Barron's - USA (2020-10-12)

M32 BARRON’S October 12, 2020

SELECTEDINITIALPUBLICOFFERINGS

Initial Most

Ticker Offer IPO Recent %

Code Price Date Price Chg

iHuman IH 12.00 10/9 16.00 33.3%

Intrusion INTZ 8.00 10/9 9.31 16.4%

KronosBio KRON 19.00 10/9 27.07 42.5%

LandcadiaHoldingsIII LCYAU 10.00 10/9 9.89 -1.1%

ShattuckLabs STTK 17.00 10/9 19.35 13.8%

SocialCapitalHedoIV IPODU 10.00 10/9 11.01 10.1%

SocialCapitalHedoV IPOEU 10.00 10/9 10.59 5.9%

SocialCapitalHedoVI IPOFU 10.00 10/9 10.25 2.5%

SpruceBiosciences SPRB 15.00 10/9 17.00 13.3%

AziyoBiologics AZYO 17.00 10/8 13.54 -20.4%

fuboTV FUBO 10.00 10/8 10.07 0.7%

Empower EMPWU 10.00 10/7 9.88 -1.2%

MontesArchimedes MAACU 10.00 10/7 9.87 -1.3%

NextGenAcquisition NGACU 10.00 10/7 9.88 -1.2%

PresidioProperty SQFT 5.00 10/7 4.69 -6.2%

TPGPaceBeneficial TPGYU 10.00 10/7 10.00 0.0%

TPGPaceTechOpp PACEU 10.00 10/7 10.08 0.8%

FirstMarkHorizon FMACU 10.00 10/6 10.23 2.3%

Latest Latest Preceding Year YroYr

Date Data Period Ago %Chg

PULSEOFTHEECONOMY

Onlyincludesnewreports.
Latest Latest Preceding Year YroYr
EconomicGrowthandInvestment Date Data Period Ago %Chg

No Activity for this Week

Production

Electric power, (mil. kw hrs) (EEI) .................................................. Oct 3 70,736 69,966 80,103 –11.69

Petroleum, related capacity, % ...................................................... Oct 2 77.1 75.8 85.7 –10.04

Rotary rigs running, U.S. & Can., (Hughes).................................... Oct 9 349 341 1,002 –65.17

Steel, (thous. tons)........................................................................ Oct 3 1,484 1,480 1,804 –17.74

Steel, rated capacity, % (AISI)........................................................ Oct 3 66.6 66.1 78.0 –14.62

ConsumptionandDistribution

Instinet Research Redbook Avg. (monthly %)................................ Oct 3 –0.04 5.83 –1.32 ....

Baltic Dry Index ............................................................................. Oct 8 1,970 2,020 1,924 2.39

Wholesale sales, (mil. $) ............................................................... Aug 486,636 r479,882 497,892 –2.26

Inventories

Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... Oct 2 492,927 492,426 425,569 15.83

Gasoline, (thous. bbls) .................................................................. Oct 2 226,747 228,182 228,763 –0.88

Wholesale inventories, (mil. $) ...................................................... Aug 635,525 r633,155 670,065 –5.15

Orders

No Activity for this Week

Trade

Merchandise trade balance (bil $) .................................................. Aug –83.86 r–80.81 –74.60 12.41

Inflation

JOC–ECRI Industrial Price Index f.................................................. Oct 9 91.85 90.78 89.39 2.75

Employment

Initial jobless claims (thous.) ........................................................ Oct 3 840 r849 212 296.23

Continuing claims (mil.) ................................................................ Sept 26 10.976 r11.979 1.698 546.41

Job openings, (thous.) .................................................................. Aug 6,493 r6,697 7,166 –9.39

Hires, (thous.)............................................................................... Aug 5,919 r5,903 5,839 1.37

Total separations, (thous.)............................................................. Aug 4,594 r4,988 5,660 –18.83

Help Wanted Online –Ads (thous,) ................................................. Sept 4,796.5 4,610.0 5,105.7 –6.06

Construction

No Activity for this Week

OtherIndicators

Citi Research Panic–Euphoria Reading .......................................... Oct 9 0.51 r0.58 –0.15 ....

a-1997equals100.b-1982-84equals100.c-1982equals100.f-1996equals100.h-benchmarkrevision,2016equals100.r-Revised.

NYSEHALF-HOURLYVOLUME

Daily 10/05 10/06 10/07 10/08 10/09

9:30-10:00 104,774 105,949 98,433 103,068 112,874

10:00-10:30 43,034 43,302 48,466 46,935 46,637

10:30-11:00 35,702 40,699 35,009 42,801 41,094

11:00-11:30 33,544 35,630 34,308 36,694 33,945

11:30-12:00 27,531 31,384 29,026 35,831 41,472

12:00-12:30 21,339 24,645 28,693 25,820 32,582

12:30-1:00 22,601 24,353 21,345 22,773 26,012

1:00-1:30 21,011 25,797 21,656 21,536 25,322

1:30-2:00 21,971 26,953 27,420 24,567 23,571

2:00-2:30 23,268 31,049 27,279 29,431 22,313

2:30-3:00 26,549 81,708 30,736 29,143 24,474

3:00-3:30 32,454 68,461 35,310 35,426 30,277

3:30-4:00 437,206 451,652 434,046 343,839 364,694

AMERICANDEBTANDDEFICITS

Latest Preceding YearAgoYearoverYear

Report Report Report %Chg

FederalBudgetDeficit(bil.$)-a ......................................... 920FY'22 966FY'21 1,083FY'20 ....

BudgetSurplus/Deficit(bil.$)-b,August ......................... –200.10 –62.99 –200.34 -0.12

TradeDeficit(bil.$,sa)-c,August ...................................... –67.10 r-63.37 –50.78 32.14

TreasuryGrossPublicDebt.(bil.$)-d ............................... 27,053.0 26,945.4 22,823.9 18.53

TreasuryStatutoryDebtLimit(bil.$)-d ............................. * 21,987.7 .... ....

ConsumerInstallmentDebt(bil.$)-e,August ................. 4,144.7 r4,151.9 4,139.8 0.12

Sources:a-OfficeofManagementandBudget,b-MonthlyTreasuryStatement,c-MonthlyCommerceDept.Report,d-DailyTreasury
Statement,e-MonthlyFederalReserveRelease.*StatutorydebtlimittemporarilysuspendedthroughJuly31,2021.

YEARLYHI/LOBARRON'SGOLDMININGINDEX

TheyearlyBarron'sGoldMiningIndexprice;witha

high/lowrangebasedontheweeklyclose.

Year High Date Low Date

2020 923.32 Sept. 17 391.56 Mar 19

2019 597.01 Dec 26 400.31 Jan 24

2018 540.76 Jan 25 382.52 Oct. 25

2017 567.38 Feb 16 456.65 Dec 07

Market Laboratory

DOWJONESU.S.TOTALMARKETINDUSTRYGROUPS

NetChange %ChangeandRanking 52Week

Top20WeeklyRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Steel DJUSST 208.68 + 15.34 –33.45 +7.93 [1] +.80 [94] –13.82 [110] –4.97 252.46 121.97

Asset Managers DJUSAG 198.02 + 14.26 –5.47 +7.76 [2] +17.59 [55] –2.69 [84] –2.53 213.48 120.75

Aluminum DJUSAL 43.49 + 3.11 –25.23 +7.70 [3] –26.38 [122] –36.71 [124] –34.07 73.19 17.51

Oil Equipment & Svcs DJUSOI 104.59 + 7.41–146.70 +7.62 [4] –47.52 [136] –58.38 [138] –37.01 256.13 69.91

Exploration & Production DJUSOS 317.53 + 21.14–314.11 +7.13 [5] –42.07 [133] –49.73 [134] –20.96 645.34 214.60

Marine Transportation DJUSMT 128.18 + 8.30–165.70 +6.93 [6] –50.48 [138] –56.38 [137] –15.16 300.12 112.26

Oil Equip, Svcs & Distri DJUSOQ 182.24 + 11.82–171.58 +6.93 [7] –40.36 [130] –48.49 [133] –27.40 358.77 116.06

Industrial Metals & Mining DJUSIM 186.71 + 11.96 –4.95 +6.84 [8] +22.33 [42] –2.58 [82] –3.83 196.63 88.40

Oil & Gas Producers DJUSOG 288.45 + 18.29–263.72 +6.77 [9] –42.69 [134] –47.76 [132] –21.29 559.48 219.53

Integrated Oil & Gas DJUSOL 276.59 + 16.90–237.45 +6.51 [10] –43.14 [135] –46.19 [131] –21.46 529.94 224.23

Transportation Svcs DJUSTS 212.80 + 12.98 –24.37 +6.50 [11] +4.55 [86] –10.27 [100] –8.18 262.33 102.80

Pipelines DJUSPL 430.61 + 26.18–260.51 +6.47 [12] –33.96 [125] –37.69 [125] –13.69 700.07 265.65

Full Line Insurance DJUSIF 30.40 + 1.79 –19.43 +6.26 [13] –38.94 [127] –38.99 [127] –17.80 52.83 19.61

Medical Supplies DJUSMS 1101.47 + 64.06 165.75 +6.18 [14] +33.21 [29] +17.71 [27] +8.50 1,101.47 662.77

Brewers DJUSDB 675.12 + 38.94 82.33 +6.12 [15] +12.14 [69] +13.89 [34] –8.66 675.12 412.07

Durable Hshld Pdts DJUSHD 280.24 + 15.91 24.73 +6.02 [16] +22.75 [41] +9.68 [46] –4.79 280.24 116.20

Semiconductor DJUSSC 5561.39+ 314.451,247.94 +5.99 [17] +56.08 [8] +28.93 [17] +23.01 5,577.01 3,082.27

Electrical Comps & Equip DJUSEC 405.34 + 22.87 14.96 +5.98 [18] +19.08 [49] +3.83 [59] +4.58 405.34 230.97

Heavy Construction DJUSHV 467.76 + 26.02 11.03 +5.89 [19] +9.80 [74] +2.41 [65] +3.03 483.49 267.34

Hotels DJUSLG 1771.35 + 97.95–544.55 +5.85 [20] –6.44 [105] –23.51 [115] –.23 2,338.37 1,026.45

NetChange %ChangeandRanking 52Week

Top20YrAgoRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Automobiles DJUSAU 544.83 + 17.49 332.07 +3.32 [66] +227.81 [1] +156.08 [1] +32.57 612.05 134.39

Automobiles & Parts DJUSAP 664.96 + 23.32 331.19 +3.63 [57] +146.42 [2] +99.22 [2] +20.81 726.70 195.90

Nonferrous Metals DJUSNF 224.73 + 11.50 49.23 +5.40 [24] +97.41 [3] +28.05 [19] +5.44 227.81 71.03

Computer Hardware DJUSCR 5700.72+ 105.251,863.86 +1.88 [106] +92.29 [4] +48.58 [5] +37.98 6,577.88 2,859.07

Broadline Retailers DJUSRB 3230.56 + 60.531,210.42 +1.91 [105] +72.23 [5] +59.92 [3] +41.81 3,520.79 1,791.13

Technology Hardware & Equip DJUSTQ 2841.11+ 102.51 711.83 +3.74 [56] +63.68 [6] +33.43 [13] +27.73 3,051.15 1,580.41

Delivery Svcs DJUSAF 1457.98 + 66.41 512.06 +4.77 [41] +63.64 [7] +54.13 [4] +11.67 1,457.98 666.48

Semiconductor DJUSSC 5561.39+ 314.451,247.94 +5.99 [17] +56.08 [8] +28.93 [17] +23.01 5,577.01 3,082.27

Software DJUSSW 4158.43+ 111.221,114.74 +2.75 [78] +55.28 [9] +36.62 [9] +35.10 4,446.11 2,522.55

General Retailers DJUSGT 2226.42 + 49.78 672.62 +2.29 [92] +53.49 [10] +43.29 [6] +31.35 2,345.51 1,258.95

Specialty Retailers DJUSRS 2408.66 + 78.21 663.27 +3.36 [65] +53.23 [11] +38.00 [8] +28.07 2,457.98 1,335.92

Recreational Products DJUSRP 487.26 + 13.51 108.40 +2.85 [73] +51.85 [12] +28.61 [18] +11.10 509.54 216.09

Retail DJUSRT 1931.09 + 44.89 537.69 +2.38 [89] +48.30 [13] +38.59 [7] +27.99 2,022.70 1,135.92

Software & Computer Svcs DJUSSV 3801.12 + 97.92 883.16 +2.64 [82] +46.11 [14] +30.27 [16] +25.11 4,123.93 2,332.65

Gold Mining DJUSPM 138.15 – 1.20 34.89 –.86 [137] +44.39 [15] +33.78 [11] +17.54 159.08 87.77

Leisure Goods DJUSLE 820.04 + 8.17 170.49 +1.01 [124] +41.63 [16] +26.25 [20] +7.98 863.67 491.25

Trucking DJUSTK 1134.48 + 57.53 279.91 +5.34 [25] +41.51 [17] +32.75 [14] +17.95 1,155.16 659.48

Mining DJUSMG 128.19 – 1.12 31.40 –.86 [136] +41.49 [18] +32.44 [15] +14.06 147.36 81.60

Internet DJUSNS 2412.83 + 49.15 490.46 +2.08 [100] +40.22 [19] +25.51 [22] +16.86 2,709.71 1,473.18

Industrial Transportation DJUSIT 1407.83 + 51.09 278.40 +3.77 [55] +39.80 [20] +24.65 [23] +14.99 1,408.30 766.79

Groupsareweightedbycapitalization.52-weekhighsandlowsarebasedondailycloses.Dec.31,1991=100.IntheU.S.listings,%volchg
columnshowsthechangefromprevious65-daymovingaverage.Volumefiguresdonotreflectextendedtradinghours.

US TREASURY BILLS

Wkly Ask

Maturity Bid Asked Chg. Yld.

Oct 13 '20 0.08 0.07 -0.02 0.07

Oct 15 '20 0.09 0.08 -0.02 0.08

Oct 20 '20 0.09 0.08 -0.01 0.08

Oct 22 '20 0.09 0.08 -0.01 0.08

Oct 27 '20 0.09 0.08 -0.01 0.08

Oct 29 '20 0.09 0.08 -0.01 0.08

Nov 03 '20 0.09 0.08 -0.01 0.08

Nov 05 '20 0.09 0.08 -0.01 0.08

Nov 10 '20 0.09 0.08 .... 0.08

Nov 12 '20 0.09 0.08 -0.01 0.08

Nov 17 '20 0.09 0.08 -0.01 0.08

Nov 19 '20 0.10 0.09 -0.01 0.09

Nov 24 '20 0.10 0.09 .... 0.09

Nov 27 '20 0.10 0.09 .... 0.09

Dec 01 '20 0.09 0.08 .... 0.08

Dec 03 '20 0.10 0.09 .... 0.09

Dec 08 '20 0.10 0.09 .... 0.09

Dec 10 '20 0.10 0.09 0.01 0.09

Dec 17 '20 0.10 0.09 .... 0.09

Dec 24 '20 0.11 0.10 0.01 0.10

Dec 31 '20 0.10 0.09 0.01 0.09

Jan 07 '21 0.11 0.10 0.02 0.10

Jan 14 '21 0.11 0.10 0.01 0.10

Jan 21 '21 0.11 0.10 0.02 0.10

Jan 28 '21 0.10 0.09 .... 0.09

Feb 04 '21 0.11 0.10 0.01 0.10

Feb 11 '21 0.11 0.10 0.02 0.10

Feb 18 '21 0.10 0.09 0.02 0.09

Feb 25 '21 0.10 0.09 .... 0.09

Mar 04 '21 0.11 0.10 0.01 0.10

Mar 11 '21 0.12 0.11 0.02 0.11

Mar 18 '21 0.12 0.11 0.02 0.11

Mar 25 '21 0.12 0.11 0.02 0.11

Apr 01 '21 0.12 0.11 0.01 0.11

Apr 08 '21 0.13 0.12 .... 0.12

Apr 22 '21 0.12 0.11 0.02 0.11

May 20 '21 0.12 0.11 0.02 0.11

Jun 17 '21 0.12 0.11 .... 0.11

Jul 15 '21 0.12 0.11 0.01 0.11

Aug 12 '21 0.13 0.12 0.02 0.12

Sep 09 '21 0.14 0.13 0.01 0.13

Oct 07 '21 0.15 0.14 .... 0.14

BARRON'S50-STOCKAVERAGE

Thisindexisanweightedaverageof50leadingissues.

Usefulinsecurityvaluation.Source:Barron'sStats

Oct8 Oct1 Oct Yr-to-Yr

2020 2020 2019 %Chg

S&P 500 Index 3446.83 3380.80 2979 15.71

Barron's 50 Index 9159.43 8498.54 9341 –1.94

Projected quarterly earn 47.62 47.62 91.39 –47.89

Annualized projected earn 190.49 190.49 365.58 –47.89

Annualized projected P/E 48.08 44.62 25.6 88.19

Five-year average earn 394.05 394.05 391.09 0.76

Five-year average P/E 23.24 21.57 23.9 –2.68

Year-end earn 348.41 348.41 397.70 –12.40

Year-end P/E 26.29 24.39 23.5 11.93

Year-end earns yield, % 3.80 4.10 4.3 –10.66

Best grade bond yields, % 1.61 1.62 2.62 –38.55

Bond yields/stock ylds, % 0.42 0.40 0.62 –31.22

Actual year-end divs 223.45 223.20 216.48 3.22

Actual yr-end divs yld, % 2.44 2.63 2.32 5.26