Barron\'s - 22.07.2019

M36 BARRON’S July22,2019

Market Laboratory

(^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

Continuedfrompage11ofthemainsection.

W

AT&T(2Q) 0.89 0.91

NEXTERAENERGY(2Q) 2.28 2.11

GENERALDYNAMICS(2Q) 2.68 2.82

NORFOLKSOUTHERN(2Q) 2.79 2.50

CELGENE(2Q) 2.63 2.16

FACEBOOK(2Q) 1.87 1.74

FORDMOTOR(2Q) 0.31 0.27

CATERPILLAR(2Q) 3.12 2.97

FREEPORT-MCMORAN(2Q) –0.05 0.58

BOEING(2Q) 1.80 3.33

UNITEDPARCELSERVICE(2Q) 1.92 1.94

Th

ALPHABET(2Q) 11.30 11.75

COMCAST(2Q) 0.75 0.65

3M(2Q) 2.05 2.59

BAXTERInt'l(2Q) 0.81 0.77

AMAZON.COM(2Q) 5.58 5.07

INTEL(2Q) 0.90 1.04

Starbucks(3Q) 0.72 0.62

NEWMONTGOLD(2Q) 0.24 0.26

BRISTOLMYERSSQUIBB(2Q) 1.06 1.01

F

MCDONALD'S(2Q) 2.05 1.99

PHILLIPS66(2Q) 2.68 2.80

ILLINOISTOOLWORKS(2Q) 1.97 1.97

Colgate-Palmolive(2Q) 0.72 0.77

(Earningsaredilutedandreportdatesaretentative. Allfore-

castsandhistoricalnumbersexcludeextraordinaryitemsby

accountingdefinitions.)

Source:ThomsonFirstCall

SELECTEDINITIALPUBLICOFFERINGS

Initial Most

Ticker Offer IPO Recent %

Code Price Date Price Chg

Afya AFYA 19.00 7/19 24.09 26.8%

IntercorpFinancial IFS 46.00 7/19 46.11 0.2%

Medallia MDLA 21.00 7/19 37.05 76.4%

AssetMarkFinancial AMK 22.00 7/18 27.25 23.9%

ConyersParkII CPAAU 10.00 7/18 10.22 2.2%

FulcrumTherapeutics FULC 16.00 7/18 12.55 -21.6%

Genmab GMAB 17.75 7/18 18.10 2.0%

iHeartMedia IHRT 17.00 7/18 16.35 -3.8%

MirumPharma MIRM 15.00 7/18 13.50 -10.0%

OaktreeAcquisition OACU 10.00 7/18 10.15 1.5%

Phreesia PHR 18.00 7/18 24.00 33.3%

DouYuInternational DOYU 11.50 7/17 10.50 -8.7%

Onlyincludesnewreports. Latest Latest Preceding Year YroYr

EconomicGrowthandInvestment Date Data Period Ago %Chg

Durable manufacturing (NAICS) a, ................................................ June 108.6 108.1 106.6 1.88

Capacity utilization % .................................................................... June 77.9 78.1 78.1 –0.26

Industrial output a, ........................................................................ June 109.6 109.6 107.9 1.58

Manufacturing (NAICS) a, ............................................................. June 106.3 105.9 105.2 1.05

Nondurable manufacturing (NAICS) a............................................ June 103.9 r103.4 103.7 0.19

Gross Output, (bil. $) All Industries ................................................ 1st Qtr 37,245.1 37,156.9 35,613.5 4.58

Production

Electric power, (mil. kw hrs) (EEI) .................................................. July 13 89,586 88,671 91,064 –1.62

Mining (NAICS) a, ......................................................................... June 134.0 r133.7 123.7 8.33

Petroleum, related capacity, % ...................................................... July 12 94.4 94.7 94.3 0.11

Rotary rigs running, U.S. & Can., (Hughes).................................... July 19 1,072 1,075 1,257 –14.72

Steel, (thous. tons)........................................................................ July 13 1,867 1,847 1,783 4.71

Steel, rated capacity, % (AISI)........................................................ July 13 80.2 79.4 76.1 5.39

Utilities a ....................................................................................... June 101.9 105.7 105.0 –2.95

ConsumptionandDistribution

Business sales, (mil. $) ................................................................. May 1,461.39 r1,459.04 1,440.27 1.47

Instinet Research Redbook Avg. (monthly %)................................ July 13 0.97 –3.26 –0.76 ....

Baltic Dry Index ............................................................................. July 19 2,170 1,865 1,689 28.48

Retail store sales, (bil. $) ............................................................... June 519.89 r517.68 502.69 3.42

Inventories

Business inventories, (bil. $) ......................................................... May 2,036.40 r2,029.83 1,934.05 5.29

Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... July 12 455,876 458,992 411,084 10.90

Gasoline, (thous. bbls) .................................................................. July 12 232,752 229,187 235,832 –1.31

Latest Latest Preceding Year YroYr

Date Data Period Ago %Chg

PULSEOFTHEECONOMY

Inventory–to–sales ratio (Business) .............................................. May 1.39 1.39 1.34 3.73

Orders

No Activity for this Week

Trade

No Activity for this Week

Inflation

JOC–ECRI Industrial Price Index f.................................................. July 19 91.15 91.34 106.20 –14.17

Employment

Initial jobless claims (thous.) ........................................................ July 13 216 r208 212 1.89

Continuing claims (mil.) ................................................................ July 6 1.686 r1.728 1.753 –3.82

Construction

New housing permits, (thous. units).............................................. June 1,220 r1,299 1,306 –6.58

New housing starts, (thous. units) ................................................. June 1,253 r1,265 1,180 6.19

OtherIndicators

Citi Research Panic–Euphoria Reading .......................................... July 19 0.22 r0.15 0.21 ....

Index of coincident indicators h ..................................................... June 105.9 r105.8 104.0 1.83

Index of lagging indicators h.......................................................... June 107.7 r107.1 105.4 2.18

Index of leading indicators h .......................................................... June 111.5 111.8 110.0 1.36

Coincident to lagging ratio h .......................................................... June 0.98 0.99 0.99 –1.01

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

Prologis PLD 2Q 0.36 0.60

SkechersUsa SKX 2Q 0.34 0.49

Gatx GATX 2Q 1.32 1.78

CrownCastleInt'l CCI 2Q 0.41 0.52

NicoletBankshares NCBS 2Q 1.09 1.36

CentralValleyCommunity CVCY 2Q 0.37 0.45

GoldmanSachsGrp GS 2Q 4.89 5.81

BlackstoneGrp BX 2Q 0.48 0.57

MercantileBank MBWM 2Q 0.60 0.71

Exponent EXPO 2Q 0.33 0.39

WnsHldgs WNS 1Q 0.61 0.72

VolvoAb VOLVF 2Q 4.80 5.47

Negative

WestFraserTimber WFTBF 2Q 0.09 -0.25

UmpquaHldgs UMPQ 2Q 0.38 0.24

AmericaMovil AMX 2Q 0.31 0.22

Ericsson ERIC 2Q 0.08 0.06

TeliaCo TLSNF 2Q 0.59 0.47

InteractiveBrokers IBKR 2Q 0.53 0.43

E*TRADEFinancial ETFC 2Q 1.09 0.90

EastWestBancorp EWBC 2Q 1.24 1.03

BancorpsouthBank BXS 2Q 0.61 0.53

BadgerMeter BMI 2Q 0.44 0.39

KinderMorgan KMI 2Q 0.24 0.22

KoneOyj KNYJF 2Q 0.50 0.46

(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReutersbeforeactualearningswerereported.

LastWeek'sMajorEstimateChanges

Prev. Last

FY Fri. Fri.

Company Ticker End Cons. Cons.

Positive

Galapagos GLPG 19-Dec -4.42 -3.78

TurquoiseHillResources TRQ 19-Dec 0.07 0.08

EldoradoGold EGO 19-Dec 0.09 0.10

LeggMason LM 20-Mar 3.15 3.50

Prologis PLD 19-Dec 1.71 1.84

SkechersUsaI SKX 19-Dec 2.05 2.20

FirstHorizonNational FHN 19-Dec 1.47 1.55

CarlZeissMeditec CZMWF 19-Sep 1.73 1.82

BarrickGold GOLD 19-Dec 0.40 0.42

FidelityNationalFin'l FNF 19-Dec 2.80 2.93

PinnacleFin'lPartners PNFP 19-Dec 5.08 5.27

CrownCastleInt'l CCI 19-Dec 1.71 1.77

Negative

TetraTechnologies TTI 19-Dec -0.02 -0.06

Semgroup SEMG 19-Dec -0.02 -0.33

LimelightNetworks LLNW 19-Dec 0.06 -0.02

Alcoa AA 19-Dec 0.40 0.03

SummitMidstream SMLP 19-Dec 0.30 0.05

ForumEnergyTech FET 19-Dec -0.08 -0.14

AnteroResources AR 19-Dec 0.44 0.30

OasisPetroleum OAS 19-Dec 0.12 0.09

Greenhill& GHL 19-Dec 1.08 0.83

HudbayMinerals HBM 19-Dec 0.19 0.15

SeattleGenetics SGEN 19-Dec -1.13 -1.34

FtsInt'l FTSI 19-Dec 0.40 0.33

(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReuters.
3M 9.43 9.40 18.4 10.33 10.28 16.8
AmericanExpress 8.12 8.14 15.8 8.99 8.97 14.3
Apple 11.68 11.65 17.7 13.50 13.39 15.4
Boeing 15.39 13.11 27.5 22.46 22.90 15.8
Caterpillar 12.33 12.24 11.0 13.03 12.84 10.5
Chevron 7.42 7.31 17.1 8.68 8.48 14.7
CiscoSystems 3.25 3.25 17.8 3.53 3.53 16.4
Coca–Cola 2.10 2.10 24.8 2.26 2.26 23.0
Disney 6.36 6.35 22.3 6.59 6.59 21.5
Dow 4.37 4.26 12.2 5.34 5.18 10.0
ExxonMobil 3.98 3.70 20.2 5.42 5.16 14.5
GoldmanSachs 23.35 23.33 9.2 25.84 25.41 8.4
HomeDepot 10.12 10.12 21.2 11.02 11.01 19.5
IBM 13.91 13.90 10.8 14.17 14.12 10.6
Intel 4.27 4.24 11.8 4.49 4.44 11.3
Johnson&Johnson 8.60 8.60 15.4 9.15 9.12 14.5
McDonalds 8.03 8.02 26.9 8.70 8.71 24.8
Merck 4.75 4.76 17.4 5.31 5.33 15.5
Microsoft 4.79 4.95 27.6 5.40 5.40 25.3
Morgan(J.P) 10.01 10.11 11.3 10.63 10.54 10.9
Nike 2.75 2.61 33.4 3.23 3.13 28.0
Pfizer 2.91 2.91 14.8 3.06 3.06 14.1
Procter&Gamble 4.64 4.65 24.8 4.85 4.88 23.6
Travelers 11.15 11.05 13.8 11.88 11.80 12.9
UnitedTechnologies 7.97 7.97 16.5 8.74 8.73 15.0
UnitedHealth 14.70 14.75 17.7 16.61 16.62 15.7
Verizon 4.74 4.74 12.1 4.85 4.85 11.8
Visa 5.56 5.57 32.4 6.48 6.47 27.9
Walgreens 5.93 5.93 9.2 6.08 6.07 9.0
Walmart 4.83 4.83 23.8 5.05 5.05 22.7
Median 17.5 15.2
DJIndustrials 1610.361590.62 17.11801.821792.79 15.2

NOTICE TO READERS:ThecompleteDowJonesIndustryGroupstableisonpageM26thisweek.

QUARTERLYEARNINGS:DOWJONESUTILITYAVERAGE

ThistableliststhelatestreporteddilutedquarterlyearningsoftheDowJonesUtilityAveragecomponent

stocksbasedongenerallyacceptedaccountingprinciples.ThetotalisthenadjustedbytheDowDivisorin

effectattheendofthequarter.

2019 2018 2018 2018 2018

Company(Symbol) Mar. Dec. Sep. June Mar.

AES Corp.(AES)................ .23 .19 .15 .44 1.03

Am El Pwr (AEP) ............... 1.16 .74 1.17 1.07 .92

Amer Watr Wks (AWK)...... .62 .62 1.04 .91 .59

CenterPoint En (CNP)........ .28 .18 .35 – .17 .38

Cons Ed (ED) .................... 1.31 1.06 1.39 .60 1.38

DominEnergy (D).............. .86 .97 1.30 .69 .77

Duke En (DUK).................. 1.24 .65 1.51 .71 .88

Edis Intl (EIX).................... .85 – 4.39 1.57 .84 .67

Exelon(EXC) ..................... .93 .16 .76 .56 .60

FirstEnergy(FE)................. .59 .25 – 1.02 .28 2.54

NextEra En (NEE) .............. 1.41 .88 2.10 1.64 17.52

NiSource(NI).................... .55 – .05 – .95 .07 .82

PubSvcEn (PEG)............... 1.38 .39 .81 .53 1.10

Sempra Energy (SRE)....... 1.59 3.03 b b b

Southn Co (SO)................. 2.01 .27 1.14 – .15 .93

TotalEarnings.......... 15.01 4.95 12.41 6.11 30.99

DJUA Divisor ....................1.41366797515660 1.26341348266030 1.26341348266030 1.26341348266030 1.26341348266030

DJUA Average................... 778.72 712.93 720.60 711.64 692.63

DJUA Qtr. Earn.................. 10.62 3.92 9.82 4.84 24.53

DJUA 4-Qtr. Earn .............. 29.20 36.62 39.25 41.03 48.01

DJUA P/E Ratio................. 26.67 19.47 18.36 17.34 14.43

b-PG&EreplacedbySempraEnergy