Barron\'s - 05.08.2019

M32 BARRON’S August 5, 2019

SELECTEDINITIALPUBLICOFFERINGS

Initial Most

Ticker Offer IPO Recent %

Code Price Date Price Chg

OrisunAcquisition ORSNU 10.00 8/2 10.00 0.0%

DynatraceHoldings DT 16.00 8/1 26.07 62.9%

KuraSushiUSA KRUS 14.00 8/1 24.40 74.3%

SundialGrowers SNDL 13.00 8/1 10.45 -19.6%

BorrDrilling BORR 9.30 7/31 8.89 -4.4%

NetfinAcquisition NFINU 10.00 7/31 10.06 0.6%

Latest Latest Preceding Year YroYr

Date Data Period Ago %Chg

PULSEOFTHEECONOMY

Onlyincludesnewreports. Latest Latest Preceding Year YroYr

EconomicGrowthandInvestment Date Data Period Ago %Chg

Personal income, (bil. $)................................................................ June 18,675.9 r18,592.3 17,796.6 4.94

Personal Savings Rate, St.Louis Fed.............................................. June 8.1 r8.0 7.6 6.58

Production

Electric power, (mil. kw hrs) (EEI) .................................................. July 27 89,276 95,459 91,789 –2.74

Petroleum, related capacity, % ...................................................... July 26 93.0 93.1 96.1 –3.23

Rotary rigs running, U.S. & Can., (Hughes).................................... Aug 2 1,079 1,073 1,267 –14.84

Steel, (thous. tons)........................................................................ July 27 1,884 1,872 1,836 2.61

Steel, rated capacity, % (AISI)........................................................ July 27 80.9 80.4 78.3 3.32

ConsumptionandDistribution

Consumer spending, (bil. $) .......................................................... June 14,549.6 r14,508.6 14,004.8 3.89

Factory shipments, (bil. $) ............................................................. June 506.15 504.26 501.64 0.90

Instinet Research Redbook Avg. (monthly %)................................ July 27 1.01 –3.26 –0.76 ....

Baltic Dry Index ............................................................................. Aug 2 1,788 1,937 1,773 0.85

Inventories

Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... July 26 436,545 445,041 408,740 6.80

Factory inventories, (bil. $) ............................................................ June 695.59 r694.25 670.21 3.79

Gasoline, (thous. bbls) .................................................................. July 26 230,735 232,526 230,968 –0.10

Orders

Factory orders, backlog (bil. $) ...................................................... June 1,160.24 r1,168.21 1,164.84 –0.39

New factory orders, (bil. $) ............................................................ June 493.82 r490.69 501.61 –1.55

Nondurable goods orders, (bil. $) .................................................. June 248.43 r249.77 250.11 –0.67

Purchasing management index ..................................................... July 51.2 51.7 58.4 –12.33

Trade

Merchandise trade balance (bil $) .................................................. June –75.12 r–75.89 –69.43 8.20

Inflation

JOC–ECRI Industrial Price Index f.................................................. Aug 2 89.96 90.94 106.13 –15.24

Employment

Civil labor force, (thous.) ............................................................... July 163,351 162,981 162,209 0.70

Employed, (thous.) ....................................................................... July 157,288 157,005 155,964 0.85

Employment cost index ................................................................. 2nd Qtr 139.1 138.6 135.1 2.96

All non–farm payrolls, (thous.) ...................................................... July 151,431 r151,267 149,185 1.51

Government payrolls, (thous.) ...................................................... July 22,542 r22,526 22,458 0.37

Goods prod payrolls, (thous.) ....................................................... July 21,121 r21,106 20,744 1.82

Initial jobless claims (thous.) ........................................................ July 27 215 r207 220 –2.27

Continuing claims (mil.) ................................................................ July 20 1.699 r1.677 1.733 –1.96

Service payrolls, (thous.) .............................................................. July 130,310 r130,161 128,441 1.46

Unemployment rate, % ................................................................. July 3.7 3.7 3.9 –5.13

Unemployed, (thous.) ................................................................... July 6,063 5,975 6,245 –2.91

Avg. wks duration unemploy ......................................................... July 19.6 22.2 23.1 –15.15

U–6 unemployment ...................................................................... July 7.0 7.2 7.5 –6.67

Civilian Employment Population Ratio ........................................... July 60.7 60.6 60.5 0.33

Construction

Construction spending, (bil. $) ...................................................... June 1,287.0 r1,303.4 1,314.8 –2.11

Non–residential spending, SA (bil. $) ............................................ June 455.7 r457.3 457.8 –0.46

Public spending, (bil. $) ................................................................ June 324.1 r336.4 305.4 6.12

Residential spending, (bil. $) ......................................................... June 513.2 r515.9 558.1 –8.05

Home Price Index S&P Case–Shiller – Comp. 10 (SA) .................... May 230.12 r229.03 225.25 2.16

OtherIndicators

Consumer confidence (Conference Board) .................................... July 135.7 r124.3 127.9 6.10

Citi Research Panic–Euphoria Reading .......................................... Aug 2 0.26 r0.27 0.34 ....

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

(^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

Continuedfrompage13ofthemainsection.

T

WALTDISNEY(3Q) 1.75 1.87

DukeEnergy(2Q) 0.98 0.93

FIDELITYNATIONALINFORMATION (2Q) 1.78 1.23

AES(2Q) 0.26 0.25

PPL(2Q) 0.55 0.55

SOUTHWESTERNENERGY(2Q) 0.10 0.18

DevonEnergy(2Q) 0.35 0.34

REGENERONPHARMACEUTICALS(2Q) 5.35 5.45

CHESAPEAKEENERGY(2Q) –0.06 0.15

MOSAIC(2Q) 0.29 0.40

PIONEERNATURALRESOURCES(2Q) 1.96 1.41

EXPEDITORSInt'lOFWASH(2Q) 0.82 0.79

HOSTHOTELS&RESORTS(2Q) 0.54 0.54

BECTONDICKINSONANDCO(3Q) 3.05 2.91

EMERSONELECTRIC(3Q) 0.94 0.88

WYNNRESORTSLTD(2Q) 1.44 1.53

W

CENTURYLINK(2Q) 0.31 0.26

BOOKING(2Q) 22.69 20.67

AMERICANINTERNATIONALGrp(2Q) 1.15 1.05

MONSTERBEVERAGE(2Q) 0.56 0.48

CENTERPOINTENERGY(2Q) 0.30 0.30

CVSHEALTH(2Q) 1.69 1.69

MARATHONOIL(2Q) 0.15 0.15

Th

CBS(2Q) 1.12 1.12

VIACOM(3Q) 1.07 1.18

PERRIGO PLC(2Q) 0.80 1.22

ACTIVISIONBLIZZARD(2Q) 0.26 0.41

MURPHYOIL(2Q) 0.18 0.36

SYMANTEC(1Q) 0.33 0.34

CARDINALHEALTH(4Q) 0.93 1.01

(Earningsaredilutedandreportdatesaretentative. Allfore-

castsandhistoricalnumbersexcludeextraordinaryitemsby

accountingdefinitions.)

Source:ThomsonFirstCall

EARNINGSSCOREBOARD

LastWeek'sMajorSurprises

Actual

Cons. NetPer

Company Ticker Period Est.^1 Share

Positive

Twitter TWTR 2Q 0.19 1.58

NeurocrineBiosciences NBIX 2Q 0.11 0.54

CorporateOfficeProperties OFC 2Q 0.21 0.95

Sciplay SCPL 2Q 0.18 0.54

Mr.CooperGrp COOP 2Q 0.33 0.98

EquityResidential EQR 2Q 0.33 0.83

CirrusLogic CRUS 1Q 0.15 0.35

Chegg CHGG 2Q 0.10 0.23

PembinaPipeline PBA 2Q 0.55 1.23

InterdigitalWireless IDCC 2Q 0.12 0.24

JerniganCapital JCAP 2Q 0.23 0.46

UniversalDisplay OLED 2Q 0.46 0.92

Negative

FirstSolar FSLR 2Q 0.03 -0.18

StateAutoFinl STFC 2Q 0.13 -0.33

CaliforniaResources CRC 2Q 0.20 -0.29

ScientificGames SGMS 2Q 0.01 -0.18

Greenhill& GHL 2Q 0.03 -0.53

WhitingPetroleum WLL 2Q 0.31 -0.28

UnitedInsurance UIHC 2Q 0.09 -0.08

HershaHospitality HT 2Q 0.03 -0.02

QtsRealty QTS 2Q 0.07 -0.03

McdermottInt'l MDR 2Q 0.18 -0.07

Hcp HCP 2Q 0.12 -0.03

ClearwaterPaper CLW 2Q 0.12 -0.02

(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReutersbeforeactualearningswerereported.

LastWeek'sMajorEstimateChanges

Prev. Last

FY Fri. Fri.

Company Ticker End Cons. Cons.

Positive

Harmonic HLIT 19-Dec 0.05 0.17

Galapagos GLPG 19-Dec -3.23 4.39

(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReuters.
3M 9.43 9.42 18.4 10.33 10.28 16.9
AmericanExpress 8.12 8.12 15.3 8.99 8.99 13.8
Apple 11.66 11.94 17.4 13.47 13.73 15.2
Boeing 14.62 4.21 79.5 22.64 22.26 15.0
Caterpillar 12.33 11.82 10.7 12.95 12.37 10.3
Chevron 7.31 7.29 16.6 8.48 8.35 14.5
CiscoSystems 3.25 3.25 17.0 3.53 3.54 15.6
Coca–Cola 2.10 2.11 24.7 2.26 2.29 22.7
Disney 6.35 6.33 22.4 6.59 6.59 21.5
Dow 4.36 3.52 13.3 5.27 4.46 10.5
ExxonMobil 3.90 3.58 20.2 5.29 5.09 14.2
GoldmanSachs 23.19 23.27 9.1 25.80 25.41 8.3
HomeDepot 10.12 10.12 21.0 11.02 11.01 19.3
IBM 13.91 13.90 10.8 14.17 14.11 10.7
Intel 4.26 4.39 11.3 4.46 4.45 11.1
Johnson&Johnson 8.60 8.60 15.1 9.15 9.12 14.3
McDonalds 8.02 8.02 26.3 8.71 8.75 24.1
Merck 4.75 4.85 17.3 5.32 5.39 15.5
Microsoft 4.79 5.02 27.5 5.39 5.51 25.1
Morgan(J.P) 10.01 10.23 11.0 10.64 10.56 10.7
Nike 2.62 2.62 31.8 3.13 3.13 26.6
Pfizer 2.91 2.85 13.4 3.07 2.89 13.2
Procter&Gamble 4.64 4.76 24.5 4.85 5.03 23.2
Travelers 11.09 10.71 13.6 11.84 11.54 12.6
UnitedTechnologies 7.97 8.04 16.4 8.73 8.80 15.0
UnitedHealth 14.70 14.83 16.8 16.61 16.66 15.0
Verizon 4.75 4.76 11.6 4.85 4.85 11.4
Visa 5.57 5.61 32.0 6.48 6.52 27.5
Walgreens 5.95 5.93 9.1 6.06 6.07 8.9
Walmart 4.83 4.83 22.6 5.05 5.05 21.6
Median 16.9 15.0
DJIndustrials 1601.341525.65 17.41798.151782.31 14.9

NYSEHALF-HOURLYVOLUME

Daily 7/29 7/30 7/31 8/01 8/02

9:30-10:00 85,628 101,480 103,206 117,915 113,526

10:00-10:30 43,775 43,910 45,867 51,736 56,648

10:30-11:00 36,664 38,334 39,603 48,057 55,041

11:00-11:30 31,689 35,766 36,680 40,413 47,905

11:30-12:00 26,337 32,186 32,998 36,686 38,676

12:00-12:30 23,324 27,382 29,488 30,842 32,479

12:30-1:00 23,074 27,939 25,612 28,853 29,186

1:00-1:30 21,209 26,108 25,428 40,530 28,590

1:30-2:00 19,594 26,982 31,000 69,669 24,574

2:00-2:30 22,693 32,575 40,427 50,493 30,799

2:30-3:00 22,760 27,855 73,524 50,590 28,948

3:00-3:30 31,867 33,563 55,867 55,965 39,285

3:30-4:00 354,633 319,373 709,118 418,089 354,875

DOWJONESU.S.TOTALMARKETINDUSTRYGROUPS

NetChange %ChangeandRanking 52Week

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

Specialty REITs DJUSSR 227.79 + 7.64 43.66 +3.47 [1] +16.64 [17] +23.71 [30] +6.11 230.83 177.73

Home Construction DJUSHB 814.44 + 18.03 177.25 +2.26 [2] +6.42 [51] +27.82 [20] +12.55 846.98 595.43

Water DJUSWU 2570.53 + 40.76 552.30 +1.61 [3] +28.14 [3] +27.37 [22] +10.98 2,587.76 1,916.99

Specialty Finance DJUSSP 302.77 + 4.37 98.39 +1.46 [4] +26.98 [5] +48.14 [1] +27.96 306.49 190.06

Real Estate Inv Trusts DJUSRI 146.03 + 1.81 22.93 +1.26 [5] +9.63 [36] +18.63 [60] +1.67 148.89 118.88

Real Estate DJUSRE 353.52 + 3.82 57.55 +1.09 [6] +9.61 [37] +19.44 [54] +2.02 359.10 285.67

Nondurable Hshld Pdts DJUSHN 923.84 + 6.99 176.23 +.76 [7] +36.66 [2] +23.57 [33] +9.66 956.54 651.09

Retail REITs DJUSRL 104.96 + .74 4.38 +.71 [8] –2.75 [88] +4.36 [120] –10.96 114.28 96.54

Residential REITs DJUSRN 235.70 + 1.41 43.48 +.60 [9] +21.77 [10] +22.62 [36] +7.17 240.44 185.80

Gas Distribution DJUSGU 331.28 + 1.79 31.80 +.54 [10] +9.50 [39] +10.62 [100] +7.02 337.51 291.08

NetChange %ChangeandRanking 52Week

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

Restaurants & Bars DJUSRU 2040.78 – 31.13 457.52 –1.50 [35] +42.89 [1] +28.90 [16] +19.48 2,071.91 1,436.84

Nondurable Hshld Pdts DJUSHN 923.84 + 6.99 176.23 +.76 [7] +36.66 [2] +23.57 [33] +9.66 956.54 651.09

Water DJUSWU 2570.53 + 40.76 552.30 +1.61 [3] +28.14 [3] +27.37 [22] +10.98 2,587.76 1,916.99

Insurance Brokers DJUSIB 380.52 – 9.80 82.59 –2.51 [55] +28.01 [4] +27.72 [21] +17.18 392.86 283.12

Specialty Finance DJUSSP 302.77 + 4.37 98.39 +1.46 [4] +26.98 [5] +48.14 [1] +27.96 306.49 190.06

Consumer Finance DJUSSF 376.83 – 15.71 99.63 –4.00 [93] +24.59 [6] +35.94 [5] +28.57 392.55 257.17

Financial Administration DJUSFA 580.82 – 27.18 149.43 –4.47 [101] +23.13 [7] +34.64 [6] +25.55 608.00 401.69

Software DJUSSW 2742.80– 132.31 636.75 –4.60 [106] +22.92 [8] +30.23 [13] +29.29 2,875.11 1,946.80

Hshld Goods & Home ConstrDJUSHG 720.46 + 1.07 131.57 +.15 [15] +22.80 [9] +22.34 [37] +5.77 744.12 542.04

Residential REITs DJUSRN 235.70 + 1.41 43.48 +.60 [9] +21.77 [10] +22.62 [36] +7.17 240.44 185.80

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

MONTHLYDOWJONESINDUSTRIALAVERAGE

Year First Closing Closing CloseAvg Last Avg. Avg.
Month Closing High Low Mean Close Chg. %Chg. P/E Yield

2019

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