The Wall Street Journal - 19.08.2019

THE WALL STREET JOURNAL. Monday, August 19, 2019 |B7

Public Offerings of Stock

IPOs in the U.S. Market

None expected this week

Lockup Expirations

Below, companies whose officers and other insiders will become eligible

to sell shares in their newly public companies for the first time. Such

sales can move the stock’s price.

Lockup Offer Offer amt Through Lockup

expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision

Aug. 25 Feb. 26, ’19Super League Gaming SLGG 11.00 25.0 –40.9 180 days

Sources: Dealogic; WSJ Market Data Group

IPO Scorecard

Performance of IPOs, most-recent listed first

% Chg From % Chg From

Company SYMBOL Friday 3 sOffer1st-day Company SYMBOL Friday 3 sOffer1st-day

IPO date/Offer price close ($)price close IPO date/Offer price close ($)price close

9F 9.98 5.1 4.2 AMTD Intl 9.19 9.7 –8.9

JFU Aug. 15/$9.50 HKIB Aug. 5/$8.38

CrossFirst Bankshares 14.65 1.0 0.3 Orisun Acquisition 10.02 0.2 0.2

CFB Aug. 15/$14.50 ORSNU Aug. 2/$10.00

Thunder Bridge Acquisition II10.07 0.7 ... Dynatrace Hldgs 22.39 39.9 –6.1

THBRU Aug. 9/$10.00 DT Aug. 1/$16.00

InMode 19.90 42.1 46.6 Kura Sushi USA 22.50 60.7 14.7

INMD Aug. 8/$14.00 KRUS Aug. 1/$14.00

Silver Spike Acquisition 10.01 0.1 0.1 Sundial Growers 10.54 –18.9 24.3

SSPKU Aug. 8/$10.00 SNDL Aug. 1/$13.00

Sources: Dow Jones Market Data; FactSet

Other Stock Offerings

Secondaries and follow-ons expected this week in the U.S. market

None expected this week

Off the Shelf

“Shelf registrations” allow a company to prepare a stock or bond for

sale, without selling the whole issue at once. Corporations sell as

conditions become favorable. Here are the shelf sales, or takedowns,

over the last week:

Takedown date/ Deal value

Issuer/Industry Registration date ($ mil.) Bookrunner(s)

Platinum Group Metals Aug. 15 $10.4 BMO Cptl Mkts

Mining May 6, 319

Deciphera Pharmaceuticals Aug. 14 $400.0 JPM, Piper Jaffray,

Healthcare Oct. 1, 318 Jefferies

Invesco Mortgage Capital Aug. 14 $222.0 MS, Barclays, BofA ML,

Real Estate/Property Feb. 27, 319 Citi, Credit Suisse, JPM

ACM Research Aug. 14 $25.0 Stifel, Needham & Co

Machinery Dec. 10, 318

Oncolytics Biotech Aug. 14 $3.7 Ladenburg Thalmann

Healthcare April 25, 318

Southern Co Aug. 13 $1,725.0 GS, Barclays, Citi, MS, BNP Paribas,

Utility & Energy Feb. 21, 318 BofA ML, JPM, Scotiabank, WFS

Genpact Aug. 13 $507.4 GS

Professional Services April 22, 319

Portola Pharmaceuticals Aug. 13 $258.8 GS, Citi, Cowen & Co,

Healthcare Aug. 7, 319 W. Blair LLC

Hostess Brands Aug. 13 $168.0 MS

Food & Beverage Nov. 14, 316

EVO Payments Aug. 13 $114.0 BofA ML, Barclays

Computers & Electronics June 3, 319

Workiva Aug. 13 $72.4 GS

Computers & Electronics Aug. 12, 319

UDR Inc Aug. 12 $351.8 JPM, Citi

Real Estate/Property April 27, 317

Public and Private Borrowing

Treasurys

Monday, August 19 Thursday, August 22

Auction of 13 week bill; Auction of 4 and 8 week bills;

announced on August 15; settles on August 22announced on August 20; settles on August 27

Auction of 26 week bill; Auction of 30 year TIPS;

announced on August 15; settles on August 22announced on August 15; settles on August 30

Public and Municipal Finance

Deals of $ 150 million or more expected this week

Final Total Rating Bookrunner/

Sale maturity Issuer ($mil.) Fitch Moody’s S&P Bond Counsel(s)

Aug. 22 prelim. Los Angeles 450.0N.R. N.R. N.R. Preliminary/—

(Long Beach) USD

Aug. 23 prelim. Houston City- 185.0N.R. N.R. N.R. Ramirez & Co Inc/—

Texas

Aug. 23 prelim. Houston City- 298.5N.R. N.R. N.R. Ramirez & Co Inc/—

Texas

Source:Thomson Reuters/Ipreo

Commodities and

Currencies

Last Week YTD

Close Net chg % Chg % chg

DJ Commodity 595.07 -3.80 -0.63 3.87

TR/CC CRB Index 170.41 -1.69 -0.98 0.36

Crude oil, $ per barrel 54.87 0.37 0.68 20.83

Natural gas, $/MMBtu 2.200 0.081 3.82 -25.17

Gold, $ per troy oz. 1512.50 15.90 1.06 18.32

U.S. Dollar Index 98.21 0.72 0.74 2.12

WSJ Dollar Index 91.17 0.41 0.45 1.68

Euro, per dollar 0.9017 0.0089 0.99 3.42

Yen, per dollar 106.37 0.70 0.67 -2.93

U.K. pound, in dollars 1.21 0.0119 0.99 -4.80

52-Week

LowClose(l) High % Chg

DJ Commodity 572.87 l 642.46 -2.10

TR/CC CRB Index 167.89l 201.23 -9.71

Crude oil, $ per barrel 42.53 l 76.41 -16.75

Natural gas, $/MMBtu2.070l 4.837 -25.32

Gold, $ per troy oz. 1176.50 l1519.60 28.56

U.S. Dollar Index 93.91 l 98.52 2.19

WSJ Dollar Index 88.65 l 91.30 1.52

Euro, per dollar 0.8490 l0.9027 3.13

Yen, per dollar 105.30 l 114.53 -3.74

U.K. pound, in dollars 1.20 l 1.33 -4.74

Treasury yield curve

Yield to maturity of current bills,

notes and bonds

0.00

1.00

2.00

3.00

4.00%

1

month(s)

3 6 1

years

235710 30

maturity

t

Friday

t

One year ago

Forex Race

Yen, euro vs. dollar; dollar vs.

major U.S. trading partners

–8

–4

0

4

8%

2018 2019

Euros Yen

s

WSJ Dollar index

s

Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data

Corporate Borrowing Rates and Yields

Spread +/- Treasurys,

Yield (%) in basis pts, 52-wk Range Total Return

Bond total return index Last Wk ago Last Low High 52-wk 3-yr

10-yr Treasury , Ryan ALM 1.540 1.731 15.512 2.45

DJ Corporate n.a. 3.023 n.a. n.a.

Aggregate , Barclays Capital 2.170 2.300 n.a. 39 55 10.02 3.07

High Yield 100 , Merrill Lynch 5.693 5.664 390 283 509 5.437 5.314

Fixed-Rate MBS , Barclays 2.380 2.470 n.a. 27 55 7.00 2.38

Muni Master , Merrill 1.464 1.523 9 7 21 8.207 2.997

EMBI Global , J.P. Morgan 5.471 5.354 381 333 441 12.282 3.925

Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch

Consumer Rates and Returns to Investor

U.S. consumer rates

A consumer rate against its
benchmark over the past year

1.00

2.00

3.00

4.00

5.00%

2018

SONDJ

2019

FMAMJJA

t

5-year adjustable-

rate mortgage

(ARM)

t

5-year Treasury

note yield

Selected rates

Five-year ARM, Rate

Bankrate.com avg†: 4.10%

Bar Harbor Bank Trust 3.00%

Bar Harbor, ME 888-853-7100

Capitol Federal Svgs Bk 3.00%

Shawnee, KS 800-222-7312

Citadel Federal Credit Union 3.00%

Exton, PA 800-666-0191

Glenview State Bank 3.00%

Glenview, IL 847-729-1900

People's United Bank 3.00%

Hartford, CT 800-772-1090

Yield/Rate (%) 52-Week Range (%) 3-yr chg
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 2.00-2.25 2.00-2.25 1.75 l 2.25 *1.75
Prime rate 5.25 5.25 5.00 l 5.50 1.75
Libor, 3-month 2.14 2.18 2.12 l 2.82 1.33
Money market, annual yield 0.65 0.72 0.41l 0.75 0.38
Five-year CD, annual yield 1.94 1.94 1.82 l 2.07 0.74
30-year mortgage, fixed† 3.68 3.77 3.68 l 4.99 0.20
15-year mortgage, fixed† 3.25 3.24 3.20 l 4.34 0.48
Jumbo mortgages, $484,350-plus† 4.25 4.23 4.16 l 5.16 0.13
Five-year adj mortgage (ARM)† 4.10 4.18 3.94 l 4.89 0.93
New-car loan, 48-month 4.67 4.66 3.91 l 4.81 1.76*
Bankrate.com rates based on survey of over 4,800 online banks. Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com

Dow Jones Industrial Average

25886.01 t401.43, or 1.53% last week

High, low, open and close for each of
the past 52 weeks

LastYear ago

Trailing P/E ratio

P/E estimate *

Dividend yield

All-time high

18.60 23.21

16.65 16.48

2.38 2.11

27359.16, 07/15/19

20000

21000

22000

23000

24000

25000

26000

27000

AS O N D J F M A M J J A

Current divisor 0.14744568353097

Bars measure the point change from Monday's open

tt

Week's high

Week's low

Monday's open

Friday's close Monday's open

Friday's close

DOWN UP

Primary

market ttComposite

65-day moving average

200-day moving average

NYSE weekly volume , in billions of shares

0

8

16

24

AS O N D J F M A M J J A

S&P 500 Index

2888.68 t29.97, or 1.03% last week

High, low, open and close for each of

the past 52 weeks

Last Year ago

Trailing P/E ratio *

P/E estimate *

Dividend yield *

All-time high

21.92 23.79

17.50 17.62

1.97 1.83

3025.86, 07/26/19

2300

2400

2500

2600

2700

2800

2900

3000

A S O N D J F M A M J J A

65-day moving average

200-day moving average

Nasdaq Composite

t63.15, or -0.79%

last week

8000

7900

7800

7700

9

August

1213141516

DJ US TSM

t332.21, or -1.11%

last week

30250

29750

29250

28750

9

August

1213141516

International Stock Indexes

Latest Week 52-Week Range YTD

Region/Country Index Close % chg Low Close High % chg

World The Global Dow 2917.13 –1.73 2631.29 • 3155.23 6.7

DJ Global Index 386.68 –1.28 335.69 • 408.65 10.2

DJ Global ex U.S. 233.12 –1.49 217.71 • 255.55 4.7

Americas DJ Americas 682.94 –1.22 558.25 • 716.56 15.0

Brazil Sao Paulo Bovespa 99805.78 –4.03 74656.51 • 105817.06 13.6

Canada S&P/TSX Comp 16149.79 –1.17 13780.19 • 16669.40 12.8

Mexico S&P/BMV IPC 39339.55 –2.68 38574.18 • 50416.27 –5.53

Chile Santiago IPSA 3443.21 –2.33 3428.39• 4040.31 –8.5

EMEA Stoxx Europe 600 369.63 –0.52 329.58 • 392.94 9.5

Stoxx Europe 50 3063.34 0.09 2696.36 • 3240.60 11.0

Eurozone Euro Stoxx 359.84 –0.73 321.36 • 385.40 9.5

Euro Stoxx 50 3329.08 –0.14 2937.36 • 3544.15 10.9

Austria ATX 2851.07 –1.43 2681.25 • 3398.58 3.8

Belgium Bel-20 3498.39 –1.02 3164.98 • 3860.17 7.9

France CAC 40 5300.79 –0.51 4598.61 • 5620.73 12.1

Germany DAX 11562.74 –1.12 10381.51 • 12629.90 9.5

Greece Athex Composite 792.06 –5.74 593.05 • 899.93 29.1

Israel Tel Aviv 1553.21 –3.80 1419.50 • 1676.03 6.1

Italy FTSE MIB 20322.59 –0.01 (^18065) • 22204 10.9
Netherlands AEX 541.94 –0.05 476.03 • 583.26 11.1
Portugal PSI 20 4804.19 –1.13 4587.45 • 5521.20 1.5
Russia RTS Index 1239.81 –3.85 1043.46 • 1411.53 16.3
South Africa FTSE/JSE All-Share 53874.52 –2.99 50434.39 • 60165.51 2.2
Spain IBEX 35 8670.40 –1.00 8363.9 • 9659.8 1.5
Sweden OMX Stockholm 585.76 –1.06 515.36 • 627.37 11.5
Switzerland Swiss Market 9728.39 –0.22 8195.64 • 10066.53 15.4
U.K. FTSE 100 7117.15 –1.88 6584.68 • 7686.61 5.8
Asia-Pacific
Australia S&P/ASX 200 6405.50 –2.72 5467.6 • 6845.1 13.4
China Shanghai Composite 2823.82 1.77 2464.36 • 3270.80 13.2
Hong Kong Hang Seng 25734.22 –0.79 24585.53 • 30157.49 –0.4
India S&P BSE Sensex 37350.33 –0.62 33349.31 • 40267.62 3.6
Japan Nikkei Stock Avg 20418.81 –1.29 19155.74 • 24270.62 2.0
Malaysia FTSE Bursa Malaysia KLCI 1599.22 –0.98 1592.88• 1826.90 –5.4
Singapore Straits Times 3115.03 –1.70 2966.45 • 3407.02 1.5
South Korea Kospi 1927.17 –0.55 1909.71 • 2355.43 –5.6
Taiwan TAIEX 10420.89 –0.70 9382.51 • 11099.57 7.1
Source: FactSet; Dow Jones Market Data
Financial Flashback
The Wall Street Journal, August 19, 2006
Chicken processor Pilgrim’s Pride Corp. launched an
unsolicited takeover offer of $1 billion for rival Gold
Kist Inc. The two would later combine.
Major U.S. Stock-Market Indexes
Latest Week 52-Week % chg
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann.
Dow Jones
Industrial Average 26426.9725339.60 25886.01 -401.43 -1.53 21792.20 l 27359.16 0.8 11.0 11.7
Transportation Avg 10271.68 9695.49 9967.32 -239.89 -2.35 8637.15 l 11570.84 -11.2 8.7 8.3
Utility Average 833.94 816.73 831.22 4.92 0.60 692.00 l 831.33 11.7 16.6 7.3
Total Stock Market 30188.0528973.18 29627.45 -332.21 -1.11 24126.04 l 31091.22 0.1 15.2 9.6
Barron's 400 663.10 639.11 653.57 -9.75 -1.47 571.68 l 786.73 -15.0 7.2 6.0
Nasdaq Stock Market
Nasdaq Composite 8065.24 7716.55 7895.99 -63.15 -0.79 6192.92 l 8330.21 1.0 19.0 14.7
Nasdaq 100 7778.34 7429.36 7604.11 -42.16 -0.55 5899.35 l 8016.95 3.1 20.1 16.6
S&P
500 Index 2943.31 2825.51 2888.68 -29.97 -1.03 2351.10 l 3025.86 1.4 15.2 9.9
MidCap 400 1912.03 1826.08 1873.22 -28.11 -1.48 1567.40 l 2050.23 -6.8 12.6 6.4
SmallCap 600 939.57 895.90 919.62 -11.13 -1.20 793.86 l 1098.36 -14.3 8.8 7.2
Other Indexes
Russell 2000 1522.77 1456.28 1493.64 -19.40 -1.28 1266.93 l 1740.75 -11.8 10.8 6.7
NYSE Composite 12789.0812325.93 12580.41 -168.01 -1.32 10769.83 l 13239.87 -2.5 10.6 5.2
Value Line 514.22 487.61 499.78 -10.85 -2.12 446.06 l 593.57 -14.1 5.8 1.1
NYSE Arca Biotech 4615.95 4435.36 4559.48 -40.12 -0.87 3890.37 l 5400.34 -10.2 8.0 10.9
NYSE Arca Pharma 587.31 566.89 576.32 -7.33 -1.26 535.91 l 612.45 -0.4 1.3 2.6
KBW Bank 94.59 88.94 91.57 -2.91 -3.08 80.78 l 111.44 -16.8 6.7 9.4
PHLX§Gold/Silver 97.18 90.56 92.84 -2.94 -3.07 61.84 l 96.92 40.8 31.4 -5.7
PHLX§Oil Service 67.67 59.29 62.58 -2.88 -4.39 60.21 l 154.64 -54.6 -22.4 -27.5
PHLX§Semiconductor 1501.20 1427.23 1479.25 14.91 1.02 1069.39 l 1622.02 11.8 28.1 23.5
CBOE Volatility 24.10 17.52 18.47 0.50 2.78 11.61 l 36.07 46.1 -27.3 13.5

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
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MARKETS DIGEST
A Week in the Life of the DJIA
A look at how the Dow Jones Industrial Average component stocks
did in the past week and how much each moved the index. The DJIA
lost 401.44 points, or 1.53%, on the week. A $1 change in the price of
any DJIA stock = 6.78-point change in the average. To date, a $1,000
investment on Dec. 31 in each current DJIA stock component would
have returned $33,610, or a gain of 12.03%, on the $30,000
investment, including reinvested dividends.
The Week’s Action
Pct Stock pricePoint chg $1,000 Invested(year-end '18)
chg (%)change in average Company SymbolClose $1,000
5.32 5.71 38.73 WalMart WMT$112.99 $1,232
2.74 5.51 37.37 Apple AAPL206.50 1,325
2.06 2.40 16.28 Procter & Gamble PG 119.18 1,325
1.85 0.99 6.71 Coca-Cola KO 54.41 1,168
1.56 0.87 5.90 Verizon VZ 56.65 1,040
1.13 0.52 3.53 Intel INTC 46.50 1,010
–0.46 –0.82 –5.56 Visa V 178.23 1,357
–0.51 –0.68 –4.61 Johnson & Johnson JNJ 131.36 1,032
–0.54 –0.46 –3.12 Merck MRK 85.06 1,128
–1.15 –1.58 –10.72 Microsoft MSFT136.13 1,356
–1.18 –2.94 –19.94 UnitedHealth Group UNH 245.69 994
–1.21 –2.68 –18.18 McDonald’s MCD 218.47 1,245
–1.21 –1.97 –13.36 3M MMM161.50 869
–1.22 –1.54 –10.44 American Express AXP 124.63 1,322
–1.52 –2.26 –15.33 Travelers TRV 146.81 1,240
–1.74 –2.37 –16.07 IBM IBM 133.76 1,219
–1.84 –2.02 –13.70 JPMorgan Chase JPM 107.72 1,129
–2.07 –1.70 –11.53 Nike NKE 80.28 1,089
–2.10 –7.10 –48.15 Boeing BA 330.45 1,042
–2.40 –3.32 –22.52 Walt Disney DIS 135.20 1,241
–2.47 –2.95 –20.01 Caterpillar CAT 116.43 935
–3.03 –6.37 –43.20 Home Depot HD 203.65 1,202
–3.59 –2.54 –17.23 Exxon Mobil XOM 68.30 1,037
–3.62 –7.48 –50.73 Goldman Sachs GS 199.42 1,204
–4.38 –2.31 –15.67 Walgreens WBA 50.48 750
–4.57 –2.13 –14.45 Dow DOW 44.51 908
–4.68 –1.70 –11.53 Pfizer PFE 34.65 815
–4.72 –6.19 –41.98 United Technologies UTX 125.05 1,195
–5.40 –6.61 –44.83 Chevron CVX 115.81 1,097
–10.43 –5.47 –37.10 Cisco Systems CSCO 46.96 1,106
Based on Composite price. DJIA is calculated on primary-market price.
Source: Dow Jones Market Data; FactSet.