M32 BARRON’S September 16, 2019
Market Laboratory
DOWJONESU.S.TOTALMARKETINDUSTRYGROUPS
NetChange %ChangeandRanking 52WeekTop10WeeklyRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low
Aluminum DJUSAL 73.13 + 12.08 –11.79 +19.78 [1] –45.20 [141] –13.88 [140] –2.51 139.89 53.45
Tires DJUSTR 49.62 + 6.42 –22.72 +14.85 [2] –40.55 [139] –31.41 [141] –22.84 87.53 38.71
Nonferrous Metals DJUSNF 143.93 + 17.92 6.02 +14.23 [3] –20.77 [132] +4.36 [125] +1.96 195.44 116.51
Industrial Metals & Mining DJUSIM 176.01 + 17.87 10.12 +11.30 [4] –21.39 [133] +6.10 [121] +4.29 230.85 146.68Steel DJUSST 229.51 + 19.83 19.70 +9.46 [5] –17.90 [127] +9.39 [115] +7.32 286.46 194.84
Marine Transportation DJUSMT 272.09 + 23.14 50.98 +9.30 [6] +8.35 [51] +23.06 [56] +14.46 282.92 204.47
Coal DJUSCL 33.65 + 2.49 –19.13 +7.98 [7] –55.54 [142] –36.24 [142] –5.23 73.76 30.52
Asset Managers DJUSAG 186.17 + 13.52 20.80 +7.83 [8] –7.91 [110] +12.58 [108] +5.07 209.59 154.18Forestry & Paper DJUSFR 162.03 + 11.04 4.31 +7.31 [9] –27.19 [135] +2.73 [127] +6.78 240.51 143.18
Paper DJUSPP 133.92 + 9.13 3.56 +7.31 [10] –27.19 [136] +2.73 [128] +6.78 198.78 118.33
NetChange %ChangeandRanking 52WeekTop10YrAgoRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low
Nondurable Hshld Pdts DJUSHN 964.51 – 7.64 216.90 –.79 [114] +39.53 [1] +29.01 [26] +11.41 977.94 651.09
Gold Mining DJUSPM 93.72 – 1.45 15.06 –1.53 [122] +36.60 [2] +19.14 [74] +3.64 101.10 67.60
Restaurants & Bars DJUSRU 1997.70 – 89.57 414.43 –4.29 [139] +32.02 [3] +26.18 [41] +19.36 2,090.59 1,483.87Water DJUSWU 2661.55 – 86.25 643.31 –3.14 [134] +29.69 [4] +31.87 [18] +17.09 2,818.64 1,916.99
Hshld Goods & Home ConstrDJUSHG 758.07 + 1.94 169.18 +.26 [94] +28.07 [5] +28.73 [27] +8.17 762.21 542.04
Mining DJUSMG 89.66 – .64 12.92 –.71 [113] +23.40 [6] +16.83 [92] +2.60 95.68 69.04
Insurance Brokers DJUSIB 381.58 – 6.25 83.65 –1.61 [123] +23.07 [7] +28.08 [29] +17.13 392.86 283.12Residential REITs DJUSRN 243.63 – 6.65 51.41 –2.66 [130] +20.91 [8] +26.75 [37] +10.90 250.32 185.80
Brdcst & Entertainment DJUSBC 1557.17 + 3.87 341.05 +.25 [95] +18.65 [9] +28.04 [30] +13.14 1,578.17 1,155.17
Specialty Finance DJUSSP 302.50 – 14.47 98.12 –4.57 [141] +18.61 [10] +48.01 [1] +26.94 316.97 190.06Groupsareweightedbycapitalization.52-weekhighsandlowsarebasedondailycloses.Dec.31,1991=100.IntheU.S.listings,%volchg
columnshowsthechangefromprevious65-daymovingaverage.Volumefiguresdonotreflectextendedtradinghours.
(^1) Earningsestimatesareforcalendaryears. (^2) Basedonlatestearningsestimate. Source:ThomsonReuters.
CONSENSUSOPERATINGEARNINGSESTIMATESFORDOWINDUSTRIALS
2019EPS^1 2020EPS^1
4Wks 2019 4Wks 2020
Company Ago Cur P/E^2 Ago Cur P/E^2
2019EPS^1 2020EPS^1
4Wks 2019 4Wks 2020
Company Ago Cur P/E^2 Ago Cur P/E^2
ComingEarnings
Day Consensus Year
Estimate Ago
Continuedfrompage15ofthemainsection.
W
GENERALMILLS(1Q) 0.77 0.71
HERMAN MILLER(1Q) 0.78 0.69
Th
DARDENRESTAURANTS(1Q) 1.35 1.34
SCHOLASTIC(1Q) –1.80 –1.75
(Earningsaredilutedandreportdatesaretentative. Allfore-
castsandhistoricalnumbersexcludeextraordinaryitemsby
accountingdefinitions.)
Source:ThomsonFirstCall
SELECTEDINITIALPUBLICOFFERINGS
Initial Most
Ticker Offer IPO Recent %
Code Price Date Price Chg
AlerusFinancial ALRS 21.00 9/13 22.00 4.8%
Cloudflare NET 15.00 9/13 18.00 20.0%
ExperienceInvest EXPCU 10.00 9/13 10.01 0.1%
SatsumaPharma STSA 15.00 9/13 16.90 12.7%
SpringWorksTherap SWTX 18.00 9/13 22.63 25.7%
10xGenomics TXG 39.00 9/12 52.27 34.0%
SmileDirectClub SDC 23.00 9/12 18.68 -18.8%
NewProvidenceAcquiNPAUU 10.00 9/11 10.03 0.3%
Onlyincludesnewreports. Latest Latest Preceding Year YroYr
EconomicGrowthandInvestment Date Data Period Ago %Chg
No Activity for this Week
Production
Electric power, (mil. kw hrs) (EEI) .................................................. Sept 7 83,846 82,497 86,716 –3.31
Petroleum, related capacity, % ...................................................... Sept 6 95.1 94.8 97.6 –2.56
Rotary rigs running, U.S. & Can., (Hughes).................................... Sept 13 1,020 1,045 1,281 –20.37
Steel, (thous. tons)........................................................................ Sept 7 1,835 1,850 1,879 –2.34
Steel, rated capacity, % (AISI)........................................................ Sept 7 78.8 79.5 80.2 –1.75
ConsumptionandDistribution
Business sales, (mil. $) ................................................................. July 1,462.92 r1,458.63 1,444.50 1.28
Instinet Research Redbook Avg. (monthly %)................................ Sept 7 –0.39 –1.04 0.85 ....
Baltic Dry Index ............................................................................. Sept 13 2,312 2,462 1,366 69.25
Retail store sales, (bil. $) ............................................................... Aug 526.06 r524.17 505.17 4.14
Wholesale sales, (mil. $) ............................................................... July 499,596 r498,133 499,489 0.02
Inventories
Business inventories, (bil. $) ......................................................... July 2,042.65 r2,035.20 1,948.23 4.85
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... Sept 6 416,068 422,980 396,194 5.02
Gasoline, (thous. bbls) .................................................................. Sept 6 228,904 229,586 235,869 –2.95
Inventory–to–sales ratio (Business) .............................................. July 1.40 r1.40 1.35 3.70
Wholesale inventories, (mil. $) ...................................................... July 679,084 r677,905 634,281 7.06
Orders
No Activity for this Week
Latest Latest Preceding Year YroYr
Date Data Period Ago %Chg
PULSEOFTHEECONOMY
Trade
No Activity for this Week
Inflation
JOC–ECRI Industrial Price Index f.................................................. Sept 13 92.15 92.23 103.37 –10.85
Consumer price index b (unadjusted) ............................................ Aug 256.6 256.6 252.1 1.79
Producer price index (finished goods) c......................................... Aug 205.5 206.7 204.9 0.29
Rate of inflation, % (annual, unadjusted)........................................ Aug 1.7 1.8 2.7 ....
Employment
Initial jobless claims (thous.) ........................................................ Sept 7 204 r219 208 –1.92
Continuing claims (mil.) ................................................................ Aug 31 1.670 r1.674 1.706 –2.11
Job openings, (thous.) .................................................................. July 7,217 r7,248 7,442 –3.02
Hires, (thous.)............................................................................... July 5,953 r5,716 5,833 2.06
Total separations, (thous.)............................................................. July 5,759 r5,513 5,675 1.48
Help Wanted Online –Ads (thous,) ................................................. Aug 5,211.2 5,289.1 .... ....
Small Business Optimism Index .................................................... Aug 103.1 104.7 108.8 –5.24
Construction
No Activity for this Week
OtherIndicators
Citi Research Panic–Euphoria Reading .......................................... Sept 13 –0.06 r–0.11 0.43 ....
a-1997equals100.b-1982-84equals100.c-1982equals100.f-1996equals100.h-benchmarkrevision,2016equals100.r-Revised.
EARNINGSSCOREBOARD
LastWeek'sMajorSurprises
Actual
Cons. NetPer
Company Ticker Period Est.^1 Share
Positive
Rh RH 2Q 2.70 3.20
RadiantLogistics RLGT 4Q 0.13 0.15
Casey'sGeneralStores CASY 1Q 2.01 2.31
Brady BRC 4Q 0.61 0.68
Kroger KR 2Q 0.41 0.44
Dave&Buster's PLAY 2Q 0.84 0.90
Ctrip.ComInt'l CTRP 2Q 2.11 2.25
Negative
DuluthHldgs DLTH 2Q 0.10 0.06
(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReutersbeforeactualearningswerereported.
LastWeek'sMajorEstimateChanges
Prev. Last
FY Fri. Fri.
Company Ticker End Cons. Cons.
Positive
ZoomVideoComm ZM 20-Jan 0.03 0.18
FirstMajesticSilver AG 19-Dec -0.05 0.00
LivongoHealth LVGO 19-Dec -1.10 -0.71
Medallia MDLA 20-Jan -0.18 -0.13
KalvistaPharma KALV 20-Apr -1.80 -1.38
Kempharm KMPH 19-Dec -1.26 -1.02
Secureworks SCWX 20-Jan -0.11 -0.09
Zumiez ZUMZ 20-Jan 1.90 2.16
Rh RH 20-Jan 9.44 10.68
CrowdstrikeHldgs CRWD 20-Jan -0.73 -0.64
PanAmericanSilver PAAS 19-Dec 0.34 0.38
Negative
SonimTechnologies SONM 19-Dec -0.19 -0.74
NineEnergyService NINE 19-Dec 0.60 0.03
WhitingPetroleum WLL 19-Dec -0.17 -0.27
RevGrp REVG 19-Oct 0.99 0.64
BancOfCalifornia BANC 19-Dec 0.69 0.47
Meredith MDP 20-Jun 6.58 4.93
CheniereEnergy LNG 19-Dec 1.84 1.53
MrcGlobal MRC 19-Dec 0.78 0.65
Zscaler ZS 20-Jul 0.19 0.16
(^1) Latestconsensusestimateamongindustryanalysts,ascompiled
byThomsonReuters.
3M 9.41 9.43 18.1 10.18 10.14 16.8
AmericanExpress 8.12 8.12 14.7 8.99 8.99 13.2
Apple 11.96 11.94 18.7 13.73 13.59 16.4
Boeing 3.97 4.02 93.5 22.33 22.44 16.7
Caterpillar 11.82 11.78 11.2 12.31 12.27 10.7
Chevron 7.30 6.99 17.4 8.60 8.14 14.9
CiscoSystems 3.25 3.22 15.5 3.54 3.46 14.4
Coca–Cola 2.11 2.11 26.1 2.29 2.29 24.1
Disney 5.54 5.46 25.2 6.09 5.93 23.2
Dow 3.48 3.50 13.4 4.43 4.47 10.5
ExxonMobil 3.48 3.36 21.5 4.86 4.61 15.6
GoldmanSachs 23.27 23.20 9.4 25.40 25.27 8.7
HomeDepot 10.11 10.13 23.1 11.01 10.98 21.3
IBM 12.80 12.81 11.2 13.42 13.45 10.7
Intel 4.39 4.39 12.1 4.45 4.45 11.9
Johnson&Johnson 8.60 8.60 15.2 9.12 9.12 14.3
McDonalds 8.02 8.02 26.5 8.75 8.76 24.2
Merck 4.89 4.91 17.0 5.42 5.47 15.2
Microsoft 5.02 5.02 27.4 5.51 5.52 24.9
Morgan(J.P) 10.23 10.21 11.6 10.55 10.49 11.2
Nike 2.62 2.61 33.5 3.12 3.12 28.1
Pfizer 2.83 2.83 13.2 2.81 2.81 13.3
Procter&Gamble 4.77 4.77 25.8 5.03 5.02 24.4
Travelers 10.70 10.64 13.9 11.54 11.54 12.8
UnitedTechnologies 8.03 8.04 17.1 8.79 8.80 15.6
UnitedHealth 14.83 14.82 15.5 16.66 16.66 13.8
Verizon 4.79 4.80 12.6 4.88 4.89 12.4
Visa 5.61 5.61 31.7 6.52 6.52 27.3
Walgreens 5.93 5.94 9.4 6.07 6.06 9.2
Walmart 4.83 4.92 23.8 5.05 5.13 22.8
Median 17.1 15.1
DJIndustrials 1510.451506.83 18.01773.201766.03 15.4
AMERICANDEBTANDDEFICITS
Latest Preceding YearAgoYearoverYear
Report Report Report %Chg
FederalBudgetDeficit(bil.$)-a......................................... 987FY'20 984FY'19 833FY'18 ....
BudgetSurplus/Deficit(bil.$)-b,August......................... –200.34 –119.70 –214.15 -6.45
TradeDeficit(bil.$,sa)-c,July............................................ –53.99 r-55.51 –52.44 2.96
TreasuryGrossPublicDebt.(bil.$)-d............................... 22,539.5 22,517.3 21,450.8 5.08
TreasuryStatutoryDebtLimit(bil.$)-d............................. 21,987.7 .... ....
ConsumerInstallmentDebt(bil.$)-e,July....................... 4,122.9 r4,099.6 3,915.3 5.30
Sources:a-OfficeofManagementandBudget,b-MonthlyTreasuryStatement,c-MonthlyCommerceDept.Report,d-DailyTreasury
Statement,e-MonthlyFederalReserveRelease.StatutorydebtlimittemporarilysuspendedthroughJuly31,2021.
NYSEHALF-HOURLYVOLUME
Daily 9/09 9/10 9/11 9/12 9/13
9:30-10:00 109,712 130,678 115,982 122,615 104,348
10:00-10:30 51,014 61,223 53,284 63,517 46,887
10:30-11:00 46,370 48,482 44,312 54,494 38,422
11:00-11:30 41,860 41,631 40,399 37,972 37,665
11:30-12:00 32,581 46,951 47,134 32,748 39,147
12:00-12:30 34,084 39,218 31,799 29,311 29,522
12:30-1:00 29,602 30,501 29,184 25,779 27,651
1:00-1:30 22,951 31,893 23,892 25,128 23,606
1:30-2:00 25,888 27,724 28,346 23,719 26,313
2:00-2:30 26,209 30,904 29,760 25,466 24,374
2:30-3:00 28,562 31,955 27,558 27,480 25,917
3:00-3:30 35,247 37,333 33,655 33,505 34,711
3:30-4:00 406,399 379,653 343,757 351,371 360,173
NYSEDATABANK
Latest Preceding Year-Ago
Month Month Month
Stock Volume
Bond Volume
(Thous. $) August 601 1,269 1,336
SecuritySales
Customers' margin debt
(Mil $) July 602,139 596,304 652,790
Customers' credit balances
(Mil $) July 138,703 139,826 148,947
Free credit bal. cash accounts
(Mil $) July 182,613 179,542 178,299
Short interest
(Thous. Shs) Aug. 3116,637,989r16,317,872 14,917,649
Short interest ratio
(d) Aug. 31 5.3 4.2 5.5
(d)Forperiod
r-Revised Source:NYSE.*-Nowincludescompositetrades.