Barrons August 282023
Barrons August 282023
Barrons August 282023
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C O NT EN TS 08.28.23 VOL.CIII NO.35
COVER STORY P. 21 P. 24
P. 14
Tech Trader: Nvidia
Insurance in the Age Takeaways From Jackson Hole and Arm Holdings
of Extreme Weather The Economy: In his speech at this past week’s economic symposium, Federal Reserve Both companies offer insight into
Hurricanes, wildfires, and floods Chairman Jerome Powell said the Fed would move cautiously—and that the economy AI’s impact on the industry.
are wreaking havoc on the might not be cooling as much as previously thought. By MEGAN CASSELLA By TAE KIM
insurance industry. These four
companies can weather the storm. P. 31
By LAUREN FOSTER
International: Chinese
P. 18 Stocks Are Flailing
Beijing’s latest reforms don’t go far
Climate Risks Don’t enough to lure investors back.
Deter Home Buyers By CRAIG MELLOW
Phoenix, Florida, and other places
vulnerable to climate catastrophes P. 32
continue to see population gains.
By EVIE LIU AND
Striking Price: Wring
SHAINA MISHKIN More From Your Cash
This options strategy enhances the
P. 9 yield on a bond-heavy portfolio.
Megabrand Monster By STEVEN M. SEARS
Can’t Be Contained
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P. 54
Monster Beverage, the top-
performing stock of the past 25
Other Voices: Rate
years with a 58% annual return, is Hikes Hit Federal Debt
set to resume its winning streak. The reckoning won’t be easy, but
By JACOB SONENSHINE fiscal policy will be better for it.
By EUGENE STEUERLE
P. 10
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
P. 55
A Chance to Clean Up
With SharkNinja Stock Retirement: A Good
The popularity of the company’s Gauge of Longevity
vacuums, hair dryers, and kitchen Powell, left, Bank of Japan Governor Kazuo Ueda, and European Central Bank President Christine Lagarde Your health can hinge on raising
gadgets makes it a standout in a your “VO2 max” number.
slow-growth industry. By NEAL TEMPLIN
By ANDREW BARY
P. 12 P. 20 P. 22
Helping Manufacturers Follow-Up: Lowe’s Funds: ETFs Tap Into Barron’s Roundtable
VOL. CIII NO. 35 AUGUST 28, 2023 $5.00
Will Come at a Cost Does the Heavy Lifting Artificial Intelligence on Fox Business
A government push to support U.S. The High Cost of
Extreme Weather
Hurricanes, tornadoes, and wildfires are driving homeowners insurance through
The home-improvement retailer is By LEWIS BRAHAM Watch our TV show each week:
industry brings opportunities for catering to the contractor crowd— Fridays at 7:30 p.m. ET, and
the roof, but insurers can ride out the storms. Plus, why people move to risky areas.
PAG E S 1 4, 18
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63142
investors—but it could also hurt a move that promises steadier P. 23 Saturdays and Sundays at 9:30
Cover illustration by
productivity and fan inflation. sales and fatter profits. a.m. and 10:30 a.m. ET. This week,
By RESHMA KAPADIA
Pablo Delcan
By JACOB SONENSHINE
Income: Bankruptcies an interview with strategist Ed
Are Ramping Up Yardeni on the Fed’s inflation fight.
© 2023 Dow Jones & Company,
P. 26 Inc. All Rights Reserved. P. 6 Some parts of the bond market Plus, a look at what’s ailing
have yet to reflect the danger. Charles Schwab, and at the impact
How Invesco Became a Up & Down Wall Street:
combine the diversification of a mutual fund and the tracking of an index with transparency and liquidity.
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UnitedHealth
Symbol
UNH
Weight
9.38%
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Aninvestorshouldconsiderinvestmentobjectives,risks,chargesandexpensescarefullybeforeinvesting.Toobtainaprospectus,whichcontainsthisandotherinformation,call1-866-SECTOR-ETFor
visit www.sectorspdrs.com. Read the prospectus carefully before investing.
The S&P 500, SPDRs®, and Select Sector SPDRs® are registered trademarks of Standard & Poor’s Financial Services LLC. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent.
Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S.
stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investors cannot invest directly in an index.
The S&P 500 Index figures do not reflect any fees, expenses or taxes. Ordinary brokerage commissions apply. ETFs are considered transparent because their portfolio holdings are disclosed daily. Liquidity is characterized by a high level
of trading activity.
Select Sector SPDRs are subject to risks similar to those of stocks, including those regarding short-selling and margin account maintenance. All ETFs are subject to risk, including possible loss of principal. Funds focusing on a single sector
generally experience greater volatility. Diversification does not eliminate the risk of experiencing investment losses.
ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust.
4 BARRON’S August 28, 2023
I N D EX
Our index lists significant companies mentioned in stories and columns, For Customer Service, call 1 (800) 544-0422, or go to
plus Research Reports, and Corrections & Amplifications. The references customercenter.barrons.com. For reprints of articles,
are to the first page of the item in which the company is mentioned. call 1 (800) 843-0008, or go to djreprints.com.
MANAGING EDITORS Kristen Bellstrom, Matt Bemer, Daren Fonda, Amey Stone, Joe Woelfel
D Delta Air Lines . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 T Taiwan Semiconductor Manufacturing . . . . . . 13
Dick's Sporting Goods . . . . . . . . . . . . . . 8,30,34,36 ASSISTANT MANAGING EDITORS Henry Cutter, Mel Gray, Anita Hamilton, Mary Romano, Tesla . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Dollar General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Robert Sabat, Rupert Steiner (London bureau chief) Toll Brothers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Dollar Tree . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Trane Technologies . . . . . . . . . . . . . . . . . . . . . . . . 13
Dr. Martens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 ASSOCIATE EDITORS Andrew Bary, Randall W. Forsyth, Jack Hough, Reshma Kapadia, Eric J. Savitz Travelers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Bill Alpert, Megan Cassella, Lauren Foster, Nicholas Jasinski, Tae Kim,
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
SENIOR WRITERS
E Earthstone Energy . . . . . . . . . . . . . . . . . . . . . . 8,33 Megan Leonhardt, Joe Light, Elizabeth O’Brien, Al Root, Avi Salzman U Ubisoft Entertainment . . . . . . . . . . . . . . . . . . . . . . 8
Eaton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Ulta Beauty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Jacob Adelman, Janet H. Cho, Adam Clark, Emily Dattilo, Jack Denton, Catherine Dunn,
REPORTERS
Emerson Electric . . . . . . . . . . . . . . . . . . . . . . . . . . 12 United Parcel Service . . . . . . . . . . . . . . . . . 8,27,33
Estee Lauder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Carleton English, Sabrina Escobar, Callum Keown, Evie Liu, Shaina Mishkin, Josh Nathan-Kazis, U.S. Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,33
Everest Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Angela Palumbo, Teresa Rivas, Connor Smith, Jacob Sonenshine, Brian Swint, Karishma Vanjani, Andrew Welsch
Exxon Mobil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
STORY EDITORS Ed Lin, Erin McCarthy, Liz Moyer, Patrick O’Donnell, Stacy Ozol,
V Vital Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Ross Snel, Neal Templin, J.J. Thompson
F Foot Locker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 COPY DESK Michael J. Burlingham, Robert Teitelman
Ford Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 W Wendy's . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Fortive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 IDEAS EDITOR Matt Peterson
Funko . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
DEPUTY DIGITAL MANAGING EDITOR Zoe Szathmary
G General Motors . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 SENIOR AUDIO MANAGER Mette Lützhøft DIGITAL PRODUCERS Robert Cushing, Nick Devor, Clare McKeen
Guidewire Software . . . . . . . . . . . . . . . . . . . . . . . . 15
Chelsea Schiff
HEAD OF VISUALS
ART DIRECTORS Lynne Carty, Nick Hallam, Sue Ng
H Hawaiian Electric Industries . . . . . . . . . . . . . . . 34
DIRECTOR OF PHOTOGRAPHY Sarina Finkelstein PHOTO EDITORS Alis Atwell, Halie Chavez, Nicole Silver
Helen of Troy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Hewlett Packard Enterprise . . . . . . . . . . . . . . . . 8 RESEARCHER Dan Lam
Home Depot . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,27
Honda Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 STATISTICS MANAGER Michael T. Kokoszka STATISTICIAN Darren Chima
HP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
ADVERTISING SERVICES MANAGER James H. Balmer
Hyundai Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
NEWS [email protected] STATISTICS [email protected] CUSTOMER SERVICE 800-544-0422
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6 BARRON’S August 28, 2023
IPO Makeover.
(LVMHF), the luxury behemoth con- $218,000. And, as Jobs liked to say,
trolled by Bernard Arnault, the world’s just one more thing: Barbie! In case
No. 2 rich guy (after Elon Musk). As you missed it, Birkenstocks figure in
such, the letter “L”—a nod to LVMH— a pivotal moment in that hit movie.
was added to form L Catterton. Five Leaving all of that aside, though,
years later, L Catterton, now with a what are we to make of this company
I
personal investment from Arnault, and its prospective IPO?
t may strike you that delving or some five times annual revenue. bought Birkenstock for some $4.9 bil- First, note that as stocks rallied this
into Birkenstock with the stock Clearly, a valuation not for the faint of lion. L Catterton co-CEO Michael Chu year, IPO bankers began dusting off
market in turmoil is a tone- heart—or in this case, tender of foot. joined Birkenstock’s board along with names like Instacart and United King-
deaf, last-gasp-of-summer Though the billionaire Birkenstock Arnault’s son Alexandre. dom chip designer Arm, which are now
frivolity. Yet the circumstances brothers Christian and Alex retain a As a private-equity veteran said ready for September’s IPO calendar.
of this maker of Teutonic- 40% stake in the company, a majority to me, the LVMH tie supercharges Others, like payments company Stripe,
hippie-cum-hipster sandals is now controlled by—you guessed it—a Birkenstock not only with capital but are reportedly waiting in the wings.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
are emblematic of what concerns not BY ANDY private-equity firm, L Catterton, which also with a luxury/consumer global As for Birkenstock, L Catterton isn’t
only culture vultures but also hardcore SERWER is in the business of funding, buying, network. A person close to Birkenstock providing numbers, or commenting on
investors right now. and selling consumer brands, includ- highlighted the opportunity to grow in the IPO, and the S-1 hasn’t been filed,
First and foremost is the likelihood ing the likes of P.F. Chang’s, Peloton Asia, which is “still largely untapped.” but we can get a peek at some finan-
of a Birkenstock public offering next Interactive (ticker: PTON); RH (RH), And, as I’m sure you know, Birken- cials from Debtwire, which provides
month—barring a dramatic extension the former Restoration Hardware; and, stocks are hot. The once ugly-duckling results for holders of the company’s
of the late-summer swoon. Beyond most recently, the “home run IPO” of therapeutic sandal (mit socks!) has be- publicly traded bonds. A June report
that, though, Birkenstock’s path for- online beauty company Oddity (ODD). come go-to footwear for the likes of shows Birkenstock’s net sales growing
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
ward speaks to consumer brands and L Catterton is singular beyond just its Reese Witherspoon, Leonardo Di- 19% year over year in the first half of
trends, leverage ratios, the business business focus. Co-founded in 1989 as Caprio, Katy Perry, and Usher, and 2023, to $704 million, while adjusted
of private equity, and the second- earnings before interest, taxes, depreci-
wealthiest man on the planet, to boot— ation, and amortization, or Ebitda,
if you’ll excuse the pun. climbed 11%, to $245 million. Accord-
That this ancient footwear maker ing to a Birkenstock bondholder pre-
has managed to dodge initial-public- sentation, the company delivered a
offering bankers, and their predeces- compounded annual growth rate of
sors, for almost 250 years—since the 22% in Ebitda and 18% revenue growth
first registered family shoemaker, from 2018 to 2022. (Revenue for 2022:
Johann Adam Birkenstock, began cob- $1.34 billion.) Sales growth this year
bling in the burg of Langen-Bergheim looks to be below trend, due to price
near Frankfurt in 1774—is just one hikes in previous years and con-
facet of the company’s remarkable strained supply. The latter should be
story. That Birkenstock now looks to mitigated next month when Birken-
be going public speaks not only to the stock opens a new factory.
persistence of bankers at Goldman The company does carry significant
Sachs and J.P. Morgan, who according leverage, since the buyout was funded
to Bloomberg are working on an in part by $1.6 billion of high-yield
offering—both firms decline to debt, which was recently upgraded by
comment—but also the irresistible Fitch and S&P, citing “high revenue
power of the almighty dollar. and profit growth.” Birkenstock has
scale and more diversified by product. This, nies, including biotechs Solid Biosciences
together with substantially lower leverage and Mirati Therapeutics, in which Lewis
of below 3.5 times adjusted for leases, re- indirectly held stakes. In one instance, he
sults in a higher rating for Levi Strauss.” allegedly lent money to the pilots to make
As for comparable companies, Crocs has the trades. Lewis’ lawyer didn’t return
SHAREHOLDER
a market capitalization of $5.8 billion, not phone calls about the case, but did make
far below what L Catterton and its bankers a statement accusing the government of
seek to get for Birkenstock, yet Crocs has an “egregious error in judgment."
over $3.5 billion in annual revenue and is The whole affair is curious for a num-
YIELD
worth 1.6 times revenue, far less than what ber of reasons. To wit: Why would a bil-
the bankers hope Birkenstock is worth. lionaire, who was said to be a generous
Morningstar analyst Jelena Sokolova sort, engage in this risky form of gift giv-
likes the Birkenstock business but thinks ing? (Lewis isn’t accused of trading him-
that the IPO “valuation looks on the high self.) Also, what precipitated the investiga-
side,” especially when she compares it with tion? In other words, who or what tipped
a footwear company like Dr. Martens off the feds to trades in six figures?
Dividends + Buybacks
(DOCS.UK) “which now has a market cap Some on Wall Street have speculated
of $1.9 billion on a comparable revenue.” that Lewis’ indictment was somehow con-
cambriafunds.com
Grizzled Up & Downers are undoubt- nected to Sam Bankman-Fried, who faces
edly aware that with the shining exception multiple charges after the collapse of his
of Nike (NKE), footwear companies in all crypto exchange FTX. After all, both cases
of their variants—retailers, manufacturers, have Albany in common; both are being
fashion lines—generally haven’t made for prosecuted by Damian Williams, the U.S.
winning investments. Recall that Warren attorney for the Southern District; and the
Buffett’s “worst deal” was for Dexter Shoe. court hit both with megabond amounts for
And yet, betting against Birkenstock is release, $250 million for SBF, $300 million
tantamount to wagering against Arnault. for Lewis. Is this a coincidence? Or did
Cambria Foreign Shareholder Yield ETF Cambria Shareholder Yield ETF Cambria Emerging Shareholder Yield ETF
That’s a call I wouldn’t want to make. SBF or one of his associates flip on Lewis?
Calls to the U.S. attorney’s office were FYLD received a 4-star overall rating from SYLD received a 5-star overall rating from EYLD received a 4-star overall rating from
W
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
Morningstar as of 6/30/23 out of 43 funds in Morningstar as of 6/30/23 out of 380 funds Morningstar as of 6/30/23 out of 723
all Streeters are still buzzing not returned. But after some digging, it the Foreign Small/Mid Value category based in the Mid-Cap Value category based on risk- funds in the Diversified Emerging Markets
and scratching their heads appears that a connection between the on risk-adjusted returns. For the 3-year period, adjusted returns. For the 3-year period, SYLD category based on risk-adjusted returns.
over the indictment of British cases is unlikely. FYLD received a 4-star rating out of 43 funds received a 5-star rating out of 380 funds and For the 3-year period, EYLD received a 4-star
and for the 5-year period, FYLD received a 4-star for the 5-year period, SYLD received a 4-star rating out of 723 funds and for the 5-year
billionaire Joe Lewis late last People familiar with the investigation rating out of 38 funds, as of 6/30/23. rating out of 361 funds, as of 6/30/23. For the period, EYLD received a 4-star rating out of
month in the Southern District of New York tell me the government first contacted 10-year period, SYLD received a 5-star rating 646 funds, as of 6/30/23. Cambria Funds
on insider-trading charges; he pleaded not Lewis’ pilots in May of 2021, at which out of 268 funds, as of 6/30/23. Cambria Funds distributed by ALPS Distributors, Inc.
distributed by ALPS Distributors, Inc.
guilty. Lewis, 86, came on the big stage in point SBF was still a golden child to most
the early 1990s, when he made a fortune of the world—a good 18 months before
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
shorting the pound—the same trade that his house of cards collapsed last fall. ©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its
content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither
famously enriched George Soros. Lewis It’s tough to prove a negative. During Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
continued to coin money and has controlled an initial conference in federal court in Past performance is no guarantee of future results.
English Premier League team Tottenham Manhattan on Aug. 8, Assistant U.S.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity
Hotspur and developed Florida golf com- Attorney Jason Richman told the court that and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history.
munities Isleworth and Lake Nona. “discovery is an extremely large volume Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated
His most eye-catching holding, though— of material….We think there will be over 20 basedonaMorningstarRisk-AdjustedReturnmeasurethataccountsforvariationinamanagedproduct’s monthlyexcessperformance,
where Lewis liked to hang offshore in his terabytes of data in total, millions of pages placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any
adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next
321-foot superyacht Aviva—is the Bahamas’ of documents. The material includes five 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed
Albany Resort, which he owns with Tiger electronic devices, 14 email accounts, 11 product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable)
Woods and Justin Timberlake, among oth- iCloud accounts…” Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three
ers. That resort was where Sam Bankman- As such, the court allowed that Richman year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more
Fried holed up before his arrest, in an apart- et al. would have until November to com- months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most
recent three-year period actually has the greatest impact because it is included in all three rating periods.
ment near a unit owned by Dan Snyder, the plete discovery—unless they needed more
controversial former owner of the Washing- time after that. As for a trial, that might not Investing involves risk, including the possible loss of principal.
ton Commanders. At Albany, you might happen until early 2025—when Lewis Dividends are not guaranteed. Companies currently paying dividends can stop paying dividends without notice. A buyback is when a
bump into Jimmy Fallon at the pool, or would be pushing 90. Sure, Lewis could company buys its own outstanding shares to reduce the number of shares available on the open market.
baseball player Justin Verlander and his cop a plea. But the government might also To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk
supermodel wife, Kate Upton, at lunch, or insist on sending the soon-to-be-nonage- factors, charges and expense before investing. This and other information can be found in
pass by the mansion being built by Denise narian to the pokey, if he’s convicted. the Fund’s full or summary prospectus which may be obtained by calling 855-383-4636 (ETF
INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before
Rich, ex-wife of indicted and pardoned None of this should be surprising. investing or sending money. For fund performance as of the most recent month-end please
financier Marc Rich, who died in 2013. As the young son of a Wall Street notable visit www.cambriafunds.com. The performance data quoted represents past performance.
Lewis’ alleged insider-trading scheme said to me on a trip there, “The Bahamas Past performance does not guarantee future results.
appears to be as brazen as it was idiotic. is a sunny place for shady people.” I was TheCambriaETFsaredistributedbyALPSDistributorsInc.,1290Broadway,Suite1000,Denver,CO80203,
The indictment maintains that Lewis struck by the lad’s astute adaptation of the which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.
tipped off his two pilots and then-girl- Somerset Maugham assertion—used origi-
friend, a 33-year-old former Miss U.S. Vir- nally to describe Monaco, another oasis of
gin Islands, to nonpublic events in compa- yachts, celebrities, and dreams of riches. B
8 BARRON’S August 28, 2023
R E VIEW & PREV IEW 34,346.90 508.00 Sign up for the Review &
Preview daily newsletter at
Dow Industrials: - 153.76 Dow Global Index: + 2.85 barrons.com/reviewpreview.
Oil M&A’s
Big Fish, Little Fish fell 1.6% on weak guidance. Lowe’s Wednesday, 8/30
Smaller oil producers may prove to beat and share rose 2.4%, but it
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
be prey for larger, more highly valued warned of consumer pullback. Salesforce will be the main event
New Game
acquirers. Monthly home sales fell to the lowest when it reports. The software and
YTD
point this year. Nvidia revenue more cloud giant has ridden the artificial-
Company / Ticker Price Change than doubled, kicking off a rally. The intelligence-fueled tech rally all year.
Callon Petroleum / $47.98 -2.8% stock ended the week up 6.39%.
CPE
Oil M&A is back, but investors shouldn’t expect Vital Energy / VTLE 57.17 11.2 Deals: U.K. regulators said they Thursday, 8/31
the deals to fill their 10-gallon cowboy hats with would consider a new proposal by
SM Energy / SM 40.60 16.5
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
cash. The latest transactions are more modest than Microsoft to provide cloud-streaming Investors will get a look at results
Matador Resources / 61.20 6.9
in past years, and the acquired companies are see- rights to Activision Blizzard games from Dollar General, Campbell
MTDR
ing much smaller premiums. to Ubisoft…Softbank filed for an Soup, and Ollie’s Bargain Outlet.
Permian Resources / PR 13.41 42.7
The most recent acquisition came this past Arm IPO on the Nasdaq...Roark Capi- These stocks should provide some
Source: FactSet
Monday when Permian Resources agreed to buy tal finally agreed to buy Subway. The perspective on how lower-income
Earthstone Energy for $4.5 billion, including Wall Street Journal earlier reported consumers are coping with inflation.
debt. Permian is paying for the deal in stock at an Back on the Hunt a price of $9.6 billion…United States
8% premium to the exchange ratio between its M&A among U.S. oil producers Steel rejected a union call to accept
shares and Earthstone’s stock price over the previ- surged in the second quarter, after a a takeover bid from Cleveland- Friday, 9/1
ous 20 days. That’s not exactly a rich premium in lackluster start to 2023. Cliffs...A group that included Boaz
historical terms. Exxon Mobil agreed to a 25% U.S. oil producer deal volume Weinstein, William Ackman, and It’s a Jobs Friday, and a new month
premium for XTO Energy in 2010. $30 billion Mark Lasry bid for hedge fund Sculp- dawns. Economists polled by FactSet
The lack of a big premium results from several tor Capital, which had already agreed estimate that the U.S. added 172,500
factors. For one thing, oil companies are no longer to sell itself to real estate investor jobs in August, a slowdown from
25
focused on getting bigger at any cost. Instead, share- Rithm Capital for $639 million. 187,000 in July.
holders have been demanding that they focus on
20
sending more cash back to shareholders. It’s also
becoming more difficult for small and mid-cap oil
producers to attract investor attention—and the 15 THE NUMBERS
kind of multiples that lead to rich premiums.
Andrew Dittmar, an analyst at Enverus Intelli-
gence Research, expects more acquisitions ahead,
10
42 4.8% 1.09 1.9%
BY JACOB SONENSHINE Aug. 4. The company’s growth story Monster Brewing torical rate of growth, according to Laboy writes.
P
has effectively
isn’t over, however. Monster excels at tapped a range of FactSet, as it continues to push into The next leg up for the stock might
ast returns are no guaran- finding untapped niches that can keep sponsorships, from new segments. be driven by improving margins. Fol-
mixed martial arts
tee of future ones, but in sales coming, and these days that to Nascar.
The company said at its June inves- lowing the pandemic, Monster elected
the case of energy-drink means adding alcoholic beverages and tor conference that it has been pleased not to raise prices, even though costs
maker Monster Beverage, energy drinks targeted at women. with the launch of its Monster Energy rose by nearly 30% in 2021 and 2022,
they very well could be. Monster should also return to its Zero Sugar drink, which hit the mar- causing gross margins to fall from
After a recent pause, the high-margin ways, which should keep 60% in 2019 to 50% in 2022. Margins
stock looks set to resume a earnings growing at a double-digit should start to improve as shipping
25-year winning streak. clip—and its stock pushing higher. Amazing Race costs and aluminum prices decline,
The Corona, Calif.–based Monster “Its [second-quarter 2023] results The energy-drink maker has been the best-performing stock and the company lifts prices, which it
(ticker: MNST) has been the market’s were below expectations, but there is of the past 25 years. started to do in April. That should
version of an unstoppable force over nothing concerning about the busi- (MNST / Nasdaq) help earnings grow 37% to $1.54 in
that time. It has outperformed not just ness or its near and long-term mo- $70 Annualized Return
2023, and 17% to $1.80 in 2024.
beverage makers like Coca-Cola (KO), mentum,” writes Piper Sandler ana- At 33.7 times 12-month forward
PepsiCo (PEP), and Boston Beer lyst Michael Lavery, who upgraded the 60 Monster Beverage 31% earnings, Monster doesn’t look cheap
(SAM), but also tech titans Apple stock to Buy on Aug. 6. “We like the 50
Apple 29 compared with its five-year average of
(AAPL) and Microsoft (MSFT), brand and company’s positioning.” Old Dominion 30.9 times or the S&P 500, which
26
while on its way to a 58% annual re- Monster, which sports a market 40 Freight Line trades at 18.7 times. But that doesn’t
turn, the best by a U.S. stock over that value of $60 billion, began life as Han- Texas Pacific Land 26 reflect its earnings growth, which has
period. It’s an amazing feat for a com- sen Natural, which was bought out of 30 been consistently strong. The stock,
Courtesy of Monster Energy
Deckers Outdoor 26
pany whose drinks have historically bankruptcy by California Co-Packers, 20
though, trades with a price/earnings
been consumed by male teens and headed by Rodney Sacks and Hilton divided by earnings-per-share growth,
young adults, and taste something like Schlosberg, in 1990. After seeing the 10 or PEG, ratio of 1.8 times. That’s be-
carbonated cough syrup. explosive growth of Red Bull energy low its five-year average of 2.5 times,
Monster’s run was interrupted drinks, the company launched its 0 and a far more reasonable valuation.
when a lackluster earnings release own, and Monster Beverage was born. 2000 ’05 ’10 ’15 ’20 At that price, Monster stock should
caused the stock to fall nearly 5% on Sacks and Schlosberg, who con- Note: Returns Aug. 21, 1998 to Aug. 22, 2023 Sources: FactSet; Dow Jones Market Data provide a nice jolt to any portfolio. B
10 BARRON’S August 28, 2023
SharkNinja:
daughters, who told the CEO that
there was no good alternative to the
Dyson dryer. Many online reviewers
Longtime
have found the Shark FlexStyle to be
as good—or nearly as good—as the
Dyson dryer. Both can curl,
straighten, and otherwise style hair, as
Now a Stock
phasized SharkNinja’s speed to market
backed by an engineering and design
team of 700 in the Boston area, Lon-
don, and China, and marketing efforts
that combine TV (including infomer-
Investors can now buy shares in cials), influencers, and social media.
the consumer products dynamo One example: SharkNinja partnered
SharkNinja’s with Kim Kardashian’s hair stylist
lineup of small Chris Appleton “to democratize high-
appliances now
BY ANDREW BARY end styling and bring the celebrity
S
includes coffee
makers. hairstyling experience to the masses.”
harkNinja has been a con- Other successes include blenders that
sistent and successful inno- turn ice to “snow”—favored for some
vator in small appliances, an mixed drinks—and air fryers, popular
industry marked by slow dryers, and other products under the 2022 Sales markets to gain share but to enlarge with health-conscious consumers.
growth and few exciting Shark brand, and kitchen appliances the total size.” The Creami also allows Barrocas noted on the call that all
new products. Now, its under the Ninja label. Sales are close Shark users to make sorbet using fruit. of the company’s growth has been
stock can be a consistent to evenly divided between the two. cleaning products SharkNinja now leads in hair dryers organic. “We have not bought a dollar
and successful investment as well. Vacuums are its largest category.
$2 Billion at the $100 to $300 price point, after of growth,” he said.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
Vacuums, hair dryers, and ice- “It’s a gem that’s about to be discov- entering the market two years ago. Its SharkNinja’s efforts are paying off.
cream makers aren’t glamorous prod- ered,” says Eli Samaha, a portfolio best-known dryer is the $299 Shark Adjusted sales were up 19.7% in the
ucts, but SharkNinja has repeatedly manager at Madison Avenue Partners, Ninja FlexStyle, which competes with the second quarter, bucking a tough con-
come up with distinctive entries that which holds the stock. He says the kitchen appliances twice-as-expensive Dyson Airwrap. sumer environment, while adjusted
have helped grow and redefine what
these products can be. The results
speak for themselves. Sales have risen
stock remains inexpensive because of
the way it went public and the lack of
analyst coverage. He thinks shares
$1.7 Billion Part of the impetus for that dryer
came from one of Barrocas’ two
net income rose 42% to 47 cents a
share. SharkNinja projected full-year
earnings of $2.85 to $3.02 a share, up
at a 20% annual rate since 2008, could hit $50, or about 16 times his 20% to 27% from 2022 and an ad-
Everything You Need
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
when current CEO Mark Barrocas $3.20 a share projection for 2024 justed sales increase of 10% to 12%.
took the top job, and revenue is on earnings. “SharkNinja has been able SharkNinja is a big player in small International sales are running at
track to hit $4 billion this year. to produce new products in categories appliances. 25% of revenue and growing fast—up
Investors now can buy shares in that haven’t seen much innovation at Market Share about 70% in the latest quarter as
the company after SharkNinja (ticker: attractive prices that delight consum- 100% SharkNinja expanded in Europe. The
SN) went public in an unusual fashion ers,” he says. U.K. is a big market, with sales hitting
in late July, by being spun out of Hong One of the company’s winners is a 75 $500 million last year, up tenfold since
Kong company JS Global Lifestyle. $199 ice-cream maker, the Ninja 2014. One weak spot: vacuums with
Now, SharkNinja’s stock looks ap- Creami, which was introduced two 50 cords. Consumers favor the cordless
pealing, even after popping 10% last years ago when the category had about variety. The company continues to roll
week in the wake of its initial earnings $50 million in total U.S. sales. The 25 out new products including a wood-
release as an independent U.S. com- Creami now generates $150 million in fired grill and a $179 beverage maker
0
pany, showing rapid growth in sec- annual revenue. Upright Blender Air Ice called Ninja Thirsti that enables users
ond-quarter sales and earnings. “Consumers can customize their ice Vacuum Fryer Cream to make customized flavors of still and
The shares, at around $35, trade for cream and it’s a fun experience,” says Maker sparkling water.
about 12 times projected 2023 earn- Barrocas. “We’re not just entering Source: company data Risks include its continued ability
ings of about $3 a share, a discount to to innovate, the health of consumer
peers like Helen of Troy (HELE), spending, and a reliance on Asian
The Manufacturing
which includes subsidies for clean en- China and elsewhere. As production
ergy and measures to spur innovation moves to higher-cost areas such as the
aimed at lowering emissions. U.S., he says annual inflation could be
The U.S. is no stranger to industrial boosted by 0.1% to 0.3%.
policy. Alexander Hamilton favored Goldman Sachs has put a $1.2 tril-
Boom’s Hidden Costs tariffs and subsidies to diversify the lion price tag on the climate legislation
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
T
best. Indeed, the U.S. has spent much regional banks. Economists don’t see the U.S.
he U.S. has embarked on its of the past decade taking China to task For the Biden administration, indus- headed down the path of the more
most aggressive industrial for a heavy-handed role in its economy. trial policy is a way to make U.S. com- heavy-handed industry policy used in
policy since the Cold War But the shortages created by the panies more competitive and less reli- Europe or China. Relative to its econ-
as it grapples with the twin pandemic, increased competition from ant on far-flung supply chains. “We are omy, China spends on industrial pol-
tion, like those that help reduce water and the opportunity to advance to
usage or distribute solar energy. Evelyn new jobs. Engle has also been working
Chow, senior research analyst at Neu- with state and local officials to build
berger Berman, sees higher earnings the local-supplier ecosystem.
for companies like Trane Technolo- Tackling these challenges doesn’t
gies (TT) and Emerson Electric as in- come cheaply, especially as companies
dustrial policy accelerates trends that duplicate supply chains to build in 1 (888) 493-8631
were already benefiting the companies. buffers or move production to higher- GLOBALXETFS.COM
While Gosai doesn’t expect the cost areas—a marked change from the
U.S. to overtake China by 2035 in the industrial strategy of the past, driven
electric-vehicle and battery race, she by efficiency and costs.
says the U.S. industrial-policy push is Companies could also face addi-
an opportunity for investors. “North
America is going to be the epicenter
tional costs as countries increase the
use of tariffs and restrictions on critical
Beyond Ordinary Income®
for EV-related investment, with twice goods and to harden their defenses Investing involves risk, including the possible loss of principal. There is
the growth rate [of investment] in against competition. The U.S. and allies no guarantee dividends will be paid. Companies may reduce or eliminate
China,” Gosai says. As EV battery like Japan have restricted China’s ac- dividends at any time. QDIV is non-diversified.
capacity in the U.S. increases, it should cess to critical chip-making technology,
add about half a percentage point a and France is on the path toward possi-
Carefully consider the Fund’s investment objectives, risk factors,
year to capital spending growth in ble tariffs on Chinese electric vehicles. charges and expenses before investing. This and additional information
manufacturing—a boon for U.S. com- Nathan Sheets, a former Treasury can be found in the Fund’s full or summary prospectus, which is
panies such as Rockwell Automation official who is now chief economist at available at globalxetfs.com. Read the prospectus carefully
(ROK), Fortive (FTV), and Eaton. Citi, says the impact of these policies before investing.
Much of that investment is being on economic growth, inflation, and Shares of ETFs are bought and sold at market price (not NAV) and
targeted to certain areas of the country. productivity won’t be known for years. are not individually redeemed from the Fund. Brokerage commissions
Some see a “battery belt” that stretches He adds, “It’s a form of insurance. It will reduce returns. Distributed by SEI Investments Distribution Co.
through Michigan, Indiana and Ohio, doesn’t save you money in the short
down through Kentucky, and across run but reduces a big downside risk.” B
14 BARRON’S August 28, 2023 August 28, 2023 BARRON’S 15
Of Hurricanes
pected to boost net income by 28.6%
next year to $2.5 billion, according
to the consensus forecast. “It’s more
conducive for an insurer or reinsurer
to do business.”
Barron’s has identified four stocks
that could capitalize in this climate:
Allstate (ALL), Arch Capital Group
And Wildfires
(ACGL), Ryan Specialty Holdings
(RYAN), and Guidewire Software
(GWRE). Each has specific growth
and stock drivers, and each focuses on
a different part of the industry, from
front-line coverage (Allstate), to rein-
surance (Arch), brokerage services
(Ryan), and software (Guidewire).
ride out the storms $1,700 this year, up 10% since 2022
and 36% since 2018, according to the
Insurance Information Institute, a
trade group.
Coverage is also getting stingier
as insurers tighten terms. Some insur-
A
ers are placing limits on the age of a
s Hurricane Ian carrier turned them down after balk- of pricing risk, is now a “multifaceted home’s roof and are increasing dwell-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
barreled toward ing at the replacement cost of the discipline” involving experts from ing coverage limits, referring to the
Florida last Septem- house. geologists to meteorologists, says Dan- maximum amount an insurer will pay
ber, Jason Voss and “It’s nightmarish because you have iel Bauer, chair of the department of to rebuild a home, says Mark Fried-
Dawn Jacobson were no control,” says Voss, 53, CEO of a risk and insurance at the Wisconsin lander, director of corporate commu-
prepared. They had financial-technology start-up called School of Business. nications at the institute.
drained the pool, Deception and Truth Analysis. One industry strength: financial The price hikes reflect inflation in
moved the outdoor furniture, and Florida, while extreme, reflects a firepower. Bankrolled by a global fi- home replacement costs, up 55% from
hunkered down with their hurricane national collision between increas- nancing network and billions in cor- 2019 to 2022. Insurers are also trying
kit in the safest room of their home ingly calamitous weather and the in- porate assets, the industry maintains to rebuild capital and profits after
in Sarasota, a few miles from the Gulf surance industry. Caught in the mid- nearly $1 trillion of surplus capital to years of above-average payouts for
Coast. dle are homeowners, though investors pay out claims. Moreover, insurance is catastrophe-related claims. Losses
Even as fierce winds lashed the could benefit as insurers hike prices, in a “hard market” where demand is from natural disasters covered by
area and torrential rain swelled the lifting revenue and potential profits. high and competition is thinning out insurance reached $120 billion last
lake behind their property, the couple Nationwide, costs are rising as in-
took comfort knowing they had in- surers try to price in losses from
vested in new doors and windows, more-frequent and unpredictable
meeting the state’s strict hurricane storms, wildfires, and other effects
Weather Winners
Four stocks that could capitalize on strong demand for insurance.
building code. After the storm of climate change. Inflationary pres-
cleared, the damage was minimal: sures, combined with population Recent YTD Market P/E
Company / Ticker Price Change Cap (bil) Ratio* Comment
lots of debris and four downed trees. growth in susceptible areas, are mak-
None of that mattered when it ing insurance costlier for everyone. Allstate / ALL $105.34 -22% $27.5 9 Auto insurance rates are moving up; improved
The profit outlook could improve Paying Up for Protection more complex, the trend we’re seeing
as higher premiums flow to the bot- Average national home-insurance premiums are rising steadily. is much more growth in these spe-
tom line. “Pricing is a leading indica- Year Cost Year-Over-Year Increase
cialized markets.”
tor for future profitability, and pricing Ryan could lift revenue 18%, to
right now is accelerating in commer- 2018 $1,249 3% $2.4 billion, in 2024, according to
cial lines, auto, and homeowners in- consensus estimates, generating a
surance,” says C. Gregory Peters, an 2019 $1,272 2% 22% gain in earnings per share to
analyst with Raymond James. $1.68. That kind of growth doesn’t
Prices for U.S. property insurance 2020 $1,324 4% come cheap; the stock trades at a
look especially strong. Prices were up price/earnings ratio of 17 times earn-
19% year over year in the second quar- 2021 $1,417 7% ings, a premium compared with its
ter, accelerating from a 17% annual- broker peers. William Blair doesn’t
ized gain in the first quarter, accord- 2022 $1,544 9% publish price targets. The stock re-
ing to the Marsh Pricing Index. Prices cently traded around $46.
2023* $1,700 10%
have now risen for 23 consecutive Guidewire Software is a tech play
quarters. *Full-year estimate Source: Insurance Information Institute on the P&C industry: It’s the leading
One bright spot for investors: provider of software to P&C insurers,
Reinsurer stocks are holding up, enabling functions such as claims
partly because the companies have Catastrophe losses are the wild premiums, and it looks quite profit- management and billing.
managed to unload risks and raise card—more elevated losses would able overall, with a healthy combined In late June, Stifel analyst J. Parker
prices, pushing down their “loss ra- punish profits. While that’s unpredict- ratio of 81.9%. Lane upgraded the stock to Buy with
tios” (the lower the better for profits). able, Allstate is pledging to control “Right now P&C—the insurance a price target of $85, on the expecta-
Shanker, of BofA, sees strong demand expenses and zero in on profitable and the reinsurance—is really well tion that sales will gain momentum
for reinsurance in 2024, especially markets. Analysts expect the com- positioned,” says JMP Securities ana- as the company transitions from on-
from Florida, a big buyer through its bined ratio to decline to 97.1 in 2024 lyst Matthew Carletti, who sees Arch premise to cloud-based software.
state-backed hurricane catastrophe and 94.9 in 2025. UBS analyst Brian Capital stock hitting $90 from recent “Guidewire has really gotten its act
fund. Florida “probably didn’t buy as Meredith, who has a Buy rating on the prices around $75. “They’re doing together when it comes to this cloud
much as they need,” he says. Many stock, sees Allstate at an “inflection exactly what you’d expect for an in- transition,” he says, seeing the com-
primary insurers are also likely to buy point.” Shares trade at just nine times dustry leader: When times are good, pany at a “tipping point.”
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more reinsurance for 2024, he adds. estimated 2024 earnings, a slight dis- they’re leaning in and writing more Guidewire’s growth, while slow-
count to rivals. Meredith has a price business.” ing, still looks impressive, with sub-
Peril and Profits target of $145 on the stock. At $90, the stock would trade at scription and support revenue ex-
Allstate has been a disaster stock of its Arch Capital is a specialty insurer 2.1 times forward book value and 12 pected to grow at a 24% rate through
own this year, down 22%. In home- in areas like energy, marine, and times estimated 2024 earnings, ac- 2024. Total revenue is pushing above
owners insurance, the company said aviation, along with niches such cording to Carletti. That’s above his- $1 billion annually, and profits are
catastrophe losses were “substan- as professional liability and cyber- torical averages for the stock, and a starting to materialize, estimated at
tially” above the 15-year average in the insurance. The firm took in $12.6 premium to rivals. But Carletti ar- $0.83 a share next year, excluding
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
second quarter, resulting in an under- billion in net premiums for the 12 gues that the valuation is warranted stock option expenses. That isn’t
writing loss of $1.3 billion. The firm months that ended in June, with due to “consistently strong operating much for an $80 stock; based on
said it lost $678 million in auto insur- about half in reinsurance and 9% in results.” Arch, he adds, “stands to be consensus forecasts, shares trade at
ance. For the full year, Allstate is on mortgage coverage. Reinsurance has one of the biggest beneficiaries of a a hefty 96 P/E ratio.
track to report a net loss of $689 mil- been a huge growth driver, surging hardening P&C pricing cycle, given The long-term bull case is that, for
lion, based on consensus estimates. from $1.4 billion in 2018 to $6.1 bil- its depth and breadth of global distri- all of its tech investments in forecast-
Its overall profitability on insurance, lion in net premiums a year. The bution and underwriting expertise.” ing and actuarial modeling, insurers
measured by its “combined ratio,” is company says it is seeing strong Ryan Specialty is an insurance still need to modernize plenty of
forecast at 106.5% for the year. A ratio growth in property catastrophe broker focused on “excess and sur- functions and integrate new technol-
above 100% indicates that an insurer plus” lines—things that standard ogy, says Lane. “A lot of tech invest-
is paying more in claims than it is tak- carriers don’t provide, such as cus- ments will cycle through these busi-
ing in through premiums, implying an The Cost of Catastrophes tomized plans, niche insurance, and nesses over the next decade or so,”
operating loss. Global insured losses are running high. workers’ compensation. CEO Patrick he says. “Guidewire is very well posi-
All of those sound like reasons to Ryan, who previously ran Aon, tioned to capitalize on that trend.”
Insured losses
avoid the shares, but KBW’s Shields launched the firm in 2010; today, it’s Meanwhile, in Florida, Voss and
sees a “light at the end of the tunnel” $150 billion the second-largest wholesale P&C Jacobson are bracing for the next
for the stock, which recently traded broker, with an estimated $2.1 billion storm. NOAA is now calling for up to
near $105. His price target is $148. in sales this year. The company says 11 hurricanes this year, expecting an
“Allstate’s results have been very it’s getting a lift from demand for “above-normal level of activity.” One
100
poor,” he concedes. But the auto busi- catastrophe/disaster coverage, cyber- positive for the couple is that they fi-
ness is expected to recover as the security insurance, and “social infla- nally found insurance—at a cost of
company pushes through large pre- tion,” reflecting an increase in litiga- $13,000, up from their previous annual
mium increases and gets a tailwind 50 tion cost and insurance fraud. rate of $4,900. When the next storm
from softer inflation on repair costs. “A lot of business they write is hits, they plan to grab their hurricane
Allstate is also paring back on effectively tailored and bespoke to the kit—including a solar-powered radio,
unprofitable states like California, actual risks,” says William Blair ana- headlamps, life preservers, and dry
0
where the insurer has stopped 2018 2019 2020 2021 2022 2023* lyst Adam Klauber, who recommends food—and ride it out. Much like the
writing new homeowners policies. *Through July 31 Source: Aon Catastrophe Insight the stock. “As the world becomes insurance industry. B
18 BARRON’S August 28, 2023
Why People
Are Flocking
To Risky Areas
Millions of Americans continue to EVIE LIU
move to places with big climate risks, AND
SHAINA
drawn by jobs, affordable housing,
MISHKIN
and access to nature.
A
fter enjoying the national average.
beaches, outdoor ac- For instance, Fort Myers and Cape
tivities, and warm Coral in Florida suffered some of the
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last summer, Strange, 42, learned how moved in, a 4% jump. Jesse Keenan, associate professor of over a month. The region’s water sup-
to put up sandbags to protect his In the next 30 years, about 16 mil- real estate and urban planning at Tu- ply is also being squeezed, with its
home. “I mirrored what my neighbor lion U.S. properties will be subject to lane University. “It is now, but it groundwater running low and the
did,” he says. “It was a surreal experi- extreme heat of more than 104 de- doesn’t necessarily mean it’s shaping Colorado River drying up.
ence.” Still, he doesn’t regret relocating grees in the hottest month of the major life decisions.” But heat and drought haven’t de-
to an area prone to hurricanes. “Risks year, and 15 million are likely to ex- According to a 2021 survey by real terred people from seeking the desert
are present in any decision….This is perience winds of over 77 miles an estate start-up PropertyNest, nearly life. Since 1970, the population in
just one of those situations where we hour from hurricanes, according to two-thirds of home buyers said they Maricopa County, where Phoenix is
felt the benefits outweigh the risks.” climate analytics company First didn’t consider the impact of climate located, has more than quadrupled to
Warming temperatures and rising Street Foundation. change when deciding where or what 4.5 million. It is now the fourth most
sea levels are projected to bring Home values could also be at risk. to buy. Some said the issue simply populous county in the nation. From
more-frequent and severe natural Properties exposed to flood risk are hadn’t occurred to them, while others July 2021 to July 2022, nearly 57,000
catastrophes in the coming decades— overvalued by as much as $237 billion, didn’t see it as related to homebuying. people moved in.
whether it’s wildfires, extreme heat, according to research published in More than 12% didn’t believe in cli- “Our lifestyle out here really is de-
hurricanes, or flooding caused by February by monthly journal Nature mate change. signed to stay cool. Everything is air-
heavy rainfall. That will make living Climate Change. “A lack of consistent Of course, many people have conditioned 24/7,” says Butch Leiber,
situations increasingly difficult in information and awareness regarding moved away from high-risk areas, a real estate agent who has lived in
many places. these risks means that markets have either on their own or with the help Phoenix for 30 years. “You get used to
Yet millions of Americans continue yet to fully price them in,” wrote Capi- of the federal government, which has it. You adapt your life to it.” While
to move to areas exposed to high cli- tal Economics researchers in a sepa- paid thousands of homeowners to summer heat is hard to get through,
mate risks, drawn by affordable rate report in July, referencing the leave their flood-prone properties milder winters are a big draw, he says.
housing, booming local economies, journal’s research. and relocate. Climate is one of Florida’s greatest
“You see the tsunami coming, and I Going to Extremes “What we see is a very clear picture
go: ‘This could always happen to us.’ The U.S. South is scorched by extreme heat, while other places face high risk of flooding. throughout the U.S. of the haves and
But we chose to live here because we % of properties exposed to severe heat risk
have-nots,” says Keenan. “There’s a lot
want this lifestyle.” of rural America that simply does not
The desire to be closer to nature 0% 100% have the institutional capacity or
was accelerated during the Covid-19 money to do anything other than beg-
pandemic as people spent more time ging the Congress for postdisaster
at home. “People continue to move to recovery dollars.”
places where the environment—such In Arizona, the scramble for water
as oceanfront—is considered an ame- sources is driving a wedge between
nity,” says Timothy Judge, head of communities. In 2018, Queen Creek, a
modeling and chief climate officer at quickly developing suburban town
Fannie Mae. “The problem is, it also southeast of Phoenix, paid millions of
puts you in some of the higher-risk dollars for the water rights from a
areas.” farm on the Colorado River. Three
Many move to climate-vulnerable rural counties, worried about drought
areas for economic reasons. Despite in their own areas, have sued the gov-
strong growth in value in recent years, ernment for approving the deal.
homes in Arizona and parts of Florida While private insurers have been
are much cheaper than in California pulling out of some high-risk areas,
and the Northeast—places from which government-backed plans have
many transplants are departing. stepped in to provide coverage. But
Their new destinations also have the situation isn’t sustainable, says
Maricopa
some of the lowest tax rates in the County, Ariz.
Moody’s Kamins. “Eventually, they are
country. “Not having state income tax 19% population not going to have the revenue to do
is a pretty significant consideration growth since 2010 that and insurance costs will become
for people with high earnings,” says Collin County, Texas prohibitively higher, and at that point,
Strange, who works as a financial ad- 47% population we will start to see some impacts on
growth since 2010
visor in Florida. migration,” he says.
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A
% of properties exposed to severe flood risk
fter New Orleans lost more point: According to a 2022 Redfin
than half of its population survey of people who plan to buy or
0% 100%
following Hurricane Katrina sell a home in the next year, two in
in 2005, people have been five said risk of natural disasters, ex-
moving back. But the recovery is un- treme temperatures, and rising sea
even. St. Bernard Parish, where the levels played a role in their decision to
median home value is 22% lower move, and nearly two-thirds said they
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
than in nearby Orleans Parish, nearly are hesitant to move to high-risk ar-
tripled its population from 2006 to eas. The rates are particularly high
2022, a much stronger bounceback among Gen Zers, who grew up learn-
than the latter’s 60% growth in the ing about climate change and will
same period. spend a longer portion of their lives
The areas where people move back dealing with it.
quickly are often places where people New Orleans is already feeling the
don’t have other options. “A lot of peo- pain. Despite a decade of population
ple knowingly move to high-risk areas growth, thousands of residents left the
because it’s the cheapest place to live,” city last year after Hurricane Ida hit in
says Tulane’s Keenan. “They’re just 2021 and insurance costs soared. The
doing the basics to survive.” recent restructuring of the federal
Most people still aren’t feeling the flood insurance program will further
costs associated with climate change. boost rates in flood-prone areas—lead-
Lee County, Fla.
The population in Collin County, a 33% population ing more residents in those zones to
suburban area northeast of Dallas, growth since 2010 leave, says Gary Wagner, an econom-
ballooned 17 times since 1970. From ics scholar at University of Louisiana
July 2021 to July 2022, it added more St. Bernard Parish, La. at Lafayette.
than 44,000 new residents. 21% population Meanwhile, Phoenix continues to
growth since 2010
Despite hotter Texas summers and Sources: First Street Foundation; the Census Bureau attract tens of thousands of new resi-
high demand for air conditioning, dents each year. “Hopefully, people
utility costs aren’t prohibitive to peo- will keep moving here, we keep build-
ple’s homebuying decisions, says climate’s impact. Florida has enforced insulated and energy-efficient hous- ing, and prices continue to go up,”
Shana Acquisto, president of Collin stronger building codes, including ing, while conserving and recycling says Leiber, the real estate agent. “If
County’s Realtor association. “I see roof-to-wall connections, hurricane water with new technologies. this is the first of a string of superhot
more people concerned with the costs shutters, and impact-resistant win- But those measures are expensive summers, will we start to see an exo-
of a pool.” dows. In hotter places like Arizona and often apply only to newer houses. dus? I don’t know. I guess people don’t
There are some efforts to mitigate and Texas, people are building more Many people will be left behind. want to deal with the future.” B
20 BARRON’S August 28, 2023
FOLLOW-UP
Lowe’s stock is up 9% since we recom-
mended it in January. Gains could accelerate
as its prowess in the pro segment grows.
If you are interested in partnering with Investing in Education BY JACOB SONENSHINE Jefferies analyst Jonathan Matuszewski
and to learn more contact: [email protected] writes that he sees “powerful pro initia-
L
owe’s proved, with its earnings this tives” continuing from here.
week, that it can hang in there dur- If Lowe’s can continue to grow the pro
ing a rough stretch for the econ- business as it takes market share from
omy—and keep growing on the other smaller companies, and DIY eventually
side. That makes the stock worth owning, stabilizes, sales should return to growth
even after the 10% rally it has had since and drive earnings even higher.
Barron’s recommended it on Jan. 25. Analysts’ consensus estimates call for
At a glance, the quarter didn’t look all annualized sales growth of just over 3% for
that exciting. Sales, which fell 9.2% year the three years ending in 2026, to just over
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
over year to about $25 billion, were just in $97 billion in 2026, according to FactSet.
line with analysts estimates, as higher Operating margins should rise toward Home
mortgage rates dented demand for housing- Depot’s, which benefited from its prowess in
related goods. Lowe’s (ticker: LOW), the pro segment. Add in share buybacks,
though, was able to beat earnings-per- and earnings per share should grow about
share forecasts thanks to rising gross profit 12% a year, to about $18.62 in 2026.
RICHARD PAUL DODD VIRGIL KAHL DANIEL B. JONES margins—which got a boost from falling That growth can take the stock higher—
Managing Partner CPA, CFP®, CIO Managing Director transportation costs—and continued share but so would a higher valuation. Lowe’s
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Northwestern Mutual Spring Ridge Financial Northwestern Mutual buybacks. It reported a profit of $4.56 a stock currently trades at about 16.5 times
Utica University Group LLC Utica University share, topping forecasts for $4.47. 12-month forward earnings, below Home
Penn State University Lowe’s also maintained its full-year guid- Depot’s 20.8 times. As Lowe’s gets through
ance for sales of $88 billion, at the midpoint the DIY rough patch, executes on its strat-
of the estimated range, and earnings of egy, and moves its margins closer to Home
$13.40 a share. But the decision not to raise Depot’s, its stock could command a higher
that forecast is nothing to worry about. valuation.
Those numbers should have gone up, since If Lowe’s can “grow earning by double
the company is growing far faster quarter digits, it could be a 20% compounder,” Yar-
over quarter than year over year. Overall, brough says of the stock. “You’ve got earn-
this indicates that management is providing ings growth, and then multiple expansion.”
a conservative projection given the current Lowe’s doesn’t just improve homes. It
economic conditions, making expectation- can improve a portfolio, as well. B
ROSEMARIE DIOS VICKIE WICKS GLORIA DIOS
beating earnings more likely later this year.
CFP®, CIMA®, CSRIC™ AAMS™, ChFC® CFP®, CSRIC®
“The near term is so choppy—it makes
no sense to say, ‘Hey, we’re going to raise Lowe’s
Senior Vice President Financial Advisor Financial Advisor
full-year guidance,’ ” says Edward Jones (LOW / NYSE)
UBS Edward Jones UBS
Albertus Magnus College McNeese State University Albertus Magnus College
analyst Brian Yarbrough. “You’d
rather…underpromise and overdeliver.” $300
Meanwhile, Lowe’s continues to increase
250
its “pro” sales, which rose this past quarter.
Pros, or home-improvement contractors, is 200
an area where Lowe’s has been trying to
make inroads. Historically dominated by 150
Home Depot (HD), those sales tend to be
100
steadier than for the do-it-yourself, or DIY,
customer, which dropped more than 9% 2021 ’23
© 2023 Dow Jones & Company, Inc. All rights reserved. 2EIIE6096
this past quarter. Source: FactSet
August 28, 2023 BARRON’S 21
THE EC ONOMY
Powell didn’t commit to any particular way
forward, leaving the door open to additional rate
hikes, declining to say what would be coming.
That’s No Accident
that it seems there could be “signifi- in housing costs could be short-lived.
cant further drag in the pipeline.” In At the same time, for Powell, the
layman’s terms, he means that the “extraordinary vagueness” is also by
economy might be on track to slow design. Given where the Fed is in its
substantially even if the Fed declines current monetary policy tightening
any additional rate increases, paving cycle, and given its strict dependence
T
the way for officials to pause their on reacting to incoming data, he was
he buzz around the As a result, this year’s 15-minute tightening effort as they wait for the loath to box officials into any particu-
expansive, two- speech “was extraordinarily vague full impact to trickle through the lar policy path. And he probably was
story lobby of the on the policy outlook and raised more economy. wary of delivering a speech that would
Jackson Lake Lodge questions than it provided answers,” It was a notable line, in part be- send any dramatic signal to financial
before Federal Re- wrote Stephen Stanley, chief U.S. cause of how it stood in contrast to markets in either direction.
serve Chair Jerome economist with Santander. “I believe a speech from Fed governor Christo-
V
Powell spoke on that this accurately encapsulates the pher Waller in mid-July that was fo- iewed against that score card,
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Friday morning was that any attempt BY MEGAN Federal Open Market Committee’s cused entirely on the idea that, as the the overwhelming response
to clarify the economic outlook in an CASSELLA current thinking.” title suggested, “policy lags may be from economists and ana-
environment as hazy as the current In some ways, yes—the speech did shorter than you think.” lysts that there was nothing
one would be nearly impossible to suggest that Fed officials are continu- “Pausing rate hikes now, because new to see here was exactly what the
deliver. ing to debate the impact their tighten- you are waiting for long and variable Fed was trying to achieve. Now, it’s a
Maybe Powell will talk about his ing efforts have had so far and remain lags to arrive, may leave you standing matter of waiting for what the next
long-term view, the thinking went, unsure how much further they will on the platform waiting for a train rounds of labor and inflation data
given how challenging it would be need to go. The central bank has so that has already left the station,” show before there will be any new
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
to offer any real clarity on what’s far raised rates 11 times since March Waller said at the time. signals suggesting where interest rates
coming next. 2022, most recently hiking them by a There’s also potential disagreement are headed next. It was a reaffirma-
“If he talks about the current quarter-point in late July to a level of over the outlook for housing inflation, tion, in other words, of the Fed’s oft-
juncture, I think it will be a difficult 5.25% to 5.5%. which at the moment is the single larg- touted commitment to “data depen-
speech,” Kristin Forbes, a professor at dence” as it waits to see whether price
the Massachusetts Institute of Tech- growth is finally, and unwaveringly,
nology, told me on Thursday evening. Not There Yet headed down to target levels.
“You don’t want to commit when you Core inflation, which strips out food and energy prices, is “This uncertainty,” Powell said,
just don’t know.” slowing but is still far from the Federal Reserve's 2% target. “underscores the need for agile policy
As it turns out, Powell focused on Fed's estimate making.”
the near-term outlook anyway. And 6% A few hours after his speech on
the upshot of his talk at the Kansas Friday, as the symposium attendees
City Fed’s annual symposium was 5 were breaking for lunch, Powell stood
mostly a reiteration of what we al- on an upper-level balcony overlooking
ready knew: The Fed would be pro- 4 the lodge’s lobby, tapping his hands
ceeding cautiously, but the economy against the railing as he surveyed the
might not be cooling as much as we crowd below. To his left, out the pan-
3
previously thought. oramic floor-to-ceiling windows,
Powell didn’t commit to any par- stood the jagged and overlapping
ticular way forward, leaving the door 2 peaks of the Tetons.
open to additional interest-rate in- From this vantage point, it’s nearly
creases while declining to say what 1 impossible to tell where one peak
would be coming—or when. His clos- ends and the next one begins. Powell
ing line, that the central bank would glanced around the lobby, framed by
0
“keep at it until the job is done,” was enormous paintings of American bi-
lifted almost verbatim from the 2020 ’21 ’22 ’23 son and grizzly bears. Then, he turned
speech he delivered in the same Note: Seasonally adjusted year-over-year change in the core personal consumption expenditures price index. and walked back down the hallway,
setting a year ago. Source: Commerce Department. away from it all. B
22 BARRON’S August 28, 2023
A
Sprott Gold Equity Inv / SGDLX Precious Metals Eq 4.40 – 4.2
rtificial intelligence replacing hu- analyze the text of the executives’ speech for Allspring Prec Met A / EKWAX Precious Metals Eq 4.23 1.5
Victory Prc Met&Min Fund / USAGX Precious Metals Eq 4.22 – 1.7
man beings has been the subject of key performance-influencing words, but Invesco Gold & SM A / OPGSX Precious Metals Eq 4.07 1.4
VanEck Intl Gold Y / INIYX Precious Metals Eq 4.04 0.8
science-fiction books for decades. also “monitor the tenor, pitch, and pace of Franklin Gld&Pr Mt A / FKRCX Precious Metals Eq 3.82 – 4.6
The distinctly human part that the the CEO’s voice. From that, it will be able to Fidelity Sel Gold / FSAGX Precious Metals Eq 3.57 – 3.9
DWS Latin Am Eq S / SLAFX Latin American 3.20 18.9
AI usually can’t replace is often the “emo- determine the likely market reaction to the Rydex Precious Metls Inv / RYPMX Precious Metals Eq 3.10 – 3.9
tional” one, i.e., the soul. strength of the [CEO’s] comment.” First Eagle Gold I / FEGIX Precious Metals Eq 3.10 0.7
Fidelity Latin America / FLATX Latin American 2.89 16.0
That’s bad news for fund managers who Today’s AI-run ETFs aren’t nearly as EuroPac Gold A / EPGFX Precious Metals Eq 2.83 – 0.1
often pride themselves on unemotionally advanced. BTD Capital has a focused “buy T Rowe Price Int Lt Am / PRLAX Latin American 2.82 20.7
GQG Partners EM Eq Inst / GQGIX Emerging Markets 2.81 15.8
pursuing profit and analyzing financial on the dips” strategy for stocks. The chal- DFA LTIP Portfolio Inst / DRXIX Infl Protected 2.80 – 3.9
Amer Cent EMkt SC I / AECSX Emerging Markets 2.68 13.5
data objectively, without any all-too-human lenge, Pannell says, is “to identify authentic Q3 All-Season SO Ins / QASOX Specialty & Misc 2.57 8.8
cognitive biases. They seem prime targets dips—a price retracement, which is artifi- PIMCO Extend Dur Inst / PEDIX Corp Debt BBB Rtd 2.48 – 4.7
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
in an asset manager’s shoes right now, I’d other California banks dropped. “The re- Guinn Atkin China & HK / ICHKX China Region – 3.08 – 13.0
Fidelity Agri Prod / FARMX Industrials – 3.05 – 11.7
be all over looking at AI, but in more of the gional banking collapse was a pattern that Hartfd Schr China A F / HSHFX China Region – 2.89 – 10.9
perspective of how do I strip some cost out the AI had never seen before,” Pannell
of my business and make it run more effi- says. That lack of understanding hurt the The Largest 25
Assets 3-Year* 1-Week YTD
ciently?” says Lee Davidson, Morningstar’s ETF, and it is underperforming this year. Fund Investment (billions) Objective Return Return Return
chief analytics officer. But the ETF’s AI has now “learned what American Funds Gro A / AGTHX $118.9 Large-Cap Growth 5.3% 0.28% 21.3%
Fidelity Contrafund / FCNTX $102.5 Large-Cap Core 6.7% 0.33% 25.7%
The good news—sort of—for human that pattern looks like,” Pannell says, so it American Funds Bal A / ABALX Mix Tgt All Gro 4.7 0.13 5.5
96.6
managers is that index funds are still the can mitigate losses in the future. Vanguard Wellington Adm / VWENX 93.7 Mix Tgt All Gro 5.3 – 0.04 6.1
primary threat, as the current AI-run funds Qraft AI-Enhanced US Large Cap em- Vanguard Tgt Ret2035 Inv / VTTHX 87.1 Mixed-Asset Target 2035 4.3 0.19 8.3
Vanguard Tgt Ret2030 Inv / VTHRX 86.2 Mix-Asst Targ 2030 3.4 0.24 7.6
have also struggled to beat their bench- ploys an adaptive AI system to adjust its
Fidelity SA US Tot Stk / FCTDX 82.7 Multi-Cap Core 10.7 0.22 15.2
marks. Only one, Qraft AI-Enhanced US exposure to five major stock factors— Vanguard Tgt Ret2025 Inv / VTTVX 76.8 Mixed-Asset Target 2025 2.6 0.28 6.8
Large Cap (ticker: QRFT), stands out for value, quality, size, momentum, and vola- Vanguard Tgt Ret2040 Inv / VFORX 76.6 Mixed-Asset Target 2040 5.2 0.19 9.1
performance. But that should change in tility—depending on market conditions. It American Funds Wash A / AWSHX 76.1 Large-Cap Value 11.8 – 0.19 7.0
American Funds Inc A / AMECX 76.0 Mix Tgt All Mod 6.0 – 0.04 0.5
time, as more funds launch and the AIs has beaten 70% of its peers in Morning- American Funds ICA A / AIVSX 75.6 Large-Cap Core 10.3 0.09 14.6
“learn.” star’s Large Growth category in the past PIMCO Income Inst / PIMIX 75.5 Multi-Sector Inc 1.1 0.31 3.9
Analyzing stock data with computers is three years, without human managers. Vanguard Tgt Ret2045 Inv / VTIVX 73.0 Mixed-Asset Target 2045 6.1 0.12 9.8
American Funds EuPc R6 / RERGX 68.7 Intl Large-Cap Growth 1.1 – 0.08 8.1
hardly new. It’s called quantitative invest- Francis Oh, CEO of Qraft Technologies, Fidelity SA Core Inc / FIWGX 66.6 General Bond – 3.7 0.52 1.1
ing. But AI is about teaching the comput- which runs four factor-based AI ETFs, says Dodge & Cox Stck I / DODGX 64.0 Multi-Cap Value 16.3 – 0.44 7.6
ers to think for themselves and adapt to convincing mom-and-pop investors to trust American Funds FInv A / ANCFX 63.3 Large-Cap Core 9.3 0.18 13.1
Vanguard PRIMECAP Adm / VPMAX Large-Cap Core 12.2 0.12 17.4
changing market, business, or economic a machine is difficult; the funds only have 63.2
American Funds CIB A / CAIBX 61.7 Global Equity Income 5.4 – 0.10 1.4
conditions. That could ultimately replace $30 million in them. “Humans still have a Vanguard Tgt Ret2050 Inv / VFIFX 60.1 Mix-Asst Targ 2050 6.3 0.12 10.2
even the qualitative analysis of a com- tendency to believe the decision making of Dodge & Cox Income I / DODIX 57.5 Core Bond – 2.8 0.49 1.9
pany’s business that human money man- humans, regardless of whether they are American Funds NPer A / ANWPX 55.6 Global Large-Cap Growth 5.5 0.20 14.3
Fidelity Str Adv LgCp / FALCX 54.4 Large-Cap Core 0 0.18 15.2
agers still do. making good returns or not,” he says. American Funds CWGI A / CWGIX Global Large-Cap Core 5.9 0.14 10.0
53.5
AI is already being used to monitor earn- It also took decades for investors to ac-
*Annualized 08/20/2020 to 08/24/2023. Through Thursday. Source: Lipper
ings conference calls with analysts, says cept the automated index fund, invented in
CEO Ryan Pannell of Kaiju Worldwide, 1971. Given Wall Street’s love of AI, accep-
which subadvises an AI-run ETF called tance will probably come sooner here. B
August 28, 2023 BARRON’S 23
I N C O M E I N V E ST I N G
Problems could show up first in the market for
leveraged loans and then move to high-yield
bonds and investment-grade issues.
Bondholders, Beware:
will only add to the pressure on in- good part to attractive yields.
debted companies. Likewise, the $7.3 billion iShares
In other words, things could get a Floating Rate Bond exchange-traded
lot worse from here for credit markets. fund (ticker: FLOT), which tracks an
On Credit Quality
problems to show up first in the mar- floating-rate loans as the Fed began
ket for leveraged loans (essentially increasing interest rates, but now they
loans made by companies that have a are leaving, more likely because of
lot of debt). From there, trouble proba- expectations that the Fed will start to
bly will move to the high-yield bond lower rates than worries about the
market, then investment-grade loans credit cycle.
I
and bonds, and, ultimately, equity Still, there are some early signs of
t’s a great time to be investing down, it’s still early days. That’s an markets. investor concern about loan quality.
in bonds. They’re paying much idea that Torsten Sløk, chief economist Sløk warns that the ripple effects Business development companies,
higher yields than they have in at Apollo Global Management, finds could spread quickly if a major public publicly traded companies that hold
a long time. For example, the worrisome, rather than reassuring. company goes bust. “Just wait until you business loans, marked down the
yield on the 10-year Treasury “This pickup in defaults started finally get a household name,” he says. value of loans in the portfolios in
note rose to 4.34% in mid- very unusually when we have a strong “Within minutes, sentiment changes.” the second quarter to 96% of cost,
August, its highest level since economic backdrop and the unem- Investment strategists who think according to equity research from
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
November 2007. Yields could remain BY AMEY ployment rate is very low” says Sløk. the economy will head south next year Oppenheimer.
elevated for a while, too, as it looks like STONE His historical data show that default routinely recommend that investors
J
the Federal Reserve will keep interest rates typically accelerate once a reces- avoid leveraged loans. Gene Goldman, effery Elswick, director of fixed
rates high for some time. sion has started and don’t peak until chief investment officer at Cetera income at Frost Investment Ad-
But while savers may be enjoying after it has ended. “Imagine where we Investment Management, says he visors, says some managers of
higher rates, especially on cash-like will be once unemployment begins to doesn’t like the high-yield bond sector collateralized loan obligation
investments, borrowers aren’t so for- move higher,” he says. but still likes it better than leveraged funds, who invest in derivatives made
tunate. Lofty rates hurt companies Meanwhile, the Fed is considering loans. up of select tranches of debt, tell him
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
that issue a lot of debt, especially the hiking rates more, and Chair Jerome So far, that market is holding up that they’re seeing weaker credit
floating-rate kind, which describes Powell’s recent testimony suggests well broadly, but issues are emerging fundamentals.
most business loans. Now, the most- that he would like to keep them high at the industry and issuer level, which The high-yield bond market, how-
indebted companies are facing higher for years. Banks, buffeted by a crisis have seen downgrades. Morningstar’s ever, remains priced for perfection.Els-
interest expenses on top of wage and in regional banks this spring, are U.S. leveraged loan index is up an wick points out that BB-rated bonds,
price inflation. starting to pull back on lending, which attractive 8.63% year to date due in which are the first level below invest-
It isn’t surprising that the number of ment grade, are trading only 2.5 per-
bankruptcy filings has jumped. Party centage points over U.S. Treasuries.
City in January, Bed Bath & Beyond in As the Fed Hikes Interest Rates, Bankruptcies Climb The average spread over the past two
April, and trucking company Yellow in decades is close to four percentage
Fed Funds Rate U.S. Bankruptcies
August made headlines, but there are points.
about 400 companies you may never 6% 80 “I’m not worried about the immedi-
have heard of that filed for bankruptcy ate end of the credit cycle,” Elswick
this year, many of them part of lever- 5 says. “I’m worried that credit markets
aged buyouts. Those are the debtors 60 in general are not priced for any type
that Moody’s Investors Service say are of weakening.”
4
“the most vulnerable group to increas- Although he expects the economy
ing interest rates and tighter lending to deteriorate in 2024, junk-rated
3 40
conditions.” companies probably won’t have trou-
Moody’s 12-month trailing default ble refinancing their debt until 2025.
rate for lower-rated companies rose to 2 There is still opportunity at the indi-
3.8% in the second quarter, up from 20 vidual high-yield bond level, he says,
1.4% a year earlier. The ratings firm 1 but he’s generally paring back on
forecasts that defaults will rise to 5.8% below-investment-grade securities.
in the first quarter of 2024, but it warns 0 0 “From where we sit,” says Elswick,
that they could go as high as 15.6% if “it’s time to start to be a little cautious
economic conditions deteriorate. Feb. '22 ’23 Feb. '22 ’23 and slowly start taking a few cards off
While the credit cycle is turning Note: Data as of Aug. 23. Sources: Apollo Group; S&P Capital IQ; Federal Reserve the table.” B
24 BARRON’S August 28, 2023
T E C H T R ADER
There is little precedent for a chip maker as large
as Nvidia to double its revenue—to $13.5 billion—in
one year.
T
here were two sig- power the parallel computations this time in 2021. Over the past de- No area of the tech market is more
nificant develop- needed for new applications like AI. cade, an average of 129 IPOs have exposed to AI disruption or transfor-
ments in the tech That bodes well for Nvidia. Devel- raised $33 billion this far into the year. mation than the software industry, as
world this week opers prefer the company’s GPUs be- That’s why Arm Holdings’ IPO customers quickly come to expect the
that could go a long cause of their performance paired with filing this past week could be a big latest in AI. It makes the sector ripe
way to defining the Nvidia’s robust software-programming moment. When it goes public, the list- for change—and open to a wave of
coming year for platform ecosystem, known as CUDA. ing is likely to be the biggest tech de- successful start-ups.
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stocks: Nvidia’s blockbuster earnings BY TAE KIM They have been building and sharing but in a long time. Elliott Robinson, a partner at
and Arm Holding’s IPO filing. AI-related tools and software libraries Arm makes money from licensing Bessemer Venture Partners, says
Both news events were followed by for over a decade on Nvidia’s proprie- its chip architecture and other chip nearly all cloud software companies
lots of quick takes on their meaning: tary platform, making it easier to now designs to semiconductor companies are actively developing AI-capable
that Nvidia’s (ticker: NVDA) banner rapidly build AI applications. and hardware makers. products and features to be released
results were an all-clear for other arti- They’re sticky advantages. So, while SoftBank Group (9984.Japan) ac- by the end of this year.
ficial-intelligence plays, and that investors are clamoring for the next quired Arm for $32 billion in 2016. In Robinson expects five to 10 tech
Arm’s public listing was a do-or-die version of Nvidia (i.e., Arm Holdings), 2020, the company reached an agree- start-ups to go public in the fourth
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
moment for the IPO market. the reality is that most of the value for ment to sell Arm to Nvidia, but that quarter. He cited a recent survey his
But investors should be careful AI-related hardware is likely to keep deal was terminated two years later firm conducted of private cloud com-
with the binary analysis. Reality will accruing to Nvidia—not others. after it faced opposition from global pany CEOs who said that Databricks,
be more complicated, involving a more That’s a problem for the rest of the regulators and other chip companies. Stripe, Canva, Klaviyo, and Snyk were
nuanced list of winners and losers. industry. Nvidia’s gain may be other In its IPO filing this past week, the ones most likely to IPO next. If
Nvidia’s fiscal second quarter, re- companies’ pain. The latest surveys of Arm made sure to tie itself to the AI those are well received, Robinson pre-
ported Wednesday, was historic in chief information officers reveal that hype. “As the world moves increas- dicts another 15 to 30 start-ups could
scope. There is little precedent for a technology buyers aren’t expanding ingly toward AI- and [machine learn- get out in the first half of next year.
chip maker as large as Nvidia dou- their overall budgets to accommodate ing]-enabled computing, Arm will be We are about to enter a dynamic
bling its revenue—to $13.5 billion—in the increased AI spending, but rather central to this transition.” But that period as AI drives a wave of disrup-
one year. Its data center business, taking dollars from other buckets. story is far from written. tion across semiconductors, technol-
driven by AI demand, was even more That spells trouble for makers of In Arm’s latest quarter ended June, ogy hardware, and software, creating
impressive, growing 171% year over legacy server hardware and chips. the company saw a small drop in reve- a new list of winners in the public
year and rising 141% from the prior Huang said on Nvidia’s earnings call nue and a 53% decline in net profit markets. It’s going to be a wild ride. B
quarter.
“A new computing era has begun.
Companies worldwide are transition-
ing from general-purpose to acceler-
ated computing and generative AI,”
Nvidia CEO Jensen Huang said in the “A new computing era has begun,” Nvidia
company’s earnings statement. “The
race is on to adopt generative AI.” CEO Jensen Huang said this past week.
Huang long ago stated that the $1
trillion invested in global data-center “Companies worldwide are transitioning
infrastructure would move from tradi-
from general-purpose to accelerated com-
Dreamstime
tional server central processing units,
or CPUs, to graphics processing units,
or GPUs, that are better enabled to puting and generative AI.”
August 28, 2023 BARRON’S 25
P E N TA X I N DAGA R E
B O LO G N A , PA R M A , M O D E N A
OCTOBER 24 – 28, 2023
L E A R N M O R E : 6 4 6 .7 8 0. 8 3 8 3
I N D A G A R E .C O M / M O D E N A P E N TA
Former Invesco
You’re confident that the country What does that mean for the I think it’s a pretty interesting time.
will remain a good investment, industry?
even with the saber-rattling we’ve I try to remind people that the ETF is What will shape investing in the
seen between the U.S. and China? just a wrapper. In the financial crisis, years to come?
The geopolitical tensions are high, when it was hard for active managers Every 10 to 15 years, we go through
China as Key
we can agree on. We both need eco- fund. When [indexes] became con- make a difference for your business.
nomic growth. Let’s both benefit centrated so that all the returns were We’re using artificial intelligence and
from each other’s economies, but be coming from 10 to 15 stocks, it can the tools for anything that can help
tough on each other where we think become quite risky. enhance the portfolio manager’s life,
we have our differences. My sense is It’s a natural development [to see better research, taking the friction off
that’s starting to happen now. more active ETFs], but if you look at processing information.
who’s been successful more recently With the client-facing technology,
BY DEBBIE CARLSON Flanagan will remain chairman Where is it happening? with ETFs, they’ve largely had pri- we’re using it to get a more-informed
D
emeritus at Invesco until 2024, help- The recent executive order to ban vate distribution capability. Another understanding of our clients. This
uring 18 years as chief ing new President and CEO Andrew U.S. investments in Chinese technol- thing that’s different with active whole personalized interaction that
executive of Invesco, Schlossberg with the transition. Bar- ogy was very narrow, and it focused management—you’re not going to would have been a pipe dream five,
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Marty Flanagan ex- ron’s spoke to Flanagan about his on what we think is important to our have 150 successful ETFs that are the seven years ago, is now real. Through
panded the asset man- tenure. country. That’s a contrast to what I same thing. The market has matured the use of data and analytical tools,
ager’s foray in Asia and Below are edited excerpts. was concerned about, that it was go- past that. Now, I think you have to you can understand what a financial
acquired the Power- ing to be sweepingly broad. You just be quick to the market, and not just advisor is focused on in their client
Shares exchange-traded Barron’s: You found early success had [Treasury Secretary] Janet Yellen quick to introduce an ETF; you have profiles, so when one of our wholesal-
fund brand. He recently stepped with expanding into Asia in 2005 go to China; that was excellent. You to get quick to scale because a fast ers interacts with them, they show up
down from the top job. and then with the PowerShares had the Secretary of State [Antony follower can jump right in front. and they’re actually informed and
Flanagan guided Invesco (ticker: acquisition in 2006. How did those Blinken] go; that was really impor- helpful, and not wasting people’s time.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
IVZ) from a loose collection of eight two big moves help set a vision for tant. These are meetings we couldn’t What’s your outlook for markets? That enables a financial advisor to be
investment firms with disparate Invesco under you? even do 12 months ago. So the conver- I think it’s actually really healthy that more effective in meeting client needs.
brands and cultures into an integrated Marty Flanagan: I started my career sations are happening. interest rates are getting back to, let’s
top global asset manager. As of June way back when with John Templeton call it, more-normal levels. I think it’s You’re staying on an advisory
30, the Atlanta-based company’s as- in the Bahamas, and so I always had Over your tenure, the asset- going to be good for risk assets. Ulti- capacity until 2024. What will
sets under management reached $1.54 this global perspective that I got from management industry has seen mately, it’s going to be good for busi- you be doing? And then let’s talk
trillion, up from $386 billion in 2005 him. Asia was just a very attractive the rise of ETFs and fee compres- ness cycles also. When money’s free, about your retirement plans.
when he took over. That puts Invesco market, China in particular, even 20 sion. What’s your take on this? you can make business decisions I’ll stay involved. I’ll be an advisor
in the top 20 largest global asset man- years ago when the talk was still “the The change has been really good for that, frankly, you couldn’t if there in different areas, which I’m happy to
agers by AUM. potential of China.” We view China as investors. Institutional clients always was a higher hurdle rate of return. do. China is an important one. Before
He made two key decisions. First, the single greatest opportunity within were quite sophisticated and had the I think that’s going to create some Covid, I had gone to China every year
he significantly expanded Invesco’s asset management. ability to get access to a range of asset discipline about how businesses are for 18 years.
existing joint venture with a state- If you look at the projections of classes, but if you think of decades operated. I’m a trustee at Southern Method-
owned firm in China, Huaneng Power. where new money is going to come ago, individuals could just own a Fixed income is more attractive ist University, where I went to school,
Each owns a 49% stake in Invesco into asset management globally over mutual fund or two. Now, individual than it has been a very long time. so I’m looking forward to being more
Great Wall Fund Management Co., the next five years, 40% of it is ex- and State Street leading the way, but For asset management, it continues to investment into China right now. investors can have customized port- From an equity point of view, it’s now active there. I’m also chairman of
but Invesco has management control. pected to come from China. Being the it tended to be more institutionally be the greatest opportunity within As the second-largest economy, folios with a full range of investment a stockpickers’ market. If you look Engage Ventures in Atlanta. It’s an
The asset manager oversees $113 bil- largest local money manager there, based. PowerShares was in the wealth the industry, globally. Our business, what do they need? They need eco- capabilities. The other development behind the indexes, there are some accelerator and a fund for early-stage
lion in local China-related assets. with a reputation of being on the management channels then, so that Invesco Great Wall, has been up 20 nomic growth. For economic growth over the years is that fees have come very attractive investments. But if investment. It partners with all of
Second was acquiring the Power- ground managing for local Chinese was an attraction and a differentiator years, and importantly, our joint ven- to happen, they need the develop- down. It’s a great thing for investors. you just look at the valuation of the the big corporations here in Atlanta,
Shares ETF brand in 2006, which for 20 years, is really a fundamental at the time. We thought it was a good ture partner, Huaneng Power, is a ment of financial services to finance index, it’s easy to say the market is Home Depot [HD], UPS [UPS],
gave the company control of the now- strength of Invesco. way to serve the retail investor. state-owned enterprise, and we have growth; they also have to develop a The ETF business was long too expensive. It has been driven by Delta Air Lines [DAL], and so on.
$200 billion Invesco QQQ Trust Switching gears, in 2006, we be- had a great experience with them. retirement system for the population. dominated by index fund provid- a very narrow set of companies. The board is largely made up of the
Paolo Dutto/Redux
Series 1 ETF (QQQ), the most popu- came really attracted to the Power- You see great opportunities in It’s a local asset manager, managing If you think of just the fundamental ers such as BlackRock, Vanguard, For a disciplined investor, if you CEOs of the companies. I’ll continue
lar index fund following the Nasdaq Shares ETF business. The deal was China, but there are also signifi- money for Chinese individuals, in- needs, asset managers, financial ser- and Invesco, but the growth now have a three-to-five-year time horizon, to be chairman there; it has been a lot
100. It set the company on the path to $3.5 billion when we signed it. You cant challenges for U.S. firms. vesting only in Chinese securities. It vices have had a good experience, is coming from firms such as JP- and you’re building a portfolio with a of fun.
become the fourth-largest ETF pro- had already seen growth of the index Why have you put so much time, is a local business, so the risk profile and that will continue for some Morgan Chase and Capital Group full spectrum of asset classes, consis-
vider globally, with 393 ETFs. providers, with Vanguard, BlackRock, talent, and treasure there? of that is very different than inbound period of time. with actively managed ETFs. tent with your investment objectives, Thanks, Marty. B
28 BARRON’S August 28, 2023
MARKET WEEK
August 21 through August 25, 2023
Dow Jones Industrials S&P 500 Nasdaq Composite iShares MSCI China ETF
34,346.90
52-wk: +6.39% YTD: +3.62% Wkly: -0.45%
4405.71
52-wk: +8.58% YTD: +14.75% Wkly: +0.82%
13,590.65
52-wk: +11.93% YTD: +29.85% Wkly: +2.26%
$43.76
52-wk: -13.14% YTD: -7.87% Wkly: +1.02%
6%
Correlation Retail Woes Sell the News Prepare for More
The Nasdaq Composite jumped Tuesday morning quarterly reports Semiconductor and AI-related stocks sold Federal Reserve Chair Jerome
5
1.7% on Monday, despite key bond from Macy’s, Lowe’s, and Dick’s off on Thursday, after a blowout earnings re- Powell spoke from Jackson Hole,
yields rising to their highest levels Sporting Goods all showed a decline port and guidance from Nvidia. Tech stocks Wyo. on Friday morning. His mes-
since 2007. Beaten-up technology in earnings from a year ago. Consumer are still handily leading the market in 2023. sage on interest rates: ‘higher for 4
stocks led the rally. spending-sensitive stocks sold off. longer.’ Stocks indexes wavered.
3
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0
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
-1
-2
Monday Tuesday Wednesday Thursday Friday Close
Source: Barron’s Statistics
B
etween Nvidia’s blow- quarter outlook, as it sells even more rection things were heading. The S&P
Wishes. A
mattered—and both should have been we thought was a balanced assessment The S&P 500 traded as high as 4458
good news for the market. First, of the economic and monetary policy this past Thursday, up 0.4%, but fin-
Correction
Nvidia(ticker: NVDA) had earnings to outlook at Jackson Hole,” writes Aditya ished the day down 1.4% at 4376. And
report, and the bar was set high, given Bhave, U.S. economist at BofA Securi- the peak was right where technically
the smashing success of its artificial- ties. “As expected, he gave little for- inclined traders would have expected
Still Looms. intelligence-driven results three
months earlier. No problem. Nvidia
ward guidance on policy, instead
emphasizing data dependence.”
it to be—near the index’s 50-day mov-
ing average of 4459. What’s more, the
blew past sales and earnings-per-share On the surface, the stock market stock market has been acting this way
forecasts and issued a strong current seemed to be comfortable with the di- all month, with brief rallies being used
August 28, 2023 BARRON’S 29
and even Powell acknowledged that figur- ISI, for one, expects at least one more rate
ing out if they’ve gone high enough is an cut, something that would probably be a
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inexact science. Much will depend on how boon to sales and profits of companies
the economic data look, whether it’s Au- exposed to the world’s second-largest Interactive Brokers 6.83%
gust payrolls, due on Sept. 1, or the con- economy—but just how much and when
sumer price index, to be released on Sept. is up in the air.
13. After months of surprisingly strong In that messy environment, Evercore
data, the risk might be that it’s too weak, strategist Julian Emanuel recommends Schwab 13.08%
not too strong, says the Sevens Report’s focusing on stocks that get at least 20%
Tom Essaye. of their sales from China, have underper-
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Vital Signs
Friday’s Week’s Week’s Friday’s Week’s Week’s
Close Change % Chg. Close Change % Chg.
DJ Industrials 34346.90 -153.76 -0.45 Barron’s Future Focus 910.57 +1.80 +0.20
DJ Transportation 15614.94 -85.66 -0.55 Barron’s Next 50 2543.65 +13.81 +0.55
DJ Utilities 882.70 +4.68 +0.53 Barron’s 400 978.07 -5.55 -0.56
DJ 65 Stocks
DJ US Market
11528.18
1074.06
-41.86
+8.27
-0.36
+0.78 NYSE Advances
Last Week
1,464
Week Earlier
540
ibkr.com/compareus
NYSE Comp. 15766.91 +16.74 +0.11 Declines 1,584 2,538
NYSE Amer Comp. 4387.82 -56.64 -1.27 Unchanged 67 39
S&P 500 4405.71 +36.00 +0.82 New Highs 105 112
S&P MidCap 2579.20 +0.34 +0.01 New Lows 195 178 Trading on margin is only for sophisticated investors with
S&P SmallCap
Nasdaq
1196.69
13590.65
-4.69
+299.87
-0.39
+2.26
Av Daily Vol (mil)
Dollar (Finex spot index)
3,621.3
104.19
3,873.3
103.57
high risk tolerance. You may lose more than your initial investment.
Value Line (arith.) 9227.98 -22.88 -0.25 T-Bond (CBT nearby futures) 119-24 119-07 Member - NYSE, FINRA, SIPC – [1] Margin Loan rate as of 8/1/2023. IB calculates the interest charged
Russell 2000 1853.63 -5.79 -0.31 Crude Oil (NYM light sweet crude) 79.83 81.25 on margin loans using the applicable rates for each interest rate tier listed on its website. Rates shown
DJ US TSM Float 43919.77 +312.96 +0.72 Inflation KR-CRB (Futures Price Index) 278.20 275.48 apply to IBKR Pro clients only. Rates subject to change. Restrictions apply. For additional information on
Gold (CMX nearby futures) 1911.10 1886.10
margin loan rates, see ibkr.com/interest. 08-IB23-1637-HP
30 BARRON’S August 28, 2023
Industry Action
Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.*
Technology 1.64%
Consumer Goods 0.26
–0.05 Telecommunications
–0.11 Financials
–0.12 Industrials
–0.38 Basic Materials
–0.55 Utilities
ENERGY SECTOR OF
–0.66 Health Care
–1.36 Consumer Services
“Within the context of our near-term haven’t done much for consumer stocks
Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF market view, we are inclined to have more this quarter, with companies in the sector
patience in buying the high short interest beating estimates by 22%, as of Aug. 18,
names, and less patience in trimming the according to Credit Suisse, but the retail
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a
prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the low short interest names,” Emanuel writes. ETF falling 9% from a late July peak.
prospectus carefully before investing. Still, Qualcomm (QCOM) is intriguing. Worse yet, even companies that have
All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to sector risks and non-diversification risks, which generally Nearly two-thirds of its sales come from topped forecasts are offering lukewarm
results in greater price fluctuations than the overall stock market. Ordinary brokerage commissions apply. China, and short interest is in the 44th per- guidance due to consumer pressures, caus-
The S&P 500 is an index of 500 common stocks that is generally considered representative of the U.S. stock market. You cannot invest directly in an index. centile. While chip stocks Nvidia (NVDA) ing shares to drop. That was the case with
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ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. and AMD have gained 219% and 65% so far Macy’s (M), which fell 14% after reporting
this year, respectively, Qualcomm shares on Tuesday, and Dick’s Sporting Goods
are up just 2%. (DKS), which tumbled 24% on Tuesday.
China is a big reason for that underper- Best Buy, though, might be ready to zig
formance. On its fiscal third-quarter earn- when everyone else zags. Estimates call
ings call, Qualcomm said that handset chips for sales to rise to $9.52 billion during the
are down this year because of continued second quarter, up from the first quarter’s
demand weakness in China, and analysts $9.45 billion, and earnings of $1.06, down
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expected earnings and sales to fall 26% and from $1.15. Those numbers, though, should
14%, respectively, for the full year. But if be beatable, says Wedbush analyst Seth
Chinese demand firms up, Qualcomm stock Basham. “We lean positive on Best Buy into
could be set up for a rebound, especially if second-quarter 2023 earnings,” he writes.
shorts are forced to buy back their shares. “We see potential for modest upside to sales
and margins for the second quarter and
A Turning Point for Best Buy? with a second consecutive quarterly beat,
Best Buy (BBY) stock has been anything Best Buy may be compelled to bump up its
but a good buy in 2023—but its earnings fiscal-year 2023 guidance, despite an un-
report on Tuesday could mark a turning certain macro outlook.”
point for the shares. An earnings beat wouldn’t be all that
Shares of Best Buy have fallen 7.7% so far unusual for Best Buy. It has surpassed fore-
this year, worse than the SPDR S&P Retail casts in six of the past seven quarters, ac-
exchange-traded fund (XRT), which has cording to FactSet, and has gained on the
gained 2.8%, and the S&P 500, which is up trading day after earnings in six of those
15%. There’s a good reason for that. Analysts quarters. That’s partly because it’s a cheap
have reduced their 2023 earnings estimates stock. Shares trades at about 11.3 times 12-
for the retailer by about 12% in the past six month forward estimates, below its own
months, according to FactSet, more than the five-year average of 12.4 times. It also trades
consumer-discretionary sector’s 10% drop. at a 39% discount to the S&P 500’s 18.6
The problem is the electronics that Best Buy times, though it has traded at a 20% dis-
sells. Following a Covid-era boom, manufac- count when the market was confident in
turers and retailers alike had too much in- its outlook. That could ultimately lead the
ventory, which caused prices and the num- stock to trade at 14 times, up 24% from
ber of items sold to decline, squeezing profit Thursday’s close.
margins and the bottom line. If the earnings and guidance are solid,
Expecting earnings season to help Best this stock could be one of the best buys in
Buy might seem quixotic. Strong reports the market over the next week. B
August 28, 2023 BARRON’S 31
I
mail return receipt requested is recommended), fax, email or hand deliver the Notice of Intent to the Fund’s agent specified therein, so that it is received before
t’s reform season in China. Various change-traded fund (ticker: CNYA), which the Expiration Date stated below.
arms of the government are mobilizing tracks onshore stocks, rose by two-thirds Stockholders who desire to tender Shares for purchase must do so by 5:00 p.m., New York time on October 2, 2023 (such date, as it may be extended, the
“Expiration Date”). All determinations as to the receipt of notices from stockholders relating to the tender of Shares, including, without limitation, determinations
in a campaign to juice a lackluster in a year to February 2021, and has lost it whether to excuse or waive certain variations from relevant procedural requirements, will be in the sole discretion of the Fund or its designated agents, and any
post-Covid recovery. The China Secu- all since then. such determination will be final.
rities Regulatory Commission pitched in The CSRC also whiffed on a change that The purpose of the Offer is to provide liquidity to stockholders because the Shares are not listed on any securities exchange. The Offer is not conditioned upon the
tender of any minimum number of Shares or any financing condition.
Aug. 18, with a long list of proposed mea- could be meaningful to global institutional The Fund is offering to purchase up to 2.5% of the weighted average of the number of Shares outstanding during the three-month period ended June 30, 2023, (the
sures to “boost investor confidence” in the investors, Wright adds: easing China’s “Quarterly Tender Cap”). The Fund is not required to purchase any tendered Shares in excess of the Quarterly Tender Cap and, therefore, the Fund is not required to
country’s volatile securities markets. requirement that securities trades be set- purchase any tendered Shares to the extent those Shares are, in the aggregate, in excess of 1,299,377.375. In accordance with rules promulgated by the Securities
and Exchange Commission (the “SEC”), the Fund may increase the number of Shares accepted for payment in the Offer by up to, but not more than, 2% of the
In better times, with Westerners clam- tled immediately, a so-called T+0 regime. outstanding Shares without amending or extending the Offer.
oring for access to Chinese stocks, this Most developed markets allow two days It is anticipated that the purchase of Shares tendered by a stockholder will be a taxable transaction for U.S. federal income tax purposes. Participating stockholders
might be a big deal. The CSRC floated for funds to change hands (T+2); the U.S. is should consult their tax advisor regarding specific tax implications, including potential federal, state, local and foreign tax consequences.
Until the Expiration Date, stockholders have the right to withdraw any tenders of their Shares by giving proper notice to the Fund. Shares withdrawn may be
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
changes from longer trading hours and shifting toward T+1. re-tendered before the Expiration Date by following the tender procedures. If the Fund has not yet accepted a stockholder’s tender of Shares on or prior to October
lower transaction fees, to “encouraging” That said, China is inching toward im- 24, 2023 (i.e., 40 business days from the commencement of the Offer), a stockholder will also have the right to withdraw their tender of Shares after such date.
share buybacks by listed companies. In the proved market structure, and not always Please note that just as each stockholder has the right to withdraw its tender, subject to the applicable rules of the SEC, the Fund has the right to cancel, amend
or postpone this Offer at any time before the Expiration Date.
current ultrabearish environment, such inching. In February, the CSRC jettisoned The information required to be disclosed by paragraph (d)(1) of Rule 13e-4 under the Securities Exchange Act of 1934, as amended, is contained in the Offer to
moves look, along with most of Beijing’s its system of approving every initial public Purchase and is incorporated herein by reference. The information provided herein is qualified entirely by the more detailed information contained in the Offer
other market tweaks, like putting a Band- offering individually and signing off on to Purchase. The Offer to Purchase contains important information that should be read carefully before any decision is made with respect to the Offer. This
announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares. The Offer is made only by the Offer to Purchase and the related Notice
Aid on a gunshot wound. pricing. Domestic markets responded with of Intent. The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of Shares in any jurisdiction in which making or accepting the
“There’s nothing really game-changing a world-beating $31 billion worth of IPOs Offer would violate that jurisdiction’s laws.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
here,” says Logan Wright, head of China in the first half of 2023. Questions and requests for assistance may be directed to the stockholder’s financial advisor or to Bernstein at (212) 486-5800.
markets research at Rhodium Group. The hot market allowed promising tech
“You’ll still have overwhelming dominance companies like Nexchip Semiconductor
of momentum-chasing retail investors.” (688249.China) and Semiconductor
On macroeconomic paper, now would Manufacturing Electronics
be a perfect time for Chinese investors to (688981.China) to raise capital outside of a
pour money into stocks and bonds. state banking system that favors fellow
Household savings in the No. 2 economy public-sector enterprises. “Everything over
have mushroomed by 60%, or about $7 the last several decades has been designed
trillion, since prepandemic 2020, says to funnel savings into state-owned compa-
Andy Rothman, an investment strategist nies,” Rothman remarks. (Nexchip and
at Matthews Asia. SME have both lost value since their mar-
Many savers have lost confidence in the ket debuts.)
go-to investment of recent decades, real
estate. Housing sales were flat in the first
At the other end of China’s financial
spectrum, IPOs could ease the worrisome SMALL SPACES.
half of this year, despite the lifting of zero-
Covid restrictions. “People are paying down
burden of local government debt by float-
ing regional assets on stock markets, Rho- BIG OPPORTUNITIES.
mortgage debt as fast as they can,” Wright dium’s Wright says. “The local government
says. “The story in China is deleveraging.” funding vehicles may manage assets that Barron’s Classifieds is where our readers discover
Some of those mattress trillions might have a return, like a toll road or bridge,” he
head into stocks, if people trusted them to says. “Raising equity in these will be part opportunities in real estate, business investments,
secure their future. Building that trust will of the solution.” corporate aircraft, yachts, fine cars and so much more.
take more than regulatory fiddles, though. Those are prospective long-term bene-
“Chinese equity markets actually have sur- fits. Reviving flailing Chinese markets will For information on advertising, call 1.800.366.3975
prisingly efficient infrastructure,” says first require a positive mood shift to get or email [email protected]
Diana Choyleva, chief economist at China- that $7 trillion back in circulation, and/or
focused Enodo Economics. “But internally investment. Where that comes from is
they are perceived more like a casino.” hard to say. B
32 BARRON’S August 28, 2023
T H E ST RIKING PRIC E
The strategy lets you benefit from attractive
fixed-income yields while monetizing the rising
fear-premiums in put options.
B
19 150
onds are close to becoming cash-secured put sales is also in an 120
more attractive than stocks. account that pays attractive interest 90
Many investors are delighted rates. The put premium is gravy. 11 60
to earn 5% or more in their The risk to selling cash-secured puts S O N D J F M A M J J A S O N D J F M A M J J A
money-market funds or short-term gov- is similar to buying stock: You can lose Daily Values Source: CBOE Source: McMillan Analysis Corp.
ernment bonds. Even the 10-year Trea- money. If the stock market plummets,
sury bond is yielding around 4.3%. which could happen if the Federal Re-
A reasonable risk-free return is at- serve raises rates more than expected, SPX Skew NDX Skew
tractive after decades of one historic or China’s economy craters, or corpo- Implied volatility % Implied volatility %
market event after another—the Asian rate earnings deteriorate, short-term 13% 11%
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6
about 9%, but investors interested in We have seen, again and again, that
enhancing yields without sharply in- stocks do not like 10-year yields of 4% 5 5
creasing risk may find attractive oppor- or higher. At that level, yields disrupt S O N D J F M A M J J A S O N D J F M A M J J A
tunities in the equity options market. popular valuation models used to value Source: Credit Suisse Equity Derivatives Strategy Source: Credit Suisse Equity Derivatives Strategy
Here’s the plan: Put 80% or 90% of multiyear earnings. Skew indicates whether the options market expects a stock-market advance or decline. It measures the difference between the implied
volatility of puts and calls that are 10% out of the money and expire in three months. Higher readings are bearish.
your cash into bonds and the remainder Market-leading big technology
into whatever interest-bearing account stocks, whose equity prices reflect the
your broker allows to be used to finance perceived value of multiyear revenue Week’s Most Active
options strategies. You then will sell streams, are particularly vulnerable to Company Symbol Tot Vol Calls Puts Avg Tot Vol IV %ile Ratio
puts on a blue-chip stock worthy of valuation vicissitudes. If yields keep NAPCO Security Technologies NSSC 14604 8258 6346 184 94 79.4
Alpha Pro Tech APT 25931 25545 386 824 58 31.5
long-term ownership. rising—and that is the biggest if in the La-Z-Boy LZB 5052 2516 2536 360 4 14.0
Right now those puts, giving the financial world—stock prices will likely Urban Outfitters URBN 50464 26691 23773 3596 2 14.0
buyer the right to sell the stock at a drop. Premier Corp. PINC 5475 2135 3340 452 79 12.1
Dick’s Sporting Goods DKS 253394 89112 164282 22816 7 11.1
certain price, command attractive pre- The blended bond and options ap- Carparts.com PRTS 4703 4619 84 444 0 10.6
miums as buyers pay up for downside proach puts investors into a fighting Foot Locker FL 224556 117040 107516 25136 76 8.9
protection. The special brokerage ac- stance that we have long described as Fulcrum Therapeutics FULC 19112 12690 6422 2148 3 8.9
Build-A-Bear Workshop BBW 6472 2000 4472 732 2 8.8
count ensures that you’d be able to buy time arbitrage.
NAPCO Security Technologies BKLN 57007 40331 16676 6836 100 8.3
the stock should it fall below the strike The stock market seems unstable, so Dolby Laboratories DLB 5339 1193 4146 676 25 7.9
price. be judicious with strike prices and expi- Fabrinet FN 7650 3909 3741 964 40 7.9
Think about selling puts that are rations and never sell puts on a stock Burlington Stores BURL 73708 36845 36863 11504 46 6.4
Splunk SPLK 139941 81981 57960 21716 23 6.4
about 10% out-of-the-money and that that you are not willing to own. B Abercrombie & Fitch ANF 80016 33747 46269 12820 2 6.2
expire in four to six weeks. This could Nordstrom JWN 131508 66356 65152 23744 90 5.5
generate about a 1% monthly return on Steven M. Sears is the president and chief Guess? GES 33494 16255 17239 6280 12 5.3
Macy’s M 425281 266260 159021 79520 5 5.3
the cash used to secure the put. operating officer of Options Solutions, a spe-
Petco WOOF 29295 10025 19270 5780 84 5.1
The upshot: Investors can benefit cialized asset-management firm. Neither he
from attractive fixed-income yields nor the firm has a position in the options or This table of the most active options this week, as compared to average weekly activity – not just raw volume. The idea is that the unusually heavy trading in these options might be a predictor of
corporate activity – takeovers, earnings surprises, earnings pre-announcements, biotech FDA hearings or drug trial result announcements, and so forth. Dividend arbitrage has been eliminated. In
while monetizing the rising fear-premi- underlying securities mentioned in this col- short, this list attempts to identify where heavy speculation is taking place. These options are likely to be expensive in comparison to their usual pricing levels. Furthermore, many of these
situations may be rumor-driven. Most rumors do not prove to be true, so one should be aware of these increased risks if trading in these names
ums in put options. The bulk of an umn. Ratio is the Tot Vol divided by Avg Tot Vol. IV %ile is how expensive the options are on a scale from 0 to 100. Source: McMillan Analysis
August 28, 2023 BARRON’S 33
I N S I DE SC OOP
cer, effective on July 10. Madore POWER PLAY
was previously CFO of cannabinoid
A Bidder
firm Cronos Group (CRON), and
of retailers American Eagle Out-
fitters (AEO) and Ralph Lauren
(RL). His predecessor at LL Floor-
ing, Nancy Walsh, left in December.
Closes In
Large Funko Investor Earthstone Energy (ESTE)
Post Oak Energy Capital dis-
closed a position of 11,167,213 shares
of the oil-and-gas explorer, equal
On U.S. Steel
Picks Up More Shares to 10.5% of the outstanding stock.
Post Oak Energy, through two affil- BY CARLETON ENGLISH
C
iates, and Earthstone Energy en-
tered into a voting and support leveland-Cliffs is inch-
agreement on Aug. 21 whereby ing closer to its goal of
BY ED LIN identify operational improvements Post Oak will vote all of its eligible acquiring United States
F
while continuing to drive profitable Earthstone shares in favor of Steel—and sitting atop
unko stock has been, well, growth.” Seven months later, Mariotti Permian Resources’s (PR) all- the domestic steel
in a funk of late, and one of was out as CEO, though he remains stock acquisition of Earthstone, industry.
the largest investors in the a director. He said in a press release, Working Capital, announced that same day. As part This past week saw
maker of large-headed, col- “I hope to come back and contribute an investor in toy of the agreement, Post Oak will Esmark, a potential buyer of United
lectible, pop-culture vinyl to Funko again in new, creative ways.” maker Funko, just refrain from selling or transferring States Steel (ticker: X), bow out of
characters just scooped up London-based Working Capital bought $3.5 million any Earthstone shares. The merger the process after Cleveland-Cliffs
more shares. Partners paid $3.5 million from of stock. The U.K. is expected to close by year end. (CLF) gained the backing of the
This year, Funko stock (ticker: Aug. 16 through Aug. 23 for a total company is now United Steelworkers union for
FNKO) has plunged more than 40%, of 625,373 Funko shares, an average Funko’s second- its bid. It was a low hurdle for
and for the latest 12 months shares are price of $5.38 each. The investment largest investor,
Decreases in Cleveland-Cliffs to cross; Gordon
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
down 70%. On Aug. 16, shares hit an firm now owns 6.2 million Funko with 12.5%. Haskett analyst Don Bilson called
intraday low of $5.27, a level they last
traded at in July 2020. A drop in de-
mand for toys has caused Funko to
shares, a stake of about 12.5%, accord-
ing to forms that it filed with the Secu-
rities and Exchange Commission.
Holdings the rival bid from privately held
Esmark “disingenuous,” citing a
lack of financing details.
issue disappointing outlooks. Working Capital didn’t respond Alight (ALIT) U.S. Steel, for its part, is still
Funko, which also makes plush to a request for comment on the Blackstone Group (BX) cut its early in its strategic-alternatives
toys, apparel, board games, and shares purchase. stake in the payroll-and-benefits review process, which could include
housewares, has laid off staff this It’s now Funko’s second-largest technology firm to 47,751,475 an outright sale of the company,
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
year, and currently doesn’t have investor, according to S&P Capital IQ. shares. Affiliates of Blackstone, divestitures, or continuing as is.
a permanent leader. Funko had In early May, Working Capital dis- BX Tempo ML Holdco I and BX Investors, meanwhile, are confi-
brought back former CEO Brian closed an initial investment in Funko Tempo ML Holdco II, sold a com- dent that some sort of deal will be
Mariotti in December 2022 “to of 2.4 million shares, a 5.1% stake. B bined 13,928,840 Alight shares the end result. Shares of U.S. Steel
through a secondary offering that have yet to reach the $35 level of
priced the stock with the under- the Cleveland-Cliffs offer, but they
writers’ discount at $7.98 apiece. have surged more than 30% since
The same Blackstone affiliates sold the company announced the re-
quarter earnings were double the forecast. But an tailer’s missing July-quarter forecasts. It trimmed dend and cut the year’s earnings guidance from blamed for pinched gross margins, even though the
8% sales drop fed fears for consumer spending. 2023 EPS guidance from $13.33 to about $11.90, $2.12 a share to about $1.40. Sales could fall 8%. discounter met expectations for its July quarter.
14 96 14 122
Volume in Millions Volume in Millions Volume in Millions Volume in Millions
80 36 86 26
40 18 43 13
0 0 0 0
A S O N D J F M A M J J A A S O N D J F M A M J J A A S O N D J F M A M J J A A S O N D J F M A M J J A
AMC Entertainment Holdings Palo Alto Networks Peloton Interactive Petco Health & Wellness
AMC (NYSE) • $12.43 • -23.66 PANW (NASD) • $230.76 • 21.07 PTON (NASD) • $5.83 • -1.18 WOOF (NASD) • $5.42 • -1.43
The movie chain’s shares slid all week as investors Investors had worried when the cybersecurity firm Despite meeting July-quarter sales estimates for Although the pet-supply chain met July hopes, with
braced for the conversion of preferred shares to scheduled an early report of July results. But they $640 million, the home exercise firm’s loss of 68 six cents a share cash earnings on $1.5 billion in
common, and the common’s 1-for-10 reverse split. were good: Revenue rose 26%, and profits by 80%. cents a share was 80% worse than expected. sales, discretionary spending for pets fell.
The charts record the net change in share price, the high, low and closing trades, and share volume for companies with noteworthy stock activity last week. In addition, the graphs depict last week’s daily price activity in detail. The dotted line on some graphs denotes the stock’s 200-day moving average; lack of a moving average means the shares have traded for less than
that time period. If the close from the current week is lower than a year ago the graph will be presented in red. If the close from the current week is higher than a year ago then the graph will be presented in green.
August 28, 2023 BARRON’S 35
W I N N E R S & LO S E R S
Saturday Inbox: Sign up for the
Market Lab Newsletter every Saturday
at Barrons.com/newsletters
NYSE Biggest % Movers NYSE Most Active NYSE American Most Active Nasdaq Most Active
Winners Volume Percentage Leaders Volume Percentage Leaders Volume Percentage Leaders
Name (Sym) Volume Close Change %Chg. Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change
Fabrinet(FN) 5162 156.78 +38.93 +33.0 ConcordAcqnIIA(CNDA) 16990 2447.1 10.21 –0.11 FirstLightAcqnA(FLAG) 295 227.4 7.53 –1.98 BetterHome&Fin(BETR) 106578 7869.7 1.19 –22.68
OrionGroup(ORN) 1332 4.28 +0.96 +28.9 C5AcqnA(CXAC) 521 1246.7 10.79 +0.04 Chase(CCF) 1215 207.3 126.30 +0.26 Napco Security(NSSC) 22525 1150.0 22.69 –15.72
MoneyLion(ML) 377 18.29 +3.56 +24.2 TwinRidgeCapA(TRCA) 999 1184.7 10.71 –0.01 AdamsRscs(AE) 86 163.1 37.00 +2.00 LifewayFoods(LWAY) 1008 1110.7 11.02 +2.68
DouglasElliman(DOUG) 3281 2.46 +0.42 +20.6 Kenvue(KVUE) 846492 1056.6 22.97 +0.10 Electromed(ELMD) 108 162.3 10.77 +1.51 iTeosTherap(ITOS) 11700 735.1 12.90 +1.06
BlackBerry(BB) 40063 5.23 +0.86 +19.7 AMTD Digital(HKD) 52418 859.8 6.19 +0.95 NorthernStrII A(NSTB) 111 158.8 10.17 0.00 FeutuneLightA(FLFV) 1172 697.3 10.68 +0.04
EarthstoneEner(ESTE) 31130 19.31 +3.08 +19.0 DolbyLab(DLB) 14276 609.1 83.62 –1.19 BlueRiverA(BLUA) 348 150.8 10.55 +0.05 Flexsteel(FLXS) 149 421.0 22.28 +0.78
VTEX(VTEX) 6877 6.24 +0.99 +18.9 AresAcqnII A(AACT) 4015 536.0 10.22 +0.01 CompX Intl(CIX) 119 148.1 21.52 –4.35 Domo(DOMO) 10650 339.7 10.94 –6.14
AllurionTech(ALUR) 447 3.28 +0.52 +18.8 AMC Ent(AMC) 95518 479.4 12.43 –23.66 EnergyFuels(UUUU) 14482 70.3 6.82 +0.32 HollysysAuto(HOLI) 2860 336.7 18.74 +2.13
JanusIntl(JBI) 26080 458.0 11.18 –0.52 BK Tech(BKTI) 111 61.3 11.31 –0.85 VahannaTechI A(VHNA) 3270 317.5 9.65 –1.10
Losers Dick's(DKS) 35685 427.6 111.67 –34.95 AltisourceAsset(AAMC) 366 46.7 8.59 –1.36 AccretionAcqn(ENER) 326 295.9 10.50 –0.01
Name (Sym) Volume Close Change %Chg.
J&J(JNJ) 416091 427.0 166.25 –6.24 IssuerDirect(ISDR) 44 40.0 19.99 –1.74 ForwardAir(FWRD) 5613 269.4 71.21 +6.63
AMC Ent(AMC) 95518 12.43 –23.66 –65.6 TDCX(TDCX) 1604 426.7 5.90 –0.15 FriedmanInds(FRD) 175 22.9 13.83 –0.99 StaarSurgical(STAA) 13840 264.3 41.73 –1.32
SignaSports(SSU) 404 1.43 –0.81 –36.2 TriNet(TNET) 8795 387.5 106.06 +0.72 DecisionPointSys(DPSI) 90 17.5 5.36 –0.14 PetcoHealth(WOOF) 52536 245.0 5.42 –1.43
FootLocker(FL) 84858 17.21 –8.06 –31.9 EarthstoneEner(ESTE) 31130 371.2 19.31 +3.08 ContangoOre(CTGO) 234 4.6 18.39 +0.08 MatrixService(MTRX) 1002 223.8 7.96 +1.58
HawaiianElec(HE) 67375 9.66 –4.11 –29.8 GuildHldgs(GHLD) 177 350.7 12.06 –0.23 BarHarborBkshs(BHB) 182 3.2 24.70 –1.01 CompassDigitalAcqn(CDAQ) 513 215.7 10.45 +0.05
BoqiiHolding(BQ) 97 3.33 –1.27 –27.6 CCNeubergerIII A(PRPC) 114 343.5 10.90 +0.05 BerensonAcqnI(BACA) 38 –0.8 10.41 +0.08 VinFastAuto(VFS) 57872 212.4 68.77 +53.37
XinyuanRealEst(XIN) 67 2.02 –0.74 –26.8 HawaiianElec(HE) 67375 342.3 9.66 –4.11 51TalkOnlineEd(COE) 34 –1.1 7.68 +0.14 Camtek(CAMT) 3428 210.6 51.91 +5.85
Allego(ALLG) 779 1.77 –0.61 –25.6 FootLocker(FL) 84858 319.3 17.21 –8.06 CentrusEnergy(LEU) 725 –4.5 44.25 +1.60 NextGenHlthcr(NXGN) 5361 197.6 17.95 +1.76
Dick's(DKS) 35685 111.67 –34.95 –23.8 InFinTAcqnA(IFIN) 1003 318.4 11.00 +0.03 BattalionOil(BATL) 119 –7.6 5.24 –1.21 Collplant(CLGN) 201 188.4 7.04 +0.34
Agiliti(AGTI) 4377 267.1 9.48 –0.77 Southland(SLND) 224 –8.7 6.74 +0.30 FortuneRiseA(FRLA) 247 186.2 10.88 0.00
NYSE American Biggest % Movers By Share Volume By Share Volume By Share Volume
Winners Name (Sym) Volume Close Change %Chg. Name (Sym) Volume Close Change %Chg. Name (Sym) Volume Close Change %Chg.
Name (Sym) Volume Close Change %Chg. Kenvue(KVUE) 846492 22.97 +0.10 +0.4 GeniusGroup(GNS) 60895 1.46 +0.28 +23.7 Tesla(TSLA) 573234 238.59 +23.10 +10.7
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CKX Lands(CKX) 77 12.35 +2.07 +20.1 J&J(JNJ) 416091 166.25 –6.24 –3.6 ElectriqPower(ELIQ) 52571 2.36 +0.77 +48.4 NVIDIA(NVDA) 430633 460.18 +27.19 +6.3
Electromed(ELMD) 108 10.77 +1.51 +16.3 PalantirTech(PLTR) 297816 14.53 +0.13 +0.9 Tellurian(TELL) 41752 1.17 –0.10 –7.9 Nikola(NKLA) 352941 1.31 –0.65 –33.2
UraniumEner(UEC) 36171 4.29 +0.44 +11.4 WeWork(WE) 220368 0.13 –0.01 –10.6 1847Holdings(EFSH) 38126 0.12 –0.01 –4.5 AdvMicroDevices(AMD) 335085 102.25 –3.20 –3.0
AeonBiopharma(AEON) 400 4.61 +0.44 +10.6 CanoHealth(CANO) 187631 0.32 –0.05 –12.2 UraniumEner(UEC) 36171 4.29 +0.44 +11.4 Apple(AAPL) 245334 178.61 +4.12 +2.4
AlphaProTech(APT) 1046 4.55 +0.41 +9.9 NIO(NIO) 186767 10.83 +0.16 +1.5 Senseonics(SENS) 35366 0.52 –0.01 –1.4 Amazon.com(AMZN) 204543 133.26 +0.04 +0.0
SifcoInd(SIF) 117 2.86 +0.23 +9.0 BankofAmerica(BAC) 183331 28.50 –0.61 –2.1 DenisonMines(DNN) 33383 1.42 +0.05 +3.6 Intel(INTC) 164669 33.25 +0.50 +1.5
enCoreEnergy(EU) 2587 2.52 +0.17 +7.2 FordMotor(F) 176717 11.91 –0.05 –0.4 B2Gold(BTG) 30287 3.04 +0.03 +1.0 Canoo(GOEV) 137053 0.53 +0.09 +19.6
CanFiteBiopharm(CANF) 27 2.75 +0.17 +6.8 AT&T(T) 172269 14.11 +0.06 +0.4 ChinaPharma(CPHI) 27470 0.22 +0.00 +2.3 Lucid(LCID) 132771 6.02 –0.16 –2.6
Macy's(M) 119814 12.08 –3.04 –20.1 FOXOTechnologies(FOXO) 26477 0.14 +0.00 +1.4 Alphabet A(GOOGL) 130211 129.88 +2.42 +1.9
Losers Farfetch(FTCH) 118871 2.93 +0.32 +12.3 TimberPharm(TMBR) 20960 3.03 +1.61 +113.4 AffirmHldgs(AFRM) 128170 17.79 +3.29 +22.7
Name (Sym) Volume Close Change %Chg.
Carnival(CCL) 109248 15.90 +0.31 +2.0 Zomedica(ZOM) 18755 0.18 –0.00 –0.6 Peloton(PTON) 127511 5.83 –1.18 –16.8
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
BM Tech(BMTX) 339 1.90 –0.71 –27.2 LumenTech(LUMN) 107793 1.55 –0.15 –8.8 NavideaBiopharm(NAVB) 16879 0.08 –0.01 –10.9 Grab(GRAB) 125698 3.70 +0.46 +14.2
FirstLightAcqnA(FLAG) 295 7.53 –1.98 –20.8 PetroleoBrasil(PBR) 105745 14.31 +0.42 +3.0 EnergyFuels(UUUU) 14482 6.82 +0.32 +4.9 SoFiTech(SOFI) 117844 8.29 +0.07 +0.9
StrongGlbEnt(SGE) 40 1.75 –0.41 –19.1 Pfizer(PFE) 102117 36.38 –0.28 –0.8 CamberEnergy(CEI) 14463 0.43 –0.10 –18.2 BetterHome&Fin(BETR) 106578 1.19 –22.68 –95.0
BattalionOil(BATL) 119 5.24 –1.21 –18.8 NuHoldings(NU) 100034 7.11 –0.10 –1.4 Globalstar(GSAT) 10089 1.05 –0.03 –2.8 AmerAirlines(AAL) 106240 14.58 –0.46 –3.1
ArmataPharm(ARMP) 364 2.93 –0.63 –17.7 Verizon(VZ) 98028 33.35 +0.17 +0.5 Cybin(CYBN) 9550 0.30 –0.02 –6.3 Microsoft(MSFT) 105505 322.98 +6.50 +2.1
Azitra(AZTR) 90 2.00 –0.43 –17.7 AMC Ent(AMC) 95518 12.43 –23.66 –65.6 RingEnergy(REI) 9140 1.85 –0.06 –3.1 Rivian(RIVN) 105313 20.07 –0.71 –3.4
CompX Intl(CIX) 119 21.52 –4.35 –16.8 ItauUnibanco(ITUB) 86555 5.49 +0.08 +1.5 NewGold(NGD) 8229 1.01 +0.04 +4.4 Alphabet C(GOOG) 103255 130.69 +2.58 +2.0
PalatinTech(PTN) 175 2.11 –0.34 –13.9 ArcherAviation(ACHR) 85684 5.78 –0.38 –6.2 Polished.com(POL) 7945 0.12 –0.02 –11.0 MarvellTech(MRVL) 99012 53.50 –4.09 –7.1
Includes Common shares only. All figures reflect activity for the most-recent five-day trading week. Share volume figures are expressed in thousands. Volume percentage leaders exclude stocks with average daily volume of fewer than 5,000 shares or priced under $5.
Average volume is based on 65 trading days. Volume figures do not reflect extended trading hours. a-Stock has not been in existence or not been traded for 65 consecutive sessions. S-Stock split or stock dividend amounting to 10% or more. X-Ex-dividend
36 BARRON’S August 28, 2023
RE SEARCH REPORTS
For a look back at more analyst
research and reports, go online
to barrons.com/researchreports.
than $60 billion worth of data center we believe the stock can break out of 30
business revenue for the company for this, as 1) earnings inflect meaningfully
fiscal 2025. positive year over year in fourth-quar- 20
Ratio = 19
ter 2023/24; 2) RFID [radio frequency
Toll Brothers • TOL-NYSE identification] sales get back to greater- 10
Outperform • Price $78.85 on Aug. 24 than 20% growth in the second half of
Bullish
by Oppenheimer 2023; and 3) Base Labels & Ticket/Tag 0
businesses stabilize. We estimate that S O N D J F M A M J J A
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
We are raising 2023/24 estimates for Avery’s EPS will grow 26% in 2024, Ratio of Insiders Sales to Buys. Readings under 12:1 are Bullish. Those over 20:1 are Bearish. The total top 20 sales and buys are
Toll Brothers post-third-quarter earn- and then deliver annual growth of 14% 456,831,355 and 23,966,559 respectively; Source: Thomson Reuters
ings. Our price target is $110, up from to 15% through the rest of our five-year
$99. The industry backdrop for home forecast. Our analysis shows that when
builders remains favorable in our view. Avery’s EPS growth moves higher, so
Toll is well positioned, given its high- does its multiple relative to the S&P prior $1.05 billion expectation, given Street’s 6.4%) and a shift in informa-
end customer and decision to increase 500 index. This means that the stock its favorable capital position versus its tion-technology investment from
spec inventory. Our model assumes can rerate as it delivers a 14% EPS target buffer. Prudential’s 65% free second-quarter 2023 into third-quarter
the company has an elevated return on compound annual growth rate post- cash flow ratio implies $1.2 billion to 2023, but we note gross margin was
equity and gross margin through 2024. 2024 recovery, higher than Avery’s $1.3 billion of repurchases in 2024, and below our estimate and the Street’s,
These factors argue for an elevated 10% target. incrementally more by drawing down given merchandise margin pressure
multiple. Our price target is 10 times $1.3 billion of interest maintenance from lapping last year’s price increase
our estimated earnings per share for Prudential Financial • PRU-NYSE reserve relief. Prudential typically and higher promotions, and inventory
the next 12 months, compared with Strong Buy • Price $91.45 on Aug. 23 announces its capital plans for the shrink. Promotional level was higher
the post-2015 average of eight times. by Raymond James coming year in the November to year over year, but remained below
December time frame. 2019, and management noted promo-
Dick’s Sporting Goods • DKS -NYSE We are upgrading Prudential Financial tional activities were in line with expec-
Neutral • Price $111.53 on Aug. 23 to Strong Buy with a $125 target price, Ulta Beauty • ULTA-Nasdaq tations. Management raised fiscal-2023
by BofA Securities representing 38% upside potential. Our Outperform • Price $422.74 on Aug. 25 guidance, mainly flowing through
valuation is based on sum-of-the-parts by TD Cowen strong performance of the first half of
We are downgrading Dick’s Sporting analysis, including $1.1 billion of capital 2023, and second-half assumptions are
Goods to Neutral from Buy. Post- freed up from two recent deals. We Ulta Beauty remains our top beauty largely unchanged. We believe the im-
second-quarter results, we see in- expect that Prudential will rerate as it idea as we continue to see the resilience plied second-half 2023 guide reflects
creased risks to the company’s sales proves out its transformation strategy of the category and Ulta’s mass and conservatism, given uncertainty in the
and margin outlook due to: 1) normal- and reflects potential for increased prestige offering resonating with 42 market, and see potential upside on
ization of spending on categories that share repurchases as a catalyst. We million loyalty members. Ulta’s second- comps as consumers prioritize health
outperformed during Covid-19 (includ- think Prudential’s 2024 repurchases quarter 2023 EPS was better than ex- and wellness over other discretionary
ing outdoor apparel and equipment, could exceed $2 billion, versus our pected on higher comps (up 8%, versus spending. Price target: $530.
August 28, 2023 BARRON’S 37
Barron's 50-Stock Average 53 Dow Jones Averages 49 Money Rates, U.S. & Foreign 51 Vital Signs 29
DATA
Cash Track 47 Dow Jones Per Share Values 50 Mutual Funds 47 Week In Stocks 50
Charting the Market 34 Exchange Traded Portfolios 46 N.Y. Stock Exchange 37 Weekly Bond Statistics 52
Coming Earnings 51 Federal Reserve Data Bank 52 Nasdaq National Market 41 Winners & Losers Stocks 35
Conference Call Calendar 51 Foreign Exchange 51 New Corporate Listings 50
Consensus Estimate 51 Gold & Silver Prices 52 New Highs & Lows 53
Delta Tactical Sentiment 51 Gold Mining Index 52 NYSE Half-Hourly Volume 50
Distributions & Offerings 50 Indexes P/Es & Yields 50 Other Market Indexes 49
Dividend Boosts - Reductions 52 Initial Public Offerings 50 Pulse of the Economy 51
Dividend Ex-Payment Dates 52 Investor Sentiment Readings 50 Stock Splits - Special Dividends 52
DJ Averages 49 Key Foreign Market Indexes 45 Stock Volume 50
Contact Us
DJ U.S. Total Market Industry Groups 51 Market Lab 49 Trading Diary 49 For queries, email us at
Statistics from August 21-25, 2023 [email protected]
NEW YORK STOCK EXCHANGE COMPOSITE LIST - NEW HIGHS - NEW LOWS
–52-Week– Tick Div –52-Week– Tick Div –52-Week– Tick Div –52-Week– Tick Div –52-Week– Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
11.01 2.01 AlticeUSA ATUS ... dd 2.96 –0.23 ... 127.68 90.23 Aptargroup ATR 1.3 34 127.54 +4.25 .41 31.99 19.32 AvanosMedical AVNS ... dd 21.55 –0.52 ... 6.42 3.17 BlackBerry BB ... dd 5.23 +0.86 ...
A
48.11 40.35 Altria MO 8.6 11 43.67 +0.76 .98 124.88 77.96 Aptiv APTV ... 30 97.61 +1.73 ... 26.49 17.91 Avantor AVTR ... 35 21.77 +0.34 ... 785.65 503.12 BlackRock BLK 3.0 20 675.96 +5.715.00
63.88 33.75 AAR AIR ... 24 60.47 +0.80 ... 14.72 4.08 AltusPower AMPS ... dd 6.37 +0.06 ... 45.72 30.72 Aramark ARMK 1.2 18 37.26 +0.56 .11 196.04 157.28 AveryDennison AVY 1.8 27 184.36 +7.21 .81 2.37 1.12 BlackSkyTech BKSY ... dd 1.34 –0.03 ...
49.58 37.68 ABMIndustries ABM 1.9 16 45.54 +0.21 .22 17.75 12.03 AmbacFin AMBC ... 1 13.01 –0.47 ... 17.74 10.10 ArborRealty ABR 10.6 9 15.55 +0.50 .43 47.00 27.65 Avient AVNT 2.6 cc 37.74 +0.89.2475 109.99 71.72 Blackstone BX 3.4 60 99.66 +0.94 .79
6.62 4.27 ACCO Brands ACCO 6.2 dd 4.85 –0.47 .075 3.24 2.40 Ambev ABEV 3.8 16 2.86 ....1457 32.49 19.25 ArcelorMittal MT ... 5 26.08 +0.24 ... 45.29 32.27 Avista AVA 5.5 17 33.33 –0.37 .46 30.33 16.61 BlackstoneMtg BXMT11.7 13 21.11 +0.33 .62
10.72 7.23 AcresCmclRlty ACR ... dd 8.40 –0.15 ... 12.96 9.25 Amcor AMCR 5.2 13 9.42 –0.15.1225 172.00 102.42 ArchResources ARCH .8 3 129.12 –4.10 3.72 33.68 20.66 AxaltaCoating AXTA ... 27 27.55 –0.08 ... 3.36 0.53 BlendLabs BLND ... dd 1.13 –0.07 ...
7.49 1.22 ADC Therap ADCT ... dd 1.29 –0.08 ... 96.52 73.28 Ameren AEE 3.1 19 80.45 –0.12 .63 7.49 1.62 ArcherAviation ACHR ... dd 5.78 –0.38 ... 51.46 33.15 AxosFinancial AX ... 8 41.56 +1.12 ... 47.07 28.83 BlockHR HRB 3.2 11 39.78 +0.38 .32
10.10 4.89 ADT ADT 2.2 dd 6.29 –0.06 .035 76.54 39.62 Ameresco AMRC ... 43 42.20 –5.22 ... 98.28 69.92 ADM ADM 2.2 11 80.83 –2.00 .45 13.87 3.82 Azul AZUL ... dd 9.19 –0.37 ... 89.97 51.34 Block SQ ... dd 55.86 –1.02 ...
92.16 66.47 AECOM ACM .8 92 86.87 –0.02 .18 23.07 16.09 AmericaMovil AMX 1.8 13 18.99 –0.54.1967 13.26 6.28 Archrock AROC 5.0 30 12.52 –0.16 .155 27.86 12.33 BloomEnergy BE ... dd 14.46 –0.03 ...
B
29.89 17.65 AES AES 3.7 dd 18.06 +0.05.1659 29.73 16.04 AmericanAssets AAT 6.3 26 20.79 –0.11 .33 11.47 6.64 ArcosDorados ARCO 1.9 14 10.00 +0.10 .04 98.64 4.70 BlueApron APRN ... dd 7.58 –1.20 ...
78.43 56.03 Aflac AFL 2.3 10 74.25 –0.60 .42 11.19 6.61 AmericanAxle AXL ... 20 7.18 –0.29 ... 78.75 52.04 Arcosa ACA .3 13 76.51 +1.29 .05 2.52 1.00 Bark BARK ... dd 1.39 +0.05 ... 14.32 10.18 BlueOwlCapital OBDC 9.7 6 13.60 +0.10 .33
145.53 93.53 AGCO AGCO 1.0 8 119.11 –0.35 .29 17.09 9.46 AmerEagle AEO 2.5 29 15.81 –0.07 .10 36.13 15.70 ArcusBiosci RCUS ... dd 22.59 +3.55 ... 23.25 10.91 B&G Foods BGS 6.1 dd 12.40 –0.15 .19 14.04 8.06 BlueOwlCapital OWL 5.0 cc 11.14 –0.01 .14
7.05 3.52 AG Mortgage MITT11.7 12 6.41 +0.21 .18 54.30 28.05 AmerEquity AEL .7 10 53.64 +0.84 .36 6.72 3.31 ArdaghMetalPkg AMBP11.5 30 3.47 +0.01 .10 50.50 39.88 BCE BCE 7.0 22 41.41 +0.72 .725 40.93 16.24 BluegreenVac BVH 2.3 9 34.53 –1.28 .20
3.00 0.30 a.k.a.Brands AKA ... dd .44 +0.01 ... 182.15 130.65 AmerExpress AXP 1.5 16 158.32 –1.91 .60 19.41 8.75 ArdmoreShipping ASC 6.0 3 12.66 –0.90 .19 5.08 1.68 BEST BEST ... dd 2.85 +0.44 ... 98.33 57.50 BlueLinx BXC ... 6 81.61 +0.39 ...
94.85 12.40 AMC Ent AMC ... dd 12.43 –23.66 ... 150.98 109.99 AmericanFin AFG 2.2 11 114.69 +0.54 .63 10.69 9.89 AresAcqnA AAC ... dd 10.69 +0.04 ... 16.02 8.85 BGSF BGSF 6.2 12 9.71 –0.50 .15 10.51 9.71 BluescapeOppsAcqn BOAC ... 45 10.01 ... ...
129.04 81.15 AMN Healthcare AMN ... 12 87.53 –1.63 ... 37.97 28.79 AmHomes4Rent AMH 2.5 36 35.32 +0.22 .22 10.24 10.10 AresAcqnII A AACT ... ... 10.22 +0.01 ... 71.52 46.92 BHP Group BHP 6.1 11 55.21 –0.59 1.60 243.10 120.99 Boeing BA ... dd 223.41 –3.24 ...
385.00 4.80 AMTD Digital HKD ... ... 6.19 +0.95 ... 64.88 45.66 AIG AIG 2.5 10 57.85 –0.10 .36 13.94 7.52 AresCommRealEst ACRE13.4 dd 9.83 +0.16 .33 179.85 68.30 BILL BILL ... dd 105.26 –5.71 ... 112.29 55.14 BoiseCascade BCC .8 7 105.12 +0.22 .20
4.76 1.27 AMTD IDEA AMTD ... 1 1.29 –0.08 ... 31.59 13.35 AmRltyInv ARL ... 1 20.67 –1.32 ... 103.41 58.60 AresMgmt ARES 3.1 62 99.97 +0.78 .77 5.49 1.40 BitMining BTCM ... dd 2.96 +0.15 ... 104.91 50.20 BootBarn BOOT ... 17 90.33 –2.06 ...
11.20 10.07 AP Acqn A APCA ... 80 10.90 +0.03 ... 100.51 77.91 AmerStWater AWR 2.0 27 86.59 +0.07 .43 45.27 31.26 Argan AGX 2.4 20 41.26 +0.87 .25 80.41 60.33 BJ'sWholesale BJ ... 17 64.76 –4.55 ... 125.19 87.99 BoozAllen BAH 1.6 52 114.54 +0.77 .47
3.87 2.11 ARC Document ARC 6.0 12 3.35 –0.09 .05 36.08 6.59 AmerStratInvt NYC ... dd 6.75 +0.16 ... 30.13 19.00 ArgoGroup ARGO 4.2 dd 29.74 +0.03 .31 41.38 27.21 BP BP 4.1 6 36.15 –0.09.4362 7.13 2.30 BoqiiHolding BQ ... ... 3.33 –1.27 ...
9.03 4.45 ASE Tech ASX 5.2 12 8.20 +0.89.5714 268.31 172.55 AmerTowerREIT AMT 3.5 86 177.53 +1.08 1.57 18.11 6.69 ArisWater ARIS 3.4 31 10.65 –0.96 .09 18.90 4.52 BP Prudhoe BPT 17.0 2 5.89 –0.81.2974 47.05 27.40 BorgWarner BWA 1.1 10 39.90 +0.26 .17
104.43 63.27 ASGN ASGN ... 17 80.74 +1.80 ... 24.13 14.09 AmerVanguard AVD .8 38 14.83 –0.38 .03 193.91 98.20 AristaNetworks ANET ... 33 180.90 +0.36 ... 11.07 3.91 BRC BRCC ... dd 4.33 +0.16 ... 9.01 3.22 BorrDrilling BORR ... dd 6.94 –0.54 ...
21.53 13.43 AT&T T 7.9 dd 14.11 +0.06.2775 162.59 122.77 AmerWaterWorks AWK 2.0 29 140.42 +1.46.7075 4.84 2.53 ArlingtonAsset AAIC ... 17 4.47 +0.08 ... 3.36 1.06 BRF BRFS ... dd 1.95 –0.13 ... 422.75 296.27 BostonBeer SAM ... 67 355.42 –7.32 ...
47.92 25.39 ATI ATI ... 22 43.74 –0.77 ... 4.74 1.24 AmericanWell AMWL ... dd 1.33 +0.01 ... 11.54 2.93 ArloTech ARLO ... dd 9.86 –0.07 ... 24.86 16.43 BRT Apartments BRT 5.4 35 18.43 +0.07 .25 28.98 16.12 BostonOmaha BOC ... cc 16.56 –0.60 ...
62.00 6.00 ATI PhysTherapy ATIP ... dd 6.93 –0.80 ... 33.71 21.49 AmericoldRealty COLD 2.7 dd 32.82 +0.81 .22 13.73 10.04 ArmadaHoffler AHH 6.9 22 11.29 –0.05 .195 76.26 49.14 BWX Tech BWXT 1.3 30 72.65 +1.19 .23 87.61 46.18 BostonProps BXP 6.1 15 64.01 +0.71 .98
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48.89 26.03 ATS ATS ... 39 42.94 +2.36 ... 358.02 249.35 Ameriprise AMP 1.6 16 334.13 +1.76 1.35 7.40 4.38 ArmourResREIT ARR 19.8 dd 4.86 +0.22 .08 8.63 3.89 Babcock&Wilcox BW ... dd 4.88 +0.14 ... 54.75 37.74 BostonSci BSX ... 85 50.76 +0.57 ...
19.79 12.61 A10Networks ATEN 1.6 24 14.66 –0.03 .06 194.79 135.14 AmerisourceBrgn ABC 1.1 22 179.48 –0.92 .485 90.98 62.03 ArmstrongWorld AWI 1.4 16 73.65 –0.92 .254 170.86 88.16 BadgerMeter BMI .7 62 162.70 +3.21 .27 17.45 10.22 Bowlero BOWL ... dd 10.89 +0.14 ...
63.99 48.32 AXIS Capital AXS 3.2 14 54.42 –0.25 .44 164.75 110.87 Ametek AME .6 29 157.59 +3.14 .25 147.42 89.38 ArrowElec ARW ... 7 130.41 +1.63 ... 3.24 1.08 Bakkt BKKT ... dd 1.31 ... ... 34.98 24.00 Box BOX ... cc 30.50 +0.32 ...
34.87 15.12 AZEK AZEK ... cc 32.03 +0.70 ... 4.74 1.24 AmnealPharm AMRX ... dd 3.91 +0.18 ... 42.97 25.67 ArtisanPtrsAsset APAM 6.0 13 37.31 +0.55 .61 62.14 46.00 Ball BALL 1.5 21 52.62 –1.95 .20 73.00 46.10 BoydGaming BYD 1.0 9 65.07 +0.27 .16
48.33 30.21 AZZ AZZ 1.4 dd 47.98 +1.88 .17 4.42 2.15 Ampco-Pitt AP ... 47 3.53 +0.39 ... 22.90 9.64 Artivion AORT ... dd 16.84 +0.78 ... 26.04 13.09 Bally's BALY ... dd 14.90 +0.08 ... 56.35 40.52 Brady BRC 1.8 15 50.31 +1.01 .23
16.16 7.65 Aaron's AAN 4.2 dd 11.87 –0.59 .125 90.28 65.21 Amphenol APH 1.0 28 86.30 +1.07 .21 28.92 11.32 Asana ASAN ... dd 21.60 +1.34 ... 18.26 9.72 BancCalifornia BANC 3.3 9 12.09 –0.24 .10 5.81 2.22 BraemarHtls BHR 8.2 dd 2.44 +0.01 .05
115.83 93.25 AbbottLabs ABT 2.0 36 104.21 +0.50 .51 10.38 5.62 AmplifyEnergy AMPY ... 1 6.38 –0.25 ... 256.39 138.88 AsburyAutomotive ABG ... 5 218.70 –2.67 ... 6.60 2.61 BancoBBVA BBAR .0 ... 5.44 +0.51.0743 8.61 3.42 BrandywineRealty BDN 16.3 33 4.67 +0.04 .19
168.11 130.96 AbbVie ABBV 4.0 30 146.69 –3.45 1.48 26.01 4.15 AmpriusTech AMPX ... dd 4.59 –0.95 ... 10.48 2.58 AshfordHosp AHT ... dd 2.72 –0.13 ... 8.14 4.32 BancoBilbaoViz BBVA 4.7 7 7.77 +0.08.3333 6.48 4.49 BrasilAgro LND 19.3 45 5.04 +0.24.6018
53.02 14.02 Abercrombie&Fitch ANF ... 24 50.16 +6.96 ... 19.97 10.26 Amrep AXR ... 4 16.66 +0.35 ... 114.36 80.00 Ashland ASH 1.8 dd 84.74 –1.29 .385 3.35 2.12 BancoBradesco BBDO 5.0 10 2.70 +0.02.0035 14.51 6.26 Braskem BAK ... dd 9.07 –0.14 ...
17.02 12.28 AcadiaRealty AKR 5.0 dd 14.38 –0.27 .18 10.92 9.99 AndrettiAcqnA WNNR ... 76 10.67 +0.01 ... 14.44 5.33 AspenAerogels ASPN ... dd 5.55 –0.19 ... 23.50 16.81 BancodeChile BCH 7.5 7 21.64 +0.092.1466 44.52 23.19 BreadFinancial BFH 2.3 4 37.01 –0.52 .21
12.05 7.26 AccelEnt ACEL ... 18 11.37 +0.62 ... 14.95 4.43 AngelOakMtgREIT AOMR14.2 dd 9.03 –0.73 .32 33.00 16.89 AssetMarkFin AMK ... 19 27.33 –0.68 ... 4.50 2.60 BancoItauChile ITCL 4.3 5 3.90 +0.25.1646 17.26 8.43 BridgeInvt BRDG 6.8 dd 10.00 –1.08 .17
327.93 242.80 Accenture ACN 1.4 28 318.76 +15.82 1.12 30.27 11.94 AngloGoldAsh AU 1.2 cc 17.30 +1.04.0367 25.50 14.47 AssociatedBanc ASB 5.0 7 16.90 –0.60 .21 24.65 13.00 Bladex BLX 4.2 7 23.92 +0.36 .25 137.20 7.57 BrightHealth BHG ... dd 8.43 –1.14 ...
10.40 9.67 AcropolisInfrA ACRO ... 60 10.20 +0.01 ... 67.09 44.51 AB InBev BUD 1.1 18 56.66 +0.91.8245 42.97 31.01 AssocCapital AC .5 44 36.60 +1.10 .10 27.96 12.38 BancoMacro BMA .0 6 24.71 +2.14 .452 98.87 54.19 BrightHorizons BFAM ... 85 95.25 +4.98 ...
27.04 15.11 AnnalyCap NLY 13.2 dd 19.71 +0.61 .65 165.84 104.49 Assurant AIZ 2.0 22 138.73 –1.98 .70 3.55 0.81 BrightScholar BEDU ... ... .88 –0.13 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
202.90 149.30 AcuityBrands AYI .3 14 158.14 +0.08 .13 6.64 4.76 BancSanBrasil BSBR 5.9 ... 5.46 +0.14.0815
61.98 42.06 Acushnet GOLF 1.4 18 57.50 +2.79 .195 23.91 10.14 AnnovisBio ANVS ... dd 12.60 –0.10 ... 67.13 45.21 AssuredGuaranty AGO 1.9 11 57.80 –0.88 .28 21.81 13.37 BcoSantChile BSAC 4.9 11 19.22 +0.851.2511 26.88 14.73 BrightSphere BSIG .2 13 21.17 +0.36 .01
11.51 6.95 Adecoagro AGRO 2.9 13 11.32 +0.94.1626 12.14 8.80 AnteroMidstream AM 7.5 17 11.94 +0.08 .225 164.76 70.50 Atkore ATKR ... 8 142.85 +0.88 ... 4.09 2.26 BancoSantander SAN 2.2 7 3.80 –0.02.0631 8.95 5.21 BrightSpire BRSP12.2 dd 6.56 +0.17 .20
47.50 27.74 Adient ADNT ... 32 38.29 +0.05 ... 43.99 19.91 AnteroResources AR ... 6 26.36 –0.73 ... 41.04 23.32 AtlUnionBkshs AUB 4.1 10 29.07 –1.32 .30 30.89 21.55 BanColombia CIB 4.1 8 27.02 –0.14.8921 10.92 5.16 BrightView BV ... dd 8.15 –0.20 ...
47.25 33.59 AdtalemGlbEduc ATGE ... 20 43.20 +0.68 ... 11.50 4.33 AnywhereRealEst HOUS ... dd 6.42 +0.04 ... 22.50 15.06 AtlasEnergySolns AESI 3.3 ... 21.03 –1.06 .05 38.60 26.32 BankofAmerica BAC 3.4 8 28.50 –0.61 .24 75.25 48.38 Brink's BCO 1.2 32 74.77 +1.47 .22
194.35 63.09 AdvanceAuto AAP 1.6 11 64.08 –5.75 .25 347.37 266.35 Aon AON .7 26 332.07 +8.01 .615 125.28 97.71 AtmosEnergy ATO 2.5 20 117.70 +0.74 .74 38.31 22.93 BankofButterfield NTB 6.3 6 28.15 –0.42 .44 42.12 23.66 BrinkerIntl EAT ... 15 33.05 –1.07 ...
145.00 75.02 AdvDrainageSys WMS .5 20 122.40 +0.15 .14 43.83 32.51 AptIncmREIT AIRC 5.4 16 33.49 +0.40 .45 25.20 19.10 AtmusFiltration ATMU ... ... 22.38 –0.05 ... 82.87 30.83 BankofHawaii BOH 5.4 10 52.02 –2.17 .70 81.44 59.71 BristolMyers BMY 3.7 17 62.08 +0.02 .57
44.57 30.69 AdvanSix ASIX 1.9 8 32.84 –1.75 .16 9.32 6.47 ApartmtInv AIV 21.1 dd 7.78 –0.13 .02 3.52 1.52 ATRenew RERE ... dd 2.23 –0.16 ... 102.79 81.57 BankMontreal BMO 4.1 11 82.53 –1.091.0496 0.17 0.08 BristolMyersRt CELG.RT ... ... .12 +0.01 ...
5.69 3.76 Aegon AEG 4.7 dd 5.11 +0.02.1528 29.57 13.09 APi Group APG ... 98 27.47 –0.46 ... 38.91 23.66 Autohome ATHM 1.9 13 29.00 –1.60 .53 52.26 36.22 BankNY Mellon BK 3.8 13 43.73 –0.29 .42 31.89 20.08 Bristow VTOL ... 85 27.04 –1.66 ...
5.90 1.52 Aenza AENZ ... dd 1.80 –0.12 ... 12.77 7.91 ApolloComRlEst ARI 13.5 14 10.38 +0.26 .35 103.99 65.74 Autoliv ALV 2.8 21 93.97 +1.00 .66 58.90 45.25 BankNovaScotia BNS 6.8 9 45.65 –0.41.8011 42.36 31.62 BritishAmTob BTI 8.7 7 32.65 +0.48.7006
69.50 39.73 AerCap AER ... 8 60.59 –0.70 ... 87.82 45.62 ApolloGlbMgmt APO 2.1 39 83.15 +1.99 .43 182.08 94.92 AutoNation AN ... 6 153.93 –4.05 ... 40.22 15.83 BankUnited BKU 4.2 7 25.66 –0.38 .27 24.27 17.62 BrixmorProp BRX 4.9 18 21.37 –0.21 .26
3.12 0.89 AevaTech AEVA ... dd 1.00 –0.02 ... 10.50 9.85 ApolloStratII A APGB ... 39 10.45 +0.04 ... 2750.00 2050.21 AutoZone AZO ... 19 2453.40 –4.99 ... 10.95 9.95 BanyanAcqnA BYN ... dd 10.60 –0.07 ... 184.88 131.35 BroadridgeFinl BR 1.7 35 183.69 +4.69 .80
180.63 108.12 AffiliatedMgrs AMG .0 5 131.47 –0.39 .01 18.22 13.66 AppleHospREIT APLE 6.6 21 14.45 –0.26 .08 216.11 153.07 Avalonbay AVB 3.6 20 181.45 +2.14 1.65 9.44 5.89 Barclays BCS 5.1 ... 7.34 –0.02.1398 20.32 14.98 Broadstone BNL 7.1 18 15.84 –0.19 .28
160.26 113.28 AgilentTechs A .8 31 119.68 +0.43 .225 156.53 96.43 AppliedIndlTechs AIT .9 17 153.98 +6.58 .35 50.85 34.00 Avangrid AGR 5.0 23 34.92 +0.45 .44 10.22 6.96 BaringsBDC BBDC10.9 11 9.16 +0.01 .26 5.43 2.27 BrookdaleSrLiving BKD ... dd 4.20 +0.04 ...
20.17 9.34 Agiliti AGTI ... cc 9.48 –0.77 ... 3.22 0.99 Barnes&NobleEduc BNED ... dd 1.29 –0.11 ... 36.50 26.76 BrookfieldAsset BAM 3.9 7 33.23 –0.35 .32
29.44 15.00 agilon health AGL ... dd 17.22 –0.53 ... 47.36 27.93 BarnesGroup B 1.7 31 38.31 +0.11 .16 27.63 16.81 BrookfieldBus BBUC 1.4 7 17.93 –0.94.0625
61.15 36.69 AgnicoEagleMines AEM 3.4 9 47.31 +1.09 .40 20.75 13.01 BarrickGold GOLD 2.8 dd 15.91 +0.30 .10 41.60 28.25 Brookfield BN .9 cc 32.48 –0.60 .07
17.67 5.43 Carnival CUK ... dd 14.37 +0.21 ... 273.65 208.12 ConstBrands A STZ 1.4 dd 259.49 +2.42 .89 160.66 114.49 Dover DOV 1.4 20 142.67 +2.10 .51 51.29 36.36 EssentialUtil WTRG 3.3 21 37.38 –0.13.3071 39.74 28.47 GSK GSK 3.9 4 34.77 +0.30.3613
61.02 31.02 CarpenterTech CRS 1.4 52 58.84 +0.85 .20 19.46 9.82 Constellium CSTM ... 12 16.93 –0.24 ... 60.88 42.91 Dow DOW 5.2 22 53.98 –0.04 .70 284.20 195.03 EssexProp ESS 3.9 29 237.24 +0.93 2.31 67.57 32.10 GXO Logistics GXO ... 37 61.16 –0.48 ...
38.36 22.71 CarriageSvcs CSV 1.5 15 30.40 –0.03.1125 7.36 2.15 ContainerStore TCS ... dd 2.24 –0.30 ... 40.12 21.85 Doximity DOCS ... 42 23.44 +1.17 ... 283.62 147.18 EsteeLauder EL 1.7 55 153.20 –3.49 .66 229.39 167.93 Gallagher AJG 1.0 44 227.60 +7.05 .55
60.04 33.10 CarrierGlobal CARR 1.3 22 55.02 +1.63 .185 15.05 6.86 Volaris VLRS ... cc 9.22 –0.63 ... 73.17 49.80 DrReddy'sLab RDY .6 20 70.30 –1.10.4877 36.20 21.10 EthanAllen ETD 4.7 7 30.53 –1.13 .50 34.99 15.41 GameStop GME ... dd 17.13 –1.23 ...
22.84 10.55 Cars.com CARS ... 11 18.85 +0.22 ... 14.50 11.00 Cool CLCO12.1 ... 13.58 –0.49 .41 31.60 8.17 DreamFinders DFH ... 11 26.11 –0.70 ... 21.00 12.94 Euronav EURN17.8 6 18.02 –0.42 .80 3.60 1.25 Gannett GCI ... dd 2.75 –0.17 ...
86.76 60.66 Carter's CRI 4.4 13 68.69 –2.83 .75 399.62 244.22 Cooper COO .0 64 371.38 +2.42 .03 35.95 19.10 Dril-Quip DRQ ... 45 27.29 –0.81 ... 13.34 5.10 EveHolding EVEX ... dd 7.87 +0.20 ... 5.49 0.64 GaotuTechedu GOTU ... 86 3.12 +0.15 ...
57.19 3.55 Carvana CVNA ... dd 41.20 +1.99 ... 22.74 5.69 Cooper-Standard CPS ... dd 14.88 –1.40 ... 19.09 12.28 DuckhornPtf NAPA ... 26 12.63 +0.01 ... 11.91 5.30 Eventbrite EB ... dd 10.01 –0.28 ... 15.49 7.22 Gap GPS 5.9 35 10.22 –0.14 .15
104.62 31.45 Catalent CTLT ... cc 44.89 +0.53 ... 121.20 65.01 Copa CPA 3.3 ... 98.87 +3.23 .82 58.28 38.89 Ducommun DCO ... 23 44.24 +0.38 ... 141.63 78.67 EvercoreA EVR 2.3 16 134.22 +1.08 .76 108.56 76.37 Garmin GRMN 2.8 20 103.35 +1.80 .73
293.88 160.60 Caterpillar CAT 1.9 17 272.56 –1.24 1.30 33.22 18.75 Core&Main CNM ... 15 31.39 –0.04 ... 111.26 83.76 DukeEnergy DUK 4.5 50 90.58 –0.621.025 11.32 10.00 EverestConsolA MNTN ... dd 10.80 +0.02 ... 377.88 272.58 Gartner IT ... 30 342.49 +14.34 ...
12.11 7.63 Cato CATO 8.8 dd 7.76 –0.15 .17 27.95 13.19 CoreLabs CLB .2 28 23.70 –0.98 .01 15.45 9.50 Dun&Bradstreet DNB 1.9 dd 10.70 +0.08 .05 395.00 244.58 Everest EG 1.9 12 352.88 +4.48 1.65 14.93 9.40 GatesIndustrial GTES ... 15 11.79 +0.11 ...
15.40 0.99 Cazoo CZOO ... dd 1.04 –0.04 ... 23.50 14.01 CorebridgeFin CRBG 5.2 5 17.64 –0.28 .23 78.74 49.52 DuPont DD 1.9 8 74.64 –0.76 .36 19.98 12.58 Everi EVRI ... 12 13.85 +0.58 ... 7.49 2.20 GatosSilver GATO ... dd 4.40 +0.30 ...
47.95 35.55 CedarFairRec FUN 3.1 9 39.31 –0.42 .30 35.48 20.56 CoreCard CCRD ... 34 22.01 +0.09 ... 41.44 25.45 DutchBros BROS ... cc 30.11 –0.17 ... 92.97 63.30 EversourceEner ES 4.1 19 65.17 +0.70 .675 19.84 11.92 GencoShipping GNK 4.5 7 13.37 –0.70 .15
128.50 86.71 Celanese CE 2.4 10 118.21 +0.51 .70 13.50 7.84 CoreCivic CXW ... 10 10.16 –0.17 ... 122.13 77.33 DycomInds DY ... 15 98.73 +4.59 ... 42.03 30.17 Evertec EVTC .5 12 39.46 +0.34 .05 253.46 86.29 Generac GNRC ... 48 114.94 +1.59 ...
3.48 0.88 CorEnergyInfr CORR22.5 dd .89 –0.09 .05 4.13 2.08 DynagasLNG DLNG ... 3 2.72 –0.02 ... 39.78 21.83 EvolentHealth EVH ... dd 25.44 –0.99 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
23.19 8.21 Celestica CLS ... 16 21.81 +1.28 ... 256.86 202.35 GeneralDynamics GD 2.4 18 223.59 –0.83 1.32
6.14 4.40 CementosPacasm CPAC 9.3 10 5.33 +0.03.5276 37.10 28.98 Corning GLW 3.5 44 32.43 +0.28 .28 55.87 31.54 Dynatrace DT ... 95 46.69 +0.27 ... 31.13 18.18 ExcelerateEner EE .5 17 18.51 –1.22 .025 117.96 48.29 GeneralElec GE .3 14 111.97 +0.18 .08
8.25 3.20 Cemex CX ... 21 8.15 +0.35 ... 38.62 31.50 Vesta VTMX .4 10 37.79 +2.29.1703 16.13 10.39 DynexCapital DX 12.5 dd 12.52 +0.23 .13 2.14 0.49 Express EXPR ... 0 .52 –0.06 ... 90.89 67.78 GeneralMills GIS 3.5 16 68.37 –1.84 .59
22.18 14.44 CenovusEnergy CVE 1.7 13 18.83 –0.51.1059 14.89 6.24 CorpAmAirports CAAP ... 12 14.09 –0.33 ... 24.50 11.40 Expro XPRO ... dd 22.90 –0.38 ... 43.63 31.11 GeneralMotors GM 1.1 5 32.95 –0.17 .09
E
93.58 61.34 Centene CNC ... 13 63.48 –0.22 ... 28.69 21.59 CorpOfficeProp OFC 4.5 15 25.10 +0.06 .285 211.59 123.67 ExtraSpaceSt EXR 1.9 21 127.93 +1.07 .61 11.20 9.81 GenAsia I A GAQ ... 31 10.64 ... ...
33.50 25.03 CenterPointEner CNP 2.7 24 28.22 +0.03 .19 68.43 48.68 Corteva CTVA 1.3 39 49.94 –0.82 .16 10.54 9.75 EG Acqn A EGGF ... dd 10.50 ... ... 119.92 83.89 ExxonMobil XOM 3.4 9 108.25 –1.79 .91 65.06 17.31 Genesco GCO ... 7 26.93 –3.17 ...
7.71 3.77 CenterraGold CGAU 3.6 dd 5.90 +0.44.0519 17.51 10.13 Cosan CSAN ... dd 14.73 +0.18 ... 137.48 36.13 elfBeauty ELF ... 68 120.68 +2.64 ... 12.61 8.05 GenesisEnergy GEL 6.1 cc 9.82 +0.06 .15
F
79.19 51.26 Centerspace CSR 4.7 37 62.54 +2.06 .73 12.14 7.71 Costamare CMRE 4.5 2 10.15 –0.59 .115 223.49 112.85 EMCOR EME .3 22 220.13 +5.94 .18 16.86 8.16 GenieEnergy GNE 1.9 6 15.39 –0.11 .075
10.39 5.67 CentraisElBras EBR .6 50 7.46 +0.51.0443 32.47 22.25 CoterraEnergy CTRA 2.9 7 27.74 –0.04 .20 32.21 20.38 ENI E 4.4 6 30.73 +0.38.3107 11.12 9.78 FastAcqnII A FZT ... dd 10.58 ... ... 8.45 3.12 GeniusSports GENI ... dd 6.31 –0.09 ...
24.55 13.22 CentralPacFin CPF 6.1 7 17.07 –0.31 .26 13.46 6.19 Coty COTY ... 20 11.02 –0.26 ... 150.88 98.52 EOG Rscs EOG 2.6 9 127.08 –3.55 .825 35.00 9.03 F&GAnnuities FG 2.9 12 27.99 –1.36 .20 48.85 35.31 Genpact G 1.5 17 36.63 +0.32.1375
7.63 3.95 CentralPuerto CEPU 1.8 16 7.13 +0.50.1649 21.31 12.67 Coupang CPNG ... 77 18.49 +0.52 ... 446.70 197.99 EPAM Systems EPAM ... 27 244.08 +4.69 ... 44.11 24.34 FB Financial FBK 2.0 10 30.59 –1.55 .15 187.73 145.30 GenuineParts GPC 2.5 18 153.04 –1.83 .95
82.70 40.27 CenturyComm CCS 1.3 7 71.18 +1.35 .23 17.01 9.81 Coursera COUR ... dd 16.89 +1.08 ... 47.71 33.92 EPR Prop EPR 7.5 24 43.90 +0.33 .275 3.73 0.10 F45Training FXLV ... dd .10 –0.03 ... 6.40 3.44 GenworthFin GNW ... 6 5.74 –0.05 ...
79.66 51.52 CeridianHCM CDAY ... dd 71.38 +1.52 ... 28.77 18.06 CousinsProperties CUZ 5.7 23 22.45 +0.55 .32 51.97 28.11 EQT EQT 1.4 5 42.04 –1.43 .15 12.87 5.55 Figs FIGS ... 84 6.37 –0.24 ... 16.38 8.83 GeoPark GPRK 5.7 3 9.28 –0.34 .132
19.92 6.65 ChargePoint CHPT ... dd 6.83 –0.23 ... 95.21 67.28 Crane CR .8 ... 87.37 +3.09 .18 73.36 32.12 ESAB ESAB .3 20 68.98 +1.03 .06 134.38 86.61 FMC FMC 2.6 18 87.95 –1.05 .58 6.34 4.09 Gerdau GGB .5 5 5.04 –0.05.0878
262.00 181.22 CharlesRiverLabs CRL ... 21 200.39 +1.49 ... 63.36 29.58 CraneNXT CXT 1.0 17 58.93 –0.65 .14 109.29 73.33 ESCO Tech ESE .3 30 104.92 +2.82 .08 14.71 10.09 FNB FNB 4.2 7 11.44 –0.32 .12 10.17 0.23 Getaround GETR ... ... .45 –0.10 ...
242.59 101.44 ChartIndustries GTLS ... dd 166.01 +3.82 ... 11.19 5.13 CrawfordA CRD.A 2.8 dd 10.08 +0.35 .07 5.11 0.75 ESSTech GWH ... dd 1.53 +0.38 ... 16.94 6.08 FreyrBattery FREY ... dd 6.35 –0.20 ... 28.99 3.42 GettyImages GETY ... dd 4.44 +0.44 ...
14.38 8.96 ChathamLodging CLDT 3.1 70 9.04 –0.20 .07 9.48 5.05 Crawford B CRD.B 3.1 dd 8.98 +0.45 .07 7.38 3.92 E2open ETWO ... dd 4.69 –0.08 ... 22.35 16.70 FS KKR Cap FSK 14.0 20 19.98 –0.03 .05 36.49 25.49 GettyRealty GTY 5.7 22 30.19 –0.04 .43
6.50 1.41 CheetahMobile CMCM ... dd 2.10 –0.02 ... 160.15 118.33 Credicorp BAP ... 8 141.52 +2.72 ... 67.09 39.16 EagleBulkShip EGLE 5.7 5 41.01 –4.50 .58 205.63 140.09 FTI Consulting FCN ... 28 187.34 +3.57 ... 34.33 26.30 Gildan GIL 2.6 11 29.02 –0.90 .186
30.05 8.55 Chegg CHGG ... 6 9.57 –0.43 ... 17.75 9.17 CrescentEnergy CRGY 4.3 3 13.38 –0.28 .12 194.05 101.98 EagleMaterials EXP .6 14 179.60 +4.15 .25 163.88 90.19 Fabrinet FN ... 23 156.78 +38.93 ... 3.52 1.12 GinkgoBioworks DNA ... dd 1.68 +0.06 ...
574.66 430.16 Chemed CHE .3 34 505.08 +1.78 .40 8.62 5.51 CrescentPoint CPG 3.8 14 7.86 –0.43.0758 19.94 10.65 EarthstoneEner ESTE ... 5 19.31 +3.08 ... 474.13 377.89 FactSet FDS .9 33 429.57 +0.17 .98 59.70 26.77 GlacierBancorp GBCI 4.4 12 29.86 –1.19 .33
39.05 23.58 Chemours CC 3.1 dd 32.74 +0.36 .25 31.46 22.11 CrestwoodEquity CEQP 9.3 30 28.09 +0.82 .655 18.73 12.27 EasterlyGovtProp DEA 8.0 48 13.31 –0.21 .265 892.03 389.84 FairIsaac FICO ... 52 851.89 +5.76 ... 5.39 1.85 Glatfelter GLT ... dd 2.15 +0.03 ...
7.24 3.70 CherryHillMtg CHMI15.5 dd 3.86 +0.03 .15 30.40 13.51 CrossTimbers CRT 10.9 9 20.14 –0.95.1242 188.85 137.47 EastGroup EGP 2.8 47 177.76 +1.55 1.25 12.89 2.50 Farfetch FTCH ... dd 2.93 +0.32 ... 80.28 40.45 Glaukos GKOS ... dd 73.88 +2.08 ...
134.41 105.79 ChesapeakeUtil CPK 2.1 23 111.56 +0.68 .59 177.98 97.94 CrownCastle CCI 6.3 25 99.70 –0.531.565 99.56 69.91 EastmanChem EMN 3.9 14 81.93 –1.70 .79 14.90 9.44 FarmlandPtrs FPI 2.2 47 10.94 +0.07 .06 7.60 3.49 GlobalBlue GB ... dd 5.76 +0.14 ...
189.68 140.46 Chevron CVX 3.8 10 159.12 –1.78 1.51 100.39 66.00 CrownHoldings CCK 1.1 22 88.53 +0.98 .24 6.34 2.78 EastmanKodak KODK ... 7 4.59 –0.18 ... 22.18 7.15 Fastly FSLY ... dd 21.93 +2.65 ... 8.40 4.26 GlblBusTravel GBTG ... dd 6.55 +0.32 ...
52.88 25.29 Chewy CHWY ... cc 25.76 –1.73 ... 10.67 9.87 CrownPropA CPTK ... 27 10.43 +0.04 ... 225.76 129.85 Eaton ETN 1.5 33 224.25 +9.60 .86 3.86 0.30 FathomDigital FATH ... dd .44 –0.03 ... 37.00 20.52 GlobalIndemnity GBLI 2.8 14 35.49 +0.49 .25
7.31 4.33 Chico'sFas CHS ... 6 5.20 –0.11 ... 49.57 36.82 CubeSmart CUBE 4.7 24 41.68 +0.36 .49 191.41 131.04 Ecolab ECL 1.2 44 180.48 +1.13 .53 148.81 87.24 FedAgriMtg A AGM.A 3.1 10 142.09 +1.09 1.10 33.90 20.52 GlobalIndl GIC 2.5 18 32.49 –0.52 .20
8.96 4.48 ChimeraInvt CIM 12.6 dd 5.70 +0.18 .18 160.60 92.55 Cullen/Frost CFR 3.9 9 95.16 –1.81 .92 12.35 8.59 Ecopetrol EC 18.3 4 11.21 –0.05.1479 180.16 97.76 FedAgriMtg C AGM 2.6 12 166.93 –4.26 1.10 11.79 7.01 GlobalMedREIT GMRE 9.0 29 9.34 +0.11 .21
7.80 2.51 ChinaGreenAg CGA ... dd 2.51 –0.04 ... 5.84 3.95 Culp CULP ... dd 5.63 +0.03 ... 12.35 8.20 Ecovyst ECVT ... 18 9.86 +0.08 ... 115.08 85.27 FederalRealty FRT 4.5 21 97.56 +1.14 1.09 15.28 8.84 GlobalNetLease GNL 14.9 dd 10.72 +0.03 .40
12.50 6.73 ChinaYuchai CYD 2.5 10 11.00 –0.03 .28 265.28 200.40 Cummins CMI 2.9 13 232.05 –1.57 1.68 46.13 36.17 EdgewellPersonal EPC 1.6 17 37.53 +0.41 .15 65.33 37.13 FederalSignal FSS .7 27 58.46 –1.84 .10 39.24 24.25 GlobalPtrs GLP 8.5 5 31.76 –0.17 .675
2175.01 1344.05 Chipotle CMG ... 47 1876.78 +27.58 ... 209.00 136.21 Curtiss-Wright CW .4 25 205.58 +3.97 .20 74.92 54.45 EdisonIntl EIX 4.2 28 69.93 +0.89.7375 45.55 30.30 FederatedHermes FHI 3.3 11 34.34 +0.84 .28 136.64 92.27 GlobalPayments GPN .8 41 121.71 –2.35 .25
136.02 104.15 ChoiceHotels CHH .9 23 125.57 –5.59.2875 16.00 7.16 Cushman&Wkfd CWK ... dd 8.74 –0.27 ... 98.35 67.13 EdwardsLife EW ... 34 76.17 –0.41 ... 270.95 141.92 FedEx FDX 1.9 17 258.73 –3.92 1.26 21.83 15.17 GlobalShipLease GSL 8.0 2 18.65 –1.05 .375
231.37 173.78 Chubb CB 1.7 14 201.63 +1.73 .86 7.64 5.53 CustomTruck CTOS ... 29 6.40 –0.08 ... 16.25 7.88 ElancoAnimal ELAN ... dd 11.85 +0.23 ... 163.91 99.16 Ferguson FERG 1.9 17 156.30 +1.00 .75 232.19 135.41 Globant GLOB ... 55 190.86 +14.96 ...
41.58 32.90 ChunghwaTel CHT 3.1 23 36.59 –0.241.4779 45.00 6.87 CustomersBancorp CUBI ... 6 34.58 –0.92 ... 91.30 46.18 Elastic ESTC ... dd 60.03 +0.01 ... 329.88 176.82 Ferrari RACE ... 50 311.26 +5.51 ... 123.85 96.23 GlobeLife GL .8 13 111.46 –0.98 .225
100.52 70.16 Church&Dwight CHD 1.2 52 93.30 +0.21.2725 D 12.11 5.06 EldoradoGold EGO ... dd 8.94 +0.28 ... 14.95 12.60 FidelisInsurance FIHL ... ... 14.61 +1.23 ... 80.04 50.92 GlobusMedical GMED ... 27 54.76 –0.25 ...
11.00 9.87 ChurchillCapV A CCV ... 77 10.34 ... ... 21.90 15.31 ElementSolns ESI 1.6 37 20.19 +0.89 .08 45.51 31.84 FidNatlFinl FNF 4.5 21 40.01 –0.59 .45 85.32 64.65 GoDaddy GDDY ... 35 71.52 +1.57 ...
11.15 9.79 ChurchillVI A CCVI ... 46 10.40 ... ... 6.56 3.00 DHI Group DHX ... dd 3.50 –0.30 ... 549.52 412.00 ElevanceHealth ELV 1.3 17 452.52 –10.26 1.48 96.60 48.57 FidNatlInfo FIS 3.8 dd 54.74 –0.65 .52 17.78 7.03 GoldFields GFI 3.8 17 12.37 +0.91.1711
10.80 9.78 ChurchillVII A CVII ... 41 10.40 +0.01 ... 12.13 6.96 DHT DHT 10.4 9 9.57 –0.46 .35 15.50 10.81 EllingtonFin EFC 13.8 30 13.05 +0.20 .15 2.25 1.19 FinanceofAm FOA ... dd 1.53 –0.06 ... 17.57 12.75 GoldmanSachsBDC GSBD12.6 17 14.26 –0.01 .45
55.59 38.33 Ciena CIEN ... 31 41.49 +0.24 ... 13.85 4.66 DRDGOLD DRD 2.4 13 10.42 +1.12.3463 8.62 5.70 EllingtonResiMtg EARN14.5 68 6.60 –0.06 .08 6.05 3.55 FinVolution FINV 3.8 4 5.11 –0.03 .215 389.58 287.75 GoldmanSachs GS 3.4 14 320.15 –4.78 2.75
340.11 240.50 Cigna CI 1.8 13 279.23 +3.22 1.23 136.63 100.64 DTE Energy DTE 3.6 16 104.92 –0.67.9525 20.67 14.95 ElmeComms ELME 4.7 dd 15.39 +0.04 .18 64.66 43.54 FirstAmerFin FAF 3.5 26 59.85 –0.72 .53 33.74 22.67 Gorman-Rupp GRC 2.3 37 30.58 –0.18 .175
18.85 8.28 Cinemark CNK ... dd 15.69 –2.27 ... 61.12 45.11 DT Midstream DTM 5.4 14 51.58 +0.05 .69 13.50 8.28 EmbotellAndinaA AKO.A 6.7 13 12.07 –0.47.2062 16.23 10.18 FirstBanCorp FBP 4.1 9 13.65 –0.49 .14 87.94 58.18 Graco GGG 1.2 26 77.32 +1.85 .235
56.48 13.32 CircorIntl CIR ... 41 55.58 –0.05 ... 9.44 0.40 D-WaveQuantum QBTS ... dd 1.15 –0.22 ... 17.66 9.69 EmbotellAndinaB AKO.B 5.8 16 15.43 –0.32.2269 16.53 11.33 FirstCmwlthFin FCF 3.9 9 12.93 –0.51 .125 12.14 9.72 GrafAcqnIV GFOR ... dd 10.28 –0.18 ...
53.23 40.01 Citigroup C 5.1 7 41.24 –1.01 .53 30.27 18.61 DXC Tech DXC ... dd 20.50 +0.25 ... 17.14 8.52 Embraer ERJ ... dd 15.14 +0.09 ... 20.50 3.69 FirstFoundation FFWM 1.1 dd 7.19 –0.16 .02 6.74 3.45 GrafTechIntl EAF 1.1 7 3.50 –0.40 .01
44.82 23.37 CitizensFin CFG 6.3 6 26.84 –0.87 .42 19.75 11.17 Dana DAN 2.6 dd 15.58 –0.26 .10 5.00 3.01 EmeraldHldg EEX ... 29 3.97 –0.13 ... 24.92 8.99 FirstHorizon FHN 4.9 6 12.22 –0.52 .15 17.95 7.45 Graham GHM ... 75 16.20 +0.01 ...
4.00 1.64 Citizens CIA ... 17 3.05 +0.06 ... 294.60 221.22 Danaher DHR .4 30 255.53 +4.12 .27 6.53 3.06 Emeren SOL ... 7 3.38 +0.12 ... 55.51 42.91 FirstIndRlty FR 2.5 22 51.58 +0.87 .32 681.70 525.58 GrahamHoldings GHC 1.2 13 572.21 –4.40 1.65
12.72 4.03 CityOfficeREIT CIO 8.0 dd 4.97 +0.14 .10 72.14 51.10 Danaos DAC 4.5 3 66.34 –3.09 .75 27.35 4.19 EmergentBiosol EBS ... dd 4.54 –0.43 ... 9.81 5.24 FirstMajestic AG .3 dd 5.93 +0.08.0051 811.60 483.19 Grainger GWW 1.0 20 714.56 +11.01 1.86
36.88 17.87 Civeo CVEO ... dd 18.60 –0.17 ... 4.74 1.57 DanimerScientific DNMR ... dd 2.03 –0.03 ... 99.65 72.41 EmersonElec EMR 2.1 5 97.64 +1.85 .52 43.31 35.58 FirstEnergy FE 4.3 45 36.27 +0.10 .39 44.15 25.35 GraniteConstr GVA 1.3 44 40.72 +0.28 .13
81.25 52.76 CivitasRscs CIVI 2.5 7 80.13 +0.15 1.24 73.36 33.40 DaqoNewEnergy DQ ... 3 35.72 +0.58 ... 9.08 5.39 EmpireStateRealty ESRT 1.7 28 8.07 –0.24 .035 11.33 1.31 FiscalNote NOTE ... dd 2.40 –0.30 ... 10.09 3.97 GranitePointMtg GPMT16.6 dd 5.11 +0.11 .20
August 28, 2023 BARRON’S 39
148.78 103.90 HanoverIns THG 3.1 dd 105.59 –1.19 .81 192.56 109.36 M&T Bank MTB 4.1 7 125.58 –2.10 1.30 91.93 57.10 MuellerIndustries MLI 1.6 7 76.22 +0.93 .30
264.19 180.27 IllinoisToolWks ITW 2.3 24 240.57 +4.79 1.40 7.00 1.57 Kaleyra KLR ... dd 6.81 ... ...
51.77 30.85 HarleyDavidson HOG 2.0 6 33.54 –0.08 .165 14.00 7.33 MBIA MBI ... dd 8.33 –0.13 ... 16.62 9.90 MuellerWater MWA 1.8 29 13.75 +0.36 .061
21.82 12.13 Imax IMAX ... cc 18.65 –0.87 ... 34.80 18.88 Kaman KAMN 3.7 dd 21.90 +0.33 .20
5.43 1.94 HarmonyGold HMY ... dd 4.05 +0.54 ... 51.94 27.04 MDC Holdings MDC 4.9 8 45.32 –1.03 .55 3.81 0.61 MultiPlan MPLN ... dd 1.56 –0.03 ...
5.25 2.49 IndependenceContr ICD ... dd 2.90 –0.10 ... 77.17 60.53 Kellogg K 3.9 24 61.24 –0.61 .60
79.44 60.17 HartfordFinl HIG 2.4 12 71.79 –0.03 .425 22.55 18.37 MDU Rscs MDU 2.5 9 20.15 –0.27.2225 51.29 31.90 MurphyOil MUR 2.5 7 44.70 –0.66 .275
20.69 14.55 IndepRealty IRT 3.9 53 16.47 +0.42 .16 68.15 40.65 Kemper KMPR 2.7 dd 46.38 +0.80 .31
38.85 24.79 HavertyFurn HVT 3.9 7 31.06 –1.85 .30 12.38 7.15 MFA Financial MFA 13.2 dd 10.58 +0.31 .35 323.40 231.65 MurphyUSA MUSA .5 13 319.65 +2.69 .39
10.83 9.90 InfiniteAcqnA NFNT ... 43 10.68 +0.03 ... 30.60 20.21 Kennametal KMT 3.1 18 26.06 –0.36 .20 26.49 16.08 MyersIndustries MYE 2.9 13 18.46 –0.52 .135
37.62 25.19 HavertyFurn A HVT.A 3.6 7 31.07 –3.12 .28 11.03 10.10 InFinTAcqnA IFIN ... cc 11.00 +0.03 ... 18.25 12.13 MGIC Investment MTG 2.7 7 17.33 +0.11 .115
18.90 13.97 Kennedy-Wilson KW 6.2 58 15.60 +0.15 .24
43.71 9.06 HawaiianElec HE 14.9 5 9.66 –4.11 .36 23.56 13.29 Informatica INFA ... dd 20.31 +0.98 ... 51.35 29.20 MGM Resorts MGM .0 41 42.17 –0.37.0025 N
44.56 22.85 KenonHoldings KEN 11.3 dd 24.67 +0.20 2.79
15.22 7.97 Hayward HAYW ... 40 13.81 –0.06 ... 20.57 14.71 Infosys INFY 1.4 24 17.25 +0.53.2133 101.62 35.37 M/I Homes MHO ... 5 90.31 –3.91 ...
10.67 9.93 KensingtonCapV A KCGI ... 33 10.54 +0.01 ...
25.96 16.50 HealthcareRealty HR 7.4 dd 16.66 –0.19 .31 69.31 42.20 IngersollRand IR .1 40 68.90 +2.41 .02 24.07 4.45 MinisoGroup MNSO 1.7 28 22.62 +2.47 .412 61.51 29.37 NACCO Inds NC 2.7 7 32.58 –0.08.2175
27.80 22.36 Kenvue KVUE ... 25 22.97 +0.10 ...
28.43 19.09 HealthpeakProp PEAK 5.9 21 20.23 +0.14 .30 90.81 46.52 Ingevity NGVT ... 11 51.58 –0.07 ... 3.44 1.41 MOGU MOGU ... dd 1.88 ... ... 15.44 8.90 N-able NABL ... cc 13.11 –0.02 ...
20.30 8.54 KeyCorp KEY 7.5 7 10.88 +0.05 .205
7.00 3.41 HeclaMining HL .3 dd 4.31 –0.27.0025 113.46 78.81 Ingredion INGR 3.0 12 102.99 +3.15 .78 35.85 28.56 MPLX MPLX 8.9 9 34.93 +0.01 .775 34.24 18.06 NCR NCR ... 65 29.72 –0.12 ...
189.45 125.89 KeysightTech KEYS ... 21 129.20 –0.17 ...
182.18 138.82 Heico HEI .1 61 166.39 +2.04 .10 125.38 63.36 InnovativeIndProp IIPR 9.4 14 76.52 +0.25 1.80 38.34 19.18 MP Materials MP ... 22 19.62 –0.95 ... 17.19 9.35 NetPower NPWR ... dd 15.49 +0.08 ...
51.76 25.99 KilroyRealty KRC 6.2 17 34.93 +0.28 .54
144.25 109.45 Heico A HEI.A .1 49 133.67 +3.04 .10 4.40 0.75 Innovid CTV ... dd 1.16 –0.02 ... 13.90 7.03 MRC Global MRC ... 10 9.15 +0.01 ... 4.62 1.00 NGL Energy NGL ... dd 3.86 +0.02 ...
147.87 108.74 KimberlyClark KMB 3.7 27 129.21 +0.97 1.18
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
2.58 0.19 Heliogen HLGN ... dd .25 +0.05 ... 131.09 93.88 Insperity NSP 2.3 21 100.92 +0.89 .57 185.56 108.75 MSA Safety MSA 1.0 cc 180.45 +5.83 .47 22.74 7.00 NIO NIO ... dd 10.83 +0.16 ...
23.27 17.34 KimcoRealty KIM 4.9 31 18.75 –0.34 .23
72.61 48.03 HeliosTech HLIO .6 27 57.03 –0.27 .09 330.00 159.62 InspireMedical INSP ... dd 215.53 –0.96 ... 572.50 385.00 MSCI MSCI 1.0 47 531.15 +10.98 1.38 9.48 5.14 NL Industries NL 5.4 dd 5.21 –0.06 .07
19.36 16.00 KinderMorgan KMI 6.5 16 17.34 –0.09.2825
10.14 3.57 HelixEnergy HLX ... dd 9.40 –0.12 ... 158.18 74.69 InstalledBldg IBP 1.0 16 137.02 –7.30 .33 103.95 71.33 MSC Industrial MSM 3.1 16 101.35 +0.57 .79 48.21 38.05 NNN REIT NNN 5.8 19 39.15 +0.45 .565
40.59 26.32 Kinetik KNTK 8.6 23 34.86 –0.32 .75
54.45 30.41 Helm&Payne HP 2.5 11 40.34 –1.18 .235 33.61 24.00 InsteelInds IIIN .4 12 32.25 +1.56 .03 10.56 9.44 M3-Brigade II A MBAC ... 49 10.34 –0.01 ... 24.83 14.05 NOV NOV 1.0 19 20.12 –0.50 .05
10.60 5.77 KingswayFin KFS ... 3 8.95 +0.37 ...
28.04 11.14 Herbalife HLF ... 7 15.47 +0.04 ... 31.47 20.33 Instructure INST ... dd 25.89 +0.23 ... 10.80 9.98 M3-BrigadeIII A MBSC ... 97 10.39 ... ... 14.86 8.83 NOW DNOW ... 9 10.94 –0.27 ...
5.57 3.09 KinrossGold KGC 2.5 31 4.81 +0.19 .03
162.47 93.97 HercHoldings HRI 2.1 11 122.83 –5.37.6325 96.17 50.05 IntegerHoldings ITGR ... 39 82.33 –1.50 ... 16.41 8.38 MV Oil MVO14.2 6 12.42 –0.26 .325 45.80 30.25 NRG Energy NRG 4.1 dd 37.16 +0.71.3775
393.20 239.83 KinsaleCapital KNSL .1 39 383.13 +15.09 .14
18.05 10.94 HerculesCapital HTGC 9.7 7 16.43 +0.02 .08 11.81 10.00 IntegratedRailA IRRX ... dd 10.80 –0.19 ... 14.45 3.05 Mytheresa MYTE ... dd 3.08 –0.28 ... 6474.53 3816.56 NVR NVR ... 13 6081.14 +2.18 ...
83.45 57.64 Kirby KEX ... 28 81.92 +1.90 ...
6.09 1.12 HeritageInsurance HRTG ... dd 5.17 –0.15 ... 11.68 10.06 IntegratedWellA WEL ... 93 10.89 +0.02 ... 14.51 7.40 Macerich MAC 6.2 dd 11.04 –0.59 .17 11.59 10.02 NaborsEnerA NETC ... cc 11.09 +0.25 ...
24.26 16.42 KiteRealty KRG 4.4 cc 21.77 –0.27 .24
11.24 5.64 HershaHospitality HT 3.2 2 6.28 –0.20 .05 117.85 88.60 ICE ICE 1.5 38 115.80 +2.05 .42 25.12 11.86 Macy's M 5.5 4 12.08 –3.04.1654 190.90 83.05 NaborsIndustries NBR ... dd 108.46 –0.96 ...
52.70 33.67 KnifeRiver KNF ... ... 48.14 –0.43 ...
276.88 211.49 Hershey HSY 2.2 25 217.31 –1.471.192 78.44 47.06 InterContinentl IHG 1.9 21 75.18 –0.08 .483 40.81 28.09 MSG Ent MSGE ... ... 31.93 –0.87 ... 50.00 26.48 NatlBankHoldings NBHC 3.3 11 31.37 –1.31 .26
64.35 45.63 Knight-Swift KNX 1.0 17 54.56 –1.83 .14
160.52 100.34 Hess HES 1.2 29 150.60 –4.96.4375 29.50 19.65 IntercorpFinSvcs IFS 5.0 7 23.55 +0.10 1.18 215.79 136.61 MSG Sports MSGS .0 92 175.59 –2.47 7.00 74.62 48.89 NationalFuelGas NFG 3.7 9 52.87 –0.73 .495
11.52 9.87 KnightSwanA KNSW ... 80 10.45 +0.03 ...
32.43 24.33 HessMidstream HESM 8.3 15 28.94 +0.07.6011 153.21 115.55 IBM IBM 4.6 67 145.35 +3.94 1.66 66.78 45.52 MagellanMid MMP 6.4 13 65.54 –0.331.0475 74.48 47.22 NationalGrid NGG 5.4 5 62.17 +0.802.3458
16.83 4.28 KnotOffshore KNOP 2.1 3 4.99 –0.17 .026
18.14 11.90 HewlettPackard HPE 2.9 22 16.62 –0.38 .12 119.41 62.11 IntlFlavors IFF 4.9 dd 66.04 +2.35 .81 68.92 45.58 MagnaIntl MGA 3.3 17 56.54 +0.90 .46 67.14 47.54 NatlHealthInv NHI 7.2 20 50.25 +0.19 .90
20.25 11.57 Knowles KN ... dd 16.22 –0.27 ...
79.08 50.00 Hexcel HXL .7 41 71.00 +0.14 .125 33.99 15.01 IntlGameTech IGT 2.6 24 31.15 +0.18 .20 12.65 7.91 Magnachip MX ... dd 7.98 –0.28 ... 82.59 63.06 NatlPrestoInds NPK 1.4 20 72.82 –2.673.00
19.79 15.05 KodiakGasSvcs KGS ... ... 18.17 –0.93 ...
32.25 19.45 HighwoodsProp HIW 8.8 16 22.84 +0.42 .50 44.08 29.01 IntlPaper IP 5.5 8 33.93 –0.58.4625 27.57 18.17 MagnoliaOil MGY 2.0 6 22.46 –0.43 .115 55.41 30.91 NatlStorage NSA 6.7 32 33.24 +0.79 .56
35.77 17.89 Kohl's KSS 8.4 dd 23.88 –4.25 .50
53.76 36.16 Hillenbrand HI 1.9 20 46.70 +2.14 .22 53.25 28.51 IntlSeaways INSW 1.1 3 44.40 –2.31 1.30 10.82 9.84 MagnumOpusA OPA ... 17 10.55 –0.03 ... 7.68 3.61 Natura&Co NTCO ... dd 6.24 –0.26 ...
23.30 11.25 Philips PHG .0 dd 22.03 –0.17.9387
34.87 24.18 Hilltop HTH 2.1 19 29.92 –0.41 .16 40.95 25.14 Interpublic IPG 3.8 13 32.33 –0.02 .31 43.15 31.66 MainStreetCap MAIN 7.1 9 39.77 –0.73 .235 12.67 9.41 NaturalGasSvcs NGS ... cc 10.35 –0.61 ...
53.83 31.46 KontoorBrands KTB 4.2 13 46.12 –3.39 .48
51.81 32.12 HiltonGrandVac HGV ... 13 42.85 –0.51 ... 56.66 17.23 IntrepidPotash IPI ... 13 25.66 –0.28 ... 27.34 12.16 ManchesterUnited MANU ... dd 23.37 +1.10 ... 14.87 8.00 NaturalGrocers NGVC 3.1 15 12.75 –0.20 .10
39.60 20.11 Koppers KOP .6 10 37.19 –1.94 .06
157.14 116.39 Hilton HLT .4 31 147.02 –3.78 .15 27.61 20.76 InvenTrust IVT 3.7 cc 23.16 –0.13.2155 20.20 7.53 Manitowoc MTW ... dd 15.47 –0.26 ... 69.40 37.61 NaturalResPtrs NRP 4.7 5 64.35 –1.55 .75
8.85 5.76 KoreaElecPwr KEP ... dd 6.67 ... ...
6.61 4.78 HimalayaShipping HSHP ... ... 4.86 –0.68 ... 92.43 64.00 Manpower MAN 3.8 13 77.93 +0.80 1.47 8.78 4.40 Natuzzi NTZ ... dd 6.82 +0.02 ...
16.82 9.48 InvescoMtg IVR 14.9 dd 10.77 +0.31 .40 66.01 44.69 KornFerry KFY 1.4 13 52.16 +0.57 .18
12.34 4.01 Hims&HersHealth HIMS ... dd 6.81 ... ... 20.40 14.92 ManulifeFinl MFC 4.9 8 17.88 –0.16.2694 7.80 4.71 NatWest NWG 6.6 6 5.77 –0.06.3958
4.20 0.79 Invitae NVTA ... dd .90 –0.17 ... 8.55 4.64 KosmosEnergy KOS ... 16 7.02 –0.40 ...
27.25 9.37 Hippo HIPO ... dd 9.66 –1.09 ... 33.42 20.57 MarathonOil MRO 1.5 8 25.62 –0.77 .10 2.40 0.95 Nautilus NLS ... dd 1.04 +0.05 ...
40.20 28.52 InvitatHomes INVH 3.1 66 33.75 +0.29 .26 52.00 41.82 Kroger KR 2.5 13 46.54 –1.03 .29
18.40 6.88 HireRight HRT ... 8 10.46 +0.12 ... 149.76 89.40 MarathonPetrol MPC 2.1 5 143.98 –0.64 .75 15.21 10.40 Navigator NVGS 1.5 23 13.27 –0.36 .05
20.14 3.04 IonQ IONQ ... dd 14.67 +1.25 ... 14.61 7.76 KronosWorldwide KRO 9.2 dd 8.23 –0.34 .19
8.06 1.88 Holley HLLY ... 20 5.81 –0.08 ... 39.97 27.49 Marcus&Millichap MMI 1.5 92 32.46 –0.12 .25 2.97 1.53 NaviosMaritime NM ... dd 1.63 –0.01 ...
62.88 43.33 IronMountain IRM 4.3 47 61.17 +2.06 .65 1.59 0.33 KukeMusic KUKE ... ... .58 +0.03 ...
22.29 15.51 HollyEnergy HEP 6.4 13 21.92 –0.13 .35 18.05 13.62 Marcus MCS 1.8 dd 15.37 –0.85 .07 101.60 78.41 Nelnet NNI 1.1 19 93.05 +0.45 .26
6.15 4.21 ItauUnibanco ITUB ... 9 5.49 +0.08 ... 17.21 7.93 Kyndryl KD ... dd 15.87 +0.07 ...
26.20 19.77 HomeBancShares HOMB 3.3 10 21.85 –0.72 .18 14.45 0.64 MariaDB MRDB ... dd .72 –0.03 ... 5.37 1.80 NerdyA NRDY ... dd 4.62 +0.31 ...
347.25 265.61 HomeDepot HD 2.6 20 322.86 –4.51 2.09 J L 17.81 7.75 MarineProducts MPX 3.5 11 15.79 –0.84 .14 21.03 16.74 Netstreit NTST 4.8 cc 17.04 –0.16 .205
32.62 21.44 HondaMotor HMC 2.2 8 31.12 +0.77.4421 42.88 25.60 MarineMax HZO ... 6 33.34 +0.05 ... 53.09 17.88 Nevro NVRO ... dd 19.37 +0.57 ...
40.13 27.81 HoraceMann HMN 4.6 dd 28.85 +0.35 .33 23.31 13.37 JBG SMITH Prop JBGS 6.2 dd 14.61 +0.41 .225 137.07 89.28 LCI Inds LCII 3.4 37 123.06 –1.51 1.05 1519.96 1064.09 Markel MKL ... 10 1465.64 –29.47 ... 55.84 38.07 NewJerseyRscs NJR 3.7 15 42.44 –0.85 .39
51.69 37.78 HormelFoods HRL 2.8 23 39.38 +0.09 .275 18.52 8.38 JELD-WEN JELD ... 23 14.41 –0.43 ... 6.69 4.08 LG Display LPL .0 dd 4.91 +0.03 .231 2.68 0.71 Markforged MKFG ... dd 1.20 –0.09 ... 57.94 17.01 NewOrientalEduc EDU ... 52 54.83 +4.23 ...
132.30 66.01 DR Horton DHI .9 8 114.94 –2.37 .25 30.36 15.45 J.Jill JILL ... 10 22.66 –0.97 ... 9.70 2.75 LL Flooring LL ... dd 3.50 –0.63 ... 165.85 107.58 MarriottVacations VAC 2.6 12 109.44 –0.02 .72 86.00 50.24 NewRelic NEWR ... dd 84.76 +0.45 ...
108.43 74.18 HoulihanLokey HLI 2.2 27 102.30 +1.73 .55 159.38 101.28 JPMorganChase JPM 2.7 9 147.05 –1.92 1.00 18.47 8.15 LSB Inds LXU ... 7 9.76 –0.33 ... 195.04 148.11 Marsh&McLen MMC 1.5 30 194.21 +5.37 .71 14.22 5.81 NY CmntyBcp NYCB 5.7 3 11.83 +0.06 .17
110.96 33.20 Hovnanian HOV ... 4 94.17 +0.02 ... 115.25 55.26 Jabil JBL .3 15 103.22 +0.81 .08 45.49 30.87 LTC Properties LTC 7.1 19 32.10 +0.25 .19 463.41 298.32 MartinMarietta MLM .7 29 437.24 +6.07 .74 45.30 27.59 NYTimes A NYT 1.0 40 42.60 –0.46 .11
89.58 50.90 HowardHughes HHH ... 32 76.42 +0.68 ... 49.60 26.70 JacksonFinl JXN 7.3 8 34.01 –0.02 .62 255.10 174.55 L3HarrisTech LHX 2.6 43 178.46 –3.02 1.14 63.86 42.33 Masco MAS 2.0 16 56.66 –0.13 .285 471.66 280.28 NewMarket NEU 2.0 13 455.34 –10.29 2.25
51.34 30.60 HowmetAerospace HWM .3 38 48.18 –0.60 .04 137.61 106.78 JacobsSolns J .8 23 134.60 +1.05 .26 11.92 8.81 LXP Industrial LXP 5.2 46 9.62 +0.16 .125 109.58 65.71 MasoniteIntl DOOR ... 13 99.22 –4.08 ... 55.41 37.45 Newmont NEM 4.2 dd 38.31 +0.11 .40
340.06 204.01 Hubbell HUBB 1.4 28 323.46 +19.93 1.12 31.93 17.25 JamesHardie JHX ... 25 28.78 +0.30 ... 33.92 21.92 La-Z-Boy LZB 2.5 9 29.24 –1.53.1815 123.33 62.36 MasTec MTZ ... dd 96.37 +2.21 ... 6.04 2.38 NewparkResources NR ... dd 5.92 +0.34 ...
581.40 245.03 HubSpot HUBS ... dd 512.75 +7.82 ... 31.30 19.09 JanusHenderson JHG 5.9 13 26.66 +0.75 .39 222.41 172.09 LabCorp.ofAmerica LH 1.4 23 212.19 –2.24 .72 15.00 7.08 MasterBrand MBC ... 11 12.52 –0.06 ... 7.70 4.14 NexaResources NEXA .0 dd 5.59 +0.50.1888
6.34 3.62 HudbayMinerals HBM .3 dd 4.68 –0.03.0074 12.45 7.97 JanusIntl JBI ... 13 11.18 –0.52 ... 11.77 8.67 LadderCapital LADR 8.8 9 10.48 +0.14 .23 405.19 276.87 Mastercard MA .6 38 402.89 +10.72 .57 5.27 3.40 NexGenEnergy NXE ... dd 5.19 +0.33 ...
14.67 4.05 HudsonPacProp HPP 8.1 dd 6.17 +0.32 .125 40.68 27.48 JefferiesFinl JEF 3.5 18 34.73 +0.59 .30 117.38 74.91 LambWeston LW 1.2 14 96.35 +1.60 .28 73.78 42.04 MatadorRscs MTDR 1.0 8 60.83 –0.16 .15 22.03 12.53 NexPointRealEst NREF12.0 dd 16.68 –0.20 .185
571.30 423.29 Humana HUM .7 18 478.94 –11.45 .885 2.22 0.84 JianpuTech JT ... dd .87 –0.22 ... 22.81 4.19 Lanvin LANV ... dd 4.53 +0.08 ... 123.41 64.89 Materion MTRN .5 22 105.81 +1.10 .13 58.09 35.42 NexPointResidentl NXRT 4.5 dd 37.43 +0.24 .42
260.02 188.51 HuntingIngalls HII 2.3 17 218.55 –0.89 1.24 64.66 30.01 JinkoSolar JKS ... 4 30.40 –3.38 ... 65.58 33.38 LasVegasSands LVS 1.5 cc 52.62 –0.72 .20 28.99 13.92 Mativ MATV 2.5 dd 16.15 –0.88 .10 3.61 1.82 Nextdoor KIND ... dd 2.12 –0.03 ...
33.46 23.53 Huntsman HUN 3.5 28 27.14 +0.12.2375 11.98 3.15 JobyAviation JOBY ... dd 6.91 –0.21 ... 43.44 27.71 Lazard LAZ 6.1 dd 32.63 –0.84 .50 97.49 56.51 Matson MATX 1.5 7 87.01 –1.36 .32 91.06 66.67 NextEraEnergy NEE 2.8 17 67.96 +0.13.4675
127.80 77.70 HyattHotels H .5 27 110.71 –2.00 .15 125.88 81.59 JohnBeanTech JBT .4 27 108.91 +1.57 .10 157.91 114.67 Lear LEA 2.2 16 140.53 –1.44 .77 15.95 8.27 MauiLand MLP ... dd 14.33 –0.83 ... 11.99 6.66 NexTierOilfield NEX ... 4 10.55 –0.50 ...
4.11 1.15 Hyliion HYLN ... dd 1.22 –0.01 ... 181.04 150.11 J&J JNJ 2.9 34 166.25 –6.24 1.19 11.54 9.82 LearnCWInvtA LCW ... 39 10.55 +0.01 ... 89.69 54.46 Maximus MMS 1.4 29 80.76 +1.15 .28 85.20 51.76 NicoletBankshares NIC 1.4 18 73.87 –3.62 .25
59.64 20.99 HysterYaleMatls HY 2.9 22 44.38 –1.06 .325 70.43 48.82 JohnsonControls JCI 2.5 20 58.53 –0.76 .37 40.49 27.22 Leggett&Platt LEG 6.7 16 27.66 +0.01 .46 16.66 5.95 MayvilleEngg MEC ... 18 11.28 –0.44 ... 131.31 82.22 Nike NKE 1.4 31 98.84 –5.97 .34
24.80 19.34 ICICI Bank IBN .5 18 23.43 +0.53.1736 188.61 123.00 JonesLang JLL ... 26 163.17 –0.01 ... 110.91 76.58 Leidos LDOS 1.5 19 95.79 –0.31 .36 94.97 68.01 McCormickVtg MKC.V 1.9 31 81.00 –4.28 .39 17.10 2.30 NineEnergy NINE ... 9 4.02 –0.01 ...
11.03 4.96 ICL Group ICL 2.6 5 5.94 –0.19.0632 8.57 2.55 JumiaTech JMIA ... dd 2.99 –0.01 ... 9.84 1.03 Leju LEJU ... dd 1.84 –0.07 ... 94.39 70.60 McCormick MKC 1.9 31 81.48 –3.49 .39 30.83 23.78 NiSource NI 3.8 18 26.58 +0.14 .25
40 BARRON’S August 28, 2023
162.20 102.73 PiperSandler PIPR 1.7 29 140.41 +3.35 .60 112.95 36.92 RoyalCaribbean RCL ... dd 99.77 +0.57 ... 21.88 6.00 SonidaSrLiving SNDA ... dd 9.56 +0.21 ... 448.71 325.00 TeledyneTech TDY ... 25 408.55 +4.92 ...
33.28 25.61 OmegaHealthcare OHI 8.8 30 30.59 +0.18 .67 4.85 2.30 PitneyBowes PBI 5.9 dd 3.38 –0.20 .05 6.09 0.25 RubiconTech RBT ... dd .59 +0.03 ... 65.86 53.78 SonocoProducts SON 3.6 12 56.57 +0.81 .51 276.43 182.65 Teleflex TFX .6 28 216.14 –1.47 .34
99.23 61.85 Omnicom OMC 3.5 12 79.86 –0.05 .70 85.91 54.15 PlanetFitness PLNT ... 41 60.02 +0.45 ... 5.49 2.77 RushStreetInt RSI ... dd 4.22 +0.20 ... 100.94 61.72 Sony SONY .5 15 81.10 –1.56.2861 9.28 6.49 TelefonicaBras VIV 5.0 16 8.52 –0.11.0273
37.08 15.44 OnHolding ONON ... cc 28.75 –1.51 ... 7.52 3.00 PlanetLabs PL ... dd 3.12 –0.15 ... 46.64 32.13 RyanSpecialty RYAN ... 76 46.52 +1.41 ... 80.32 60.71 Southern SO 4.1 24 68.09 +0.28 .70 4.53 3.10 Telefonica TEF 6.0 13 3.93 +0.06.1646
25.69 19.25 OneLiberty OLP 9.3 15 19.37 –0.14 .45 8.28 4.38 PlayAGS AGS ... 69 6.44 –0.51 ... 103.81 65.69 RyderSystem R 2.9 8 96.92 +0.11 .71 87.59 42.42 SoCopper SCCO 4.5 22 77.79 +0.54 1.00 30.76 23.03 TelekmIndonesia TLK 3.5 18 24.33 –0.051.1296
12.10 2.61 OneConnectFin OCFT ... dd 3.29 ... ... 23.79 15.59 PlymouthIndREIT PLYM 4.0 dd 22.64 +0.78 .225 44.70 23.63 RyersonHolding RYI 2.5 9 29.68 –0.56.1825 11.66 9.90 SouthportAcqnA PORT ... 34 10.51 ... ... 18.95 6.44 Telephone&Data TDS 4.2 dd 17.59 –0.49 .185
48.64 28.77 OneMain OMF 10.0 7 39.95 +0.29 1.00 138.49 91.86 Polaris PII 2.3 10 110.68 –3.91 .65 98.60 71.63 RymanHospitality RHP 2.5 21 82.57 –1.60 1.00 40.38 28.40 SouthwestAir LUV 2.3 36 31.22 –0.93 .18 47.17 23.62 TempurSealy TPX 1.0 19 43.28 +0.42 .11
126.64 56.02 OntoInnovation ONTO ... 32 113.60 +3.23 ... 53.67 41.58 PortlandGenElec POR 4.3 18 43.89 –0.26 .475
S 83.60 53.79 SouthwestGas SWX 3.9 dd 63.89 +0.58 .62 11.16 9.71 10XCapIII A VCXB ... cc 10.60 +0.06 ...
16.77 11.08 Ooma OOMA ... dd 14.00 –0.45 ... 98.84 80.39 PostHoldings POST ... 18 90.35 +2.26 ... 8.28 4.57 SouthwesternEner SWN ... 1 6.47 –0.03 ... 38.00 23.96 Tenaris TS .0 5 32.39 –0.96 .68
49.32 28.41 Oppenheimer A OPY 1.6 15 38.39 –0.23 .15 16.24 14.13 PostalRealty PSTL 6.6 cc 14.34 +0.05.2375 145.10 78.22 SAP SAP 1.2 80 137.46 +2.102.1864 83.42 38.93 SpectrumBrands SPB 2.1 2 81.55 +2.09 .42 9.29 3.14 TencentMusic TME ... 15 6.48 –0.05 ...
2.88 1.70 OppFi OPFI ... dd 2.52 +0.06 ... 26.05 15.60 PowerSchool PWSC ... dd 21.32 –0.23 ... 428.65 279.32 S&P Global SPGI .9 54 388.27 +6.27 .90 43.93 18.00 SphereEnt SPHR ... 2 33.84 –3.61 ... 85.40 36.69 TenetHealthcare THC ... 16 74.23 +3.55 ...
127.54 60.78 Oracle ORCL 1.4 38 116.06 –0.40 .40 87.36 41.56 PrecisionDrilling PDS ... 9 64.46 –0.79 ... 11.12 9.77 SDCLEDGEAcqn SEDA ... 58 10.54 +0.01 ... 1.58 0.35 SpireGlobal SPIR ... dd .59 –0.04 ... 87.53 56.04 Tennant TNC 1.3 16 82.01 +1.71 .265
13.08 8.81 Orange ORAN 5.2 18 11.07 ....3142 68.54 48.51 PrestigeCnsHlth PBH ... dd 60.23 +0.98 ... 12.72 5.05 SeacorMarine SMHI ... dd 11.30 –0.08 ... 75.83 58.00 Spire SR 4.9 14 58.85 –0.30 .72 57.73 28.65 Teradata TDC ... 79 44.33 +0.51 ...
14.45 7.95 OrchidIsland ORC 20.1 dd 9.53 –0.03 .16 10.97 10.00 PrimeImpactI A PIAI ... dd 10.79 +0.02 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
6.42 1.33 SES AI SES ... dd 2.11 +0.02 ... 38.55 18.80 SpiritAeroSys SPR .2 dd 20.65 –0.82 .01 65.64 28.82 Terex TEX 1.2 9 56.28 –0.53 .17
32.43 18.87 Organon OGN 5.1 7 21.86 –0.63 .28 220.00 120.19 Primerica PRI 1.3 16 200.52 –1.62 .65 11.21 8.43 SFL SFL 8.7 ... 11.04 +0.18 .24 23.97 14.41 SpiritAirlines SAVE .0 dd 15.47 –1.20 .10 4.41 1.08 TerranOrbital LLAP ... dd 1.18 –0.06 ...
43.18 25.59 OriginBancorp OBK 2.0 10 29.97 –1.05 .15 16.47 12.27 PrimoWater PRMW 2.1 28 15.02 –0.19 .08 6.40 1.31 SignaSports SSU ... ... 1.43 –0.81 ... 44.65 34.31 SpiritRealtyCap SRC 7.0 19 38.30 +0.45.6696 67.03 50.36 TerrenoRealty TRNO 3.0 33 60.19 +2.31 .45
4.30 2.10 OrionGroup ORN ... dd 4.28 +0.96 ... 35.49 15.90 PrimorisSvcs PRIM .7 15 34.16 –0.55 .06 14.63 10.42 SITE Centers SITC 4.0 27 12.86 –0.21 .13 182.00 69.29 Spotify SPOT ... dd 137.22 +5.35 ... 5.59 2.43 TetraTech TTI ... 31 5.19 –0.06 ...
10.69 5.27 OrionOffice ONL 7.0 dd 5.71 –0.26 .10 22.82 11.87 ProAssurance PRA 1.1 cc 17.64 –0.17 .05 83.88 57.51 SJW Group SJW 2.3 23 66.51 –0.89 .38 11.23 10.00 SpreeAcqn1 A SHAP ... 37 10.80 +0.04 ... 11.45 7.09 TevaPharm TEVA ... dd 9.70 +0.14 ...
26.91 12.87 Orion OEC .4 11 21.93 +0.42.0207 76.86 41.80 ProcoreTech PCOR ... dd 63.96 +0.67 ... 21.73 18.26 SK Telecom SKM 5.6 10 19.76 +0.34.3492 15.50 7.25 Sprinklr CXM ... dd 14.68 +0.84 ... 2739.00 1266.21 TexasPacLand TPL .7 35 1902.16 –5.57 3.25
97.17 68.78 Orix IX 2.9 11 90.50 +1.971.5303 158.38 122.18 Procter&Gamble PG 2.5 26 153.54 +1.00.9407 49.83 19.06 SLGreenRealty SLG 9.2 dd 35.32 +3.06.2708 41.96 29.76 Sprott SII 3.1 24 32.17 –0.10 .25 43.00 26.08 Textainer TGH 3.0 7 39.72 –1.11 .30
101.81 74.31 OrmatTech ORA .6 48 75.09 –0.62 .12 149.87 110.04 Progressive PGR .3 45 132.58 –1.35 .10 48.55 24.66 SM Energy SM .7 5 40.84 +0.24 .15 1.55 0.55 SprucePower SPRU ... dd .81 +0.04 ... 80.10 58.03 Textron TXT .1 17 75.22 –0.03 .02
9.89 2.05 OscarHealth OSCR ... dd 6.31 –0.85 ... 136.67 98.03 Prologis PLD 2.8 33 122.66 +1.19 .87 9.50 2.54 SOS SOS ... dd 5.17 +0.68 ... 34.38 16.86 Squarespace SQSP ... dd 29.16 –1.07 ... 609.85 475.77 ThermoFisher TMO .3 37 541.59 +9.21 .35
106.66 69.30 Oshkosh OSK 1.7 16 99.22 +0.33 .41 5.94 3.90 PropertyGuru PGRU ... dd 4.05 –0.12 ... 91.94 53.19 SPX Tech SPXC ... 59 78.49 +0.24 ... 65.99 31.11 St.Joe JOE .8 41 59.44 +0.81 .12 28.92 15.23 Thermon THR ... 23 25.56 +0.11 ...
12.12 9.63 OsirisAcqn OSI ... dd 10.36 +0.17 ... 12.58 6.33 ProPetro PUMP ... 12 9.75 –0.28 ... 38.83 26.56 STAG Indl STAG 4.0 34 36.38 +1.29.1225 42.42 31.61 StandardMotor SMP 3.1 13 36.92 +1.35 .29 138.85 97.59 ThomsonReuters TRI 1.5 28 126.76 +0.24 .49
6.32 3.21 OsiskoDevelopment ODV ... dd 3.28 –0.37 ... 78.76 54.45 ProsperityBcshs PB 3.9 11 56.28 –0.77 .55 91.10 61.00 SabineRoyalty SBR 11.7 8 63.01 –3.54.2986 168.81 80.88 StandexIntl SXI .7 13 156.72 –0.70 .28 116.31 67.09 ThorIndustries THO 1.8 10 101.35 –5.06 .45
17.96 9.20 OsiskoGold OR 1.3 78 13.30 +0.09.0447 42.07 22.04 ProtoLabs PRLB ... dd 29.10 +0.70 ... 3.85 2.35 SafeBulkers SB 6.5 3 3.08 –0.13 .05 104.21 70.24 StanleyBlackDck SWK 3.6 17 89.22 –0.50 .81 12.67 5.99 3D Systems DDD ... dd 6.13 –0.34 ...
91.33 62.49 OtisWorldwide OTIS 1.6 26 83.87 +0.14 .34 24.58 14.54 ProvidentFinSvcs PFS 5.9 7 16.31 –0.63 .24 44.54 19.51 Safehold SAFE 3.4 dd 20.53 +0.53 .177 69.02 43.04 Stantec STN .9 33 66.27 +0.38.1452 144.01 92.38 3M MMM 6.1 dd 98.95 –1.06 1.50
19.20 3.21 Ouster OUST ... dd 5.75 –0.24 ... 110.96 75.37 PrudentialFinl PRU 5.3 31 93.74 +0.94 1.25 238.22 126.34 Salesforce CRM ... cc 209.47 +4.64 ... 13.10 6.88 Starrett A SCX ... 5 10.67 –0.08 ... 67.20 20.02 Tidewater TDW ... 64 61.13 –0.29 ...
21.65 10.86 OutfrontMedia OUT 10.3 dd 11.62 +0.55 .30 34.37 18.20 Prudential PUK ... 32 24.33 ... ... 18.42 9.46 SallyBeauty SBH ... 7 9.75 –0.63 ... 4.53 2.64 Startek SRT ... dd 3.01 –0.01 ... 10.35 6.05 Tilly's TLYS ... dd 8.31 –0.51 ...
4.51 2.65 OverseasShip OSG ... 7 4.01 –0.09 ... 69.27 52.51 PublicServiceEnt PEG 3.7 11 61.12 +0.30 .57 30.91 8.42 Samsara IOT ... dd 25.26 +1.25 ... 23.97 16.06 StarwoodProp STWD 9.7 11 19.70 +0.32 .48 95.08 58.36 Timken TKR 1.8 13 74.61 –0.17 .33
59.11 32.07 Ovintiv OVV 2.6 4 46.66 –1.62 .30 350.90 269.49 PublicStorage PSA 4.3 12 276.30 +2.863.00 14.53 6.64 SanJuanBasin SJT 27.4 3 6.87 –0.06.0207 94.74 58.62 StateStreet STT 4.1 9 67.55 –0.40 .69 23.49 14.09 TimkenSteel TMST ... dd 20.88 –1.51 ...
31.76 11.79 Owens&Minor OMI ... dd 16.21 –0.15 ... 86.16 35.99 PulteGroup PHM .8 6 77.17 –2.13 .16 22.65 12.62 SandRidgeEnergy SD 2.6 3 15.53 –0.47 .10 48.00 38.00 SteelPartners SPLP ... 6 44.26 –0.24 ... 17.29 9.23 TItanIntl TWI ... 5 12.13 +0.32 ...
143.70 74.22 OwensCorning OC 1.5 10 135.52 –0.85 .52 39.19 22.14 PureStorage PSTG ... cc 35.77 –1.05 ... 6.72 4.51 SandstormGold SAND 1.2 29 5.26 +0.16.0151 12.25 6.20 Steelcase SCS 4.7 21 8.46 –0.16 .10 27.00 15.77 Toast TOST ... dd 21.23 –0.57 ...
24.50 2.52 Owlet OWLT ... dd 3.64 –0.57 ... 10.85 10.07 PyrophyteAcqn PHYT ... 30 10.81 +0.02 ... 28.87 20.16 SaratogaInvt SAR 10.7 12 25.98 –0.47 .71 20.71 11.57 Stellantis STLA ... 3 18.18 +0.36 ... 83.72 39.53 Toll Bros TOL 1.1 6 77.40 +1.02 .21
123.37 85.00 OxfordIndustries OXM 2.6 10 101.47 –0.51 .65 42.83 18.91 Q2 QTWO ... dd 32.57 –0.32 ... 21.79 11.56 Sasol SSL 5.7 16 12.80 –0.01.5321 36.09 20.24 StellarBancorp STEL 2.4 11 21.50 –1.37 .13 46.11 31.96 TootsieRoll TR 1.1 28 32.36 –0.56 .09
51.18 40.38 Qiagen QGEN ... 31 44.71 +1.63 ... 18.02 3.72 Stem STEM ... dd 5.02 –0.52 ...
PQ 47.21 32.13 SaulCenters BFS 6.5 22 36.43 –0.40 .59 307.54 140.66 TopBuild BLD ... 15 274.31 –7.66 ...
6.41 2.12 QuadGraphics QUAD ... dd 5.02 –0.59 ... 26.88 21.50 SaversValue SVV ... 55 24.16 –1.81 ... 114.97 85.19 Stepan SCL 1.7 25 86.65 –1.00 .365 25.96 16.13 TopgolfCallaway MODG ... 33 16.43 +0.04 ...
50.43 27.00 PBF Energy PBF 1.7 2 47.77 –0.63 .20 216.45 129.06 QuakerHoughton KWR 1.1 cc 164.45 –1.47 .455 60.12 33.80 Schlumberger SLB 1.8 21 56.46 –1.57 .25 254.00 159.21 Steris STE .9 cc 226.40 +2.53 .52 117.66 80.44 Toro TTC 1.4 20 99.42 +1.14 .34
18.19 11.97 PG&E PCG ... 18 16.70 –0.02 ... 28.44 18.00 QuanexBldg NX 1.3 11 25.24 –0.81 .08 31.74 20.26 SchneiderNatl SNDR 1.2 13 29.03 –0.16 .09 36.30 13.71 Stevanato STVN .2 56 32.38 +1.42.0578 70.67 55.43 TorontoDomBk TD 4.8 10 59.08 –2.84.7193
29.64 17.43 PGT Innovations PGTI ... 15 26.45 –1.14 ... 209.41 123.25 QuantaServices PWR .2 52 205.27 +2.20 .08 86.63 45.00 SchwabC SCHW 1.7 17 58.15 –1.37 .25 54.79 35.96 StewartInfo STC 4.0 24 44.45 –0.87 .45 6.93 2.05 Torrid CURV ... 7 2.40 –0.36 ...
37.00 24.49 PHINIA PHIN ... ... 27.04 +0.52 ... 13.86 5.11 QuantumScape QS ... dd 6.91 +0.09 ... 123.53 87.93 ScienceApplicat SAIC 1.3 20 117.75 +1.70 .37 68.77 49.31 StifelFinancial SF 2.3 13 63.74 +1.14 .36 10.45 9.72 TortoiseEcoIII A TRTL ... 31 10.44 +0.01 ...
4.39 2.33 PHX Minerals PHX 2.7 4 3.31 –0.21.0225 2.54 0.69 Qudian QD ... 19 2.44 +0.19 ... 64.20 38.05 ScorpioTankers STNG 2.0 4 50.27 –2.08 .25 55.85 29.09 STMicroelec STM .4 10 46.29 +0.18 .06 65.05 44.61 TotalEnergies TTE ... 8 62.26 +0.35 ...
86.92 59.61 PJT Partners PJT 1.3 23 76.02 –0.05 .25 158.34 120.40 QuestDiag DGX 2.1 19 132.39 –1.11 .71 88.61 39.06 ScottsMiracleGro SMG 5.1 dd 51.57 +1.58 .66 25.87 14.18 Stoneridge SRI ... dd 20.03 –1.19 ... 12.65 7.05 TownsquareMedia TSQ 7.7 cc 9.73 –0.57.1875
30.64 20.20 PLDT PHI 5.9 20 20.85 –0.39.2567 4.25 1.68 QuotientTech QUOT ... dd 3.98 +0.02 ... 8.90 5.80 ScullyRoyalty SRL 13.3 dd 5.91 –0.12 .17 47.35 30.66 Stride LRN ... 14 41.12 +0.42 ... 175.37 130.07 ToyotaMotor TM 2.3 10 164.46 +2.592.4959
170.28 110.31 PNC Finl PNC 5.3 8 117.74 –5.46 1.55 R 12.00 7.93 SculptorCapMgmt SCU 3.5 dd 11.41 +0.21 .06 306.93 200.80 Stryker SYK 1.1 39 278.12 +0.21 .75 6.70 2.48 Traeger COOK ... dd 4.11 –0.64 ...
49.60 43.69 PNM Resources PNM 3.3 16 44.00 –0.52.3675 88.84 34.87 Sea SE ... 96 36.17 –2.51 ... 9.57 1.52 StudioCity MSC ... dd 7.03 +0.36 ... 209.17 139.07 TraneTech TT 1.5 25 202.58 +5.63 .75
133.09 36.53 POSCO PKX 1.5 34 109.98 +7.42.7334 260.00 195.18 RBC Bearings RBC ... 41 220.96 +1.87 ... 16.18 10.03 SeabridgeGold SA ... dd 11.44 +0.12 ... 63.21 49.50 SturmRuger RGR 2.9 14 51.50 –1.34 .36 10.40 7.55 Transalta TAC 1.7 14 9.68 –0.25.0405
152.89 107.40 PPG Ind PPG 1.9 25 138.37 –1.16 .65 71.96 48.72 RB Global RBA 1.8 64 59.35 +2.71 .27 50.61 22.00 SeaDrill SDRL ... 7 48.48 –1.57 ... 17.06 14.42 SuburbanPropane SPH 9.0 10 14.52 –0.07 .325 47.35 33.91 TrancntlRlty TCI ... 1 34.73 +0.11 ...
31.74 23.47 PPL PPL 3.8 26 25.27 –0.03 .24 11.74 10.02 RCF Acqn A RCFA ... 33 10.88 ... ... 57.49 33.82 SealedAir SEE 2.3 13 35.23 +0.77 .20 9.58 5.39 SumitomoMits SMFG 3.2 10 8.92 +0.31 .173 940.00 499.63 TransDigm TDG ... 46 864.77 +7.64 ...
44.81 12.11 ProgHoldings PRG ... 12 33.62 –0.40 ... 34.49 23.39 RELX RELX 2.2 29 31.94 +0.31.2195 68.19 44.38 SeaWorldEnt SEAS ... 13 49.87 +1.51 ... 8.81 5.42 SummitHotelProp INN 4.4 dd 5.44 –0.18 .06 8.86 2.33 Transocean RIG ... dd 7.72 –0.50 ...
11.64 9.93 ProofAcqnIA PACI ... 60 10.68 +0.02 ... 25.23 16.11 RE/MAX RMAX 5.6 dd 16.29 –0.16 .23 33.51 18.86 SelectMedical SEM 1.8 18 28.27 –0.01 .125 39.56 22.80 SummitMaterials SUM ... 25 36.13 ... ... 14.19 6.43 TransportadGas TGS ... 13 12.89 +0.02 ...
38.96 18.09 PROS PRO ... dd 35.00 +0.03 ... 16.38 9.85 REV REVG 1.5 41 13.00 –0.60 .05 9.84 5.52 SelectWater WTTR 2.5 13 8.07 –0.32 .05 21.49 13.01 SummitMidstream SMLP ... dd 13.83 +0.18 ... 82.27 50.32 TransUnion TRU .5 68 78.99 +1.74 .105
35.57 8.94 PSQ PSQH ... cc 11.56 –0.25 ... 406.38 227.00 RH RH ... 24 338.73 –14.77 ... 2.94 0.51 SelectQuote SLQT ... dd 1.27 –0.05 ... 163.83 117.63 SunComms SUI 3.0 68 123.96 +3.00 .93 46.32 33.57 Travel+Leisure TNL 4.5 9 39.79 –0.14 .45
13.41 8.75 P10 PX 1.1 cc 12.12 –0.39.0325 149.65 100.96 RLI RLI .8 8 128.90 –2.80 .27 88.24 68.27 Sempra SRE 3.3 18 71.56 +0.84 .595 53.21 37.96 SunLifeFinancial SLF 4.7 13 47.52 –0.11.5569 194.51 149.65 Travelers TRV 2.5 17 161.64 –0.83 1.00
94.51 43.49 PVH PVH .2 25 78.06 –4.21.0375 12.92 9.27 RLJ Lodging RLJ 4.2 30 9.57 –0.11 .10 13.51 7.16 Semrush SEMR ... dd 8.97 +0.45 ... 10.43 5.72 SunCokeEnergy SXC 4.4 9 9.04 –0.13 .10 12.51 4.90 Tredegar TG 10.2 dd 5.11 +0.12 .13
158.66 110.56 PackagingCpAm PKG 3.4 15 146.04 –0.94 1.25 3.06 0.90 RLX Tech RLX ... 31 1.43 –0.04 ... 20.98 10.44 SendasDistrib ASAI .7 20 12.71 –0.82.0358 37.23 26.43 SuncorEnergy SU 4.7 10 32.91 –0.19.3861 55.30 40.56 TreeHouseFoods THS ... 45 45.24 –2.26 ...
35.33 19.51 PagerDuty PD ... dd 24.13 +0.45 ... 11.40 6.24 RPC RES 1.7 6 8.06 –0.24 .04 54.34 36.64 SensataTech ST 1.3 15 37.10 –0.61 .12 15.40 2.97 SunlandsTech STG ... 1 7.27 +0.76 ... 76.05 38.68 Trex TREX ... 52 68.63 +1.23 ...
19.49 7.51 PagSeguroDig PAGS ... 10 9.05 +0.17 ... 107.40 78.52 RPM RPM 1.7 27 99.75 –1.11 .42 84.86 57.36 SensientTech SXT 2.7 19 60.09 +1.54 .41 65.40 1.86 SunlightFinl SUNL ... dd 2.13 –0.42 ... 34.04 14.59 TriPointe TPH ... 6 29.19 –0.63 ...
20.24 5.92 PalantirTech PLTR ... dd 14.53 +0.13 ... 11.39 7.28 RPT Realty RPT 5.9 13 9.57 –0.13 .14 30.00 12.43 SentinelOne S ... dd 16.57 +2.09 ... 29.13 12.46 SunnovaEnergy NOVA ... dd 13.29 –0.06 ... 11.31 7.19 TriconRes TCN 2.8 8 8.31 +0.06 .058
48.00 21.93 PampaEnergia PAM ... 7 45.77 +1.02 ... 104.91 80.27 RTX RTX 2.8 22 84.69 –1.11 .59 4.15 1.86 SequansComms SQNS ... ... 2.76 –0.01 ... 48.59 37.10 Sunoco SUN 7.5 13 44.75 –0.19.842 111.85 60.61 TriNet TNET ... 19 106.06 +0.72 ...
August 28, 2023 BARRON’S 41
15.77 10.07 WesternUnion WU 7.9 6 11.93 +0.16 .235 0.44 0.09 AlsetCapAcqnRt ACAXR ... ... .36 –0.05 ... 11.74 9.90 ArtemisStratInvt ARTE ... 64 10.58 –0.06 ...
205.59 150.50 Unifirst UNF .7 32 173.91 +1.05 .31 3.30 0.75 AchillesTherap ACHL ... dd .90 –0.04 ... 78.49 43.17 AltairEngg ALTR ... dd 64.18 +3.15 ... 8.08 3.27 Arteris AIP ... dd 6.30 –0.05 ...
138.39 81.29 Westlake WLK 1.5 13 131.22 +0.86 .50
55.99 42.44 Unilever UL 3.6 15 50.91 +0.29.4746 18.96 5.77 AclarisTherap ACRS ... dd 6.90 –0.25 ... 11.86 9.95 AltEnergyA AEAE ... 37 10.60 +0.14 ... 63.00 44.37 ArtesianRscs A ARTNA 2.5 27 45.97 –1.76.284
43.37 26.84 WestRock WRK 3.5 dd 31.77 –0.34 .275
240.48 183.69 UnionPacific UNP 2.3 20 224.18 –1.08 1.30 24.80 5.22 AcordaTherap ACOR ... dd 14.77 –2.13 ... 23.49 2.39 Altimmune ALT ... dd 2.40 –0.25 ... 57.96 21.21 Arvinas ARVN ... dd 26.99 +0.09 ...
14.20 9.45 Westwood WHG 6.0 dd 10.05 –0.60 .15
9.83 3.05 Unisys UIS ... dd 3.86 +0.14 ... 25.47 8.06 AcrivonTherap ACRV ... dd 12.00 +0.87 ... 17.67 3.52 AltisourcePortf ASPS ... dd 4.07 –0.36 ... 134.53 64.33 AscendisPharma ASND ... dd 98.91 +8.44 ...
4.58 0.11 WeWork WE ... dd .13 –0.01 ...
8.97 5.36 UnitedMicro UMC 6.5 7 6.89 +0.12 .586 93.67 70.94 ActivisionBliz ATVI 1.1 34 91.66 +1.19 .99 14.60 5.52 Alvotech ALVO ... dd 9.55 –0.02 ... 17.51 8.12 AscentIndustries ACNT ... dd 8.96 –0.03 ...
36.67 27.37 Weyerhaeuser WY 2.3 34 32.63 +0.33 .19 11.31 3.52 AcumenPharm ABOS ... dd 6.30 +0.01 ...
48.26 19.36 UnitedNatFoods UNFI ... 9 19.74 –1.19 ... 27.33 14.05 AmalgamFin AMAL 2.3 6 17.39 –1.30 .10 263.59 161.32 AspenTech AZPN ... dd 193.12 +1.29 ...
52.76 28.62 WheatonPrecMet WPM 1.4 31 42.07 +1.06 .15 1.96 0.48 AcutusMedical AFIB ... dd .51 –0.04 ...
205.70 154.87 UPS B UPS 3.8 15 168.87 –2.37 1.62 2.23 0.96 Amarin AMRN ... dd 1.01 –0.04 ... 2.20 0.77 AssemblyBiosci ASMB ... dd .89 –0.04 ...
20.80 0.98 WheelsUp UP ... dd 1.34 +0.01 ... 2.10 0.90 Adagene ADAG ... dd 1.20 +0.05 ...
492.22 256.23 UnitedRentals URI 1.3 14 449.12 –2.29 1.48 143.63 81.43 Amazon.com AMZN ... cc 133.26 +0.04 ... 53.97 31.04 AstecIndustries ASTE 1.0 48 52.01 –0.26 .13
168.96 124.10 Whirlpool WHR 5.2 dd 134.00 –1.15 1.75 2.65 0.77 Adaptimmune ADAP ... dd .78 ... ...
49.95 27.27 US Bancorp USB 5.4 10 35.51 –1.33 .48 99.86 49.02 Ambarella AMBA ... dd 70.08 +1.89 ... 76.56 52.65 AstraZeneca AZN 2.1 35 68.25 –0.21 .465
1617.00 1172.00 WhiteMtnIns WTM .1 17 1558.58 –7.87 1.00 11.25 5.96 AdaptiveBiotech ADPT ... dd 6.16 –0.06 ... 16.86 0.38 AmbrxBio AMAM ... dd 14.16 +0.54 ...
32.52 17.89 US Steel X .7 6 30.29 –0.70 .05 16.28 7.36 AstriaTherap ATXS ... dd 8.68 +0.67 ...
10.74 8.15 WhitestoneREIT WSR 5.0 12 9.57 –0.17 .04 114.99 77.30 AddusHomeCare ADUS ... 27 89.37 –1.75 ... 99.75 78.02 Amdocs DOX 2.0 19 87.34 +1.49 .435
558.10 445.68 UnitedHealth UNH 1.5 22 489.12 –9.32 1.88 22.44 7.46 Astronics ATRO ... dd 16.95 +0.11 ...
19.10 7.19 WideOpenWest WOW ... dd 7.48 –0.11 ... 12.37 6.52 Adeia ADEA 2.0 dd 9.79 –0.11 .05 128.28 69.36 Amedisys AMED ... cc 93.25 +0.98 ...
50.08 21.22 UnitySoftware U ... dd 34.72 +0.31 ... 17.21 11.10 AstroNova ALOT ... 36 14.98 +0.83 ...
51.88 30.05 Wiley A WLY 3.8 cc 36.60 +0.33 .35 21.87 1.66 AdicetBio ACET ... dd 1.67 –0.20 ... 31.09 15.79 AmerantBncpA AMTB 1.9 9 18.49 –1.18 .09
57.83 43.64 Universal UVV 6.7 10 47.66 –0.37 .80 5.64 1.25 AtaraBiotherap ATRA ... dd 1.42 –0.07 ...
49.19 29.61 Wiley B WLYB 3.8 cc 36.48 +1.36 .35
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
57.52 40.92 UniversalHealth UHT 6.2 35 46.77 +0.34 .72 552.94 274.73 Adobe ADBE ... 50 525.06 +16.93 ... 19.08 11.65 AmerAirlines AAL ... 4 14.58 –0.46 ... 8.26 2.94 AteaPharm AVIR ... dd 3.31 –0.03 ...
35.68 27.80 Williams WMB 5.2 16 34.67 –0.10.4475 4.10 1.17 AdvEmissions ADES ... dd 1.88 –0.11 ... 105.60 77.80 AEP AEP 4.2 21 79.33 +0.31 .83 4.41 2.22 AthiraPharma ATHA ... dd 2.33 –0.22 ...
158.57 82.50 UniversalHealthB UHS .6 14 131.25 +2.69 .20
167.24 109.22 Williams-Sonoma WSM 2.6 10 140.47 +6.05 .90 126.38 68.00 AdvEnergyInds AEIS .4 24 112.52 +1.14 .10 43.94 25.26 AmerNatlBkshrs AMNB 3.1 12 38.62 –1.41 .30 50.15 35.86 AtlantaBravesC BATRK ... ... 36.09 –0.87 ...
20.15 8.39 UnivInsurance UVE 5.0 71 12.85 –0.80 .16 70.53 50.82 Winnebago WGO 1.9 9 63.65 –1.37 .31 132.83 54.57 AdvMicroDevices AMD ... dd 102.25 –3.20 ... 11.60 6.97 AmOutdoorBrands AOUT ... dd 9.43 +0.18 ... 54.94 40.54 AtlantaBravesA BATRA ... ... 40.62 –1.75 ...
8.78 5.27 UnvlTechInst UTI ... cc 7.89 –0.05 ... 5.31 4.32 Wipro WIT .2 19 4.98 +0.04.1225 4.00 1.13 AdvantageSolns ADV ... dd 2.67 +0.01 ... 14.22 3.76 AmerPubEduc APEI ... dd 5.39 –0.39 ... 3.15 1.67 AtlanticAmerican AAME 1.0 cc 2.00 +0.20 .02
51.15 36.27 UnumGroup UNM 3.0 7 48.98 +0.19 .365 7.49 4.60 WisdomTree WT 1.7 11 7.00 –0.23 .03 10.33 1.16 Aemetis AMTX ... dd 4.98 –0.26 ... 17.88 10.11 AmerSoftware AMSWA 3.7 37 11.86 +1.00 .11 11.12 9.79 AtlCoastal II A ACAB ... 65 10.51 –0.13 ...
6.97 1.25 UpHealth UPH ... dd 1.26 –0.11 ... 125.48 39.02 Wolfspeed WOLF ... dd 45.29 +2.66 ... 30.79 13.80 AerovateTherap AVTE ... dd 15.35 +0.96 ... 17.37 3.20 AmerSupercond AMSC ... dd 8.93 +0.28 ... 35.30 21.61 AtlanticaSust AY 7.8 cc 22.90 +1.00.445
17.68 12.91 UrbanEdgeProp UE 4.2 cc 15.40 –0.40 .16 21.47 7.90 WolverineWwide WWW 5.0 dd 7.94 –0.38 .10 112.39 74.91 AeroVironment AVAV ... dd 94.41 +0.93 ... 78.22 41.05 AmericanWoodmark AMWD ... 13 71.94 –1.47 ... 43.70 21.65 Atlanticus ATLC ... 8 34.50 –0.18 ...
19.15 13.85 UtzBrands UTZ 1.5 cc 14.79 –0.21 .057 26.93 19.11 WoodsideEnergy WDS13.5 7 24.26 –0.39 .80 10.97 9.93 AetheriumAcqnA GMFI ... dd 10.97 +0.03 ... 127.96 52.24 AmerCarMart CRMT ... 35 105.43 –2.35 ... 267.58 113.86 Atlassian TEAM ... dd 191.02 +4.72 ...
V 33.09 22.18 WooriFinl WF 8.5 3 26.16 +0.92 .316 3.00 0.45 Affimed AFMD ... dd .55 +0.05 ... 54.24 28.33 AmerisBancorp ABCB 1.5 9 39.44 –1.69 .15 29.40 11.02 AtourLifestyle ATAT .7 81 19.35 –0.80 .15
112.21 60.28 Workiva WK ... dd 100.06 +2.00 ... 28.80 8.62 AffirmHldgs AFRM ... dd 17.79 +3.29 ... 4.12 2.41 AmeriServFin ASRV 3.8 12 3.14 –0.03 .03 2.22 0.33 Atreca BCEL ... dd .35 –0.04 ...
44.82 16.77 VF VFC 6.4 63 18.87 –1.14 .30 30.65 19.78 WorldKinect WKC 2.6 12 21.73 –0.40 .14 17.02 9.66 Afya AFYA ... 19 14.54 –0.22 ... 296.67 211.71 Amgen AMGN 3.3 17 256.38 –5.44 2.13 59.61 32.51 AtriCure ATRC ... dd 46.00 –0.60 ...
4.00 1.12 ViaOptronics VIAO ... dd 1.31 +0.03 ... 118.04 65.04 WW Ent WWE .4 56 113.69 +1.36 .12 88.16 45.91 Agilysys AGYS ... cc 68.80 –1.25 ... 14.10 9.10 AmicusTherap FOLD ... dd 12.86 +0.05 ... 705.74 455.90 Atrion ATRI 1.9 30 455.90 –31.31 2.20
35.07 29.29 VICI Prop VICI 5.1 14 30.52 +0.44 .39 75.42 38.01 WorthingtonInds WOR 1.7 14 73.16 +1.17 .32 34.76 21.07 AgiosPharm AGIO ... dd 26.97 +0.73 ... 31.38 16.13 AmkorTech AMKR 1.1 11 26.39 +1.24 .075 28.14 18.80 AuburnNatlBncp AUBN 4.9 8 22.26 –0.54 .27
12.17 5.37 Vizio VZIO ... cc 5.59 –0.60 ... 81.00 58.82 WyndhamHtls WH 1.9 22 73.34 –0.91 .35 5.30 2.38 Agora API ... dd 2.86 +0.03 ... 67.66 26.76 AmphastarPharm AMPH ... 27 53.00 +0.13 ... 23.91 8.05 AudioCodes AUDC 3.4 25 10.57 –0.29 .18
28.95 14.60 AirT AIRT ... dd 20.71 –1.61 ... 12.82 7.50 AmtechSystems ASYS ... 34 8.57 –0.03 ... 19.18 8.13 AuraBiosciences AURA ... dd 10.27 +0.18 ...
13.70 6.01 VOC Energy VOC 12.6 7 8.23 –0.19 .21
XYZ 32.15 14.39 AirTransportSvcs ATSG ... 12 21.18 –0.57 ... 41.93 15.80 AmylyxPharm AMLX ... dd 21.85 +1.63 ... 11.64 9.95 AuraFatProjectsA AFAR ... 57 10.82 +0.15 ...
6.68 3.12 VTEX VTEX ... ... 6.24 +0.99 ...
154.95 81.91 Airbnb ABNB ... 37 125.79 +0.73 ... 200.10 133.48 AnalogDevices ADI 1.9 24 178.16 +2.41 .86 12.43 4.07 AuriniaPharm AUPH ... dd 9.16 –0.63 ...
56.75 31.72 V2X VVX ... dd 50.04 –0.27 ... 5.00 1.62 XFinancial XYF ... 2 4.07 +0.27 ... 9.94 2.69 AirSculptTech AIRS .0 dd 7.93 +0.11 .41 32.44 16.66 AnaptysBio ANAB ... dd 20.05 +0.44 ... 1.73 0.43 AuroraCannabis ACB ... 1 .44 –0.07 ...
5.87 3.51 VaalcoEnergy EGY 4.9 12 4.48 –0.41.0625 76.77 24.75 XPO XPO ... 97 69.02 –0.08 ... 107.47 70.65 AkamaiTech AKAM ... 35 102.82 +1.92 ... 15.24 7.44 AnavexLifeSci AVXL ... dd 8.04 –0.12 ... 3.79 1.10 AuroraInnov AUR ... dd 3.07 –0.21 ...
269.50 201.91 VailResorts MTN 3.7 30 220.82 –4.09 2.06 17.44 10.90 XeniaHotels XHR 3.6 23 10.96 –0.33 .10 58.38 10.48 AkeroTherap AKRO ... dd 47.97 +1.61 ... 53.45 30.00 Andersons ANDE 1.4 21 51.31 –0.38 .185
80.00 46.54 Valaris VAL ... 46 73.44 –1.48 ... 11.57 9.97 AuroraTechA ATAK ... cc 10.80 +0.04 ...
7.55 2.00 XinyuanRealEst XIN ... dd 2.02 –0.74 ... 14.38 4.28 Akoya AKYA ... dd 5.21 –0.02 ... 3.18 0.72 Anghami ANGH ... dd .94 –0.20 ... 0.17 0.05 AuroraTechRt ATAKR ... ... .14 –0.02 ...
19.31 11.72 Vale VALE 5.8 5 12.74 +0.43.4056 23.62 6.18 XPeng XPEV ... dd 17.53 +2.55 ... 71.85 44.92 Alarm.com ALRM ... 46 57.99 +0.83 ... 4.59 1.81 Angi ANGI ... dd 2.20 –0.16 ... 233.69 179.61 Autodesk ADSK ... 53 215.92 +16.24 ...
5.99 2.23 ValensSemicon VLN ... dd 2.45 ... ... 26.00 8.15 Xperi XPER ... dd 11.74 –0.27 ... 11.18 10.17 AlchemyInv1 A ALCY ... ... 10.30 +0.03 ... 23.32 8.06 AngioDynamics ANGO ... dd 8.34 –0.27 ... 3.63 1.60 AutolusTherap AUTL ... dd 3.19 +0.04 ...
150.39 97.73 ValeroEnergy VLO 3.1 5 133.12 –0.46 1.02 33.58 14.51 XponentialFit XPOF ... dd 20.56 –1.25 ... 11.63 5.64 Alector ALEC ... dd 5.90 –1.27 ... 32.51 18.12 AnikaTherap ANIK ... dd 18.60 –0.21 ... 274.92 201.46 ADP ADP 2.0 31 253.05 +2.00 1.25
38.75 12.13 Valhi VHI 2.5 54 12.89 +0.09 .08 118.58 84.16 Xylem XYL 1.3 54 101.17 +1.71 .33 9.92 5.64 AlgomaSteel ASTL 2.8 25 7.19 –0.07 .05 7.65 2.07 Annexon ANNX ... dd 2.79 –0.14 ... 16.85 4.61 AvadelPharm AVDL ... dd 13.90 +1.18 ...
353.36 241.13 ValmontInds VMI 1.0 19 246.90 –5.69 .60 49.02 27.86 Yeti YETI ... 61 46.65 +1.20 ... 35.06 22.58 Alico ALCO .8 dd 23.89 +0.02 .05 94.75 19.83 ApellisPharm APLS ... dd 40.77 +10.12 ... 30.23 17.94 Avantax AVTA ... dd 20.61 –0.26 ...
39.67 24.40 Valvoline VVV .0 dd 33.49 –0.34 .125 16.19 5.16 YPF YPF ... 3 14.75 +0.16 ... 413.20 172.05 AlignTech ALGN ... 88 356.35 +5.99 ... 51.17 36.62 ApogeeEnt APOG 1.9 11 49.87 +0.52 .24 2.17 0.67 AveannaHealth AVAH ... dd 1.43 –0.24 ...
23.65 2.62 Vapotherm VAPO ... dd 3.05 –0.25 ... 5.77 3.00 Yalla YALA ... 11 4.97 +0.24 ... 16.63 4.88 AlignmentHlthcr ALHC ... dd 5.89 –0.23 ... 25.54 19.98 ApogeeTherap APGE ... ... 23.75 –0.49 ... 6.93 3.40 AvePoint AVPT ... dd 6.53 –0.11 ...
14.39 8.64 VectorGroup VGR 7.2 11 11.08 +0.54 .20 1.82 0.82 YatsenHolding YSG ... dd 1.02 +0.02 ... 2.41 0.84 AligosTherap ALGS ... dd .86 ... ... 49.00 3.71 ApollomicsA APLM ... ... 4.72 –0.45 ... 39.80 21.15 AviatNetworks AVNW ... 34 33.05 +4.60 ...
218.33 151.02 VeevaSystems VEEV ... 59 189.13 +2.16 ... 47.59 25.30 Yelp YELP ... 71 42.33 +1.28 ... 7.28 1.30 AlimeraSciences ALIM ... dd 3.35 –0.08 ... 195.90 93.02 AppFolio APPF ... dd 183.82 +16.86 ... 33.41 19.78 AvidTechnology AVID ... 37 26.66 +0.06 ...
5.05 1.34 Velo3D VLD ... dd 1.55 +0.15 ... 14.35 4.00 Yext YEXT ... dd 8.31 –0.20 ... 17.98 10.70 AlkamiTech ALKT ... dd 17.04 +1.31 ... 54.26 29.80 Appian APPN ... dd 46.78 +1.04 ... 25.74 7.71 AvidityBio RNA ... dd 8.00 –0.24 ...
15.55 7.81 VelocityFinl VEL ... 10 12.11 –0.64 ... 3.85 0.67 YirenDigital YRD ... 1 2.50 –0.17 ... 33.71 21.75 Alkermes ALKS ... 48 27.17 –2.11 ... 198.23 124.17 Apple AAPL .5 30 178.61 +4.12 .24 12.75 7.02 AvidXchange AVDX ... dd 10.19 +0.34 ...
53.15 35.33 Ventas VTR 4.2 cc 43.06 +1.10 .45 10.00 3.03 Youdao DAO ... dd 3.70 +0.18 ... 8.73 2.69 Allakos ALLK ... dd 2.92 –0.18 ... 11.62 1.45 AppliedDigital APLD ... dd 5.87 –0.13 ... 251.26 131.83 AvisBudget CAR ... 4 216.85 –10.59 ...
18.96 10.22 VerisResidential VRE 1.1 dd 18.43 +0.26 .05 4.49 1.03 Allbirds BIRD ... dd 1.30 –0.03 ... 153.28 71.12 ApplMaterials AMAT .9 19 144.36 +1.70 .32 51.00 35.45 Avnet AVT 2.3 6 49.48 +0.93 .29
143.25 103.97 Yum!Brands YUM 1.9 26 129.74 +0.62 .605
169.85 94.50 Veritiv VRTV 1.5 8 167.85 –0.40 .63 130.93 62.94 AllegiantTravel ALGT 2.7 11 88.16 –5.94 .60 16.26 1.60 AppliedOptoelec AAOI ... dd 12.99 +0.19 ... 2.17 1.32 Aware AWRE ... dd 1.47 –0.01 ...
64.70 38.59 YumChina YUMC 1.0 30 53.05 +0.29 .13
43.70 31.25 Verizon VZ 7.8 7 33.35 +0.17.6525 53.05 19.80 AllegroMicro ALGM ... 31 37.54 –0.07 ... 2.18 0.50 AppliedTherap APLT ... dd 1.39 –0.04 ... 201.00 49.78 AxcelisTechs ACLS ... 27 168.55 +4.10 ...
44.25 11.73 ZimIntShipping ZIM 158.5 1 11.86 –0.546.40
27.63 17.05 AllianceResource ARLP13.8 4 20.25 +0.17 .70 40.69 9.14 Applovin APP ... cc 39.76 +1.53 ... 2.70 0.10 AxcellaHealth AXLA ... dd .11 –0.05 ...
30.17 10.75 VermilionEnergy VET 1.9 2 13.78 –0.46.0749 30.05 16.27 ZTO Express ZTO .0 18 24.39 +0.27 .37
63.60 47.19 AlliantEnergy LNT 3.6 19 50.78 +0.16.4525 13.40 0.20 Appreciate SFR ... dd .30 +0.01 ... 229.95 109.31 AxonEnterprise AXON ... cc 198.43 –1.67 ...
11.58 1.00 VerticalAerospace EVTL ... dd 1.14 –0.09 ... 10.78 9.82 ZalatorisAcqn TCOA ... 82 10.48 +0.05 ... 44.88 25.14 Allient ALNT .4 23 33.14 –0.27 .03 11.00 10.06 APxAcqnI A APXI ... 82 10.94 +0.07 ... 79.92 47.59 Axonics AXNX ... dd 56.56 –4.00 ...
37.95 9.48 Vertiv VRT .0 80 37.50 +3.53 .01 2.19 1.05 ZeppHealth ZEPP ... dd 1.13 –0.07 ... 7.97 1.31 ApyxMedical APYX ... dd 4.30 –0.32 ...
15.56 3.70 AllogeneTherap ALLO ... dd 3.87 –0.08 ... 91.29 38.87 AxsomeTherap AXSM ... dd 76.66 +5.88 ...
40.92 17.10 Viad VVI ... cc 27.97 –1.56 ... 11.28 5.78 ZetaGlobal ZETA ... dd 7.74 +0.06 ... 4.74 2.09 Allot ALLT ... dd 2.16 –0.28 ... 2.69 0.72 AquestiveTherap AQST ... dd 1.79 +0.05 ...
4.57 0.82 VicariousSurgical RBOT ... dd 1.01 +0.09 ... 5.30 2.25 ZeviaPBC ZVIA ... dd 2.30 –0.18 ... 63.60 36.01 Azenta AZTA ... dd 54.67 –0.62 ...
10.29 2.42 AlloVir ALVR ... dd 3.00 +0.16 ... 2.46 0.12 Aravive ARAV ... dd .13 –0.09 ...
48.16 16.78 Victoria'sSecret VSCO ... 6 18.02 –2.57 ... 2.11 0.89 Zhihu ZH ... dd .95 –0.15 ... 3.15 1.85 ArbutusBiopharma ABUS ... dd 2.03 –0.03 ... B
8.50 2.44 VinceHolding VNCE ... dd 2.46 –0.14 ... 149.25 102.60 ZimmerBiomet ZBH .8 48 115.24 –3.94 .24 122.86 68.00 ArcBest ARCB .5 16 103.82 –0.78 .12 20.22 9.97 BCB Bancorp BCBP 5.7 5 11.21 –0.34 .16
19.13 6.36 Vipshop VIPS ... 8 15.72 +0.79 ... 24.05 13.68 ZipRecruiter ZIP ... 32 16.39 +0.14 ... Nasdaq Issues includes stocks traded on the Nasdaq 48.92 15.63 Arcellx ACLX ... dd 35.59 +0.81 ... 5.51 3.14 BGC BGC .8 47 5.10 +0.10 .01
6.61 2.46 VirginGalactic SPCE ... dd 2.54 –0.31 ... 194.99 124.15 Zoetis ZTS .8 38 182.82 +1.25 .375 Global Select and Nasdaq Global Market tiers. They are 84.83 41.05 ArchCapital ACGL ... 13 74.62 –0.62 ... 37.83 22.93 BJsRestaurants BJRI ... 40 29.64 –0.58 ...
eligible for inclusion on the basis of SEC-approved
2.68 0.34 VirnetX VHC .0 dd .37 –0.01 1.00 12.12 5.45 Zuora ZUO ... dd 8.97 –1.03 ... market value of publicly-held shares, trading volume, 47.00 1.00 Arcimoto FUV ... dd 1.02 –0.04 ... 110.85 74.40 BOK Fin BOKF 2.7 8 80.75 –2.43 .54
245.37 174.60 Visa V .7 31 242.57 +4.40 .45 30.87 19.29 ZurnElkayWater ZWS 1.0 cc 28.79 +0.04 .07 price and number of market-makers. 15.00 7.85 ArcoPlatform ARCE ... cc 13.63 +0.02 ... 33.34 19.26 BRP Group BRP ... dd 25.32 +0.09 ...
42 BARRON’S August 28, 2023
8.56 0.80 Bioventus BVS ... dd 3.45 –0.93 ... 6.09 2.71 CorMedix CRMD ... dd 4.08 –0.01 ... 21.54 9.93 EasternBankshares EBC 3.0 dd 13.23 –0.27 .10 32.05 22.50 FirstBancorp FNLC 5.6 8 24.99 –0.58 .35
257.86 197.22 CaseysGenStores CASY .7 21 244.40 –2.49 .43 24.35 15.30 Eastern EML 2.4 16 18.02 +0.03 .11 35.90 22.82 FirstBancshares FBMS 3.2 11 28.32 –1.01 .23
2.16 0.38 Bitfarms BITF ... dd 1.26 –0.08 ... 51.48 33.52 CassInfoSys CASS 3.0 16 38.38 –0.79 .29 20.72 10.96 CorsairGaming CRSR ... cc 14.71 –0.29 ...
6.85 1.18 BlackDiamond BDTX ... dd 3.23 +0.07 ... 228.94 135.81 Corvel CRVL ... 55 218.65 –2.80 ... 15.82 2.52 EbangIntl EBON ... dd 7.60 +0.13 ... 16.23 8.59 FirstBank FRBA 2.1 7 11.54 –0.39 .06
32.93 9.26 CastleBiosci CSTL ... dd 18.63 +1.07 ... 52.23 35.92 eBay EBAY 2.3 18 43.59 +0.60 .25 27.98 16.26 FirstBusey BUSE 4.8 8 20.19 –0.52 .24
78.71 43.54 Blackbaud BLKB ... dd 72.60 +0.84 ... 47.30 27.24 CathayGenBncp CATY 3.9 7 34.51 –0.59 .34 4.19 0.61 CorvusPharm CRVS ... dd 2.07 –0.09 ...
77.90 48.22 BlackLine BL ... cc 53.62 +1.55 ... 92.36 65.12 CoStar CSGP ... 84 80.20 +1.91 ... 32.87 11.75 Ebix EBIX 2.0 14 15.20 +1.27 .075 39.88 24.57 FirstBusFinSvcs FBIZ 2.9 7 31.85 +0.70.2275
318.00 193.91 CavcoIndustries CVCO ... 10 263.10 –8.08 ... 24.80 14.67 EchoStar SATS ... 13 17.35 –2.29 ... 1512.07 505.84 FirstCitizBcshA FCNCA .2 2 1361.68 –32.90 .75
4.01 3.03 BlackRockCapInvt BKCC11.7 24 3.43 –0.07 .10 16.73 8.41 CECO Env CECO ... 28 12.92 –0.25 ... 571.16 447.90 Costco COST .8 40 534.01 –10.93 1.02
13.90 9.60 BlkRkTCPCap TCPC11.2 40 12.15 –0.08 .10 22.50 10.19 Couchbase BASE ... dd 15.80 +1.04 ... 14.33 5.53 EdgewiseTherap EWTX ... dd 7.13 –0.06 ... 39.39 22.55 FirstCommBkshs FCBC 3.7 11 30.96 –0.81 .29
8.15 3.80 CellebriteDI CLBT ... dd 7.69 +0.09 ... 3.88 0.45 Edgio EGIO ... dd .76 +0.05 ... 26.72 17.99 FirstFinBncpOH FFBC 4.4 8 20.88 –0.63 .23
11.05 9.80 bleuacaciaA BLEU ... 44 10.44 ... ... 4.04 1.68 Cellectis CLLS ... dd 1.90 +0.05 ... 57.57 27.06 CovenantLogist CVLG .8 8 49.27 –0.80 .11
0.14 0.01 bleuacaciaRt BLEUR ... ... .05 –0.02 ... 121.17 80.56 CrackerBarrel CBRL 6.5 19 80.62 –4.47 1.30 16.39 6.33 EditasMedicine EDIT ... dd 8.77 +0.11 ... 46.08 25.01 FirstFinBkshs FFIN 2.5 19 28.67 –0.63 .18
8.65 3.00 CentessaPharm CNTA ... dd 6.80 +0.41 ... 4.00 1.00 EducDev EDUC ... dd 1.35 –0.20 ... 49.90 31.00 FirstFinIN THFF 3.0 7 36.04 –1.12 .54
12.80 9.98 BlockchainCoinIA BCSA ... cc 10.75 –0.16 ... 2.52 0.61 Centogene CNTG ... ... 1.05 –0.05 ... 7.15 3.89 CreativeMedia CMCT 7.8 dd 4.34 +0.33 .085
28.67 17.96 Bloomin'Brands BLMN 3.6 10 26.75 –1.10 .24 589.08 358.00 CreditAcceptance CACC ... 20 497.75 +16.61 ... 23.24 3.32 EHang EH ... dd 17.57 +1.00 ... 15.75 9.70 FirstFinNW FFNW 4.2 11 12.45 +0.21 .13
48.48 35.60 CentralGarden CENT ... 20 44.21 +0.14 ... 10.57 2.67 eHealth EHTH ... dd 8.08 +0.35 ... 25.19 10.79 FirstGuarBcshs FGBI 5.7 7 11.23 +0.07 .16
28.80 7.14 BlueBird BLBD ... dd 21.16 –0.58 ... 45.93 33.69 CentralGardenA CENTA ... 18 40.98 –0.04 ... 19.46 7.20 CredoTech CRDO ... dd 15.65 +1.63 ...
13.17 8.14 BlueFoundryBncp BLFY ... dd 9.48 –0.07 ... 18.18 12.55 CrescentCapBDC CCAP10.0 19 16.46 –0.11 .41 8.83 0.53 EigerBioPharma EIGR ... dd .84 +0.07 ... 28.28 15.08 FirstHawaiian FHB 5.6 9 18.68 –0.54 .26
12.97 5.27 CenturyAluminum CENX ... dd 7.28 –0.82 ... 6.49 2.50 8x8 EGHT ... dd 2.96 –0.54 ... 37.95 9.68 FirstInternetBncp INBK 1.2 12 19.28 –0.86 .06
11.42 10.00 BlueOceanA BOCN ... 46 10.69 +0.05 ... 11.95 2.28 CenturyTherap IPSC ... dd 2.39 –0.31 ... 9.59 4.79 Cresud CRESY .0 11 7.99 –0.01.1326
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
0.73 0.02 BlueWorldRt BWAQR ... ... .16 –0.01 ... 17.89 6.02 Cricut CRCT .0 42 9.27 –0.11 1.00 22.93 4.15 89bio ETNB ... dd 16.52 +0.27 ... 46.34 21.03 FirstInterBanc FIBK 7.4 9 25.27 –1.53 .47
2.38 1.55 Ceragon CRNT ... cc 1.93 +0.01 ... 13.00 8.15 ElPolloLoco LOCO .0 15 9.60 –0.42 1.50 45.04 24.52 FirstMerchants FRME 4.6 7 29.43 –0.89 .34
8.58 2.78 bluebirdbio BLUE ... dd 3.79 +0.28 ... 36.79 12.82 Cerence CRNC ... dd 25.73 +0.71 ... 24.58 15.23 CrineticsPharm CRNX ... dd 17.08 +0.94 ...
79.40 37.82 BlueprintMed BPMC ... dd 50.57 +1.28 ... 36.76 22.54 Criteo CRTO ... cc 28.86 –0.30 ... 225.22 162.01 ElbitSystems ESLT 1.0 33 196.99 –4.12 .50 37.22 21.77 FirstMidBcshs FMBH 3.3 8 27.93 –0.39 .23
24.96 10.60 Certara CERT ... cc 16.12 +0.08 ... 140.30 108.53 ElectronicArts EA .6 37 119.69 +1.33 .19 16.82 9.94 FirstNWBncp FNWB 2.2 7 12.70 –0.15 .07
2.03 1.07 BoltBiotherap BOLT ... dd 1.10 –0.05 ... 4.63 1.66 Cerus CERS ... dd 1.79 +0.08 ... 10.82 9.88 CrixusBH3 A BHAC ... 32 10.46 ... ...
3251.71 1616.85 Booking BKNG ... 26 3042.51 –15.92 ... 151.32 65.17 Crocs CROX ... 9 95.56 +0.76 ... 5.89 0.72 ElevationOnc ELEV ... dd .78 –0.03 ... 232.00 115.66 FirstSolar FSLR ... cc 177.45 –4.46 ...
10.99 9.65 ChainBridgeIA CBRG ... 29 10.66 +0.04 ... 24.39 4.60 ElicioTherap ELTX ... dd 9.65 –0.35 ... 59.94 38.77 1stSource SRCE 2.9 9 44.17 –0.73 .32
10.25 10.10 BowenAcqn BOWN ... ... 10.12 +0.01 ... 37.02 17.83 ChampionX CHX 1.0 29 35.30 –0.08 .085 3.62 1.64 Cronos CRON ... dd 1.69 –0.17 ...
0.19 0.15 BowenAcqnRt BOWNR ... ... .16 –0.01 ... 40.12 20.50 CrossCtyHlthcr CCRN ... 7 24.89 –0.06 ... 4.75 2.21 EliemTherap ELYM ... dd 2.65 –0.06 ... 20.94 12.56 FirstUnited FUNC 4.9 5 16.31 +0.21 .20
3.00 0.55 ChargeEnt CRGE ... dd .62 –0.01 ... 36.64 16.69 Embecta EMBC 3.5 21 17.14 –1.06 .15 20.31 12.75 FirstWatchRest FWRG ... 70 19.39 +1.39 ...
36.36 14.00 BowmanConsult BWMN ... cc 28.32 –3.27 ... 446.01 297.66 CharterComms CHTR ... 14 416.78 –3.69 ... 14.66 9.29 CrossFirstBkshs CFB ... 9 10.71 –0.47 ...
5.80 2.89 BraggGaming BRAG ... dd 5.30 –0.23 ... 202.70 92.25 CrowdStrike CRWD ... dd 149.58 +2.78 ... 11.69 9.96 EmbraceChange EMCG ... 54 10.76 +0.05 ... 30.70 13.00 FirstWesternFin MYFW ... 11 20.14 +0.19 ...
135.93 107.54 CheckPoint CHKP ... 20 134.43 +2.81 ... 0.92 0.08 EmbraceChangeRt EMCGR ... ... .12 ... ... 105.68 72.45 FirstCash FCFS 1.6 18 89.40 –1.48 .35
5.57 1.38 Brainsway BWAY ... dd 3.40 +0.21 ... 41.28 27.91 Cheesecake CAKE 3.4 24 31.61 –0.84 .27 4.38 0.31 CueHealth HLTH ... dd .44 +0.09 ...
47.99 22.54 Braze BRZE ... dd 41.28 +0.54 ... 14.04 7.78 CullinanOncology CGEM ... dd 10.90 +0.42 ... 2.53 0.43 Emcore EMKR ... dd .56 +0.06 ... 1.78 0.51 FirsthandTechVal SVVC ... dd .54 –0.02 ...
39.54 27.57 ChefsWarehouse CHEF ... 63 27.92 –0.53 ... 29.74 20.84 Enact ACT 2.2 7 28.91 +0.08 .16 163.95 112.44 FirstService FSV .6 49 146.40 –0.40 .225
36.36 6.64 BridgeBioPharma BBIO ... dd 29.68 +0.96 ... 53.43 33.72 ChemungFinl CHMG 3.1 7 39.47 –0.99 .31 2.91 1.43 CumberlandPharm CPIX ... dd 1.69 +0.03 ...
25.90 3.26 BridgerAerospace BAER ... dd 6.60 –0.30 ... 10.12 2.57 CumulusMedia CMLS ... dd 4.45 –0.08 ... 67.45 14.95 EnantaPharma ENTA ... dd 15.67 +0.06 ... 220.19 123.55 FiveBelow FIVE ... 37 177.70 –16.55 ...
11.49 10.03 ChengheAcqnA CHEA ... 54 10.79 –0.01 ... 58.46 42.50 EncoreCapital ECPG ... dd 46.11 –1.36 ... 19.97 2.47 5EAdvMatls FEAM ... dd 2.59 –0.29 ...
15.38 10.71 BridgfordFoods BRID ... 24 11.50 –0.38 ... 107.31 69.68 ChesapeakeEner CHK 2.6 2 85.13 –0.80 .575 12.79 5.63 CureVac CVAC ... dd 8.80 –0.11 ...
7.39 3.28 Brightcove BCOV ... dd 3.80 –0.15 ... 53.72 9.10 Cutera CUTR ... dd 9.20 –1.82 ... 206.74 108.53 EncoreWire WIRE .1 5 159.69 –0.73 .02 104.18 46.61 Five9 FIVN ... dd 72.23 +1.59 ...
16.50 12.91 ChicagoAtlRealEst REFI 13.0 7 14.46 –0.56 .47 11.36 10.10 EnergemA ENCP ... cc 11.10 +0.03 ... 31.35 17.74 FiveStarBncp FSBC 3.2 7 22.12 –0.38 .20
60.54 39.24 BrighthouseFin BHF ... dd 48.00 +0.43 ... 19.94 6.57 CVRx CVRX ... dd 17.31 –0.12 ...
9.67 0.36 ChickenSoupA CSSE ... dd .41 –0.04 ... 30.76 17.32 EnergyRecovery ERII ... cc 27.29 +0.15 ... 28.90 16.11 Flex FLEX ... 15 26.14 +0.44 ...
9.45 3.15 BrilliantEarthA BRLT ... cc 3.18 –0.35 ... 169.34 113.19 CyberArkSoftware CYBR ... dd 158.91 +8.91 ...
13.02 1.82 ChijetMotor CJET ... 35 1.88 –0.22 ... 20.44 15.33 EnlightRenewableEn ENLT ... 36 16.51 +0.04 ... 24.96 13.46 Flexsteel FLXS 2.7 8 22.28 +0.78 .15
923.18 415.07 Broadcom AVGO 2.2 27 851.82 +25.984.60 14.19 3.16 CymaBayTherap CBAY ... dd 13.20 +1.32 ...
48.88 14.27 Children'sPlace PLCE ... dd 26.54 –1.08 ... 25.34 4.40 EnlivenTherap ELVN ... 74 16.72 +0.38 ... 31.32 11.90 FluenceEnergy FLNC ... dd 23.77 +0.94 ...
15.50 7.00 BrooklineBcp BRKL 5.7 9 9.45 –0.45 .135 2.81 1.13 CyteirTherap CYT ... dd 2.74 +0.01 ...
2.68 0.92 Chimerix CMRX ... 0 1.02 +0.08 ... 26.30 6.50 Enovix ENVX ... dd 13.93 –0.12 ... 1.81 0.56 Fluent FLNT ... dd .69 –0.01 ...
84.84 48.42 Bruker BRKR .3 29 62.87 +0.64 .05 15.90 6.45 CytekBiosci CTKB ... dd 7.65 –0.81 ...
9.21 4.86 Chindata CD ... 26 8.30 –0.02 ... 339.92 120.90 EnphaseEnergy ENPH ... 31 124.09 –6.25 ... 21.67 9.28 FlushingFinl FFIC 6.3 9 13.89 –0.83 .22
28.57 14.74 Bumble BMBL ... dd 16.04 –0.43 ... 55.80 30.66 Cytokinetics CYTK ... dd 34.86 +2.42 ...
27.24 17.50 ChipMOSTechs IMOS 4.9 16 23.21 +0.621.5007 102.26 78.84 EnsignGroup ENSG .2 23 98.15 +1.16.0575 35.80 17.16 Flywire FLYW ... dd 31.74 +0.45 ...
3.20 0.95 BurgerFiIntl BFI ... dd 1.42 –0.01 ... 3.02 1.17 CytomXTherap CTMX ... dd 1.46 –0.01 ...
164.80 117.05 ChordEnergy CHRD 3.2 4 157.70 +0.11 .11 271.39 169.04 Enstar ESGR ... 19 250.86 +2.49 ... 52.66 30.27 FocusFinlPtrs FOCS ... cc 52.48 +0.24 ...
4.24 1.23 BurningRockBio BNR ... dd 1.26 –0.09 ... D
150.45 89.17 ChurchillDowns CHDN .3 27 123.92 +2.57 .357 114.47 61.75 Entegris ENTG .4 cc 96.48 +1.73 .10 11.55 9.95 FocusImpact FIAC ... 70 10.61 +0.02 ...
11.47 9.95 BurTechAcqnA BRKH ... cc 10.48 ... ...
43.17 21.07 Chuy's CHUY ... 27 38.41 +0.92 ... 2.50 1.08 DBV Tech DBVT ... dd 1.49 –0.01 ... 36.72 26.27 EnterpriseBncp EBTC 3.2 8 28.39 –1.64 .23 9.60 1.40 FocusUniversal FCUV ... dd 1.75 –0.04 ...
25.00 13.05 BusFirstBcshs BFST 2.4 8 20.15 +0.24 .12
72.97 18.00 Cimpress CMPR ... dd 62.76 –2.46 ... 19.89 5.83 DISH Network DISH ... 2 6.00 –0.69 ... 56.35 36.16 EnterpriseFinSvcs EFSC 2.6 7 38.92 –1.11 .25 12.02 4.51 FoghornTherap FHTX ... dd 7.10 –0.80 ...
4.25 0.43 BuzzFeed BZFD ... dd .43 –0.01 ...
130.66 88.66 CincinnatiFinl CINF 2.9 12 104.22 +0.35 .75 28.01 13.95 DMC Global BOOM ... 14 22.93 –0.94 ... 24.38 9.32 EntradaTherap TRDA ... dd 15.93 +0.18 ... 11.17 10.03 ForbionEuroA FRBN ... dd 10.90 +0.01 ...
11.63 9.94 byNordicAcqnA BYNO ... 63 10.69 +0.04 ...
518.71 370.93 Cintas CTAS 1.1 38 496.01 +10.57 1.35 1.89 0.61 D-MarketElec HEPS ... dd 1.45 –0.02 ... 75.90 40.37 ePlus PLUS ... 13 63.43 +1.32 ... 37.74 18.15 FormFactor FORM ... dd 31.25 +0.96 ...
C 5.30 0.38 CipherMining CIFR ... dd 2.97 –0.17 ... 11.83 9.85 DuetAcqnA DUET ... cc 10.73 +0.01 ... 7.65 4.76 EpsilonEnergy EPSN 4.7 5 5.29 –0.21.0625 103.50 60.29 FormulaSys FORTY 1.2 18 74.90 +0.70.6215
5.80 1.48 Cadiz CDZI ... dd 3.99 +0.20 ... 111.15 61.94 CirrusLogic CRUS ... 30 78.22 +0.04 ... 39.89 22.06 DXP Ents DXPE ... 11 35.10 +0.89 ... 5.71 1.58 EQRx EQRX ... dd 2.30 +0.05 ... 43.03 22.62 ForresterRes FORR ... cc 31.04 +0.12 ...
63.77 46.00 C&F Fin CFFI 3.3 6 53.58 –1.62 .44 56.48 38.60 CiscoSystems CSCO 2.8 18 55.70 +0.66 .39 15.59 2.98 DadaNexus DADA ... dd 4.94 –0.03 ... 3.06 0.48 Equillium EQ ... dd .83 –0.01 ... 81.24 42.61 Fortinet FTNT ... 44 58.81 +1.65 ...
24.98 17.20 CB FinSvcs CBFV 4.6 7 21.52 –0.29 .25 34.94 14.21 CitiTrends CTRN ... 10 23.83 +1.75 ... 8.65 1.46 Daktronics DAKT ... 59 8.41 +0.37 ... 821.63 494.89 Equinix EQIX 1.8 89 770.92 +21.15 3.41 37.30 24.93 Fortrea FTRE ... ... 27.47 +1.39 ...
11.40 8.20 CCC Intelligent CCCS ... dd 10.47 –0.14 ... 14.55 7.61 CtznCmntyBcp CZWI 2.8 7 10.25 +0.10 .29 8.49 3.73 DallasNews DALN16.1 dd 3.98 ... .16 9.91 2.45 Erasca ERAS ... dd 2.62 +0.11 ... 11.80 10.13 FortuneRiseA FRLA ... cc 10.88 ... ...
215.00 147.91 CDW CDW 1.2 26 204.00 +3.70 .59 17.92 10.01 CitizensHolding CIZN 6.1 9 10.52 +0.26 .16 118.02 61.34 Datadog DDOG ... dd 92.60 –1.03 ... 293.26 199.49 ErieIndemnity ERIE 1.7 42 280.88 –0.40 1.19 121.38 60.09 ForwardAir FWRD 1.3 13 71.21 +6.63 .24
36.29 19.72 CEVA CEVA ... dd 21.33 +0.72 ... 103.00 82.53 CityHolding CHCO 2.9 12 91.05 –1.42 .65 47.29 30.36 Dave&Buster's PLAY ... 14 39.16 –0.94 ... 16.49 9.25 Escalade ESCA 3.9 25 15.24 –0.12 .15 6.08 1.89 Fossil FOSL ... dd 2.02 +0.02 ...
11.52 9.88 CFAcqnVII A CFFS ... cc 10.63 –0.06 ... 27.17 6.86 Clarus CLAR 1.3 dd 7.45 –0.86 .025 18.52 4.47 Dave DAVE ... dd 7.21 +0.54 ... 8.87 1.12 EsperionTherap ESPR ... dd 1.38 –0.07 ... 19.53 9.00 FosterLB FSTR ... dd 18.30 –0.59 ...
12.61 2.60 C4 Therap CCCC ... dd 3.05 –0.18 ... 11.36 9.83 CleanEarthA CLIN ... 77 10.51 –0.04 ... 2.28 1.08 DawsonGeophys DWSN ... dd 1.86 –0.05 ... 5.35 1.95 EtonPharm ETON ... dd 4.87 +0.61 ... 26.49 6.58 4D Molecular FDMT ... dd 16.85 +0.81 ...
119.49 86.60 CH Robinson CHRW 2.6 22 93.76 –1.23 .61 0.49 0.08 CleanEarthRt CLINR ... ... .18 +0.01 ... 26.72 10.84 DayOneBiopharm DAWN ... dd 14.02 +0.10 ... 149.91 71.59 Etsy ETSY ... dd 72.31 –1.47 ... 37.26 28.02 FoxA FOXA 1.6 14 32.43 –1.02 .26
1.77 0.96 CLPS CLPS .0 dd 1.04 +0.04 .05 7.73 3.84 CleanEnerFuels CLNE ... dd 4.13 +0.01 ... 5.68 1.61 DecibelTherap DBTX ... dd 5.14 +0.12 ... 121.55 71.60 EuronetWorldwide EEFT ... 13 84.75 +1.18 ... 34.42 26.35 FoxB FOX 1.7 13 30.15 –1.14 .26
209.31 166.55 CME Group CME 2.2 25 203.22 –0.51 1.10 134.90 30.00 Clearfield CLFD ... 11 34.52 –3.94 ... 22.76 12.73 DecipheraPharm DCPH ... dd 14.41 –0.20 ... 21.70 12.02 EuropeanWax EWCZ ... 99 17.37 +0.01 ... 127.54 73.05 FoxFactory FOXF ... 24 105.73 +1.50 ...
27.54 16.43 CNB FinPA CCNE 3.9 6 17.89 –0.45 .175 1.85 0.90 ClearsideBiomed CLSD ... dd .94 ... ... 21.86 8.71 DefinitiveHlthcr DH ... dd 9.38 –0.52 ... 52.90 0.49 EveloBiosci EVLO ... dd 6.31 –0.68 ... 107.36 77.58 FranklinElec FELE .9 23 96.11 +2.91 .225
18.44 6.97 CompassPath CMPS ... dd 8.97 +0.73 ... 11.50 9.97 ClimateRockA CLRC ... cc 10.72 ... ... 11.84 9.82 DenaliCapAcqnA DECA ... dd 10.86 +0.04 ... 42.90 21.05 Everbridge EVBG ... dd 23.45 +0.38 ... 4.84 2.63 FreightCarAmer RAIL ... dd 2.77 –0.12 ...
45.95 15.22 CPI Card PMTS ... 6 20.11 –1.76 ... 0.15 0.08 ClimateRockRt CLRCR ... ... .13 +0.01 ... 34.78 21.74 DenaliTherap DNLI ... dd 23.02 +0.44 ... 13.47 5.87 EverCommerce EVCM ... dd 10.25 +0.03 ... 7.42 4.92 FrequencyElec FEIM .0 dd 6.42 ... 1.00
128.10 81.69 CRA Intl CRAI 1.3 20 108.02 +1.07 .36 55.70 24.65 ClimbGlbl CLMB 1.6 16 41.77 –0.86 .17 43.24 26.48 DentsplySirona XRAY 1.5 dd 37.53 +0.23 .14 11.47 10.03 EvergreenA EVGR ... 54 10.84 –0.09 ... 5.59 0.33 FrequencyTherap FREQ ... dd .47 –0.11 ...
75.18 38.94 CrisprTherap CRSP ... dd 49.69 +1.55 ... 3.04 0.71 CloverHealth CLOV ... dd 1.26 –0.09 ... 82.02 61.26 DescartesSystems DSGX ... 59 73.57 +1.88 ... 71.13 54.12 Evergy EVRG 4.3 17 56.89 +0.49.6125 84.70 36.02 Freshpet FRPT ... dd 73.35 –5.93 ...
69.35 47.04 CSG Systems CSGS 2.1 25 54.55 +1.09 .28 54.53 29.91 CoastalFinl CCB ... 12 43.45 –0.50 ... 25.03 1.94 DesignTherap DSGN ... dd 2.08 –0.01 ... 18.86 5.23 EverQuote EVER ... dd 5.55 –0.96 ... 23.09 11.92 Freshworks FRSH ... dd 21.15 –0.30 ...
14.98 6.68 CSP CSPI 1.1 13 14.10 –0.83 .04 745.53 405.03 CocaColaCon COKE .3 14 694.66 –1.24 .50 7.57 3.69 DestinationXL DXLG ... 7 4.16 –0.28 ... 10.43 4.95 EverspinTech MRAM ... 28 9.72 +0.08 ... 38.97 19.06 Frontdoor FTDR ... 21 32.42 –0.38 ...
190.63 111.70 CSW Industrials CSWI .4 29 181.89 –2.83 .19 66.79 41.80 Coca-ColaEuro CCEP 2.9 16 63.48 +0.91 .74 3.32 2.45 Deswell DSWL 8.0 19 2.50 –0.02 .10 10.55 3.45 EVgo EVGO ... dd 3.86 –0.32 ... 30.83 11.65 FrontierComms FYBR ... 14 15.24 –0.22 ...
34.38 25.80 CSX CSX 1.4 16 30.91 +0.04 .11 8.05 1.58 Codexis CDXS ... dd 1.65 –0.01 ... 139.55 78.94 DexCom DXCM ... cc 100.76 –5.29 ... 11.49 6.51 Evolus EOLS ... dd 9.06 –0.46 ... 14.34 6.50 Frontier ULCC ... 11 6.57 –0.34 ...
August 28, 2023 BARRON’S 43
11.28 8.21 GladstoneCap GLAD 9.9 11 10.04 –0.17.0825 3.06 0.80 HomologyMed FIXX ... dd 1.16 +0.08 ... 53.71 39.10 IntlBcshs IBOC 2.8 7 45.12 –0.04 .63
20.21 10.84 GladstoneComm GOOD 9.2 dd 13.08 +0.04 .10 4.32 1.30 Honest HNST ... dd 1.43 +0.04 ... 25.90 19.15 LandmarkBncp LARK 4.2 10 19.80 –0.66 .21 63.47 30.73 MatchGroup MTCH ... 27 43.79 –0.61 ...
7.54 3.35 Intevac IVAC ... dd 3.45 –0.04 ...
14.74 11.40 GladstoneInvt GAIN 7.6 13 12.64 –0.15 .08 220.96 166.63 Honeywell HON 2.2 23 186.30 –0.28 1.03 208.62 137.51 LandstarSystem LSTR .7 20 186.95 –2.15 .33 13.04 6.51 Materialise MTLS ... cc 6.65 –0.27 ...
67.05 42.01 Intra-Cellular ITCI ... dd 55.06 –1.18 ...
24.87 14.95 GladstoneLand LAND 3.5 dd 15.70 +0.18.0462 22.10 12.90 HookerFurnishings HOFT 4.1 dd 21.57 +0.07 .22 100.85 47.46 Lantheus LNTH ... cc 66.37 +0.09 ... 9.52 3.31 MatrixService MTRX ... dd 7.96 +1.58 ...
521.82 352.63 Intuit INTU .6 62 519.05 +33.09 .78
11.19 9.82 GlblBlockchain GBBK ... 58 10.45 –0.05 ... 15.21 7.42 HopeBancorp HOPE 5.9 6 9.43 –0.37 .14 10.80 2.63 LanzaTechGlobal LNZA ... dd 6.32 –0.09 ... 24.20 15.36 Mattel MAT ... 35 21.86 +1.10 ...
136.00 3.76 IntuitiveMachinesA LUNR ... dd 4.44 –0.54 ...
0.55 0.04 GlbBlockchainRt GBBKR ... ... .19 +0.04 ... 20.11 7.69 HorizonBancorp HBNC 5.9 6 10.85 –0.52 .16 7.25 3.23 Largo LGO ... dd 3.46 –0.10 ... 4.80 2.20 Matterport MTTR ... dd 2.50 +0.02 ...
358.07 180.07 IntuitiveSurgical ISRG ... 75 297.55 +11.60 ...
45.72 18.14 Global-EOnline GLBE ... dd 39.00 +2.23 ... 10.84 10.10 HorizonSpaceI HSPO ... 67 10.50 +0.01 ... 6.85 2.40 LarimarTherap LRMR ... dd 3.96 +0.09 ... 48.86 22.12 MatthewsIntl MATW 2.2 dd 41.10 –1.26 .23
11.75 2.22 Inventiva IVA ... dd 3.41 –0.12 ...
11.00 10.00 GlobalStarA GLST ... cc 10.56 ... ... 13.45 9.67 HorizonTechFin HRZN 11.1 21 11.84 –0.20 .11 11.42 10.00 LatAmGrowthA LATG ... 36 10.77 –0.01 ... 7.50 3.45 MaxCyte MXCT ... dd 3.66 –0.06 ...
22.48 10.71 Investar ISTR 3.1 5 13.02 –0.45 .10
0.38 0.08 GlobalStarRt GLSTR ... ... .15 +0.01 ... 113.83 57.84 HorizonTherap HZNP ... 57 106.67 +2.81 ... 6.63 2.12 Latham SWIM ... dd 3.61 –0.37 ... 38.91 13.25 MaxeonSolar MAXN ... dd 13.47 –0.23 ...
5.00 3.18 InvestcpCredit ICMB13.2 dd 3.93 –0.05 .05
14.95 10.44 GlobalWaterRscs GWRS 2.7 40 11.22 –0.02.0248 19.42 14.51 HostHotels HST 3.9 15 15.44 –0.67 .15 98.18 44.53 LatticeSemi LSCC ... 60 88.54 +1.06 ... 43.66 21.65 MaxLinear MXL ... 28 22.02 –0.59 ...
11.39 10.04 InvestcorpEur I A IVCB ... dd 10.78 +0.01 ...
72.50 46.52 GlobalFoundries GFS ... 19 52.52 –1.39 ... 3.10 0.33 HubCyberSecurity HUBC ... ... .40 –0.03 ... 14.80 9.24 LaureateEduc LAUR .0 23 13.96 –0.28 .68 111.70 81.25 McGrathRent MGRC 1.8 22 101.67 +3.25 .465
11.11 10.03 InvestcorpIndiaA IVCA ... 31 10.74 +0.02 ...
11.67 9.96 GlobalinkInvt GLLI ... 94 10.65 –0.04 ... 104.67 67.77 HubGroup HUBG ... 10 80.32 –0.53 ... 15.82 4.72 Lavoro LVRO ... dd 5.91 +0.21 ... 10.49 5.64 MedallionFinl MFIN 3.9 4 8.27 –0.27 .08
167.84 125.80 InvestorsTitle ITIC 1.2 12 149.79 –2.41 .46
4.16 0.55 GlycoMimetics GLYC ... dd 1.65 +0.08 ... 11.70 10.01 HudsonAcqnI HUDA ... dd 10.58 +0.02 ... 23.51 10.09 LeeEnterprises LEE ... dd 11.10 –0.10 ... 2.73 1.89 MediciNova MNOV ... dd 2.27 –0.04 ...
4.89 0.98 Invivyd IVVD ... dd 1.86 +0.29 ... 25.30 15.92 LegacyHousing LEGH ... 8 21.15 –0.07 ... 15.26 8.05 MediWound MDWD ... dd 8.83 +0.26 ...
17.94 11.14 Gogo GOGO ... 9 11.16 –1.01 ... 1.35 0.10 HudsonAcqnIRt HUDAR ... ... .26 +0.02 ... 48.82 32.69 IonisPharm IONS ... dd 40.32 +1.47 ... 15.68 6.89 LegalZoom LZ ... dd 11.46 –0.62 ... 269.44 141.30 Medpace MEDP ... 31 259.82 +10.14 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
5.78 2.83 Gogoro GGR ... dd 3.00 +0.04 ... 38.00 17.88 HudsonGlobal HSON ... 32 20.13 –1.62 ... 11.88 5.28 IovanceBiotherap IOVA ... dd 6.15 +0.08 ...
29.89 19.62 GolarLNG GLNG 4.6 ... 21.51 –0.36 .25 2.08 0.45 HuizeHolding HUIZ ... 14 1.18 –0.08 ... 77.32 37.30 LegendBiotech LEGN ... ... 69.78 +3.42 ... 45.49 2.29 MeihuaIntlMed MHUA ... 13 3.46 +0.57 ...
7.99 1.65 iQIYI IQ ... 36 4.63 –0.61 ... 68.67 41.78 LeMaitreVascular LMAT 1.0 50 56.67 +1.53 .14 9.49 4.77 MeiraGTx MGTX ... dd 6.19 +0.30 ...
47.50 32.53 GoldenEnt GDEN .0 22 35.01 –0.942.00 5.60 1.96 Humacyte HUMA ... dd 3.57 +0.01 ... 164.69 85.74 iRhythmTechs IRTC ... dd 104.32 –5.73 ...
10.63 6.90 GoldenOcean GOGL18.0 4 6.94 –0.52 .10 209.21 156.28 JBHunt JBHT .9 23 187.66 –3.35 .42 47.82 16.02 LendingTree TREE ... dd 18.62 –0.71 ... 14.46 4.72 MelcoResorts MLCO ... dd 10.98 +0.39 ...
2.74 1.31 Iridex IRIX ... dd 1.40 +0.07 ... 17.96 9.11 LeonardoDRS DRS ... 7 16.40 +0.10 ... 1388.39 754.76 MercadoLibre MELI ... 84 1237.84 +38.25 ...
10.34 10.14 GoldenStarAcqn GODN ... ... 10.25 –0.04 ... 15.74 9.13 HuntingtonBcshs HBAN 5.7 7 10.85 –0.29 .155 68.34 42.85 IridiumComm IRDM 1.1 dd 47.80 –0.41 .13
0.39 0.19 GoldenStarAcqnRt GODNR ... ... .25 –0.01 ... 30.41 20.56 Hurco HURC 3.0 33 21.39 +0.19 .16 5.50 3.02 LesakaTech LSAK ... dd 3.95 +0.20 ... 37.00 23.89 MercantileBank MBWM 4.1 7 33.22 –0.77 .34
8.06 1.02 IrisEnergy IREN ... ... 4.18 –0.23 ... 17.13 5.28 Leslie's LESL ... 17 6.31 –0.28 ... 11.16 10.01 MercatoPtrsA MPRA ... cc 10.65 +0.02 ...
15.10 11.94 GolubCapital GBDC10.1 15 14.67 –0.10 .37 104.56 64.05 HuronConsulting HURN ... 27 98.63 +1.49 ... 59.28 31.37 iRobot IRBT ... dd 39.11 +2.14 ...
9.37 3.82 GoodRx GDRX ... cc 6.04 –0.68 ... 4.55 0.78 Hut8Mining HUT ... dd 2.27 –0.13 ... 3.79 1.59 LexiconPharm LXRX ... dd 1.83 +0.17 ... 17.09 7.37 MercerIntl MERC 3.4 dd 8.79 +0.05 .075
12.66 9.04 IronwoodPharm IRWD ... dd 9.24 –0.72 ... 3.86 1.26 LexinFintech LX ... 2 1.96 –0.12 ... 59.13 28.90 MercurySystems MRCY ... dd 39.32 +1.79 ...
16.51 9.66 Goodyear GT ... dd 12.79 +0.13 ... 3.80 0.67 Hydrofarm HYFM ... dd .90 –0.24 ... 11.51 10.13 IsraelAcqns ISRL ... 83 10.51 +0.01 ...
76.36 29.23 GooseheadIns GSHD ... cc 59.69 –0.81 ... 3.28 0.68 Hyperfine HYPR ... dd 2.18 –0.14 ... 47.33 12.52 LiAuto LI ... cc 39.26 +0.43 ... 17.38 7.80 Meridian MRBK 4.3 7 11.52 –0.41 .125
24.40 11.34 iTeosTherap ITOS ... dd 12.90 +1.06 ... 2.97 1.07 LianBio LIAN ... dd 1.79 –0.06 ... 85.62 52.79 MeritMedical MMSI ... 44 67.19 –0.78 ...
6.57 3.52 GoPro GPRO ... dd 3.73 –0.02 ... 7.50 4.93 Hywin HYW ... 6 7.20 –0.13 ... 79.99 39.38 Itron ITRI ... 79 67.39 +0.20 ...
10.76 9.66 GoresIX A GHIX ... cc 10.33 +0.02 ... 2.35 0.45 HyzonMotors HYZN ... dd 1.25 +0.09 ... 110.00 68.15 LibertyBroadbandA LBRDA ... 16 89.03 –0.62 ... 13.66 3.00 MerrimackPharm MACK ... dd 12.30 +0.11 ...
30.51 20.35 IturanLocation ITRN 1.9 14 30.06 +0.79 .15 110.19 68.67 LibertyBroadbandC LBRDK ... 16 88.82 –0.77 ... 9.62 0.80 MersanaTherap MRSN ... dd 1.21 –0.02 ...
14.99 0.91 GossamerBio GOSS ... dd 1.02 +0.01 ... I
4.03 2.19 Grab GRAB ... dd 3.70 +0.46 ... J 22.09 15.22 LibertyGlobal A LBTYA ... dd 17.47 –0.20 ... 27.70 12.03 Merus MRUS ... dd 22.32 +1.23 ...
6.99 1.40 GracellBiotech GRCL ... dd 3.57 +0.25 ... 70.78 41.52 IAC IAC ... 20 54.18 +0.02 ... 27.87 13.67 JakksPacific JAKK ... 3 19.90 +0.57 ... 22.20 16.30 LibertyGlobal B LBTYB ... dd 17.42 –1.06 ... 3.82 1.03 MesaAir MESA ... dd 1.47 –0.11 ...
124.53 78.37 GrandCanyonEduc LOPE ... 19 114.03 +3.03 ... 31.40 14.85 IBEX IBEX ... 16 18.77 –0.22 ... 177.71 127.80 J&JSnackFoods JJSF 1.8 47 160.07 –3.63 .735 22.78 16.16 LibertyGlobal C LBTYK ... dd 18.80 –0.11 ... 206.36 114.21 MesaLabs MLAB .5 cc 141.95 +3.79 .16
4.12 1.59 GraphiteBio GRPH ... dd 2.46 –0.07 ... 131.74 94.53 ICF Intl ICFI .4 38 130.70 +5.32 .14 67.87 31.57 JD.com JD 1.8 17 32.96 –0.15 .62 10.01 5.90 LibertyLatAmA LILA ... 9 8.62 –0.03 ... 5.12 1.16 Mesoblast MESO ... dd 1.50 +0.24 ...
12.25 7.51 GreatElmCap GECC13.7 10 10.19 +0.25 .35 212.43 128.90 ICU Medical ICUI ... dd 137.75 +5.93 ... 9.03 0.79 Joann JOAN41.5 dd 1.06 –0.17 .11 9.98 5.88 LibertyLatAmC LILAK ... 9 8.62 +0.02 ... 326.20 88.09 MetaPlatforms META ... 33 285.50 +2.25 ...
2.49 1.85 GreatElm GEG ... 3 2.09 +0.05 ... 28.64 9.00 IDEAYA Bio IDYA ... dd 28.29 +1.98 ... 39.50 21.38 Joyy YY 6.3 23 32.33 +0.37 .51 69.48 55.91 LibertyFormOne A FWONA ... 33 56.67 –1.56 ... 11.19 9.91 MetalSkyStar MSSA ... 52 10.78 +0.03 ...
10.26 4.75 GreatLakesDredge GLDD ... dd 8.62 –0.04 ... 564.74 317.06 IdexxLab IDXX ... 52 492.68 +8.95 ... 202.66 139.28 JackHenry JKHY 1.3 32 158.37 +3.34 .52 37.00 32.07 LibertyLiveA LLYVA ... ... 33.16 –0.15 ... 0.22 0.07 MetalSkyStarRt MSSAR ... ... .20 +0.01 ...
64.16 45.39 GreatSouthernBncp GSBC 3.2 8 50.44 –2.31 .40 73.86 25.22 IES Holdings IESC ... 20 72.66 +1.87 ... 99.56 65.72 JackintheBox JACK 2.2 11 79.51 –0.85 .44 78.58 63.70 LibertyFormOne C FWONK ... 37 64.45 –1.94 ... 54.83 28.73 Methanex MEOH 1.8 13 41.30 –0.43 .185
39.32 26.33 GreenPlains GPRE ... dd 31.43 –0.35 ... 28.20 7.13 IGM Biosci IGMS ... dd 7.45 –0.29 ... 0.56 ... JaguarGlbGrwI Rt JGGCR ... ... .19 ... ... 39.00 29.63 LibertyLiveC LLYVK ... ... 33.63 +0.14 ... 24.34 13.10 MetroCityBkshs MCBS 3.6 9 19.75 +0.54 .18
14.91 11.72 GreenPlainsPtrs GPP 13.9 8 13.12 ... .455 7.67 1.78 I-Mab IMAB ... ... 1.88 –0.22 ... 12.38 10.01 JaguarGlblGrowthI JGGCU ... ... 11.00 +0.26 ... 26.95 22.50 LibertySirius A LSXMA ... 12 23.00 –0.23 ... 94.30 54.77 MicrochipTech MCHP 2.1 18 79.37 –0.04 .41
28.00 1.55 GreenidgeGen GREE ... dd 4.51 –0.04 ... 3.95 0.98 IN8bio INAB ... dd 1.03 –0.12 ... 11.68 9.93 JaguarGlbGrwI A JGGC ... 58 10.68 +0.05 ... 26.85 22.24 LibertySirius C LSXMK ... 12 23.28 –0.52 ... 74.77 48.43 MicronTech MU .7 dd 63.72 +0.13 .115
29.80 0.71 Greenlane GNLN ... dd .75 –0.03 ... 4.68 1.56 IO Biotech IOBT ... dd 1.98 +0.07 ... 26.60 14.65 JamesRiver JRVR 1.4 17 14.72 –0.53 .05 11.06 10.00 LibertyRscsA LIBY ... cc 10.91 +0.05 ... 366.78 213.43 Microsoft MSFT .8 33 322.98 +6.50 .68
11.66 7.23 GreenlightCapRe GLRE ... 6 11.01 –0.31 ... 141.85 79.88 IPG Photonics IPGP ... 48 102.08 +2.88 ... 25.69 16.04 JamfHolding JAMF ... dd 16.58 –0.28 ... 48.82 17.19 LibertyTripAdvB LTRPB ... dd 29.47 –4.54 ... 475.09 132.56 MicroStrategy MSTR ... 37 336.05 +7.43 ...
10.97 5.71 Grifols GRFS ... cc 9.94 –0.08 ... 30.84 18.59 i3Verticals IIIV ... dd 22.86 +0.41 ... 23.64 10.00 JanuxTherap JANX ... dd 11.01 –0.05 ... 1.68 0.53 LibertyTripAdvA LTRPA ... dd .56 –0.05 ... 2.91 0.88 Microvast MVST ... dd 1.65 –0.16 ...
26.29 6.80 GrindrodShipping GRIN 1.5 2 8.19 –0.30 .03 12.15 9.89 IXAcqnA IXAQ ... 23 10.83 +0.05 ... 162.55 120.64 JazzPharm JAZZ ... dd 141.25 +2.78 ... 11.46 1.52 LifecoreBiomed LFCR ... dd 8.39 –0.76 ... 8.20 1.82 MicroVision MVIS ... dd 2.46 –0.20 ...
4.23 1.55 Gritstone GRTS ... dd 1.69 +0.05 ... 55.10 18.03 IcahnEnterprises IEP 20.4 dd 19.60 –2.62 1.00 17.50 3.53 Jet.AI JTAI ... 35 4.10 –2.47 ... 5.45 1.14 LifeMD LFMD ... dd 3.59 –0.18 ... 34.99 18.25 MidPennBancorp MPB 3.7 7 21.55 –0.07 .20
40.46 25.71 GroceryOutlet GO ... 46 32.46 –1.24 ... 39.73 21.04 Ichor ICHR ... 43 33.75 –0.05 ... 9.45 5.98 JetBlue JBLU ... 80 6.06 –0.29 ... 10.50 4.22 LifeStanceHealth LFST ... dd 7.57 –0.03 ... 14.03 10.06 MidCapFin MFIC11.5 12 13.24 –0.04 .38
13.78 2.89 Groupon GRPN ... dd 12.99 +1.70 ... 5.69 1.36 iClickInteract ICLK ... dd 2.41 –0.09 ... 30.94 17.11 JFrog FROG ... dd 26.75 –0.15 ... 10.25 4.31 LifetimeBrands LCUT 2.5 dd 6.72 –0.61.0425 162.02 122.33 Middleby MIDD ... 17 141.89 –0.06 ...
10.76 8.02 GrowthforGoodA GFGD ... 58 8.72 +0.27 ... 262.20 171.43 Icon ICLR ... 41 256.32 +5.98 ... 186.01 0.69 JianzhiEduc JZ ... ... .84 ... ... 11.30 5.22 LifewayFoods LWAY ... 30 11.02 +2.68 ... 95.82 66.51 MiddlesexWater MSEX 1.6 38 78.89 +0.11.3125
0.30 ... GrowthforGoodRt GFGDR ... ... .30 +0.02 ... 16.45 2.28 Icosavax ICVX ... dd 7.88 +0.51 ... 8.19 1.86 Jiayin JFIN 6.6 2 5.72 +0.02 .38 85.70 49.43 LigandPharm LGND ... 45 65.39 –0.79 ... 28.59 17.98 MidlandStBncp MSBI 5.5 5 21.80 –0.38 .30
94.22 50.02 GrAeroportuario OMAB ... 18 88.39 +0.23 ... 10.85 2.21 iHeartMedia IHRT ... dd 3.56 +0.22 ... 71.88 46.30 JohnsonOutdoors JOUT 2.2 13 56.78 –1.40 .31 76.76 40.10 Light&Wonder LNW ... cc 75.85 +2.35 ... 35.58 17.80 MidWestOneFin MOFG 4.6 8 21.09 –1.68.2425
62.75 20.67 GuardantHealth GH ... dd 38.29 +1.28 ... 7.64 1.94 IkenaOncology IKNA ... dd 4.99 +0.72 ... 2.52 0.37 Lilium LILM ... ... 1.07 +0.05 ... 9.85 2.73 MilestonePharm MIST ... dd 2.85 –0.19 ...
248.87 157.87 Illumina ILMN ... dd 158.08 –9.14 ... K 17.90 11.00 Limoneira LMNR 1.9 16 15.45 +0.27 .075 31.41 13.20 MillerKnoll MLKN 4.1 33 18.45 –0.60.1875
5.74 2.95 GulfIslandFab GIFI ... 18 3.30 +0.04 ...
4.75 1.85 Gulf Resources GURE ... 4 1.99 +0.09 ... 9.25 4.85 Immersion IMMR 1.7 5 7.04 –0.01 .03 517.30 250.20 KLA KLAC 1.1 20 481.73 +3.77 1.30 9.25 4.59 LincolnEduc LINC ... 9 8.66 –0.08 ... 21.15 10.22 MillicomIntl TIGO ... cc 15.27 –0.23 ...
16.17 3.70 Immuneering IMRX ... dd 9.44 +0.48 ... 18.63 5.02 KLX Energy KLXE ... 3 10.35 –0.26 ... 210.86 120.01 LincolnElectric LECO 1.4 23 186.44 +2.48 .64 2.50 1.88 Mind CTI MNDO12.7 8 1.89 –0.02 .24
H 11.76 1.11 Immunic IMUX ... dd 1.65 +0.04 ... 12.10 5.11 KVH Inds KVHI ... 3 5.32 –0.28 ... 18.87 11.97 LiquiditySvcs LQDT ... 25 18.07 –0.15 ... 21.98 11.96 MineralysTherap MLYS ... dd 13.00 +0.82 ...
56.47 26.94 H&E Equipment HEES 2.5 10 44.08 –1.44 .275 7.80 1.21 ImmunityBio IBRX ... dd 1.65 –0.16 ... 11.13 10.03 KairousAcqn KACL ... cc 10.95 +0.01 ... 309.94 192.19 Littelfuse LFUS 1.0 20 261.52 +2.26 .65 101.30 27.30 MiratiTherap MRTX ... dd 37.02 –1.57 ...
23.49 16.33 HBT Finl HBT 3.6 9 18.68 –0.56 .17 69.06 38.90 Immunocore IMCR ... dd 57.54 –1.43 ... 0.55 0.02 KairousAcqnRt KACLR ... ... .10 ... ... 66.73 40.26 LivaNova LIVN ... dd 55.73 +1.54 ... 30.39 17.32 MirumPharm MIRM ... dd 26.54 +1.57 ...
2.79 1.08 HCW Biologics HCWB ... dd 1.94 –0.08 ... 20.69 3.61 Immunogen IMGN ... dd 16.13 +0.49 ... 97.58 56.79 KaiserAlum KALU 4.2 cc 72.50 –3.91 .77 18.17 3.19 LivePerson LPSN ... dd 3.91 –0.38 ... 16.96 9.42 MissionProduce AVO ... dd 9.55 –0.82 ...
24.23 17.31 HMN Fin HMNF 1.4 12 19.40 +0.13 .08 6.20 1.71 ImmunoPrecise IPA ... dd 1.89 –0.21 ... 2.63 1.53 Kaltura KLTR ... dd 1.92 –0.03 ... 3.41 1.70 LiveVox LVOX ... dd 3.24 –0.01 ... 48.11 24.85 Mobileye MBLY ... dd 34.58 –0.46 ...
2.05 0.62 Hookipa HOOK ... dd .69 –0.01 ... 25.13 4.26 Immunovant IMVT ... dd 20.06 –0.42 ... 17.06 4.12 KalVistaPharm KALV ... dd 10.98 +0.20 ... 4.93 0.33 LixiangEduc LXEH ... dd .41 +0.03 ... 11.75 9.96 MobivAcqn MOBV ... cc 10.68 +0.03 ...
21.28 7.39 Hutchmed HCM ... dd 14.30 +1.08 ... 3.90 1.47 Immutep IMMP ... dd 1.89 +0.08 ... 5.85 3.72 Kamada KMDA ... dd 5.42 –0.39 ... 25.00 17.50 LoganRidgeFin LRFC 4.1 dd 21.30 –0.32 .26 217.25 95.02 Moderna MRNA ... 41 111.93 +10.31 ...
53.52 24.38 H World HTHT ... 84 40.26 –3.66 ... 8.05 0.28 ImpelPharm IMPL ... dd .51 +0.13 ... 4.27 2.00 KandiTech KNDI ... dd 3.11 –0.19 ... 73.70 41.81 LogitechIntl LOGI 1.4 33 67.22 +0.96.9781 120.29 32.01 ModivCare MODV ... dd 35.49 –5.66 ...
24.82 17.10 HackettGroup HCKT 1.9 18 22.71 –0.57 .11 144.90 55.01 Impinj PI ... dd 61.08 +3.54 ... 26.33 9.74 Kanzhun BZ ... cc 14.30 –0.41 ... 10.29 2.70 LongboardPharm LBPH ... dd 5.91 –0.07 ... 7.36 5.50 MolecularPtrs MOLN ... dd 6.00 ... ...
23.59 10.98 HainCelestial HAIN ... dd 11.86 –0.47 ... 83.84 52.59 InariMedical NARI ... dd 65.89 +1.63 ... 25.91 12.50 KaratPkg KRT 1.7 16 23.67 –0.35 .40 6.46 1.85 LoopIndustries LOOP ... dd 2.86 –0.10 ... 99.50 8.20 Momentus MNTS ... dd 8.28 –5.78 ...
17.90 2.03 HallmarkFin HALL ... dd 2.33 –0.68 ... 5.73 1.37 Incannex IXHL ... dd 1.53 +0.08 ... 265.62 159.73 KarunaTherap KRTX ... dd 176.52 +3.34 ... 16.60 1.63 Lottery.com LTRY ... dd 3.33 –0.67 ... 85.67 54.21 MonarchCasino MCRI 1.8 14 66.53 +0.56 .30
44 BARRON’S August 28, 2023
19.69 12.88 Navient NAVI 3.7 6 17.46 –0.11 .16 6.71 2.65 Opthea OPT ... ... 3.23 +0.08 ... 29.52 15.07 Replimune REPL ... dd 20.55 +1.11 ...
11.17 3.11 NavitasSemi NVTS ... dd 8.49 +0.57 ... 82.05 49.34 Popular BPOP 3.4 5 63.88 –2.71 .55 32.43 17.32 ShoalsTech SHLS ... 20 19.25 +0.16 ...
4.85 3.32 OpticalCable OCC ... 7 3.68 +0.19 ... 48.32 37.23 RepublicBcpKYA RBCAA 3.4 10 43.40 –1.74 .374
37.07 16.38 Nayax NYAX ... dd 23.37 –0.68 ... 25.88 15.84 Portillo's PTLO ... 83 18.64 +0.24 ... 320.54 172.50 ShockwaveMed SWAV ... 33 214.47 –6.51 ...
3.98 0.90 Optinose OPTN ... dd 1.27 –0.03 ... 7.77 4.42 ReservoirMedia RSVR ... cc 5.33 +0.02 ...
38.39 19.58 nCino NCNO ... dd 28.69 –0.81 ... 23.72 18.00 PortmanRidge PTMN14.1 dd 19.60 –1.06 .69 29.47 19.24 ShoeCarnival SCVL 1.9 6 21.61 –2.90 .10
35.87 24.23 OptionCare OPCH ... 27 35.01 +0.26 ... 21.23 14.03 ResourcesConnect RGP 3.7 10 15.30 –0.66 .14
18.65 0.40 NearIntelligence NIR ... dd .40 –0.05 ... 8.82 1.54 PoseidaTherap PSTX ... dd 2.10 –0.37 ... 20.85 10.61 ShoreBancshares SHBI 4.4 8 10.84 –0.21 .12
7.82 3.45 OraSureTechs OSUR ... 11 6.44 –0.22 ... 17.84 11.97 RetailOppor ROIC 4.6 35 13.07 –0.35 .15
7.93 4.45 NecessityRetail RTL 12.1 dd 7.04 +0.03.2125 11.14 4.31 Potbelly PBPB ... 18 7.77 –0.34 ... 34.10 12.91 Shyft SHYF 1.3 13 15.32 +0.41 .05
23.39 4.87 OrchestraBioMed OBIO ... dd 6.71 +1.38 ... 37.98 16.93 RevanceTherap RVNC ... dd 18.50 +1.19 ...
4.76 0.51 NektarTherap NKTR ... dd .64 –0.09 ... 54.44 39.10 PotlatchDelt PCH 3.7 41 48.44 +1.95 .45 8.88 1.25 Sientra SIEN ... dd 2.58 –0.14 ...
5.08 1.29 OrganiGram OGI ... dd 1.39 –0.18 ... 11.25 9.66 RevelstoneCapA RCAC ... 89 10.55 ... ...
27.77 10.85 NeoGames NGMS ... dd 26.66 –0.19 ... 90.00 20.17 PowellIndustries POWL 1.3 27 81.97 +3.14.2625 22.53 15.01 SierraBancorp BSRR 4.6 8 20.10 –0.68 .23
9.49 2.36 OricPharm ORIC ... dd 9.09 +0.63 ... 33.26 17.03 RevolutionMed RVMD ... dd 33.14 +3.52 ...
24.10 10.49 Neogen NEOG ... dd 22.75 +0.25 ... 11.24 9.82 Pwr&Digital II A XPDB ... cc 10.55 +0.06 ... 15.30 5.35 SightSciences SGHT ... dd 6.38 –0.92 ...
23.19 13.76 OrthofixMed OFIX ... dd 19.49 +1.26 ... 32.50 25.90 ReynoldsCnsmr REYN 3.4 24 27.46 –0.10 .23
21.74 7.62 NerdWallet NRDS ... cc 8.77 –0.25 ... 99.60 59.16 PowerIntegrations POWI .9 52 80.99 +1.13 .19 17.99 4.55 SilenceTherap SLN ... dd 9.21 +2.22 ...
55.62 35.63 OrthoPediatrics KIDS ... cc 36.30 –2.12 ... 34.99 15.50 RhythmPharm RYTM ... dd 25.83 +0.71 ...
80.53 58.08 NetApp NTAP 2.7 13 74.72 –0.59 .50 3.50 1.85 PowerFleet PWFL ... dd 1.91 –0.04 ... 50.00 25.45 Silicom SILC ... 9 26.35 +0.24 ...
92.74 52.60 OtterTail OTTR 2.1 13 83.70 +0.68.4375 4.84 2.19 RibbonComms RBBN ... dd 2.76 –0.12 ...
110.82 53.09 NetEase NTES 1.5 17 98.76 +0.47 .465 11.10 10.05 PowerUpAcqn PWUP ... 47 10.85 –0.13 ... 194.68 109.44 SiliconLabs SLAB ... 62 130.88 –1.38 ...
5.94 3.33 Outbrain OB ... dd 5.70 +0.40 ... 27.24 11.41 RichardsonElec RELL 2.0 8 11.82 +0.05 .06
485.00 211.73 Netflix NFLX ... 44 416.03 +11.50 ... 5.25 0.79 PraxisPrecision PRAX ... dd 1.50 +0.06 ... 95.33 51.44 SiliconMotion SIMO ... 21 54.19 –0.49 ...
30.55 11.41 OutsetMedical OM ... dd 13.78 –0.44 ... 2.04 0.67 RigelPharm RIGL ... dd 1.17 +0.03 ...
25.16 12.44 Netgear NTGR ... dd 12.75 –0.04 ... 2.90 0.81 Precigen PGEN ... dd 1.73 +0.12 ... 58.04 19.42 SilkRoadMed SILK ... dd 20.18 –1.07 ...
39.27 17.05 Overstock OSTK ... dd 24.73 –1.57 ... 5.83 2.17 RiminiStreet RMNI ... 51 2.39 –0.05 ...
1.74 0.41 PrecisionBio DTIL ... dd .51 +0.03 ... 11.24 7.52 SilverSpikeInvt SSIC 9.7 ... 9.47 –0.11 .40
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
38.02 25.90 NetScout NTCT ... 33 28.25 +0.34 ... 4.14 1.41 OvidTherap OVID ... dd 3.96 +0.08 ... 8.00 4.17 RiverviewBncp RVSB 4.1 8 5.89 –0.06 .06
129.29 89.04 Neurocrine NBIX ... 62 107.52 +0.56 ... 77.75 42.42 PreferredBankLA PFBC 3.6 6 61.91 –1.56 .55 23.20 14.94 SilvercrestAsset SAMG 4.0 16 19.10 –0.21 .19
6.30 4.76 OxfordLane OXLC19.0 dd 5.04 –0.07 .08 40.86 11.68 Rivian RIVN ... dd 20.07 –0.71 ...
6.95 1.56 Neuronetics STIM ... dd 1.61 –0.07 ... 184.82 70.16 PreformedLine PLPC .5 12 164.71 +6.31 .20 24.85 14.68 SimmonsFirstNat SFNC 4.6 8 17.42 –0.65 .20
3.95 2.60 OxfordSquare OXSQ13.5 dd 3.11 –0.05 .035 13.23 7.57 Robinhood HOOD ... dd 10.54 +0.29 ...
6.45 1.22 NeuroPace NPCE ... dd 6.00 +1.51 ... 8.66 3.17 PreludeTherap PRLD ... dd 3.77 +0.45 ... 64.67 32.58 SimulationsPlus SLP .5 89 44.97 –1.32 .06
PQ 24.53 11.78 RocketPharm RCKT ... dd 15.84 +0.77 ...
61.51 25.06 NewFortressEner NFE 1.4 15 28.81 –0.02 .10 30.80 13.60 PremierFinl PFC 6.7 6 18.57 –0.73 .31 23.85 11.90 Sinclair SBGI 8.1 5 12.36 –1.25 .25
33.09 17.85 RockyBrands RCKY 3.4 15 18.39 –1.06 .155
13.45 11.17 NewMtnFin NMFC10.0 14 12.74 +0.08 .04 34.24 20.83 PAM Transport PTSI ... 8 21.19 –1.04 ... 37.53 21.05 Premier PINC 3.9 15 21.64 –3.72 .21 3.48 0.46 SingularGenomics OMIC ... dd .47 –0.03 ...
6.98 4.77 RockyMtnChoc RMCF ... dd 5.17 –0.05 ...
12.96 8.28 NY Mortgage NYMT13.1 dd 9.15 +0.30 .30 7.95 4.90 P&FIndustries PFIN 3.0 dd 6.77 +0.11 .05 4.35 0.42 Prenetics PRE ... dd .46 –0.11 ... 7.95 3.32 SiriusXM SIRI 2.4 14 4.04 –0.45.0242
12.01 2.87 RoivantSciences ROIV ... dd 11.14 +0.27 ...
32.88 7.52 NewAmstPharma NAMS ... dd 10.99 –0.04 ... 20.24 12.86 PCB Bancorp PCB 4.5 7 15.87 –0.33 .18 10.40 1.23 PrestoAutomation PRST ... 5 3.10 –0.13 ... 142.88 73.10 SiTime SITM ... dd 125.18 +1.57 ...
98.44 38.26 Roku ROKU ... dd 76.95 –2.35 ...
11.25 10.09 NewcourtAcqnA NCAC ... cc 11.14 +0.08 ... 56.68 37.76 PCConnection CNXN .6 18 52.14 –0.23 .08 82.00 56.29 PriceSmart PSMT 1.2 21 79.08 +1.27 .46 10.90 10.02 SizzleAcqn SZZL ... dd 10.83 +0.05 ...
14.80 3.31 Root ROOT ... dd 10.69 +1.24 ...
20.55 7.80 NewellBrands NWL 2.7 dd 10.25 –0.29 .07 5.68 3.78 PCTEL PCTI 5.4 12 4.05 –0.01 .055 21.73 11.07 PrimeMedicine PRME ... dd 12.79 +0.86 ... 26.05 17.50 SkywardSpecIns SKWD ... 20 23.41 –0.91 ...
502.13 356.22 RoperTech ROP .6 42 494.79 +10.45.6825
10.98 5.07 Newmark NMRK 1.8 36 6.59 –0.30 .03 106.38 38.80 PDD PDD ... 21 79.91 +2.93 ... 11.42 3.90 PrimeNumberI A PNAC ... 65 4.26 –3.37 ... 45.98 14.76 SkyWest SKYW ... dd 40.17 +0.20 ...
122.70 81.21 RossStores ROST 1.1 25 119.00 +0.28 .335
21.69 14.87 NewsCorp A NWSA 1.0 81 20.74 –0.02 .10 48.02 21.36 PDF Solutions PDFS ... cc 34.47 +0.59 ... 0.60 0.08 PrimeNumberI Rt PNACR ... ... .54 +0.04 ... 123.69 76.16 Skyworks SWKS 2.6 16 105.39 +0.69 .68
11.36 9.85 RothCHAcqnV ROCL ... dd 10.39 +0.04 ...
22.10 15.15 NewsCorp B NWS .9 82 21.20 +0.01 .10 39.35 22.34 PENN Entmt PENN ... 5 23.50 +0.54 ... 13.52 7.01 PrimisFinl FRST 4.5 16 8.90 –0.20 .10 46.93 17.50 SleepNumber SNBR ... 43 22.24 –2.82 ...
7.00 3.14 Rover ROVR ... dd 6.39 +0.19 ...
22.22 10.75 NewtekOne NEWT 9.6 ... 17.78 +0.25 .18 4.85 1.28 PLBY Group PLBY ... dd 1.33 –0.03 ... 37.60 23.49 PrincetonBncp BPRN 4.1 7 29.10 –0.27 .30 2.65 1.37 SmartSand SND ... 9 1.86 –0.07 ...
147.82 84.54 RoyalGold RGLD 1.4 32 110.41 +3.42 .375
217.76 148.00 NexstarMedia NXST 3.4 9 157.08 –0.53 1.35 14.85 3.84 PMV Pharm PMVP ... dd 7.32 +0.13 ... 96.17 65.17 PrincipalFinl PFG 3.4 12 76.33 –0.14 .65 1.51 0.60 SmartShareGlbl EM ... dd .90 –0.05 ...
44.47 28.98 RoyaltyPharma RPRX 2.6 53 30.21 +0.87 .20
4.48 1.16 NextCure NXTC ... dd 1.54 –0.02 ... 43.34 17.74 PRA Group PRAA ... dd 18.28 –1.38 ... 43.85 20.64 PriviaHealth PRVA ... 93 25.36 +0.22 ... 1.35 0.31 SmileDirectClub SDC ... dd .47 –0.13 ...
69.45 42.72 RushEnt A RUSHA 1.1 9 62.95 +1.00 .17
21.99 15.23 NextGenHlthcr NXGN ... cc 17.95 +1.76 ... 52.40 25.29 ProceptBio PRCT ... dd 30.88 +0.86 ... 7.99 3.68 Procaps PROC ... 12 3.87 –0.10 ... 14.14 8.21 Smith&Wesson SWBI 3.9 15 12.21 –0.69 .12
75.08 46.88 RushEnt B RUSHB 1.0 10 68.28 +2.29 .17
46.55 28.24 Nextracker NXT ... 20 39.62 +2.22 ... 152.09 101.82 PTC PTC ... 56 144.85 +4.92 ... 27.00 9.01 ProFrac ACDC ... 7 10.25 –0.66 ... 12.39 7.02 SnapOne SNPO ... dd 9.76 –0.19 ...
33.77 9.78 RxSight RXST ... dd 29.50 –0.47 ...
9.30 4.37 NicholasFin NICK ... dd 4.99 +0.16 ... 59.84 33.25 PTC Therap PTCT ... dd 39.72 +0.30 ... 61.98 40.33 ProgressSoftware PRGS 1.1 33 61.33 +2.50 .175 3.07 0.50 SoYoungIntl SY ... dd 1.33 +0.12 ...
112.75 55.90 Ryanair RYAAY ... 12 97.64 –0.62 ...
6.29 0.52 Nikola NKLA ... dd 1.31 –0.65 ... 90.05 54.64 Paccar PCAR 1.3 12 84.78 +0.12 .27 45.98 28.03 Progyny PGNY ... 76 37.38 –0.01 ... 10.58 9.80 SocialLvgI A SLAC ... dd 10.16 –0.05 ...
14.55 4.97 PacBiosciCA PACB ... dd 9.92 –0.44 ... 10.90 9.78 ProjectEnReimag PEGR ... 24 10.40 +0.03 ... S 11.70 4.24 SoFiTech SOFI ... dd 8.29 +0.07 ...
9.60 1.49 9F JFU ... dd 2.81 –0.14 ...
21.24 5.69 908Devices MASS ... dd 7.21 +0.20 ... 37.50 17.53 PacificPremBncp PPBI 5.9 8 22.50 –0.66 .33 11.30 0.91 ProSomnus OSA ... dd 1.10 +0.12 ... 38.43 24.93 S&T Bancorp STBA 4.5 7 28.36 –1.07 .32 18.21 10.59 Sohu.com SOHU ... dd 10.59 –0.35 ...
6.67 2.57 NiuTech NIU ... dd 3.00 –0.01 ... 58.10 34.08 PaciraBioSci PCRX ... dd 37.16 –0.56 ... 8.07 5.92 ProspectCapital PSEC11.9 dd 6.07 –0.07 .06 338.48 214.51 SBA Comm SBAC 1.5 48 222.33 –0.18 .85 6.49 2.49 SolGelTech SLGL ... dd 2.60 –0.15 ...
16.13 1.68 Nkarta NKTX ... dd 1.72 –0.13 ... 12.46 6.85 PactivEvergreen PTVE 4.8 dd 8.25 +0.01 .10 30.10 7.24 ProtagonistTherap PTGX ... dd 19.92 +0.79 ... 3.84 1.15 SCYNEXIS SCYX ... 4 3.01 +0.07 ... 345.80 156.47 SolarEdgeTech SEDG ... 31 161.70 –0.64 ...
15.91 8.22 nLIGHT LASR ... dd 10.84 –0.19 ... 30.07 2.48 PacWestBancorp PACW .5 dd 7.62 –0.26 .01 4.60 2.12 ProtaraTherap TARA ... dd 2.22 –0.06 ... 28.50 5.41 SEALSQ LAES ... 16 6.25 –1.39 ... 11.40 3.40 SolidBiosci SLDB ... dd 3.75 –0.01 ...
212.20 0.67 Nogin NOGN ... dd .72 –0.02 ... 258.88 132.22 PaloAltoNtwks PANW ... cc 230.76 +21.07 ... 79.65 25.02 Prothena PRTA ... dd 53.73 –3.02 ... 64.69 46.30 SEI Investments SEIC 1.4 21 61.32 +0.08 .43 7.02 1.83 SolidPower SLDP ... dd 2.11 ... ...
6.55 2.67 Noodles NDLS ... dd 2.82 –0.18 ... 95.20 43.64 Palomar PLMR ... 22 50.55 –1.74 ... 15.18 11.61 ProvidentFin PROV 4.2 11 13.47 –0.41 .14 29.51 11.14 SI-BONE SIBN ... dd 21.83 +0.42 ... 4.12 1.93 SomaLogic SLGC ... dd 2.01 +0.01 ...
253.40 202.57 Nordson NDSN 1.1 27 238.60 +6.27 .68 97.78 66.74 PapaJohn's PZZA 2.4 36 76.28 +0.05 .46 21.13 11.73 PubMatic PUBM ... cc 12.91 +0.62 ... 17.99 4.51 SIGA Tech SIGA .0 12 4.63 –0.02 .45 2.58 0.27 Sonder SOND ... dd .50 ... ...
49.18 33.15 NortheastBank NBN .1 7 43.68 –2.23 .01 11.63 9.96 PapayaGrowthI A PPYA ... 31 10.67 +0.01 ... 20.86 4.07 Pulmonx LUNG ... dd 10.79 +0.44 ... 10.75 9.87 SKGrowthOppsA SKGR ... 44 10.70 –0.04 ... 21.98 13.45 Sonos SONO ... dd 13.68 –0.07 ...
15.00 10.10 NorthernTechsIntl NTIC 2.2 34 12.47 +0.11 .07 29.51 16.06 ParamountA PARAA 1.1 dd 17.55 –0.51 .05 5.16 2.08 PumaBiotech PBYI ... dd 3.71 +0.25 ... 17.93 10.81 SLM SLM 3.1 9 14.29 –0.10 .11 5.77 1.69 SophiaGenetics SOPH ... dd 2.40 –0.05 ...
100.74 69.54 NorthernTrust NTRS 4.0 13 74.67 –2.07 .75 26.14 13.80 ParamountB PARA 1.4 dd 14.44 –0.37 .05 38.90 22.10 PureTechHealth PRTC ... dd 24.66 –0.75 ... 16.09 12.08 SLR Invt SLRC10.9 14 15.11 +0.04.1367 19.40 5.78 SoteraHealth SHC ... dd 16.07 –0.15 ...
16.13 9.13 NorthfieldBanc NFBK 4.9 9 10.59 –0.59 .13 3.65 1.29 ParatekPharm PRTK ... dd 2.20 –0.01 ... 6.76 2.02 PurpleInnovation PRPL ... dd 2.17 –0.17 ... 29.99 12.04 SMART Global SGH ... ... 23.92 +0.68 ... 2.95 1.63 SotherlyHotels SOHO ... 6 1.84 –0.16 ...
56.77 33.29 NorthrimBanCorp NRIM 5.2 8 42.44 –1.56 .60 3.93 0.75 PardesBiosci PRDS ... dd 2.15 +0.02 ... 9.63 4.44 Puyi PUYI ... dd 6.10 +0.61 ... 222.20 1.72 SMXSecurityMatters SMX ... ... 1.76 –0.56 ... 31.96 18.75 SouthPlainsFin SPFI 2.0 7 26.28 –0.93 .13
10.79 9.89 NorthViewAcqn NVAC ... 43 10.76 +0.02 ... 19.78 10.30 Park-Ohio PKOH 2.7 dd 18.67 –0.53 .125 6.92 1.10 PyxisOncology PYXS ... dd 2.16 –0.01 ... 2.15 0.73 SPI Energy SPI ... dd 1.02 –0.06 ... 91.74 59.51 SouthState SSB 3.0 10 69.87 –2.27 .52
0.20 0.06 NorthViewRt NVACR ... ... .12 –0.01 ... 2.19 0.71 PassageBio PASG ... dd .76 +0.01 ... 59.12 35.14 QCR Holdings QCRH .5 8 52.81 +1.36 .06 42.29 30.25 SP Plus SP ... 20 38.90 –1.50 ... 49.96 20.75 SouthernFirstBcsh SFST ... 12 28.12 –0.17 ...
15.35 9.91 NorthwestBcshs NWBI 7.3 10 10.94 –0.50 .20 60.49 31.66 PathwardFinl CASH .4 9 48.57 +1.00 .05 25.49 9.47 QifuTechnology QFIN 5.0 5 15.80 –0.16 .50 196.39 114.71 SPS Commerce SPSC ... cc 179.48 +11.10 ... 55.78 30.28 SoMO Bancorp SMBC 2.0 11 42.98 –1.35 .21
40.60 25.58 NorthwestPipe NWPX ... 11 31.28 –0.23 ... 17.46 12.25 PatriaInvts PAX 6.7 23 14.22 –0.17 .251 2.14 0.70 QilianIntl QLI .0 20 .85 +0.06 .05 64.52 45.25 SS&C Tech SSNC 1.7 23 55.89 +0.84 .24 31.00 19.61 SouthernStBcsh SSBK 1.6 6 22.37 –1.00 .09
61.24 48.68 Northwestern NWE 5.0 17 51.24 +0.08 .64 11.97 10.06 PatriaLatAm PLAO ... 33 10.93 +0.01 ... 114.59 75.38 Qorvo QRVO ... dd 101.53 +2.57 ... 17.74 12.78 SSR Mining SSRM 1.9 18 14.50 +0.37 .07 40.38 25.38 SouthsideBcshs SBSI 4.6 9 30.22 –0.73 .35
34.75 23.00 NorwoodFin NWFL 4.3 8 27.00 –1.25 .29 87.36 41.75 PatrickIndustries PATK 2.3 11 79.88 –0.47 .45 147.36 101.47 Qualcomm QCOM 2.9 14 110.32 +0.22 .80 15.67 10.08 SabraHealthcare SBRA10.0 dd 12.05 +0.06 .30 22.63 12.74 SovosBrands SOVO ... dd 22.54 +0.03 ...
126.48 67.40 Nova NVMI ... 27 121.09 +2.59 ... 12.00 6.53 PatriotNatBncp PNBK ... 10 8.45 ... ... 162.36 101.10 Qualys QLYS ... 48 150.44 +5.66 ... 7.92 2.99 Sabre SABR ... dd 4.95 –0.13 ... 37.75 20.61 SpartanNash SPTN 3.9 26 22.25 –1.23 .215
187.61 111.02 Novanta NOVT ... 73 155.27 +5.85 ... 9.80 6.95 PatriotTransport PATI ... 12 9.07 –0.13 ... 28.99 6.66 QuantaSing QSG ... dd 7.30 –0.49 ... 94.15 66.00 SafetyInsurance SAFT 5.1 29 70.29 +0.07 .90 3.18 0.71 SperoTherap SPRO ... dd 1.28 ... ...
37.81 5.61 Novavax NVAX ... dd 8.05 +0.91 ... 34.53 23.87 Patterson PDCO 3.1 16 33.64 –0.55 .26 28.77 8.02 Quanterix QTRX ... dd 24.80 +0.29 ... 29.75 19.07 SagaComm SGA 4.7 16 21.50 –0.21 .25 116.18 65.00 Splunk SPLK ... dd 115.94 +18.45 ...
120.03 26.68 Novocure NVCR ... dd 29.77 –1.28 ... 19.81 9.70 PattersonUTIEn PTEN 2.3 9 14.01 –0.67 .08 2.00 0.58 Quantum QMCO ... dd .59 –0.04 ... 11.72 9.94 SagaliamAcqnA SAGA ... dd 10.90 –0.60 ... 15.10 7.05 SpokHoldings SPOK 9.1 8 13.79 +0.71.3125
8.26 2.29 Novonix NVX ... dd 2.79 +0.25 ... 134.43 104.09 Paychex PAYX 2.9 28 121.87 +1.39 .89 3.90 1.36 Quantum-Si QSI ... dd 2.12 +0.15 ... 0.28 0.05 SagaliamAcqnRt SAGAR ... ... .16 –0.02 ... 15.57 7.84 Sportradar SRAD ... dd 11.45 –0.51 ...
11.61 9.98 NubiaBrandA NUBI ... cc 10.81 +0.06 ... 33.26 20.50 PaycorHCM PYCR ... dd 22.99 +0.74 ... 5.40 1.07 Quhuo QH ... ... 1.53 –0.06 ... 59.99 16.52 SageTherap SAGE ... dd 19.93 +0.06 ... 10.62 4.18 SportsmansWrhs SPWH ... 9 4.93 –1.33 ...
1.75 0.63 NuCana NCNA ... dd .74 –0.02 ... 269.34 160.00 Paylocity PCTY ... 80 198.05 +6.56 ... 102.00 66.88 QuidelOrtho QDEL ... cc 77.11 +2.82 ... 18.33 10.50 Sagimet SGMT ... ... 12.04 –0.65 ... 10.79 10.00 SpringValleyII A SVII ... 50 10.65 +0.04 ...
17.24 8.22 NurixTherap NRIX ... dd 8.51 –0.05 ... 8.04 4.02 Payoneer PAYO ... cc 5.96 +0.13 ... 1.93 0.54 QuinceTherap QNCX ... dd 1.26 –0.01 ... 443.85 176.70 Saia SAIA ... 32 407.00 +1.81 ... 34.16 21.04 SpringWorks SWTX ... dd 27.84 –0.10 ...
33.73 17.26 Nutanix NTNX ... dd 29.59 –0.62 ... 99.30 57.29 PayPal PYPL ... 17 61.19 +1.77 ... 18.18 6.79 QuinStreet QNST ... dd 9.39 –0.81 ... 2.66 0.64 SalemMedia SALM ... dd .65 –0.09 ... 40.39 26.35 SproutsFarmers SFM ... 16 39.49 +0.37 ...
50.59 14.92 Nuvalent NUVL ... dd 42.75 +1.48 ... 42.19 22.88 PeapackGladFin PGC .7 7 27.42 –0.67 .05 13.56 3.69 QurateRetailB QRTEB ... dd 6.19 –0.26 ... 8.01 2.99 SanaBiotech SANA ... dd 5.45 +0.01 ... 3.57 0.95 SpruceBio SPRB ... dd 2.18 –0.17 ...
August 28, 2023 BARRON’S 45
48
8
101.04
63.13
3.48
+2.03 .30
–2.32 .38
+0.14 ...
Europe Asia
T
14.97 8.56 USCB Financial USCB ... 11 11.06 –0.12 ... Gilt Lining: Gloomy U.K. data actually boosted stocks, as A House Is Not a Home: China’s real estate woes contin-
217.00 102.12 US Lime&Min USLM .4 19 213.01 +9.69 .20 traders bet on a pause in the Bank of England’s rate hikes. ued to weigh down stocks in Shenzhen and Shanghai.
13.18 6.40 TelaBio TELA ... dd 9.00 –0.01 ...
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Cash Track
open-end funds by assets. These
funds value their portfolios daily barrons.com/cefund. They will no longer appear in print. The
and report net asset values (the
dollar amount of their holdings Herzfeld chart has moved to the Market Lab Newsletter. To sign
divided by the number of shares
outstanding) to the National up for the newsletter, go to barrons.com/newletters. Sweating Equity: Investors continued to pull cash from equity funds, enlarging the past month’s average
Association of Securities Dealers.
Total returns reflect both price weekly outflow to $6.3 billion. Inflows to money-market funds shrank, to $15.7 billion. Taxable-bond fund
changes and dividends; these Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. inflows also shrank, to a $1 billion weekly average. Outflows from muni-market funds increased to $300
figures assume that all distribu- NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
tions are reinvested in the fund. LtdTEBdA 14.95 -0.03 0.5 -3.4 IntTermMuni 9.83 -0.01 0.3 -3.6
million.
Because Lipper is constantly up- C
dating its database, these returns N PerA 54.39 0.45 15.0 16.3 IntVaIII 16.35 0.03 9.5 47.2
may differ from those previously NEcoA 50.72 0.41 16.6 7.3 LgCo 30.10 0.26 16.0 33.8 Equity Funds Municipal Bond Funds
published or calculated by others. NwWrldA 72.66 0.50 9.3 3.9 Calamos Funds: LgCpIntl 24.63 0.06 8.2 20.3
3 year returns are cumulative. The SmCpA 61.02 0.29 8.8 3.1 Gr&IncA 41.00 0.24 12.1 22.5 SclCrEqInst 13.13 0.03 7.8 18.6 6100 400
NAV is the last reported closing STBFA 9.37 -0.02 1.1 -3.5 MktNeutI 14.60 0.03 6.6 9.7 STExQual 10.37 0.01 3.0 -2.3
price for the week. Footnotes: NA: 1900 100
not available. NE: performance TECAA 16.08 -0.05 0.9 -4.9 Calvert Investments: STGov 9.96 0.01 3.2 -2.6
excluded by Lipper editor. NN: fund TxExA 11.99 -0.03 1.3 -4.5 Eq A 72.08 0.99 9.0 26.2 STMuniBd 10.11 0.00 1.5 1.1
not tracked. NS: fund not in WshA 54.16 0.10 7.6 39.3 Carillon Reams: US CoreEq1 33.35 0.12 12.8 38.8 -2300 -200
existence for whole period. e: ex AMG Managers Funds: US CoreEq2 30.12 0.06 11.8 41.1
capital gains distributions. f: CorePlBd I 29.22 0.13 1.3 -10.9
previous day’s quote. n: no front- YachtmanFocFd I 19.38 0.02 7.4 38.6 Carillon Scout: US Micro 24.17 -0.16 6.2 52.6 -6500 -500
or back-end sales charge. p: fund YacktFocFd N n 19.44 0.03 7.3 37.9 US Small 41.02 -0.11 6.6 46.9
MidCap I 20.23 0.09 4.4 20.4
assets are used to pay marketing YacktmanFd I 22.63 -0.04 7.1 41.3 CausewayInst :
US SmCpVal 41.17 -0.41 5.7 77.0 -10700 -800
and distribution costs (12b-1 fees). US TgdVal 29.04 -0.25 6.9 77.3
r: fund levies redemption fee or Angel Oak Funds Trst: Jun Jul Aug Jun Jul Aug
CausewayInst 18.78 0.03 17.9 44.9 USLCpGr 29.24 0.20 15.3 32.7
back-end load. s: stock dividend or AglOkMtiStFdClIn 8.41 NA NA NA CIBC Atlas:
split of 25% or more. t: fund charges AQR Funds: USLgVa 42.45 -0.24 3.4 44.8
12b-1 fees (for marketing and DispEq Inst 26.70 0.14 10.8 24.2 USLgVaIII 27.80 -0.15 3.5 45.2 Money Market Funds Taxable Bond Funds
distribution) and a back-end load. LgCapDefStyle I 25.95 0.08 3.8 17.9 ClearBridge: USSoCoreEq2 21.74 0.05 13.7 37.6
v: capital-gains distribution may be Ariel Investments: 25300 4800
AggressGrowthA105.63 0.84 9.6 5.4 USSustCoreI 34.25 0.16 14.3 36.2
a return of capital. x: ex cash Ariel Inv n 66.55 -0.44 6.8 43.5
dividend. AllCapValueA 12.95 -0.06 6.3 43.5 USVectorEq 22.67 -0.09 7.1 49.4 17400 3800
Artisan Funds: AppreciationA 30.21 0.14 12.4 32.5 Dodge & Cox:
Net YTD 3-Yr. GblOppInst 29.45 0.29 11.5 -0.9
NAV Chg. % Ret. % Ret. DividendStrat1 n 28.02 0.07 7.8 36.9 Balanced n 97.53 0.11 6.5 32.6 9500 2800
Intl Inv n 25.76 0.24 7.7 0.0 DividendStratA 27.99 0.07 7.6 35.8 Dodge & Cox n 10.47 0.05 4.9 0.5
A IntlInst 25.93 0.24 7.9 0.7 LargeCapGrowthA50.80 0.97 29.8 14.2 GblStock n 14.16 0.01 12.3 52.2
IntlVal Inst 43.49 0.26 12.7 45.3
1600 1800
LargeCapGrowthI59.44 1.14 30.0 15.2 Income n 12.20 0.05 2.0 -8.0
AAM: IntlVal Inv n 43.30 0.26 12.5 44.3 LargeCapValueI 38.42 0.00 6.1 39.1 Intl Stk n 47.38 0.12 9.9 34.1
MidCapInst 38.93 0.49 16.3 -1.4 SmallCapGrowthIS 38.14 0.06 2.2 -2.2
-6300 800
B&GIncGroClI 22.39 0.05 2.0 27.9 Stock n 229.18 -0.19 8.0 55.5
AB Funds: MidCapInv n 32.59 0.41 16.2 -2.1 Cohen & Steers: DoubleLine Funds: Jun Jul Aug Jun Jul Aug
CapFdInc.LCapGow 84.77 1.04 21.4 21.9 GlbRltyI 48.31 0.34 1.4 6.1 CoreFxdIncmI 9.08 0.04 1.5 -10.1
B A red chart indicates a lower value than the starting period. Green means it's higher than the starting period.
MuniIncmShares 10.69 -0.04 1.6 0.1 InstlRlty 43.01 0.23 2.7 17.9 LowDurBdI 9.47 0.01 3.5 2.7
PrefSecIncnI 11.32 0.02 -0.3 -5.4 The charts above show four-week moving averages of net cash flow in millions of dollars. BARRON'S • Lipper FMI
AB Funds - A: Baird Funds: ShillerEnhCAPEI 13.32 -0.02 16.0 25.8
LgCpGrA 75.31 0.91 21.1 20.8 RltyIncI 15.37 0.08 2.9 17.0 TotRetBdI 8.61 0.02 0.5 -11.1
AggBdInst 9.48 0.00 0.9 -13.0
RelatValA 6.11 0.01 4.3 45.9 RltyShs n 59.09 0.32 2.6 17.4 TotRetBdN n 8.61 0.02 0.4 -11.7
CorBdInst 9.78 0.01 1.3 -11.4 Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
AB Funds - ADV: Colorado BondShares: NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
IntBdInst 10.02 -0.03 1.4 -7.8 E
GlbBd 6.65 0.02 1.2 -9.7 ShtTBdInst 9.23 -0.03 2.3 -1.1 ColoradoBdShs 8.58 -0.03 3.3 6.2 PuritanK6 13.16 NA NA NA FF2025 n 12.46 NA NA NA EmrMkt n 34.36 NA NA NA SrsGroCoRetail 18.00 NA NA NA
HiIncmAdv 6.62 0.01 6.6 6.9 Baron Funds: Columbia Class A: RealEstIdxInst n 14.48 NA NA NA FF2030 n 15.69 NA NA NA Eq Inc n 65.02 NA NA NA SrsIntlSmCp 15.62 NA NA NA
Eaton Vance Class A:
IntlStraEquPtADV 11.06 0.07 5.3 4.0 Asset n 93.14 1.15 7.3 4.0 BalancedA 45.10 0.35 12.1 15.1 SAIUSLgCpIndxFd 19.36 NA NA NA FF2035 n 13.65 NA NA NA EqDivIncm n 26.45 NA NA NA SrsIntlVal 10.86 NA NA NA
TMG1.0 n 1944.50 15.16 17.9 32.8
LgCpGrAdv 84.84 1.04 21.3 21.7 Growth n 92.36 0.88 8.7 19.6 ContCoreA 29.17 0.32 20.1 34.3 SeriesBondFd 8.75 NA NA NA FF2040 n 9.77 NA NA NA Fidel n 68.76 NA NA NA STBF n 8.25 NA NA NA
TMG1.1 87.60 0.68 17.6 31.7
SelectUSLgShrt 12.98 0.02 5.6 17.6 Partners n 146.49 6.23 31.3 45.1 DisplCoreA 12.64 0.09 15.5 32.4 SeriesOverseas 11.99 NA NA NA FF2045 n 11.22 NA NA NA FltRateHi n 9.22 NA NA NA StkSelSmCp n 30.41 NA NA NA
Eaton Vance Class I:
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
SmMidCpValAdv 21.49 -0.04 6.1 49.2 SmallCap n 28.40 0.41 15.3 9.2 DivIncA 29.83 0.04 4.1 35.5 SerLTTreBdIdx 5.60 NA NA NA FF2050 n 11.36 NA NA NA FocsdStk n 28.32 NA NA NA StkSlcACap n 63.80 NA NA NA
LgCpGrowA 53.34 0.96 28.6 21.9 AtlCpSMID 35.94 -0.04 5.2 36.5
Aberdeen Fds: Baron Instl Shares: SmCpIdxInstPrem n 22.92 NA NA NA Free2055 n 13.15 NA NA NA FournOne n 51.56 NA NA NA StratDivInc n 15.68 NA NA NA
LgCpVl A 15.15 -0.02 3.0 38.2 FltgRt 8.39 0.01 8.1 15.2
EmMktEqty Inst 12.85 0.17 2.9 -11.3 AssetInst 98.52 1.23 7.4 4.8 STBdIdx InstPrem n 9.51 NA NA NA Free2060InstPrem 15.11 NA NA NA GNMA n 9.87 NA NA NA TaxFrB n 10.62 NA NA NA
LiGoBalA 10.41 0.08 9.5 9.7 GblMacAbR 8.31 0.01 5.6 10.0
Advisers Inv Trst: EmergingMktsInst 13.48 0.09 3.4 -14.0 STTreIdx InstPre n 9.87 NA NA NA Freedom2015 K 10.77 NA NA NA GovtInc n 8.97 NA NA NA TotalBond n 9.25 NA NA NA
SelgComuInfoA 103.98 1.61 27.2 52.3 IncBos 4.96 0.02 5.8 8.4
Balanced n 84.64 0.16 7.8 23.5 GrowthInst 97.40 0.92 8.8 20.5 TMktIdxInstPrem n 121.11 NA NA NA Freedom2020 K 13.46 NA NA NA GroCo n 29.78 NA NA NA TotalBond K6 8.60 NA NA NA
TaxEA 11.41 -0.03 1.3 -6.5 NatlMuniInc 9.01 -0.02 2.2 -4.3 Freedom2020K6 13.41 NA NA NA
Growth n 105.72 0.40 10.8 37.3 PartnersInst 152.39 6.48 31.5 46.3 TotalMarketIndex n 15.29 NA NA NA GroInc n 51.72 NA NA NA Trend n 138.47 NA NA NA
Columbia Class Adv: Edgewood Growth Instituti: Freedom2025 K 12.45 NA NA NA
Akre Funds: SmallCapInst 30.58 0.44 15.5 10.1 TtlIntIdxInstPr n 12.47 NA NA NA GrowCoK 29.93 NA NA NA Value n 13.39 NA NA NA
DivIncom 30.44 0.04 4.3 36.5 EdgewoodGrInst 39.05 0.58 24.8 3.0 USBdIdxInstPrem n 10.05 NA NA NA Freedom2025K6 12.41 NA NA NA GrStrt n 51.35 NA NA NA ValueDisc n 35.20 NA NA NA
AkreFocusInst 54.72 0.62 13.8 13.2 Bernstein Fds:
Columbia Class C: USSusIdx n 19.56 NA NA NA Freedom2030 K 15.69 NA NA NA GwthDiscovery n 48.59 NA NA NA Wrldw n 28.90 NA NA NA
AkreFocusRtl 52.66 0.59 13.6 12.3 DivrMuni n 13.60 -0.03 1.4 -1.7 F Freedom2030K6 15.64 NA NA NA
DivInc 28.77 0.03 3.6 32.5 Fidelity Adv Focus A: HighInc n 7.35 NA NA NA Fidelity SAI:
AmanaGrowth n: IntmDur n 11.01 0.01 0.1 -13.5 Freedom2035 K 13.64 NA NA NA
Columbia Class I: Fairholme: HthCarA 56.90 NA NA NA IntBd n 9.83 NA NA NA FidSAIEmgMktIndx 12.65 NA NA NA
AmanaGrowth n 65.03 0.49 13.7 34.5 BlackRock Funds: Freedom2035K6 13.60 NA NA NA
TechA 88.34 NA NA NA IntlDisc n 42.05 NA NA NA FidSAIIntlIndxFd 12.71 NA NA NA
Amer Beacon Insti: CoreBd Inst 8.11 0.02 1.0 -13.2 Acorn I 10.19 0.12 13.6 -2.6 Fairholme n 35.78 0.38 44.6 77.3 Freedom2040 K 9.78 NA NA NA
Fidelity Advisor: IntlEnhIdx n 10.18 NA NA NA IntlValIdx 9.13 NA NA NA
SmCpInst 23.90 -0.19 6.6 58.9 HiYBlk 6.76 0.02 6.4 6.6 Balanced I 44.99 0.34 12.3 15.9 FAM Value: Freedom2040K6 9.74 NA NA NA IntlGrRet n 17.46 NA NA NA LowDurationInc 10.00 NA NA NS
HiYldBd Inst 6.76 0.02 6.3 6.5 ContCore I 29.54 0.32 20.3 35.3 FAMValue n 89.04 0.39 7.9 28.7 SrsAdvIntlCapApp26.60 NA NA NA
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
GMO Trust Class VI: Fixed Inc 8.05 0.03 0.6 -13.6 Gro&Inc n 23.00 0.24 20.7 31.2 TxMSC nr 79.93 -0.32 4.5 37.0 TotStInst 106.40 0.78 15.2 31.1
Jensen I 59.89 0.55 10.1 32.3 TxFrBdA 9.17 -0.03 1.2 -5.6 LgCpGrwth 20.17 0.34 26.9 6.6 RetBal Inc n 12.44 0.04 5.1 5.7 USGroAdml n 130.02 2.41 28.3 -0.5
Quality 27.76 0.20 20.6 44.2 TIAA/CREF Funds: TtlWrldIxInst p 195.10 1.35 11.9 22.7
JensenQualGrJ n: Mairs&Power: LgCpVal 19.26 0.01 3.2 37.8 SciTec n 36.63 0.49 40.2 13.2 UtilIxAd nr 69.05 0.14 -8.8 16.3
Goldman Sachs Inst: BdIdxInst 9.33 0.02 0.7 -13.8 TxMCaInst r 113.16 0.94 15.9 32.5
JensenQualGrJ n 59.94 0.54 9.9 31.4 MairsPwrGr n 137.60 0.98 17.1 34.2 Osterweis Strat Income: Sht-Bd n 4.48 0.00 2.0 -1.9 ValAdml n 55.37 -0.15 2.4 42.8 ValueInst 55.37 -0.15 2.4 42.8
EmgMktEq 20.89 NA NA NA SmCap n 49.11 -0.24 2.5 28.9 EqIdxInst 31.26 0.24 15.1 31.4
JHF III DispVal: Mass Mutual: OsterweisStrInc n 10.70 0.01 6.7 11.3 WdsrllAdml n 72.52 0.14 10.5 42.5 Victory Funds:
HYMuni 8.83 -0.04 2.6 -2.6 SmCapStk n 54.50 0.15 6.2 16.8 Gr&IncInst 14.78 0.16 21.0 32.3
DispVal I 22.04 -0.06 5.5 51.0 SelBluChipGroClI 22.07 0.40 35.7 12.6 WellsIAdml n 59.00 0.13 1.3 4.8 EstValA 45.61 -0.01 2.5 54.8
Muni 14.85 -0.05 2.2 -1.3 SpecGr n 22.47 0.11 11.3 23.3 IntlEqIdxInst 20.74 0.09 8.6 17.2
Guggenheim Funds Tru: DispValMCI 26.00 0.05 6.5 49.1 MassMutual Select: PQ WelltnAdml n 69.86 0.29 6.5 16.1 EstValI 45.66 -0.01 2.7 56.3
SpecInc n 10.90 0.02 2.3 -1.6 IntlEqIdxRet 21.23 0.08 8.4 16.2 WndsrAdml n 72.05 -0.31 6.4 57.9
DispValMdCp 24.70 0.05 6.3 48.0 MCGrEqIII 19.27 0.07 10.3 13.5 SmCoOppI 47.93 -0.01 3.3 45.2
MacOppFdClInstl23.84 0.03 4.6 5.0 Parnassus Fds: SuMuInt n 11.10 -0.03 1.3 -3.5 IntlEqInst 12.54 0.05 9.7 15.8 VANGUARD FDS:
DispValMdCpR6 26.01 0.06 6.6 49.6 Metropolitan West: Victory Port:
TotRtnBdFdClInst22.98 0.07 1.8 -11.3 ParnEqFd n 53.85 0.49 15.1 32.0 TF Incom n 10.54 -0.04 2.2 -2.6 LC2040Inst 9.69 0.06 10.0 16.6
DispValR6 22.11 -0.06 5.6 51.5 LowDurBdI 8.14 -0.01 1.9 -2.3 CAIT n 11.08 -0.04 1.2 -3.7 Market Neutral I 8.48 0.00 5.0 6.9
GuideStone Funds: Pear Tree: TotIndex n 47.32 0.34 15.3 30.3 LCIdx2020Inst 18.02 0.08 6.3 5.6
JHITFunLgCpCorFd: TotRetBd n 8.85 0.01 0.2 -14.9 CapOp nr 73.67 0.87 16.3 36.2 SSfnd 47.85 -0.01 3.4 45.3
EqindxGS2 45.82 NA NA NA U.S.EqResch n 42.99 0.38 18.5 36.3 LCIdx2025Inst 19.81 0.09 7.0 7.8
FunLgCpCorA 59.65 0.41 18.4 26.0 TotRetBdI 8.85 0.01 0.5 -14.3 ForeignVal I r 20.88 -0.08 6.9 17.7 DivdGro n 35.52 0.03 1.7 32.0 VsycamoreFnd 45.69 -0.01 2.8 56.5
MedDurGS2 12.39 NA NA NA USLrgCpCore n 32.80 0.26 12.3 31.6 LCIdx2035Inst 23.43 0.13 9.0 13.2
John Hancock: TRBdPlan 8.30 0.01 0.5 -14.1 Perm Port Funds: DivrEq n 41.68 0.30 15.6 26.0 Victory Portfolios I:
Value n 40.14 -0.07 4.2 39.5 LCIdx2040Inst 24.97 0.15 10.1 16.5
Permanent n 49.10 0.34 5.8 19.2 Energy nr 47.63 -0.11 4.5 64.0
H 500Index1 47.11 0.39 15.7 32.8 UnconstrBdI 10.15 0.00 3.2 -1.5 Price Funds - Adv Cl: LCIdx2045Inst 25.96 0.17 10.8 19.4 500Indx Reward n 56.48 0.47 16.3 32.2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Industrials 11:00
11:30
34351.19
34306.83
34369.24
34371.69
34422.12
34443.71
34389.34
34364.78
34047.06
34239.86
NYSE Amer Off
NASD Up
2,846 4,357 2,713 6,154 2,758
2,367,795 1,624,750 2,795,077 812,940 2,446,791
35910 12:00 34271.75 34337.37 34431.51 34265.03 34174.48 NASD Off 1,958,547 2,587,718 1,247,025 3,530,202 1,467,389
12:30 34363.60 34319.71 34424.38 34281.15 34295.38 NYSE Arca UP 114,558 94,971 212,345 80,135 182,691
Week's NYSE Arca Off 126,456 124,777 51,855 202,427 117,570
Components Change 1:00 34383.30 34322.00 34432.30 34271.87 34268.86
1:30 34415.44 34298.05 34509.72 34210.71 34243.24 % (QCHA) –.28 –.25 +1.01 –.96 +.30
3M -1.06 % (QACH) +.09 –.09 +.64 –.93 –.18
2:00 34402.65 34288.34 34511.72 34229.13 34291.93
35230 % (QCHAQ) –.16 –.37 +.97 –1.32 +.32
American Express -1.91 2:30 34426.92 34313.83 34463.34 34210.14 34407.73
Amgen -5.44 3:00 34466.71 34312.71 34438.51 34211.13 34414.95 Market Advance/Decline Totals
Apple 4.12 3:30 34487.60 34323.15 34463.25 34227.79 34400.38 NYSE NYSE
Boeing -3.24 Weekly Comp. NYSE Amer Nasdaq Arca
Close 34463.69 34288.83 34472.98 34099.42 34346.90
Caterpillar -1.24 Total Issues 3,115 348 4,932 2,009
34550 High (t) 34695.62 34603.74 34629.97 34770.68 34522.11 Advances 1,464 151 2,216 1,339
Chevron -1.78 Low (t) 34194.49 34155.44 34174.98 34045.57 33970.40 Declines 1,584 188 2,588 647
Cisco Systems 0.66 High (a) 34570.96 34514.04 34534.72 34694.68 34441.91 Unchanged 67 9 128 23
Coca-Cola -0.56 Low (a) 34248.46 34256.84 34321.00 34093.65 34029.22 New Highs 105 5 158 29
Disney -2.60 Change –36.97 –174.86 +184.15 –373.56 +247.48 New Lows 195 52 551 90
Dow -0.04 33870 Week ended last Friday compared to previous Friday
Goldman Sachs -4.78 Theoretical (t): High 34770.68 Low 33970.40
Home Depot -4.51 Actual (a): High 34694.68 Low 34029.22 NYSE Composite Daily Breadth
Honeywell International -0.28 Daily Aug 21 22 23 24 25
IBM 3.94 33190 Issues Traded 3,023 3,023 3,024 2,998 2,988
Intel 0.50 Dow Jones 20 Transport (divisor: 0.16343894576034) Advances 1,113 1,238 2,287 728 1,715
Johnson & Johnson -6.24 Declines 1,804 1,672 663 2,174 1,133
Open (t) 15717.98 15729.05 15585.70 15714.37 15697.73 Unchanged 106 113 74 96 140
JPMorgan Chase -1.92 Open (a) 15727.07 15707.88 15582.15 15731.32 15690.26 New Highs 31 37 43 32 25
McDonald's 2.84 10:00 15759.71 15769.45 15562.73 15710.59 15715.10
Merck 1.01 32510 New Lows 87 81 62 75 66
10:30 15770.32 15720.11 15578.49 15752.78 15695.99 Blocks - primary 4,074 3,942 4,280 4,060 3,369
Microsoft 6.50 Total (000) - primary 805,237 745,098 853,126 1,009,340 742,384
11:00 15725.79 15671.15 15579.49 15722.06 15614.87
Nike Cl B -5.97 Total (000) 3,726,855 3,522,763 3,837,273 3,723,471 3,296,183
11:30 15685.73 15663.13 15631.62 15702.85 15576.31
Procter & Gamble 1.00
12:00 15631.56 15634.43 15668.47 15709.94 15592.02 NYSE American Composite
Salesforce 4.64 31830 12:30 15617.76 15563.32 15688.33 15729.85 15566.22 Daily Aug 21 22 23 24 25
Travelers -0.83
1:00 15618.77 15578.57 15695.07 15764.83 15600.53 Issues Traded 320 320 325 320 318
UnitedHealth Group -9.32
1:30 15639.46 15555.05 15680.50 15717.59 15561.90 Advances 134 135 174 93 152
Verizon Communications 0.17
2:00 15641.18 15554.70 15702.25 15713.70 15534.48 Declines 162 159 135 207 154
Visa Cl A 4.40
Walgreens Boots Alliance -1.28 31150 2:30 15653.37 15577.87 15726.81 15722.73 15607.60 Unchanged 24 26 16 20 12
3:00 15686.68 15570.20 15738.35 15709.62 15641.93 New Highs 2 2 2 ... 1
Walmart -0.11 March April May June July August New Lows 19 24 15 28 17
3:30 15708.71 15609.18 15740.56 15725.64 15648.14
Blocks - primary 106 140 115 128 109
Close 15705.01 15591.94 15767.60 15647.98 15614.94
Total (000) - primary 8,867 7,911 8,273 8,524 7,674
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
High (t) 15877.55 15799.08 15801.37 15826.74 15798.22 Total (000) 176,787 130,557 130,667 178,693 117,864
Transportation NOTICE TO READERS:
Low (t)
High (a)
15578.42 15509.86 15488.02 15607.39
15816.69 15797.40 15788.34 15814.21
15459.32
15747.07 Nasdaq
Due to Sempra’s (SRE) 2-for-1 16855 Low (a) 15605.39 15542.16 15534.11 15643.58 15504.27 Daily Aug 21 22 23 24 25
Issues Traded 4,531 4,509 4,511 4,475 4,450
Components
Week's
Change
stock split, effective 8/22, the Change +4.41 –113.07 +175.66 –119.62 –33.04
Advances 2,072 1,764 2,878 1,209 2,325
DJUA divisor changed from 16460 Theoretical (t): High 15877.55 Low 15459.32 Declines 2,262 2,529 1,430 3,101 1,917
Alaska Air Group -0.95 Actual (a): High 15816.69 Low 15504.27 Unchanged 197 216 203 165 208
American Airlines Group -0.46 1.2792490616772 to New Highs 44 43 57 45 33
Avis Budget Group -10.59 1.1978034655451 and the DJCA 16065 New Lows 215 242 167 225 211
CH Robinson Worldwide -1.23 Blocks - primary 35,521 35,601 30,798 32,901 26,661
divisor changed from Dow Jones 15 Utilities (divisor: 1.19780346554510)
Total (000) 4,363,078 4,282,431 4,127,853 4,383,829 3,970,064
CSX 0.04 15670 Open (t) 876.33 872.24 881.35 878.79 877.34
Delta Air Lines 0.21 0.77130165331605 to NYSE Arca Composite
Open (a) 877.05 872.21 879.64 879.01 877.29
Expeditors Intl of Wash -1.51 0.76514789702961. 15275 10:00 872.90 869.95 879.19 886.11 877.75 Daily Aug 21 22 23 24 25
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
13782.03 11195.10 DJ US Small TSM 12776.79 12776.79 12776.79 –18.68 –0.15 –88.10 –0.68 725.68 6.02 Divs Yield % 1.41 1.42 1.48 2:30-3:00 24,614 23,810 20,969 23,254 24,550
977.76 760.10 Barron's Future Focus 915.84 903.90 910.57 1.80 0.20 60.51 7.12 98.40 12.12 Divs $ 89.03 88.78 83.57 3:00-3:30 29,035 30,105 30,969 30,945 27,554
Mkt to Book 5.76 5.71 5.42
1036.97 825.73 Barron's 400 986.74 974.94 978.07 –5.55 –0.56 23.65 2.48 57.68 6.27 3:30-4:00 422,292 381,055 471,197 637,088 374,235
Book Value $ 1095.83 1095.83 1042.07
High/Low's are based upon the daily closing index. a-Arithmetic Index. G-Geometric Index. V-Value 1000 and Growth 1000 y-Dec. 31,1965=50 z-Dec. 31,2002=5000
s
10
Book Book
Investor Sentiment Readings New Listings
Earns Divs. Value Earns Divs. Value
NYSE
5 Am Exp 9.83 2.24 33.26 Johnson&John 5.78 4.64 29.39 High bullish readings in the Consensus stock index or in the Market
EURO in $ Vane stock index usually are signs of Market tops; low ones, market First Foundation (FFWM)
s Amgen 14.83 8.33 6.86 JPMorgChase 15.54 4.00 90.29 bottoms.
Apple 5.95 0.94 3.18 McDonalds 10.87 5.94 (8.06) NYSE American
0 Boeing (7.49) Nil (26.58) Merck Co 1.27 2.88 18.12
Last Week 2 Weeks Ago 3 Weeks Ago
YEN in $ Caterpillar 16.07 4.90 30.73 Microsoft 9.69 2.72 27.75 None
Consensus Index
Chevron Corp 15.77 5.95 83.17 Nike Inc 3.23 1.325 9.14 Nasdaq
-5 Cisco Sys 3.07 1.54 9.68 Proc Gam 5.27 3.708 19.46 Consensus Bullish Sentiment 61% 67% 68%
Coca Cola 2.43 1.80 5.57 3M Co (2.84) 5.98 26.80 Foremost Lithium (FMST)
s Disney Walt 1.23 Nil 52.09 Salesforce.com 0.38 0.00 57.84 AAII Index
-10
DXY (104.19)
Dow
Goldman Sachs
2.42 2.80 29.39
23.44 10.00 317.90
Travelers Cos
UnitedHealthGrp
9.39
22.35
3.79 92.89
6.83 83.27 Bullish 32.3% 35.9% 44.7%
Trading
-15 Home Depot
Honeywell
16.01
8.80
7.98 1.54
4.12 24.99
Verizon
Visa
5.00
7.94
2.61 21.70
1.80 16.08
Bearish 35.9 30.1 25.5 Suspended
S O N D J F M A M J J A IBM 7.34 6.62 24.22 Walgreens (3.84) 1.98 29.23 Neutral 31.8 34.0 29.8 NYSE
Source: Tullett Prebon Intel (0.22) 0.98 24.52 Wal-mart 5.20 2.27 28.48 ForgeRock (FORG)
Market Vane
NYSE American
Transportation Stocks None
Bullish Consensus 52% 52% 53%
Nasdaq
AlaskaAirGroup 1.23 Nil 29.92 Kirby Corp 2.90 Nil 50.79 TIM Group Market Sentiment Aceragen (ACGN)
Distributions & Offerings
Secondary Distributions of common stocks
144 Filings AmericanAirlines 3.73
AvisBudgetGrp 50.50
Nil (8.91)
Nil (18.03)
Landstar Sys 9.38
Matson Inc 12.19
1.23 24.70
1.25 63.28 Indicator 48.6% 44.0% 48.1%
Amyris (AMRS)
Apexigen (APGN)
C.H. Robinson 4.35 2.33 11.64 Norf Southern 11.12 5.29 55.83 First Foundation (FFWM)
SEC Form 144 must be filed by holders of restricted securities (also called letter stock) who intend to Sources: Consensus Inc.; American Association of Franchise Group (FRG)
ForemostLithiumResources&Technology 800,000 $5.00 $4,000,000 CSX Corp 1.98 0.42 6.11 Old Dominion 11.51 1.40 33.14
sell shares. Shares Indicated: the number to be sold. Sales Date: the approximate date of the sale. G Medical Innovations (GMVD)
Landsea Homes 4,207,574 $9.75 $41,023,847 (Sometimes shares aren't sold, even though their owner has filed a Form144.) Source: Thomson Delta Air Lines 4.64 0.10 10.26 Ryder Sys 9.55 2.57 63.45 Individual Investors; Market Vane; TIM Group Liquid Media Group (YVR)
Societal CDMO 20,750,000 $0.40 $8,300,000 Reuters Expeditors Int'l 6.67 1.36 20.15 Southwest Air 0.88 Nil 17.99 Republic First Bancorp (FRBK)
Super League Gaming 16,923,077 $0.13 $2,198,650 FedEx 15.50 4.71 103.86 Un Pacific 10.96 5.20 19.86
Source: Dealogic LLC, New York City; (212) 577-4400.
Company Sym
Shares
Indicated $ Value
Sale
Date Seller Title
Hunt (JB) 7.47 1.66 35.34 UPS 11.53 6.38 23.04
Name
Coming U.S. Auctions
JetBlue Air 0.08 Nil 10.90 United Airlines 8.06 Nil 21.09
Arms Index
Yields (%)
Adma Biologics
Cvr Energy
ADMA 1,433,304
CVI
5,544,737 8/22/23
1,000,000 34,770,000 8/18/23
Fong, Bryant
Icahn, Carl SH
B
Utility Stocks The Arms index, also known as the short term trading index,
Changes
is a number derived by dividing one quotient into another NYSE
Monday When Issued* Last Auction Palantir Technologies PLTR 585,000 8,424,000 8/21/23 Karp, Alexander OD quotient. The numerator in the index is the number of
advancing stocks divided by the number of declining stocks. Modiv Industrial (MDV),
Palantir Technologies PLTR 405,000 5,832,000 8/21/23 Cohen, Stephen OD AES Corp. (0.08) 0.6557 2.39 Exelon 2.12 1.4175 24.89 formerly Modiv
$69.0 bil 3-month 5.467 5.300 As of 3/14/11, the denominator in the index is now the
Am Elec 3.86 3.32 46.50 FirstEnergy 0.65 1.56 17.77 composite volume of advancing stocks divided by the
$62.0 bil 6-month 5.548 5.295 Palantir Technologies PLTR 351,198 5,057,251 8/21/23 Sankar, Shyam O NYSE American
AmericanWaterWorks 4.79 2.725 42.30 NextEra Energy 3.78 1.785 19.74 composite volume of declining stocks.
$45.0 bil 2-year 5.067 4.823 None
$46.0 bil 5-year 4.449 4.170 Confluent CFLT 325,000 10,410,297 8/18/23 Tomlinson, Steffan O Atmos Energy 5.84 2.96 66.85 Xcel Energy 3.15 2.015 30.34 Daily 8/21 8/22 8/23 8/24 8/25 Nasdaq
Palantir Technologies PLTR 325,000 4,767,750 8/23/23 Karp, Alexander OD Con Ed 6.97 3.22 58.27 Pub Sv Ent 5.56 2.22 27.62
Tuesday DominionEnergy 2.70 2.67 31.26 Sempra Energy 7.90 4.67 83.43 Allient (ALNT), formerly Allied
Draftkings DKNG 250,000 6,750,595 8/21/23 Robins, Jason O NYSE .66 1.28 2.11 .81 .93 Motion Technologies (AMOT)
$36.0 bil 7-year 4.366 4.087 Duke Energy 1.79 4.04 61.51 Southn Co. 2.77 2.76 27.67 Better Home & Finance
Endeavor Group EDR 240,000 5,830,128 8/17/23 Shapiro, Mark O NYSE American .26 1.46 .85 .53 .56
Edison Int'l 2.49 2.9126 35.70 (BETR), formerly Aurora
* As of Friday afternoon. Endeavor Group EDR 229,032 5,647,883 8/16/23 Shapiro, Mark O Nasdaq .76 1.11 .90 1.69 .73 Acquisition (AURC)
August 28, 2023 BARRON’S 51
Dow Jones U.S. Total Market Industry Groups CBOE Put / Call Ratio Foreign Exchange
Foreign
Currency
Foreign
Currency
U.S. $ in
Foreign
U.S. $ in
Foreign
Marine Transportation DJUSMT 264.97 + 2.30 53.74 +.87 [25] +20.19 [17] +25.44 [14] +22.51 272.06 192.82 Big Lots (Q2) -4.11 -2.28 U.K. (Pound) 1.2579 1.2735 .7950 .7852
Transportation Svcs DJUSTS 315.27 – 4.80 63.42 –1.50 [112] +19.74 [18] +25.18 [16] +16.63 349.34 203.43 Uruguay (Peso) …… .. …… .. …… .. …… ..
HP (Q3) 0.86 1.04 Financial .02652 .02649 37.705 37.745
Industrial Engineering DJUSIQ 3316.27 – 14.94 287.78 –.45 [77] +18.94 [19] +9.50 [49] +15.31 3,544.47 2,432.87
J.M. Smucker (Q1) 2.02 1.67 Euro 1.0796 1.0872 .9263 .9198
Travel & Leisure DJUSCG 1404.16 – 7.11 246.45 –.50 [78] +18.31 [20] +21.29 [21] +8.77 1,506.10 1,053.48
Special Drawing Rights (SDR) are based on exchange rates for the U.S.,
W British, and Japanese currencies. Source: International Monetary Fund.
Groups are weighted by capitalization. 52-week highs and lows are based on daily closes. Dec. 31, 1991=100. In the U.S. listings, % vol chg column shows the change from previous 65-day moving a-Russian Central Bank rate. b-government rate. d-rebased as of Jan. 1,
average. Volume figures do not reflect extended trading hours. Chewy (Q2) -0.04 0.05 2005. y-floating rate.
CrowdStrike (Q2) 0.73 0.56
Five Below (Q2)
Okta (Q2)
0.83
0.29
0.74
0.22
Money Rates
Delta Market Pulse of the Economy
Salesforce (Q2)
Vera Bradley (Q2)
1.90
0.12
1.19
0.08
Latest Week Prev. Week Yr Ago
Bullish Instinet Research Redbook Avg. (monthly %) Aug 19 2.46 –1.17 –1.61 …. W Q2 GDP 2.4% 2.4% 1 month 5.34 5.34 2.40
Continuing claims (mil.) Aug 12 1.702 r1.711 1.329 28.07
TH July Personal Income 0.30% 0.30% 2 months 5.42 5.42 2.48
Baltic Dry Index Aug 25 1,080 1,237 1,082 –0.18
3 months 5.55 5.55 2.78
New home sales, (thous. units) July 714 r684 543 31.49 Construction F August Nonfarm Payrolls 175,000 187,000
Current Sentiment 6 months 5.73 5.73 3.53
No Activity for this Week August Unemployment Rate 3.5% 3.5%
Inventories Foreign Prime Rates
50.1%
July Construction Spending 0.50% 0.50%
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) Aug 18 433,528 439,662 421,672 2.81 Other Indicators Unless otherwise indicated, times are Eastern. a-Advanced; Canada 7.20 7.20 4.70
Gasoline, (thous. bbls) Aug 18 217,626 216,158 215,647 0.92 f-Final; p-Preliminary; r-Revised Source: FactSet Germany 4.25 4.25 0.50
Citi Research Panic–Euphoria Reading Aug 25 0.20 0.31 –0.06 ….
Last Week For more information about coming economic reports
Japan 1.475 1.475 1.475
a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. h- Switzerland 2.25 2.25 0.25
benchmark revision, 2016 equals 100. r-Revised. - and what they mean - go to Barron’s free Economic
Britain 5.25 5.25 1.75
60.8%
Calendar at www.barrons.com
66.9%
Interest Checking-z 0.06 0.06 0.04
Latest Preceding Year Ago Yr over Yr Aug 25 Aug 18 Yr. Ago YOY % Chg Best Buy August 29 8:00AM Q2 6-Month Certif-z 1.50 1.53 0.40
Report Report Report % Chg Brown-Forman August 30 10:00AM Q1 12-Month Certif-z 1.84 1.83 0.63
1 Year Treas Bills 5.36 5.34 3.25 64.92 Campbell Soup August 31 8:00AM Q4 30 Month Accounts-z 1.35 1.35 0.67
Federal Budget Deficit (bil. $)-a 1,330FY'25 1,201FY'24 1,154FY'23 ….
3 Weeks ago 2 Year Treas Notes 4.94 4.80 3.24 52.47 Catalent August 29 8:15AM Q4 5-Year Certificates-z 1.27 1.27 0.70
Budget Surplus/Deficit (bil. $)-b, July –220.78 –227.77 –211.05 4.61
3 Year Treas Notes 4.65 4.45 3.22 44.41 Cooper Companies August 30 5:00PM Q3
Trade Deficit (bil. $, sa)-c, June –65.50 r-68.29 –80.85 -18.99 U.S. Savings EE Bonds:
Current Market Exposure: 5 Year Treas Notes 4.39 4.18 3.01 45.85 Hewlett Packard Enterprise August 29 4:30PM Q3
Treasury Gross Public Debt. (bil. $)-d 32,740.4 32,661.6 30,751.8 6.47
100% Equities, 0% Bonds, 0% Hormel Foods August 31 9:00AM Q3
Cash Treasury Statutory Debt Limit (bil. $)-d * 31,381.5 …. …. 10 Year Treas Notes 4.25 4.07 2.87 48.08 Long-Term (5yrs+) 2.50 2.50 0.10
Consumer Installment Debt (bil. $)-e, June 4,997.1 r4,979.2 4,620.3 8.16 HP August 29 5:30PM Q3
Source: Delta Investment 20 Year Treas Bds 4.53 4.39 3.36 34.82 J M Smucker August 29 9:00AM Q1 c-Annualized yields, adjusted for constant maturity, reported by the Federal
Management Sources: a-Office of Management and Budget, b-Monthly Treasury Statement, c-Monthly Commerce Dept. FHFA PMMS+ July 6.34 6.34 5.22 21.46 Salesforce August 30 5:00PM Q2 Reserve on a weekly average basis. Sources: Tullett Prebon information, Ltd.
www.deltaim.com, (415) Report, d-Daily Treasury Statement, e-Monthly Federal Reserve Release. *Statutory debt limit temporarily Factset. z-Bankrate.com.
249-6337 suspended through January 1, 2025. Fed annualized yields adjusted for constant maturity. Source: CCBN, www.ccbn.com
52 BARRON’S August 28, 2023
Source: Refinitiv.*Barclays T-Bond Index discontinued by firm. Suncor Energy .386 Big 5 Sporting Goods .25 ConocoPhillips .51
Texas Pacific Land 3.25 Bruker Corp .05 Tuesday (August 29) Crawford & Co A .07 FirstCash Holdings .35
Monday (August 28)
Textainer Group Holdings .30 CH Robinson Worldwide .61 NONE Crawford & Co B .07 Global Water Resources .025
Trane Technologies .75 CNB Financial PA .175 AmerisourceBergen .485 HomeTrust Bancshares .10
Covenant Logistics Cl A .11 Dana .10
P10 .032 Tyson Foods Cl A .48 Wednesday (August 30) Bank of Butterfield .44
Federal Reserve Data Bank Week’s Ex- PermRock Royalty Trust .04
RLI Corp .27
Universal Health Cl B
Valhi
.20
.08
Eastern Bankshares
eBay
.10
.25 NONE BGSF
Comfort Systems USA
.15
.225
Danaos
Enbridge
.75
.667
Karat Packaging
Karat Packaging
.40
.10
Ryerson Holding .183 Vector Group .20 First Finl Bancorp OH .23 Thursday (August 31) Entergy 1.07 LeMaitre Vascular .14
One week ended Aug 23:
Prev. Year
Dividend Shutterstock
Stepan Co
.27
.365
Watts Water Tech
Westwood
.36
.15
First Merchants
GCM Grosvenor Cl A
Haynes Intl
.34
.11
.22
CompX IntlA
Imperial Oil
.25
.379
Core Laboratories
Kemper
.01
.31
EQT Corp
Essential Utilities .307
.15 LKQ
Newmark Group
.275
.03
Member Bank Tennant Co .265 Woodside Energy ADR 1.44
Reserve Chgs. (Mil. $)
Week
Change
Ago
Change Dates Triple Flag Prec Metals
Union Pacific
.052
1.30 Friday (September 1)
Interactive Brokers
Interface
Investors Title
.10
.01
.46
Friday (September 1)
Chicago Rivet & Machine .10
Masco Corp
Moog Cl A
.285
.27
Evertec
Federal Signal
.05
.10
PacWest Bancorp
PriceSmart
.01
.46
Xylem .33 Banco Bradesco Ord ADR .004 Moog Cl B .27 FirstEnergy .39 Princeton Bancorp .30
U.S. Gov't securities: This list includes payouts on Bluegreen Vacations .20 Kraft Heinz .40 Saturday (September 2) Ford Motor .15 Reynolds Cnsmr Products .23
common stocks. SandRidge Energy .10
Thursday (August 31) Brown-Forman Cl A .206 Mercantile Bank .34 NONE Fortis .421
Bought outright 7,524,272 -32,018 -907,653 MGE Energy .428 Shinhan Financial ADR .278 Shore Bancshares .12
NYSE Acushnet Holdings .195 Brown-Forman Cl B .206 Herc Holdings .632 Southern Missouri Bncp .21
Advanced Drainage Sys .14 FNB Corp .12 MidWestOne Fincl Group .243 Sunday (September 3) Timken .33
Federal agency secur: MillerKnoll .188 JM Smucker 1.06 Wynn Resorts .25
Tuesday (August 29) Agnico-Eagle Mines .40 L3Harris Technologies 1.14 NONE Unitil Corp .405
Bought outright 2,347 .... .... Ashland .385 Linde 1.275 Monarch Casino & Resort .30 Kroger Co .29
Aegon ADR .153 NAPCO Security Techs .08 Wabtec .17 Friday (September 1)
Associated Banc .21 Live Oak Bancshares .03 Monday (September 4) Lamb Weston Holdings .28
Reserve bank credit: Carter's .75 Navient Corp. .16
Century Communities .23 Avangrid .44 Nike Cl B .34 NONE Tuesday (August 29) Magna International .46 Advanced Energy Inds .10
Ball Corp .20 NBT Bancorp .32
Primary Credit 1,937 +106 -1,175 EnPro .29 Solaris Oilfield A .11 Old National Bancorp .14 Magnolia Oil & Gas .115 Allegiant Travel .60
Bank of America .24 Stanley Black & Decker .81 AdvanSix .16
Secondary Credit .... .... .... ICL Group .063 Olympic Steel .125 Matador Resources .15 Barrett Business Svcs .30
Seasonal Credit 61 +3 +14
NextEra Energy
Sun Life Financial
.468
.557
Baxter International
Berry Global Group
Boise Cascade
.29
.25
.20
Telefonica Brasil ADR
Sat. (Sept. 2)-Mon. (Sept. 4)
.027 Open Text
PepsiCo
.25
1.265
Week’s Aramark
Intl Game Technology
.11
.20
Murphy Oil
ONE Gas
.275
.65
Bio-Techne
Cognex
.08
.07
Float -168 +2 -40 Perdoceo Education .11 Loews Corp .062
Other F.R. Assets
Total Fed Credit #
37,304
8,107,290
-10,463
-46,423
+4,810
-711,267
Wednesday (August 30)
Allstate .89
Bridge Investment
California Resources
.17
.282
NONE Perella Weinberg Ptrs
Premier Inc.
.07
.21
Dividend Novo Nordisk ADR
RE/MAX Holdings Cl A
.884
.23
Pan American Silver
Penske Automotive
.10
.72
ConnectOne Bancorp
DallasNews
.17
.16
Arch Resources .25 Clearway Energy Cl A .389 Phillips 66 1.05
Gold stock
SDR Certif. Accounts
11,041
5,200
....
....
....
....
Arch Resources
Ardmore Shipping
3.72
.19
Clearway Energy Cl C
Comstock Resources
.389
.125 Week’s Ex-
Progress Software
Ramaco Resources Cl B
Rocky Brands
.175
.165
.155
Payment Reinsurance Grp America .85 Pinnacle West Capital
Reliance Steel
.865
1.00
Eagle Bancorp Montana
Enterprise Bancorp
.14
.23
Bank of Hawaii .70 Corteva .16 Safety Insurance Group .90 Wednesday (August 30) First Hawaiian .26
Treas. Curr. Outst.
Total
52,419
8,194,220
+14
-46,506
+1,466
-709,135
Barrick Gold
Brookfield
.10
.07
Dominion Energy
Element Solutions
.668
.08 Dividend Sinclair Cl A
SLM Corp
.25
.11
This list includes payouts on
common stocks. Assured Guaranty
DHT Holdings
.28
.35
Safe Bulkers
Select Medical Holdings
.05
.125
First Mid Bancshares
Hawkins
.23
.16
Currency in circ 2,328,554 -2,520 +53,406 Brookfield Business .062 Essent Group .25 Sensient Technologies .41
Treas. Cash Hldgs 310 +11 +206 Brookfield Infrastructure .382
Brookfield Infrastructure .382
Flowers Foods
Fortive
.23
.07
Dates SS & C Technologies
Strategic Education
Teradyne
.24
.60
.11
NYSE American
Monday (August 28)
Donaldson Co
Janus Henderson Group
.25
.39
SJW Group
Southwest Gas Holdings
.38
.62
Honeywell International 1.03
Intel .125
Treas. Fed Deposits 413,787 -22,008 -121,480 Brookfield Renewable .338 FutureFuel .06 Tradeweb Markets .09 KLA 1.30
This list includes payouts on NONE Ormat Technologies .12 Standard Motor Products .29
Foreign Fed Deposits 9,686 .... +2,252 Central Pacific Finl .26 Gallagher .55 Trustco Bank .36 MGP Ingredients .12
General Motors .09 common stocks. Peabody Energy .075 SunCoke Energy .10
Other Fed Deposits 168,116 -7,062 -48,803 Corning .28 Trustmark .23 Tuesday (August 29) Middlesex Water .312
Crane .18 Group 1 Automotive .45 NASDAQ UFP Industries .30 Sturm Ruger .36 TE Connectivity .59
Other FR liab/cap -38,764 +1,172 -88,583 Hartford Financial .425 NONE Nathan's Famous .50
Crane NXT .14 United Fire Group .16 Waste Connections .255 Telefonica Brasil ADR .027
Total factors 5,007,431 +12,676 -588,559 Cullen/Frost Bankers .92 Houlihan Lokey Cl A .55 Tuesday (August 29) Universal Logistics .105 Wednesday (August 30) Truist Financial .52 PC Connection .08
Reserves F.R. banks 3,186,789 -59,182 -120,576 Dover Corp .51 Hudbay Minerals .007 Cathay General Bancorp .34 Virtu Financial .24 Thursday (August 31) Visa Cl A .45 Phillips Edison .093
Dow .70 Hyster-Yale Materials .325 NONE
Electronic Arts .19 Wendy's Co .25 Walker & Dunlop .63 Selective Insurance .30
Fgn hold U.S. debt 3,440,337 -9,146 +53,932 Ellington Financial .15 InterContinental Htl ADR .483 Allison Transmission .23
Fox Cl A .26 Thursday (August 31) Southside Bancshares .35
Estee Lauder Cl A .66 Interpublic Grp .31 Fox Cl B .26 Friday (September 1) Alta Equipment Cl A .057 WEC Energy Group .78
FactSet Research Systems .98 ITT .29 H & E Equipment Services .275 Amkor Technology .075 NONE Wells Fargo .35 TPG .22
Angel Oak Mortgage REIT .32
Reserve Aggr (Mil. $) Latest Prev. Month % Year Flex LNG .75 Juniper Networks .22 Magic Software Ents .327 Cass Info Systems .29 Friday (September 1) WW Grainger 1.86 Warner Music Group .17
Month Ended July: Month Month Chg. Ago Kellogg Co .60 Apollo Global Mgmt A .43
Goldman Sachs 2.75 Hancock Whitney .30 Zoetis .375 Winmark .80
Grupo Aval Acciones ADR .016 Kronos Worldwide .19 Wednesday (August 30) MarketWise .01 Cohen & Co .25 Applied Indl Techs .35
Total Reserves: 3,178,700 3,265,600 -2.66 3,258,700 Grupo Aval Acciones ADR .016 LCI Industries 1.05 ARK Restaurants .188 Penns Woods Bancorp .32 ARC Document Solutions .05 Saturday (September 2) Saturday (September 2)
Saturday (September 2)
NonborrowedRes 2,906,700 2,974,300 -2.27 3,239,100 Home Depot 2.09 Lockheed Martin 3.00 Atlantica Sustain Infr .445 Peoples Bancorp of NC .19 Artisan Ptrs Asset Mgmt .61
Hubbell 1.12 M & T Bank 1.30 CSX .11 Ross Stores .335 NONE NONE NONE
BorrowedReserves 271,942 291,303 -6.65 19,541 Martin Marietta .74 Berkshire Hills Bancorp .18
Jackson Financial .62 Diamond Hill Investment 1.50 Sunday (September 3) Sunday (September 3)
Monetary Base 5,517,200 5,608,000 -1.62 5,537,100 Lear Corp .77 McDonald's 1.52 Enact Holdings .16 Sat. (Sept. 2)-Mon. (Sept. 4) Sunday (September 3) Blue Owl Capital .14
Lennox International 1.10 McKesson .62 NONE NONE Booz Allen Hamilton Hldg .47 NONE NONE
August 28, 2023 BARRON’S 53
Week’s PetIQ
PlainsAllAmPipe
PlainsGP
AvidityBio
AxcellaHealth
AXT
EvokePharma
Farmmi
FateTherap
Lendway
LibertyFormOne A
LibertyFormOne C
ProcessaPharm
ProPhaseLabs
ProSomnus
VigilNeurosci
VirBiotech
VisionMarineTech
Vertiv
WW Ent
IDACORP
Invitae
JianpuTech
105
New Highs
195
New Lows
RevolutionMed
RossStores
SciPlay
BioCardia
BioLifeSols
BionanoGenom
FirstWaveBio
FLJ
ForemostLithium
ManhattanBridge
MarinSoftware
MarketWise
Remark
ReToEcoSol
RevanceTherap
XIAO-I
XOMA
YoshiharuGlbl
Allego
AlmacenesExito
AmerStratInvt
Luxfer
MP Materials
Mytheresa
RevelationBio Yoshitsu AmerTowerREIT
SeaportGlblAcqnII BiondVaxPharm Fortrea Marpai Macy's
RiceBranTech YSBiopharma AmericanWell
Nasdaq SeaportGlblAcqnII Bionomics FortressBiotech Materialise Magnachip
RichardsonElec Yunji AshfordHosp
Splunk Biotricity ForwardIndustries MawsonInfr MariaDB
5 52
TwinDisc BrenmillerEner FusionFuelGreen micromobility.com Abercrombie&Fitch Nevro
Satellogic BostonOmaha
Ultralife BrilliantEarthA G Willi-Food Mind CTI Adecoagro NextEraEnergy
SciSparc Bowlero
VahannaTechI A BroadwayFin G1Therapeutics MineralysTherap AlmacenesExito NoahHoldings
New Highs New Lows SEALSQ BraemarHtls
ValuenceI A BroogeEnergy Galecto MingZhuLogistics Aptargroup NorthwestNat
SeaStarMedical ButterflyNtwk
Only includes COMMON and REIT stocks ViantTech BruushOralCare GaleraTherap Minim ArcherAviation CampbellSoup NouveauMonde
VinFastAuto BTC Digital GalmedPharm MissionProduce SecooHolding NuSkinEnts
AresAcqnA CIBC
WelsbachTech BukitJalilGlbAcqn1 Gaucho Molekule Seer NuScalePower
AresAcqnII A CanoHealth
NYSE American ApogeeTherap
WinVestAcqn BurkeHerbert GeneDx Momentus SenesTech ON24
AristaNetworks Cato
AppliedOptoelec BurningRockBio GenerationIncm Monro SenseiBiotherap OneLiberty
NEW HIGHS XP AtlasEnergySolns Cazoo
Applovin BuzzFeed GeneticTech MotusGI Sharecare OrmatTech
AlphaProTech ZalatorisIIAcqn BellRing ChargePoint
APxAcqnI A ByndCannasoft Genfit Movella Shineco OsiskoDevelopment
CKX Lands Brink's ChathamLodging
BlueOceanA NEW LOWS C3is Genprex MSP Recovery ShoreBancshares Paragon28
CatchaInvtA BroadridgeFinl CherryHillMtg
BridgetownA 180LifeSci CalAmp GeoVaxLabs MullenAuto ShuttlePharm PublicStorage
CompX Intl SingularGenomics Brown&Brown Chewy
BukitJalilGlbAcqn1 22ndCentury CambiumNtwks GloryStarNewMedia MultiMetaVerse RE/MAX
FirstLightAcqnA SiNtxTech Build-A-Bear ChinaGreenAg
Camtek 23andMe CanadianSolar Gogo NanoStringTech ResMed
SiyataMobile CNX Resources ClearSecure
NEW LOWS CapricorTherap 2seventybio CapstoneGreen GoldenHeaven NanoVibronix Revolve
SkyWaterTech Cameco CBD Pao Wi
AeonBiopharma CelsiusHldg 374Water CardioDiag GoldenOcean Napco Security RiteAid
SmartforLife Celestica CompassMinerals
CF Acqn VIII A 60DegreesPharm
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
O T H E R VO I C E S
Higher rates hopefully promise stronger long-
term growth through a more efficient allocation of
resources by government and private investors.
flation during that period. At the end taxes. And they may feel threatened
of World War II, the last time govern- by the ending of that era. But think
ment debt as a share of the economy again beyond any transition costs to
A Day of Reckoning
attained current levels, inflation oper- what may happen if interest rates rise
ated as a fairly big tax on purchasers more permanently and the era of
of wartime bonds. cheap money ends.
When interest rates go up, govern- For one, Congress and the presi-
Federal Debt
tax system produces an uneven result payments as a share of GDP have not
for net revenue. Most interest receipts grown from 1980 to today, despite the
are garnered by those with zero or fourfold increase in federal debt held
low tax rates, including nonprofits, by the public from 26% of GDP to
foreigners, holders of retirement close to 100%. That trend not only
accounts, and the bank accounts of ends but also reverses with higher
T
modest-income households. Most interest rates. Budgetary interest
reasury interest BY EUGENE value of outstanding federal debt even interest payments, however, are de- costs will start rising at a faster rate
rates are hitting a STEUERLE as it raises measured interest costs in ducted from income taxes, often by than debt.
16-year high. After The writer is the the budget. those with higher tax rates, such as For another, when the cost of bor-
decades of low Richard Fisher That said, the main issue for both corporations and many individuals rowing becomes positive, private in-
rates, that change chair at the Ur- people and the budget is how higher with large mortgages. vestment turns more toward assets
will have conse- ban Institute and interest rates affect economic growth. Inflation further encourages this that on average are more productive
quences for the a co-founder of Throughout much of the 21st century, type of portfolio shift, called tax arbi- and produce positive real returns for
federal budget. Those effects are more the Urban-Brook- the world’s developed nations relied trage. The inflationary component of the economy. When the expected bor-
complicated than they might seem at ings Tax Policy on cheap money to keep their econo- interest is deducted as if it is a real rowing cost was negative, an asset
first, however. In fact, there is reason Center in Wash- mies afloat. Rising interest rates cost, when it isn’t, just as it leads to only needed to produce a less negative
to believe that the long-term result will ington, D.C. may represent the end of that cheap an overstatement of the income of return to produce a positive return for
RETIREMENT MAILBAG
Want to Live Longer? AGI Is Not in Our
Improve One Number.
Immediate Future
By Neal Templin energy—which doesn’t burn oxygen—and To the Editor: analysis of the energy sector in “Oil Stocks
you will have trouble sustaining it for I did my doctoral dissertation on artificial Are Back. Pioneer and 3 Other Gushers”
W
hen it comes to fitness and long periods. intelligence back in the Stone Age of com- (The Trader, Aug. 17) discussed the
even longevity, there is one Today, some fitness devices, including puter science during the first wave of AI upstream (exploration and production)
number to rule them all: Apple Watch and Fitbit, can estimate (“AI Is the Real Deal—if You Understand companies and the downstream sectors
VO2 max. your VO2 max score based on your heart It. Our 5 Roundtable Pros Are Here to and service companies (refiners), but ig-
The number measures the maximum rate and, in some cases, the speed you are Help,” Cover Story, Aug. 18). It’s quite nored the midstream infrastructure sector.
amount of oxygen a person can use dur- moving. They aren’t as accurate as a labo- amazing to see what can be done with That sector, consisting of both master
ing intense exercise. A person awaiting a ratory VO2 max test, say Joyner and today’s computing power and inexpensive limited partnerships and C corporations,
heart transplant might score below 10, Stewart. “They are reasonable estimates storage that was unimaginable then. provides not only stability and, lately, capi-
while a world-class endurance athlete based on reasonable algorithms,” Joyner But your panelists omitted some impor- tal growth, but also tax-deferred, irratio-
might be above 70 or even 80. Many says. tant points worth noting: 1) The programs nally high yields (7.5% to 10%) and en-
health experts consider it the single best VO2 is commonly measured in millili- have a tendency to hallucinate. Try this: hancing balance sheets with constant
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
indicator of cardiorespiratory fitness, and ters of oxygen consumed a minute per “Write an obituary for [your name] that lowering of leverage, and increases in
research has found that it correlates with kilogram of body weight. An average describes [his/her] career and family.” 2) equity buybacks.
longevity, as well. adult might score 35. Endurance athletes Many queries, such as those related to the Elliot Miller
“The relationship between VO2 max can be twice that or even higher. weather, sports scores, or investment Naples, Fla.
and all-cause mortality is quite good,” says Women, because they tend to have less choices, need access to real-time data to
Dr. Michael Joyner, an anesthesiologist muscle per kilogram of body weight than generate a meaningful response. That’s
and fitness expert at the Mayo Clinic. “The men, usually score lower, though the best expensive to collect and maintain. Booster Shot
odds of dying in the next 10 years are female endurance athletes still post high Add in the related artistic and ethical
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
markedly low if your VO2 max is high.” numbers. And just as with men, higher issues, and it’s clear that artificial general To the Editor:
A VO2 max test measures how multi- VO2 scores for women correlate with intelligence isn’t in our immediate future. I agree with Andrew Bary that both BioN-
ple systems of your body function during athletic performance and mortality. Tony Wasserman Tech and Moderna can boost my portfolio
hard exercise, including your heart, VO2 scores decrease as people age be- San Francisco in a short time (“Buy Moderna and BioN-
lungs, muscles, and veins, according to cause their maximum heart rate declines Tech Stock. Both Pharmas Have Strong
Dr. Kerry Stewart, a clinical and research and they lose muscle mass and thus burn Drug Pipelines and Plenty of Cash,” Aug.
exercise physiologist at Johns Hopkins less oxygen. So, a score that would be low Earnings and the Fed 18). Since December of 2020, both compa-
School of Medicine. People who score for a woman in her 20s might be an elite nies have accumulated billions of dollars
well are less likely to have diabetes and score for a woman in her 70s. To the Editor: in profits from their development of Covid-
high levels of LDL, or so-called bad cho- How hard is it to improve VO2 max Regarding “It Will Be Earnings—Not 19 vaccines. Using this same RNA technol-
lesterol, and more likely to have high score? That depends on your fitness level. Bond Yields—That Finish 2023’s Rally” ogy, they have the potential to fight other
levels of HDL, or “good” cholesterol. Someone who is inactive could improve (Up & Down Wall Street, Aug. 18), Randall devastating diseases. I own both of these
The good news is that you can increase their VO2 max through moderate exercise W. Forsyth has it exactly right. Earnings companies in my portfolio, and I’m ready
your VO2 score. How? By exercising. The and make a significant improvement in over a period of time determine the overall and prepared for my next booster shot.
harder you push yourself, the more you their health. health of an individual company. Aggre- Martin Blumberg
can improve your score. Even brisk Fit people have to push harder. That gate earnings of a large group of compa- Melville, N.Y.
walks around the neighborhood could lift means either exercising longer or exercis- nies determine the health of the economy.
the scores and health of millions of inac- ing harder. For those who are serious The Fed controls only the money supply
tive Americans. about improving their VO2 max, Joyner and interest rates. The two are distinct Send letters to [email protected].
How can you measure your VO2 max? recommends that they add interval train- and different. To be considered for publication,
The most accurate tests are done in a ing to their routines. A popular approach B.J. Khalifah correspondence must bear the writer’s
laboratory where you are hooked up to a now is 4×4 interval training, where you Grosse Pointe Park, Mich. name, address, and phone number.
mask that measures oxygen consumption do four intervals of intense exercise, sep- Letters are subject to editing.
as you exercise. If you are on a treadmill, arated by rest between each interval.
you are told to walk or run faster and “In general, for any person to reach Midstream Infrastructure
faster until your oxygen consumption their personal biological upper limit, they Numbers by Barron’s, which breaks down
stops rising. If you go beyond this point, need to do interval training,” Joyner To the Editor: the markets, is available wherever you
you will increasingly be using anaerobic says. B I was interested that Nicholas Jasinski’s listen to podcasts.
M W L C 10 11 12 H G R P 4 8 3 F 2 D 6 7 9 0 A I
56 BARRON’S August 28, 2023
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