Barron's - USA (2020-10-19)

October 19, 2020 BARRON’S M31

Last Prev. Year Week Week Ago

DJIndAvg 28606.31 28586.90 26770.20

P/E Ratio 27.04 26.87 19.25 Earns Yield % 3.70 3.72 5.19 Earns $ 1057.92 1064.04 1390.68 Divs Yield % 2.06 2.06 2.30 Divs $ 588.97 588.97 616.46 Mkt to Book 4.28 4.27 4.11 Book Value $ 6688.86 6688.86 6512.92

DJTransAvg 11836.43 11861.95 10508.74

P/E Ratio 173.00 89.11 17.44 Earns Yield % 0.58 1.12 5.73 Earns $ 68.42 133.11 602.50 Divs Yield % 1.28 1.28 1.59 Divs $ 151.82 151.82 166.69 Mkt to Book 3.49 3.50 3.24 Book Value $ 3389.19 3389.19 3239.67

DJUtilityAvg 884.52 875.81 866.01

P/E Ratio 25.72 25.46 27.74 Earns Yield % 3.89 3.93 3.60 Earns $ 34.39 34.39 31.22

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.DJlatestavailablebookvaluesforFY2019and2018,andS&Platestfor2018and

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 28837.5228494.20 28606.31 19.41 0.07 1836.11 6.86 67.87 0.24 11988.83 6703.63 20 Transp 11988.8311783.22 11836.43 –25.52 –0.22 1327.69 12.63 935.15 8.58 960.89 610.89 15 Utilities 884.52 875.19 884.52 8.71 0.99 18.51 2.14 5.35 0.61 9710.01 6100.31 65 Comp 9653.91 9579.00 9603.02 14.12 0.15 662.22 7.41 216.54 2.31

DowJonesIndexes

36434.12 22462.76 US TSM Float 36224.1235759.58 35759.58 63.20 0.18 5227.47 17.12 2724.20 8.25 887.96 547.67 US Market 881.13 869.61 869.61 1.79 0.21 129.03 17.42 68.86 8.60 935.01 487.28 Internet 915.37 901.21 901.21 10.63 1.19 301.31 50.23 272.74 43.40

NewYorkStockExchange

14183.20 8777.38 Comp-z 13324.8813137.25 13169.32 –83.30 –0.63 162.68 1.25 –743.71 –5.35 8908.29 5036.38 Financial-z 7260.57 7063.78 7091.46 –116.98 –1.62 –1100.77 –13.44 –1608.65 –18.49 19220.29 12991.76 Health Care-z 19220.2918821.22 19020.78 –108.52 –0.57 2843.96 17.58 950.68 5.26 10251.47 4032.17 Energy-z 5341.74 5177.86 5177.86 –165.86 –3.10 –4112.86 –44.27 –4859.45 –48.41

NYSEAmericanStockExchange

2626.91 1317.22 NYSE Amer Comp2027.28 2006.72 2012.12 15.09 0.76 –428.18 –17.55 –540.44 –21.17 2852.12 1742.29 Major Mkt 2526.07 2502.10 2511.05 -2.12 –0.08 –144.95 –5.46 –263.66 –9.50

Standard&Poor'sIndexes

1675.67 1040.00 100 Index 1637.55 1610.76 1610.76 6.00 0.37 289.15 21.88 168.59 11.69 3580.84 2237.40 500 Index 3534.22 3483.34 3483.81 6.68 0.19 497.61 16.66 253.03 7.83 5107.48 3123.44 Indus 5008.57 4938.11 4938.11 18.44 0.37 919.87 22.89 566.49 12.96 2106.12 1218.55 MidCap 2009.07 1984.28 1997.34 0.98 0.05 60.58 3.13 –65.68 –3.18 1041.03 595.67 SmallCap 932.78 917.35 923.71 –2.48 –0.27 –26.66 –2.81 –97.47 –9.54

NasdaqStockMarket

12056.44 6860.67 Comp 11876.2611671.56 11671.56 91.61 0.79 3582.01 44.28 2698.95 30.08 12420.54 6994.29 100 Index 12088.1111852.17 11852.17 126.32 1.08 3983.68 50.63 3119.10 35.72 9421.24 5239.66 Indus 9421.24 9201.45 9201.45 32.28 0.35 2778.14 43.25 2393.75 35.16 10673.14 6343.13 Insur 9404.63 9179.04 9296.75 48.30 0.52 –888.43 –8.72 –695.20 –6.96 4011.98 2136.72 Banks 2806.59 2687.73 2753.79 –18.34 –0.66 –900.17 –24.64 –1215.05 –30.61 8587.40 4608.77 Computer 8265.15 8134.34 8134.34 137.60 1.72 3020.30 59.06 2255.34 38.36 457.36 298.17 Telecom 424.96 416.35 416.91 0.19 0.05 34.91 9.14 28.40 7.31

RussellIndexes

1989.08 1224.45 1000 1972.73 1947.02 1947.02 4.01 0.21 298.32 18.09 162.81 9.12 1705.22 991.16 2000 1649.05 1621.65 1633.81 –3.74 –0.23 98.33 6.40 –34.66 –2.08 2089.83 1288.04 3000 2077.68 2051.06 2051.06 3.70 0.18 302.99 17.33 158.81 8.39 1365.33 838.37 Value-v 1226.31 1208.73 1215.25 –1.86 –0.15 –43.48 –3.45 –132.41 –9.83 2350.43 1322.15 Growth-v 2306.95 2268.62 2268.62 12.00 0.53 649.16 40.09 498.10 28.13 2472.07 1471.40 MidCap 2452.77 2431.07 2436.51 1.48 0.06 203.82 9.13 54.60 2.29

Others

6789.54 3854.81 Value Line-a 6714.56 6634.18 6658.93 –12.29 –0.18 494.23 8.02 0.23 0.00 562.05 305.71 Value Line-g 492.23 486.14 487.78 –1.37 –0.28 –29.81 –5.76 –64.41 –11.66 11510.08 6621.12 DJ US Small TSM11089.0410928.72 10991.77 –18.64 –0.17 573.25 5.50 –273.22 –2.43 767.01 455.11 Barron's 400 767.01 758.47 762.27 2.56 0.34 80.28 11.77 30.04 4.10

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

Renasant RNST 560,000 14,560,000 10/6/20 Morgan, Bartow AF

DenaliTherapeutics DNLI 221,094 8,843,760 10/9/20 Ho, Carole O

AmicusTherapeutics FOLD 193,700 2,885,162 10/9/20 Do, Hung AF

SlackTechnologies WORK 160,745 4,573,195 10/7/20 Butterfield, Daniel AF

Pinterest PINS 105,000 4,580,549 10/6/20 Silbermann, Benjamin O

Masimo MASI 100,000 24,013,000 10/7/20 Kiani, Joe AF

PennymacFinancialServices PFSI 90,000 5,417,000 10/7/20 Spector, David CEO

E.L.F.Beauty ELF 73,000 1,496,500 10/8/20 Baruch, Richard AF

STOCKVOLUME

Last Prev. Year YOY Week Week Ago %Chg

NYSE(a) 3,898,075 4,337,426 3,971,895 -1.86 30 Dow Inds (b) 2,076,733 1,733,472 1,139,583 82.24 20 Dow Trans (b) 547,531 769,859 254,036 115.53 15 Dow Utils (b) 211,218 228,613 182,123 15.98 65 Dow Stks (b) 2,835,482 2,731,944 1,575,742 79.95 NYSE American (a) 67,346 99,621 46,463 44.95 Nasdaq(d) 17,259,738 18,824,118 9,032,606 91.08 NYSE 15 Most Active Average Price 23.85 30.20 13.51 76.54 % Tot Vol 24.34 15.80 14.22 71.17 Stock Offerings $(z,v) 5,529,300 r9,897,400 3,067,300 80.27

DailyStockVolume

Daily 10/12 10/13 10/14 10/15 10/16

NYSE(a) 744,911 755,377 763,256 749,224 885,307 30 Inds (b) 489,775.4 528,267.1 370,799.2 328,939.1 358,951.9 20 Trans (b) 107,672.0 137,683.4 100,206.8 97,629.4 104,339.6 15 Utils (b) 44,206.4 52,496.1 38,646.0 34,506.2 41,363.3 65 Stks (b) 641,653.8 718,446.6 509,651.9 461,074.7 504,654.9 NYSE Amer(a) 12,649 16,874 13,556 13,329 10,938 Nasd(d) 3,933,082 3,602,745 3,387,388 3,247,656 3,088,867 NYSE 15 Most Active Avg. Price 21.10 28.37 16.85 26.22 33.46 % Tot Vol 17.69 16.55 26.75 25.10 38.58 Numbersinthousandssavepriceandpercentages.(a)Primary volume. (b)Compositevolume.(d)asof4:10pm.(r)Revised.(v) W/EThursday.(z)Source:Refinitiv.

Divs Yield % 2.99 3.02 2.91 Divs $ 26.43 26.43 25.21 Mkt to Book 2.36 2.34 2.33 Book Value $ 374.40 374.40 370.98

S&P500Index 3483.81 3477.13 2986.20 P/E Ratio 35.11 35.04 22.08 Earns Yield % 2.85 2.85 4.53 Earns $ 99.23 99.23 135.27 Divs Yield % 1.64 1.64 1.98 Divs $ 57.13 57.02 59.13 Mkt to Book 3.81 3.80 3.51 Book Value $ 914.49 914.49 851.62

S&PIndIndex 4938.11 4919.67 4018.24 P/E Ratio 40.74 40.58 24.31 Earns Yield % 2.45 2.46 4.11 Earns $ 121.22 121.22 165.30 Divs Yield % 1.46 1.47 1.84 Divs $ 72.10 72.32 73.94 Mkt to Book 5.23 5.21 4.55 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

N D J F M A M J J A SO

EURO in $ s

YEN in $

s

DXY (93.72)

s

Source: Tullett Prebon

On the Rise:The U.S. dollar index ended at 93.72 Friday, up 0.7% on the week. One

reason: fear of lockdowns in parts of the euro zone, where Covid-19 is surging again.

BARRON'S50-STOCKAVERAGE

This index is an weighted average of 50 leading issues.

Useful in security valuation. Source: Barron's Stats

Oct15 Oct8 Oct Yr-to-Yr 2020 2020 2019 %Chg

S&P 500 Index 3483.34 3446.83 2979 16.93

Barron's 50 Index 9208.47 9159.43 9341 –1.42

Projected quarterly earn 48.82 47.62 91.39 –46.58

Annualized projected earn 195.29 190.49 365.58 –46.58

Annualized projected P/E 47.15 48.08 25.6 84.54

Five-year average earn 394.05 394.05 391.09 0.76

Five-year average P/E 23.37 23.24 23.9 –2.16

Year-end earn 348.41 348.41 397.70 –12.40

Year-end P/E 26.43 26.29 23.5 12.53

Year-end earns yield, % 3.78 3.80 4.3 –11.14

Best grade bond yields, % 1.52 1.61 2.62 –41.98

Bond yields/stock ylds, % 0.40 0.42 0.62 –34.71

Actual year-end divs 223.45 223.45 216.48 3.22

Actual yr-end divs yld, % 2.43 2.44 2.32 4.70

ComingU.S.Auctions

Yields(%)

Day When Last Issued* Auction

M

$54.0bil 3-month 0.110 0.105

$51.0bil 6-month 0.125 0.115

TH

$17.0bil 5-year 0.314 0.275

*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 28.48 Amgen 12.76 6.25 16.36 Apple 3.29 0.795 20.37 Boeing (5.05)Suspended(15.31) Caterpillar 6.45 4.12 26.52 Chevron Corp (4.66) 5.06 76.62 Cisco Sys 2.63 1.41 7.90 Coca Cola 2.12 1.63 4.43 Disney Walt (0.62) 1.76 49.90 Dow (2.68) 2.80 18.26 Goldman Sachs18.85 5.00227.62 Home Depot 10.91 5.86 (2.89) Honeywell 8.13 3.60 26.01 IBM 9.18 6.50 23.49 Intel 5.43 1.305 18.07

Book Earns Divs. Value

Johnson&John 6.36 3.86 22.59 JPMorgChase 7.65 3.60 75.98 McDonalds 6.31 5.00(11.00) Merck Co 4.10 2.44 10.20 Microsoft 5.75 2.04 15.63 Nike Inc 1.67 0.98 5.17 Proc Gam 4.96 3.0732 18.40 3M Co 8.82 5.85 17.50 Salesforce.com 2.56 0.00 37.95 Travelers Cos 7.02 3.34101.54 UnitedHealth Grp17.41 4.66 60.78 Verizon 4.612.472514.84 Visa 5.25 1.20 13.53 Walgreens 0.50 1.84 26.26 Wal-mart 6.27 2.15 26.36

TransportationStocks Alaska Air Group 0.46Suspended35.21 American Airlines(8.17)Suspended(0.28) Avis Budget Grp(4.67) Nil 8.86 C.H. Robinson 3.43 2.04 12.39 CSX Corp 3.72 1.02 15.32 Delta Air Lines(16.61)Suspended23.89 Expeditors Int'l 3.51 1.02 12.94 FedEx 6.77 2.60 69.84 Hunt (JB) 4.85 1.07 21.34 JetBlue Air (0.96) Nil 17.02

KC Southern 6.05 1.60 45.95 Kirby Corp (2.88) Nil 56.18 Landstar Sys 4.29 0.765 18.28 Matson Inc 2.05 0.89 18.78 Norf So 8.04 3.76 58.87 Ryder Sys (6.03) 2.24 46.48 Southwest Air 0.40 0.72 18.94 Un Pacific 8.06 3.88 26.19 UPS 5.03 3.99 3.81 United Airlines (6.13) Nil 45.90

UtilityStocks AES Corp. 0.30 0.5664 4.51 Am Elec 3.85 2.80 39.73 American Water Works 3.52 2.10 33.85 CenterPt Energy(1.61) 1.015 13.18 Con Ed 3.99 3.01 54.12 Dominion Energy 0.74 3.7375 35.33 Duke Energy 2.81 3.80 61.20 Edison Int'l 3.11 2.5536.75

Exelon 2.71 1.51 33.12 FirstEnergy 1.24 1.55 12.90 NextEra Energy 7.25 5.45 75.67 NiSource Inc. (0.32) 0.81 13.36 Pub Sv Ent 3.42 1.94 29.94 Sempra Energy 14.53 4.102 60.58 Southn Co. 3.08 2.52 25.03

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

Alphatec 11,428,570 $8.75 $99,999,988

Americold Realty Trust 31,900,000 $38.00$1,212,200,000

Eton Pharmaceuticals 2,800,000 $7.00 $19,600,000

Ocular Therapeutix 7,180,000 $9.75 $70,005,000

Royal Caribbean 8,333,333 $60.00 $499,999,980

Royalty Pharma 17,343,037 $42.00 $728,407,554

Sapiens International 3,389,830 $29.50 $99,999,985

SI-BONE 3,668,560 $22.00 $80,708,320

TransAct Technologies 1,200,000 $7.10 $8,520,000

VivoPower International 2,941,176 $8.50 $24,999,996

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 69.5% 58.6% 42.0%

CurrentMarketExposure:100%Equities,0%Bonds,0%Cash Source:DeltaInvestmentManagement http://www.deltaim.com,(415)249-6337