Barron's - USA (2020-10-26)

October 26, 2020 BARRON’S M31

Last Prev. Year Week Week Ago

DJIndAvg 28335.57 28606.31 26958.06

P/E Ratio 26.99 27.04 19.66 Earns Yield % 3.70 3.70 5.09 Earns $ 1049.69 1057.92 1371.01 Divs Yield % 2.08 2.06 2.29 Divs $ 589.26 588.97 616.46 Mkt to Book 4.24 4.28 4.14 Book Value $ 6688.86 6688.86 6512.92

DJTransAvg 11880.13 11836.43 10856.41

P/E Ratio .... 173.00 17.70 Earns Yield % .... 0.58 5.65 Earns $ -86.24 68.42 613.23 Divs Yield % 1.28 1.28 1.54 Divs $ 151.82 151.82 167.01 Mkt to Book 3.51 3.49 3.35 Book Value $ 3389.19 3389.19 3239.67

DJUtilityAvg 893.68 884.52 866.92

P/E Ratio 25.61 25.72 27.75 Earns Yield % 3.91 3.89 3.60 Earns $ 34.90 34.39 31.24

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 28363.6628195.42 28335.57 –270.74 –0.95 1377.51 5.11 –202.87 –0.71 11988.83 6703.63 20 Transp 11880.1311708.09 11880.13 43.70 0.37 1023.72 9.43 978.85 8.98 960.89 610.89 15 Utilities 893.68 877.10 893.68 9.16 1.04 26.76 3.09 14.51 1.65 9710.01 6100.31 65 Comp 9576.20 9484.21 9576.20 –26.82 –0.28 523.88 5.79 189.72 2.02

DowJonesIndexes

36434.12 22462.76 US TSM Float 35587.9035212.38 35587.90 –171.68 –0.48 4664.78 15.09 2552.52 7.73 887.96 547.67 US Market 864.98 856.12 864.98 –4.63 –0.53 115.10 15.35 64.23 8.02 935.01 487.28 Internet 904.36 891.46 904.36 3.15 0.35 296.09 48.68 275.90 43.90

NewYorkStockExchange

14183.20 8777.38 Comp-z 13199.8613018.51 13199.86 30.54 0.23 53.63 0.41 –713.16 –5.13 8908.29 5036.38 Financial-z 7176.62 7002.43 7176.62 85.16 1.20 –1134.21 –13.65 –1523.49 –17.51 19220.29 12991.76 Health Care-z 18963.7318674.12 18963.73 –57.05 –0.30 2707.15 16.65 893.63 4.95 10251.47 4032.17 Energy-z 5240.26 5086.81 5230.47 52.61 1.02 –4426.65 –45.84 –4806.83 –47.89

NYSEAmericanStockExchange

2626.91 1317.22 NYSE Amer Comp2036.51 1993.28 2036.51 24.38 1.21 –443.72 –17.89 –516.05 –20.22 2852.12 1742.29 Major Mkt 2489.75 2464.62 2486.17 -24.88 –0.99 –181.77 –6.81 –288.53 –10.40

Standard&Poor'sIndexes

1675.67 1040.00 100 Index 1596.74 1582.32 1596.74 –14.02 –0.87 256.02 19.10 154.57 10.72 3580.84 2237.40 500 Index 3465.39 3426.92 3465.39 –18.42 –0.53 442.84 14.65 234.61 7.26 5107.48 3123.44 Indus 4902.55 4855.08 4902.55 –35.56 –0.72 837.57 20.60 530.93 12.14 2106.12 1218.55 MidCap 2015.65 1970.13 2015.65 18.31 0.92 56.43 2.88 –47.37 –2.30 1041.03 595.67 SmallCap 933.72 913.09 933.72 10.01 1.08 –34.40 –3.55 –87.46 –8.56

NasdaqStockMarket

12056.44 6860.67 Comp 11548.2811478.88 11548.28 –123.27 –1.06 3305.16 40.10 2575.68 28.71 12420.54 6994.29 100 Index 11692.5711634.35 11692.57 –159.60 –1.35 3663.35 45.63 2959.50 33.89 9421.24 5239.66 Indus 9084.06 9024.08 9076.07 –125.39 –1.36 2588.80 39.91 2268.36 33.32 10673.14 6343.13 Insur 9301.42 9165.65 9301.42 4.67 0.05 –677.70 –6.79 –690.53 –6.91 4011.98 2136.72 Banks 2945.18 2731.99 2945.18 191.40 6.95 –790.03 –21.15 –1023.65 –25.79 8587.40 4608.77 Computer 8057.45 7988.44 8057.45 –76.89 –0.95 2799.68 53.25 2178.45 37.05 457.36 298.17 Telecom 408.20 405.80 405.80 –11.12 –2.67 22.97 6.00 17.28 4.45

RussellIndexes

1989.08 1224.45 1000 1936.27 1916.71 1936.27 –10.75 –0.55 266.86 15.99 152.06 8.52 1705.22 991.16 2000 1640.50 1603.78 1640.50 6.69 0.41 81.79 5.25 –27.97 –1.68 2089.83 1288.04 3000 2040.89 2019.51 2040.89 –10.17 –0.50 270.57 15.28 148.64 7.86 1365.33 838.37 Value-v 1217.57 1198.48 1217.57 2.32 0.19 –59.48 –4.66 –130.10 –9.65 2350.43 1322.15 Growth-v 2240.95 2228.72 2240.95 –27.68 –1.22 604.22 36.92 470.43 26.57 2472.07 1471.40 MidCap 2447.95 2404.58 2447.95 11.44 0.47 190.16 8.42 66.04 2.77

Others

6789.54 3854.81 Value Line-a 6727.62 6588.43 6727.62 68.69 1.03 454.03 7.24 68.92 1.04 562.05 305.71 Value Line-g 492.25 482.53 492.25 4.47 0.92 –33.77 –6.42 –59.94 –10.85 11510.08 6621.12 DJ US Small TSM11048.3110800.32 11048.31 56.54 0.51 463.96 4.38 –216.67 –1.92 767.01 455.11 Barron's 400 761.75 750.18 761.75 –0.52 –0.07 72.44 10.51 29.52 4.03

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

On Semiconductor ON 600,000 15,456,000 10/15/20 Jackson, Keith UT

Paychex PAYX 216,818 17,350,000 10/16/20 Rivera, Efrain O

Evoqua Water Technologies AQUA 165,000 3,994,650 10/12/20 Aulick, Rodney O

Tenable TENB 135,000 5,598,450 10/13/20 Yoran,Amit AF

Match MTCH 125,918 14,150,665 10/15/20 Schiffman, Glenn D

Tradeweb Markets TW 125,596 7,427,747 10/9/20 Olesky,Lee AF

Pinterest PINS 105,000 4,689,722 10/12/20 Silbermann,Benjamin O

Fate Therapeutics FATE 100,000 4,810,000 10/16/20 Tahl, Cindy AF

STOCKVOLUME

Last Prev. Year YOY Week Week Ago %Chg

NYSE(a) 3,996,192 3,898,075 3,705,518 7.84 30 Dow Inds (b) 1,697,967 2,076,733 1,162,264 46.09 20 Dow Trans (b) 746,911 547,531 260,985 186.19 15 Dow Utils (b) 232,132 211,218 232,121 0.00 65 Dow Stks (b) 2,677,010 2,835,482 1,655,369 61.72 NYSE American (a) 65,905 67,346 48,612 35.57 Nasdaq(d) 16,959,941 17,259,738 9,174,589 84.86 NYSE 15 Most Active Average Price 19.53 23.85 11.73 66.50 % Tot Vol 21.37 24.34 18.33 16.58 Stock Offerings $(z,v) 6,907,700 r6,588,300 2,132,500 223.92

DailyStockVolume

Daily 10/19 10/20 10/21 10/22 10/23

NYSE(a) 833,838 755,284 842,284 843,133 721,653 30 Inds (b) 360,923.2 351,453.7 301,106.3 334,388.2 350,095.8 20 Trans (b) 137,713.9 123,092.2 107,956.6 204,207.0 173,941.4 15 Utils (b) 51,306.9 45,280.5 48,817.1 45,016.1 41,711.5 65 Stks (b) 549,944.0 519,826.4 457,880.0 583,611.2 565,748.6 NYSE Amer(a) 13,488 11,562 15,551 13,888 11,416 Nasd(d) 3,437,003 3,497,793 3,469,525 3,416,656 3,138,964 NYSE 15 Most Active Avg. Price 15.29 21.62 24.96 20.95 18.29 % Tot Vol 25.80 22.14 21.15 20.06 21.34 Numbersinthousandssavepriceandpercentages.(a)Primary volume. (b)Compositevolume.(d)asof4:10pm.(r)Revised.(v) W/EThursday.(z)Source:Refinitiv.

Divs Yield % 2.96 2.99 2.91 Divs $ 26.43 26.43 25.21 Mkt to Book 2.39 2.36 2.34 Book Value $ 374.40 374.40 370.98

S&P500Index 3465.39 3483.81 3022.55 P/E Ratio 34.92 35.11 22.34 Earns Yield % 2.86 2.85 4.48 Earns $ 99.23 99.23 135.27 Divs Yield % 1.65 1.64 1.96 Divs $ 57.18 57.13 59.24 Mkt to Book 3.79 3.81 3.55 Book Value $ 914.49 914.49 851.62

S&PIndIndex 4902.55 4938.11 4064.98 P/E Ratio 40.44 40.74 24.59 Earns Yield % 2.47 2.45 4.07 Earns $ 121.22 121.22 165.30 Divs Yield % 1.47 1.46 1.82 Divs $ 72.07 72.10 73.98 Mkt to Book 5.19 5.23 4.60 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 (92.70)

s

Source: Tullett Prebon

Green-Eyed:A stronger euro edged out the dollar this week, and helped tip the

U.S. Dollar Index down 1% to 92.75.

BARRON'S50-STOCKAVERAGE

This index is an weighted average of 50 leading issues.

Useful in security valuation. Source: Barron's Stats

Oct22 Oct15 Oct Yr-to-Yr 2020 2020 2019 %Chg

S&P 500 Index 3453.49 3483.34 2979 15.93

Barron's 50 Index 9118.65 9208.47 9341 –2.38

Projected quarterly earn 53.28 48.82 91.39 –41.71

Annualized projected earn 213.10 195.29 365.58 –41.71

Annualized projected P/E 42.79 47.15 25.6 67.47

Five-year average earn 394.05 394.05 391.09 0.76

Five-year average P/E 23.14 23.37 23.9 –3.11

Year-end earn 348.41 348.41 397.70 –12.40

Year-end P/E 26.17 26.43 23.5 11.44

Year-end earns yield, % 3.82 3.78 4.3 –10.26

Best grade bond yields, % 1.54 1.52 2.62 –41.22

Bond yields/stock ylds, % 0.40 0.40 0.62 –34.50

Actual year-end divs 223.54 223.45 216.48 3.26

Actual yr-end divs yld, % 2.45 2.43 2.32 5.78

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

Abcam plc 10,287,000 $17.50 $180,022,500

Accolade 5,000,000 $38.50 $192,500,000

American Superconductor 3,670,000 $15.00 $55,050,000

Aptinyx 16,100,000 $3.00 $48,300,000

Casella WasteSystems 2,702,500 $56.00 $151,340,000

Milestone Pharmaceuticals 8,572,000 $5.25 $44,955,381

Phreesia 5,000,000 $32.00 $160,000,000

Piedmont Lithium 200,000,000 $25.00 $50,000,000

Replimune 6,250,000 $40.00 $249,999,844

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

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 4.03 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 1.92 1.63 4.43 Disney Walt (0.62) 1.76 49.90 Dow (3.17) 2.80 18.26 Goldman Sachs18.01 5.00227.62 Home Depot 10.91 5.86 (2.89) Honeywell 8.13 3.60 26.01 IBM 8.84 6.50 23.49 Intel 5.10 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 5.23 3.11818.40 3M Co 8.82 5.85 17.50 Salesforce.com 2.56 0.00 37.95 Travelers Cos 8.75 3.34101.54 UnitedHealth Grp 17.41 4.66 60.78 Verizon 4.41 2.4725 14.84 Visa 5.25 1.20 13.53 Walgreens 0.50 1.84 26.26 Wal-mart 6.27 2.15 26.36

TransportationStocks Alaska AirGroup(5.63)Suspended35.21 AmericanAirlines(13.84)Suspended(0.28) Avis Budget Grp(4.67) Nil 8.86 C.H. Robinson 3.43 2.04 12.39 CSX Corp 3.60 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 4.55 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 (2.79) 0.72 18.94 Un Pacific 7.85 3.88 26.19 UPS 5.03 3.99 3.81 United Airlines(16.45) Nil 45.90

UtilityStocks AES Corp. 0.30 0.5664 4.51 Am Elec 3.87 2.80 39.73 American WaterWorks 3.52 2.10 33.85 CenterPt Energy(1.61) 1.015 13.18 Con Ed 3.99 3.01 54.12 DominionEnergy 0.74 3.7375 35.33 Duke Energy 2.81 3.80 61.20 Edison Int'l 3.11 2.55 36.75

Exelon 2.71 1.51 33.12 FirstEnergy 1.24 1.55 12.90 NextEra Energy 7.94 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

ComingU.S.Auctions

Yields(%) Day When Last Issued* Auction

M

$54.0bil 3-month 0.093 0.100 $51.0bil 6-month 0.123 0.115

T $54.0bil 2-year 0.162 0.136

W $55.0bil 5-year 0.369 0.275

TH $53.0bil 7-year 0.596 0.462

*AsofFridayafternoon.

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 63.5% 69.5% 58.6%

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

Barron's - USA (2020-10-26)

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