September 16, 2019 BARRON’S M31
Last Prev. Year
Week Week AgoDJIndAvg 27219.52 26797.46 26154.67
P/E Ratio 19.52 19.22 23.62
Earns Yield % 5.12 5.20 4.23
Earns $ 1394.21 1394.21 1107.40
Divs Yield % 2.26 2.28 2.11
Divs $ 613.95 611.84 551.98
Mkt to Book 4.18 4.11 4.22
Book Value $ 6512.92 6512.92 6201.99DJTransAvg 10813.62 10302.92 11570.84
P/E Ratio 18.22 17.36 11.93
Earns Yield % 5.49 5.76 8.38
Earns $ 593.42 593.42 969.93
Divs Yield % 1.54 1.62 1.29
Divs $ 166.69 166.69 149.39
Mkt to Book 3.34 3.18 3.60
Book Value $ 3239.67 3239.67 3217.98DJUtilityAvg 846.99 848.30 736.88
P/E Ratio 27.13 27.17 17.97
Earns Yield % 3.69 3.68 5.57
Earns $ 31.22 31.22 41.02THEWEEKINSTOCKSFORTHEMAJORINDEXES
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 27219.5226835.51 27219.52 422.06 1.58 1064.85 4.07 3892.06 16.68
11570.84 8637.15 20 Transp 10813.6210510.56 10813.62 510.70 4.96 –757.22 –6.54 1643.22 17.92
860.92 692.00 15 Utilities 853.11 844.34 846.99 –1.31 –0.15 110.11 14.94 134.06 18.80
9056.67 7261.50 65 Comp 9056.67 8913.94 9056.67 186.90 2.11 236.94 2.69 1346.23 17.46DowJonesIndexes
31091.22 24126.04 US TSM Float 30847.8730482.68 30823.92 354.02 1.16 637.91 2.11 5099.40 19.82
753.15 583.86 US Market 747.35 739.18 746.74 7.69 1.04 20.09 2.76 124.18 19.95
683.25 484.10 Internet 632.32 621.95 629.91 1.69 0.27 –12.90 –2.01 104.65 19.92NewYorkStockExchange
13239.87 10769.83 Comp-z 13124.3412960.72 13124.34 190.96 1.48 73.82 0.57 1749.95 15.38
8241.85 6610.76 Financial-z 8183.16 8047.36 8183.16 205.07 2.57 130.56 1.62 1213.68 17.41
16646.06 14248.22 Health Care-z 16179.9616038.29 16121.93 –88.51 –0.55 54.35 0.34 963.55 6.36
12444.93 8814.91 Energy-z 9635.63 9509.26 9635.63 278.33 2.97 –2105.73 –17.93 294.19 3.15NYSEAmericanStockExchange
2759.79 2200.34 NYSE Amer Comp2538.71 2480.37 2536.55 74.19 3.01 –76.29 –2.92 244.29 10.66
2777.50 2209.18 Major Mkt 2757.90 2723.97 2757.90 26.16 0.96 187.61 7.30 394.72 16.70Standard&Poor'sIndexes
1339.87 1042.77 100 Index 1331.98 1316.78 1330.97 15.24 1.16 45.37 3.53 217.10 19.49
3025.86 2351.10 500 Index 3009.57 2978.43 3007.39 28.68 0.96 102.41 3.53 500.54 19.97
4090.58 3157.69 Indus 4059.62 4017.72 4052.03 24.58 0.61 128.04 3.26 677.37 20.07
2046.56 1567.40 MidCap 1964.11 1926.46 1963.16 51.65 2.70 –83.40 –4.07 300.12 18.05
1086.35 793.86 SmallCap 975.95 943.39 975.95 45.84 4.93 –110.40 –10.16 131.01 15.50NasdaqStockMarket
8330.21 6192.92 Comp 8194.47 8084.16 8176.71 73.64 0.91 166.67 2.08 1541.44 23.23
8016.95 5899.35 100 Index 7917.34 7814.74 7892.95 40.41 0.51 347.45 4.60 1562.99 24.69
6788.50 5040.94 Indus 6592.37 6528.08 6590.16 22.77 0.35 96.02 1.48 1189.11 22.02
10380.21 7404.82 Insur 10327.5110172.72 10327.51 84.04 0.82 1712.95 19.88 2441.41 30.96
4242.25 3114.63 Banks 3729.51 3566.45 3729.51 269.16 7.78 –469.17 –11.17 455.68 13.92
5160.53 3647.99 Computer 5117.38 5031.73 5087.22 39.77 0.79 319.50 6.70 1176.65 30.09
439.67 326.76 Telecom 399.88 389.56 399.00 8.38 2.15 12.29 3.18 50.19 14.39RussellIndexes
1677.13 1298.02 1000 1663.13 1645.80 1661.46 15.01 0.91 49.04 3.04 277.20 20.03
1721.72 1266.93 2000 1578.14 1524.23 1578.14 72.97 4.85 –143.58 –8.34 229.58 17.02
1779.48 1380.60 3000 1765.32 1744.38 1763.90 20.29 1.16 37.55 2.17 291.76 19.82
1591.36 1033.21 Value-v 1275.99 1255.83 1275.99 29.99 2.41 24.65 1.97 182.35 16.67
1649.92 1223.26 Growth-v 1627.87 1609.53 1622.75 –8.13 –0.50 63.44 4.07 308.12 23.44
2291.85 1750.33 MidCap 2258.63 2234.98 2256.30 22.74 1.02 28.29 1.27 398.99 21.48Others
6611.06 5082.63 Value Line-a 6329.18 6161.75 6329.18 247.98 4.08 –242.06 –3.68 943.22 17.51
590.62 446.06 Value Line-g 533.89 520.35 533.89 20.07 3.91 –53.49 –9.11 61.52 13.02
11539.38 8503.45 DJ US Small TSM10694.2610432.03 10685.68 318.51 3.07 –853.70 –7.40 1639.00 18.12
780.54 571.68 Barron's 400 694.64 677.11 694.64 27.44 4.11 –85.90 –11.01 84.93 13.93High/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
Franks International Nv FI 1,500,000 7,005,000 8/27/19 Mosing, Steven AF
Snap SNAP 1,470,495 23,331,395 9/3/19 Spiegel, Evan O
Zayo ZAYO 500,000 16,875,000 9/5/19 Caruso, Daniel CEO
Restaurant Brands International QSR 203,198 15,588,009 8/26/19 Kobza, Joshua O
Zumiez ZUMZ 180,000 5,405,227 9/6/19 Brooks, Richard CEO
Constellation Brands STZ 150,000 30,694,500 8/30/19 Sands, Richard UT
Constellation Brands STZ 150,000 30,694,500 8/30/19 Sands, Robert UT
Mimecast Limited MIME 150,000 6,532,200 8/23/19 Murray, Neil CT
Target TGT 143,873 15,072,822 8/22/19 Mulligan, John CO
Air Lease AL 140,000 5,553,800 8/23/19 Khatibi, Alex AF
Divs Yield % 2.97 2.97 3.27
Divs $ 25.16 25.16 24.09
Mkt to Book 2.28 2.29 2.05
Book Value $ 370.98 370.98 360.31S&P500Index 3007.39 2978.71 2904.98
P/E Ratio 22.72 22.50 25.16
Earns Yield % 4.40 4.44 3.97
Earns $ 132.39 132.39 115.44
Divs Yield % 1.96 1.98 1.88
Divs $ 58.94 58.98 54.61
Mkt to Book 3.53 3.50 3.51
Book Value $ 851.62 851.62 826.52S&PIndIndex 4052.03 4027.45 3923.99
P/E Ratio 24.34 24.20 27.89
Earns Yield % 4.11 4.13 3.59
Earns $ 166.45 166.45 140.68
Divs Yield % 1.81 1.82 1.75
Divs $ 73.34 73.30 68.67
Mkt to Book 4.59 4.56 4.63
Book Value $ 883.41 883.41 847.90Last Prev. Year
Week Week AgoU.S. DOLLAR INDEX vs EURO and YEN
-707O N D J F M A M J J ASEURO in $sYEN in $sDXY (98.19)sSource: Tullett PrebonIn the Zone:The euro rose on bets that Thursday’s rate cut by Europe’s central bank
will be its last. That nudged the U.S. Dollar Index down 0.2% for the week, to 98.19.
ComingU.S.Auctions
Yields(%)
Day When Last
Issued* AuctionM
$45.0bil 3-month 1.961 1.920
$42.0bil 6-month 1.916 1.825*AsofFridayafternoon.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
- 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
Sep12 Sep5 Aug Yr-to-Yr
2019 2019 2018 %ChgS&P 500 Index 3009.57 2976.00 2906.75 3.54
Barron's 50 Index 9330.70 9171.08 9154 1.93
Projected quarterly earn 99.99 99.99 118.90 –15.90
Annualized projected earn 399.98 399.98 475.58 –15.90
Annualized projected P/E 23.33 22.93 19.2 21.19
Five-year average earn 398.14 398.14 391.29 1.75
Five-year average P/E 23.44 23.03 23.4 0.18
Year-end earn 421.35 421.35 520.41 –19.04
Year-end P/E 22.14 21.77 17.6 25.89
Year-end earns yield, % 4.52 4.59 5.7 –20.57
Best grade bond yields, % 2.89 2.64 3.93 –26.51
Bond yields/stock ylds, % 0.64 0.57 0.55 15.93
Actual year-end divs 216.17 215.82 201.80 7.12
Actual yr-end divs yld, % 2.32 2.35 2.20 5.09
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 2.2010.30
Microsoft 5.07 1.84 13.39
Nike Inc 2.49 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 3.1886.85
UnitedHealth Grp 13.32 3.9653.85
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 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 4.16 0.92 15.35
Delta Air Lines 6.70 1.4525 20.13
Expeditors Int'l 3.62 0.95 11.58
FedEx 1.85 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 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 32.10Exelon 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 3.725 54.35
Southn Co. 4.28 2.44 23.91DISTRIBUTIONS&OFFERINGS
SecondaryDistributionsofcommonstocks
Alerus Financial 2,900,000 $21.00 $60,900,000
Baker Hughes a GE 132,250,000 $21.50$2,843,375,000
Cardlytics 3,098,519 $34.00 $105,349,646
Celsius 5,844,444 $3.60 $21,039,998
Celyad SA 2,000,000 $10.00 $20,004,676
Contango Oil & Gas 44,700,000 $0.95 $42,465,000
Fate Therapeutics 8,600,000 $17.50 $150,500,000
Hamilton Lane 2,680,089 $60.60 $162,413,393
International Money Express 5,217,392 $12.75 $66,521,748
Laureate Education 15,000,000 $16.85 $252,750,000
New York Mortgage Trust25,000,000 $6.14 $153,500,000
Omega Healthcare 7,500,000 $40.32 $302,400,000
Top Ships 1,580,000 $6.29 $9,926,660
Source:DealogicLLC,NewYorkCity;(212)577-4400.STOCKVOLUME
Last Prev. Year YOY
Week Week Ago %ChgNYSE(a) 4,349,527 3,212,778 3,654,748 19.01
30 Dow Inds (b) 1,377,965 892,299 1,233,546 11.71
20 Dow Trans (b) 236,991 177,602 194,697 21.72
15 Dow Utils (b) 235,852 185,932 259,987 -9.28
65 Dow Stks (b) 1,850,807 1,255,833 1,688,229 9.63
NYSE American (a) 60,349 45,001 54,884 9.96
Nasdaq(d) 11,092,575 7,536,786 10,988,006 0.95
NYSE 15 Most Active
Average Price 13.42 14.68 31.24 -57.04
% Tot Vol 14.14 13.14 15.69 -9.88
Stock Offerings $(z,v) 7,726,700 r9,971,200 8,332,900 -7.27DailyStockVolume
Daily 9/9 9/10 9/11 9/12 9/13NYSE(a) 890,480 938,146 849,063 853,103 818,735
30 Inds (b) 273,124.3 322,336.7 272,593.5 254,654.9 255,255.2
20 Trans (b) 48,281.0 47,278.8 54,010.2 40,945.4 46,475.8
15 Utils (b) 43,454.7 52,956.7 47,043.4 46,634.3 45,762.5
65 Stks (b) 364,860.0 422,572.1 373,647.1 342,234.5 347,493.5
NYSE Amer(a) 12,403 11,496 13,436 12,294 10,721
Nasd(d) 2,175,220 2,362,626 2,319,883 2,222,926 2,011,920
NYSE 15 Most Active
Avg. Price 15.90 14.68 9.57 19.49 19.52
% Tot Vol 16.57 16.09 14.48 15.42 13.36
Numbersinthousandssavepriceandpercentages.(a)Primary
volume. (b)Compositevolume.(d)asof4:10pm.(r)Revised.(v)
W/EThursday.(z)Source:Refinitiv.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 3WeeksCurrentSentiment Week Ago AgoBULLISH 61.1% 45.4% 42.0%
CurrentMarketExposure:100%Equities,0%Bonds,0%CashSource:DeltaInvestmentManagementhttp://www.deltaim.com,(415)249-6337