M36 BARRON’S September 2, 2019
Market Laboratory
DOWJONESU.S.TOTALMARKETINDUSTRYGROUPS
NetChange %ChangeandRanking 52WeekTop10WeeklyRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low
Delivery Svcs DJUSAF 958.23 + 51.99 105.15 +5.74 [1] –15.53 [114] +12.33 [86] +2.26 1,150.39 793.68
Food Retailers & Whlslrs DJUSFD 498.83 + 26.26 112.35 +5.56 [2] +13.78 [26] +29.07 [24] +15.42 501.48 364.71
Footwear DJUSFT 1549.63 + 79.53 186.95 +5.41 [3] +3.06 [56] +13.72 [81] +13.39 1,647.40 1,250.85
Coal DJUSCL 33.96 + 1.70 –18.82 +5.25 [4] –53.56 [141] –35.65 [141] –9.39 82.06 32.05Transportation Svcs DJUSTS 209.58 + 10.10 29.55 +5.06 [5] –30.02 [132] +16.42 [73] –1.48 309.44 166.36
Home Improvement Rtlrs DJUSHI 461.38 + 21.81 105.55 +4.96 [6] +11.55 [31] +29.66 [20] +17.57 461.38 328.59
Trucking DJUSTK 816.28 + 38.47 116.30 +4.95 [7] –4.87 [83] +16.61 [70] +15.02 918.96 661.41
Commercial Vehicles DJUSHR 1807.47 + 81.59 50.91 +4.73 [8] –7.35 [92] +2.90 [114] +11.40 2,119.37 1,630.28Food & Drug Retailers DJUSDR 678.79 + 30.35 78.54 +4.68 [9] +2.05 [62] +13.08 [83] +.70 701.45 568.99
Heavy Construction DJUSHV 422.74 + 18.66 79.81 +4.62 [10] –7.03 [89] +23.27 [43] +1.68 460.29 320.96
NetChange %ChangeandRanking 52WeekTop10YrAgoRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low
Gold Mining DJUSPM 98.09 + 1.77 19.42 +1.84 [109] +39.30 [1] +24.69 [35] +5.74 100.40 67.13
Nondurable Hshld Pdts DJUSHN 954.79 + 22.64 207.17 +2.43 [91] +39.02 [2] +27.71 [29] +10.55 963.14 651.09
Restaurants & Bars DJUSRU 2072.10 + 36.69 488.84 +1.80 [110] +38.76 [3] +30.88 [18] +19.93 2,090.59 1,483.87Water DJUSWU 2768.45 + 86.71 750.21 +3.23 [57] +37.40 [4] +37.17 [6] +17.92 2,768.45 1,916.99
Insurance Brokers DJUSIB 385.96 + 14.60 88.03 +3.93 [26] +27.86 [5] +29.55 [21] +16.92 392.86 283.12
Hshld Goods & Home ConstrDJUSHG 741.80 + 16.87 152.91 +2.33 [93] +25.70 [6] +25.97 [32] +6.40 745.43 542.04
Mining DJUSMG 93.03 + 1.81 16.29 +1.98 [103] +25.30 [7] +21.22 [51] +3.46 94.88 69.04Specialty Finance DJUSSP 309.33 + 5.02 104.94 +1.65 [115] +24.23 [8] +51.34 [1] +27.20 313.16 190.06
Residential REITs DJUSRN 246.58 + 3.89 54.37 +1.60 [118] +23.30 [9] +28.28 [28] +10.21 246.58 185.80
Waste & Disposal Svcs DJUSPC 330.90 + 9.69 80.90 +3.02 [67] +21.34 [10] +32.36 [13] +17.57 333.91 237.01Groupsareweightedbycapitalization.52-weekhighsandlowsarebasedondailycloses.Dec.31,1991=100.IntheU.S.listings,%volchg
columnshowsthechangefromprevious65-daymovingaverage.Volumefiguresdonotreflectextendedtradinghours.
(^1) Earningsestimatesareforcalendaryears. (^2) Basedonlatestearningsestimate. Source:ThomsonReuters.
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
COPART(4Q) 0.58 0.42
AEROVIRONMENT(1Q) 0.35 0.85
Th
SIGNETJEWELERS(2Q) 0.24 0.52
KIRKLAND'S(2Q) –0.70 –0.43
ABMINDUSTRIES(3Q) 0.58 0.57
DONALDSON(4Q) 0.61 0.58
JOHNWILEY&SONS(1Q) 0.25 0.43
KORNFERRY(1Q) 0.76 0.78
G-IIIAPPAREL(2Q) 0.22 0.22
MEREDITH(4Q) 1.18 0.69
QUANEXBUILDINGPRODUCTS(3Q) 0.36 0.33
ZUMIEZ(2Q) 0.19 0.17
CIENA(3Q) 0.58 0.48
F
NATIONALPRESTOINDUSTRIES(2Q) 0.00
GENESCO(2Q) –0.01 0.04
BRADY(4Q) 0.60 0.57
NATIONALBEVERAGE(1Q) 0.76 1.04
(Earningsaredilutedandreportdatesaretentative. Allfore-
castsandhistoricalnumbersexcludeextraordinaryitemsby
accountingdefinitions.)
Source:ThomsonFirstCall
SELECTEDINITIALPUBLICOFFERINGS
None
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. $)................................................................ July 18,703.4 r18,679.5 17,879.4 4.61
Personal Savings Rate, St.Louis Fed.............................................. July 7.7 r8.0 7.5 2.67
All fixed investment, (bil. $)............................................................ 2nd Qtr 3,339.9 3,349.4 3,295.4 1.35
Non–residential investment, (bil. $) ............................................... 2nd Qtr 2,761.1 2,765.6 2,689.9 2.65
Residential investment, (bil. $) ...................................................... 2nd Qtr 587.1 591.4 606.3 –3.17
Production
Electric power, (mil. kw hrs) (EEI) .................................................. Aug 24 89,601 90,024 85,509 4.79
Petroleum, related capacity, % ...................................................... Aug 23 95.2 95.9 96.3 –1.14
Rotary rigs running, U.S. & Can., (Hughes).................................... Aug 30 1,054 1,055 1,276 –17.40
Steel, (thous. tons)........................................................................ Aug 24 1,877 1,857 1,858 1.02
Steel, rated capacity, % (AISI)........................................................ Aug 24 80.6 79.8 79.3 1.64
ConsumptionandDistribution
Consumer spending, (bil. $) .......................................................... July 14,661.1 r14,568.0 14,077.2 4.15
Durable goods (bil. $).................................................................... July 254.0 r257.0 251.2 1.11
Instinet Research Redbook Avg. (monthly %)................................ Aug 24 –1.40 1.12 0.92 ....
Baltic Dry Index ............................................................................. Aug 30 2,378 2,168 1,579 50.60
Personal consumption, (bil. $)....................................................... 2nd Qtr 13,253.4 13,103.3 12,909.2 2.67
Inventories
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... Aug 23 427,751 437,778 405,792 5.41
Latest Latest Preceding Year YroYr
Date Data Period Ago %Chg
PULSEOFTHEECONOMY
Gasoline, (thous. bbls) .................................................................. Aug 23 231,982 234,072 232,774 –0.34
Orders
Durable goods, (bil. $)................................................................... July 250.4 r245.3 248.5 0.76
Trade
Exports, (bil. $).............................................................................. 2nd Qtr 2,516.5 2,554.4 2,559.9 –1.70
Imports, (bil. $) ............................................................................. 2nd Qtr 3,499.0 3,498.3 3,410.4 2.60
Inflation
JOC–ECRI Industrial Price Index f.................................................. Aug 30 90.35 89.92 105.24 –14.15
Gross domestic product deflator.................................................... 2nd Qtr 2.4 1.1 3.2 ....
Employment
Initial jobless claims (thous.) ........................................................ Aug 24 215 r211 215 0.00
Continuing claims (mil.) ................................................................ Aug 17 1.698 r1.676 1.717 –1.11
Construction
Home Price Index S&P Case–Shiller – Comp. 10 (SA) .................... June 230.58 r230.10 226.46 1.82
OtherIndicators
Consumer confidence (Conference Board) .................................... Aug 135.1 r135.8 134.7 0.30
Citi Research Panic–Euphoria Reading .......................................... Aug 30 –0.05 r0.01 0.43 ....
a-1997equals100.b-1982-84equals100.c-1982equals100.f-1996equals100.h-benchmarkrevision,2016equals100.r-Revised.
EARNINGSSCOREBOARD
LastWeek'sMajorSurprises
Actual
Cons. NetPer
Company Ticker Period Est.^1 Share
Positive
RedRobinGourmet RRGB 2Q 0.31 1.03
Lannett LCI 4Q 0.21 0.37
Tilly's TLYS 2Q 0.20 0.31
DellTechnologies DELL 2Q 1.47 2.15
DycomIndustries DY 2Q 0.83 1.09
Guess? GES 2Q 0.29 0.38
Workday WDAY 2Q 0.35 0.44
BurlingtonStores BURL 2Q 1.14 1.36
TechData TECD 2Q 2.29 2.69
MalibuBoats MBUU 4Q 0.95 1.08
Patterson PDCO 1Q 0.24 0.27
Negative
GolarLngPartners GMLP 2Q 0.26 -0.08
AmericanOutdoorBrands AOBC 1Q 0.07 0.03
Ollie'sBargainOutlet OLLI 2Q 0.46 0.35
SandersonFarms SAFM 3Q 3.01 2.41
JMSmucker SJM 1Q 1.74 1.58
PhibroAnimalHealth PAHC 4Q 0.36 0.33
DollarTree DLTR 2Q 0.81 0.76
TitanMachinery TITN 2Q 0.33 0.31
BankOfMontreal BMO 3Q 2.48 2.38
(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReutersbeforeactualearningswerereported.
LastWeek'sMajorEstimateChanges
Prev. Last
FY Fri. Fri.
Company Ticker End Cons. Cons.
Positive
Lannett LCI 20-Jun 0.90 1.22
58.Com WUBA 19-Dec 2.86 3.46
PrecisionDrilling PDS 19-Dec -0.14 -0.12
Boxlight BOXL 19-Dec -0.72 -0.63
BarrickGold GOLD 19-Dec 0.46 0.51
Negative
Chico'sFas CHS 20-Jan 0.02 -0.07
FrontierComm FTR 19-Dec -1.41 -52.73
HudbayMinerals HBM 19-Dec 0.03 -0.05
Express EXPR 20-Jan -0.11 -0.23
(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReuters.
3M 9.43 9.41 17.0 10.28 10.14 15.8
AmericanExpress 8.13 8.12 14.9 8.97 8.99 13.4
Apple 11.76 11.95 17.5 13.54 13.70 15.3
Boeing 4.09 4.02 90.3 22.63 22.62 16.0
Caterpillar 11.83 11.80 10.0 12.37 12.29 9.6
Chevron 7.29 6.99 16.8 8.35 8.41 14.0
CiscoSystems 3.25 3.22 14.7 3.54 3.46 13.7
Coca–Cola 2.11 2.11 26.1 2.29 2.29 24.0
Disney 6.33 5.46 25.2 6.58 5.93 23.2
Dow 3.63 3.43 12.3 4.49 4.38 9.7
ExxonMobil 3.63 3.42 20.0 5.10 4.72 14.5
GoldmanSachs 23.27 23.22 8.8 25.41 25.31 8.0
HomeDepot 10.12 10.13 22.4 11.01 10.98 20.7
IBM 13.90 12.81 10.5 14.10 13.43 10.0
Intel 4.38 4.39 10.7 4.46 4.45 10.5
Johnson&Johnson 8.60 8.60 14.9 9.12 9.12 14.1
McDonalds 8.02 8.02 27.5 8.75 8.76 25.2
Merck 4.79 4.91 17.7 5.35 5.44 15.9
Microsoft 5.01 5.02 27.5 5.49 5.51 25.1
Morgan(J.P) 10.23 10.22 10.7 10.56 10.53 10.4
Nike 2.62 2.62 32.6 3.13 3.12 27.3
Pfizer 2.88 2.83 12.5 2.96 2.83 12.5
Procter&Gamble 4.73 4.77 25.4 4.97 5.02 24.1
Travelers 10.71 10.70 13.7 11.56 11.54 12.7
UnitedTechnologies 8.04 8.04 16.1 8.77 8.80 14.7
UnitedHealth 14.83 14.82 15.6 16.66 16.66 13.8
Verizon 4.75 4.80 12.1 4.85 4.88 11.9
Visa 5.61 5.61 32.3 6.51 6.52 27.8
Walgreens 5.93 5.94 8.5 6.07 6.06 8.3
Walmart 4.83 4.92 23.2 5.05 5.13 22.2
Median 16.5 14.3
DJIndustrials 1524.151507.48 17.51783.171770.26 14.9
MONTHLYDOWJONESINDUSTRIALAVERAGE
Year First Closing Closing CloseAvg Last Avg. Avg.
Month Closing High Low Mean Close Chg. %Chg. P/E Yield
2019
Aug 26583.42 26583.42 25479.42 26058.23 26403.28 – 460.99 – 1.72 18.78 2.30
July 26717.43 27359.16 26717.43 27089.19 26864.27 + 264.31 + 0.99 18.77 2.19
June 24819.78 26753.17 24819.78 26160.10 26599.96 + 1784.92 + 7.19 18.08 2.24
May 26430.14 26504.95 24815.04 25744.79 24815.04 – 1777.87 – 6.69 17.71 2.26
Apr 26258.42 26656.39 26143.05 26401.58 26592.91 + 664.23 + 2.56 18.44 2.20
Mar 26026.32 26026.32 25450.24 25722.62 25928.68 + 12.68 + 0.05 17.87 2.25
Feb 25063.89 26091.95 25053.11 25605.53 25916.00 + 916.33 + 3.67 17.95 2.25
NYSEHALF-HOURLYVOLUME
Daily 8/26 8/27 8/28 8/29 8/30
9:30-10:00 79,760 79,783 88,163 92,191 77,355
10:00-10:30 34,579 35,342 39,067 44,394 38,387
10:30-11:00 29,445 31,581 33,383 41,912 31,511
11:00-11:30 27,247 36,543 33,577 31,771 34,363
11:30-12:00 23,896 32,566 27,893 27,446 26,290
12:00-12:30 22,644 31,328 22,735 23,123 21,758
12:30-1:00 18,137 30,175 24,487 25,798 19,282
1:00-1:30 20,977 22,891 22,073 23,323 18,647
1:30-2:00 20,566 25,752 21,508 21,282 20,051
2:00-2:30 21,816 24,632 20,207 25,680 19,205
2:30-3:00 22,863 25,067 23,123 23,925 21,414
3:00-3:30 28,385 34,808 29,200 29,480 26,972
3:30-4:00 355,903 479,741 321,439 302,180 508,428
NYSEDATABANK
Latest Preceding Year-Ago
Month Month Month
SecuritySales
Customers'margin debt
(Mil$) July 602,139 596,304 652,790
Customers'credit balances
(Mil$) July 138,703 139,826 148,947
Freecredit bal. cash accounts
(Mil$) July 182,613 179,542 178,299
Shortinterest
(Thous.Shs) Aug. 1516,322,998 15,619,870 14,969,093
Shortinterest ratio
(d) Aug. 15 4.2 4.7 4.9
(d)Forperiod
r-Revised Source:NYSE.*-Nowincludescompositetrades.