Barron\'s - April 6 2020

April 6, 2020 BARRON’S M27

STOCKVOLUME

Last Prev. Year YOY

Week Week Ago %Chg

NYSE(a) 7,069,366 8,075,513 4,281,731 65.11

30 Dow Inds (b) 2,615,049 3,708,580 1,344,485 94.50

20 Dow Trans (b) 885,961 1,175,760 225,747 292.46

15 Dow Utils (b) 373,712 403,323 211,467 76.72

65 Dow Stks (b) 3,874,722 5,287,662 1,781,699 117.47

NYSE American (a) 103,359 104,780 61,204 68.88

Nasdaq(d) 18,482,873 21,245,093 10,831,739 70.64

NYSE 15 Most Active

Average Price 21.95 25.66 15.45 42.07

% Tot Vol 16.11 14.82 15.02 7.26

Stock Offerings $(z,v) 1,197,100 r151,300 4,164,300 -71.25

DailyStockVolume

Daily 3/30 3/31 4/1 4/2 4/3

NYSE(a) 1,242,713 1,747,879 1,299,623 1,344,733 1,434,418

30 Inds (b) 546,850.1 573,591.2 508,314.6 534,668.8 451,624.6

20 Trans (b) 152,110.1 141,880.7 193,144.1 184,223.6 214,602.4

15 Utils (b) 72,371.6 86,275.7 71,548.2 71,578.4 71,938.1

65 Stks (b) 771,331.8 801,747.6 773,006.9 790,470.9 738,165.0

NYSE Amer(a) 23,172 21,044 20,791 18,021 20,332

Nasd(d) 3,812,890 4,067,826 3,677,318 3,630,362 3,294,477

NYSE 15 Most Active

Avg. Price 28.11 12.86 19.96 16.40 11.89

% Tot Vol 14.92 15.94 17.01 18.47 18.03

Numbersinthousandssavepriceandpercentages.(a)Primary

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

W/EThursday.(z)Source:Refinitiv.

Last Prev. Year

Week Week Ago

DJIndAvg 21052.53 21636.78 26424.99
P/E Ratio 16.19 16.81 18.42
Earns Yield % 6.18 5.95 5.43
Earns $ 1300.43 1287.05 1434.83
Divs Yield % 3.14 3.02 2.21
Divs $ 660.82 652.42 583.97
Mkt to Book 3.23 3.32 4.26
Book Value $ 6512.92 6512.92 6201.99

DJTransAvg 7305.31 7699.18 10734.30
P/E Ratio 12.79 13.48 17.37
Earns Yield % 7.82 7.42 5.76
Earns $ 571.07 571.07 617.81
Divs Yield % 2.38 2.25 1.48
Divs $ 173.59 173.59 159.36
Mkt to Book 2.25 2.38 3.34
Book Value $ 3239.67 3239.67 3217.98

DJUtilityAvg 706.01 758.93 780.29
P/E Ratio 18.51 19.90 23.73
Earns Yield % 5.40 5.03 4.21
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 18591.93 30 Indus 22327.4820943.51 21052.53 –584.25 –2.70 –5372.46 –20.33 –7485.91 –26.23
11304.97 6703.63 20 Transp 7790.91 7305.31 7305.31 –393.87 –5.12 –3428.99 –31.94 –3595.97 –32.99
960.89 610.89 15 Utilities 785.14 706.01 706.01 –52.92 –6.97 –74.28 –9.52 –173.16 –19.70
9710.01 6100.31 65 Comp 7365.27 6828.18 6828.18 –337.44 –4.71 –1937.46 –22.10 –2558.30 –27.26
DowJonesIndexes
34631.28 22462.76 US TSM Float 26386.7624774.57 24860.74 –724.73 –2.83 –4955.01 –16.62 –8174.63 –24.75
840.63 547.67 US Market 643.96 604.94 607.60 –16.53 –2.65 –113.43 –15.73 –193.15 –24.12
698.43 487.28 Internet 566.81 533.19 533.19 –19.02 –3.44 –109.41 –17.03 –95.28 –15.16
NewYorkStockExchange
14183.20 8777.38 Comp-z 10434.75 9844.85 9880.63 –306.58 –3.01 –3047.09 –23.57 –4032.40 –28.98
8908.29 5036.38 Financial-z 6129.05 5565.39 5565.39 –473.77 –7.84 –2316.62 –29.39 –3134.72 –36.03
18588.15 12991.76 Health Care-z 15579.2115008.54 15238.15 351.82 2.36 –879.80 –5.46 –2831.95 –15.67
11093.82 4032.17 Energy-z 5596.53 5160.94 5436.21 412.63 8.21 –5503.59 –50.31 –4601.10 –45.84
NYSEAmericanStockExchange
2629.04 1317.22 NYSE Amer Comp 1557.61 1492.09 1520.31 33.08 2.22 –1035.22 –40.51 –1032.25 –40.44
2852.12 1742.29 Major Mkt 2099.53 1964.87 1987.26 -47.23 –2.32 –690.55 –25.79 –787.45 –28.38
Standard&Poor'sIndexes
1518.94 1040.00 100 Index 1204.14 1139.31 1151.57 –10.73 –0.92 –123.97 –9.72 –290.60 –20.15
3386.15 2237.40 500 Index 2626.65 2470.50 2488.65 –52.82 –2.08 –404.09 –13.97 –742.13 –22.97
4605.11 3123.44 Indus 3626.46 3436.14 3466.64 –33.81 –0.97 –452.99 –11.56 –904.98 –20.70
2106.12 1218.55 MidCap 1459.15 1337.95 1337.95 –84.97 –5.97 –610.96 –31.35 –725.07 –35.15
1041.03 595.67 SmallCap 685.32 622.35 622.35 –47.53 –7.10 –343.80 –35.58 –398.83 –39.06
NasdaqStockMarket
9817.18 6860.67 Comp 7774.15 7360.58 7373.08 –129.29 –1.72 –565.61 –7.12 –1599.52 –17.83
9718.73 6978.02 100 Index 7889.01 7486.29 7528.11 –60.26 –0.79 –50.73 –0.67 –1204.96 –13.80
7463.47 5239.66 Indus 5842.72 5554.65 5554.65 –126.33 –2.22 –825.27 –12.94 –1253.05 –18.41
10673.14 6343.13 Insur 7799.18 6877.24 6877.24 –573.28 –7.69 –2032.53 –22.81 –3114.71 –31.17
4011.98 2136.72 Banks 2459.21 2223.63 2223.63 –209.69 –8.62 –1452.02 –39.50 –1745.20 –43.97
6590.23 4330.70 Computer 5246.48 4962.55 4965.12 –61.68 –1.23 168.61 3.52 –913.88 –15.54
439.67 298.17 Telecom 349.33 335.99 335.99 –4.75 –1.40 –87.39 –20.64 –52.52 –13.52
RussellIndexes
1875.24 1224.45 1000 1439.13 1352.66 1359.01 –35.64 –2.56 –243.87 –15.21 –425.20 –23.83
1705.22 991.16 2000 1158.32 1052.05 1052.05 –79.94 –7.06 –530.51 –33.52 –616.42 –36.95
1984.26 1288.04 3000 1512.39 1420.27 1425.07 –41.29 –2.82 –281.21 –16.48 –467.18 –24.69
1591.36 838.37 Value-v 999.12 934.35 941.34 –30.78 –3.17 –296.76 –23.97 –406.32 –30.15
1931.39 1322.15 Growth-v 1536.87 1450.41 1453.99 –30.57 –2.06 –102.84 –6.61 –316.53 –17.88
2472.07 1471.40 MidCap 1762.63 1624.83 1624.83 –100.32 –5.82 –582.97 –26.40 –757.08 –31.78
Others
6789.54 3854.81 Value Line-a 4565.56 4220.28 4220.28 –282.58 –6.28 –2113.48 –33.37 –2438.42 –36.62
562.05 305.71 Value Line-g 356.28 328.00 328.00 –23.87 –6.78 –220.27 –40.18 –224.19 –40.60
11510.08 6621.12 DJ US Small TSM 7726.46 7030.10 7030.10 –550.45 –7.26 –3665.44 –34.27 –4234.88 –37.59
746.64 455.11 Barron's 400 538.95 500.47 500.47 –24.90 –4.74 –210.75 –29.63 –231.76 –31.65

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

BlackKnight BKI 500,000 27,450,000 3/24/20 Foley, William UT
Alkermes ALKS 325,000 4,387,500 5/15/20 Pops, Richard CEO
Zynga ZNGA 270,127 1,769,332 3/16/20 Gibeau,Frank AF
QuestDiagnostics DGX 230,178 25,935,042 3/6/20 Rusckowski, Stephen CEO
Comcast CMCSA 202,782 7,512,162 3/16/20 Watson,David OX
LivongoHealth LVGO 170,000 3,602,428 3/17/20 Tullman, Glen UT
Discovery DISCK 160,000 3,520,000 3/16/20 Wargo, J D
K12 LRN 133,929 2,722,777 3/4/20 Davis, Nathaniel CEO
LibertyBroadband LBRDK 110,000 10,846,000 3/17/20 Wargo, J D
Bj'SWholesaleClub BJ 105,000 2,845,500 3/17/20 Eddy, Robert CFO

Divs Yield % 3.67 3.42 3.13

Divs $ 25.94 25.92 24.44

Mkt to Book 1.90 2.05 2.17

Book Value $ 370.98 370.98 360.31

S&P500Index 2488.65 2541.47 2892.74

P/E Ratio 18.73 19.12 22.19

Earns Yield % 5.34 5.23 4.51

Earns $ 132.90 132.90 130.39

Divs Yield % 2.43 2.38 1.96

Divs $ 60.47 60.49 56.70

Mkt to Book 2.92 2.98 3.50

Book Value $ 851.62 851.62 826.52

S&PIndIndex 3466.64 3500.45 3919.63

P/E Ratio 21.54 21.75 25.00

Earns Yield % 4.64 4.60 4.00

Earns $ 160.94 160.94 156.81

Divs Yield % 2.17 2.15 1.82

Divs $ 75.23 75.26 71.34

Mkt to Book 3.92 3.96 4.62

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

M J J A S O N D J F M

EURO in $

s

YEN in $

s

DXY (100.68)

s

Source: Tullett Prebon

Bright Green: In a world wanting greenbacks, the U.S. Dollar Index marched ahead

2.3% for the week against six other currencies, to close Friday at 100.68.

ComingU.S.Auctions

Yields(%)

Day When Last

Issued* Auction

M

$54.0bil 3-month 0.085 0.085

$45.0bil 6-month 0.148 0.100

$40.0bil 3-year 0.292 0.563

T

$25.0bil 9-yr10ms 0.604 0.849

*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.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

Apr2 Mar26 Apr Yr-to-Yr

2020 2020 2019 %Chg

S&P 500 Index 2526.90 2630.07 2899.73 –12.86

Barron's 50 Index 7142.06 7164.02 9168 –22.10

Projected quarterly earn 103.15 103.15 95.28 8.26

Annualized projected earn 412.61 412.61 381.13 8.26

Annualized projected P/E 17.31 17.36 24.06 –28.05

Five-year average earn 402.33 398.28 397.8 1.14

Five-year average P/E 17.75 17.99 23.05 –22.97

Year-end earn 389.81 390.15 431.8 –9.73

Year-end P/E 18.32 18.36 21.23 –13.70

Year-end earns yield, % 5.46 5.45 4.7 15.87

Best grade bond yields, % 3.05 3.42 3.5 –11.98

Bond yields/stock ylds, % 0.56 0.63 0.74 –24.03

Actual year-end divs 223.21 223.02 210.36 6.11

Actual yr-end divs yld, % 3.13 3.11 2.29 36.20

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 1.68 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 1.41 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 3.50 70.35

McDonalds 7.88 4.82 (8.16)

Merck Co 3.81 2.32 10.30

Microsoft 5.74 1.94 13.39

Nike Inc 2.71 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 3.28 86.85

UnitedHealth Grp 14.33 4.32 53.85

Raytheon Tech 6.41 2.94 44.63

Verizon 4.65 2.435 12.86

Visa 5.48 1.10 12.88

Walgreens 3.90 1.8185 27.31

Wal-mart 5.19 2.13 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 (1.39) 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 0.72 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 2.50 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 1.90 28.53

Sempra Energy 7.24 3.9475 54.35

Southn Co. 4.55 2.48 23.91

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

AgreeRealty 2,875,000 $61.00 $175,375,000

BioNanoGenomics 54,546,000 $0.33 $18,000,180

Carnival 62,500,000 $8.00 $500,000,000

Invitae 17,777,778 $9.00 $160,000,002

Nevro 1,625,000 $84.00 $136,500,000

Seanergy Maritime 35,290,000 $0.17 $5,999,300

SGBlocks 440,000 $4.25 $1,870,000

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

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 8.1% 1.6% 2.5%

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

Source:DeltaInvestmentManagement

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