Barron\'s - 09.03.2020

M36 BARRON’S March9,2020

SELECTEDINITIALPUBLICOFFERINGS

Initial Most Ticker Offer IPO Recent % Code Price Date Price Chg

FlyingEagleAcqui FEACU 10.00 3/6 10.40 4.0% LifeSciAcquisition LSACU 10.00 3/6 10.25 2.5%

GFLEnvironmental GFL 19.00 3/3 17.01 -10.5%

Latest Latest Preceding Year YroYr Date Data Period Ago %Chg

PULSEOFTHEECONOMY

Onlyincludesnewreports. Latest Latest Preceding Year YroYr

EconomicGrowthandInvestment Date Data Period Ago %Chg

No Activity for this Week

Production

Electric power, (mil. kw hrs) (EEI) .................................................. Feb 29 74,610 76,354 76,183 –2.06

Petroleum, related capacity, % ...................................................... Feb 28 86.9 87.9 87.5 –0.69

Rotary rigs running, U.S. & Can., (Hughes).................................... Mar 6 996 1,030 1,216 –18.09

Steel, (thous. tons)........................................................................ Feb 29 1,923 1,901 1,927 –0.21

Steel, rated capacity, % (AISI)........................................................ Feb 29 82.5 81.5 82.8 –0.36

ConsumptionandDistribution

Factory shipments, (bil. $) ............................................................. Jan 501.83 r504.17 503.49 –0.33

Instinet Research Redbook Avg. (monthly %)................................ Feb 29 –0.05 0.20 –1.53 ....

Baltic Dry Index ............................................................................. Mar 6 617 535 649 –4.93

Wholesale sales, (mil. $) ............................................................... Jan 504,570 r496,743 493,491 2.25

Inventories

Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... Feb 28 444,119 443,335 452,934 –1.95

Factory inventories, (bil. $) ............................................................ Jan 703.40 r703.94 685.78 2.57

Gasoline, (thous. bbls) .................................................................. Feb 28 252,048 256,387 250,714 0.53

Wholesale inventories, (mil. $) ...................................................... Jan 671,621 r673,993 668,615 0.45

Orders

Factory orders, backlog (bil. $) ...................................................... Jan 1,157.02 r1,156.92 1,181.22 –2.05

New factory orders, (bil. $) ............................................................ Jan 497.91 r500.20 500.12 –0.44

Nondurable goods orders, (bil. $) .................................................. Jan 251.91 r253.82 245.46 2.63

Purchasing management index ..................................................... Feb 50.1 50.9 54.1 –7.39

Trade

Merchandise trade balance (bil $) .................................................. Jan –67.01 r–69.65 –73.45 –8.77

Inflation

JOC–ECRI Industrial Price Index f.................................................. Mar 6 87.09 87.04 97.27 –10.47

Employment

Civil labor force, (thous.) ............................................................... Feb 164,546 164,606 163,047 0.92 Employed, (thous.) ....................................................................... Feb 158,759 158,714 156,866 1.21 All non–farm payrolls, (thous.) ...................................................... Feb 152,544 r152,271 150,135 1.60 Government payrolls, (thous.) ...................................................... Feb 22,775 r22,730 22,513 1.16 Goods prod payrolls, (thous.) ....................................................... Feb 21,224 r21,163 20,994 1.10 Initial jobless claims (thous.) ........................................................ Feb 29 216 219 218 –0.92 Continuing claims (mil.) ................................................................ Feb 22 1.729 r1.722 1.749 –1.14 Service payrolls, (thous.) .............................................................. Feb 131,320 r131,108 129,141 1.69 Unemployment rate, % ................................................................. Feb 3.5 3.6 3.8 –7.89 Unemployed, (thous.) ................................................................... Feb 5,787 5,892 6,181 –6.37 Avg. wks duration unemploy ......................................................... Feb 20.9 21.9 22.0 –5.00 U–6 unemployment ...................................................................... Feb 7.0 6.9 7.2 –2.78 Civilian Employment Population Ratio ........................................... Feb 61.1 61.2 60.7 0.66

Construction

Construction spending, (bil. $) ...................................................... Jan 1,369.2 r1,345.5 1,282.5 6.76 Non–residential spending, SA (bil. $) ............................................ Jan 468.0 r464.1 465.8 0.47 Public spending, (bil. $) ................................................................ Jan 346.5 r337.8 307.6 12.65

Residential spending, (bil. $) ......................................................... Jan 562.3 r551.0 514.9 9.21

OtherIndicators

Citi Research Panic–Euphoria Reading .......................................... Mar 6 0.30 r0.38 0.20 .... a-1997equals100.b-1982-84equals100.c-1982equals100.f-1996equals100.h-benchmarkrevision,2016equals100.r-Revised.

Market Laboratory

DOWJONESU.S.TOTALMARKETINDUSTRYGROUPS

NetChange %ChangeandRanking 52Week

Top20WeeklyRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Gold Mining DJUSPM 117.80 + 16.24 14.53 +16.00 [1] +54.30 [2] +14.07 [1] +18.36 117.80 70.75

Mining DJUSMG 109.51 + 14.82 12.72 +15.64 [2] +44.15 [3] +13.14 [2] +13.78 109.51 71.12 Water DJUSWU 3022.31+ 333.54 273.89 +12.40 [3] +37.29 [5] +9.97 [4] +19.85 3,131.32 2,214.96 Food Retailers & Whlslrs DJUSFD 525.01 + 43.75 2.36 +9.09 [4] +27.81 [9] +.45 [15] +18.24 547.43 411.14 Health Care Providers DJUSHP 2121.59+ 169.56–109.06 +8.69 [5] +15.82 [32] –4.89 [44] +13.89 2,319.67 1,647.16 Food & Drug Retailers DJUSDR 712.61 + 54.28 –13.35 +8.25 [6] +16.23 [30] –1.84 [28] +4.06 749.58 596.90 Electricity DJUSEU 316.14 + 23.74 7.54 +8.12 [7] +17.16 [27] +2.44 [8] +9.38 336.48 269.96 Conventional Electricity DJUSVE 316.52 + 23.77 7.55 +8.12 [8] +17.16 [28] +2.44 [9] +9.38 336.90 270.29

Nondurable Hshld Pdts DJUSHN 968.00 + 67.56 –14.27 +7.50 [9] +21.24 [17] –1.45 [26] +9.88 1,003.84 795.35 Mortgage Finance DJUSMF 8.39 + .57 –.81 +7.35 [10] +10.59 [49] –8.80 [77] +11.00 9.76 7.53 Personal Products DJUSCM 611.14 + 40.86 2.33 +7.16 [11] +15.99 [31] +.38 [16] +4.54 650.60 527.81 Gas Distribution DJUSGU 295.12 + 18.87 –20.22 +6.83 [12] –7.87 [102] –6.41 [58] +1.53 337.51 276.25 Multiutilities DJUSMU 235.66 + 14.41 8.14 +6.51 [13] +13.59 [40] +3.58 [6] +8.02 248.91 206.94 Residential REITs DJUSRN 249.37 + 14.57 4.76 +6.21 [14] +15.32 [34] +1.95 [10] +9.72 266.98 216.09 Specialty REITs DJUSSR 242.22 + 13.65 7.37 +5.97 [15] +19.52 [19] +3.14 [7] +9.83 259.07 202.79 Tobacco DJUSTB 641.39 + 35.06 –33.20 +5.78 [16] –9.69 [109] –4.92 [45] –11.54 745.56 557.66

Drug Retailers DJUSRD 773.01 + 41.57 –70.70 +5.68 [17] –8.38 [105] –8.38 [75] –12.71 895.26 717.69 Bldg Materials & Fixtures DJUSBD 983.59 + 51.50 –65.72 +5.53 [18] +17.48 [24] –6.26 [54] +5.69 1,066.77 824.30 Pharmaceuticals DJUSPR 592.56 + 29.27 –29.55 +5.20 [19] +2.52 [74] –4.75 [42] +4.60 640.25 540.89 Fixed Line Telecom DJUSFC 168.59 + 8.24 –9.33 +5.14 [20] +24.22 [11] –5.25 [47] –2.74 180.42 136.40 NetChange %ChangeandRanking 52Week

Top20YrAgoRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Computer Hardware DJUSCR 3720.26+ 177.05–116.60 +5.00 [22] +55.52 [1] –3.04 [33] +23.66 4,236.36 2,354.91 Gold Mining DJUSPM 117.80 + 16.24 14.53 +16.00 [1] +54.30 [2] +14.07 [1] +18.36 117.80 70.75 Mining DJUSMG 109.51 + 14.82 12.72 +15.64 [2] +44.15 [3] +13.14 [2] +13.78 109.51 71.12 Home Construction DJUSHB 982.19 + 31.65 47.82 +3.33 [39] +38.39 [4] +5.12 [5] +16.06 1,107.03 710.40 Water DJUSWU 3022.31+ 333.54 273.89 +12.40 [3] +37.29 [5] +9.97 [4] +19.85 3,131.32 2,214.96 Specialty Finance DJUSSP 326.33 – .68 –2.56 –.21 [70] +34.13 [6] –.78 [21] +27.09 382.03 241.48 Automobiles DJUSAU 238.74 + .41 25.98 +.17 [63] +30.16 [7] +12.21 [3] +5.07 304.37 159.59

Technology Hardware& Equip DJUSTQ 2006.19 + 41.10–123.08 +2.09 [47] +29.72 [8] –5.78 [51] +18.43 2,311.70 1,489.26 Food Retailers & Whlslrs DJUSFD 525.01 + 43.75 2.36 +9.09 [4] +27.81 [9] +.45 [15] +18.24 547.43 411.14 Software DJUSSW 3057.97 – 49.42 14.27 –1.59 [96] +27.44 [10] +.47 [14] +28.97 3,566.09 2,382.86 Fixed Line Telecom DJUSFC 168.59 + 8.24 –9.33 +5.14 [20] +24.22 [11] –5.25 [47] –2.74 180.42 136.40 Leisure Goods DJUSLE 623.31 + 19.77 –26.24 +3.28 [40] +22.86 [12] –4.04 [40] +5.28 672.35 503.78 Real Estate Services DJUSES 236.75 + 3.63 1.15 +1.56 [52] +22.52 [13] +.49 [13] +18.46 262.20 186.11 Semiconductor DJUSSC 4010.87 – 26.48–302.58 –.66 [79] +21.83 [14] –7.01 [63] +17.30 4,727.12 3,077.97 Insurance Brokers DJUSIB 410.77 + 11.12 –5.26 +2.78 [45] +21.58 [15] –1.27 [25] +17.02 453.39 333.17

Toys DJUSTY 934.22 + 34.78 –33.82 +3.87 [35] +21.29 [16] –3.49 [35] +5.09 1,006.41 772.82 Nondurable Hshld Pdts DJUSHN 968.00 + 67.56 –14.27 +7.50 [9] +21.24 [17] –1.45 [26] +9.88 1,003.84 795.35 Real Estate Investmt& SvcsDJUSRH 514.50 + 5.91 –6.54 +1.16 [56] +19.72 [18] –1.26 [24] +15.55 573.68 412.33 Specialty REITs DJUSSR 242.22 + 13.65 7.37 +5.97 [15] +19.52 [19] +3.14 [7] +9.83 259.07 202.79 Hshld Goods & Home ConstrDJUSHG 757.47 + 36.83 –24.91 +5.11 [21] +19.03 [20] –3.18 [34] +6.38 810.94 634.95

Groupsareweightedbycapitalization.52-weekhighsandlowsarebasedondailycloses.Dec.31,1991=100.IntheU.S.listings,%volchg
columnshowsthechangefromprevious65-daymovingaverage.Volumefiguresdonotreflectextendedtradinghours.

ComingEarnings

Day Consensus Year Estimate Ago

Continuedfrompage15ofthemainsection.

TH

Adobe (Q1) 2.23 1.71

Broadcom(Q1) 5.34 5.55

DollarGeneral(Q4) 2.01 1.84

Gap(Q4) 0.41 0.71

UltaBeauty(Q4) 3.73 3.61

(Earningsaredilutedandreportdatesaretentative. Allfore- castsandhistoricalnumbersexcludeextraordinaryitemsby accountingdefinitions.) Source:FactSet

WEEKLYRUSSELL2000INDEX

TheFrankRussellSmallCap2000Index;withahigh/

lowrangebaseduponthedailyindexclose.

Week Ended First High Low Last Chg.

2020

Mar 6 1518.49 1531.20 1449.22 1449.22 — 27.21

Feb 28 1628.10 1628.10 1476.43 1476.43 — 202.18

21 1683.52 1696.07 1678.61 1678.61 — 8.98

(^14) 1667.67 1693.74 1667.67 1687.58 + 30.81
7 1632.21 1681.92 1632.21 1656.78 + 42.72
Jan 31 1644.14 1658.31 1614.06 1614.06 — 48.17
24 1685.90 1685.90 1662.23 1662.23 — 37.40
(^17) 1669.61 1705.22 1669.61 1699.64 + 41.99
10 1663.26 1664.99 1657.64 1657.64 — 3.23
(^3) 1664.15 1668.47 1660.87 1660.87 — 8.16

2019

Dec 27 1674.14 1678.01 1669.03 1669.03 — 2.87

20 1649.94 1671.90 1649.94 1671.90 + 33.93

(^13) 1629.62 1644.81 1629.62 1637.98 + 4.14
6 1607.58 1633.84 1602.63 1633.84 + 9.33
Nov 29 1621.90 1634.10 1621.90 1624.50 + 35.56
22 1592.34 1598.29 1583.96 1588.94 — 7.51
(^15) 1594.77 1596.45 1588.79 1596.45 — 2.41
8 1597.40 1599.61 1589.54 1598.86 + 9.53
(^1) 1571.93 1589.33 1562.45 1589.33 + 30.62
Oct 25 1550.14 1558.71 1550.14 1558.71 + 23.23
(^18) 1505.43 1541.84 1505.43 1535.48 + 23.58
11 1497.79 1511.90 1472.60 1511.90 + 11.20
(^4) 1523.37 1523.37 1479.63 1500.70 — 19.78
Sept 27 1558.25 1558.25 1520.48 1520.48 — 39.29
(^20) 1584.60 1584.60 1559.76 1559.76 — 18.37
13 1524.23 1578.14 1524.23 1578.14 + 72.97
(^6) 1472.28 1510.75 1472.28 1505.17 + 10.33
Aug 30 1476.00 1496.72 1456.04 1494.84 + 35.35

AMERICANDEBTANDDEFICITS

Latest Preceding YearAgoYearoverYear

Report Report Report %Chg

FederalBudgetDeficit(bil.$)-a......................................... 1,068FY'21 1,101FY'20 1,092FY'19 ....

BudgetSurplus/Deficit(bil.$)-b,January........................ –32.59 r-13.29 +8.68 -475.46

TradeDeficit(bil.$,sa)-c,January..................................... –45.34 r-48.61 –53.82 -15.76

TreasuryGrossPublicDebt.(bil.$)-d............................... 23,460.6 23,426.6 22,028.4 6.50

TreasuryStatutoryDebtLimit(bil.$)-d............................. * 21,987.7 .... ....

ConsumerInstallmentDebt(bil.$)-e,January............... 4,202.7 r4,190.7 4,030.6 4.27

Sources:a-OfficeofManagementandBudget,b-MonthlyTreasuryStatement,c-MonthlyCommerceDept.Report,d-DailyTreasury
Statement,e-MonthlyFederalReserveRelease.*StatutorydebtlimittemporarilysuspendedthroughJuly31,2021.

NYSEHALF-HOURLYVOLUME

Daily 3/02 3/03 3/04 3/05 3/06

9:30-10:00 204,024 165,188 152,608 156,531 223,600

10:00-10:30 85,869 142,818 67,719 67,318 104,778 10:30-11:00 82,949 86,625 59,783 57,209 87,971 11:00-11:30 82,307 96,860 51,593 55,396 78,410 11:30-12:00 68,869 67,024 53,076 47,061 61,761 12:00-12:30 57,196 52,864 40,382 45,862 54,312 12:30-1:00 48,579 43,428 38,514 54,638 47,931

1:00-1:30 47,458 56,775 41,035 50,007 43,377 1:30-2:00 45,958 58,761 39,752 45,484 46,919 2:00-2:30 48,560 85,610 41,187 48,663 51,263 2:30-3:00 59,676 70,807 43,451 50,691 63,887 3:00-3:30 62,050 77,755 56,810 73,553 80,505 3:30-4:00 821,718 647,209 542,641 651,505 663,746

NAMECHANGES

NYSE

IngersollRand Inc (IR), formerly Gardner Denver Hldg (GDI)

PrimoWater (PRMW), formerly Cott (COT)

TraneTechnologies (TT), formerly Ingersoll-Rand PLC (IR)

Nasdaq

Benefytt Technologies (BFYT), formerly Health Insurance

Innovations (HIIQ)

Grid DynamicsHoldings (GDYN), formerly ChaSerg

Technology Acquisition (CTAC)

ADJUSTABLEMORTGAGEBASERATES

YOY

Mar6 Feb28 Yr.Ago %Chg

1YearTreasBills 1.21 1.46 2.55 -52.55

2YearTreasNotes 1.12 1.39 2.51 -55.38

3YearTreasNotes 1.09 1.35 2.49 -56.22

5YearTreasNotes 1.10 1.37 2.50 -56.00

10YearTreasNotes 1.29 1.52 2.70 -52.22

20YearTreasBds 1.60 1.82 2.91 -45.02

11thDistrict%Jan 0.984 0.984 1.125 -12.53

FHFAPMMS+ 3.72 3.72 .... ....

Fed annualized yields adjusted for constant maturity. FHFA PMMS+ is the Federal Housing Finance Agency's adjusted version ofFreddieMac's30-yrFRMPrimaryMortgageMarketSurvey.