Barron's - USA (2020-12-07)

December 7, 2020 BARRON’S M35

STOCKVOLUME

Last Prev. Year YOY

Week Week Ago %Chg

NYSE(a) 5,841,329 3,678,198 3,602,209 62.16

30 Dow Inds (b) 2,153,426 1,326,602 899,054 139.52

20 Dow Trans (b) 999,474 719,954 128,708 676.54

15 Dow Utils (b) 293,987 185,142 202,453 45.21

65 Dow Stks (b) 3,446,887 2,231,698 1,230,216 180.19

NYSE American (a) 115,788 101,574 43,646 165.29

Nasdaq(d) 29,514,187 19,635,658 10,812,257 172.97

NYSE 15 Most Active

Average Price 19.81 23.02 15.43 28.39

% Tot Vol 22.68 23.84 14.23 59.38

Stock Offerings $(z,v) 14,201,900 r2,646,100 6,850,200 107.32

DailyStockVolume

Daily 11/30 12/1 12/2 12/3 12/4

NYSE(a) 1,850,947 1,044,952 997,182 973,220 975,029

30 Inds (b) 561,205.9 435,436.6 385,281.2 408,410.0 363,092.3

20 Trans (b) 186,442.8 150,122.2 171,665.6 285,469.2 205,774.3

15 Utils (b) 84,464.5 60,261.7 48,575.3 47,392.9 53,292.8

65 Stks (b) 832,113.2 645,820.5 605,522.1 741,272.2 622,159.3

NYSE Amer(a) 28,670 27,886 25,391 17,128 16,714

Nasd(d) 7,693,139 6,452,547 5,152,814 5,197,322 5,018,365

NYSE 15 Most Active

Avg. Price 19.77 20.02 35.84 34.76 18.67

% Tot Vol 20.34 26.62 27.17 20.55 21.14

Numbersinthousandssavepriceandpercentages.(a)Primary

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

W/EThursday.(z)Source:Refinitiv.

Last Prev. Year

Week Week Ago

DJIndAvg 30218.26 29910.37 28015.06

P/E Ratio 29.55 29.51 20.69

Earns Yield % 3.38 3.39 4.83

Earns $ 1022.52 1013.70 1354.19

Divs Yield % 1.97 1.98 2.26

Divs $ 595.04 592.47 634.32

Mkt to Book 4.52 4.47 4.30

Book Value $ 6688.86 6688.86 6512.92

DJTransAvg 12742.08 12561.43 10708.54

P/E Ratio 0.00 0.00 18.12

Earns Yield % 0.00 0.00 5.52

Earns $ (94.29) (94.29) 590.92

Divs Yield % 1.20 1.21 1.59

Divs $ 152.47 152.52 170.24

Mkt to Book 3.76 3.71 3.31

Book Value $ 3389.19 3389.19 3239.67

DJUtilityAvg 856.13 873.18 855.04

P/E Ratio 23.18 23.65 24.46

Earns Yield % 4.31 4.23 4.09

Earns $ 36.93 36.93 34.95

THEWEEKINSTOCKSFORTHEMAJORINDEXES

12-Month Weekly Friday Weekly 12-Month ChangeFrom

High Low High Low Close Chg. %Chg. Chg. %Chg. 12/31 %Chg.

DowJonesIndexes

30218.26 18591.93 30 Indus 30218.2629638.64 30218.26 307.89 1.03 2203.20 7.86 1679.82 5.89

12742.08 6703.63 20 Transp 12742.0812450.17 12742.08 180.65 1.44 2033.54 18.99 1840.80 16.89

960.89 610.89 15 Utilities 874.66 856.13 856.13 –17.05 –1.95 1.09 0.13 –23.04 –2.62

10072.95 6100.31 65 Comp 10067.98 9901.74 10067.98 70.15 0.70 866.80 9.42 681.50 7.26

DowJonesIndexes

38454.30 22462.76 US TSM Float 38454.3037581.62 38454.30 654.94 1.73 6255.00 19.43 5418.92 16.40

930.38 547.67 US Market 930.38 910.28 930.38 15.62 1.71 149.83 19.20 129.63 16.19

943.35 487.28 Internet 943.35 934.83 943.35 3.57 0.38 332.66 54.47 314.88 50.10

NewYorkStockExchange

14417.33 8777.38 Comp-z 14417.3314006.47 14417.33 218.83 1.54 829.03 6.10 504.30 3.62

8908.29 5036.38 Financial-z 8194.18 7887.93 8194.18 162.88 2.03 –341.53 –4.00 –505.92 –5.82

19818.87 12991.76 Health Care-z 19818.8719390.40 19818.87 476.77 2.46 2276.06 12.97 1748.77 9.68

10251.47 4032.17 Energy-z 6854.20 6232.84 6854.20 241.72 3.66 –2718.75 –28.40 –3183.11 –31.71

NYSEAmericanStockExchange

2626.91 1317.22 NYSE Amer Comp2334.65 2224.30 2334.65 42.01 1.83 –118.81 –4.84 –217.91 –8.54

2852.12 1742.29 Major Mkt 2713.26 2646.30 2713.26 38.42 1.44 –52.66 –1.90 –61.44 –2.21

Standard&Poor'sIndexes

1692.62 1040.00 100 Index 1692.62 1658.77 1692.62 26.75 1.61 290.31 20.70 250.45 17.37

3699.12 2237.40 500 Index 3699.12 3621.63 3699.12 60.77 1.67 553.21 17.59 468.34 14.50

5211.34 3123.44 Indus 5211.34 5106.93 5211.34 93.19 1.82 964.35 22.71 839.72 19.21

2244.94 1218.55 MidCap 2244.94 2168.50 2244.94 39.02 1.77 222.96 11.03 181.92 8.82

1085.44 595.67 SmallCap 1085.44 1034.51 1085.44 25.77 2.43 83.31 8.31 64.26 6.29

NasdaqStockMarket

12464.23 6860.67 Comp 12464.2312198.74 12464.23 258.39 2.12 3807.70 43.99 3491.63 38.91

12528.48 6994.29 100 Index 12528.4812268.32 12528.48 270.27 2.20 4131.11 49.20 3795.41 43.46

9876.79 5239.66 Indus 9876.79 9726.23 9876.79 68.12 0.69 3293.74 50.03 3069.09 45.08

10673.14 6343.13 Insur 9854.85 9548.64 9854.85 136.73 1.41 –7.68 –0.08 –137.09 –1.37

4011.98 2136.72 Banks 3469.45 3255.77 3469.45 86.66 2.56 –394.75 –10.22 –499.38 –12.58

8587.40 4608.77 Computer 8571.72 8375.95 8571.72 235.47 2.82 2947.26 52.40 2692.72 45.80

468.38 298.17 Telecom 468.38 457.55 468.38 10.08 2.20 102.28 27.94 79.87 20.56

RussellIndexes

2082.21 1224.45 1000 2082.21 2037.36 2082.21 35.05 1.71 343.64 19.77 298.00 16.70

1892.45 991.16 2000 1892.45 1819.82 1892.45 37.18 2.00 258.61 15.83 223.98 13.42

2204.08 1288.04 3000 2204.08 2154.29 2204.08 37.48 1.73 359.65 19.50 311.84 16.48

1365.33 838.37 Value-v 1341.16 1302.19 1341.16 24.13 1.83 21.28 1.61 –6.50 –0.48

2356.36 1322.15 Growth-v 2356.36 2322.55 2356.36 37.05 1.60 639.42 37.24 585.84 33.09

2694.17 1471.40 MidCap 2694.17 2624.30 2694.17 52.69 1.99 361.72 15.51 312.26 13.11

Others

7784.21 3854.81 Value Line-a 7784.21 7459.28 7784.21 201.03 2.65 1308.58 20.21 1125.51 16.90

562.05 305.71 Value Line-g 562.00 539.16 562.00 13.68 2.49 23.70 4.40 9.81 1.78

12747.70 6621.12 DJ US Small TSM12747.7012222.64 12747.70 291.35 2.34 1723.39 15.63 1482.71 13.16

824.21 455.11 Barron's 400 824.21 802.70 824.21 12.04 1.48 108.38 15.14 91.98 12.56

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

Southern Copper SCCO 500,000 28,000,000 11/24/20 Larrea Mota Velasco, Genaro D

Trane Technologies TT 232,115 33,953,782 11/27/20 Lamach, Michael O

Liveramp RAMP 173,963 9,889,460 11/23/20 Howe, Scott UT

Liveramp RAMP 170,962 9,486,186 11/24/20 Howe, Scott UT

Ringcentral RNG 164,589 49,992,563 11/20/20 Shmunis, Vladimir AF

Nuance Communications NUAN 117,946 4,940,700 11/24/20 Benjamin, Mark OE

Zentalis Pharmaceuticals ZNTL 107,176 4,930,096 11/23/20 Sun, Anthony AF

Pinterest PINS 105,000 6,675,633 11/24/20 Silbermann, Benjamin O

Nuance Communications NUAN 102,833 4,113,320 11/23/20 Tempesta, Daniel UT

Enphase Energy ENPH 100,000 13,941,968 11/27/20 Ranhoff, David UT

Divs Yield % 3.20 3.16 2.98

Divs $ 27.41 27.63 25.52

Mkt to Book 2.29 2.33 2.30

Book Value $ 374.40 374.40 370.98

S&P500Index 3699.12 3638.35 3145.91

P/E Ratio 37.28 36.67 23.26

Earns Yield % 2.68 2.73 4.30

Earns $ 99.23 99.23 135.27

Divs Yield % 1.56 1.59 1.90

Divs $ 57.71 57.85 59.77

Mkt to Book 4.05 3.98 3.69

Book Value $ 914.49 914.49 851.62

S&PIndIndex 5211.34 5118.15 4246.99

P/E Ratio 42.99 42.22 25.69

Earns Yield % 2.33 2.37 3.89

Earns $ 121.22 121.22 165.30

Divs Yield % 1.40 1.43 1.76

Divs $ 72.96 73.19 74.75

Mkt to Book 5.52 5.42 4.81

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

J F M A M J J A S O N

EURO in $

s

YEN in $

s

DXY (90.85)

s

Source: Tullett Prebon

Diving for Dollars:Lockdowns and a lower-than-hoped-for November jobs report

weakened the dollar—dropping the U.S. Dollar Index 1% for the week, to 90.85.

DAILYCBOEVIXINDEX

Week

Ended Open High Low Last Chg.

2020

Dec. 4 21.05 21.15 19.97 20.79 – 0.49

(^3) 21.24 21.88 20.72 21.28 + 0.11
(^2) 21.00 21.25 20.04 21.17 + 0.40
(^1) 20.21 20.92 20.00 20.77 + 0.20
Nov. 30 22.64 22.89 20.48 20.57 – 0.27
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

2017. r-Revised data

Market Laboratory

BARRON'S50-STOCKAVERAGE

This index is an weighted average of 50 leading issues.

Useful in security valuation. Source: Barron's Stats

Dec3 Nov25 Dec Yr-to-Yr

2020 2020 2019 %Chg

S&P 500 Index 3666.72 3629.65 3182.82 15.20

Barron's 50 Index 9830.21 9879.50 9690 1.44

Projected quarterly earn 101.31 101.31 76.21 32.93

Annualized projected earn 405.23 405.23 304.85 32.93

Annualized projected P/E 24.26 24.38 31.8 –23.69

Five-year average earn 397.36 397.36 388.06 2.40

Five-year average P/E 24.74 24.86 25.0 –0.93

Year-end earn 288.52 288.52 382.52 –24.57

Year-end P/E 34.07 34.24 25.3 34.49

Year-end earns yield, % 2.94 2.92 3.9 –25.65

Best grade bond yields, % 1.36 1.47 2.67 –49.06

Bond yields/stock ylds, % 0.46 0.50 0.68 –31.50

Actual year-end divs 222.22 222.40 219.58 1.20

Actual yr-end divs yld, % 2.26 2.25 2.27 –0.24

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 12.62 6.40 16.36

Apple 3.28 0.8075 20.37

Boeing (7.89)Suspended(15.31)

Caterpillar 6.01 4.12 26.52

Chevron Corp (6.14) 5.16 76.62

Cisco Sys 2.46 1.43 7.90

Coca Cola 1.92 1.64 4.43

Disney Walt (1.59) 0.88 49.90

Dow (3.17) 2.80 18.26

Goldman Sachs18.01 5.00227.62

Home Depot 11.56 6.00(2.89)

Honeywell 6.97 3.63 26.01

IBM 8.84 6.51 23.49

Intel 5.10 1.32 18.07

Book

Earns Divs. Value

Johnson&John 6.36 3.9822.59

JPMorgChase 7.65 3.60 75.98

McDonalds 6.55 5.04(11.00)

Merck Co 4.52 2.44 10.20

Microsoft 6.19 2.09 15.63

Nike Inc 1.67 1.01 5.17

Proc Gam 5.23 3.118 18.40

3M Co 8.53 5.88 17.50

Salesforce.com 3.83 0.00 37.95

Travelers Cos 8.75 3.34101.54

UnitedHealth Grp 17.41 4.8360.78

Verizon 4.41 2.4725 14.84

Visa 4.88 1.22 13.53

Walgreens 0.50 1.85 26.26

Wal-mart 6.92 2.15 26.36

TransportationStocks

Alaska Air Group(5.63)Suspended35.21

American Airlines(13.84)Suspended(0.28)

Avis Budget Grp(6.54) Nil 8.86

C.H. Robinson 3.36 2.04 12.39

CSX Corp 3.60 1.04 15.32

Delta Air Lines (16.61)Suspended23.89

Expeditors Int'l 3.71 1.0412.94

FedEx 6.77 2.60 69.84

Hunt (JB) 4.85 1.08 21.34

JetBlue Air (3.03) Nil 17.02

KC Southern 6.05 1.60 45.95

Kirby Corp (3.22) Nil 56.18

Landstar Sys 4.55 0.79 18.28

Matson Inc 2.75 0.90 18.78

Norf Southern 7.77 3.76 58.87

Ryder Sys (3.86) 2.24 46.48

Southwest Air (2.79) 0.00 18.94

Un Pacific 7.85 3.88 26.19

UPS 5.26 4.04 3.81

United Airlines (16.45) Nil 45.90

UtilityStocks

AES Corp. (0.52) 0.5732 4.51

Am Elec 3.87 2.84 39.73

American Water Works 3.65 2.15 33.85

Atmos Energy 4.91 2.34 48.18

Con Ed 4.04 3.06 54.12

Dominion Energy(0.02) 3.4535.33

Duke Energy 2.73 3.82 61.20

Edison Int'l 0.99 2.55 36.75

Exelon 2.43 1.53 33.12

FirstEnergy 1.35 1.56 12.90

NextEra Energy 1.99 1.40 75.67

Xcel Energy 2.80 1.695 25.24

Pub Sv Ent 3.77 1.94 29.94

Sempra Energy 12.90 4.102 60.58

Southn Co. 3.00 2.54 25.03

ComingU.S.Auctions

Yields(%)

Day When Last

Issued* Auction

M

$54.0bil 3-month 0.088 0.086

$51.0bil 6-month 0.100 0.091

T

$56.0bil 3-year 0.202 0.250

W

$38.0bil 9-yr11ms 0.967 0.960

*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 85.5% 83.1% 81.5%

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

Source:DeltaInvestmentManagement

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