Barron’s - USA (2020-09-28)

September 28, 2020 BARRON’S M33

Market Laboratory

WEEK’SNEWHIGHSANDLOWS WEEK’SNEWHIGHSANDLOWS WEEK’SNEWHIGHSANDLOWS WEEK’SNEWHIGHSANDLOWS

NewHighs 89 8 133

NewLows 108 12 208

WeeklyComp. NYSE NYSEAmer Nasdaq

NYSE AMER

NEW HIGHS

AmpioPharm IssuerDirect Network1Techs PTK Acqn Wt

CKX Lands LairdSuperfood PTK Acqn SoCA Ed pfD

NEW LOWS

CondorHospitalityIMPAC MortgageNorthernOil&GasSachemNts2025

CynergisTek InspireMD PTK Acqn Senseonics

FranklinStProp LairdSuperfood PTK Acqn Wt TimberPharm

NASDAQ

NEW HIGHS

AcamarPtrs Evogene HorizonTherap PreludeTherap

AcceleronPharmaFalconCapAcqn HovnanianPfdA QurateRetailA

AconS2Acqn FinTechAcqnIV IndlTechAcqns RenewableEnergy

AMCIAcquisition FirstCitizensPfdA InsuAcqnII Roku

AmerSupercond Flexsteel JFrog RushEnt A

Amesite FormaTherap KismetAcqnOneUnSchmittIndustries

ApexTechAcqn ForteBiosci LFCapAcqnWt ScientificGames

ApexTechAcqn ForumMergerIII LifeSciAcqnUn SesenBio

ArcLightClean ForumMergerIII LionheartAcqnII SiyataMobile

ArenaPharm ForumMergerIIIWtLogitechIntl SkySolar

ArtiusAcqn ForumMergerIIWtLongevityAcqnWtSoftwareAcqnGrpII

AsiaPacificWireFranchise7.5%PfdAMomentaPharmSouthMountainUn

AtlasAir FreedomHolding MountainCrest SPI Energy

AtlUnionPfdA FS Devt MountainCrestRt SpringWorks

Bandwidth FT NasdPharm NanoStringTech StdAVBFin

BeiGene FtacOlympus Natera StepStone

BentleySystemsGlXNasd100CCGrwNewbornAcqnWt StitchFix

BlueprintMed GoodRx NewHoldInvestmentSunRun

Bonso GoresHldgsIV NewHoldInvt Sunworks

BrilliantAcqnWt GoresHoldingsV NewHoldInvtWt TatTechnologies

CambiumNtwks GoresIV A NovusCapital TayshaGene

CardiffOncology GRAVITY NuanceComms TFF Pharm

CassavaSciencesGraybugVision OFSCapNts2023 TwistBiosci

CastleBiosci GreencityAcqn OpenLending UnionAcqnII

CBAK Energy GreencityAcqn OrisunAcqn Vaxcyte

Cleanspark GreencityAcqnWtPacBiosciCA VectorAcqn

CompassPath GreenVisionAcqnRtPacificEthanol VicShNasdNext50

CorsairGaming GreenwichLife PactivEvergreen VPC Impact

DeerfieldHlthcA GuardantHealth Peck WorkhorseGroup

DiamondPeak GXAcquisitionWt Peloton Zillow A

DiamondPeakUn HibbettSports PMV Pharm Zillow C

DigitalTurbine HighCapeCap PolarPower ZionsBncpPfdA

E.MergeTechA HireQuest PPD ZoomVideo

Escalade

NEW LOWS

36Kr EchoStar LibertyLatAmRt SagaComm

9F ECMOHO LionGroupWt SatsumaPharm

ACNB EvofemBiosci Lizhi Scholastic

AconS2Acqn FalconCapAcqn LonestarRscs SCWorx

ADiTxTherap FarmerBros MainStreetBcshs SCYNEXIS

AEternaZentaris FedNat MaxeonSolar SeaChange

AkebiaTherap FinTechAcqnIV MedalistDivREIT SiebertFin

Alector FirstCash MercantileBank SigmaLabs

Amarin ForumMergerIII MercerIntl SilenceTherap

AmerantBancorpAForumMergerIIIWtMetacrine SiyataMobile

AmerantBancorpBFranchise7.5%PfdAMetenEdtechX SkillfulCrafts

Amesite FranklinFinlSvc MidlandStBncp SoftwareAcqnGrpII

AmesNational FstCmntyBcsh Momo SolidBiosci

AmOutdoorBrandsFultonFin MuscleMaker SonnetBio

AnPacBioMed FusionPharm NakedBrand SouthsideBcshs

Aptorum Genetron NatusMedical StateAutoFin

ArcLightClean Genfit NBT Bancorp Stratasys

ArtiusAcqnWt GlobusMaritime NeosTherap StrategicEd

AthiraPharma GlXNasd100CCGrwNeuroBoPharm SumoLogic

AuroraMobile GoodRx NewHoldInvestmentSundialGrowers

BankofPrinceton GraybugVision NewHoldInvtWt SunesisPharm

BayCom GreenwichLife NextCure Synalloy

BCB Bancorp GritstoneOncologyNorthfieldBanc TargetHosp

BeasleyBroadcastGTY Tech NorthMountainUnTayshaGene

BELLUS Health HallofFameResortOdonateTherap TeleNav

BentleySystems HallofFameWt OFSCapNts2023 Teligent

Blucora HappinessBiotechOLB Group TerritBanc

BlueCity HarborCustom OncternalTherap TheravanceBio

BostonPrivFin HarmonyBio OntrakPfd TOP Ships

BridgeBancorp HaynesIntl OrchardTherap TorchlightEner

BrooklineBcp HealthStream OricPharm Tricida

CapitalaFinance Histogen PainReform Trustmark

CapitolFedFin HlthSciencesAcqns2PandionTherap TuanChe

CarterBk&Tr HMN Fin PilgrimPride TwinDisc

Check-Cap WtC HopeBancorp Pixelworks UnitedFire

CheckmatePharmHothTherap PliantTherap UnitedInsurance

ChinaXiangFood ImmaticsWt PMV Pharm UnivStainless

Citizens&NorthernIndependentBankPreludeTherap UrbanTea

CivistaBcshrs InterceptPharm ProfDiversity UTStarcom

ConsldWater InvscBS2028HY ProvidentFin Vaccinex

CorbusPharm InvscBS2030CorpBdPsychemedics VectorAcqn

CorsairGaming JaguarHealth Q&K Intl VenusConcept

Creatd KaiserAlum QurateRetailPfd VertexEnergy

CyclacelPharm KearnyFinancial RecroPharma VicShNasdNext50

DBV Tech KismetAcqnOneUnRenalytixAI Vitru

DeerfieldHlthcA Kubient RiceBranTech ViveveMedical

DestinationXL KubientWt RiverviewBncp VPC Impact

DimeComBcshrs LegendBiotech RockwellMedical WarnerMusic

DyneTherapeuticsLexiconPharm RockyMtnChoc WashingtonFederal

E.MergeTechA LexinFintech S&T Bancorp WeycoGroup

E.MergeTechWt LibertyLatAmA Sabre6.5%Pfd YoungevityIntl

EastRscsAcqnWtLibertyLatAmC Safe-T Yunji

NYSE

NEW HIGHS

AberdeenJapanEquEquityDistributionKB Home PivotalInvtII

AltaEquipWt ExecutiveNtwk KingswayFin PivotalInvII

AlussaEnergyWtFedRealtyInvPfdCLegacyAcqnWt PivotalInvCorp.IIWt

AmFinGrp4.5%Deb.FirstRepublicPfdKLennar A PrimeImpactI

AmericanWell FiverrIntl Lennar B Progressive

AspirationalCns FlotekIndustries MeritageHomes RMGAcqn

AssdBancPfdF FoleyTrasimeneWtMorganStanleyPfdLRedBallAcqn

BostonBeer FusionAcqnA MyovantSciencesReinventTechPtrs

Broadstone FusionAcqnWt Nautilus RexfordIndPfdC

BrookfieldRenewGOAcquisitionUnNavistarIntl RibbitLeapUn

CCNeubergerII GS Acqn II NextEra6.219%UnSouthernNts2020C

CCNeubergerPrinIIGameStop Nike StarGroup

CCNeubergerIIWtGigCapital2Wt NorthernGenesis Strats USC GJH

CITICCapAcqnWtHPX Wt NovoNordisk TailwindAcqn

CapstarSpacA HancockIncmSecsNuSkinEnts TruistFinPfdI

ChinaYuchai HorizonAcqn one Tupperware

ChurchillCapIV Infosys Oracle Twitter

ColonnadeAcqn Invitae Owens&Minor US BancorpPfdA

ContainerStore JinkoSolar PMV Consumer UnitySoftware

Corts Aon KTN JuniperIndustrial PeridotAcqn ViaOptronics

Denbury JuniperIndlA PershingSquare VivintSolar

DollarGeneral JuniperIndlWt Pinterest WRBerkleyDeb60

Endava

NEW LOWS

AberdStdGlbInfr Coty Mack-Cali Snowflake

AmerElecPwrUn CypressEnvl MesaRoyalty SoJerseyInd

AIG Wt Denbury MicroFocus SouthJerseyIndsUn

ArdmoreShippingDiamondSShip MolsonCoorsB SouthernNts2020C

AscendantDigA Dril-Quip NACCO Inds Spire

AshfordHosp Dun&Bradstreet NatWest Starrett A

AshfordHospPfdDEmpireStateRealtyNetstreit TaroPharm

AspirationalCns ExecutiveNtwk NY CmntyBcp TeekayTankers

AuroraCannabis Express NextEra6.219%UnTelecomArgentina

BEST FirstRepublicPfdKNordstrom Telefonica

BP Prudhoe FTHYOpps2027FdNorthwestNat Thermon

BancoBilbaoViz FomentoEconMexOaktreeAcqnII 3D Systems

BancoMacro FourSeasonsEducPMV Consumer TootsieRoll

BancoSantander Frank'sIntl PanhandleOil&GasTsakosEnergy

BerkshireHills GasLog PA Reit Unitil

BrookfldInfrPfdA13GenesisHealthcarePeridotAcqn UnitySoftware

CCNeubergerPrinIIGuangshenRail PhoenixTree UniversalHealth

CCNeubergerIIWtHPX A PrefApartment UnivInsurance

CVR Energy HPX Wt RaMedicalSys UrstadtBiddle

Canon HSBC RangerEnergySvcsUrstadtProp A

CapOneFinPfdK HawaiianElec Revlon ViaOptronics

ChinaPetrol HuntingIngalls RiverNorthRt Verso

ChurchillCapIVWtIRSA SINOPEC WRBerkleyDeb60

ChurchillCapIV IntlSeaways SaulCenters Weidai

CohnRobbins KKR Pfd C ScorpioBulkers XFinancial

CoreCivic LAIX ScorpioTankers XinyuanRealEst

CorEnergyInfr LloydsBanking ScullyRoyalty YirenDigital

CONFERENCECALLCALENDAR

Earnings-Related

Company Date Time Earnings-RelatedPeriod

Conagra Brands October1 9:30AM Q1

Constellation Brands October1 11:30AM Q2

IHS Markit September29 8:00AM Q3

Micron Technology September29 4:30PM Q4

Source:CCBN,www.ccbn.com

CORPORATEBONDS

FortheweekendingFriday,September25,2020

Fortymostactivefixed-couponcorporatebonds

LAST LAST **EST EST $VOL

COMPANY(TICKER) COUPON MATURITY PRICE YIELD SPREAD UST† (000's)

BatCapital(BATSLN) 2.259 Mar25,2028 100.082 2.247 n.a. 10 536,746

GileadSciences(GILD) 2.800 Oct01,2050 98.708 2.864 146 30 512,714

GileadSciences(GILD) 2.600 Oct01,2040 99.872 2.608 120 30 492,743

SkymilesIpLtd(DAL) 4.500 Oct20,2025 101.750 4.114 386 5 427,089

BatInternationalFinance(BATSLN) 1.668 Mar25,2026 100.042 1.660 140 5 422,321

T-MobileUsa(TMUS) 2.550 Feb15,2031 103.722 2.139 148 10 382,702

BatCapital(BATSLN) 3.984 Sep25,2050 98.808 4.053 265 30 378,773

BatCapital(BATSLN) 2.726 Mar25,2031 99.322 2.801 214 10 335,729

SkymilesIpLtd(DAL) 4.750 Oct20,2028 103.000 4.307 365 10 289,290

BatCapital(BATSLN) 3.734 Sep25,2040 100.151 3.723 232 30 280,511

Oracle(ORCL) 3.850 Apr01,2060 117.234 3.087 168 30 278,493

BoeingCo(BA) 5.805 May01,2050 119.997 4.557 315 30 278,429

Comcast(CMCSA) 2.650 Aug15,2062 96.251 2.803 140 30 250,846

BoeingCo(BA) 5.150 May01,2030 111.723 3.657 300 10 247,533

GeCapitalInternationalFundingUnlimitedCo(GE) 4.418 Nov15,2035 104.764 3.995 334 10 246,012

HoneywellInternational(HON) .483 Aug19,2022 100.149 0.315 19 2 234,902

SouthernCo(SO) 4.000 Jan15,2051 n.a. n.a. n.a. 30 224,695

T-MobileUsa(TMUS) 2.050 Feb15,2028 102.261 1.715 n.a. 10 219,104

BoeingCo(BA) 4.875 May01,2025 108.408 2.872 261 5 205,426

T-MobileUsa*(TMUS) 4.500 Apr15,2050 120.075 3.406 200 30 198,580

SanDiegoGas&ElectricCo(SRE) 1.700 Oct01,2030 99.844 1.717 106 10 198,258

Oracle(ORCL) 3.600 Apr01,2050 112.234 2.968 156 30 196,978

Johnson&Johnson(JNJ) 2.250 Sep01,2050 100.200 2.241 84 30 194,889

Microsoft(MSFT) 2.525 Jun01,2050 104.999 2.289 88 30 187,217

NissanMotorCoLtd(NSANY) 4.345 Sep17,2027 100.295 4.295 n.a. 10 185,502

GeneralMotorsCo(GM) 5.950 Apr01,2049 118.130 4.770 337 30 184,170

BatCapital(BATSLN) 4.390 Aug15,2037 108.274 3.711 230 30 184,001

GeCapitalFundingLlc(GE) 4.400 May15,2030 106.862 3.534 288 10 180,139

Coca-ColaCo(KO) 1.000 Mar15,2028 99.835 1.023 n.a. 10 177,670

CvsHealth(CVS) 1.750 Aug21,2030 97.430 2.038 138 10 176,607

UnicreditSpa(UCGIM) 2.569 Sep22,2026 98.897 2.808 255 5 175,557

Flowserve(FLS) 3.500 Oct01,2030 99.031 3.616 296 10 175,117

VerizonCommunications(VZ) 5.250 Mar16,2037 139.587 2.339 93 30 173,533

Walmart*(WMT) 3.550 Jun26,2025 113.223 0.616 35 5 171,265

AbieInc(ABBV) 3.200 Nov21,2029 109.602 2.015 136 10 167,303

EmpowerFinance2020Lp(GWOCN) 3.075 Sep17,2051 103.792 2.887 148 30 164,590

EmpowerFinance2020Lp(GWOCN) 1.776 Mar17,2031 99.822 1.795 114 10 164,110

CvsHealth(CVS) 5.050 Mar25,2048 126.955 3.499 209 30 159,101

Microsoft*(MSFT) 3.700 Aug08,2046 126.497 2.313 90 30 147,724

Comcast(CMCSA) 2.450 Aug15,2052 93.821 2.742 134 30 145,081

Volumerepresentstotalvolumeforeachissue;price/yielddataarefortradesof$1millionandgreater.*Denotesasecuritywhoselastround

lottradedidnottakeplaceonthelastbusinessdaypriortopublication.**Estimatedspreads,inbasispoints(100basispointsisone

percentagepoint),overthe2,5,10or30-yearhotrunTreasurynote/bond. 2-year:0.12508/22;5-year:0.25008/25;10-year:0.625

08/30;30-year:1.25005/50.†ComparableU.S.Treasuryissue.

Source:MarketAxessCorporateBondTicker-www.bondticker.com

HIGH-YIELDBONDS

Friday,September25,2020

Tenmostactivefixed-couponhigh-yield,or"junk",corporatebonds

LAST LAST **EST ESTVOL

COMPANY(TICKER) COUPON MATURITY PRICE YIELD SPREAD UST (000's)

T-MobileUs(TMUS) 3.000 Feb15,2041 98.986 3.067 166 30 575,663

T-MobileUs(TMUS) 3.300 Feb15,2051 99.945 3.303 190 30 563,562

Centene(CNC) 3.000 Oct15,2030 100.625 2.926 227 10 475,670

GileadSciences(GILD) 1.200 Oct01,2027 100.020 1.197 n.a. 10 338,895

CarvanaCo(CVNA) 5.875 Oct01,2028 98.875 6.055 540 10 289,787

Kemper(KMPR) 2.400 Sep30,2030 98.613 2.558 190 10 279,224

At&T(T) 3.500 Sep15,2053 97.277 3.643 224 30 264,292

FirstQuantumMineralsLtd(FMCA) 6.875 Oct15,2027 96.250 7.571 n.a. 10 262,243

ConsolidatedCommunications(CNSL) 6.500 Oct01,2028 101.250 6.247 558 10 257,679

TenetHealthcare(THC) 6.125 Oct01,2028 95.500 6.864 620 10 254,124

Volumerepresentstotalvolumeforthemarket;price/yielddataarefortradesof$100,000andgreater.*Denotesasecuritywhoselastround

lottradedidnottakeplaceonthelastbusinessdaypriortopublication.**Estimatedspreads,inbasispoints(100basispointsisonepercent-

agepoint),overthe2,5,10or30-yearhotrunTreasurynote/bond. 2-year:0.12508/22;5-year:0.25008/25;10-year:0.62508/30;

30-year:1.25005/50.†ComparableU.S.Treasuryissue.

Source:MarketAxessCorporateBondTicker-www.bondticker.com

NYSEDATABANK

Latest Preceding Year-Ago

Month Month Month

Bond Volume

(Thous. $) August 69 0 601

SecuritySales

Customers' margin debt

(Mil $) July 613,830 584,676 602,139

Customers' credit balances

(Mil $) July 181,420 185,497 138,703

Free credit bal. cash accounts

(Mil $) July 223,768 229,078 182,613

Short interest

(Thous. Shs) Sept. 1513,758,106 13,716,519 16,384,726

Short interest ratio

(d) Sept. 15 3.4 3.8 4.5

(d)Forperiod

r-Revised Source:NYSE.*-Nowincludescompositetrades.