Barron\'s - 22.07.2019

July22,2019 BARRON’S M35

STOCKVOLUME

Last Prev. Year YOY

Week Week Ago %Chg

NYSE(a) 3,579,194 3,458,993 3,671,619 -2.52

30 Dow Inds (b) 1,129,013 1,141,301 1,223,864 -7.75

20 Dow Trans (b) 298,879 215,820 300,074 -0.40

15 Dow Utils (b) 192,839 183,571 212,407 -9.21

65 Dow Stks (b) 1,620,732 1,540,692 1,736,346 -6.66

NYSE American (a) 60,812 66,707 65,402 -7.02

Nasdaq(d) 9,485,690 9,674,787 8,849,379 7.19

NYSE 15 Most Active

Average Price 12.15 13.94 31.05 -60.87

% Tot Vol 14.14 14.28 15.98 -11.51

Stock Offerings $(z,v) 6,048,600 r1,432,200 1,577,500 283.43

DailyStockVolume

Daily 7/15 7/16 7/17 7/18 7/19

NYSE(a) 677,478 679,432 701,995 726,681 793,607

30 Inds (b) 199,725.0 225,998.7 196,775.9 218,821.7 287,691.9

20 Trans (b) 36,402.3 61,810.5 95,163.7 53,487.4 52,015.6

15 Utils (b) 38,100.4 38,482.4 41,397.7 33,217.4 41,641.5

65 Stks (b) 274,227.7 326,291.6 333,337.3 305,526.5 381,348.9

NYSE Amer(a) 13,212 9,819 12,206 14,263 11,312

Nasd(d) 1,797,992 1,952,513 1,868,363 2,005,398 1,861,424

NYSE 15 Most Active

Avg. Price 30.14 11.52 11.48 12.38 11.05

% Tot Vol 15.92 16.73 15.63 13.97 13.76

Numbersinthousandssavepriceandpercentages.(a)Primary

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

W/EThursday.(z)Source:Refinitiv.

Last Prev. Year

Week Week Ago

DJIndAvg 27154.20 27332.03 25058.12

P/E Ratio 18.45 18.78 23.55

Earns Yield % 5.42 5.33 4.25

Earns $ 1472.00 1455.52 1063.94

Divs Yield % 2.19 2.17 2.16

Divs $ 594.80 593.46 541.96

Mkt to Book 4.38 4.41 4.31

Book Value $ 6201.99 6201.99 5818.74

DJTransAvg 10604.20 10637.31 10741.50

P/E Ratio 18.56 18.93 11.08

Earns Yield % 5.39 5.28 9.02

Earns $ 571.35 561.96 969.20

Divs Yield % 1.54 1.53 1.34

Divs $ 163.08 163.08 143.72

Mkt to Book 3.30 3.31 4.19

Book Value $ 3217.98 3217.98 2561.22

DJUtilityAvg 820.08 824.30 718.20

P/E Ratio 30.37 30.53 17.38

Earns Yield % 3.29 3.28 5.75

Earns $ 27.00 27.00 41.33

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 27359.1627154.20 27154.20 –177.83 –0.65 2096.08 8.36 3826.74 16.40

11570.84 8637.15 20 Transp 10794.5910406.93 10604.20 –33.11 –0.31 –137.30 –1.28 1433.80 15.64

831.33 692.00 15 Utilities 831.33 820.08 820.08 –4.22 –0.51 101.88 14.19 107.15 15.03

9028.06 7261.50 65 Comp 9028.06 8929.16 8950.32 –48.77 –0.54 554.49 6.60 1239.88 16.08

DowJonesIndexes

30939.16 24126.04 US TSM Float 30930.7230565.17 30565.17 –373.99 –1.21 1383.22 4.74 4840.65 18.82

749.56 583.86 US Market 749.49 740.54 740.54 –9.02 –1.20 38.80 5.53 117.98 18.95

679.50 484.10 Internet 679.50 662.12 662.12 –16.08 –2.37 14.21 2.19 136.86 26.05

NewYorkStockExchange

13239.87 10769.83 Comp-z 13233.3913111.99 13111.99 –122.76 –0.93 322.08 2.52 1737.60 15.28

8241.85 6610.76 Financial-z 8197.40 8109.11 8109.11 –113.98 –1.39 116.23 1.45 1139.63 16.35

16646.06 14248.22 Health Care-z 16417.6516264.54 16264.54 –41.97 –0.26 1303.02 8.71 1106.16 7.30

12444.93 8814.91 Energy-z 10350.4310073.25 10120.96 –324.32 –3.10 –1901.13 –15.81 779.52 8.34

NYSEAmericanStockExchange

2766.86 2200.34 NYSE Amer Comp 2593.04 2556.62 2566.63 –35.01 –1.35 –141.98 –5.24 274.36 11.97

2760.90 2209.18 Major Mkt 2759.45 2752.14 2757.58 -3.32 –0.12 268.61 10.79 394.40 16.69

Standard&Poor'sIndexes

1333.24 1042.77 100 Index 1333.24 1315.42 1315.42 –16.90 –1.27 79.09 6.40 201.55 18.09

3014.30 2351.10 500 Index 3014.30 2976.61 2976.61 –37.16 –1.23 174.78 6.24 469.76 18.74

4078.91 3157.69 Indus 4078.91 4026.34 4026.34 –48.48 –1.19 248.50 6.58 651.68 19.31

2050.23 1567.40 MidCap 1951.83 1937.40 1937.40 –23.09 –1.18 –60.96 –3.05 274.36 16.50

1098.36 793.86 SmallCap 948.23 940.44 940.44 –12.09 –1.27 –115.55 –10.94 95.50 11.30

NasdaqStockMarket

8258.19 6192.92 Comp 8258.19 8146.49 8146.49 –97.66 –1.18 326.29 4.17 1511.21 22.78

7966.93 5899.35 100 Index 7966.93 7834.90 7834.90 –108.34 –1.36 484.67 6.59 1504.94 23.77

6788.50 5040.94 Indus 6788.50 6667.46 6667.46 –111.41 –1.64 386.43 6.15 1266.41 23.45

10380.21 7404.82 Insur 10362.3110254.54 10254.54 –125.67 –1.21 1843.49 21.92 2368.44 30.03

4315.63 3114.63 Banks 3642.39 3603.26 3642.39 –49.42 –1.34 –585.45 –13.85 368.56 11.26

5042.10 3647.99 Computer 5032.24 4969.21 4969.21 –47.91 –0.96 284.96 6.08 1058.63 27.07

439.67 326.76 Telecom 439.67 432.78 432.78 –6.16 –1.40 81.76 23.29 83.98 24.08

RussellIndexes

1669.27 1298.02 1000 1669.27 1649.20 1649.20 –19.84 –1.19 93.40 6.00 264.94 19.14

1740.75 1266.93 2000 1562.00 1547.90 1547.90 –22.10 –1.41 –148.91 –8.78 199.34 14.78

1770.80 1380.60 3000 1770.42 1749.49 1749.49 –21.31 –1.20 81.05 4.86 277.36 18.84

1591.36 1033.21 Value-v 1273.40 1260.12 1260.71 –14.73 –1.16 50.75 4.19 167.08 15.28

1640.97 1223.26 Growth-v 1640.97 1617.99 1617.99 –20.00 –1.22 116.63 7.77 303.37 23.08

2278.87 1750.33 MidCap 2276.18 2253.31 2253.31 –25.56 –1.12 89.29 4.13 396.01 21.32

Others

6629.03 5082.63 Value Line-a 6284.30 6219.55 6219.55 –79.62 –1.26 –234.83 –3.64 833.59 15.48

593.57 446.06 Value Line-g 536.86 530.95 530.95 –7.26 –1.35 –50.63 –8.71 58.58 12.40

11631.74 8503.45 DJ US Small TSM 10689.6510617.37 10617.37 –118.47 –1.10 –681.72 –6.03 1570.69 17.36

786.73 571.68 Barron's 400 691.71 685.63 687.46 –7.55 –1.09 –71.90 –9.47 77.75 12.75

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

Cargurus CARG 986,223 35,592,788 7/8/19 Steinert,Langley CEO

Dell Technologies DELL 303,753 15,880,321 6/27/19 Clarke,Jeffrey VC

Steelcase SCS 199,998 3,409,965 7/1/19 Keane, James O

Dell Technologies DELL 189,464 9,698,602 6/28/19 Haas,Marius P

Novocure Ltd NVCR 187,500 11,653,125 6/28/19 Danziger,Asaf CEO

Dell Technologies DELL 181,531 9,489,596 6/27/19 Sweet, Thomas CFO

Dell Technologies DELL 179,488 9,197,333 6/28/19 Clarke,Jeffrey VC

Dell Technologies DELL 172,562 9,045,874 6/27/19 Haas,Marius P

Dell Technologies DELL 168,690 8,711,645 7/1/19 Price,Steven O

Hanmi Financial HAFC 161,741 3,558,300 7/9/19 Kum, Chong R

Divs Yield % 3.02 3.01 3.31

Divs $ 24.79 24.79 23.75

Mkt to Book 2.28 2.29 2.08

Book Value $ 360.31 360.31 344.79

S&P500Index 2976.61 3013.77 2801.83

P/E Ratio 22.48 22.76 24.27

Earns Yield % 4.45 4.39 4.12

Earns $ 132.39 132.39 115.44

Divs Yield % 1.96 1.93 1.93

Divs $ 58.34 58.17 54.08

Mkt to Book 3.50 3.54 3.39

Book Value $ 851.62 851.62 826.52

S&PIndIndex 4026.34 4074.82 3777.84

P/E Ratio 24.19 24.48 26.85

Earns Yield % 4.13 4.08 3.72

Earns $ 166.45 166.45 140.68

Divs Yield % 1.81 1.79 1.81

Divs $ 72.88 72.94 68.38

Mkt to Book 4.56 4.61 4.46

Book Value $ 883.41 883.41 847.90

Last Prev. Year

Week Week Ago

U.S. DOLLAR INDEX vs EURO and YEN

-5

0

5

A S O N D J F M A M JJ

EURO in $

s

YEN in $

s

DXY (97.13)

s

Source: Tullett Prebon

Currency War?: As President Trump complained that China and Europe were cheap-

ening their currencies, the U.S. Dollar Index edged up 0.3% on the week, to 97.13.

ComingU.S.Auctions

Yields(%)

Day When Last

Issued* Auction

M

$36.0bil 3-month 2.051 2.115

$36.0bil 6-month 2.028 2.010

T

$40.0bil 2-year 1.810 1.695

W

$41.0bil 5-year 1.801 1.791

TH

$32.0bil 7-year 1.921 1.889

*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.DJlatestavailablebookvaluesforFY2017and2016,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

Jul18 Jul11 July Yr-to-Yr

2019 2019 2018 %Chg

S&P 500 Index 2995.11 2999.91 2794.21 7.19

Barron's 50 Index 9286.00 9281.50 8657.54 7.26

Projected quarterly earn 106.94 103.49 116.46 –8.18

Annualized projected earn 427.78 413.98 465.85 –8.17

Annualized projected P/E 21.70 22.42 18.63 16.50

Five-year average earn 400.92 399.54 390.8 2.59

Five-year average P/E 23.20 23.23 22.15 4.73

Year-end earn 428.30 424.85 518.0 –17.31

Year-end P/E 21.70 21.85 16.71 29.83

Year-end earns yield, % 4.60 4.58 6.0 –23.12

Best grade bond yields, % 2.94 3.05 3.9 –24.08

Bond yields/stock ylds, % 0.64 0.67 0.65 –1.12

Actual year-end divs 212.31 212.00 197.55 7.47

Actual yr-end divs yld, % 2.29 2.28 2.28 0.34

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 2.07 1.56 21.22

Apple 11.89 2.96 26.15

Boeing 17.48 7.53 0.60

Caterpillar 10.73 3.61 22.92

Chevron Corp 7.23 4.62 77.77

Cisco Sys 2.90 1.36 13.27

Coca Cola 1.57 1.58 4.01

Disney Walt 8.92 1.76 27.54

Dow 0.70

ExxonMobil 4.34 3.28 44.28

Goldman Sachs 23.84 3.25187.80

Home Depot 9.92 4.78 1.26

IBM 9.69 6.33 19.08

Intel 4.42 1.23 14.73

Johnson&John 6.03 3.65 22.43

Book

Earns Divs. Value

JPMorgChase 9.79 3.20 67.04

McDonalds 7.54 4.49 (4.12)

Merck Co 3.17 2.06 12.73

Microsoft 5.07 1.80 10.77

Nike Inc 2.49 0.86 6.13

Pfizer 1.95 1.40 11.92

Proc Gam 4.20 2.9262 20.55

3M Co 9.43 5.60 19.44

Travelers Cos 9.85 3.13 87.44

UnitedHealth Grp 13.32 3.78 49.30

Utd Tech 6.49 2.905 37.05

Verizon 3.88 2.41 10.56

Visa 4.84 0.96 11.98

Walgreens 5.10 1.76 26.83

Wal-mart 2.89 2.10 26.38

TransportationStocks

Alaska AirGroup 3.53 1.34 30.24

AmericanAirlines 3.06 0.40 8.26

Avis Budget Grp 1.96 Nil 7.07

C.H. Robinson 4.88 1.96 10.22

CSX Corp 4.16 0.92 16.53

Delta Air Lines 6.70 1.355 19.67

Expeditors Int'l 3.53 0.95 11.29

FedEx 1.85 2.60 73.01

Hunt (JB) 4.32 0.98 16.76

JetBlue Air 0.47 Nil 15.06

KC Southern 5.59 1.44 44.09

Kirby Corp 1.51 Nil 52.12

Landstar Sys 6.40 0.66 15.50

Matson Inc 2.50 0.84 15.96

Norf So 10.10 3.18 57.57

Ryder Sys 5.41 2.16 53.54

Southwest Air 4.22 0.66 17.72

Un Pacific 8.42 3.36 31.83

UPS 5.24 3.74 1.16

United Airlines 9.87 Nil 30.69

UtilityStocks

AES Corp. 1.01 0.5265 3.73

Am Elec 4.14 2.63 37.17

American WaterWorks 3.18 1.865 30.18

CenterPt Energy 0.64 1.13 10.88

Con Ed 4.36 2.91 49.74

DominionEnergy 3.82 3.505 26.58

Duke Energy 3.76 3.71 59.63

Edison Int'l (1.13) 2.4425 35.82

Exelon 2.41 1.415 30.99

FirstEnergy 0.10 1.48 8.81

NextEra Energy 6.03 4.72 59.89

NiSource Inc. (0.38) 0.785 12.82

Pub Sv Ent 3.11 1.84 27.45

Sempra Energy 3.50 3.58 50.41

Southn Co. 3.27 2.42 24.19

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

BULLISH 65.1% 68.0% 66.3%

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

Source:DeltaInvestmentManagement

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

NYSEHALF-HOURLYVOLUME

Daily 7/15 7/16 7/17 7/18 7/19

9:30-10:00 86,500 77,112 81,725 88,171 116,156

10:00-10:30 37,132 39,547 41,557 38,196 40,293

10:30-11:00 30,125 33,430 35,990 33,808 34,948

11:00-11:30 26,326 29,070 31,906 31,948 30,769

11:30-12:00 24,874 27,358 28,920 32,911 28,043

12:00-12:30 19,585 29,711 25,183 25,181 24,003

12:30-1:00 18,414 23,062 19,595 23,221 21,815

1:00-1:30 17,493 25,345 21,949 22,169 20,985

1:30-2:00 17,837 25,158 20,877 21,617 23,201

2:00-2:30 19,450 24,499 22,969 29,647 31,086

2:30-3:00 19,501 25,377 23,605 30,343 25,733

3:00-3:30 23,955 28,738 32,676 37,159 34,960

3:30-4:00 336,287 291,027 315,043 312,310 361,616