtr 2,758.5 2,765.6 2,689.9 2.55

Residential investment, (bil. $) ...................................................... 2nd Qtr 587.0 591.4 606.3 –3.18

Production

Electric power, (mil. kw hrs) (EEI) .................................................. Sept 21 80,770 84,144 83,579 –3.36

Petroleum, related capacity, % ...................................................... Sept 20 89.8 91.2 90.4 –0.66

Rotary rigs running, U.S. & Can., (Hughes).................................... Sept 27 987 987 1,232 –19.89

Steel, (thous. tons)........................................................................ Sept 21 1,809 1,811 1,863 –2.90

Steel, rated capacity, % (AISI)........................................................ Sept 21 77.7 77.8 79.5 –2.26

ConsumptionandDistribution

Consumer spending, (bil. $) .......................................................... Aug 14,657.7 r14,637.6 14,128.3 3.75

Durable goods (bil. $).................................................................... Aug 254.2 r253.9 253.5 0.28

Instinet Research Redbook Avg. (monthly %)................................ Sept 21 –1.11 –1.04 0.85 ....

Baltic Dry Index ............................................................................. Sept 27 1,857 2,131 1,540 20.58

New home sales, (thous. units)...................................................... Aug 713 r666 604 18.05

Personal consumption, (bil. $)....................................................... 2nd Qtr 13,250.0 13,103.3 12,909.2 2.64

Inventories

Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... Sept 20 419,538 417,126 395,989 5.95

Gasoline, (thous. bbls) .................................................................. Sept 20 230,204 229,685 235,680 –2.32

Orders

Durable goods, (bil. $)................................................................... Aug 250.7 r250.2 260.1 –3.61

Trade

Exports, (bil. $).............................................................................. 2nd Qtr 2,517.5 2,554.4 2,559.9 –1.66

Imports, (bil. $) ............................................................................. 2nd Qtr 3,498.2 3,498.3 3,410.4 2.57

Inflation

JOC–ECRI Industrial Price Index f.................................................. Sept 27 91.64 92.37 103.78 –11.70

Gross domestic product deflator.................................................... 2nd Qtr 2.4 1.1 3.2 ....

Employment

Initial jobless claims (thous.) ........................................................ Sept 21 213 r210 212 0.47

Continuing claims (mil.) ................................................................ Sept 14 1.650 r1.665 1.682 –1.90

Construction

Building contracts, F.W. Dodge, (bil. $).......................................... Aug 807.07 r858.77 743.40 8.56

Home Price Index S&P Case–Shiller – Comp. 10 (SA) .................... July 230.74 r230.68 227.10 1.60

OtherIndicators

Consumer confidence (Conference Board) .................................... Sept 125.1 r134.2 135.3 –7.54

Citi Research Panic–Euphoria Reading .......................................... Sept 27 –0.11 r–0.08 0.32 ....

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

DOWJONESU.S.TOTALMARKETINDUSTRYGROUPS

NetChange %ChangeandRanking 52Week

Top10WeeklyRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Footwear DJUSFT 1688.79 + 97.58 326.11 +6.13 [1] +8.94 [43] +23.93 [43] +18.56 1,688.79 1,250.85

Personal Goods DJUSPG 654.21 + 24.83 125.48 +3.95 [2] +4.55 [60] +23.73 [44] +8.17 656.31 496.80

Personal Products DJUSCM 617.53 + 20.45 137.38 +3.42 [3] +16.80 [21] +28.61 [28] +5.02 626.12 457.89

Forestry & Paper DJUSFR 159.25 + 4.76 1.53 +3.08 [4] –28.87 [133] +.97 [127] +4.53 240.51 143.18

Paper DJUSPP 131.62 + 3.93 1.26 +3.08 [5] –28.87 [134] +.97 [128] +4.53 198.78 118.33

Tires DJUSTR 50.37 + 1.38 –21.98 +2.82 [6] –38.83 [139] –30.38 [141] –23.32 84.29 38.71

Tobacco DJUSTB 573.63 + 14.48 –12.98 +2.59 [7] –20.20 [126] –2.21 [134] –10.41 788.99 557.66

Durable Hshld Pdts DJUSHD 235.24 + 5.68 33.22 +2.47 [8] –.43 [73] +16.44 [83] –9.27 239.63 184.25

Brewers DJUSDB 611.75 + 12.59 13.66 +2.10 [9] –6.96 [103] +2.28 [123] –18.86 709.38 533.23

General Retailers DJUSNG 781.45 + 15.29 132.93 +2.00 [10] +4.31 [61] +20.50 [58] +3.84 789.95 617.16

NetChange %ChangeandRanking 52Week

Top10YrAgoRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Nondurable Hshld Pdts DJUSHN 980.69 + 19.08 233.07 +1.98 [11] +43.14 [1] +31.18 [15] +11.41 980.69 651.09

Gold Mining DJUSPM 93.99 – 3.09 15.32 –3.18 [121] +37.08 [2] +19.48 [62] +3.93 101.10 67.60

Water DJUSWU 2728.13 + 26.25 709.89 +.97 [25] +36.84 [3] +35.17 [12] +16.32 2,818.64 1,916.99

HshldGoods & Home ConstrDJUSHG 769.12 + 13.56 180.23 +1.80 [14] +32.46 [4] +30.60 [19] +8.26 769.12 542.04

Restaurants & Bars DJUSRU 1994.61 – 1.60 411.34 –.08 [51] +29.45 [5] +25.98 [36] +18.89 2,090.59 1,483.87

Residential REITs DJUSRN 250.01 + 2.73 57.79 +1.10 [21] +28.78 [6] +30.07 [22] +9.56 251.93 185.80

Home Construction DJUSHB 907.14 + 8.19 269.95 +.91 [26] +27.44 [7] +42.36 [2] +18.09 913.15 595.43

Multiutilities DJUSMU 233.28 + 2.42 39.36 +1.05 [22] +25.72 [8] +20.30 [59] +8.26 234.02 187.29

Specialty REITs DJUSSR 237.83 – 1.33 53.70 –.56 [66] +25.33 [9] +29.16 [24] +9.08 246.56 177.73

Insurance Brokers DJUSIB 382.57 – 2.97 84.64 –.77 [72] +24.66 [10] +28.41 [29] +16.18 392.86 283.12

Groupsareweightedbycapitalization.52-weekhighsandlowsarebasedondailycloses.Dec.31,1991=100.IntheU.S.listings,%volchg
columnshowsthechangefromprevious65-daymovingaverage.Volumefiguresdonotreflectextendedtradinghours.

(^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

Continuedfrompage9ofthemainsection.

W

PAYCHEX(1Q) 0.68 0.67

LENNAR(3Q) 1.32 1.30

PARKAEROSPACE(2Q) 0.00 0.05

Int'lSPEEDWAY(3Q) 0.34 0.26

RESOURCESCONNECTION(1Q) 0.14 0.18

RPMInt'l(1Q) 0.92 0.76

ACUITYBRANDS(4Q) 2.81 2.68

BEDBATH&BEYOND(2Q) 0.29 0.36

Th

PEPSICO(3Q) 1.50 1.59

ANGIODYNAMICS(1Q) 0.04 0.16

CONSTELLATIONBRANDS(2Q) 2.61 2.87

COSTCOWHOLESALE(4Q) 2.54 2.36

(Earningsaredilutedandreportdatesaretentative. Allfore-

castsandhistoricalnumbersexcludeextraordinaryitemsby

accountingdefinitions.)

Source:ThomsonFirstCall

EARNINGSSCOREBOARD

LastWeek'sMajorSurprises

Actual

Cons. NetPer

Company Ticker Period Est.^1 Share

Positive

ComtechTelecom CMTL 4Q 0.10 0.25

Nike NKE 1Q 0.70 0.86

Calamp CAMP 2Q 0.12 0.14

ActuantCorp ATU 4Q 0.18 0.21

Synnex SNX 3Q 2.86 3.30

MicronTechnology MU 4Q 0.49 0.56

EndavaPlc DAVA 4Q 17.66 20.00

AarCorp AIR 1Q 0.51 0.57

KbHome KBH 3Q 0.66 0.73

ConagraBrands CAG 1Q 0.39 0.43

Cintas CTAS 1Q 2.15 2.32

IhsMarkit INFO 3Q 0.63 0.67

Negative

Neogen NEOG 1Q 0.30 0.28

HbFuller FUL 3Q 0.90 0.86

(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReutersbeforeactualearningswerereported.

LastWeek'sMajorEstimateChanges

Prev. Last

FY Fri. Fri.

Company Ticker End Cons. Cons.

Positive

NavistarInt'l NAV 19-Oct 2.47 4.15

Steelcase SCS 20-Feb 1.28 1.35

CantelMedical CMD 20-Jul 2.65 2.79

Synnex SNX 19-Nov 12.08 12.60

KbHome KBH 19-Nov 2.71 2.81

Nike NKE 20-May 2.89 2.96

Jabil JBL 20-Aug 3.40 3.44

ConstellationBrands STZ 20-Feb 8.41 8.45

Negative

Alcoa AA 19-Dec -0.28 -0.39

UnitedStatesSteel X 19-Dec 0.58 0.38

Cleveland-Cliffs CLF 19-Dec 1.59 1.33

Fedex FDX 20-May 13.10 12.23

WarriorMetCoal HCC 19-Dec 6.78 6.42

(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReuters.
3M 9.42 9.35 17.5 10.13 10.11 16.2
AmericanExpress 8.12 8.12 14.6 8.99 8.99 13.2
Apple 11.96 11.89 18.5 13.73 13.49 16.3
Boeing 4.02 4.02 96.3 22.62 22.44 17.2
Caterpillar 11.80 11.78 10.7 12.29 12.24 10.3
Chevron 7.09 6.94 17.3 8.43 8.12 14.8
CiscoSystems 3.22 3.22 15.2 3.46 3.46 14.1
Coca–Cola 2.11 2.11 25.8 2.29 2.29 23.7
Disney 5.46 5.47 24.0 5.93 5.91 22.2
Dow 3.43 3.46 13.7 4.38 4.40 10.7
ExxonMobil 3.42 3.28 21.6 4.69 4.55 15.6
GoldmanSachs 23.22 23.15 9.0 25.31 25.24 8.2
HomeDepot 10.13 10.13 22.7 10.98 10.96 21.0
IBM 12.81 12.81 11.2 13.43 13.45 10.7
Intel 4.39 4.39 11.6 4.45 4.45 11.4
Johnson&Johnson 8.60 8.60 15.0 9.13 9.12 14.1
McDonalds 8.02 8.02 26.5 8.76 8.76 24.3
Merck 4.91 4.92 17.1 5.46 5.49 15.3
Microsoft 5.02 5.03 27.8 5.51 5.52 25.3
Morgan(J.P) 10.23 10.20 11.5 10.53 10.47 11.2
Nike 2.62 2.74 33.7 3.12 3.18 29.0
Pfizer 2.83 2.82 12.7 2.83 2.81 12.7
Procter&Gamble 4.77 4.77 26.1 5.02 5.02 24.8
Travelers 10.70 10.59 14.0 11.54 11.51 12.9
UnitedTechnologies 8.04 8.03 17.1 8.80 8.80 15.6
UnitedHealth 14.82 14.83 14.5 16.66 16.62 13.0
Verizon 4.80 4.80 12.6 4.88 4.89 12.4
Visa 5.61 5.61 31.3 6.52 6.52 27.0
Walgreens 5.94 5.94 9.1 6.06 6.06 8.9
Walmart 4.92 4.92 24.1 5.13 5.11 23.1
Median 17.1 15.1
DJIndustrials 1508.561504.98 17.91770.551763.27 15.3

AMERICANDEBTANDDEFICITS

Latest Preceding YearAgoYearoverYear

Report Report Report %Chg

FederalBudgetDeficit(bil.$)-a ......................................... 987FY'20 984FY'19 833FY'18 ....

BudgetSurplus/Deficit(bil.$)-b,August ......................... –200.34 –119.70 –214.15 -6.45

TradeDeficit(bil.$,sa)-c,July ............................................ –53.99 r-55.51 –52.44 2.96

TreasuryGrossPublicDebt.(bil.$)-d ............................... 22,607.4 22,590.2 21,471.1 5.29

TreasuryStatutoryDebtLimit(bil.$)-d ............................. * 21,987.7 .... ....

ConsumerInstallmentDebt(bil.$)-e,July ....................... 4,122.9 r4,099.6 3,915.3 5.30

Sources:a-OfficeofManagementandBudget,b-MonthlyTreasuryStatement,c-MonthlyCommerceDept.Report,d-DailyTreasury
Statement,e-MonthlyFederalReserveRelease.*StatutorydebtlimittemporarilysuspendedthroughJuly31,2021.

NYSEHALF-HOURLYVOLUME

Daily 9/23 9/24 9/25 9/26 9/27

9:30-10:00 91,867 96,215 91,573 79,428 86,704

10:00-10:30 38,180 48,758 44,612 39,520 37,712

10:30-11:00 33,731 37,902 38,042 35,267 32,547

11:00-11:30 33,467 33,797 33,079 35,594 27,844

11:30-12:00 25,983 34,228 25,731 28,393 51,706

12:00-12:30 22,308 33,365 24,854 24,620 24,737

12:30-1:00 21,911 33,388 20,866 22,440 27,060

1:00-1:30 19,788 30,411 18,690 21,659 22,680

1:30-2:00 20,931 24,880 21,176 25,926 23,702

2:00-2:30 21,387 39,877 23,627 28,220 24,551

2:30-3:00 22,464 30,552 22,906 23,428 26,401

3:00-3:30 28,589 33,888 29,957 33,417 31,642

3:30-4:00 440,629 475,014 444,593 357,558 362,522

NYSEDATABANK

Latest Preceding Year-Ago

Month Month Month

SecuritySales

Customers'margin debt

(Mil$) August 564,894 602,139 652,395

Customers'credit balances

(Mil$) August 135,567 138,703 148,873

Freecredit bal. cash accounts

(Mil$) August 181,451 182,613 178,601

Shortinterest

(Thous. Shs) Sept.1316,427,850 16,637,054 15,129,193

Shortinterest ratio

(d) Sept. 13 4.5 5.3 5.2

(d)Forperiod

r-Revised Source:NYSE.*-Nowincludescompositetrades.