Barron’s - USA (2020-09-28)

September 28, 2020 BARRON’S M31

Last Prev. Year

Week Week Ago

DJIndAvg 27173.96 27657.42 26820.25

P/E Ratio 25.54 26.01 19.22

Earns Yield % 3.92 3.85 5.20

Earns $ 1064.04 1063.45 1395.50

Divs Yield % 2.15 2.11 2.29

Divs $ 583.03 583.03 613.95

Mkt to Book 4.06 4.13 4.12

Book Value $ 6688.86 6688.86 6512.92

DJTransAvg 11270.00 11431.92 10341.27

P/E Ratio 84.67 85.88 17.47

Earns Yield % 1.18 1.16 5.72

Earns $ 133.11 133.11 591.84

Divs Yield % 1.35 1.33 1.61

Divs $ 151.82 151.82 166.69

Mkt to Book 3.33 3.37 3.19

Book Value $ 3389.19 3389.19 3239.67

DJUtilityAvg 808.13 797.95 876.46

P/E Ratio 23.50 23.20 28.08

Earns Yield % 4.26 4.31 3.56

Earns $ 34.39 34.39 31.22

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.DJlatestavailablebookvaluesforFY2019and2018,andS&Platestfor2018and

2017. r-Revised data

Market Laboratory

THEWEEKINSTOCKSFORTHEMAJORINDEXES

12-Month Weekly Friday Weekly 12-Month ChangeFrom

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

DowJonesIndexes

29551.42 18591.93 30 Indus 27288.1826763.13 27173.96 –483.46 –1.75 353.71 1.32 –1364.48 –4.78

11555.14 6703.63 20 Transp 11270.0011095.09 11270.00 –161.92 –1.42 928.73 8.98 368.72 3.38

960.89 610.89 15 Utilities 808.13 785.16 808.13 10.18 1.28 –68.33 –7.80 –71.04 –8.08

9710.01 6100.31 65 Comp 9069.85 8912.40 9069.85 –109.08 –1.19 135.95 1.52 –316.63 –3.37

DowJonesIndexes

36434.12 22462.76 US TSM Float 33834.8133005.83 33631.59 –284.84 –0.84 3338.39 11.02 596.21 1.80

887.96 547.67 US Market 824.21 804.33 819.75 –5.22 –0.63 85.05 11.58 18.99 2.37

935.01 487.28 Internet 842.97 817.80 838.75 24.38 2.99 234.93 38.91 210.29 33.46

NewYorkStockExchange

14183.20 8777.38 Comp-z 12602.5412359.16 12485.38 –348.19 –2.71 –486.60 –3.75 –1427.65 –10.26

8908.29 5036.38 Financial-z 6792.11 6635.99 6732.66 –260.57 –3.73 –1396.37 –17.18 –1967.45 –22.61

19045.90 12991.76 Health Care-z 18301.2017922.59 18189.07 –467.17 –2.50 2302.02 14.49 118.97 0.66

10251.47 4032.17 Energy-z 5467.74 5209.83 5209.83 –439.62 –7.78 –4412.24 –45.86 –4827.48 –48.10

NYSEAmericanStockExchange

2626.91 1317.22 NYSE Amer Comp 1992.71 1909.57 1931.01 –112.69 –5.51 –568.91 –22.76 –621.55 –24.35

2852.12 1742.29 Major Mkt 2423.77 2373.48 2403.22 -64.08 –2.60 –332.50 –12.15 –371.49 –13.39

Standard&Poor'sIndexes

1675.67 1040.00 100 Index 1538.48 1499.69 1529.00 –1.58 –0.10 220.34 16.84 86.83 6.02

3580.84 2237.40 500 Index 3315.57 3236.92 3298.46 –21.01 –0.63 336.67 11.37 67.68 2.09

5107.48 3123.44 Indus 4706.47 4591.91 4680.28 –10.11 –0.22 703.29 17.68 308.66 7.06

2106.12 1218.55 MidCap 1833.72 1792.09 1817.27 –48.59 –2.60 –105.47 –5.49 –245.75 –11.91

1041.03 595.67 SmallCap 846.18 822.63 834.93 –35.64 –4.09 –111.38 –11.77 –186.25 –18.24

NasdaqStockMarket

12056.44 6860.67 Comp 10963.6410632.99 10913.56 120.28 1.11 2973.93 37.46 1940.96 21.63

12420.54 6994.29 100 Index 11186.3710833.33 11151.13 214.15 1.96 3469.55 45.17 2418.06 27.69

9363.32 5239.66 Indus 8649.07 8352.74 8566.33 66.40 0.78 2244.05 35.49 1758.63 25.83

10673.14 6343.13 Insur 8645.97 8475.34 8540.59 –295.98 –3.35 –1746.31 –16.98 –1451.36 –14.53

4011.98 2136.72 Banks 2486.58 2388.35 2435.64 –181.02 –6.92 –1203.35 –33.07 –1533.19 –38.63

8587.40 4608.77 Computer 7591.97 7353.31 7586.25 200.35 2.71 2598.63 52.10 1707.25 29.04

457.36 298.17 Telecom 411.31 400.20 404.58 –2.29 –0.56 16.40 4.23 16.07 4.14

RussellIndexes

1989.08 1224.45 1000 1849.39 1801.83 1836.41 –11.57 –0.63 200.79 12.28 52.20 2.93

1705.22 991.16 2000 1496.96 1451.46 1474.91 –61.87 –4.03 –45.57 –3.00 –193.56 –11.60

2089.83 1288.04 3000 1941.21 1893.68 1929.70 –16.02 –0.82 195.70 11.29 37.45 1.98

1365.33 838.37 Value-v 1158.18 1134.35 1148.74 –32.81 –2.78 –110.87 –8.80 –198.92 –14.76

2350.43 1322.15 Growth-v 2141.74 2083.14 2135.52 29.49 1.40 542.28 34.04 365.00 20.62

2472.07 1471.40 MidCap 2266.55 2218.77 2254.87 –34.02 –1.49 31.11 1.40 –127.04 –5.33

Others

6789.54 3854.81 Value Line-a 6207.41 6049.75 6123.50 –223.39 –3.52 –40.39 –0.66 –535.20 –8.04

562.05 305.71 Value Line-g 456.48 444.77 450.00 –17.09 –3.66 –68.73 –13.25 –102.19 –18.51

11510.08 6621.12 DJ US Small TSM 10089.82 9803.21 9949.98 –375.79 –3.64 –389.65 –3.77 –1315.01 –11.67

752.15 455.11 Barron's 400 703.34 687.57 697.46 –14.56 –2.05 22.81 3.38 –34.77 –4.75

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

Purple Innovation PRPL 200,000 4,760,000 9/15/20 Zepf, Paul D

Broadridge Financial Solutions BR 163,696 22,267,567 9/15/20 Daly,Richard AF

Cadence Design Systems CDNS 150,000 15,484,500 9/15/20 Tan, Lip Bu AF

Peloton Interactive PTON 132,890 11,168,076 9/14/20 Kushi, Hisao AF

Stitch Fix SFIX 120,000 3,484,308 9/15/20 Smith, Michael O

Oracle ORCL 112,500 6,689,250 9/15/20 Daley, Dorian AF

Wave Life Sciences Ltd WVE 100,000 1,500,000 9/15/20 Bolno, Paul UT

Cloudera CLDR 96,973 1,074,461 9/15/20 Reasoner, Scott AF

Zscaler ZS 95,835 12,304,383 9/14/20 Canessa, Remo UT

Cloudflare NET 90,000 3,134,700 9/15/20 Seifert,Thomas AF

STOCKVOLUME

Last Prev. Year YOY

Week Week Ago %Chg

NYSE(a) 4,896,512 7,015,634 6,138,971 -20.24

30 Dow Inds (b) 2,250,695 2,363,412 1,386,073 62.38

20 Dow Trans (b) 665,390 806,397 285,785 132.83

15 Dow Utils (b) 242,541 273,685 236,433 2.58

65 Dow Stks (b) 3,158,626 3,443,494 1,908,291 65.52

NYSE American (a) 79,811 125,280 144,729 -44.86

Nasdaq(d) 19,270,839 20,812,849 10,051,173 91.73

NYSE 15 Most Active

Average Price 19.25 19.33 12.65 52.17

% Tot Vol 18.35 17.99 13.61 34.83

Stock Offerings $(z,v) 6,664,600r17,625,6008,163,100 -18.36

DailyStockVolume

Daily 9/21 9/22 9/23 9/24 9/25

NYSE(a) 1,221,665 947,038 1,002,411 927,442 797,956

30 Inds (b) 523,662.2 423,328.7 463,195.3 448,781.2 391,727.6

20 Trans (b) 176,748.4 106,178.1 122,061.4 136,553.4 123,848.9

15 Utils (b) 53,836.5 44,031.1 53,702.9 49,732.8 41,237.7

65 Stks (b) 754,247.1 573,537.8 638,959.6 635,067.4 556,814.3

NYSE Amer(a) 22,939 13,758 16,170 15,789 11,155

Nasd(d) 3,882,602 3,512,592 4,042,369 4,045,879 3,787,397

NYSE 15 Most Active

Avg. Price 23.11 18.72 26.40 25.70 24.12

% Tot Vol 16.70 17.28 16.92 23.16 22.08

Numbersinthousandssavepriceandpercentages.(a)Primary

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

W/EThursday.(z)Source:Refinitiv.

Divs Yield % 3.27 3.30 2.88

Divs $ 26.42 26.36 25.21

Mkt to Book 2.16 2.13 2.36

Book Value $ 374.40 374.40 370.98

S&P500Index 3298.46 3319.47 2961.79

P/E Ratio 28.35 28.53 22.37

Earns Yield % 3.53 3.50 4.47

Earns $ 116.33 116.33 132.39

Divs Yield % 1.73 1.71 1.99

Divs $ 57.06 56.76 58.94

Mkt to Book 3.61 3.63 3.48

Book Value $ 914.49 914.49 851.62

S&PIndIndex 4680.28 4690.39 3976.99

P/E Ratio 33.70 33.77 23.89

Earns Yield % 2.97 2.96 4.19

Earns $ 138.90 138.90 166.45

Divs Yield % 1.54 1.53 1.85

Divs $ 72.08 71.76 73.57

Mkt to Book 4.96 4.97 4.50

Book Value $ 944.26 944.26 883.41

Last Prev. Year

Week Week Ago

U.S. DOLLAR INDEX vs EURO and YEN

-10

0

10

O N D J F M A M J J AS

EURO in $

s

sYEN in $

DXY (94.58)

s

Source: Tullett Prebon

Better Safe: With Covid-19 making a sorry comeback around the world, traders

sought the dollar’s safety—lifting the U.S. Dollar Index 1.8% for the week.

BARRON'S50-STOCKAVERAGE

This index is an weighted average of 50 leading issues.

Useful in security valuation. Source: Barron's Stats

Sep24 Sep17 Sept Yr-to-Yr

2020 2020 2019 %Chg

S&P 500 Index 3246.59 3357.01 2992 8.49

Barron's 50 Index 8588.19 8953.00 9272 –7.37

Projected quarterly earn 47.62 47.58 103.75 –54.10

Annualized projected earn 190.49 190.34 415.00 –54.10

Annualized projected P/E 45.09 47.00 22.4 101.56

Five-year average earn 394.05 394.05 399.64 –1.40

Five-year average P/E 21.79 22.70 23.2 –6.06

Year-end earn 348.41 348.41 425.10 –18.04

Year-end P/E 24.65 25.70 21.8 13.01

Year-end earns yield, % 4.06 3.90 4.6 –11.52

Best grade bond yields, % 1.62 1.54 2.77 –41.52

Bond yields/stock ylds, % 0.40 0.40 0.60 –33.92

Actual year-end divs 222.92 222.78 215.96 3.22

Actual yr-end divs yld, % 2.60 2.49 2.33 11.43

DISTRIBUTIONS&OFFERINGS

SecondaryDistributionsofcommonstocks

Accel Entertainment 8,000,000 $10.50 $84,000,000

ADCTherapeutics 6,000,000 $34.00 $204,000,000

Baozun 40,000,000 $82.90 $427,865,447

Crexendo 2,800,000 $5.50 $15,400,000

GeoVaxLabs 2,560,000 $5.00 $12,800,000

Kingsoft Cloud 246,323,640 $31.00 $509,068,856

Loop Industries 1,880,000 $12.75 $23,970,000

NanoVibronix 1,794,783 $1.00 $1,794,783

NationalStorage Affiliates 4,500,000 $33.15 $149,175,000

Penn NationalGaming 14,000,000 $61.00 $854,000,000

Protara Therapeutics 4,600,000 $16.87 $77,602,000

Siyata Mobile 2,100,000 $6.00 $12,600,000

Uranium Energy 12,500,000 $1.20 $15,000,000

WaveLife Sciences 8,333,334 $12.00 $100,000,008

ZTOExpress 45,000,000 $218.00 $1,265,806,452

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

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 4.81 1.72 28.48

Amgen 12.76 6.25 16.36

Apple 3.29 0.795 20.37

Boeing (5.05)Suspended(15.31)

Caterpillar 6.45 4.12 26.52

Chevron Corp (4.66) 5.06 76.62

Cisco Sys 2.63 1.41 7.90

Coca Cola 2.12 1.63 4.43

Disney Walt (0.62) 1.76 49.90

Dow (2.68) 2.80 18.26

Goldman Sachs18.85 5.00227.62

Home Depot 10.91 5.86 (2.89)

Honeywell 8.13 3.60 26.01

IBM 9.18 6.50 23.49

Intel 5.43 1.305 18.07

Book

Earns Divs. Value

Johnson&John 6.84 3.86 22.59

JPMorgChase 7.41 3.60 75.98

McDonalds 6.31 5.00(11.00)

Merck Co 4.10 2.44 10.20

Microsoft 5.75 2.04 15.63

Nike Inc 1.67 0.98 5.17

Proc Gam 4.96 3.0732 18.40

3M Co 8.82 5.85 17.50

Salesforce.com 2.56 0.00 37.95

Travelers Cos 7.02 3.34101.54

UnitedHealth Grp 17.78 4.66 60.78

Verizon 4.61 2.46 14.84

Visa 5.25 1.20 13.53

Walgreens 0.82 1.84 26.26

Wal-mart 6.27 2.15 26.36

TransportationStocks

Alaska AirGroup 0.46Suspended35.21

AmericanAirlines(8.17)Suspended(0.28)

Avis Budget Grp(4.67) Nil 8.86

C.H. Robinson 3.43 2.04 12.39

CSX Corp 3.72 1.02 15.32

Delta Air Lines (9.01)Suspended23.89

Expeditors Int'l 3.51 1.02 12.94

FedEx 6.77 2.60 69.84

Hunt (JB) 4.87 1.07 21.34

JetBlue Air (0.96) Nil 17.02

KC Southern 5.85 1.60 45.95

Kirby Corp (2.88) Nil 56.18

Landstar Sys 4.29 0.765 18.28

Matson Inc 2.05 0.89 18.78

Norf So 8.04 3.76 58.87

Ryder Sys (6.03) 2.24 46.48

Southwest Air 0.40 0.72 18.94

Un Pacific 8.06 3.88 26.19

UPS 5.03 3.99 3.81

United Airlines (6.13) Nil 45.90

UtilityStocks

AES Corp. 0.30 0.5664 4.51

Am Elec 3.85 2.80 39.73

American WaterWorks 3.52 2.10 33.85

CenterPt Energy(1.61) 1.015 13.18

Con Ed 3.99 3.01 54.12

DominionEnergy 0.74 3.7375 35.33

Duke Energy 2.81 3.80 61.20

Edison Int'l 3.11 2.525 36.75

Exelon 2.71 1.51 33.12

FirstEnergy 1.24 1.55 12.90

NextEra Energy 7.25 5.45 75.67

NiSource Inc. (0.32) 0.81 13.36

Pub Sv Ent 3.42 1.94 29.94

Sempra Energy 14.53 4.102 60.58

Southn Co. 3.08 2.52 25.03

ComingU.S.Auctions

Yields(%)

Day When Last

Issued* Auction

M

$54.0bil 3-month 0.100 0.098

$51.0bil 6-month 0.105 0.105

*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 46.8% 57.2% 67.6%

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

Source:DeltaInvestmentManagement

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