October 26, 2020 BARRON’S M31
Last Prev. Year
Week Week Ago
DJIndAvg 28335.57 28606.31 26958.06
P/E Ratio 26.99 27.04 19.66
Earns Yield % 3.70 3.70 5.09
Earns $ 1049.69 1057.92 1371.01
Divs Yield % 2.08 2.06 2.29
Divs $ 589.26 588.97 616.46
Mkt to Book 4.24 4.28 4.14
Book Value $ 6688.86 6688.86 6512.92
DJTransAvg 11880.13 11836.43 10856.41
P/E Ratio .... 173.00 17.70
Earns Yield % .... 0.58 5.65
Earns $ -86.24 68.42 613.23
Divs Yield % 1.28 1.28 1.54
Divs $ 151.82 151.82 167.01
Mkt to Book 3.51 3.49 3.35
Book Value $ 3389.19 3389.19 3239.67
DJUtilityAvg 893.68 884.52 866.92
P/E Ratio 25.61 25.72 27.75
Earns Yield % 3.91 3.89 3.60
Earns $ 34.90 34.39 31.24
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
- 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 28363.6628195.42 28335.57 –270.74 –0.95 1377.51 5.11 –202.87 –0.71
11988.83 6703.63 20 Transp 11880.1311708.09 11880.13 43.70 0.37 1023.72 9.43 978.85 8.98
960.89 610.89 15 Utilities 893.68 877.10 893.68 9.16 1.04 26.76 3.09 14.51 1.65
9710.01 6100.31 65 Comp 9576.20 9484.21 9576.20 –26.82 –0.28 523.88 5.79 189.72 2.02
DowJonesIndexes
36434.12 22462.76 US TSM Float 35587.9035212.38 35587.90 –171.68 –0.48 4664.78 15.09 2552.52 7.73
887.96 547.67 US Market 864.98 856.12 864.98 –4.63 –0.53 115.10 15.35 64.23 8.02
935.01 487.28 Internet 904.36 891.46 904.36 3.15 0.35 296.09 48.68 275.90 43.90
NewYorkStockExchange
14183.20 8777.38 Comp-z 13199.8613018.51 13199.86 30.54 0.23 53.63 0.41 –713.16 –5.13
8908.29 5036.38 Financial-z 7176.62 7002.43 7176.62 85.16 1.20 –1134.21 –13.65 –1523.49 –17.51
19220.29 12991.76 Health Care-z 18963.7318674.12 18963.73 –57.05 –0.30 2707.15 16.65 893.63 4.95
10251.47 4032.17 Energy-z 5240.26 5086.81 5230.47 52.61 1.02 –4426.65 –45.84 –4806.83 –47.89
NYSEAmericanStockExchange
2626.91 1317.22 NYSE Amer Comp2036.51 1993.28 2036.51 24.38 1.21 –443.72 –17.89 –516.05 –20.22
2852.12 1742.29 Major Mkt 2489.75 2464.62 2486.17 -24.88 –0.99 –181.77 –6.81 –288.53 –10.40
Standard&Poor'sIndexes
1675.67 1040.00 100 Index 1596.74 1582.32 1596.74 –14.02 –0.87 256.02 19.10 154.57 10.72
3580.84 2237.40 500 Index 3465.39 3426.92 3465.39 –18.42 –0.53 442.84 14.65 234.61 7.26
5107.48 3123.44 Indus 4902.55 4855.08 4902.55 –35.56 –0.72 837.57 20.60 530.93 12.14
2106.12 1218.55 MidCap 2015.65 1970.13 2015.65 18.31 0.92 56.43 2.88 –47.37 –2.30
1041.03 595.67 SmallCap 933.72 913.09 933.72 10.01 1.08 –34.40 –3.55 –87.46 –8.56
NasdaqStockMarket
12056.44 6860.67 Comp 11548.2811478.88 11548.28 –123.27 –1.06 3305.16 40.10 2575.68 28.71
12420.54 6994.29 100 Index 11692.5711634.35 11692.57 –159.60 –1.35 3663.35 45.63 2959.50 33.89
9421.24 5239.66 Indus 9084.06 9024.08 9076.07 –125.39 –1.36 2588.80 39.91 2268.36 33.32
10673.14 6343.13 Insur 9301.42 9165.65 9301.42 4.67 0.05 –677.70 –6.79 –690.53 –6.91
4011.98 2136.72 Banks 2945.18 2731.99 2945.18 191.40 6.95 –790.03 –21.15 –1023.65 –25.79
8587.40 4608.77 Computer 8057.45 7988.44 8057.45 –76.89 –0.95 2799.68 53.25 2178.45 37.05
457.36 298.17 Telecom 408.20 405.80 405.80 –11.12 –2.67 22.97 6.00 17.28 4.45
RussellIndexes
1989.08 1224.45 1000 1936.27 1916.71 1936.27 –10.75 –0.55 266.86 15.99 152.06 8.52
1705.22 991.16 2000 1640.50 1603.78 1640.50 6.69 0.41 81.79 5.25 –27.97 –1.68
2089.83 1288.04 3000 2040.89 2019.51 2040.89 –10.17 –0.50 270.57 15.28 148.64 7.86
1365.33 838.37 Value-v 1217.57 1198.48 1217.57 2.32 0.19 –59.48 –4.66 –130.10 –9.65
2350.43 1322.15 Growth-v 2240.95 2228.72 2240.95 –27.68 –1.22 604.22 36.92 470.43 26.57
2472.07 1471.40 MidCap 2447.95 2404.58 2447.95 11.44 0.47 190.16 8.42 66.04 2.77
Others
6789.54 3854.81 Value Line-a 6727.62 6588.43 6727.62 68.69 1.03 454.03 7.24 68.92 1.04
562.05 305.71 Value Line-g 492.25 482.53 492.25 4.47 0.92 –33.77 –6.42 –59.94 –10.85
11510.08 6621.12 DJ US Small TSM11048.3110800.32 11048.31 56.54 0.51 463.96 4.38 –216.67 –1.92
767.01 455.11 Barron's 400 761.75 750.18 761.75 –0.52 –0.07 72.44 10.51 29.52 4.03
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
On Semiconductor ON 600,000 15,456,000 10/15/20 Jackson, Keith UT
Paychex PAYX 216,818 17,350,000 10/16/20 Rivera, Efrain O
Evoqua Water Technologies AQUA 165,000 3,994,650 10/12/20 Aulick, Rodney O
Tenable TENB 135,000 5,598,450 10/13/20 Yoran,Amit AF
Match MTCH 125,918 14,150,665 10/15/20 Schiffman, Glenn D
Tradeweb Markets TW 125,596 7,427,747 10/9/20 Olesky,Lee AF
Pinterest PINS 105,000 4,689,722 10/12/20 Silbermann,Benjamin O
Pinterest PINS 105,000 4,628,792 10/13/20 Silbermann,Benjamin O
Pinterest PINS 105,000 4,625,969 10/14/20 Silbermann,Benjamin O
Fate Therapeutics FATE 100,000 4,810,000 10/16/20 Tahl, Cindy AF
STOCKVOLUME
Last Prev. Year YOY
Week Week Ago %Chg
NYSE(a) 3,996,192 3,898,075 3,705,518 7.84
30 Dow Inds (b) 1,697,967 2,076,733 1,162,264 46.09
20 Dow Trans (b) 746,911 547,531 260,985 186.19
15 Dow Utils (b) 232,132 211,218 232,121 0.00
65 Dow Stks (b) 2,677,010 2,835,482 1,655,369 61.72
NYSE American (a) 65,905 67,346 48,612 35.57
Nasdaq(d) 16,959,941 17,259,738 9,174,589 84.86
NYSE 15 Most Active
Average Price 19.53 23.85 11.73 66.50
% Tot Vol 21.37 24.34 18.33 16.58
Stock Offerings $(z,v) 6,907,700 r6,588,300 2,132,500 223.92
DailyStockVolume
Daily 10/19 10/20 10/21 10/22 10/23
NYSE(a) 833,838 755,284 842,284 843,133 721,653
30 Inds (b) 360,923.2 351,453.7 301,106.3 334,388.2 350,095.8
20 Trans (b) 137,713.9 123,092.2 107,956.6 204,207.0 173,941.4
15 Utils (b) 51,306.9 45,280.5 48,817.1 45,016.1 41,711.5
65 Stks (b) 549,944.0 519,826.4 457,880.0 583,611.2 565,748.6
NYSE Amer(a) 13,488 11,562 15,551 13,888 11,416
Nasd(d) 3,437,003 3,497,793 3,469,525 3,416,656 3,138,964
NYSE 15 Most Active
Avg. Price 15.29 21.62 24.96 20.95 18.29
% Tot Vol 25.80 22.14 21.15 20.06 21.34
Numbersinthousandssavepriceandpercentages.(a)Primary
volume. (b)Compositevolume.(d)asof4:10pm.(r)Revised.(v)
W/EThursday.(z)Source:Refinitiv.
Divs Yield % 2.96 2.99 2.91
Divs $ 26.43 26.43 25.21
Mkt to Book 2.39 2.36 2.34
Book Value $ 374.40 374.40 370.98
S&P500Index 3465.39 3483.81 3022.55
P/E Ratio 34.92 35.11 22.34
Earns Yield % 2.86 2.85 4.48
Earns $ 99.23 99.23 135.27
Divs Yield % 1.65 1.64 1.96
Divs $ 57.18 57.13 59.24
Mkt to Book 3.79 3.81 3.55
Book Value $ 914.49 914.49 851.62
S&PIndIndex 4902.55 4938.11 4064.98
P/E Ratio 40.44 40.74 24.59
Earns Yield % 2.47 2.45 4.07
Earns $ 121.22 121.22 165.30
Divs Yield % 1.47 1.46 1.82
Divs $ 72.07 72.10 73.98
Mkt to Book 5.19 5.23 4.60
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
N D J F M A M J J A SO
EURO in $
s
YEN in $
s
DXY (92.70)
s
Source: Tullett Prebon
Green-Eyed:A stronger euro edged out the dollar this week, and helped tip the
U.S. Dollar Index down 1% to 92.75.
BARRON'S50-STOCKAVERAGE
This index is an weighted average of 50 leading issues.
Useful in security valuation. Source: Barron's Stats
Oct22 Oct15 Oct Yr-to-Yr
2020 2020 2019 %Chg
S&P 500 Index 3453.49 3483.34 2979 15.93
Barron's 50 Index 9118.65 9208.47 9341 –2.38
Projected quarterly earn 53.28 48.82 91.39 –41.71
Annualized projected earn 213.10 195.29 365.58 –41.71
Annualized projected P/E 42.79 47.15 25.6 67.47
Five-year average earn 394.05 394.05 391.09 0.76
Five-year average P/E 23.14 23.37 23.9 –3.11
Year-end earn 348.41 348.41 397.70 –12.40
Year-end P/E 26.17 26.43 23.5 11.44
Year-end earns yield, % 3.82 3.78 4.3 –10.26
Best grade bond yields, % 1.54 1.52 2.62 –41.22
Bond yields/stock ylds, % 0.40 0.40 0.62 –34.50
Actual year-end divs 223.54 223.45 216.48 3.26
Actual yr-end divs yld, % 2.45 2.43 2.32 5.78
DISTRIBUTIONS&OFFERINGS
SecondaryDistributionsofcommonstocks
Abcam plc 10,287,000 $17.50 $180,022,500
Accolade 5,000,000 $38.50 $192,500,000
American Superconductor 3,670,000 $15.00 $55,050,000
Aptinyx 16,100,000 $3.00 $48,300,000
Casella WasteSystems 2,702,500 $56.00 $151,340,000
Milestone Pharmaceuticals 8,572,000 $5.25 $44,955,381
Phreesia 5,000,000 $32.00 $160,000,000
Piedmont Lithium 200,000,000 $25.00 $50,000,000
Replimune 6,250,000 $40.00 $249,999,844
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 4.03 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 1.92 1.63 4.43
Disney Walt (0.62) 1.76 49.90
Dow (3.17) 2.80 18.26
Goldman Sachs18.01 5.00227.62
Home Depot 10.91 5.86 (2.89)
Honeywell 8.13 3.60 26.01
IBM 8.84 6.50 23.49
Intel 5.10 1.305 18.07
Book
Earns Divs. Value
Johnson&John 6.36 3.86 22.59
JPMorgChase 7.65 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 5.23 3.11818.40
3M Co 8.82 5.85 17.50
Salesforce.com 2.56 0.00 37.95
Travelers Cos 8.75 3.34101.54
UnitedHealth Grp 17.41 4.66 60.78
Verizon 4.41 2.4725 14.84
Visa 5.25 1.20 13.53
Walgreens 0.50 1.84 26.26
Wal-mart 6.27 2.15 26.36
TransportationStocks
Alaska AirGroup(5.63)Suspended35.21
AmericanAirlines(13.84)Suspended(0.28)
Avis Budget Grp(4.67) Nil 8.86
C.H. Robinson 3.43 2.04 12.39
CSX Corp 3.60 1.02 15.32
Delta Air Lines (16.61)Suspended23.89
Expeditors Int'l 3.51 1.02 12.94
FedEx 6.77 2.60 69.84
Hunt (JB) 4.85 1.07 21.34
JetBlue Air (0.96) Nil 17.02
KC Southern 6.05 1.60 45.95
Kirby Corp (2.88) Nil 56.18
Landstar Sys 4.55 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 (2.79) 0.72 18.94
Un Pacific 7.85 3.88 26.19
UPS 5.03 3.99 3.81
United Airlines(16.45) Nil 45.90
UtilityStocks
AES Corp. 0.30 0.5664 4.51
Am Elec 3.87 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 2.55 36.75
Exelon 2.71 1.51 33.12
FirstEnergy 1.24 1.55 12.90
NextEra Energy 7.94 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 0.093 0.100
$51.0bil 6-month 0.123 0.115
T
$54.0bil 2-year 0.162 0.136
W
$55.0bil 5-year 0.369 0.275
TH
$53.0bil 7-year 0.596 0.462
*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 63.5% 69.5% 58.6%
CurrentMarketExposure:100%Equities,0%Bonds,0%Cash
Source:DeltaInvestmentManagement
http://www.deltaim.com,(415)249-6337