Barron\'s - 02.09.2019

September 2, 2019 BARRON’S M35

STOCKVOLUME

Last Prev. Year YOY

Week Week Ago %Chg

NYSE(a) 3,879,449 3,795,537 3,415,286 13.59

30 Dow Inds (b) 1,121,121 1,286,614 1,110,834 0.93

20 Dow Trans (b) 215,223 195,253 201,427 6.85

15 Dow Utils (b) 218,261 197,447 231,120 -5.56

65 Dow Stks (b) 1,554,605 1,679,315 1,543,381 0.73

NYSE American (a) 57,557 59,757 51,200 12.42

Nasdaq(d) 8,607,259 9,393,658 9,955,889 -13.55

NYSE 15 Most Active

Average Price 18.74 12.78 32.51 -42.36

% Tot Vol 12.99 14.13 13.85 -6.21

Stock Offerings $(z,v) 0 r8,300 570,900 ....

DailyStockVolume

Daily 8/26 8/27 8/28 8/29 8/30

NYSE(a) 706,218 890,210 706,852 712,505 863,664

30 Inds (b) 222,781.7 263,534.6 207,073.4 208,650.4 219,080.6

20 Trans (b) 41,518.7 46,200.6 46,725.0 43,904.4 36,874.5

15 Utils (b) 29,369.9 52,947.5 47,793.0 41,760.9 46,390.1

65 Stks (b) 293,670.3 362,682.7 301,591.4 294,315.7 302,345.2

NYSE Amer(a) 10,550 13,460 11,202 12,502 9,842

Nasd(d) 1,687,736 1,924,432 1,628,276 1,688,909 1,677,906

NYSE 15 Most Active

Avg. Price 13.02 18.93 19.95 9.81 14.23

% Tot Vol 13.15 15.61 13.64 14.18 12.63

Numbersinthousandssavepriceandpercentages.(a)Primary

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

W/EThursday.(z)Source:Refinitiv.

Last Prev. Year

Week Week Ago

DJIndAvg 26403.28 25628.90 25964.82

P/E Ratio 18.94 18.38 23.45

Earns Yield % 5.28 5.44 4.26

Earns $ 1394.21 1394.21 1107.40

Divs Yield % 2.31 2.34 2.12

Divs $ 609.61 600.31 550.42

Mkt to Book 4.05 3.94 4.19

Book Value $ 6512.92 6512.92 6201.99

DJTransAvg 10126.98 9739.74 11303.76

P/E Ratio 17.07 16.41 11.65

Earns Yield % 5.86 6.09 8.58

Earns $ 593.42 593.42 969.93

Divs Yield % 1.64 1.70 1.31

Divs $ 166.45 165.29 148.42

Mkt to Book 3.13 3.01 3.51

Book Value $ 3239.67 3239.67 3217.98

DJUtilityAvg 845.52 832.03 726.41

P/E Ratio 27.09 26.65 17.71

Earns Yield % 3.69 3.75 5.65

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 26403.2825777.90 26403.28 774.38 3.02 438.46 1.69 3075.82 13.19

11570.84 8637.15 20 Transp 10126.98 9734.68 10126.98 387.24 3.98 –1176.78 –10.41 956.58 10.43

845.52 692.00 15 Utilities 845.52 840.47 845.52 13.49 1.62 119.11 16.40 132.59 18.60

9028.06 7261.50 65 Comp 8751.88 8544.49 8751.88 255.14 3.00 44.33 0.51 1041.44 13.51

DowJonesIndexes

31091.22 24126.04 US TSM Float 29971.5029374.83 29971.50 779.64 2.67 –212.59 –0.70 4246.99 16.51

753.15 583.86 US Market 726.56 712.17 726.56 19.10 2.70 0.47 0.06 104.00 16.70

683.25 484.10 Internet 621.84 611.22 619.82 13.52 2.23 –35.59 –5.43 94.55 18.00

NewYorkStockExchange

13239.87 10769.83 Comp-z 12736.8812474.05 12736.88 320.43 2.58 –280.01 –2.15 1362.49 11.98

8241.85 6610.76 Financial-z 7824.31 7667.09 7824.31 190.12 2.49 –285.38 –3.52 854.83 12.27

16646.06 14248.22 Health Care-z 16119.8715860.93 16119.87 310.77 1.97 231.88 1.46 961.48 6.34

12444.93 8814.91 Energy-z 9138.41 8889.72 9138.41 257.34 2.90 –2698.80 –22.80 –203.03 –2.17

NYSEAmericanStockExchange

2759.79 2200.34 NYSE Amer Comp 2419.55 2374.74 2419.55 54.61 2.31 –255.52 –9.55 127.29 5.55

2777.50 2209.18 Major Mkt 2699.50 2646.53 2699.50 71.50 2.72 151.52 5.95 336.32 14.23

Standard&Poor'sIndexes

1339.87 1042.77 100 Index 1292.38 1268.06 1292.38 35.47 2.82 5.48 0.43 178.51 16.03

3025.86 2351.10 500 Index 2926.46 2869.16 2926.46 79.35 2.79 24.94 0.86 419.61 16.74

4090.58 3157.69 Indus 3953.93 3879.02 3953.93 107.30 2.79 36.93 0.94 579.27 17.17

2046.56 1567.40 MidCap 1881.20 1832.63 1881.20 44.65 2.43 –163.50 –8.00 218.16 13.12

1098.36 793.86 SmallCap 920.04 895.22 918.74 22.24 2.48 –179.62 –16.35 73.80 8.73

NasdaqStockMarket

8330.21 6192.92 Comp 7973.39 7826.95 7962.88 211.12 2.72 –146.66 –1.81 1327.60 20.01

8016.95 5899.35 100 Index 7702.31 7566.03 7691.00 226.01 3.03 36.45 0.48 1361.04 21.50

6788.50 5040.94 Indus 6446.14 6332.71 6429.51 174.53 2.79 –78.78 –1.21 1028.47 19.04

10380.21 7404.82 Insur 10048.47 9932.79 10046.73 181.10 1.84 1511.66 17.71 2160.63 27.40

4312.39 3114.63 Banks 3447.35 3340.59 3447.35 85.09 2.53 –806.79 –18.96 173.52 5.30

5160.53 3647.99 Computer 4946.96 4851.62 4946.19 148.35 3.09 87.04 1.79 1035.62 26.48

439.67 326.76 Telecom 381.00 375.78 378.99 4.16 1.11 –7.36 –1.91 30.18 8.65

RussellIndexes

1677.13 1298.02 1000 1618.61 1587.13 1618.61 42.25 2.68 7.91 0.49 234.35 16.93

1740.75 1266.93 2000 1496.72 1456.04 1494.84 35.35 2.42 –245.91 –14.13 146.28 10.85

1779.48 1380.60 3000 1715.24 1681.17 1715.24 44.50 2.66 –10.85 –0.63 243.11 16.51

1591.36 1033.21 Value-v 1222.16 1194.47 1222.16 31.67 2.66 –25.19 –2.02 128.53 11.75

1649.92 1223.26 Growth-v 1608.81 1580.30 1606.70 42.22 2.70 45.79 2.93 292.08 22.22

2291.85 1750.33 MidCap 2196.20 2150.60 2196.20 51.19 2.39 –27.48 –1.24 338.90 18.25

Others

6611.06 5082.63 Value Line-a 5957.67 5795.43 5957.67 156.36 2.70 –646.85 –9.79 571.71 10.61

591.18 446.06 Value Line-g 503.89 490.51 503.89 12.71 2.59 –87.29 –14.77 31.52 6.67

11631.74 8503.45 DJ US Small TSM 10282.0410032.36 10275.01 230.33 2.29 –1356.72 –11.66 1228.33 13.58

785.00 571.68 Barron's 400 658.25 638.79 657.90 17.28 2.70 –127.10 –16.19 48.19 7.90

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

PapaJohn'sInternational PZZA 475,861 20,566,475 8/22/19 Schnatter, John AF

TaylorMorrisonHome TMHC 425,000 9,749,500 8/19/19 Palmer, Sheryl AF

PrimorisServices PRIM 416,092 8,300,000 8/19/19 Pratt, Brian D

Ringcentral RNG 263,687 36,539,108 8/20/19 Shmunis, Vladimir AF

Okta OKTA 200,000 26,840,000 8/12/19 Grady, Patrick AF

Colgate-Palmolive CL 193,945 14,080,407 8/21/19 Skala, Justin AF

Chegg CHGG 150,000 6,103,316 8/20/19 Rosensweig, Daniel UT

DellTechnologies DELL 150,000 7,470,372 8/13/19 Quintos, Karen O

PapaJohn'sInternational PZZA 150,000 6,464,188 8/21/19 Schnatter, John AF

HomeDepot HD 145,400 31,847,796 8/21/19 Tome, Carol O

Divs Yield % 2.97 3.00 3.31

Divs $ 25.09 24.99 24.01

Mkt to Book 2.28 2.24 2.02

Book Value $ 370.98 370.98 360.31

S&P500Index 2926.46 2847.11 2901.52

P/E Ratio 22.10 21.51 25.13

Earns Yield % 4.52 4.65 3.98

Earns $ 132.39 132.39 115.44

Divs Yield % 2.01 2.06 1.89

Divs $ 58.82 58.65 54.84

Mkt to Book 3.44 3.34 3.51

Book Value $ 851.62 851.62 826.52

S&PIndIndex 3953.93 3846.63 3917.00

P/E Ratio 23.75 23.11 27.84

Earns Yield % 4.21 4.33 3.59

Earns $ 166.45 166.45 140.68

Divs Yield % 1.85 1.90 1.76

Divs $ 73.15 73.09 68.94

Mkt to Book 4.48 4.35 4.62

Book Value $ 883.41 883.41 847.90

Last Prev. Year

Week Week Ago

U.S. DOLLAR INDEX vs EURO and YEN

-6

0

6

S O N D J F M A M J JA

EURO in $

s

YEN in $

s DXY (98.81)

s

Source: Tullett Prebon

Almighty Dollar: The dollar continued its rise against the basket of currencies un-

derlying the U.S. Dollar Index–which finished the week up 1.2%, at 98.81.

ComingU.S.Auctions

Yields(%)

Day When Last

Issued* Auction

T

$45.0bil 3-month 1.982 1.950

$42.0bil 6-month 1.878 1.840

*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

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

Aug29 Aug22 Aug Yr-to-Yr

2019 2019 2018 %Chg

S&P 500 Index 2924.58 2922.95 2855.92 2.40

Barron's 50 Index 9009.96 8999.64 8910.92 1.11

Projected quarterly earn 99.99 99.99 124.15 –19.46

Annualized projected earn 399.98 399.98 496.60 –19.46

Annualized projected P/E 22.53 22.50 17.95 25.52

Five-year average earn 398.14 398.14 392.3 1.48

Five-year average P/E 22.63 22.60 22.71 –0.36

Year-end earn 421.35 421.35 525.7 –19.84

Year-end P/E 21.38 21.36 16.95 26.14

Year-end earns yield, % 4.68 4.68 5.9 –20.73

Best grade bond yields, % 2.66 2.74 3.8 –30.77

Bond yields/stock ylds, % 0.57 0.59 0.65 –12.66

Actual year-end divs 215.53 214.52 199.27 8.16

Actual yr-end divs yld, % 2.39 2.38 2.24 6.97

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 8.07 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 1.58 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 3.75 214.80

Home Depot 10.04 4.78 (1.70)

IBM 9.69 6.38 18.82

Intel 4.29 1.245 16.51

Johnson&John 6.03 3.70 22.44

Book

Earns Divs. Value

JPMorgChase 9.79 3.20 70.35

McDonalds 7.61 4.64 (8.16)

Merck Co 3.57 2.13 10.30

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 3.13 86.85

UnitedHealth Grp 13.32 3.78 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 25.19

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 1.96 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 15.02

KC 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 37.03

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 3.505 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 1.84 28.53

Sempra Energy 6.87 3.725 54.35

Southn Co. 4.28 2.44 23.91

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

None

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 Ago

BEARISH 42.0% 43.4% 43.9%

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

Source:DeltaInvestmentManagement

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