Barron\'s 03.16.2020

March 16, 2020 BARRON’S M35

STOCKVOLUME

Last Prev. Year YOY

Week Week Ago %Chg

NYSE(a) 9,824,505 7,607,870 4,452,325 120.66

30 Dow Inds (b) 3,851,105 2,820,248 1,278,422 201.24

20 Dow Trans (b) 917,375 716,840 255,235 259.42

15 Dow Utils (b) 505,150 405,030 230,561 119.10

65 Dow Stks (b) 5,273,630 3,942,119 1,764,217 198.92

NYSE American (a) 167,544 125,173 63,136 165.37

Nasdaq(d) 22,784,840 20,195,247 12,072,470 88.73

NYSE 15 Most Active

Average Price 12.73 17.82 47.44 -73.17

% Tot Vol 16.12 16.18 17.14 -5.95

Stock Offerings $(z,v) 490,900 r4,406,800 3,859,700 -87.28

DailyStockVolume

Daily 3/9 3/10 3/11 3/12 3/13

NYSE(a) 2,094,546 1,816,249 1,761,579 2,158,508 1,993,623

30 Inds (b) 750,431.1 654,859.3 663,956.3 911,774.2 870,084.3

20 Trans (b) 161,276.5 179,172.7 158,388.1 208,184.4 210,353.3

15 Utils (b) 98,858.2 103,100.3 91,675.2 111,721.1 99,794.8

65 Stks (b) 1,010,565.8937,132.3 914,019.61,231,679.7 1,180,232.5

NYSE Amer(a) 41,495 27,950 26,369 40,070 31,660

Nasd(d) 4,502,574 4,374,197 4,272,136 5,015,806 4,620,127

NYSE 15 Most Active

Avg. Price 11.60 11.73 13.78 14.69 16.73

% Tot Vol 19.34 17.86 14.79 14.72 15.15

Numbersinthousandssavepriceandpercentages.(a)Primary

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

W/EThursday.(z)Source:Refinitiv.

Last Prev. Year

Week Week Ago

DJIndAvg 23185.62 25864.78 25848.87
P/E Ratio 18.00 20.08 17.98
Earns Yield % 5.56 4.98 5.56
Earns $ 1288.07 1288.07 1438.02
Divs Yield % 2.81 2.51 2.25
Divs $ 652.35 649.37 581.80
Mkt to Book 3.56 3.97 4.17
Book Value $ 6512.92 6512.92 6201.99

DJTransAvg 7939.40 8956.06 10310.12
P/E Ratio 13.67 15.42 15.94
Earns Yield % 7.32 6.49 6.28
Earns $ 580.84 580.84 647.01
Divs Yield % 2.18 1.94 1.55
Divs $ 173.47 173.47 159.36
Mkt to Book 2.45 2.76 3.20
Book Value $ 3239.67 3239.67 3217.98

DJUtilityAvg 762.60 901.70 779.36
P/E Ratio 19.99 23.64 23.70
Earns Yield % 5.00 4.23 4.22
Earns $ 38.14 38.14 32.89

THEWEEKINSTOCKSFORTHEMAJORINDEXES

12-Month Weekly Friday Weekly 12-Month ChangeFrom

High Low High Low Close Chg. %Chg. Chg. %Chg. 12/31 %Chg.

DowJonesIndexes
29551.42 21200.62 30 Indus 25018.1621200.62 23185.62 –2679.16 –10.36 –2663.25 –10.30 –5352.82 –18.76
11304.97 7259.02 20 Transp 8520.84 7259.02 7939.40 –1016.66 –11.35 –2370.72 –22.99 –2961.88 –27.17
960.89 723.88 15 Utilities 860.03 723.88 762.60 –139.10 –15.43 –16.76 –2.15 –116.57 –13.26
9710.01 6924.40 65 Comp 8172.27 6924.40 7519.60 –983.49 –11.57 –1043.97 –12.19 –1866.88 –19.89

DowJonesIndexes
34631.28 25042.56 US TSM Float 29210.7425042.56 27288.33 –2987.11 –9.87 –1825.39 –6.27 –5747.05 –17.40
840.63 610.49 US Market 711.19 610.49 665.67 –70.04 –9.52 –38.06 –5.41 –135.09 –16.87
698.43 509.82 Internet 594.88 509.82 552.25 –58.42 –9.57 –73.71 –11.78 –76.22 –12.13
NewYorkStockExchange
14183.20 10060.77 Comp-z 11793.2710060.77 10851.98 –1500.06 –12.14 –1863.80 –14.66 –3061.05 –22.00
8908.29 6001.97 Financial-z 7105.93 6001.97 6656.64 –838.80 –11.19 –1200.01 –15.27 –2043.47 –23.49
18588.15 14888.62 Health Care-z 16812.5914888.62 15836.08 –1268.13 –7.41 –301.06 –1.87 –2234.01 –12.36
11093.82 4936.49 Energy-z 6108.94 4936.49 5388.53 –1888.46 –25.95 –5286.20 –49.52 –4648.78 –46.31
NYSEAmericanStockExchange
2629.04 1564.90 NYSE Amer Comp1899.28 1564.90 1602.25 –547.52 –25.47 –951.18 –37.25 –950.31 –37.23
2852.12 1999.46 Major Mkt 2382.74 1999.46 2184.63 -281.53 –11.42 –453.63 –17.19 –590.08 –21.27

Standard&Poor'sIndexes
1518.94 1123.43 100 Index 1300.49 1123.43 1237.20 –98.26 –7.36 –10.28 –0.82 –204.97 –14.21
3386.15 2480.64 500 Index 2882.23 2480.64 2711.02 –261.35 –8.79 –111.46 –3.95 –519.76 –16.09
4605.11 3418.91 Indus 3959.45 3418.91 3724.43 –339.95 –8.36 –80.98 –2.13 –647.19 –14.80
2106.12 1426.74 MidCap 1696.67 1426.74 1546.75 –251.04 –13.96 –349.11 –18.41 –516.27 –25.02
1041.03 671.30 SmallCap 806.03 671.30 725.46 –141.74 –16.34 –221.79 –23.41 –295.72 –28.96
NasdaqStockMarket
9817.18 7201.80 Comp 8344.25 7201.80 7874.88 –700.74 –8.17 186.35 2.42 –1097.73 –12.23
9718.73 6978.02 100 Index 8372.27 7263.65 7995.26 –535.08 –6.27 688.27 9.42 –737.81 –8.45
7463.47 5498.57 Indus 6352.36 5498.57 5898.31 –630.28 –9.65 –263.48 –4.28 –909.39 –13.36
10673.14 7229.65 Insur 8620.12 7229.65 7941.42 –1165.02 –12.79 –1037.14 –11.55 –2050.52 –20.52
4011.98 2432.10 Banks 2844.29 2432.10 2668.80 –464.46 –14.82 –1066.87 –28.56 –1300.04 –32.76
6590.23 4330.70 Computer 5578.50 4815.81 5365.18 –318.81 –5.61 757.55 16.44 –513.82 –8.74
439.67 300.09 Telecom 349.90 300.09 331.42 –25.08 –7.04 –82.28 –19.89 –57.10 –14.70

RussellIndexes
1875.24 1364.66 1000 1588.36 1364.66 1488.04 –153.94 –9.38 –76.18 –4.87 –296.17 –16.60
1705.22 1122.93 2000 1350.90 1122.93 1210.13 –239.09 –16.50 –343.40 –22.10 –458.33 –27.47
1984.26 1435.94 3000 1674.57 1435.94 1564.71 –170.30 –9.82 –101.13 –6.07 –327.54 –17.31
1591.36 959.78 Value-v 1127.46 959.78 1046.62 –137.43 –11.61 –174.01 –14.26 –301.04 –22.34
1931.39 1442.04 Growth-v 1665.61 1442.04 1572.34 –126.57 –7.45 68.19 4.53 –198.18 –11.19
2472.07 1729.95 MidCap 2037.41 1729.95 1856.84 –276.15 –12.95 –286.68 –13.37 –525.08 –22.04

Others
6789.54 4367.25 Value Line-a 5242.88 4367.25 4738.95 –876.35 –15.61 –1423.51 –23.10 –1919.75 –28.83
562.05 353.67 Value Line-g 425.93 353.67 382.63 –76.84 –16.72 –151.93 –28.42 –169.56 –30.71
11510.08 7565.60 DJ US Small TSM9093.34 7565.60 8155.97 –1604.19 –16.44 –2336.04 –22.26 –3109.01 –27.60
746.64 513.35 Barron's 400 602.11 513.35 554.85 –79.38 –12.52 –138.61 –19.99 –177.38 –24.22

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

Tellurian TELL 2,000,000 9,460,000 2/26/20 Souki, Charif CB
Weingarten Realty Investors WRI 600,000 16,680,000 2/28/20 Schnitzer, Douglas D
Peloton Interactive PTON 260,076 6,892,014 2/25/20 Lynch, William AF
County Bancorp ICBK 241,825 6,727,908 3/8/20 Ziegelbauer,Gary D
Legg Mason LM 207,739 10,324,628 3/3/20 Johnson, Terence O
Norwegian Cruise Line Holdings NCLH 180,000 7,740,000 2/24/20 Stuart, Andrew O
Synopsys SNPS 168,924 25,933,212 2/21/20 DeGeus, Aart O
Legg Mason LM 162,175 8,060,098 3/3/20 Nachtwey, Peter O
Fidelity National Information Services FIS 115,000 17,799,419 2/21/20 Norcross, Gary CEO
Fidelity National Information Services FIS 115,000 17,404,670 2/24/20 Norcross, Gary CEO

Divs Yield % 3.39 2.87 3.13

Divs $ 25.87 25.85 24.39

Mkt to Book 2.06 2.43 2.16

Book Value $ 370.98 370.98 360.31

S&P500Index 2711.02 2972.37 2822.48

P/E Ratio 20.40 22.37 21.65

Earns Yield % 4.90 4.47 4.62

Earns $ 132.90 132.90 130.39

Divs Yield % 2.27 2.07 2.00

Divs $ 61.54 61.53 56.45

Mkt to Book 3.18 3.49 3.41

Book Value $ 851.62 851.62 826.52

S&PIndIndex 3724.43 4064.38 3805.41

P/E Ratio 23.14 25.25 24.27

Earns Yield % 4.32 3.96 4.12

Earns $ 160.94 160.94 156.81

Divs Yield % 2.07 1.89 1.86

Divs $ 77.10 76.82 70.78

Mkt to Book 4.22 4.60 4.49

Book Value $ 883.41 883.41 847.90

Last Prev. Year

Week Week Ago

U.S. DOLLAR INDEX vs EURO and YEN

-10

0

10

A M J J A S O N D J FM

EURO in $

s

YEN in $

s DXY (98.48)s

Source: Tullett Prebon

Going Green:Despite stimulus measures worldwide—amid a coronavirus pandemic—

traders wanted dollars...lifting the U.S. Dollar Index 2.4% for the week, to 98.48.

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

Compugen 8,333,334 $9.00 $75,000,006

Kala Pharmaceuticals 16,000,000 $7.89 $126,240,000

Kitov Pharma 20,000,000 $0.30 $6,000,000

Seelos Therapeutics 7,500,000 $0.60 $4,500,000

TizianaLife Sciences 16,666,665 $3.00 $9,999,999

Source:DealogicLLC,NewYorkCity;(212)577-4400.

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

Mar12 Mar5 Mar Yr-to-Yr

2020 2020 2019 %Chg

S&P 500 Index 2480.64 3023.94 2806.93 –11.62

Barron's 50 Index 6822.84 8433.98 8867 –23.05

Projected quarterly earn 105.81 105.81 95.26 11.08

Annualized projected earn 423.25 423.25 381.04 11.08

Annualized projected P/E 16.12 19.93 23.27 –30.73

Five-year average earn 398.81 398.81 398.0 0.22

Five-year average P/E 17.11 21.15 22.28 –23.22

Year-end earn 392.81 392.81 447.8 –12.28

Year-end P/E 17.37 21.47 19.80 –12.28

Year-end earns yield, % 5.76 4.66 5.1 13.99

Best grade bond yields, % 2.87 1.88 3.6 –20.50

Bond yields/stock ylds, % 0.50 0.40 0.71 –30.25

Actual year-end divs 222.56 222.24 209.95 6.01

Actual yr-end divs yld, % 3.26 2.64 2.37 37.76

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 7.98 1.64 26.32

Apple 12.66 3.08 22.53

Boeing (1.20) 8.22 0.60

Caterpillar 10.71 3.95 24.39

Chevron Corp 1.51 4.86 81.22

Cisco Sys 2.56 1.40 9.36

Coca Cola 2.07 1.61 3.98

Disney Walt 6.28 1.76 32.52

Dow (2.35) 2.80

ExxonMobil 3.36 3.48 45.27

Goldman Sachs21.00 4.60214.80

Home Depot 10.25 5.58(1.70)

IBM 10.93 6.48 18.82

Intel 4.72 1.275 16.51

Johnson&John 6.78 3.80 22.44

Book

Earns Divs. Value

JPMorgChase 10.72 3.40 70.35

McDonalds 7.88 4.82 (8.16)

Merck Co 3.81 2.3210.30

Microsoft 5.74 1.94 13.39

Nike Inc 2.86 0.93 5.77

Pfizer 2.87 1.46 11.09

Proc Gam 1.69 2.9836 18.49

3M Co 7.81 5.79 16.99

Travelers Cos 9.94 3.2886.85

UnitedHealth Grp 14.33 4.3253.85

Utd Tech 6.41 2.94 44.63

Verizon 4.65 2.435 12.86

Visa 5.48 1.10 12.88

Walgreens 4.07 1.8185 27.31

Wal-mart 5.19 2.12 25.19

TransportationStocks

Alaska AirGroup 6.20 1.425 30.45

AmericanAirlines 3.81 0.40 (0.37)

Avis Budget Grp 4.01 Nil 5.45

C.H. Robinson 4.18 2.02 11.62

CSX Corp 4.17 0.98 15.35

Delta Air Lines 7.32 1.5575 20.13

Expeditors Int'l 3.39 1.00 11.58

FedEx 0.21 2.60 68.08

Hunt (JB) 5.07 1.05 19.33

JetBlue Air 1.92 Nil 15.02

KC Southern 5.41 1.52 47.65

Kirby Corp 2.38 Nil 53.67

Landstar Sys 5.73 0.70 17.12

Matson Inc 1.92 0.87 17.69

Norf So 10.25 3.68 57.30

Ryder Sys (0.21) 2.20 54.79

Southwest Air 4.28 0.70 17.83

Un Pacific 8.39 3.79 28.17

UPS 5.11 3.89 3.52

United Airlines 11.63 Nil 37.03

UtilityStocks

AES Corp. 0.45 0.5528 4.84

Am Elec 3.89 2.74 38.58

American WaterWorks 3.43 2.00 32.45

CenterPt Energy 1.33 1.1525 12.61

Con Ed 4.07 2.985 52.11

DominionEnergy 3.40 3.6925 29.53

Duke Energy 5.06 3.7625 60.27

Edison Int'l 3.81 2.4425 32.10

Exelon 3.01 1.47 31.78

FirstEnergy 1.70 1.53 13.17

NextEra Energy 7.77 5.15 71.43

NiSource Inc. 0.88 0.81 13.08

Pub Sv Ent 3.33 1.9028.53

Sempra Energy 7.24 3.7975 54.35

Southn Co. 4.55 2.48 23.91

ComingU.S.Auctions

Yields(%)

Day When Last

Issued* Auction

M

$42.0bil 3-month 0.265 0.390

$36.0bil 6-month 0.348 0.400

*AsofFridayafternoon.

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 10.3% 19.6% 47.5%

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

Source:DeltaInvestmentManagement

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