Barron's - USA (2020-08-03)

August 3, 2020 BARRON’S M31

Last Prev. Year

Week Week Ago

DJIndAvg 26428.32 26469.89 26485.01

P/E Ratio 25.04 22.45 19.03

Earns Yield % 3.99 4.45 5.25

Earns $ 1055.29 1179.10 1391.50

Divs Yield % 2.33 2.32 2.25

Divs $ 614.95 614.81 594.94

Mkt to Book 4.06 4.06 4.27

Book Value $ 6512.92 6512.92 6201.99

DJTransAvg 9994.81 9730.12 10374.43

P/E Ratio 60.05 27.40 17.53

Earns Yield % 1.67 3.65 5.71

Earns $ 166.43 355.08 591.90

Divs Yield % 1.51 1.55 1.58

Divs $ 150.81 150.81 164.43

Mkt to Book 3.09 3.00 3.22

Book Value $ 3239.67 3239.67 3217.98

DJUtilityAvg 830.77 825.74 817.87

P/E Ratio 25.87 24.90 29.45

Earns Yield % 3.87 4.02 3.40

Earns $ 32.12 33.16 27.77

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

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 26584.7726313.65 26428.32 –41.57 –0.16 –56.69 –0.21 –2110.12 –7.39

11304.97 6703.63 20 Transp 9994.81 9696.55 9994.81 264.69 2.72 –379.62 –3.66 –906.47 –8.32

960.89 610.89 15 Utilities 830.77 813.02 830.77 5.03 0.61 12.90 1.58 –48.40 –5.51

9710.01 6100.31 65 Comp 8701.84 8618.93 8701.84 57.99 0.67 –67.62 –0.77 –684.64 –7.29

DowJonesIndexes

34631.28 22462.76 US TSM Float 33323.8032804.16 33323.80 562.59 1.72 3218.63 10.69 288.42 0.87

840.63 547.67 US Market 811.32 798.39 811.32 13.95 1.75 82.13 11.26 10.57 1.32

832.29 487.28 Internet 831.86 797.78 831.86 34.88 4.38 190.73 29.75 203.39 32.36

NewYorkStockExchange

14183.20 8777.38 Comp-z 12669.6212465.05 12465.05 3.27 0.03 –374.46 –2.92 –1447.98 –10.41

8908.29 5036.38 Financial-z 7008.16 6849.26 6849.26 –45.20 –0.66 –1124.38 –14.10 –1850.85 –21.27

18643.58 12991.76 Health Care-z 18643.5818380.12 18380.12 64.05 0.35 2159.50 13.31 310.02 1.72

10251.47 4032.17 Energy-z 6328.11 6024.80 6024.80 –253.16 –4.03 –3554.02 –37.10 –4012.50 –39.98

NYSEAmericanStockExchange

2626.91 1317.22 NYSE Amer Comp2091.04 2058.74 2058.74 –8.81 –0.43 –405.22 –16.45 –493.82 –19.35

2852.12 1742.29 Major Mkt 2413.66 2352.74 2352.74 -52.09 –2.17 –347.71 –12.88 –421.96 –15.21

Standard&Poor'sIndexes

1518.94 1040.00 100 Index 1504.93 1477.10 1504.93 30.81 2.09 208.28 16.06 62.76 4.35

3386.15 2237.40 500 Index 3271.12 3218.44 3271.12 55.49 1.73 339.07 11.56 40.34 1.25

4635.60 3123.44 Indus 4625.26 4542.30 4625.26 88.77 1.96 669.87 16.94 253.64 5.80

2106.12 1218.55 MidCap 1888.71 1848.74 1863.91 13.97 0.76 –50.62 –2.64 –199.11 –9.65

1041.03 595.67 SmallCap 877.44 855.41 865.38 13.79 1.62 –72.76 –7.76 –155.80 –15.26

NasdaqStockMarket

10767.09 6860.67 Comp 10745.2710402.09 10745.27 382.10 3.69 2741.20 34.25 1772.67 19.76

10952.08 6994.29 100 Index 10905.8810532.50 10905.88 422.75 4.03 3213.08 41.77 2172.81 24.88

8380.56 5239.66 Indus 8380.56 8177.97 8380.56 240.62 2.96 1925.62 29.83 1572.85 23.10

10673.14 6343.13 Insur 8911.31 8841.18 8865.66 –79.65 –0.89 –1157.61 –11.55 –1126.28 –11.27

4011.98 2136.72 Banks 2713.45 2635.18 2639.36 –66.03 –2.44 –962.29 –26.72 –1329.47 –33.50

7376.54 4608.77 Computer 7376.54 7012.03 7376.54 390.38 5.59 2444.22 49.56 1497.54 25.47

439.48 298.17 Telecom 439.48 430.52 439.48 7.66 1.77 26.75 6.48 50.97 13.12

RussellIndexes

1875.24 1224.45 1000 1815.99 1786.32 1815.99 32.15 1.80 192.15 11.83 31.78 1.78

1705.22 991.16 2000 1500.63 1469.76 1480.43 12.87 0.88 –53.23 –3.47 –188.04 –11.27

1984.26 1288.04 3000 1909.89 1879.67 1909.89 32.85 1.75 186.58 10.83 17.64 0.93

1365.33 838.37 Value-v 1170.02 1154.43 1154.43 –2.89 –0.25 –84.86 –6.85 –193.23 –14.34

2080.74 1322.15 Growth-v 2080.74 2013.88 2080.74 76.00 3.79 485.12 30.40 310.22 17.52

2472.07 1471.40 MidCap 2278.26 2235.65 2269.38 34.79 1.56 55.20 2.49 –112.53 –4.72

Others

6789.54 3854.81 Value Line-a 6262.01 6138.75 6166.07 28.60 0.47 62.37 1.02 –492.63 –7.40

562.05 305.71 Value Line-g 465.72 456.75 458.20 1.25 0.27 –60.90 –11.73 –93.99 –17.02

11510.08 6621.12 DJ US Small TSM10217.96 9998.65 10117.44 145.13 1.46 –366.59 –3.50 –1147.54 –10.19

746.64 455.11 Barron's 400 708.96 694.75 704.69 10.20 1.47 31.89 4.74 –27.53 –3.76

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

Match MTCH 458,660 42,082,055 7/20/20 Levin, Joseph D

Carmax KMX 254,731 24,708,907 7/22/20 Folliard, Thomas UT

Sunrun RUN 100,000 4,019,760 7/22/20 Jurich,Lynn O

Zillow Z 100,000 6,502,000 7/22/20 Barton,Richard AF

Smartsheet SMAR 90,000 4,359,600 7/22/20 Barker, Geoffrey AF

Medallia MDLA 88,368 2,614,928 7/21/20 Oulman,Roxanne O

Zillow Z 87,400 6,037,303 7/23/20 Wacksman,Jeremy O

Floor&Decor FND 75,000 4,687,500 7/21/20 Taylor,Thomas O

Luminex LMNX 69,282 2,622,324 7/21/20 Fairchild,Nancy UT

Pinterest PINS 61,962 1,602,016 7/21/20 Sharp,Evan O

STOCKVOLUME

Last Prev. Year YOY

Week Week Ago %Chg

NYSE(a) 4,505,384 4,044,932 3,776,056 19.31

30 Dow Inds (b) 1,960,573 2,014,669 1,210,849 61.92

20 Dow Trans (b) 831,182 920,880 277,106 199.95

15 Dow Utils (b) 324,296 489,130 204,172 58.83

65 Dow Stks (b) 3,116,051 3,424,679 1,692,127 84.15

NYSE American (a) 125,873 193,719 53,918 133.45

Nasdaq(d) 20,448,974 22,335,815 11,444,615 78.68

NYSE 15 Most Active

Average Price 26.35 28.28 12.05 118.67

% Tot Vol 18.11 18.27 14.28 26.82

Stock Offerings $(z,v) 6,447,300 r7,689,900 4,184,800 54.06

DailyStockVolume

Daily 7/27 7/28 7/29 7/30 7/31

NYSE(a) 789,806 724,990 859,508 826,040 1,305,041

30 Inds (b) 400,930.8 362,402.1 347,576.0 358,291.6 491,372.6

20 Trans (b) 164,610.6 170,241.8 167,228.3 169,141.1 159,959.8

15 Utils (b) 85,449.0 58,001.5 49,266.9 49,556.9 82,021.9

65 Stks (b) 650,990.3 590,645.3 564,071.2 576,989.6 733,354.3

NYSE Amer(a) 33,166 23,397 23,099 21,068 25,142

Nasd(d) 4,202,015 3,860,993 3,941,965 4,027,362 4,416,639

NYSE 15 Most Active

Avg. Price 28.26 29.66 27.99 36.87 28.54

% Tot Vol 16.52 21.44 21.97 17.67 18.62

Numbersinthousandssavepriceandpercentages.(a)Primary

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

W/EThursday.(z)Source:Refinitiv.

Divs Yield % 3.15 3.17 3.03

Divs $ 26.20 26.19 24.80

Mkt to Book 2.24 2.23 2.27

Book Value $ 370.98 370.98 360.31

S&P500Index 3271.12 3215.63 2932.05

P/E Ratio 28.12 27.64 22.15

Earns Yield % 3.56 3.62 4.52

Earns $ 116.33 116.33 132.39

Divs Yield % 1.74 1.79 2.00

Divs $ 56.92 57.56 58.64

Mkt to Book 3.58 3.52 3.44

Book Value $ 914.49 914.49 851.62

S&PIndIndex 4625.26 4536.49 3955.39

P/E Ratio 33.30 32.66 23.76

Earns Yield % 3.00 3.06 4.21

Earns $ 138.90 138.90 166.45

Divs Yield % 1.55 1.58 1.85

Divs $ 71.69 71.68 73.17

Mkt to Book 4.90 4.80 4.48

Book Value $ 944.26 944.26 883.41

Last Prev. Year

Week Week Ago

U.S. DOLLAR INDEX vs EURO and YEN

-10

0

10

A S O N D J F M A M JJ

EURO in $

s

YEN in $

s

DXY (93.46)

s

Source: Tullett Prebon

Un-mighty Dollar:The dollar continued its dive, off 1% this week against the basket

of six currencies in the U.S. Dollar Index. At 93.46, the index is down 6% since April.

BARRON'S50-STOCKAVERAGE

This index is an weighted average of 50 leading issues.

Useful in security valuation. Source: Barron's Stats

Jul30 Jul23 July Yr-to-Yr

2020 2020 2019 %Chg

S&P 500 Index 3246.22 3235.66 2999 8.26

Barron's 50 Index 8340.32 8467.31 9298 –10.30

Projected quarterly earn 48.74 60.12 102.93 –52.64

Annualized projected earn 194.98 240.50 411.71 –52.64

Annualized projected P/E 42.78 35.21 22.61 89.22

Five-year average earn 394.05 394.05 399.3 –1.32

Five-year average P/E 21.17 21.49 23.28 –9.10

Year-end earn 348.41 348.41 424.3 –17.88

Year-end P/E 23.94 24.30 21.92 9.23

Year-end earns yield, % 4.18 4.11 4.6 –8.46

Best grade bond yields, % 1.55 1.55 3.0 –47.86

Bond yields/stock ylds, % 0.37 0.38 0.65 –43.04

Actual year-end divs 221.95 221.90 212.12 4.64

Actual yr-end divs yld, % 2.66 2.62 2.28 16.64

ComingU.S.Auctions

Yields(%)

Day When Last

Issued* Auction

M

$54.0bil 3-month 0.093 0.105

$51.0bil 6-month 0.100 0.130

*AsofFridayafternoon.

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 4.81 1.72 26.32

Apple 13.15 3.13 22.53

Boeing (5.05)Suspended 0.60

Caterpillar 6.45 4.12 24.39

Chevron Corp (4.66) 4.96 81.22

Cisco Sys 2.52 1.41 9.36

Coca Cola 2.12 1.62 3.98

Disney Walt 2.97 1.76 32.52

Dow (2.68) 2.80

ExxonMobil 1.68 3.48 45.27

Goldman Sachs18.85 5.00214.80

Home Depot 10.06 5.72 (1.70)

IBM 9.18 6.49 18.82

Intel 5.43 1.29 16.51

Johnson&John 6.84 3.86 22.44

Book

Earns Divs. Value

JPMorgChase 7.41 3.60 70.35

McDonalds 6.31 4.91 (8.16)

Merck Co 4.10 2.38 10.30

Microsoft 5.75 1.99 13.39

Nike Inc 1.58 0.955 5.77

Pfizer 2.52 1.5011.09

Proc Gam 4.96 3.073218.49

3M Co 8.82 5.82 16.99

Travelers Cos 7.02 3.31 86.85

UnitedHealth Grp 17.78 4.49 53.85

Raytheon Tech 0.00 2.68 44.63

Verizon 4.61 2.46 12.86

Visa 5.25 1.15 12.88

Walgreens 0.82 1.83 27.31

Wal-mart 5.26 2.14 25.19

TransportationStocks

Alaska AirGroup 0.46Suspended30.45

AmericanAirlines(8.17)Suspended(0.37)

Avis Budget Grp 3.05 Nil 5.45

C.H. Robinson 3.59 2.03 11.62

CSX Corp 3.72 1.00 15.35

Delta Air Lines (9.01)Suspended20.13

Expeditors Int'l 3.30 1.02 11.58

FedEx 4.89 2.60 68.08

Hunt (JB) 4.87 1.06 19.33

JetBlue Air (0.96) Nil 15.02

KC Southern 5.85 1.56 47.65

Kirby Corp (2.88) Nil 53.67

Landstar Sys 4.29 0.74 17.12

Matson Inc 1.72 0.88 17.69

Norf So 8.04 3.76 57.30

Ryder Sys (6.03) 2.24 54.79

Southwest Air 0.40 0.72 17.83

Un Pacific 8.06 3.88 28.17

UPS 5.03 3.94 3.52

United Airlines (6.13) Nil 37.03

UtilityStocks

AES Corp. 0.440.5664 4.84

Am Elec 3.73 2.77 38.58

American WaterWorks 3.49 2.05 32.45

CenterPt Energy(1.39) 1.015 12.61

Con Ed 3.88 3.01 52.11

DominionEnergy 0.74 3.715 29.53

Duke Energy 5.06 3.78 60.27

Edison Int'l 3.11 2.525 32.10

Exelon 2.68 1.49 31.78

FirstEnergy 1.24 1.54 13.17

NextEra Energy 7.25 5.30 71.43

NiSource Inc. 0.49 0.81 13.08

Pub Sv Ent 3.42 1.92 28.53

Sempra Energy 2.53 4.025 54.35

Southn Co. 3.08 2.50 23.91

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

Allena Pharmaceuticals 5,125,384 $1.30 $6,662,999

Arcturus Therapeutics 3,264,151 $53.00 $173,000,003

BioHiTechGlobal 4,550,000 $1.81 $8,235,500

BioXcel Therapeutics 4,000,000 $50.00 $200,000,000

Boxlight 15,000,000 $2.00 $30,000,000

Calix 3,220,000 $20.00 $64,400,000

CorMedix 4,444,444 $4.50 $19,999,998

DocumentSecurity 453,333 $7.50 $3,399,998

ESSA Pharma 8,165,000 $6.00 $48,990,000

Salarius Pharmaceuticals 4,461,209 $1.20 $5,353,451

Spectrum Pharmaceuticals21,666,667 $3.00 $65,000,001

Sunesis Pharmaceuticals52,173,913 $0.23 $12,000,000

TCR2Therapeutics 9,200,000 $15.50 $142,600,000

Tenable 8,000,000 $31.95 $255,600,000

Zentalis Pharmaceuticals 4,125,000 $35.00 $144,375,000

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

BULLISH 79.5% 81.9% 76.7%

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

Source:DeltaInvestmentManagement

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