The Wall Street Journal - 16.03.2020

THE WALL STREET JOURNAL. Monday, March 16, 2020 |B7

New to the Market IPO Scorecard B8

Public Offerings of Stock

IPOs in the U.S. Market

None expected this week

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 15 Sept. 17, ’19Envista Holdings NVST 22.00 602.3 –13.7 180 days

Sept. 17, ’19IGM Biosciences IGMS 16.00 175.0 128.1 180 days

March 16 Sept. 18, ’19Ping Identity Holding PING 15.00 187.5 10.1 180 days

Sept. 18, ’19Datadog DDOG 27.00 600.0 30.6 180 days

Sept. 18, ’19Exagen XGN 14.00 50.0 33.6 180 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)

Tiziana Life Sciences March 11 $10.0 Fordham Financial Mgmt

Healthcare Jan. 22, 320

Kala Pharmaceuticals March 10 $126.2 JPM, BofA Securities,

Healthcare Aug. 9, 318 Jefferies

Compugen March 12 $75.0 SVB Leerink, Stifel

Healthcare Aug. 5, 319

Public and Private Borrowing

Treasurys

Monday, March 16 Thursday, March 19

Auction of 13 and 26 week bills; Auction of 10 year TIPS;

announced on March 12; settles on March 19 announced on March 12; settles on March 31

Auction of 4 and 8 week bills;

announced on March 17; settles on March 24

Commodities and

Currencies

Last Week YTD

Close Net chg % Chg % chg

DJ Commodity 507.73-49.43 -8.87-20.95

TR/CC CRB Index 140.84-15.01 -9.63-24.19

Crude oil,$ per barrel 31.73 -9.55-23.13-48.03

Natural gas,$/MMBtu 1.869 0.161 9.43-14.62

Gold,$ per troy oz. 1515.70-155.10 -9.28 -0.25

U.S. Dollar Index 98.38 2.43 2.53 2.06

WSJ Dollar Index 92.89 2.79 3.09 3.72

Euro,per dollar 0.90060.0145 1.64 1.00

Yen,per dollar 107.98 2.69 2.55 -0.61

U.K. pound,in dollars 1.23-0.0763 -5.85 -7.36

52-Week

LowClose(l) High % Chg

DJ Commodity 507.73l 647.86-18.50

TR/CC CRB Index 140.84l 189.66-23.40

Crude oil,$ per barrel 31.13l 66.30-45.78

Natural gas,$/MMBtu1.684 l 2.874-33.13

Gold,$ per troy oz. 1269.30 l 1674.50 16.43

U.S. Dollar Index 94.90 l 99.87 1.85

WSJ Dollar Index 89.23 l 92.89 3.56

Euro,per dollar 0.8742 l 0.9273 2.00

Yen,per dollar 102.37 l 112.20 -3.14

U.K. pound,in dollars 1.20 l 1.33 -7.58

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

–8

–4

0

4

8%

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 0.920 0.720 12.36 5.55

U.S. Treasury Long, Barclays 1.530 1.200 31.73 13.09

Aggregate, Barclays 1.870 1.370 n.a. 39 85 9.47 5.02

Fixed-Rate MBS, Barclays 2.150 1.530 n.a. 32 100 6.03 3.89

High Yield 100, ICE BofA n.a. 5.683 n.a. n.a. n.a. n.a. n.a.

Muni Master, ICE BofA n.a. 1.039 n.a. n.a. n.a. n.a. n.a.

EMBI Global, J.P. Morgan n.a. 4.626 n.a. n.a. n.a. n.a. n.a.

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

0.00

1.00

2.00

3.00

4.00%

2019

AMJJASONDJ

2020

FM

t

5-year adjustable-

rate mortgage

(ARM)

t

5-year Treasury

note yield

Selected rates
Five-year ARM, Rate
Bankrate.com avg†: 3.67%
Hanscom Federal Credit Union 2.50%
Hanscom AFB, MA 800-656-4328
Webster Bank 2.63%
Hartford, CT 888-493-2783
Citadel Federal Credit Union 2.88%
Exton, PA 800-666-0191
Old National Bank 2.88%
Appleton, WI 812-464-1494
STAR Financial Bank 2.88%
Fort Wayne, IN 765-622-4185
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 1.00-1.25 1.00 l 2.50 0.50
Prime rate 4.25 4.25 4.25 l 5.50 0.50
Libor,3-month 0.84 0.90 0.74 l 2.63 -0.29
Money market,annual yield 0.44 0.49 0.44l 0.78 0.13
Five-year CD,annual yield 1.15 1.35 1.15 l 2.03 -0.11
30-year mortgage,fixed† 3.99 3.75 3.52 l 4.34 -0.30
15-year mortgage,fixed† 3.16 3.03 2.95 l 3.73 -0.28
Jumbo mortgages,$510,400-plus† 4.14 3.84 3.54 l 4.71 -0.69
Five-year adj mortgage(ARM)† 3.67 3.58 3.32 l 4.78 0.01
New-car loan,48-month 4.45 4.50 4.41 l 4.81 1.12
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

23185.62t2679.16, or 10.36% 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

18.02 17.99

14.08 15.73

2.82 2.25

29551.42, 02/12/20

21000

22100

23200

24300

25400

26500

27600

28700

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

Current divisor 0.14744568353097

Bars measure the point change from Monday's open

t

t

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

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

S&P 500 Index

2711.02t261.35, or 8.79% 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

18.90 20.98

15.12 16.58

2.35 1.99

3386.15, 02/19/20

2350

2500

2650

2800

2950

3100

3250

3400

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

65-day moving average

200-day moving average

Nasdaq Composite

t700.74, or -8.17%

last week

8600

8100

7600

7100

6

March

910111213

DJ US TSM

t2987.11, or -9.87%

last week

30500

28500

26500

24500

6

March

910111213

International Stock Indexes

Latest Week 52-Week Range YTD

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

World The Global Dow 2470.43 –14.33 2360.35 • 3300.22 –24.0

DJ Global Index 343.77 –12.78 327.77 • 444.78 –20.8

DJ Global ex U.S. 196.99 –16.60 196.91• 267.54 –25.3

Americas DJ Americas 625.81 –10.13 573.52 • 796.10 –17.8

Brazil Sao Paulo Bovespa 82677.91 –15.63 72582.53 • 119527.63 –28.5

Canada S&P/TSX Comp 13716.33 –15.20 12508.45 • 17944.06 –19.6

Mexico S&P/BMV IPC 38085.05 –7.98 36636.70 • 45902.68 –12.53

Chile Santiago IPSA 2681.04 –11.02 2655.42• 3911.52 –19.6

EMEA Stoxx Europe 600 299.16 –18.44 294.93 • 433.90 –28.1

Stoxx Europe 50 2495.46 –17.24 2461.35 • 3539.12 –26.7

Eurozone Euro Stoxx 283.95 –19.80 279.52 • 421.34 –29.7

Euro Stoxx 50 2586.02 –19.99 2545.23 • 3865.18 –31.0

Austria ATX 2000.76 –23.51 1991.22• 3301.38 –37.2

Belgium Bel-20 2732.80 –20.44 2701.00• 4198.31 –30.9

France CAC 40 4118.36 –19.86 4044.26 • 6111.24 –31.1

Germany DAX 9232.08 –20.01 9161.13• 13789.00 –30.3

Greece Athex Composite 551.97 –19.39 538.55 • 948.64 –39.8

Israel Tel Aviv 1251.56 –18.63 1251.56• 1751.79 –25.6

Italy FTSE MIB 15954.29 –23.30 (^14894) • 25478 –32.1
NetherlandsAEX 432.85 –18.53 432.10• 629.23 –28.4
Portugal PSI 20 3837.38 –17.86 3805.92• 5435.85 –26.4
Russia RTS Index 991.69 –21.17 966.40 • 1646.60 –36.0
South AfricaFTSE/JSE All-Share 44177.63 –15.15 44177.63• 59544.80 –22.6
Spain IBEX 35 6629.59 –20.85 6390.9 • 10083.6 –30.6
Sweden OMX Stockholm 521.32 –17.15 513.56 • 732.67 –23.4
Switzerland Swiss Market 8367.56 –14.06 8270.44 • 11263.01 –21.2
U.K. FTSE 100 5366.11 –16.97 5237.48 • 7686.61 –28.9
Asia-Pacific
Australia S&P/ASX 200 5539.30 –10.89 5304.6 • 7162.5 –17.1
China Shanghai Composite 2887.43 –4.85 2746.61 • 3270.80 –5.3
Hong Kong Hang Seng 24032.91 –8.08 24032.91• 30157.49 –14.7
India S&P BSE Sensex 34103.48 –9.24 32778.14 • 41952.63 –17.3
Japan Nikkei Stock Avg 17431.05 –15.99 17431.05• 24083.51 –26.3
Malaysia FTSE Bursa Malaysia KLCI 1344.75 –9.33 1344.75• 1691.00 –15.4
Singapore Straits Times 2634.00 –11.04 2634.00• 3407.02 –18.3
South KoreaKospi 1771.44 –13.17 1771.44• 2267.25 –19.4
Taiwan TAIEX 10128.87 –10.54 10128.87• 12179.81 –15.6
Source: FactSet; Dow Jones Market Data
Financial Flashback
The Wall Street Journal, March 16, 2000
The Dow Jones industrials posted their biggest point gain
since 1998, as investors shifted money from tech stocks into
blue chips. The average finished up 320.17, or 3.26%, at 10131.41.
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 25020.9921154.4623185.62-2679.16 -10.36 21200.62 l 29551.42-10.3 -18.8 3.6
Transportation Avg 8803.05 7253.10 7939.40-1016.66 -11.35 7259.02 l 11304.97-23.0 -27.2 -5.0
Utility Average 896.54 706.59 762.60 -139.10 -15.43 723.88 l 960.89 -2.2 -13.3 3.3
Total Stock Market 29210.8125028.4627288.33-2987.11 -9.87 25042.56 l 34631.28 -6.3 -17.4 3.6
Barron's 400 602.11 512.72 554.85 -79.38 -12.52 513.35 l 746.64-20.0 -24.2 -3.9
Nasdaq Stock Market
Nasdaq Composite 8347.40 7194.67 7874.88-700.74 -8.17 7201.80 l 9817.18 2.4 -12.2 10.3
Nasdaq 100 8376.44 7255.61 7995.26-535.08 -6.27 6978.02 l 9718.73 9.4 -8.4 14.0
S&P
500 Index 2882.59 2478.86 2711.02-261.35 -8.79 2480.64 l 3386.15 -3.9 -16.1 4.5
MidCap 400 1760.10 1416.90 1546.98-250.81 -13.95 1426.74 l 2106.12-18.4 -25.0 -3.4
SmallCap 600 841.25 666.12 725.98 -141.22 -16.28 671.30 l 1041.03-23.4 -28.9 -4.5
Other Indexes
Russell 2000 1396.25 1109.39 1210.13-239.09 -16.50 1122.93 l 1705.22-22.1 -27.5 -4.1
NYSE Composite 11794.0010054.4710851.98-1500.06 -12.14 10060.77 l 14183.2-14.7 -22.0 -2.0
Value Line 440.65 351.63 382.63 -76.84 -16.72 353.67 l 562.05-28.4 -30.7 -9.5
NYSE Arca Biotech 4763.28 3971.69 4345.64-562.87 -11.47 4083.95 l 5313.05-15.6 -14.2 6.3
NYSE Arca Pharma 614.68 543.66 583.13 -40.76 -6.53 546.52 l 670.32 -2.3 -10.8 4.4
KBW Bank 82.56 64.24 74.55 -9.33 -11.12 64.93 l 114.12-25.5 -34.2 -8.3
PHLX§Gold/Silver 100.63 69.65 70.26 -32.75 -31.79 66.14 l 111.51 -7.6 -34.3 -4.4
PHLX§Oil Service 41.50 23.13 27.09-14.944 -35.56 23.60 l 102.39-71.1 -65.4 -45.5
PHLX§Semiconductor1656.87 1388.99 1544.26-155.63 -9.16 1296.18 l 1979.5 10.9 -16.5 15.6
CBOE Volatility 77.57 41.94 57.83 15.89 37.89 11.54 l 75.47349.0 319.7 72.1

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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All are available free at
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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
Argentinapeso .0159 62.9000 5.0
Brazilreal .2058 4.859520.9
Canadadollar .7243 1.3807 6.3
Chilepeso .001192 839.0013.5
Colombiapeso .000249 4023.0122.6
EcuadorUS dollar 11 unch
Mexicopeso .0456 21.916815.8
Uruguaypeso .02304 43.410016.9
Asia-Pacific
Australiandollar .6193 1.614713.3
Chinayuan .1427 7.0082 0.6
Hong Kongdollar .1287 7.7695–0.3
Indiarupee .01354 73.840 3.5
Indonesiarupiah .0000677 14770 6.4
Japanyen .009261 107.98–0.6
Kazakhstantenge .002460 406.55 6.5
Macaupataca .1250 7.9972–0.3
Malaysiaringgit .2337 4.2785 4.6
New Zealanddollar .6068 1.648010.9
Pakistanrupee .00636 157.150 1.4
Philippinespeso .0196 51.070 0.7
Singaporedollar .7070 1.4145 5.1
South Koreawon .00082521211.78 4.9
Sri Lankarupee .0054230184.40 1.7
Taiwandollar .03317 30.144 0.8
Thailandbaht .03138 31.870 7.1
US$ vs,
Fri YTD chg
Country/currency in US$ per US$ (%)
Vietnamdong .00004308 23211 0.2
Europe
Czech Rep.koruna .04220 23.697 4.5
Denmarkkrone .1486 6.7290 1.0
Euro areaeuro 1.1104 .9006 1.0
Hungaryforint .003277 305.18 3.3
Icelandkrona .007404 135.0711.5
Norwaykrone .0994 10.058314.6
Polandzloty .2538 3.9403 3.9
Russiaruble .01377 72.62317.0
Swedenkrona .1030 9.7050 3.6
Switzerlandfranc 1.0521 .9505–1.8
Turkeylira .1579 6.3337 6.5
Ukrainehryvnia .0383 26.135610.4
UKpound 1.2284 .8141 7.9
Middle East/Africa
Bahraindinar 2.6489 .3775 0.1
Egyptpound .0637 15.7007–2.2
Israelshekel .2728 3.6662 6.1
Kuwaitdinar 3.2457 .3081 1.7
Omansul rial 2.5982 .3849–0.03
Qatarrial .2754 3.631–0.3
Saudi Arabiariyal .2664 3.7533 0.1
South Africarand .0614 16.277116.3
CloseNet Chg% ChgYTD % Chg
WSJ Dollar Index92.89 0.93 1.01 3.72
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
lost 2,679.16 points, or 10.36%, 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 $24,288, or a loss of 19.04%, 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
–1.70 –2.74 –18.58 Microsoft MSFT$158.83 $1,010
–2.40 –1.34 –9.09 Intel INTC 54.43 914
–2.67 –3.13 –21.23 WalMart WMT114.10 960
–3.83 –11.06 –75.01 Apple AAPL277.97 949
–3.86 –4.17 –28.28 JPMorgan Chase JPM 103.91 750
–4.17 –11.83 –80.23 UnitedHealth GroupUNH 272.04 929
–4.63 –8.53 –57.85 Visa V 175.83 937
–4.75 –2.70 –18.31 Verizon VZ 54.17 891
–5.14 –2.04 –13.84 Cisco Systems CSCO 37.64 790
–5.45 –7.74 –52.49 Johnson & Johnson JNJ 134.29 927
–6.24 –7.59 –51.48 Procter & Gamble PG 114.07 919
–6.60 –2.31 –15.67 Pfizer PFE 32.71 843
–6.63 –5.45 –36.96 Merck MRK 76.75 851
–7.79 –11.97 –81.18 3M MMM141.68 810
–7.98 –8.64 –58.60 American Express AXP 99.60 803
–8.13 –15.68 –106.34 Goldman Sachs GS 177.17 775
–8.55 –4.32 –29.30 Walgreens WBA 46.19 790
–10.00 –22.84 –154.90 Home Depot HD 205.67 948
–10.93 –21.73 –147.38 McDonald’s MCD 177.13 902
–11.06 –12.75 –86.47 Walt Disney DIS 102.52 709
–12.29 –6.79 –46.05 Coca-Cola KO 48.47 883
–12.48 –11.90 –80.71 Chevron CVX 83.42 700
–13.93 –17.39 –117.94 Travelers TRV 107.45 790
–14.46 –12.78 –86.68 Nike NKE 75.58 748
–15.49 –19.78 –134.15 IBM IBM 107.95 814
–16.67 –21.08 –142.97 United TechnologiesUTX 105.40 707
–17.93 –21.77 –147.65 Caterpillar CAT 99.64 679
–20.07 –9.57 –64.91 Exxon Mobil XOM 38.12 554
–34.08 –13.28 –90.07 Dow DOW 25.69 478
–35.12 –92.13 –624.84 Boeing BA 170.20 526
Based on Composite price. DJIA is calculated on primary-market price.
Source: Dow Jones Market Data; FactSet.