Barron\'s - 05.08.2019

August 5, 2019 BARRON’S M31

Last Prev. Year

Week Week Ago

DJIndAvg 26485.01 27192.45 25462.58

P/E Ratio 19.03 19.34 23.04

Earns Yield % 5.25 5.17 4.34

Earns $ 1391.50 1405.67 1105.23

Divs Yield % 2.25 2.19 2.13

Divs $ 594.94 594.80 542.10

Mkt to Book 4.27 4.38 4.38

Book Value $ 6201.99 6201.99 5818.74

DJTransAvg 10374.43 10776.67 11096.97

P/E Ratio 17.53 18.34 11.47

Earns Yield % 5.71 5.45 8.71

Earns $ 591.90 587.51 967.07

Divs Yield % 1.58 1.52 1.30

Divs $ 164.43 163.40 144.12

Mkt to Book 3.22 3.35 4.33

Book Value $ 3217.98 3217.98 2561.22

DJUtilityAvg 817.87 815.76 728.81

P/E Ratio 29.45 29.34 18.33

Earns Yield % 3.40 3.41 5.46

Earns $ 27.77 27.81 39.76

THEWEEKINSTOCKSFORTHEMAJORINDEXES

12-Month Weekly Friday Weekly 12-Month ChangeFrom

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

DowJonesIndexes

27359.16 21792.20 30 Indus 27221.3526485.01 26485.01 –707.44 –2.60 1022.43 4.02 3157.55 13.54

11570.84 8637.15 20 Transp 10784.8410374.43 10374.43 –402.24 –3.73 –722.54 –6.51 1204.03 13.13

831.33 692.00 15 Utilities 818.86 808.94 817.87 2.11 0.26 89.06 12.22 104.94 14.72

9028.06 7261.50 65 Comp 8997.47 8769.46 8769.46 –216.95 –2.41 200.34 2.34 1059.02 13.73

DowJonesIndexes

31091.22 24126.04 US TSM Float 31016.4130105.17 30105.17 –986.05 –3.17 630.49 2.14 4380.66 17.03

753.15 583.86 US Market 751.57 729.19 729.19 –23.96 –3.18 19.13 2.69 106.63 17.13

683.25 484.10 Internet 674.23 641.13 641.13 –42.12 –6.16 21.29 3.43 115.87 22.06

NewYorkStockExchange

13239.87 10769.83 Comp-z 13222.6112839.51 12839.51 –395.99 –2.99 –113.83 –0.88 1465.11 12.88

8241.85 6610.76 Financial-z 8200.85 7973.63 7973.63 –261.46 –3.17 –151.71 –1.87 1004.15 14.41

16646.06 14248.22 Health Care-z 16481.5416209.28 16220.63 –204.54 –1.25 695.71 4.48 1062.24 7.01

12444.93 8814.91 Energy-z 10045.21 9578.82 9578.82 –407.51 –4.08 –2447.74 –20.35 237.38 2.54

NYSEAmericanStockExchange

2759.79 2200.34 NYSE Amer Comp 2556.01 2463.95 2463.95 –84.35 –3.31 –242.06 –8.95 171.69 7.49

2777.50 2209.18 Major Mkt 2760.57 2700.46 2700.46 -53.85 –1.96 179.06 7.10 337.28 14.27

Standard&Poor'sIndexes

1339.87 1042.77 100 Index 1337.77 1296.65 1296.65 –43.22 –3.23 39.46 3.14 182.78 16.41

3025.86 2351.10 500 Index 3020.97 2932.05 2932.05 –93.81 –3.10 91.70 3.23 425.20 16.96

4090.58 3157.69 Indus 4085.77 3955.39 3955.39 –135.19 –3.30 135.91 3.56 580.73 17.21

2050.23 1567.40 MidCap 1986.80 1914.53 1914.53 –68.61 –3.46 –85.51 –4.28 251.49 15.12

1098.36 793.86 SmallCap 967.70 938.14 938.14 –24.37 –2.53 –115.47 –10.96 93.20 11.03

NasdaqStockMarket

8330.21 6192.92 Comp 8293.33 8004.07 8004.07 –326.14 –3.92 192.06 2.46 1368.80 20.63

8016.95 5899.35 100 Index 7989.08 7692.80 7692.80 –324.15 –4.04 297.31 4.02 1362.84 21.53

6788.50 5040.94 Indus 6688.49 6454.94 6454.94 –287.96 –4.27 196.43 3.14 1053.89 19.51

10380.21 7404.82 Insur 10249.2510023.27 10023.27 –277.90 –2.70 1503.06 17.64 2137.17 27.10

4315.63 3114.63 Banks 3782.24 3601.65 3601.65 –179.98 –4.76 –601.21 –14.30 327.82 10.01

5160.53 3647.99 Computer 5146.52 4932.32 4932.32 –228.22 –4.42 239.79 5.11 1021.74 26.13

439.67 326.76 Telecom 438.83 412.73 412.73 –26.16 –5.96 55.77 15.62 63.93 18.33

RussellIndexes

1677.13 1298.02 1000 1673.63 1623.84 1623.84 –53.29 –3.18 49.46 3.14 239.58 17.31

1740.75 1266.93 2000 1585.60 1533.66 1533.66 –45.31 –2.87 –139.71 –8.35 185.10 13.73

1779.48 1380.60 3000 1775.28 1723.31 1723.31 –56.17 –3.16 38.28 2.27 251.17 17.06

1591.36 1033.21 Value-v 1276.84 1239.29 1239.29 –39.10 –3.06 4.48 0.36 145.66 13.32

1649.92 1223.26 Growth-v 1645.11 1595.62 1595.62 –54.30 –3.29 89.19 5.92 281.00 21.37

2291.85 1750.33 MidCap 2285.52 2214.18 2214.18 –77.08 –3.36 43.64 2.01 356.88 19.21

Others

6629.03 5082.63 Value Line-a 6322.22 6103.70 6103.70 –213.76 –3.38 –362.77 –5.61 717.74 13.33

593.57 446.06 Value Line-g 538.65 519.10 519.10 –19.52 –3.62 –61.77 –10.63 46.73 9.89

11631.74 8503.45 DJ US Small TSM 10870.2210484.03 10484.03 –371.88 –3.43 –707.18 –6.32 1437.35 15.89

786.73 571.68 Barron's 400 701.18 672.80 672.80 –27.38 –3.91 –87.22 –11.48 63.09 10.35

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

Autonation AN 796,958 37,058,547 7/24/19 Lampert, Edward B

Symantec SYMC 396,448 8,994,033 7/22/19 Clark, Gregory UT

Symantec SYMC 395,448 8,994,033 7/22/19 Clark, Gregory UT

BankOfNewYorkMellon BK 318,556 15,003,988 7/24/19 Gibbons, Thomas VC

Autonation AN 295,467 12,394,841 7/23/19 Lampert, Edward B

DellTechnologies DELL 291,224 15,671,605 7/12/19 Scannell, William OX

HelixEnergySolutions HLX 287,036 2,454,157 7/19/19 Johnson, Alisa GC

People'sUnitedFinancial PBCT 200,823 3,248,452 7/22/19 Daukas, Galan O

Autonation AN 156,819 7,635,517 7/25/19 Lampert, Edward B

Netflix NFLX 150,983 47,106,696 7/22/19 Hastings, Reed CEO

Divs Yield % 3.03 3.04 3.26

Divs $ 24.80 24.79 23.77

Mkt to Book 2.27 2.26 2.11

Book Value $ 360.31 360.31 344.79

S&P500Index 2932.05 3025.86 2840.35

P/E Ratio 22.15 22.86 24.60

Earns Yield % 4.52 4.38 4.06

Earns $ 132.39 132.39 115.44

Divs Yield % 2.00 1.94 1.92

Divs $ 58.64 58.70 54.53

Mkt to Book 3.44 3.55 3.44

Book Value $ 851.62 851.62 826.52

S&PIndIndex 3955.39 4090.58 3819.48

P/E Ratio 23.76 24.58 27.15

Earns Yield % 4.21 4.07 3.68

Earns $ 166.45 166.45 140.68

Divs Yield % 1.85 1.78 1.79

Divs $ 73.17 72.81 68.37

Mkt to Book 4.48 4.63 4.50

Book Value $ 883.41 883.41 847.90

Last Prev. Year

Week Week Ago

U.S. DOLLAR INDEX vs EURO and YEN

-5

0

5

S O N D J F M A M JJ

EURO in $

s

YEN in $

s DXY (98.09)

s

Source: Tullett Prebon

Big Bucks: In a week of rate cuts, trade feuds, and job growth, the U.S. dollar index

ended 0.1% higher, at 98.09, against a basket of currencies from our trading partners.

STOCKVOLUME

Last Prev. Year YOY

Week Week Ago %Chg

NYSE(a) 4,685,525 3,776,056 4,030,689 16.25

30 Dow Inds (b) 1,655,518 1,210,849 1,446,818 14.42

20 Dow Trans (b) 240,450 277,106 219,957 9.32

15 Dow Utils (b) 297,609 204,172 249,387 19.34

65 Dow Stks (b) 2,193,576 1,692,127 1,916,162 14.48

NYSE American (a) 68,863 53,918 61,331 12.28

Nasdaq(d) 11,444,615 9,564,188 10,560,717 8.37

NYSE 15 Most Active

Average Price 12.05 17.96 29.32 -58.90

% Tot Vol 14.28 17.04 13.91 2.66

Stock Offerings $(z,v) 3,767,200 r4,988,900 6,824,100 -44.80

DailyStockVolume

Daily 7/29 7/30 7/31 8/1 8/2

NYSE(a) 743,249 773,451 1,248,455 1,039,839 880,531

30 Inds (b) 259,316.1 293,245.2 388,998.7 386,321.0 327,637.2

20 Trans (b) 44,720.2 36,965.4 55,047.6 59,918.5 43,797.8

15 Utils (b) 39,127.5 48,807.4 97,524.9 59,714.0 52,434.9

65 Stks (b) 343,163.8 379,018.0 541,571.2 505,953.5 423,869.9

NYSE Amer(a) 11,035 12,831 17,021 15,489 12,487

Nasd(d) 1,875,557 1,871,800 2,666,710 2,789,951 2,240,597

NYSE 15 Most Active

Avg. Price 14.66 11.88 24.13 22.48 28.98

% Tot Vol 15.01 16.71 16.13 14.09 14.14

Numbersinthousandssavepriceandpercentages.(a)Primary

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

W/EThursday.(z)Source:Refinitiv.

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.DJlatestavailablebookvaluesforFY2017and2016,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

Aug1 Jul25 Aug Yr-to-Yr

2019 2019 2018 %Chg

S&P 500 Index 2953.56 3003.67 2855.92 3.42

Barron's 50 Index 9142.15 9286.77 8910.92 2.59

Projected quarterly earn 99.91 97.77 124.15 –19.52

Annualized projected earn 399.66 391.09 496.60 –19.52

Annualized projected P/E 22.88 23.75 17.95 27.47

Five-year average earn 398.11 397.25 392.3 1.47

Five-year average P/E 22.96 23.38 22.71 1.11

Year-end earn 421.27 419.13 525.7 –19.86

Year-end P/E 21.70 22.16 16.95 28.02

Year-end earns yield, % 4.61 4.51 5.9 –21.89

Best grade bond yields, % 2.82 3.01 3.8 –26.60

Bond yields/stock ylds, % 0.61 0.67 0.65 –6.03

Actual year-end divs 212.39 212.31 199.27 6.58

Actual yr-end divs yld, % 2.32 2.29 2.24 3.89

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 2.07 1.56 21.22

Apple 11.73 2.96 26.15

Boeing 8.54 7.53 0.60

Caterpillar 10.74 3.61 22.92

Chevron Corp 7.72 4.62 77.77

Cisco Sys 2.90 1.36 13.27

Coca Cola 1.64 1.58 4.01

Disney Walt 8.92 1.76 27.54

Dow 0.10 0.70

ExxonMobil 4.15 3.28 44.28

Goldman Sachs23.84 3.25187.80

Home Depot 9.92 4.78 1.26

IBM 9.69 6.33 19.08

Intel 4.29 1.23 14.73

Johnson&John 6.03 3.65 22.43

Book

Earns Divs. Value

JPMorgChase 9.79 3.20 67.04

McDonalds 7.61 4.49 (4.12)

Merck Co 3.57 2.06 12.73

Microsoft 5.07 1.80 10.77

Nike Inc 2.49 0.86 6.13

Pfizer 2.21 1.42 11.92

Proc Gam 1.36 2.9262 20.55

3M Co 8.28 5.60 19.44

Travelers Cos 10.03 3.13 87.44

UnitedHealth Grp 13.32 3.78 49.30

Utd Tech 6.13 2.905 37.05

Verizon 3.83 2.41 10.56

Visa 5.21 0.96 11.98

Walgreens 5.10 1.76 26.83

Wal-mart 2.89 2.10 26.38

TransportationStocks

Alaska Air Group 4.08 1.34 30.24

American Airlines 3.33 0.40 8.26

Avis Budget Grp 1.96 Nil 7.07

C.H. Robinson 4.97 1.96 10.22

CSX Corp 4.16 0.92 16.53

Delta Air Lines 6.70 1.4525 19.67

Expeditors Int'l 3.53 0.95 11.29

FedEx 1.85 2.60 73.01

Hunt (JB) 4.32 1.02 16.76

JetBlue Air 1.44 Nil 15.06

KC Southern 5.59 1.44 44.09

Kirby Corp 1.82 Nil 52.12

Landstar Sys 6.42 0.66 15.50

Matson Inc 2.50 0.85 15.96

Norf So 10.30 3.46 57.57

Ryder Sys 6.04 2.16 53.54

Southwest Air 4.32 0.66 17.72

Un Pacific 8.42 3.36 31.83

UPS 5.47 3.74 1.16

United Airlines 9.87 Nil 30.69

UtilityStocks

AES Corp. 1.01 0.5395 3.73

Am Elec 4.00 2.63 37.17

American Water Works 3.21 1.865 30.18

CenterPt Energy 0.64 1.13 10.88

Con Ed 4.22 2.91 49.74

Dominion Energy 3.18 3.505 26.58

Duke Energy 3.76 3.71 59.63

Edison Int'l (0.77) 2.4425 35.82

Exelon 2.35 1.415 30.99

FirstEnergy 0.40 1.48 8.81

NextEra Energy 6.94 4.72 59.89

NiSource Inc. 0.31 0.795 12.82

Pub Sv Ent 2.88 1.84 27.45

Sempra Energy 3.50 3.58 50.41

Southn Co. 3.27 2.42 24.19

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

Adamis Pharmaceuticals12,000,000 $1.00 $12,000,000

Agile Therapeutics 12,631,579 $0.95 $12,000,000

Alphatec Holdings 10,900,000 $4.60 $50,140,000

Beyond Meat 3,250,000 $160.00 $520,000,000

Borr Drilling Ltd 5,750,000 $9.30 $53,475,000

Capstead Mortgage 9,000,000 $8.60 $77,400,000

Correvio Pharma 8,000,000 $1.50 $12,000,000

Edison International 32,200,000 $68.50$2,205,700,000

Exicure 27,500,000 $2.00 $55,000,000

Houlihan Lokey 3,377,935 $45.75 $154,540,526

Obalon Therapeutics 3,750,000 $4.00 $15,000,000

Orchid Island Capital 7,000,000 $6.55 $45,850,000

Vapotherm 3,105,000 $14.50 $45,022,500

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

ComingU.S.Auctions

Yields(%)

Day When Last

Issued* Auction

M

$39.0bil 3-month 2.056 2.070

$39.0bil 6-month 2.009 2.035

T

$38.0bil 3-year 1.671 1.857

W

$27.0bil 10-year 1.848 2.064

*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 67.8% 67.1% 65.1%

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

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