Barron\'s - 09.03.2020

March9,2020 BARRON’S M35

STOCKVOLUME

Last Prev. Year YOY Week Week Ago %Chg

NYSE(a) 7,607,870 8,077,578 4,794,468 58.68 30 Dow Inds (b) 2,820,248 3,037,484 1,340,487 110.39 20 Dow Trans (b) 716,840 595,328 258,615 177.18 15 Dow Utils (b) 405,030 390,291 252,345 60.51 65 Dow Stks (b) 3,942,119 4,023,103 1,851,447 112.92 NYSE American (a) 125,173 165,248 74,728 67.50 Nasdaq(d) 20,195,247 20,240,660 11,468,249 76.10 NYSE 15 Most Active Average Price 17.82 17.88 20.95 -14.94 % Tot Vol 16.18 16.48 17.54 -7.75 Stock Offerings $(z,v) 3,985,700 r2,554,500 6,587,400 -39.50

DailyStockVolume

Daily 3/2 3/3 3/4 3/5 3/6

NYSE(a) 1,715,214 1,651,725 1,228,551 1,403,919 1,608,460 30 Inds (b) 637,199.9 647,082.5 457,591.0 477,366.3 601,008.2 20 Trans (b) 141,086.7 132,051.9 133,118.5 143,160.4 167,422.8 15 Utils (b) 85,777.1 93,898.2 64,417.4 71,705.9 89,231.6 65 Stks (b) 864,063.7 873,032.7 655,127.0 692,232.6 857,662.6 NYSE Amer(a) 30,923 27,099 22,892 22,983 21,277 Nasd(d) 4,261,853 4,327,445 3,606,251 3,723,486 4,276,212 NYSE 15 Most Active Avg. Price 18.10 16.72 16.82 15.98 15.04 % Tot Vol 17.63 15.83 15.85 16.27 16.17 Numbersinthousandssavepriceandpercentages.(a)Primary volume. (b)Compositevolume.(d)asof4:10pm.(r)Revised.(v) W/EThursday.(z)Source:Refinitiv.

Last Prev. Year Week Week Ago

DJIndAvg 25864.78 25409.36 25450.24

P/E Ratio 20.08 19.73 17.70 Earns Yield % 4.98 5.07 5.65 Earns $ 1288.07 1288.07 1438.02 Divs Yield % 2.51 2.56 2.27 Divs $ 649.37 649.37 578.95 Mkt to Book 3.97 3.90 4.10 Book Value $ 6512.92 6512.92 6201.99

DJTransAvg 8956.06 9388.19 10116.86

P/E Ratio 15.42 16.16 15.64 Earns Yield % 6.49 6.19 6.40 Earns $ 580.84 580.84 647.01 Divs Yield % 1.94 1.84 1.58 Divs $ 173.47 173.16 159.36 Mkt to Book 2.76 2.90 3.14 Book Value $ 3239.67 3239.67 3217.98

DJUtilityAvg 901.70 839.96 765.30

P/E Ratio 23.64 24.17 23.27 Earns Yield % 4.23 4.14 4.30 Earns $ 38.14 34.75 32.89

THEWEEKINSTOCKSFORTHEMAJORINDEXES

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

DowJonesIndexes

29551.42 24815.04 30 Indus 27090.8625864.78 25864.78 455.42 1.79 414.54 1.63 –2673.66 –9.37 11304.97 8956.06 20 Transp 9512.05 8956.06 8956.06 –432.13 –4.60 –1160.80 –11.47 –1945.22 –17.84 960.89 765.10 15 Utilities 926.14 877.25 901.70 61.74 7.35 136.40 17.82 22.53 2.56 9710.01 8253.53 65 Comp 8900.54 8503.09 8503.09 108.46 1.29 82.62 0.98 –883.39 –9.41

DowJonesIndexes

34631.28 28240.94 US TSM Float 31903.9030275.44 30275.44 71.72 0.24 1952.82 6.89 –2759.94 –8.35 840.63 683.52 US Market 775.10 735.71 735.71 2.68 0.37 51.30 7.50 –65.04 –8.12 698.43 585.08 Internet 640.28 610.67 610.67 –9.59 –1.55 5.38 0.89 –17.80 –2.83

NewYorkStockExchange

14183.20 12264.49 Comp-z 13009.9612352.03 12352.03 –28.93 –0.23 –63.10 –0.51 –1561.00 –11.22 8908.29 7495.44 Financial-z 8003.63 7495.44 7495.44 –205.91 –2.67 –130.91 –1.72 –1204.67 –13.85 18588.15 15032.04 Health Care-z 17628.1316661.79 17104.22 739.36 4.52 1417.09 9.03 –965.88 –5.35 11093.82 7276.99 Energy-z 7962.87 7276.99 7276.99 –493.45 –6.35 –3028.27 –29.39 –2760.31 –27.50

NYSEAmericanStockExchange

2629.04 2149.77 NYSE Amer Comp2265.90 2149.77 2149.77 –63.93 –2.89 –353.65 –14.13 –402.79 –15.78 2852.12 2457.03 Major Mkt 2582.98 2466.16 2466.16 9.13 0.37 –158.43 –6.04 –308.55 –11.12

Standard&Poor'sIndexes

1518.94 1206.83 100 Index 1402.72 1335.46 1335.46 11.03 0.83 124.42 10.27 –106.71 –7.40 3386.15 2743.07 500 Index 3130.12 2972.37 2972.37 18.15 0.61 229.30 8.36 –258.41 –8.00 4605.11 3682.85 Indus 4267.50 4064.38 4064.38 37.44 0.93 369.55 10.00 –307.24 –7.03 2106.12 1797.79 MidCap 1899.66 1797.79 1797.79 –16.21 –0.89 –62.49 –3.36 –265.23 –12.86 1041.03 867.20 SmallCap 916.47 867.20 867.20 –17.58 –1.99 –66.98 –7.17 –153.98 –15.08

NasdaqStockMarket

9817.18 7333.02 Comp 9018.09 8575.62 8575.62 8.25 0.10 1167.48 15.76 –396.99 –4.42 9718.73 6978.02 100 Index 8949.28 8530.34 8530.34 68.51 0.81 1514.65 21.59 –202.74 –2.32 7463.47 5977.91 Indus 6836.77 6528.59 6528.59 26.01 0.40 550.69 9.21 –279.11 –4.10 10673.14 8673.09 Insur 9661.59 9106.44 9106.44 57.51 0.64 265.42 3.00 –885.50 –8.86 4011.98 3133.25 Banks 3453.01 3133.25 3133.25 –174.40 –5.27 –549.87 –14.93 –835.58 –21.05 6590.23 4330.70 Computer 6003.20 5683.98 5683.98 –14.14 –0.25 1270.38 28.78 –195.02 –3.32 439.67 356.50 Telecom 373.91 356.50 356.50 –3.75 –1.04 –42.00 –10.54 –32.02 –8.24

RussellIndexes

1875.24 1520.39 1000 1729.80 1641.98 1641.98 6.77 0.41 120.95 7.95 –142.23 –7.97 1705.22 1449.22 2000 1531.20 1449.22 1449.22 –27.21 –1.84 –72.66 –4.77 –219.25 –13.14 1984.26 1616.08 3000 1828.13 1735.01 1735.01 4.70 0.27 114.32 7.05 –157.23 –8.31 1591.36 1172.93 Value-v 1251.72 1184.05 1184.05 –1.87 –0.16 –6.49 –0.55 –163.61 –12.14 1931.39 1458.17 Growth-v 1784.38 1698.90 1698.90 15.36 0.91 240.73 16.51 –71.62 –4.05 2472.07 2094.44 MidCap 2258.44 2132.99 2132.99 –20.19 –0.94 38.54 1.84 –248.93 –10.45

Others

6789.54 5615.30 Value Line-a 5984.14 5615.30 5615.30 –188.67 –3.25 –430.77 –7.12 –1043.40 –15.67 562.05 459.47 Value Line-g 490.35 459.47 459.47 –16.82 –3.53 –65.40 –12.46 –92.72 –16.79 11510.08 9760.16 DJ US Small TSM10325.81 9760.16 9760.16 –209.22 –2.10 –515.71 –5.02 –1504.82 –13.36 746.64 634.23 Barron's 400 673.14 634.23 634.23 –9.18 –1.43 –47.07 –6.91 –98.00 –13.38

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

TradewebMarkets TW 400,000 18,928,000 2/14/20 Olesky,Lee CEO

Coca-Cola KO 271,351 16,009,709 2/24/20 Quincey, James O

Synopsys SNPS 212,224 32,911,698 2/21/20 Chan, Chi-Foon AF

SeiInvestments SEIC 190,000 12,635,000 2/24/20 West,Alfred AF

Zillow ZG 188,200 10,251,254 2/20/20 Frink,Lloyd AF

GlobalPayments GPN 175,852 36,100,455 2/14/20 Woods, MarionTroy R

Zillow Z 173,000 10,433,232 2/24/20 Wacksman,Jeremy O

Allegion ALLE 170,823 22,470,057 2/19/20 Petratis,David O

Ss&CTechnologies SSNC 170,000 11,199,600 3/20/20 Pedonti, Patrick AF

HoneywellInternational HON 153,778 27,726,158 2/20/20 James, Mark O

Divs Yield % 2.87 3.08 3.19 Divs $ 25.85 25.85 24.39 Mkt to Book 2.43 2.26 2.12 Book Value $ 370.98 370.98 360.31

S&P500Index 2972.37 2954.22 2743.07 P/E Ratio 22.37 22.23 21.04 Earns Yield % 4.47 4.50 4.75 Earns $ 132.90 132.90 130.39 Divs Yield % 2.07 2.08 2.07 Divs $ 61.53 61.45 56.78 Mkt to Book 3.49 3.47 3.32 Book Value $ 851.62 851.62 826.52

S&PIndIndex 4064.38 4026.94 3694.83 P/E Ratio 25.25 25.02 23.56 Earns Yield % 3.96 4.00 4.24 Earns $ 160.94 160.94 156.81 Divs Yield % 1.89 1.91 1.92 Divs $ 76.82 76.91 70.94 Mkt to Book 4.60 4.56 4.36 Book Value $ 883.41 883.41 847.90

Last Prev. Year Week Week Ago

U.S. DOLLAR INDEX vs EURO and YEN

-10

0

10

A M J J A S O N D J F

EURO in $

s

YEN in $ s DXY (96.09) s

Source: Tullett Prebon

Downdraft:The dollar’s dominance was called into question after the Federal Re-

serve’s surprise rate cut. The dollar indexes dropped 2.1% last week to 96.09

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

eHealth 1,800,000 $115.00 $207,000,000

Evoqua WaterTechnologies 13,000,000 $19.50 $253,500,000

Karyopharm Therapeutics 7,187,500 $24.00 $172,500,000

KeurigDr Pepper 40,000,000 $27.25 $1,090,000,000

Zogenix 9,798,000 $23.50 $230,253,000

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

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.DJlatestavailablebookvaluesforFY2018and2017,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

Mar5 Feb27 Mar Yr-to-Yr 2020 2020 2019 %Chg

S&P 500 Index 3023.94 2978.76 2806.93 7.73

Barron's 50 Index 8433.98 8854.62 8867 –4.88

Projected quarterly earn 105.81 108.62 95.26 11.08

Annualized projected earn 423.25 434.47 381.04 11.08

Annualized projected P/E 19.93 20.38 23.27 –14.37

Five-year average earn 398.81 399.37 398.0 0.22

Five-year average P/E 21.15 22.17 22.28 –5.09

Year-end earn 392.81 395.61 447.8 –12.28

Year-end P/E 21.47 22.38 19.80 8.43

Year-end earns yield, % 4.66 4.47 5.1 –7.78

Best grade bond yields, % 1.88 2.18 3.6 –47.92

Bond yields/stock ylds, % 0.40 0.49 0.71 –43.52

Actual year-end divs 222.24 222.16 209.95 5.85

Actual yr-end divs yld, % 2.64 2.51 2.37 11.28

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 7.98 1.64 26.32 Apple 12.66 3.08 22.53 Boeing (1.20) 8.22 0.60 Caterpillar 10.71 3.95 24.39 Chevron Corp 1.51 4.86 81.22 Cisco Sys 2.56 1.40 9.36 Coca Cola 2.07 1.60 3.98 Disney Walt 6.28 1.76 32.52 Dow (2.35) 2.80 ExxonMobil 3.36 3.48 45.27 Goldman Sachs21.00 4.60214.80 Home Depot 10.25 5.44 (1.70) IBM 10.93 6.48 18.82 Intel 4.72 1.275 16.51 Johnson&John 6.78 3.80 22.44

Book Earns Divs. Value

JPMorgChase 10.72 3.40 70.35 McDonalds 7.88 4.82 (8.16) Merck Co 3.81 2.26 10.30 Microsoft 5.74 1.94 13.39 Nike Inc 2.86 0.93 5.77 Pfizer 2.87 1.46 11.09 Proc Gam 1.69 2.9836 18.49 3M Co 7.81 5.79 16.99 Travelers Cos 9.94 3.23 86.85 UnitedHealth Grp 14.33 4.14 53.85 Utd Tech 6.41 2.94 44.63 Verizon 4.65 2.435 12.86 Visa 5.48 1.10 12.88 Walgreens 4.07 1.8185 27.31 Wal-mart 5.19 2.12 25.19

TransportationStocks Alaska AirGroup 6.20 1.425 30.45 AmericanAirlines 3.81 0.40 (0.37) Avis Budget Grp 4.01 Nil 5.45 C.H. Robinson 4.18 2.0211.62 CSX Corp 4.17 0.98 15.35 Delta Air Lines 7.32 1.5575 20.13 Expeditors Int'l 3.39 1.00 11.58 FedEx 0.21 2.60 68.08 Hunt (JB) 5.07 1.05 19.33 JetBlue Air 1.92 Nil 15.02

KC Southern 5.41 1.5247.65 Kirby Corp 2.38 Nil 53.67 Landstar Sys 5.73 0.70 17.12 Matson Inc 1.92 0.87 17.69 Norf So 10.25 3.68 57.30 Ryder Sys (0.21) 2.20 54.79 Southwest Air 4.28 0.70 17.83 Un Pacific 8.39 3.79 28.17 UPS 5.11 3.89 3.52 United Airlines 11.63 Nil 37.03

UtilityStocks AES Corp. 0.45 0.5528 4.84 Am Elec 3.89 2.74 38.58 American WaterWorks 3.43 2.00 32.45 CenterPt Energy 1.33 1.1525 12.61 Con Ed 4.07 2.985 52.11 DominionEnergy 3.40 3.6925 29.53 Duke Energy 5.06 3.7625 60.27 Edison Int'l 3.81 2.4425 32.10

Exelon 3.01 1.47 31.78 FirstEnergy 1.70 1.53 13.17 NextEra Energy 7.77 5.15 71.43 NiSource Inc. 0.88 0.81 13.08 Pub Sv Ent 3.33 1.88 28.53 Sempra Energy 7.24 3.7975 54.35 Southn Co. 4.55 2.48 23.91

ComingU.S.Auctions

Yields(%)

Day When Last Issued* Auction

M

$42.0bil 3-month 0.495 1.155

$36.0bil 6-month 0.398 1.010

T

$38.0bil 3-year 0.559 1.394

W

$24.0bil 9-yr11ms 0.762 1.622

*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

BEARISH 19.6% 47.5% 65.8%

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