The Wall Street Journal - 09.03.2020

B6| Monday, March 9, 2020 THE WALL STREET JOURNAL.

New to the Market IPO Scorecard B7

Public Offerings of Stock

IPOs in the U.S. Market

Initial public offerings of stock expected this week; might include some

offerings, U.S. and foreign, open to institutional investors only via the

Rule 144a market; deal amounts are for the U.S. market only

Symbol/ Pricing

Expected primary Shares Range($)

pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)

3/11 2/14 Imara Inc IMRA 4.5 16.00/MS, Citi,

Developer of therapeutics

for people living with

hemoglobinopathies.

Nq 18.00SVB Leerink

Lockup Expirations

Below, companies whose officers and other insiders will become eligible

to sell shares in their newly public companies for the first time. Such

sales can move the stock’s price.

Lockup Offer Offer amt Through Lockup

expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision

March 10 Sept. 12, ’19CloudFlare NET 15.00 455.0 51.8 180 days

Sept. 11, ’19SmileDirectClub SDC 23.00 1200.0 –65.0 180 days

Sept. 12, ’19SpringWorks Therapeutics SWTX 18.00 153.0 96.8 180 days

Sept. 12, ’19Satsuma Pharmaceuticals STSA 15.00 75.0 73.3 180 days

Sept. 11, ’1910X Genomics TXG 39.00 333.0 82.8 180 days

Sources: Dealogic; WSJ Market Data Group

Other Stock Offerings

Secondaries and follow-ons expected this week in the U.S. market

None expected this week

Off the Shelf

“Shelf registrations” allow a company to prepare a stock or bond for

sale, without selling the whole issue at once. Corporations sell as

conditions become favorable. Here are the shelf sales, or takedowns,

over the last week:

Takedown date/ Deal value

Issuer/Industry Registration date ($ mil.) Bookrunner(s)

Karyopharm Therapeutics March 3 $172.5 JPM, MS, Jefferies

Healthcare Feb. 26, 320

eHealth March 3 $207.0 RBC Cptl Mkts,

Computers & Electronics Dec. 17, 318 Credit Suisse, DB

Zogenix March 3 $230.3 SVB Leerink, Stifel

Healthcare Oct. 2, 317

Evoqua Water Technologies March 5 $253.5 Credit Suisse,

Utility & Energy March 4, 320 RBC Cptl Mkts, JPM

Public and Private Borrowing

Treasurys

Monday, March 9 Tuesday, March 10

Auction of 13 and 26 week bills; Auction of 3 year note;

announced on March 5; settles on March 12 announced on March 5; settles on March 16

Wednesday, March 11 Thursday, March 12

Auction of 10 year note; Auction of 30 year bond;

announced on March 5; settles on March 16 announced on March 5; settles on March 16

Auction of 4 and 8 week bill;

announced on March 10; settles on March 17

Commodities and

Currencies

Last Week YTD

Close Net chg % Chg % chg

DJ Commodity 557.16 -6.52 -1.16 -13.26

TR/CC CRB Index 155.85 -3.60 -2.26 -16.12

Crude oil, $ per barrel 41.28 -3.48 -7.77 -32.39

Natural gas, $/MMBtu 1.708 0.024 1.43 -21.97

Gold, $ per troy oz. 1670.80 106.70 6.82 9.96

U.S. Dollar Index 96.09 -2.04 -2.08 -0.31

WSJ Dollar Index 90.10 -1.49 -1.63 0.60

Euro, per dollar 0.8861 -0.0208 -2.29 -0.63

Yen, per dollar 105.29 -2.80 -2.59 -3.08

U.K. pound, in dollars 1.30 0.0231 1.80 -1.61

52-Week

LowClose(l) High % Chg

DJ Commodity 557.16l 647.86 -9.07

TR/CC CRB Index 155.85l 189.66 -13.74

Crude oil, $ per barrel 41.28l 66.30 -26.38

Natural gas, $/MMBtu1.684l 2.874 -40.38

Gold, $ per troy oz. 1269.30 l1672.40 28.82

U.S. Dollar Index 95.76 l 99.87 -1.25

WSJ Dollar Index 89.23 l 92.55 -0.19

Euro, per dollar 0.8761 l 0.9273 -0.44

Yen, per dollar 105.29l 112.20 -5.28

U.K. pound, in dollars 1.20 l 1.33 0.25

Treasury yield curve

Yield to maturity of current bills,

notes and bonds

0.00

1.00

2.00

3.00

4.00%

1

month(s)

3 6 1

years

235710 30

maturity

t

Tradeweb ICE Friday Close

t

One year ago

Forex Race

Yen, euro vs. dollar; dollar vs.

major U.S. trading partners

–6

–3

0

3

6%

2019 2020

Euro

s

Yens

WSJ Dollar index

s

Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data

Corporate Borrowing Rates and Yields

Spread +/- Treasurys,

Yield (%) in basis pts, 52-wk Range Total Return

Bond total return index Last Wk ago Last Low High 52-wk 3-yr

U.S. Treasury , Barclays 0.730 1.090 15.16 6.04

U.S. Treasury Long , Barclays 1.200 1.620 42.02 14.82

Aggregate , Barclays 1.420 1.680 n.a. 39 55 13.61 5.89

Fixed-Rate MBS , Barclays 1.720 1.880 n.a. 32 64 7.86 4.05

High Yield 100 , ICE BofA 5.683 5.678 491 271 491 5.50 4.17

Muni Master , ICE BofA 1.039 1.122 -7 -7 21 8.75 5.14

EMBI Global , J.P. Morgan 4.626 4.800 379 277 398 11.92 5.71

Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services

Consumer Rates and Returns to Investor

U.S. consumer rates

A consumer rate against its

benchmark over the past year

4.00

4.40

4.80

5.20

5.60%

M

2019

AMJJASONDJ

2020

FM

t

New car loan

t

Prime rate

Selected rates
New car loan
Bankrate.com avg†: 4.50%
First Command Bank 2.99%
Fort Worth, TX 888-763-7600
Think Mutual Bank 2.99%
Rochester, MN 800-288-3425
Cambridge Savings Bank 3.24%
Cambridge, MA 888-418-5626
PNC Bank 3.34%
Washington, D.C. 888-PNC-BANK
First Savings Bank of Hegewisch 3.50%
Chicago, IL 773-646-4200
Yield/Rate (%) 52-Week Range (%) 3-yr chg
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 1.00-1.25 1.50-1.75 1.75 l 2.25 *0.50
Prime rate 4.25 4.75 4.25 l 5.50 0.50
Libor, 3-month 0.90 1.46 0.90 l 2.63 -0.21
Money market, annual yield 0.49 0.50 0.49l 0.78 0.17
Five-year CD, annual yield 1.34 1.37 1.34 l 2.03 0.09
30-year mortgage, fixed† 3.71 3.64 3.52 l 4.34 -0.48
15-year mortgage, fixed† 3.00 3.07 3.00 l 3.77 -0.36
Jumbo mortgages, $510,400-plus† 3.79 3.68 3.54 l 4.71 -0.94
Five-year adj mortgage (ARM)† 3.57 3.54 3.32 l 4.78 0.05
New-car loan, 48-month 4.50 4.50 4.41 l 4.81 1.19*
Bankrate.com rates based on survey of over 4,800 online banks. Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com

Dow Jones Industrial Average

25864.78 s455.42, or 1.79% last week

High, low, open and close for each of
the past 52 weeks

LastYear ago

Trailing P/E ratio

P/E estimate *

Dividend yield

All-time high

20.11 17.71

16.69 15.48

2.51 2.24

29551.42, 02/12/20

22000

23000

24000

25000

26000

27000

28000

29000

M A M J J A S O N D J FM

Current divisor 0.14744568353097

Bars measure the point change from Monday's open

tt

Week's high

Week's low

Monday's open

Friday's close Monday's open

Friday's close

DOWN UP

Primary

market ttComposite

65-day moving average

200-day moving average

NYSE weekly volume , in billions of shares

0

8

16

24

M A M J J A S O N D J F

S&P 500 Index

2972.37 s18.15, or 0.61% last week

High, low, open and close for each of

the past 52 weeks

Last Year ago

Trailing P/E ratio *

P/E estimate *

Dividend yield *

All-time high

23.86 20.56

17.42 16.42

2.01 2.01

3386.15, 02/19/20

2600

2725

2850

2975

3100

3225

3350

3475

M A M J J A S O N D J FM

65-day moving average

200-day moving average

Nasdaq Composite

s8.25, or 0.10%

last week

8950

8700

8450

8200

28

February

2 3 4 5 6

DJ US TSM

s71.72, or 0.24%

last week

31550

30700

29850

29000

28

February

2 3 4 5 6

International Stock Indexes

Latest Week 52-Week Range YTD

Region/Country Index Close % chg Low Close High % chg

World The Global Dow 2883.58 –0.42 2883.58• 3300.22 –11.3

DJ Global Index 394.15 0.31 378.72 • 444.78 –9.2

DJ Global ex U.S. 236.19 0.25 231.35 • 267.54 –10.4

Americas DJ Americas 696.34 0.18 652.33 • 796.10 –8.5

Brazil Sao Paulo Bovespa 97996.77 –5.93 89992.73 • 119527.63 –15.3

Canada S&P/TSX Comp 16175.02 –0.54 15996.21 • 17944.06 –5.2

Mexico S&P/BMV IPC 41388.78 0.16 38574.18 • 45902.68 –4.94

Chile Santiago IPSA 3012.92 2.59 2936.83 • 3911.52 –9.7

EMEA Stoxx Europe 600 366.80 –2.36 365.09 • 433.90 –11.8

Stoxx Europe 50 3015.20 –1.46 3015.20• 3539.12 –11.4

Eurozone Euro Stoxx 354.03 –3.05 354.03• 421.34 –12.4

Euro Stoxx 50 3232.07 –2.93 3232.07• 3865.18 –13.7

Austria ATX 2615.56 –6.16 2615.56• 3301.38 –17.9

Belgium Bel-20 3435.09 –1.53 3420.05• 4198.31 –13.2

France CAC 40 5139.11 –3.22 5139.11• 6111.24 –14.0

Germany DAX 11541.87 –2.93 11346.65 • 13789.00 –12.9

Greece Athex Composite 684.74 –4.94 684.74• 948.64 –25.3

Israel Tel Aviv 1538.09 –3.98 1522.59 • 1751.79 –8.6

Italy FTSE MIB 20799.89 –5.39 (^19802) • 25478 –11.5
Netherlands AEX 531.29 –1.50 530.55 • 629.23 –12.1
Portugal PSI 20 4671.50 –1.98 4671.50• 5435.85 –10.4
Russia RTS Index 1257.96 –3.21 1176.71 • 1646.60 –18.8
South Africa FTSE/JSE All-Share 52064.72 2.01 51038.18 • 59544.80 –8.8
Spain IBEX 35 8375.56 –3.99 8375.6• 10083.6 –12.3
Sweden OMX Stockholm 629.23 –1.77 575.54 • 732.67 –7.6
Switzerland Swiss Market 9736.82 –0.96 9268.36 • 11263.01 –8.3
U.K. FTSE 100 6462.55 –1.79 6462.55• 7686.61 –14.3
Asia-Pacific
Australia S&P/ASX 200 6216.20 –3.49 6126.2 • 7162.5 –7.0
China Shanghai Composite 3034.51 5.35 2746.61 • 3270.80 –0.5
Hong Kong Hang Seng 26146.67 0.06 25281.30 • 30157.49 –7.2
India S&P BSE Sensex 37576.62 –1.88 36093.47 • 41952.63 –8.9
Japan Nikkei Stock Avg 20749.75 –1.86 20261.04 • 24083.51 –12.3
Malaysia FTSE Bursa Malaysia KLCI 1483.10 0.03 1466.94 • 1691.00 –6.7
Singapore Straits Times 2960.98 –1.66 2960.98• 3407.02 –8.1
South Korea Kospi 2040.22 2.68 1909.71 • 2267.25 –7.2
Taiwan TAIEX 11321.81 0.26 10241.75 • 12179.81 –5.6
Source: FactSet; Dow Jones Market Data
Financial Flashback
The Wall Street Journal, March 9, 2009
Merck said it would buy Schering-Plough in a $41.1
billion deal aimed at helping the company compete
against Pfizer.
Major U.S. Stock-Market Indexes
Latest Week 52-Week % chg
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann.
Dow Jones
Industrial Average 27102.3425226.62 25864.78 455.42 1.79 24815.04 l 29551.42 1.6 -9.4 7.3
Transportation Avg 9695.50 8659.62 8956.06 -432.13 -4.60 8956.06 l 11304.97 -11.5 -17.8 -1.7
Utility Average 926.48 843.01 901.70 61.74 7.35 765.10 l 960.89 17.8 2.6 9.0
Total Stock Market 31991.0629565.16 30275.44 71.72 0.24 28240.94 l 34631.28 6.9 -8.4 7.1
Barron's 400 673.14 620.53 634.23 -9.18 -1.43 634.23 l 746.64 -6.9 -13.4 0.5
Nasdaq Stock Market
Nasdaq Composite 9070.32 8375.13 8575.62 8.25 0.10 7333.02 l 9817.18 15.8 -4.4 13.6
Nasdaq 100 9000.46 8319.90 8530.34 68.51 0.81 6978.02 l 9718.73 21.6 -2.3 16.8
S&P
500 Index 3136.72 2901.54 2972.37 18.15 0.61 2743.07 l 3386.15 8.4 -8.0 7.8
MidCap 400 1907.22 1757.17 1797.79 -16.21 -0.89 1797.79 l 2106.12 -3.4 -12.9 1.3
SmallCap 600 922.99 848.02 867.20 -17.58 -1.99 867.20 l 1041.03 -7.2 -15.1 0.9
Other Indexes
Russell 2000 1539.74 1417.27 1449.22 -27.21 -1.84 1449.22 l 1705.22 -4.8 -13.1 1.5
NYSE Composite 13015.6612106.74 12352.03 -28.93 -0.23 12264.49 l 14183.2 -0.5 -11.2 2.3
Value Line 495.38 450.75 459.47 -16.82 -3.53 459.47 l 562.05 -12.5 -16.8 -4.0
NYSE Arca Biotech 5109.92 4821.89 4908.52 18.82 0.38 4098.37 l 5313.05 1.0 -3.1 11.3
NYSE Arca Pharma 638.24 597.18 623.89 29.93 5.04 564.11 l 670.32 6.6 -4.5 6.8
KBW Bank 96.42 82.25 83.88 -7.74 -8.45 83.88 l 114.12 -13.9 -26.0 -4.8
PHLX§Gold/Silver 105.21 94.84 103.01 8.86 9.41 66.14 l 111.51 35.5 -3.7 8.8
PHLX§Oil Service 53.68 41.59 42.03 -10.080 -19.34 42.03 l 102.39 -52.5 -46.3 -37.8
PHLX§Semiconductor 1797.01 1657.67 1699.89 -5.65 -0.33 1296.18 l 1979.5 29.0 -8.1 20.4
CBOE Volatility 54.39 24.93 41.94 1.83 4.56 11.54 l 41.94 161.3 204.4 55.1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
Real-time U.S. stock
quotes are available on
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Plus, get deeper money-flows data and
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Benchmark Yields and RatesBenchmark Yields and Rates
MARKETS DIGEST
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
US$ vs,
Fri YTD chg
Country/currency in US$ per US$ (%)
Americas
Argentina peso .0160 62.4412 4.3
Brazil real .2161 4.6273 15.1
Canada dollar .7456 1.3413 3.3
Chile peso .001210 826.60 11.8
Colombia peso .000279 3588.83 9.4
Ecuador US dollar (^11) unch
Mexico peso .0497 20.1091 6.2
Uruguay peso .02535 39.4500 6.2
Asia-Pacific
Australian dollar .6638 1.5065 5.7
China yuan .1443 6.9320 –0.4
Hong Kong dollar .1287 7.7709 –0.3
India rupee .01351 74.005 3.7
Indonesia rupiah .0000703 14230 2.5
Japan yen .009497 105.29 –3.1
Kazakhstan tenge .002608 383.41 0.4
Macau pataca .1248 8.0097 –0.1
Malaysia ringgit .2397 4.1720 2.0
New Zealand dollar .6346 1.5758 6.1
Pakistan rupee .00648 154.405 –0.4
Philippines peso .0198 50.570 –0.3
Singapore dollar .7256 1.3782 2.4
South Korea won .00084121188.80 2.9
Sri Lanka rupee .0054945182.00 0.4
Taiwan dollar .03343 29.915 ...
Thailand baht .03182 31.430 5.6
US$ vs,
Fri YTD chg
Country/currency in US$ per US$ (%)
Vietnam dong .00004309 23208 0.2
Europe
Czech Rep. koruna .04446 22.494 –0.8
Denmark krone .1511 6.6191 –0.7
Euro area euro 1.1286 .8861 –0.6
Hungary forint .003367 297.00 0.6
Iceland krona .007884 126.84 4.7
Norway krone .1080 9.2570 5.4
Poland zloty .2626 3.8081 0.4
Russia ruble .01458 68.579 10.5
Sweden krona .1064 9.3966 0.3
Switzerland franc 1.0675 .9368 –3.2
Turkey lira .1641 6.0954 2.5
Ukraine hryvnia .0400 24.9864 5.5
UK pound 1.3047 .7665 1.6
Middle East/Africa
Bahrain dinar 2.6551 .3766 –0.1
Egypt pound .0639 15.6400 –2.5
Israel shekel .2869 3.4858 0.9
Kuwait dinar 3.2731 .3055 0.8
Oman sul rial 2.5984 .3849 –0.04
Qatar rial .2743 3.645 0.1
Saudi Arabia riyal .2665 3.7524 0.03
South Africa rand .0638 15.6748 12.0
CloseNet Chg% ChgYTD % Chg
WSJ Dollar Index 90.10 –0.37–0.41 0.60
Sources: Tullett Prebon, Dow Jones Market Data
A Week in the Life of the DJIA
A look at how the Dow Jones Industrial Average component stocks
did in the past week and how much each moved the index. The DJIA
gained 455.42 points, or 1.79%, on the week. A $1 change in the price
of any DJIA stock = 6.78-point change in the average. To date, a
$1,000 investment on Dec. 31 in each current DJIA stock component
would have returned $26,969, or a loss of 10.10%, on the $30,000
investment, including reinvested dividends.
The Week’s Action
Pct Stock pricePoint chg $1,000 Invested(year-end '19)
chg (%)change in average Company SymbolClose $1,000
11.34 28.91 196.07 UnitedHealth Group UNH$283.87 $966
10.38 4.75 32.22 Walgreens WBA 50.51 864
8.87 9.55 64.77 WalMart WMT117.23 986
7.45 8.43 57.17 Procter & Gamble PG 121.66 980
7.37 5.64 38.25 Merck MRK 82.20 904
5.73 15.67 106.28 Apple AAPL289.03 987
5.61 7.55 51.21 Johnson & Johnson JNJ 142.03 980
5.00 2.71 18.38 Verizon VZ 56.87 936
4.90 10.67 72.37 Home Depot HD 228.51 1,046
4.79 1.60 10.85 Pfizer PFE 35.02 903
4.20 5.03 34.11 Travelers TRV 124.84 912
3.31 1.77 12.00 Coca-Cola KO 55.26 998
2.95 4.41 29.91 3M MMM153.65 879
2.42 4.69 31.81 McDonald’s MCD 198.86 1,013
2.12 1.98 13.43 Chevron CVX 95.32 800
1.43 2.60 17.63 Visa V 184.36 983
0.45 0.25 1.70 Intel INTC55.77 936
–0.27 –0.44 –2.98 Microsoft MSFT161.57 1,027
–0.63 –0.25 –1.70 Cisco Systems CSCO 39.68 833
–1.14 –1.02 –6.92 Nike NKE 88.36 875
–1.54 –1.69 –11.46 American Express AXP 108.24 872
–1.86 –2.42 –16.41 IBM IBM 127.73 963
–2.02 –2.38 –16.14 Walt Disney DIS 115.27 797
–2.28 –2.83 –19.19 Caterpillar CAT 121.41 828
–3.15 –4.11 –27.87 United Technologies UTX 126.48 849
–3.56 –1.44 –9.77 Dow DOW 38.97 725
–3.94 –7.92 –53.71 Goldman Sachs GS 192.85 844
–4.65 –12.78 –86.68 Boeing BA 262.33 810
–6.92 –8.03 –54.46 JPMorgan Chase JPM 108.08 780
–7.29 –3.75 –25.43 Exxon Mobil XOM 47.69 693
Based on Composite price. DJIA is calculated on primary-market price.
Source: Dow Jones Market Data; FactSet.