Barron's - USA (2021-02-08)

February 8, 2021 BARRON’S M35

STOCKVOLUME

Last Prev. Year YOY Week Week Ago %Chg

NYSE(a) 5,105,423 6,851,574 4,827,963 5.75 30 Dow Inds (b) 1,632,216 2,431,068 1,726,875 -5.48 20 Dow Trans (b) 539,542 1,133,436 343,172 57.22 15 Dow Utils (b) 219,795 318,864 211,497 3.92 65 Dow Stks (b) 2,391,553 3,883,367 2,281,544 4.82 NYSE American (a) 250,010 250,763 86,197 190.04 Nasdaq(d) 35,347,778 42,195,366 11,936,818 196.12 NYSE 15 Most Active Average Price 33.13 41.06 15.55 113.05 % Tot Vol 21.94 34.43 18.44 18.98 Stock Offerings $(z,v) 14,799,400r21,236,5005,708,600 159.25

DailyStockVolume Daily 2/1 2/2 2/3 2/4 2/5 NYSE(a) 1,045,884 1,111,246 1,009,123 1,003,439 935,731 30 Inds (b) 350,235.4 338,174.8 307,312.6 341,492.4 295,001.3 20 Trans (b) 107,668.4 109,939.5 125,580.3 110,504.5 85,848.9 15 Utils (b) 46,459.2 50,605.7 43,597.0 42,481.8 36,651.5 65 Stks (b) 504,362.9 498,720.0 476,489.9 494,478.7 417,501.8 NYSE Amer(a) 77,367 40,201 32,234 48,388 51,820 Nasd(d) 6,974,470 7,177,137 7,419,547 7,170,551 6,606,073 NYSE 15 Most Active Avg. Price 27.87 28.84 27.23 24.35 29.36 % Tot Vol 26.62 25.97 19.67 18.55 22.94 Numbersinthousandssavepriceandpercentages.(a)Primary volume. (b)Compositevolume.(d)asof4:10pm.(r)Revised.(v) W/EThursday.(z)Source:Refinitiv.

Last Prev. Year Week Week Ago

DJIndAvg 31148.24 29982.62 29102.51
P/E Ratio 32.55 30.90 22.68
Earns Yield % 3.07 3.24 4.41
Earns $ 956.86 970.41 1283.39
Divs Yield % 1.90 1.97 2.19
Divs $ 590.41 590.21 638.43
Mkt to Book 4.66 4.48 4.47
Book Value $ 6688.86 6688.86 6512.92

DJTransAvg 12788.51 12087.99 10857.73
P/E Ratio 0.00 0.00 18.37
Earns Yield % 0.00 0.00 5.44
Earns $ (250.41) (228.23) 591.15
Divs Yield % 1.20 1.27 1.58
Divs $ 153.40 153.03 171.47
Mkt to Book 3.77 3.57 3.35
Book Value $ 3389.19 3389.19 3239.67

DJUtilityAvg 872.25 852.40 931.83
P/E Ratio 23.76 23.33 26.07
Earns Yield % 4.21 4.29 3.84
Earns $ 36.71 36.53 35.74

THEWEEKINSTOCKSFORTHEMAJORINDEXES

12-Month Weekly Friday Weekly 12-Month ChangeFrom High Low High Low Close Chg. %Chg. Chg. %Chg. 12/31 %Chg.

DowJonesIndexes
31188.38 18591.93 30 Indus 31148.2430211.91 31148.24 1165.62 3.89 2045.73 7.03 541.76 1.77
13126.00 6703.63 20 Transp 12788.5112250.00 12788.51 700.52 5.80 1930.78 17.78 281.58 2.25
960.89 610.89 15 Utilities 872.25 856.58 872.25 19.85 2.33 –59.58 –6.39 7.61 0.88
10354.18 6100.31 65 Comp 10287.50 9963.34 10287.50 410.49 4.16 705.84 7.37 178.79 1.77

DowJonesIndexes
41074.00 22462.76 US TSM Float 41074.0039729.11 41074.00 2017.51 5.17 7107.78 20.93 1854.38 4.73
986.12 547.67 US Market 986.12 955.13 986.12 46.72 4.97 161.46 19.58 38.77 4.09
1068.89 487.28 Internet 1068.89 1004.67 1068.89 90.38 9.24 393.11 58.17 107.32 11.16
NewYorkStockExchange
15097.28 8777.38 Comp-z 15069.6014596.18 15069.60 672.40 4.67 1137.67 8.17 544.80 3.75
8908.29 5036.38 Financial-z 8578.44 8206.87 8578.44 505.83 6.27 –200.03 –2.28 285.59 3.44
20901.84 12991.76 Health Care-z 20311.1120215.98 20272.86 64.76 0.32 2001.23 10.95 227.19 1.13
9229.93 4032.17 Energy-z 7127.68 6780.43 7127.68 393.84 5.85 –1943.65 –21.43 624.90 9.61
NYSEAmericanStockExchange
2556.97 1317.22 NYSE Amer Comp2529.82 2454.54 2529.82 113.67 4.70 125.59 5.22 168.92 7.15
2852.12 1742.29 Major Mkt 2777.89 2681.52 2777.89 112.77 4.23 –40.37 –1.43 30.87 1.12
Standard&Poor'sIndexes
1790.11 1040.00 100 Index 1790.11 1737.10 1790.11 80.36 4.70 292.04 19.49 69.61 4.05
3886.83 2237.40 500 Index 3886.83 3773.86 3886.83 172.59 4.65 559.12 16.80 130.76 3.48
5482.85 3123.44 Indus 5482.85 5335.26 5482.85 236.63 4.51 963.07 21.31 185.57 3.50
2476.67 1218.55 MidCap 2476.67 2388.77 2476.67 136.55 5.84 427.37 20.85 170.05 7.37
1252.75 595.67 SmallCap 1252.75 1210.25 1252.75 64.04 5.39 250.70 25.02 133.82 11.96

NasdaqStockMarket
13856.30 6860.67 Comp 13856.3013403.39 13856.30 785.60 6.01 4335.78 45.54 968.01 7.51
13603.96 6994.29 100 Index 13603.9613248.90 13603.96 678.58 5.25 4202.86 44.71 715.67 5.55
11146.43 5239.66 Indus 11146.4310781.79 11146.43 662.51 6.32 3962.38 55.16 749.60 7.21
10673.14 6343.13 Insur 10301.26 9828.15 10301.26 658.95 6.83 –87.04 –0.84 214.83 2.13
4005.13 2136.72 Banks 3974.95 3767.37 3972.37 277.29 7.50 158.39 4.15 425.48 12.00
9457.18 4608.77 Computer 9457.18 9171.93 9457.18 528.05 5.91 3059.82 47.83 639.65 7.25
480.61 298.17 Telecom 480.61 466.73 478.83 18.59 4.04 80.91 20.33 4.69 0.99
RussellIndexes
2204.27 1224.45 1000 2204.27 2135.96 2204.27 102.91 4.90 364.60 19.82 83.41 3.93
2233.33 991.16 2000 2233.33 2126.16 2233.33 159.69 7.70 576.55 34.80 258.47 13.09
2350.17 1288.04 3000 2350.17 2274.54 2350.17 113.80 5.09 403.82 20.75 101.73 4.52
1399.55 838.37 Value-v 1398.29 1349.82 1398.29 63.11 4.73 49.96 3.71 48.66 3.61
2530.59 1322.15 Growth-v 2530.59 2460.75 2530.59 121.79 5.06 654.00 34.85 102.82 4.24
2886.76 1471.40 MidCap 2886.76 2781.27 2886.76 152.13 5.56 473.14 19.60 143.70 5.24
Others
8610.47 3854.81 Value Line-a 8610.47 8269.76 8610.47 495.31 6.10 2059.54 31.44 697.44 8.81
613.87 305.71 Value Line-g 613.87 590.39 613.87 34.32 5.92 73.46 13.59 45.10 7.93
14760.76 6621.12 DJ US Small TSM14760.7614102.63 14760.76 980.46 7.11 3570.95 31.91 1512.09 11.41
914.77 455.11 Barron's 400 914.77 882.69 914.77 48.57 5.61 190.04 26.22 62.58 7.34

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

CogentBiosciences COGT 1,149,030 11,490,300 1/26/21 Wilson, Charles B
AmarinCorporation AMRN 421,629 3,153,785 1/27/21 Ketchum, Steven AF
Smiledirectclub SDC 400,000 5,644,000 1/27/21 Katzman, Steven O
ApolloGlobalManagement APO 250,000 12,135,000 1/27/21 Kleinman, Scott AF
NeurocrineBiosciences NBIX 176,665 20,653,905 1/25/21 Benevich, Eric AF
AngiHomeservices ANGI 160,920 2,231,156 1/27/21 Lowrie, Allison AF
VitalFarms VITL 131,769 3,452,348 1/27/21 Diez-Canseco, Russell AF
AtHome HOME 99,254 2,572,701 1/25/21 Sheetz, Ashley UT
Revolve RVLV 76,180 2,888,746 1/26/21 Pujades, David AF
Stamps.Com STMP 74,813 17,955,120 1/25/21 Jones, James O

Divs Yield % 3.16 3.23 2.75 Divs $ 27.56 27.52 25.67 Mkt to Book 2.33 2.28 2.51 Book Value $ 374.40 374.40 370.98 S&P500Index 3886.83 3714.24 3327.71 P/E Ratio 39.57 37.82 25.04 Earns Yield % 2.53 2.64 3.99 Earns $ 98.22 98.22 132.90 Divs Yield % 1.49 1.58 1.83 Divs $ 57.91 58.68 60.90 Mkt to Book 4.25 4.06 3.91 Book Value $ 914.49 914.49 851.62 S&PIndIndex 5482.85 5246.22 4519.78 P/E Ratio 45.18 43.23 28.08 Earns Yield % 2.21 2.31 3.56 Earns $ 121.36 121.36 160.94 Divs Yield % 1.33 1.38 1.69 Divs $ 72.92 72.40 76.38 Mkt to Book 5.81 5.56 5.12 Book Value $ 944.26 944.26 883.41

Last Prev. Year Week Week Ago

U.S. DOLLAR INDEX vs EURO and YEN

-10

-5

0

5

10

15

20

M A M J J A S O N D JF

EURO in $ s

YEN in $

s

DXY (91.00)

s

Source: Tullett Prebon

Five Colors Bad, One Color Good:With the European Central Bank aiming to slow

the euro’s rise, the greenback lifted the U.S. Dollar Index 0.5% on the week, to 91.

NYSEDATABANK

Latest Preceding Year-Ago Month Month Month

Stock Volume

Bond Volume

(Thous. $) January 0 1,647 0

Customers' margin debt

(Mil $) December 778,037 722,118 579,221

(d)Forperiod r-Revised Source:NYSE.*-Nowincludescompositetrades.

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

BARRON'S50-STOCKAVERAGE

This index is an weighted average of 50 leading issues.

Useful in security valuation. Source: Barron's Stats

Feb4 Jan28 Feb Yr-to-Yr 2021 2021 2020 %Chg

S&P 500 Index 3871.74 3787.38 3267.93 18.48 Barron's 50 Index 9822.19 9682.61 9721 1.04 Projected quarterly earn 36.84 69.30 101.43 –63.68 Annualized projected earn 147.37 277.21 405.71 –63.68 Annualized projected P/E 66.65 34.93 24.1 176.58 Five-year average earn 383.71 390.21 397.94 –3.57 Five-year average P/E 25.60 24.81 24.4 4.77 Year-end earn 314.70 314.70 388.42 –18.98 Year-end P/E 31.21 30.77 25.0 24.61 Year-end earns yield, % 3.20 3.25 4.0 –20.09 Best grade bond yields, % 1.42 1.36 2.29 –37.99 Bond yields/stock ylds, % 0.44 0.42 0.57 –22.88 Actual year-end divs 211.13 211.32 221.29 –4.59 Actual yr-end divs yld, % 2.15 2.18 2.28 –5.85

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 3.76 1.72 28.48 Amgen 12.31 6.40 16.36 Apple 3.28 0.8220.37 Boeing (20.75)Suspended(15.31) Caterpillar 5.46 4.12 26.52 Chevron Corp (2.96) 5.16 76.62 Cisco Sys 2.46 1.44 7.90 Coca Cola 1.92 1.64 4.43 Disney Walt (1.59) 0.00 49.90 Dow (3.17) 2.80 18.26 Goldman Sachs25.40 5.00227.62 Home Depot 11.56 6.00 (2.89) Honeywell 6.72 3.63 26.01 IBM 6.24 6.51 23.49 Intel 4.94 1.33718.07

Book Earns Divs. Value Johnson&John 5.51 3.98 22.59 JPMorgChase 8.87 3.60 75.98 McDonalds 6.55 5.04(11.00) Merck Co 2.77 2.48 10.20 Microsoft 6.70 2.09 15.63 Nike Inc 0.78 1.01 5.17 Proc Gam 5.29 3.162 18.40 3M Co 9.25 5.88 17.50 Salesforce.com 3.83 0.00 37.95 Travelers Cos 10.31 3.37101.54 UnitedHealth Grp 16.03 4.83 60.78 Verizon 4.29 2.485 14.84 Visa 4.88 1.22 13.53 Walgreens (0.81) 1.85 26.26 Wal-mart 6.92 2.16 26.36 TransportationStocks Alaska Air Group(10.56)Suspended35.21 American Airlines(13.84)Suspended(0.28) Avis Budget Grp(6.54) Nil 8.86 C.H. Robinson 3.71 2.04 12.39 CSX Corp 3.60 1.04 15.32 Delta Air Lines (19.51)Suspended23.89 Expeditors Int'l 3.71 1.04 12.94 FedEx 9.19 2.60 69.84 Hunt (JB) 4.74 1.0921.34 JetBlue Air (3.03) Nil 17.02

KC Southern 6.55 1.64 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 7.86 3.8158.87 Ryder Sys (3.86) 2.24 46.48 Southwest Air (2.79) 0.00 18.94 Un Pacific 7.88 3.88 26.19 UPS 1.63 4.04 3.81 United Airlines (16.45) Nil 45.90

UtilityStocks AES Corp. (0.52) 0.579 4.51 Am Elec 3.87 2.84 39.73 American Water Works 3.65 2.2033.85 Atmos Energy 5.15 2.34 48.18 Con Ed 4.04 3.06 54.12 Dominion Energy(0.02) 3.45 35.33 Duke Energy 2.73 3.82 61.20 Edison Int'l 0.99 2.567 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 1.72 25.24 Pub Sv Ent 3.77 1.96 29.94 Sempra Energy 12.90 4.18 60.58 Southn Co. 3.00 2.54 25.03

ComingU.S.Auctions Yields(%) Day When Last Issued* Auction

M

$54.0bil 3-month 0.035 0.065

$51.0bil 6-month 0.055 0.070

T

$58.0bil 3-year 0.176 0.234

W

$41.0bil 10-year 1.155 1.164

TH

$27.0bil 30-year 1.957 1.825

*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 79.3% 84.3% 87.3% CurrentMarketExposure:100%Equities,0%Bonds,0%Cash Source:DeltaInvestmentManagement http://www.deltaim.com,(415)249-6337