Professional Documents
Culture Documents
BEYOND
THE
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
LAKE MEAD The world is rapidly consuming its limited supply of fresh
WATER LEVEL
1983 water, threatening economic growth and forcing companies and
investors to adapt. PLUS: 6 stocks to consider. PAGES 16, 19
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
DROUGHT
2022
>
63142
C O N T EN TS 08.2 9.22 VOL.CII NO.35
P. 16 P. 20 P. 22
P. 13 P. 31
Strong Signals to P. 32
Buy T-Mobile Stock
As rivals Verizon and AT&T
Striking Price: How to
struggle, T-Mobile is going from Profit From Panic
strength to strength—with hefty Visitors to the SUMMIT deck atop New York’s $3.2 billion One Vanderbilt skyscraper By STEVEN M. SEARS
earnings and buybacks ahead.
By NICHOLAS JASINSKI P. 33
P. 15 P. 7 P. 25
Commodities: Gold
Proves Its Mettle
Payment for Orders Up & Down Wall Street: Tech Trader: Nvidia’s By MYRA P. SAEFONG
Didn’t Hurt Trades Spoiling the Party Tumble Isn’t Over Yet
Follow-Up: A study found that Federal Reserve Chairman Jerome The chip maker’s stock is still Barron’s Roundtable
retail traders didn’t get worse Powell’s determination to stay pricey, even after this year’s 40% on Fox Business
stock pricing, even when brokers hawkish on inflation could mean a tumble. The crypto bust and rising
A view of Lake Mead from
got paid for their orders. the Hoover Dam illustrat- painful period ahead for stocks. competition remain headwinds. Watch our show Saturday or Sun-
ing the severe drop in
By BILL ALPERT water level. Photograph
By ERIC J. SAVITZ By TAE KIM day at 10 a.m. or 11:30 a.m. ET.
by Jesse Rieser This week, J.P. Morgan’s David
P. 26 © 2022 Dow Jones & Company, P. 12 P. 54 Kelly on what’s next for the econ-
Inc. All Rights Reserved.
omy after Jackson Hole. Plus, in-
Hunting for Bargains Our newspapers are 100% sourced
Economy: The Fed Picking Up the Pieces sights on the housing market and
as Europe Stumbles from sustainable certified mills.
combine the diversification of a mutual fund and the tracking of an index with transparency and liquidity.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
UnitedHealth
Symbol
UNH
Weight
10.21%
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 29, 2022
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 customercenter.barrons.com. For reprints of articles,
references are to the first page of the item in which the company is call 1 (800) 843-0008, or go to djreprints.com.
mentioned.
C Campbell Soup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
EDITOR IN CHIEF David Cho
Charles Schwab . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Chewy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 EXECUTIVE EDITOR Bob Rose SENIOR MANAGING EDITOR Lauren R. Rublin S Salesforce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Cineworld Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Shell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,31
CME Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 DEPUTY EDITORS Alex Eule, Ben Levisohn Signify Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 EDITORIAL DIRECTOR, MAGAZINE Phil Roosevelt SL Green Realty . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Cooper Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Snap-On . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
CrowdStrike Holdings . . . . . . . . . . . . . . . . . . . . . 11 MANAGING EDITORS Kristen Bellstrom, Matt Bemer, Daren Fonda, Brian Hershberg, Joe Woelfel Snowflake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,35
CyberOptics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 ASSISTANT MANAGING EDITORS Henry Cutter, Mel Gray, Anita Hamilton, Mary Romano,
SoftBank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Splunk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Robert Sabat, Rupert Steiner (London bureau chief) SunOpta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
D Danaher . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 ASSOCIATE EDITORS Andrew Bary, Randall W. Forsyth, Jack Hough, Reshma Kapadia, Eric J. Savitz
Dell Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Deutsche Telekom . . . . . . . . . . . . . . . . . . . . . . . . . 15 SENIOR WRITERS Bill Alpert, Lisa Beilfuss, Lauren Foster, Nicholas Jasinski, Tae Kim, Joe Light, T Tesla . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,30
DirecTV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Elizabeth O’Brien, Al Root, Avi Salzman, Lawrence C. Strauss T-Mobile US . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,15
Dollar General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Toll Brothers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Dollar Tree . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,35 REPORTERS Jacob Adelman, Luisa Beltran, Megan Cassella, Janet H. Cho, Jack Denton, Carleton English, TotalEnergies . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,31
Sabrina Escobar, Callum Keown, Marc Lajoie, Evie Liu, Shaina Mishkin, Josh Nathan-Kazis, Trade Desk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Angela Palumbo, Teresa Rivas, Connor Smith, Jacob Sonenshine, Karishma Vanjani Twitter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
E Empire State Realty Trust . . . . . . . . . . . . . . . . 21
Essential Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . 19 STORY EDITORS Ed Lin, Erin McCarthy, Stacy Ozol
Evoqua Water Technologies . . . . . . . . . . . . . . . . 19 U UBS Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Exxon Mobil . . . . . . . . . . . . . . . . . . . . . . . . . 23,27,31 COPY DESK Michael J. Burlingham, Richard Rescigno, Robert Teitelman UnitedHealth Group . . . . . . . . . . . . . . . . . . . . . . . 10
IDEAS EDITOR Matt Peterson
F Farfetch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 DEPUTY DIGITAL MANAGING EDITOR Zoe Szathmary V Veeva Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Ford Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,30 Verizon Communications . . . . . . . . . . . . . . . . . . . 14
Fox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 SENIOR AUDIO MANAGER Mette Lützhøft DIGITAL PRODUCERS Robert Cushing, Nick Devor, Clare McKeen Virtu Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Vornado Realty Trust . . . . . . . . . . . . . . . . . . . . . . 21
Kristin Lenz DESIGN DIRECTOR Chelsea Schiff
DIRECTOR, DESIGN & VISUALS
A HERITAGE of responsibility.
A foundation for the FUTURE.
Income strategies as
deep as our heritage
• Over 120 years as an income provider
• One of the largest municipal fund managers
• Expertise across municipal bonds, taxable fixed
income and real assets
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
nuveen.com/income
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Past performance does not guarantee future results. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does
not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully,
please request a prospectus or summary prospectus from your financial professional or Nuveen at 800.752.8700 or visit nuveen.com.
Nuveen Securities, LLC, member FINRA and SIPC. 20854 GAD-1134692CR-W0420X
August 29, 2022 BARRON’S 7
On Inflation. Stocks
Powell said that addressing infla- something intriguing on a service I’m
tion will require a “sustained period of not already getting—Ooh, look! Killing
below-trend growth,” that one month Eve on AMC+! —I tend to succumb.
of slightly lower inflation data in July Cha-ching.
G
growth, and softer labor market con- broadcast TV. The news spurred media
rand Teton Na- one day after software giant Sales- ditions will bring down inflation, they analyst Michael Nathanson, co-founder
tional Park has a force.com (CRM) likewise cut its 2022 will also bring some pain to house- of research boutique MoffettNa-
stark warning for view, reporting that customers are holds and businesses,” he said. “These thanson, to dive deeper. What he found
visitors to the slow-walking approval of new projects. are the unfortunate costs of reducing should alarm the entire TV business,
Wyoming moun- Dell Chief Financial Officer Tom inflation. But a failure to restore price cablers and broadcasters alike.
tain oasis. “Bears Sweet tells Barron’s that, late in the stability would mean far greater pain.” Among other things, Nathanson
are active,” it says quarter, demand for commercial PCs So, the Fed will stay hawkish, hardly discovered that broadcast viewership
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
on its website. “Travel in groups of fell, while hesitation on infrastructure good news for stocks. They sold off on among 18- to 49-year-olds in July was
three or more, make noise, and carry projects—particularly those involving Friday, with the Dow down more than down 39% from the level a year earlier.
bear spray,” is the official advice. By Eric J. Savitz servers—rose. Cloud-computing pro- 1,000 points, or 3%, the S&P 500 off That’s shocking, although he concedes
You have to wonder if Federal Re- viders were among the procrastina- 3.4%, and the Nasdaq tumbling 3.9%. that the comparison was tough. July
serve Chairman Jerome Powell was hit tors. “They are not immune to eco- There could be further unpleasant- 2021 featured both the first week of the
with bear spray when he arrived at nomic cycles,” Sweet says. “We’re ness ahead. Tokyo Olympics and late-ending NBA
the park for his Friday morning talk at seeing sentiment get more cautious and NHL playoff games. Even more
R
the annual Jackson Hole economic across our customer base.” ecently, I discovered, to my disturbing than ice hockey in July, in
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
symposium, hosted by the Federal In the end, Powell’s short speech— horror, that my wife and I Nathanson’s view, is that broadcast-
Reserve Bank of Kansas City. just 10 minutes—underlined the Fed’s have 10 streaming-video sub- ing’s loss wasn’t cable’s gain. Cable
Wall Street spent all of this past focus on bringing inflation down to scriptions—and I might be viewing hours that month fell by 18%.
week fretting over what Powell would 2%, noting that “without price stability, undercounting. I stopped paying for Nathanson warns that cable net-
say Friday morning. Worries that he’d the economy does not work for any- cable service years ago, and largely works’ ad sales will remain under
take a hawkish tone dampened the pressure as viewership shrinks. The
rip-roaring summer rally that drove a cablers and broadcasters also face the
20% bull-market rise in the Nasdaq imminent arrival of serious new com-
Composite from mid-June to mid-Au- petition for advertising dollars, as
gust. June-quarter earnings turned out Netflix (NFLX) plots the debut of an
to be just meh, rather than flat-out ter- ad-supported subscription tier for
rible, and there was fleeting optimism early 2023. For years, Anthony Wood,
the Fed might wrap up its tightening the CEO of Roku (ROKU), has been
cycle sooner than previously expected. saying that all content, including ads,
But headed into Friday’s talk, two wor- eventually will be streamed. His
risome trends developed. First, interest prophecy now seems inevitable.
rates stopped falling, with the 10-year Nathanson’s firm has Neutral rat-
Treasury’s yield climbing back above ings on most content providers, includ-
the 3% level, a sign that investors see ing Netflix, Warner Bros. Discovery
further substantial hikes ahead. Sec- (WBD), Disney (DIS), and AMC Net-
ond, we got not-so-great earnings from works (AMCX). And it has Sells on
LIT
Sunday Ticket since 1994, but that deal the world of scheduled content with mar-
runs out after the coming season. There’s ket appeal and significant advertising po-
an intense bidding war to take control of tential,” Daryanani observes. “We think
the service, with bidders reportedly in- Apple pushing deeper into sports makes a
cluding Apple (AAPL), Amazon.com lot of sense in terms of driving subs to
(AMZN), Alphabet (GOOGL), and Disney. TV+, while also differentiating it from its
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
Apple has the deepest pockets. It has peers in an increasingly crowded market.”
been aggressively seeking sports program- Oh, and one more thing, as Steve Jobs
ming to boost Apple TV+. The company used to say: Apple holds its annual fall
already streams Friday night Major League product launch event on Sept. 7, presum-
Baseball games, and recently secured ably to debut the iPhone 14. One day later,
rights to Major League Soccer matches. the 2022 NFL season starts. Commissioner
1 (888) 493-8631 As Evercore ISI analyst Amit Darya- Roger Goodell has said the league will an-
GLOBALXETFS.COM nani points out in a research note, Di- nounce a new Sunday Ticket partner in the
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
recTV pays $1.5 billion a year for Sunday fall. Apple’s launch is about a week earlier
Ticket. He expects the price to jump to at than it has been in most years, for no obvi-
least $2.5 billion for Apple (or whomever ous reason. I have no idea what will hap-
wins). The analyst thinks Apple could pen, but I suggest tuning in.
®
Beyond Ordinary ETFs boost the number of Sunday Ticket sub-
I
scribers well beyond the current two mil- had my first byline in Barron’s almost
lion, but adds that “there is no real plan for 36 years ago, but I’ve never had my
Investing involves risk, including the possible loss of principal. International
the service to be stand-alone profitable.” name atop Up & Down Wall Street
investments may involve risk of capital loss from unfavorable fluctuation in
That seems pretty evident. Daryanani before, and that gives me a special
currency values, from differences in generally accepted accounting principles,
notes that if Apple sticks with the current thrill. In my early years here, I spent half
or from economic or political instability in other nations. Emerging markets
subscription price—$300 for the season— my time doing research for the late Alan
involve heightened risks related to the same factors as well as increased
it would need to quadruple the subscriber Abelson, who created this column, hired
volatility and lower trading volume. Narrowly focused investments may be
base to eight million to break even. True, me, and always graciously cited my name
subject to higher volatility. There are additional risks associated with investing
Apple has a structural advantage over Di- when he’d use my work in this space.
in lithium and the lithium mining industry. LIT is non-diversified.
recTV; you don’t need a satellite dish for Alan at that point was our editor, chief
Apple TV+. But the average NFL game in columnist, guiding spirit, and benevolent
Carefully consider the Fund’s investment objectives, risk 2021 had 17 million viewers, and the num- dictator. In Up & Down, he doled out a
factors, charges and expenses before investing. This and ber of people who want to watch out-of- weekly dose of common-sense investment
additional information can be found in the Fund’s full or summary town games is likely a lot lower than that; advice and muckraking journalism, al-
prospectus, which are available at globalxetfs.com. Read the eight million might be a stretch. DirecTV ways wrapped in wry, devilish wit. Alan
prospectus carefully before investing. lost money on Sunday Ticket, using it to was my mentor, and he remains my role
boost its subscriber base. Apple might take model and hero. I often think about what
Shares of ETFs are bought and sold at market price (not NAV) the same approach. he’d make of NFTs, cryptocurrency,
and are not individually redeemed from the Fund. Brokerage One bold option, Daryanani proposes, SPACs, the metaverse, Web3, and meme
commissions will reduce returns. Distributed by SEI Investments would be for Apple to roll Sunday Ticket stocks, and I know the answer. He’d make
Distribution Co. into Apple TV+, which costs $4.99 a mincemeat out of it all. B
month, for no extra charge. If you assume
a four-month season, at that rate Apple email: eric.savitz@barrons.com
August 29, 2022 BARRON’S 9
Apply today at
Barrons.com/advisorfinderapply
© 2022 Dow Jones & Company, Inc. All rights reserved. 4E274
10 BARRON’S August 29, 2022
R E VIEW 32,283.40
Dow Industrials: - 1423.34
476.61
Dow Global Index: - 14.37
3.03%
10-year Treasury Note: + 0.04
350 K
end. Bed Bath & Beyond required
Taiwan Risk
financing to shore up liquidity. Zoom
Video missed expectations again and
fell to single-digit growth. Peloton lost
Number of jobs expected to more than a billion. Dollar General
return to the U.S. in 2022 from beat, and Dollar Tree did not.
The latest escalation in tensions over Taiwan has prompted overseas, most since 2010, to Game of Thrones, racked up 10 million
a flurry of rethinking and de-risking. While most global when tracking began. A Bombing in Moscow viewers on its debut, a record for the
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
9%
businesses are unlikely to pull up stakes, experts warn that A Russian journalist and daughter of network. Demand was so great that
investors aren’t accounting for the growing risks and po- a pro-Putin ideologue was killed in a thousands of U.S. online viewers
tential costs as the U.S.-China relationship frays. car bombing outside Moscow. Russia experienced crashes. In mid-August,
China, unhappy over a recent visit by a U.S. congres- blamed Ukraine, which denied any Warner Bros. Discovery’s HBO laid
sional delegation, responded with live-fire military exer- Decline in global smartphone role, as the war passed its six-month off 70 employees, mostly from
cises around Taiwan, a key chip-making hub. Few see an shipments in the second quar- mark and Ukraine celebrated streaming service HBO Max.
imminent Chinese move on Taiwan, which would inflict a ter, to 286 million units. independence from the Soviet Union.
Annals of Deal Making
$61 B
catastrophic hit on the global economy, including China. Russian advances stalled, which
But strategists predict increased minicrises and a more Moscow explained as a humanitarian The U.S. and China struck a deal
militarized Asia-Pacific. C suites and boards can no longer pause. Shelling took a Ukraine nuclear on sharing audits of New York–listed
ignore it, says Jude Blanchette, the Freeman Chair in reactor off the grid temporarily. Chinese companies...Movie theater
China Studies at the Center for Strategic and International The amount of funds deposited Ukraine and Russia blamed each other. chain Cineworld said that it is
Studies. “We knew it would be a flashpoint, but it’s firmly in crypto’s decentralized fi- considering bankruptcy…The Wall
moved to smack dab in the middle.” nance, down from $170 billion at Targeting ESG Street Journal reported that
6.2%
Guardian, has been hearing from companies about cre- environmental, social, and governance which include CVS Health, for home
ating contingency plans, which include shifting invest- scoring. In Florida, Gov. Ron DeSantis health-care company Signify Health.
ment, building supply-chain resilience, infrastructure banned state pension funds from ESG UnitedHealth may also be circling…
risks, and talent issues. “Over the next 12 to 24 months, screening. Texas blacklisted 10 firms, Elon Musk subpoenaed documents from
there’s a good calculus for nothing happening. But if Second-quarter earnings including BlackRock and UBS, and former Twitter CEO Jack Dorsey, and a
you are an investor and only looking at the next 18 to 24 growth, with 95% of the S&P 348 ESG funds, claiming they were former Twitter security chief said the
months, you aren’t a good investor,” he says. 500 having reported. “boycotting energy companies.” And company misled regulators…Penn
“You have to be mindful of your China exposure—and Arizona senatorial candidate Blake Entertainment agreed to buy the two-
quite often it isn’t in China,” says Harry Melandri, an To get Numbers by Barron’s Masters called ESG an existential threat thirds of Barstool Sports it didn’t
adviser at macroeconomic research firm MI2 Partners. daily, sign up wherever to America. already own for $387 million…Julian
“A Chinese exporter locked out of the U.S. market could you listen to podcasts or at Robertson, founder of Tiger
prompt a Chinese importer [not to buy] American,” he Barrons.com/podcasts Dragons Fly Management and mentor to Tiger Cubs
says. “We will see more of that.” — Reshma Kapadia HBO’s House of Dragons, the prequel hedge funds, died at 90.
August 29, 2022 BARRON’S 11
P R EV IEW Wednesday ADP releases its National Employment Report. Sign up for the Review &
Economists forecast that the economy added
250,000 nonfarm jobs in August. ADP has Preview daily newsletter at
changed its methodology, complicating comparisons with recent months. Barrons.com/reviewpreview
Duck, It’s
Ten to Remember Baidu, Bank of Montreal, Best adjusted annual rate of $1.77 trillion.
Worst September declines since 1928 Buy, Chewy, CrowdStrike Hold- Construction spending declined 1.1%
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
-30% -20 -10 0 ings, Hewlett Packard Enterprise, in June, the first drop since last Sep-
and HP Inc. report quarterly results. tember.
September
1931
tember dating back to 1928, says Dow Jones Market Data. 2002 400,000 fewer than in June. Job farm payroll employment to increase
The Dow Jones Industrial Average has notched a similar 1946
openings remain elevated historically by 270,000, after a gain of 528,000
September loss going back to 1896. It’s clearly the bad month but are off their peak of 11.9 million in July, which was more than double
2008
for both indexes. Last year, stocks fell 4.8% in September. from earlier this March. forecasts. The unemployment rate is
And who can forget Lehman Brothers? And, well, Sept. 11? 1986 seen remaining unchanged at a near-
Much debate has gone into explaining the September 2001 S&P CoreLogic releases its Case- record-low 3.5%.
Effect. More tangible are troubling signs for this September. Shiller National Home Price Index
Indexes are up by double digits in percentage terms since for June. Home prices are expected to
their 2022 lows in mid-June, lifted by cooling inflation and Best and Worst jump 19.5% year over year, after
a cautious Federal Reserve. But the probability of a three- increasing 19.7% in May. New- and Coming Earnings
Months for Stocks Consensus Estimate Year Ago
quarter point interest-rate hike in September has risen, with July, April, and December have existing-home sales have plummeted
a half-point raise less likely. historically been good months for this year, but home prices remain M
Catalent (Q4) $1.14 $1.16
Then there are oil prices, which sagged, putting extra stocks. September has been the near record highs.
money in consumer pockets. The price of West Texas Inter- worst.
T
American Woodmark (Q1) 1.27 0.70
mediate oil has hung in the low $90s per barrel, but edged The Conference Board releases
-2% -1 0 1 2 More Earnings on Page 51 .
up this past week on Saudi suggestions of an output cut. its Consumer Confidence Index
Oil’s multiyear high, hit earlier this year at over $100, is for August. The consensus call is
more than 10% above the current level. Oil prices have
July
for a 96.5 reading, about one point
Consensus Estimate
been hurt by China’s economic slowdown. But China just April more than July’s 95.7 figure. The Day Consensus Est. Last Period
cut a key rate, which could send prices rising again. Like- index has declined for three consecu- T August Consumer Confidence 96.9 95.7
wise, protracted war in Ukraine could push up energy December tive months. July JOLTS Job Openings 10,300,000 10,698,000
TH Q2 Productivity -4.6% -4.6%
prices again as winter nears. July Construction Spending 0.15% -1.1%
Evercore equity strategist Julian Emanuel believes that September
Wednesday 8/31
F August Nonfarm Payrolls 290,000 528,000
the market’s recent ability to rise despite rising rates will May
August Unemployment Rate 3.5% 3.5%
July Factory Orders 0.20% 2.0%
fade. The good news: September selling may have already
Unless otherwise indicated, times are Eastern. a-Advanced;
begun. The Dow and S&P 500 have been down since Aug. February Brown-Forman, Cooper Cos., f-Final; p-Preliminary; r-Revised Source: FactSet
20, with the latter off about 4%. Let’s get it over with. MongoDB, Okta, and Veeva Sys- For more information about coming economic reports
- and what they mean - go to Barron’s free Economic
— Jacob Sonenshine Source: Dow Jones Market Data tems release quarterly earnings. Calendar at www.barrons.com
12 BARRON’S August 29, 2022
THE EC ONOMY
The forces working against the Fed’s anti-inflation
battle outweigh those aiding it. So, there’s good
reason to expect Jerome Powell to remain resolute.
W
addition, the improvement in the labor- future, she says, further pushing up the
hen Federal vince markets that he will do what- force participation rate among lower- costs of higher education.
Reserve ever it takes to beat inflation. Chris skilled workers recently rolled over, In normal times, Furman’s estimate
Chairman Zaccarelli, chief investment officer at Oubina observes. wouldn’t seem very significant and
Jerome Pow- Independent Advisor Alliance, says a Long Covid, or lingering negative Kearney’s points would be cause for
ell spoke Fri- market fully expecting the Fed to fol- effects of the virus, might explain some longer-term concern, but not neces-
day at the low through on its pledge would be of the labor-supply problem. Oubina sarily for losing sleep now. Given how
central bank’s down at least 20% this year. After notes that the number of people out of high inflation is now, however, it’s a
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
annual symposium in Jackson Hole, Friday’s fall of 2.5% in the S&P 500, the labor force because of disability is step in the wrong direction that un-
Wyo., he didn’t say anything exactly the index is off 14% in 2022. At the about one million above pre-Covid dermines the central bank’s efforts to
new. But in reinforcing his commitment By Lisa Beilfuss same time, traders on Friday shifted levels. A new report by Katie Bach at cool demand and cure inflation.
to restoring price stability, the chairman bets toward a half-point hike in Sep- the Brookings Institution finds that
T
sounded more resolute than he had in tember and away from a third consec- around 16 million working-age Ameri- he Fed does have something
other recent public appearances. “To- utive three-quarter-point increase. cans now have long Covid. Of those, working in its favor, and it
day, my remarks will be shorter, my Aside from having to fight markets Bach says, two million to four million is the data. The latest indi-
focus narrower, and my message more that have been fighting the Fed—with are out of work, due to the condition. If cations of cooling prices
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
direct,” he said, opening a speech that summer stock market rallies helping the labor market is a main transmis- came Friday, when the personal con-
would last only minutes, mostly stick to to ease the very financial conditions sion mechanism of Fed policy, an sumption expenditure index declined
the importance of the inflation fight, the central bank is trying to tighten— acutely short labor supply complicates from its level a month earlier, slipping
and highlight how his job is only get- Powell has two particular forces the picture and may mean labor de- to a 6.3% year-over-year pace from
ting harder. working against him. mand must cool more than appreciated 6.8% in June. The core versions,
“Price stability is the responsibility First, there is the job market. to take pressure off wages and prices. which back out food and energy and
of the Federal Reserve and serves as The second force working against represent the Fed’s favorite inflation
the bedrock of our economy. Without the Fed is fiscal policy. measures, also moved in the right di-
price stability, the economy does not Fed's Favorite Figures President Joe Biden’s student-debt rection. From a year earlier, the core
work for anyone,” Powell said, noting Personal Consumption Expenditure Indexes are falling faster forgiveness plan has ignited an eco- PCE fell to 4.6% from 4.8%, still well
that higher interest rates, slower than Consumer Price Indexes. nomic debate, alongside a political one. above the 2% target, but not nearly as
growth, and softer labor markets are 8% Analysts at the University of Pennsyl- elevated as the consumer price index.
the “unfortunate costs of reducing in- vania’s Penn Wharton Budget Model Separately on Friday, the University of
flation” and will “bring some pain to Year-over-year say the plan will cost roughly $500 Michigan revised its latest gauges of
% change in
households and businesses.” PCE Price Index billion over a 10-year budget window. inflation expectations slightly lower, to
6
Strategists agreed that Powell was Year-over-year
Relative to current law, (assuming that 4.8% for the next year and 2.9% over
forceful. In weighing the two legs of % change in core the interest moratorium that has been the next five to 10 years. Powell says
PCE Price Index extended until the end of the year does
the dual mandate—inflation and eco- that the recent inflation cool-down is
nomic growth—the Fed will decidedly 4 end), the program will add about 0.2 to welcome, but not enough.
come down in favor of reducing infla- 0.3 of a percentage point to inflation, At this point, the forces working
tion, says Cliff Hodge, chief invest- says Jason Furman, economics profes- against the Fed outweigh those mov-
ment officer at Cornerstone Wealth. 2
sor at Harvard University and head of ing in the right direction. They are all
“Powell can’t come right out and say former President Barack Obama’s the more reasons to believe Powell
that the Fed is fine walking us right Council of Economic Advisers. when he says that failing to fix infla-
into recession in order to crush infla- Melissa Kearney, an economics pro- tion isn’t an option, and they are rea-
tion, but that is what this messaging 0 fessor at the University of Maryland, sons to believe policy might be even
2015 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22
unequivocally implies.” says the debt-forgiveness policy will, by more painful than it would otherwise
Yet Powell is only starting to con- Source: FactSet design, result in millions of households have to be. B
August 29, 2022 BARRON’S 13
80% by 2050, off a 2018 base. new smelting technology proves out.
China plays an oversize role in the Alcoa has used its strong earnings
aluminum market, accounting for over recently to bolster its balance sheet.
BY ANDREW BARY Alcoa is using the process on a small Electricity from half of global demand and production. It has just $299 million of net debt,
T
hydropower plants
scale and aims to prove it at the com- helps Alcoa keep In an Apple podcast this year, Eric against a $10 billion market value, and
he outlook for aluminum mercial level in coming years. production emissions Mandelblatt, who runs Soroban Capital total obligations, including pensions
at a third of the
is brightening, and so are Alcoa shares, at about $56, are down aluminum industry
Partners, an investment firm that and retiree healthcare, of $1.2 billion,
the prospects for Alcoa, 43% from $98, reached in March be- average. Above, a owns Alcoa stock, said China had versus $3.4 billion at year-end 2020.
probably the best pure play fore aluminum prices fell nearly 40% plant in Brazil. “destroyed” the aluminum market by Alcoa pays a 10-cent quarterly divi-
on the versatile and light to about $2,400 a metric ton, or $1.09 vastly expanding electricity-powered dend and bought back $350 million of
metal—and a cheap one. a pound. The stock trades for just over stock—about 3% of its shares outstand-
Alcoa stock (ticker: AA) seven times projected 2022 earnings of ing—in 2022’s first half.
looks like a bargain, trading at a level $7.68 a share and has a similar esti- Alcoa “We have substantially strengthened
that doesn’t reflect its issuer’s favorable mated 2023 price/earnings ratio. Metals the balance sheet and have made great
operating costs, improved balance “Alcoa is inexpensive,” says Timna Recent Price: $56.92 AA (NYSE) headway on improving our portfolio,”
sheet, increased shareholder returns, Tanners, an analyst at Wolfe Research. $100 Alcoa Chief Financial Officer William
Market Value (bil): $10.2
and one of the industry’s lowest carbon “It has an advantaged cost position and Oplinger told Barron’s in an email. “As
footprints. And investors are ignoring a isn’t getting much credit for its green YTD Change: -4.5% 80 a cost-focused, pure-play aluminum
potentially breakthrough technology initiatives.” She has an Outperform 2022E EPS: $7.68 company, we are well positioned to
Alcoa is developing that could elimi- rating and price target of $62. 60 capitalize on the growing demand for
2022E P/E: 7.4
nate carbon emissions from the alumi- While based in Pittsburgh, Alcoa aluminum.”
num smelting process. has the vast bulk of its operations out- 2023E EPS: $7.41 40 There are caveats, including a weak
Jefferies analyst Chris LaFemina has side the U.S. It mines bauxite, an alu- Chinese property market that’s cutting
2023E P/E: 7.7 20
called Alcoa’s Elysis smelting project, a minum ore, mainly in Australia. It uses demand for aluminum. But with its
Courtesy Alcoa
joint venture with Anglo-Australian that to make alumina, an intermediate Net Debt (mil): $299 low-carbon footprint, sturdy balance
0
Rio Tinto (RIO), a potential “game product, and then refines alumina into Dividend Yield: 0.7% sheet, and potential breakthrough tech-
changer” that would position Alcoa as aluminum at smelters globally, includ- 2020 ’21 ’22 nology, Alcoa has both the metal and
a “truly green aluminum producer.” ing a 120-year-old facility in Massena, E=estimate Sources: Bloomberg; company reports; FactSet mettle to be a long-term winner. B
14 BARRON’S August 29, 2022
Suddenly,
cleanest quarter of the Big Three, with
management continuing to execute on
all fronts,” wrote Morgan Stanley’s
Simon Flannery, who called T-Mobile
at The Top stock has held its value over the past 12
months, near $147, Verizon is down
21% over the past year, to around
of Telecom
$43.50 per share—levels last seen in
2017. AT&T has slid 8% over the past
year, to around $18. T-Mobile stock
goes for just under 10 times enterprise
value to next year’s Ebitda, versus
around 7.5 times for its two rivals.
The former wireless also-ran Nor are Verizon and AT&T sitting
merged with Sprint and rode the still. Both are also spending heavily on
transition to 5G as Verizon and 5G, though both are at a spectrum-li-
cense disadvantage. They were top
AT&T struggled. The best is ahead. spenders in last year’s C-band auction,
bidding a combined nearly $70 bil-
lion. That midband spectrum will be a
key part of their 5G networks, but it’s
BY NICHOLAS JASINSKI only beginning to become available
I
this year and next. Meanwhile, inde-
t used to be Verizon Communi- the shift to 5G has changed the compet- which have midteens margins. T-Mobile now has pendent analytics companies have
well over 100 million
cation’s world, but wireless now itive balance of the U.S. wireless busi- Nowhere was T-Mobile’s advantage subscribers, leap- consistently rated T-Mobile’s 5G net-
belongs to T-Mobile US—and ness. The industry is in the early in- more clear than during second-quarter frogging AT&T. work ahead of Verizon’s or AT&T’s.
Above, customers
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
its stock will continue to benefit. nings of a transition to next-generation earnings season. T-Mobile trounced its wait at a T-Mobile
Verizon management is confident
Verizon (ticker: VZ) was the networks, which deliver faster speeds rivals, adding an industry-leading net store in Mammut that the full launch of the C-band
undisputed winner of the 4G and better performance in crowded 1.7 million postpaid customers—an mall in Budapest. spectrum and additional densification
era, investing heavily in its net- areas than earlier technologies through all-important metric for wireless com- of their higher-frequency mmWave
work infrastructure and wireless the use of more antennas, additional panies that refers to customers who network will close the 5G perfor-
spectrum licenses to build the nation’s higher-frequency airwaves, and greater pay a monthly bill—and beating Wall mance gap with T-Mobile. At the end
best service. Subscriber gains and network efficiencies. Street estimates on several key met- of June, Verizon said it had 135 million
premium pricing were the spoils. The move has put T-Mobile in the rics. Management raised guidance Americans covered by C-band, rising
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
AT&T (T) was hot on its heels, allow- pole position. T-Mobile’s merger with across the board. to at least 175 million by year end. “We
ing management to splurge on a since- Sprint, which closed in April 2020, Verizon, meanwhile, barely matched have a path to a very, very strong net-
reversed foray into the media indus- has given the company an enviable expectations, lost postpaid phone sub- work performance,” Verizon CFO
try. T-Mobile (TMUS) and Sprint were portfolio of wireless-spectrum li- scribers, and cut its guidance for the Matt Ellis said on the company’s sec-
laggards, without the scale to compete censes in the sweet spot for 5G. The second quarter in a row. AT&T saw ond-quarter earnings call in late July.
with bigger players, and forced to rely greater operational, network, and cus- strong subscriber additions but weak Others, like veteran telecom analyst
on discounted pricing to attract con- tomer-base scale of the merged com- free cash flow, as it spent on promo- Craig Moffett, aren’t so sure. “Verizon
sumers to subpar networks. pany means deeper pockets and more tions to drive growth. It also cut full- has a history of excellence in their
A lot has changed as the world has ammo for capital expenditures in the year free cash flow guidance. network operations, so it’s certainly
moved on to 5G. Nearly 2½ years re- network. T-Mobile now has well over “T-Mobile delivered by far the not something that one should dis-
moved from its acquisition of Sprint, 100 million subscribers, leapfrogging miss out of hand,” he says. “But the
T-Mobile’s business is humming. The AT&T. Its midband-spectrum network physics are on T-Mobile’s side.”
once-upstart wireless carrier is win- covered 235 million Americans at the Can You Hear Me Now? T-Mobile also has an attractive
ning plaudits for its 5G network and end of June. And it’s committing al- T-Mobile has been winning in 5G and its stock has benefited. starting point on its side. Supported
gaining market share, helped by indus- most $14 billion to capital expendi- T-Mobile Verizon Communications AT&T
by its 5G lead, management is focused
try-low pricing for its mobile plans. tures this year—less than rivals but on growing market share in rural ar-
100%
Shareholders will benefit, too, as T-Mo- more than double its premerger rate. eas and among business customers,
bile finishes the most costly stretch of Unlike AT&T and Verizon, T-Mobile 75 where T-Mobile and Sprint have his-
its Sprint integration and gets ready to has managed to do all this without rais- torically lagged behind Verizon and
50
direct surplus cash flow toward buying ing prices—and it has continued to see AT&T. There’s a long runway for sub-
back a significant portion of its shares. growth in average revenue per user, or 25 scriber growth there: Management
Barron’s recommended buying T- ARPU. That’s a function of customers expects T-Mobile’s share of rural and
0
Mobile stock in January 2020, and the choosing T-Mobile’s pricier tiers with business customers to rise to 20% by
shares have gained 84% since then, more features, suggesting it’s attracting -25 2025, from the low teens and high
versus a 34% return for the S&P 500. higher-value subscribers. It means single digits, respectively.
The stock has returned 25% just this T-Mobile can expand profit margins in -50 But the biggest boost to profit
2020 ’21 ’22 growth might come from simply doing
year—and more gains lie ahead. coming years—from some 4% this
It’s difficult to overstate how much year—approaching Verizon and AT&T, Source: FactSet nothing. T-Mobile management said
August 29, 2022 BARRON’S 15
FOLLOW-UP
The study’s authors wrote that they were
G
Deutsche Telekom’s (ticker: share by the sum of its parts, versus ary Gensler, the chairman of the tonished at the size of the execution-price
DTE.Germany) American deposi- the stock’s recent €18.75. If T-Mobile Securities and Exchange Commis- differences among the various brokers. On
tary receipts trade over the counter stock rises to New Street’s price sion, and others have condemned average, Ameritrade achieved a price im-
in the U.S. securities market under target, the value of DT shares would payments that retail brokers like provement of 47% of the spread. Fidelity
the ticker DTEGY. balloon to €30, per Ratzer’s math. Robinhood Markets receive for routing and E*trade each averaged price improve-
The pitch for the stock is simple: The catalyst for closing the gap their customers’ orders to market makers ment of about 35%, while the figure for
When backing out the value of may be DT reaching its debt-pay- such as Citadel Securities—a business ar- Robinhood was 27%. In the Interactive
DT’s stake in T-Mobile US down target and hiking its dividend rangement known as payment for order Broker Pro account, price improvement
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
payout. The stock currently yields flow. The suspicion among regulators is averaged 19%.
Deutsche Telekom about 3.4% annually, versus the that those customers must be getting worse “U.S. retail traders are really being well
(DTE.Germany) sector average of more than 5%, pricing on their stock trades. treated—better than in any market in the
€20 according to Ratzer. A dividend But that isn’t what a new study finds. world,” says Jason Clague, who heads trad-
announcement could come in No- In an Aug. 13 working paper, five fi- ing operations at Ameritrade’s parent
vember, based on past years. nance professors analyzed 85,000 stock Schwab.
15 DT stock provides the potential trades they made through five leading Fidelity notes that it is the only retail
for investors to ride T-Mobile’s retail brokers. They found that the best broker that reports its execution perfor-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
growth and buyback in the U.S. pricing came from a broker that takes mance under a standard that was devel-
10
while also getting an undervalued payment-for-order flow, namely TD oped by the industry, but has not been
2020 ’21 ’22 European telecom with the poten- Ameritrade, a unit of Charles Schwab followed by other brokers. Interactive
Source: FactSet tial for dividend income growth. B (ticker: SCHW). Brokers, Robinhood, E*Trade, and Virtu
Fidelity Investments, which takes no didn’t immediately provide comments.
order payments, provided worse execution The SEC declined to comment.
on the study’s trades than did TD Ameri- What explains the varying levels of
in July that they expect to be done (9434.Japan) holding 3%. The remain- trade. And its prices were no better than price-improvement at different brokers?
with the Sprint network integration ing 48.6% of T-Mobile’s tradable mar- those from the E*Trade unit of Morgan Market makers point to differences among
by the end of September—versus a ket capitalization is roughly $90 bil- Stanley (MS), which does take payments. different brokers’ customers as one expla-
previous goal of the end of 2022. That lion, versus a potential $60 billion Robinhood (HOOD), which used revenue nation. Along with individual investors,
has been the costliest portion of the buyback program over four years, per from order-flow payments to subsidize the Fidelity also handles accounts for family
acquisition integration, involving management guidance. That’s huge. industry’s first commission-free trading, offices and investment advisors. Interactive
shifting cell sites from one network to Retiring two-thirds of the stock’s float delivered middle-of-the-pack pricing. In- Brokers courts savvy, active traders. And
the other, shutting down duplicative will dramatically increase earnings teractive Brokers (IBKR) ranked last in Robinhood customers have been shown to
ones, and transitioning former Sprint per share. As a result, Wall Street ana- the execution pricing of the study’s orders. trade in herds under the influence of social
subscribers to the T-Mobile network. lysts expect T-Mobile’s earnings to “There’s no relationship in our data be- media. Funding constraints also limited the
Merger-related costs were almost $1.7 grow fourfold, from $2.41 in 2021 to tween paid order flow and price execution,” study’s trades to a few shares per order.
billion in the second quarter alone. $11.54 in 2025. Verizon’s and AT&T’s says one of the authors of the paper, Chris- Larger orders might have produced a dif-
Once those costs are in the earnings per share are expected to be topher Schwarz, a finance professor at the ferent ranking.
rearview mirror, T-Mobile’s increased essentially flat from 2021 through business school of University of California, In the end, the paper’s authors argue
customer scale and rising ARPU will 2025, according to FactSet. Irvine. that the SEC should standardize disclosure
flow through to free cash flow—open- So, forget T-Mobile’s slight valuation In the past decade, retail brokers have of execution performance data. The rele-
ing the way for a massive share-buy- premium over peers or its recent run. sent a growing portion of their clients’ buy vant rules haven’t been updated in years.
back program that could be an- They barely begin to reflect its vastly and sell orders to be executed by market Among other things, the rules take no
nounced later this year. superior growth trajectory and buy- makers, such as Virtu Financial (VIRT) account of odd-lot orders of fewer than 100
Deutsche Telekom (DTEGY) back plans. T-Mobile remains an inves- and Citadel, instead of to stock exchanges. shares, which now constitute more than
owns 48.4% of shares, with SoftBank tor’s best bet in telecom. B The market makers provide better pricing two-thirds of all retail trades. B
16 BARRON’S August 29, 2022
1997
Two views of the Hoover Dam, on the
W
Colorado River at the Nevada-
Arizona border, illustrate the sharp
drop water levels on Lake Mead, now
below 30% of its capacity.
WATER WORRIES
When Bob Seawright moved to San
Diego 27 years ago, the only thought
he gave to water was about the glisten-
ing swimming pool in his backyard.
These days, water—or the lack of it—is
a fact of daily life. Seawright has twice
been forced to evacuate his home in
the suburb of Rancho Bernardo due
to the threat of wildfires. And the lush
vegetation that once adorned the sur-
rounding landscape has given way to
dirt, hardy ground cover, and rocks.
“We have changed all of the shrub-
bery and ground cover to make it
much more ‘water wise,’ ” says Sea-
wright, chief investment officer of
2022 Madison Avenue Securities, and one
of the 90 million Americans living
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
risk. The U.S. and euro zone indexes shrink, the planet is getting thirstier. Global Institute for Water Security at Water scarcity is already showing
were launched in January 2021, and a A McKinsey analysis predicts the University of Saskatchewan in up as a liability for companies and in-
global index will arrive early next year. that, by 2030, global demand will Canada, has been analyzing NASA vestors via stranded assets—plants,
The risk methodology looks at outstrip supply by 40%. The non- satellite data for the past two decades, pipelines, and mines whose value has
factors such as water utilization and profit World Resources Institute has as part of his continuing research. been written down due to water issues.
policies to assess whether a company an even grimmer forecast: It projects When asked to look in detail at A recent report from nonprofits CDP
is a good steward of its water re- that the gap will be 56% by the end Germany for a public television series and Planet Tracker found that $13.5
sources. Companies with lower risk of this decade. there on water, Famiglietti used mea- billion in assets are already stranded
are overweighted, while those with Much of that demand comes from surements from NASA’s Gravity and another $2 billion are at risk.
higher risk are underweighted. companies that produce the goods for Recovery and Climate Experiment, One company acutely aware of the
Water metrics—such as the daily life. which tracks changes in Earth’s grav- intensity of its water usage is U.S. chip
amount withdrawn and the volume While estimates vary, FoodPrint, ity field primarily caused by the move- giant Intel (INTC), whose main U.S.
consumed—are valuable tools for in- a project of Grace Communications ment of water over and through the manufacturing facilities are in Ari-
vestors to gauge the dangers related Foundation, says it takes 1,800 gal- planet’s surface. He found that the zona, New Mexico, and Oregon. The
to the natural resource, according to lons of water, on average, to produce country has been losing 2.4 cubic kilo- Arizona and New Mexico sites are in
Sustainalytics, which is owned by a pound of beef, and 240 gallons to meters of water annually for the past areas experiencing high water stress,
Morningstar (ticker: MORN). In a manufacture a cellphone. Nearly 800 20 years, probably due to factors such based on the World Research Insti-
March report, “Water-Related Risks gallons are used to turn out a pair of as drought and overuse of ground- tute’s 2021 Aqueduct Water Risk At-
and Challenges,” the firm notes that Levi’s 501 jeans, according to the com- water. That’s about 1.3 times the las, a mapping tool that helps compa-
just one in 10 companies reports pany. Levi Strauss (LEVI) launched capacity of Lake Mead, the largest nies, investors, governments, and
information on water usage. a water stewardship program in 2011. reservoir in the U.S. other users understand where and
One way investors can analyze It says that as of the end of 2020, two- The Tesla factory opened in how water risks and opportunities
water risk—which includes scarcity, thirds of its products were made using March. Local officials said the auto are emerging worldwide.
quality, and the threat of floods—in its water-saving finishing techniques maker could start production, on To understand why water is a top
their investment portfolios is via the or in facilities that meet its water the condition that the plant meets concern, one need look no further
Investor Water Toolkit, created by recycle-and-reuse guidelines. environmental-impact requirements, than the crisis facing the states that
sustainability nonprofit Ceres. The biggest water hog is agricul- including those related to air pollu- rely on the Colorado River. Amid this
In most developed counties, access ture, which accounts for about 70% tion and water usage. parched backdrop sits Chandler,
to H20 is as easy as turning on a tap. of global water withdrawals globally,
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
But just 3% of the Earth’s water is according to the World Bank. Other
fresh, according to the U.S. Bureau of thirsty sectors include apparel, en- How Much
Reclamation. About 2.5% is locked up ergy, chemicals, pharmaceuticals, and Water Does
in glaciers, the polar ice caps, the atmo- mining. A report from nonprofit CDP
sphere, and soil, or is highly polluted found that the potential financial
It Take to
or lies too far below the surface to be impacts of water risks are far greater Produce....
extracted affordably. So, just 0.5% of than the costs of addressing them. In
1 lb. of beef
the available supply is fresh, and severe 2020, companies reported maximum
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Ariz., home to two of Intel’s manufac- tives with local communities through
turing campuses and 12,000 of its water-restoration projects, and using
employees. A fabrication factory, or technology to help others reinvent
“fab,” for making semiconductors how they use the resource. The chip
requires vast quantities of water to maker has set a goal of being “water
operate, from the “ultrapure” water positive”—restoring more freshwater
needed to prevent impurities from to its local watersheds than it
damaging the chips, to the water for consumes—by 2030.
cooling and facilities. According to When Brady started at Intel in the
Intel’s latest Corporate Social Respon- mid-1990s, it took about two gallons
sibility report, the Ocotillo campus in of water to create one gallon of ultra-
Chandler used about 15,800 mega- pure water—50% efficiency. Today,
liters of water in 2021, or about 4.2 it takes about 1.1 gallons of water to
billion gallons. produce one gallon of ultrapure wa-
Todd Brady, Intel’s chief sustain- ter, he says. The company has found
ability officer, tells Barron’s that ultra- ways to reuse water, and has funded
pure water, which has had as many of more than 30 projects to restore it
the impurities removed as possible, to local watersheds.
accounts for the largest share of the Brady says that, over the past 10
water used by the company. Chips and years, Intel’s conservation efforts
their pathways are built up in layers saved about 44 billion gallons,
and, between manufacturing steps, enough to supply about 400,000
must be washed to remove solvents U.S. homes for a year. “[Water scar-
and debris from the layer completed city] is something that we’ve been
previously. working on for a very long time, and
Water is also needed in semicon- we’re very mindful of and continue to
ductor manufacturing facilities for evaluate our risk,” Brady adds.
purposes such as cooling and remov- Intel’s sustainability efforts are
ing pollutants from the air. “Water is paying off: The company topped the No grass here: Bob Seawright and his granddaughter caring for plants that require less water, at his home
outside San Diego
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
used in most applications,” notes 2022 list of Barron’s 100 most sustain-
Brady, adding that the company uses able companies, created by Calvert
about 14 billion gallons of fresh water Research and Management.
a year. Tesla also pays attention to water
Intel is trying to conserve water in risk. In its recently released 2021 Im- edges that “water is becoming increas- located in regions of “high or ex-
its operations, collaborating on initia- pact Report, the company acknowl- ingly scarce as the climate changes,” tremely high water stress.” The poten-
which is why Tesla is reducing its tial rule has elicited objections from
usage throughout its operations “as companies that argue that it lacks
Tapping Into Change
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
WRINGING
$200 $56
$330
190 54
PROFITS
180 310 52
170 50
FROM
290
160 48
150 270 46
WATER
140 44
250
130 42
120 230 40
Sept. 2021 ’22 Sept. 2021 ’22 Sept. 2021 ’22
Investors like water utilities for their stability, Danaher (DHR) isn’t a pure-play water com- Essential Utilities (WTRG), based in Bryn
and American Water Works (AWK) is as pany, but it is a technology provider with a Mawr, Pa., isn’t a pure play—it also delivers
With climate change, pollution, and population
stable as they come. The company is expected strong market position, says Dray, who esti- natural gas to customers—and that makes it a
growth, this often overlooked industry has to grow earnings at an 8% annual rate for the mates that 10% of its sales are directly related little less stable than American Water Works.
next three years, after increasing them by 8% to water. “I have been in water plants on five Its historical results are still impressive “It’s
mushroomed in importance. Here are six stocks a year over the past decade. continents, and they all use Danaher water- a really well-run water utility,” says Rhame,
to consider. That consistency has earned American Wa- test systems,” he adds. Essential Utilities earnings have grown at
ter Works a price/earnings ratio of 32 times, in Danaher stock trades for about 26 times a 9% annual clip for the past decade, and
line with its three-year average. It’s not hard to estimated 2023 earnings, a small discount to should increase at just under 8% a year on
see why. Everyone needs water, and just about its average of 28 times over the past few average for the next three years. Essential
BY AL ROOT everyone pays their water bill. What’s more, years. The company is expected to boost Utilities’ stock trades for about 27 times next
utilities are allowed to earn a return on fixing earnings at an annual rate of about 7% for the year’s expected earnings, in line with its re-
and replacing pipes. Rhame says that makes coming three years, but that might be conser- cent history, though not as high as American
projecting their results relatively easy. The vative. It has historically grown profits at an Water, due to its gas business. The shares
W
stock pays a dividend of 1.7%. average annual rate around 12%. have about a 2.3% dividend yield.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
real estate investment trusts and other institutional money have taken notice
I
t’s the ultimate New York where they strolled through a short One World Observatory, atop the
experience: standing on exhibition and boarded an elevator Freedom Tower downtown and
the observation deck of a that whisked them 67 stories up to the managed by the private hospitality
skyscraper and gazing out viewing floors. company Legends, opened in 2015.
at the city that never sleeps. “It’s just gorgeous,” Posch said, More recently, the Edge observation
And it wouldn’t be New staring out at Central Park on a deck in Hudson Yards and the
York unless you had to pay cloudless afternoon. “I think it’s one SUMMIT deck atop the new $3.2
for the experience—a lot. of the best views you get all over the billion One Vanderbilt skyscraper
The attractions and world.” His family paid dearly for that have soared into the space. Standard
experiences built around view, with tickets to Top of the Rock daytime adult tickets range from $38
the best views in the Big Apple are starting at $40 for adults and $34 for to $44 at all five Manhattan decks.
getting more elaborate as skyscrapers children. Premium tickets that come with
try to outdo one another. And real Tourists, particularly international perks like glass-elevator rides,
estate investment trusts and other visitors like Posch, have raced back glasses of Champagne, and expedited
institutional money are wading into to New York this summer after the entry can cost $63 to $113—and the
the fray, drawn by the steady cash pandemic kept them away. They have sky is the limit for special packages
flow produced by observation new options to take in the sweeping like observation-deck marriage
towers. vistas. A decade ago, Rockefeller proposals.
During a vacation to New York City Center and the Empire State Building KKR (ticker: KKR), the private-
in July, Bernhard Posch of Austria, his hosted the city’s most prominent equity firm, paid a reported $500
wife, and their two daughters headed observation decks. Three new million last fall to acquire a majority
to midtown’s Rockefeller Center, competitors have joined them. stake in Edge from Related, the
August 29, 2022 BARRON’S 21
2 company behind much of the recent said John Kim, managing director for
development of Hudson Yards on the U.S. Real Estate research at BMO
west side of midtown Manhattan. Capital Markets.
Billy Butcher, chief operating Observatories are entering the
officer of KKR’s global real estate spotlight as REITs try to cut their
business, said the firm sees “the reliance on office buildings, a trend
growth of the market, as well as the that Kim says the pandemic
recovery of tourism, contributing to accelerated. SL Green and Vornado
strong early performance” for its Realty Trust (VNO) are hoping to get
investment. casino licenses for Manhattan. Real
“The biggest thing that stands out estate investment trust Boston
from all these other folks who have Properties (BXP) is constructing
come in is the fact that now lenders “View Boston” atop that city’s 52-story
and investors recognize these are Prudential Tower.
institutional-grade investment In New York, operators are eager
assets,” said Tony Malkin, chairman to collect intel on their competitors.
and CEO of Empire State Realty SL Green Executive Vice President
Trust (ESRT), which owns the Robert Schiffer said he has traveled to
Empire State Building. He thinks that competitors’ decks a handful of times
investors had previously applied too each. He visits solo, and he doesn’t
low an earnings multiple to the wear his suit. Empire State CEO
observatory, which is creeping back Malkin said the company has posted
toward the roughly $100 million its own employees at competitors’
in net operating income that it entrances to count visitors.
generated before the pandemic, Decks are pulling out all the stops
when about four million visitors to differentiate themselves. At Edge
bought tickets each year. in Hudson Yards, customers can strap
The Empire State’s observation into a harness and travel up an
deck started drawing in hefty sums outdoor staircase 1,200 feet above the
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
almost as soon as the building opened ground. One World offers prix fixe
in 1931. Even during the Great dining at its restaurant and a private
Depression, the observatory brought event space that starts at $25,000 or
in $1 million each year with $1 tickets $30,000, says deck managing director
(equivalent to $22 in today’s dollars), Delfin Ortiz.
according to Robert Slayton’s Empire The Empire State Building offers
Statesman: The Rise and Redemption of a VIP proposal package for $1,000
Al Smith. per couple, and its owner completed a
Observation decks are pulling out all the stops to differentiate
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
themselves. Robert Schiffer, executive vice president of SL Top of the Rock, which is owned $165 million “reimagination” of the
Green, goes out on a ledge at the SUMMIT One Vanderbilt (1); by developer Tishman Speyer, hosted observatory in 2019, adding a 10,000-
visitors take in the views at the Top of the Rock at Rockefeller about three million visitors a year square-foot museum and other up-
Center (2); tourists cavort at the SUMMIT One Vanderbilt (3, 4).
pre-Covid, said Tishman’s head of grades. Kelly says Tishman Speyer
Rockefeller Center EB Kelly. expects to start construction later this
4 Meanwhile, real estate investment year on new additions at Top of the
trust SL Green Realty (SLG), which Rock—a former executive at Universal
operates SUMMIT at One Vanderbilt, Studios is helping with attraction
expects $20 million to $25 million in development.
observatory net operating income this When SL Green researched global
year and 1.85 million to 2.15 million observation decks while considering
yearly visitors when its new business SUMMIT, it calculated numbers like
stabilizes in 2024. KKR and Legends Tokyo’s observatory saturation rate
declined to comment on the perform- that suggested New York had room for
ance of their decks. more, Schiffer said. Almost one in
Malkin said the Empire State three visitors to Tokyo visit at least
Building, as a publicly registered one deck in the city, he said; at the
partnership, had broken out its time, the figure in New York City was
observatory revenue since his family only about one in seven.
purchased the building in 1961. But “The pie does not appear fixed for
analysts say the broader market didn’t the observatory business,” said Daniel
fully catch on until ESRT, which Ismail, a senior analyst at Green
reports its observation visitation and Street, a real estate analytics firm.
financials quarterly, went public in “There is likely a pool of people who
2013. do want to go to an observatory, but
“Empire State Realty did a good the addition of the new observatories,
job educating the market on how particularly in different locations, can
resilient [its observatory] has been,” grow it.” B
22 BARRON’S August 29, 2022
FU N DS
The SEC under Gary Gensler could issue
restrictions on 12b-1 fees or require funds that
use them to provide additional disclosures.
By Fund Investors
12b-1s can be used and additional Investment Company Institute, a fund
disclosure required to use them is trade group, 89% of gross sales of
more likely than outright repeal. The mutual funds went to no-load funds
SEC didn’t respond to a request for without 12b-1 fees in 2021, compared
comment. with 46% in 2000. There has been a
One of the primary conflicts of dramatic shift toward low-cost index
C
interest addressed by SEC’s funds and away from commission-
hances are mutual By Lewis Braham 0.25% to compensate advisors—on top enforcement actions involves dual- based brokers.
fund managers of 0.22% for the management fee and registered advisors. In a 2019 study Still, that doesn’t mean funds are
collectively 0.09% for other expenses. called “The Worst of Both Worlds? now conflict-free. In fact, in some
shuddered when Despite the fund industry’s original Dual-Registered Investment ways, eliminating 12b-1s could make
President Joe claims that the 12b-1 would ultimately Advisers,” Nicole Boyson, a professor things worse. “12b-1s introduce a level
Biden chose Gary save investors money by creating of finance at Northeastern University, of transparency that isn’t present with
Gensler to chair “economies of scale” for large funds, wrote how 12b-1s influence “dual- share classes that have other kinds of
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
the Securities and Exchange critics say that hasn’t been the case. registered” advisors who operated as revenue sharing,” says Aron Szapiro,
Commission. Gensler is the co-author Gensler testified before Congress in both commission-based brokers and head of retirement studies and public
of The Great Mutual Fund Trap, a book 2004: “The evidence clearly shows RIAs. policy at Morningstar.
detailing fee abuses and conflicts of that funds with 12b-1 plans simply As fiduciaries, RIAs have a higher “Revenue sharing” is a more-
interest in the fund industry. In 2004, have higher expense ratios and poorer regulatory burden than commission- generalized form of compensation
he testified before Congress that performance than non-12b-1 funds. based brokers, requiring them to put fund managers pay for distribution
certain fund fees should be curtailed The time has come to look seriously at their clients’ financial interests before that includes 12b-1s but can also
or abolished. repealing rule 12b-1.” their own. Most RIAs charge a include far less transparent payments.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Some of the industry’s fears have Now Gensler has the power to do percentage of assets under Often, for instance, fund advisory
been realized. In March, the SEC that. management, historically 1%, instead companies pay brokers out of their
issued a report of its 2022 “It’s definitely a Democratic of commissions, so they’re not profits for favorable treatment instead
“examination priorities” for registered majority [in the SEC] right now,” says supposed to favor a load fund over a of directly from an individual fund’s
investment advisors (RIAs) and Amy Lynch, a former SEC examiner no-load one. But Boyson found that expense ratio.
broker-dealers. Among the stated and president of consulting firm dual-registered advisors still favored Szapiro calls funds with no 12b-1s
concerns were RIAs’ use of funds FrontLine Compliance. “If Chairman higher-cost 12b-1 funds for their RIA but other revenue-sharing agreements
with 12b-1 marketing and distribution Gensler wants something, he’s going account clients. Even though those “semi-bundled.” Such funds can still
fees for clients. The SEC has also to get it.” Lynch points out that funds didn’t charge an upfront be high-fee ones, but the reason is
aggressively pursued some recent according to its public agenda, the commission, the 12b-1 fee would still largely invisible, as there is no
enforcement actions against RIAs SEC will publish a proposed rule on compensate the advisor by 0.25% of standardized disclosure for such
related to such fees, and it’s possible “fund fee disclosure and reform” assets a year. arrangements. So, while Edward
the regulator may ultimately eliminate sometime in October. If the 12b-1 fee is “If I’m a registered investment Jones discloses it received $98.7
the fee. to be repealed, it would likely happen advisor and I typically charge 1%, I’m million from American Funds in
The SEC created Rule 12b-1 then. going to, almost all the time, use funds revenue sharing in 2020, for example,
permitting the fee in 1980 to help the Morgan Stanley doesn’t provide
mutual fund industry defray specific numbers for each fund family.
distribution costs. The fee is often Fund Fees Migration Assets in semi-bundled funds have
used to compensate commission- 12b-1 fees may be disappearing, but new revenue-sharing arrangements are cropping up. grown from $10.1 trillion in January
based brokers, providing an incentive 2018 to $12.6 trillion in June 2022,
Total Assets (bil) Total Assets (bil) Total Share Total Share
to hold on to a fund after they have while assets in funds “bundled” with
Jan. 2018 June 2022 Classes—Jan. 2018 Classes—June 2022
already sold it to a client and received 12b-1s shrank from $3.6 trillion to $3.2
Funds bundled with 12b-1 fees $3,645 $3,167 13,023 11,011
their commission—called a front-end trillion.
load. With the $157 billion American Semi-bundled funds with no 10,104 12,576 12,052 12,790 Much like that old Whac-A-Mole
12b-1 but revenue sharing
Funds Washington Mutual fund game, every time the SEC brings the
(ticker: AWSHX), for example, there is Unbundled funds with no 12b-1 5,870 8,049 2,081 2,226 mallet of regulation down on an
or revenue sharing
a 5.75% commission to buy the fund unsavory fee, a new one pops up
and a continuing annual 12b-1 fee of Source: Morningstar someplace else. B
August 29, 2022 BARRON’S 23
I N C O M E I N V E ST I N G
Global Dividends Enjoy a
Postpandemic Bounce
By Lawrence C. Strauss U.K., there was a 29.3% boost; it was
22.5% in emerging markets, with China
!
G
lobal dividends hit a record in up 15.4% in local currency; 14.7% in
the second quarter, as pan- Japan; and 16.8% in Asia excluding
demic-pressured and -paused
payouts rebounded.
Japan. U.S. companies increased their
dividends by 8.3%, excluding adjust-
"##
" !
Second-quarter dividend payouts rose ments for things like special dividend
11.3% globally to $545 billion, an all-time payouts.
high, according to the latest version of All of those figures are in local cur-
the Janus Henderson Global Dividend rencies. But most of those increases were
Index. The asset manager’s quarterly diminished when translated into U.S.
index tracks dividends paid by 1,200 dollars, among other adjustments. The
companies around the world. greenback has strengthened consider-
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
Dividends paid by U.S. companies in ably this year, creating a headwind for
the second quarter also set a quarterly many other currencies.
record of $144.4 billion, surpassing a Although U.S. companies trailed those
record set in the prior quarter. in other regions in terms of the overall
U.S. firms, however, trailed other re- rate of underlying dividend increases,
gions like Europe and the United King- the good news for the most part was
dom in terms of overall dividend growth. they didn’t have to dig out of holes cre-
Companies in those regions and else- ated by suspensions or cuts. Early in the
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
where continued to play catch-up from pandemic, for example, many large U.S.
the early days of the pandemic, when banks halted their stock buybacks but
many firms had to cut or suspend their continued to pay dividends, providing
payouts. some stability to stockholders.
That trend has now mostly run its
I
course. “Many of the easy gains have n the U.S., financial firms and en-
now been made as the post-Covid-19 ergy companies helped dividends
catch-up is almost complete,” Ben Loft- rise overall, Peron says.
house, head of global equity income at In the second quarter, Morgan
Janus Henderson Investors, observed in Stanley (ticker: MS) paid a dividend of
the latest installment of the dividend 70 cents a share, compared with 35 cents
survey. a year earlier. Wells Fargo (WFC) paid a
Still, even though global dividends set second-quarter dividend of 25 cents a
a quarterly record, there’s some caution share, more than double the 10 cents it
about payout growth next year owing to disbursed a year earlier.
concerns about a recession and, particu- Among the largest U.S. dividend pay-
larly in Europe, the lingering conflict in ers in the second quarter were Micro-
" $ !# #
Ukraine. “Dividends are a little bit of a soft (MSFT) at $4.6 billion, Apple % &#'
laggard,” Matthew Peron, director of (AAPL) at $3.8 billion, and Exxon Mo-
research at Janus Henderson, tells Bar- bil (XOM) at about $3.7 billion.
ron’s. As a result of the second quarter’s
Looking ahead to 2023, Peron adds strong showing, Janus Henderson
that he expects dividend increases “to be tweaked its dividend forecast upward for
more muted,” especially if there’s a mild the entire year. It’s now calling for global
recession. dividends to total $1.56 trillion, a small
Second-quarter European dividends, increase from its previous forecast. That
excluding the U.K., rose 28.7% from a would be a 5.8% increase from 2021 lev-
!""
Featured Speakers
Founder,
Co-Chief Investment Officer
and Board Member,
Bridgewater Associates
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
CEO, FanDuel
© 2022 Dow Jones & Company, Inc. All rights reserved. 4E6034
August 29, 2022 BARRON’S 25
T ECH T RADER
Nvidia feasted on unprecedented demand for
higher-priced cards that sold for $1,200 to $2,000
driven by the crypto boom. That is now history.
I
are ongoing. To recap, Nvidia’s gam- n an interview with Barron’s,
ing cards have been used primarily to Nvidia Chief Financial Officer
N
vidia, the most valu- year-over-year rate to forecasting a soon as September from a so-called next one, she says Nvidia will look at
able U.S. semicon- 17% year-over-year revenue decline in proof-of-work model to proof-of-stake, market conditions at launch to set
ductor company, is just two quarters. negating the need for graphics card- pricing. On the potential for stronger
in a big rut. This On the earnings call this past week, based mining. As we have warned, competition from AMD, Kress says
week, the chip Nvidia management said both product when that occurs, billions of dollars of that while efficiency is important,
maker cut its guid- pricing and the number of units sold Nvidia cards may flood used market- Nvidia’s cards have a stronger brand
ance versus ana- fell dramatically during the quarter. places, creating a glut. Wedbush esti- with gamers and dominate rankings
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
lysts’ estimates for the third consecu- Nvidia’s stock pared its initial losses mates that Ethereum mining may for the most-used cards on gaming
tive time over the past three months, and closed up 4%, to $179.13, in trad- have accounted for $800 million of services. She also expresses confi-
blaming a softening economic envi- By Tae Kim ing on Thursday. The shares are still the company’s quarterly revenue over dence that partnerships with game
ronment and a sharp slowdown in down about 40% this year. the past year and half, totaling about publishers and Nvidia’s more ad-
demand for its gaming graphics cards. The same analysts who had a Buy $4.8 billion. vanced software will help it to beat
While some investors are hopeful rating on Nvidia shares during its drop Second, Nvidia’s profitability may the competition.
for a quick turnaround, I’m skeptical. this year aren’t giving up yet. They now get crunched as pricing falls to more While Kress may have some points,
Nvidia (ticker: NVDA) is facing multi- believe financial earnings estimates normal levels. During the past couple I agree with Peddie that AMD will take
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
ple threats, including rising competi- have been fully derisked, predicting of years, the company feasted on un- business from Nvidia.
tion, an unsustainable pricing struc- precedented demand for higher-priced The setup is eerily reminiscent of
ture, and a potential crypto used-card cards that sold for $1,200 to $2,000, four years ago, when this column was
glut that will be difficult to overcome. driven by the crypto boom. That is now bullish on a similar performance-per-
On Wednesday, Nvidia gave a fore- history. Pricing and demand will need watt advantage, at the time, for AMD’s
cast for the October quarter that was to come down to a normal non-crypto- Rome server processor against domi-
significantly below expectations, pro- driven level of $800 and below, hurt- nant market leader Intel (INTC). AMD
jecting a revenue range with a mid- ing its profit margins. went on a multiyear rampage fueled by
point of $5.9 billion, compared with the Veteran industry analyst Jon Ped- Rome, quintupling its stock price and
$6.9 billion consensus. The weak out- die, who presciently told Barron’s in surpassing Intel in market value.
look came after Nvidia preannounced April that demand for higher-priced It could happen again, this time in
another miss earlier this month when cards would disappear, remains ada- gaming cards against Nvidia. Better
it said it would report $6.7 billion in mant that Nvidia’s elevated pricing is price-to-performance products are
revenue for the July quarter, versus its unsustainable. He adds that Ad- everything in tech.
$8.1 billion guidance in May. vanced Micro Devices’ (AMD) next- Finally, even after its share price
Barron’s readers shouldn’t be sur- generation graphics cards, expected stumble this year, Nvidia’s valuation
prised by Nvidia’s recent stumbles. In later this year, will be more price com- looks expensive, as its earnings esti-
April, we cautioned investors about Even after its 40% share petitive and gain share thanks to its mates have also tumbled. The chip
the company’s deteriorating funda- innovative “chiplet” architecture. maker now trades at 48 times ex-
mentals, citing rising gaming invento- price stumble this year, That could be a game changer. A pected per-share earnings for the next
As Europe Reels,
This Pro Sees
Bargains
By LAUREN FOSTER invests internationally in both stocks
G
and bonds, has consistently beaten its
loom has descended peers. So far this year, it’s down 8.6%,
on Europe. The United versus a 10.7% loss for Morningstar’s
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
“We are income-focused, and dividend yields are much more attractive outside the U.S.”
Matt Burdett
about finding value. In some cases, a You’ve held it since 2017, and it’s and fixed broadband—internet next year’s earnings, and 7.5 times this
company just happens to be domiciled your biggest position today. How service and TV service. What we like year’s earnings, and the earnings
there, but their business is global. So, bright is its future? about Orange is that they’ve been estimates are going down simply
there are many examples in the We’ve intentionally made it our largest investing heavily in fiber deployment because the Covid vaccine sales are
portfolio of companies that are position and think there’s great value in all of their geographies, but mainly expected to go down.
domiciled in Europe but have very there. The capital allocation is in France. They’re coming off of the Our view is that the Covid
global businesses. reasonable and disciplined, so we feel heavy investment this year. So, business is probably more durable
good about it. TotalEnergies’ dividend starting next year, you’ll see a than people expect. We think Covid
What’s a good example? yield is 5.6%, based on Bloomberg material inflection in the free cash probably ends up being like the flu.
Roche Holding [RHHBY] is a consensus estimates for calendar-year flow they can generate, and usually Is there going to be the same amount
company we’ve owned for more than 2023. when that happens, it tends to be a of demand for the vaccines as there
10 years. It’s based in Switzerland, but But we’re also well aware of the fact good time for a digital infrastructure was early on? No. But there are other
more than half of its sales comes from that if there is a meaningful recession company, which is really what this levers to pull. When Pfizer first
the U.S. So, it’s not as simple as just in Europe, that’s usually not good for company is. started selling the vaccine, they were
looking at the domicile of a company oil prices and gas prices. But right Another reason that we like not selling it at what would be a
and then computing it as a European now, we feel that given the supply/ Orange, and why we bought more typical commercial vaccine price. So,
company. It’s more complicated than demand balance and the geopolitical during the pandemic, is because the even though volumes might fall, price
that. Roche’s dividend yield is about tension, there’s probably some pandemic showed us how important can make up for some of that, and
3% in Swiss francs. support for these commodities, at digital connectivity is. You saw all that would be true for Paxlovid, as
The negative backdrop today least in the near to medium term. kinds of stocks like Zoom Video well.
creates opportunity. Our view is that Communications [ZM], and all of And, more importantly, they have
we can buy companies that we think You just mentioned the elephant these other highflying names, move a lot of stuff going on in the pipeline.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
are going to be long-term winners at in the room. Do you expect a materially higher. But the core digital They have built up, and are continu-
more attractive relative values. Every- recession in Europe? infrastructure that a company like ing to build, large amounts of cash,
thing’s about relative value. We still I think the consensus is that there will Orange owns is really the critical which allows them to acquire other
think there’s great value in Europe. be a recession. The question is, how backbone. If that’s not there, nothing assets and help them grow. This stock
severe will it be? I think the main lever works. is helping us meet our income needs,
Where are some of the best values is how high energy prices will go, in with a dividend yield of nearly 4%
right now? particular gas. We don’t really come What do the numbers look like? and growing.
TotalEnergies [TTE] is a French- up with recession scenarios. What If you look at the forward P/E, it’s
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
listed oil major that is benefiting from we try to do is look at the individual roughly nine times earnings. The Which sectors do you like the most
the energy crisis, as it has the second- companies and the sensitivity of their enterprise value to Ebitda is about and the least?
largest LNG [liquefied natural gas] earnings to different environments. A 5.2, which is probably a more Our largest overweight is financials
business in the world, second only to lot of people have concluded that you relevant metric to look at. When the because that’s the sector where we
Shell [SHEL]. Even if the Russia- can’t own Europe, given the negative free cash flow inflects higher next think the best value is going to be. A
Ukraine situation were to resolve outlook, but investing in companies year, which we expect will happen, lot of people think that if a recession
tomorrow, and I’m not saying that it really depends on the key drivers of that’s an attractive point for other is coming, you can’t possibly own
will, but if it did, things would not go the businesses you own. Mass fear investors to get more involved in the financials. We think the conditions are
back to the way they were. We think is an opportunity. You have to dig stock. It’s a well-run business and somewhat different than, say, before
TotalEnergies is excellent value—it’s around to find where that true value has controllable levers to create the [2008-09] financial crisis, when
half the valuation of Exxon Mobil lies. value. Orange’s dividend yield is 7.1% capital ratios were much lower. Our
[XOM]. in euros, based on consensus 2023 financials holdings are fairly diverse.
Where else do you see value? estimates. We have some U.S. financials, such as
That does sound cheap. Orange [ORAN] is the fund’s No. 2 CME Group [CME]. We also own
If you look at consensus estimates, the holding. We’ve owned it since 2016 Let’s pivot to U.S. stocks. Pfizer some European insurance companies
price/earnings multiple is roughly and think it’s an undervalued [PFE] is in your top 10. Why do and banks. We think BNP Paribas
four times forward earnings. So, a low telecommunications company. It’s you like the stock? [BNPQY] is still very good value and
multiple. What we tend to look at is what we would call a consistent We first bought Pfizer in 2010 probably a winner in the European
enterprise value to Ebitda [earnings earner. This is a business where the and have increased our position banking sector.
before interest, taxes, depreciation, earnings stream doesn’t vary very meaningfully over the past couple Our biggest underweight is
and amortization], which is going to much throughout an economic cycle. of quarters on the grounds that it’s a information technology. The primary
factor in the market capitalization and People don’t usually cancel their consistent earner and very attractively reason is simply because a lot of that
the net debt that the company would phone and internet service, even in valued. We could not have asked for a sector doesn’t pay income. Alphabet
have. Ebitda is a better proxy for cash hard times. better delivery from the company than [GOOGL] doesn’t pay a dividend.
flow. And so that valuation is 2.4 Orange is present in a lot of what we saw during Covid with the Meta Platforms [META] doesn’t,
times, which is very low. Exxon Mobil countries. France is the home vaccine and now with the antiviral either.
is 4.2 times, so TotalEnergies is more country, where they have the leading Paxlovid.
than 40% cheaper. market share in both mobile services The stock is trading at 9.5 times Thanks, Matt. B
28 BARRON’S August 29, 2022
MARKET WEEK
August 22 through August 26, 2022
32,283.40
52-wk: -8.95% YTD: -11.16% Wkly: -4.22%
4057.66
52-wk: -10.02% YTD: -14.87% Wkly: -4.04%
12,141.71
52-wk: -19.75% YTD: -22.39% Wkly: -4.44%
$385.79
52-wk: -18.09% YTD: -28.86% Wkly: -5.19%
1%
All Quiet Fedspeak
U.S. stock exchanges saw their Fed Chairman Jerome
lowest volume day of the year Powell gave a brief speech 0
on Wednesday, on a quiet day in at the Jackson Hole
late August when trading tends Economic Symposium on
to slow down. The S&P 500 Friday. The stock market -1
-2
J
ackson Hole has come and in September. The speech, which could tool, the futures market was pricing in
Minutes to
market regained ground heading into miss the message. The Dow Jones economist at Capital Economics.
the meeting on Friday, as investors Industrial Average declined 3% on “That, we suspect, means the central
Unsettle
bought the dip. Then, Chairman Je- Friday and finished the week down bank will remain a headwind for mar-
rome Powell started talking. He told 4.3%, while the S&P 500 index fell kets for a while yet.”
attendees at the symposium that the 3.4% to close the week off 4.%. It was And particularly for expensive
the Market Fed needed to bring inflation back
down to its 2% goal, that doing so
their worst weeks since June.
It’s not that investors are worried
growth stocks. It shouldn’t come as a
surprise that the tech-heavy Nasdaq
would take time, and that another about what happens at the next meet- Composite took the brunt of the dam-
large interest-rate increase was likely ing. According to the CME FedWatch age, falling 3.9% on Friday to end the
August 29, 2022 BARRON’S 29
week down 4.4%. That makes sense, given finished the day above $27.
that expensive growth stocks are most sen- A deep inspection of the numbers indi-
sitive to rising interest rates, and stocks like cates the reason. Juniper’s sales were quite
Nvidia (ticker: NVDA) and Trade Desk
(TTD), which trade at 42.7 and 57.9 times
strong. Its second-quarter revenue of $1.27
billion was just ahead of expectations for How much interest is
your broker paying you?
earnings, respectively, still aren’t cheap. $1.26 billion, and it guided to third-quarter
Investors can’t seem to quit them, how- sales of $1.3 billion to $1.4 billion, above
ever. According to Goldman Sachs data, forecasts for $1.29 billion. The disappoint-
growth mutual funds loaded up on stocks ment, if anything, was driven by continued
trading at 20 times enterprise value/sales supply-chain issues, which bit into mar-
or higher during the second quarter of the gins. As those problems fade, Juniper’s
year. That meant adding stocks like Snow- normalized earnings could head for $3,
flake (SNOW), Trade Desk, and Nvidia, according to KeyBanc analyst Thomas
among others. That worked out well during Blakey, who has a $36 price target on the
the rotation off the June low, but could be stock, up 22% from Friday’s close of $29.39.
particularly painful if the Fed is going to
raise rates higher than investors had ex-
Now, the shares looks ready to break
out—and they probably should. It isn’t just
Interactive Brokers
pected.“This speech is likely to keep down-
ward pressure on equity markets, with the
that Juniper is a reasonably priced tech
stock, though at 14.6 times next 12-months
pays 1.83% on idle cash
‘growth’ trade and ‘long duration’ subsec- earnings estimates, it trades at a discount to 1
tors and stocks getting hit hardest,” writes
Wolfe Research strategist Chris Senyek.
the S&P 500’s 17.9 times. It’s that Jupiter
now looks to have a found a strategy that
in your brokerage account
It could make for a rocky ride from now could differentiate it from its competitors
to the next Fed meeting on Sept. 2. and drive growth well into the future.
In the world of computer networks, Broker Interest Rate
Juniper: Very Much Alive acquisitions are typically tactical, driven
One month ago, Juniper Networks stock by the desire to access a particular market,
looked as good as dead. Now, it’s rallying, with new products often remaining uninte-
1.83%
2
and it may just be getting started. grated with one another. Juniper seems to Interactive Brokers
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
On July 26, Juniper (ticker: JNPR) re- be taking a different approach. In 2019, it
ported earnings after the close, and they bought Mist Systems for $405 million, and
certainly seemed to be disappointing. Juni- Mist has become central to Juniper’s trans-
per posted a fiscal second-quarter profit of formation into a cloud-based, artificial- E-Trade 0.01%
42 cents a share, missing forecasts for 46 intelligence-driven networking company.
cents. Its earnings guidance wasn’t much With Marvis, its AI engine, Juniper has
better. It said it would earn 45 cents to 55 a product that can learn a company’s net-
cents during the third quarter, while ana- work, track performance, and even identify Fidelity 1.19%
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
lysts had been modeling for 54 cents. and fix problems before they are noticed
At first, it looked like it would be a by humans using the network, says Need-
bloodbath. Juniper stock, which was al- ham analyst Alex Henderson. Now, it’s
ready sitting just above long-term support
at $27, a level that had held since June 2021,
bringing this technology from the enter-
prise campus—industry jargon for a net- Schwab 0.25%
opened down 6.5% at $26.24 on July 27, and work in one geographic location—to its
seemed to be heading to $25. But then, buy- other businesses, even making four acquisi-
ers started coming in. Juniper stock fin- tions to help move in that direction. “It’s a
ished the day at $27.71, down a far more distinctive shift-left strategy,” writes Hen- TD Ameritrade 0.10%
palatable 1.3%. More importantly, it derson, who has a price target of $38 on
Vital Signs
Friday’s Week’s Week’s Friday’s Week’s Week’s
Close Change % Chg. Close Change % Chg.
DJ Industrials 32283.40 -1423.34 -4.22 Barron’s Future Focus 850.06 -42.54 -4.77
DJ Transportation 14380.23 -391.52 -2.65 Barron’s Next 50 2302.31 -122.75 -5.06
DJ Utilities 1026.74 -29.32 -2.78 Barron’s 400 954.42 -27.13 -2.76
DJ 65 Stocks
DJ US Market
11100.75
995.05
-411.59
-40.40
-3.58
-3.90 NYSE Advances
Last Week
936
Week Earlier
904 ibkr.com/earninterest
NYSE Comp. 15178.21 -410.11 -2.63 Declines 2,551 2,548
NYSE Amer Comp. 4408.70 +111.12 +2.59 Unchanged 94 121
S&P 500 4057.66 -170.82 -4.04 New Highs 111 145
S&P MidCap 2500.25 -77.81 -3.02 New Lows 208 105
Member NYSE, FINRA, SIPC. Supporting documentation for any claims and statistical information will
S&P SmallCap 1225.50 -42.67 -3.36 Av Daily Vol (mil) 3,767.8 3,825.0
be provided upon request. Competitor rates and offers subject to change without notice. Services vary
Nasdaq 12141.71 -563.50 -4.44 Dollar (Finex spot index) 108.84 108.17 by firm. [1] Credit interest rates as of 8/23/2022. [2] Rate shown applies to IBKR Pro clients only. USD
Value Line (arith.) 8779.67 -288.55 -3.18 T-Bond (CBT nearby futures) 137-22 138-15 credit interest is paid at the stated rate on balances over USD 10,000 in securities accounts with NAV
Russell 2000 1899.83 -57.52 -2.94 Crude Oil (NYM light sweet crude) 93.06 90.77 exceeding USD 100,000. Accounts with less than 100,000 NAV will receive USD credit interest at rates
DJ US TSM Float 40916.00 -1634.57 -3.84 Inflation KR-CRB (Futures Price Index) 299.09 292.03 proportional to the size of the account. For more information, see ibkr.com/interestpaid 08-IB22-1559-HP
Gold (CMX nearby futures) 1736.10 1747.60
30 BARRON’S August 29, 2022
Industry Action
Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.*
THE S&P 500 IN ONE ETF Source: S&P Dow Jones Indices
Jupiter. “It’s a coherent vision….It’s a big wants to sell a million EVs a year in North
Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF deal in our opinion.” America by 2025. Ford’s goal is two million
It should be a big deal for investors, too. EVs annually around the world by 2026.
California used to be ahead of the pack.
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a California Sets the EV Pace Now, it’s part of the pack.
prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the California announced this week that it will That still leaves the big question unan-
prospectus carefully before investing.
ban sales of new gasoline-powered cars by swered: Will people buy EVs? California
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
results in greater price fluctuations than the overall stock market. Ordinary brokerage commissions apply. 2035—and that’s great news for U.S. car isn’t leaving that up to chance. The state
makers. has included rules to help improve con-
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.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
After all, what happens in California, sumer confidence in the new technology.
ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust.
particularly in terms of cars, doesn’t stay in Cars, for instance, will have to maintain
California. That‘s not just because Califor- roughly 70% to 80% of their original per
nia is the largest state, with more than 10% charge range for 100,000 miles to count
of the U.S. population of people and cars. as a zero-emission sale.
Rules from California’s Air Resources Affordability also remains an issue. EVs
Board, or CARB, are followed by more than cost more than internal-combustion cars.
a dozen other states, including some big But CARB believes that EVs and gas-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Great
ones such as New York and Pennsylvania. powered cars will cost the same by 2030.
CARB rules touch almost 40% of the total Still, full parity shouldn’t be required to
U.S. population. spur demand. An EV costs about 40% less
full-time
zero emission by 2026 and 68% by 2030, the electricity powering an EV can cost up
before sales of gas vehicles are eliminated to 80% less than the equivalent amount
altogether five years later. That outpaces of gasoline—depending on where you’re
50% of new car sales to be EVs by 2030. Still, it’s hard to overstate the importance
In the past, such a step would have of just how big a shift this is for the car busi-
brought squeals of protest from U.S. auto ness: the biggest change for a multitrillion
makers—but not anymore. Sometimes, dollar industry since automobiles disrupted
CARB rules would even be challenged in the buggy and buggy-whip business.
court. Probably not this time. Not surpris- One obvious winner from accelerated
ingly, faster EV adoption in the U.S. means a EV adoption is, of course, Tesla. Shares are
bigger addressable market for Tesla (ticker: up about 15% since Sens. Joe Manchin and
TSLA), but General Motors (GM) and Chuck Schumer announced their surprise
Ford Motor (F) aren’t complaining, either. deal that led to passage of the Inflation Re-
This time around, Ford praised the CARB duction Act, which includes purchase tax
decision. GM did, as well. “General Motors credits for EVs. In fact, the EV industry has
and California have a shared vision of an gotten a lot of good news lately, and GM and
all-electric future,” says a GM spokesperson. Ford shares have done even better. They are
Mansion Global Boutique has everything you need to showcase All of this makes sense. Traditional auto up 22% and 26%, respectively, over the same
your unique style, whether it’s your first home or your fourth. makers are all-in on electric and are spend- span, while the S&P 500 has added 6%.
mansionglobal.com/boutique ing billions of dollars to develop EVs and New or old, they’re all winners now.
battery plants as fast as they can. GM — Al Root
August 29, 2022 BARRON’S 31
EUROPEAN TRADER E M E R G I N G M A R K E TS
U.K. Pub Owner Wants Europe Fights Off
Drinkers to Raise a Glass Russia’s Gas Attack
By Rupert Steiner reduce its electricity costs. By Craig Mellow Papic estimates.
In the United Kingdom, the number of Not that this won’t be a tough winter
T S
he investment case for J.D. pubs has shrunk from 61,000 in 1993 to tymied for the moment on the in Europe. Governments can almost cer-
Wetherspoon hinges on about 46,800 now. Alex Chatterton, an Ukraine battlefield, President tainly keep citizens’ heat on. Now they
whether you believe that Brits analyst at broker Panmure Gordon, calcu- Vladimir Putin is escalating his are scrambling for ways to cushion the
will rekindle their love affair lates that the number of Wetherspoon energy war on Kyiv’s European costs. Industrial rationing is more likely.
with pubs and return in significant num- pubs during this period has increased to backers. Russia has cut European Union– Top gas importer Germany, among oth-
bers to consume food and drink. 872 from 67, boosting its market share to bound natural-gas exports to 20% of last ers, seems to be procrastinating over the
The London-listed group, which owns 1.9% from 0.1%. “We assume this trend year’s level, citing pipeline maintenance specifics. “Germany hasn’t really laid out
about 850 pubs and inns and 60 hotels, is will continue, with smaller operators and other excuses. who loses, though the process seems
one of the largest behind Stonegate and likely to close first, and JDW likely to Markets have noticed. EU gas futures inevitable,” Mandel says.
Mitchells & Butlers, and shares (ticker: continue to take share longer term,” he have more than tripled since mid-June, The next few winters promise little
JDW.UK) have suffered from pandemic- wrote in a note. soaring past the spike they saw when respite, given the pace of LNG develop-
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
induced lockdowns. More recently, high The decline in pub numbers hasn’t hit Putin launched his invasion in February. ment. The world’s biggest new project,
inflation has made customers think twice industry sales. Revenue for the sector has But Western powers show little sign of Qatar’s North Field Expansion, is slated
before going out. actually risen—growth that has been blinking—that is, rolling back sanctions to boost global liquefied gas output 10%
Spoons, as it is affectionately known, driven by larger pubs. Chatterton found on Russia—and the vertical rise is start- by 2027. Exxon Mobil (ticker: XOM),
has issued a string of profit warnings cit- that Wetherspoon in 2018 had about 8% ing to look like panic. “Speculators are Shell (SHEL), TotalEnergies (TTE-
ing rising costs. Fierce competition from market share in terms of revenue, com- pricing in as much bad news as we could .France), and ConocoPhillips (COP) all
grocery stores selling discounted alcohol, pared with about 2% in terms of the num- possibly have: no Russian gas, no LNG reportedly signed on this summer as
and older customers staying home for fear ber of pubs. “We continue to believe in the [liquefied natural gas], and a really cold partners.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
of catching Covid, haven’t helped. long-term investment case,” he wrote. winter,” says Jonathan Stern, founder of Privately held Venture Global LNG
The stock has slumped 51%, to 5.51 The group was founded in 1979 by the Gas Research Program at the Oxford announced that it has lined up $13 billion
pounds sterling ($6.49), over the past 12 chairman Tim Martin, who retains about a Institute for Energy Studies. for a new complex in Louisiana, on a
months, which presents an excellent buy- fifth of the stock. The business has a mar- What traders aren’t focusing on is similar schedule. Other investors worry
ing opportunity. The company’s funda- ket value of £696 million and employs the Western democracies’ resourceful re- that green-minded Europe will be beyond
mentals that set it apart from rivals—it about 42,000 workers. sponse to Putin’s noose-tightening. EU gas gas by the time such megaprojects hit
has a niche selling inexpensive pints of Wetherspoon fetches a multiple of 13.8 storage tanks have kept right on schedule their stride. The EU lately increased its
beer in unfussy venues—remain solid. times this year’s expected earnings and with LNG and extra supply from Norway, already ambitious 2030 solar-energy
Value-conscious consumers are sure to is valued at a 40% discount to its peers. and will probably reach their 80% capac- target by half. “There’s a big disconnect
find this approach attractive. The company posted a pretax loss of ity target by Nov. 1, predicts Marko Papic, between industry realities and a Europe
Wetherspoon is also in good shape £154.7 million in fiscal 2021, wider than chief strategist at the Clocktower Group. that wants to accelerate out of fossil
to weather an inflationary storm. Hari- the £34.1 million loss in 2020. It managed “Europe is filling storage at exactly the fuels,” Mandel says.
shankar Ramamoorthy, an analyst at 2021 revenue of £772.6 million, well below same rate as last year,” he says. “Russia The worst-case scenario that Stern
Deutsche Bank, wrote in a note that if £1.3 billion in 2020. didn’t count on this happening.” outlined could also pan out, leaving Eu-
inflation is prolonged, pubs will need to As the English writer Samuel Johnson The gas squeeze is pushing demand rope with empty gas tanks by February
increase prices. “Given its value offering, once said, “There is nothing which has yet destruction. Europe’s use of the fuel has or March. The more likely outlook is for
[Wetherspoon] would have more scope to been contrived by man, by which so much already contracted by 11% this year, and a more glowering from Moscow, and a
flex prices as peers also put through in- happiness is produced as by a good tav- looming recession could cut it by another costly muddle-through in the West.
creases at their ends.” He estimates the ern.” And Wetherspoon is doing its part to 10%, Stern estimates. Analysts predict The alliance against Russia should
shares could increase 33%, to £7.35. make customers happy. Martin told Bar- that Moscow will keep dribbling in some hold at least until Ukraine tries its prom-
The business will also benefit from ron’s in an email that the company has an supply, too, to stoke market uncertainty ised counterattack on the southern front.
its strategy of owning larger pubs rather advantage with its “high level of staff re- and keep a few bridges unburned for the Putin strengthens it with every new
than a collection of smaller ones, provid- tention and an experienced pub manage- postwar environment. bombing of a civilian target—and he has
ing savings in rent and labor. For instance, ment team—on average, pub and kitchen “Russia does expect to sell more gas to announced an increase in active-service
its Royal Victoria Pavilion in Ramsgate, managers have been with the company for Europe in the future,” says Jacob Mandel, duty members starting next year.
Kent, can hold about 1,550 customers. more than 10 years.” He added, “Having who follows the industry for Aurora En- “Suggesting a relaxation in sanctions
Wetherspoon also locked in energy prices said that, our motto is that we’re only as ergy Research. Moscow earns $55 billion would be political suicide in any country
with suppliers until 2023, which will good as our next pint or meal.” B a year on average from EU gas sales, in Europe,” Stern says. B
32 BARRON’S August 29, 2022
T H E ST RIKING PRIC E
Rather than trying to predict the next twist of
the twist, focus on what is reasonably knowable:
time and volatility.
220
30
175
By Steven M. Sears VIX’s long-term average is about 19. The
current level indicates that investors are
C
130
onfusion about the mildly more concerned about the future 22
stock market’s recent than normal. Should they panic—say, be- 85
strength is giving way cause economic data weakens, or increas-
to fear about the world’s ingly loquacious central bankers become 14 40
economic future. more hawkish and interest-rate hikes are S O N D J F M A M J J A S O N D J F M A M J J A
After some two sharper than expected—the options mar- Daily Values Source: CBOE Source: McMillan Analysis Corp.
months of extraordi- ket’s fear premiums might get really plump.
nary stock gains, investors who doubted the If that happens, stocks would probably
rally, along with everyone who did not, are go a lot lower, too, and investors would SPX Skew NDX Skew
increasingly concerned that what comes probably panic and pay nearly any price to Implied volatility % Implied volatility %
next may not be pleasant. buy puts to offset and hedge the weakness in 15% 13%
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
Europe’s economy appears to be shrink- their portfolios. Then, selling puts on blue-
14
ing. England might already be in a recession chip stocks that you can afford to keep for at 12
as inflation surges. China’s leaders, despite least three to five years could be attractive. 13
their truculent pomp, may have lost control In mid-June, for instance, VIX was 12 11
of the world’s second-largest economy. Rus- around 34, and investors were plenty
sia, seemingly as stuck in Ukraine as it was panicked. Stocks rallied as VIX peaked. 11 10
in Afghanistan, has weaponized commodi- As the stock market enters the season- 10
ties that are critical to the world’s food sup- ably erratic months of September and Octo- 9
9
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
two decades of extraordinarily low interest to own more of, and stocks that you don’t 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.
rates without sparking a recession. own but want to own. Make a list. Have a
The S&P 500 index seems finally to plan. Be prepared to act if the stock market
reflect a little bit of the hot mess that is sinks and the VIX surges. Week’s Most Active
enveloping the world. The benchmark We recently suggested that investors
index failed on Monday to push above focus on what we called cockroach invest- 9 : ;< = 9
9 9 > ?@A? ?@BC DE BA BFF G C H IE
J 9 HBG@C HBFEF GBC @A @A H H H I@
4300, a critical upside technical level. ment themes that could withstand the test > K= >LM GDG@G GFEH@ G?AD GDF @@ B F B IH
Lots of pundits are palavering about of time. Ideas included financial stocks and
: : HBCF? HFDBG BH@H GHF BFF A C IE
what may come next, but most people are even tax preparation and accounting firms K J K 9 9
N BH@GE H@EB @@?C GGH ?C G @ IF
K 9O < HBD@H B@CGE BC?D @CH GG H H IB
probably better off ignoring the noise and like H&R Block (ticker: HRB). = > < BFDCH BFFAF DBH ?CA @A B E IH
letting the market reveal itself. As Grannie The logic is simple. People will always J K 9 << B?HBF B?BH? E? @BA CD B A IA
Hawkins said in Clint Eastwood’s classic, pay taxes. They will always invest and P M HB?GG GB@G BEGDF H?BA G E IA
The Outlaw Josey Wales, “that big talk’s worth trade. They will always need places to park M BG F B ? B @EBGG GHFBE B??@A BFF E IG
< K QP K < > BFBB@ EECC BHDH BHGH ?B E IH
doodly-squat.” Rather than trying to predict money and securities. So, consider waiting
reasonably knowable: time and volatility. prove the price of blue-chip stocks. 9
T
= R L HFG@G HFGCB HH HACA A C IA
=9 K B@GF@ CCCD BB?G? H?CH BF CI?
We know that investors are generally Bottom line: When VIX is high, it’s time K = > GF?D BCHB BGGG DHF CA C IG
confused and nervous about what comes to buy; when VIX is low, it’s time to go. B U 9O U G@DEF GEGFH BBCE ?GEE F C IG
next. We know the Cboe Volatility Index, K :
V KK K : SW BFA?FC DA?GH ?@@C? B?E?A BD A IC
K P 9O B@DHF BAGGF GF@F GHHF @? A IF
or VIX, surged some 17% earlier in the Steven M. Sears is the president and chief operat-
Q T
J XUM CBCAG GGBEH GE?EB BGH@H DA ? ID
week when the S&P 500 plummeted. VIX ing officer of Options Solutions, a specialized
was recently over 25, a level that suggests asset-management firm. Neither he nor the firm J
Q J 9 J P VY 9 K= K P V
9 Z [ K P
I J = J J
K9
I U KJK KY Q J K K;=KI < K K = K K Y J
= P K Q J 9K= KV Q K= J
over the next 30 days. ties mentioned in this column.
J
===
I
J P \ J K 9
QK F BFF I K9 ] < 9<
August 29, 2022 BARRON’S 33
COMMODITIES
TO ADVERTISE, CALL 1-800-366-3975
LEGAL
LEGALSERVICES
NOTICES
AB PRIVATE CREDIT INVESTORS CORPORATION
Notice of Offer to Purchase for Cash Up to 1,047,133.15 Shares of its Common Stock at a Purchase Price Per
Share of Common Stock Equal to its Net Asset Value per Share as of September 30, 2022
Gold’s Performance
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON
SEPTEMBER 30, 2022, UNLESS THE OFFER IS EXTENDED OR WITHDRAWN.
AB Private Credit Investors Corporation, an externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business development company under the
Investment Company Act of 1940, as amended (the “Fund”), is offering to purchase for cash up to
REACH no expense to the stockholder, include the Offer to Purchase and a Notice of Intent to Tender. A tendering
stockholder must complete, sign, and mail (certified 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
By Myra P. Saefong Milling-Stanley, chief gold strategist at
State Street Global Advisors. SERIOUS the Expiration Date stated below.
Stockholders who desire to tender Shares for purchase must do so by 5:00 p.m., New York time on the
T
Expiration Date. All determinations as to the receipt of notices from stockholders relating to the tender
wo years after gold’s rise to its
highest-ever price, the metal
Even so, he believes investors are “exag-
gerating the potential adverse impact of
INVESTORS. of Shares, including, without limitation, determinations 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
such determination will be final.
The purpose of the Offer is to provide liquidity to stockholders because the Shares are not listed on any
doesn’t have a lot to show for it. higher interest rates” on gold prices. He securities exchange. The Offer is not conditioned upon the tender of any minimum number of Shares or any
financing condition.
It has failed to regain ground points out that during the last two periods Barron’s Classifieds 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, 2022, (the “Quarterly Tender Cap”). The Fund is not required to
above the $2,000 level, prompting inves- of sustained Fed tightening, gold prices is where our readers purchase any tendered Shares in excess of the Quarterly Tender Cap and, therefore, the Fund is not required
to purchase any tendered Shares to the extent those Shares are, in the aggregate, in excess of 1,047,133.15.
tors to question its ability to serve as a rose strongly, “countering the conventional discover opportunities In accordance with rules promulgated by the Securities and Exchange Commission (the “SEC”), the Fund
haven asset. wisdom that higher rates hurt gold invest- in real estate, business may increase the number of Shares accepted for payment in the Offer by up to, but not more than, 2% of the
outstanding Shares without amending or extending the Offer.
investments, corporate
As some analysts point out, however, ment because they raise the opportunity It is anticipated that the purchase of Shares tendered by a stockholder will be a taxable transaction for U.S.
aircraft, yachts, fine cars federal income tax purposes. Participating stockholders should consult their tax advisor regarding specific tax
gold remains a key asset for long-term cost of investing” in it. For example, during and so much more. 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
portfolio diversification and has outpaced the two years from June 2004 to July proper notice to the Fund.
performance in the U.S. stock market. 2006, when the Fed raised rates 17 times, Shares withdrawn may be 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 24, 2022 (i.e., 40 business
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
Although gold prices have been volatile, gold went up by 42%, says Milling-Stanley. days from the commencement of the Offer), a stockholder will also have the right to withdraw their tender
of Shares after such date.
and have declined from their highs this While he won’t rule out a further test of 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
year, “many investors are surprised to learn support for gold around the $1,700 level, Expiration Date.
The information required to be disclosed by paragraph (d)(1) of Rule 13e-4 under the Securities Exchange
that gold has served as a relative haven dur- he points out that State Street’s base case Act of 1934, as amended, is contained in the Offer to Purchase and is incorporated herein by reference. The
For information on information provided herein is qualified entirely by the more detailed information contained in the Offer to
ing 2022,” says Steven Schoenfeld, CEO at scenario calls for prices this year to range advertising, call Purchase. The Offer to Purchase contains important information that should be read carefully before any
index provider MarketVector. Gold prices from $1,800 to $2,000. “Current uncer- 1.800.366.3975 or email
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
are down 3.1% this year as of Aug. 25, but tainties on the macroeconomic and geo- advertising@barrons.com 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 Offer would violate that jurisdiction’s laws.
the S&P 500 index has lost nearly 12%. political fronts could lead prices back into Questions and requests for assistance may be directed to the stockholder’s financial advisor
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
IN SIDE SC OOP
price of $26 through a private place- POWER PLAY
ment offering on Aug. 18. After the
Sizing Up
transaction closed on Aug. 22, Bio-
technology Value Fund holds a 8.6%
stake in Kymera Therapeutics.
B
buyer of Insight Enterprises’ shares ed Bath & Beyond may
since its initial 13D in mid-May 2021, be getting a lifeline, but
BY CONNOR SMITH spread out over five years. which revealed a 6.5% stake. Wall Street isn’t convinced
S
On Tuesday, the company an- ValueAct Capital and Insight that it will be enough to
hares of Intel have shed a nounced a deal with Brookfield Asset Enterprises entered a nomination save the company.
third of their value so far Management to jointly invest up to and support agreement in February The troubled retailer is in exclu-
in 2022. And Pat Gelsinger $30 billion for two chip factories in The day after an- that resulted in the appointment of sive talks with asset manager Sixth
just made his largest open- Arizona. Intel plans to pay 51% of the nouncing a deal to ValueAct partner Alexander Balum Street Partners to secure a $400
market purchase since project. invest in two fac- to Insight’s board that month. million loan to strengthen its bal-
becoming the chip maker’s Gelsinger on Wednesday paid tories in Arizona, Following the latest investment, ance sheet, according to people
chief executive in February $501,153 for 14,800 Intel shares at an Intel CEO Pat Gel- ValueAct Capital holds a 11.8% in- close to the matter. The possible
2021. average price of $33.86, according to a singer bought terest in Insight Enterprises. financing comes after Bed Bath &
Intel (ticker: INTC) reported disap- filing with the Securities and Exchange $501,153 more of Beyond (ticker: BBBY) burnt
pointing June-quarter results earlier Commission. It was the executive’s the chip maker’s through more than $300 million in
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
signed the bipartisan bill earlier this But weakening PC demand has 10,047,781 shares. Engaged Capital after investors questioned whether
month. Barron’s noted that the fund- weighed on chip makers. The iShares sold 2,044,138 SunOpta shares from the cash infusion would be enough
ing won’t be a quick fix for semicon- Semiconductor exchange-traded fund Aug. 16 through Aug. 18 at prices to help the company complete its
ductor manufacturing since it will be (SOXX) has fallen 27% in 2022. B ranging from $10.43 to $11.03 each. long-awaited turnaround.
Engaged Capital revealed that the The retailer’s shares closed Fri-
sales were for the purpose of portfo- day at $10.70, down 3% for the
lio rebalancing and “not an indica- week, an especially volatile one that
tion of [Engaged Capital’s] view on included the aftermath of activist
encing service’s July quarter. It reduced the year’s department store slashed the year’s earnings out- this discounter cut its own by 9%—to EPS of $7.10 a good July quarter and then cutting its year’s earn-
earnings guidance to $3.69 a share. look by 27%, to a range of $2.30 to $2.60 a share. to $7.40—to make an “investment in pricing.” ings forecast, from $5.71 a share to about $4.
77 16 82 130
36 BARRON’S August 29, 2022
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
MicroFocus(MFGP) 9274 6.01 +2.71 +82.1 JattAcqnA(JATT) 479 1391.6 10.02 0.00 IndonesiaEnergy(INDO) 83956 775.4 9.56 +2.32 AeriePharm(AERI) 40572 1146.6 15.09 +4.10
Farfetch(FTCH) 145594 12.03 +3.87 +47.4 IntegratedRailA(IRRX) 419 1131.9 10.02 –0.01 EvolutionPetrol(EPM) 2534 194.4 7.24 +0.45 WesternAcqn(WAVS) 799 1094.4 9.99 +0.03
TDCX(TDCX) 2842 9.49 +2.83 +42.5 QuantumFin(QFTA) 1023 985.4 9.87 +0.01 Electromed(ELMD) 77 80.6 9.96 +0.23 Wag!(PET) 5749 920.1 4.94 –0.25
CanoHealth(CANO) 36270 6.74 +1.92 +39.8 WaverleyCap1 A(WAVC) 1140 932.8 9.79 +0.01 CheniereEnerPtrs(CQP) 1640 54.9 56.26 +5.05 DeepMedicineAcqn(DMAQ) 787 889.4 10.03 –0.01
ChinaGreenAg(CGA) 286 6.45 +1.80 +38.7 IberePharmA(IBER) 1289 800.3 9.86 –0.01 GeniusGroup(GNS) 2242 47.9 2.62 –5.13 FutureTechIIA(FTII) 773 759.6 10.04 0.00
TAL Education(TAL) 46462 5.99 +1.59 +36.1 PyrophyteAcqn(PHYT) 558 720.5 10.07 +0.01 EnergyFuels(UUUU) 23392 47.1 7.04 +1.13 Ent4.0TechAcqnA(ENTF) 1594 640.9 10.04 –0.01
SignifyHealth(SGFY) 37481 28.00 +6.80 +32.1 3M(MMM) 126717 655.9 129.14 –16.06 BM Tech(BMTX) 339 42.2 6.23 –0.27 Canna-GlobalA(CNGL) 666 578.4 10.07 +0.01
PagSeguroDig(PAGS) 25212 16.70 +3.87 +30.2 WilliamsRowland(WRAC) 413 527.4 10.06 0.00 CentrusEnergy(LEU) 1140 32.3 43.14 +4.70 BroadCapital(BRAC) 722 565.2 9.98 0.00
ProofAcqnIA(PACI) 1067 515.0 9.95 –0.02 CheniereEnergy(LNG) 13154 15.7 167.76 +1.91 MurphyCanyonA(MURF) 660 555.5 10.06 –0.01
Losers CorpAmAirports(CAAP) 1561 502.3 6.45 +0.65 ActiniumPharm(ATNM) 737 15.3 6.67 +0.79 CompassDigitalAcqn(CDAQ) 620 551.6 9.75 +0.03
Name (Sym) Volume Close Change %Chg.
BeardEnerA(BRD) 262 467.4 9.93 –0.04 MastechDigital(MHH) 47 –3.7 15.59 –0.22 DallasNews(DALN) 319 543.5 7.88 +1.12
HorizonGlobal(HZN) 216 1.61 –0.70 –30.3 NorthernStrII A(NSTB) 1290 448.6 9.85 –0.02 CoreMoldingTech(CMT) 74 –5.2 13.45 +0.90 Neogen(NEOG) 52683 514.8 21.23 +0.22
Nordstrom(JWN) 91127 18.04 –6.14 –25.4 Empower&IncA(EPWR) 1283 418.5 9.87 0.00 CompX Intl(CIX) 32 –7.1 24.52 –0.03 NewProvidenceII A(NPAB) 501 467.3 9.97 –0.01
Owlet(OWLT) 1708 1.59 –0.51 –24.3 SculptorAcqnIA(SCUA) 431 396.6 9.99 –0.01 SilverCrestMetals(SILV) 3486 –8.0 5.97 +0.01 Games&EsportsA(GEEX) 516 422.9 10.10 +0.01
Revlon(REV) 29682 6.49 –2.00 –23.6 WarburgPincusI-A(WPCA) 1001 389.5 9.88 –0.01 GencorInds(GENC) 45 –8.0 10.13 +0.12 AnthemisDigA(ADAL) 803 382.9 10.04 0.00
Abercrombie&Fitch(ANF) 22843 15.87 –4.70 –22.8 AlumofChina(ACH) 2189 364.9 9.58 +1.00 AdamsRes(AE) 49 –8.1 30.26 +1.01 CresceraCapA(CREC) 756 375.2 10.00 0.00
Enfusion(ENFN) 1608 11.06 –3.27 –22.8 AfterNextA(AFTR) 1984 325.4 9.77 +0.05 TrioTech(TRT) 113 –9.0 5.17 –0.03 AetheriumAcqnA(GMFI) 408 362.0 9.94 0.00
SunlandsTech(STG) 78 3.80 –1.09 –22.3 TurquoiseHill(TRQ) 17856 321.8 28.34 +4.30 inTEST(INTT) 170 –13.8 9.03 –0.30 AdvEmissions(ADES) 1892 344.3 4.03 –2.38
AMC Ent(AMC) 349315 9.17 –1.90 –17.2 SignifyHealth(SGFY) 37481 315.6 28.00 +6.80 NatlHealthcare(NHC) 144 –15.5 68.77 –0.08 AmtechSystems(ASYS) 654 326.0 11.77 –0.23
SDCLEDGEAcqn(SEDA) 514 296.9 9.79 –0.01 DeltaApparel(DLA) 77 –17.8 19.35 –1.25 CodorusValleyBncp(CVLY) 269 317.7 20.57 –0.18
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. AMC Ent(AMC) 349315 9.17 –1.90 –17.2 CamberEnergy(CEI) 141674 0.35 –0.01 –2.5 SoFiTech(SOFI) 339628 6.18 –0.15 –2.4
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
IndonesiaEnergy(INDO) 83956 9.56 +2.32 +32.0 Avaya(AVYA) 319626 1.32 +0.60 +82.2 Graphex(GRFX) 106311 2.24 –0.26 –10.4 BedBath(BBBY) 325200 10.70 –0.33 –3.0
HoustonAmEner(HUSA) 37473 4.92 +1.06 +27.5 FordMotor(F) 272763 15.41 –0.47 –3.0 IndonesiaEnergy(INDO) 83956 9.56 +2.32 +32.0 Apple(AAPL) 306687 163.62 –7.90 –4.6
EnergyFuels(UUUU) 23392 7.04 +1.13 +19.1 Carnival(CCL) 204632 9.97 +0.10 +1.0 Tellurian(TELL) 78411 4.50 +0.10 +2.3 AdvMicroDevices(AMD) 297149 91.18 –4.77 –5.0
ActiniumPharm(ATNM) 737 6.67 +0.79 +13.4 NIO(NIO) 194578 19.92 +0.87 +4.6 UraniumEner(UEC) 69092 3.92 +0.39 +11.0 Tesla(TSLA) 286768 288.09 –8.58 –2.9
FreshVineWine(VINE) 53 3.14 +0.35 +12.5 OccidentalPetrol(OXY) 190464 73.55 +2.26 +3.2 Globalstar(GSAT) 52086 1.99 +0.28 +16.4 NVIDIA(NVDA) 283934 162.60 –15.89 –8.9
CentrusEnergy(LEU) 1140 43.14 +4.70 +12.2 NuHoldings(NU) 178210 4.94 +0.29 +6.2 TimberPharm(TMBR) 49973 0.12 +0.00 +2.0 Amazon.com(AMZN) 215946 130.75 –7.48 –5.4
UraniumEner(UEC) 69092 3.92 +0.39 +11.0 SouthwesternEner(SWN) 177647 7.64 +0.20 +2.7 Zomedica(ZOM) 47710 0.27 +0.00 +0.4 Peloton(PTON) 193228 10.61 –1.10 –9.4
CheniereEnerPtrs(CQP) 1640 56.26 +5.05 +9.9 Snap(SNAP) 170152 10.67 –0.89 –7.7 DenisonMines(DNN) 46150 1.21 +0.16 +15.2 Intel(INTC) 181272 33.36 –2.02 –5.7
BankofAmerica(BAC) 165772 34.03 –1.45 –4.1 B2Gold(BTG) 44608 3.25 –0.03 –0.9 MinervaNeurosci(NERV) 176097 10.33 +7.22 +232.7
Losers PetroleoBrasil(PBR) 160810 14.74 +1.08 +7.9 AmpioPharm(AMPE) 38095 0.09 –0.00 –0.5 WarnerBrosA(WBD) 135851 13.16 –0.57 –4.2
Name (Sym) Volume Close Change %Chg.
Nokia(NOK) 158487 4.87 –0.17 –3.4 HoustonAmEner(HUSA) 37473 4.92 +1.06 +27.5 Grab(GRAB) 132692 3.05 –0.39 –11.3
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
GeniusGroup(GNS) 2242 2.62 –5.13 –66.2 Vale(VALE) 154429 13.45 +0.57 +4.4 GranTierraEner(GTE) 24389 1.28 +0.07 +5.8 TilrayBrands(TLRY) 114094 3.83 +0.09 +2.4
RetractableTechs(RVP) 437 2.62 –0.63 –19.4 PalantirTech(PLTR) 149666 7.94 –0.57 –6.7 EnergyFuels(UUUU) 23392 7.04 +1.13 +19.1 AmerAirlines(AAL) 113644 13.74 –0.43 –3.0
EVI Industries(EVI) 98 12.31 –1.75 –12.4 AT&T(T) 145719 17.89 –0.54 –2.9 Senseonics(SENS) 22656 1.79 –0.01 –0.6 Alphabet A(GOOGL) 109133 110.34 –6.87 –5.9
SplashBeverage(SBEV) 1315 1.90 –0.23 –10.8 Farfetch(FTCH) 145594 12.03 +3.87 +47.4 BitNile(NILE) 22389 0.29 –0.02 –7.3 Microsoft(MSFT) 104785 268.09 –18.06 –6.3
Cel-Sci(CVM) 922 3.92 –0.46 –10.5 Alibaba(BABA) 140502 98.00 +8.37 +9.3 NightHawkBio(NHWK) 15994 2.16 –0.11 –4.8 Comcast A(CMCSA) 98881 36.80 –1.88 –4.9
Graphex(GRFX) 106311 2.24 –0.26 –10.4 3M(MMM) 126717 129.14 –16.06 –11.1 SunlinkHealth(SSY) 13332 1.56 +0.37 +31.1 MetaPlatforms(META) 97999 161.78 –6.18 –3.7
BK Tech(BKTI) 33 2.30 –0.20 –8.0 Ambev(ABEV) 123338 3.03 +0.04 +1.3 CheniereEnergy(LNG) 13154 167.76 +1.91 +1.2 Alphabet C(GOOG) 96203 111.30 –6.82 –5.8
Flanigans(BDL) 15 26.35 –2.24 –7.8 Shopify(SHOP) 121952 32.42 –1.78 –5.2 RaMedicalSys(RMED) 13127 0.15 –0.01 –7.5 CiscoSystems(CSCO) 92379 45.89 –2.81 –5.8
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
August 29, 2022 BARRON’S 37
R E S EA RCH REPORTS
For a look back at more analyst
research and reports, go online to
Barrons.com/researchreports
or other services to the second half of 2023. Following the cycle dynamics in late 2022 and 2023.
the companies being spinoff, Novartis will be able to focus We are adjusting our fiscal 2023,
analyzed.
more on its faster-growing and more 2024, and 2025 [revenue/EPS] esti- Insider Transactions Ratio
profitable branded drug business. mates from $29.0 billion/$3.86, $32.4
60
billion/$5.00, and $37.1 billion/
$6.00, to $27.3 billion/$3.41, $30.9 50
Snap-on
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
Milwaukee. Senior management partic- 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
ipating included CEO Nick Pinchuk Intuit delivered a strong finish to its 307,270,461 and 48,860,279 respectively; Source: Thomson Reuters
and CFO Aldo Pagliari. The meeting 2022 fiscal year and offered guidance
gave us a deeper dive into Snap-on’s for both revenue and EPS that was
competitive manufacturing advantages. above our and the Street’s expecta-
Throughout, the emphasis was on spe- tions. While there were some pockets lowing the sharp drop this quarter. and bigger EBIT [earnings before in-
cialized manufacturing capabilities, of softness (i.e., Mailchimp), the upbeat While the month-to-month deposit terest and taxes] and earnings per
coupled with ongoing efficiencies. guidance helps illustrate the breadth improvement in August may be en- share misses for its second quarter,
Snap-on is benefiting from a favorable of INTU’s portfolio today versus a few couraging to some, it’s a modest im- but the results were strong, measured
growth environment, driven by techni- years ago, especially as it relates to the provement from very low levels, [de- on a three-year basis, and much better
cians encountering complex repairs small-business segment. Intuit re- spite about a three times ramp-up in than they were in the first quarter.
through the proliferation of technology mains one of the best compounding incentives], and now [mortgage] The [retailer whose stores, located
on vehicles. Snap-on increased its sales stories in software, and we expect rates have moved back up. However, in small and midsize communities,
from $2.6 billion in 2010 to $4.25 billion more details on its long-term strategy we remain at Sector Perform on Toll specialize in athletic-inspired fashion
in 2021, as its operating margin went at its analyst day on Sept. 29. We are Brothers because TOL’s [order] back- products, including footwear] also
from 12.1% to 20%. We have raised our moving our price target to $601. log, relatively limited cancellation raised its sales outlook for the year
adjusted EPS estimates for 2022 and risk, and continued gross margin and reiterated its prior earnings guid-
2023 to $16.37 and $17.22, from $16.10 strength provide support into FY23. ance. Hibbett now expects second-
and $16.98. Stock-price target: $280. Toll Brothers We maintain our $48 price target on half same-store sales to be up from
TOL-NYSE the stock. the level in prior guidance. We calcu-
Sector Perform • Price $45.63 on Aug. 23 late implied second-half sales growth
Nvidia by RBC Capital Markets around 17%-21%.
NVDA-Nasdaq Hibbett Regarding [the second-quarter sales
Overweight • Price $172.22 on Aug. 24 [We have cut] our fiscal year HIBB-Nasdaq shortfall], the company said: “We be-
by Wells Fargo 2022/2023 EPS estimates by 9% and Neutral • Price $57.36 on Aug. 24 lieve some of our back-to-school sales
15%, respectively, to $9.19 and $9.45, by Seaport Research Partners shifted into the third quarter, as con-
While there is no debating that as we adjust for the [new single-fam- sumers delayed shopping until closer
Nvidia’s F3Q23 guidance was mean- ily home] selling-pace realities fol- Hibbett reported a slight sales miss to school start dates.”
38 BARRON’S August 29, 2022
Barron's 50-Stock Average 53 Dow Jones Per Share Values 50 Mutual Funds 47 Week In Stocks 50
DATA
Cash Track 47 Exchange Traded Portfolios 46 N.Y. Stock Exchange 38 Weekly Bond Statistics 52
Charting the Market 35 Federal Reserve Data Bank 52 Nasdaq National Market 42 Winners & Losers Stocks 36
Coming Earnings 51 Foreign Exchange 51 New Corporate Listings 50
Conference Call Calendar 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
DJ U.S. Total Market Industry Groups 51 Market Lab 49 Trading Diary 49
Contact Us
Dow Jones Averages 49 Money Rates, U.S. & Foreign 51 Vital Signs 29 For queries, email us at
Statistics from August 22-26, 2022 memberservices@dowjones.com
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.
13.61 10.66 Amcor AMCR 3.9 23 12.42 –0.06 .12 9.94 9.64 ArctosNorthA ANAC ... 36 9.89 +0.02 ... 59.34 47.25 BCE BCE 5.7 20 49.59 –1.22.7141 13.09 6.96 Bowlero BOWL ... dd 11.22 –0.77 ...
AB 99.20 80.27 Ameren AEE 2.5 24 94.79 –2.56 .59 49.10 16.74 ArcusBiosci RCUS ... 35 25.03 –0.90 ... 12.35 0.99 BEST BEST ... 1 1.16 –0.10 ... 33.04 22.18 Box BOX ... dd 27.21 –3.13 ...
101.86 40.73 Ameresco AMRC ... 37 66.91 +1.18 ... 11.28 5.35 ArdaghMetalPkg AMBP 6.3 dd 6.32 –0.11 .10 15.65 11.61 BGSF BGSF 4.7 11 12.71 –0.06 .15 17.05 1.13 Boxed BOXD ... dd 1.15 –0.19 ...
52.83 30.90 AAR AIR ... 20 44.82 –1.72 ... 22.65 16.90 AmericaMovil AMX 1.9 14 18.03 –1.13.1964 10.36 3.09 ArdmoreShipping ASC ... dd 9.70 –0.24 ... 71.04 46.27 BHP Group BHP 11.0 5 58.88 +2.13 3.50 72.72 47.66 BoydGaming BYD .0 11 56.03 +0.18 .15
39.11 25.80 ABB ABB 2.5 13 28.17 –1.55.7066 22.57 16.52 AmericaMovil A AMOV 3.6 14 17.56 –1.27.1964 9.91 9.66 AresAcqnA AAC ... 38 9.91 +0.03 ... 14.65 0.36 BitMining BTCM ... dd .40 +0.01 ... 56.39 41.70 Brady BRC 1.9 18 48.00 –1.33 .225
54.00 38.08 ABMIndustries ABM 1.7 22 47.05 –1.72 .195 40.83 28.35 AmericanAssets AAT 4.5 44 28.53 –1.16 .32 16.48 11.18 AresCommRealEst ACRE 9.7 12 13.67 –0.06 .02 77.47 51.45 BJ'sWholesale BJ ... 20 71.05 –2.73 ... 6.64 4.06 BraemarHtls BHR .7 92 5.49 +0.03 .01
9.76 6.25 ACCO Brands ACCO 4.8 6 6.26 –0.50 .075 11.96 6.36 AmericanAxle AXL ... dd 10.66 –0.32 ... 90.08 53.15 AresMgmt ARES 3.3 48 75.07 +0.19 .61 9.95 9.61 BoaAcqnA BOAS ... 32 9.84 –0.01 ... 14.88 8.06 BrandywineRealty BDN 9.4 88 8.07 –0.59 .19
16.97 7.78 AcresCmclRlty ACR ... dd 10.33 +0.67 ... 32.74 10.82 AmerEagle AEO 6.1 7 11.80 –1.28 .18 49.60 34.22 Argan AGX 2.8 16 35.55 –1.78 .25 34.30 24.17 BP BP 4.1 dd 32.33 +0.82.3604 9.82 4.11 BrasilAgro LND 14.7 5 5.76 +0.49.4586
32.00 5.52 ADC Therap ADCT ... dd 7.13 –1.29 ... 44.49 27.12 AmEqtyLf AEL .9 3 37.61 –2.19 .34 61.30 19.80 ArgoGroup ARGO 5.8 dd 21.42 +1.12 .31 26.08 2.99 BP Prudhoe BPT 18.1 10 17.33 +1.811.405 26.93 12.07 Braskem BAK 25.1 4 12.84 –0.20 .708
10.39 6.00 ADT ADT 1.9 dd 7.56 –0.31 .035 199.55 134.12 AmerExpress AXP 1.3 16 157.31 –4.93 .52 23.58 10.06 ArisWater ARIS 1.9 dd 17.22 –0.78 .09 34.00 6.62 BRC BRCC ... dd 10.54 +0.29 ... 84.61 34.55 BreadFinancial BFH 2.1 3 39.12 –3.60 .21
10.32 9.71 AEA-BridgesA IMPX ... 57 9.99 +0.01 ... 152.29 122.71 AmericanFin AFG 1.7 11 131.71 –3.39 .56 148.57 85.18 AristaNetworks ANET ... 38 123.03 –6.97 ... 5.19 2.30 BRF BRFS ... dd 3.20 +0.08 ... 25.61 13.74 BridgeInvt BRDG 7.3 12 16.54 –1.08 .30
79.97 60.74 AECOM ACM .8 36 75.71 –0.78 .15 44.07 32.60 AmHomes4Rent AMH 2.0 63 36.26 –1.35 .18 4.04 2.88 ArlingtonAsset AAIC ... dd 3.27 ... ... 25.67 18.35 BRT Apartments BRT 4.1 6 24.33 –0.58 .25 33.64 17.80 BrighamMin MNRL 2.0 14 29.74 +0.19 .61
26.52 18.62 AES AES 2.5 dd 25.63 +0.05 .158 65.73 48.40 AIG AIG 2.4 4 53.00 –3.10 .32 11.79 5.81 ArloTech ARLO ... dd 6.50 –0.13 ... 62.53 42.58 BWX Tech BWXT 1.7 16 53.05 –0.69 .22 10.46 1.47 BrightHealth BHG ... dd 1.60 –0.19 ...
67.20 51.28 Aflac AFL 2.6 9 60.87 –2.81 .40 23.02 10.02 AmRltyInv ARL ... 6 14.17 –0.65 ... 15.80 12.25 ArmadaHoffler AHH 5.7 36 13.41 –0.74 .19 10.37 5.19 Babcock&Wilcox BW ... 39 8.04 +0.53 ... 171.91 70.99 BrightHorizons BFAM ... 48 70.99 –2.27 ...
150.28 88.55 AGCO AGCO .9 10 110.61 –0.31 .24 103.77 71.22 AmerStWater AWR 1.9 38 84.77 –3.75.3975 11.18 5.57 ArmourResREIT ARR 16.4 dd 7.32 –0.01 .10 16.00 0.66 Babylon BBLN ... dd .67 –0.05 ... 15.32 2.04 BrightScholar BEDU ... ... 3.15 –0.06 ...
13.49 6.15 AG Mortgage MITT12.6 dd 6.66 –0.29 .21 303.72 220.00 AmerTowerREIT AMT 2.1 43 261.19 –13.22 1.43 118.14 73.25 ArmstrongWorld AWI 1.1 22 86.41 –5.37 .231 112.36 73.20 BadgerMeter BMI .9 44 97.07 –4.11 .225 31.17 16.62 BrightSphere BSIG .2 8 18.23 –1.18 .01
15.23 1.74 a.k.a.Brands AKA ... dd 2.06 +0.01 ... 25.99 13.82 AmerVanguard AVD .5 24 21.07 +0.85 .025 137.95 105.34 ArrowElec ARW ... 5 107.19 –5.52 ... 50.80 1.98 Bakkt BKKT ... dd 2.63 –0.04 ... 10.46 7.09 BrightSpire BRSP 9.1 16 8.76 –0.18 .20
32.43 5.96 AMC Ent AMC ... dd 9.17 –1.90 ... 189.65 129.45 AmerWaterWorks AWK 1.7 21 151.09 –6.72 .655 52.89 32.07 ArtisanPtrsAsset APAM10.0 9 34.65 –1.50 .60 98.09 54.77 Ball BALL 1.4 25 57.71 –4.20 .20 17.53 9.98 BrightView BV ... 41 10.41 –0.38 ...
129.12 82.76 AMN Healthcare AMN ... 11 104.34 –0.33 ... 11.40 2.52 AmericanWell AMWL ... dd 4.53 +0.16 ... 26.90 15.44 Artivion AORT ... dd 21.95 –0.42 ... 55.03 17.54 Bally's BALY ... dd 24.82 –0.09 ... 55.53 21.47 BrinkerIntl EAT ... 10 26.38 –5.26 ...
2555.30 12.05 AMTD Digital HKD ... ... 165.00 –5.00 ... 11.55 9.99 AmericasTechA ATA ... cc 10.37 +0.01 ... 145.79 16.19 Asana ASAN ... dd 19.76 –2.21 ... 22.09 16.72 BancCalifornia BANC 1.4 11 17.37 –0.53 .06 80.14 53.73 Brink's BCO 1.4 16 56.23 –1.72 .20
12.90 1.01 AMTD IDEA AMTD ... 3 2.06 –0.15 ... 37.78 23.96 AmericoldRealty COLD 2.9 dd 30.03 –0.98 .22 230.97 146.43 AsburyAutomotive ABG ... 6 184.28 –1.87 ... 4.98 2.03 BancoBBVA BBAR .0 ... 3.11 +0.37 .019 80.59 53.22 BristolMyers BMY 3.0 24 71.19 –4.14 .54
10.11 9.86 AP Acqn A APCA ... ... 10.11 +0.02 ... 332.37 219.99 Ameriprise AMP 1.8 10 274.84 –9.90 1.25 10.40 9.80 AscendantDigA ACDI ... 31 10.08 +0.01 ... 7.26 3.93 BancoBilbaoViz BBVA 6.3 5 4.39 –0.29.2493 0.25 0.07 BristolMyersRt CELG.RT78.9 ... .13 –0.02.1046
4.18 2.36 ARC Document ARC 6.6 12 3.05 +0.03 .05 167.19 113.68 AmerisourceBrgn ABC 1.3 17 146.19 –5.84 .46 17.21 4.61 AshfordHosp AHT ... dd 10.00 +0.31 ... 3.63 2.45 BancoBradesco BBDO 2.7 7 3.10 –0.01.0032 40.10 21.61 Bristow VTOL ... cc 28.63 +0.80 ...
9.40 4.88 ASETech ASX 9.7 5 5.82 –0.25.4794 148.07 106.17 Ametek AME .7 26 122.66 –6.24 .22 112.91 83.29 Ashland ASH 1.3 30 102.96 –2.99 .335 22.74 15.60 BancodeChile BCH 5.3 7 19.53 +1.49 .855 47.24 33.62 BritishAmTob BTI 6.9 13 40.73 –0.42.7354
131.89 78.26 ASGN ASGN ... 12 99.73 –5.19 ... 5.99 2.47 AmnealPharm AMRX ... dd 2.52 –0.19 ... 65.99 7.93 AspenAerogels ASPN ... dd 13.09 +0.21 ... 19.33 12.58 Bladex BLX 7.1 8 14.17 –0.24 .25 27.19 19.42 BrixmorProp BRX 4.3 23 22.12 –0.97 .24
21.53 16.62 AT&T T 6.2 7 17.89 –0.54.2775 6.67 3.06 Ampco-Pitt AP ... dd 4.03 –0.02 ... 29.54 16.88 AssetMarkFin AMK ... 20 20.02 –1.33 ... 21.20 9.72 BancoMacro BMA 4.7 3 14.75 +1.55 .082 10.68 6.12 BroadmarkRealty BRMK 12.1 12 6.93 –0.10 .07
33.31 13.85 ATI ATI ... cc 32.34 –0.22 ... 8.08 4.87 BancSanBrasil BSBR 6.7 ... 5.94 +0.14.0365 185.40 132.40 BroadridgeFinl BR 1.7 38 173.99 –2.04 .725
88.45 61.67 Amphenol APH 1.1 26 75.47 –3.74 .20 25.78 17.45 AssociatedBanc ASB 3.9 10 20.59 –1.22 .20
4.63 0.85 ATI PhysTherapy ATIP ... dd .93 +0.02 ... 22.95 13.77 BcoSantChile BSAC ... 7 15.68 +0.77 ... 28.00 18.96 Broadstone BNL 5.4 28 20.05 –0.88 .27
9.86 2.60 AmplifyEnergy AMPY ... cc 7.66 +0.15 ... 47.50 33.69 AssocCapital AC .5 dd 40.35 +0.16 .10
19.05 12.27 A10Networks ATEN 1.3 12 15.14 –0.70 .05 6.48 4.52 BcoSantMex BSMX 11.5 7 5.31 +0.13.3272 7.70 4.02 BrookdaleSrLiving BKD ... dd 4.34 –0.30 ...
10.10 9.94 AxiosSustGrwA AXAC ... ... 10.08 +0.02 ... 18.80 9.88 Amrep AXR ... 6 13.63 –1.29 ... 194.12 144.18 Assurant AIZ 1.7 32 161.55 –10.30 .68
10.31 9.84 AndrettiAcqnA WNNR ... dd 10.07 +0.04 ... 65.68 44.94 AssuredGuaranty AGO 1.9 13 53.48 –1.45 .25 4.01 2.28 BancoSantander SAN 3.1 4 2.37 –0.15.0571 62.47 42.21 BrookfieldMgt BAM 1.1 21 49.18 –2.47 .14
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
0.16 0.04 AxiosSustGrwRt AXAC.RT ... ... .06 –0.01 ... 45.98 26.27 BanColombia CIB 3.7 9 30.23 –0.70.7403 64.09 42.29 BrookfieldReins BAMR .0 ... 49.20 –2.46 .14
61.39 44.49 AXIS Capital AXS 3.2 11 53.76 –0.72 .43 18.73 12.20 AngelOakMtg AOMR13.9 dd 12.98 –1.72 .45 32.00 5.12 Atento ATTO ... dd 5.30 –0.13 ...
10.08 9.60 AngelPondA POND ... 52 9.83 ... ... 10.26 9.85 AthenaCnsmrA ACAQ ... dd 10.07 +0.02 ... 50.11 29.67 BankofAmerica BAC 2.6 11 34.03 –1.45 .22 36.79 21.00 BrookfieldBus BBUC 1.0 2 25.04 –1.68.0625
46.56 15.52 AZEK AZEK ... 25 18.97 –1.48 ... 41.69 28.67 BankofButterfield NTB 5.3 9 32.95 –1.92 .44 53.64 37.93 BrookfieldInfr BIPC 2.9 dd 48.85 +0.13 .36
58.59 38.00 AZZ AZZ 1.6 13 43.87 –2.32 .17 26.96 13.47 AngloGoldAsh AU 3.0 11 14.42 –0.55.2935 9.97 9.55 AthenaTechII A ATEK ... dd 9.86 +0.01 ...
67.91 49.58 AB InBev BUD .8 26 49.67 –2.84.3998 123.53 80.05 Atkore ATKR ... 5 87.71 –2.91 ... 92.38 70.89 BankofHawaii BOH 3.5 14 79.49 –4.33 .70 46.01 35.81 BrookfieldInfr BIP 3.3 47 43.01 +0.56 .36
31.69 11.98 Aaron's AAN 3.5 7 12.80 –1.23.1125 122.77 90.44 BankofMontreal BMO 3.4 7 98.48 –4.591.0846 45.43 31.10 BrookfieldRenew BEPC 3.3 34 39.30 –1.45 .32
142.60 101.24 AbbottLabs ABT 1.8 21 101.90 –8.16 .47 8.94 5.45 AnnalyCap NLY 13.4 3 6.56 –0.13 .22 9.99 9.68 AtlStreetAcqn ASAQ ... 23 9.99 ... ...
39.72 8.39 AnnovisBio ANVS ... dd 11.25 +0.04 ... 16.49 10.13 Atlas ATCO 3.5 8 14.32 –0.02 .125 64.63 39.78 BankNY Mellon BK 3.5 11 42.00 –1.89 .37 74.00 52.91 Brown&Brown BRO .6 30 65.09 –2.18.1025
175.91 105.56 AbbVie ABBV 4.1 19 136.35 –5.50 1.41 74.86 54.23 BkNovaScotia BNS 5.6 9 57.36 –5.16.7897 76.60 56.97 Brown-Forman A BF.A 1.0 42 73.04 –2.46.1885
48.97 15.65 Abercrombie&Fitch ANF ... 13 15.87 –4.70 ... 11.71 8.56 AnteroMidstream AM 8.6 15 10.49 +0.14 .225 9.88 9.61 AtlasCrestII A ACII ... 31 9.84 –0.02 ...
48.80 13.05 AnteroResources AR ... 16 42.25 +0.38 ... 122.96 85.80 AtmosEnergy ATO 2.3 21 115.99 –2.02 .68 46.75 33.90 BankUnited BKU 2.6 10 38.34 –1.81 .25 78.15 60.23 Brown-Forman B BF.B 1.0 43 75.75 –1.49.1885
23.33 14.90 AcadiaRealty AKR 4.3 50 16.60 –0.59 .18 10.02 9.86 BanyanAcqnA BYN ... 29 10.00 +0.01 ... 103.93 61.89 Brunswick BC 1.9 10 77.93 –5.68 .365
14.10 9.19 AccelEnt ACEL ... 16 9.62 –0.65 ... 21.03 9.06 AnywhereRealEst HOUS ... 5 10.70 –0.67 ... 10.60 2.20 ATRenew RERE ... dd 3.15 +0.42 ...
341.98 246.21 Aon AON .8 41 285.87 –14.00 .56 4.04 0.54 Audacy AUD ... 16 .54 –0.11 ... 12.20 6.88 Barclays BCS 4.0 ... 7.70 –0.24.2174 57.10 26.50 Buckle BKE 4.2 7 33.45 –0.85 .35
9.92 9.60 AccelerateA AAQC ... 23 9.81 –0.03 ... 11.55 9.18 BaringsBDC BBDC 9.2 24 10.08 –0.08 .24 12.35 5.18 Buenaventura BVN 1.5 5 5.45 +0.11 .073
417.37 261.77 Accenture ACN 1.3 29 298.13 –17.16 .97 55.82 39.06 AptIncmREIT AIRC 4.2 7 42.53 –1.79 .45 10.16 9.69 AusterlitzI A AUS ... 20 9.77 ... ...
12.01 2.00 Barnes&NobleEduc BNED ... dd 2.29 –0.36 ... 23.50 14.00 Build-A-Bear BBW .0 5 16.86 –1.46 1.25
9.82 9.60 AcropolisInfrA ACRO ... dd 9.70 ... ... 9.79 5.22 ApartmtInv AIV 18.2 6 9.00 –0.21 .02 9.88 9.66 AusterlitzII A ASZ ... 31 9.77 ... ...
49.10 29.60 BarnesGroup B 2.0 45 32.47 –1.70 .16 9.84 9.60 BuildAcqnA BGSX ... 34 9.83 +0.01 ...
224.59 142.71 AcuityBrands AYI .3 17 171.70 –12.69 .13 10.44 9.75 ApeironCapA APN ... 31 10.03 –0.02 ... 52.34 20.49 Autohome ATHM 1.4 20 36.97 +2.18 .53
26.07 14.80 BarrickGold GOLD 3.8 14 15.48 –0.59 .10 86.48 48.91 BuildersFirst BLDR ... 4 62.10 –4.22 ...
57.87 37.46 Acushnet GOLF 1.5 23 49.40 –1.93 .18 26.84 14.13 APi Group APG ... dd 15.90 –1.14 ... 110.59 66.25 Autoliv ALV 3.3 20 78.28 –3.71 .64 82.00 25.75 Bath&BodyWks BBWI 2.2 10 36.83 –1.83 .20
15.98 9.41 ApolloComRlEst ARI 11.2 11 12.46 –0.13 .35 135.57 96.56 AutoNation AN ... 5 126.35 +0.77 ... 128.40 74.27 Bunge BG 2.4 9 102.32 +2.30 .625
13.55 6.78 Adecoagro AGRO 3.3 6 9.51 +0.55.1571 10.41 9.75 BatteryFutureA BFAC ... 22 9.99 –0.02 ... 12.45 7.24 BurfordCapital BUR 2.6 ... 9.53 –0.20.0625
50.96 27.15 Adient ADNT ... 4 33.70 –1.81 ... 81.07 45.97 ApolloGlbMgmt APO 2.8 dd 56.37 –1.76 .40 2362.24 1503.30 AutoZone AZO ... 19 2163.02 –169.07 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
20.20 12.20 Bausch+Lomb BLCO ... ... 15.57 +0.07 ... 318.35 133.28 BurlingtonStrs BURL ... 60 144.81 –18.50 ...
10.24 9.62 AditEdTechA ADEX ... cc 9.86 –0.02 ... 9.89 9.65 ApolloStratII A APGB ... 43 9.87 +0.01 ... 191.67 66.39 Avalara AVLR ... dd 91.82 +0.01 ... 29.59 4.00 BauschHealth BHC ... 45 5.18 –0.27 ...
18.69 14.29 AppleHospREIT APLE 5.1 29 16.34 –0.62 .07 259.05 183.35 Avalonbay AVB 3.0 36 209.32 –5.66 1.59 13.56 2.31 ButterflyNtwk BFLY ... dd 5.65 +0.07 ...
41.40 19.14 AdtalemGlbEduc ATGE ... dd 39.75 +0.34 ... 89.70 57.12 BaxterIntl BAX 2.0 29 57.17 –4.08 .29 29.15 22.19 BylineBancorp BY 1.6 10 22.51 –1.31 .09
244.55 164.00 AdvanceAuto AAP 3.5 20 173.59 –33.43 1.50 121.20 80.93 AppliedIndlTechs AIT 1.2 17 108.99 –3.85 .34 55.57 42.20 Avangrid AGR 3.5 21 50.09 –0.86 .44 8.02 0.91 Beachbody BODY ... dd 1.33 –0.13 ...
153.36 80.81 AdvDrainageSys WMS .3 31 138.71 –4.89 .12 136.23 94.03 Aptargroup ATR 1.5 30 104.41 –5.75 .38 36.44 24.54 AvanosMedical AVNS ... dd 25.95 –1.53 ... 10.39 9.75 BeardEnerA BRD ... dd 9.93 –0.04 ... C
10.01 9.60 AdvMergerPtrsA AMPI ... 42 9.81 –0.04 ... 180.81 84.14 Aptiv APTV ... cc 94.55 –9.22 ... 10.00 9.72 AvantiAcqnA AVAN ... 17 9.99 +0.02 ... 23.97 10.09 BeazerHomes BZH ... 2 14.66 –0.36 ...
57.10 30.86 AdvanSix ASIX 1.5 6 39.41 +0.95 .145 39.95 28.74 Aramark ARMK 1.2 59 35.42 –2.15 .11 44.37 25.53 Avantor AVTR ... 29 25.55 –1.00 ... 277.29 223.49 BectonDicknsn BDX 1.4 43 253.73 –10.80 .87 313.52 238.29 CACI Intl CACI ... 18 275.78 –10.64 ...
6.22 3.90 Aegon AEG 3.9 17 4.47 –0.28 .096 20.74 12.18 ArborRealty ABR 9.9 8 15.17 –0.28 .39 22.47 0.60 Avaya AVYA ... dd 1.32 +0.60 ... 70.97 47.89 Belden BDC .3 35 67.59 –2.08 .05 6.02 2.73 CBD Pao CBD 1.5 3 3.99 +0.38.0713
2.19 0.96 Aenza AENZ ... ... 1.12 ... ... 37.87 20.86 ArcelorMittal MT 1.4 1 23.30 –0.12 .38 229.24 151.62 AveryDennison AVY 1.6 21 188.78 –8.27 .75 34.19 20.36 BellRing BRBR ... 32 24.37 –1.87 ... 48.47 31.38 CBIZ CBZ ... 23 44.76 –2.65 ...
71.38 37.20 AerCap AER ... dd 45.59 –1.91 ... 183.53 73.54 ArchResources ARCH .6 3 166.80 +4.83 5.75 61.46 37.09 Avient AVNT 2.1 16 45.00 –2.64.2375 29.11 21.11 BenchmarkElec BHE 2.4 20 28.01 –0.26 .165 43.50 21.66 CBL&Assoc CBL 3.4 dd 29.59 –1.43 .25
47.35 35.47 AerojetRocket AJRD ... 29 43.98 –0.12 ... 23.75 12.59 ArchaeaEnergy LFG ... dd 20.13 +0.39 ... 46.90 37.73 Avista AVA 4.1 21 42.64 –1.99 .44 10.12 2.45 BensonHill BHIL ... dd 3.59 –0.19 ... 111.00 67.68 CBRE Group CBRE ... 13 80.43 –4.49 ...
10.75 2.47 AevaTech AEVA ... dd 2.75 –0.37 ... 10.54 2.61 ArcherAviation ACHR ... dd 3.58 –0.07 ... 34.12 21.44 AxaltaCoating AXTA ... 27 25.03 –0.72 ... 9.86 9.65 BerensonAcqnI BACA ... 23 9.82 ... ... 13.46 7.41 CCC Intelligent CCCS ... dd 9.33 –0.22 ...
191.62 109.57 AffiliatedMgrs AMG .0 10 130.54 –6.17 .01 98.88 58.44 ArcherDaniels ADM 1.8 14 89.56 +2.33 .40 62.44 34.11 AxosFinancial AX ... 11 43.49 –2.51 ... 72.32 47.13 Berkley WRB .5 14 66.54 –1.05 .50 9.93 9.66 CCNeubergerIII A PRPC ... 23 9.91 +0.02 ...
9.89 9.56 AfricanGoldA AGAC ... 47 9.86 ... ... 10.44 6.99 Archrock AROC 7.4 37 7.79 +0.17 .145 22.86 6.13 Azul AZUL ... dd 10.23 +0.98 ... 544389 396500 BerkHathwy A BRK.A ... 58 436201 –10954 ... 119.60 44.04 CF Industries CF 1.4 10 118.35 +14.85 .40
10.00 9.57 AfterNextA AFTR ... 20 9.77 +0.05 ... 36.55 22.45 Arconic ARNC ... 22 26.40 –0.82 ... 24.61 9.94 AzurePowerGlbl AZRE ... dd 10.46 –0.57 ... 362.10 263.68 BerkHathwy B BRK.B ... 58 289.96 –7.32 ... 10.25 9.87 C5AcqnA CXAC ... ... 10.02 +0.02 ...
179.57 112.52 AgilentTechs A .6 30 129.87 –7.75 .21 8.44 4.33 ArcosDorados ARCO 2.0 15 7.67 +0.25 .03 9.08 1.25 Bark BARK ... dd 2.38 +0.07 ... 31.78 23.15 BerkshireHills BHLB 1.7 11 28.75 –0.82 .12 93.93 73.76 CGI GIB ... 17 80.28 –3.19 ...
26.34 16.04 Agiliti AGTI ... 51 16.21 –0.98 ... 65.80 43.42 Arcosa ACA .3 33 62.04 –2.24 .05 34.27 21.05 B&G Foods BGS 8.4 38 22.73 –0.87 .475 74.73 50.10 BerryGlobal BERY ... 10 55.74 –2.96 ... 22.50 8.99 CI&T CINT ... 66 9.10 +0.08 ...
38.47 14.36 agilon health AGL ... dd 21.18 +0.84 ... 141.97 64.29 BestBuy BBY 4.7 8 74.15 –5.38 .88 24.52 9.92 CI Financial CIXX 5.1 6 10.90 –0.79.1411
67.14 38.02 AgnicoEagle AEM 3.7 25 43.56 –0.16 .40 53.31 18.16 BigLots BIG 5.4 10 22.02 –2.02 .30 73.76 58.51 CMS Energy CMS 2.7 15 68.76 –2.18 .46
80.44 61.62 AgreeRealty ADC 3.6 41 77.05 –2.26 .234 16.12 1.37 BigBear.ai BBAI ... dd 1.53 –0.04 ... 50.33 39.57 CNA Fin CNA 4.0 11 40.19 –1.55 .40
50.99 29.75 AirLease AL 2.0 dd 37.47 –1.25 .185 891.12 540.33 BiglariA BH.A ... dd 675.00 +1.34 ... 17.13 10.60 CNH Indl CNHI 2.3 11 12.34 –0.20.3072
10.96 5.38 DRDGOLD DRD ... 7 5.79 +0.03 ... 172.41 82.01 Endava DAVA ... 59 99.78 –6.83 ... 279.02 164.47 HCA Healthcare HCA 1.1 10 204.98 –10.05 .56
3.64 0.76 ChinaOnlineEduc COE ... dd 1.53 +0.05 ...
35.28 17.42 Endeavor EDR ... 17 22.59 –0.99 ... 79.87 52.47 Fortive FTV .4 36 64.74 –2.82 .07
55.03 40.60 ChinaPetrol SNP 14.0 5 48.61 +2.782.4674 140.23 108.22 DTE Energy DTE 2.7 34 133.22 –2.92 .885 9.98 9.67 FortressCapA FCAX ... 26 9.91 +0.02 ... 139.80 48.00 HCI Group HCI 3.3 dd 48.18 –5.32 .40
35.15 23.50 ChinaSoAirlines ZNH ... dd 27.19 +0.89 ... 59.36 43.63 DT Midstream DTM 4.3 17 57.56 +0.18 .64 5.95 2.89 EndeavourSilver EXK ... dd 3.13 +0.02 ... 79.39 50.61 HDFC Bank HDB .8 22 61.00 –2.05.5805
2.68 0.98 EnelChile ENIC .9 27 1.67 +0.18.0154 9.91 9.67 FortressVal III A FVT ... 25 9.89 ... ...
15.35 8.17 ChinaYuchai CYD 4.6 21 8.78 +0.04 .40 13.23 7.38 D-WaveQuantum QBTS ... 63 9.08 +0.13 ... 9.95 9.55 FortressValueIV A FVIV ... 38 9.78 –0.05 ... 58.50 29.14 HF Sinclair DINO 2.9 7 54.34 +1.69 .40
1958.55 1196.28 Chipotle CMG ... 61 1627.86 –44.40 ... 39.65 24.31 DXC Tech DXC ... 11 24.33 –1.60 ... 41.62 25.18 Energizer ENR 4.1 10 29.32 –2.27 .30 9.89 9.63 HH&L Acqn HHLA ... 26 9.88 ... ...
12.49 7.96 EnergyTransfer ET 7.6 10 12.14 +0.33 .23 5.52 2.36 FortunaSilver FSM ... 17 2.43 –0.01 ...
157.46 108.70 ChoiceHotels CHH .8 19 117.57 –2.04.2375 25.59 13.07 Dana DAN 2.5 24 16.29 –0.46 .10 109.23 56.86 FortBrandsHome FBHS 1.8 11 62.94 –4.67 .28 9.98 9.70 H.I.G.AcqnA HIGA ... 26 9.98 +0.01 ...
333.96 233.71 Danaher DHR .4 33 280.33 –12.11 .25 22.10 3.97 EnergyVault NRGV ... dd 5.46 +0.21 ... 44.50 32.91 HNI HNI 3.8 20 33.60 –2.02 .32
218.99 171.96 Chubb CB 1.7 12 193.51 –7.07 .83 28.80 14.71 ForumEnergyTech FET ... dd 28.41 +2.06 ...
107.47 55.71 Danaos DAC 4.5 2 66.15 –4.75 .75 25.33 16.25 EnerpacTool EPAC .2 cc 20.53 –1.23 .04 41.47 26.11 HP HPQ 3.2 6 31.39 –2.84 .25
45.87 39.12 ChunghwaTel CHT 5.9 24 40.36 –0.101.237 30.13 24.24 FourCornersProp FCPT 4.8 23 27.84 –0.64.3325
21.38 3.09 DanimerScientific DNMR ... dd 4.48 –0.29 ... 18.58 5.67 Enerplus ERF 1.0 7 15.75 +0.99 .05 10.20 9.74 HPX A HPX ... 26 9.90 –0.04 ...
105.28 80.34 Church&Dwight CHD 1.2 27 85.30 –3.40.2625 29.40 6.41 FourSeasonsEduc FEDU ... dd 14.74 –0.10 ...
81.10 32.20 DaqoNewEnergy DQ ... 3 71.87 +8.80 ... 87.45 55.60 EnerSys ENS 1.1 21 64.28 –4.73 .175 38.61 24.31 HSBC HSBC 4.3 9 30.86 –0.95 .45
10.08 9.67 ChurchillCapV A CCV ... 15 9.88 ... ... 169.32 122.38 Franco-Nevada FNV 1.0 32 126.96 –1.56 .32
164.28 110.96 Darden DRI 3.6 17 124.97 –4.10 1.21 18.75 4.81 Eneti NETI .5 19 7.58 –0.31 .01 11.75 3.03 HUYA HUYA ... 30 3.47 +0.33 ...
10.31 9.71 ChurchillVI A CCVI ... 26 9.84 +0.01 ... 17.74 12.45 FrankBSPRealty FBRT 9.5 dd 13.93 –0.32 .355
87.59 55.71 DarlingIngred DAR ... 18 77.06 +2.47 ... 23.21 7.80 Enfusion ENFN ... dd 11.06 –3.27 ... 77.60 43.50 Haemonetic HAE ... 57 75.13 –1.31 ...
9.88 9.65 ChurchillVII A CVII ... 26 9.79 –0.02 ... 38.83 15.64 EngageSmart ESMT ... dd 19.95 –1.06 ... 54.10 34.00 FranklinCovey FC ... 47 48.32 –4.69 ...
78.28 41.63 Ciena CIEN ... 20 53.62 –2.17 ... 133.88 74.97 DaVita DVA ... 11 88.65 –4.56 ... 38.27 22.61 FranklinRscs BEN 4.4 8 26.49 –1.22 .29 19.97 7.23 Hagerty HGTY ... dd 12.49 –0.07 ...
451.49 212.93 DeckersOutdoor DECK ... 20 328.45 +1.14 ... 25.25 11.65 Enhabit EHAB ... ... 15.00 +0.44 ... 8.50 5.95 Haleon HLN ... ... 6.23 +0.25 ...
293.96 191.74 Cigna CI 1.6 17 284.87 –8.11 1.12 22.67 16.55 Ennis EBF 4.6 17 21.57 –0.97 .25 9.93 9.60 FreedomI A FACT ... 54 9.88 ... ...
23.15 13.37 Cinemark CNK ... dd 14.82 –1.45 ... 446.76 283.81 Deere DE 1.2 19 379.38 +9.72 1.13 51.99 24.80 FreeportMcM FCX 1.6 10 32.19 +1.74 .075 43.99 19.09 Halliburton HAL 1.5 20 31.10 +1.71 .12
63.81 39.00 DelekLogistics DKL 6.3 17 62.31 +5.95 .985 47.88 25.80 EnovaIntl ENVA ... 6 36.06 –1.19 ... 20.36 9.18 HamiltonBeach HBB 3.2 6 13.07 +0.69 .105
36.48 13.26 CircorIntl CIR ... dd 17.24 –1.86 ... 39.19 17.00 FreseniusMed FMS 2.9 11 17.00 –1.12.7085
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
35.23 14.07 DelekUS DK .0 6 29.68 +0.89 .20 94.03 52.14 Enovis ENOV ... 25 52.30 –3.04 ... 19.59 8.97 Hanesbrands HBI 6.6 8 9.04 –1.29 .15
73.72 43.44 Citigroup C 4.1 6 49.78 –2.83 .51 10.05 9.57 EnphysAcqnA NFYS ... 47 9.70 +0.01 ... 34.00 22.63 FreshDelMonte FDP 2.2 36 27.89 –1.07 .15
57.00 34.35 CitizensFin CFG 4.5 9 37.26 –1.72 .42 61.54 38.33 DellTechC DELL ... 6 41.43 –6.24 ... 12.57 6.10 Frontline FRO .0 38 11.89 +0.16 .15 23.98 13.42 Hanger HNGR ... 20 18.67 +0.07 ...
46.27 28.10 DeltaAir DAL ... 35 32.68 –0.57 ... 117.63 76.14 EnPro NPO 1.2 11 95.50 –6.35 .28 65.74 28.68 HannonArmstrong HASI 3.7 40 40.17 –1.90 .375
6.99 2.45 Citizens CIA ... 6 3.84 –0.16 ... 126.82 98.50 Entergy ETR 3.4 20 118.97 –2.68 1.01 35.10 2.32 fuboTV FUBO ... dd 3.64 –0.71 ...
21.70 11.05 CityOfficeREIT CIO 6.6 1 12.12 –0.40 .20 40.13 20.17 Deluxe DLX 5.9 15 20.35 –2.30 .30 19.27 4.12 FullTruck YMM ... dd 8.48 +1.59 ... 155.55 121.69 HanoverIns THG 2.2 15 133.50 –2.85 .75
10.89 9.78 DelwindsInsA DWIN ... cc 10.09 +0.01 ... 28.65 20.42 EnterpriseProd EPD 7.1 12 26.88 –0.10 .475 44.46 29.80 HarleyDavidson HOG 1.6 10 39.99 –1.21.1575
32.06 17.69 Civeo CVEO ... 21 29.47 +0.39 ... 9.34 4.21 Entravision EVC 1.9 18 5.35 –0.45 .025 81.73 57.36 FullerHB FUL 1.1 20 67.28 –3.36 .19
84.76 37.62 CivitasRsrcs CIVI 2.8 7 67.12 +2.32 1.30 93.95 56.59 Denbury DEN ... 14 91.42 –1.03 ... 9.87 9.60 FusionAcqnIIA FSNB ... 30 9.83 –0.02 ... 5.50 2.92 HarmonyGold HMY 1.2 45 3.16 –0.04 .026
19.38 11.24 DesignerBrands DBI 1.2 8 17.22 –0.83 .05 85.99 49.08 Envestnet ENV ... dd 53.81 –4.01 ... 18.95 4.36 Harsco HSC ... dd 5.90 –0.14 ...
26.73 11.71 Clarivate CLVT ... dd 12.07 –0.27 ... 52.03 35.24 Envista NVST ... 23 36.60 –1.94 ... 10.63 6.15 FutureFuel FF 3.3 20 7.27 –0.15 .06
21.09 14.96 ClarosMtg CMTG 8.0 16 18.49 –0.11 .37 9.69 1.26 DesktopMetal DM ... dd 3.38 +0.13 ... 78.17 61.59 HartfordFinl HIG 2.3 11 66.20 –2.61 .385
13.37 6.66 Despegar.com DESP ... dd 7.63 –0.64 ... 91.06 51.46 Enviva EVA 4.9 dd 71.93 +0.26 .905 G 37.44 22.77 HavertyFurn HVT 3.9 6 29.05 –1.47 .28
9.90 9.62 ClassAccelA CLAS ... 22 9.86 –0.01 ... 4.15 1.98 EnzoBiochem ENZ ... dd 2.51 –0.15 ...
124.33 81.56 CleanHarbors CLH ... 21 118.95 +1.91 ... 16.70 7.54 DeutscheBank DB 2.6 6 8.11 –0.42.1559 38.00 24.55 HavertyFurn A HVT.A 3.5 6 29.56 –0.70 .26
79.40 27.40 DevonEnergy DVN 6.4 9 72.77 +4.26 1.37 300.11 169.25 Equifax EFX .8 32 197.13 –11.56 .39 29.80 18.30 GAMCO Investors GBL .8 7 20.36 –0.02 .04 44.72 37.94 HawaiianElec HE 3.5 18 40.14 –2.61 .35
4.10 0.91 ClearChannelOutdr CCO ... dd 1.70 –0.10 ... 42.53 21.18 Equinor EQNR 1.5 8 41.55 +3.11 .40
54.19 18.79 ClearSecure YOU ... dd 24.20 –3.35 ... 223.14 166.24 Diageo DEO 2.1 24 179.58 –8.542.2775 127.58 84.50 GATX GATX 2.1 20 99.15 –1.54 .52 10.23 9.65 HawksAcqnA HWKZ ... dd 9.81 –0.01 ...
37.13 24.61 Equitable EQH 2.6 4 30.38 –0.90 .20
27.68 11.23 ClearwaterAnalytic CWAN ... dd 15.00 –0.51 ... 12.04 5.17 DiamondOffshore DO ... dd 7.22 –0.09 ... 10.16 9.72 G&P Acqn A GAPA ... 23 10.00 +0.04 ... 28.65 10.48 Hayward HAYW ... 11 11.00 –0.75 ...
11.52 5.87 EquitransMdstm ETRN 6.3 dd 9.51 –0.20 .15
46.48 25.07 ClearwaterPaper CLW ... 18 44.82 –0.16 ... 11.15 7.68 Diamondrock DRH .0 40 9.01 –0.44 .03 32.28 20.76 GCPAppliedTechs GCP ... cc 31.61 –0.19 ... 34.83 23.28 HealthcareRealty HR 1.7 89 25.32 –1.37 .109
28.84 25.00 EquityCommnwlth EQC ... dd 26.55 –1.32 ...
38.65 27.83 ClearwayEnergyA CWEN.A 3.6 8 35.56 –1.29.3604 6.89 3.31 DianaShipping DSX 16.2 4 5.08 –0.43 .275 9.81 5.21 GEO Group GEO ... 16 8.14 +0.34 ... 36.85 23.23 HealthpeakProp PEAK 4.5 78 26.83 –0.99 .30
10.00 9.72 EquityDistrA EQD ... 23 10.00 +0.02 ...
41.79 29.61 ClearwayEnergyC CWEN 3.5 8 38.21 –1.46.3604 147.39 63.45 Dick's DKS 1.8 9 106.74 –4.31.4875 88.70 67.57 EquityLife ELS 2.3 48 72.53 –3.40 .41 43.71 24.00 GFLEnvironmental GFL .2 dd 28.27 –0.61 .012 10.10 9.78 HeartlandMediaA HMA ... 35 9.98 –0.02 ...
34.04 14.32 Cleveland-Cliffs CLF ... 3 18.73 +0.94 ... 11.29 2.12 DieboldNixdorf DBD ... dd 3.54 ... ... 94.32 67.48 EquityResdntl EQR 3.3 23 76.03 –2.43 .625 61.79 36.10 GMS GMS ... 8 51.14 –2.62 ... 7.66 3.44 HeclaMining HL .4 cc 4.08 +0.01.0062
9.97 9.63 ClimateReal II A CLIM ... 42 9.87 –0.01 ... 8.24 1.05 DigitalMedia DMS ... dd 1.20 –0.09 ... 2.72 1.96 EquusTotReturn EQS ... 12 2.13 +0.07 ... 8.38 2.74 GOL Linhas GOL .0 dd 4.47 +0.44.0023 165.61 122.94 Heico HEI .1 64 155.89 –7.35 .09
10.41 7.29 ClipperRealty CLPR 4.5 dd 8.44 –0.30 .095 178.22 119.63 DigitalRealty DLR 3.9 27 125.27 –5.08 1.22 12.65 8.89 ErmenegildoZegna ZGN .9 dd 10.54 –0.36.0947 47.82 33.10 GSK GSK 6.0 11 33.19 –0.87.3421 139.65 102.33 Heico A HEI.A .1 52 126.28 –6.55 .09
6.64 0.55 CloopenGroup RAAS ... dd 1.03 ... ... 34.20 17.94 DigitalBridge DBRG ... dd 19.41 –2.03 ... 20.95 8.07 EroCopper ERO ... 6 10.31 +0.29 ... 9.92 9.66 GSquaredIIA GSQB ... 23 9.89 +0.01 ... 16.35 1.75 Heliogen HLGN ... dd 2.25 –0.15 ...
186.86 120.50 Clorox CLX 3.3 39 144.73 –4.14 1.18 133.40 30.05 DigitalOcean DOCN ... dd 44.31 +0.94 ... 50.17 35.53 EssentGroup ESNT 2.2 5 40.93 –2.40 .22 9.95 9.62 GSquaredI A GSQD ... 33 9.89 +0.02 ... 114.89 58.70 HeliosTech HLIO .6 17 58.78 –6.97 .09
221.64 38.96 Cloudflare NET ... dd 64.39 –4.14 ... 416.71 167.03 Dillard's DDS .3 6 301.62 –19.01 .20 32.92 19.73 EssentialProp EPRT 4.6 25 23.28 –0.75 .27 105.92 38.08 GXO Logistics GXO ... 24 45.47 –1.82 ... 5.78 2.47 HelixEnergy HLX ... dd 4.39 +0.29 ...
6.34 2.11 CN Finance CNF ... dd 2.69 +0.30 ... 95.00 61.30 DineBrands DIN 2.9 13 70.01 –3.11 .51 53.93 40.97 EssentialUtil WTRG 2.1 29 50.28 –1.47 .287 192.00 142.53 Gallagher AJG 1.1 38 187.70 –3.00 .51 54.59 20.93 Helm&Payne HP 2.2 dd 45.29 +2.06 .25
67.20 52.28 Coca-Cola KO 2.8 29 63.11 –2.06 .44 37.37 2.51 Dingdong DDL ... dd 5.31 +1.05 ... 363.36 250.62 EssexProp ESS 3.2 47 274.80 –15.21 2.20 63.92 19.40 GameStop GME ... dd 30.94 –5.55 ... 54.45 19.30 Herbalife HLF ... 8 26.82 –3.16 ...
63.58 46.91 Coca-Cola Femsa KOF 4.1 16 62.23 –0.391.3528 10.12 9.78 DirectSellingA DSAQ ... 21 10.08 –0.02 ... 374.20 225.39 EsteeLauder EL .9 40 261.88 –11.40 .60 7.05 2.15 Gannett GCI ... dd 2.27 +0.02 ... 203.14 83.43 HercHoldings HRI 1.9 13 118.65 –1.12 .575
7.64 2.54 CoeurMining CDE ... dd 2.88 +0.04 ... 133.78 88.02 DiscoverFinSvcs DFS 2.3 7 102.70 –4.21 .60 28.04 19.60 EthanAllen ETD 5.2 6 24.64 –1.26 .50 4.58 1.15 GaotuTechedu GOTU ... dd 1.62 +0.20 ... 19.09 12.62 HerculesCapital HTGC 9.6 cc 14.63 –0.22 .15
101.22 62.01 Cohen&Steers CNS 3.0 17 73.71 –2.71 .55 187.58 90.23 Disney DIS ... 66 114.07 –6.07 ... 17.24 7.91 Euronav EURN .7 dd 16.35 –0.02 .03 27.99 7.79 Gap GPS 6.1 dd 9.82 –0.28 .15 7.37 2.26 HeritageInsurance HRTG 8.4 dd 2.85 +0.15 .06
10.05 9.74 CohnRobbinsA CRHC ... 87 10.02 +0.02 ... 10.45 9.69 dMYTechVI A DMYS ... cc 9.82 +0.01 ... 11.84 5.30 EveHolding EVEX ... 23 6.89 –0.49 ... 178.81 91.40 Garmin GRMN 3.2 17 91.45 –5.68 .73 12.15 7.92 HershaHospitality HT ... dd 10.66 –0.51 ...
85.61 72.20 ColgatePalm CL 2.4 34 79.21 –4.06 .47 100.84 69.18 DolbyLab DLB 1.4 38 73.46 –4.71 .25 10.25 9.70 EVeMobilityA EVE ... dd 9.99 –0.01 ... 369.00 221.39 Gartner IT ... 33 294.95 –13.03 ... 234.56 167.80 Hershey HSY 1.8 29 228.67 –4.511.036
9.90 9.59 ColombierAcqnA CLBR ... 23 9.74 –0.01 ... 17.66 8.30 Dole DOLE 3.6 dd 8.90 –0.20 .08 22.52 7.21 Eventbrite EB ... dd 7.38 –0.03 ... 18.18 10.37 GatesIndustrial GTES ... 15 11.23 –0.80 ... 131.44 66.20 Hess HES 1.2 26 124.60 +7.97 .375
9.91 9.61 Colonnade II A CLAA ... 77 9.86 +0.01 ... 262.21 183.25 DollarGeneral DG .9 24 236.32 –17.54 .55 164.63 84.83 EvercoreA EVR 3.0 6 96.27 –5.38 .72 15.25 2.40 GatosSilver GATO ... dd 3.27 –0.18 ... 35.71 23.35 HessMidstream HESM 7.5 16 29.77 –0.29.5559
102.09 70.37 Comerica CMA 3.3 12 81.82 –3.16 .68 9.10 0.67 Doma DOMA ... dd .69 –0.11 ... 10.07 9.80 EverestConsolA MNTN ... dd 10.03 –0.01 ... 12.23 1.01 Gelesis GLS ... dd 1.18 –0.06 ... 17.76 12.40 HewlettPackard HPE 3.5 5 13.76 –1.10 .12
109.00 67.91 ComfortSystems FIX .5 17 102.42 –2.63 .14 88.78 70.37 DominionEner D 3.2 31 83.08 –2.54.6675 308.20 248.63 EverestRe RE 2.4 14 272.92 –8.58 1.65 27.15 13.21 GencoShipping GNK 13.4 3 14.97 –0.62 .50 65.82 46.77 Hexcel HXL .7 56 60.15 –1.47 .10
46.68 28.77 CommercialMetals CMC 1.3 5 42.62 +0.22 .14 567.57 321.15 Domino's DPZ 1.1 30 390.28 –14.92 1.10 73.13 59.34 Evergy EVRG 3.3 20 69.48 –1.85.5725 524.31 197.94 Generac GNRC ... 30 234.88 –21.13 ... 10.51 9.31 HighlandTransI HTPA ... 38 9.93 +0.01 ...
78.00 60.94 CommBkSys CBU 2.6 21 67.56 –2.96 .44 69.35 46.00 Donaldson DCI 1.7 21 53.39 –2.66 .23 26.61 15.05 Everi EVRI ... 12 18.71 –1.69 ... 254.99 188.64 GeneralDynamics GD 2.2 20 232.59 –9.08 1.26 47.66 31.53 HighwoodsProp HIW 6.3 11 31.53 –2.01 .50
15.29 2.81 CommunityHlthSys CYH ... dd 3.08 –0.08 ... 52.33 24.60 DonnelleyFin DFIN ... 10 42.27 +0.12 ... 94.63 77.07 EversourceEner ES 2.8 24 91.60 –2.03.6375 116.17 59.93 GeneralElec GE .4 dd 75.27 –2.45 .08 2.82 1.18 HillIntl HIL ... ... 2.80 ... ...
49.96 32.57 CommunityHlthcr CHCT 4.6 45 38.04 –1.94.4425 257.25 56.67 DoorDash DASH ... dd 61.66 –3.33 ... 51.06 32.57 Evertec EVTC .6 16 33.45 –1.00 .05 78.54 56.67 GeneralMills GIS 2.8 17 76.32 –1.65 .54 54.15 37.84 Hillenbrand HI 2.0 15 43.65 –2.70.2175
11.22 5.88 SABESP SBS 1.5 14 9.32 +0.38.2004 18.50 10.77 DorianLPG LPG .0 7 15.45 +0.36 1.00 39.00 21.36 EvolentHealth EVH ... dd 36.60 +1.92 ... 67.21 30.33 GeneralMotors GM .0 7 39.23 –0.47 .09 38.47 25.07 Hilltop HTH 2.2 10 27.38 –1.02 .15
4.00 2.22 EngGr-Cmg C CIG.C ... 16 3.96 +0.05 ... 40.79 17.22 DoubleVerify DV ... 84 26.08 –0.75 ... 49.38 30.44 EvoquaWater AQUA ... 77 36.40 –2.87 ... 10.44 9.66 GenAsia I A GAQ ... 69 9.86 +0.04 ... 56.33 34.31 HiltonGrandVac HGV ... 16 41.80 –1.73 ...
2.62 1.65 EngGr-Cmg CIG ... 10 2.47 –0.04 ... 45.66 27.80 DouglasDynamics PLOW 3.8 24 30.16 –2.60 .29 30.82 18.31 ExcelerateEner EE .4 ... 26.61 +1.19 .025 73.72 48.54 Genesco GCO ... 8 62.40 –2.35 ... 167.99 108.41 Hilton HLT .5 38 131.09 –4.39 .15
8.15 5.01 COPEL ELP 15.0 29 6.74 +0.07.5373 12.66 4.57 DouglasElliman DOUG 3.8 7 5.20 –0.65 .05 10.24 9.67 ExecutiveNtwkA ENPC ... dd 9.97 +0.04 ... 13.48 7.61 GenesisEnergy GEL 4.9 dd 12.26 +0.69 .15 9.35 2.72 Hims&HersHealth HIMS ... dd 6.02 +0.04 ...
7.24 2.42 CiaSiderurgica SID 12.6 6 2.99 –0.04.2433 36.97 19.93 DouglasEmmett DEI 5.6 41 19.95 –1.21 .28 6.60 1.63 Express EXPR ... 7 1.95 –0.28 ... 11.38 4.74 GenieEnergy GNE 2.8 4 10.60 –0.12 .075 6.95 0.73 Hippo HIPO ... dd 1.02 +0.12 ...
21.04 10.51 CerveceriasUnid CCU 12.8 10 11.13 +0.52.3084 184.05 116.66 Dover DOV 1.6 16 127.99 –9.88 .505 21.36 8.82 Expro XPRO ... dd 13.26 +0.51 ... 24.14 2.20 GeniusSports GENI ... dd 4.00 –0.38 ... 19.46 10.66 HireRight HRT ... 45 17.34 –0.77 ...
33.31 20.30 CompassDiversif CODI 4.6 cc 21.90 –1.77 .25 71.86 48.27 Dow DOW 5.1 6 54.46 –1.03 .70 7.70 2.67 Exterran EXTN ... dd 5.00 +0.40 ... 54.03 37.68 Genpact G 1.1 26 46.62 –1.89 .125 14.68 5.68 Holley HLLY ... cc 6.02 –0.34 ...
17.21 3.09 Compass COMP ... dd 3.25 –0.37 ... 107.79 27.06 Doximity DOCS ... 42 32.65 –0.36 ... 228.84 156.70 ExtraSpaceSt EXR 2.9 31 207.13 –4.52 1.50 161.45 115.63 GenuineParts GPC 2.3 20 156.42 –3.43 .895 20.49 15.12 HollyEnergy HEP 7.6 10 18.37 +0.52 .35
75.44 30.67 CompassMnlInt CMP 1.4 dd 42.45 +0.01 .15 67.76 47.88 DrReddy'sLab RDY .6 22 52.05 –0.17.3171 105.57 52.96 ExxonMobil XOM 3.6 11 97.87 +3.79 .88 4.61 3.32 GenworthFin GNW ... 3 4.35 +0.06 ... 26.64 19.83 HomeBancShares HOMB 2.7 17 24.03 –0.92 .165
9.88 9.66 ComputeHlthA CPUH ... 24 9.83 –0.02 ... 41.23 18.17 Dril-Quip DRQ ... dd 23.62 –0.24 ... 18.52 10.13 GeoPark GPRK 4.0 5 12.77 –0.37 .127 420.61 264.51 HomeDepot HD 2.5 18 298.10 –23.22 1.90
22.11 5.47 ComstockRscs CRK ... 23 20.32 +1.84 ... 3.04 1.01 DriveShack DS ... dd 1.13 –0.08 ... F 6.62 3.94 Gerdau GGB .5 3 4.74 +0.14 .116 32.15 23.21 HondaMotor HMC 3.1 8 26.34 –0.71.4961
36.97 30.06 ConagraBrands CAG 3.8 19 34.91 –0.49 .33 25.25 17.20 DuckhornPtf NAPA ... 34 18.62 –0.55 ... 37.88 7.86 GettyImages GETY ... dd 26.93 –2.36 ... 42.95 32.60 HoraceMannEdu HMN 3.5 26 36.81 –1.33 .32
13.48 9.83 ConcordAcqnA CND ... dd 10.05 +0.04 ... 58.18 40.00 Ducommun DCO ... 4 45.61 –1.58 ... 9.86 9.62 FastAcqnII A FZT ... 31 9.81 ... ... 33.35 24.66 GettyRealty GTY 5.4 18 30.32 +0.50 .41 10.15 9.70 HorizonII A HZON ... 28 9.97 +0.02 ...
10.70 9.60 ConcordAcqnIIA CNDA ... 24 9.71 +0.01 ... 116.33 95.48 DukeEnergy DUK 3.7 22 108.73 –4.511.005 48.04 37.00 FB Financial FBK 1.3 13 40.67 –2.30 .13 10.13 9.80 GigCapital5 GIA ... dd 10.06 –0.01 ... 8.75 1.30 HorizonGlobal HZN ... dd 1.61 –0.70 ...
10.40 9.72 ConcordAcqnIII A CNDB ... 17 9.97 +0.01 ... 66.22 47.12 DukeRealty DRE 1.8 24 60.74 –2.75 .28 16.44 0.79 F45Training FXLV ... dd 2.74 +0.63 ... 43.63 25.67 Gildan GIL 2.2 9 30.26 –1.99 .169 55.11 40.48 HormelFoods HRL 2.0 29 51.08 +0.01 .26
3.40 1.15 ConcordMed CCM ... dd 1.95 ... ... 21.15 13.67 Dun&Bradstreet DNB 1.4 dd 14.61 –1.35 .05 48.63 6.93 Figs FIGS ... 61 11.65 +0.85 ... 15.86 2.09 GinkgoBioworks DNA ... dd 2.78 –0.07 ... 110.45 59.25 DR Horton DHI 1.2 5 72.81 –1.47 .225
159.11 87.24 Conmed CNMD .9 dd 91.90 –6.36 .20 85.16 52.57 DuPont DD 2.3 16 57.82 –2.66 .33 140.99 87.42 FMC FMC 1.9 21 113.92 +2.48 .53 60.69 44.43 GlacierBancorp GBCI 2.6 20 51.43 –2.28 .33 122.62 74.23 HoulihanLokey HLI 2.7 13 79.99 –5.07 .53
124.08 54.42 ConocoPhillips COP 1.6 9 112.12 +6.98 1.40 81.40 20.05 DutchBros BROS ... dd 39.21 –1.07 ... 14.11 10.48 FNB FNB 3.9 11 12.21 –0.47 .12 18.74 4.88 Glatfelter GLT 11.2 dd 5.01 –0.25 .14 133.99 39.69 Hovnanian HOV ... 2 42.77 –3.77 ...
101.57 71.52 ConEd ED 3.2 22 98.53 –2.02 .79 120.45 64.77 DycomInds DY ... 37 112.65 –0.83 ... 14.37 6.42 FreyrBattery FREY ... dd 12.30 +2.06 ... 64.49 33.33 Glaukos GKOS ... dd 49.89 –0.19 ... 105.51 60.04 HowardHughes HHC ... 25 66.12 –2.91 ...
40 BARRON’S August 29, 2022
34.00 9.63 InvescoMtg IVR 22.0 dd 16.40 ... .90 37.95 15.85 Macy's M 3.4 4 18.48 –0.92.1575 7.48 1.94 NaviosMaritime NM ... 0 2.29 +0.05 ... 125.42 54.57 PVH PVH .2 5 64.03 –3.47.0375
32.93 1.83 Invitae NVTA ... dd 3.19 –0.35 ... 163.33 96.32 LCI Inds LCII 3.4 6 125.00 –8.12 1.05 85.60 48.07 MSG Entertainment MSGE ... dd 56.93 –7.98 ... 99.79 72.94 Nelnet NNI 1.1 7 85.61 –2.91 .24 168.50 124.78 PackagingCpAm PKG 3.6 13 138.94 –4.23 1.25
45.80 33.15 InvitatHomes INVH 2.4 82 37.28 –1.50 .22 10.78 5.43 LG Display LPL 3.6 31 5.57 –0.66.2739 203.37 145.41 MSG Sports MSGS ... 77 160.52 –13.34 ... 13.49 1.59 NerdyA NRDY ... 67 3.52 +0.80 ... 50.33 21.72 PagerDuty PD ... dd 25.89 +0.14 ...
35.90 4.16 IonQ IONQ ... dd 6.19 –0.43 ... 21.37 8.65 LL Flooring LL ... 11 9.25 –0.40 ... 53.75 43.58 MagellanMid MMP 7.9 11 52.58 +0.711.0375 26.75 18.47 Netstreit NTST 3.9 cc 20.53 –0.43 .20 61.65 9.45 PagSeguroDig PAGS ... 22 16.70 +3.87 ...
58.61 41.67 IronMountain IRM 4.6 43 54.27 –0.61.6185 27.45 6.07 LSB Inds LXU ... dd 16.39 +3.04 ... 90.15 52.47 MagnaIntl MGA 3.1 26 58.98 –3.18 .45 127.97 39.41 Nevro NVRO ... dd 44.67 –3.66 ... 29.29 6.44 PalantirTech PLTR ... dd 7.94 –0.57 ...
47.50 1.99 IronNet IRNT ... dd 2.12 –0.05 ... 45.49 31.36 LTC Properties LTC 5.1 19 44.77 –0.18 .19 22.28 11.89 Magnachip MX ... 8 12.17 –0.32 ... 47.50 34.41 NewJerseyRscs NJR 3.2 20 45.66 –1.53.3625 26.67 16.21 PampaEnergia PAM ... 4 26.13 +1.91 ...
13.14 2.20 ironSource IS ... 60 3.89 –0.31 ... 279.71 200.71 L3HarrisTech LHX 1.9 24 234.06 –4.37 1.12 30.31 14.69 MagnoliaOil MGY 2.4 7 24.71 +0.94 .10 29.73 8.40 NewOrientalEduc EDU ... ... 28.15 +4.39 ... 21.10 11.66 ParPacific PARR ... 11 19.20 +0.41 ...
27.75 13.48 iStar STAR 3.3 dd 15.22 –0.70 .125 16.11 9.98 LXP Industrial LXP 4.6 10 10.42 –0.61 .12 10.04 9.74 MagnumOpusA OPA ... 62 9.86 +0.01 ... 129.70 41.66 NewRelic NEWR ... dd 63.07 –0.28 ... 73.45 28.87 ParTechnology PAR ... dd 36.21 –1.95 ...
4.18 2.50 ItauCorpBanca ITCB 3.4 4 3.24 +0.14 .165 39.99 22.21 La-Z-Boy LZB 2.4 7 27.20 –2.27 .165 47.13 34.35 MainStreetCap MAIN 6.2 12 42.29 –0.20 .22 13.75 2.73 NewYorkCityReit NYC 14.2 dd 2.82 –0.58 .10 10.05 9.73 ParabellumAcqn PRBM ... 22 9.89 –0.01 ...
5.89 3.60 ItauUnibanco ITUB 2.6 10 5.19 +0.09.0029 317.17 212.40 LabCorp.ofAmerica LH 1.3 11 229.16 –20.15 .72 20.86 10.41 ManchesterUnited MANU 1.4 dd 13.14 –0.54 .09 14.33 8.50 NY CmntyBcp NYCB 6.7 8 10.08 –0.66 .17 25.41 12.35 Paragon28 FNA ... dd 17.99 +0.10 ...
J 12.70 9.43 LadderCapital LADR 7.7 14 11.41 ... .22 25.72 9.72 Manitowoc MTW ... 26 10.38 –0.02 ... 56.19 27.63 NYTimes A NYT 1.2 27 31.15 –0.96 .09 11.54 6.76 ParamountGroup PGRE 4.4 cc 7.03 –0.51.0775
83.29 49.71 LambWeston LW 1.2 59 80.72 –1.22 .245 12.91 7.25 Manning&Napier MN 1.6 16 12.75 –0.04 .05 378.63 285.60 NewMarket NEU 2.9 15 287.64 –14.34 2.10 15.28 11.27 ParkAerospace PKE 3.4 32 11.74 –0.59 .10
10.05 9.70 JattAcqnA JATT ... 19 10.02 ... ... 3.83 0.45 Lannett LCI ... dd .54 –0.04 ... 123.84 73.66 Manpower MAN 3.7 10 73.91 –5.10 1.36 86.37 42.88 Newmont NEM 5.1 43 43.22 –0.31 .55 21.62 12.90 ParkHotels PK .3 dd 14.22 –0.69 .01
31.09 22.54 JBG SMITH Prop JBGS 4.0 40 22.57 –1.01 .225 120.86 47.19 LaredoPetrol LPI ... 3 79.07 +5.71 ... 22.19 16.27 ManulifeFin MFC 5.0 6 17.83 –0.75.2587 4.81 2.39 NewparkResources NR ... dd 3.04 +0.13 ... 340.00 230.44 ParkerHannifin PH 1.9 27 276.20 –19.56 1.33
29.89 11.76 JELD-WEN JELD ... 9 11.77 –0.96 ... 48.27 28.88 LasVegasSands LVS ... dd 37.93 +0.30 ... 33.24 11.02 MarathonOil MRO 1.1 6 26.16 +1.70 .08 12.86 4.95 NexaResources NEXA 5.6 5 5.96 –0.14.3775 43.84 29.25 Parsons PSN ... 54 42.01 –1.19 ...
21.49 12.47 J.Jill JILL ... cc 16.22 –0.77 ... 53.00 30.72 Lazard LAZ 5.4 8 36.85 –1.21 .50 114.35 56.08 MarathonPetrol MPC 2.2 7 104.34 +3.89 .58 6.56 3.39 NexGenEnergy NXE ... dd 4.09 +0.46 ... 9.21 1.04 PartyCity PRTY ... 2 1.78 –0.28 ...
172.96 106.06 JPMorganChase JPM 3.5 9 114.67 –3.96 1.00 195.43 118.38 Lear LEA 2.2 74 139.22 –5.95 .77 58.33 34.13 Marcus&Millichap MMI 1.3 9 38.48 –2.19 .25 25.98 17.96 NexPointRealEst NREF 9.3 7 21.61 +0.21 .50 558.97 255.82 PaycomSoftware PAYC ... 92 360.60 –16.41 ...
72.11 48.80 Jabil JBL .5 11 62.14 –1.04 .08 49.76 33.19 Leggett&Platt LEG 4.5 14 38.95 –2.03 .44 22.32 13.41 Marcus MCS .0 dd 16.46 –0.84 .05 95.04 55.54 NexPointResidentl NXRT 2.7 70 55.60 –5.29 .38 36.79 10.50 Paymentus PAY ... cc 11.83 +0.99 ...
9.99 9.70 JacksonAcqnA RJAC ... 14 9.94 +0.02 ... 111.12 81.07 Leidos LDOS 1.5 19 97.20 –5.38 .36 14.79 8.32 MarineProducts MPX 4.6 11 10.45 –0.68 .12 18.59 2.47 Nextdoor KIND ... dd 3.26 –0.08 ... 9.36 1.72 Paysafe PSFE ... dd 1.83 –0.13 ...
47.76 22.29 JacksonFinl JXN 6.8 0 32.26 –2.11 .55 19.00 1.77 LejuHoldings LEJU ... dd 2.45 +0.03 ... 61.06 35.10 MarineMax HZO ... 5 40.34 –1.01 ... 93.73 67.22 NextEraEnergy NEE 1.9 67 88.06 –1.65 .425 33.29 8.58 PeabodyEnergy BTU ... 5 27.78 +1.73 ...
150.32 114.11 JacobsEngg J .7 36 127.56 –8.36 .23 81.68 15.99 Lemonade LMND ... dd 22.34 –2.89 ... 1519.25 1162.00 Markel MKL ... cc 1219.68 –29.57 ... 12.50 3.21 NexTierOilfield NEX ... 64 10.02 +1.02 ... 11.07 7.68 Pearson PSO 2.5 21 10.15 –0.26.8062
41.85 20.14 JamesHardie JHX 2.1 21 23.50 –1.23 .30 49.21 11.17 LendingClub LC ... 5 13.82 –0.51 ... 9.28 1.72 Markforged MKFG ... 12 2.33 –0.27 ... 98.20 69.34 NicoletBankshares NIC ... 14 77.75 –6.70 ... 26.45 16.04 PebblebrookHotel PEB .2 dd 18.35 –0.87 .01
48.55 22.22 JanusHenderson JHG 6.4 8 24.32 –1.48 .39 117.54 62.54 Lennar A LEN 1.9 5 80.33 –3.51 .375 174.74 110.08 MarriottVacations VAC 1.7 25 145.17 –1.91 .62 27.90 16.02 NielsenHoldings NLSN .9 17 27.84 +0.19 .06 35.67 17.17 PediatrixMedical MD ... 19 18.52 –1.12 ...
15.94 7.95 JanusIntl JBI ... 21 10.38 –0.68 ... 96.42 52.67 Lennar B LEN.B 2.3 4 63.95 –3.17 .375 183.14 142.80 Marsh&McLen MMC 1.4 25 165.96 –5.82 .59 179.10 99.53 Nike NKE 1.1 29 108.28 –4.88 .305 10.17 9.70 PegasusDigA PGSS ... 64 9.99 +0.01 ...
9.90 9.66 JawsMustangA JWSM ... 38 9.90 +0.01 ... 339.18 182.85 LennoxIntl LII 1.7 19 242.65 –16.03 1.06 446.46 284.99 MartinMarietta MLM .8 27 351.74 –13.41 .66 8.10 0.79 NineEnergy NINE ... dd 3.54 +0.46 ... 42.74 28.89 PembinaPipeline PBA 5.2 18 37.02 –0.39 .161
44.47 25.88 JefferiesFin JEF 3.7 7 32.40 –1.69 .30 9.91 9.62 LeoHldgsII A LHC ... 35 9.90 ... ... 71.06 46.27 Masco MAS 2.2 14 51.01 –4.37 .28 32.59 23.65 NiSource NI 3.1 20 30.18 –1.36 .235 8.02 5.99 PennantPark PNNT 9.3 12 6.48 –0.07 .15
2.15 0.73 JianpuTech JT ... dd 1.77 –0.29 ... 28.62 15.62 LeviStrauss LEVI 2.2 13 18.12 –0.90 .12 9.85 9.61 MasonIndlTechA MIT ... 34 9.79 –0.02 ... 47.92 15.06 NoahHoldings NOAH ... 7 18.82 +0.09 ... 33.45 3.24 PA Reit PEI ... dd 4.85 –0.75 ...
76.92 35.41 JinkoSolar JKS ... 68 59.78 +0.81 ... 14.28 5.87 Li-Cycle LICY ... dd 7.28 +0.28 ... 128.87 69.41 MasoniteIntl DOOR ... 14 85.64 –4.12 ... 38.59 22.01 Noble NE ... 25 30.69 –1.61 ... 71.52 38.53 PennyMacFin PFSI 1.5 5 54.44 –1.95 .20
13.30 3.61 JobyAviation JOBY ... dd 5.42 –0.22 ... 20.05 8.50 LibertyEnergy LBRT ... ... 15.63 +1.12 ... 104.21 62.64 MasTec MTZ ... 37 83.75 +1.63 ... 6.40 4.37 Nokia NOK .6 15 4.87 –0.17.0205 20.72 11.64 PennyMacMtg PMT 12.3 dd 15.25 +0.02 .47
177.56 98.57 JohnBeanTech JBT .4 29 107.65 –10.50 .10 154.45 100.66 LifeStorage LSI 3.2 36 134.08 –2.36 1.08 399.92 303.65 Mastercard MA .6 34 331.96 –22.32 .49 28.92 17.30 NomadFoods NOMD ... 13 17.84 –0.66 ... 126.93 85.28 PenskeAuto PAG 1.6 7 121.30 +1.69 .53
186.69 155.72 J&J JNJ 2.8 24 164.27 –5.04 1.13 23.37 10.53 LifeTime LTH ... dd 13.04 –1.23 ... 67.78 27.53 MatadorRscs MTDR .7 7 61.51 +1.92 .10 5.28 3.38 NomuraHoldings NMR 4.3 14 3.66 –0.09.1081 80.10 43.60 Pentair PNR 1.8 14 46.18 –3.20 .21
81.77 45.52 JohnsonControls JCI 2.6 37 54.61 –2.65 .35 1.83 0.87 LightInTheBox LITB ... 18 1.00 ... ... 97.89 68.01 Materion MTRN .6 25 90.48 –5.37 .125 3.35 1.40 NordicAmTankers NAT 1.9 dd 2.67 –0.03 .02 293.20 114.87 Penumbra PEN ... dd 165.87 +3.40 ...
275.77 154.63 JonesLang JLL ... 9 176.00 –6.89 ... 10.50 2.51 Lightng eMotors ZEV ... dd 2.63 –0.12 ... 38.63 19.08 Mativ MATV 6.5 10 24.46 +0.33 .40 36.43 18.00 Nordstrom JWN 4.2 7 18.04 –6.14 .19 58.13 38.23 PerformanceFood PFGC ... 70 50.73 –0.32 ...
22.15 4.47 JumiaTech JMIA ... dd 7.85 +0.07 ... 130.02 15.03 Lightspeed LSPD ... dd 19.42 –0.74 ... 125.34 68.36 Matson MATX 1.6 2 78.32 –3.84 .31 299.20 217.00 NorfolkSouthern NSC 1.9 20 252.99 –2.76 1.24 10.16 9.64 PeridotAcqnIIA PDOT ... 31 9.88 +0.01 ...
10.12 9.72 JuniperII A JUN ... 32 9.97 +0.04 ... 335.33 220.20 EliLilly LLY 1.2 50 315.56 –7.21 .98 12.36 9.24 MauiLand MLP ... 34 9.80 +0.18 ... 17.79 10.36 NorthAmConstr NOA 2.2 9 11.63 +0.44 .062 15.14 7.92 PerimeterSolns PRM ... dd 10.99 –0.40 ...
38.14 26.20 JuniperNetworks JNPR 2.9 25 29.39 –0.34 .21 77.57 44.89 LincolnNational LNC 3.8 10 47.57 –1.90 .45 40.48 22.92 MaxarTech MAXR .2 37 24.70 –0.85 .01 20.72 6.67 NoEuroOil NRT 7.3 18 16.78 +0.73 .46 24.75 24.06 PeriphasCapA PCPC ... 65 24.72 +0.09 ...
352.18 265.12 Linde LIN 1.6 41 286.25 –17.50 1.17 88.51 56.50 Maximus MMS 1.8 21 61.66 –1.89 .28 9.95 9.51 NorthernGenIII NGC ... 31 9.81 –0.03 ... 203.16 130.65 PerkinElmer PKI .2 26 137.57 –7.56 .07
K 171.69 116.77 Lindsay LNN .8 34 162.81 –2.58 .34 20.93 6.58 MayvilleEngg MEC ... dd 7.40 –0.25 ... 39.10 15.49 NorthernOil&Gas NOG 3.2 15 31.61 +0.58 .25 23.08 5.15 PermianBasin PBT 1.5 48 17.73 –0.26.1959
14.77 3.98 LionElectric LEV ... 4 4.02 –0.45 ... 107.35 77.85 McCormick MKC 1.7 34 86.60 –5.18 .37 10.14 9.67 NorthernStrII A NSTB ... 12 9.85 –0.02 ... 5.79 1.78 PermianvilleRT PVL 10.1 13 3.39 +0.21.0245
22.10 11.76 KAR Auction KAR ... dd 15.00 –0.20 ... 18.84 7.51 LionsGate A LGF.A ... dd 10.22 –0.06 ... 107.02 77.05 McCormickVtg MKC.V 1.7 35 88.95 –2.35 .37 9.88 9.65 NorthernStrIII A NSTC ... 30 9.82 –0.02 ... 10.88 6.14 PermRock PRT 7.6 11 9.19 +0.20 .092
55.31 33.15 KB Financial KB 5.6 4 37.18 –0.78.3829 17.29 7.16 LionsGate B LGF.B ... dd 9.65 –0.09 ... 271.15 217.68 McDonald's MCD 2.1 32 256.95 –9.59 1.38 9.85 9.65 NorthernStrIV A NSTD ... 24 9.84 ... ... 50.90 31.32 Perrigo PRGO 2.7 dd 39.16 –1.46 .26
50.20 24.78 KB Home KBH 2.0 4 29.54 –1.10 .15 366.36 249.20 LithiaMotors LAD .6 6 278.01 +8.68 .42 12.30 2.81 McEwenMining MUX ... dd 3.14 +0.24 ... 497.20 344.89 NorthropGrum NOC 1.4 14 485.13 –5.62 1.73 57.87 40.28 PetroChina PTR 6.4 5 47.87 +4.071.5122
56.94 36.98 KBR KBR 1.0 52 50.07 –1.89 .12 41.56 17.89 LithiumAmericas LAC ... dd 29.86 +1.33 ... 375.23 193.89 McKesson MCK .6 38 356.79 –14.22 .54 57.63 43.07 NorthwestNat NWN 3.9 20 49.89 –2.87.4825 16.30 9.20 PetroleoBrasil PBR 41.8 3 14.74 +1.08.1643
25.98 7.31 KE Holdings BEKE ... dd 18.20 +2.82 ... 127.75 79.50 LiveNationEnt LYV ... dd 91.80 –2.48 ... 24.24 7.59 MediaAlpha MAX ... dd 8.61 +0.01 ... 29.45 10.31 NorwegCruise NCLH ... dd 13.72 +0.54 ... 15.04 8.89 PetroleoBrasilA PBR.A46.8 3 13.18 +0.94.1643
9.90 9.67 KKR AcqnI A KAHC ... 38 9.82 –0.01 ... 10.00 9.55 LiveOakCrestA LOCC ... dd 9.67 –0.03 ... 24.13 14.10 MedicalProp MPW 7.7 7 14.97 –0.98 .29 9.57 3.38 NouveauMonde NMG ... dd 5.93 –0.27 ... 61.71 40.94 Pfizer PFE 3.4 9 46.82 –2.33 .40
83.90 44.28 KKR KKR 1.2 40 51.63 –2.46 .155 10.30 9.64 LiveOakCrestview LOCC.UT ... ... 9.75 –0.04 ... 239.56 125.18 Medifast MED 4.9 10 134.34 –0.46 1.64 94.26 79.09 Novartis NVS 2.6 8 82.68 –3.082.1823 112.48 85.64 PhilipMorris PM 5.2 17 96.55 –3.58 1.25
23.40 16.47 KKR RealEstFin KREF 8.8 10 19.59 +0.02 .43 9.86 9.67 LiveOakMobilityA LOKM ... 25 9.82 –0.03 ... 135.89 86.70 Medtronic MDT 3.0 23 89.43 –5.57 .68 122.16 91.51 NovoNordisk NVO 1.0 33 108.69 +4.14.5836 111.28 63.19 Phillips66 PSX 4.2 8 92.18 +3.74 .97
11.15 2.51 KoreGroup KORE ... dd 3.03 –0.23 ... 34.61 19.35 Livent LTHM ... 60 32.89 +4.32 ... 14.87 5.71 MemberCollect MCG ... dd 6.41 +0.01 ... 12.24 3.26 NuHoldings NU ... dd 4.94 +0.29 ... 9.66 2.10 PhoenixNewMedia FENG ... dd 4.70 –0.20 ...
15.30 12.33 KT KT 4.6 6 13.96 –0.19.5639 58.74 20.57 LiveRamp RAMP ... dd 20.67 –1.17 ... 95.72 70.89 Merck MRK 3.1 14 89.26 –2.82 .69 56.76 39.40 NuSkinEnts NUS 3.6 19 42.28 –3.30 .385 76.10 13.19 Phreesia PHR ... dd 23.33 +0.74 ...
240.47 168.43 Kadant KAI .6 20 187.70 –10.99 .26 3.00 1.90 LloydsBanking LYG 5.0 6 2.02 –0.08.0385 60.67 31.29 MercuryGeneral MCY 3.8 dd 33.06 –1.27.3175 187.90 88.50 Nucor NUE 1.4 4 140.51 +2.34 .50 19.30 16.07 PhysiciansRealty DOC 5.3 49 17.32 –0.49 .23
14.23 1.63 Kaleyra KLR ... dd 1.70 –0.18 ... 8.89 1.34 loanDepot LDI 19.6 dd 1.63 –0.03 .08 29.00 13.81 MeridianLink MLNK ... dd 17.23 –0.78 ... 15.85 8.56 NuScalePower SMR ... dd 13.80 –0.25 ... 19.84 12.05 PiedmontOfficeA PDM 7.0 31 12.05 –0.93 .21
46.50 27.94 Kaman KAMN 2.5 29 32.59 –1.11 .20 12.87 2.85 LocalBounti LOCL ... dd 3.99 +0.32 ... 125.01 62.51 MeritageHomes MTH ... 3 80.46 –2.94 ... 18.05 12.84 NuSTAREnergy NS 9.8 dd 16.30 +0.50 .40 11.01 9.68 PineIslandA PIPP ... 29 9.95 +0.03 ...
76.99 59.54 Kellogg K 3.2 17 73.85 –2.82 .59 479.99 324.23 LockheedMartin LMT 2.6 25 431.13 –8.90 2.80 28.00 5.20 MesaRoyalty MTR 4.2 18 17.70 +3.21.2932 117.25 59.82 Nutrien NTR 1.9 8 100.41 +10.08 .48 30.40 15.85 PingIdentity PING ... dd 28.13 +0.03 ...
70.65 41.62 Kemper KMPR 2.6 dd 47.16 –1.59 .31 68.20 51.35 Loews L .4 13 56.80 –1.44.0625 37.36 20.02 MesabiTrust MSB 18.4 5 27.49 –0.13 .84 10.45 2.25 NuvationBio NUVB ... dd 2.93 +0.10 ... 80.51 62.78 PinnacleWest PNW 4.5 16 75.92 –2.04 .85
41.22 21.62 Kennametal KMT 3.2 14 24.69 –1.90 .20 8.02 4.45 LomaNegra LOMA 3.8 15 6.73 +0.07.3895 14.97 0.95 MetaData AIU ... ... 1.03 –0.02 ... 39.53 29.19 nVentElectric NVT 2.1 20 33.98 –2.11 .175 66.00 16.14 Pinterest PINS ... 73 23.08 +1.31 ...
25.30 18.06 KennedyWilson KW 5.3 20 18.12 –1.91 .24 9.97 9.68 LongviewII A LGV ... 30 9.82 –0.01 ... 10.15 9.57 MetalsAcqn MTAL ... 37 9.82 +0.01 ... 30.93 22.23 OFGBancorp OFG 2.8 9 28.08 –1.22 .20 288.46 143.63 PioneerNatRscs PXD 9.1 11 257.38 +15.38 7.47
August 29, 2022 BARRON’S 41
34.29 21.48 RE/MAX RMAX 3.8 dd 24.10 –2.08 .23 9.85 9.61 TCW Spac A TSPQ ... 38 9.81 –0.01 ... 65.00 40.72 WebsterFin WBS 3.3 15 48.04 –1.06 .40
18.35 9.50 REV REVG 1.7 38 11.90 –0.12 .05 17.12 4.90 SeritageGrowth SRG ... dd 12.91 –0.42 ... 30.00 6.52 TDCX TDCX ... 17 9.49 +2.83 ... 47.37 33.05 UGI UGI 3.5 6 40.19 –1.21 .36
75.11 57.27 ServiceCorp SCI 1.6 14 63.92 –3.37 .25 27.50 16.50 UMH Prop UMH 4.3 dd 18.57 –0.38 .20 86.76 52.01 WeisMarkets WMK 1.5 19 83.05 –2.36 .32
733.99 207.37 RH RH ... 11 266.91 –31.39 ... 130.93 88.21 TD Synnex SNX 1.2 16 98.25 –6.29 .30 60.30 36.54 WellsFargo WFC 2.7 11 43.97 –1.38 .30
121.93 96.22 RLI RLI .9 31 114.12 –4.95 .26 707.60 406.47 ServiceNow NOW ... cc 444.69 –31.57 ... 166.44 107.12 TE Connectivity TEL 1.8 17 126.77 –8.10 .56 61.10 40.53 Unitil UTL 2.9 21 54.57 –1.85 .39
97.25 70.92 ServisFirst SFBS 1.1 21 86.80 –4.75 .23 20.14 14.21 USA Compression USAC 11.3 dd 18.62 +0.22 .525 99.43 76.56 Welltower WELL 3.2 cc 77.33 –2.25 .61
16.22 10.20 RLJ Lodging RLJ 1.6 dd 12.42 –0.53 .05 23.04 16.42 Tegna TGNA 1.8 9 21.43 –0.35 .095 144.43 99.00 WescoIntl WCC ... 11 135.61 –1.66 ...
7.34 1.16 RLX Tech RLX ... 4 1.48 +0.02 ... 100.85 37.72 ShakeShack SHAK ... dd 47.64 –1.98 ... 27.50 21.34 Telus TU 4.6 22 23.09 –0.57.2634 33.67 25.44 US Cellular USM ... 20 29.77 –0.26 ...
12.81 0.82 Shapeways SHPW ... dd .86 –0.05 ... 39.73 27.48 US Foods USFD ... 45 31.44 –0.71 ... 102.96 71.35 WestFraserTimber WFG 1.3 4 94.20 +1.29 .30
12.91 3.69 RPC RES 1.0 23 8.35 +0.66 .02 39.91 20.73 TelusIntl TIXT ... 54 29.73 –0.37 ... 475.35 275.89 WestPharmSvcs WST .2 34 303.77 –15.75 .18
101.48 74.56 RPM RPM 1.7 25 94.86 +0.78 .40 31.60 25.63 ShawComm B SJR 3.4 20 26.78 –0.33.0767 56.74 29.83 Ternium TX 8.1 2 32.20 –0.05 1.80 10.94 9.63 USHG Acqn A HUGS ... 76 9.85 –0.01 ...
124.93 68.41 WestAllianceBcp WAL 1.8 9 79.17 –3.75 .36
14.99 9.25 RPTRealty RPT 5.2 54 10.01 –0.48 .13 61.68 39.01 Shell SHEL 3.4 6 54.88 +2.02 .50 120.50 71.63 TFI Intl TFII 1.0 14 107.33 +5.30.2702 131.50 80.13 US PhysTherapy USPH 2.0 29 83.85 –0.04 .41
28.70 11.00 WstAstMtgCap WMC 11.5 dd 13.87 +0.19 .40
24.84 17.97 RadianGroup RDN 3.7 6 21.87 –0.98 .20 354.15 214.22 SherwinWilliams SHW 1.0 35 235.70 –8.88 .60 15.61 9.81 TIM TIMB 2.8 11 11.66 –0.15.2035 21.54 7.23 US Silica SLCA ... dd 14.73 +0.05 ...
29.50 18.89 WesternMidstrm WES 7.1 11 28.25 +0.30 .50
50.67 1.60 Rafael RFL ... dd 2.14 –0.13 ... 89.47 29.39 Shift4Paymts FOUR ... dd 45.91 +0.47 ... 77.35 53.69 TJX TJX 1.9 22 62.89 –3.51 .295 9.40 2.13 US Xpress USX ... dd 2.57 –0.08 ...
21.92 15.21 WesternUnion WU 6.2 7 15.23 –1.20 .235
135.99 86.54 RalphLauren RL 3.2 12 94.10 –3.96 .75 34.92 25.17 ShinhanFin SHG 5.7 4 26.90 +0.26.3134 9.89 9.62 TLGAcqnOneA TLGA ... 31 9.83 –0.01 ... 7.57 3.14 UWM UWMC 11.1 6 3.60 –0.35 .10 141.19 80.47 Westlake WLK 1.3 5 106.97 +2.32 .357
37.44 14.07 RangeResources RRC ... 17 34.49 +1.10 ... 176.29 29.72 Shopify SHOP ... dd 32.42 –1.78 ... 12.62 9.80 TPGPaceBenA TPGY ... 5 9.99 +0.02 ... 48.88 19.90 Uber UBER ... dd 28.58 –0.43 ... 54.78 38.28 WestRock WRK 2.4 12 41.22 –0.37 .25
11.87 7.14 RangerEnergySvcs RNGR ... 60 9.36 +0.72 ... 10.26 9.80 ShoulderUpTechA SUAC ... dd 9.95 –0.02 ... 10.05 9.70 TPGPaceBenII YTPG ... dd 9.75 –0.02 ... 344.77 218.15 Ubiquiti UI .8 45 316.06 –9.83 .60 22.74 11.36 Westwood WHG 4.3 25 13.84 –0.45 .15
42.97 4.72 Ranpak PACK ... dd 5.70 –0.27 ... 128.36 50.04 Shutterstock SSTK 1.7 27 57.91 –2.12 .24 13.63 8.80 TPG RE Fin TRTX 9.9 10 9.69 –0.31 .24 65.60 13.66 UiPath PATH ... dd 16.95 –1.05 ... 14.97 4.20 WeWork WE ... dd 4.22 –0.30 ...
117.37 84.86 RaymondJames RJF 1.3 15 106.78 –2.11 .34 20.64 8.67 Sibanye-Stillwater SBSW10.4 3 9.95 +0.79.4936 10.03 9.71 TailwindAcqnA TWND ... 13 10.01 ... ... 3.21 2.13 UltraparPart UGP 4.5 19 2.78 +0.13.0613 43.04 32.50 Weyerhaeuser WY 2.0 11 35.38 –0.82 .18
111.92 48.31 SignetJewelers SIG 1.2 9 68.40 +0.06 .20 27.28 8.10 UnderArmour A UAA ... 14 8.73 –0.52 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
8.32 2.44 RayonierAdvMatls RYAM ... dd 4.92 –0.13 ... 9.90 9.65 TailwindIntlA TWNI ... 35 9.88 ... ... 51.91 31.37 WheatonPrecMet WPM 1.9 20 31.66 –0.29 .15
45.87 34.07 Rayonier RYN 3.1 38 36.67 –1.05 .285 29.88 10.70 SignifyHealth SGFY ... dd 28.00 +6.80 ... 145.00 73.74 TaiwanSemi TSM 1.7 16 84.74 –2.46 .458 23.00 7.22 UnderArmour C UA ... 13 7.80 –0.51 ... 8.45 1.81 WheelsUp UP ... dd 2.03 –0.27 ...
106.02 79.00 RaytheonTech RTX 2.4 31 93.52 +0.12 .55 47.71 37.10 SilganHoldings SLGN 1.4 14 46.58 –0.07 .16 17.31 13.05 TakedaPharm TAK 4.6 26 13.71 –0.19.3301 25.70 12.10 Unifi UFI ... 15 12.17 –1.17 ... 245.44 145.93 Whirlpool WHR 4.4 14 159.33 –8.91 1.75
16.56 11.05 ReadyCapital RC 12.2 6 13.80 +0.07 .42 49.91 17.90 SilverBowRscs SBOW ... 8 44.67 –2.20 ... 25.49 8.57 TalosEnergy TALO ... 9 21.20 +1.44 ... 232.75 154.72 Unifirst UNF .7 31 183.10 –10.26 .30 1373.99 978.51 WhiteMtnIns WTM .1 dd 1364.85 +59.72 1.00
75.40 62.29 RealtyIncome O 4.2 66 69.91 –3.00 .236 239.26 50.65 SilvergateCapital SI ... 26 91.07 –3.38 ... 22.51 13.77 Tanger SKT 5.0 40 15.97 –1.02 .20 56.06 42.54 Unilever UL 4.0 18 46.02 –1.39.4555 13.66 9.05 WhitestoneREIT WSR 4.6 31 10.42 –0.28 .04
16.98 2.72 Redwire RDW ... ... 2.91 –0.01 ... 23.00 7.60 Similarweb SMWB ... dd 7.91 –0.55 ... 47.05 26.39 Tapestry TPR 3.4 11 35.35 –1.48 .30 278.94 195.68 UnionPacific UNP 2.2 22 231.27 –7.25 1.30 22.94 15.96 WideOpenWest WOW ... 2 18.54 –0.44 ...
14.17 6.57 RedwoodTrust RWT 11.1 21 8.14 –0.08 .23 9.88 9.68 SimonPropA SPGS ... 28 9.82 –0.01 ... 81.50 43.22 TargaResources TRGP 2.0 91 70.21 +1.32 .35 27.30 9.12 Unisys UIS ... dd 9.52 –0.59 ... 59.87 45.14 Wiley A WLY 2.8 19 49.86 –3.09.3475
176.91 108.28 RegalRexnord RRX 1.0 26 142.70 –3.55 .35 171.12 93.06 SimonProperty SPG 6.7 17 104.85 –6.16 1.75 268.98 137.16 Target TGT 2.7 18 160.62 –6.42 1.08 12.68 6.24 UnitedMicro UMC ... 6 6.61 –0.35 ... 37.97 23.98 Williams WMB 4.9 27 35.03 +0.10 .425
67.60 36.49 RegionalMgmt RM 3.3 5 36.72 –1.72 .30 141.26 87.73 SimpsonMfg SSD 1.1 13 96.23 –8.46 .26 70.94 32.15 TaroPharm TARO ... 15 35.68 +2.20 ... 57.89 33.63 UnitedNatFoods UNFI ... 11 46.48 –1.26 ... 10.12 9.80 WilliamsRowland WRAC ... dd 10.06 ... ...
25.57 18.01 RegionsFin RF 3.6 10 21.97 –0.63 .20 10.18 4.07 SiriusPoint SPNT ... dd 4.43 +0.02 ... 35.38 19.18 TataMotors TTM ... dd 28.58 –0.70 ... 233.72 165.34 UPS B UPS 3.1 16 198.93 –9.50 1.52 223.32 101.58 Williams-Sonoma WSM 2.0 10 154.63 –8.20 .78
6.13 0.50 Regis RGS ... dd 1.52 –0.05 ... 260.00 108.77 SiteOneLandscape SITE ... 21 129.64 –8.57 ... 35.51 20.05 TaylorMorrison TMHC ... 4 26.18 –0.18 ... 414.99 230.54 UnitedRentals URI ... 13 306.42 –10.27 ... 80.30 43.05 Winnebago WGO 1.8 5 61.22 –4.85 .27
132.12 94.32 ReinsGrp RGA 2.5 32 127.70 –1.51 .80 31.60 17.04 SitioRoyalties STR 10.7 54 26.60 –1.20 .72 4.59 0.52 Team TISI ... dd 1.44 –0.08 ... 63.57 43.75 US Bancorp USB 4.0 11 46.49 –2.12 .46 9.96 4.94 Wipro WIT 1.4 18 5.06 –0.27.0585
211.66 135.46 RelianceSteel RS 1.8 6 194.60 +2.92 .875 47.24 19.80 SixFlags SIX ... 16 24.06 +0.25 ... 9.10 5.48 TechnipFMC FTI ... dd 8.58 +0.11 ... 39.25 16.41 US Steel X .8 1 25.36 +2.22 .05 142.33 58.07 Wolfspeed WOLF ... dd 116.90 +7.03 ...
174.55 124.18 RenaissanceRe RNR 1.1 dd 133.96 –6.00 .37 51.58 33.50 SkechersUSA SKX ... 8 38.52 –0.97 ... 45.90 22.00 TeckRscsB TECK 1.1 5 36.38 +2.36.0971 553.29 383.12 UnitedHealth UNH 1.2 28 529.25 –19.07 1.65 38.07 16.65 WolverineWwide WWW 2.0 14 20.33 –1.42 .10
9.72 3.46 ReneSola SOL ... cc 6.28 –0.15 ... 13.39 4.46 SkeenaRscs SKE ... dd 5.12 +0.07 ... 34.90 16.05 Tecnoglass TGLS 1.3 12 23.08 –2.41 .075 210.00 29.09 UnitySoftware U ... dd 44.58 –3.09 ... 25.87 14.17 WoodsideEnergy WDS 5.3 12 24.57 +1.53 1.05
30.44 9.69 Renren RENN ... dd 28.57 –0.65 ... 12.88 3.40 Skillsoft SKIL ... dd 3.93 –0.43 ... 4.01 2.54 Teekay TK ... dd 3.55 –0.07 ... 34.00 21.56 Univar UNVR ... 8 25.91 –0.62 ... 39.71 24.95 WooriFin WF 6.7 3 26.88 –0.77 .345
148.26 113.57 RepublicSvcs RSG 1.4 33 144.68 –1.76 .495 13.98 1.15 Skillz SKLZ ... dd 1.42 –0.22 ... 26.02 9.89 TeekayTankers TNK ... dd 24.74 –0.06 ... 64.13 46.24 Universal UVV 6.1 15 51.80 –0.98 .79 173.24 59.43 Workiva WK ... dd 68.19 –2.66 ...
32.94 18.36 ResideoTech REZI ... 10 21.58 –0.90 ... 85.92 43.04 SkylineChamp SKY ... 10 58.81 –4.43 ... 21.69 14.83 TejonRanch TRC ... 60 16.26 +0.17 ... 61.32 47.27 UniversalHealth UHT 5.4 7 52.43 –2.75 .71 35.10 19.29 WorldFuelSvcs INT 1.8 19 26.93 –0.88 .12
301.34 189.40 ResMed RMD .8 42 221.15 –12.34 .44 14.93 3.22 SmartRent SMRT ... dd 3.45 –0.21 ... 156.82 27.38 TeladocHealth TDOC ... dd 32.10 –0.80 ... 158.28 98.63 UniversalHealthB UHS .8 10 101.47 –6.51 .20 10.20 9.76 WorldQuantumA WQGA ... 13 9.97 –0.02 ...
20.73 9.84 ResoluteForest RFP ... 4 20.43 –0.07 ... 85.65 27.05 Smartsheet SMAR ... dd 33.97 –1.06 ... 6.59 3.72 TelecomArgentina TEO 25.4 14 4.89 +0.44.3139 19.64 11.27 UnivInsurance UVE 5.2 dd 12.29 –0.19 .16 75.23 46.91 WW Ent WWE .7 26 67.62 –3.27 .12
65.64 46.68 RestaurantBrands QSR 3.7 23 59.14 +0.03 .54 86.74 51.91 SmithAO AOS 1.9 18 58.43 –4.20 .28 493.97 344.66 TeledyneTech TDY ... 27 383.70 –13.41 ... 11.45 6.43 UnvlTechInst UTI ... 12 6.84 –0.48 ... 62.83 39.14 WorthingtonInds WOR 2.3 7 54.53 +0.24 .31
17.65 1.08 Revlon REV ... dd 6.49 –2.00 ... 39.19 23.75 Smith&Nephew SNN 3.1 21 23.78 –1.26 .288 405.90 223.07 Teleflex TFX .6 21 224.14 –18.04 .34 40.25 22.25 UnumGroup UNM 3.4 7 38.88 –0.68 .33 93.86 62.89 WyndhamHtls WH 1.9 18 66.74 –3.38 .32
89.60 22.27 Revolve RVLV ... 21 24.39 +0.81 ... 146.74 118.55 Smucker SJM 2.9 26 141.59 +1.82 1.02 11.78 7.62 TelefonicaBras VIV 8.0 14 8.36 –0.27.0296 5.19 0.44 UpHealth UPH ... dd .66 +0.08 ...
37.81 24.02 RexAmerRes REX ... 12 33.23 +0.95 ... 83.34 9.34 Snap SNAP ... dd 10.67 –0.89 ... 5.39 4.09 Telefonica TEF .0 3 4.09 –0.17 .103 19.96 14.22 UrbanEdgeProp UE 3.9 21 16.27 –0.61 .16 XYZ
84.68 55.84 RexfordIndlRealty REXR 2.0 68 64.20 –2.65 .315 235.36 190.08 SnapOn SNA 2.6 14 220.25 –9.88 1.42 33.21 23.10 TelekmIndonesia TLK 2.5 17 29.93 –0.731.0389 19.97 14.94 UrstadtBiddle UBP 5.3 17 16.09 –0.49.2145
10.75 9.70 RiceAcqnII A RONI ... 22 9.79 –0.01 ... 405.00 110.27 Snowflake SNOW ... dd 197.71 +43.77 ... 21.47 14.46 Telephone&Data TDS 4.2 20 17.04 –0.10 .18 21.66 15.43 UrstadtProp A UBA 5.5 19 17.39 –0.84.2375 7.30 1.84 XFinancial XYF ... 1 2.71 –0.06 ...
10.46 9.75 RigelResourceA RRAC ... 15 9.98 ... ... 10.61 9.77 SocialCapHedIV A IPOD ... 18 9.99 +0.02 ... 50.51 20.03 TempurSealy TPX 1.5 9 25.89 –2.06 .10 103.95 63.49 UsanaHealth USNA ... 15 66.25 –4.44 ... 7.02 1.07 XL Fleet XL ... dd 1.15 –0.07 ...
315.00 42.02 RingCentral RNG ... dd 42.42 –3.13 ... 10.99 9.78 SocialCapHedVI A IPOF ... 23 10.00 +0.01 ... 10.10 9.87 10XCapIII A VCXB ... dd 10.07 +0.02 ... 15.98 4.14 UserTesting USER ... dd 4.44 –0.34 ... 89.39 45.09 XPO Logistics XPO ... 9 53.63 –2.37 ...
84.69 53.83 RioTinto RIO 11.4 5 59.71 +0.88 2.67 10.00 9.62 SocialLvgI A SLAC ... 39 9.84 –0.01 ... 34.76 18.80 Tenaris TS .0 9 27.89 +2.05 .56 20.41 12.06 UtzBrands UTZ 1.3 cc 16.61 –0.23 .054 20.41 13.18 XeniaHotels XHR ... dd 16.48 –1.06 ...
40.48 3.76 Riskified RSKD ... dd 5.20 +0.06 ... 115.76 46.13 SOQUIMICH SQM 3.4 14 104.83 +14.76.0969 9.53 2.95 TencentMusic TME ... 20 5.06 +0.60 ... 2.44 0.30 XinyuanRealEst XIN ... dd .54 +0.07 ...
76.18 48.65 RitchieBros RBA 1.6 26 69.50 –0.98 .27 14.61 6.11 SolarisOilfield SOI 3.8 34 11.01 +0.32 .105 92.65 50.37 TenetHealthcare THC ... 7 60.07 –3.09 ... V 56.45 18.01 XPeng XPEV ... dd 18.92 –2.32 ...
19.22 4.68 RiteAid RAD ... dd 8.20 +0.50 ... 20.55 9.27 SolarWinds SWI ... dd 9.35 –0.60 ... 85.33 54.90 Tennant TNC 1.6 21 63.21 –5.46 .25 26.90 9.87 XponentialFit XPOF ... dd 18.41 –0.14 ...
11.81 8.18 RithmCapital RITM10.1 5 9.86 –0.13 .25 23.39 3.66 SoloBrands DTC ... dd 4.56 –0.51 ... 19.50 9.51 Tenneco TEN ... dd 18.92 –0.14 ... 78.91 41.13 VF VFC 4.9 16 41.16 –4.39 .50 138.78 72.08 Xylem XYL 1.3 40 92.97 –6.56 .30
0.08 0.05 RiverNorthRt OPP.RTWI ... ... .08 ... ... 12.24 0.86 Sonendo SONX ... dd .92 –0.31 ... 59.38 33.37 Teradata TDC ... 45 33.38 –1.84 ... 10.69 1.55 ViaOptronics VIAO ... dd 1.83 ... ... 108.82 38.01 Yeti YETI ... 17 38.11 –3.70 ...
125.77 73.10 RobertHalf RHI 2.2 13 77.77 –3.62 .43 59.19 34.17 SonicAutomotive SAH 1.8 6 56.48 +2.23 .25 52.50 26.64 Terex TEX 1.5 11 34.89 –1.72 .13 35.69 26.23 VICI Prop VICI 4.3 33 33.64 –0.98 .36 5.86 2.82 YPF YPF ... 1 5.51 +0.86 ...
141.60 21.65 Roblox RBLX ... dd 39.56 –3.12 ... 36.47 16.80 SonidaSrLiving SNDA ... 2 19.94 +1.23 ... 48.69 36.30 Terminix TMX ... 81 43.38 –0.80 ... 22.17 6.47 Vizio VZIO ... dd 10.76 –1.19 ... 10.62 3.10 Yalla YALA ... 9 3.97 –0.14 ...
18.13 6.27 RocketCos. RKT .0 6 8.44 –1.29 1.01 67.06 51.52 SonocoProducts SON 3.0 15 64.41 –0.37 .49 12.69 3.64 TerranOrbital LLAP ... dd 4.05 –0.36 ... 8.86 3.86 VOC Energy VOC 15.5 8 7.16 –0.18 .38 6.40 3.70 YamanaGold AUY 2.5 17 4.76 +0.05 .03
9.88 9.64 RocketInternetA RKTA ... 26 9.88 +0.04 ... 133.75 79.05 Sony SONY .5 13 81.71 –5.02.2672 86.00 54.51 TerrenoRealty TRNO 2.6 27 62.50 –2.71 .40 27.32 2.66 VTEX VTEX ... dd 4.14 +0.40 ... 5.64 0.39 YatsenHolding YSG ... dd 1.32 +0.30 ...
12.00 1.31 RockleyPhotonics RKLY ... dd 1.46 +0.05 ... 35.32 20.75 SoJerseyInd SJI 3.6 24 34.01 –0.34 .31 5.82 2.32 TetraTech TTI ... 47 4.08 +0.13 ... 52.67 29.55 V2X VVX ... 12 36.33 –2.02 ... 41.28 26.28 Yelp YELP ... 54 34.16 –1.65 ...
354.99 190.08 Rockwell ROK 1.9 41 236.88 –14.73 1.12 80.57 60.99 Southern SO 3.5 28 78.20 –1.96 .68 11.34 6.78 TevaPharm TEVA ... dd 9.59 –0.78 ... 8.77 2.40 VaalcoEnergy EGY 2.5 3 5.30 +0.22.0325 14.07 4.20 Yext YEXT ... dd 4.41 –0.23 ...
64.55 42.94 RogersComm B RCI 3.6 17 44.04 –1.35.3884 79.32 44.70 SoCopper SCCO 7.8 14 51.37 +2.97 .75 1886.04 946.29 TexasPacLand TPL .7 37 1834.28 +113.62 3.00 376.24 206.03 VailResorts MTN 3.3 30 229.00 –9.25 1.91 4.47 1.00 YirenDigital YRD ... 4 1.02 –0.07 ...
274.51 178.43 Rogers ROG ... 58 254.56 –11.62 ... 10.41 9.76 SouthportAcqnA PORT ... 18 10.01 +0.06 ... 41.89 25.47 Textainer TGH 3.1 5 31.94 –0.80 .25 63.45 26.97 Valaris VAL ... 80 49.33 +0.35 ... 17.77 4.05 Youdao DAO ... dd 6.03 +0.83 ...
40.11 28.51 Rollins ROL 1.2 51 34.48 –2.06 .10 56.33 34.36 SouthwestAir LUV ... 24 37.53 –0.35 ... 79.45 57.11 Textron TXT .1 18 64.62 –1.43 .02 21.29 11.16 Vale VALE21.4 3 13.45 +0.57.2959 139.85 108.37 YumBrands YUM 2.0 22 112.16 –4.49 .57
5.72 0.44 RomeoPower RMO ... dd .66 –0.01 ... 95.62 62.58 SouthwestGas SWX 3.1 33 79.41 –0.96 .62 672.34 497.83 ThermoFisherSci TMO .2 30 563.71 –24.84 .30 12.19 2.71 ValensSemicon VLN ... dd 4.38 +0.14 ... 63.45 33.55 YumChina YUMC 1.0 28 49.45 +2.29 .12
505.00 369.51 RoperTech ROP .6 40 409.83 –23.49 .62 9.87 3.81 SouthwesternEner SWN ... dd 7.64 +0.20 ... 20.35 13.26 Thermon THR ... 23 18.34 –0.58 ... 146.81 61.86 ValeroEnergy VLO 3.2 7 121.88 +3.33 .98 91.23 40.67 ZimIntShipping ZIM 66.0 1 41.05 –8.07 2.85
10.57 9.63 RossAcqnIIA ROSS ... 43 9.88 +0.03 ... 107.22 63.28 SpectrumBrands SPB 2.6 25 65.59 –2.41 .42 123.60 91.55 ThomsonReuters TRI 1.6 cc 110.64 –5.04 .445 54.06 21.53 Valhi VHI .9 6 37.38 –1.17 .08 34.82 19.72 ZTO Express ZTO .0 24 25.66 –0.90 .25
119.41 90.75 RoyalBkCanada RY 4.2 11 95.85 –3.45 .988 19.50 1.12 SpireGlobal SPIR ... dd 1.47 +0.09 ... 128.87 66.26 ThorIndustries THO 2.0 4 84.97 –5.35 .43 289.98 203.31 ValmontInds VMI .8 28 284.41 –2.16 .55 136.30 54.16 Zendesk ZEN ... dd 76.53 –0.02 ...
98.27 31.09 RoyalCaribbean RCL ... dd 42.30 +2.65 ... 79.24 59.60 Spire SR 3.8 19 72.98 –3.49 .685 34.97 8.79 3D Systems DDD ... 6 10.35 –0.76 ... 37.97 26.70 Valvoline VVV 1.7 12 29.35 –1.33 .125 11.34 1.67 ZeppHealth ZEPP .0 dd 1.89 –0.14 .08
10.50 4.80 RubiconTech RBT ... dd 5.80 +0.28 ... 53.31 26.18 SpiritAeroSys SPR .1 dd 32.50 +0.44 .01 197.29 125.60 3M MMM 4.6 18 129.14 –16.06 1.49 31.87 1.49 Vapotherm VAPO ... dd 1.96 +0.30 ... 13.46 4.09 ZetaGlobal ZETA ... dd 6.48 +0.02 ...
21.83 4.06 RushStreetInt RSI ... dd 5.24 –0.21 ... 28.30 15.92 SpiritAirlines SAVE ... dd 23.34 –0.90 ... 28.79 9.75 Tidewater TDW ... dd 21.82 +0.72 ... 13.38 8.50 VectorGroup VGR 7.9 9 10.09 –0.44 .20 17.50 1.86 ZeviaPBC ZVIA ... dd 5.03 –0.03 ...
46.40 30.73 RyanSpecialty RYAN ... cc 43.40 –1.84 ... 52.29 35.79 SpiritRealtyCap SRC 6.3 25 41.93 –0.76 .663 10.36 10.01 TigaAcqnA TINV ... 28 10.34 ... ... 336.52 152.04 VeevaSystems VEEV ... 82 206.49 –12.72 ... 12.08 1.16 Zhihu ZH ... dd 1.41 +0.18 ...
93.05 61.71 RyderSystem R 3.1 6 80.37 –0.71 .62 305.60 89.03 Spotify SPOT ... dd 109.31 –2.12 ... 17.80 6.87 Tilly's TLYS .0 5 7.96 –0.44 1.00 13.18 1.28 Velo3D VLD ... dd 3.97 –0.35 ... 144.71 100.39 ZimmerBiomet ZBH .9 99 107.51 –5.72 .24
44.09 17.90 RyersonHolding RYI 1.9 2 32.42 +1.58 .15 10.41 9.65 SpreeAcqn1 A SHAP ... ... 9.99 –0.03 ... 78.52 50.85 Timken TKR 1.9 13 64.81 –2.42 .31 14.00 9.11 VelocityFinl VEL ... 13 11.72 –0.48 ... 32.90 13.78 ZipRecruiter ZIP ... 31 16.44 –0.04 ...
101.19 70.47 RymanHospitality RHP ... cc 86.39 –2.26 ... 20.29 9.41 Sprinklr CXM ... dd 11.71 ... ... 26.23 12.04 TimkenSteel TMST ... 4 16.45 +0.35 ... 3.47 1.13 VenatorMaterials VNTR ... 3 1.80 –0.07 ... 249.27 154.18 Zoetis ZTS .8 36 159.89 –9.63 .325
151.48 83.50 SAP SAP 1.8 22 84.24 –7.38 2.66 57.00 32.03 Sprott SII 2.7 36 36.38 –0.59 .25 19.81 6.69 TItanIntl TWI ... 7 15.37 –0.14 ... 64.02 45.44 Ventas VTR 3.7 cc 48.30 –0.61 .45 23.25 8.11 Zuora ZUO ... dd 8.15 –0.99 ...
484.21 311.87 S&P Global SPGI .9 27 364.06 –15.86 .85 48.89 14.43 Squarespace SQSP ... dd 20.93 –0.12 ... 69.93 11.91 Toast TOST ... dd 18.72 +0.35 ... 19.90 12.08 VerisResidential VRE ... dd 13.60 –0.58 ... 38.32 25.90 ZurnElkayWaterSol ZWS 1.0 27 28.79 –1.91 .07
9.87 8.74 SDCLEDGEAcqn SEDA ... 27 9.79 –0.01 ... 62.21 37.80 St.Joe JOE 1.0 30 39.11 –1.93 .10 75.61 40.20 Toll Bros TOL 1.7 5 46.12 –1.14 .20 161.10 79.95 Veritiv VRTV ... 8 132.22 –3.61 ... 37.19 4.56 Zymeworks ZYME ... dd 6.60 +0.27 ...
42 BARRON’S August 29, 2022
64.90 44.06 Amerisafe AMSF 2.5 21 49.28 –1.84 .31 32.44 3.65 Allbirds BIRD ... dd 4.25 –0.18 ... 37.11 25.82 AuburnNatlBncp AUBN 3.7 13 28.35 +0.16 .265 54.50 43.10 C&F Fin CFFI 3.3 7 50.42 +0.07 .42 42.01 6.15 Codexis CDXS ... dd 7.37 –0.60 ...
44.60 23.67 A-MarkPrecMet AMRK .0 6 36.66 +1.71 1.00 46.96 34.39 AllegianceBcshs ABTX 1.3 12 43.69 –1.37 .14 37.35 19.62 AudioCodes AUDC 1.6 24 22.52 –0.51 .18 26.80 20.49 CB FinSvcs CBFV 4.4 10 21.80 –0.44 .24 19.99 2.10 CodiakBioSci CDAK ... dd 2.18 –0.13 ...
60.23 22.31 ANI Pham ANIP ... dd 38.00 +2.20 ... 215.48 96.30 AllegiantTravel ALGT ... 38 98.11 –4.36 ... 26.16 11.98 AuraBiosciences AURA ... dd 13.16 –3.23 ... 33.10 25.29 CBTX CBTX 1.7 21 30.66 –1.35 .13 24.48 20.03 CodorusValleyBncp CVLY 2.9 16 20.57 –0.18 .15
413.89 225.92 Ansys ANSS ... 49 254.31 –17.31 ... 38.28 19.20 AllegroMicro ALGM ... 46 24.41 –0.99 ... 10.08 9.83 AuraFatProjectsA AFAR ... ... 9.95 +0.01 ... 208.71 152.15 CDW CDW 1.1 24 179.69 –8.68 .50 17.15 3.79 CogentBio COGT ... dd 16.25 +1.13 ...
23.58 6.88 AN2 Therap ANTX ... ... 15.71 –4.20 ... 26.43 8.20 AllianceResource ARLP 6.3 11 25.49 +1.23 .40 33.97 7.32 AuriniaPharm AUPH ... dd 7.72 –0.28 ... 50.85 30.39 CEVA CEVA ... cc 30.47 –1.77 ... 80.50 54.75 CogentComm CCOI 6.3 59 55.01 –2.54 .905
51.95 17.91 APA APA 1.2 5 40.18 +4.03 .125 65.37 54.20 AlliantEnergy LNT 2.7 22 62.27 –1.77.4275 8.69 1.21 AuroraCannabis ACB ... dd 1.54 +0.01 ... 10.00 9.80 CFAcqnVII A CFFS ... dd 9.95 +0.01 ... 92.17 41.69 Cognex CGNX .6 31 44.85 –1.19 .065
22.45 15.31 ARKRestaurants ARKR 2.4 5 20.64 +0.21 .125 44.70 21.14 AlliedMotionTech AMOT .3 35 34.02 –2.50 .025 17.77 1.84 AuroraInnov AUR ... dd 2.23 –0.30 ... 51.21 4.84 C4 Therap CCCC ... dd 10.95 –0.33 ... 13.80 1.50 CognitionTherap CGTX ... dd 2.06 ... ...
895.93 412.67 ASML ASML 1.2 32 509.94 –35.322.0843 27.86 6.43 AllogeneTherap ALLO ... dd 14.11 –0.70 ... 2.66 0.75 AuroraMobile JG ... dd .89 –0.02 ... 121.23 85.80 CH Robinson CHRW 1.9 14 115.31 –1.81 .55 93.47 63.26 CognizantTech CTSH 1.7 15 64.70 –3.90 .27
9.95 9.81 A SPAC II ASCB ... ... 9.94 –0.01 ... 16.83 4.40 Allot ALLT ... dd 4.61 +0.04 ... 9.99 9.54 AuroraTechA ATAK ... ... 9.97 +0.01 ... 10.98 9.75 CIIGCapPtrsII CIIG ... dd 9.97 +0.01 ... 28.55 3.91 CognyteSoftware CGNT ... dd 4.82 +0.09 ...
0.13 0.06 A SPAC II Rt ASCBR ... ... .06 –0.01 ... 26.41 3.17 AlloVir ALVR ... dd 7.72 –0.02 ... 0.25 0.06 AuroraTechRt ATAKR ... ... .07 ... ... 3.86 1.44 CLPS CLPS ... 4 1.64 –0.01 ... 19.32 5.60 CoherusBioSci CHRS ... dd 11.89 –0.76 ...
14.27 4.84 AST Space ASTS ... dd 11.87 –0.42 ... 23.25 13.05 AllscriptsHlthcr MDRX ... 40 17.06 –0.11 ... 335.48 163.20 Autodesk ADSK ... 82 207.77 –14.82 ... 256.94 185.79 CME Group CME 2.0 24 196.35 –5.72 1.00 39.86 24.06 Cohu COHU ... 15 28.85 –0.24 ...
2.99 0.88 ATA Creativity AACG ... dd 2.47 –0.13 ... 236.80 117.58 AlnylamPharm ALNY ... dd 210.94 –5.03 ... 7.90 1.96 AutolusTherap AUTL ... dd 3.39 +0.05 ... 28.59 23.00 CNB FinPA CCNE 2.6 8 26.95 –1.08 .175 368.90 40.83 CoinbaseGlbl COIN ... dd 66.74 –7.32 ...
17.90 2.95 ATAI Life ATAI ... dd 4.68 +0.16 ... 69.99 27.10 Alpha&Omega AOSL ... 3 42.00 +0.16 ... 261.59 192.26 ADP ADP 1.7 36 250.48 –9.34 1.04 49.52 6.54 CompassPath CMPS ... dd 17.52 +1.75 ... 22.89 14.04 CollegiumPharm COLL ... dd 17.67 –0.15 ...
50.45 32.07 ATN Intl ATNI 1.4 dd 49.42 +0.04 .17 10.02 9.77 AlphaStarAcqn ALSA ... dd 10.02 +0.01 ... 11.59 1.05 AvadelPharm AVDL ... dd 6.83 +0.15 ... 38.92 10.18 CPI Card PMTS ... 12 19.58 –1.43 ... 158.42 97.39 ColliersIntl CIGI .2 81 121.12 –4.88 .15
9.37 3.06 AveoPharma AVEO ... dd 8.09 +0.21 ... 0.33 0.05 AlphaStarRt ALSAR ... ... .08 ... ... 10.50 9.83 AvalonAcqn AVAC ... 24 10.02 –0.01 ... 116.71 78.35 CRA Intl CRAI 1.3 17 94.46 –4.35 .31 23.00 6.51 Collplant CLGN ... dd 8.00 –1.72 ...
6.88 0.74 AVROBIO AVRO ... dd .97 –0.07 ... 28.64 4.23 AlphaTeknova TKNO ... dd 4.60 –0.15 ... 9.91 1.89 AveannaHealth AVAH ... dd 1.99 +0.05 ... 129.50 42.51 CRISPR Therap CRSP ... dd 67.37 –1.23 ... 19.59 13.84 ColonyBankcorp CBAN 3.0 11 14.21 –0.40.1075
9.99 4.97 AXT AXTI ... 25 9.14 +0.01 ... 151.55 101.88 Alphabet A GOOGL ... 21 110.34 –6.87 ... 10.80 3.88 AvePoint AVPT ... dd 4.74 –0.26 ... 66.58 45.23 CSG Systems CSGS 1.9 41 57.01 –2.58 .265 40.78 26.97 ColumbiaBanking COLB 3.9 11 30.93 –1.16 .30
24.00 12.54 Abcam ABCM ... cc 15.24 –0.25 ... 152.10 102.21 Alphabet C GOOG ... 21 111.30 –6.82 ... 36.93 23.88 AviatNetworks AVNW ... 18 32.60 –0.58 ... 9.98 6.61 CSP CSPI .0 46 8.00 –0.19 .03 22.86 17.10 ColumbiaFin CLBK ... 25 21.40 –0.95 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
22.63 5.42 AbCelleraBio ABCL ... 18 11.26 –0.18 ... 15.32 5.73 Alphatec ATEC ... dd 7.83 –0.53 ... 37.31 20.83 AvidTechnology AVID ... 23 24.22 –2.58 ... 145.50 96.03 CSW Industrials CSWI .5 28 131.45 –6.81 .17 107.50 68.29 ColumbiaSportswr COLM 1.6 14 73.28 –2.60 .30
379.30 219.85 Abiomed ABMD ... 54 258.12 –12.56 ... 14.40 6.00 AlpineImmune ALPN ... dd 8.00 –0.17 ... 29.25 10.89 AvidityBio RNA ... dd 21.94 +1.00 ... 38.63 27.60 CSX CSX 1.2 18 32.63 –1.20 .10 54.20 26.42 ColumbusMcKinn CMCO .9 21 32.35 –0.97 .07
21.93 2.93 Absci ABSI ... dd 4.18 +0.18 ... 10.40 9.80 AlsetCapAcqnA ACAX ... ... 9.90 –0.01 ... 27.44 5.86 AvidXchange AVDX ... dd 8.25 –0.17 ... 28.14 18.72 CVB Fin CVBF 2.8 19 26.96 –0.57 .19 61.80 36.57 Comcast A CMCSA 2.9 12 36.80 –1.88 .27
12.62 6.79 AbsoluteSftwr ABST 2.1 dd 12.06 +1.82.0622 82.96 48.20 AltairEngg ALTR ... dd 53.73 –1.04 ... 545.11 85.68 AvisBudget CAR ... 4 176.60 +6.09 ... 14.95 0.90 CabalettaBio CABA ... dd 1.90 +0.57 ... 74.72 61.81 CommerceBcshrs CBSH 1.5 18 70.64 –2.79 .265
7.54 3.30 AcaciaResearch ACTG ... 5 4.60 –0.09 ... 10.78 3.85 AltEnergyA AEAE ... 12 9.98 +0.02 ... 50.19 35.71 Avnet AVT 2.3 6 44.67 –0.38 .26 10.76 9.81 CactusAcqn1 A CCTS ... dd 10.04 +0.02 ... 10.84 5.23 CommVehicle CVGI ... 14 6.87 –0.48 ...
51.08 25.10 AcademySports ASO .7 6 44.37 –2.25 .075 19.62 3.83 Altimmune ALT ... dd 18.45 +1.29 ... 4.25 1.95 Aware AWRE ... dd 2.13 –0.07 ... 194.97 132.32 CadenceDesign CDNS ... 64 177.83 –10.21 ... 16.20 5.56 CommScope COMM ... dd 10.31 –0.43 ...
86.03 50.07 AcadiaHealthcare ACHC ... 27 82.64 +0.28 ... 14.58 8.68 AltisourcePortf ASPS ... 8 11.87 +0.19 ... 83.74 45.14 AxcelisTechs ACLS ... 16 72.29 –1.93 ... 119.81 35.10 CaesarsEnt CZR ... dd 44.31 –2.40 ... 46.30 38.20 CmntyTrBcp CTBI 4.1 10 43.09 –1.45 .44
49.47 4.61 Accolade ACCD ... dd 10.81 –0.78 ... 62.25 32.18 AltraIndlMotion AIMC .9 cc 40.01 –1.64 .09 4.40 1.35 AxcellaHealth AXLA ... dd 2.42 ... ... 13.82 8.20 Caesarstone CSTE 9.6 18 10.40 +0.10 .25 16.55 12.75 CommWestBcshs CWBC 2.1 9 14.10 +0.10 .075
9.94 9.69 AccretionAcqn ENER ... dd 9.89 –0.01 ... 14.04 5.20 Alvotech ALVO ... cc 8.80 +0.40 ... 209.00 82.49 AxonEnterprise AXON ... 63 122.24 –8.46 ... 59.95 34.29 Cal-MaineFoods CALM 5.5 20 54.84 –0.89 .749 84.22 53.87 CommVaultSys CVLT ... cc 55.52 –3.33 ...
0.37 0.06 AccretionAcqnRt ENERR ... ... .09 ... ... 25.03 13.48 AmalgamFin AMAL 1.8 11 22.77 –0.93 .10 79.81 38.41 Axonics AXNX ... dd 71.71 –1.03 ... 11.78 3.90 CalAmp CAMP ... dd 6.16 +0.02 ... 9.76 9.59 CompassDigitalAcqn CDAQ ... 68 9.75 +0.03 ...
5.93 1.70 Accuray ARAY ... dd 2.57 –0.25 ... 5.80 1.11 Amarin AMRN ... dd 1.27 –0.31 ... 71.98 20.63 AxsomeTherap AXSM ... dd 67.13 +7.58 ... 48.85 28.76 CalavoGrowers CVGW 2.7 dd 42.64 –2.21 1.15 10.69 4.72 CompoSecure CMPO ... 3 5.96 +0.13 ...
1.17 0.16 AcelRxPharm ACRX ... 1 .29 –0.02 ... 188.11 101.26 Amazon.com AMZN ... cc 130.75 –7.48 ... 14.95 0.70 AyalaPharm AYLA ... dd 1.66 +0.35 ... 24.00 16.98 CaliforniaBncp CALB ... 12 20.04 –0.67 ... 7.48 1.20 Compugen CGEN ... dd 1.23 –0.14 ...
10.03 9.82 AchariVenturesI AVHI ... 34 10.00 –0.03 ... 227.59 60.56 Ambarella AMBA ... dd 84.32 –1.93 ... 124.79 54.89 Azenta AZTA .7 dd 56.04 –1.59 .10 49.80 2.30 CalitheraBiosci CALA ... dd 3.27 –1.56 ... 37.62 26.11 ComputerPrograms CPSI ... 24 31.00 +0.01 ...
9.00 1.84 AchillesTherap ACHL ... dd 3.10 +0.01 ... 90.77 68.33 Amdocs DOX 1.8 20 86.33 –4.06 .395 B 32.24 12.55 CalliditasTherap CALT ... dd 16.01 –0.12 ... 10.38 7.55 ComputerTask CTG ... 8 7.80 –0.21 ...
19.97 9.26 AclarisTherap ACRS ... dd 16.46 –0.07 ... 188.88 101.61 Amedisys AMED ... 28 120.97 +2.92 ... 18.47 6.05 CalumetSpecialty CLMT ... dd 17.84 +1.10 ... 4.15 1.52 comScore SCOR ... dd 2.11 +0.11 ...
4.99 0.28 AcordaTherap ACOR ... dd .43 –0.02 ... 36.72 23.31 AmerantBncpA AMTB 1.4 9 26.51 –2.02 .09 17.40 9.95 BBQ Holdings BBQ ... 15 17.17 +0.01 ... 4.43 0.20 Calyxt CLXT ... dd .24 –0.03 ... 27.70 8.42 ComtechTel CMTL 3.3 dd 12.01 –0.13 .10
10.06 9.99 AcriCapitalA ACAC ... ... 10.00 ... ... 769.90 447.92 Amerco UHAL .0 10 553.21 –25.32 .50 20.71 14.20 BCB Bancorp BCBP 3.4 8 18.58 –1.21 .16 38.67 12.40 CambiumNtwks CMBM ... 82 19.56 –0.94 ... 208.48 121.60 Concentrix CNXC .8 15 130.70 –3.59 .25
86.90 56.40 ActivisionBliz ATVI .6 33 78.63 –1.64 .47 21.21 16.53 AmerFirstMultifam ATAX 7.7 7 19.10 –0.49 .20 12.69 3.50 BELLUS Health BLU ... dd 11.37 +0.25 ... 52.16 41.48 CamdenNational CAC 3.5 11 46.35 –2.16 .40 7.37 2.57 ConcertPharm CNCE ... dd 6.80 –0.04 ...
19.46 3.02 AcumenPharm ABOS ... dd 5.49 +0.71 ... 22.35 11.93 AmerAirlines AAL ... dd 13.74 –0.43 ... 5.64 3.00 BGC Partners BGCP 1.0 15 4.11 –0.04 .01 49.60 22.89 Camtek CAMT ... 19 28.12 –1.22 ... 7.50 3.71 Conduent CNDT ... 10 4.27 –0.09 ...
13.61 0.48 AcutusMedical AFIB ... dd 1.30 –0.08 ... 105.48 80.22 AEP AEP 3.1 20 101.82 –3.12 .78 47.20 20.15 BJsRestaurants BJRI ... dd 25.87 –0.80 ... 11.19 2.56 Canaan CAN ... 1 3.56 –0.12 ... 94.97 16.48 Confluent CFLT ... dd 28.35 –0.59 ...
18.30 1.22 Adagene ADAG ... ... 1.41 +0.12 ... 40.34 30.53 AmNtlBcsh AMNB 3.3 9 33.82 –1.35 .28 120.20 70.21 BOK Fin BOKF 2.3 12 91.03 –3.54 .53 47.69 22.15 CanadianSolar CSIQ ... 21 44.55 +2.54 ... 4.33 1.28 Conifer CNFR ... dd 1.86 –0.07 ...
78.82 2.41 AdagioTherap ADGI ... dd 4.59 +0.39 ... 28.14 7.10 AmOutdoorBrands AOUT ... dd 8.00 –0.69 ... 45.36 17.08 BRP Group BRP ... dd 32.18 +0.15 ... 14.78 2.81 CandelTherap CADL ... dd 3.37 –0.09 ... 25.25 0.56 ConnectBiopharma CNTB ... dd 1.48 +0.11 ...
6.86 1.26 AdaptimmuneTher ADAP ... dd 2.09 –0.02 ... 27.18 10.50 AmericanPubEdu APEI ... dd 10.84 –1.30 ... 102.96 57.38 BRP DOOO .7 11 72.79 –5.71.1281 10.10 9.78 Canna-GlobalA CNGL ... dd 10.07 +0.01 ... 37.00 23.18 ConnectOneBncp CNOB 2.4 8 26.14 –1.40 .155
40.00 5.96 AdaptiveBiotech ADPT ... dd 10.48 –0.05 ... 33.27 15.02 AmerSoftware AMSWA 2.6 49 16.94 –1.81 .11 91.24 41.20 B RileyFin RILY 7.7 dd 51.95 –4.11 1.00 13.35 1.75 Canoo GOEV ... dd 3.49 –0.17 ... 28.00 7.79 Conn's CONN ... 5 10.90 –0.57 ...
108.11 68.57 AddusHomeCare ADUS ... 33 89.99 –6.24 ... 19.36 4.23 AmerSupercond AMSC ... dd 5.48 +0.01 ... 11.96 3.95 BTRS BTRS ... dd 6.61 –0.44 ... 17.72 2.13 CanopyGrowth CGC ... dd 3.84 +0.02 ... 69.31 34.81 ConsensusCloud CCSI ... 12 53.84 +0.74 ...
21.17 6.75 AdicetBio ACET ... dd 14.35 +0.05 ... 82.88 40.70 AmericanWoodmark AMWD ... dd 47.82 –3.31 ... 36.50 4.81 Backblaze BLZE ... dd 7.55 +0.05 ... 13.25 4.28 Cantaloupe CTLP ... cc 5.69 –0.40 ... 10.50 9.69 Consilium I A CSLM ... dd 9.89 +0.02 ...
699.54 338.00 Adobe ADBE ... 37 381.02 –44.04 ... 130.88 72.50 AmerCarMart CRMT ... 7 84.09 +4.61 ... 182.60 101.62 Baidu BIDU ... dd 147.71 +18.58 ... 32.92 15.14 CanterburyPark CPHC 1.3 8 21.90 +0.38 .07 9.70 4.51 ConsldComm CNSL ... dd 6.16 –0.09 ...
8.00 3.81 AdvEmissions ADES ... 3 4.03 –2.38 ... 56.64 38.22 AmerisBancorp ABCB 1.2 10 48.26 –1.51 .15 39.78 22.30 BakerHughes BKR 2.8 dd 26.13 +0.97 .18 28.16 20.94 CapitalBancorp CBNK .8 8 25.39 –0.80 .06 16.54 9.01 ConsldWater CWCO 2.1 45 16.33 +0.43 .085
98.07 67.55 AdvEnergyInds AEIS .4 24 90.63 –4.48 .10 4.52 3.68 AmeriServFin ASRV 3.1 9 3.93 –0.02 .03 174.29 110.15 Balchem BCPC .5 41 138.00 ... .64 33.92 22.02 CapitalCityBank CCBG 1.9 17 33.36 –0.16 .16 83.23 38.00 ConstellationEner CEG .7 dd 80.83 –0.01 .141
164.46 71.60 AdvMicroDevices AMD ... 38 91.18 –4.77 ... 258.45 198.64 Amgen AMGN 3.2 20 240.65 –10.21 1.94 19.66 5.75 BallardPower BLDP ... dd 7.99 +0.46 ... 19.65 12.04 CapitalProduct CPLP 4.0 3 15.17 +0.26 .15 44.99 18.89 ConstructionPtrs ROAD ... 98 30.38 +0.17 ...
9.49 3.31 AdvantageSolns ADV ... 17 3.85 –0.32 ... 12.96 5.91 AmicusTherap FOLD ... dd 11.30 –0.55 ... 118.07 53.77 BancFirst BANF 1.3 23 110.00 –5.99 .36 28.41 17.79 CapitalSouthwest CSWC 9.5 17 20.36 –0.25 .50 15.47 5.17 ConsumerPtfo CPSS ... 4 12.40 –1.04 ...
2.57 0.80 AdverumBiotech ADVM ... dd 1.17 –0.10 ... 29.50 14.89 AmkorTech AMKR 1.0 7 20.87 –1.05 .05 110.60 15.00 Bandwidth BAND ... dd 17.16 –0.87 ... 10.50 9.80 CapitalworksEMA CMCA ... ... 10.08 +0.02 ... 7.75 1.20 ContextLogic WISH ... dd 1.27 –0.18 ...
8.50 0.37 AegleaBioTherap AGLE ... dd .52 –0.39 ... 44.46 17.56 AmphastarPharm AMPH ... 17 31.01 –2.75 ... 51.39 34.79 BankOZK OZK 3.1 10 41.29 –1.50 .32 12.79 8.77 CapitolFedFin CFFN 3.6 15 9.41 –0.50 .085 161.12 102.21 Copart CPRT ... 27 122.37 –5.87 ...
23.33 4.45 Aemetis AMTX ... dd 9.49 +0.48 ... 12.45 5.61 AmrytPharma AMYT ... dd 7.61 –0.01 ... 32.05 26.57 BankofPrinceton BPRN 3.4 8 29.50 –0.30 .25 22.74 18.63 CapStarFin CSTR 1.9 10 20.66 –1.01 .10 14.98 1.40 CoreScientific CORZ ... dd 2.37 –0.13 ...
17.21 4.81 AeriePharm AERI ... dd 15.09 +4.10 ... 15.78 6.66 AmtechSystems ASYS ... 12 11.77 –0.23 ... 27.28 19.51 Bank7 BSVN 2.0 9 24.17 –1.17 .12 18.93 7.40 CaraTherap CARA ... dd 10.64 –0.62 ... 8.03 2.65 CorMedix CRMD ... dd 3.73 –0.18 ...
27.83 7.74 AerovateTherap AVTE ... dd 20.64 –0.69 ... 33.41 6.51 AmylyxPharm AMLX ... dd 26.31 +1.45 ... 12.79 9.18 BankFinancial BFIN 4.0 17 10.01 –0.04 .10 37.58 13.41 CardiovascularSys CSII ... dd 13.97 –1.18 ... 30.77 12.23 CorsairGaming CRSR ... dd 15.84 –0.07 ...
114.11 52.03 AeroVironment AVAV ... dd 97.12 –5.50 ... 16.31 1.47 Amyris AMRS ... dd 3.16 +0.28 ... 36.87 28.25 BankwellFin BWFG 2.5 7 32.20 –1.56 .20 99.47 11.96 Cardlytics CDLX ... dd 14.01 –1.72 ... 213.38 129.19 Corvel CRVL ... 43 158.45 –13.03 ...
10.60 9.95 AestherHlthcrA AEHA ... dd 10.17 –0.04 ... 191.95 138.50 AnalogDevices ADI 1.9 44 158.67 –9.33 .76 66.79 50.02 Banner BANR 2.9 11 61.59 –2.35 .44 8.90 3.00 Carecloud MTBC ... dd 3.04 –0.54 ... 9.54 0.75 CorvusPharm CRVS ... dd .99 –0.11 ...
4.64 1.17 AestheticMed AIH ... ... 2.07 +0.01 ... 37.89 18.20 AnaptysBio ANAB ... dd 23.60 –1.63 ... 25.05 5.41 Baozun BZUN ... dd 8.53 +0.08 ... 81.45 19.35 CareDx CDNA ... dd 20.87 +0.11 ... 101.05 49.00 CoStar CSGP ... 84 70.32 –1.42 ...
9.97 9.72 AetheriumAcqnA GMFI ... dd 9.94 ... ... 23.73 7.13 AnavexLifeSci AVXL ... dd 9.69 –0.39 ... 86.82 57.76 BarrettBus BBSI 1.5 14 81.69 –4.06 .30 11.00 3.45 CareMax CMAX ... dd 7.45 +0.22 ... 612.27 406.51 Costco COST .7 42 531.82 –22.71 .90
7.35 2.23 Affimed AFMD ... dd 2.71 –0.30 ... 59.00 28.13 Andersons ANDE 1.8 11 40.12 +1.30 .18 24.12 13.16 BassettFurniture BSET 3.0 25 19.22 –1.38 .16 50.03 18.11 CarGurus CARG ... dd 19.20 –0.13 ... 52.26 11.68 Couchbase BASE ... dd 16.42 –0.08 ...
176.65 13.64 AffirmHldgs AFRM ... dd 24.57 –6.35 ... 33.13 2.51 Anghami ANGH ... dd 2.99 –0.13 ... 23.54 17.11 BayCom BCML 1.0 10 19.25 –0.44 .05 32.65 4.89 CaribouBio CRBU ... dd 10.23 +0.17 ... 10.08 9.91 CounterPressA CPAQ ... dd 10.05 +0.04 ...
22.80 8.73 Afya AFYA ... 18 12.80 +0.44 ... 14.92 3.47 Angi ANGI ... dd 4.31 –0.31 ... 65.30 45.71 BeaconRoof BECN ... 12 58.12 –3.28 ... 4.75 0.38 CarLotz LOTZ ... dd .44 –0.04 ... 270.79 50.54 CoupaSoftware COUP ... dd 58.65 –9.12 ...
58.49 31.49 Agilysys AGYS ... cc 50.73 –1.74 ... 32.00 17.56 AngioDynamics ANGO ... dd 22.64 –0.72 ... 116.91 27.77 BeamTherap BEAM ... dd 56.26 +2.97 ... 60.62 30.01 Carlyle CG 3.9 6 33.09 –0.47 .325 34.80 17.23 CovenantLogist CVLG .9 7 31.85 –0.80 .08
50.98 16.75 AgiosPharm AGIO ... dd 26.80 +1.25 ... 13.66 0.98 AngionBiomed ANGN ... dd 1.02 ... ... 2.88 1.20 BeasleyBroadcast BBGI ... dd 1.22 –0.08 ... 14.96 12.14 CarlyleSecured CGBD 9.4 7 14.40 +0.16 .06 23.75 13.39 Covetrus CVET ... dd 20.84 +0.02 ...
34.74 3.80 Agora API ... dd 4.44 +0.24 ... 45.81 19.95 AnikaTherap ANIK ... dd 23.00 –0.04 ... 30.06 4.38 BedBath BBBY ... dd 10.70 –0.33 ... 18.58 5.90 CarParts.com PRTS ... dd 6.99 –1.17 ... 39.93 21.36 Cowen COWN 1.2 8 38.56 ... .12
2.44 1.52 AgroFresh AGFS ... dd 1.63 –0.16 ... 23.61 2.06 Annexon ANNX ... dd 5.46 –0.02 ... 426.56 118.18 BeiGene BGNE ... dd 181.09 +6.25 ... 4.43 1.28 CarrolsRestr TAST ... dd 2.25 –0.12 ... 149.88 81.87 CrackerBarrel CBRL 4.7 19 110.44 +1.19 1.30
10.05 9.76 AhrenAcqnA AHRN ... 45 10.02 +0.03 ... 10.06 6.97 AnthemisDigA ADAL ... cc 10.04 ... ... 32.46 13.14 BelFuse A BELFA .8 12 30.42 –0.23 .06 17.99 11.80 CarterBkshrs CARE ... 12 17.04 –0.14 ... 9.39 6.15 CreativeMedia CMCT 4.8 dd 7.03 ... .085
43.05 14.01 AirT AIRT ... 5 17.39 +0.78 ... 69.98 27.50 ApellisPharm APLS ... dd 55.83 –9.09 ... 28.25 11.58 BelFuse B BELFB 1.0 10 26.70 –0.94 .07 11.20 9.90 CartesianGrwIIA RENE ... ... 10.04 +0.02 ... 703.27 452.48 CreditAcceptance CACC ... 10 558.50 –36.62 ...
34.54 23.68 AirTransport ATSG ... 12 30.97 +0.01 ... 50.45 33.88 ApogeeEnt APOG 2.1 62 42.23 –2.58 .22 13.06 7.10 Benefitfocus BNFT ... dd 7.49 –0.11 ... 10.10 9.80 CarticaAcqnA CITE ... ... 10.07 –0.01 ... 18.00 8.61 CredoTech CRDO ... dd 13.85 –0.75 ...
212.58 86.71 Airbnb ABNB ... 62 112.82 –1.94 ... 10.39 3.49 ApolloEnd APEN ... dd 5.76 –0.26 ... 71.92 26.32 BentleySystems BSY .3 cc 37.29 –1.68 .03 7.45 3.39 CasaSystems CASA ... dd 3.90 –0.27 ... 21.48 15.06 CrescentCapBDC CCAP 9.4 12 17.48 –0.22 .41
18.48 5.79 AirSculptTech AIRS .0 dd 8.95 –1.26 .41 139.99 79.92 AppFolio APPF ... dd 105.00 –2.03 ... 37.86 3.66 BerkeleyLights BLI ... dd 3.92 –0.19 ... 9.95 9.63 CascadiaAcqnA CCAI ... 29 9.84 ... ... 10.03 9.79 CresceraCapA CREC ... 23 10.00 ... ...
123.25 85.90 AkamaiTech AKAM ... 26 92.04 –5.00 ... 8.85 2.40 AppHarvest APPH ... dd 2.99 –0.11 ... 9.22 1.40 BerkshireGrey BGRY ... dd 2.15 –0.09 ... 92.75 63.90 CasellaWaste CWST ... 90 82.14 –2.65 ... 9.80 4.18 Cresud CRESY ... 2 6.58 +0.65 ...
3.35 0.30 AkebiaTherap AKBA ... dd .38 –0.01 ... 115.68 38.78 Appian APPN ... dd 47.53 –0.62 ... 1.62 0.18 BerkshireGreyWt BGRYW ... ... .24 –0.06 ... 222.40 170.82 CaseysGenStores CASY .7 24 217.20 –4.70 .38 36.61 5.88 Cricut CRCT ... 18 6.29 –0.04 ...
182.94 129.04 Apple AAPL .6 27 163.62 –7.90 .23 12.85 5.42 Berry(bry) BRY 2.5 cc 9.73 +0.25 .56 46.26 31.85 CassInfoSys CASS 3.0 17 37.29 –1.30 .28 28.95 15.91 CrineticsPharm CRNX ... dd 19.52 –1.82 ...
34.20 0.85 AppliedBlockchn APLD ... dd 2.06 +0.09 ... 123.17 20.50 BeyondMeat BYND ... dd 24.79 –4.38 ... 78.58 15.58 CastleBiosci CSTL ... dd 30.94 –0.94 ... 43.49 20.56 Criteo CRTO ... 21 27.36 +0.04 ...
3.69 0.35 AppliedGenetic AGTC ... dd .43 +0.03 ... 62.08 12.08 BicycleTherap BCYC ... dd 25.21 –1.46 ... 48.88 37.37 CathayGenBncp CATY 3.1 11 43.43 –1.43 .34 10.40 9.71 CrixusBH3 A BHAC ... 16 9.90 –0.02 ...
Nasdaq Issues includes stocks traded on the Nasdaq 167.06 82.67 ApplMaterials AMAT 1.1 13 98.80 –5.83 .26 47.65 10.39 Big5SportingGds BGFV 8.1 4 12.36 –0.33 .25 327.24 179.47 CavcoIndustries CVCO ... 10 247.94 –24.74 ... 183.88 46.08 Crocs CROX ... 9 77.11 +4.26 ...
Global Select and Nasdaq Global Market tiers. They are 33.28 1.46 AppliedMolecular AMTI ... dd 1.53 –0.13 ... 64.14 12.71 BigCommerce BIGC ... dd 17.32 –1.04 ... 10.80 4.09 CECO Env CECE ... 51 10.37 +0.79 ... 6.79 2.57 Cronos CRON ... dd 3.13 +0.19 ...
eligible for inclusion on the basis of SEC-approved 8.86 1.48 AppliedOptoelec AAOI ... dd 2.56 +0.04 ... 93.47 14.93 Bilibili BILI ... dd 25.24 +2.68 ... 13.24 4.10 CellebriteDI CLBT ... 6 4.80 –0.09 ... 30.51 15.26 CrossCtyHlthcr CCRN ... 4 25.61 +1.16 ...
market value of publicly-held shares, trading volume, 19.14 0.73 AppliedTherap APLT ... dd 1.48 ... ... 543.85 318.07 Bio-Techne TECH .4 51 338.74 –16.09 .32 15.50 2.30 Cellectis CLLS ... dd 3.11 –0.31 ... 16.50 11.81 CrossFirstBkshs CFB ... 9 13.76 –0.73 ...
price and number of market-makers. 116.09 25.44 Applovin APP ... dd 25.75 –1.18 ... 42.28 2.01 BioAtla BCAB ... dd 9.08 –0.32 ... 5.32 1.51 CelyadOncology CYAD ... dd 1.99 +0.08 ... 298.48 130.00 CrowdStrike CRWD ... dd 194.56 +4.04 ...
August 29, 2022 BARRON’S 43
113.98 58.52 Diodes DIOD ... 12 75.39 –4.22 ... 12.45 5.89 FiestaRestaurant FRGI ... dd 6.67 –0.51 ... 10.30 9.69 GlblTechAcqnI GTAC ... 20 10.04 +0.03 ... 55.98 24.94 IES Holdings IESC ... 17 30.96 –2.12 ... 25.57 14.70 KaratPkg KRT ... 17 18.65 +0.07 ...
57.80 33.92 DistributionSoln DSGR ... 41 42.56 –3.87 ... 50.64 31.80 FifthThirdBncp FITB 3.4 11 34.95 –1.59 .30 20.76 12.54 GlobalWaterRscs GWRS 2.1 65 13.79 –0.51.0246 76.20 12.67 IGM Biosci IGMS ... dd 18.42 –3.52 ... 278.25 92.26 KarunaTherap KRTX ... dd 260.13 –3.14 ...
18.17 6.09 Diversey DSEY ... dd 6.61 –0.35 ... 34.43 24.44 FinInstitutions FISI 4.4 6 26.47 –1.34 .29 79.49 36.81 GlobalFoundries GFS ... 68 60.65 –0.55 ... 75.05 45.78 II-VI IIVI ... 36 51.89 –3.96 ... 14.73 4.00 KaryopharmTherap KPTI ... dd 5.12 –0.35 ...
3.98 1.57 DiversifiedHlthcr DHC 2.5 1 1.59 –0.18 .01 10.03 9.75 FinStrategiesA FXCO ... 14 9.98 –0.04 ... 10.00 9.77 GlobalinkInvt GLLI ... dd 10.00 +0.04 ... 80.88 5.59 I-Mab IMAB ... dd 6.00 –0.01 ... 7.75 1.00 Katapult KPLT ... 25 1.10 –0.22 ...
6.98 1.08 DixieGroup DXYN ... dd 1.10 –0.19 ... 0.28 0.07 FinStrategiesRt FXCOR ... ... .07 ... ... 0.31 0.08 GlobalinkInvtRt GLLIR ... ... .18 +0.02 ... 82.94 55.92 IndusRealty INDT 1.0 37 63.37 –0.61 .16 13.89 10.59 KearnyFinancial KRNY 3.7 12 11.76 –0.54 .11
73.43 15.19 dLocal DLO ... 89 26.19 –2.60 ... 17.39 1.71 FinchTherap FNCH ... dd 2.53 +0.01 ... 2.50 0.51 GlycoMimetics GLYC ... dd .86 +0.01 ... 9.50 1.75 IN8bio INAB ... dd 1.96 +0.12 ... 23.00 15.89 KellyServices A KELYA 1.8 11 17.04 –1.08 .075
92.75 25.09 Docebo DCBO ... dd 29.39 –2.05 ... 10.67 9.75 FinnovateAcqnA FNVT ... dd 10.07 +0.06 ... 23.69 11.73 Gogo GOGO ... 8 16.30 –0.63 ... 17.88 3.40 IO Biotech IOBT ... dd 3.72 +0.17 ... 26.64 16.63 KellyServices B KELYB 1.8 11 17.00 –1.04 .075
314.70 55.86 DocuSign DOCU ... dd 58.02 –7.90 ... 10.55 9.82 FintechEcoA FEXD ... cc 10.09 +0.06 ... 17.59 3.92 Gogoro GGR ... dd 4.88 –0.21 ... 180.54 82.68 IPG Photonics IPGP ... 19 94.01 –5.39 ... 10.80 4.00 KemPharm KMPH ... dd 5.83 +0.26 ...
8.98 1.43 Dogness DOGZ ... 24 1.43 –0.23 ... 0.28 0.07 FintechEcoRt FEXDR ... ... .08 –0.01 ... 6.21 0.46 GoHealth GOCO ... dd .48 –0.03 ... 30.26 17.80 i3Verticals IIIV ... dd 24.53 +0.91 ... 8.69 6.95 KY FirstFedBncp KFFB 5.0 32 7.99 +0.28 .10
177.19 84.26 DollarTree DLTR ... 20 138.70 –28.98 ... 21.86 8.78 FinWiseBancorp FINW ... ... 10.93 ... ... 30.66 10.65 GolarLNG GLNG ... 8 29.35 +1.29 ... 19.35 8.37 IVERICbio ISEE ... dd 9.75 –2.90 ... 68.29 24.38 KerosTherap KROS ... dd 36.35 +0.08 ...
95.50 19.80 Domo DOMO ... dd 20.69 –7.76 ... 24.73 11.68 FirstAdvantage FA ... 38 14.65 –0.46 ... 59.96 37.21 GoldenEnt GDEN ... 12 40.90 –0.09 ... 9.95 9.68 IXAcqnA IXAQ ... 19 9.91 +0.02 ... 41.31 32.44 KeurigDrPepper KDP 1.9 25 38.62 –1.34.1875
17.13 13.09 DonegalGroup A DGICA 4.4 cc 14.92 –0.59 .165 50.92 32.90 FirstBancorpNC FBNC 2.4 11 37.08 –1.65 .22 16.46 7.59 GoldenOcean GOGL27.3 3 10.44 –0.05 .60 58.50 47.17 IcahnEnterprises IEP 15.5 dd 51.76 +0.20 2.00 20.48 12.07 KewauneeSci KEQU ... dd 19.73 +0.33 ...
17.80 12.00 DonegalGroup B DGICB 3.9 cc 15.20 –0.35.1475 36.80 26.97 FirstBancorp FNLC 4.6 9 29.66 –1.28 .34 16.23 12.62 GolubCapital GBDC 8.6 11 13.92 +0.09 .30 51.98 21.08 Ichor ICHR ... 15 33.30 –1.51 ... 7.00 4.24 KeyTronic KTCC ... 11 4.95 –0.29 ...
32.61 15.83 DorchesterMnls DMLP 6.6 10 29.05 +0.80.7539 42.89 26.95 FirstBancshares FBMS 2.5 10 30.27 –1.23 .19 48.05 5.62 GoodRx GDRX ... dd 6.11 +0.11 ... 7.63 0.43 iClickInteract ICLK ... dd .47 –0.11 ... 10.30 9.64 KeyarchAcqn KYCH ... ... 9.86 –0.03 ...
122.96 88.44 DormanProducts DORM ... 21 94.56 –12.42 ... 16.76 12.61 FirstBank FRBA 1.6 9 15.40 –0.97 .06 24.89 10.33 Goodyear GT ... 4 14.62 –0.21 ... 313.00 196.34 Icon ICLR ... 85 213.46 –20.22 ... 0.64 0.08 KeyarchAcqnRt KYCHR ... ... .16 –0.02 ...
18.50 8.31 DoubleDown DDI ... 19 9.58 +0.39 ... 29.73 21.66 FirstBusey BUSE 3.9 12 23.72 –0.86 .23 181.30 39.00 GooseheadIns GSHD ... cc 55.17 –6.40 ... 41.98 4.00 Icosavax ICVX ... dd 5.21 –1.12 ... 18.55 4.31 KezarLifeSci KZR ... dd 9.69 –0.44 ...
4.56 1.11 DouYuIntl DOYU ... dd 1.28 ... ... 36.58 26.57 FirstBusFinSvcs FBIZ 2.3 8 33.78 –2.18.1975 12.14 5.25 GoPro GPRO ... 3 6.10 –0.31 ... 27.02 6.43 iHeartMedia IHRT ... 16 8.94 –0.62 ... 81.47 54.67 Kforce KFRC 2.1 14 56.21 –2.62 .30
64.58 9.77 DraftKings DKNG ... dd 16.53 –1.61 ... 947.71 598.01 FirstCitizBcshA FCNCA .2 15 813.77 –26.01 .47 9.90 9.60 GoresIX A GHIX ... ... 9.70 +0.04 ... 17.50 2.83 IkenaOncology IKNA ... dd 4.84 –0.22 ... 30.61 16.66 KimballElec KE ... 18 21.95 –1.39 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
23.09 9.60 DreamFinders DFH ... 7 11.83 –0.21 ... 36.73 26.51 FstCmntyBcsh FCBC 3.6 13 32.36 –1.44 .29 15.20 5.64 GossamerBio GOSS ... dd 13.65 –0.40 ... 477.16 173.45 Illumina ILMN ... dd 205.37 +2.62 ... 12.79 7.49 KimballIntl B KBAL 4.5 dd 8.01 –0.36 .09
34.62 24.62 DrivenBrands DRVN ... dd 31.47 –1.49 ... 4.89 3.23 FirstEagleAltCap FCRD13.4 dd 3.28 –0.02 .11 17.15 2.26 Grab GRAB ... 12 3.05 –0.39 ... 35.68 11.56 ImagoBioSci IMGO ... dd 15.73 –2.66 ... 45.50 29.05 Kinetik KNTK 8.2 dd 36.75 –2.69 .75
32.59 19.07 Dropbox DBX ... 25 22.05 –1.39 ... 26.83 18.75 FirstFinBncpOH FFBC 4.1 11 22.29 –1.07 .23 15.00 1.68 GracellBiotech GRCL ... dd 2.79 –0.59 ... 5.10 0.97 Imara IMRA ... dd 1.21 +0.07 ... 36.31 2.50 KingsoftCloud KC ... dd 3.57 +0.62 ...
50.90 12.02 DuckCreekTech DCT ... dd 12.05 –1.10 ... 55.00 37.47 FirstFinBkshs FFIN 1.6 27 43.69 –2.46 .17 102.04 70.00 GrandCanyonEduc LOPE ... 15 84.34 –1.55 ... 8.17 1.01 iMediaBrands IMBI ... dd 1.10 –0.63 ... 15.25 7.36 KiniksaPharm KNSA ... dd 12.22 +0.57 ...
17.25 8.92 DuluthHoldings DLTH ... 11 8.99 –0.82 ... 49.00 38.51 FirstFinIN THFF 2.3 10 47.22 –1.76 .54 21.06 2.07 GraphiteBio GRPH ... dd 3.72 +0.15 ... 9.78 4.28 Immersion IMMR ... 23 5.62 +0.33 ... 26.05 7.18 KinnateBio KNTE ... dd 13.66 –1.15 ...
205.00 60.50 Duolingo DUOL ... dd 93.27 –2.43 ... 17.95 14.62 FirstFinNW FFNW 3.1 12 15.24 –0.34 .12 4.50 0.72 GraybugVision GRAY ... dd 1.00 +0.03 ... 33.25 3.74 Immuneering IMRX ... dd 6.03 –0.66 ... 27.22 2.98 Kirkland's KIRK ... 5 4.21 –0.81 ...
17.89 4.30 DyneTherap DYN ... dd 10.39 –1.11 ... 29.41 18.31 FirstFoundation FFWM 2.2 8 19.70 –1.16 .11 21.96 12.01 GreatElmCap GECC14.9 dd 12.12 –0.03 .45 14.50 2.52 Immunic IMUX ... dd 4.69 –0.40 ... 27.50 2.50 Knightscope KSCP ... ... 2.69 –0.36 ...
E 29.65 16.69 FirstGuarBcshs FGBI 2.7 9 23.40 –1.88 .16 2.63 1.40 GreatElm GEG ... dd 2.17 –0.06 ... 12.34 2.60 ImmunityBio IBRX ... dd 4.09 +0.12 ... 29.50 13.78 KnowBe4 KNBE ... cc 19.62 +0.02 ...
31.16 21.21 FirstHawaiian FHB 4.0 14 26.32 –0.59 .26 16.27 9.39 GreatLakesDredge GLDD ... 15 9.99 –0.23 ... 56.90 18.43 Immunocore IMCR ... dd 53.51 +1.50 ... 131.97 4.90 KodiakSciences KOD ... dd 11.15 +0.69 ...
8.84 5.00 EDAP TMS EDAP ... cc 8.80 +1.51 ... 53.56 28.05 FirstInternetBncp INBK .7 8 36.78 –2.05 .06 63.95 50.30 GreatSouthernBncp GSBC 2.7 11 60.14 –2.57 .40 7.77 3.10 Immunogen IMGN ... dd 5.89 +0.16 ... 181.38 20.40 KornitDigital KRNT ... dd 30.31 –1.46 ...
10.75 9.85 EsgenAcqnA ESAC ... 21 10.09 ... ... 45.39 32.40 FirstInterBanc FIBK 4.1 22 40.21 –0.96 .41 44.27 26.09 GreenPlains GPRE ... dd 37.96 +0.36 ... 8.10 3.51 ImmunoPrecise IPA ... dd 5.98 –0.18 ... 44.87 32.78 KraftHeinz KHC 4.2 31 38.11 –0.42 .40
19.48 14.79 ESSA Bancorp ESSA 3.1 10 19.35 +0.23 .15 46.12 34.07 FirstMerchants FRME 3.1 12 40.64 –1.76 .32 16.02 11.05 GreenPlainsPtrs GPP 13.5 8 13.31 –0.18 .45 9.54 3.15 Immunovant IMVT ... dd 5.93 –0.28 ... 25.12 12.32 KratosDefense KTOS ... dd 13.30 –1.45 ...
33.86 20.07 EVO Payments EVOP ... cc 33.28 –0.19 ... 45.84 35.05 FirstMidBcshs FMBH 2.5 10 36.24 –2.42 .23 10.10 9.78 GreenVisorI A GVCI ... 19 10.10 +0.01 ... 5.00 1.85 Immutep IMMP ... dd 2.02 –0.05 ... 19.55 11.86 KrispyKreme DNUT 1.2 dd 11.94 –0.25 .035
24.74 18.69 EagleBncpMT EBMT 2.8 12 19.45 +0.05.1375 23.77 14.50 FirstNWBncp FNWB 1.7 10 16.37 –0.11 .07 519.04 2.40 GreenidgeGen GREE ... dd 2.62 –0.42 ... 34.75 5.72 ImpelPharm IMPL ... dd 7.47 +0.18 ... 25.01 2.96 KronosBio KRON ... dd 3.94 –0.32 ...
78.75 36.21 EagleBulkShip EGLE18.8 2 46.86 –0.91 2.20 126.17 59.60 FirstSolar FSLR ... 69 121.75 +6.34 ... 61.80 2.68 Greenlane GNLN ... dd 2.74 –0.39 ... 99.00 39.74 Impinj PI ... dd 92.75 –1.11 ... 102.99 38.86 KrystalBiotech KRYS ... dd 70.32 –5.95 ...
58.25 33.72 EaglePharm EGRX ... 20 35.93 –1.88 ... 52.70 42.29 1stSource SRCE 2.6 10 48.74 –2.38 .32 15.80 1.91 GreenLightBio GRNA ... dd 3.30 –0.21 ... 100.00 50.50 InariMedical NARI ... dd 71.63 –3.42 ... 75.29 37.35 Kulicke&Soffa KLIC 1.5 5 44.02 –3.46 .17
23.14 0.67 Eargo EAR ... dd 1.89 –0.52 ... 24.50 16.55 FirstUnited FUNC 3.3 5 18.45 –0.37 .15 8.55 6.51 GreenlightCapRe GLRE ... 17 8.10 +0.09 ... 90.00 3.26 Incannex IXHL ... dd 4.31 –1.14 ... 21.19 10.41 KuraOncology KURA ... dd 14.16 –1.11 ...
93.51 61.65 EastWestBncp EWBC 2.2 11 73.94 –2.40 .40 25.46 11.57 FirstWatchRest FWRG ... cc 18.06 –0.44 ... 15.90 7.92 Grifols GRFS ... ... 7.96 –0.47 ... 0.27 0.08 InceptionGrowthRt IGTAR ... ... .09 ... ... 96.60 30.95 KuraSushiUSA KRUS ... dd 84.25 +0.19 ...
22.35 17.98 EasternBankshares EBC 2.0 20 20.08 –0.99 .10 34.20 25.83 FirstWesternFin MYFW ... 13 27.11 –1.29 ... 28.98 12.83 GrindrodShipping GRIN 16.4 5 20.50 +0.08 .84 84.86 61.91 Incyte INCY ... 17 71.48 –3.06 ... 69.12 13.15 KymeraTherap KYMR ... dd 31.05 –0.95 ...
28.32 19.00 Eastern EML 2.2 8 20.13 –0.71 .11 97.04 58.30 FirstCash FCFS 1.7 20 77.82 –0.52 .33 14.42 1.71 Gritstone GRTS ... dd 3.50 –0.69 ... 93.52 68.93 IndependentBank INDB 2.6 22 79.89 –5.77 .51 L
2.87 0.37 EbangIntl EBON ... 22 .49 –0.03 ... 5.75 1.36 FirsthandTechVal SVVC ... dd 1.50 +0.03 ... 46.37 21.01 GroceryOutlet GO ... 70 39.11 –2.97 ... 26.00 17.87 IndepBankMI IBCP 4.2 8 20.93 –0.87 .22
81.19 40.52 eBay EBAY 2.0 dd 44.53 –2.54 .22 202.78 112.64 FirstService FSV .6 46 128.21 –5.92.2025 31.15 8.78 Groupon GRPN ... dd 10.11 –0.87 ... 79.66 62.82 IndependentBank IBTX 2.2 14 69.10 –4.60 .38 10.19 9.72 LamfGlbI A LGVC ... dd 10.00 –0.01 ...
44.42 12.50 Ebix EBIX 1.2 11 24.15 +0.14 .075 118.99 87.03 Fiserv FISV ... 34 103.83 –5.65 ... 10.30 9.60 GrowthforGoodA GFGD ... dd 9.82 +0.01 ... 28.66 8.01 IndLogistics ILPT .5 dd 8.01 –0.79 .01 10.07 9.83 LavaMedtech LVAC ... 7 10.05 +0.03 ...
30.90 18.10 EchoStar SATS ... 26 19.10 –0.25 ... 221.99 109.49 FiveBelow FIVE ... 27 127.14 –8.84 ... 0.25 0.07 GrowthforGoodRt GFGDR ... ... .12 –0.02 ... 10.04 9.83 IndlTechII A ITAQ ... 67 9.95 –0.06 ... 8.38 2.28 LavaTherap LVTX ... ... 2.51 –0.02 ...
22.98 5.41 EdgewiseTherap EWTX ... dd 9.81 –1.15 ... 49.50 11.50 5EAdvMatls FEAM ... ... 15.83 –0.53 ... 63.06 44.86 GrAeroportuario OMAB 6.7 16 55.57 +1.71.4944 9.86 4.67 Infinera INFN ... dd 5.78 +0.19 ... 10.09 9.86 LFCapAcqnIIA LFAC ... dd 10.03 –0.01 ...
5.55 1.95 Edgio EGIO ... dd 3.65 +0.04 ... 186.46 80.52 Five9 FIVN ... dd 100.35 –9.08 ... 44.60 33.01 GuarantyBcshrs GNTY 2.5 11 35.26 –1.40 .22 3.89 0.46 InfinityPharm INFI ... dd 1.47 +0.01 ... 165.91 71.73 LGI Homes LGIH ... 6 96.59 –5.76 ...
73.03 9.59 EditasMedicine EDIT ... dd 14.83 +0.11 ... 33.98 21.91 FiveStarBncp FSBC 2.4 10 25.10 –0.12 .15 133.82 27.65 GuardantHealth GH ... dd 50.27 +2.51 ... 5.69 0.78 InflaRx IFRX ... dd 2.27 –0.23 ... 188.59 108.42 LHC Group LHCG ... 68 161.90 –1.09 ...
11.00 3.07 EducDev EDUC12.5 5 3.20 –0.08 .10 19.54 13.63 Flex FLEX ... 9 18.15 –0.41 ... 4.62 3.10 GulfIslandFab GIFI ... dd 4.06 +0.10 ... 9.70 5.45 InfoSvcsGrp III 2.6 17 6.05 –0.15 .04 10.31 9.85 LIVCapAcqnII A LIVB ... ... 10.04 –0.01 ...
29.33 6.45 EHang EH ... dd 6.78 –0.32 ... 37.03 16.01 Flexsteel FLXS 3.2 74 18.69 +1.59 .15 6.76 3.30 Gulf Resources GURE ... 6 4.43 +0.02 ... 102.88 63.21 InglesMarkets IMKTA .7 6 92.34 –7.37 .165 60.43 42.36 LKQ LKQ 1.9 13 53.99 –2.08 .25
47.21 6.98 eHealth EHTH ... dd 7.39 –0.61 ... 39.40 4.96 FluenceEnergy FLNC ... dd 19.49 +3.09 ... H 47.90 7.67 Inhibrx INBX ... dd 19.66 +0.41 ... 234.94 139.84 LPL Financial LPLA .4 37 226.16 +1.77 .25
10.02 3.53 EigerBioPharma EIGR ... dd 8.35 –0.62 ... 2.97 1.05 Fluent FLNT ... dd 1.62 –0.08 ... 99.27 20.60 InMode INMD ... 16 32.21 –0.29 ... 8.57 5.41 LSI Inds LYTS 2.4 16 8.30 +0.72 .05
10.40 9.65 8iAcqn2 LAX ... dd 9.95 +0.01 ... 25.95 20.50 FlushingFin FFIC 4.1 8 21.23 –1.30 .22 50.69 26.12 H&E Equipment HEES 3.3 15 33.54 –0.87 .275 11.95 2.00 InnatePharma IPHA ... dd 2.70 –0.04 ... 15.25 13.20 LakeShoreBancorp LSBK 5.2 13 13.80 –0.20 .18
21.47 2.00 89bio ETNB ... dd 4.95 –0.03 ... 57.41 14.56 Flywire FLYW ... dd 25.14 –0.67 ... 19.99 14.19 HBT Finl HBT 3.4 10 18.91 ... .16 11.25 3.45 Innodata INOD ... dd 3.45 –0.64 ... 20.69 13.91 LakelandBcp LBAI 3.5 11 16.54 –0.39 .145
18.65 9.03 ElPolloLoco LOCO ... 13 9.30 –0.26 ... 69.13 30.88 FocusFinPtrs FOCS ... 38 40.54 –1.95 ... 10.06 9.87 HCM Acqn A HCMA ... 32 10.04 +0.01 ... 106.87 81.00 Innospec IOSP 1.3 21 97.84 –4.54 .63 85.71 62.44 LakelandFin LKFN 2.1 20 76.29 –3.85 .40
244.80 142.20 ElbitSystems ESLT 1.0 39 204.86 –4.89 .50 10.44 9.68 FocusImpact FIAC ... 25 9.98 –0.01 ... 7.05 1.76 HCW Biologics HCWB ... dd 2.60 +0.49 ... 15.89 3.46 InnovAge INNV ... 42 3.88 –0.13 ... 24.53 13.98 LakelandInd LAKE ... 14 14.20 –0.78 ...
147.76 109.24 ElectronicArts EA .6 42 132.17 +1.69 .19 25.25 4.61 FocusUniversal FCUV ... dd 11.51 +1.94 ... 25.98 21.87 HMN Fin HMNF 1.1 11 22.62 –0.12 .06 10.50 9.87 InnovativeIntlA IOAC ... dd 10.09 ... ... 10.02 9.89 LakeshoreAcqnII LBBB ... ... 10.00 +0.01 ...
12.01 1.12 ElevationOnc ELEV ... dd 1.17 –0.08 ... 24.34 8.01 FoghornTherap FHTX ... dd 11.42 –4.34 ... 7.09 1.25 Hookipa HOOK ... dd 1.60 +0.04 ... 9.90 5.77 InnovSolSuprt ISSC ... 18 5.84 –0.24 ... 0.35 0.05 LakeshoreII Rt LBBBR ... ... .07 +0.01 ...
29.69 2.52 EliemTherap ELYM ... dd 3.02 +0.11 ... 10.08 9.86 ForbionEuroA FRBN ... dd 10.04 –0.02 ... 42.93 8.40 HUTCHMED(China) HCM ... ... 12.41 –0.61 ... 20.71 13.29 Innoviva INVA ... 11 13.33 –0.79 ... 731.85 375.87 LamResearch LRCX 1.3 14 453.31 –23.48 1.50
209.80 7.01 EmbarkTech EMBK ... dd 9.67 –1.36 ... 25.21 4.95 FormaTherap FMTX ... dd 12.49 +0.63 ... 52.29 21.98 H World HTHT .0 dd 40.31 +1.38 .21 61.78 22.51 Inogen INGN ... dd 29.49 –0.87 ... 124.32 83.96 LamarAdv LAMR 4.9 22 97.29 –5.45 1.20
63.00 23.62 Embecta EMBC 1.9 5 31.82 –1.61 .15 47.48 31.70 FormFactor FORM ... 24 31.80 –1.97 ... 24.78 16.92 HackettGroup HCKT 2.1 15 21.30 –1.45 .11 9.08 1.38 InovioPharma INO ... dd 2.29 –0.09 ... 181.11 116.85 LancasterColony LANC 1.9 53 172.95 +25.49 .80
8.73 2.42 Emcore EMKR ... dd 2.45 –0.14 ... 142.00 83.44 FormulaSys FORTY 1.1 20 102.51 –0.41.7908 37.50 9.28 HailiangEduc HLG ... 11 14.26 +0.30 ... 17.55 3.08 InozymePharma INZY ... dd 3.25 –0.05 ... 12.04 7.65 Landec LNDC ... dd 10.19 –0.86 ...
10.00 9.75 EM Horizon A HORI ... ... 9.96 –0.01 ... 60.90 41.62 ForresterRes FORR ... 26 41.78 –2.58 ... 48.88 21.20 HainCelestial HAIN ... 26 21.28 –4.17 ... 8.73 1.74 Inseego INSG ... dd 2.70 –0.13 ... 30.00 24.16 LandmarkBncp LARK 3.3 9 25.78 –0.22 .21
27.68 18.76 Enact ACT 2.1 6 26.16 –0.30 .14 74.35 48.73 Fortinet FTNT ... 61 49.57 –1.72 ... 4.72 1.20 HallmarkFin HALL ... dd 1.20 –0.12 ... 111.02 82.50 InsightEnt NSIT ... 13 93.31 –2.80 ... 16.17 0.55 LandosBio LABP ... dd .85 –0.07 ...
102.00 37.59 EnantaPharma ENTA ... dd 61.98 –8.55 ... 25.77 14.29 FortressTransport FTAI 7.7 dd 17.12 –0.28 .33 52.98 31.36 HalozymeTherap HALO ... 16 40.29 –1.97 ... 34.44 16.41 Insmed INSM ... dd 24.50 –0.63 ... 188.63 137.15 LandstarSystem LSTR .8 13 150.21 –6.17 .30
72.73 46.70 EncoreCapital ECPG ... 4 56.21 –0.99 ... 10.15 9.88 FortuneRiseA FRLA ... dd 10.13 +0.01 ... 116.00 61.38 HamiltonLane HLNE 2.3 17 70.19 –5.55 .40 108.00 2.86 Inspirato ISPO ... dd 2.96 –0.13 ... 86.85 22.20 Lantheus LNTH ... cc 81.51 –0.96 ...
151.64 82.00 EncoreWire WIRE .1 4 141.40 +0.73 .02 125.71 80.56 ForwardAir FWRD .9 17 102.44 –4.86 .24 59.82 41.62 HancockWhitney HWC 2.2 9 49.46 –1.83 .27 23.68 3.90 InstilBio TIL ... dd 5.12 –0.58 ... 14.27 6.29 Largo LGO ... 18 7.08 +0.38 ...
10.15 9.87 EnergemA ENCP ... ... 10.10 +0.01 ... 20.00 4.37 Fossil FOSL ... 24 4.40 –0.52 ... 28.84 17.66 HanmiFinancial HAFC 3.9 7 25.51 –0.87 .25 324.81 181.00 Insulet PODD ... cc 267.17 –0.25 ... 15.26 1.53 LarimarTherap LRMR ... dd 3.07 +0.07 ...
24.99 16.92 EnergyRecovery ERII ... cc 23.15 –0.29 ... 17.84 12.04 FosterLB FSTR ... 60 13.58 –0.82 ... 24.68 19.07 HanoverBancorp HNVR 2.0 5 20.11 –0.21 .10 40.10 13.52 Intapp INTA ... dd 14.36 –0.39 ... 10.51 9.88 LatAmGrowthA LATG ... 15 10.05 +0.05 ...
39.48 7.26 Enovix ENVX ... dd 22.51 +3.45 ... 36.14 5.32 4D Molecular FDMT ... dd 8.25 –0.59 ... 15.45 12.99 HarborOneBncp HONE 2.0 15 13.92 –0.63 .07 76.70 48.49 IntegraLifeSci IART ... 25 48.73 –5.24 ... 14.83 0.95 Latch LTCH ... dd .95 –0.13 ...
308.88 113.40 EnphaseEnergy ENPH ... cc 288.59 +4.89 ... 44.95 31.33 FoxA FOXA 1.5 16 34.24 –1.44 .25 12.22 8.25 Harmonic HLIT ... 36 11.22 –0.10 ... 10.77 9.71 IntegralAcqnCorp.1 INTE ... dd 9.90 ... ... 27.25 5.02 Latham SWIM ... dd 5.86 –0.36 ...
94.25 68.29 EnsignGroup ENSG .3 24 86.93 –3.78 .055 40.91 28.96 FoxB FOX 1.6 15 31.72 –1.19 .25 57.13 31.54 HarmonyBio HRMY ... 50 47.60 +0.52 ... 29.68 8.21 IntegralAd IAS ... dd 8.37 –0.48 ... 85.45 43.41 LatticeSemi LSCC ... 59 57.27 –3.78 ...
286.89 186.79 EnstarGroup ESGR ... dd 188.70 –2.64 ... 190.29 69.28 FoxFactory FOXF ... 22 97.06 –6.17 ... 9.94 1.70 HarpoonTherap HARP ... dd 1.84 +0.03 ... 56.28 33.35 Intel INTC 4.4 7 33.36 –2.02 .365 19.02 9.41 LaureateEduc LAUR .0 dd 10.83 –0.58 .58
158.00 85.92 Entegris ENTG .4 30 100.11 –2.79 .10 55.10 29.66 Franchise FRG 6.8 4 36.51 +0.11 .625 12.99 5.40 HarrowHealth HROW ... dd 9.21 +0.65 ... 180.59 37.08 IntelliaTherap NTLA ... dd 58.75 +2.45 ... 11.58 1.80 Leafly LFLY ... dd 1.82 –0.11 ...
46.48 29.58 EnterpriseBncp EBTC 2.4 10 33.73 –0.95 .205 96.95 68.27 FranklinElec FELE .9 24 89.78 –4.07 .195 17.88 5.15 Harte-Hanks HHS ... 10 16.11 –1.14 ... 9.68 1.33 Intellicheck IDN ... dd 2.84 +0.35 ... 4.17 0.92 LeapTherap LPTX ... dd 1.52 +0.26 ...
51.50 39.64 EnterpriseFinSvcs EFSC 2.0 11 46.99 –1.57 .23 4.25 0.65 FreelineTherap FRLN ... dd .86 –0.09 ... 8.48 3.10 HarvardBioSci HBIO ... dd 3.29 +0.04 ... 10.93 9.86 IntelligentMedA IQMD ... ... 10.06 ... ... 44.43 17.24 LeeEnterprises LEE ... 12 19.12 –1.07 ...
10.95 9.80 Ent4.0TechAcqnA ENTF ... ... 10.04 –0.01 ... 6.90 3.06 FreightCarAmer RAIL ... dd 4.51 –0.24 ... 105.73 76.94 Hasbro HAS 3.5 21 80.44 –3.56 .70 4.45 2.10 Inter INTR ... ... 4.16 +0.59 ... 28.84 11.96 LegacyHousing LEGH ... 8 17.24 –0.62 ...
4.77 1.38 EnthusiastGaming EGLX ... dd 1.41 –0.18 ... 11.33 5.90 FrequencyElec FEIM ... dd 6.69 +0.49 ... 102.95 25.51 HashiCorp HCP ... dd 37.96 –0.62 ... 108.35 64.52 InterParfums IPAR 2.5 26 81.47 –2.19 .50 36.60 8.64 LegalZoom LZ ... dd 10.24 –0.45 ...
36.85 5.12 EntradaTherap TRDA ... dd 14.56 +1.58 ... 8.12 1.00 FrequencyTherap FREQ ... dd 2.15 +0.10 ... 24.27 12.76 HawaiianHoldings HA ... dd 15.41 –0.30 ... 82.83 52.18 InteractiveBrkrs IBKR .6 24 61.61 –1.08 .10 10.15 9.73 LegatoMergerII LGTO ... dd 10.00 +0.03 ...
69.74 42.70 ePlus PLUS ... 13 49.14 –4.24 ... 159.67 43.50 Freshpet FRPT ... dd 45.32 –1.09 ... 48.12 32.44 Hawkins HWKN 1.3 16 41.53 –2.49 .14 21.25 10.81 InterceptPharm ICPT ... dd 18.02 +0.28 ... 58.00 30.76 LegendBiotech LEGN ... dd 45.50 +0.07 ...
7.99 4.86 EpsilonEnergy EPSN 3.3 7 7.56 +0.37.0625 53.36 10.51 FreshworksA FRSH ... dd 13.99 –0.40 ... 26.60 20.92 HawthornBcsh HWBK 2.7 7 24.64 –0.74 .17 8.77 5.18 Intercure INCR ... 33 5.30 +0.05 ... 60.79 38.32 LeMaitreVascular LMAT 1.0 50 49.92 –1.88 .125
9.99 2.63 EQRx EQRX ... dd 4.96 –0.56 ... 48.66 20.30 Frontdoor FTDR ... 17 23.09 –2.81 ... 49.76 29.00 HaynesIntl HAYN 2.1 17 42.87 –1.03 .22 74.27 51.37 InterDigital IDCC 2.7 18 51.49 –3.43 .35 170.22 33.06 LendingTree TREE ... 20 34.71 –3.13 ...
7.12 1.66 Equillium EQ ... dd 2.93 +0.16 ... 35.15 21.93 FrontierComms FYBR ... 14 26.58 +0.59 ... 57.19 10.95 HealthCatalyst HCAT ... dd 12.04 +0.21 ... 18.03 11.87 Interface TILE .3 12 12.18 –0.68 .01 6.97 3.90 LesakaTech LSAK ... dd 5.40 –0.56 ...
44 BARRON’S August 29, 2022
19.84 3.57 LyellImmuno LYEL ... dd 6.29 –0.75 ... 319.88 179.13 NICE NICE ... 64 213.12 –8.82 ... 26.70 2.62 OricPharm ORIC ... dd 3.96 –0.46 ... 53.99 41.68 ProgressSoftware PRGS 1.4 23 48.62 –2.02 .175 12.50 9.88 SKGrowthOppsA SKGR ... ... 9.95 +0.03 ...
57.68 11.96 Lyft LYFT ... dd 14.97 –1.68 ... 27.25 15.33 NMI Holdings NMIH ... 7 21.26 –1.44 ... 47.58 36.80 OriginBancorp OBNK 1.4 10 41.80 –3.13 .15 68.32 25.67 Progyny PGNY ... 92 41.67 –1.76 ... 20.88 14.60 SLM SLM 3.0 5 14.84 –0.72 .11
9.98 3.30 LyraTherap LYRA ... dd 5.40 –0.57 ... 6.13 2.11 NN NNBR ... dd 2.28 –0.26 ... 43.30 20.75 OrthofixIntl OFIX ... dd 20.86 –1.26 ... 9.96 9.23 ProjectEnReimag PEGR ... 21 9.84 –0.02 ... 20.05 13.74 SLR Invt SLRC 11.0 71 14.97 –0.11.1367
M 16.99 0.49 NRX Pharm NRXP ... dd .70 –0.01 ... 73.91 36.71 OrthoPediatrics KIDS ... dd 51.96 –2.83 ... 53.65 21.50 PrometheusBio RXDX ... dd 49.40 +0.27 ... 37.25 15.10 SMART Global SGH ... cc 19.28 –0.98 ...
239.91 140.33 NXP Semi NXPI 2.0 18 168.12 –12.21 .845 8.50 0.37 OtonomoTech OTMO ... ... .45 –0.10 ... 9.09 0.53 ProQR Therap PRQR ... dd .79 –0.03 ... 7.69 1.51 SPI Energy SPI ... dd 1.97 –0.13 ...
80.30 42.85 Macom Tech MTSI ... 19 57.79 –2.57 ... 13.95 5.20 NanoLabs NA ... ... 5.30 –0.75 ... 2.59 0.24 Otonomy OTIC ... dd .41 –0.01 ... 9.06 6.66 ProspectCapital PSEC 9.2 4 7.80 –0.23 .06 37.17 25.29 SP Plus SP ... 15 33.59 –1.59 ...
14.70 9.85 MeliKaszek MEKA ... dd 9.98 +0.02 ... 28.60 8.23 NanoXImaging NNOX ... dd 14.07 –0.36 ... 82.46 53.37 OtterTail OTTR 2.1 12 77.69 –3.30.4125 50.54 6.91 ProtagonistTherap PTGX ... dd 9.33 –0.23 ... 174.42 96.41 SPS Commerce SPSC ... 97 124.68 –5.07 ...
86.27 69.23 MGE Energy MGEE 2.0 28 79.92 –5.98.4075 14.14 2.32 Nanobiotix NBTX ... dd 4.21 –0.23 ... 18.88 4.26 Outbrain OB ... dd 4.75 +0.16 ... 8.63 2.72 ProtaraTherap TARA ... dd 3.38 +0.08 ... 6.50 1.75 SRAX SRAX ... dd 2.66 +0.35 ...
116.20 61.09 MGP Ingredients MGPI .4 21 113.69 +0.08 .12 62.34 11.12 NanoStringTech NSTG ... dd 12.99 –0.25 ... 60.33 13.25 OutsetMedical OM ... dd 18.66 –0.73 ... 13.22 4.26 Proterra PTRA ... dd 6.10 –0.26 ... 84.85 54.59 SS&C Tech SSNC 1.4 21 57.16 –3.91 .20
2.14 0.75 MindTech MIND ... dd .75 –0.15 ... 2.51 0.40 NantHealth NH ... dd .45 –0.08 ... 111.28 24.69 Overstock OSTK ... 16 26.11 –2.37 ... 79.75 21.06 Prothena PRTA ... dd 27.98 –2.43 ... 24.58 14.03 SSR Mining SSRM 1.8 10 14.15 –0.17 .07
181.03 92.66 MKS Instrum MKSI .9 10 102.93 –5.54 .22 214.96 140.31 Nasdaq NDAQ 1.3 27 182.07 –5.04 .20 3.78 1.65 OvidTherap OVID ... dd 2.14 –0.01 ... 8.04 3.19 ProventionBio PRVB ... dd 4.55 –0.34 ... 763.22 355.37 SVB Fin SIVB ... 16 410.56 –24.83 ...
11.70 0.94 MSP Recovery MSPR ... dd 1.95 –0.20 ... 129.09 26.10 Natera NTRA ... dd 48.54 –1.83 ... 8.53 5.49 OxfordLane OXLC15.0 5 6.00 –0.11 .075 17.50 13.76 ProvidentFin PROV 3.9 12 14.28 –0.19 .14 16.91 11.44 SabraHealthcare SBRA 7.8 83 15.42 –0.59 .30
121.22 74.77 MYR Group MYRG ... 20 96.00 –1.38 ... 68.43 45.50 Nathan's NATH 2.8 17 63.44 –2.34 .45 4.47 3.45 OxfordSquare OXSQ 11.1 dd 3.77 –0.15 .035 43.65 14.73 PubMatic PUBM ... 21 20.15 –0.87 ... 12.65 5.45 Sabre SABR ... dd 7.31 –0.03 ...
10.28 7.37 Macatawa MCBC 3.3 13 9.66 –0.13 .08 64.67 38.10 NationalBeverage FIZZ .0 33 56.48 +0.82 3.00 19.98 3.46 OysterPtPharma OYST ... dd 6.43 –0.50 ... 45.49 13.79 Pulmonx LUNG ... dd 19.19 –0.55 ... 99.75 76.50 SafetyInsurance SAFT 3.8 19 93.58 –1.99 .90
28.09 2.13 Macrogenics MGNX ... dd 3.72 –0.34 ... 3.97 0.88 NatlCineMedia NCMI 9.8 dd 1.23 –0.29 .03 PQ 7.84 1.60 PumaBiotech PBYI ... dd 3.10 +0.05 ... 29.75 21.50 SagaComm SGA 2.9 14 27.42 +2.62 .20
105.93 52.33 MadrigalPharm MDGL ... dd 70.06 –0.62 ... 45.98 29.81 NatlInstruments NATI 2.7 52 40.95 –1.55 .28 54.39 18.15 PureTechHealth PRTC ... dd 30.50 +0.80 ... 10.45 9.60 SagaliamAcqnA SAGA ... dd 9.95 –0.04 ...
8.49 0.92 MagentaTherap MGTA ... dd 1.80 +0.21 ... 55.67 30.93 NatlResearch NRC 2.8 24 33.82 –2.38 .24 40.89 16.41 PAM Transport PTSI ... 7 32.09 –2.37 ... 25.90 2.88 PurpleInnovation PRPL ... dd 2.90 –0.21 ... 0.40 0.01 SagaliamAcqnRt SAGAR ... ... .09 +0.04 ...
25.49 15.08 MagicSoftware MGIC 3.2 32 17.94 +0.07 .29 65.92 22.59 NationalVision EYE ... 34 33.57 –1.46 ... 7.29 5.14 P&FIndustries PFIN .0 dd 5.55 –0.14 .05 8.50 4.10 Puyi PUYI ... dd 8.10 –0.10 ... 47.75 27.36 SageTherap SAGE ... dd 39.01 –3.76 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
32.43 7.06 Magnite MGNI ... dd 7.96 –0.82 ... 236.97 192.67 NatlWesternLife NWLI .2 5 196.24 –8.81 .36 26.04 17.96 PCB Bancorp PCB 3.1 7 19.16 –0.73 .15 19.00 1.96 PyxisOncology PYXS ... dd 2.77 –0.20 ... 365.50 168.03 Saia SAIA ... 17 222.43 –7.03 ...
12.53 10.50 MagyarBancorp MGYR 1.0 12 12.25 –0.02 .03 17.81 8.42 NaturalAlt NAII ... 7 11.71 +0.36 ... 54.79 40.08 PCConnection CNXN .0 15 50.51 –1.87 1.00 5.10 0.60 Q&K Intl QK ... dd 3.15 +0.35 ... 6.82 1.89 SalemMedia SALM ... 1 2.38 –0.02 ...
36.28 20.06 MakeMyTrip MMYT ... dd 33.53 +0.54 ... 8.61 2.07 NautilusBiotech NAUT ... dd 2.25 +0.04 ... 6.80 3.90 PCTEL PCTI 4.1 dd 5.42 +0.24 .055 62.85 49.25 QCR Holdings QCRH .4 10 58.46 –2.30 .06 26.60 3.93 SanaBiotech SANA ... dd 6.84 +0.12 ...
78.10 48.31 MalibuBoats MBUU ... 8 63.39 –4.94 ... 23.80 12.45 Navient NAVI 4.0 4 16.18 –0.56 .16 89.22 40.03 PDC Energy PDCE 2.1 5 67.32 +3.57 .35 4.19 1.01 QilianIntl QLI ... 14 1.21 –0.14 ... 10.55 9.87 SanabyHlthIA SANB ... 53 10.16 +0.06 ...
18.74 15.12 MalvernBancorp MLVF ... dd 15.71 –0.11 ... 22.19 3.51 NavitasSemi NVTS ... dd 6.23 –0.05 ... 33.78 19.34 PDF Solutions PDFS ... dd 27.08 +0.04 ... 192.92 90.16 Qorvo QRVO ... 13 95.70 –8.00 ... 52.04 36.84 SandySpringBncp SASR 3.4 9 39.47 –1.96 .34
5.29 1.35 MammothEnergy TUSK ... dd 4.81 +0.79 ... 79.43 23.94 nCino NCNO ... dd 31.83 –1.55 ... 86.40 26.46 PENN Entmt PENN ... 27 32.18 –2.16 ... 193.58 118.23 Qualcomm QCOM 2.2 12 138.38 –9.22 .75 92.10 67.02 Sanfilippo JBSS .9 15 82.38 +9.00 1.50
10.01 9.75 ManaCapAcqn MAAQ ... dd 10.01 +0.01 ... 9.48 6.66 NecessityRetail RTL 11.1 dd 7.69 –0.28.2125 43.25 4.41 PLBY Group PLBY ... dd 4.52 –0.15 ... 49.03 11.33 QualtricsIntl XM ... dd 12.12 –0.53 ... 11.49 3.12 SangamoTherap SGMO ... dd 5.40 –0.27 ...
0.43 0.10 ManaCapAcqnRt MAAQR ... ... .25 +0.01 ... 19.37 3.02 NektarTherap NKTR ... dd 4.38 –0.22 ... 31.31 8.99 PMV Pharm PMVP ... dd 13.22 –1.10 ... 159.47 106.48 Qualys QLYS ... 61 154.06 +0.47 ... 23.10 6.99 SangomaTechs SANG ... dd 8.59 –0.23 ...
23.33 13.76 Mandiant MNDT ... dd 22.86 –0.02 ... 44.44 10.69 NeoGames NGMS ... dd 16.16 –0.40 ... 51.00 34.22 PRA Group PRAA ... 11 37.51 –1.22 ... 60.92 6.31 Quanterix QTRX ... dd 9.48 +0.25 ... 52.14 35.36 Sanmina SANM ... 13 49.99 –1.02 ...
188.52 106.02 ManhattanAssoc MANH ... 77 142.45 –6.48 ... 47.80 20.20 Neogen NEOG ... 47 21.23 +0.22 ... 47.73 15.38 ProceptBio PRCT ... dd 40.12 –2.53 ... 7.45 1.34 Quantum QMCO ... dd 1.65 –0.14 ... 58.10 39.85 Sanofi SNY 3.1 14 40.82 –0.45.2972
43.10 15.49 Mannatech MTEX 3.1 8 25.40 –1.10 .20 8.48 0.80 NeoleukinTherap NLTX ... dd 1.10 +0.01 ... 136.00 96.55 PTC PTC ... 27 114.59 –4.91 ... 10.15 2.22 Quantum-Si QSI ... dd 3.22 –0.31 ... 38.32 20.00 SapiensInt SPNS 3.2 23 21.74 –0.26 .47
5.44 2.49 MannKind MNKD ... dd 3.73 –0.19 ... 34.44 7.07 NerdWallet NRDS ... dd 10.47 –0.22 ... 54.46 25.01 PTC Therap PTCT ... dd 50.38 –1.07 ... 31.40 3.00 Quhuo QH ... ... 3.99 –0.85 ... 11.80 2.51 SarcosTech&Robotic STRC ... dd 3.37 +0.04 ...
95.98 66.91 ManTechIntl MANT 1.7 32 95.89 +0.14 .41 96.82 61.26 NetApp NTAP 2.7 18 74.96 +0.67 .50 97.56 77.00 Paccar PCAR 1.5 14 89.97 –3.06 .34 180.06 81.13 QuidelOrtho QDEL ... 3 82.06 –4.07 ... 116.91 61.28 SareptaTherap SRPT ... dd 111.89 +4.03 ...
61.59 22.01 MaravaiLifeSci MRVI ... 12 22.26 –2.22 ... 118.19 68.62 NetEase NTES 1.4 21 90.06 +5.36 .36 32.55 3.85 PacBiosciCA PACB ... dd 5.97 –0.43 ... 110.64 1.73 QuinceTherap QNCX ... dd 1.85 –0.17 ... 6.55 2.51 SatsumaPharm STSA ... dd 6.40 +0.58 ...
10.29 9.76 MarblegateAcqn GATE ... dd 9.92 –0.03 ... 700.99 162.71 Netflix NFLX ... 20 223.28 –17.88 ... 45.25 27.92 PacificPremBncp PPBI 3.9 10 33.88 –0.91 .33 19.02 8.28 QuinStreet QNST ... dd 12.35 –0.94 ... 1.91 1.02 Savara SVRA ... dd 1.43 –0.22 ...
3.63 1.23 Marchex MCHX ... dd 2.16 +0.04 ... 35.99 17.40 Netgear NTGR ... dd 23.88 –1.37 ... 82.16 45.05 PaciraBioSci PCRX ... 68 54.06 –4.20 ... 3.22 0.19 Quotient QTNT ... dd .21 ... ... 41.01 27.00 ScanSource SCSC ... 8 28.66 –5.83 ...
11.42 1.58 MarinSoftware MRIN ... dd 1.89 +0.09 ... 37.68 26.01 NetScout NTCT ... 60 32.52 –0.83 ... 15.53 8.71 PactivEvergreen PTVE 3.6 14 11.18 –0.95 .10 21.93 3.04 QurateRetailB QRTEB .0 32 9.04 –1.78 1.25 59.70 29.79 SchnitzerSteel SCHN 2.1 5 35.91 +0.66.1875
13.15 3.97 MarinusPharma MRNS ... dd 6.96 +0.35 ... 109.26 71.88 Neurocrine NBIX ... cc 104.87 –2.13 ... 51.81 25.48 PacWestBancorp PACW 3.7 6 27.29 –1.36 .25 11.47 2.09 QurateRetailA QRTEA .0 11 3.15 –0.51 1.25 42.54 4.33 ScholarRock SRRK ... dd 9.07 –0.37 ...
487.79 244.89 MarketAxess MKTX 1.1 38 244.95 –17.36 .70 8.01 1.98 Neuronetics STIM ... dd 4.15 –0.01 ... 640.90 421.55 PaloAltoNtwks PANW ... dd 560.69 +47.18 ... 14.80 0.64 Qutoutiao QTT ... dd .90 +0.03 ... 48.13 32.52 Scholastic SCHL 1.7 21 46.88 +1.28 .20
10.12 2.28 MarketWise MKTW ... dd 3.03 –0.19 ... 24.65 3.87 NeuroPace NPCE ... dd 3.91 –0.91 ... 97.18 44.01 Palomar PLMR ... 43 76.56 –0.74 ... R 66.49 20.71 Schrodinger SDGR ... dd 27.69 –0.19 ...
37.90 6.05 Marqeta MQ ... dd 7.31 –0.25 ... 63.06 19.17 NewFortressEner NFE .7 60 60.04 +1.81 .10 30.56 15.71 PanAmerSilver PAAS 2.8 dd 15.89 –0.24 .12 16.80 9.67 SchultzeSpecII A SAMA ... dd 9.89 –0.03 ...
195.90 131.01 Marriott MAR .8 30 156.69 –4.69 .30 14.11 11.09 NewMtnFin NMFC 9.1 11 13.25 –0.07 .30 140.68 74.46 PapaJohn's PZZA 2.0 33 82.03 –6.28 .42 40.74 9.86 RaptTherap RAPT ... dd 28.17 +1.48 ... 15.10 1.59 Science37 SNCE ... dd 1.67 –0.01 ...
23.43 14.72 MartenTransport MRTN 1.1 17 21.13 –1.10 .06 10.74 9.55 NewProvidenceII A NPAB ... dd 9.97 –0.01 ... 46.39 26.34 ParamountA PARAA 3.4 5 28.02 –0.99 .24 29.09 19.50 RBB Bancorp RBB 2.5 7 22.37 –0.51 .14 22.29 10.75 SciPlay SCPL ... 17 12.25 –0.64 ...
5.98 2.52 MartinMidstream MMLP .5 7 4.06 –0.20 .005 4.50 2.24 NY Mortgage NYMT13.8 dd 2.90 –0.04 .10 42.17 23.15 ParamountB PARA 3.9 5 24.90 –1.00 .24 264.94 152.90 RBC Bearings ROLL ... cc 244.96 –6.56 ... 7.25 0.34 ScopusBio SCPS ... dd .38 –0.01 ...
93.85 41.07 MarvellTech MRVL .5 dd 50.17 –2.97 .06 10.55 9.87 NewcourtAcqnA NCAC ... 24 10.11 +0.02 ... 5.71 1.60 ParatekPharma PRTK ... dd 2.50 –0.12 ... 94.33 46.49 RCI Hospitality RICK .3 17 67.10 –3.74 .05 7.24 3.48 scPharm SCPH ... dd 5.89 –0.45 ...
305.21 112.07 Masimo MASI ... 46 151.79 –3.93 ... 26.45 17.40 NewellBrands NWL 4.7 11 19.56 –1.28 .23 17.76 2.60 PardesBiosci PRDS ... dd 3.70 +0.72 ... 28.82 4.96 RCM Tech RCMT ... 9 17.75 +0.11 ... 9.88 9.45 ScreamingEagleA SCRM ... ... 9.65 ... ...
29.69 20.25 MasterCraftBoat MCFT ... 8 25.60 –0.95 ... 11.20 9.70 NewHoldInvtIIA NHIC ... dd 9.84 +0.02 ... 28.90 9.23 Park-Ohio PKOH 2.8 dd 18.05 –0.71 .125 9.10 1.05 REE Automotive REE ... dd 1.17 –0.01 ... 23.61 12.04 ScrippsEW SSP ... 11 15.30 –0.73 ...
182.00 57.17 MatchGroup MTCH ... cc 57.87 –4.00 ... 19.10 8.66 Newmark NMRK 1.2 6 10.38 –0.70 .03 10.52 9.84 ParsecCapA PCX ... dd 10.21 +0.09 ... 46.46 18.69 REGENXBIO RGNX ... 16 31.19 –0.10 ... 3.44 0.38 SeaChange SEAC ... dd .54 –0.01 ...
27.55 11.20 Materialise MTLS ... 40 11.32 –0.64 ... 25.87 14.95 NewsCorp A NWSA 1.2 17 17.35 –0.55 .10 9.27 3.92 PartnerComms PTNR ... 27 8.39 –0.22 ... 9.94 9.80 RF Acqn A RFAC ... dd 9.89 –0.01 ... 39.31 29.28 SeacoastBkgFL SBCF 2.0 18 33.31 –1.76 .17
11.76 4.24 MatrixService MTRX ... dd 5.92 +0.42 ... 24.75 15.18 NewsCorp B NWS 1.1 17 17.71 –0.51 .10 12.25 1.57 PassageBio PASG ... dd 2.01 –0.09 ... 0.20 0.03 RF Acqn Rt RFACR ... ... .08 ... ... 117.67 67.36 Seagate STX 3.8 10 74.62 –5.35 .70
26.99 17.95 Mattel MAT ... 7 22.87 –1.34 ... 32.38 17.65 NewtekBusSvcs NEWT15.5 ... 21.64 –0.53 .75 65.96 31.16 PathwardFinl CASH .6 7 33.99 –2.56 .05 8.99 5.48 RF Industries RFIL ... 36 6.84 –0.24 ... 192.79 105.43 Seagen SGEN ... dd 155.01 –16.66 ...
37.60 3.51 Matterport MTTR ... dd 4.62 –0.25 ... 18.78 1.08 NexImmune NEXI ... dd 1.20 +0.04 ... 19.49 12.51 PatriaInvts PAX 4.7 16 14.37 –0.37 .169 25.00 18.01 RGC Resources RGCO 3.7 dd 21.31 –0.92 .195 10.14 9.72 SeaportCalibreMatl SCMA ... 30 10.01 +0.01 ...
39.76 25.22 MatthewsIntl MATW 3.4 dd 26.15 –1.55 .22 204.62 139.69 NexstarMedia NXST 1.9 9 191.85 –6.13 .90 10.35 9.95 PatriaLatAm PLAO ... ... 10.10 +0.01 ... 10.05 9.82 ROC Energy ROC ... dd 9.98 –0.04 ... 11.00 9.67 SeaportGlblAcqnII SGII ... 29 9.99 –0.01 ...
17.26 3.36 MaxCyte MXCT ... dd 5.46 –0.16 ... 9.18 3.25 NextCure NXTC ... dd 4.40 –0.37 ... 88.79 49.79 PatrickIndustries PATK 2.3 4 56.69 –5.05 .33 0.35 0.07 ROC Energy Rt ROCAR ... ... .07 –0.01 ... 17.34 5.54 SeaSpine SPNE ... dd 6.91 –0.44 ...
25.39 7.48 MaxeonSolar MAXN ... dd 20.54 +2.68 ... 21.87 13.64 NextGenHlthcr NXGN ... ... 17.34 –0.24 ... 18.00 9.12 PatriotNatBncp PNBK ... 9 12.00 ... ... 27.86 18.71 R1 RCM RCM ... cc 22.46 –2.69 ... 26.89 9.26 SecureWorks SCWX ... dd 11.17 +1.24 ...
77.89 30.17 MaxLinear MXL ... 30 38.55 –0.91 ... 12.50 8.50 NicholasFin NICK ... dd 9.00 –0.10 ... 16.29 7.06 PatriotTransport PATI .0 4 7.76 –0.14 3.75 3.71 0.98 RVL Pharm RVLP ... dd 2.12 +0.08 ... 9.49 7.27 SecurityNatFin SNFCA ... 7 7.83 +0.12 ...
10.50 9.85 MaxproCapA JMAC ... dd 10.08 ... ... 15.56 4.42 Nikola NKLA ... dd 6.00 ... ... 35.29 26.51 Patterson PDCO 3.6 14 28.75 –0.99 .26 18.50 4.54 RackspaceTech RXT ... dd 4.78 –0.64 ... 45.85 6.44 Seer SEER ... dd 10.12 –0.20 ...
91.37 67.62 McGrathRent MGRC 2.1 21 84.66 –2.30 .455 2.06 0.37 9F JFU ... dd .40 –0.27 ... 20.53 6.71 PattersonUTIEn PTEN 1.0 dd 15.70 +0.63 .04 18.79 11.70 RadiusGlbInfr RADI ... dd 14.24 –0.99 ... 4.70 0.65 SelectaBiosci SELB ... 9 1.99 –0.24 ...
10.55 9.80 McLarenTechA MLAI ... dd 10.00 –0.07 ... 39.81 12.60 908Devices MASS ... dd 20.52 +1.25 ... 141.92 106.55 Paychex PAYX 2.5 34 128.80 –9.69 .79 34.69 16.44 RadNet RDNT ... 50 21.00 –0.67 ... 94.35 66.81 SelectiveIns SIGI 1.4 19 80.80 –2.18 .28
10.05 3.50 MedallionFin MFIN 4.0 3 8.01 +0.06 .08 30.10 5.91 NiuTech NIU ... 26 6.14 ... ... 38.84 20.14 PaycorHCM PYCR ... dd 29.03 –1.94 ... 42.19 20.51 Radware RDWR ... cc 20.59 –1.21 ... 10.31 1.10 Sema4 SMFR ... dd 1.11 –0.08 ...
4.65 2.09 MediciNova MNOV ... dd 2.21 –0.07 ... 35.08 7.55 Nkarta NKTX ... dd 14.77 –1.69 ... 314.50 152.01 Paylocity PCTY ... cc 245.77 –12.37 ... 18.78 2.15 RainTherap RAIN ... dd 6.54 +0.60 ... 11.34 3.32 Semantix STIX ... 8 3.79 +0.24 ...
4.01 1.21 MediWound MDWD ... dd 2.02 –0.06 ... 34.19 9.48 nLIGHT LASR ... dd 12.73 +0.28 ... 10.84 3.33 Payoneer PAYO ... cc 6.37 +0.02 ... 21.00 5.90 Rallybio RLYB ... dd 11.01 –1.21 ... 10.38 9.75 SemperParatusA LGST ... cc 10.10 +0.02 ...
231.00 126.95 Medpace MEDP ... 28 158.96 –12.43 ... 13.44 4.25 Noodles NDLS ... dd 4.82 –0.44 ... 296.70 67.58 PayPal PYPL ... 54 92.70 –3.86 ... 21.73 8.33 RamacoRscs METC 4.0 5 11.37 –0.17.1134 94.92 48.75 Semtech SMTC ... 23 48.99 –4.16 ...
14.80 2.60 MeihuaIntlMed MHUA ... ... 3.64 +0.04 ... 272.28 194.89 Nordson NDSN 1.1 28 232.83 –11.47 .65 38.60 27.71 PeapackGladFinl PGC .6 10 34.58 –1.25 .05 33.75 20.00 Rambus RMBS ... dd 26.33 –1.53 ... 63.56 41.54 SenecaFoods A SENEA ... 11 55.04 –1.68 ...
24.89 6.59 MeiraGTx MGTX ... dd 8.95 –0.65 ... 43.27 30.09 NortheastBank NBN .1 7 39.56 –2.73 .01 10.58 9.75 PearlHldgsAcqnA PRLH ... dd 9.98 ... ... 27.40 18.18 RandolphBancorp RNDB 2.3 34 26.63 –0.01 2.00 64.13 44.00 SenecaFoods B SENEB ... 11 53.80 –5.20 ...
14.65 4.06 MelcoResorts MLCO ... dd 5.88 +0.52 ... 18.00 9.05 NorthernTechsIntl NTIC 2.4 16 11.84 +0.34 .07 142.55 35.90 Pegasystems PEGA .3 dd 36.24 –2.80 .03 53.59 19.06 RangerOil ROCC .7 9 40.64 +3.16 .075 12.37 1.45 SenseiBiotherap SNSE ... dd 1.91 –0.09 ...
1970.13 600.68 MercadoLibre MELI ... cc 877.80 –31.96 ... 135.15 89.68 NorthernTrust NTRS 3.1 13 95.40 –5.16 .75 118.61 8.22 Peloton PTON ... dd 10.61 –1.10 ... 36.27 8.00 RaniTherap RANI ... dd 9.40 –1.62 ... 5.97 1.77 SenstarTech SNT .0 6 2.03 –0.181.725
40.01 29.11 MercantileBank MBWM 3.7 11 34.52 –1.64 .32 18.41 11.87 NorthfieldBanc NFBK 3.5 11 15.03 –0.22 .13 34.19 10.07 Pennant PNTG ... dd 16.21 –0.32 ... 23.00 2.49 RapidMicro RPID ... dd 3.63 +0.60 ... 10.54 1.59 SentiBiosciences SNTI ... dd 1.97 +0.05 ...
10.50 9.60 MercatoPtrsA MPRA ... ... 10.07 +0.06 ... 47.34 38.42 NorthrimBanCorp NRIM 3.9 9 40.63 –0.51 .41 25.00 21.60 PennsWoodsBncp PWOD 5.3 10 24.00 +0.11 .32 145.00 60.42 Rapid7 RPD ... dd 60.96 –1.59 ... 11.41 1.15 SeraPrognostics SERA ... dd 2.18 +0.03 ...
17.50 9.51 MercerIntl MERC 1.8 4 16.25 –0.45 .075 9.95 9.69 NorthViewAcqn NVAC ... 46 9.90 ... ... 34.63 25.63 PeoplesBncpOH PEBO 5.0 13 30.42 –1.36 .38 12.75 4.56 RealGoodFood RGF ... dd 6.91 +0.03 ... 11.69 2.50 SeresTherap MCRB ... dd 5.44 –0.03 ...
72.28 44.04 MercurySystems MRCY ... cc 48.69 –2.98 ... 0.25 0.07 NorthViewRt NVACR ... ... .09 –0.02 ... 30.00 25.50 PeoplesBncpNC PEBK 2.8 11 26.12 –0.21 .18 2.04 0.46 RealNetworks RNWK ... dd .69 ... ... 12.23 4.65 ServiceProperties SVC .6 dd 7.17 –0.48 .01
2.93 0.30 MereoBioPharma MREO ... 8 1.32 +0.11 ... 15.22 12.04 NorthwestBcshs NWBI 5.6 14 14.25 –0.72 .20 59.99 43.34 PeoplesFinSvcs PFIS 3.1 8 51.62 –2.48 .40 17.09 2.12 RealReal REAL ... dd 2.27 –0.34 ... 10.03 9.80 7AcqnA SVNA ... 17 10.02 +0.01 ...
34.38 17.20 MeridianBiosci VIVO ... 33 32.74 –0.14 ... 34.94 23.11 NorthwestPipe NWPX ... 16 32.84 –0.86 ... 16.99 7.82 PepGen PEPG ... dd 9.88 –0.27 ... 116.05 18.47 ReataPharm RETA ... dd 24.62 +3.94 ... 5.60 0.88 17Educ&Tech YQ ... dd 1.81 –0.15 ...
39.78 26.73 Meridian MRBK 2.6 7 30.92 –0.93 .20 65.62 53.42 Northwestern NWE 4.5 17 55.45 –0.84 .63 15.00 9.60 PepperLimeA PEPL ... dd 9.92 ... ... 29.40 4.92 RecursionPharm RXRX ... dd 10.55 +0.75 ... 9.28 1.38 Sharecare SHCR ... dd 2.10 +0.55 ...
73.85 50.46 MeritMedical MMSI ... 59 59.69 +0.05 ... 30.92 21.55 NortonLifeLock NLOK 2.2 16 22.70 –0.84 .125 181.07 149.48 PepsiCo PEP 2.6 26 175.04 –5.13 1.15 57.80 46.93 RedRiverBcshs RRBI .5 11 52.56 –1.52 .07 22.62 2.59 ShattuckLabs STTK ... dd 3.18 –0.19 ...
7.41 3.66 MerrimackPharm MACK ... dd 4.15 +0.15 ... 29.00 23.00 NorwoodFin NWFL 4.3 8 25.89 +0.07 .28 10.16 9.82 PerceptionCapII PCCT ... dd 10.14 +0.02 ... 25.82 6.91 RedRobin RRGB ... dd 7.90 –0.47 ... 32.71 17.06 ShenandoahTel SHEN .3 1 22.80 –1.16 .07
14.80 2.68 MersanaTherap MRSN ... dd 7.60 +0.12 ... 149.15 81.63 Nova NVMI ... 27 105.14 –2.49 ... 13.89 9.65 PerdoceoEduc PRDO ... 8 12.17 –0.57 ... 58.74 30.98 RedRockResorts RRR 2.5 11 40.17 –0.23 .25 36.86 9.58 ShoalsTech SHLS ... cc 25.11 –0.37 ...
33.09 13.47 Merus MRUS ... dd 23.63 +0.46 ... 184.44 110.84 Novanta NOVT ... 79 139.90 –12.61 ... 14.75 5.47 PerellaWeinberg PWP 3.8 27 7.38 –0.50 .07 55.87 7.13 Redfin RDFN ... dd 9.02 –1.03 ... 311.55 113.36 ShockwaveMed SWAV ... cc 304.44 +7.25 ...
9.18 2.00 MesaAir MESA ... dd 2.48 –0.13 ... 277.80 34.57 Novavax NVAX ... dd 35.20 –1.02 ... 153.28 79.85 Perficient PRFT ... 38 80.75 –3.06 ... 11.18 0.62 RedHillBio RDHL ... dd 1.02 +0.04 ... 46.21 20.03 ShoeCarnival SCVL 1.5 6 24.46 –0.98 .09
333.42 164.90 MesaLab MLAB .4 dd 172.48 –17.14 .16 143.69 56.39 Novocure NVCR ... dd 82.77 +3.53 ... 5.08 1.85 PerformantFin PFMT ... dd 2.12 –0.05 ... 10.03 9.78 RedwoodsAcqn RWOD ... ... 9.88 –0.03 ... 23.19 16.92 ShoreBancshares SHBI 2.5 16 19.55 –0.65 .12
7.52 2.14 Mesoblast MESO ... dd 2.88 –0.12 ... 24.00 5.46 Novonix NVX ... dd 6.51 –0.45 ... 33.09 16.41 PerionNetwork PERI ... 14 20.42 –0.31 ... 0.15 0.07 RedwoodsAcqnRt RWODR ... ... .10 +0.01 ... 54.50 17.66 Shyft SHYF .8 21 24.90 –1.76 .05
384.33 154.25 MetaPlatforms META ... 13 161.78 –6.18 ... 3.32 0.52 NuCana NCNA ... dd 1.55 –0.02 ... 15.70 6.96 Perma-PipeIntl PPIH ... 14 9.70 +0.17 ... 78.78 55.78 RegencyCtrs REG 4.0 22 62.85 –1.96 .625 6.72 0.63 Sientra SIEN ... dd .66 –0.23 ...
August 29, 2022 BARRON’S 45
5.44 1.35 SpringBig SBIG ... 5 1.51 –0.14 ... 38.72 23.85 TriMas TRS .6 18 28.13 –1.82 .04
80.02 13.60 SpringWorks SWTX ... dd 27.10 +2.01 ... 96.49 55.35 Trimble TRMB ... 32 66.00 –4.01 ...
35.34 21.18 SproutsFarmers SFM ... 13 29.69 –1.61 ... 3.05 0.86 TrinityBiotech TRIB ... dd 1.33 –0.07 ...
8.26 1.25 SpruceBio SPRB ... dd 2.10 –0.09 ... 20.26 13.81 TrinityCapital TRIN 10.0 6 15.04 –0.18 .15 -2.63% S&P Europe BMI -0.02% S&P Pan Asia BMI
163.08 49.03 StaarSurgical STAA ... cc 98.49 +2.45 ... 33.27 14.29 Trip.com TCOM ... dd 28.87 +2.76 ...
11.04 4.80 Stagwell STGW ... cc 6.88 –0.14 ... 39.04 16.87 TripAdvisor TRIP ... dd 25.04 –1.32 ... Norway 0.87 China 2.73
7.31 1.28 StdBioTools LAB ... dd 1.40 –0.16 ... 19.75 5.43 TritiumDCFC DCFC ... dd 6.97 –0.11 ...
33.99 17.80 StarBulkCarriers SBLK30.4 3 21.53 –3.46 1.65 136.01 60.02 TriumphBancorp TBK ... 14 65.59 –6.25 ... Denmark 0.11 Thailand 1.22
3.10 0.72 StarEquity STRR ... dd 1.07 +0.01 ... 3.20 1.42 trivago TRVG ... dd 1.53 –0.05 ...
120.76 68.39 Starbucks SBUX 2.3 24 84.06 –2.86 .49 4.64 2.23 TrueCar TRUE ... dd 2.27 –0.04 ...
-1.22 Greece -0.08 Indonesia
1.58 0.16 StealthBioTher MITO ... dd .31 ... ... 158.25 50.81 Trupanion TRUP ... dd 69.91 –1.97 ...
4.18 1.91 StealthGas GASS ... dd 3.08 +0.53 ... 37.10 29.50 TrustcoBank TRST 4.1 10 34.33 –1.39 .35
-1.60 Finland -0.29 Australia
100.37 50.54 SteelDynamics STLD 1.6 4 86.87 +5.07 .34 35.30 26.67 Trustmark TRMK 2.8 18 32.44 –1.49 .23
55.19 22.39 StepStone STEP 2.9 10 27.94 –1.57 .20 9.35 1.60 TScanTherap TCRX ... dd 2.99 –0.06 ...
-1.95 U.K. -0.32 Malaysia
72.11 40.35 Stericycle SRCL ... dd 51.41 –1.79 ... 1.85 0.46 Tuniu TOUR ... dd .85 +0.05 ...
28.99 14.65 SterlingCheck STER ... dd 21.61 –0.19 ... 32.15 9.15 TurtleBeach HEAR ... dd 9.44 –0.17 ...
-2.10 Switzerland -0.48 Singapore
32.14 20.74 SterlingInfr STRL ... 10 26.03 –0.35 ... 50.23 5.99 TuSimple TSP ... dd 7.33 –0.38 ...
51.56 30.94 StevenMadden SHOO 2.7 10 30.96 –1.55 .21 13.68 2.12 23andMe ME ... dd 3.41 +0.08 ...
-2.91 Italy -0.56 India
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
44.65 4.66 StitchFix SFIX ... dd 5.54 –1.13 ... 18.20 7.91 TwinDisc TWIN ... dd 9.32 –0.67 ... -2.94 Netherlands -0.58 Hong Kong
72.77 49.98 StockYardsBncp SYBT 1.7 23 68.26 –2.33 .29 139.99 25.07 TwistBiosci TWST ... dd 43.10 +0.29 ...
33.06 9.55 StokeTherap STOK ... dd 15.58 –2.88 ... 64.00 9.91 2seventybio TSVT ... dd 15.25 +0.48 ... -2.99 Spain -0.68 Taiwan
51.80 6.81 StoneCo STNE ... dd 9.60 +0.54 ... 37.86 7.28 2U TWOU ... dd 7.36 –0.21 ...
98.13 52.31 StoneX SNEX ... 12 93.86 –1.48 ... 31.36 4.93 TyraBiosciences TYRA ... dd 7.77 –2.64 ... -3.41 France -0.76 Japan
42.83 15.86 Stratasys SSYS ... dd 17.86 –0.55 ... U
79.40 48.01 StrategicEd STRA 3.5 34 67.71 –3.31 .60 -3.86 Belgium -0.77 New Zealand
45.21 28.06 Strattec STRT ... 16 28.67 –3.39 ... 94.80 64.13 UFP Inds UFPI 1.2 8 82.60 –6.43 .25
46.44 29.26 StratusProp STRS ... 3 34.78 +2.68 ... 112.24 81.57 UMB Fin UMBF 1.6 11 91.21 –5.33 .37 -4.43 Germany -0.92 South Korea
35.80 1.46 StrongholdDig SDIG ... dd 1.82 –0.13 ... 31.67 13.65 USA Truck USAK ... 8 31.35 +0.04 ...
30.83 23.18 SummitFin SMMF 2.5 8 29.06 –0.80 .18 18.75 11.00 USCB Financial USCB ... ... 13.69 +0.14 ... -4.54 Sweden -1.76 Philippines
20.00 13.91 SummitStateBk SSBI 3.2 6 15.04 –0.34 .12 149.85 102.15 US Lime&Min USLM .7 16 107.72 +1.42 .20
8.39 0.88 SummitTherap SMMT ... dd 1.22 +0.12 ... 10.31 9.72 UTA Acqn A UTAA ... dd 9.95 +0.02 ...
22.16 6.57 SumoLogic SUMO ... dd 8.79 +0.68 ... 7.96 0.54 uCloudlink UCL ... dd .61 –0.08 ... Indexes based on S&P Global Broad Market Indices Source: S&P DJ Indices
36.87 17.00 SunCountryAir SNCY ... 87 19.36 +0.72 ... 32.62 9.47 Udemy UDMY ... dd 14.66 –0.14 ...
11.47 4.22 SunOpta STKL ... dd 10.20 –0.34 ... 438.63 330.80 UltaBeauty ULTA ... 19 411.47 +8.22 ...
34.61
60.60
74.93
12.78
16.80
34.11
SunPower
SunRun
SuperMicroComp
SPWR ...
RUN ...
SMCI ...
dd
dd
13
25.06
33.35
69.82
+0.12 ...
+0.58 ...
–0.01 ...
60.84
104.38
8.47
26.00
45.20
4.16
UltraClean
UltragenyxPharm
Ultralife
UCTT
RARE
ULBI
...
...
...
18
dd
dd
31.36
49.50
5.08
–1.43
+0.47
+0.31
...
...
...
Key Foreign Stock Market Indexes
27.26 11.51 SuperiorGroup SGC 4.8 dd 11.62 –2.76 .14 22.06 15.77 Umpqua UMPQ 4.6 11 18.29 –0.72 .21 Most Recent Week’s Year-to-Date Most Recent Week’s Year-to-Date
36.08 24.93 SupernusPharms SUPN ... 34 33.84 –1.67 ... 4.72 1.58 UnicoAmerican UNAM ... dd 1.63 –0.21 ... Close %Chg. Chg. % Chg. Close %Chg. Chg. % Chg.
8.38 1.37 SurfaceOncol SURF ... dd 1.53 –0.13 ... 35.70 24.82 UnionBankshares UNB 5.4 9 26.02 –0.44 .35
48.60 2.95 Surgalign SRGA ... dd 4.02 –0.17 ... 38.80 12.52 uniQure QURE ... dd 19.84 +0.79 ... Amsterdam AEX 705.08 –2.01 –92.85 –11.64 Milan FTSE All Share 24533 –0.46 –5408.77 –18.06
63.87 26.66 SurgeryPartners SGRY ... dd 29.51 –4.58 ... 54.52 30.54 UnitedAirlines UAL ... dd 36.57 –0.93 ... Athens General 893.74 –0.60 +0.40 +0.04 Moscow RTS 1183.12 +1.07 –412.64 –25.86
62.27 32.43 Surmodics SRDX ... dd 34.13 –1.49 ... 35.40 19.35 UnitedBancshares UBOH 4.3 6 19.65 –2.00 .21
23.70 3.33 SutroBioph STRO ... dd 5.96 –0.64 ... 40.85 31.74 UnitedBkshrsWV UBSI 3.8 15 38.14 –1.79 .36 Bangkok SET 1644.78 +1.16 –12.84 –0.77 Oslo Composite 1473.35 +1.84 +165.66 +12.67
10.20 9.03 SwiftmergeAcqn IVCPU ... ... 9.93 +0.08 ... 39.32 27.62 UtdCmtyBks UCBI 2.6 14 34.30 –1.80 .22
11.37 9.67 SwiftmergeA IVCP ... dd 9.91 +0.01 ... 37.26 19.85 UnitedFire UFCS 2.1 12 30.04 –0.42 .16 Bombay Sensex 58833 –1.36 +580.05 +1.00 Paris CAC 6274.26 –3.41 –878.77 –12.29
11.40 1.42 Swvl SWVL ... dd 1.70 +0.04 ... 26.09 13.40 UnitedGuardian UG 4.8 19 15.39 +0.22 .37 Brussels Bel-20 3663.47 –2.82 –646.68 –15.00 Santiago Selective 3362.66 +3.09 +556.49 +19.83
28.48 9.01 Symbotic SYM ... dd 12.33 –2.11 ... 8.74 7.02 UnitedSecBcshrs UBFO 6.0 10 7.28 +0.06 .11
299.39 109.26 Synaptics SYNA ... 20 123.71 –11.72 ... 245.48 158.38 UnitedTherap UTHR ... 16 215.30 –9.14 ... Buenos Aires Merval 141459 +7.98 +57959 +69.41 Sao Paulo Bovespa 112298 +0.72 +7476.42 +7.13
3.09 1.06 Synchronoss SNCR ... dd 1.59 –0.10 ... 14.60 9.11 Uniti UNIT 6.3 13 9.55 –0.54 .15
25.71 13.27 SyndaxPharm SNDX ... cc 23.04 –1.58 ... 31.37 22.19 UnityBancorp UNTY 1.5 8 28.71 –0.95 .11 Copenhagen OMX 20 1738.26 +0.57 –125.73 –6.75 Seoul Composite 2481.03 –0.47 –496.62 –16.68
104.18 61.89 SyneosHealth SYNH ... 23 61.91 –4.17 ... 3.64 0.51 UnityBiotech UBX ... dd .53 –0.08 ...
4.04 0.83 Synlogic SYBX ... dd .98 –0.05 ... 210.29 98.71 UnivDisplay OLED 1.1 29 112.38 –8.45 .30 Dublin ISEQ 7135.40 –0.44 –1309.12 –15.50 Shanghai Composite 3236.22 –0.67 –403.55 –11.09
391.17 255.02 Synopsys SNPS ... 54 355.00 –8.00 ... 53.07 22.99 UnivElectro UEIC ... dd 23.02 –1.90 ... EURO STOXX SXXE 397.44 –3.40 –81.40 –17.00 Shenzhen B Share Idx 1227.08 –1.30 +53.28 +4.54
4.37 1.82 SyprisSolutions SYPR ... cc 1.97 –0.07 ... 40.76 15.86 UnivLogistics ULH 1.1 9 37.58 –2.02 .105
5.64 0.65 SyrosPharm SYRS ... dd .83 –0.01 ... 11.32 6.87 UnivStainless USAP ... 24 8.37 –0.22 ... EURO STOXX 50 SXSE 3603.68 –3.39 –694.73 –16.16 Singapore FTSE STI 3249.53 +0.09 +125.84 +4.03
T 2.77 0.54 UniversePharm UPC ... 2 .57 –0.05 ...
31.93 24.26 UnivestFin UVSP 3.3 11 25.66 –0.80 .21 Frankfurt DAX 12971 –4.23 –2913.39 –18.34 Stockholm OMXS 772.67 –4.35 –264.46 –25.50
19.03 2.07 TCR2 Therap TCRR ... dd 3.14 +0.03 ... 15.80 2.68 UpFintech TIGR ... dd 3.81 +0.36 ...
14.00 5.15 TelaBio TELA ... dd 8.44 +0.06 ... 39.90 10.60 UplandSoftware UPLD ... dd 11.16 +0.42 ... Helsinki OMHX 10787 –1.59 –2074.69 –16.13 STOXX Europe 50 SXSP 3610.82 –1.66 –207.64 –5.44
9.96 3.60 TFF Pharm TFFP ... dd 5.03 –0.38 ... 401.49 22.42 Upstart UPST ... 28 25.21 –3.25 ... Hong Kong Hang Seng 20170 +2.01 –3227.63 –13.79 STOXX Europe 600 SXXP 426.09 –2.58 –61.71 –12.65
20.50 12.81 TFS Fin TFSL 7.7 64 14.75 –0.45.2825 61.90 14.85 Upwork UPWK ... dd 17.50 –0.55 ...
10.42 9.78 TGVentureAcqn TGVC ... dd 9.96 –0.01 ... 38.17 17.81 UrbanOutfitters URBN ... 10 21.70 –0.63 ... Istanbul IMKB 3146.10 +4.17 +1288.45 +69.36 Sydney S&P/ASX 200 7104.10 –0.15 –340.54 –4.57
11.04 9.77 TKBCriticalTech1 USCT ... 19 10.07 ... ... 19.66 4.85 UroGenPharma URGN ... dd 7.84 –0.39 ...
10.50 9.67 TLGY Acqn A TLGY ... 30 10.06 +0.01 ... 8.62 1.37 Usio USIO ... dd 1.53 –0.04 ... Jakarta Composite 7135.25 –0.52 +553.77 +8.41 Taipel Weighted 15278 –0.85 –2940.40 –16.14
15.39 0.79 TMCthemetals TMC ... dd .81 –0.08 ... 133.87 80.10 UtahMedProducts UTMD 1.3 20 89.13 –3.65 .29
148.04 101.51 T-MobileUS TMUS ... cc 143.02 –3.35 ... 5.40 2.44 UTStarcom UTSI ... dd 3.93 –0.02 ... Johannesburg All Share 70173 +0.65 –3536.30 –4.80 Tel Aviv 125 Index 2116.16 +1.66 +59.65 +2.90
35.40 23.09 TPG TPG 5.5 dd 30.05 –1.14 .39 3.68 0.36 Uxin UXIN ... dd .68 +0.05 ... Kuala Lumpur Composite 1500.29 –0.28 –67.24 –4.29 Tokyo Nikkei-225 28641 –1.00 –150.33 –0.52
43.32 9.23 TPIComposites TPIC ... dd 19.53 +1.47 ... V
224.56 104.72 TRowePrice TROW 4.0 12 119.68 –6.74 1.20 LISBON PSI 4889.67 –0.53 +705.49 +16.86 Toronto S&P/TSX 19873 –1.18 –1349.55 –6.36
113.37 53.47 TTEC TTEC 1.8 25 54.58 –1.77 .50 2.38 0.24 VEON VEON ... 1 .46 –0.01 ...
17.49 9.76 TTM Tech TTMI ... 23 16.58 +0.06 ... 10.29 9.82 VMGConsumerA VMGA ... ... 10.00 +0.01 ... London FTSE - 100 7427.31 –1.63 +42.77 +0.58 Vienna ATX 2949.73 –2.10 –911.33 –23.60
10.27 2.45 Taboola TBLA ... 40 2.66 +0.01 ... 22.91 3.51 VNET VNET ... 7 5.17 +0.12 ... Madrid IBEX 35 8063.90 –3.29 –649.90 –7.46 Wellington S&P/NZX 50 11608 –0.65 –1425.48 –10.94
33.86 2.09 TabulaRasaHlth TRHC ... dd 5.04 –0.12 ... 13.41 5.85 VOXX Intl VOXX ... dd 9.74 –0.12 ...
46.41 6.28 TactileSystems TCMD ... dd 8.88 –0.51 ... 65.42 31.85 VSE VSEC .9 19 43.32 –1.77 .10 Manila Composite 6752.50 –1.62 –370.13 –5.20 Zurich Swiss 10942 –1.92 –1933.50 –15.02
195.83 101.85 TakeTwoSoftware TTWO ... 84 127.47 –0.27 ... 1.75 0.26 VyneTherap VYNE ... dd .32 ... ...
17.48 2.04 TalarisTherap TALS ... dd 3.50 –0.58 ... 11.00 2.38 Vacasa VCSA ... dd 4.87 +0.27 ... Mexico City IPC 47272 –2.46 –6000.33 –11.26 Indexes are based on local currencies. Because of various holidays and other market closings, the most
9.20 0.72 TalisBiomed TLIS ... dd .94 +0.02 ... 16.50 2.97 Vaccitech VACC ... ... 5.18 +0.63 ... recent close is not necessarily that of the week of publication.
5.99 1.03 Talkspace TALK ... dd 1.42 ... ... 10.49 9.85 VahannaTechI A VHNA ... dd 10.07 +0.02 ...
10.19 9.87 Talon1AcqnA TOAC ... 45 10.19 +0.06 ... 15.10 10.01 ValleyNatlBncp VLY 3.6 12 12.13 –0.54 .11
46 BARRON’S August 29, 2022
VangdTotalBd BND 2.2 75.19 –0.30 .1533 SPDR S&P Div SDY 2.7 126.37 –4.33 .761
JPMUltShMuni JMST .4 50.49 –0.02 .0427 GraniteGold BAR ... 17.22 –0.09 ... iShLatinAmer40 ILF 10.6 25.48 +0.66 1.0981 MicroGold3xLvgd GDXU ... 3.56 –0.17 ...
VangdTotIntlBd BNDX 3.4 49.66 –0.48 .0488 SPDR S&P Home XHB .8 61.39 –3.28 .1382
-1xShVIXFutures SVIX ... 12.28 –1.18 ... HealthCareSelSect XLV 1.5 127.29 –5.63 .5042 iShMSCIAustralia EWA 7.3 22.44 –0.16 .7434 MicroOil&Gas-3 OILD ... 3.59 –0.50 ...
VangdTotIntlStk VXUS 3.8 51.90 –1.04 .5893 SPDR S&P MtlMng XME .8 52.05 +1.78 .2107
PacerUSCashCows100 COWZ 1.8 46.70 –0.79 .2125 iMGPDBiMgdFutures DBMF 4.7 31.78 –0.05 2.6772 iShMSCIBrazil EWZ 11.4 32.01 +0.84 1.4991 MicroOil&Gas3x OILU ... 57.41 +6.14 ...
WisdTrCloud WCLD ... 30.24 –1.09 ... SPDRS&POilGasExpl XOP 1.4 149.01 +6.38 .7673
ProShS&P500Arist NOBL 2.0 90.34 –3.28 .3883 IndSelSectorSPDR XLI 1.5 95.52 –3.32 .3742 iShMSCICanada EWC 2.2 34.96 –0.57 .276 MicrUSBigOil3InLv NRGD ... 46.10 –7.25 ...
WisdTrUSQltyDiv DGRW 2.1 60.12 –2.46 .10 SPDR S&P Retail XRT 2.3 65.55 –3.87 .3183
ProShShtVIXST SVXY ... 52.77 –2.32 ... InspireFidMulti FDLS ... 24.82 ... ... iShMSCI EAFE EFA 4.8 62.71 –1.98 1.4976 PGIMUltraShBd PULS 1.3 49.15 +0.03 .1042
SprottUranium URNM 6.8 70.68 +8.27 4.8219
ProShUltVIXST UVXY ... 10.41 +1.04 ... InvscChinaTech CQQQ ... 45.35 +0.74 ... iShMSCIEmgMarkets EEM 2.7 40.01 +0.11 .3619 PimcoEnhShMat MINT .8 99.28 +0.01 .14
NYSE ARCA StriveUSEner DRLL ... 28.18 +1.01 ...
ProShsVIXSTFut VIXY ... 14.77 +1.06 ... InvscCurrShEuro FXE ... 92.01 –0.72 ... iShMSCIFrance EWQ 6.6 29.97 –1.52 .9483 PimcoIntrmMuniBd MUNI 1.7 51.83 –0.11 .09
TechSelectSector XLK .9 139.88 –8.23 .3232
2xLongVIXFut UVIX ... 10.69 +1.34 ... ARKInnovationETF ARKK .0 42.84 –1.85 .7826 InvscDBComm DBC ... 26.63 +0.67 ... iShMSCIGermany EWG 3.8 21.63 –1.36 .7919 Pimco1-5USTips STPZ 5.5 52.39 +0.11 .45
TeucriumCornFd CORN ... 26.77 +1.67 ...
VanEckAMTFrIntMuni ITM 1.8 45.73 –0.31 .0773 ARK NextGen ARKW .0 52.51 –3.50 3.3143 InvscDBAgriFd DBA ... 20.76 +0.66 ... iShMSCIHongKong EWH 2.9 20.75 –0.06 .3303 Pimco0-5YHyCpBd HYS 3.9 90.96 –0.88 .35
TeucriumWheatFd WEAT ... 8.36 +0.46 ...
VanEckHYMuni HYD 3.9 53.68 –0.31 .1656 abrdnPhysGold SGOL ... 16.64 –0.11 ... InvscDBOilFund DBO ... 17.58 +0.40 ... iShMSCIIndonesia EIDO 2.1 23.56 –0.05 .3354 ProShBitcoin BITO ... 12.59 –0.49 ...
U.S.GlobalJetsETF JETS .0 17.72 –0.38 .1414
VanEckMstrWdMoat MOAT 1.2 68.05 –3.49 .8227 abrdnPhysSilver SIVR ... 18.12 –0.19 ... InvscDBUSDBull UUP ... 29.13 +0.20 ... iShMSCIIntlQual IQLT 3.6 31.32 –0.90 .7128 ProShShBitcoin BITI ... 37.81 +1.28 ...
UtilitiesSelSector XLU 2.7 75.71 –1.99 .5154
VangdESGUSStk ESGV 1.2 71.45 –3.28 .2081 AdvShPureUSCan MSOS .0 13.00 +1.12 .07 ProShShtDow30 DOG ... 34.45 +1.42 ...
VanEckEMHYBd HYEM 7.0 17.85 +0.14 .119
VangdUltShrtBd VUSB .6 49.25 –0.01 .0676 AlerianMLPETF AMLP 7.2 40.81 +0.99 .74 ProShShortHY SJB ... 18.95 +0.26 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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. Taking Off: Cash commitments to mutual funds took a holiday, easing the last month’s average weekly
Association of Securities Dealers.
Total returns reflect both price inflow at equity funds to $3.6 billion. The weekly average at taxable-bond funds turned down, to a negative
changes and dividends; these Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. $460 million, with a negative $135 million at muni-bond funds. Their losses were money-market funds’ gain,
figures assume that all distribu- NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
tions are reinvested in the fund. IncoA 23.70 -0.43 -7.0 24.2 MCMultiStrM 18.30 -0.66 -16.6 34.9 EmgMktVa 28.03 0.09 -9.0 21.1
where the weekly average outflow narrowed to $1.6 billion.
Because Lipper is constantly up-
dating its database, these returns IntBdA 12.82 -0.05 -5.4 0.9 NtlIntmMuni 12.79 -0.06 -7.6 -2.3 EmMktCorEq 21.27 -0.02 -14.2 20.2
may differ from those previously IntlGrIncA 31.02 -0.63 -20.1 8.4 Bridge Builder Trust: EmMktSmCp 21.38 -0.04 -13.7 29.0 Equity Funds Municipal Bond Funds
published or calculated by others. LtdTEBdA 15.10 -0.05 -5.0 -1.2 CoreBond 9.23 -0.03 -10.1 -3.3 Fixd 10.10 -0.01 -1.4 -0.4
3 year returns are cumulative. The N PerA 51.00 -1.75 -23.2 36.3 CorePlusBond 9.15 -0.04 -10.5 -1.8 GblAll60 40Inst 19.57 -0.40 -10.7 22.4 7400 700
NAV is the last reported closing NEcoA 45.81 -1.48 -25.9 23.0 GlEqInst 27.85 -0.88 -13.4 38.1
price for the week. Footnotes: NA: Intl Eq 10.58 -0.33 -20.9 4.5
not available. NE: performance NwWrldA 67.82 -1.19 -21.2 16.2 LargeCapGrowth 18.44 -0.88 -21.6 44.6 GlRESec 11.23 -0.41 -16.5 6.2 3200 -600
excluded by Lipper editor. NN: fund SmCpA 58.04 -1.56 -27.5 22.6 LargeCapValue 15.98 -0.54 -6.8 43.3 InfProtSec 12.07 0.01 -5.9 10.3
not tracked. NS: fund not in STBFA 9.58 -0.02 -3.1 -0.1 MunicipalBond 9.82 -0.06 -7.5 -1.4 IntGvFxdInc 11.39 -0.06 -9.4 -5.8 -1000 -1900
existence for whole period. e: ex TECAA 16.40 -0.14 -9.0 -3.1 IntlCoreEq 13.17 -0.35 -17.0 16.5
capital gains distributions. f: S/MCapGrowth 12.74 -0.43 -24.1 28.5
previous day’s quote. n: no front- TxExA 12.21 -0.09 -8.7 -2.4 S/MCapValue 13.49 -0.44 -8.5 38.3 IntlREst 3.84 -0.11 -19.0 -10.4 -5200 -3200
or back-end sales charge. p: fund WshA 52.83 -1.66 -9.4 40.0 Brown Advisory Funds: IntlSustCore1 10.28 -0.38 -21.1 12.4
assets are used to pay marketing AMG Managers Funds: GrwthEquityInst25.05 -1.42 -28.3 24.1 IntlVal 17.04 -0.33 -9.3 20.9 -9400 -4500
and distribution costs (12b-1 fees). IntlVectorEq 11.48 -0.31 -16.6 17.8
r: fund levies redemption fee or YachtmanFocFd I 18.91 -0.40 -10.5 35.3 Jul Aug Jul Aug
back-end load. s: stock dividend or YacktFocFd N n 18.96 -0.40 -10.6 34.5 C IntSmCo 17.28 -0.46 -20.2 16.0
split of 25% or more. t: fund charges YacktmanFd I 22.25 -0.49 -9.2 36.7 IntSmVa 18.05 -0.38 -14.9 16.7
12b-1 fees (for marketing and Angel Oak Funds Trst: Calamos Funds: IntTermMuni 9.93 -0.02 -3.9 -1.0 Money Market Funds Taxable Bond Funds
distribution) and a back-end load.
v: capital-gains distribution may be AglOkMtiStFdClIn 9.29 -0.04 -6.2 -3.1 MktNeutA 14.03 -0.13 -4.5 6.7 IntVaIII 14.64 -0.29 -9.2 21.3 12800 2000
a return of capital. x: ex cash AQR Funds: MktNeutI 13.86 -0.14 -4.4 7.4 ITExQual 9.61 -0.03 -13.2 -5.9
dividend. Calvert Investments: LgCo 28.93 -1.21 -14.0 47.9 8600 -2200
LgCapDefStyle I 27.54 -0.99 -13.9 29.7
Eq A 69.13 -3.48 -16.6 43.5 LgCpIntl 22.49 -0.63 -16.6 14.8
Net YTD 3-Yr. ArbitrageI :
NAV Chg. % Ret. % Ret. Carillon Scout: STExQual 10.31 -0.03 -4.7 -2.6 4400 -6400
ArbitrageI 13.16 -0.08 -1.0 7.3 STGov 9.90 -0.01 -4.3 -4.5
Ariel Investments: MidCap I 21.30 -0.55 -12.7 38.5 STMuniBd 10.07 0.00 -0.6 0.3
A CausewayInst : 200 -10600
Ariel Inv n 69.61 -3.08 -16.7 37.1 US CoreEq1 31.80 -1.17 -12.1 48.6
AAM: Artisan Funds: CausewayInst 14.50 -0.59 -16.6 12.3 US CoreEq2 28.88 -1.06 -11.9 49.6
CIBC Atlas: US Micro 24.76 -0.80 -9.5 48.0
-4000 -14800
B&GIncGroClI 22.82 -0.93 -9.7 30.8 GblOppInst 28.60 -1.10 -24.4 33.0
AB Funds: Intl Inv n 23.08 -0.75 -24.3 -2.0 DispEq Inst 26.56 -1.23 -14.2 44.0 US Small 41.73 -1.35 -10.9 47.7 Jul Aug Jul Aug
IntlInst 23.25 -0.75 -24.1 -1.3 ClearBridge: US SmCpVal 42.06 -1.05 -2.8 63.6
CapFdInc.LCapGow 75.37 -3.99 -23.7 48.0
IntlVal Inst 36.46 -1.12 -14.0 25.1 AggressGrowthA118.66 -4.23 -20.1 17.2 US TgdVal 28.98 -0.70 -3.5 63.0 A red chart indicates a lower value than the starting period. Green means it's higher than the starting period.
IntlStraEquPtZ 10.92 -0.15 -17.8 7.4
IntlVal Inv n 36.31 -1.12 -14.1 24.2 AllCapValueA 13.32 -0.30 -5.9 30.9 USLCpGr 27.51 -1.30 -15.3 45.5 The charts above show four-week moving averages of net cash flow in millions of dollars. BARRON'S • Lipper FMI
MuniIncmShares 11.21 -0.09 -10.8 2.5
AB Funds - A: MidCapInst 38.83 -1.67 -26.8 34.2 AppreciationA 29.74 -1.08 -10.9 40.3 USLgVa 42.28 -1.09 -7.3 36.7
MidCapInv n 32.52 -1.39 -27.0 33.3 DividendStrat1 n 27.99 -0.99 -7.5 39.2 USLgVaIII 27.98 -0.72 -7.2 37.2
LgCpGrA 67.25 -3.56 -23.9 46.6 Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
DividendStratA 27.96 -0.99 -7.7 38.0 USSoCoreEq2 20.78 -0.83 -14.7 44.5
RelatValA 6.13 -0.18 -7.1 37.1 B NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
LargeCapGrowthA 47.79 -2.44 -26.4 30.1 USSustCoreI 31.29 -1.33 -15.4 49.2
AB Funds - ADV: GlexUSIdxInstPre n 12.64 -0.25 -17.3 11.8 FF2020 n 13.67 -0.18 -13.2 15.5 Eq Inc n 64.89 -1.89 -6.8 39.1 StratDivInc n 16.11 -0.44 -8.5 30.1
LargeCapGrowthI54.94 -2.81 -26.3 31.2 USVectorEq 22.59 -0.62 -8.4 46.7
GlbBd 7.44 -0.04 -8.9 -5.1 Baird Funds: LargeCapValueI 36.12 -1.02 -8.2 36.7 Dodge & Cox: GrowthCompanyK6 16.98 -0.67 -25.8 74.6 FF2025 n 12.54 -0.19 -13.9 17.7 EqDivIncm n 26.80 -0.95 -2.9 37.9 TaxFrB n 10.80 -0.08 -9.5 -2.5
HiIncmAdv 6.87 -0.07 -9.9 1.7 AggBdInst 10.01 -0.06 -10.6 -4.2 SmallCapGrowthIS40.60 NA NA NA InflPrBdIndInsPr n 10.47 0.03 -6.2 10.0 FF2030 n 15.62 -0.27 -14.5 21.0 Fidel n 62.78 -2.63 -20.5 49.8 TotalBond n 9.78 -0.04 -10.0 -1.2
Balanced n 99.81 -2.16 -7.3 32.4
IntlStraEquPtADV 10.91 -0.14 -17.7 7.5 CorBdInst 10.27 -0.05 -10.4 -3.1 Cohen & Steers: IntlIdxInstPrem n 40.10 -1.25 -18.6 10.3 FF2035 n 13.39 -0.27 -15.6 26.5 FltRateHi n 9.16 -0.02 -0.8 8.9 TotalBond K6 9.11 -0.04 -9.7 -0.6
Dodge & Cox n 10.42 -0.03 -8.8 4.2
LgCpGrAdv 75.49 -3.99 -23.7 47.7 IntBdInst 10.35 -0.05 -7.1 -1.4 IntlIndex n 9.87 -0.20 -17.7 12.3 FF2040 n 9.44 -0.23 -16.4 29.7 FocsdStk n 27.67 -1.17 -20.3 46.7 Trend n 126.23 -6.29 -26.0 48.7
GlbRltyI 53.94 -2.01 -17.8 6.5 GblStock n 13.58 -0.19 -6.0 41.1
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
NationalPtf 9.69 -0.07 -8.4 -1.1 ShtTBdInst 9.33 -0.03 -3.4 1.1 IntrTresBdIxPrem n 10.03 -0.05 -9.2 -5.5 FF2045 n 10.83 -0.26 -16.4 29.8 FournOne n 49.85 -1.37 -15.9 26.6 Value n 13.85 -0.39 -5.7 63.9
InstlRlty 49.62 -2.02 -14.8 20.9 Income n 12.70 -0.04 -8.6 0.1
SelectUSLgShrt 13.52 -0.23 -6.9 29.8 Baron Funds: LgCpGwId InstPre n 23.37 -1.12 -21.0 56.5 FF2050 n 10.95 -0.26 -16.4 29.9 GNMA n 10.59 -0.08 -7.7 -4.1 ValueDisc n 35.86 -1.18 -6.3 42.7
PrefSecIncnI 12.40 -0.09 -9.6 3.8 Intl Stk n 42.51 -0.34 -10.1 19.6
SmMidCpValAdv22.80 -0.75 -12.2 40.3 LgCpVlIdxIstPrem n 14.99 -0.49 -7.8 34.4 Free2055 n 12.66 -0.31 -16.5 29.7 GovtInc n 9.56 -0.04 -9.3 -6.0 Wrldw n 28.01 -1.12 -22.0 33.0
Asset n 86.04 -4.02 -26.7 17.2 RltyIncI 17.96 -0.75 -16.0 20.9 Stock n 224.11 -7.57 -7.4 51.8
Aberdeen Fds: LTTrsBdIdxInstPr n 11.43 0.04 -21.3 -17.0 Free2060InstPrem 14.41 -0.42 -15.9 26.6 GroCo n 27.13 -1.14 -25.6 74.5 Fidelity SAI:
Growth n 88.08 -3.26 -24.2 30.9 RltyShs n 69.29 -2.84 -14.9 20.3 DoubleLine Funds:
EmMktEqty Inst 13.08 0.03 -24.1 4.0 MidCpInxInstPrem n 27.16 -0.92 -14.4 36.3 Freedom2015 K 10.98 -0.11 -11.8 13.3 GroInc n 48.49 -1.35 -5.7 48.5 FidSAIEmgMktIndx 12.98 0.04 -17.1 10.0
Partners n 157.88 -4.69 -20.7206.9 Colorado BondShares: CoreFxdIncmI 9.73 -0.03 -9.3 -4.4
Advisers Inv Trst: OTCK6Port 15.43 -0.67 -25.8 58.9 Freedom2020 K 13.67 -0.18 -13.2 15.8 GrowCoK 27.24 -1.15 -25.6 74.9 FidSAIIntlIndxFd 11.50 -0.36 -18.7 10.0
Baron Instl Shares: ColoradoBdShs 8.87 -0.04 -3.0 7.9 LowDurBdI 9.53 -0.01 -2.5 1.0 RealEstIdxInst n 16.84 -0.68 -16.4 6.8 Freedom2020K6 13.61 -0.18 -13.1 16.1 GrStrt n 48.53 -1.70 -23.6 30.7 IntlValIdx 8.00 -0.22 -13.6 9.5
Balanced n 81.57 -1.97 -8.0 34.0 AssetInst 90.78 -4.23 -26.6 18.1 Columbia Class A: ShillerEnhCAPEI 15.02 -0.65 -14.5 38.1 SAIUSLgCpIndxFd 19.55 -0.82 -14.0 47.9 Freedom2025 K 12.53 -0.18 -13.8 18.0 GwthDiscovery n 44.64 -1.66 -17.4 62.6 LowDurationInc 9.91 0.00 -0.3 NS
Growth n 98.16 -3.49 -9.6 49.6 EmergingMktsInst 13.54 0.05 -23.0 5.0 TotRetBdI 9.33 -0.03 -8.5 -4.8
BalancedA 44.69 -1.08 -12.3 27.4 SeriesBondFd 9.27 -0.04 -9.9 -4.9 Freedom2025K6 12.49 -0.19 -13.8 18.3 HighInc n 7.61 -0.09 -9.8 -0.5 SAIEmgMktLoVolIx 10.29 -0.07 -10.1 13.9
Akre Funds: GrowthInst 92.41 -3.41 -24.0 31.9 TotRetBdN n 9.32 -0.03 -8.7 -5.6
ContCoreA 28.44 -1.10 -13.7 47.1 SeriesOverseas 10.68 -0.50 -25.8 16.1 Freedom2030 K 15.61 -0.27 -14.4 21.2 IntBd n 10.14 -0.04 -7.0 -1.5 SAIInflaFocFd 12.53 0.27 24.8 79.6
AkreFocusInst 54.08 -2.89 -18.3 27.7 PartnersInst 163.67 -4.86 -20.5209.4 DisplCoreA 12.42 -0.52 -14.3 45.0 SerLTTreBdIdx 6.60 0.02 -21.3 -17.1 IntlDisc n 39.54 -1.12 -25.3 13.6
Freedom2030K6 15.57 -0.26 -14.3 21.8 ShortTermBd 9.56 -0.02 -3.2 NS
AkreFocusRtl 52.30 -2.80 -18.4 26.7 SmallCapInst 30.25 -1.30 -25.2 32.8 E IntlEnhIdx n 9.09 -0.27 -18.4 10.5
DivIncA 28.97 -0.97 -7.6 39.5 SmCpIdxInstPrem n 23.55 -0.71 -14.6 33.8 Freedom2035 K 13.38 -0.27 -15.5 26.8 TotalBd 9.27 -0.03 -9.7 -0.8
Alger Funds Inst: Bernstein Fds: STBdIdx InstPrem n 9.61 -0.03 -4.6 -0.9 IntlGrRet n 15.84 -0.72 -24.8 15.4
DivOpptyA 36.51 -0.99 -3.1 36.2 Eaton Vance Class A: Freedom2035K6 13.35 -0.27 -15.4 27.4 TxFreeBd 9.83 -0.07 -8.9 -3.4
CapApprI 30.00 -1.19 -27.2 35.2 DivrMuni n 13.76 -0.06 -5.7 -0.5 LgCpGrowA 46.37 -2.17 -24.2 47.7 STTreIdx InstPre n 10.01 -0.03 -4.6 -1.6 Freedom2040 K 9.45 -0.22 -16.3 30.3 IntMu n 9.97 -0.04 -6.4 -1.0
TMG1.1 78.66 -3.29 -16.1 44.7 U.S.TreBdIdx 9.03 -0.02 -9.4 -5.9
AmanaGrowth n: IntmDur n 11.77 -0.04 -10.7 -5.1 TMktIdxInstPrem n 113.51 -4.51 -15.0 45.4 InvGB n 7.41 -0.02 -10.2 -1.8
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
LgCpVl A 15.80 -0.47 -6.8 38.6 Freedom2040K6 9.41 -0.22 -16.2 30.8 USMomentumIdx 14.00 -0.29 -16.9 38.8
AmanaGrowth n 60.22 -2.54 -18.1 58.2 NY Mun n 13.25 -0.05 -5.9 -1.7 Eaton Vance Class I: TotalMarketIndex n 14.29 -0.57 -14.8 46.1 InvGrBd 10.32 -0.03 -9.7 -0.6
LiGoBalA 10.35 -0.24 -14.5 18.4 Freedom2045 K 10.82 -0.26 -16.4 30.2 USValueIndex 12.07 -0.31 -2.6 44.9
Amer Beacon Insti: BlackRock Funds: SelgComuInfoA 98.97 -4.69 -23.6 85.1 AtlCpSMID 37.25 -1.35 -9.7 30.1 TtlIntIdxInstPr n 11.80 -0.24 -17.7 12.6 Freedom2045K6 10.78 -0.26 -16.3 30.7 LargeCap n 38.04 -1.07 -7.6 47.9
Fidelity Selects:
SmCpInst 26.92 -0.81 -6.1 46.9 CoreBd Inst 8.63 -0.03 -10.5 -4.3 TaxEA 11.89 -0.11 -10.7 -4.8 FloatRtHiInc 8.26 NA NA NA USBdIdxInstPrem n 10.65 -0.04 -9.9 -4.8 Freedom2050 K 10.94 -0.26 -16.4 30.2 LCapCrEIdx n 18.95 -0.76 -12.2 52.3
FltgRt 8.40 -0.03 -2.1 6.6 LCapGrEIdx n 25.53 -1.16 -18.7 58.9 Biotech n 15.97 -0.50 -17.5 20.0
American Century G: CreStraInc Inst 8.94 -0.04 -8.6 0.0 Columbia Class Adv: USSusIdx n 17.71 -0.84 -16.5 46.6 Freedom2050K6 10.92 -0.26 -16.3 30.8
GblMacAbR 8.02 0.01 -4.2 5.8 LevCoSt n 39.60 -1.17 -16.8 52.4 DfAero n 14.44 -0.24 -1.1 -0.9
HiYBlk 6.90 -0.07 -8.9 6.0 DivIncom 29.54 -0.99 -7.4 40.6 Fidelity Adv Focus A: Freedom2055 K 12.67 -0.30 -16.3 30.2
GlBond 9.21 -0.06 -9.4 -5.5 IncBos 5.02 -0.05 -7.1 6.6 LgCpVHIdx n 14.88 -0.47 -7.2 40.1 Energy n 54.56 2.36 54.8 83.8
Sustain Equity 40.56 -1.79 -16.3 48.5 HiYldBd Inst 6.89 -0.07 -9.1 5.6 Columbia Class I: HthCarA 57.12 -1.36 -14.1 35.8 Freedom2055K6 12.65 -0.30 -16.3 30.8 Health n 27.25 -0.64 -14.0 43.0
InflProtBdInst 10.46 -0.01 -5.7 11.5 NatlMuniInc 9.21 -0.07 -9.2 -2.3 TechA 73.76 -3.87 -26.7 79.9 Idx2020InsPre 14.98 -0.26 -12.8 13.4 LmtTrmMuniIncm n 10.21 -0.02 -4.4 -0.7
American Century I: Acorn I 9.82 -0.37 -27.5 9.5 Edgewood Growth Instituti: LowP n 49.21 -1.15 -8.5 47.1 HlthCareSrvPt r n 134.60 -3.29 2.1 76.3
LowDurI Inst 9.10 -0.02 -4.2 -0.6 Balanced I 44.59 -1.07 -12.1 28.4 Fidelity Advisor: Idx2025InsPre 16.88 -0.32 -13.5 15.4 ITSvs n 56.44 -2.67 -23.6 8.8
EqInc 9.34 -0.26 -4.2 24.5 EdgewoodGrInst 38.47 -2.07 -36.4 23.2 LowPriStkK 49.17 -1.15 -8.5 47.5
BlackRock Funds A: ContCore I 28.78 -1.11 -13.5 48.1 SrsAdvIntlCapApp 23.61 -1.15 -25.8 11.6 Idx2030InsPre 17.74 -0.37 -14.0 18.4 MdTchDevis n 60.50 -2.39 -26.1 34.0
Growth 41.69 -2.05 -23.3 48.9 LowPriStkK6 14.14 -0.31 -7.9 47.6
AdvLgCapCore 16.04 -0.71 -16.6 43.0 DivIncom I 29.01 -0.97 -7.4 40.6 StragInc n 11.29 -0.06 -9.3 3.5 Idx2035InsPre 19.65 -0.50 -15.1 23.3 Retail n 16.80 -1.12 -25.7 37.1
IntTF 10.81 -0.06 -7.2 -0.5 F LtdTmBdFd n 10.96 -0.03 -5.2 -0.8
CapAppr 26.05 -1.29 -28.6 30.8 TotBdFdClZ 9.77 -0.04 -10.0 -0.9 Idx2040InsPre 19.89 -0.57 -15.8 26.6 Semiconductors r n 16.45 -0.95 -28.3 114.7
MdCapVal 16.18 -0.67 -3.6 38.0 LgCpIdx I 50.46 -2.11 -14.1 47.2 Magin n 11.79 -0.59 -20.2 40.5
EqtyDivd 18.91 -0.61 -4.9 33.9 Fidelity Advisor A: Idx2045InsPre 20.66 -0.60 -15.8 26.6 Softwr n 22.37 -1.18 -22.7 46.8
SmCapVal 9.94 -0.39 -10.0 54.3 MdCpIdx I 14.33 -0.45 -11.3 40.3 FAM Value: MAMun n 11.30 -0.08 -8.4 -3.1
GlblAlloc 16.92 -0.28 -13.7 19.6 BalancA 24.46 -0.71 -14.2 35.0 Idx2050InsPre 20.69 -0.60 -15.9 26.6 Tech n 20.54 -1.07 -27.3 70.9
American Century Inv: SelComunInfo 113.19 -5.35 -23.5 86.5 FAMValue n 85.54 -3.78 -14.1 28.7 Manager40 n 12.34 -0.16 -11.1 14.6
HlthScOp 61.63 -2.52 -11.8 34.0 EqGrA p/r 14.21 -0.52 -17.6 61.9 Idx2055InsPre 17.02 -0.49 -15.8 26.6 UtilGr n 111.57 -2.43 8.9 36.9
DiscCoreVal n 31.33 -0.79 -11.7 36.5 SmCpIdx I 25.21 -0.88 -11.9 40.3 Federated Hermes A: Manager60 n 13.98 -0.27 -13.6 21.3
MdCpGrA 28.49 -1.23 -30.3 17.1 GrOppA 101.97 -2.63 -29.0 49.9 Idx2020 Premier 14.98 -0.25 -12.8 NS Fidelity Series:
EqGro n 25.55 -0.84 -17.5 32.0 StratInc I 21.60 -0.13 -8.1 2.8 MidCap n 38.25 -0.68 -5.1 49.1
MultiAstIncome 9.91 -0.14 -10.1 5.6 StrValDivA p 6.03 -0.18 5.0 28.2 NwInsghtA 30.65 -1.14 -22.7 29.8 Idx2025 Premier 16.87 -0.33 -13.5 NS
EqInc n 9.32 -0.27 -4.3 23.8 TotReBd I 31.93 -0.14 -12.6 -1.5 MidCapEnIdx n 16.31 -0.51 -12.4 39.6 Canada 13.95 -0.22 -4.0 41.9
NatlMuni 10.14 -0.07 -9.5 -3.9 Federated Hermes Int: StrInA 11.13 -0.06 -9.4 2.6 Idx2030 Premier 17.73 -0.38 -14.0 NS
Grwth n 40.47 -2.00 -23.4 47.9 Columbia Class I2: MuniInc n 12.06 -0.09 -9.6 -2.8 IntMuni Z 9.99 -0.04 -6.3 -0.9
ScTechOppA 40.90 -1.68 -31.9 50.7 InsHiYld 8.65 -0.11 -9.7 4.1 Fidelity Advisor Fun: Idx2035 Premier 19.65 -0.50 -15.1 NS
Heritage n 19.46 -0.63 -23.5 28.6 DivIncom 29.51 -0.99 -7.4 40.8 NASDAQ n 153.65 -7.09 -21.9 58.1 FidelityAdviAsset:
TotRet 10.41 -0.03 -10.9 -4.0 TtlRtnBdI 9.93 -0.04 -9.4 0.2 Idx2040 Premier 19.89 -0.57 -15.8 NS
MdCapVal n 16.15 -0.68 -3.9 37.2 Columbia Class I3: InterDiscZ 39.37 -1.11 -25.2 14.0 NewInsights Z 32.01 -1.20 -22.5 31.2 ADVAssetMan60 13.98 -0.27 -13.5 21.6
BlackRock Funds III: Federated Hermes IS: Idx2045 Premier20.65 -0.60 -15.8 NS
OneChMod n 14.43 -0.33 -14.4 19.3 ContCore I3 29.49 -1.13 -13.4 48.7 Fidelity Advisor I: NewMill n 40.89 -0.84 -2.3 42.9 First Eagle Funds:
Idx2050 Premier20.69 -0.60 -15.8 NS
Select n 94.52 -4.79 -19.0 53.4 iShS&P500IdxK476.98-19.98 -14.0 48.0 KaufmnLCIS 26.34 -1.04 -25.4 18.6 BalancI 25.07 -0.73 -14.1 36.0 NewMkt n 11.70 -0.01 -15.4 -10.6
DivIncom 29.56 -0.99 -7.4 41.1 Income n 10.53 -0.05 -8.8 5.4 GlbA 58.67 -1.15 -9.1 19.2
Ultra n 67.15 -3.31 -23.3 61.3 iShUSAggBdIdxK 9.34 -0.03 -9.8 -4.7 KaufmnSCI 45.87 NA NA NA ConsvIncmMuni I 9.97 0.00 -0.3 1.1 OTC n 14.56 -0.63 -25.7 56.7
Columbia Funds: Fidelity Invest: OverseasA 22.55 -0.26 -10.9 6.9
American Century R6: BlackRock Funds Inst: StraValDivIS 6.07 -0.18 5.3 29.2 FltRatel 9.16 -0.02 -0.9 8.9 OTC K 14.87 -0.65 -25.7 57.1
UltShortBd Inst3 8.95 0.00 -0.2 2.4 AggrInt n 21.07 -1.03 -25.8 11.7 FPA Funds:
AdvLgCapCore 16.96 -0.74 -16.4 44.0 UltraShortI 8.99 0.00 -1.3 2.0 GrOppI 112.73 -2.91 -28.8 51.0 Ovrse n 49.44 -2.33 -27.0 12.6
MdCapVal 16.18 -0.67 -3.6 38.7 Credit Suisse Common: AilSectEq 9.66 -0.37 -14.5 56.5 NwInc n 9.63 -0.01 -2.6 1.4
CAInsMun 11.87 -0.08 -8.1 -1.6 FedMuniUl A 9.89 0.00 -1.0 0.8 HthCarI 63.33 -1.50 -13.9 36.9 PuritanK 23.19 -0.53 -14.0 32.8
SmCpVal 9.94 -0.40 -9.9 55.0 ComdtyRet 29.97 0.57 26.6 71.0 AMgr20% n 13.53 -0.09 -8.0 7.0 FPA Funds Trust:
EmgMkts 23.20 0.23 -22.3 13.0 Federated Hermes R: IntlGr 15.79 -0.73 -24.8 15.3 Puritn n 23.21 -0.53 -14.1 32.5
American Funds Cl A: AMgr50% n 19.38 -0.31 -12.4 17.9 FPACres Inst n 33.35 -0.98 -9.2 27.5
EqtyDivd 19.00 -0.61 -4.8 34.9 KaufmnR 4.95 -0.11 -26.1 1.3 NwInsghtI 31.87 -1.19 -22.5 30.8 RealE n 45.90 -1.77 -15.0 14.0
2020TarRetA 12.85 -0.20 -9.9 16.3 D AMgr70% n 24.76 -0.54 -14.3 25.3 RealEstInc n 12.43 -0.18 -9.0 10.4 Franklin A1:
FloRateIncPorIns 9.56 -0.03 -1.1 8.1 Federated Hermes R6: REIncmInst 12.38 -0.18 -9.0 10.5
2025TarRetA 14.24 -0.24 -11.5 19.4 AMgr85% n 22.41 -0.59 -16.0 30.8 SAIIntlMinVolInd 9.90 -0.28 -14.6 -1.2 CA TF A1 6.86 -0.06 -9.7 -3.5
GlblAlloc 17.08 -0.28 -13.6 20.6 Davis Funds A: FedInstHYBondL 8.65 -0.11 -9.7 4.2 StrInI 11.29 -0.06 -9.3 3.4
2030TarRetA 15.46 -0.32 -13.1 21.9 AstMgr30R n 11.51 -0.12 -9.9 10.7 SAILTTreBdIdx 8.66 0.03 -22.7 -18.0 Fed TF A1 10.80 -0.10 -10.4 -3.1
HlthScOp 65.76 -2.69 -11.7 35.0 NYVen A 22.91 -0.49 -16.5 20.3 StrValL 6.07 -0.18 5.3 29.2 Total Bd 9.77 -0.03 -10.0 -1.3
2035TarRetA 16.61 -0.41 -15.0 26.5 Balanc n 25.99 -0.76 -14.0 36.3 SAIUSMinVolIndFd 17.44 -0.73 -9.8 30.1 HiInc A1 1.66 -0.02 -8.9 5.6
MdCpGrEq 33.48 -1.44 -30.2 18.0 TtlRtnBdL 9.92 -0.04 -9.4 0.3 Fidelity Advisor M:
2040TarRetA 17.25 -0.48 -16.3 28.0 Davis Funds C & Y: BalancedK 25.99 -0.76 -13.9 36.7 SAIUSQtyIdx 16.04 -0.82 -15.4 47.8
MultiAstIncome 9.92 -0.14 -10.0 6.4 Fidelity: Balanced 24.82 -0.73 -14.3 34.0 HY TF A1 9.09 -0.09 -10.9 -1.3
2045TarRetA 17.63 -0.50 -16.9 28.1 NYVenY 23.77 -0.51 -16.4 21.1 BluCh n 131.53 -5.57 -28.4 60.7 SmCapDisc n 24.36 -0.82 -14.1 39.4 IncomeA1 2.32 -0.04 -4.9 22.1
NatlMuni 10.13 -0.08 -9.5 -3.1 500IdxInstPrem n 141.13 -5.92 -14.0 48.0 EqGr 13.73 -0.51 -17.7 60.7
2050TarRetA 17.30 -0.49 -17.5 27.8 Del Invest Instl: BluChpGr K6 20.01 -0.82 -28.2 64.6 SmlCapO n 12.69 -0.41 -14.9 37.9 NY TF A1 9.88 -0.11 -11.2 -5.6
ScTechOppInst 44.94 -1.84 -31.8 51.9 Contrafund K6 18.01 -0.66 -22.5 39.2 GrOppM 100.47 -2.60 -29.1 48.8
AmcpA 31.91 -1.36 -24.4 27.5 Value 19.65 -0.80 -6.5 28.6 BluChpGrK 132.07 -5.59 -28.3 61.1 SmlCpGrth n 25.15 -0.61 -20.6 29.2 US Gov A1 5.33 -0.04 -7.0 -5.3
StratIncOpptyIns 9.55 -0.02 -4.2 5.5 EmgMktIdxInstPre n 10.04 0.04 -17.0 10.6 NwInsghtM 28.83 -1.08 -22.8 28.8
AMutlA 49.88 -1.53 -5.4 35.7 Deutsche DWS: CAMun n 11.99 -0.07 -8.6 -3.1 SmlCpGrth Z 25.39 -0.61 -20.6 29.6 Utils A1 23.39 -0.60 7.5 30.1
StratMuniOppI 10.57 -0.08 -10.4 -3.9 ExtMktIdxInstPre n 69.34 -1.96 -20.1 32.2 Fidelity Advisor Z:
BondA 11.88 -0.04 -9.6 -0.8 CapAp n 37.13 -1.39 -15.9 54.6 SmlCpVal n 19.27 -0.83 -10.9 54.3 Franklin Templeton:
TotRet 10.41 -0.03 -10.6 -3.1 CoreEq n 29.45 -1.15 -11.9 44.6 FidAdAsset 13.52 -0.09 -8.1 7.0 AssetManager50% 19.33 -0.31 -12.4 18.2
BalA 29.46 -0.63 -10.8 23.6 CapDevO n 18.31 -0.51 -7.7 47.4 Srs1000ValIndRet 14.26 -0.47 -7.8 34.4
BNY Mellon Funds: MgdMuniS n 8.13 -0.07 -10.4 -4.2 FidAdEm 33.22 -0.09 -23.8 NS AsstMngr70 24.73 -0.54 -14.3 25.6 TgtModA 13.66 NA NA NA
CapIBA 63.48 -1.27 -8.3 17.3 CnvSc n 31.96 -0.23 -11.9 50.0 SrsBlChGroRetail n 11.85 -0.50 -28.0 62.3
CapWA 16.43 -0.19 -16.8 -13.1 Aprec n 39.93 -1.40 -16.1 48.4 Diamond Hill Funds: FidSAI 8.85 -0.10 -9.0 NS CorporateBond 10.54 -0.03 -13.5 -4.5 FrankTemp/Frank Adv:
Contra n 14.29 -0.56 -22.8 39.7 SrsCommStrt 5.13 0.10 25.4 64.5
CapWGrA 51.42 -1.41 -18.4 21.8 Dr500In n 51.33 -2.16 -14.3 45.9 LgCapI 31.28 -1.18 -12.4 36.1 FidSAIEmerg 11.56 0.00 -15.6 NS FloatRateHighInc 9.16 -0.02 -0.8 9.1 ContraK 14.34 -0.56 -22.8 40.0 SrsEmrgMkt 16.50 0.13 -21.5 10.5 CA TF Adv 6.85 -0.06 -9.6 -3.1
EupacA 49.03 -1.12 -23.9 10.7 Dreyf n 14.29 -0.55 -13.5 55.3 LgCapY 31.34 -1.17 -12.3 36.6 FidSer5 9.01 0.02 -11.0 NS GrOpp 114.14 -2.94 -28.8 51.6 CpInc n 9.45 -0.10 -8.8 18.2 SrsGlobal 12.45 -0.25 -17.3 11.8 CvtScAdv 21.07 -0.31 -14.9 40.4
FdInvA 62.48 -2.09 -15.6 35.9 DreyMid r Inv n 31.60 -0.98 -11.4 39.3 LongShortI 26.89 -0.69 -6.2 21.7 FidSer0-5 10.02 0.02 -0.3 NS InvestGradeBd 7.43 -0.02 -10.0 -1.4 DisEq n 50.83 -2.27 -22.2 43.4 SrsIntlGrw 14.48 -0.66 -24.3 19.6 Dynat Adv 111.87 -5.05 -30.6 29.7
GBalA 32.48 -0.69 -14.7 11.5 GlFxIncI 19.81 -0.12 -8.0 -2.4 Dimensional Fds: FIDSerEmgMkt 8.23 0.08 -21.7 0.1 NewMktsIncFdZ 11.70 -0.01 -15.4 -10.4 DivGth n 32.49 -1.00 -10.8 38.5 SrsGroCoRetail 15.31 -0.59 -25.0 81.1 Growth Adv 120.50 -5.48 -20.4 41.4
GovtA 12.90 -0.05 -6.9 0.7 InstS&PStkIdx I 65.38 -2.75 -14.1 47.3 2TGlFxd 9.62 -0.01 -2.6 -1.5 FidSerInt 8.84 -0.11 -9.9 NS RE Income 12.38 -0.18 -8.9 10.9 DivIntl n 35.92 -1.31 -25.9 12.7 SrsIntlSmCp 15.27 -0.59 -28.6 17.1 IncomeAdv 2.30 -0.04 -4.9 22.8
GwthA 56.44 -1.99 -24.0 40.5 IntlStkI 20.43 -0.85 -24.2 13.7 5GlbFxdInc 10.05 -0.03 -6.1 -5.5 FidSerToMarket 13.51 -0.54 -15.0 45.3 StkSelAllCap 58.48 -2.10 -15.1 48.2 DivIntl K6 11.51 -0.42 -25.4 14.5 SrsIntlVal 9.55 -0.17 -14.5 18.6 RisDv Adv 84.53 -3.35 -12.2 42.1
HI TrA 9.40 -0.08 -7.7 10.1 IntlStkY 20.18 -0.85 -24.2 13.8 DFARlEst 43.86 -1.77 -15.1 17.0 FIDZroLgCpIx n 14.34 -0.59 -15.0 47.5 Fidelity Freedom: DivIntlK 35.86 -1.31 -25.9 13.0 STBF n 8.28 -0.01 -3.3 0.1 SmCpValAdv 54.71 -1.61 -10.5 39.1
HiInMuniA 15.01 -0.13 -9.3 0.4 SmMidCpGrI 24.32 -0.54 -28.6 26.1 EmgMkt 26.83 -0.01 -14.1 16.8 Flex 500 Index 17.34 -0.73 -14.0 48.1 FF2010 n 13.56 -0.11 -10.6 10.3 DivStkO n 29.37 -1.00 -16.2 51.8 StkSelSmCp n 29.13 -0.94 -15.1 44.5 Utils Adv 23.63 -0.60 7.6 30.7
ICAA 43.15 -1.45 -15.0 36.9 BNY Mellon Funds Tru: EmgMktSoCoEq 13.28 -0.05 -16.2 15.0 Freedom2060K 11.62 -0.28 -16.4 30.2 FF2015 n 10.99 -0.11 -11.8 13.0 EmrMkt n 33.24 -0.09 -23.8 18.9 StkSlcACap n 58.90 -2.12 -15.1 47.8 FrankTemp/Franklin A:
48 BARRON’S August 29, 2022
Guggenheim Funds Tru: LrgCpStr n 15.07 -0.46 -20.0 18.9 LtdTMu I 13.59 -0.02 -4.9 -1.8
JensenQualGrJ n: MN OverS SF nr 10.70 -0.33 -19.4 14.4 NJLTAdml n 11.19 -0.10 -9.9 -1.2 ITBdInstPI 10.54 -0.05 -10.1 -4.1
MuniBd pn 11.48 -0.03 -5.6 -2.7 Thrivent Funds A:
MacOppFdClInstl24.60 -0.14 -6.8 7.1 JensenQualGrJ n 57.37 -2.74 -14.7 46.8 QMUSSmCpGrEq n 37.37 -1.19 -19.4 21.5 NYLTAdml n 10.64 -0.11 -10.6 -3.4 LaCapInst 385.54-15.91 -15.2 47.0
Sm&MdCapStrategi n 14.21 -0.40 -21.3 11.5 LgCpStk 23.91 -0.82 -16.6 29.2
TotRtnBdFdClInst24.60 -0.08 -11.9 0.5 JHF III DispVal: MainStay Fds A: SpectModerGwAllo n 35.41 -0.97 -16.7 20.8 PacifAdml n 80.61 -1.21 -15.9 12.2 MidCpInst 58.71 -2.00 -15.2 38.2
Optimum Funds Inst: MidCapStk 28.04 -0.77 -13.4 50.3
GuideStone Funds: DispVal I 22.04 -0.63 -6.0 40.2 HiYldBdA 5.07 -0.04 -7.2 5.8 R2010 n 15.52 -0.25 -11.5 13.5 PALTAdml n 10.73 -0.08 -9.6 -1.8 MidCpIstPl 289.56 -9.87 -15.2 38.3
Fixed Inc 8.58 NA NA NA Thrivent Funds S: RealEstaInstl 20.97 -0.85 -16.5 15.6
EqindxGS2 44.17 NA NA NA DispValMCI 25.40 -0.89 -8.2 37.4 TxFrBdA 9.38 -0.09 -10.5 -3.0 R2015 n 12.97 -0.23 -11.8 15.3 PrmcpAdml nr 146.05 -5.40 -13.8 42.7
LgCpGrwth 18.45 -0.92 -27.6 26.6 R2020 n 19.49 -0.36 -12.2 17.4 LgCpVal n 26.95 -0.78 -5.0 49.6 Rs1000GrwIdxInst475.15-22.65 -21.0 56.4
MedDurGS2 13.15 NA NA NA DispValMdCp 24.19 -0.84 -8.4 36.4 Mairs&Power: RealEstatAdml n 135.49 -5.49 -16.5 15.6
LgCpVal 19.43 -0.64 -8.0 34.8 R2025 n 16.93 -0.36 -13.3 20.0 MidCapStk n 32.97 -0.91 -13.3 51.4 Rs1000Vl IdxInst262.44 -8.58 -7.9 34.1
DispValMdCpR6 25.41 -0.89 -8.1 37.8 MairsPwrGr n 134.79 -6.76 -16.8 41.9 S&PSC600Idx 372.54-12.92 -11.8 41.3
H Osterweis Strat Income: R2030 n 25.18 -0.62 -14.6 22.0 TIAA-CREF/Instl Cl: Russ1000IdxInst358.61-14.46 -14.8 46.8
DispValR6 22.10 -0.63 -5.9 40.6 Mass Mutual: SmCapAdml n 93.38 -2.76 -13.3 35.3
JHITFunLgCpCorFd: OsterweisStrInc n 10.59 -0.06 -5.9 8.7 R2035 n 19.24 -0.54 -15.8 24.0 CoreBond Inst 9.40 -0.03 -10.3 -4.1 SmGthAdml n 77.50 -2.42 -21.6 22.3 Russ3000Idx 353.42-14.03 -14.8 45.8
Harbor Funds: SelBluChipGroClI 21.34 -1.01 -26.2 27.9 R2040 n 27.31 -0.83 -16.6 25.8 SmCapInst 93.38 -2.75 -13.3 35.3
FunLgCpCorA 59.81 -2.69 -16.4 49.2 CorePlsBd 9.42 -0.03 -10.3 -3.1 STBondAdml n 10.03 -0.03 -4.6 -0.9
CapApInst 72.24 -3.23 -28.3 44.0 MassMutual Select: PQ Ret2045 n 19.11 -0.61 -16.9 27.3 SmCapIstPl 269.53 -7.95 -13.3 35.4
John Hancock: TIAA-CREF/Retail Cl: STCorpIx n 20.81 -0.06 -5.1 0.2
IntlInst 38.00 -1.19 -19.5 11.5 MCGrEqIII 20.79 -0.79 -21.0 24.2 Ret2055 n 16.73 -0.55 -17.1 27.1 STFedAdml n 10.30 -0.02 -3.8 0.3 SmGthInst 62.07 -1.93 -21.6 22.4
500Index1 45.01 -1.89 -14.2 46.8 Parnassus Fds: Gro&Inc n 21.48 -0.83 -17.1 38.2
SmCpValInst 39.32 -1.33 -7.6 37.9 Matthews Asian Funds: RetBal Inc n 13.49 -0.19 -10.5 14.1 STIGradeAdml n 10.10 -0.03 -5.1 0.3 SmValInst 39.52 -1.11 -7.2 42.5
BondI 14.00 -0.07 -11.2 -3.0 ParnEqFd n 53.40 -2.46 -15.7 42.1 TIAA/CREF Funds:
Harding Loevner: PacTigerInv nr 22.92 NA NA NA SciTec n 31.65 -1.37 -27.1 29.9 STIPSIxAdm n 25.06 0.04 -0.4 11.2 STBdIdxInstPl 10.03 -0.03 -4.6 -0.8
BdIdxInst 9.89 -0.04 -10.0 -5.3
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
BondR6 14.03 -0.06 -11.1 -2.6 Pax World Fds: Sht-Bd n 4.56 -0.01 -3.7 1.1
EmgMktsAdv n 44.61 NA NA NA Metropolitan West: STsryAdml n 10.15 -0.02 -3.4 0.0 STBDInst 10.03 -0.03 -4.6 -0.8
ClassicVal I 37.59 -1.42 -6.3 40.4 SustAll Inv n 24.85 -0.73 -13.4 25.2 SmCap n 54.14 -1.73 -12.4 38.1 EqIdxInst 29.15 -1.16 -14.7 45.9
IntlEq 23.64 NA NA NA LowDurBdI 8.40 -0.03 -3.8 0.3 STTresIdx n 19.54 -0.03 -3.3 -0.6 STCorpIxInst p 25.48 -0.07 -5.0 0.3
IntlGrwI 25.51 -0.63 -26.8 9.0 Pear Tree: SmCapStk n 57.01 -1.86 -18.3 31.4 Gr&IncInst 14.24 -0.55 -17.0 39.4
Hartford Funds A: TotRetBd n 9.57 -0.04 -11.1 -4.6 TotBdAdml n 9.91 -0.03 -10.1 -4.9 STIGradeInst 10.10 -0.03 -5.1 0.3
John Hancock Class 1: SpecGr n 23.06 -0.83 -15.9 33.8 HgYldInst 8.46 -0.10 -8.7 1.9
TotRetBdI 9.57 -0.04 -11.0 -3.9 ForeignVal I r 19.33 -0.42 -19.2 4.9 TotIntBdIdxAdm n 19.84 -0.23 -9.6 -8.7 STIPSIxins 25.08 0.04 -0.3 11.3
BalIncA 14.49 -0.23 -8.5 14.0 BlueChipGrw 40.63 -2.09 -27.5 24.7 IntlEqIdxInst 18.63 -0.58 -18.6 10.1
TRBdPlan 8.97 -0.04 -11.0 -3.8 Perm Port Funds: SpecInc n 11.47 -0.09 -8.9 1.7 TotIntlAdmIdx nr 27.90 -0.55 -17.4 13.5 TotBdInst 9.91 -0.03 -10.1 -4.9
CapAppA 35.62 -1.44 -16.2 25.9 LSAggr 14.56 NA NA NA IntlEqInst 11.17 -0.33 -20.9 16.7
UnconstrBdI 10.67 -0.05 -6.5 0.0 Permanent n 46.15 -0.29 -7.5 28.1 SuMuInt n 11.25 -0.06 -7.4 -1.9 TotStAdml n 99.14 -3.94 -15.1 45.5 TotBdInst2 9.79 -0.03 -10.1 -5.2
DiscpEqA 42.04 -1.70 -15.1 40.6 LSBalncd 13.48 NA NA NA LC2040Inst 9.84 -0.24 -15.0 24.8
MFS Funds: PGIM Funds Cl A: TF Incom n 11.15 -0.10 -10.0 -0.8 TxMBal nr 37.60 -0.83 -10.6 21.3 TotBdInstPl 9.91 -0.03 -10.1 -4.9
DivGth A 31.01 -1.20 -8.5 45.6 LSGwth 14.22 NA NA NA TotIndex n 43.96 -1.76 -15.1 43.7 LCIdx2020Inst 18.01 -0.31 -11.9 15.3
IIE 27.13 -0.91 -18.9 16.6 TxMCapAdml n 210.05 -8.45 -14.7 47.3 TotIntBdIdxInst 29.77 -0.34 -9.6 -8.6
EqInc 22.02 -0.68 -2.8 42.2 LSModer 12.22 -0.15 -11.4 12.7 HighYield 4.78 -0.04 -9.6 5.1 LCIdx2025Inst 19.63 -0.37 -12.5 18.0
U.S.EqResch n 38.74 -1.67 -14.3 48.5 TxMIn nr 13.23 -0.38 -18.3 13.5 TotStInst 99.16 -3.94 -15.1 45.6
GrOppty 32.78 -1.19 -30.9 25.9 John Hancock Funds A: MFS Funds Class A: JennGrowth 42.42 -1.88 -28.7 44.2 LCIdx2035Inst 22.67 -0.55 -14.0 23.2
USLrgCpCore n 31.12 -1.45 -13.2 39.8 TxMSC nr 81.85 -2.84 -11.7 41.0 TtlWrldIxInst p 182.81 -5.87 -15.9 31.3
MidCap A 26.05 -1.02 -20.6 16.2 BalA 23.43 -0.58 -13.1 23.5 AgGrAIA 26.40 -0.91 -15.4 28.4 JennUtility 16.68 -0.32 5.0 34.0 Value n 42.42 -1.51 -11.3 38.0 LCIdx2040Inst 23.86 -0.63 -14.6 26.2 USGroAdml n 116.20 -5.40 -31.0 36.0 TxMCaInst r 104.36 -4.20 -14.7 47.4
Hartford Funds C: BondA p 14.00 -0.07 -11.4 -3.9 CoEqyA 41.00 -1.79 -13.8 42.7 TotalReturnBond p 12.53 NA NA NA Price Funds - Adv Cl: LCIdx2045Inst 24.62 -0.72 -15.1 29.3 UtilIxAd nr 82.53 -2.15 6.7 30.6 ValueInst 53.81 -1.66 -5.1 39.8
Bal IncC 14.23 -0.23 -8.9 11.3 LifeBal 13.59 NA NA NA GrowthA 135.79 -7.26 -24.6 33.1 PGIM Funds Cl Z: LrgCpGrIdxInst 45.68 -2.17 -21.0 56.4
BlChip p 124.71 -6.38 -28.2 24.0 ValAdml n 53.81 -1.66 -5.1 39.7 Victory Funds:
Hartford Funds I: LifeGrw 14.28 NA NA NA IntlVA 39.72 -1.80 -25.0 10.3 HighYield 4.79 -0.04 -9.5 5.9 LrgCpGrInst 17.93 -0.85 -25.4 36.3 WdsrllAdml n 71.61 -2.74 -11.8 50.0
Growth p 71.60 -3.65 -30.6 25.2 EstValA 47.19 -1.50 -4.3 51.8
BalIncI 14.49 -0.24 -8.4 14.7 John Hancock Instl: MCapA 23.06 -0.95 -25.4 22.4 JennGrowth 47.80 -2.12 -28.6 45.5 LrgCpVl IdxInst 22.66 -0.74 -7.8 34.3 WellsIAdml n 63.55 -0.84 -8.1 12.5
R2030A p 24.85 -0.62 -14.8 21.1 EstValI 47.25 -1.49 -4.1 53.3
DivGthI 30.83 -1.19 -8.3 46.8 MCapValA 28.89 -0.98 -8.3 41.2 TotalReturnBond 12.49 NA NA NA LrgCpVl Inst 19.65 -0.70 -9.5 35.9 WelltnAdml n 72.67 -1.92 -12.4 25.2
StratIncmOppI 9.94 -0.06 -8.8 1.6 R2040A p 26.96 -0.82 -16.8 24.8 SmCoOppI 49.35 -1.71 -6.0 40.5
EmrgMktEqInv 15.22 0.05 -20.2 8.4 MIGA 35.82 -1.81 -15.9 46.4 PIMCO Fds Admin: QuantSmCpEqInst 16.86 -0.44 -11.5 38.1 WndsrAdml n 77.64 -2.70 -4.1 54.8
JPMorgan A Class: Price Funds - R Cl: Virtus Equity Trust:
EqIncI 21.87 -0.67 -2.6 43.3 MITA 34.96 -1.66 -14.0 37.4 TotRtAd p 8.99 -0.03 -11.2 -4.9 RealSecInst 19.09 -0.79 -19.3 17.2 VANGUARD FDS:
CoreBond 10.60 -0.02 -9.3 -4.1 MuHiA 7.55 -0.07 -11.0 -2.7 R2030R p 24.53 -0.60 -14.9 20.2 S&P500IdxInst 44.80 -1.87 -14.0 47.9 SmCapSusI 37.63 -1.64 -22.9 21.9
IntlAlphaInv 14.07 -0.45 -21.7 25.4 CorePlusBd p 7.49 -0.02 -9.8 -3.7 PIMCO Fds Instl: PRIMECAP Odyssey Fds: CAIT n 11.19 -0.05 -7.0 -1.9
MuInA 8.16 -0.06 -9.8 -3.2 S&P500IdxRet 44.42 -1.86 -14.1 46.8 VirtusFunds:
MidCap 27.47 -1.06 -20.4 17.0 EqInc p 22.23 -0.72 -4.2 38.2 AllAsset 11.36 -0.08 -8.9 21.6 DivdGro n 35.31 -1.44 -7.1 38.9
MuLtdA 7.87 -0.02 -5.0 -1.2 AggGrowth nr 41.76 -1.36 -20.8 24.9 SmCpBl IdxInst 21.89 -0.66 -14.6 34.0 CeredexMdCpVlEqI 10.90 -0.41 -13.4 26.2
WorldBond 9.91 -0.05 -4.5 -4.6 GwthAdv p 24.85 -1.02 -21.7 65.5 AllAssetAuth r 7.08 -0.05 -11.5 12.9 Growth nr 37.89 -1.24 -14.1 38.5 DivrEq n 43.26 -1.71 -17.8 45.4
ResBdA 9.77 -0.04 -10.8 -4.1 SocChEqInst 24.00 -1.00 -15.5 45.5 VirtusFunds Cl I:
Hartford HLS Fds IA: Inv Bal p 14.95 -0.28 -11.5 18.3 CommodtyRR 6.74 NA NA NA Stock nr 35.25 -1.31 -12.2 39.8 Energy nr 46.88 0.69 21.5 21.1
RschA 51.85 -2.29 -14.2 37.7 Tortoise Capital: EmMktI 8.13 -0.07 -19.2 -4.1
Balanced 32.28 NA NA NA InvCon p 12.27 -0.15 -10.2 9.4 DivInc 9.39 -0.07 -12.8 -5.2 Principal Investors: EqInc n 42.14 -1.25 -3.0 40.9
TotRA 19.27 -0.45 -9.6 21.6 TorMLPPipInsCl 13.92 0.03 27.9 37.3 Explr n 103.78 -3.18 -19.0 37.5 MulSStI 4.42 -0.01 -4.8 1.2
CapApp 48.16 NA NA NA InvG&I p 17.53 -0.41 -12.5 25.9 EmMktsBd 8.33 -0.01 -16.1 -9.8
UtilA 25.29 -0.66 4.3 34.2 HiYld IN 8.22 -0.12 -9.4 3.4 Touchstone Funds Gro: Vivaldi Merger:
DiscEqui 16.70 -1.72 -15.1 42.5 InvGrwt p 21.78 -0.65 -14.1 34.2 HiYld 7.92 -0.09 -9.5 2.6 FTAlWldInAdml n 31.19 -0.61 -17.1 13.3
ValueA 49.43 -1.81 -8.3 32.7 InfPro IN 8.70 0.02 -6.3 9.4 MdCpY 43.46 -1.94 -12.4 28.0 Arbitrage Fund 10.60 0.00 0.6 11.8
Div&Grwth 26.02 NA NA NA LgCpGwth p 48.16 -1.92 -20.2 56.7 IntlBdUSH 9.80 -0.09 -7.6 -4.2 GlbCapCyl Inv nr 10.84 -0.06 -1.9 50.1
MFS Funds Class I: LgIndxI 20.84 -0.87 -14.1 47.3 Touchstone Strategic: Voya Fds:
Stock 108.67 NA NA NA USEquity 18.75 -0.79 -14.5 57.0 InvGrdCrBd 9.01 -0.03 -13.6 -6.9 GlbEq n 30.71 -0.97 -20.2 24.9
GrowthI 146.83 -7.84 -24.5 34.1 LT2020 In 12.70 -0.22 -11.9 14.8
TotRetBd 10.00 NA NA NA JPMorgan I Class: LgTrmCrdtBd 9.45 -0.02 -21.8 -11.4 LagCapFoc A p 50.06 -1.93 -14.8 47.9 GloMinVolFdAdm n 27.80 -0.78 -6.0 7.3 InmdBdI 8.98 NA NA NA
MCapI 24.80 -1.02 -25.3 23.3 LT2030In 13.85 -0.33 -14.2 19.9
CoreBond 10.59 -0.02 -9.2 -3.4 LngDurTotRtrn 7.88 0.00 -21.1 -10.7 Transamerica A: GNMA n 9.65 -0.08 -7.3 -4.2
MCapValI 29.76 -1.01 -8.1 42.2 LT2040I 15.02 -0.46 -15.7 23.6
I CorePlusBd 7.49 -0.02 -9.5 -2.9 LowDur 9.29 -0.01 -4.3 -1.1 AsAlModGr p 11.57 NA NA NA GroInc n 55.27 -2.23 -12.9 49.1 WXYZ
ResBdI 9.77 -0.04 -10.8 -3.6 LT2050I 15.56 -0.53 -16.5 26.0
EmMktEq I 28.61 -0.23 -24.3 5.4 LowDurInc r 8.09 -0.02 -4.2 5.3 Trust for Professional Ma: HlthCare nr 202.85 -7.45 -7.5 39.4
IFP US Equity Fund: RschI 53.53 -2.36 -14.0 38.7 MidCpBldA 32.36 -1.38 -19.9 28.1 Wasatch:
EqInc 22.66 -0.74 -4.1 39.0 ModDur 9.52 -0.03 -7.0 -0.9 HYCor nr 5.28 -0.07 -8.5 3.4
ValueI 49.75 -1.82 -8.2 33.7 PreSecI 9.14 -0.10 -9.1 2.4 PrfTrtStrtBd Ins20.03 -0.08 -10.0 -3.4
IFP US EquityFd 19.53 -0.77 -9.2 NA GrAdv r 26.25 -1.07 -21.6 66.7 MortgOppBd 10.00 -0.03 -5.1 3.8 InflaPro n 13.14 0.03 -6.1 9.7 CoreGr n 69.60 -3.64 -26.1 35.2
Morgan Stanley Inst: PtrLGI In 16.15 -0.88 -27.3 33.1 Tweedy Browne Fds: IntlExplr n 14.97 -0.55 -29.7 2.7
INVESCO A Shares: LgCpGwth 49.50 -1.96 -20.1 57.9 RealRtnI 10.83 -0.02 -6.6 11.0 WCM:
PtrLV In 18.44 -0.60 -6.1 33.8 GblValue n 26.31 -0.36 -9.6 11.2 IntlGr n 30.84 -0.75 -29.6 30.8
AmValA 36.45 -0.48 -7.4 37.0 MdCpGrw 40.44 -1.36 -22.7 39.1 CapGrI 37.53 -1.23 -49.5 9.1 ShortT 9.59 0.01 -1.1 2.4 FcusEmgMk Inst 13.58 -0.10 -27.3 14.4
RealEstSecI 29.33 -1.09 -15.4 18.5 IntlVal n 35.31 -0.81 -15.1 13.9
Invesco Fds Investor: MdCpVal 38.03 -1.36 -7.1 35.6 CapGrP p 34.24 -1.11 -49.6 8.3 ShtAssetInv 9.82 0.00 -0.7 1.2 WCM Focus Funds:
SAMBalA p 15.07 -0.37 -13.4 16.6 U ITIGrade n 8.66 -0.05 -11.4 -3.3
MtgBckd 10.44 -0.03 -6.9 -1.8 GloFranI t 30.98 -1.62 -16.2 24.5 StksPLS 10.87 -0.47 -16.2 43.6 WCMFocIntlGrwIns 19.86 -0.81 -28.3 22.8
DivrsDiv n 19.13 -0.52 -3.2 27.3 SAMGrA p 17.66 -0.56 -14.9 22.7 LifeCon n 20.07 -0.32 -12.3 8.6
ShtDurBnd 10.59 -0.01 -3.2 1.8 MorganStanleyPathway: TotRetESG 8.04 -0.03 -12.0 -5.4 UM Funds: Western Asset:
Invesco Funds A: Putnam Funds Class A: LifeGro n 37.53 -1.00 -14.8 24.0
SmCap 57.22 -2.44 -14.7 30.1 CoreFxIcm n 7.19 -0.03 -11.3 -4.8 TotRt 8.99 -0.03 -11.0 -4.2 BehavVal 82.37 -2.16 -1.2 60.5
500InxA 43.01 -1.81 -14.3 45.7 DynAAGthA 16.34 -0.41 -14.7 24.1 LifeInc n 14.97 -0.16 -11.0 1.1 CoreBondI 11.21 NA NA NA
USEquity 18.84 -0.78 -14.3 58.4 LgCapEq n 21.42 -0.92 -16.3 37.9 TrndsMgdFutStrgy 12.96 NA NA NA USAA Group:
ActiveAllA 12.76 -0.30 -17.3 17.6 PutLargCap p 29.55 -0.85 -4.6 46.7 LifeMod n 28.76 -0.61 -13.5 16.2 CoreBondIS 11.22 NA NA NA
ValAdv 38.29 -1.29 -4.0 38.4 Munder Funds: PIMCO Funds A: CorePlusBdA 9.96 NA NA NA
CapApprA p 53.98 -2.11 -22.3 45.3 GlbHlthCare p 56.60 -1.82 -10.8 46.0 500Indx Reward n 52.77 -2.18 -14.7 49.2 LTIGrade n 8.51 -0.01 -20.2 -11.4
JPMorgan Inst Class: MndrIntlSmCpInv r 12.67 -0.31 -24.8 11.1 IncomeFd 10.83 -0.02 -6.8 3.4 GrOpp p 45.75 -2.09 -21.9 45.1 CorePlusBdI 9.97 NA NA NA
Chart 16.11 -0.60 -16.5 33.5 CrnstModAggr n 24.91 -0.47 -12.1 13.8 MATxEx n 10.06 -0.09 -10.0 -2.3
CmstA 28.83 -0.74 -2.0 49.7 ValAdv L 38.35 -1.29 -3.9 38.9 Mutual Series: LowDurInc 8.09 -0.02 -4.4 4.0 StDurInc 9.99 0.00 -0.1 2.0 Gr&Inc n 21.79 -0.84 -14.2 34.7 CorePlusBdIS 9.97 NA NA NA
MidCpGro pn 20.41 -0.67 -24.4 17.6
DevMktA 36.23 -0.21 -24.2 -5.6 JPMorgan L Class: BeacnZ 15.40 -0.70 -14.3 17.0 RealRtnA 10.83 -0.02 -6.8 9.7 SustainLdrsFd p 100.40 -4.65 -18.9 43.2 Grwth n 27.01 -1.25 -25.5 29.6 ManagedMuniA 14.99 NA NA NA
MuHY n 10.54 -0.09 -10.4 -1.7
DiscFdA p 77.64 -1.83 -25.4 34.5 Fl EmMktEq L 28.86 -0.23 -24.2 5.7 GlbDiscA 28.12 -0.97 -8.7 17.3 TotRetA 8.99 -0.03 -11.2 -5.2 Putnam Funds Class Y: Inco n 11.61 -0.03 -10.7 -2.5 SMAShCrPlCp n 6.71 NA NA NA
MuInt n 13.46 -0.07 -7.1 -1.2
DisMdCpGrA 22.67 -0.61 -25.0 30.7 MdCpVal L 38.69 -1.39 -7.0 36.5 GlbDiscz 28.88 -0.99 -8.5 18.2 PIMCO Funds C: GrOpp Y 48.66 -2.22 -21.8 46.2 IncStk n 18.70 -0.62 -5.3 32.8 SmashSerC n 8.81 NA NA NA
OHLTte n 11.53 -0.12 -10.6 -2.2
DivIncm p 24.74 -0.68 -2.2 25.3 JPMorgan R Class: QuestZ 13.36 -0.47 -7.6 7.9 IncomeFd 10.83 -0.02 -7.3 1.1 Incm 6.08 -0.05 -9.6 -5.6 IntmTerm n 12.56 -0.05 -7.7 -1.3 Primcp nr 140.92 -5.21 -13.8 42.5 SmashSerM n 8.74 NA NA NA
DivrsDiv p 19.13 -0.52 -3.3 27.0 CoreBond 10.61 -0.02 -9.1 -2.9 SharesZ 24.85 -0.88 -8.3 17.6 PIMCO Funds I2: PutLargCap 29.57 -0.84 -4.4 47.8 LgTerm n 12.16 -0.08 -10.8 -2.7 PrmcpCor n 29.46 -1.06 -12.4 40.9 Wm Blair Funds Cl I:
EqIncA 10.43 -0.23 -7.4 30.4 CorePlusBd 7.50 -0.02 -9.5 -2.7 Natixis Funds: CommdtyRR 6.70 NA NA NA StDurInc 10.00 0.00 -0.1 2.3 Nasdaq100 n 33.43 -1.69 -22.5 68.5 SelValu nr 27.65 -0.98 -9.8 37.6 SmMidI r 27.23 -0.73 -21.6 17.1
August 29, 2022 BARRON’S 49
Industrials 11:00
11:30
33194.29
33239.29
32946.86
32932.75
32945.42
33048.10
33109.26
32993.75
32860.84
32762.23
NYSE Amer Off
NASD Up
8,308 2,553 2,380 4,700 8,701
936,658 2,044,854 2,950,663 3,127,993 796,752
36350 12:00 33252.12 32935.11 33070.55 33013.98 32734.48 NASD Off 3,272,839 1,712,588 875,945 1,108,150 3,730,433
12:30 33211.22 32861.47 33040.44 32998.71 32663.08 NYSE Arca UP 55,941 156,084 137,445 191,800 43,419
Week's NYSE Arca Off 185,521 82,421 52,293 31,295 258,520
Components Change 1:00 33207.40 32950.17 32929.32 32991.26 32677.20
1:30 33140.16 32974.32 32900.29 33041.25 32661.61 % (QCHA) –1.50 +.09 +.61 +1.10 –1.98
3M -16.06 % (QACH) –1.04 +1.37 +1.22 +.30 –2.12
2:00 33066.55 32897.95 32930.84 33095.16 32578.11
American Express -4.93 35300 2:30 33069.13 32943.67 32948.97 33105.03 32540.14
% (QCHAQ) –1.65 +.32 +.94 +.79 –2.32
Amgen -10.21 3:00 33030.22 32922.10 32954.77 33091.20 32440.21 Market Advance/Decline Totals
Apple -7.90 3:30 33058.40 32954.05 32987.96 33160.99 32418.55 NYSE NYSE
Boeing 1.61 Weekly Comp. NYSE Amer Nasdaq Arca
Close 33063.61 32909.59 32969.23 33291.78 32283.40
Total Issues 3,581 305 5,496 1,927
Caterpillar -3.68 34250 High (t) 33466.04 33246.70 33171.34 33333.80 33466.11 Advances 936 105 1,551 364
Chevron 5.72 Low (t) 32942.61 32746.40 32709.49 32786.54 32241.08 Declines 2,551 195 3,699 1,556
Cisco Systems -2.81 High (a) 33586.59 33138.26 33095.50 33306.09 33364.70 Unchanged 94 5 246 7
Coca-Cola -2.06 Low (a) 33007.63 32858.89 32828.56 32889.85 32278.22 New Highs 111 8 212 21
Disney -6.07 New Lows 208 33 443 47
33200 Change –643.13 –154.02 +59.64 +322.55 –1008.38
Dow -1.03 Week ended last Friday compared to previous Friday
Goldman Sachs -12.87 Theoretical (t): High 33466.11 Low 32241.08
Home Depot -23.22 Actual (a): High 33586.59 Low 32278.22 NYSE Composite Daily Breadth
Honeywell Intl -8.50 Daily Aug 22 23 24 25 26
IBM -7.99 32150 Issues Traded 3,327 3,328 3,397 3,397 3,364
Intel -2.02 Dow Jones 20 Transport (divisor: 0.16343894576034) Advances 550 1,523 2,037 2,548 429
Johnson & Johnson -5.04 Declines 2,650 1,657 1,193 663 2,750
Open (t) 14556.44 14555.16 14638.74 14802.16 14930.53 Unchanged 127 148 167 186 185
JPMorgan Chase -3.96 Open (a) 14697.48 14539.43 14638.56 14739.36 14940.50 New Highs 20 29 38 43 28
McDonald's -9.59
Merck -2.82 31100 10:00 14552.25 14620.04 14706.30 14782.42 14952.81 New Lows 88 62 75 34 97
10:30 14559.00 14668.43 14706.17 14873.47 14898.25 Blocks - primary 4,277 3,911 3,938 3,926 3,962
Microsoft -18.06 Total (000) - primary 835,042 748,057 723,414 723,716 795,074
11:00 14528.22 14670.90 14716.89 14926.53 14696.71
Nike Cl B -4.88 Total (000) 3,940,952 3,867,350 3,608,290 3,573,440 3,849,184
11:30 14577.52 14614.43 14756.37 14873.18 14615.46
Procter & Gamble -7.44
12:00 14547.62 14600.13 14759.18 14861.05 14602.00 NYSE American Composite
Salesforce -18.54 30050 12:30 14524.93 14586.49 14770.49 14787.90 14588.66 Daily Aug 22 23 24 25 26
Travelers Cos -5.80
1:00 14537.40 14592.07 14704.27 14798.86 14540.25 Issues Traded 292 288 285 290 284
UnitedHealth Group -19.07
1:30 14519.01 14598.79 14709.01 14801.85 14547.85 Advances 81 166 172 156 60
Verizon Communications -1.17
2:00 14492.72 14592.47 14690.93 14835.76 14533.73 Declines 201 110 101 122 218
Visa Cl A -9.93
Walgreens Boots Alliance -2.22 29000 2:30 14513.95 14590.44 14707.42 14851.22 14523.75 Unchanged 10 12 12 12 6
3:00 14528.70 14634.33 14703.34 14847.86 14501.78 New Highs 2 4 3 2 ...
Walmart -5.42 March April May June July August New Lows 23 12 10 5 9
3:30 14542.57 14639.44 14745.57 14871.55 14466.51
Blocks - primary 160 110 145 137 128
Close 14539.01 14634.21 14703.11 14957.70 14380.23
Total (000) - primary 15,240 12,546 14,851 11,688 11,112
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
High (t) 14670.10 14742.91 14805.74 15005.21 15012.52 Total (000) 302,056 306,807 230,593 184,488 177,340
Transportation Low (t)
High (a)
14415.93 14501.19 14582.14 14701.21
14697.48 14690.77 14779.82 14959.67
14368.15
14974.61 Nasdaq
17100 Low (a) 14480.87 14539.43 14630.50 14739.36 14379.31 Daily Aug 22 23 24 25 26
Week's Change –232.74 +95.20 +68.90 +254.59 –577.47 Issues Traded 4,798 4,793 4,907 4,903 4,851
Advances 1,013 2,307 2,814 3,111 807
Components Change 16650 Theoretical (t): High 15012.52 Low 14368.15 Declines 3,516 2,233 1,807 1,499 3,744
Alaska Air Group -0.56 Actual (a): High 14974.61 Low 14379.31 Unchanged 269 253 286 293 300
American Airlines Group -0.43 16200 New Highs 42 65 54 53 37
Avis Budget Group 6.09 New Lows 195 174 144 99 172
CH Robinson Worldwide -1.81 Blocks - primary 24,734 21,350 21,524 27,938 25,123
15750 Dow Jones 15 Utilities (divisor: 1.27924906167720)
Total (000) 4,270,842 3,818,747 3,889,383 4,264,126 4,543,506
CSX -1.20
Open (t) 1050.88 1041.17 1034.81 1040.11 1045.68
Delta Air -0.57 NYSE Arca Composite
Expeditors Intl of Wash -2.28 15300 Open (a) 1052.99 1040.88 1034.53 1038.52 1045.30
10:00 1049.99 1034.98 1034.43 1033.35 1045.09 Daily Aug 22 23 24 25 26
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
March April May June July August Low (t) 1038.02 1028.83 1028.83 1032.08 1025.48 NYSE Amer Comp 4293.65 4427.96 4460.90 4472.10 4408.70
High (a) 1052.99 1040.88 1038.52 1043.64 1046.30 AmMajorMkt 2892.41 2890.19 2897.47 2933.07 2842.02
16368.58 11225.29 DJ US Small TSM 13291.04 12864.89 12864.89 –376.86 –2.85 –2578.59 –16.70 –2389.16 –15.66 Divs Yield % 1.48 1.42 1.19 2:30-3:00 24,677 23,852 21,226 21,408 24,314
1096.30 769.43 Barron's Future Focus 884.69 850.06 850.06 –42.54 –4.77 –221.55 –20.67 –210.81 –19.87 Divs $ 83.57 83.68 74.93 3:00-3:30 34,878 29,906 27,878 26,687 32,229
Mkt to Book 5.42 5.65 6.72
1127.20 852.16 Barron's 400 985.09 954.42 954.42 –27.13 –2.76 –91.54 –8.75 –151.84 –13.73 3:30-4:00 397,027 321,421 335,321 321,955 361,555
Book Value $ 1042.07 1042.07 936.72
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
Selected IPOs
U.S. Dollar Index vs Euro and Yen Per Share Values of Stocks Ticker Initial Offer Price IPO Date Recent Price %Chg
Jeffs' Brands JFBR 4.16 8/26 2.68 -35.6%
On Course: Fed Chair Powell vowed to fight inflation, even at the cost of economic growth. The dollar
finished the week higher, as measured against six other currencies in the ICE U.S. Dollar Index, which rose In the Dow Jones Averages Jianzhi Education Tech
Onfolio Holdings
PaxMedica
JZ
ONFO
PXMD
5.00
5.00
5.25
8/26
8/26
8/26
18.75
2.40
4.91
275.0%
-52.0%
-6.5%
0.6% through Friday. This is a list of the Dow Jones trailing 52-week diluted share
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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
Steel DJUSST 476.70 + 15.38 73.72 +3.33 [8] +13.93 [17] +18.29 [7] +33.57 582.15 334.31 Chewy (Q2) -0.12 -0.04 U.K. (Pound) 1.1739 1.1831 .8519 .8452
Food & Drug Retailers DJUSDR 1057.14 – 42.49 –42.65 –3.86 [77] +12.03 [18] –3.88 [37] +17.06 1,195.19 909.07 Crowdstrike (Q2) 0.40 0.28 Uruguay (Peso) …… .. …… .. …… .. …… ..
Soft Drinks DJUSSD 935.31 – 28.22 27.09 –2.93 [47] +11.71 [19] +2.98 [21] +7.79 964.99 801.18 HewlettPackardEnterprise(Q3) 0.47 0.47 Financial .02474 .02472 40.415 40.445
Euro .9966 1.0039 1.0035 .9961
Beverages DJUSBV 1002.32 – 28.29 26.80 –2.74 [41] +11.58 [20] +2.75 [22] +7.67 1,032.11 860.82 HP (Q2) 1.05 0.93
Special Drawing Rights (SDR) are based on exchange rates for the U.S.,
Kirkland’s (Q2) -0.80 -0.01 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. PVH (Q2) 2.00 2.72 2005. y-floating rate.
W
Barnes&NoblesEducation (Q1)
Brown-Forman (Q1)
-0.62
0.46
-0.78
0.40
Money Rates
Delta Market Pulse of the Economy
Express (Q2)
Five Below (Q2)
0.09
0.79
0.02
1.15
Latest Week Prev. Week Yr Ago
Only includes new reports. Latest Latest Preceding Year YroYr Latest Latest Preceding Year YroYr
Greif (Q3) 2.00 1.93 Prime Rate (base) 5.50 5.50 3.25
Okta (Q2) -0.15 -0.31
Economic Growth and Investment Date Data Period Ago % Chg Date Data Period Ago % Chg
Indicator Gross domestic product 2nd Qtr –0.6 –1.6 6.7 1.70 Gasoline, (thous. bbls) Aug 19 215,647 215,674 225,924 –4.55
Pure Storage (Q2)
Vera Bradley (Q2)
0.22
0.12
0.14
0.28
Fed Funds Rate
Bullish
3 months 2.78 2.78 0.15
Initial jobless claims (thous.) Aug 20 243 r245 395 –38.48 (Earnings are diluted and report dates are tentative. All fore-
casts and historical numbers exclude extraordinary items by
6 months 3.53 3.53 0.20
Consumption and Distribution Continuing claims (mil.) Aug 13 1.415 r1.434 2.804 –49.54 accounting definitions.) Libor Interbank Rate
Consumer spending, (bil. $) July 17,184.3 r17,160.6 15,814.9 8.66 Source: FactSet
Current Sentiment Durable goods (bil. $) July 270.5 r269.5 257.3 5.13 Construction 1 month 2.52 2.39 0.09
3 months 3.07 2.96 0.12
Instinet Research Redbook Avg. (monthly %) Aug 20 –1.54 0.22 –1.09 …. No Activity for this Week
Conference Call Calendar
78.9%
6 months 3.57 3.55 0.15
Baltic Dry Index Aug 26 1,082 1,279 4,195 –74.21 12 months 4.12 4.02 0.24
New home sales, (thous. units) July 511 r585 726 –29.61 Other Indicators
Earnings- Foreign Prime Rates
Personal consumption, (bil. $) 2nd Qtr 13,931.5 13,881.1 13,665.6 1.95 Citi Research Panic–Euphoria Reading Aug 26 –0.06 –0.06 0.76 ….
Last Week Related
a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. h- Company Date Time Period Canada 4.70 4.70 2.45
Inventories benchmark revision, 2016 equals 100. r-Revised. Germany 0.50 0.50 0.00
83.5%
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) Aug 19 421,672 424,954 432,564 –2.52 Japan 1.475 1.475 1.475
Best Buy August 30 8:00AM Q2 Switzerland 0.25 0.25 0.00
Brown-Forman August 31 10:00AM Q1 Britain 1.75 1.75 0.10
Campbell Soup September 1 8:00AM Q4
Other Money Rates
2 Weeks ago Cooper Companies August 31 5:00PM Q3
Fannie Mae Home Loan:
Hewlett Packard Enterprise August 30 4:30PM Q3 30-Year Fixed Conv 5.09 5.03 2.39
American Debt and Deficits Adjustable Mortgage Rates
67.0%
HP August 30 5:30PM Q3 Bank money market-z 0.12 0.13 0.07
Source: CCBN, www.ccbn.com Interest Checking-z 0.04 0.04 0.03
Latest Preceding Year Ago Yr over Yr 6-Month Certif-z 0.40 0.39 0.12
Aug 26 Aug 19 Yr. Ago YOY % Chg 12-Month Certif-z 0.63 0.61 0.17
Report Report Report % Chg
3 Weeks ago
Federal Budget Deficit (bil. $)-a 1,359FY'24 1,372FY'23 1,837FY'22 ….
1 Year Treas Bills
2 Year Treas Notes
3.25
3.24
3.28
3.24
0.07
0.22
4542.86
1372.73
Coming U.S. Auctions 30 Month Accounts-z
5-Year Certificates-z
0.67
0.70
0.62
0.69
0.17
0.31
Current Market Exposure: Budget Surplus/Deficit (bil. $)-b, July –211.05 –88.84 –302.05 -30.13 3 Year Treas Notes 3.22 3.16 0.43 648.84 U.S. Savings EE Bonds:
100% Equities, 0% Bonds, 0% Trade Deficit (bil. $, sa)-c, June –79.61 r-84.91 –71.36 11.56 5 Year Treas Notes 3.01 2.95 0.78 285.90 Yields (%)
Cash Treasury Gross Public Debt. (bil. $)-d 30,751.8 30,724.4 28,427.6 8.18 10 Year Treas Notes 2.87 2.81 1.26 127.78 Monday When Issued* Last Auction Long-Term (5yrs+) 0.10 0.10 0.10
Treasury Statutory Debt Limit (bil. $)-d 31,381.5 31,381.5 …. …. 20 Year Treas Bds 3.36 3.29 1.81 85.64
Source: Delta Investment Consumer Installment Debt (bil. $)-e, June 4,627.4 r4,587.3 4,314.1 7.26 $54.0 bil 3-month 2.765 2.740
Management 11th District % Jul Discontinued .... 0.282 .... c-Annualized yields, adjusted for constant maturity, reported by the Federal
FHFA PMMS+ 5.22 5.29 2.95 76.95 $42.0 bil 6-month 3.138 3.110 Reserve on a weekly average basis. Sources: Tullett Prebon information, Ltd.
www.deltaim.com, (415) Sources: a-Office of Management and Budget, b-Monthly Treasury Statement, c-Monthly Commerce Dept. Factset. z-Bankrate.com.
249-6337 Fed annualized yields adjusted for constant maturity. * As of Friday afternoon.
Report, d-Daily Treasury Statement, e-Monthly Federal Reserve Release.
52 BARRON’S August 29, 2022
30
debt.)
(Index of 40 actively-traded tax-exempt bonds; component issues Flex LNG-FLNG (NYSE) 0.50 9-08 9-07 9-13 Black Hills .595
are changed regularly to keep the index a current picture of the MINISO Group Holding-MNSO (NYSE) 0.15 8-31 8-30 9-09 Brinks .20 Wednesday (August 31)
market. Source: The Bond Buyer Old Republic Intl-ORI (NYSE) 1.00 9-01 8-31 9-15 Carlisle Cos .75
-20 Silgan Holdings .16 Carpenter Technology .20 Amerant Bancorp Cl A .09
4.43 4.30 3.42
Stifel Financial
Transalta Corp
.30
.039
Week’s Ex- Thursday (September 1)
Carriage Services
China Life Insurance ADR
.112
.485
AudioCodes .18
Barron's Gold Mining Index (796.72)
-30
Stock/Bond Yield Gap-s
S O N D J F M A M J J A
Yield on DJ Equal Weight US Corp Bond Idx: Xylem .30 This list includes payouts on
common stocks.
First Finl Northwest
First Merchants
.12
.32 Payment Entergy
EQT Corp
Essential Utilities
1.01
.287
.15
Global Water Resources .025
Hennessy Advisors .138
John B Sanfilippo & Son 1.50
Corp Bonds, (y) 4.76 4.61 2.25 Thursday (September 1) Flushing Financial .22
Interface .01 This list includes payouts on FirstEnergy .39 John B Sanfilippo & Son .75
Acushnet Holdings .18 NASDAQ Mercantile Bank .32 common stocks. Ford Motor .15 LPL Financial Holdings .25
v-Week ended Thursday. y-Yield to maturity, week ended Thursday. z- Fortis .414
Avangrid .44 MillerKnoll .188
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Source: Refinitiv.*Barclays T-Bond Index discontinued by firm. Tuesday (August 30) NYSE Helmerich & Payne .25 Newmark Group .03
Bank of America .22 Navient Corp. .16 HF Sinclair .40 Origin Bancorp .15
Baxter International .29 Algoma Steel Group .05 Open Text .243 Monday (August 29) JM Smucker 1.02
Allegiance Bancshares .14 Patria Investments .169 PacWest Bancorp .25
BHP Group ADR 3.50 AmerisourceBergen .46 Kinross Gold .03 PriceSmart .43
ARK Restaurants .125 Peoples Bancorp of NC .18 Blue Owl Capital .11 Kroger Co .26
Federal Reserve Data Bank Week’s Ex- PermRock Royalty Trust .092
RLI Corp .26
Bridge Investment
Carter's
Dominion Energy
.30
.668
.75
Atlantica Sustain Infr
CSX
.445
.10
PepsiCo
Perella Weinberg Ptrs
SLM Corp
1.15
.07
.11
Comfort Systems USA
Core Laboratories
.14
.01
Louisiana-Pacific
Magnolia Oil & Gas
Matador Resources
.22
.10
.10
Reynolds Cnsmr Products .23
Shore Bancshares .12
Electronic Arts .19 Danaos .75 Sirius XM Holdings .022
Stepan Co .335
One week ended Aug 24:
Prev. Year
Dividend Tennant Co
Union Pacific
.25
1.30
Edgewell Personal Care
FedEx
Flowers Foods
.15
1.15
.22
First Citizens Bcshs A
Fox Cl A
Fox Cl B
.47
.25
.25
Strategic Education
Trustco Bank
United Fire Group
.60
.35
.16
Kemper Corp
Masco Corp
Oshkosh
.31
.28
.37
Matson
MiX Telematics ADR
Murphy Oil
.31
.06
.25
Southern Missouri Bncp
Thursday (September 1)
.21
Week’s Gaming&HospA
GigaCloudTech
SoundPointA
Starbox
Cyanotech
CyxteraTech
Latch
Leafly
SAB Biotherap
Sanofi
CONSOL Energy
CTS
Caleres
BitMining
Babylon
Magnachip
Manitowoc
GlblBlockchain SuperMicroComp Dave LendingTree SaveFoods BaxterIntl McEwenMining
New Highs and GlbPtrII A
GolarLNG
SupernusPharms
T-MobileUS
DawsonGeophys
DentsplySirona
Lensar
LibertyGlobal A
ScanSource
Science37
CaliforniaRscs
CatchaInvtA
BigBear.ai
BostonProps
MetaData
MisterCarWash
Lows GoldenPath
GoodWorksII A
GoresTechA
Talon1AcqnA
TargetGlbl I A
TargetHosp
DigitalAlly
DigitalTransform
DIRTT Envl
Lipocine
LivePerson
LogicBioTherap
SeanergyMaritime
Sema4
Semtech
CentralPuerto
Civeo
ClassAccelA
Boxed
BrandywineRealty
BrightHorizons
MohawkInds
NewYorkCityReit
Newmont
NYSE GossamerBio TishmanSpeyII A DixieGroup LoyaltyVentures Shineco CleanHarbors CI&T NexPointResidentl
GreenVisorI A TransMedics Dogness LumiraDx Sientra EngGr-Cmg CAE Nordstrom
111
New Highs
208
New Lows
GroupNineA
HalladorEnergy
HamiltonLaneI A
Tricida
TTM Tech
TurmericAcqn
Domo
DuckCreekTech
DuluthHoldings
LytusTech
MagicEmpireGlobal
MaravaiLifeSci
SimplyGoodFoods
SiTime
SiyataMobile
CrucibleAcqnA
DelekLogistics
Denbury
CenterraGold
ChinaYuchai
CerveceriasUnid
Offerpad
Olo
OppFi
Harte-Hanks UFP Tech E-HomeHousehold MarketAxess SKGrowthOppsA DycomInds Compass OrionOffice
Nasdaq HCM Acqn A ValueLine EastsideDistilling MatchGroup SkillfulCrafts elfBeauty Crawford A Ouster
HudsonExecII A Vaxcyte EBET Materialise SmithMicro EQ Health A Crawford B Owlet
212
New Highs
443
New Lows
HudsonTech
IG Acqn A
Immunocore
VenusAcqn
VickersVantageI
VisionSensingA
EdibleGarden
EducDev
EffectorTherap
MawsonInfr
mCloudTech
MedalistDivREIT
SoftwareAcqnIII
SolenoTherap
SonnetBio
EQT
EnergyTransfer
Equinor
D-WaveQuantum
DXC Tech
Deluxe
PROS
Paymentus
PiedmontOfficeA
InflectionPointA WelsbachTech EHang MesaLab Sonos EquityDistrA Doma PitneyBowes
NYSE American Infr&EnerAltern WesternAcqn Emcore MetaMaterials SoteraHealth Euronav DouglasEmmett Prudential
InglesMarkets WorldwideWebbA EngineGaming MetenHolding SpringBig FiscalNote ElancoAnimal QuanergySystems
8
New Highs
33
New Lows
InsuAcqnIII A
Inter
IrisAcqn
YottaAcqn
NEW LOWS
EnstarGroup
EnthusiastGaming
ErytechPharma
Minim
MobileGlbEsports
Mobilicom
SSR Mining
Starbox
StateraBio
FlameAcqnA
FlexLNG
ForumEnergyTech
ElevateCredit
EmergentBiosol
Enovis
QuotientTech
Redwire
RegionalMgmt
IsleworthHlth 22ndCentury EtonPharm MolecularTemp StevenMadden FreedomI A Eventbrite Revolve
Only includes COMMON and REIT stocks
IXAcqnA 2U EuroDry MotusGI Strattec Gallagher Fastly RingCentral
JackCreekA 9F EuronetWorldwide NanoLabs SuperCom GeneralMills FinanceofAm RockleyPhotonics
NYSE American AlphaPtrsA JawsHurricaneA AchieveLifeSci Ever-Glory NatureSunshine SuperiorGroup HH&L Acqn First HS Educ SK Telecom
AlphaStarAcqn Jeffs'Brands AdvEmissions ExactSciences Neogen SyneosHealth H.I.G.AcqnA FivePoint ScottsMiracleGro
NEW HIGHS
Altimmune JianzhiEduc AgileTherap ExelaTech Nephros TandemDiabetes Haemonetic Forestar ScullyRoyalty
AdaraAcqnA AMCIAcqnII Agora Hershey
JiyaAcqnA Eyenovia NeuBaseTherap Taoping ForgeGlobal SealedAir
AultDisruptive AmericanRscs Agrify Humana
KairousAcqn EzgoTech NeuroPace TaskUs FortunaSilver SelectQuote
CheniereEnergy AmicusTherap Akanda HuntingIngalls
KewauneeSci FaradayFuture NewAge TenayaTherap FreseniusMed Smith&Nephew
GEE Group AnthemisDigA Akerna IndlHumanCap
KismetThreeA Farmmi NexImmune ThirdCoastBcshs GSK SolarWinds
Graphex arGEN-X Akili IndustrsBachoco
KismetTwoA FGFinancial NI Thoughtworks Gannett Sonendo
TRX Gold AriesIAcqnA AllegiantTravel IntegratedRailA
Lantheus FingerMotion NiuTech TonixPharm Garmin StanleyBlackDck
NEW LOWS AuroraTechA LCattertonA AltamiraTherap FirstSavingsFin Nocera TOP Ships IntegratedWellA Gelesis StarryGroup
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
AuthenticEquityA LefterisAcqnA AMC Networks FirstWaveBio Novavax TransCodeTherap IntlSeaways Glatfelter SturmRuger
AlmadenMinerals
AveoPharma Macatawa AmericanPubEdu ForzaX1 Nuvasive TreasureGlobal JianpuTech Gorman-Rupp TDCX
AmerGold&Silver
AxsomeTherap MammothEnergy AmVirtualCloud Fossil NuvveHolding TrueCar LTC Properties GravitasEduc Teleflex
AmpioPharm
BannixAcqn ManaCapAcqn Apexigen FranklinWireless ObsEva TRxADEHEALTH LeoHldgsII A GreenDot Telefonica
BallantyneStrong
BelFuse B MedicusSciA AppliedMolecular Freshpet OfficePropIncm TTEC Lindsay Greenhill Teradata
BiomX
BilanderAcqnA MetalSkyStar Applovin FTAI Infra Onfolio uCloudlink MolinaHealthcare GpoAvalAcc ToyotaMotor
ChinaPharma
BioPlusAcqnA Mobilicom Aravive FulgentGenetics OpenText UnicoAmerican MurphyUSA GrupoTelevisa Traeger
Comstock
BlueWorldA MontaukRenew Arcimoto GauchoGroup OportunFin UnitedBancshares NOW HCI Group Trex
DeltaApparel
BullpenParlayA MontereyBioAcqn ArcoPlatform GlenBurnieBncp Organogenesis UnityBiotech NatlHealthInv HUYA TutorPerini
DunxinFinl NielsenHoldings
BurTechAcqnA MountRainier Arrival GoHealth OrientalCulture UnivElectro Hanesbrands Tuya
EquinoxGold NorthernStrIII A
CapricorTherap MudrickCapII A AspenGroup Greenlane OrionEnergySys UniversePharm HeliosTech Twilio
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
FranklinStProp NorthernStrIV A
CarneyTechII A Napco Security AstraSpace Grifols OrthofixIntl UplandSoftware HighwoodsProp US PhysTherapy
GeniusGroup OccidentalPetrol
CaseysGenStores NatrlOrderAcqn Astrotech GSE Systems OtonomoTech urban-gro HudsonPacProp Unisys
IntegraResources OverseasShip
CatalystPharma NewFortressEner Athersys HallmarkFin Outbrain US GlobalInv IHS Holding UpHealth
MaiaBiotech OxfordIndustries
CECO Env NobleRockA AuriniaPharm HarborCustom PanAmerSilver Usio INNOVATE VF
MaverixMetals PBF Logistics
CelsiusHldg NocturneAcqnA Azenta HarpoonTherap PaxMedica VascularBiogenics IamGold Vapotherm
MetallaRoyalty PMV Consumer
CF Acqn IV A NortheastCmBncp BankofSC HealthcrTriangle Pegasystems VenusConcept JBG SMITH Prop Verizon
NavideaBiopharm PampaEnergia
CF Acqn VIII A OhioValleyBanc BaudaxBio HighTide Perficient VerifyMe JELD-WEN VornadoRealty
Network1Techs PontemA
CFAcqnVII A OmegaAlpha BeasleyBroadcast HorizonTherap PetIQ VicinityMotor Kaleyra WPP
NewGold PrimeImpactI A
CH Robinson OmniLitAcqnA BetterwaredeMexico Humanigen PFSweb VintageWineEstates KennedyWilson WashingtonREIT
PalatinTech QuantaServices
ChesapeakeEner ON Semi Biofrontera HyzonMotors Pharvaris ViraxBiolabs KensingtonCapAcqnV WesternUnion
ParamountGoldNV SDCLEDGEAcqn
ChinaAutoSys Onfolio BitBrother I-Mab PhibroAnimal VislinkTech KoninklijkePhil WeWork
Polished.com ST Ener I A
ChinookTherap OysterEntsA BorqsTechs IAC PhoenixMotor VivosTherap KoreaElcPwr WheatonPrecMet
RaMedicalSys SignifyHealth
CitizensFinlSvc PaxMedica BrickellBiotech icad PierisPharm Vodafone KukeMusic Yeti
RetractableTechs ClarimAcqnA WalgreensBoots SilganHoldings
PerceptionCapII BrooklynImmuno iClickInteract Playstudios LionElectric Zuora
SierraMetals Clearfield WarnerBrosA SilverBowRscs
Pharming Carecloud IdexBiometrics Playtika
TrinityPlace CompassDigitalAcqn Weibo SonicAutomotive
Barron’s 50-Stock Average
PlainsAllAmPipe CarGurus IMAC PLBY Group
UniqueFabricating ConsldWater WW Intl TAL Education
PlainsGP CarverBancorp IndLogistics PolarityTE
VolitionRX ConstellationEner Celularity XBiotech TailwindIntlA
PoweredBrandsA InMedPharm PolestarAuto This index is a weighted average of 50 leading issues. Useful in secu-
Winc CONX Xos TigaAcqnA rity valuation. Source: Barron's Stats
PriveterraAcqnA Cerence Innodata ProvidentBncp
XtantMedical CornerGrowthA Zovio TrineIIAcqnA
PriviaHealth Certara InnovativeEyewr PulseBiosciences Aug 25 Aug 18 August Yr-to-Yr
TsakosEnergy
Nasdaq CresceraCapA PrometheusBio Cerus Innoviva PurpleInnovation 2022 2022 2021 % Chg
NYSE twoA
DallasNews Qualys CEVA InozymePharma QilianIntl S&P 500 Index 4199.12 4283.74 4441.43 –5.46
NEW HIGHS UnumGroup
Daxor RechargeAcqnA ChromaDex Inspirato QualigenTherap NEW HIGHS
5:01Acquisition VermilionEnergy Barron’s 50 Index 11649.12 11780.20 11214 3.88
DenaliCapAcqnA RelmadaTherap ClarusTherap IntegralAd QuidelOrtho ATI
7AcqnA VistaEnergy Projected quarterly earn 178.06 178.04 137.04 29.94
DuetAcqnA RichardsonElec CleverLeaves IntegraLifeSci QuinceTherap AxiosSustGrwA
7GC A WarburgPincusI-B A Annualized projected earn 712.24 712.14 548.14 29.94
E.MergeTechA RiverviewAcqnA Co-Diagnostics Intel Qumu AdtalemGlbEduc
A SPAC I A WarriorTechA
ECB Bancorp ROC Energy CodeChainNew Intercure Quotient Albemarle Annualized projected P/E 16.36 16.54 20.46 –20.07
A SPAC II WhiteMtnIns
EDAP TMS SagaComm CodiakBioSci InterDigital RackspaceTech AltimarAcqnIIIA Five-year average earn 431.29 431.28 388.9 10.91
AcadiaHealthcare EdifyAcqnA Sanmina CogentComm IO Biotech Radware ArdmoreShipping NEW LOWS Five-year average P/E 27.01 27.31 28.84 –6.34
ADMA Biologics EnergemA SareptaTherap Cohbar JaguarHealth RebornCoffee AresAcqnA ACCO Brands Year-end earn 600.79 600.76 352.5 70.46
AequiAcqnA ESSA Bancorp SatsumaPharm Compugen Jeffs'Brands RekorSystems AtlStreetAcqn a.k.a.Brands Year-end P/E 19.39 19.61 31.82 –39.06
AetheriumAcqnA FeutuneLightA SaverOne2014 Conformis JianzhiEduc RelianceGlobal AvantiAcqnA ATI PhysTherapy
Year-end earns yield, % 5.16 5.10 3.1 64.08
AGBAAcquisition FinStrategiesA SCP&COHlthcrA ContraFect JowellGlobal Repay Belden Abercrombie&Fitch
AhrenAcqnA Best grade bond yields, % 3.70 3.54 1.5 153.42
FirstSolar ShelterAcqnI CorbusPharm Kalera ReShapeLife BenchmarkElec Agiliti
AIBAcqnA FortistarSustA ShockwaveMed Corphousing KaziaTherap ReToEcoSol BerensonAcqnI AmbrxBio Bond yields/stock ylds, % 0.72 0.69 0.46 54.42
Akili FortuneRiseA ShuaaPtrsI A Creatd KioraPharm ReunionNeuro BoozAllen AmericanAssets Actual year-end divs 230.92 230.92 217.77 6.04
AlaunosTherap ForumMergerIV A SierraWireless CrownElectrokin Knightscope RevelationBio BuildAcqnA AB InBev Actual yr-end divs yld, % 1.98 1.96 1.94 2.07
AllianceResource FTACEmeraldA SigmaLithium Cryptyde KrispyKreme RiceBranTech CCNeubergerIII A Audacy
54 BARRON’S August 29, 2022
O T H E R VO I C E S
Each crypto winter creates a Darwinian thinning
of the ecosystem, and over time, the industry will
coalesce around mature platforms.
Major events unfolded beginning what I as a CEO have learned and how
on Saturday, June 11, culminating in I’m thinking about our business and
a bank run that we experienced along the future of our industry:
with many other centralized finance, First, disciplined risk management
or CeFi, platforms. At BlockFi, we must be principled and embedded into
acted to preserve liquidity, achieve the culture of a company. The impor-
profitability, and, above all else, pro- tance of risk management became
tect client funds. First, BlockFi insti- abundantly clear to an industry that
tuted a margin call for one of the larg- was not as transparent as it needed to
est hedge funds in the space, Three be and was, in several cases, deeply
Arrows Capital. The loan was over- overextended. While risk manage-
collateralized, and the entirety of ment has always been a foundational
Three Arrows’ collateral was liqui- part of our business, the crypto crash
dated when it failed to meet that call. validated that position and caused us
On Sunday, a major competitor of to double down on ensuring our risk
ours paused all withdrawals. A day management protocols were ironclad.
later, we announced a long-planned Second, financial transparency
20% reduction in force. The timing takes priority. In the days following
was unfortunate, but it reinforced our the collapses of others, the most fre-
conviction that we needed to operate quent question we received was, “How
with a leaner team and focus on is BlockFi different?” The answer: our
achieving profitability. strong balance sheet. We disclose our
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
In one week, more than 10% of financial health and identify the per-
client funds were being withdrawn centage of assets kept on hand at any
from our platform. We processed given time (for reference, it’s 10%) and
every single withdrawal. During the the volume of assets that could be
next few weeks, as other lenders de- recalled within seven days (that is
clared bankruptcies and monumental higher at 50%). We issue a quarterly
E
650,000 clients. to serve as the bedrock of the future
veryone is trying By Zac Prince Crypto was created to be separate Similar to the state of global finan- economy. Industry leaders should
to predict what the from the global economy and central cial services in 2008-09, this is crypto’s serve as a partner and trusted source
crypto industry will banks. But as mainstream adoption of financial crisis moment. In the fog of not just for their clients, but also for
look like in 2023, but crypto across retail and institutional that extreme capital markets volatility, global regulators. Mainstream adop-
I’m not sure even a investors has soared, crypto market it was difficult to identify the difference tion of the crypto industry is contin-
crystal ball could have performance has become entwined between Goldman Sachs, for example, gent upon further regulatory sup-
foreseen recent global with traditional markets. Thus, the and Lehman Brothers. But given the port, which can be achieved only
macroeconomic events. Near the close signals following Russia’s invasion of benefit of time, investors look back at through active dialogue, compliance,
of 2021, Bitcoin had hit a new all-time Ukraine and monetary-policy tighten- that period as an incredible buying and partnership. Through this sup-
high, crypto reached a $3 trillion dollar ing served as a catalyst for downward opportunity that preceded a sevenfold port, the industry will gain clarity on
market cap, and the industry was out- price pressure across equities and appreciation of the S&P 500 index. behalf of investors, creating a bul-
pacing Big Tech job growth by nearly crypto. Crypto has seen severe fluctua- In the wake of similar seismic shifts wark of stability against downward
400%. At BlockFi, our original finan- tion in price action before. But, unbe- in crypto, BlockFi is also evaluating the market events.
cial models for 2022 were forecasting knownst to the industry and unlike crypto market in a new way. We believe Each crypto winter creates a
MAILBAG
Send letters to Mail@Barrons.com. To be considered for Numbers by Barron’s, which breaks
publication, correspondence must bear the writer’s name, down the markets, is available
address, and phone number. Letters are subject to editing. wherever you listen to podcasts.
over a year ago (“China Stocks Are No On Barrons.com vestments included Cheniere Energy.
Longer a Sure Thing. Where to Invest Whether this suggestion is sensible,
or healthy stock market is already quite when he states that war is good for waived enforcing this violation. The
The Fed
complex and hard to try to figure out, the U.S. stock market (“War and the current waiver will expire early in
so why bother trying with a market Economy: History’s Surprising Les- September, and passionate environ-
that’s 10 times more incomprehensible, sons,” Aug. 18). It reminds me of the mental activists have been pressuring
at least for someone in the West. Better famous speech that former President the EPA to abandon its waiver and to
to stick with markets where everyone Dwight Eisenhower gave in Washing- enforce the statute by closing Che-
To the Editor: at least know the rules at play. ton, D.C., to a meeting of American niere’s liquefaction operations. Obvi-
“Inflation is taxation without legislation” quipped the Gabriel Cohen Henriquez newspaper publishers in April 1953. ously, liquefied-natural-gas exports
Nobel Prize–winning economist Milton Friedman On Barrons.com As Eisenhower noted, “The world in are a worldwide necessity these days.
years ago. It’s true, and its reality and ramifications are arms is not spending money alone. It Whether the EPA succumbs to that
well cited in “Sorry—We’re in a Recession” (Cover is spending the sweat of its laborers, pressure and shuts down Cheniere’s
Story, Aug.19). Cheaper Than PNC the genius of its scientists, the hopes operations is a material concern in
What advice would Friedman offer the administra- of its children. The cost for one heavy investing in Cheniere before the
tion and the Federal Reserve in today’s severely infla- To the Editor: bomber is this: a modern brick school decision date.
tionary environment? Not one to mince words, he’d cut Andrew Bary’s persuasive article in 30 cities. It is two electric power Elliot Miller
right to the chase: Be bold, take decisive action, and do lauding PNC Financial Services plants, each serving a town of 60,000 Naples, Fla.
it without delay. If the Fed’s mission is to keep inflation Group, “With Loan Growth Rising,
close to 2% and to foster a “soft landing,” then the fed- This Bank Looks Like a Winner—and
funds rate needs to increase above 4%. The unemploy- It Yields 3.4%,” piqued my interest,
ment rate will increase. However, it will be transitory but after reviewing the data in the
and then “return to its natural rate of unemployment.”
If not, the recession and high inflation will potentially
accompanying table, I was left won-
dering why Truist Financial and U.S.
“I think [Milton] Friedman would
worsen and be even longer-lasting. Based on Chairman
Jerome Powell’s and the Fed’s actions thus far, I think
Friedman would question greatly whether the Fed will
Bancorp aren’t considered even better
investments. Both sell at a cheaper
price/earnings ratio and pay bigger
question greatly whether the Fed
stick the landing.
Tom Verdi
dividends.
Bill Gottdenker will stick the landing.”
Providence, R.I. Mountainside, N.J. Tom Verdi, Providence, R.I.
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 29, 2022