Professional Documents
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TROUBLE
IN THE WIND
Offshore wind
power is facing
higher costs
and serious
delays. That’s
bad news for
consumers,
investors, and
the environment.
PAGE 16
>
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C O NT EN TS 07.24.23 VO L.CIII NO.30
SPECIAL REPORT
P. 16 P. 29
P. 20
A Blow to Wind-Driven Tech Trader: TSMC’s
Power Projects
Cover Story: Inflation is draining
Guide to Top 100 Annuities
Our annual survey walks you through the many options, from products that offer lifetime
Loss, Microsoft’s Win
Tech hardware makers are on the
the profits from offshore wind- guaranteed income to the best vehicles for tax-deferred savings. By KAREN HUBE losing side of the rush of spending
energy projects. Investments worth in artificial intelligence.
billions—and America’s pledge to By TAE KIM
Total U.S. Annuity Sales
decarbonize—are at risk.
By AVI SALZMAN
$350 billion P. 32
P. 13
Income: The Risks for
AT&T and Verizon
A Foothold for Funds 300
Our math suggests that both can
in the Crypto Space maintain their generous dividends.
If BlackRock wins approval for a By AL ROOT
Bitcoin exchange-traded fund, it 250
could open the floodgates to P. 33
broader digital-asset ownership.
But is that good for customers? 200 Trader: Investors Opt
By JOE LIGHT for Optimism
Stocks keep rising despite mixed
P. 15 150 economic signals, recession
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momentum, more gains are likely. Weighing the fallout from Russia’s
0
By TERESA RIVAS pullout from the Ukraine grain
2013 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 deal and rising aggression.
P. 30 By CRAIG MELLOW
Source: LIMRA Secure Retirement Institute
Emerging Markets and P. 37
Other Opportunities
Q&A: Gavekal’s Louis-Vincent
Striking Price: Prepare
Gave offers insight into a range of T H E D O W ’ S L O N G W I N N I N G S T R E A K • PA G E 3 3
for a Market Pullback
global issues, from the impact of P. 7 P. 27 How to use stock options to limit
AI to the burgeoning bull market your losses in the market selloff
Up & Down Wall Street: Funds: Why to Resist
VOL. CIII NO. 30 JULY 24, 2023 $5.00
I N D EX
Our index lists significant companies mentioned in stories and columns, For Customer Service, call 1 (800) 544-0422, or go to
plus Research Reports, and Corrections & Amplifications. The references customercenter.barrons.com. For reprints of articles,
are to the first page of the item in which the company is mentioned. call 1 (800) 843-0008, or go to djreprints.com.
O Oersted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
A Activision Blizzard . . . . . . . . . . . . . . . . . . . . . . . . . 12 J Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . 12 M Meta Platforms . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Omnicom Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Advanced Micro Devices . . . . . . . . . . . . . . . . . . . 39 Microsoft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,29,31 Oracle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Alibaba Group Holding . . . . . . . . . . . . . . . . . . . . 31 Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Alphabet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 K KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Amphenol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Keysight Technologies . . . . . . . . . . . . . . . . . . . . . 11 P Prothena . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Anheuser-Busch InBev . . . . . . . . . . . . . . . . . . . . 38 N Netflix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,33,39
Apple . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NextDecade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Arthur J. Gallagher . . . . . . . . . . . . . . . . . . . . . . . . 15 Nvidia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
AT&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,39
R Rockwell Automation . . . . . . . . . . . . . . . . . . . . . . 11
B Biogen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
BlackRock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,28 S Samsung Electronics . . . . . . . . . . . . . . . . . . . . . . . 29
Blackstone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Oersted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Boyd Gaming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Shell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
BP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Rupert Murdoch Executive Chairman, News Corp
Sony Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
BridgeBio Pharma . . . . . . . . . . . . . . . . . . . . . . . . . 39 Robert Thomson CEO, News Corp Almar Latour CEO, Dow Jones
Bristol Myers Squibb . . . . . . . . . . . . . . . . . . . . . . 12
SENIOR VICE PRESIDENT, BARRON’S GROUP Mae M. Cheng
ASSOCIATE PUBLISHER, BARRON’S GROUP Dan Shar
MANAGING EDITOR, BARRON’S GROUP Dave Pettit
T Taiwan Semiconductor Manufacturing . . . 11,29
TD Synnex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
C Calavo Growers . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 EDITOR IN CHIEF David Cho Tencent Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 31
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
SENIOR WRITERS Bill Alpert, Megan Cassella, Lauren Foster, Nicholas Jasinski, Tae Kim, Megan Leonhardt,
D Danone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Joe Light, Elizabeth O’Brien, Al Root, Avi Salzman
Dell Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . 38 V Verizon Communications . . . . . . . . . . . . . . . . . . . 32
Digital World Acquisition . . . . . . . . . . . . . . . . . . 39 Jacob Adelman, Janet H. Cho, Adam Clark, Emily Dattilo, Jack Denton, Catherine Dunn,
REPORTERS
Discover Financial Services . . . . . . . . . . . . . . . . 39 Carleton English, Sabrina Escobar, Callum Keown, Evie Liu, Shaina Mishkin, Josh Nathan-Kazis,
Angela Palumbo, Teresa Rivas, Connor Smith, Jacob Sonenshine, Brian Swint, Karishma Vanjani, Andrew Welsch
STORY EDITORS Ed Lin, Erin McCarthy, Liz Moyer, Patrick O’Donnell, Stacy Ozol, W Wells Fargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Ross Snel, Neal Templin, J.J. Thompson W.W. Grainger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
E Eaton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Eisai . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 COPY DESK Michael J. Burlingham, Robert Teitelman
Eli Lilly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,12
IDEAS EDITOR Matt Peterson
Emerson Electric . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Energias de Portugal . . . . . . . . . . . . . . . . . . . . . . 17 DEPUTY DIGITAL MANAGING EDITOR Zoe Szathmary Z Zions Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . 34,39
Engie . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Equinor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 SENIOR AUDIO MANAGER Mette Lützhøft DIGITAL PRODUCERS Robert Cushing, Nick Devor, Clare McKeen
Chelsea Schiff
HEAD OF VISUALS
ART DIRECTORS Lynne Carty, Nick Hallam, Sue Ng
DIRECTOR OF PHOTOGRAPHY Sarina Finkelstein PHOTO EDITORS Alis Atwell, Halie Chavez, Nicole Silver
G Garrett Motion . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 RESEARCHER Dan Lam
General Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
General Motors . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 STATISTICS MANAGER Michael T. Kokoszka STATISTICIAN Darren Chima
Goldman Sachs Group . . . . . . . . . . . . . . . . . . . 12,34
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AI Strategies
VC Industry’s Deep
value at half that. And they aren’t near future. For one thing, there re-
simply being conservative—valuations mains a considerable disconnect be-
have collapsed. Kelly Rodriques, CEO tween the valuations that entrepre-
of Forge Global, which runs a trading neurs and venture investors think
Funk Is a Sticky
platform for pre-IPO shares of their companies deserve, and the
venture-backed companies, said price that public investors are paying
secondary market transactions have for comparable businesses. Com-
been taking place in line with valua- pounding the problem is the fact that
I
out to be a giant, ugly mess. On Sand and European Union regulators are all
f there’s one thing I know tech companies worth $1 billion or Hill Road, it’s still 2022. And unless determined to curb the power of the
almost nothing about, it’s more. I can’t tell you much about the conditions change, it could start to tech giants, which is making it nearly
cricket. To my American eyes, outlook for the Unicorns—they’re 2-1 look more like 2001, when the inter- impossible for deep-pocketed potential
it looks like some weird com- and tied for first place. If they suc- net bubble popped. buyers of promising young venture-
bination of baseball and a ceed with their plans to build a sta- The venture sector’s most obvious backed businesses to go shopping. The
track meet, played with row- dium in Santa Clara, I’ll go check problem is that the funds can’t do the tech industry has long relied on acqui-
boat oars and lacrosse masks. them out. But I’m more than a little one thing their limited partners most sitions to build its products and ser-
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But what do I know? Cricket is BY ERIC J. concerned about Silicon Valley’s want them to do: sell. At the simplest vices, but regulators seem to think that
wildly popular in the Indian subcon- SAVITZ other unicorns. level, what venture investors do is all deals are bad deals. But no deals at
tinent, the Caribbean, Australia, and About seven months ago in this attempt to identify and fund small all is a rotten deal for start-ups in this
various other parts of what was once space, I took note of the alarming companies that can eventually be- environment.
the British Empire. According to the population boom among pre-initial- come large companies, help them There are other problems. The
artificial-intelligence search engine public-offering tech giants over the grow, and then sell them at a profit, demise of Silicon Valley Bank and
Bard—and you know there’s no more past decade, growing from about 40 either to another company or to generally tighter credit conditions
famous Brit than the Bard—there are unicorns in 2013 to 1,350 lately, a public-market investors. have reduced the financing options
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
2.5 billion cricket fans, making it the more than 30-fold increase. What But for the moment, there’s no available to the unicorn herd to
world’s second-most popular sport, comes next won’t be pretty. way out. Unicorns can’t go public, tide them over while they await a
trailing only soccer, er, football, Coatue Management, an investment they can’t raise cash without taking a change in the IPO and mergers-and-
which is another sport that entirely firm with holdings in both public com- massive valuation haircut, and they aquisitions landscape. Some firms
escapes me. panies and venture-backed start-ups, are finding it well-nigh impossible to are shopping positions in mid- and
The time has come for me to fi- recently estimated that unicorns have a get acquired. late-stage start-ups to generate cash
nally figure out what a wicket is, and combined valuation of about $5 trillion, The market for IPOs of technology for distributions to investors, given
why it might get sticky. My timing is based on their most recent funding companies is closed tight and shows that other exit options are limited.
perfect: We’re smack in the middle of rounds. But Coatue puts their actual no sign of loosening materially in the To be sure, the IPO window won’t
the inaugural season of Major League be closed forever. There are compa-
Cricket, the first U.S.-based profes- nies—SpaceX, Databricks, Stripe,
sional cricket league. MLC has deep Canva, OpenAI—that could probably
roots among Indian-American ven- go public right now. But there are so
ture capital and technology execs— many of them: Coatue estimates the
Microsoft CEO Sataya Nadella is an current unicorn herd represents a
investor in the league’s Seattle Orcas 25-year backlog of IPOs at a pace of
franchise, for instance. about one a week. Even at 2021’s ele-
The Bay Area team—the San vated rate—when 124 venture-backed
Francisco Unicorns—is controlled by IPOs occurred—it would take a de-
Smith Collection/Gado/Getty Images
Anand Rajaraman and Venky Harina- While tech stocks cade to take the whole group public.
rayan, a pair of long-tenured Silicon have soared this Meanwhile, Coatue also notes that
year, the private
Valley entrepreneurs and investors market for similar global tech M&A activity this year is
who run a venture firm called Rocket- companies is a likely to be half or less than last year’s
mess. On Sand Hill
ship. (Adobe CEO Shantanu Narayen Road in Silicon Val-
$620 billion, which was down from
is also an investor in the team.) ley, home of some $850 billion in 2021.
The name Unicorns is a reference of the best-known “The industry is in denial,” says
venture-capital
not to mythical one-horned quadru- companies, it feels one Silicon Valley venture partner,
peds, but rather to venture-backed like it’s still 2022. noting that VCs enjoyed a nearly 15-
8 BARRON’S July 24, 2023
Invest in
year bull market, with valuations for August, revenue is likely to be down from
some software companies at the peak a year earlier. The stock trades at a lofty 29
reaching 50 or even 100 times annualized times expected profits for the September
revenue. But comparable public-market 2024 fiscal year and seven times forward
companies now trade at a single-digit mul- sales. If you assume that it holds those
tiple of annual recurring revenue, or ARR. multiples, it would take an incremental
tal, while noting that many herd members the past five years, now generating $75
GLOBALXETFS.COM will run out of cash in 36 months or less. billion a year in revenue.
Forge Global notes that 88% of the start- Woodring thinks the gap is going to
ups it tracks haven’t raised any capital for start to close, given both a booming Indian
at least a year. Most are losing money. economy and Apple’s investments in the
Something eventually has to give. country. The company has opened its first
®
Beyond Ordinary ETFs The situation reminds me of Barron’s
March 2000 cover story, “Burning Fast,”
stores there, added local manufacturing,
and created financing options to make
which warned that a whole host of bub- iPhones more affordable. The stage is set,
Investing involves risk, including the possible loss of principal. ble-era internet companies were likely to he says, “for India to become Apple’s next
The investable universe of companies in which AIQ may invest may be run out of cash. That prescient story, by growth frontier.”
limited. The companies in which the Fund invests may be subject to my former colleague Jack Willoughby, According to Woodring, Apple’s revenue
rapid changes in technology, intense competition, rapid obsolescence of focused on public companies, which made from India should reach $40 billion over
products and services, loss of intellectual property protections, evolving the problem easier to spot. This genera- the next decade—and by 2032, he thinks
industry standards and frequent new product productions, and changes tion of troubled start-ups remains private, India will account for 10% of the world’s
in business cycles and government regulation. but they are no less challenged. It may Apple users. Woodring contends that India
take a year or two to unfold, but the uni- will be as important to Apple over the next
Carefully consider the Fund’s investment objectives, risk factors, charges corn herd is going to be culled; there is five years as China was over the past five.
and expenses before investing. This and additional information can be simply no way around it. Talk about Based on his increasingly bullish view of
found in the Fund’s full or summary prospectus, which are available at sticky wickets. Apple’s position in India, Woodring re-
cently lifted his Apple target price to $220
O
globalxetfs.com. Read the prospectus carefully before investing.
ne fascinating current stock from $190, with a “bull case” of $270. If that
Shares of ETFs are bought and sold at market price (not NAV) market debate is how to justify happens, Apple would blow past $4 trillion,
and are not individually redeemed from the Fund. Brokerage Apple’s (ticker: AAPL) $3 tril- on the way to $5 trillion. Makes you wonder
commissions will reduce returns. Distributed by SEI Investments lion valuation. Apple generates what—make that where—Apple would
Distribution Co. most of its revenue from two markets that go from there. B
aren’t growing—smartphones and PCs.
When Apple reports results in early email: eric.savitz@barrons.com
July 24, 2023 BARRON’S 9
DIVIDENDS + BUYBACKS
FYLD
Cambria Foreign Shareholder Yield ETF
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
FYLD received a 4-star overall rating from Morningstar as of 6/30/23 out of 43 funds in the Foreign Small/Mid Value category based on risk-adjusted returns. For the 3-year period, FYLD received a
4-star rating out of 43 funds and for the 5-year period, FYLD received a 4-star rating out of 38 funds, as of 6/30/23.
cambriafunds.com
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its
content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and
open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations
and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom
10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total
returns, 60% five-year rating/40% three year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period,
the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Investing involves risk, including the possible loss of principal.
Dividends are not guaranteed. Companies currently paying dividends can stop paying dividends without notice. A buyback is when a company buys its own outstanding shares to reduce the number of shares available on the open market.
To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund’s full or summary prospectus which may
be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money. For fund performance as of the most recent month-end please visit www.cambriafunds.com. The
performance data quoted represents past performance. Past performance does not guarantee future results.
The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
10
BARRON’S
July 24, 2023
July 24, 2023 BARRON’S 11
ST R E E T W I S E
Last year, U.S. construction spending on manu-
facturing hit a record $122 billion. Over two years,
it has attracted 24% of global foreign investment.
Revival of American
equipment over the past 20 years. up a lot and look pricey. In 2015,
Don’t picture factories across Asia I wrote that Eaton shares at 13 times
suddenly closing and relocating to Ten- earnings had a big dividend and poten-
nessee. Companies are more likely to tial for a double-digit percentage gain.
Manufacturing
look to the U.S. for incremental manu- Quaint times: The stock is up 300%
facturing. To predict which industries since then, to a recent 25 times earn-
will come, look for ones that are grow- ings, and the yield has been squeezed
ing. Other factors include low labor to 1.6%. Earnings growth is pegged at
density, healthy U.S. demand for goods, over 10% annually for three years.
and lots of policy support. Chips, vehi- Several industrial names will report
W
cles, and drugs check the boxes. Less- quarterly results at the end of July and
all Street working capital,” he says. “ ‘Well, I unionized regions like the Southeast, in early August. Snyder says that inves-
loves spot- guess we have to hold more inventory Texas, and the Midwest will probably tors don’t yet fully appreciate the
ting new because there’s more in transit.’ ” continue leading in factory growth. strength and durability of the reshor-
themes for But outsourcing costs now include There will be setbacks. Taiwan ing movement, and that estimates for
stock buyers, sales and market share lost to supply- Semiconductor Manufacturing Eaton and others will have to move
but many chain disruptions. Companies are fac- (TSM) said this past week that a new “materially higher.” We’ll see soon.
fizzle. Three toring in those costs, along with perks Arizona chip factory will be delayed
Bonding Opportunity
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years ago, investment bankers mar- BY JACK embedded in 2022’s Inflation Reduction from late 2024 into 2025 due in part
veled over TAMs—total addressable HOUGH Act and Chips and Science Act. Mean- to difficulty finding workers with the Disney World in Florida has two water
markets—for meatless burgers and while, technology is replacing workers, right skills. Near term, the company parks, and one of them, Blizzard Beach,
big-screen exercise machines. Since who have grown pricier worldwide. will shift workers from Taiwan. Long has something called Summit Plum-
then, Beyond Meat and Peloton “The benefits of labor are in structural term, chips themselves are part of a met—said to be the world’s fastest free-
Interactive have each fallen over 85%. decline,” says Snyder. “I can’t tell you technology “one-way street,” as UBS fall slide. I tried it four years ago, and
About the same time—after the pan- the rate at which labor is going to go puts it, that will continue favoring capi- the experience was so invasive that it
demic toilet-paper shortage had eased, away, but if you look at any five- or 10- tal investment and American factories. should have come with a copayment.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
but before the everything-else shortage year increment, the world will be less Among listed companies, obvious I’m reminded of it when I look at Trea-
had begun—there was talk of reshor- reliant on labor than previously.” beneficiaries include smart-factory sury yields. Investors typically get
ing, and onshoring, and back-shoring, This is less ominous than it sounds specialists Rockwell Automation higher ones for locking in longer ma-
and all the other terms for bringing for U.S. workers, because a rebound (ROK) and Emerson Electric (EMR). turities. Occasionally, the yield curve
more manufacturing home to America. in manufacturing can help offset the Snyder’s top reshoring pick is Eaton slopes gently downward, like, say, the
Skepticism was high, because the idea falling number of workers per unit of (ETN), which makes electrical systems kiddie slides at Blizzard Beach’s Tike’s
wasn’t new. A 2016 industry paper output. Estimating the size of that re- and thus has a hand in factory con- Peak play area. But the curve recently
titled “Reshoring: Myth or Reality?” bound is difficult. In 1999, before China struction, equipment installation, hit its steepest inversion in more than
found that despite an eight-year surge joined the World Trade Organization, data centers, and more. Other well- four decades, which is enough to make
in media mentions of reshoring, evi- the U.S. made 27% of the world’s positioned companies include Trane bond buyers shift in their seats.
dence for it was “limited and mixed.” goods. That’s now down to 16%. UBS Technologies (TT), which makes What to do? Lock in 5.4% on the
Now there is clearer momentum. sees a path back to 20% by 2040. That air-conditioning systems; Amphenol short stuff, or go out to 10 years for
Intel (ticker: INTC), General Motors would mean 5% yearly manufacturing (APH) for sensors and other elec- 3.9%? The answer might seem obvi-
(GM), U.S. Steel (X), Eli Lilly (LLY), growth, more than double the average tronic doodads; Keysight Technolo- ous, but Schwab’s chief fixed-income
and others are building big U.S. facto- strategist Kathy Jones says too many
ries. Last year, U.S. construction bond investors are staying short.
spending on manufacturing hit a “What an inverted yield curve tells
record $122 billion. Over the past two BARRONS.COM/PODCASTS you is the market is expecting rates to
years, the U.S. attracted 24% of the be lower in the future,” she says. To
world’s foreign direct investment, eight
points higher than prior decade levels.
The pandemic highlighted the true
Barron’s Streetwise extend maturities without sacrificing
too much income, look to high-grade
corporate bonds, which pay 5% to
costs of outsourcing, which UBS in- In a weekly podcast by Barron’s, columnist Jack Hough looks 5.5%. The Schwab 5-10 Year Corpo-
dustrial analyst Chris Snyder says at the companies, people, and trends you should be watching. rate Bond exchange-traded fund
weren’t fully appreciated before. “If This is Wall Street like you’ve never heard before. Subscribe (SCHI) yields 5.3%.
you asked a company in 2015, 2018, to Barron’s Streetwise on Spotify, Apple Podcasts, Plummet averted. B
‘What’s the true cost of outsourcing?’ or your favorite listening app.
they would have told you about the email: jack.hough@barrons.com
12 BARRON’S July 24, 2023
R E VIEW & PREV IEW 35,227.69 528.58 Sign up for the Review &
Preview daily newsletter at
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Alzheimer’s:
The Contenders while Goldman struggled as it cleaned Street is certain that the central
In varying ways, investor hopes for an up its consumer effort and GreenSky bank will raise the federal-funds
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
emerging Alzheimer's market has acquisition in a moribund M&A mar- rate by a quarter of a percentage
Finally,Hope
fueled three drug stocks this year ket. Charles Schwab beat, as deposits point to 5.25%-5.50%, possibly the
rebounded. Netflix added six million last rate hike for this cycle.
Eli Lilly Biogen Prothena
subscribers by cracking down on pass-
words, but missed on revenue. Tesla Thursday 7/27
50%
saw margins shrink on price cuts. J&J
After years of false starts and regulatory stumbles, beat and raised its guidance. Black- The BEA releases its advance
Alzheimer’s therapies have suddenly emerged. stone assets passed $1 trillion. estimate for second-quarter gross-
25
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Earlier this month, Biogen and Japanese partner domestic-product growth. Econo-
Eisai received full approval for Leqembi, which, Deals Microsoft agreed to a 10-year mists forecast a seasonally adjusted
significantly, Medicare will pay for. Then, this past 0 deal with Sony to win approval for its annual growth rate of 1.4%.
Monday, Eli Lilly presented results of donanemab Activision Blizzard acquisition, and
that showed it slowed progression of Alzheimer’s. extended the closing to Aug. 29. The Friday 7/28
Donanemab may get approval by year end. -25 FTC paused the merger’s trial, opening
Both drugs use antibodies that attack amyloid 2023 July the door to a settlement, and published The BEA reports the core per-
plaque found in the brains of Alzheimer’s victims. Source: FactSet
an update of M&A guidelines, laying sonal consumption expenditures
They are the first shown to slow early-stage cogni- out its pro-competition policy. Russian price index for June, which is
tive decline. While only a subset of the more than President Putin exited the Ukraine expected to rise 4.2% from a year
six million Americans with Alzheimer’s will be Math of Aging grain accord, bombed Odesa, and earlier, four-tenths of a percentage
eligible for treatment, analysts expect sales of The risk of developing Alzheimer's seized Carlsberg and Danone assets. point less than in May.
Lilly’s donanemab to hit $3.9 billion in 2027. Lilly sometime in your life rises sharply
stock, already lifted by its obesity drugs, trades at with age, and differs by gender.
42 times next 12-month earnings. Age 45 Age 65
There’s no clear winner yet. Analysts say that THE NUMBERS
donanemab appears slightly more effective than
FundCompaniesPush
based Bitcoin ETF. Bitcoin has surged Grayscale Bitcoin Trust (GBTC),
more than 20% since BlackRock’s which trades like a closed-end fund.
filing and is up 80% for the year, to Grayscale has urged the SEC to allow
about $30,000. The rally has pulled it to convert the trust into an ETF,
up the broader token market, as well and sued the agency over its
I
detecting fraud on Coinbase’s trading f an iShares Bitcoin ETF is ap-
platform. Since Coinbase is the main proved, it probably won’t be a
U.S.-based exchange, the idea is to big revenue driver for BlackRock.
allay the SEC’s concerns about ma- The firm manages more than
nipulation in the spot market. Other $3 trillion in ETF assets, taking in
fund companies amended their appli- about $17.9 billion in total revenue
cations with similar measures. in 2022. Bitcoin itself is worth only
Bitcoin is now available in an ETF $600 billion in market value. If
format but only through futures mar- BlackRock captured 5% of the mar-
kets, which are overseen by CME ket, at a 0.50% annual fee, it would
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Group (CME) and Cboe Global be worth just $150 million in addi-
Markets (CBOE). The largest such tional revenue.
fund, the ProShares Bitcoin Strat- Still, those figures assume that
egy ETF (BITO), has been a modest Bitcoin doesn’t increase from recent
success and attracted copycats. But prices. And a Bitcoin ETF might be
a spot-based fund could be cheaper, a gateway to other digital assets. “It’s
avoiding the costs and position limits worth it to them, even if it only gets
that futures funds contend with them half a percent in asset growth,”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
F
Matt Hougan, chief investment offi- record and other factors, research ity this summer backed a new crypto
und companies are making cer of crypto fund company Bitwise. firm Capstone estimates a 40% exchange that could function simi-
a renewed push into In BlackRock, “the world’s largest chance that BlackRock’s application larly to the New York Stock Ex-
crypto, led by one of the asset manager is planting a flag in the makes it through. change, providing an alternative to
biggest names in the indus- ground and saying it believes Bitcoin “They have a good relationship platforms like Coinbase. Fidelity
try: BlackRock. will matter for the next five or 10 BlackRock with the SEC, and there is a reputa- recently launched a crypto trading
Illustration by Lynne Carty/Barron’s staff; Dreamstime (2)
Overseeing $9.4 trillion, years.” “is planting tional risk involved that BlackRock is platform, integrated into its app and
BlackRock (ticker: BLK) is BlackRock CEO Larry Fink is also well aware of,” says Bryan Armour, other brokerage services, offering
the world’s largest asset manager. It’s talking up Bitcoin, saying it that could a flag in the Morningstar’s director of passive Bitcoin trades with as little as $1,
now throwing its weight behind Bit- “revolutionize” finance and that he ground and research. “It seems like BlackRock commission-free.
coin. The company in June filed an wanted to make it cheaper for inves- must know something that we don’t.” Crypto ETFs are expanding else-
application for an iShares exchange- tors through an ETF, according to a saying it BlackRock and the SEC declined where. The first leveraged Bitcoin
traded fund that would own Bitcoin recent interview on Fox Business. believes to comment. futures ETF, Volatility Shares’ 2x
directly. That isn’t novel. But Black- Along with BlackRock, fund Enthusiasm, meanwhile, is build- Bitcoin Strategy (BITX), recently
Rock may have found a way around companies such as Invesco (IVZ),
Bitcoin will ing for courts to favor crypto over the launched. Fund companies like Valky-
some key regulatory objections. If WisdomTree (WT), and Fidelity In- matter for SEC. Crypto companies recently won rie, Bitwise, and Global X have come
BlackRock succeeds, it could open the vestments have refiled applications for a victory after a judge suggested that out with ETFs to invest in blockchain-
floodgates to crypto ownership—part Bitcoin ETFs. The filings signal re-
the next five the XRP token didn’t qualify as a related businesses such as Bitcoin
of a broader push by the fund indus- newed hopes that, after years of rejec- or 10 years.” security when traded in secondary miners and trading platforms.
try to capitalize on digital assets. tions, the Securities and Exchange Bitwise CIO markets. Next up could be a key Some asset managers, meanwhile,
“It’s a significant revenue opportu- Commission will approve a spot-price- Matt Hougan decision in a case involving the have begun to “tokenize” traditional
14 BARRON’S July 24, 2023
funds in assets such as gold and Bitcoin's Bounce could sell a tokenized gold fund and ing” service. Getting Bitcoin into
Treasuries—putting them on block- The world's largest cryptocurrency has rallied, partly on hopes immediately use the money to buy a 401(k) plans, which Fidelity is trying
chains so they can be bought and for a spot-price based ETF. latte, without having to wait days for to do, could run into lawsuits or reg-
sold with tokens, 24/7. a transaction to settle and funds to ulatory hurdles from the Department
$32,500
Franklin Resources (BEN) now move into a bank account. of Labor, which has signaled its op-
has a tokenized money-market fund, 30,000 “The speed and flexibility that position to such initiatives.
Franklin OnChain U.S. Govern- tokenization gives you is compelling,” Fidelity declined to comment on its
ment Money (FOBXX), which sits on 27,500 says Bank of America crypto strate- 401(k) plans, but said in a statement
blockchains called Stellar and Poly- gist Alkesh Shah. “People expect to that it reapplied for a Bitcoin ETF
25,000
gon. The company operates block- be able to make changes to their as- because a “meaningful portion of our
chain “nodes” for networks including sets anytime they want. They don’t customers are interested in, and own,
22,500
Ethereum, Cardano, and Solana, says want to have to wait until a firm is digital assets.”
senior vice president Sandy Kaul, and 20,000 open or wait two days for a wire What’s good for fund companies
it has pitched a crypto organization transfer to settle.” isn’t always good for customers. ETFs
called MakerDAO to invest some of its 17,500 Regulators could still throw up that seize on a hot theme—whether
reserves in the tokenized money fund. roadblocks. The SEC requires token- cannabis or artificial intelligence—
15,000
Kaul says she believes that Frank- ized funds to keep a duplicate copy of often flag a market top. No one knows
lin, other fund companies, and most 2023 July ownership records in standard for- what Bitcoin is really worth; Morning-
other businesses in the future will Source: Bloomberg mats, aiming to ensure that block- star recently compared valuation mod-
end up running on blockchains. chains aren’t the only record-keepers. els to gambling on horse races.
Another company banking on The SEC may reject BlackRock’s Bit- For investors who choose to gam-
crypto is ETF sponsor WisdomTree. of ETFs,” Will Peck, head of digital coin ETF, or that of any other fund ble, ETFs could bring down costs and
The firm recently launched an app assets at WisdomTree, tells Barron’s. company. And the agency has alleviate concerns that a crypto com-
that lets users buy and sell Bitcoin, Crypto and tokenized funds “could launched a slew of lawsuits and regu- pany could run away with their as-
Ether, and nine tokenized funds that be the next disruption,” he says. latory actions against crypto compa- sets. But make no mistake, funds are
hold traditional assets like stocks and One benefit for consumers, says nies, including Coinbase. primarily looking out for themselves,
Treasuries. Investors can buy the WisdomTree, is that a tokenized fund The SEC isn’t alone in trying says Morningstar’s Armour. “The
funds with “WisdomTree dollar to- or ETF transaction could settle in- to put the brakes on crypto. State fund industry hasn’t gotten any
kens,” a reserve-backed “stablecoin” stantly, 24/7, and consumers could financial regulators have ramped up meaningful slice of the crypto indus-
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whose value is pegged to the dollar. access the cash through an app. One objections—recently blocking Coin- try,” he says. “The opportunity for
“We see this as akin to the early days day, a consumer at a coffee shop base from selling a high-yield “stak- them is obvious.” B
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Customer Identity
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paternal okta.com/barrons
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July 24, 2023 BARRON’S 15
An Insurance
up 11% in the second quarter to date,
growing faster than the high-single
digits of the first quarter and in all of
Stock That’s
2022.
“We expect earnings to grow at
a low-teens rate for the foreseeable
future,” says Milaitis. “[It’s] driving
But Boring G
allagher’s next test will come
on July 27, when it is sched-
uled to report second-quarter
results. Industry trends look
strong, particularly for coastal prop-
erty insurance, where rates could be
Shares of insurance broker Arthur up 20% to 30%, according to William
J. Gallagher have trounced the Blair analyst Adam Klauber.
market since it went public in 1984. “Overall, there appears to be little
indication that the market is soften-
Expect the gains to continue. ing,” he writes.
That should be good news for
Arthur J. Gallagher. Analysts are
looking for earnings of $1.86 per
BY TERESA RIVAS share on revenue of $2.36 billion,
I
up from $1.70 and $2 billion, respec-
f insurance is boring, then “We have admired AJ Gallagher equity ratios, at 41.5% and 71% in 2022, tively, in the year-ago period. The
brokering insurance must be for some time,” says Rimas Milaitis, respectively, have come down in recent company’s recent trends, though,
downright sleep inducing. Yet director of research and portfolio years despite its multiple acquisitions. suggest it could top full-year consen-
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
stocks don’t get much more manager at investment management Gallagher also benefits from some $750 sus expectations, which would pro-
exciting than Arthur J. Gal- firm Campbell Newman, which re- million of clean-energy tax credits that vide a boost to the stock.
lagher, which has trounced the cently bought its first shares when it previously earned via green invest- “AJ Gallagher appears to be in
market since going public in the valuation dipped. “It looks attrac- ments, which should continue to bol- excellent position to sustain top-line
1984. Expect those gains to continue. tive here.” ster cash flow that has more than dou- growth and margin expansion, based
Founded nearly 100 years ago by In fact, there’s a lot to like about bled since 2017. on momentum in the property and
its namesake, Arthur J. Gallagher the insurance brokerage model that Business shows no signs of letting casualty sector...as well as its proven
(ticker: AJG) has grown into one of Gallagher operates. up. In mid-June, Gallagher provided ability to capture market share, both
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
the nation’s largest insurance bro- The company acts as an intermedi- an investor update in which it said through new business wins and
kers. The company, which provides ary between various insurers—from it expects organic growth, the term [mergers and acquisitions],” writes
brokerage and risk-management ser- healthcare to property and casualty for business excluding acquisitions, Truist Securities analyst Mark
vices, has outperformed the S&P 500 policy providers—and clients, but it at the high end of its 7% to 9% guid- Hughes, who boosted his full-year
index by more than three percentage doesn’t take on risk or pay out claims ance range for the full year. Manage- EPS estimate to $8.80 after the com-
points annualized since its initial itself. Instead, its revenue is gener- ment noted at the time that primary pany’s investor update.
public offering. ated from the fees paid as a percent- insurance-renewal premiums were Even a recession, if one comes,
More recently, Gallagher has dou- age of premiums, which have been probably won’t derail Gallagher’s
bled its earnings per share over the rising with inflation. That leads to growth. John Kornitzer, founder
past five years, while returning 27% a capital-light model, one that Gal- Arthur J. Gallagher of Kornitzer Capital Management,
annualized over that period, far out- lagher has grown through acquisi- (AJG / NYSE) notes that the company’s earnings
pacing the S&P 500’s 12% return. tions, including purchases of Bench- per share have marched steadily
$250
There’s no reason to expect that mark Commercial Insurance Services higher over the past decade and
outperformance to stop. AJ Gallagher and Andersen Group earlier this right through the pandemic’s gross-
225
stock, at a recent price of $218.23, is month. domestic-product dip. There’s a good
benefiting from higher interest rates It isn’t the only insurance broker 200
reason for that: “You’re basically out
and accelerating policy renewals that to be an active acquirer, but it has of business when you turn around
should lead to record profits, which used this strategy successfully: Over 175 and cancel your health insurance,”
are projected to reach a high of $8.78 the past 10 years, Gallagher’s revenue Kornitzer says. “Firms like this are
per share this year. Yet despite the has climbed some 234% while earn- 150 almost immune to downturns.”
gains, investors can buy the stock ings per share jumped 340%, show- Gallagher’s dividend will help
Illustration by Tim Peacock
for 22.8 times 12-month forward ing that it’s extracting increasing 125 investors ride out any slowdown.
earnings, right in line with its five- value from its growing scale. Though it yields just 1%, the company
year average. The company’s portfolio of highly 100 has raised its dividend an average of
For some investors, that’s good liquid premiums and claims is invested more than 5% over the past five years,
75
enough to initiate a position, even in U.S. Treasuries, which are earning a figure that accelerated to nearly 8%
July 2020 '21 '22 '23
though the stock has already gained juicier yields as interest rates have in the first quarter.
16% this year. risen. Its debt-to-capital and debt-to- Source: FactSet Now, that’s peace of mind. B
16 BARRON’S July 24, 2023
Offshore Power’s
pleasure Mariano. Offshore wind is a crucial
boats floating technology to decarbonize large
off the coast coastal population centers, including
of vacation cities like Boston and New York that
hot spots Montauk and Martha’s probably wouldn’t be able to go green
Workers checking a wind turbine blade mold at a factory in Denmark. Courtesy of Vestas Wind System
July 24, 2023 BARRON’S 17
largest energy firms in the world to of Mexico. First Wind unlikely to reach its goal without off-
back away. “Returns on offshore wind Offshore wind’s arrival in America A sampling of the early wind projects along the East Coast shore wind.
are becoming more and more chal- has been a long time coming. Outside
T
lenged,” Shell CEO Wael Sawan told the U.S., 64 gigawatts of offshore wind MA he new, more urgent age of
Barron’s last month, just days after a had been installed as of the end of last American offshore wind
Shell joint venture said it would pull year, a number expected to double by RI started at the tail end of
out of a power contract in Massachu- the end of 2025. While Europe started Barack Obama’s presi-
setts. Shell (ticker: SHEL) won’t build building farms in the 1990s, the U.S. NY CT dency, when the BOEM began leasing
renewable projects that can’t earn has been much slower to adopt the more large ocean-bed parcels for
initial returns of 6% to 8%, he said. technology, and some efforts have Vineyard wind development. The agency has
Copenhagen
At least eight multinational compa- failed. A project off the coast of Cape Infrastructure now approved leases on more than
nies in three states have quietly Cod, Mass., announced in 2001, Partners, 2.7 million acres of ocean bottom, an
Iberdrola
started to back out of wind contracts, ended up snarled in litigation after area equivalent to a square more than
or ask to renegotiate deals in ways local residents complained about the South Fork 60 miles on each side.
that will pass more costs to consum- turbines spoiling their views. It died Eversource, It’s what happens after leases are
Empire Orsted
ers. Beyond Shell, they include BP quietly in 2017. Today, there are only BP, Equinor signed that has stalled the process.
NJ
(BP), Denmark’s Orsted (DNNGY), two operating offshore wind farms in Block Island The gap between when offshore wind
Norway’s Equinor (EQNR), Spain’s the U.S.—one off Rhode Island and Orsted developers secure rights and when the
Iberdrola (IBDRY), Portugal’s Ener- one off Virginia—generating a com- first steel enters the water can run
gias de Portugal (EDPFY), and bined 42 megawatts, less than 0.1% of Completed project many years. The Montauk project that
France’s Engie (ENGIY) and state- global offshore wind capacity. Atlantic Shores
Projects in the works
just placed its first turbine won its
EDF, Shell
owned Electricite de France. The proj- The problems with launching off- lease in 2013, and has since been navi-
ects those companies are building will shore wind projects in the U.S. go be- gating various approval processes. To
collectively cost tens of billions of yond obstructed views. For years, the get a project off the ground, develop-
dollars to construct and connect to cost of installing the turbines was too ers have to wait for states to hold bid-
the grid. The cost problems they’re high compared with the power that Those towering turbines point to ding processes to supply power to
facing make offshore wind a dicey those turbines produced. Europeans the industry’s potential. Offshore regulated utilities. After that, the per-
investment proposition today, with have been less sensitive to higher wind can solve problems that other mitting process to lay cables and pro-
the potential for substantial write- prices because they already pay a pre- forms of renewable energy can’t. tect marine life can take years, not to
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
downs ahead. mium for electricity compared with Land-based wind power is cheaper mention the possibility of legal chal-
America’s pledge to decarbonize is American consumers, who benefit than offshore and already accounts for lenges. In that period, developers face
at risk, too. President Joe Biden an- from abundant coal and natural-gas 10% of U.S. electricity production, but considerable inflation risks.
nounced a goal in 2021 to have 30 reserves. it isn’t feasible in many areas. Devel- Companies now caught in the infla-
gigawatts of offshore wind power in- A decade ago, the U.S. government opers need to negotiate with private tion trap are almost all from the other
stalled by 2030, enough to power estimated the cost of electricity from landowners for space and often face side of the ocean. The projects being
roughly 10 million homes, up from a new offshore wind farm at more opposition because of visual impacts. developed along the East Coast may
essentially zero today. “We’re going to than $200 per megawatt-hour, twice The turbines can’t be nearly as tall have American-sounding names like
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
make sure that the ocean is open for as expensive as coal, and three times and powerful as the ones in the water. Commonwealth Wind, but they’re
the clean energy of our future,” Biden more than advanced natural-gas- Wind gusts off the coast are also much backed almost entirely by European
said last year. fired plants. Since then, offshore steadier than they are onshore. companies that pioneered the modern
Credit Suisse analyst Mark Fresh- wind costs have fallen dramatically— The East Coast is particularly ap- wind industry and have been working
ney says there’s little chance that the more than half, by most measures. pealing for offshore turbines. The wa- on it for decades. Outside of General
country will reach Biden’s goal. The U.S. is also giving tax credits to ter is shallow, and the ocean floor is Electric (GE), few large U.S. firms are
“We won’t get there,” he says. “We qualifying projects that can be worth sandy rather than rocky, allowing involved. Denmark’s Orsted is the
might get to 15.” as much as $26 per megawatt-hour, steel to be installed directly into the market leader, and its stock the purest
The White House didn’t respond to bringing offshore wind costs to ground instead of having to rely on play on wind development. Utilities
a request for comment, but other Bi- around $75—about $15 cheaper than more-expensive floating platforms. from several European countries have
den administration officials dispute a new coal plant. The wind is consistently strong. “That also invested heavily through U.S.
Freshney’s prediction. “The Biden- One reason wind costs have de- combination of robust wind and shal- subsidiaries.
Harris administration remains com- clined is that turbines themselves are low waters could make Massachusetts Companies such as BP, Shell, and
mitted to pursuing a goal of 30 GW of much larger and more efficient than the Saudi Arabia of wind,” says Mas- Equinor, known for oil production,
offshore wind by 2030, and we re- they used to be. Turbines that compa- sachusetts State Rep. Jeff Roy, the have lately turned to offshore wind to
main on track to meet that goal,” nies were installing a decade ago were chairman of the Joint Committee on decarbonize their energy mix in the
wrote a spokeswoman for the Bureau half as tall and about a quarter as Telecommunications, Utilities, and face of government and investor pres-
of Ocean Energy Management, which powerful as today, says Christian Energy. sure. With high cash flows from fossil
handles offshore leases. Combining Skakkebæk, senior partner at Copen- Offshore wind isn’t going to be the fuels in the past few years, those com-
two projects that are now under way hagen Infrastructure Partners, a re- main solution to decarbonizing the panies plowed large investments into
and 16 other plans that it’s currently newable-energy fund manager that’s a U.S. power grid, but it solves key offshore wind.
considering, the BOEM says there are half-owner of the Martha’s Vineyard problems that have kept high-popula- As competition rose, bids on acre-
27 gigawatts of offshore wind projects project. That project’s turbines will tion areas from going green, says age in one section of the ocean off New
that are in the pipeline. Most are rise 837 feet, almost three times as tall Skakkebæk. New York, for instance, York skyrocketed last year. Several
along the East Coast from Maine to as the Statue of Liberty. And because has said its electricity will be carbon- European companies, including joint
Virginia, but the government has also the turbines will be 35 miles off the free by 2040. For now, natural-gas ventures involving TotalEnergies
leased parcels off California and is coast, they are barely visible from power plants account for nearly 60% (TTE) and Shell, paid more than $700
preparing lease offerings in the Gulf oceanfront property. of its generating capacity. The state is million each for sections of the ocean
18 BARRON’S July 24, 2023
A
Now, states are trying to manage the fter New Jersey passed the Renewables Americas, in a statement. nies a better chance to make adequate
fallout. Offshore wind projects backed bill, developers of another The companies remain “strongly com- returns—though Freshney anticipates
by Shell, BP, Iberdrola, and several wind project in New Jersey— mitted” to the projects, and are look- asset impairments ahead as higher
others have already said they need to Atlantic Shores, backed by ing for a way forward, he added. The construction costs diminish their ex-
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renegotiate the contracts, with the im- Shell and French utility EDF—said state is reviewing the request. pected profits.
plicit—and sometimes explicit—threat they needed similar support. “Tens of By next year, Massachusetts resi- Some companies are eyeing novel
that they could pull out. The new thousands of real, well-paid, and dents will be receiving 800 megawatts strategies to make wind projects pay
terms will have to be more lucrative for unionized jobs are at risk,” the devel- worth of wind energy from the Mar- off. BP CEO Bernard Looney said in
project developers, with electricity opers said. “Hundreds of millions in tha’s Vineyard project, enough to an interview with Barron’s earlier this
prices probably linked to inflation. infrastructure investments will be power 400,000 homes or so. But de- year that BP plans to juice returns by
Regulators now face a “huge prob- forgone without a path forward.” The velopers of two other projects in the integrating the power its wind tur-
lem from a ratepayer’s perspective,” governor’s office declined to comment state that collectively were expected to bines produce into other segments of
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
said Ronald Gerwatowski, chairman about the request. add 2.4 gigawatts—three times as its business—essentially upselling the
of the Rhode Island Public Utilities Orsted is also talking to New York much as the Vineyard project—have electrons into its hydrogen and elec-
Commission, at a recent hearing about officials about boosting payments to attempted to pull out of their con- tric-vehicle-charging businesses. “We
offshore wind. Developers can essen- wind developers based on inflation tracts. will have a 10 gigawatt demand for
tially hold regulators hostage by rates. New York’s new contracts have Commonwealth Wind, owned by a electrons in our own charging infra-
threatening to walk away from al- mechanisms that allow for inflation subsidiary of Iberdrola, just reached a structure,” he said. Shell’s Sawan has
ready-permitted projects unless rates adjustments, but the contracts that deal with three utilities to terminate outlined a similar strategy.
are hiked. Orsted signed in the past don’t. its contract and pay a $48 million fee. But even with those potential proj-
Already, some states have agreed to “We sign multidecade contracts to And developers of SouthCoast Wind, ects, the public investment case for
change policies in a way that could sell the power at an agreed price be- owned by Shell, EDP, and Engie, said offshore wind now looks iffy. Orsted,
lead to more-expensive rates. In fore the project is ever built,” says last month that they’re planning to the most direct way to bet on offshore
Maryland, a new law shifts some of Orsted spokesman Ryan Ferguson. terminate their contract. In a state- wind, has already written down the
the federal Inflation Reduction Act’s The per-megawatt value has to pencil ment, Rebecca Ullman, SouthCoast’s value of one of its U.S. projects. The
support from consumers to wind de- out over a 25-year contract, but director of external affairs, said the stock is up 25% from its October lows,
velopers. Previously, Maryland law “they’re not doing so based on current company is still in discussions with but it’s too soon to signal an all-clear.
said 80% of the federal benefits had to development costs.” utilities over the contracts and is The industry may be in the early
go to the consumers. New York officials say they are “looking forward to future [offshore stages of a bad-news cycle, with more
New Jersey’s legislature also just reviewing Orsted’s proposals for infla- wind] procurements in New Eng- impairments to come at various com-
passed a law that will redirect federal tion adjustments. The state is already land.” panies, Freshney says. Other issues
tax money to Orsted to complete an expecting wind power to be more ex- Massachusetts just released a new loom, including protests about how
offshore project known as Ocean pensive than other sources. “Electric- draft request for proposals that could the turbines impact whales.
Wind 1 that will supply enough power ity consumers across the state can push the whole process back consid- Eventually, hundreds of turbines
for 500,000 homes. Those funds were expect to see slight increases in elec- erably, and allows for more inflation- are likely to be humming up and
previously expected to go to electricity tricity bills to support offshore wind related adjustments. Roy, the state down the coasts, and in the Gulf of
consumers. Republicans opposed it, development once the projects enter legislator, said in an interview that he Mexico, too. They will represent a step
with state Sen. Edward Durr calling it commercial operation,” says a spokes- now expects Massachusetts’ major forward in the fight against climate
a “huge handout at the expense of man for the New York energy agency. wind projects to come into service in change. Paying for them will be any-
New Jersey utility customers,” one Equinor and BP also have two proj- 2031 or 2032, instead of in the late thing but a breeze. B
July 24, 2023 BARRON’S 19
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Annuity products from Brighthouse Financial have been named Barron’s Best Annuities each year from 2017-2022.
Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, Brighthouse Life Insurance Company, Charlotte, NC 28277 and, in New York only,
by Brighthouse Life Insurance Company of NY, New York, NY 10017 (“Brighthouse Financial”). Variable products are distributed by Brighthouse Securities, LLC (member FINRA). All
are Brighthouse Financial affiliated companies.
Brighthouse Financial® and its design are registered trademarks of Brighthouse Financial, Inc. and/or its affiliates.
• NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
• NOT GUARANTEED BY ANY BANK OR CREDIT UNION • MAY LOSE VALUE
2304 BDRM1593304 5601282.1[06/06/2025]
20 BARRON’S July 24, 2023
AnnuityPayoutsAreBlooming.
money out of stocks when the market
tumbles or being too conservative is a
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
TheirPopularityIs,Too.
sleep at night.”
Depending on the type you choose,
an annuity can protect investments
against losses while delivering either a
fixed or variable return, provide tax-
deferred savings opportunities beyond
individual-retirement-account and
401(k) contribution caps, or create a
Whether your goal is guaranteed lifetime income or tax-deferred savings, The biggest draw has been fixed guaranteed pension-like income in
our annual guide to the 100 best annuities will help you pick the right one annuities, which guarantee principal retirement.
along with a fixed rate for a specified Annuities can be mind-numbingly
period, much like bank certificates of complicated and expensive. Investors
BY KAREN HUBE credit ratings. deposit. Annuities from highly rated should do a detailed analysis of bene-
A
Annuity payouts and guaranteed insurers currently pay five-year guar- fits and costs, or they could end up
nnuity sales are busting income are the highest they have been anteed rates as high as 5.20%, com- with a product that doesn’t address
out this year. in more than a dozen years. Investors, pared with about 4.3% on CDs and their needs while giving them a “false
This guide will help aiming to take some risk off the table 3.93% for Treasuries. sense of security,” says Gal Wettstein,
you understand the costs as they either build their nest eggs or Higher interest rates have also senior research economist at the Bos-
of these hybrid insurance- prepare to live off their savings in re- boosted guaranteed pension-like in- ton College Center for Retirement Re-
Registered Indexed-Linked Annuities (RILAs): These contracts, also referred to as variable indexed annuities, combine some loss protection and upside tied to an index with limits set
by caps or participation rates. Assume a $200,000 investment tied to the S&P 500.
n Buffer-style: Protects against a certain percentage loss; investors are exposed to any losses greater than the buffer. With a 10% buffer and a 15% market decline, the insurer absorbs 10% of
the loss and the investor absorbs 5%. These caps are reset annually.
Company Rating Contract Surrender Charge Period (Years) Annual Fee Protected Loss Cap on S&P 500 Return
Commission-Based
Athene Annuity and Life A Amplify 2.0 NF 6 None 10% 19.5%
Pruco Life A+ FlexGuard Income Select 6 None 10 19.5
Global Atlantic - Forethought Life A ForeStructured Growth 6 None 10 19.0
Lincoln National Life A Level Advantage 6 None 10 19.0
Pruco Life A+ FlexGuard Income Select 6 None 15 16.3
Lincoln National Life A Level Advantage 6 None 15 15.3
Athene Annuity and Life A Amplify 2.0 NF 6 None 20 12.8
Equitable Financial Life A Structured Cap. Strategies Income 6 None 20 12.5
Global Atlantic - Forethought Life A ForeStructured Growth 6 None 20 12.5
Lincoln National Life A Level Advantage 6 None 20 12.5
Pruco Life A+ FlexGuard Income Select 6 None 30 12.3
Equitable Financial Life A Structured Cap. Strategies PLUS 6 None 40 10.0
Fee-Based
Lincoln National Life A Level Advantage Advisory None None 10% 22.0%
MassMutual Life A+ Index Achiever None None 10 22.0
Brighthouse Financial A Shield Level Pay Plus Advisory None None 10 21.5
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
n Floor-style: Guarantees investors will not lose more than a certain amount. With a 10% floor and a 15% market decline, the investor absorbs 10% of the loss and the insurer absorbs 5%. These
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Company Rating Contract Surrender Charge Period (Years) Separate Fee Maximum Possible Loss Cap on S&P 500 Return
Commission-Based
Global Atlantic - Forethought Life A ForeStructured Growth 6 None -10% 14.00%
TruStage (CUNA Mutual) A ZoneChoice 6 None -10 13.25
Protective Life A+ Market Defender II 6 None -20 19.25
Jackson National Life A Market Link Pro 6 None -20 18.25
Fee-Based
Jackson National Life A Market Link Pro Advisory None None -10% 14.75%
Jackson National Life A Market Link Pro Advisory None None -20 25.00
Fixed-Indexed Annuities: For investors who want principal protection and returns potentially higher than plain fixed-rate products. Returns are linked to an index and capped. These con-
tracts have 100% index participation rates, caps that are reset annually, and five-year surrender charge periods.
Commission-Based
United Life A- WealthChoice 5 100% of principal 11.0%
Athene Annuity & Life A Accumulator 5 100% of principal 10.5
Corebridge Financial A Power Index 5 Plus 100% of principal 10.5
Fee-Based
Global Atlantic-Forethought A ForeAccumulation II 100% of principal 11.3%
Symetra Life A Advisory Edge 100% of principal 11.0
Pruco Life A+ PruSecure Advisor 100% of principal 10.5
Variable-Annuity Variations: One-year contracts that provide varying levels of downside protection and opportunities for growth.
Surrender Charge Annual Protected
Company Rating Contract Period (Years) Fee Loss Upside
New York Life A++ Premier VA FP Series 7 1.2%; 0.5% 1 110% of principal 2 Unlimited
New York Life A++ IndexFlex VA 5 Indexed sleeve: None; 100% of principal in 7.50% cap rate or 6.75% trigger rate based on the S&P 500; unlimited
Variable sleeve 1.3% indexed sleeve upside in variable sleeve
Allianz Life A+ Index Advantage+ 6 1.25% 10% buffer Uncapped; 140% of S&P 500’s six-year return.
TruStage (CUNA Mutual) A ZoneChoice 6 None 10% buffer Uncapped; 125% of S&P 500’s six-year return
Symetra A Trek Plus 6 1.0% 20% buffer Uncapped; 120% of S&P 500’s six-year return
Symetra A Trek Plus 6 None 20% buffer Uncapped; 108% of S&P 500’s six-year return
MassMutual Life A++ Index Summit 6 Pro 6 None Half of any loss 14.5% cap or 75% participation on S&P500’s annual return; 1-year term
Equitable A SCS Plus Dual Direction 6 None 10% buffer S&P 500 six-year losses within -10% give the equivalent positive return (-8% turns into
8%). Six-year returns capped at 750%/800% (commissioned/fee product)
Equitable A SCS 21 Plus Step-Up 6 None 10% buffer If the six-year S&P 500 return is flat or positive, you get a 55%/65% return
(commissioned/fee product)
Lincoln A+ Level Advantage 6 None 10% buffer If the S&P 500 annual return is zero or positive, you get an automatic 12% return
Symetra A Trek Plus 6 None 15% buffer If the S&P 500 annual return is zero or positive, you get an automatic 9.75% return
Note: AM Best rating (1) 1.2% mortality & expense fee applies to contract value; 0.5% applied to amount guaranteed by a rider with a 15-year holding period. (2) Can relock guarantee level annually Sources: Cannex; company reports
Lincoln National Life Investor Advantage Advisory Pro 0.10% 0.83 None 143(13) 14.73
Jackson National Life Elite Access Advisory II $240 1 0.79 None 123(8) 13.65
Nationwide Monument Advisor $240 1 0.54 None 340(63) 15.01
Nationwide Advisory Retirement Income (NARIA) 0.20% 0.61 None 151(7) 18.29
Fidelity Investments Life Personal Retirement 0.25 0.55 None 67(2) 15.19
*Fee includes administrative and mortality and expense charges. There is no added fee on these contracts for return of contract value at death. **Asset-weighted average expense ratios on underlying mutual fund-like investments
***Through June 30, 2023. (1) Flat annual fee for any size investment; equivalent to .12% on a $200,000 investment.
Source: Company reports
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Fixed Annuities With a Multiyear Guarantee: These are tax-deferred contracts similar to certificates of deposit in that they lock in an interest rate for a specified period.
Assumed minimum is $200,000.
Company AM Best Rating Contract Fixed Rate Period / Surrender Period (Years) Guaranteed Rate
Midland National Life A+ Oak Advantage 3 5.05%
MassMutual Life A++ Stable Voyage 3 4.90
Athene Annuity & Life A Apex MYGA 5 5.20
Midland National Life A+ Stable Voyage 5 5.10
Note: AM Best rating Source: Cannex
costs, more are finding that when se- essarily more expensive than a fee might say a 3.4% rate is good, when ties an attractive component of a fixed-
lected and used wisely, annuities can structure, when factoring in the fees the range is 4.9% to 3.4%.” income portfolio, says David Faskas, a
improve outcomes. It helps that in that advisors charge. But commissions Most annuities fall into one of two fee-only advisor at KMH Wealth Man-
recent years fees have trended down can invite unscrupulous agents to sell buckets: those used to accumulate agement in Victoria, Texas. Called
and insurers have created a new crop pricey products to people who don’t assets for retirement, and those used multiyear guaranteed annuities, or
of no-commission annuities designed need them. for creating a lifelong income stream. MYGAs, these simple contracts pay a
to be used by fee-based advisors. Investors should ask advisors how Barron’s assembled 100 annuity fixed rate for one to 10 years. If you
Traditionally, annuities were sold they are getting compensated and contracts by category and objective in pull money out within the fixed pe-
primarily through an insurance agent what their all-in costs will be, says the neighboring tables. Each section riod, you will be subject to a surrender
who would collect a commission for a Mark Cortazzo, a financial advisor at highlights competitive offerings and charge.
sale. Commissioned products often Wealth Enhancement Group in Par- was compiled with the help of Can- “We use them as one of three legs
have higher fees and a surrender pe- sippany, N.J., who uses both fee-based nex’s database. in fixed income,” Faskas says. “An-
riod, usually about seven years, dur- and commissioned products. other leg is individual bonds, and the
ing which you must pay a fee to with- “Also, ask how many companies Principal Protection third is a series of bond mutual funds
draw assets. they looked at,” Cortazzo says. “If an With Upside for liquidity and flexibility.”
A commission structure isn’t nec- advisor only looks at one or two, they Higher rates make plain fixed annui- Annuities are tax-deferred vehicles,
July 24, 2023 BARRON’S 23
Retire
smarter
inspired
your way
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Best Annuities: Guaranteed Income. No Frills. making them ideal for fixed income,
Fixed-income annuities are tools that turn a lump sum into a lifelong income stream, either immediately or sometime later. Single-life contracts pay which would be taxed as ordinary
for one person’s lifetime. Payments are generally lower for women and couples because their life expectancies are longer. Joint life contracts are for income each year in a taxable account.
couples and continue to pay during a surviving spouse’s lifetime. Assets in annuities can’t be with-
drawn without a 10% tax penalty until
Immediate-Income Annuities: Called SPIAs, these contracts turn guaranteed income on right away. Assumes a $200,000 investment at age 70. Pay- after age 59½.
ments for ”joint life” assume a man is 70 and his spouse is 65. To figure out how much to allocate
to fixed annuities, Faskas recom-
n 10-year certain: If an investor dies within 10 years of starting income, payouts go to heirs for what’s left of the 10-year period. mends first determining how much
Annual Income Annual Total Income liquidity and flexibility you want and
Company Rating for Life Payout Rate by Age 90 ensuring that the mutual fund leg will
Single-Life Man TruStage (CUNA Mutual) A $16,740 8.4% $334,800 cover that. “You back into the num-
Nationwide Life A+ 16,670 8.3 333,391 bers for how much you can put into
Single-Life Woman TruStage (CUNA Mutual) A $16,008 8.0% $320,160 the longer-duration investments. Most
Nationwide Life A+ 15,705 7.9 314,100 annuities we use are in the three- to
Joint Life TruStage (CUNA Mutual) A $13,778 6.9% $275,560 six-year range,” he says.
Nationwide Life A+ 13,461 6.7 269,220 Consider fixed-indexed annuities
alongside plain fixed annuities. Fixed-
n Cash refund: When an investor dies, any remaining principal is paid to heirs in a lump sum.
index annuities guarantee principal,
Annual Income Annual Total Income but the annual payout is tied to an
Company Rating for Life Payout Rate by Age 90
index’s performance, usually with a
Single-Life Man TruStage (CUNA Mutual) A $16,067 8.0% $321,340 cap that is reset annually.
Nationwide Life A+ 15,970 8.0 319,400
Current cap rates are higher than in
Single-Life Woman TruStage (CUNA Mutual) A $15,424 7.7% $308,480
recent years because of rising interest
Nationwide Life A+ 15,150 7.6 303,000
rates, but be sure to look under the
Joint Life TruStage (CUNA Mutual) A $13,682 6.8% $273,640
Nationwide Life A+ 13,365 6.7 267,300
hood of the account for all details. For
example, sometimes there is both a
Note: AM Best rating. Single life pays for one person’s lifetime; joint life pays for both spouses’ lifetimes. Source: Cannex
cap and limit on how much of an in-
dex’s return you can participate in. If
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®
A Brighthouse Shield Level Annuity can help.
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bring the retirement your clients have imagined within reach. All with the simplicity you’ve come to to learn more about
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Withdrawals may be subject to withdrawal charges.
All guarantees, including any optional benefits, are subject to the claims-paying ability and financial strength of the issuing insurance company. Each issuing insurance company is solely responsible for
its own financial condition and contractual obligations.
This is not an offering of any securities for sale in New York. This communication refers to Brighthouse Shield ® Level Select 6-Year Annuity, Brighthouse Shield® Level Select 3-Year Annuity, and
Brighthouse Shield® Level Select Advisory Annuity, collectively referred to as “Shield® Level annuities” or “Shield® annuities.” These products are index-linked annuities issued by, with product guarantees
solely the responsibility of, Brighthouse Life Insurance Company, Charlotte, NC 28277, on Policy Form L-22494 (09/12)-AV (“Brighthouse Financial”). Shield Level annuities are distributed by Brighthouse
Securities, LLC (member FINRA). All are Brighthouse Financial affiliated companies. Shield Level annuities have charges, termination provisions, and terms for keeping them in force. Please contact your
financial professional for complete details. Product availability and features may vary by state or firm. Brighthouse Financial® and its design are registered trademarks of Brighthouse Financial, Inc. and/
or its affiliates.
Shield Level annuities are registered with the SEC. Before you invest, you should read the prospectus in the registration statement and other documents Brighthouse Life Insurance Company has filed for
more complete information about the company and the product. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. You may also request a prospectus from
your financial professional or directly from Brighthouse Financial at (888) 243-1932 or brighthousefinancial.com.
• NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT GUARANTEED BY ANY BANK OR CREDIT UNION • MAY LOSE VALUE
2212 BDVA1095005-1 3758414.1[09/16/2023]
26 BARRON’S July 24, 2023
Best Annuities: Guaranteed Income With Some Flexibility, Liquidity, and Growth Potential
Annuity contracts with income riders are designed to pay monthly income for life, covering either a single person’s or couple’s joint lifetime. Payouts can be higher than guarantees based on
growth of assets in the contract, and assets are more liquid and accessible to investors than in SPIAs and DIAs.
Fixed-Indexed Annuity Income Guarantees: These riders are purchased on S&P 500-linked fixed-indexed annuity contracts with seven-year surrender charge periods. Assumes a
$200,000 investment by a 60-year-old. Payout begins at age 70. Joint life assumes a married man and woman are ages 60 and 55.
n Best guaranteed minimum annual income: The minimum income is paid for life regardless of the value of the underlying investments.
Company Rating Annuity Contract Rider Annual Income at Age 70 Toal Income by Age 90
Single Life Eagle Life A- Select Income Focus Lifetime Income Benefit 2 $29,480 $589,600
American Equity Investment A- IncomeShield 7 Lifetime Income Benefit 3 28,524 570,480
Midland National Life A+ Summit Edge 7 IncomeStrategy 28,260 565,200
Athene Annuity & Life A Ascent Pro 7 Income Rider 1 27,450 549,000
Joint Life Eagle Life A- Select Income Focus Lifetime Income 1 $25,080 $501,600
Midland National Life A+ Summit Edge 7 IncomeStrategy 24,252 485,040
American Equity Investment A- IncomeShield 7 Lifetime Income Benefit 3 23,724 474,480
Corebridge Financial A Power Index Plus Income Lifetime Income Max 23,600 472,000
Variable-Annuity Income Guarantees: These riders are sold as add-ons to variable annuities. Assumes a $200,000 investment by a 60-year-old. Payout begins at age 70. Joint life
assumes a married man and woman are ages 60 and 55.
n Best minimum guaranteed annual income for life: Even if the value of underyling investments declines to zero, the annuity keeps paying the minimum guarantee for life. There is potential
for higher payouts depending on performance of underlying investments.
Maximum Allowable
Annual Stock Fund Annual Guaranteed Total Income
Company AM Best Rating Annuity Contract Rider Contact Fee* Allocation Income for Life by Age 90
Single Life Lincoln National Life A ChoicePlus Assurance Secure Core 2.8% 80% $20,160 $403,200
Nationwide Life A+ Destination 2.0 Lifetime Income 2.8 60 20,060 $401,200
Corebridge Financial A Polaris Preferred Solution Income Max 3 2.45 56 19,040 $380,800
Protective Life A+ Aspirations SecurePay Protector 2.6 80 18,468 $369,360
Joint Life Corebridge Financial A Polaris Preferred Solution Income Max 3 2.5% 56% $17,680 $353,600
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equivalent of a 0.12% annual fee on insurer absorbs any excess losses. found that when people have pro- ity’s surrender period expires, you can
$200,000—but also for its 63 alterna- For someone who needs portfolio tected income, they have the confi- pull your money back or roll it into a
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
tive investment options alongside 340 growth but sits out of stocks fearing dence to spend more in retirement,” more competitive annuity.
traditional ones. losses, RILAs can remove some anxi- says Michael Conrath, head of the Variable annuities with lifetime
These contracts are sold by fee- ety and potentially provide the needed retirement insights strategy team at riders are also liquid and flexible,
based advisors. growth as part of a stock portfolio. J.P. Morgan Asset Management. “They and you can potentially increase pay-
also have confidence to invest more outs based on the performance of
Stock Market Returns Guaranteed Income for Life aggressively in the nonannuity part of investments. But their guaranteed
With a Cushion With traditional company pensions the portfolio, which can give more minimum payouts are lower because
One of the more popular annuity nearly extinct, creating a guaranteed growth and income.” their benefit levels don’t depend as
types—a registered indexed-linked income stream to supplement Social Usually, the simplest options—a heavily on interest rates as fixed an-
annuity, or RILA—is designed for con- Security payments can be a salve to single premium immediate annuity, or nuities’ guarantees.
servative investors as part of a stock investors’ fears of living longer than SPIA, and deferred income annuity, or For a 60-year-old investing
portfolio. expected and depleting their assets. DIA—pay the highest income. SPIAs $200,000 and taking income at age
RILAs provide a buffer or floor “It diversifies the income stream, so take a lump sum and turn it into guar- 70, the top four variable annuity in-
under a stock index’s performance. In when savings are impacted by the anteed income immediately; DIAs come riders guarantee a minimum
exchange, you forgo dividends and markets you can have peace of mind,” turn income on later. The trade-off for annual income ranging from $18,468
your index return is capped. Some says Barbara Selig, a wealth manage- high payouts is that they are irrevoca- to $20,160. In contrast, the top fixed-
charge an annual fee, but most insur- ment advisor at TIAA. ble and illiquid. indexed annuity contracts guarantee
ers embed the cost of the downside Selig recommends that two-thirds of But today, fixed-indexed annuities $27,450 to $29,480.
protection in their caps. one’s retirement income come from a with income riders are offering more- Be wary if an advisor is presenting
For example, two of the most com- combination of Social Security and an competitive deals than SPIAs and only variable annuity options, without
petitive RILAs with no fees—offered annuity stream. Another approach is to DIAs, and also variable annuities, comparing them with different types
by Athene Annuity and Life and arrange for all fixed nondiscretionary thanks primarily to high interest of fixed annuities. While variable an-
Pruco Life Insurance—will absorb the expenses—mortgage payments or rent, rates. nuities have a higher income potential
first 10% of any losses in the S&P 500 utilities, car payments, basic living “This is a big advantage to inves- if the markets have a stellar run, it
and cap returns at 19.50%. costs—to be covered by Social Security tors, because these products are isn’t a sure thing, says DPL’s Lau. “If
Another option is to set a floor un- and guaranteed annuity income. highly liquid and flexible,” Cortazzo you’re looking for guaranteed income,
der your investments. In this case, you Peace of mind can have both life- says. Unlike the irrevocable SPIAs you may not want to try to hit home
eat losses up to 10% or 20%, and the style and financial payoffs. “We’ve and DIAs, once a fixed-indexed annu- runs.” B
July 24, 2023 BARRON’S 27
F UN DS
Fund managers alone don’t drive performance. A
study points to the investment culture of the man-
ager’s new firm, its analytical resources, and fees.
F
Stock fund (ticker: PRGSX) is up front versus only 47% of the time for all
or long-term investors, BY LEWIS cause their performance was subpar.” about how important T. Rowe’s ana- active competitors.
there’s not much point BRAHAM Some 42% of the managers studied lysts are. His fund typically holds 75 “We’re really focused on can we
following that celebrity didn’t make it to their fifth anniver- stocks, 30 to 50 of which come directly repeat alpha in various market envi-
fund manager if he sary. from the firm’s analyst recommenda- ronments,” Eiswert says. “Often, you
leaves his current fund All of which illustrates a larger tions at any given time, he says. T. can find a manager that is particularly
to run a different one. point: Fund managers don’t drive per- Rowe has a total of 937 investment intersected with the current environ-
That’s the conclusion formance by themselves. In its conclu- professions, including 404 research ment.” But when the environment
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
of an extensive study recently pub- sion, the authors point to other factors analysts. changes, the solitary guru’s fund gets
lished by fund tracker Morningstar. in departing managers’ future success, Eiswert says that managers leaving “blown up.”
The paper, “Fund Managers including the investment culture of the such a big support system for a smaller What about small boutique fund
Switching Firms—Should You Tag new firm, its analytical resources, and shop would have no choice but to shops with less-analytical resources?
Along?” examined 30 years of perfor- fees, despite their before-fee focus. change their strategy, focusing more on There is more key-person risk from
mance data for European and U.S.-do- “If the fees are much higher at the trading big macro themes as opposed manager departures at such shops.
miciled funds “to see whether fund new firm compared to the old one, [the to individual stocks. “If I didn’t have Investors should seriously weigh
managers who left their firm for a investment decision is] probably a no- any help, it would be really important whether to follow the manager.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
competitor were able to replicate their brainer,” says Mathieu Caquineau, a that I capture the zeitgeist of the cur- One successful boutique example
investment success.” The answer was Morningstar director who co-wrote the rent year,” he says. “Is it growth or that Caquineau points to is Rajiv Jain,
yes for the first three years, but no study. “You shouldn’t follow managers value investing, energy or tech that will who, after leaving Vontobel Asset Man-
after five. no matter how good they are.” do well? I’d have to get that [macro] call agement in 2016, founded GQG Part-
Success was measured by “gross Generally speaking, the larger a right without the ability to do the kind ners funds. Jain was chief investment
alpha,” which is the fund’s outperfor- fund firm is, the more managers rely of deep work that we do.” officer of Vontobel and manager of Vir-
mance over its benchmark—such as on analytical resources that they won’t Making such bold macro calls tus Vontobel Emerging Markets
the S&P 500 index—after adjusting find at other firms. At three of the big- rarely works in every market envi- Opportunities (HEMZX), with a
for its risk or volatility relative to the gest fund shops with a strong history ronment. The most famous manager small pool of analysts. Now, he has 20
benchmark. Morningstar measured of active management—Fidelity Invest- to leave a big shop was Bill Gross of analysts as well as co-managers help-
gross alpha before deducting fund fees ments, T. Rowe Price, and American Pimco Total Return (PTTRX) in ing him at GQG Partners Emerging
instead of net alpha after fees, since Funds—those resources are immense. 2014. His subsequent fund, now Markets Equity (GQGPX), and it has
fees are imposed and don’t measure a Fidelity has 400 stock, bond, and rebranded Janus Henderson a lower 1.16% expense ratio than Von-
manager’s stock-picking abilities. tobel Emerging’s 1.56%. GQG has
The average three-year gross alpha beaten Vontobel by a wide margin.
of 1.36% for managers switching firms Follow the Leader? On the other side of the spectrum
should more than cover the fees of Fees and fund shop size matter when following a star manager to a new fund. Here’s what happened in is American Funds, which has had a
most funds. The average expense ratio two different cases. multimanager structure for its funds
in Morningstar’s Large Blend fund Cumulative return since 1958. Moreover, its 211 analysts
When It Worked Out... since manager departure Expense ratio
category is 0.79%, for instance. actually manage a slice of each fund
Old Fund: Virtus Vontobel Emerging Markets Opportunities / HEMZX 17.5% 1.56%
For managers at a new fund for directly. Typically, equity funds have
New Fund: GQG Partners Emerging Markets Equity / GQGPX 62.8 1.16
more than five years, though, the more than 10 co-managers.
gross alpha shrinks to 0.88%. Worse, ...And When It Didn’t The impact of a departure is so
the study notes that the alpha metric Old Fund: Pimco Total Return / PTTAX 9.7% 0.80%
difficult to measure in such cases that
has a positive bias because it “doesn’t Caquineau excluded funds with more
New Fund: Janus Henderson Absolute Return Income Opportunities / JUCAX 9.0 0.95
include all the managers who were than two managers from his study.
Note: Cumulative returns since manager departure as of July 14, 2023. Bill Gross left Pimco and joined Janus in September 2014. Rajiv Jain launched
dismissed at their new firm before GQG Partners Emerging Markets Equity in December 2016. There’s no point in chasing such
they reached five years of tenure be- Source: Morningstar managers. B
28 BARRON’S July 24, 2023
THE EC ONOMY
Debt restructurings in other countries have
emerged as a rare forum for accord between
the China and the West.
Found Common
began to flow to developing countries’ reduces investment.”
bonds. The Institute of International After a more limited restructuring
Finance estimates that the amount of in Chad last year, Zambia became the
external debt held by bondholders second case tackled under the Group
Ground—in Zambia
that had been issued by 73 countries of 20’s Common Framework for Debt
the World Bank classifies as poor Treatment, created by the world’s
enough to warrant special debt-relief major economies in 2020 to address
processes rose by more than 2,800% debt sustainability in poor countries.
from 2010 to 2021. Zambia was a test case for cooperation
China began to lend aggressively between China and a diverse group of
A
overseas in 2013, as its foreign policy official and private creditors. Things
sovereign debt crisis hedge funds and asset managers favored building infrastructure to didn’t go well. Protracted negotiations
in an African coun- such as BlackRock (ticker: BLK) and facilitate trade. The world’s second- held up new financing, including a
try might seem in- Fidelity, held the majority of its debt. largest economy became a rival $1.3 billion International Monetary
consequential to the Paris Club countries, including the lender to Western countries and in- Fund bailout.
average investor. But U.S., the United Kingdom, and stitutions, spending about $1 trillion “[China is] used to negotiating on
successfully restruc- France, held a smaller portion, in the past decade to expand its influ- their terms,” says Kevin Daly, an in-
turing the debt of which totaled $13 billion. ence via its Belt and Road Initiative. vestment director for emerging mar-
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
Zambia, the country in question, de- BY JACK The makeup of Zambia’s creditors “China went from having almost ket debt at the asset manager Abrdn,
manded the improbable cooperation DENTON reflected a decade-plus shift in the no lending to most frontier markets who sits on Zambia’s bondholder
of China, Western institutions, and world of sovereign debt—and compli- in Africa and Asia-Pacific to being committee.
Wall Street—and that should grab cated matters. The Paris Club and one of the primary lenders,” says Nevertheless, official creditors
the attention of investors worldwide. multilateral institutions historically David Rogovic, a senior credit officer reached an agreement in June, giving
As relations between the U.S. and handled most lending and followed a focused on sovereign debt at the rat- Zambia a three-year grace period
China sour over spy balloons and arti- familiar process to deal with defaults. ing firm Moody’s. before it has to begin repayment of
ficial intelligence, debt restructurings Loans were made under a mandate This inevitably meant that when $6.3 billion in loans over the next 20
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
in other countries have emerged as a of development, and debt relief and things went south, China dealt with years. The agreement triggered ap-
rare forum for accord. That Beijing, generous terms weren’t uncommon. debt restructurings. Bailouts bal- proval of a $189 million bailout in-
Zambia’s biggest creditor, came to the China and private investors, looned, with China providing about stallment from the IMF. The deal
table and played ball bodes well for however, operate differently, and are $240 billion in overseas rescue lend- with official creditors is contingent
bond investors who took a dominant less forgiving. “The question of how ing in the past decade, according to on Zambia’s private creditors reach-
role in funding developing nations China’s credit is handled relative to the World Bank. China handled these ing a similar agreement; that group
over the past decade. With other sov- private creditors suddenly became situations with debtor countries indi- holds slightly more debt, with a deal
ereign restructurings under way, and much more salient around the world,” vidually in a process that has attracted looking possible in August.
the list of countries at risk of default says Brad Setser, a senior fellow at the scrutiny for its lack of transparency.
Y
growing, the resolution of Zambia’s Council on Foreign Relations. “Lack of clarity over terms and et the road to restructuring
debt ordeal suggests that these inves- After the 2008-09 financial crisis, whether or not Chinese creditors will was fraught with tensions
tors could see gains. between the U.S.—a major
A landlocked country in southern driver behind the Common
Africa, Zambia is bigger than Texas New Lenders to the Developing World Framework—and China. Both U.S.
in size, with a population near that Private investors and China became much bigger lenders in the past decade to Vice President Kamala Harris and
of New York state. It is one of the low-income countries eligible for the G20’s Common Framework for alleviating Treasury Secretary Janet Yellen made
world’s largest copper producers, debt distress. trips to Zambia this year and pushed
which helped it attract foreign lend- 2010 2021 % Change for a resolution to the restructuring
ers and contributed to its insolvency. Long-term debt of 73 Common Framework- $215 $627 192 impasse. Harris said that all bilateral
As commodity prices plunged in eligible countries (in billions; estimates) creditors should make meaningful
2020 with the spread of the Covid HELD BY: debt reductions, an indirect reference
pandemic, Zambia’s currency lost Bond investors $3 $88 2833 to China as a holdout, while Yellen
value and the country defaulted China 14 104 643 called on China to forgive some debt.
on some of its $3 billion in dollar- “China came through but after a
Commercial banks 13 72 454
denominated Eurobonds. China had really long, torturous process,” says
Multilateral lenders (IMF, World Bank, others) 118 259 119
lent large sums to Zambia through Setser. “But it is certainly a good sign
institutions and state-owned banks, Western-dominated Paris Club countries 48 67 40 that eventually a deal was found,
while private investors, including Sources: Institute of International Finance; World Bank and that deal does involve real
July 24, 2023 BARRON’S 29
I T E CH T R A D E R
concessions.” n Zambia’s case, there is a
Not only did China make conces- contingency in the official
sions in terms of debt relief, but the creditor deal allowing for the
way it negotiated also heralded a dif- interest rate paid on its debt
ferent approach. Chinese representa- to rise from a maximum of 2.5%
tives in the restructuring were coop- to 4% if the country’s economy out-
erative and willing to exchange ideas, performs by 2026, based on an IMF
ultimately acting as a positive force
in the process, according to a person
familiar with the negotiations. It sug-
and World Bank debt-sustainability
analysis.
A restructuring deal reached in
A Victim of the Rush to AI?
gests that while U.S.-China ties re-
main frosty over a range of issues,
more practical relations might be
May between Suriname, a South
American country, and private inves-
tors included a promise to pay bond-
Tech Hardware Vendors
improving. holders a share of any future oil reve-
“I don’t think there’s much prospect nue. In an era when China and
for any significant breakthrough in the private creditors have become domi-
many issues that we have between the nant lenders, more tools like these— BY TAE KIM record high this past Tuesday.
U.S. and China,” says David Dollar, a ensuring upside for investors—could But while Microsoft basks in the excite-
C
senior fellow at the Brookings Institu- be built into debt agreements. orporations are shifting budget ment over AI, other vendors are facing
tion and a former U.S. Treasury emis- Says Martin: “I would be con- priorities to experimental artifi- more challenges. After looking at the CIO
sary in China. “Interestingly, if there structive on the distressed debt [of cial-intelligence projects. That responses, Piper’s team predicted that
is any significant progress, it may be frontier and emerging markets] in may be good news for Micro- hardware suppliers, such as computer
in debt relief for countries that have the short term...many of these dis- soft, but it could just as well turn out to server makers, would most likely face
unsustainable debt.” tressed bonds are probably trading be bad news for tech hardware vendors. budget pressures later this year.
China’s cooperation in the Zambia below some reasonable estimates of Earlier this month, Piper Sandler pub- Taiwan Semiconductor Manufactur-
workout boosts the prospects for what the recovery would be after a lished its latest survey of 147 chief informa- ing (TSM) provided more evidence of an
frontier and emerging market debt. restructuring is completed.” tion officers, asking them about areas they AI-driven budget-shift theme on Thurs-
“The impression of a lot of investors Over a longer time horizon, how- intend to spend more or less on in the near day. TSMC dominates the market for mak-
was that China wasn’t really willing ever, rising debt in developing coun- future. The “results suggest that IT budgets ing high-end chips across tech, so it often
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to grant very substantial debt relief,” tries and falling access to new fund- are likely to moderate in 2023,” wrote gets an early read on market changes. Ac-
says Lucas Martin, emerging markets ing paint a grim picture. More than Piper’s research team. The buyers revealed cording to TrendForce, the chip giant has
fixed-income strategist at Bank of half of low-income countries are that their aggregate budget outlook for this about a 60% share of the third-party chip
America. “This does suggest that in or at high risk of debt distress, year had declined to a 3.6% growth rate manufacturing business, followed by
they’re perhaps more open to that. according to the IMF. Kenya and year over year, down by 1.3 percentage Samsung Electronics (005930.Korea),
Breaking that impasse in the first Pakistan look vulnerable. points compared with six months ago. with 12%.
country probably does make it easier Meanwhile, China has clamped And there was another important trend TSMC management reported an overall
for the next set of countries to rene- down on lending since 2019 amid buried in the numbers: Companies are pri- softening of semiconductor demand, add-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
gotiate their debts.” economic woes at home. The bond oritizing new AI applications above every- ing that the macroeconomic environment,
Each case is unique—and China’s market, too, remains largely shut for thing else. Generative AI rose nine spots in expectations for China’s recovery and end-
role varies widely, as does the appli- distressed sovereigns, with global priority to become the top emerging tech- market demand both looked weaker than
cation of the G20 Common Frame- interest rates at a generational high, nology trend for the next three years, ac- they had expected only three months ago.
work—but the outcome in Zambia the dollar falling from multidecade cording to the survey. The report also noted With fading smartphone and PC catego-
might bear on debt situations in peaks, and shocks still being felt that three-quarters of CIOs are either test- ries accounting for a majority of TSMC’s
Ghana, Ethiopia, and Sri Lanka. from Russia’s invasion of Ukraine. ing or implementing AI projects already. business, the company significantly low-
China has been unwilling to coop- Sovereigns will need to tap new fi- Microsoft (ticker: MSFT) may be the big ered its financial guidance for the year,
erate directly with the Paris Club, nancing, but neither China nor the winner from the shift to AI in underlying forecasting a year-over-year decline of
a group of more than 20 predomi- bond market are likely near-term enterprise spending. The company can 10% in revenue.
nantly Western creditor countries, lifelines. benefit in two primary ways: rising de- In keeping with the CIO survey, TSMC
but acceded to the Common Frame- “Two important sources of fund- mand for its Azure cloud-computing also saw a significant rise in AI-related
work proposed by the more diverse ing for the past decade have both service and new paid software features. interest—though not enough to offset the
G20, which includes Chinese allies dried up...but you do have repay- There is evidence that Microsoft is mak- overall drop in semiconductor demand.
Russia and Saudi Arabia. Engaging ments,” says Rogovic, who described ing progress on both fronts. Piper Sandler Still, the biggest takeaway came when
in the Common Framework allows an approaching “maturity wall.” analyst Brent Bracelin says CIOs revealed an analyst asked if the surge in AI orders
China to tackle debt sustainability “Is it really feasible to imagine that intentions to use more of the company’s was taking sales away from traditional
that threatens Belt and Road prog- these countries are going to be able to cloud services for AI. Then, in the past server chips. “Will [AI] cannibalize data-
ress, while also maintaining some finance those bonds in the market?” week, Microsoft announced a higher-than- center processors?” said TSMC Chairman
control in setting a precedent for adds Martin. expected pricing of $30 per user a month Mark Liu on the second-quarter earnings
debt relief for the scores of countries The answer probably is no, mean- for its coming AI-enabled Microsoft 365 call. “In the short term, when the capex
to which it has lent money. ing that further cooperation will be Copilot software subscriptions. [budgets] of the cloud service provider is
“They’re definitely not doing this needed between China, the West, and The price point was well above Oppen- fixed, yes, it will.”
as any kind of favor to the U.S.,” says investors. More than the fate of fron- heimer’s estimate of $20 per user and With CIOs and the largest chip foundry
Dollar. “They’re doing it because it’s tier and emerging market debt could sparked a wave of investor excitement. in the world saying similar things, inves-
in their self interest.” be at stake. B Following the news, Microsoft stock added tors should be cognizant of the risks that
Even so, cooperation with the $102 billion in market value in one trading AI may bring to makers of computer
West was a welcome side effect. email: jack.denton@dowjones.com session, with its shares surging 4%, to a servers and server processors. B
30
34 BARRON’S
BARRON’S July
July 24,
24, 2023
2023 July
July 24,
24, 2023
2023 BARRON’S
BARRON’S 35
31
Q&A An Interview With Louis-Vincent Gave Industry Action “The next bull market has already started: It’s in emerging markets ex-China.”
of July unscathed, there’s always August, knowledging that he doesn’t “know what
and the Fed’s annual Jackson Hole Eco- the hell is going on.”
CEO, Gavekal
Symposium lateResearch
Performance of the Dow Jones U.S. Industrials,
Louis-Vincent Gave ranked by weekly percent change.*
The Saudi-Iran
Health Care 2.11
nesses. That pain was felt in the market: with the yield curve, which has been in- Everybody has always asked why In- If you think of the next five years— past the 3% to 3.5% mark, the BOJ
The S&P 500 fell 19.4% in 2022. verted for almost a year—a recession prog- Industrials 1.06 dia couldn’t spend massively on infra- because if you’re buying anything at keeps yield-curve control, which
Few economists and market watchers nosticator without fail. “We have a really Utilities 1.01 structure. That is changing. 38 times sales, you’d better think of means a weak yen. That could help
expect Powell to be quite as hawkish now persistent signal in the yield curve,” says Basic Materials 0.68 that time horizon, if not longer—will Japan’s biggest export industry, autos,
that inflation has come down from last Roth MKM’s Darda. “It would be unprece- Should investors diversify away Nvidia still be the go-to AI play? Prob- which is going to get its lunch eaten by
Telecommunications 0.11
ENERGY SECTOR OF
dation in markets makes sense given the unless the Fed does it first. –0.45 Technology lar Index [which measures the dollar’s there will be better pure plays. largest car exporter.
increasing odds financial conditions have –1.19 Consumer Goods value primarily against the euro and The internet blew past everybody’s
eased too much, we wouldn’t aggressively Going for the Goldman yen]. But other currencies, such as expectations, but if you bought the top That doesn’t seem well known.
press that trade now,” writes Dennis De- Another bank earnings season has come the Brazilian
Source: S&P real or commodity-
Dow Jones Indices
Game Changers
Busschere, chief market strategist at 22V and gone, and not only is the group still producing currencies, have moved up. money in Microsoft [MSFT] but lost but rather to South Asia and India
Research. “The Fed has a chance at a soft standing, but the stocks appear to be thriv- Why shouldn’t you buy a real-domi- money on all the others, including and Latin America. China comes in
landing, and they are likely to go for it.” ing. Even Goldman Sachs Group, which on its consumer business, which includes 1/100th of a percentage point.) This
nated Brazilian TIPSal-[Treasury infla- Nortel, Lucent, and Sun Microsystems. with lower prices, which creates its
That’s one reason Nicholas Colas, co- reported one of its worst nonrecession GreenSky, a lending platform it purchased lowed the bank to raise its quarterly
tion-protected security]divi-yielding 6% own demand. BYD [1211.Hong Kong],
for $1.73 billion in 2021. It noted that in- dend by 10%, giving Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF
founder of DataTrek Research, remains quarters on record, looks appealing. [afteritinflation]?
a yield of 3%. Do you see opportunities elsewhere the car company that Charlie Munger
optimistic, despite signs that Big Tech, the Banks have staged a remarkable come- vestment banking fees—often a sweet The biggest reason for optimism, in Asia, such as Japan? invested in, produces an electric-vehi-
driver of this year’s rally, may be losing back since they were left for dead in May spot—were down 20% and net interest in- though, is a potential
How rebound
do thesein deal-mak-
changes work their
An investor Thereshould considerare two thingsobjectives,
investment helpingrisks, thecharges
Japa- and cle hatchback
expenses carefully called the Seagull.
before investing. To obtainIt’s
a
BY RESHMA KAPADIA of a civil war. Yemen, Syria, Iraq, momentum. With the S&P 500 up so after the collapse of Silicon Valley Bank and come fell 2% year over year. The final tally? ing. Merger and wayacquisition
through activity
markets?has prospectus, nese which market.
contains thisThe and first
other is information,
the continua- call 1-866-SECTOR-ETF
like the or Honda
visit www.sectorspdrs.com.
Civic or Toyota ReadPrius,
the
T
Lebanon—all were proxy wars be- much this year, some investors may opt to other financial institutions. And earnings so Goldman reported a profit of $3.08 a share, cratered this year, resulting
There is a boomin a 46% de-
in emerging prospectus carefully
markets, tion ofbefore investing. control [central-
yield-curve and sells for $11,000. If you’re an In-
he geopolitical shifts under tween Saudi Arabia and Iran. For these take profits and sit out the rest of 2023. far show why. Despite overhangs from below forecasts for $3.16. cline in advisorybutrevenue
investorsat Goldman,
are missing All
dueit because ETFs are subject to risk,
bank policiesincluding possible loss ofkeep
that principal.bond
Sector ETFyields
products are also subject to sector risksdoctor,
donesian and non-diversification
mayberisks, you whichcan’t
generallyaf-
way today, from Europe countries to now say, “We are burying Others might just rotate out of highflying higher interest rates and customers shifting Still, Goldman stock gained 7.9% for the to concerns about the economy and the
China isn’t doing well [it accounts for results in greater price fluctuations than the overall stock
below a certain level]. If you’re a Japa- market. Ordinary brokerage commissions apply.
ford a $25,000 Japanese car, but you
The S&P 500 is annese
index ofsaver,
500 common stocksstay
that is generally considered representative of thecan
U.S. stock market.an
You cannot invest directly in an index.car.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
and Asia to the Middle the hatchet”—that’s mind-blowing. tech names into cyclicals, such as finan- money to accounts with better yields, stocks week, and there could be more where that Biden administration’s
30% ofseeming
the MSCI eagerness
Emerging Markets why in bonds yielding afford $11,000 Chinese
East, are too large and The deal reminds me of the peace cials. That might make for a good trade, like Zions Bancorp (ZION), KeyCorp came from. “[It was a] clean-up quarter,” to block major deals.
index]. ButIndian,
with markets
Brazilian, ALPS Portfolio negative
ral-and Indone- Solutions Distributor,
3%? Inc., a registered Japanese
Everyday broker-dealer, issav-
distributor for the Select Sector SPDR Trust.
significant for investors deals between France and Germany and a rotation is typically a bullish signal. (KEY), Citizens Financial Group (CFG), writes Wells Fargo analyst Mike Mayo. lying and the Federal Trade Commission
sian purchasing-manager-index read- ers sell bonds to buy equities. Yet, China’s domestic economic
to ignore. And few market post–World War II. They allowed for But because tech is such an outsized por- and Comerica (CMA) produced double- “Pain now, gain later.” losing in court, aings
rebound
are atin capital-mar-
record highs. For all the Plus, inflation has gone from nega- recovery is sputtering. What is
watchers analyze and in- 50 years of uninterrupted growth in tion of the market, those other stocks digit gains after reporting results that mostly Start with net interest margin, a measure kets activity alone could
talk about propel
AI and thethestock,
Nasdaq, since tive 1% to 3%. It is a lot easier to man- your outlook?
terpret them with the clarity of Louis- Europe, with not just a huge peace would have to post enormous gains to matched expectations and showed they had of the difference between interest earned on despite other lingering the start issues.
of Covid, stock markets in age a business than during deflation. Mea culpa: I thought the recovery
Vincent Gave, chief executive of Hong dividend but massive economic inte- move the index meaningfully in the back moved on from the issues that plagued re- assets and paid on deposits. All banks are “We believe the rest of
Brazil, this year Mexico,
Argentina, will con-India, and Margins are better because [Japanese would be stronger because I applied
Kong–based Gavekal Research. gration, which creates its own growth. half of the year. “If Big Tech goes down by gional banks this past spring. The SPDR feeling the squeeze as short-term rates rise, tinue to have impairments
Indonesia have and elevated
outperformed the U.S. companies] slashed every cost for 30 my Western framework, but China
0.45%
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
A master of contrarian thinking, 10%, you need everything else to go up so S&P Bank exchange-traded fund (KBE) forcing them to offer higher yields to keep expenses,” writes AndKeefe,
theirBruyette
bond markets & Woods are crushing years. But it’s a bull market that is didn’t have big stimulus during the
Gave saw early on that inflation would How might something similar play
be longer-lasting than many econo-
0.35%
out today in the Middle East?
much more,” Colas said.
The economy might have something to
rose 6.8% this past week.
Goldman Sachs (GS) seems like an un-
customer cash in place. Wells Fargo
(WFC) saw its NIM fall 0.11 percentage
analyst David Konrad.
the U.S.“However,
Treasury we
lieve it sets up for a stronger 2024 with
be-
market. operating with the sword of Damocles lockdowns. The stimulus in China is
over the bond market. coming now. If you want to be kind,
mists, and central bankers, antici-
pated. He highlighted the resulting
[There’s] a peace dividend and a lot
more capital spending around the re-
0.01% say about the market’s rally. Stocks appear
to have dismissed the potential for a reces-
likely candidate to join the bank rally. It did
everything in its power short of buying
point, while U.S. Bancorp’s (USB) de-
clined 0.2 point. Goldman, which derives
improving capital
consumer platform,
Ismarkets
it too late
Howand many
pipelines,
lower
to buy these
peopleexposure
a resetmarkets?
do youtoknow who How so?
you could say things will start picking
up later this year. But there is still
opportunity in emerging market gion, with Saudi Arabia announcing sion, despite the procession of hot and cold advertising space in Times Square to en- nearly two-thirds of its revenue from in- equity investments.”
have 5% of their allocation in emerging Japanese interest rates of 0.5% aren’t about a year before wages start to pick
bonds, a prescient call in the past year. trillions of dollars in capex over the vestment banking and trading, is less sensi- Goldman’s stock trades at 1.1 times It’sbook
IBKR
Barron’s checked in with Gave by SCHW AMTD
coming decade. When you look at the ETRAD economic data. It’s enough to make Tesla
CEO Elon Musk complain that “one day, it
sure that everyone knew how bad the quar-
ter would be, and yet it still reported earn- tive to swings in interest rates.
markets
value, which historically
The next
ex-China?
hasbull
beenmarket
still peanuts.
a goodhas already
going to last forever. It’s a bit like a
currency peg that you know will
up again [spurring consumption].
phone on June 27, just before he em- infrastructure spending plans being seems like the world’s falling apart and the ings that fell short of analyst estimates. Goldman is also less exposed to the new entry point for the stock.It’s
started: Konrad sees markets ex-
in emerging break. When it breaks, it’s hard to Will the sluggish recovery alter
barked The on an best-informed
African safari, to beinvestors announced,
choose withInteractive
energy pipelines that
Brokers next day everything is fine,” before ac- Goldman took a $504 million write-down regulations coming after the debacle in the shares hitting $400China. apiece, implyingbull
Long-lasting 13%markets are believe it won’t create volatility in the China’s policy priorities?
followed by a business trip to India. will go from China to Pakistan into sector earlier this year. Earlier this month, upside from recent trading
usually drivenlevels.by Analysts
rising currency and equity market. Plus, this is happen- If you’re [Chinese leader] Xi Jinping,
The talk ranged from the benefits for Iran and then into Oman, it’s a game Michael Barr, the Fed’s vice chair for super- surveyed by FactSet fallingseereal
theinterest
stock climbing
rates—a great ing against the backdrop of a weak the primary objective now isn’t GDP
China and India of the peace deal be- changer. It means the control of the vision, unveiled proposed rules that would 9% to $382.26. combination for asset prices to rerate. currency. [gross domestic product] growth or
tween Saudi Arabia and Iran to the oceans might not matter as much as Vital Signs require banks with assets in excess of $100 Even beleagueredToday, CEO Davidlooking
if you’re Solomon, for a place This is where it gets tricky. The even creating jobs. It’s boosting the
Friday’s Week’s Week’s Friday’s Week’s Week’s
longer-term outlook for artificial- before. Close Change % Chg. Close Change % Chg. billion to hold more capital in an effort to who has had to contend
where you’re with an onslaught
making money on the day the Bank of Japan decides to stop technology sector [in the face of ] U.S.
intelligence darling Nvidia (ticker: DJ Industrials 35227.69 +718.66 +2.08 Barron’s Future Focus 969.02 +9.13 +0.95 increase stability in the financial system. of media reportscurrency,
that hint bonds,
at discontent
and equities, it’s not yield-curve control, the yen will move attacks. Growth is secondary.
NVDA). An edited version of the The investment implications? DJ Transportation 16232.24 +405.29 +2.56 Barron’s Next 50 2771.41 +5.91 +0.21 Insiders worry that such rules would re- among the bank’s inpartnership
the U.S. or in ranks,
Europe, but rather, from 140 against the dollar to 120 in a
discussion follows. If you’re China and 80% of your en- DJ Utilities 948.70 +21.15 +2.28 Barron’s 400 1015.37 +15.83 +1.58
duce competitiveness in the industry and sounded optimistic. “It definitely
emerging markets. feels bet- New York second. Perhaps the equity Should investors buy Chinese
DJ 65 Stocks 11942.94 +262.32 +2.25 Last Week Week Earlier
ergy comes via the ocean, you have larly implodes. How could that happen?
DJ US Market 1108.97 +7.78 +0.71
What do geopolitical shifts mean
NYSE Advances 2,002 2,292
impede banks’ in
[denominated ability to make
dollars] new
or the loans.
price ter over the course of the last six to eight market goes down 10%, and you lose stocks?
Barron’s: The geopolitical land- two potential problems. The U.S. could In a war, Iran and
Comp.Saudi Arabia could for the U.S. dollar? of Goldman said itshot
the U.S. dollar is equipped
up. to adapt to weeks than it feltWhat
earlier in thethe
about year,” he
opportunity 15% on the currency if you hedged, so I own Alibaba Group Holding
ibkr.com/dont-miss-out
scape is shifting quickly. What embargo your oil deliveries, as it did
NYSE
bomb each NYSE
other’sAmer Comp.
16289.12
oil installations. If4251.55
+248.90
+110.68
+1.55
+2.67
Declines
That’s the second huge geopolitical
Unchanged
1,084
58
813
50 the Take
rule, India.
but is focused
Its biggeston challenge
deploying capi- said on Goldman’s earnings
created by AI?call. “I think you could get crushed on both sides. I [BABA], Tencent Holdings
should investors know? with Japan’s in the 1930s. That would you take thatS&Poff
500the table, as this peace 4536.34 +30.92 +0.69 development. Russia’s invasion
New Highs 342 of 323 tal.
hasThe
been bank announced
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is going better.
upend The client
a lot of business don’t think Japan is in a 10-year bull [700.Hong Kong], and BYD. These
New Lows
Louis-Vincent Gave: The biggest cause your economy to implode. But if S&P MidCap
deal has, China—or India, another big 2705.82 +31.88 +1.19
Ukraine is a game changer43for every 57 back program
account deficitinthat
February,
need toand after pass-
be funded. sentiment is better, and now
models. For awe’lllot ofhave to
companies—such market like the emerging markets’ stocks are unloved and underowned
S&P SmallCap 1256.75 +20.09 +1.62 Av Daily Vol (mil) 3,815.2 3,692.2
geopolitical development that people you can now import oil [by land] from
Member NYSE, FINRA, SIPC. Supporting documentation for any claims and statistical information will be provided upon request. oil importer—can
Nasdaq
breathe a sigh of 14032.81 -80.90 -0.57
emerging market. If you101.09
Dollar (Finex spot index)
are India, 99.91 ing the Fed’soilannual
Whenever pricesstress testcurrent-
rose, the last month, watch and see that journey.”
as those in healthcare or financial bull market. and still have attractive growth poten-
Graphic
in the Westreflects rates paid
don’t talkonabout
uninvested instantly available cash
enough in your
Iran, brokerageor
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(CBT nearby futures) China, you 126-14 the amount
account of additional
deficit capital Goldman
became unmanageable, It is one fromservices—it
which investors is goingshould
to bebetremen- tial at a time when the government is
change without notice. Services vary by firm. [*] Rate shown applies to IBKR Pro clients only. Positive settled cash balances held in the
is the Iran-Saudi Arabia peace deal [somewhat] energy independent.
securities segment of accounts with NAV>100k earn the stated interest rate 5/5/2023 and those with NAV<100k earn a proportional long-term infrastructure
Russell 2000 spending. 1960.26 +29.17 +1.51 now
Crude Oil (NYM get
lightto buy
sweet oil in your77.07
crude) own cur- 75.42 has to hold,
so the known
central bank as the stress
would have tocapital able to profit. B dously productivity-enhancing. But How will Japan exit yield-curve pushing liquidity into the system.
[brokered by inChina
rate. Cash held in March].
the commodities segmentFor
of an 20
account does notSecond, if the
earn interest. price
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information, rises to
ibkr.com/interestpaid DJ US TSM Float 45404.02 +335.97 +0.75 rency.
Inflation KR-CRBBefore, you
(Futures Price had no
Index) choice but270.79
276.48 to buffer, is set torates
raise interest decrease by 80the
and crush basisIn-points does that justify paying 38 times sales control?
05-IB23-1623-HP Gold (CMX nearby futures)
years, the Middle East was in the midst $300 a barrel, China’s economy simi- Photograph by VICTOR LLORENTE stockpile U.S. dollars in1964.30 1960.10
case oil prices to 5.5%
dian in October.
economy (Aoil
to get basis pointdown.
demand is email: carleton.english@dowjones.com
for Nvidia? That’s where I balk. As long as inflation doesn’t shoot up Thanks, Louis. B
32 BARRON’S July 24, 2023
I N C O M E I N V E ST I N G
AT&T and Verizon Communications now sport
dividend yields of 8.3% and 8.1%, respectively.
Those are attractive yields—if they are safe.
J
billion right now and put it in a trust in debt, leading to an extra $500 mil-
ust when you thought it issue isn’t new—the industry phased it for lead remediation, its debt would go lion in interest and annual debt service
couldn’t get any worse for out decades ago. The cables are actually from roughly $160 billion to $195 bil- of roughly $4.2 billion. Free cash flow
AT&T and Verizon Com- so old that it’s unclear even where they lion. Debt to earnings before interest, is expected to be almost $19 billion a
munications, shares of the are located and who owns them. “So, taxes, depreciation, and amortization, year for the coming three years. Divi-
two telecom titans have been how big a deal is this?” asked Moffett- or Ebitda, would rise from a manage- dend payments of about $11 billion
hammered in recent days Nathanson analyst Craig Moffett in a able 3.4 times to a more concerning 4.3 would consume around 60% of Wall
after The Wall Street Journal Monday report. “The unsatisfying, but times. At a rate of 6%, a little higher Street’s adjusted average free cash flow
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
reported on copper telecommunica- BY AL ROOT honest, answer is that at this point we than what AT&T bonds yield now, the projected for the coming few years.
tions cables that had been wrapped in have nothing but unknowns to work extra debt might add $2.1 billion in in- That isn’t to say there aren’t risks.
lead. Although it didn’t contain any with and no real way to quantify the terest expense a year, bringing the total The cost to handle the lead-covered
numbers, it warned about the potential companies’ exposures.” debt service to $8.3 billion annually. wires could be higher than these esti-
health impact of the decades-old wires Other analysts felt similarly—and The good news: AT&T is expected to mates. Free-cash-flow estimates could
and the possible costs to clean them up. turned their concerns into actions. J.P. produce $17 billion in free cash flow a also prove to be too high due to in-
The companies haven’t been silent Morgan analyst Philip Cusick down- year over the next three years, accord- creased competition, something Cusick
on the report. AT&T, for one, decided graded AT&T stock on July 14, despite ing to Wall Street estimates. Subtract fears. Still, free cash has held up during
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
not to remove cables near Lake Tahoe, a “record-low valuation,” citing slowing the $2.1 billion in incremental debt prior ups and downs. At AT&T, free
Calif., so that “the safety of the cables growth as well as the “overhang from services, and the $8 billion in annual cash flow has covered the dividend in
may be fully adjudicated.” Verizon said potential lead liability.” Citigroup ana- dividend payments would consume a 18 of the past 20 years, with payments
it was doing its own testing at the sites lyst Michael Rollins downgraded manageable 53% of expected free cash consuming roughly half of free cash
mentioned in the Journal’s article. AT&T shares on Monday for similar flow and 50% of adjusted net income, over that period.
Through Friday’s close, AT&T All of this is theoretical, and it can
shares (ticker: T) had fallen about 5% be hard—a bad idea, even—to argue
since the article ran on July 9, and Veri- Road to Nowhere with the market. It can also take a long
zon stock (VZ) was down about 6%. Shares of AT&T and Verizon have fallen back to where they were decades ago. Their dividend yields time for issues around environmental
The S&P 500 index has gained 3% over have grown. liabilities to be resolved, creating an
the same span. The drop has sent the overhang that can keep shares under
AT&T Verizon Communications
dividend yields of both stocks soaring, pressure. Just look at 3M (MMM),
with AT&T and Verizon now yielding Price Change Year-End Dividend Yield which faces its own environmental
7.5% and 7.7%, respectively, according liabilities that investors worry could
to FactSet. Those are attractive yields— 250% 12.5% top $40 billion. That’s similar to Chap-
if they are safe. lin’s math, but AT&T and Verizon op-
At the risk of sounding Panglossian, 200 erate on a different scale. A $40 billion
10.0
they just might be. The market is tak- problem at AT&T works out to about
150
ing a sell-first-and-ask-questions-later 7.5 one year of Ebitda. The same problem
approach to AT&T and Verizon shares. for 3M represents five years of Ebitda.
100
Yet the math shows that both compa- Overall, the math shows that AT&T
5.0
nies have the cash flow to support their 50 and Verizon stocks are getting close to
payouts. For income investors with a the point where they look to reflect all
strong stomach, they might just be 2.5 of the potential losses and then some.
0
worth taking a flier on. The more they fall, the more attrac-
Of course, doing the math requires -50 0 tive they will be. B
numbers, and that’s where the uncer- 1993 2003 '13 '23 1993 2003 2013 Current
tainty starts. The lead-wrapped cable Note: Regular cash dividends only; excludes spinoffs and special dividends Source: Bloomberg email: allen.root@dowjones.com
July 24, 2023 BARRON’S 33
MARKET WEEK
July 17 through July 21, 2023
Dow Jones Industrials S&P 500 Nasdaq Composite SPDR S&P Bank ETF
35,227.69
52-wk: +10.43% YTD: +6.28% Wkly: +2.08%
4536.34
52-wk: +14.51% YTD: +18.15% Wkly: +0.69%
14,032.81
52-wk: +18.58% YTD: +34.07% Wkly: -0.57%
$40.26
52-wk: -13.42% YTD: -10.83% Wkly: +6.76%
10%
Tech on Top
8
Technology stocks led the market higher on
Monday, as bond yields declined. Markets priced
in an approaching end to the Federal Reserve’s 6
Nasdaq Slides
tightening campaign.
The Nasdaq Composite fell 2.1% on Thursday,
dragged down by negative postearnings reactions
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
4
from Tesla, Netflix, and semiconductor stocks.
Major indexes rose to their highest levels since April The Dow Jones Industrial Average cruised to a -2
2022 on Tuesday. Bank stocks surged after well-received 10th straight gain on Friday. The blue-chip index
results from Bank of America and Morgan Stanley. has added nearly 4.5% over that span.
-4
Monday Tuesday Wednesday Thursday Friday Close
Source: Barron’s Statistics
T
he best noise-can- economic data, a banking crisis, and The Fed, though, might not see it
of July unscathed, there’s always August, knowledging that he doesn’t “know what
and the Fed’s annual Jackson Hole Eco- the hell is going on.”
tech names into cyclicals, such as finan- money to accounts with better yields, stocks
cials. That might make for a good trade, like Zions Bancorp (ZION), KeyCorp
and a rotation is typically a bullish signal. (KEY), Citizens Financial Group (CFG),
But because tech is such an outsized por- and Comerica (CMA) produced double-
tion of the market, those other stocks digit gains after reporting results that mostly
would have to post enormous gains to matched expectations and showed they had
move the index meaningfully in the back moved on from the issues that plagued re-
half of the year. “If Big Tech goes down by gional banks this past spring. The SPDR
0.45%
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
10%, you need everything else to go up so S&P Bank exchange-traded fund (KBE)
0.35% much more,” Colas said.
The economy might have something to
rose 6.8% this past week.
Goldman Sachs (GS) seems like an un-
0.01% say about the market’s rally. Stocks appear
to have dismissed the potential for a reces-
likely candidate to join the bank rally. It did
everything in its power short of buying
sion, despite the procession of hot and cold advertising space in Times Square to en-
IBKR SCHW AMTD ETRAD economic data. It’s enough to make Tesla
CEO Elon Musk complain that “one day, it
sure that everyone knew how bad the quar-
ter would be, and yet it still reported earn-
seems like the world’s falling apart and the ings that fell short of analyst estimates.
The best-informed investors choose Interactive Brokers next day everything is fine,” before ac- Goldman took a $504 million write-down
Vital Signs
Friday’s Week’s Week’s Friday’s Week’s Week’s
Close Change % Chg. Close Change % Chg.
DJ Industrials 35227.69 +718.66 +2.08 Barron’s Future Focus 969.02 +9.13 +0.95
DJ Transportation 16232.24 +405.29 +2.56 Barron’s Next 50 2771.41 +5.91 +0.21
DJ Utilities 948.70 +21.15 +2.28 Barron’s 400 1015.37 +15.83 +1.58
DJ 65 Stocks 11942.94 +262.32 +2.25 Last Week Week Earlier
DJ US Market 1108.97 +7.78 +0.71 NYSE Advances 2,002 2,292
Industry Action
Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.*
ENERGY SECTOR OF
–0.45 Technology
–1.19 Consumer Goods
week, and there could be more where that Biden administration’s seeming eagerness 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.
came from. “[It was a] clean-up quarter,” to block major deals. But with markets ral- ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust.
writes Wells Fargo analyst Mike Mayo. lying and the Federal Trade Commission
“Pain now, gain later.” losing in court, a rebound in capital-mar-
Start with net interest margin, a measure kets activity alone could propel the stock,
of the difference between interest earned on despite other lingering issues.
assets and paid on deposits. All banks are “We believe the rest of this year will con-
feeling the squeeze as short-term rates rise, tinue to have impairments and elevated
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
forcing them to offer higher yields to keep expenses,” writes Keefe, Bruyette & Woods
customer cash in place. Wells Fargo analyst David Konrad. “However, we be-
(WFC) saw its NIM fall 0.11 percentage lieve it sets up for a stronger 2024 with
point, while U.S. Bancorp’s (USB) de- improving capital markets pipelines, a reset
clined 0.2 point. Goldman, which derives consumer platform, and lower exposure to
nearly two-thirds of its revenue from in- equity investments.”
vestment banking and trading, is less sensi- Goldman’s stock trades at 1.1 times book
tive to swings in interest rates. value, which historically has been a good
Goldman is also less exposed to the new entry point for the stock. Konrad sees
regulations coming after the debacle in the shares hitting $400 apiece, implying 13%
sector earlier this year. Earlier this month, upside from recent trading levels. Analysts
Michael Barr, the Fed’s vice chair for super- surveyed by FactSet see the stock climbing
vision, unveiled proposed rules that would 9% to $382.26.
require banks with assets in excess of $100 Even beleaguered CEO David Solomon,
billion to hold more capital in an effort to who has had to contend with an onslaught
increase stability in the financial system. of media reports that hint at discontent
Insiders worry that such rules would re- among the bank’s partnership ranks,
duce competitiveness in the industry and sounded optimistic. “It definitely feels bet-
impede banks’ ability to make new loans. ter over the course of the last six to eight
Goldman said it is equipped to adapt to weeks than it felt earlier in the year,” he
the rule, but is focused on deploying capi- said on Goldman’s earnings call. “I think
tal. The bank announced a $30 billion buy- the inflation data has been better. The client
back program in February, and after pass- sentiment is better, and now we’ll have to
ing the Fed’s annual stress test last month, watch and see that journey.”
the amount of additional capital Goldman It is one from which investors should be
has to hold, known as the stress capital able to profit. B
buffer, is set to decrease by 80 basis points
to 5.5% in October. (A basis point is email: carleton.english@dowjones.com
36 BARRON’S July 24, 2023
INTERNATIONAL TRADER
From a cold business perspective, it’s a ports can reach the Black Sea via neighbor-
bad deal for Moscow, letting its wartime ing Romania or Moldova. Overall, Ukraine
enemy earn billions while depressing the can achieve about 80% of its prewar grain
price of Russia’s own competing sales. But export through alternative routes shielded
the grain accord benefits Putin’s two most from Russian attack, Magdovitz figures.
important international friends remaining, Kyiv might keep shipping from its own
China and Turkey. Beijing has been the top Black Sea ports despite Russia’s muscle-
V
ladimir Putin is signaling he really Putin underlined the point with intensive when he hosts an African leaders’ summit ture, Magdovitz says. World prices for
does mean to exit the Ukraine bombing of Ukrainian ports. “The expira- starting July 27, Prokopenko says, looking wheat are a quarter higher than prepan-
grain deal this time. The Black Sea tion of the deal risks holding global food for positive PR in the Global South. Putin demic levels. Corn, Ukraine’s other strategic
Grain Initiative, as the accord is security at ransom,” International Rescue has previously dangled free Russian grain farm export, is up more than 40%. Some
formally known, enabled Ukraine to main- Committee President David Miliband said. for “especially needy African countries.” 15% of Ukraine’s grain capacity is offline
tain more-or-less normal exports of wheat, Markets are also getting alarmed. Chi- Second, Ukraine has rapidly developed because of proximity to combat zones.
corn, and other foodstuffs over the past cago-traded futures for wheat, of which pre- its Plan B’s. It has increased capacity as “Ukraine was an ascendant heavyweight
year, and tamed world prices that spiked war Ukraine supplied a tenth of world ex- much as eightfold at backup grain termi- in world agriculture,” Magdovitz says.
after Russia’s February 2022 invasion. ports, have risen 6%. That’s hardly a panic nals near the mouth of the Danube River, “Continued economic scarring for its farm-
Moscow quit the deal on July 17, claiming in commodities terms, though. There’s still a says Michael Magdovitz, a senior commod- ers will raise the floor for grain prices.”
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
that the United Nations and Western part- good chance Russia will rejoin the deal. ity analyst at Rabobank. From there, ex- For that, no clear end is in sight. B
Customer Identity
feel like a joke.
Customer Identity Cloud
Security Question Look beyond login.
okta.com/barrons
What was your
first stuffed animal’s
middle name?
July 24, 2023 BARRON’S 37
T H E ST R IKING PRIC E
The stock market has advanced, and options
volatility has fallen—defying a litany of reasons
for why the opposite was supposed to happen.
T
wo tyrannical truths perpetually immutable. The bank chief didn’t pause, 20 150
permeate the financial markets. not even for a second, before answering. 120
First, no matter how you He said market history repeats because 90
analyze the admixture of bonds, most investors lack memory or perspective. 12 60
stocks, options flows, and volatility, you He waved his hand toward his legion of A S O N D J F M A M J J A S O N D J F M A M J J
must trade the market you have, not the traders and strategists. Most of them, he Daily Values Source: CBOE Source: McMillan Analysis Corp.
one you think you have. Be bullish if the said, were young, often in their 30s, and
trend is bullish, and vice versa. Trends lacked any perspective beyond trying to
change and markets turn, and therein lies make money as quickly as possible. If they SPX Skew NDX Skew
opportunity. succeeded, they joined, or started, hedge Implied volatility % Implied volatility %
Second, while there are many ways to funds. If they failed, he fired them. Within 13% 11%
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
invest, successful investors tend to share months, the worst financial crisis since 1929 12
at least one attribute: They don’t lose big. decimated markets and the economy. 10
11
They have a sell discipline, which is to say I share this story as a reminder that the 9
a predetermined way to address their own market might not always be as it appears— 10
bad decisions without hemorrhaging not that a great crisis is percolating. 9 8
money like a severed artery. The market is always right on price, but 8
7
Look beyond the normal vicissitudes it has a horrible sense of timing. Here are
7
of investing. This year has been especially the practical applications of this past week’s 6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
6
unusual, as the stock market has advanced, moves as earnings season accelerates:
and options volatility has fallen—defying If you sell call options on stocks to gener- 5 5
a litany of reasons for why the opposite ate income, as many do, you don’t have to A S O N D J F M A M J J A S O N D J F M A M J J
was supposed to happen. Many risk factors cover the entire position. You need dry Source: Credit Suisse Equity Derivatives Strategy Source: Credit Suisse Equity Derivatives Strategy
have proved to be opportunities to join powder, or uncovered shares, to manage the 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.
what might be dubbed Stockapalooza, after covered-call strategy should the stock surge
Lollapalooza, the rock festival. above the call strike price and you’re forced
There’s much to be impressed about. It’s to sell your shares. Week’s Most Active
impressive that the Federal Reserve has If you cover the entire stock position and Company Symbol Tot Vol Calls Puts Avg Tot Vol IV %ile Ratio
managed to raise interest rates without the stock then surges, consider selling stock Kenvue Corp. KVUE 95310 28772 66538 2332 2 40.9
GreenPower Motor Co. GP 10868 9305 1563 304 92 35.8
tanking the economy. It’s impressive that to secure profits instead of rolling over the KBR Corp. KBR 15287 13636 1651 516 4 29.6
stock indexes have advanced as much as contract to try to make even more money. Apellis Pharmaceuticals APLS 138053 79974 58079 6036 90 22.9
they have. It’s impressive that corporate You can re-establish the position by selling Harrow Health HROW 6746 350 6396 388 40 17.4
Lion Electric Company LEV 10274 6636 3638 800 87 12.8
earnings have proved resilient. It’s impres- cash-secured put options to buy the stock Quantum-Si QSI 27248 25397 1851 2196 88 12.4
sive that war between Ukraine and Russia on a pullback. Acumen Pharmaceuticals ABOS 25384 12741 12643 2068 3 12.3
has been discounted as largely a nonevent. Risk is often invisible and always omni- ICAD Corp. ICAD 17279 14004 3275 1456 99 11.9
Masimo Corp. MASI 15638 9217 6421 1388 59 11.3
History, which suggests that moments present. Falling stock prices scare most
Evolv Technologies EVLV 12802 9750 3052 1584 49 8.1
such as these more often invite humiliation investors, but they announce market sales. Hyperfine Corp. HYPR 2326 2053 273 292 56 8.0
than bull markets, hasn’t yet repeated, and Stay paranoid, and be ready to monetize Mesoblast Inc. MESO 23214 19194 4020 2916 93 8.0
maybe won’t. chaos just in case history and high interest Pagaya Technologies PGY 50112 48382 1730 7120 85 7.0
Seelos Therapeutics SEEL 8591 8294 297 1232 46 7.0
But as equities keep advancing, and rates combine to roil these halcyon sum- Arch Capital Group ACGL 6012 3736 2276 984 40 6.1
stock prices seem poised to be freed from mer days. B Interactive Brokers IBKR 21861 14243 7618 3568 9 6.1
the gravitational pull of enduring facts like Frontier Communications FYBR 43733 25074 18659 7300 99 6.0
Inotiv Corp. NOTV 6667 6133 534 1116 89 6.0
earnings multiples, I think of a conversation Steven M. Sears is the president and chief oper-
Lockheed-Martin LMT 107430 72420 35010 18532 27 5.8
I had before the 2008-09 financial crisis. ating officer of Options Solutions, a specialized
One afternoon, in the private office of the asset-management firm. Neither he nor the firm This table of the most active options this week, as compared to average weekly activity – not just raw volume. The idea is that the unusually heavy trading in these options might be a predictor of
corporate activity – takeovers, earnings surprises, earnings pre-announcements, biotech FDA hearings or drug trial result announcements, and so forth. Dividend arbitrage has been eliminated. In
head of one of the world’s major banks, the has a position in the options or underlying securi- short, this list attempts to identify where heavy speculation is taking place. These options are likely to be expensive in comparison to their usual pricing levels. Furthermore, many of these
situations may be rumor-driven. Most rumors do not prove to be true, so one should be aware of these increased risks if trading in these names
discussion turned to why history always ties mentioned in this column. Ratio is the Tot Vol divided by Avg Tot Vol. IV %ile is how expensive the options are on a scale from 0 to 100. Source: McMillan Analysis
38 BARRON’S July 24, 2023
IN SIDE SC OOP
apiece. Orion Resource now owns a POWER PLAY
3.8% interest in the mining firm,
Elliott Input
below the 5% threshold that re-
quires Orion Resource to disclose
any further Ivanhoe Electric stock
Spurs Beer
sales.
I
to 12.5% of the total outstanding
stock. In early June, Dell reported t has been a summer of mile-
strong first-quarter earnings. Dell stones for Constellation
BY ED LIN “prepared” segment encompassed cut saw second-quarter PC shipments Brands: Its Modelo Especial
C
fruits and vegetables, ready-to-eat dive 22% from the year before, ac- became the top-selling beer
alavo Growers stock re- sandwiches, and other items sold to cording to IDC. In the past week, in the U.S., and the company
cently got a lift after CEO retail and food services. Dell reached an agreement to buy managed to attract the inter-
Lee E. Cole disclosed that The change in strategy didn’t help Calavo CEO Lee Moogsoft, an artificial-intelligence- est of activist investor Elliott
he bought millions of dol- Calavo stock, however, in the face of Cole bought $2.3 driven provider of intelligent Management.
lars worth of shares of the falling avocado prices. Calavo shares million of shares of monitoring solutions that support It might seem out of step for a
avocado producer. tumbled 31% in 2022, while the S&P the avocado development and information- company that’s winning the bever-
Calavo stock (ticker: 500 index fell 20%. grower on the technology operations. The trans- age and culture wars to be in need
CVGW) had been about flat for the Cole paid $2.3 million on July 12-13 open market. The action is expected to be completed of an activist—let alone a hard-
first half of 2023. In mid-March, the for a total of 75,000 Calavo shares, an disclosure of his in the third quarter. Dell is due to charging one like Elliott. But
company announced that Cole—who average price of $30.34 each. He now purchase sent the report second-quarter earnings on even though Constellation’s (ticker:
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
had served as president and CEO owns 515,000 shares, according to a stock price higher. Aug. 31. The stock has gained STZ) Modelo Especial supplanted
from 1999 until his retirement at the form Cole filed with the Securities and nearly 35% year to date. Anheuser-Busch InBev’s (BUD)
end of January 2020—would resume Exchange Commission. The disclosure Bud Light as the nation’s top beer
those roles for three more years. His of Cole’s stock purchase sent shares Garrett Motion (GTX) after a series of InBev marketing
mandate would be “returning the higher, and they now have a year-to- Baupost Group reduced its stake missteps, Constellation itself hasn’t
company to a position of growth and date gain of over 20%. in the automotive hardware maker been error-free.
shareholder value creation.” Cole declined to comment on his to 21,137,289 shares. Without citing Late last year, it took a $1.1 bil-
In April 2022, Calavo made a major stock purchase. He last bought Calavo a reason, Baupost sold 2,833,000 lion write-down on its stake in can-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
organizational change, splitting into stock on the open market in March, Garrett Motion shares from July 13 nabis company Canopy Growth
two reporting segments. The “grown” when he paid $2.6 million for through July 17 at per share prices (CGC), which it acquired for $4
segment focused on fresh avocados, 100,000 shares, an average per share ranging from $7.47 to $7.52. Follow- billion in 2018. Constellation is also
tomatoes, and papaya, while the price of $26.12. B ing the sales, Baupost holds almost in the process of improving its cor-
8% of Garrett Motion’s outstanding porate governance after eliminating
stock. The company plans to issue its supervoting Class B shares in
second-quarter earnings on July 27, November, effectively removing the
before the market opens. Garrett tight control of the company’s
against Wall Street Journal reports on the dangers but withdrawals from the financial firm’s bank look revenue. The advertising giant’s outlook is wary— used-car website suffered downgrades. RBC went
and liabilities from the industry’s old lead cables. like they’re abating. That will ease funding costs. like that of its rival Interpublic Group. from Hold to Sell; Piper Sandler from Buy to Hold.
13 43 61 3
Advanced Micro Devices Sirius XM Holdings Discover Financial Services BridgeBio Pharma
AMD (NASD) • $110.95 • -4.99 SIRI (NASD) • $7.08 • 2.33 DFS (NYSE) • $105.11 • -13.45 BBIO (NASD) • $34.13 • 15.91
Traders fretted about demand for AMD chips, and Wall Street firms downgraded the satellite radio The credit-card firm will pause stock buybacks, after A 30-month study of a company therapy showed
those of Nvidia, after Taiwan Semiconductor operator after its stock popped, driven, perhaps, reporting an 18% drop in June-quarter earnings and improved survival and hospitalization rates in
reported slowing growth and narrower margins. by a squeeze in Liberty Media tracking shares. an internal review of merchant mischarges. patients suffering a genetic heart disease.
The charts record the net change in share price, the high, low and closing trades, and share volume for companies with noteworthy stock activity last week. In addition, the graphs depict last week’s daily price activity in detail. The dotted line on some graphs denotes the stock’s 200-day moving average; lack of a moving average means the shares have traded for less than
that time period. If the close from the current week is lower than a year ago the graph will be presented in red. If the close from the current week is higher than a year ago then the graph will be presented in green.
40 BARRON’S July 24, 2023
W I N N E R S & LO S E R S
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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
PSQ(PSQH) 45693 21.11 +11.28 +114.8 PSQ(PSQH) 45693 1466.6 21.11 +11.28 FriedmanInds(FRD) 257 271.5 14.72 +1.47 AcumenPharm(ABOS) 40957 2668.5 7.40 +1.12
ServisFirst(SFBS) 2327 58.12 +15.12 +35.2 RigelResourceA(RRAC) 10635 886.3 10.76 +0.05 Chase(CCF) 488 196.4 125.98 +3.10 DigitalWorldA(DWAC) 34530 2508.1 20.08 +7.23
Lemonade(LMND) 13850 23.37 +4.68 +25.0 StudioCity(MSC) 508 742.9 7.22 +0.08 EmpirePetrol(EP) 307 161.0 9.43 +0.93 byNordicAcqnA(BYNO) 1348 887.1 10.59 –0.02
WestAllianceBcp(WAL) 25292 48.34 +9.45 +24.3 BlackKnight(BKI) 25949 426.6 70.31 +9.05 BattalionOil(BATL) 221 110.8 7.87 –0.38 ApellisPharm(APLS) 73577 834.5 34.39 –50.11
POSCO(PKX) 3197 105.69 +19.19 +22.2 BlackMountainA(BMAC) 169 343.1 10.61 +0.01 AcmeUnited(ACU) 62 78.0 26.22 +1.22 BridgeBioPharma(BBIO) 79289 756.9 34.13 +15.91
Carvana(CVNA) 255642 45.62 +7.92 +21.0 TelusIntl(TIXT) 3824 300.9 9.99 –0.11 WilliamsRowland(WRAC) 74 64.9 10.37 –0.00 A SPAC II(ASCB) 3631 745.6 10.57 0.00
OFGBancorp(OFG) 1611 33.65 +5.39 +19.1 TLGAcqnOneA(TLGA) 347 280.9 9.95 –0.79 BlueRidgeBkshs(BRBS) 307 61.8 8.79 +0.10 VSE(VSEC) 1429 688.0 51.97 –1.81
SunlandsTech(STG) 73 4.85 +0.77 +19.0 GlobalIndemnity(GBLI) 134 229.8 34.64 +2.13 ImperialOil(IMO) 3750 48.7 50.81 +1.83 GenesisUnicornA(GENQ) 527 584.9 10.72 +0.01
Denbury(DEN) 13180 225.5 85.48 +2.61 Cryo-Cell(CCEL) 68 48.5 6.02 –0.61 HeritageCrystal(HCCI) 2725 575.1 46.59 +5.27
Losers AltaEquipment(ALTG) 2813 206.3 16.14 –0.55 CentrusEnergy(LEU) 926 41.0 34.13 +2.58 SizzleAcqn(SZZL) 170 524.9 10.86 +0.12
Name (Sym) Volume Close Change %Chg.
Verizon(VZ) 297098 190.0 33.88 –0.13 AltisourceAsset(AAMC) 162 38.7 48.88 –7.48 IturanLocation(ITRN) 868 504.9 27.76 +4.26
LiveWire(LVWR) 257 10.05 –1.99 –16.5 Omnicom(OMC) 21706 179.0 83.81 –12.48 ContangoOre(CTGO) 119 28.4 26.50 –0.76 Masimo(MASI) 13439 473.0 114.30 –35.27
Interpublic(IPG) 51039 32.87 –6.45 –16.4 AT&T(T) 561603 175.1 14.76 +0.26 NewFoundGold(NFGC) 1371 18.4 4.81 –0.22 ArmadaAcqnI(AACI) 332 470.5 10.51 +0.12
JobyAviation(JOBY) 77036 8.26 –1.59 –16.1 Copa(CPA) 6624 172.5 118.15 +5.15 EVI Industries(EVI) 157 16.6 25.23 +1.64 argenx(ARGX) 5872 431.2 548.43 +169.35
LionsGate A(LGF.A) 6241 7.14 –1.36 –16.0 Starrett A(SCX) 197 161.4 11.26 +0.48 EnergyFuels(UUUU) 8198 6.1 5.96 –0.23 VirBiotech(VIR) 21759 420.6 14.35 –8.74
Offerpad(OPAD) 423 11.42 –2.17 –16.0 POSCO(PKX) 3197 154.3 105.69 +19.19 IssuerDirect(ISDR) 31 5.2 19.98 +0.66 FutureTechIIA(FTII) 770 381.0 10.69 +0.01
LifezoneMetals(LZM) 466 10.80 –2.04 –15.9 AltC Acqn(ALCC) 6411 153.0 10.36 –0.01 DeltaApparel(DLA) 85 –2.9 9.50 –0.31 AuroraTechA(ATAK) 239 377.1 10.70 +0.05
LionsGate B(LGF.B) 9000 6.86 –1.18 –14.7 LionsGate B(LGF.B) 9000 142.8 6.86 –1.18 inTEST(INTT) 1338 –4.5 21.34 +0.48 RecursionPharm(RXRX) 85173 341.8 15.47 +3.57
Shapeways(SHPW) 70 4.33 –0.65 –13.1 BluescapeOppsAcqn(BOAC) 98 139.7 10.02 +0.04 GranTierraEner(GTE) 2092 –6.4 6.47 +0.74 HorizonSpaceI(HSPO) 172 340.8 10.44 –0.04
NorthAmConstr(NOA) 652 128.7 19.21 –0.23 RadiantLogistics(RLGT) 676 –9.5 7.38 +0.20 CompleteSolaria(CSLR) 2926 304.9 5.00 –2.66
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. AT&T(T) 561603 14.76 +0.26 +1.8 CamberEnergy(CEI) 78259 1.22 +0.43 +53.7 Tesla(TSLA) 721783 260.02 –21.36 –7.6
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
BM Tech(BMTX) 310 3.56 +0.67 +23.2 PalantirTech(PLTR) 365783 16.43 +0.03 +0.2 Tellurian(TELL) 52995 1.56 +0.17 +12.2 ViewRay(VRAY) 564268 0.06 –0.30 –83.8
AultAlliance(AULT) 2203 3.89 +0.50 +14.6 FordMotor(F) 332025 13.93 –1.05 –7.0 Senseonics(SENS) 51289 0.92 +0.04 +4.8 Nikola(NKLA) 504295 2.50 +0.25 +11.1
Cohen(COHN) 82 4.56 +0.53 +13.2 BankofAmerica(BAC) 331249 31.98 +2.87 +9.9 B2Gold(BTG) 28039 3.61 –0.02 –0.6 Amazon.com(AMZN) 350611 130.00 –4.68 –3.5
GranTierraEner(GTE) 2092 6.47 +0.74 +12.9 Verizon(VZ) 297098 33.88 –0.13 –0.4 Zomedica(ZOM) 24317 0.21 –0.00 –2.3 Rivian(RIVN) 350193 25.27 +0.45 +1.8
Amcon(DIT) 11 234.45 +24.46 +11.6 Carvana(CVNA) 255642 45.62 +7.92 +21.0 1847Holdings(EFSH) 24167 0.19 –0.04 –18.0 AdvMicroDevices(AMD) 349924 110.95 –4.99 –4.3
Oragenics(OGEN) 91 4.11 +0.41 +11.2 NIO(NIO) 183394 10.58 +0.04 +0.4 MartiTech(MRT) 21702 1.62 –0.42 –20.6 SiriusXM(SIRI) 336590 7.08 +2.33 +49.1
FriedmanInds(FRD) 257 14.72 +1.47 +11.1 Carnival(CCL) 170034 17.88 +0.65 +3.8 NavideaBiopharm(NAVB) 20822 0.11 –0.00 –2.6 Canoo(GOEV) 330681 0.64 –0.06 –8.8
EmpirePetrol(EP) 307 9.43 +0.93 +10.9 KeyCorp(KEY) 137295 11.43 +1.27 +12.5 UraniumEner(UEC) 19244 3.21 +0.09 +2.9 Apple(AAPL) 303156 191.94 +1.25 +0.7
LumenTech(LUMN) 136748 1.90 +0.05 +2.7 DenisonMines(DNN) 14967 1.22 –0.02 –1.6 NVIDIA(NVDA) 300652 443.09 –11.60 –2.6
Losers Snap(SNAP) 132275 12.74 –0.41 –3.1 NewGold(NGD) 12908 1.22 +0.01 +0.8 Lucid(LCID) 280951 6.87 +0.17 +2.5
Name (Sym) Volume Close Change %Chg.
Uber(UBER) 129804 47.23 +2.48 +5.5 Globalstar(GSAT) 12266 1.09 +0.05 +4.8 Microsoft(MSFT) 228032 343.77 –1.47 –0.4
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Cel-Sci(CVM) 6186 1.97 –0.59 –23.0 Nokia(NOK) 128373 3.94 –0.04 –1.0 FOXOTechnologies(FOXO) 11068 0.15 –0.01 –9.0 SoFiTech(SOFI) 208239 9.43 +0.35 +3.9
LoopMedia(LPTV) 504 2.29 –0.62 –21.3 AMC Ent(AMC) 127088 4.40 +0.07 +1.6 Cybin(CYBN) 10009 0.40 –0.03 –7.0 Intel(INTC) 207541 34.02 +0.87 +2.6
MartiTech(MRT) 21702 1.62 –0.42 –20.6 GinkgoBioworks(DNA) 123137 2.38 +0.34 +16.7 i-80Gold(IAUX) 8837 2.09 –0.19 –8.3 CanopyGrowth(CGC) 202948 0.39 +0.00 +0.7
Birks(BGI) 139 4.25 –0.72 –14.5 SouthwesternEner(SWN) 115321 6.20 +0.31 +5.3 RingEnergy(REI) 8528 2.16 +0.15 +7.5 Alphabet A(GOOGL) 201681 120.02 –5.40 –4.3
AltisourceAsset(AAMC) 162 48.88 –7.48 –13.3 Infosys(INFY) 113736 16.30 –0.74 –4.3 EnergyFuels(UUUU) 8198 5.96 –0.23 –3.7 SMXSecurityMatters(SMX) 163556 0.14 +0.01 +4.4
AmbiparEmergency(AMBI) 67 9.43 –1.33 –12.4 ItauUnibanco(ITUB) 113442 6.03 +0.19 +3.3 AsensusSurg(ASXC) 8004 0.54 –0.02 –4.1 Alphabet C(GOOG) 147727 120.31 –5.39 –4.3
InnSuitesHosp(IHT) 36 1.87 –0.26 –12.1 Disney(DIS) 108698 87.18 –1.44 –1.6 DunxinFinl(DXF) 7598 0.13 +0.00 +1.3 Grab(GRAB) 135262 3.60 –0.02 –0.6
KartoonStudios(TOON) 2093 1.96 –0.20 –9.3 Pfizer(PFE) 108068 37.40 +1.08 +3.0 EquinoxGold(EQX) 7543 5.08 –0.16 –3.1 AmerAirlines(AAL) 134677 17.42 –0.72 –4.0
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
July 24, 2023 BARRON’S 41
MARKET VIEW
This commentary was issued recently by
money managers, research firms, and market
newsletter writers. Edited by Barron’s staff.
—Amy Abbey Robinson, Charles W. base highs. higher on the day. However, prices eventu-
U.S. Interest Expense Swells Robinson III This is particularly helpful in allowing ally settled down on the day. While the
Quarterly Newsletter the DJIA and TRAN to play catch-up to end of the deal is certainly supportive of
Robinson Value Management the Nasdaq and the S&P 500 index, and grain prices, given that Ukraine was ex-
robinsonvalue.com Liquidity’s Ample. Here’s Why. eliminates most of the intramarket diver- pected to make up about 10% of global
The Weekly Speculator gences. When multiple indexes begin to corn exports and about 5% of global wheat
July 20: Our federal government’s interest Marketfield Asset Management confirm movement above a prior interme- exports, we don’t believe that it will mean
expense is now 19.3% of receipts, up from marketfield.com diate-term peak, this is more meaningful significantly higher prices....
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
13.5% a year ago. Its $31.5 trillion debt is and constructive than when one index is For wheat, the impact would be more
now 1.2 times the size of our gross national July 20: Liquidity continues to be ample, “going it alone.” meaningful if all Ukrainian wheat exports
product and has an average maturity of 5.2 despite the supposed quantitative tighten- My thinking is that this will allow the (10.5 megatons) were lost. However, this is
years. This means that, on average, about ing pursued by the Federal Reserve Bank. DJIA to push back eventually to all-time a worst-case scenario. In reality, we will
$750 billion must be refinanced each quar- This is partly due to the emergency injec- highs, which lie just below 37,000. These not lose all Ukrainian export volumes,
ter. In doing so, the interest rate rises from tions into the regional banking system shallow base breakouts tend to be quite given that we will see a pickup in flows via
approximately 1.9% to 3% currently paid on made last March, but also because the mas- bullish technically, and the DJIA appears the Danube and through the European
outstanding notes and bonds to 3.8% to sive sums dumped into the Fed’s repo facil- like a better risk/reward for the next cou- Union. Admittedly, though, this would be
5.5% for newly issued notes and bonds. In ity during Covid are finally starting to be ple of months than extended indexes such a more expensive route, while capacity
addition, another roughly $350 billion of drawn down and used to purchase the very as the Nasdaq. constraints may be an issue.
new issuance takes place each quarter just large issuance of short-term Treasuries that —Mark L. Newton —Warren Patterson, Ewa Manthey
to fund the current deficit. Interest paid on has followed the end of the debt-ceiling
each new issuance is an entirely new standoff.
expense for Congress.
So, roughly $1.1 trillion of federal debt
We have always wondered if this would
occur in a tightening cycle and act to coun-
Market Sentiment
Citigroup Panic/Euphoria Model Last +0.19 Euphoria Neutral Panic
issuance is required each quarter, i.e., ap- terbalance the reduction of Treasury and 0.6
proaching $1 billion each week—all in a non- mortgage-backed holdings by the Fed.
recessionary environment! The approximate This has certainly been the case since mid- 0.4
2% increase in the interest rate paid on the May, with repo usage falling much faster 0.2
$750 billion in refinanced debt, plus 4.5% on than asset sales are taking place, which
0
the $350 billion of new debt, results in ap- effectively increases the liquidity provided
proximately $30 billion in additional inter- by the Fed into the overall financial sys- -0.2
est payments each quarter and thereafter. tem. We have seen a few articles written -0.4
about this in recent days, and it will be
-0.6
interesting to see if it is an item of discus- J J A S O N D J F M A M J J
To be considered for this section, material, with sion during Fed Chair Jerome Powell’s The panic/euphoria model is a gauge of investor sentiment. It identifies "Panic" and "Euphoria" levels which are statistically driven buy and sell
the author’s name and address, should be sent presser on Wednesday. signals for the broader market. Historically, a reading below panic supports a better than 95% likelihood that stock prices will be higher one year
later, while euphoria levels generate a better than 80% probability of stock prices being lower one year later.
to MarketWatch@barrons.com. —Michael Shaoul and Timothy Brackett Source: Citigroup Investment Research - US Equity Strategy
42 BARRON’S July 24, 2023
Barron's 50-Stock Average 61 Dow Jones Averages 57 Money Rates, U.S. & Foreign 59 Vital Signs 34
DATA
Cash Track 55 Dow Jones Per Share Values 58 Mutual Funds 55 Week In Stocks 58
Charting the Market 39 Exchange Traded Portfolios 51 N.Y. Stock Exchange 42 Weekly Bond Statistics 60
Coming Earnings 59 Federal Reserve Data Bank 60 Nasdaq National Market 46 Winners & Losers Stocks 40
Conference Call Calendar 60 Foreign Exchange 59 New Corporate Listings 58
Consensus Estimate 61 Gold & Silver Prices 60 New Highs & Lows 61
Delta Tactical Sentiment 59 Gold Mining Index 60 NYSE Half-Hourly Volume 58
Distributions & Offerings 61 Indexes P/Es & Yields 58 Other Market Indexes 57
Dividend Boosts - Reductions 60 Initial Public Offerings 58 Pulse of the Economy 59
Dividend Ex-Payment Dates 60 Investor Sentiment Readings 58 Stock Splits - Special Dividends 60
DJ Averages 57 Key Foreign Market Indexes 50 Stock Volume 58
Contact Us
DJ U.S. Total Market Industry Groups 59 Market Lab 57 Trading Diary 57 For queries, email us at
Statistics from July 17-21, 2023 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.
70.63 34.70 Alteryx AYX ... dd 39.97 –0.39 ... 18.22 13.66 AppleHospREIT APLE 6.3 22 15.17 –0.02 .08 182.08 94.92 AutoNation AN ... 6 155.11 –20.96 ... 555.00 355.36 Bio-RadLab B BIO.B ... dd 387.55 +16.45 ...
A
12.28 2.01 AlticeUSA ATUS ... 64 3.36 +0.32 ... 150.07 93.61 AppliedIndlTechs AIT 1.0 17 143.34 –1.00 .35 2750.00 2050.21 AutoZone AZO ... 19 2457.93 –98.66 ... 20.00 1.81 BirdGlobal BRDS ... dd 2.41 +0.19 ...
63.88 33.75 AAR AIR ... 24 60.00 +1.66 ... 10.88 9.82 AltimarAcqnIIIA ATAQ ... 24 10.47 +0.22 ... 122.50 90.23 Aptargroup ATR 1.4 34 119.84 +1.49 .41 220.42 153.07 Avalonbay AVB 3.3 27 197.37 –0.54 1.65 79.78 56.75 BlackHills BKH 4.1 16 61.27 +1.90.625
50.20 37.68 ABMIndustries ABM 2.0 15 43.81 +1.35 .22 48.11 40.35 Altria MO 8.2 15 45.60 +0.11 .94 124.88 77.96 Aptiv APTV ... 49 109.24 –1.77 ... 51.71 36.15 Avangrid AGR 4.5 22 39.10 +1.06 .44 71.49 53.15 BlackKnight BKI ... 48 70.31 +9.05 ...
7.28 4.27 ACCO Brands ACCO 5.3 dd 5.69 +0.09.075 14.72 4.08 AltusPower AMPS ... dd 6.42 +0.58 ... 45.72 30.72 Aramark ARMK 1.0 45 42.68 +0.85 .11 31.99 19.32 AvanosMedical AVNS ... 27 25.21 +0.02 ... 11.68 9.93 BlackMountainA BMAC ... 83 10.61 +0.01 ...
10.72 7.23 AcresCmclRlty ACR ... dd 9.08 +0.17 ... 17.75 11.15 AmbacFin AMBC ... 1 13.88 +0.03 ... 16.89 10.10 ArborRealty ABR 9.7 10 16.54 +0.78 .42 32.77 17.91 Avantor AVTR ... 26 23.00 +2.10 ... 7.20 3.17 BlackBerry BB ... dd 4.70 –0.17 ...
10.82 1.41 ADC Therap ADCT ... dd 1.42 –0.09 ... 3.24 2.40 Ambev ABEV 3.4 18 3.16 +0.12.1457 32.49 19.25 ArcelorMittal MT ... 4 27.52 –0.48 ... 204.37 157.28 AveryDennison AVY 1.8 21 178.37 –0.05 .81 785.65 503.12 BlackRock BLK 2.7 22 751.21 +23.185.00
10.10 4.89 ADT ADT 2.2 cc 6.30 –0.12.035 13.37 9.40 Amcor AMCR 4.9 15 10.02 +0.09.1225 173.90 102.42 ArchResources ARCH .8 2 119.05 +9.922.20 49.73 27.65 Avient AVNT 2.4 43 40.93 +0.59.2475 2.98 1.12 BlackSkyTech BKSY ... dd 1.92 –0.08 ...
92.16 66.47 AECOM ACM .8 34 88.44 +1.80 .18 97.53 73.28 Ameren AEE 2.9 21 88.29 +2.82 .63 5.58 1.62 ArcherAviation ACHR ... dd 4.52 –0.38 ... 45.29 35.72 Avista AVA 4.6 21 39.58 +0.93 .46 110.90 71.72 Blackstone BX 3.7 63 104.89 +0.86 .79
29.89 19.38 AES AES 3.0 dd 22.49 +0.89.1659 76.54 39.62 Ameresco AMRC ... 40 59.05 +5.23 ... 98.28 69.92 ADM ADM 2.2 10 82.14 +3.94 .45 33.68 20.66 AxaltaCoating AXTA ... 34 32.63 –0.04 ... 31.46 16.61 BlackstoneMtg BXMT11.0 15 22.63 +0.53 .62
74.02 54.75 Aflac AFL 2.3 10 72.41 +2.83 .42 23.07 16.09 AmericaMovil AMX 1.7 17 20.61 –0.84.1967 11.49 6.28 Archrock AROC 5.6 29 10.74 +0.48 .15 51.46 33.15 AxosFinancial AX ... 10 44.12 +1.94 ... 3.82 0.53 BlendLabs BLND ... dd 1.30 +0.10 ...
145.53 93.53 AGCO AGCO .9 11 136.32 +1.51 .29 30.81 16.04 AmericanAssets AAT 6.0 28 21.99 +1.20 .33 30.68 16.33 Arconic ARNC ... dd 29.79 +0.23 ... 13.87 3.82 Azul AZUL ... dd 11.59 +1.09 ... 48.76 28.83 BlockHR HRB 3.4 11 33.68 +1.13 .29
8.39 3.52 AG Mortgage MITT11.5 dd 6.54 +0.08 .18 11.96 6.61 AmericanAxle AXL ... 19 9.19 +0.42 ... 10.97 6.49 ArcosDorados ARCO 1.8 15 10.56 +0.19 .04 93.19 51.34 Block SQ ... dd 76.12 +0.66 ...
B
3.00 0.30 a.k.a.Brands AKA ... dd .47 +0.07 ... 17.09 9.46 AmerEagle AEO 3.1 23 12.89 +0.49 .10 78.25 47.59 Arcosa ACA .3 13 75.62 +0.12 .05 31.47 12.33 BloomEnergy BE ... dd 17.57 –0.02 ...
16.89 3.77 AMC Ent AMC ... dd 4.40 +0.07 ... 54.26 28.05 AmerEquity AEL .7 11 53.92 +0.54 .36 36.13 15.70 ArcusBiosci RCUS ... dd 20.04 –1.86 ... 2.74 1.00 Bark BARK ... dd 1.37 –0.04 ... 98.64 4.76 BlueApron APRN ... dd 4.95 –0.23 ...
129.04 81.15 AMN Healthcare AMN ... 13 111.06 +2.45 ... 182.15 130.65 AmerExpress AXP 1.4 17 170.22 –3.17 .60 6.98 3.31 ArdaghMetalPkg AMBP10.7 13 3.74 +0.05 .10 26.13 10.91 B&G Foods BGS 5.6 dd 13.66 +0.39 .19 14.28 10.18 BlueOwlCapital OBDC 9.5 9 13.94 +0.04 .33
2555.30 6.10 AMTD Digital HKD ... ... 6.63 –0.08 ... 150.98 111.55 AmericanFin AFG 2.1 13 120.17 +5.42 .63 19.41 7.74 ArdmoreShipping ASC 13.1 3 12.18 +0.38 .35 51.11 39.88 BCE BCE 6.5 21 44.44 +0.16.7243 14.04 8.06 BlueOwlCapital OWL 4.6 cc 12.16 +0.62 .14
25.80 1.44 AMTD IDEA AMTD ... 2 1.50 –0.08 ... 38.94 28.79 AmHomes4Rent AMH 2.4 42 37.20 +0.83 .22 10.60 9.86 AresAcqnA AAC ... dd 10.56 –0.03 ... 6.30 1.68 BEST BEST ... dd 2.16 –0.15 ... 39.38 16.24 BluegreenVac BVH 2.2 12 37.00 +0.52 .20
11.18 10.04 AP Acqn A APCA ... cc 10.80 +0.01 ... 64.88 45.66 AIG AIG 2.4 8 59.95 +2.30 .36 10.19 10.10 AresAcqnII A AACT ... ... 10.17 ... ... 16.02 8.85 BGSF BGSF 6.0 11 9.95 –0.04 .15 98.33 57.50 BlueLinx BXC ... 5 96.80 +1.53 ...
3.87 2.11 ARC Document ARC 5.7 14 3.50 +0.05 .05 31.59 13.35 AmRltyInv ARL ... 1 19.60 +0.29 ... 14.01 7.52 AresCommRealEst ACRE12.4 74 10.63 +0.01 .02 71.52 46.92 BHP Group BHP 8.7 8 60.74 –1.361.80 10.51 9.71 BluescapeOppsAcqn BOAC ... 85 10.02 +0.04 ...
9.03 4.45 ASE Tech ASX 5.6 9 7.73 –0.41.5714 100.51 77.91 AmerStWater AWR 1.8 34 89.88 +3.15.3975 103.02 58.60 AresMgmt ARES 3.0 94 101.54 +0.50 .77 179.85 68.30 BILL BILL ... dd 124.88 –0.17 ... 223.91 120.99 Boeing BA ... dd 211.80 –1.32 ...
106.88 63.27 ASGN ASGN ... 16 79.94 +0.96 ... 36.08 6.70 AmerStratInvt NYC ... dd 7.84 –0.82 ... 45.27 31.26 Argan AGX 2.6 19 38.68 –1.71 .25 8.10 1.40 BitMining BTCM ... dd 4.03 –0.19 ... 101.91 55.14 BoiseCascade BCC .6 6 98.41 –0.593.00
21.53 13.43 AT&T T 7.5 dd 14.76 +0.26.2775 282.47 178.17 AmerTowerREIT AMT 3.3 62 184.89 –9.08 1.57 33.94 19.00 ArgoGroup ARGO 4.2 dd 29.71 +0.01 .31 80.41 60.33 BJ'sWholesale BJ ... 17 65.11 +2.38 ... 96.59 50.20 BootBarn BOOT ... 17 93.40 +3.36 ...
47.27 22.86 ATI ATI ... 40 45.35 –0.30 ... 24.38 15.01 AmerVanguard AVD .7 27 17.85 +0.08 .03 23.58 6.69 ArisWater ARIS 3.3 45 10.77 +0.96 .09 41.38 27.21 BP BP 4.1 4 36.70 +1.18.3966 116.89 87.99 BoozAllen BAH 1.6 57 115.83 +2.54 .47
64.75 7.32 ATI PhysTherapy ATIP ... dd 7.58 –0.70 ... 162.59 122.77 AmerWaterWorks AWK 1.9 33 148.82 +2.61.7075 178.36 98.20 AristaNetworks ANET ... 36 171.64 +6.06 ... 18.90 4.52 BP Prudhoe BPT 64.4 2 5.42 +0.33.2974 3.90 0.69 BoqiiHolding BQ ... dd 1.60 –0.09 ...
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48.89 26.03 ATS ATS ... 45 47.25 +0.18 ... 5.43 1.92 AmericanWell AMWL ... dd 2.19 +0.07 ... 4.84 2.53 ArlingtonAsset AAIC ... 43 4.76 +0.10 ... 11.07 4.79 BRC BRCC ... dd 4.92 –0.11 ... 47.05 27.40 BorgWarner BWA 1.5 11 46.14 +0.52 .17
19.79 12.61 A10Networks ATEN 1.7 24 14.18 +0.05 .06 33.44 21.49 AmericoldRealty COLD 2.7 dd 33.18 +0.86 .22 11.54 2.93 ArloTech ARLO ... dd 10.74 –0.08 ... 3.42 1.06 BRF BRFS ... dd 1.86 +0.04 ... 8.26 2.57 BorrDrilling BORR ... dd 7.86 +0.06 ...
63.99 48.32 AXIS Capital AXS 3.2 21 54.75 +2.11 .44 357.79 239.35 Ameriprise AMP 1.5 18 353.87 +14.56 1.35 14.62 10.04 ArmadaHoffler AHH 6.5 18 11.99 –0.37 .195 25.67 16.43 BRT Apartments BRT 4.9 11 20.23 –0.14 .25 422.75 296.27 BostonBeer SAM ... 62 303.17 +0.98 ...
31.83 15.12 AZEK AZEK ... cc 29.90 –0.86 ... 194.79 135.14 AmerisourceBrgn ABC 1.0 25 192.59 +1.17.485 7.98 4.38 ArmourResREIT ARR 18.9 dd 5.09 +0.06 .08 71.94 49.14 BWX Tech BWXT 1.3 27 70.49 +1.38 .23 29.40 18.36 BostonOmaha BOC ... dd 19.18 +0.27 ...
47.57 30.21 AZZ AZZ 1.6 dd 43.54 +0.12 .17 162.69 110.87 Ametek AME .6 31 157.53 –0.01 .25 94.94 62.03 ArmstrongWorld AWI 1.4 17 75.17 +1.24.254 8.66 3.89 Babcock&Wilcox BW ... dd 5.40 –0.47 ... 91.57 46.18 BostonProps BXP 6.2 13 63.39 +1.93 .98
16.45 7.65 Aaron's AAN 3.2 dd 15.66 +0.87 .125 3.71 1.24 AmnealPharm AMRX ... dd 3.37 +0.34 ... 147.42 89.38 ArrowElec ARW ... 7 139.44 –3.39 ... 164.60 87.46 BadgerMeter BMI .5 62 164.00 +21.62.225 54.75 37.70 BostonSci BSX ... 91 53.16 +0.13 ...
115.69 93.25 AbbottLabs ABT 1.8 39 114.29 +6.36 .51 4.80 2.15 Ampco-Pitt AP ... 51 3.84 +0.22 ... 42.97 25.67 ArtisanPtrsAsset APAM 5.2 15 42.25 +0.63 .50 3.79 1.08 Bakkt BKKT ... dd 1.70 –0.12 ... 17.45 10.35 Bowlero BOWL ... dd 11.51 –0.12 ...
168.11 130.96 AbbVie ABBV 4.1 34 143.74 +7.731.48 85.89 65.21 Amphenol APH 1.0 27 83.62 –0.99 .21 23.43 9.64 Artivion AORT ... dd 16.82 +1.17 ... 74.35 46.00 Ball BALL 1.4 41 57.59 +1.31 .20 34.98 24.00 Box BOX ... cc 30.71 +0.06 ...
38.21 14.02 Abercrombie&Fitch ANF ... 52 36.06 +1.15 ... 10.38 5.62 AmplifyEnergy AMPY ... 1 6.73 +0.06 ... 29.51 11.32 Asana ASAN ... dd 21.60 –1.42 ... 26.78 13.09 Bally's BALY ... dd 15.65 +0.23 ... 73.00 46.10 BoydGaming BYD .9 11 72.26 +0.41 .16
18.11 12.28 AcadiaRealty AKR 4.6 dd 15.58 +0.54 .18 26.01 4.15 AmpriusTech AMPX ... dd 7.63 –0.21 ... 256.39 138.88 AsburyAutomotive ABG ... 5 232.37 –10.89 ... 18.41 9.72 BancCalifornia BANC 3.1 8 12.79 +0.64 .10 56.35 40.52 Brady BRC 1.8 15 50.70 +3.06 .23
12.18 7.26 AccelEnt ACEL ... 15 11.37 +0.52 ... 19.97 10.26 Amrep AXR ... 3 19.21 +0.43 ... 12.09 2.61 AshfordHosp AHT ... dd 3.70 –0.14 ... 6.60 2.03 BancoBBVA BBAR .0 ... 6.03 +0.42.0588 5.85 3.41 BraemarHtls BHR 5.4 dd 3.70 –0.11 .05
327.93 242.80 Accenture ACN 1.4 28 314.80 –0.97 1.12 10.92 9.95 AndrettiAcqnA WNNR ... cc 10.60 +0.01 ... 114.36 80.00 Ashland ASH 1.7 dd 90.70 +3.66.385 8.09 4.11 BancoBilbaoViz BBVA 4.7 7 7.91 –0.02.3333 9.69 3.42 BrandywineRealty BDN 16.4 19 4.63 ... .19
10.40 9.67 AcropolisInfrA ACRO ... 93 10.14 ... ... 15.77 4.43 AngelOakMtgREIT AOMR13.8 dd 9.30 +0.78 .32 15.11 5.41 AspenAerogels ASPN ... dd 7.92 –0.39 ... 3.35 2.12 BancoBradesco BBDO 4.4 9 3.09 +0.12.0036 6.48 4.29 BrasilAgro LND 18.3 47 5.32 +0.14.6018
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202.90 149.30 AcuityBrands AYI .3 14 164.05 –1.51 .13 30.27 11.94 AngloGoldAsh AU 2.0 32 22.50 +0.21 .177 33.00 16.89 AssetMarkFin AMK ... 24 31.24 +0.24 ... 22.97 16.81 BancodeChile BCH 7.3 7 22.16 +0.912.1466 14.76 6.26 Braskem BAK ... dd 10.25 –0.47 ...
58.04 42.06 Acushnet GOLF 1.4 19 55.87 –0.27 .195 67.09 44.51 AB InBev BUD 1.0 20 58.55 +0.36.8245 25.50 14.47 AssociatedBanc ASB 4.6 7 18.34 +1.24 .21 3.89 2.60 BancoItauChile ITCL 4.3 5 3.89 +0.44.1646 45.71 23.19 BreadFinancial BFH 2.3 4 36.53 +1.68 .21
10.99 6.95 Adecoagro AGRO 3.0 18 10.69 +1.15.1626 27.96 15.11 AnnalyCap NLY 12.9 dd 20.09 +0.09 .65 44.50 31.01 AssocCapital AC .6 dd 36.23 –0.07 .10 23.85 13.00 Bladex BLX 4.4 7 22.79 +0.20 .25 18.60 8.43 BridgeInvt BRDG 4.9 27 12.20 +0.19 .15
47.50 27.74 Adient ADNT ... cc 42.00 +0.35 ... 23.91 9.84 AnnovisBio ANVS ... dd 13.36 –0.46 ... 176.31 104.49 Assurant AIZ 2.2 29 129.54 +3.58 .70 27.96 9.77 BancoMacro BMA .0 6 26.32 +1.39.0729 168.00 7.57 BrightHealth BHG ... dd 12.38 –0.25 ...
44.40 33.59 AdtalemGlbEduc ATGE ... 23 42.35 +3.20 ... 12.13 8.80 AnteroMidstream AM 7.6 17 11.85 +0.11.225 67.13 45.21 AssuredGuaranty AGO 1.9 26 59.52 +2.78 .28 6.64 4.76 BancSanBrasil BSBR 5.2 ... 6.27 +0.13.0816 98.87 54.19 BrightHorizons BFAM ... 79 93.86 –1.89 ...
212.25 63.56 AdvanceAuto AAP 1.4 11 70.73 +0.09 .25 45.33 19.91 AnteroResources AR ... 3 24.24 +1.65 ... 9.16 0.42 Atento ATTO ... dd .47 –0.01 ... 21.01 13.37 BcoSantChile BSAC 4.6 12 20.82 +1.161.2511 4.08 1.13 BrightScholar BEDU ... ... 1.30 +0.02 ...
153.36 75.02 AdvDrainageSys WMS .5 20 120.84 +1.89 .14 12.96 4.33 AnywhereRealEst HOUS ... dd 7.20 –0.17 ... 163.18 70.50 Atkore ATKR ... 8 157.63 +4.96 ... 4.09 2.26 BancoSantander SAN 2.2 7 3.90 +0.06.0631 26.88 14.73 BrightSphere BSIG .2 10 21.75 +0.29 .01
44.57 30.69 AdvanSix ASIX 1.5 8 37.63 +0.27 .145 347.37 266.35 Aon AON .7 27 340.90 +4.39 .615 41.04 23.32 AtlUnionBkshs AUB 4.0 10 30.04 +2.39 .30 33.23 21.55 BanColombia CIB 3.7 8 29.93 +1.24.852 9.45 5.21 BrightSpire BRSP 11.1 76 7.19 +0.04 .20
5.69 3.76 Aegon AEG 3.9 dd 5.23 –0.01.1288 46.38 32.51 AptIncmREIT AIRC 4.9 11 36.48 –0.05 .45 18.95 15.06 AtlasEnergySolns AESI 3.2 ... 18.52 +0.91 .15 38.60 26.32 BankofAmerica BAC 3.0 9 31.98 +2.87 .24 13.27 5.16 BrightView BV ... dd 7.67 +0.08 ...
5.90 1.69 Aenza AENZ ... dd 1.82 +0.03 ... 9.79 6.47 ApartmtInv AIV 18.4 24 8.89 +0.14 .02 123.98 97.71 AtmosEnergy ATO 2.4 21 123.28 +3.84 .74 38.31 22.93 BankofButterfield NTB 5.7 7 30.84 +2.07 .44 73.39 48.38 Brink's BCO 1.3 28 67.29 +0.10 .22
67.14 39.73 AerCap AER ... 9 65.46 +1.39 ... 28.78 13.09 APi Group APG ... cc 28.28 +0.06 ... 24.78 19.10 AtmusFiltration ATMU ... ... 24.31 +0.75 ... 85.45 30.83 BankofHawaii BOH 5.2 10 53.69 +6.51 .70 42.12 23.58 BrinkerIntl EAT ... 20 38.99 +1.03 ...
56.80 39.18 AerojetRocket AJRD ... 62 56.05 +0.12 ... 13.10 7.91 ApolloComRlEst ARI 12.1 6 11.53 –0.22 .35 3.55 1.52 ATRenew RERE ... dd 2.90 –0.07 ... 105.40 81.57 BankMontreal BMO 3.6 12 93.35 +1.581.0888 81.44 61.41 BristolMyers BMY 3.5 19 64.68 +2.74 .57
4.64 0.89 AevaTech AEVA ... dd 1.26 –0.03 ... 83.37 45.62 ApolloGlbMgmt APO 2.1 dd 80.79 +0.50 .43 40.89 23.66 Autohome ATHM 1.9 13 29.19 –2.05 .53 52.26 36.22 BankNY Mellon BK 3.7 13 45.00 +2.47 .42 0.17 0.08 BristolMyersRt CELG.RT ... ... .09 ... ...
180.63 108.12 AffiliatedMgrs AMG .0 6 162.13 +6.07 .01 10.45 9.83 ApolloStratII A APGB ... 34 10.37 +0.04 ... 103.99 65.74 Autoliv ALV 2.6 22 102.78 +10.17 .66 63.75 45.26 BankNovaScotia BNS 6.1 10 50.87 +1.48.8011 30.94 20.08 Bristow VTOL ... 93 29.44 –0.27 ...
10.60 9.82 AfricanGoldA AGAC ... ... 10.60 +0.04 ... 41.34 15.83 BankUnited BKU 4.1 8 26.35 +3.23 .27 42.36 31.64 BritishAmTob BTI 8.2 10 34.11 +1.06.7006
10.60 9.69 AfterNextA AFTR ... 99 10.39 +0.01 ... 10.95 9.95 BanyanAcqnA BYN ... 43 10.46 +0.02 ... 24.49 17.62 BrixmorProp BRX 4.5 18 23.14 +0.62 .26
160.26 113.28 AgilentTechs A .7 28 127.62 +7.87.225 9.44 5.89 Barclays BCS 4.0 ... 8.44 +0.28.104 183.33 131.35 BroadridgeFinl BR 1.7 36 169.83 +1.84.725
35.80 1.11 Cazoo CZOO ... dd 1.53 +0.04 ... 35.48 20.56 CoreCard CCRD ... 31 23.24 –0.32 ... 122.13 77.33 DycomInds DY ... 18 107.00 –0.44 ... 39.78 21.83 EvolentHealth EVH ... dd 31.21 +0.96 ... 112.15 48.29 GeneralElec GE .3 15 110.33 +0.05 .08
47.95 35.55 CedarFairRec FUN 3.3 8 35.86 –1.64 .30 13.50 7.84 CoreCivic CXW ... 9 9.20 –0.16 ... 4.26 2.08 DynagasLNG DLNG ... 3 3.01 –0.03 ... 31.13 18.27 ExcelerateEner EE .5 27 20.68 +0.95.025 90.89 72.16 GeneralMills GIS 3.1 18 77.00 +1.99 .59
128.35 86.71 Celanese CE 2.3 9 121.26 +1.42 .70 3.48 0.95 CorEnergyInfr CORR17.2 dd 1.16 +0.03 .05 55.87 31.54 Dynatrace DT ... cc 52.32 –2.30 ... 2.70 0.55 Express EXPR ... 0 .68 –0.01 ... 43.63 31.11 GeneralMotors GM .9 6 38.55 –1.45 .09
16.61 8.21 Celestica CLS ... 13 16.06 +0.22 ... 37.73 28.98 Corning GLW 3.4 31 33.22 –0.34 .28 17.06 10.39 DynexCapital DX 12.4 dd 12.58 +0.04 .13 24.04 9.93 Expro XPRO ... dd 22.00 +1.67 ... 11.20 9.75 GenAsia I A GAQ ... 37 10.52 +0.03 ...
6.14 4.40 CementosPacasm CPAC 9.2 10 5.39 +0.05.5276 37.26 31.50 Vesta VTMX .5 9 33.46 –1.52.1703 216.52 139.97 ExtraSpaceSt EXR 2.8 23 146.07 –9.69 1.01 66.42 17.31 Genesco GCO ... 6 23.97 –1.53 ...
14.19 5.05 CorpAmAirports CAAP ... 12 14.01 +0.74 ... E 119.92 83.89 ExxonMobil XOM 3.5 7 103.89 +2.95 .91
7.53 3.20 Cemex CX ... 19 7.41 +0.09 ... 12.79 7.94 GenesisEnergy GEL 6.2 dd 9.63 +0.03 .15
22.18 14.44 CenovusEnergy CVE 1.8 8 17.42 +0.17.1053 28.69 21.59 CorpOfficeProp OFC 4.4 15 25.67 +0.34.285 10.41 9.71 EG Acqn A EGGF ... cc 10.34 –0.07 ... 16.86 8.16 GenieEnergy GNE 2.2 4 13.60 +0.24.075
68.43 52.76 Corteva CTVA 1.1 35 56.35 +2.10 .15 F
98.53 61.34 Centene CNC ... 27 70.63 +5.00 ... 120.61 32.08 elfBeauty ELF ... cc 111.62 –3.98 ... 8.10 2.38 GeniusSports GENI ... dd 7.52 +0.02 ...
33.50 25.03 CenterPointEner CNP 2.5 24 30.91 +0.79 .19 16.78 10.13 Cosan CSAN ... dd 16.46 +0.36 ... 192.63 105.27 EMCOR EME .4 21 190.35 +2.67 .18 11.12 9.78 FastAcqnII A FZT ... dd 10.52 +0.05 ... 48.85 35.75 Genpact G 1.4 20 38.04 –1.21.1375
7.71 3.77 CenterraGold CGAU 3.3 dd 6.26 –0.10.0519 12.38 7.71 Costamare CMRE 4.8 2 9.56 –0.25 .115 32.21 20.38 ENI E 4.2 4 30.36 +0.47.3107 35.00 9.03 F&GAnnuities FG 3.2 ... 25.27 +1.49 .20 187.73 141.90 GenuineParts GPC 2.4 18 156.31 –9.63 .95
90.00 51.26 Centerspace CSR 4.6 40 63.80 –1.26 .73 32.47 22.25 CoterraEnergy CTRA 7.9 5 26.71 +1.24 .20 150.88 97.39 EOG Rscs EOG 2.6 8 124.61 +5.68.825 45.25 24.34 FB Financial FBK 1.8 11 32.54 +3.68 .15 6.40 3.44 GenworthFin GNW ... 5 5.64 +0.12 ...
10.39 5.67 CentraisElBras EBR .5 44 8.06 +0.14.0443 13.46 6.19 Coty COTY ... 64 12.05 –0.17 ... 462.99 197.99 EPAM Systems EPAM ... 33 237.46 –4.48 ... 4.17 0.46 F45Training FXLV ... dd .56 +0.01 ... 16.38 8.83 GeoPark GPRK 5.2 3 10.03 +0.10 .13
24.75 13.22 CentralPacFin CPF 5.9 7 17.70 +1.15 .26 21.38 12.67 Coupang CPNG ... cc 17.09 –0.52 ... 55.90 33.92 EPR Prop EPR 7.3 20 45.50 –0.05.275 13.75 5.55 Figs FIGS ... 97 7.42 –0.36 ... 6.34 4.09 Gerdau GGB .4 4 5.66 +0.03 .101
7.63 2.91 CentralPuerto CEPU 1.8 16 7.17 +0.46.1649 17.59 9.81 Coursera COUR ... dd 13.27 –0.06 ... 51.97 28.11 EQT EQT 1.5 4 39.90 +1.69 .15 134.38 88.77 FMC FMC 2.4 17 95.16 –0.07 .58 10.17 0.23 Getaround GETR ... dd .48 +0.07 ...
79.37 40.27 CenturyComm CCS 1.2 6 74.18 –3.96 .23 31.12 18.06 CousinsProperties CUZ 5.4 22 23.80 –0.06 .32 70.64 32.12 ESAB ESAB .4 20 67.61 –0.79 .06 14.71 10.09 FNB FNB 3.8 8 12.50 +0.59 .12 37.88 3.42 GettyImages GETY ... dd 4.83 –0.12 ...
79.66 50.63 CeridianHCM CDAY ... dd 68.66 +0.76 ... 94.39 67.28 Crane CR .8 14 91.87 –0.01 .18 106.29 71.38 ESCO Tech ESE .3 30 100.01 –0.16 .08 16.94 6.20 FreyrBattery FREY ... dd 8.30 –1.03 ... 36.49 25.49 GettyRealty GTY 5.1 19 33.58 +0.55 .43
19.92 7.22 ChargePoint CHPT ... dd 8.33 +0.07 ... 59.26 29.58 CraneNXT CXT 1.0 8 56.61 +0.18 .14 5.31 0.75 ESSTech GWH ... dd 1.80 +0.02 ... 22.57 16.70 FS KKR Cap FSK 12.9 83 19.87 +0.22 .05 34.33 26.30 Gildan GIL 2.4 12 31.51 +0.33 .186
262.00 181.22 CharlesRiverLabs CRL ... 21 206.38 –1.18 ... 11.19 5.13 Crawford A CRD.A 2.4 dd 10.07 +0.31 .06 8.06 3.92 E2open ETWO ... dd 4.96 –0.18 ... 205.63 140.09 FTI Consulting FCN ... 31 194.67 –2.80 ... 4.91 1.12 GinkgoBioworks DNA ... dd 2.38 +0.34 ...
242.59 101.44 ChartIndustries GTLS ... dd 165.55 +4.83 ... 9.48 5.05 Crawford B CRD.B 2.9 dd 8.38 +0.06 .06 67.09 39.16 EagleBulkShip EGLE .9 4 43.51 –0.81 .10 140.18 86.97 Fabrinet FN ... 19 123.63 –7.33 ... 59.70 26.77 GlacierBancorp GBCI 4.1 13 32.25 +0.35 .33
14.38 9.02 ChathamLodging CLDT 3.0 73 9.46 –0.17 .07 158.95 118.33 Credicorp BAP ... 10 156.73 +5.10 ... 194.05 101.98 EagleMaterials EXP .5 15 190.91 +3.12 .25 474.13 377.89 FactSet FDS .9 33 431.94 +21.21 .98 7.13 2.08 Glatfelter GLT ... dd 3.47 +0.16 ...
6.50 1.41 CheetahMobile CMCM ... dd 2.32 –0.18 ... 18.16 9.17 CrescentEnergy CRGY 5.6 2 11.29 +0.78 .12 17.54 10.65 EarthstoneEner ESTE ... 3 15.04 +0.25 ... 860.00 389.84 FairIsaac FICO ... 56 844.50 +20.05 ... 80.28 40.45 Glaukos GKOS ... dd 74.86 –4.23 ...
30.05 8.55 Chegg CHGG ... 5 9.60 +0.42 ... 8.62 5.51 CrescentPoint CPG 3.9 11 7.75 +0.69.0736 20.33 12.27 EasterlyGovtProp DEA 7.3 48 14.52 –0.13.265 12.89 3.64 Farfetch FTCH ... dd 5.50 –0.75 ... 7.60 3.49 GlobalBlue GB ... dd 4.52 –0.57 ...
570.17 430.16 Chemed CHE .3 35 561.93 +23.49 .38 31.46 22.11 CrestwoodEquity CEQP 9.1 dd 28.67 +0.76.655 186.29 137.47 EastGroup EGP 2.7 48 184.76 –0.74 1.25 15.12 9.44 FarmlandPtrs FPI 1.8 85 13.17 +0.75 .06 8.40 4.26 GlblBusTravel GBTG ... dd 7.11 –0.03 ...
39.05 23.58 Chemours CC 2.6 12 38.44 +0.14 .25 30.40 13.51 CrossTimbers CRT 10.4 9 21.10 +1.45.077 102.18 69.91 EastmanChem EMN 3.6 16 87.23 +0.31 .79 19.98 7.15 Fastly FSLY ... dd 17.19 –0.31 ... 34.95 20.52 GlobalIndemnity GBLI 2.9 32 34.64 +2.13 .25
7.34 4.10 CherryHillMtg CHMI14.1 dd 4.25 +0.06 .15 184.92 103.22 CrownCastle CCI 5.8 27 107.28 –8.371.565 7.24 2.78 EastmanKodak KODK ... 10 5.26 –0.64 ... 4.79 0.30 FathomDigital FATH ... dd .42 +0.03 ... 37.32 20.52 GlobalIndl GIC 2.9 15 27.34 –0.13 .20
138.49 105.79 ChesapeakeUtil CPK 1.9 25 123.01 +1.56 .59 102.68 66.00 CrownHoldings CCK 1.1 18 90.81 +1.43 .24 211.83 129.85 Eaton ETN 1.7 32 207.69 +4.23 .86 131.18 87.24 FedAgriMtg A AGM.A 3.4 9 129.33 +5.01 1.10 12.33 7.01 GlobalMedREIT GMRE 8.4 58 10.03 +0.21 .21
189.68 140.46 Chevron CVX 3.8 9 158.69 +5.11 1.51 10.67 9.83 CrownPropA CPTK ... 32 10.30 +0.03 ... 189.90 131.04 Ecolab ECL 1.1 47 189.17 +0.71 .53 157.50 97.76 FedAgriMtg C AGM 2.8 11 156.38 +6.41 1.10 15.30 8.84 GlobalNetLease GNL 14.4 dd 11.08 +0.27 .40
52.88 29.10 ChewyA CHWY ... cc 35.32 –2.67 ... 51.08 36.82 CubeSmart CUBE 4.3 29 45.25 –1.18 .49 12.35 8.59 Ecopetrol EC 18.5 3 11.08 +0.43.1479 115.08 85.27 FederalRealty FRT 4.2 22 103.25 +2.981.08 39.24 24.25 GlobalPtrs GLP 8.2 3 31.92 +0.38.655
7.31 4.33 Chico'sFas CHS ... 6 5.68 –0.01 ... 160.60 92.55 Cullen/Frost CFR 3.0 11 114.40 +5.90 .87 12.14 8.20 Ecovyst ECVT ... 27 12.09 +0.24 ... 65.33 37.04 FederalSignal FSS .6 30 63.03 –0.71 .10 136.88 92.27 GlobalPayments GPN .9 dd 110.49 –1.47 .25
10.66 4.48 ChimeraInvt CIM 12.0 dd 6.02 +0.30 .18 5.70 3.95 Culp CULP ... dd 5.48 +0.33 ... 46.13 36.17 EdgewellPersonal EPC 1.6 21 38.49 –0.11 .15 45.55 30.30 FederatedHermes FHI 3.1 13 36.57 +1.25 .28 21.15 15.17 GlobalShipLease GSL 7.4 3 20.25 +0.19 .375
7.80 2.54 ChinaGreenAg CGA ... dd 2.63 –0.10 ... 261.91 200.40 Cummins CMI 2.6 15 258.75 +6.58 1.68 74.92 54.45 EdisonIntl EIX 4.1 33 72.40 +1.93.7375 265.60 141.92 FedEx FDX 1.9 17 259.67 +2.22 1.26 240.00 135.41 Globant GLOB ... 53 184.07 –7.65 ...
11.10 6.73 ChinaYuchai CYD 2.6 14 10.95 +0.25 .28 193.74 136.09 Curtiss-Wright CW .4 24 191.53 +3.27 .20 107.92 67.13 EdwardsLife EW ... 39 92.57 –0.81 ... 162.79 99.16 Ferguson FERG 1.9 18 157.90 –2.98 .75 123.85 96.23 GlobeLife GL .8 14 114.69 +4.83.225
2175.01 1291.63 Chipotle CMG ... 57 2098.87 +42.89 ... 17.00 7.16 Cushman&Wkfd CWK ... 31 9.95 +0.64 ... 20.97 7.88 ElancoAnimal ELAN ... dd 12.02 +0.18 ... 329.88 176.82 Ferrari RACE ... 56 318.01 –10.77 ... 80.04 50.92 GlobusMedical GMED ... 31 61.76 –0.19 ...
131.64 104.15 ChoiceHotels CHH .9 21 124.40 +3.80.2875 7.64 5.23 CustomTruck CTOS ... 30 6.84 +0.07 ... 91.30 46.18 Elastic ESTC ... dd 63.86 –6.00 ... 14.04 12.60 FidelisInsurance FIHL ... ... 13.75 +0.08 ... 85.32 64.65 GoDaddy GDDY ... 36 75.65 –1.33 ...
231.37 173.78 Chubb CB 1.7 16 199.81 +11.48 .86 41.08 6.87 CustomersBancorp CUBI ... 7 40.18 +4.41 ... 12.11 5.06 EldoradoGold EGO ... dd 10.98 –0.11 ... 45.51 31.84 FidNatlFin FNF 4.7 16 38.04 +0.26 .45 17.78 7.03 GoldFields GFI 2.1 19 15.61 +0.25.2425
41.69 32.90 ChunghwaTel CHT ... 23 36.81 –0.60 ... D 21.90 15.31 ElementSolns ESI 1.6 28 20.00 +0.50 .08 105.16 48.57 FidNatlInfo FIS 3.4 dd 61.56 +2.39 .52 18.11 12.75 GoldmanSachsBDC GSBD12.6 34 14.26 +0.14 .45
100.52 70.16 Church&Dwight CHD 1.1 59 98.13 –0.69.2725 549.52 412.00 ElevanceHealth ELV 1.2 18 475.93 +37.20 1.48 2.25 1.19 FinanceofAm FOA ... dd 1.94 +0.02 ... 389.58 287.75 GoldmanSachs GS 3.1 15 351.96 +25.772.75
11.00 9.85 ChurchillCapV A CCV ... 51 10.23 ... ... 6.56 3.00 DHI Group DHX ... 50 3.58 –0.11 ... 16.38 10.81 EllingtonFin EFC 12.8 dd 14.06 +0.21 .15 5.92 3.55 FinVolution FINV 3.6 4 5.39 +0.31 .215 31.04 22.67 Gorman-Rupp GRC 2.5 72 28.11 –0.03 .175
11.15 9.79 ChurchillVI A CCVI ... 33 10.37 +0.01 ... 12.13 6.54 DHT DHT 7.9 12 8.74 +0.09 .23 8.84 5.70 EllingtonResiMtg EARN12.9 dd 7.47 +0.30 .08 64.66 43.54 FirstAmerFin FAF 3.5 30 58.80 +0.15 .52 87.94 58.18 Graco GGG 1.1 30 86.24 –0.07.235
10.80 9.78 ChurchillVII A CVII ... 35 10.37 +0.01 ... 13.85 4.66 DRDGOLD DRD ... 14 11.61 +0.31 ... 22.45 14.95 ElmeComms ELME 4.4 dd 16.39 –0.16 .18 16.40 10.18 FirstBanCorp FBP 4.0 9 13.92 +0.93 .14 12.14 9.68 GrafAcqnIV GFOR ... 76 10.41 –0.11 ...
56.38 38.33 Ciena CIEN ... 31 42.40 +0.94 ... 136.77 100.64 DTE Energy DTE 3.3 20 115.12 +2.17.9525 13.50 8.28 EmbotellAndinaA AKO.A 5.9 14 13.30 +0.65.2395 16.53 11.33 FirstCmwlthFin FCF 3.6 10 13.87 +0.72 .125 7.87 3.75 GrafTechIntl EAF .8 5 4.79 +0.01 .01
340.11 240.50 Cigna CI 1.7 13 293.77 +11.01 1.23 61.12 45.11 DT Midstream DTM 5.3 14 52.41 +0.74 .69 17.66 9.69 EmbotellAndinaB AKO.B 5.0 18 17.22 +0.78.4053 24.92 8.99 FirstHorizon FHN 4.8 7 12.63 +0.11 .15 14.66 6.51 Graham GHM ... cc 13.01 +0.25 ...
19.76 8.28 Cinemark CNK ... dd 15.48 –0.08 ... 13.23 0.40 D-WaveQuantum QBTS ... dd 2.41 +0.21 ... 17.14 8.50 Embraer ERJ ... dd 14.69 +0.14 ... 55.88 42.91 FirstIndRlty FR 2.4 18 52.65 –2.16 .32 681.70 525.58 GrahamHoldings GHC 1.2 cc 573.78 +13.44 1.65
56.48 13.32 CircorIntl CIR ... 28 55.92 –0.11 ... 31.99 22.11 DXC Tech DXC ... dd 27.91 +0.18 ... 4.68 3.01 EmeraldHldg EEX ... 16 4.58 +0.34 ... 9.81 5.24 FirstMajestic AG .3 dd 6.85 +0.32.0057 811.60 471.01 Grainger GWW 1.0 23 769.00 +5.65 1.86
54.56 40.01 Citigroup C 4.3 7 47.05 +1.30 .51 19.30 11.17 Dana DAN 2.2 dd 18.44 +0.62 .10 7.50 3.06 Emeren SOL ... 7 3.84 –0.20 ... 43.31 35.60 FirstEnergy FE 3.9 56 40.09 +0.34 .39 44.15 25.35 GraniteConstr GVA 1.2 25 42.69 +2.09 .13
44.82 23.37 CitizensFin CFG 5.4 7 31.05 +3.27 .42 303.82 221.22 Danaher DHR .4 28 255.88 +15.35 .27 36.14 6.77 EmergentBiosol EBS ... dd 7.51 +0.30 ... 12.30 1.31 FiscalNote NOTE ... dd 3.52 –0.41 ... 10.83 3.97 GranitePointMtg GPMT15.2 dd 5.58 +0.01 .20
4.13 1.64 Citizens CIA ... dd 2.63 +0.18 ... 79.04 51.10 Danaos DAC 4.6 4 65.83 –0.83 .75 99.65 72.41 EmersonElec EMR 2.3 27 91.23 –0.86 .52 130.25 91.55 Fiserv FI ... 34 128.53 +0.53 ... 14.00 4.82 GraniteRidge GRNT 5.7 5 6.98 +0.38 .11
44 BARRON’S July 24, 2023
14.93 11.04 KT KT 5.3 7 11.69 –0.08.7482 M 91.83 57.10 MuellerIndustries MLI 1.3 8 90.75 +3.85 .30
148.78 108.71 HanoverIns THG 2.9 dd 110.48 +0.83 .81 4.26 1.34 iHuman IH ... 7 2.90 –0.10 ...
229.90 154.19 Kadant KAI .5 23 211.34 –2.72 .29 16.62 9.90 MuellerWater MWA 1.5 33 16.16 +0.12 .061
51.77 30.85 HarleyDavidson HOG 1.8 7 37.29 +1.30 .165 256.61 180.27 IllinoisToolWks ITW 2.1 26 255.57 +6.00 1.31
9.21 1.57 Kaleyra KLR ... dd 6.87 +0.03 ... 193.42 109.36 M&T Bank MTB 3.8 8 137.86 +7.07 1.30 5.44 0.61 MultiPlan MPLN ... dd 1.92 –0.09 ...
5.43 1.94 HarmonyGold HMY ... dd 4.50 –0.10 ... 21.82 12.13 Imax IMAX ... dd 16.41 –0.44 ...
35.31 18.88 Kaman KAMN 3.4 dd 23.85 –0.32 .20 14.00 7.33 MBIA MBI ... dd 8.61 +0.22 ... 51.29 29.81 MurphyOil MUR 2.7 5 41.38 +2.21.275
79.44 60.17 HartfordFinl HIG 2.3 13 74.16 +3.66.425 5.25 2.49 IndependenceContr ICD ... dd 2.76 –0.02 ...
77.17 63.74 Kellogg K 3.5 28 67.78 +0.22 .59 49.29 27.04 MDC Holdings MDC 4.3 7 46.49 –2.30 .50 323.40 231.65 MurphyUSA MUSA .5 12 318.25 +8.17 .38
38.85 24.79 HavertyFurn HVT 3.5 7 34.03 +1.02 .30 22.64 14.55 IndepRealty IRT 3.6 78 17.69 –0.34 .16
68.15 40.65 Kemper KMPR 2.5 dd 49.01 +3.54 .31 22.32 18.31 MDU Rscs MDU 4.0 12 22.03 +0.59.2225 26.49 16.08 MyersIndustries MYE 2.7 13 19.75 +0.38 .135
37.62 25.19 HavertyFurn A HVT.A 3.4 7 33.00 +1.00 .28 10.77 9.86 InfiniteAcqnA NFNT ... 66 10.61 ... ...
30.60 20.21 Kennametal KMT 2.7 19 29.21 +0.15 .20 13.21 7.15 MFA Financial MFA 12.1 dd 11.54 +0.15 .35
44.01 33.18 HawaiianElec HE 3.7 19 39.30 +1.36 .36 10.90 10.06 InFinTAcqnA IFIN ... cc 10.86 ... ... N
20.94 13.97 Kennedy-Wilson KW 5.7 dd 16.78 –0.16 .24 16.73 12.13 MGIC Investment MTG 2.4 6 16.57 +0.51 .10
14.97 7.97 Hayward HAYW ... 25 12.81 +0.32 ... 23.87 13.29 Informatica INFA ... dd 18.61 –0.08 ...
48.20 22.85 KenonHoldings KEN 10.9 dd 25.66 +2.092.79 50.25 29.20 MGM Resorts MGM .0 11 49.62 +1.36.0025
26.95 17.67 HealthcareRealty HR 7.0 dd 19.94 +0.96 .31 20.60 14.71 Infosys INFY 1.5 23 16.30 –0.74.2133 61.51 29.37 NACCO Inds NC 2.5 4 35.34 +0.87.2175
10.91 9.98 KensingtonCapAcqnV KCGI.UT ... ... 10.64 +0.03 ... 94.60 35.37 M/I Homes MHO ... 5 91.22 –0.77 ...
28.43 19.09 HealthpeakProp PEAK 5.5 22 21.75 +0.35 .30 67.18 42.20 IngersollRand IR .1 40 65.26 –0.86 .02 15.44 8.90 N-able NABL ... cc 13.76 –0.83 ...
10.62 9.91 KensingtonCapV A KCGI ... 24 10.59 –0.01 ... 19.49 4.45 MinisoGroup MNSO .0 28 18.55 –0.23 .152
10.86 9.95 HeartlandMediaA HMA ... 64 10.60 +0.04 ... 90.81 46.52 Ingevity NGVT ... 12 61.61 +1.36 ... 35.42 18.06 NCR NCR ... 43 26.66 +0.71 ...
27.80 22.49 Kenvue KVUE ... ... 24.01 –0.93 ... 3.44 1.75 MOGU MOGU ... dd 2.40 +0.10 ...
7.00 3.41 HeclaMining HL .3 dd 5.84 –0.08.0025 113.46 78.81 Ingredion INGR 2.6 13 109.45 +0.93 .71 17.19 9.35 NetPower NPWR ... dd 13.04 +0.10 ...
20.30 8.54 KeyCorp KEY 7.2 8 11.43 +1.27.205 35.37 28.56 MPLX MPLX 8.9 9 34.92 +0.42 .775
180.59 138.82 Heico HEI .1 65 177.45 +6.96 .10 125.38 63.36 InnovativeIndProp IIPR 9.1 14 78.92 +3.171.80 4.25 1.00 NGL Energy NGL ... dd 3.77 –0.04 ...
189.45 139.63 KeysightTech KEYS ... 26 168.32 +1.31 ... 40.12 20.21 MP Materials MP ... 19 23.71 –0.92 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
143.43 109.45 Heico A HEI.A .1 51 140.51 +5.11 .10 4.40 0.75 Innovid CTV ... dd 1.14 –0.01 ... 22.74 7.00 NIO NIO ... dd 10.58 +0.04 ...
55.03 25.99 KilroyRealty KRC 6.4 17 33.75 +0.61 .54 13.90 7.03 MRC Global MRC ... 13 10.77 +0.23 ...
3.02 0.19 Heliogen HLGN ... dd .29 +0.02 ... 131.09 101.20 Insperity NSP 1.9 22 119.03 +3.49 .57 10.71 5.39 NL Industries NL 5.0 32 5.62 –0.08 .07
147.87 108.74 KimberlyClark KMB 3.4 23 137.15 +2.02 1.18 176.00 108.75 MSA Safety MSA 1.1 dd 167.14 +0.86 .47
72.61 48.27 HeliosTech HLIO .6 24 61.03 –3.68 .09 330.00 159.62 InspireMedical INSP ... dd 307.35 –18.73 ... 48.42 38.05 NNN REIT NNN 5.1 23 44.50 +1.33.565
23.89 17.34 KimcoRealty KIM 4.4 87 20.92 +0.41 .23 572.50 385.00 MSCI MSCI 1.1 47 511.42 +14.24 1.38
9.16 2.57 HelixEnergy HLX ... dd 8.37 +0.23 ... 149.92 74.69 InstalledBldg IBP .9 17 144.07 –1.83 .33 24.83 14.05 NOV NOV 1.1 22 18.44 +0.55 .05
19.36 16.00 KinderMorgan KMI 6.3 16 17.80 +0.59.2825 100.33 71.33 MSC Industrial MSM 3.2 15 99.38 +1.87 .79
54.45 30.41 Helm&Payne HP 2.4 14 41.13 +3.59.235 34.46 24.00 InsteelInds IIIN .4 13 32.95 +1.75 .03 14.86 8.83 NOW DNOW ... 10 10.98 +0.15 ...
41.15 26.32 Kinetik KNTK 8.5 28 35.50 –0.34 .75 10.56 9.44 M3-Brigade II A MBAC ... 48 10.27 –0.01 ...
30.65 11.14 Herbalife HLF ... 6 14.81 +1.56 ... 31.47 20.33 Instructure INST ... dd 26.29 –1.86 ... 45.80 30.25 NRG Energy NRG 4.0 dd 38.20 +1.75.3775
10.60 5.77 KingswayFin KFS ... 3 8.33 +0.30 ... 10.60 9.98 M3-BrigadeIII A MBSC ... cc 10.48 +0.01 ...
162.47 93.97 HercHoldings HRI 1.9 12 133.10 –9.53.6325 89.62 50.05 IntegerHoldings ITGR ... 43 86.05 +2.31 ... 6474.53 3816.56 NVR NVR ... 13 6244.69 –151.86 ...
5.57 3.08 KinrossGold KGC 2.4 cc 5.03 –0.03 .03 16.41 8.38 MV Oil MVO 15.6 5 11.29 –1.68.325
16.61 10.94 HerculesCapital HTGC 9.5 11 16.35 +0.33 .08 10.98 10.00 IntegratedRailA IRRX ... cc 10.75 +0.02 ... 11.59 9.99 NaborsEnerA NETC ... cc 10.70 –0.15 ...
387.41 223.46 KinsaleCapital KNSL .1 48 382.55 +15.39 .14 15.90 3.47 Mytheresa MYTE ... dd 3.82 –0.17 ...
5.23 1.12 HeritageInsurance HRTG ... dd 4.40 +0.12 ... 11.68 10.01 IntegratedWellA WEL ... cc 10.80 +0.06 ... 190.90 83.05 NaborsIndustries NBR ... dd 114.40 +5.98 ...
77.87 57.64 Kirby KEX ... 32 77.30 +1.95 ... 14.51 7.40 Macerich MAC 5.4 dd 12.52 +0.76 .17
12.11 5.64 HershaHospitality HT 3.3 2 6.12 –0.16 .05 117.85 88.60 ICE ICE 1.4 45 116.22 –1.29 .42 50.00 26.48 NatlBankHoldings NBHC 3.1 12 33.67 +1.12 .26
23.70 16.42 KiteRealty KRG 4.0 cc 23.30 +0.34 .24 25.12 12.80 Macy's M 4.1 4 16.07 +0.51.1654
276.88 211.49 Hershey HSY 1.7 30 246.64 +7.771.036 73.52 47.06 InterContinentl IHG 1.9 35 73.11 +2.31.945 74.62 48.89 NationalFuelGas NFG 3.8 8 51.93 +1.32.495
49.19 33.67 KnifeRiver KNF ... ... 43.01 –0.74 ... 40.81 28.09 MSG Ent MSGE ... ... 34.10 –0.60 ...
160.52 98.27 Hess HES 1.2 20 142.20 +6.94.4375 29.50 19.65 IntercorpFinSvcs IFS 4.7 7 25.00 +0.34 1.18 74.48 47.22 NationalGrid NGG 4.9 5 68.71 +0.782.3458
64.35 45.63 Knight-Swift KNX 1.0 18 56.32 +1.36 .14 209.82 136.61 MSG Sports MSGS .0 57 192.85 +0.077.00
32.20 24.33 HessMidstream HESM 7.4 16 31.54 +1.26.5851 153.21 115.55 IBM IBM 4.8 64 138.94 +5.54 1.66 67.16 47.54 NatlHealthInv NHI 6.4 27 55.89 +2.12 .90
11.52 9.87 KnightSwanA KNSW ... cc 10.41 –0.13 ... 65.93 45.52 MagellanMid MMP 6.4 12 65.36 +1.361.0475
17.74 11.90 HewlettPackard HPE 2.8 22 17.26 +0.39 .12 129.20 75.18 IntlFlavors IFF 3.9 dd 84.00 +3.90 .81 82.59 63.06 NatlPrestoInds NPK 1.3 20 77.01 –0.413.00
18.70 4.28 KnotOffshore KNOP 1.9 4 5.56 +0.33.026 68.92 45.58 MagnaIntl MGA 3.0 41 62.33 +3.22 .46
79.08 50.00 Hexcel HXL .7 42 75.36 –0.81 .125 33.41 15.01 IntlGameTech IGT 2.4 31 33.00 +0.67 .20 58.31 33.72 NatlStorage NSA 6.4 35 34.92 –1.67 .56
20.25 11.57 Knowles KN ... dd 17.39 –0.51 ... 16.36 8.18 Magnachip MX ... dd 9.12 –0.45 ...
35.78 19.45 HighwoodsProp HIW 7.8 17 25.49 –0.05 .50 45.18 29.01 IntlPaper IP 5.8 6 31.85 +0.45.4625 7.41 3.61 Natura&Co NTCO ... dd 7.23 +0.75 ...
17.30 15.05 KodiakGasSvcs KGS ... ... 17.14 +0.90 ... 27.57 18.17 MagnoliaOil MGY 2.0 5 21.10 +0.63 .115
53.76 36.16 Hillenbrand HI 1.7 21 51.64 +0.26 .22 53.25 21.26 IntlSeaways INSW 1.3 3 36.72 +0.81 1.50 12.67 9.41 NaturalGasSvcs NGS ... dd 10.09 +0.18 ...
36.60 17.89 Kohl's KSS 8.0 dd 25.15 +0.41 .50 10.82 9.81 MagnumOpusA OPA ... 17 10.47 +0.01 ...
34.87 24.18 Hilltop HTH 2.1 19 30.18 –1.35 .16 40.95 25.14 Interpublic IPG 3.8 14 32.87 –6.45 .31 17.63 8.00 NaturalGrocers NGVC 3.2 17 12.55 +0.20 .10
23.30 11.25 Philips PHG .0 dd 23.05 +0.32.9387 45.67 31.66 MainStreetCap MAIN 6.7 13 41.50 +0.70 .23
51.81 32.12 HiltonGrandVac HGV ... 15 47.16 +1.05 ... 56.66 17.23 IntrepidPotash IPI ... 8 25.52 +1.42 ... 65.72 37.61 NaturalResPtrs NRP 5.2 5 57.56 +3.99 .75
53.83 31.46 KontoorBrands KTB 4.8 10 40.39 +1.28 .48 27.34 10.90 ManchesterUnited MANU ... dd 21.62 –1.30 ...
155.02 116.39 Hilton HLT .4 33 151.84 +4.06 .15 30.18 20.76 InvenTrust IVT 3.5 37 24.29 +0.16.2155 9.87 4.40 Natuzzi NTZ ... dd 7.25 +0.30 ...
38.42 20.11 Koppers KOP .7 11 36.44 +0.85 .06 20.20 7.53 Manitowoc MTW ... dd 18.56 –0.77 ...
6.61 4.85 HimalayaShipping HSHP ... ... 5.87 +0.38 ... 18.00 9.48 InvescoMtg IVR 13.7 dd 11.70 +0.19 .40 7.80 4.71 NatWest NWG 5.1 7 6.51 +0.13.3958
8.85 5.76 KoreaElecPwr KEP ... dd 7.79 –0.20 ... 92.43 64.00 Manpower MAN 3.8 13 77.89 –6.16 1.47
12.34 4.01 Hims&HersHealth HIMS ... dd 8.26 –0.60 ... 9.00 1.02 Invitae NVTA ... dd 1.35 +0.14 ... 2.60 1.05 Nautilus NLS ... dd 1.06 –0.03 ...
66.65 44.69 KornFerry KFY 1.4 13 53.07 +0.22 .18 20.40 14.92 ManulifeFinl MFC 4.5 9 19.53 +0.67.2703
27.25 11.30 Hippo HIPO ... dd 17.46 +0.61 ... 40.20 28.52 InvitatHomes INVH 2.9 72 36.14 +0.74 .26 15.21 10.40 NavigatorHldgs NVGS ... 23 13.50 +0.08 ...
8.55 4.64 KosmosEnergy KOS ... 10 6.66 +0.39 ... 33.42 20.57 MarathonOil MRO 1.5 6 25.29 +1.21 .10
18.66 6.88 HireRight HRT ... 7 10.96 –0.04 ... 16.30 3.04 IonQ IONQ ... dd 14.42 +0.87 ... 2.97 1.53 NaviosMaritime NM ... dd 1.73 +0.08 ...
52.00 41.82 Kroger KR 2.4 14 47.99 +1.55 .29 138.83 85.14 MarathonPetrol MPC 2.4 4 125.82 +7.41 .75
12.68 1.88 Holley HLLY ... 11 5.51 +0.07 ... 62.37 43.33 IronMountain IRM 4.0 31 61.89 +2.38.6185 101.60 78.41 Nelnet NNI 1.1 15 97.76 –0.12 .26
17.81 7.76 KronosWorldwide KRO 8.0 35 9.49 +0.12 .19 41.51 27.49 Marcus&Millichap MMI 1.4 22 35.22 +0.81 .25
19.85 15.51 HollyEnergy HEP 7.4 11 18.97 +0.10 .35 2.73 0.13 IronNet IRNT ... dd .13 –0.06 ... 4.57 1.80 NerdyA NRDY ... dd 4.28 –0.11 ...
1.69 0.33 KukeMusic KUKE ... ... .50 –0.08 ... 18.23 13.62 Marcus MCS 1.3 dd 14.91 –0.24 .05
26.20 19.77 HomeBancShares HOMB 3.1 11 23.52 +0.23 .18 6.08 4.15 ItauUnibanco ITUB ... 10 6.03 +0.19 ... 21.48 17.07 Netstreit NTST 4.4 cc 18.20 +0.68 .20
17.21 7.93 Kyndryl KD ... dd 12.83 –0.08 ... 14.45 0.78 MariaDB MRDB ... 4 .90 –0.08 ...
347.25 265.61 HomeDepot HD 2.6 20 320.47 +3.972.09 J 17.73 7.75 MarineProducts MPX 3.3 13 16.83 –0.36 .14 53.34 22.12 Nevro NVRO ... dd 23.74 –0.47 ...
32.62 21.44 HondaMotor HMC 2.2 11 31.18 +0.95.4421 L 44.03 25.60 MarineMax HZO ... 5 38.88 +1.13 ... 55.84 38.07 NewJerseyRscs NJR 3.4 15 46.43 +0.26 .39
40.13 28.22 HoraceMannEdu HMN 4.5 dd 29.32 +0.54 .33 25.68 13.37 JBG SMITH Prop JBGS 5.6 19 16.10 –0.05.225 1458.56 1064.09 Markel MKL ... 70 1435.34 +55.82 ... 48.43 17.01 NewOrientalEduc EDU ... dd 46.97 +1.32 ...
51.69 37.78 HormelFoods HRL 2.7 24 40.14 +0.01.275 18.02 8.38 JELD-WEN JELD ... 24 16.99 –0.37 ... 139.89 89.28 LCI Inds LCII 3.3 16 128.91 –1.55 1.05 3.24 0.71 Markforged MKFG ... dd 1.15 –0.05 ... 86.00 50.24 NewRelic NEWR ... dd 71.22 +0.47 ...
132.30 66.01 DR Horton DHI .8 9 127.58 –2.73 .25 30.36 15.45 J.Jill JILL ... 9 21.23 +2.03 ... 6.69 4.08 LG Display LPL .0 dd 5.49 –0.49 .231 165.85 117.85 MarriottVacations VAC 2.2 14 130.77 +2.20 .72 12.25 5.81 NY CmntyBcp NYCB 5.6 3 12.07 +0.52 .17
105.81 74.18 HoulihanLokey HLI 2.1 27 104.21 +2.49 .55 156.59 101.28 JPMorganChase JPM 2.6 10 154.95 +5.181.00 11.00 2.75 LL Flooring LL ... dd 3.87 +0.04 ... 194.16 148.11 Marsh&McLen MMC 1.5 29 191.43 +4.71 .71 42.87 27.59 NYTimes A NYT 1.1 35 40.68 –0.82 .11
110.96 33.20 Hovnanian HOV ... 4 99.66 –9.53 ... 115.25 54.31 Jabil JBL .3 16 112.40 +0.79 .08 18.47 8.15 LSB Inds LXU ... 5 10.82 +0.77 ... 462.70 298.32 MartinMarietta MLM .6 30 457.89 +0.33 .66 439.79 280.28 NewMarket NEU 2.1 14 437.74 +6.272.25
89.58 50.90 HowardHughes HHC ... 26 84.25 +2.28 ... 49.60 25.96 JacksonFinl JXN 7.5 1 32.97 +0.25 .62 45.49 30.87 LTC Properties LTC 6.5 12 35.00 +0.80 .19 61.27 42.33 Masco MAS 1.9 17 59.24 –0.74.285 55.41 37.45 Newmont NEM 3.7 dd 43.21 –1.77 .40
51.34 30.60 HowmetAerospace HWM .3 43 49.91 +0.51 .04 138.05 106.78 JacobsSolns J .8 21 125.97 +2.75 .26 255.10 174.55 L3HarrisTech LHX 2.3 42 199.97 +4.28 1.14 106.22 65.71 MasoniteIntl DOOR ... 13 103.16 +0.87 ... 5.48 2.38 NewparkResources NR ... dd 5.33 +0.07 ...
340.06 192.45 Hubbell HUBB 1.3 32 333.74 +3.74 1.12 28.60 17.25 JamesHardie JHX ... 24 27.44 –0.35 ... 11.92 8.81 LXP Industrial LXP 4.8 27 10.41 +0.14 .125 119.42 62.36 MasTec MTZ ... dd 114.69 –0.45 ... 7.70 4.27 NexaResources NEXA .0 dd 4.49 –0.11.1888
571.60 245.03 HubSpot HUBS ... dd 544.31 –11.05 ... 31.30 19.09 JanusHenderson JHG 5.4 14 29.00 +0.35 .39 33.06 21.92 La-Z-Boy LZB 2.4 9 30.87 +1.16.1815 15.00 7.08 MasterBrand MBC ... ... 11.84 –0.32 ... 5.11 3.40 NexGenEnergy NXE ... dd 4.64 +0.05 ...
6.34 3.23 HudbayMinerals HBM .3 cc 5.31 –0.02.0076 12.24 7.97 JanusIntl JBI ... 14 10.92 +0.23 ... 226.04 172.09 LabCorp.ofAmerica LH 1.3 20 219.21 +6.44 .72 404.00 276.87 Mastercard MA .6 40 397.49 –5.02 .57 22.86 12.53 NexPointRealEst NREF12.8 dd 15.67 –0.05 .185
15.62 4.05 HudsonPacProp HPP 9.0 dd 5.56 +0.24 .125 40.68 27.48 JefferiesFinl JEF 3.3 19 36.82 +1.51 .30 12.18 8.67 LadderCapital LADR 8.1 10 11.34 +0.16 .23 73.78 42.04 MatadorRscs MTDR 1.1 6 55.83 +3.60 .15 66.98 38.67 NexPointResidentl NXRT 3.5 dd 47.53 –0.25 .42
571.30 423.29 Humana HUM .8 19 456.89 +21.96.885 2.22 0.91 JianpuTech JT ... dd 1.31 –0.20 ... 116.00 74.00 LambWeston LW 1.0 30 112.96 +0.25 .28 123.41 64.89 Materion MTRN .5 24 114.39 –6.57 .13 3.92 1.82 Nextdoor KIND ... dd 2.88 –0.35 ...
260.02 188.51 HuntingIngalls HII 2.1 16 231.57 +3.22 1.24 69.14 38.43 JinkoSolar JKS ... 16 42.30 –1.36 ... 22.81 4.19 Lanvin LANV ... dd 4.38 –0.48 ... 28.99 13.92 Mativ MATV10.5 dd 15.21 –0.61 .40 91.35 69.64 NextEraEnergy NEE 2.5 23 75.90 +2.70.4675
33.46 23.53 Huntsman HUN 3.3 15 28.46 +0.50.2375 11.98 3.15 JobyAviation JOBY ... dd 8.26 –1.59 ... 65.58 33.38 LasVegasSands LVS 1.4 cc 55.97 –4.97 .20 94.28 56.51 Matson MATX 1.4 5 88.32 +9.61 .32 11.50 6.66 NexTierOilfield NEX ... 5 11.04 +0.77 ...
125.07 77.70 HyattHotels H .5 23 121.08 +4.08 .15 125.88 81.59 JohnBeanTech JBT .3 28 116.00 –0.57 .10 43.44 27.71 Lazard LAZ 5.6 17 35.76 +1.46 .50 15.40 8.27 MauiLand MLP ... cc 14.37 –0.13 ... 86.48 51.76 NicoletBankshares NIC 1.3 19 78.23 +6.96 .25
4.71 1.22 Hyliion HYLN ... dd 1.80 –0.17 ... 181.04 150.11 J&J JNJ 2.8 34 170.19 +10.32 1.19 158.44 114.67 Lear LEA 2.1 21 149.92 –0.23 .77 88.74 54.46 Maximus MMS 1.3 31 87.77 +1.05 .28 131.31 82.22 Nike NKE 1.2 34 109.06 +1.11 .34
59.64 20.99 HysterYaleMatls HY 2.8 dd 46.87 –0.05.325 69.90 48.82 JohnsonControls JCI 2.1 34 68.97 +0.26 .37 10.78 9.82 LearnCWInvtA LCW ... 32 10.51 –0.01 ... 16.66 5.95 MayvilleEngg MEC ... 14 12.00 +0.97 ... 17.10 2.20 NineEnergy NINE ... 11 4.97 +0.32 ...
24.67 19.34 ICICI Bank IBN .5 21 24.47 +1.14.1124 191.79 123.00 JonesLang JLL ... 17 169.56 +2.73 ... 41.94 28.26 Leggett&Platt LEG 6.3 15 29.38 –0.17 .46 94.97 68.01 McCormickVtg MKC.V 1.8 34 88.00 +1.45 .39 31.87 23.78 NiSource NI 3.6 19 28.08 +0.14 .25
July 24, 2023 BARRON’S 45
99.23 61.85 Omnicom OMC 3.3 12 83.81 –12.48 .70 6.52 2.77 RushStreetInt RSI ... dd 3.36 –0.23 ... 4.64 3.10 Telefonica TEF 5.7 15 4.10 +0.07.1646
7.52 3.00 PlanetLabs PL ... dd 3.34 +0.06 ... 80.57 60.71 Southern SO 3.8 24 73.06 +1.68 .70 31.95 23.03 TelekmIndonesia TLK 3.3 18 25.65 –0.521.1296
35.85 15.44 OnHolding ONON ... cc 34.62 +1.48 ... 46.40 32.13 RyanSpecialty RYAN ... 80 45.91 +1.10 ...
8.40 4.38 PlayAGS AGS ... 58 6.59 +0.32 ... 82.05 42.42 SoCopper SCCO 4.1 23 78.37 +1.591.00 17.42 6.44 Telephone&Data TDS 9.3 dd 7.97 +0.33 .185
28.32 19.35 OneLiberty OLP 8.7 12 20.75 –0.21 .45 102.36 65.69 RyderSystem R 3.1 6 91.81 +3.50 .71
23.71 15.59 PlymouthIndREIT PLYM 3.9 dd 22.98 –0.05.225 11.66 9.90 SouthportAcqnA PORT ... 34 10.56 +0.04 ... 46.32 23.62 TempurSealy TPX 1.0 20 45.92 +1.95 .11
16.75 2.61 OneConnectFin OCFT ... dd 3.87 –0.20 ... 44.70 22.17 RyersonHolding RYI 1.7 6 42.31 +0.17 .18
135.83 91.86 Polaris PII 1.9 13 134.38 +6.52 .65 41.26 28.40 SouthwestAir LUV 1.9 38 37.25 +0.89 .18 11.16 9.71 10XCapIII A VCXB ... 63 10.50 +0.02 ...
48.25 28.77 OneMain OMF 8.4 8 47.49 +1.201.00 98.60 71.63 RymanHospitality RHP 2.3 25 92.96 –0.391.00
56.37 41.58 PortlandGenElec POR 3.9 18 49.16 +1.66.475 88.40 53.79 SouthwestGas SWX 3.8 dd 65.70 +1.26 .62 38.00 23.96 Tenaris TS .0 6 33.16 +1.33 .68
118.11 56.02 OntoInnovation ONTO ... 26 105.96 –5.82 ... 98.84 80.39 PostHoldings POST ... 14 87.43 +0.99 ... S 8.39 4.57 SouthwesternEner SWN ... 1 6.20 +0.31 ... 9.29 3.14 TencentMusic TME ... 18 6.74 –0.85 ...
16.77 11.08 Ooma OOMA ... dd 14.48 –0.38 ... 17.28 14.13 PostalRealty PSTL 6.2 cc 15.21 +0.25.2375 79.01 38.93 SpectrumBrands SPB 2.2 dd 77.74 –0.03 .42 85.40 36.69 TenetHealthcare THC ... 20 76.77 –5.13 ...
49.32 28.41 Oppenheimer A OPY 1.4 13 41.98 +1.30 .15 26.05 13.73 PowerSchool PWSC ... dd 23.30 +1.30 ... 145.10 78.22 SAP SAP 1.2 29 134.02 –10.332.1864 39.13 18.00 SphereEnt SPHR ... dd 38.36 +3.14 ... 82.07 56.04 Tennant TNC 1.3 18 79.49 +0.06.265
3.70 1.70 OppFi OPFI ... dd 2.00 +0.03 ... 87.36 41.56 PrecisionDrilling PDS ... 13 57.15 +4.60 ... 425.34 279.32 S&P Global SPGI .9 50 423.29 +7.27 .90 1.71 0.35 SpireGlobal SPIR ... dd .65 –0.01 ... 57.20 28.65 Teradata TDC ... cc 55.04 –0.97 ...
127.54 60.78 Oracle ORCL 1.4 38 117.65 –1.62 .40 67.45 48.51 PrestigeCnsHlth PBH ... dd 62.20 +3.20 ... 10.51 9.73 SDCLEDGEAcqn SEDA ... 80 10.47 ... ... 77.68 61.52 Spire SR 4.4 14 65.23 +2.20 .72 65.64 28.82 Terex TEX 1.1 12 61.49 –0.54 .17
13.08 8.81 Orange ORAN 4.8 15 11.99 +0.24.3142 10.72 9.96 PrimeImpactI A PIAI ... cc 10.70 ... ... 12.08 5.05 SeacorMarine SMHI ... dd 11.72 +0.39 ... 38.55 21.14 SpiritAeroSys SPR .1 dd 28.82 +0.39 .01 4.68 1.11 TerranOrbital LLAP ... dd 1.55 –0.08 ...
16.40 7.95 OrchidIsland ORC 18.0 dd 10.69 +0.44 .16 213.01 120.19 Primerica PRI 1.2 19 210.91 +9.59 .65 6.42 1.33 SES AI SES ... dd 2.99 +0.39 ... 25.68 14.41 SpiritAirlines SAVE .0 dd 18.91 –0.13 .10 67.03 50.36 TerrenoRealty TRNO 2.6 23 60.75 +1.04 .40
33.20 18.87 Organon OGN 5.3 7 21.17 +0.65 .28 16.47 12.15 PrimoWater PRMW 2.3 53 13.94 +0.71 .08 11.51 8.43 SFL SFL 10.3 ... 9.34 +0.05 .24 44.93 34.31 SpiritRealtyCap SRC 6.3 18 41.82 +1.12.663 5.06 2.43 TetraTech TTI ... cc 4.29 +0.42 ...
47.28 25.59 OriginBancorp OBK 1.9 10 32.27 +1.82 .15
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
31.88 15.90 PrimorisSvcs PRIM .8 12 30.37 +0.37 .06 6.70 2.34 SignaSports SSU ... ... 2.76 +0.08 ... 182.00 69.29 Spotify SPOT ... dd 171.71 –0.32 ...
3.35 2.10 OrionGroup ORN ... dd 2.96 –0.13 ... 11.45 6.97 TevaPharm TEVA ... dd 8.51 +0.30 ...
24.50 11.87 ProAssurance PRA 1.2 dd 16.14 +0.70 .05 15.61 10.42 SITE Centers SITC 3.6 19 14.38 +0.35 .13 11.23 9.96 SpreeAcqn1 A SHAP ... 37 10.67 +0.05 ...
11.25 5.27 OrionOffice ONL 6.0 dd 6.62 –0.14 .10 2739.00 1266.21 TexasPacLand TPL .9 26 1469.26 +100.263.25
76.25 41.80 ProcoreTech PCOR ... dd 70.99 –1.13 ... 83.88 57.51 SJW Group SJW 2.1 27 72.91 +2.92 .38 15.50 7.25 Sprinklr CXM ... dd 13.62 –0.73 ...
26.91 12.87 Orion OEC .4 12 22.37 +0.49.0207 41.20 26.08 Textainer TGH 3.0 7 40.59 +0.67 .30
158.11 122.18 Procter&Gamble PG 2.5 27 152.93 +2.88.9407 22.94 18.26 SK Telecom SKM ... 10 19.61 –0.50 ... 41.96 29.76 Sprott SII 3.0 46 32.83 –0.84 .25 76.11 58.03 Textron TXT .1 17 67.63 +0.24 .02
93.91 68.78 Orix IX 2.8 11 92.98 +0.601.5303 149.87 110.04 Progressive PGR .3 90 124.39 +7.60 .10 51.69 19.06 SLGreenRealty SLG 9.3 dd 35.10 +3.25.2708 1.55 0.55 SprucePower SPRU ... dd .94 +0.07 ... 611.06 475.77 ThermoFisher TMO .2 37 562.19 +32.83 .35
101.81 77.86 OrmatTech ORA .6 62 84.16 +0.37 .12 138.86 98.03 Prologis PLD 2.8 33 125.44 –2.31 .87 48.55 24.66 SM Energy SM .9 3 34.29 +1.86 .15 34.38 16.86 Squarespace SQSP ... dd 30.19 –2.00 ... 27.93 14.74 Thermon THR ... 28 27.59 +0.16 ...
9.89 2.05 OscarHealth OSCR ... dd 8.01 +0.16 ... 5.94 3.90 PropertyGuru PGRU ... dd 4.28 +0.02 ... 10.32 2.54 SOS SOS ... dd 6.00 –0.36 ... 54.78 31.11 St.Joe JOE .7 46 53.44 +0.23 .10 138.20 97.59 ThomsonReuters TRI 1.5 55 131.64 –1.074.67
106.66 69.30 Oshkosh OSK 1.8 24 90.85 +1.65 .41 12.58 6.33 ProPetro PUMP ... 67 9.84 +0.60 ... 85.85 53.19 SPX Tech SPXC ... 84 81.71 +1.34 ... 48.24 31.61 StandardMotor SMP 3.1 13 37.72 –0.59 .29 112.84 67.09 ThorIndustries THO 1.6 11 109.81 +1.34 .45
12.12 9.63 OsirisAcqn OSI ... dd 10.42 –0.14 ... 78.76 54.45 ProsperityBcshs PB 3.6 11 61.26 +4.15 .55 38.24 26.56 STAG Indl STAG 3.9 39 38.07 +0.26.1225 148.94 80.88 StandexIntl SXI .8 13 143.07 +4.68 .28 13.52 7.02 3D Systems DDD ... dd 8.99 –1.08 ...
7.67 3.84 OsiskoDevelopment ODV ... dd 4.33 –0.12 ... 53.00 22.04 ProtoLabs PRLB ... dd 33.79 –0.99 ... 91.10 62.37 SabineRoyalty SBR 13.4 8 64.94 +0.08.3205 118.37 70.24 StanleyBlackDck SWK 3.3 21 97.13 +0.79 .80 152.30 92.38 3M MMM 5.8 11 104.33 +2.03 1.50
17.96 9.20 OsiskoGold OR 1.2 dd 14.62 –0.40.0405 25.61 14.54 ProvidentFinSvcs PFS 5.2 8 18.35 +1.32 .24 4.04 2.35 SafeBulkers SB 6.2 3 3.24 –0.05 .05 69.02 43.04 Stantec STN .9 37 67.11 –0.70.1435 61.97 18.35 Tidewater TDW ... dd 58.46 –1.34 ...
90.11 62.49 OtisWorldwide OTIS 1.6 29 87.25 –1.47 .34 110.96 75.37 PrudentialFinl PRU 5.3 cc 94.77 +3.22 1.25 49.11 22.00 Safehold SAFE13.0 dd 24.09 –0.77 .177 12.60 6.76 Starrett A SCX ... 5 11.26 +0.48 ... 10.35 6.05 Tilly's TLYS ... dd 7.81 +0.16 ...
20.85 3.21 Ouster OUST ... dd 5.80 –0.28 ... 34.37 18.20 Prudential PUK ... 35 26.93 –1.11 ... 238.22 126.34 Salesforce CRM ... cc 228.06 –1.27 ... 4.53 2.64 Startek SRT ... dd 3.22 +0.30 ... 95.08 58.36 Timken TKR 1.4 16 91.50 –0.26 .33
21.65 13.82 OutfrontMedia OUT 7.9 23 15.25 –1.00 .30 69.94 52.51 PublicServiceEnt PEG 3.5 14 65.13 +1.29 .57 18.42 10.80 SallyBeauty SBH ... 8 12.22 +0.29 ... 24.44 16.06 StarwoodProp STWD 9.2 11 20.76 +0.20 .48 23.04 14.09 TimkenSteel TMST ... 33 22.70 +0.34 ...
4.51 2.20 OverseasShip OSG ... 9 3.97 –0.09 ... 357.13 270.13 PublicStorage PSA 4.1 12 291.73 –9.913.00 30.91 8.42 Samsara IOT ... dd 27.08 +0.13 ... 94.74 58.62 StateStreet STT 3.6 9 70.27 +2.17 .63 17.29 9.23 TItanIntl TWI ... 4 12.31 +0.50 ...
59.11 32.07 Ovintiv OVV 2.8 2 42.20 +3.95 .30 82.97 35.99 PulteGroup PHM .8 7 78.09 –4.42 .16 15.43 6.64 SanJuanBasin SJT 30.2 3 7.11 –0.09 .017 48.00 38.00 SteelPartners SPLP ... 5 45.25 +0.35 ... 27.00 13.66 Toast TOST ... dd 21.96 –3.12 ...
37.03 11.79 Owens&Minor OMI ... dd 19.10 –0.05 ... 39.19 22.14 PureStorage PSTG ... cc 37.07 –0.85 ... 22.95 12.62 SandRidgeEnergy SD .0 3 16.03 +0.692.00 12.38 6.20 Steelcase SCS 5.0 20 8.01 +0.39 .10 83.72 39.53 Toll Bros TOL 1.1 6 78.72 –4.80 .21
138.25 74.22 OwensCorning OC 1.6 9 130.32 –2.06 .52 10.85 9.98 PyrophyteAcqn PHYT ... 26 10.74 +0.04 ... 6.72 4.51 SandstormGold SAND 1.1 14 5.47 –0.10.0151 18.97 11.57 Stellantis STLA ... 3 18.35 –0.41 ... 46.11 32.04 TootsieRoll TR 1.0 31 34.68 +0.51 .09
37.66 2.52 Owlet OWLT ... dd 4.92 +0.54 ... 49.99 18.91 Q2 QTWO ... dd 32.55 –0.72 ... 28.87 20.16 SaratogaInvt SAR 10.0 12 26.20 –0.30 .70 36.09 20.24 StellarBancorp STEL 2.1 14 24.34 +1.14 .13 280.67 140.66 TopBuild BLD ... 15 266.88 –10.89 ...
123.37 85.00 OxfordIndustries OXM 2.4 10 106.68 +4.92 .65 51.18 40.38 Qiagen QGEN ... 30 46.63 +0.61 ... 22.31 11.56 Sasol SSL 7.5 4 13.23 +0.09.3871 18.02 3.72 Stem STEM ... dd 6.99 +0.40 ... 25.96 16.13 TopgolfCallaway MODG ... 43 19.41 –0.17 ...
5.59 2.12 QuadGraphics QUAD ... dd 5.13 +0.03 ... 52.94 32.13 SaulCenters BFS 6.2 23 38.16 +0.31 .59 116.72 87.11 Stepan SCL 1.5 19 95.91 +3.09.365
PQ 117.66 80.44 Toro TTC 1.3 21 102.20 –1.74 .34
216.45 129.06 QuakerHoughton KWR .9 dd 195.89 –1.02.435 25.01 21.50 SaversValue SVV ... 63 24.56 +0.86 ... 233.41 159.21 Steris STE .8 cc 232.09 +3.01 .47 70.67 55.43 TorontoDomBk TD 4.3 11 65.26 +1.83.7193
49.00 26.26 PBF Energy PBF 1.8 2 43.50 +3.60 .20 28.13 18.00 QuanexBldg NX 1.2 12 27.33 +0.47 .08 59.45 33.43 Schlumberger SLB 1.8 21 56.01 –1.12 .25 33.99 13.71 Stevanato STVN .2 59 32.88 +1.31.0578 8.29 2.05 Torrid CURV ... 7 2.57 –0.22 ...
18.19 10.47 PG&E PCG ... 20 17.96 +0.14 ... 203.48 123.25 QuantaServices PWR .2 59 201.49 +5.36 .08 30.93 20.26 SchneiderNatl SNDR 1.2 11 29.68 +1.36 .09 55.81 35.96 StewartInfo STC 3.9 13 45.70 +2.83 .45 10.40 9.67 TortoiseEcoIII A TRTL ... 34 10.39 +0.01 ...
29.64 17.43 PGT Innovations PGTI ... 16 27.89 –0.60 ... 10.95 9.84 QuantumFin QFTA ... 27 10.54 +0.13 ... 86.63 45.00 SchwabC SCHW 1.5 19 66.48 +7.96 .25 68.77 49.31 StifelFinancial SF 2.2 12 64.21 +1.70 .36 65.05 44.61 TotalEnergies TTE ... 7 60.14 +2.85 ...
37.00 24.49 PHINIA PHIN ... ... 27.30 –1.01 ... 13.86 5.11 QuantumScape QS ... dd 9.42 –0.44 ... 118.38 87.93 ScienceApplicat SAIC 1.3 20 117.73 +3.38 .37 53.62 29.09 STMicroelec STM .4 10 50.65 –1.83 .06 12.65 7.05 TownsquareMedia TSQ 6.2 28 12.01 +0.37.1875
4.39 2.33 PHX Minerals PHX 2.9 5 3.13 +0.07.0225 2.36 0.69 Qudian QD ... 17 2.25 +0.05 ... 64.20 36.84 ScorpioTankers STNG 2.4 3 41.01 –1.12 .25 25.87 14.18 Stoneridge SRI ... dd 19.97 +0.79 ... 169.07 130.07 ToyotaMotor TM 2.3 12 162.81 +3.662.4959
83.17 59.61 PJT Partners PJT 1.3 25 77.75 +1.60 .25 158.34 120.40 QuestDiag DGX 2.0 21 144.37 +3.93 .71 90.01 39.06 ScottsMiracleGro SMG 3.9 dd 68.41 +1.20 .66 47.35 30.66 Stride LRN ... 15 38.00 +0.70 ... 4.59 2.48 Traeger COOK ... dd 4.21 +0.06 ...
32.27 20.20 PLDT PHI 5.1 25 23.37 –0.16.2567 4.25 1.68 QuotientTech QUOT ... dd 3.88 +0.03 ... 9.83 6.11 ScullyRoyalty SRL 10.8 dd 7.27 +0.30 .17 306.93 197.03 Stryker SYK 1.0 43 295.59 –6.84 .75 199.83 136.96 TraneTech TT 1.5 25 193.89 –2.42 .75
176.34 110.31 PNC Finl PNC 4.6 9 134.26 +8.47 1.55 R 11.40 7.93 SculptorCapMgmt SCU 4.2 dd 9.42 –0.09 .06 9.57 1.52 StudioCity MSC ... dd 7.22 +0.08 ... 11.51 7.55 Transalta TAC 1.6 33 10.17 +0.27.0405
49.60 44.35 PNM Resources PNM 3.2 19 45.80 –0.02.3675 93.70 40.67 Sea SE ... dd 61.18 –1.32 ... 67.00 49.50 SturmRuger RGR 3.0 13 53.62 –0.10 .32 47.76 34.08 TrancntlRlty TCI ... 1 34.80 –0.24 ...
106.85 36.53 POSCO PKX 1.5 18 105.69 +19.19.7334 264.94 195.18 RBC Bearings RBC ... 45 223.19 +4.74 ... 16.18 10.03 SeabridgeGold SA ... dd 12.92 –0.20 ... 17.06 14.44 SuburbanPropane SPH 8.6 10 15.04 +0.15.325 899.97 499.63 TransDigm TDG .0 53 887.93 –0.8218.50
152.89 107.40 PPG Ind PPG 1.7 27 149.35 –0.39 .65 72.73 48.72 RB Global RBA 1.7 65 63.68 +2.51 .27 47.08 22.00 SeaDrill SDRL ... 10 46.45 +1.98 ... 9.34 5.39 SumitomoMits SMFG 3.2 10 8.93 –0.09 .173 8.79 2.33 Transocean RIG ... dd 8.10 +0.29 ...
31.74 23.47 PPL PPL 3.4 28 27.89 +1.13 .24 10.79 9.94 RCF Acqn A RCFA ... 30 10.77 +0.07 ... 62.14 37.34 SealedAir SEE 1.7 17 45.94 +1.49 .20 9.09 6.01 SummitHotelProp INN 3.8 dd 6.40 –0.02 .06 14.16 4.58 TransportadGas TGS ... 14 13.70 +0.87 ...
36.41 12.11 ProgHoldings PRG ... 15 35.55 +2.63 ... 34.07 23.39 RELX RELX 2.0 32 33.48 +0.17.4661 68.19 43.83 SeaWorldEnt SEAS ... 13 52.61 –0.65 ... 38.00 22.80 SummitMaterials SUM ... 16 36.88 –0.12 ... 90.08 50.32 TransUnion TRU .5 58 80.31 +0.89 .105
11.26 9.92 ProofAcqnIA PACI ... 90 10.57 –0.03 ... 28.25 16.78 RE/MAX RMAX 4.7 cc 19.65 –0.53 .23 33.51 18.86 SelectMedical SEM 1.6 22 31.32 +1.52 .125 21.49 12.68 SummitMidstream SMLP ... dd 15.83 –0.17 ... 48.12 33.57 Travel+Leisure TNL 4.3 9 42.23 +0.41 .45
35.25 18.09 PROS PRO ... dd 33.92 +1.27 ... 16.38 9.85 REV REVG 1.5 42 13.16 +0.01 .05 9.84 5.52 SelectWater WTTR 2.4 16 8.41 +0.17 .05 172.67 117.63 SunComms SUI 2.7 81 139.74 +4.17 .93 194.51 149.65 Travelers TRV 2.3 18 172.82 +6.871.00
35.57 8.94 PSQ PSQH ... cc 21.11 +11.28 ... 383.75 227.00 RH RH ... 26 377.72 +0.75 ... 2.94 0.51 SelectQuote SLQT ... dd 1.89 +0.06 ... 52.58 37.96 SunLifeFinancial SLF 4.2 14 52.58 +1.49.5543 12.51 5.85 Tredegar TG 7.7 21 6.71 ... .13
13.78 8.75 P10 PX 1.1 64 11.51 +0.10.0325 149.65 100.96 RLI RLI .8 10 138.74 +5.40 .27 176.47 136.54 Sempra SRE 3.2 19 151.07 +2.63 1.19 10.43 5.72 SunCokeEnergy SXC 3.8 8 8.41 +0.24 .08 55.30 40.56 TreeHouseFoods THS ... cc 52.03 +1.60 ...
94.51 43.49 PVH PVH .2 27 85.92 –2.28.0375 13.49 9.27 RLJ Lodging RLJ 3.2 39 9.99 –0.08 .08 15.00 7.16 Semrush SEMR ... dd 10.04 +0.27 ... 37.23 26.43 SuncorEnergy SU 5.2 7 29.48 +0.56.385 71.48 38.68 Trex TREX ... 48 66.79 –3.10 ...
146.26 110.56 PackagingCpAm PKG 3.6 13 137.35 +3.14 1.25 3.06 0.90 RLX Tech RLX ... 20 1.50 –0.21 ... 20.98 10.44 SendasDistrib ASAI .6 17 13.09 –0.12.0358 15.40 2.97 SunlandsTech STG ... 1 4.85 +0.77 ... 34.04 14.59 TriPointe TPH ... 6 32.20 –1.47 ...
35.33 19.51 PagerDuty PD ... dd 24.22 +0.11 ... 11.40 6.10 RPC RES 1.4 7 8.70 +0.56 .04 54.34 36.64 SensataTech ST 1.0 19 46.41 +0.94 .12 4.73 0.25 SunlightFinl SUNL ... dd .44 +0.05 ... 12.19 7.19 TriconRes TCN 2.5 4 9.27 +0.17.058
19.49 7.51 PagSeguroDig PAGS ... 12 10.58 +1.14 ... 106.50 78.52 RPM RPM 1.8 23 92.95 +1.64 .42 89.34 62.86 SensientTech SXT 2.5 20 65.39 –3.46 .41 31.47 12.46 SunnovaEnergy NOVA ... dd 21.44 +0.43 ... 111.85 60.61 TriNet TNET ... 18 96.80 +1.60 ...
19.00 5.92 PalantirTech PLTR ... dd 16.43 +0.03 ... 11.39 7.28 RPT Realty RPT 5.1 14 11.00 +0.17 .14 30.00 12.43 SentinelOne S ... dd 14.94 +0.48 ... 48.59 37.10 Sunoco SUN 7.5 12 44.78 +0.26.842 31.68 20.07 TrinityIndustries TRN 4.1 30 25.49 –0.13 .26
45.50 20.05 PampaEnergia PAM ... 6 44.62 +1.84 ... 25.50 14.75 RXO RXO ... 46 21.10 +0.73 ... 4.17 1.86 SequansComms SQNS ... ... 2.34 +0.07 ... 12.33 8.60 SunstoneHotel SHO 2.0 26 9.82 –0.16 .05 43.94 11.79 Trinseo TSE .2 dd 17.88 +0.64 .01
21.52 13.40 PanAmerSilver PAAS 2.4 dd 16.36 +0.47 .10 26.74 17.84 RadianGroup RDN 3.4 6 26.44 +0.73.225 14.52 7.11 SeritageGrowth SRG ... dd 9.32 +0.03 ... 5.67 2.57 SuperGroup SGHC ... ... 3.38 +0.41 ... 17.33 10.36 TripleFlagPrecMtl TFPM 1.4 41 13.95 –0.03 .05
30.49 14.42 ParPacific PARR ... 2 29.37 +2.52 ... 2.63 1.55 Rafael RFL ... dd 2.00 –0.10 ... 75.11 56.85 ServiceCorp SCI 1.6 22 66.81 –0.27 .27 7.38 2.88 SuperiorIndsIntl SUP ... dd 3.74 +0.10 ... 14.90 9.41 TriplePtVent TPVG13.1 dd 12.23 +0.08 .40
46 BARRON’S July 24, 2023
8.97 5.36 UnitedMicro UMC 6.3 7 7.18 –0.63.586 17.42 10.07 WesternUnion WU 7.7 6 12.19 +0.10.235 23.49 3.09 Altimmune ALT ... dd 3.14 –0.14 ... 48.48 23.09 ArrowheadPharm ARWR ... dd 36.08 +1.48 ...
3.45 0.75 AchillesTherap ACHL ... dd 1.11 +0.12 ...
48.26 19.36 UnitedNatFoods UNFI ... 10 20.65 +0.51 ... 130.39 81.29 Westlake WLK 1.1 9 129.88 +4.11 .357 17.67 3.52 AltisourcePortf ASPS ... dd 6.27 +1.08 ... 11.74 9.90 ArtemisStratInvt ARTE ... 37 10.57 –0.01 ...
18.96 5.77 AclarisTherap ACRS ... dd 10.62 –0.33 ... 14.60 5.52 Alvotech ALVO ... dd 9.90 +0.24 ...
209.39 154.87 UPS B UPS 3.5 15 187.30 +2.04 1.62 43.37 26.84 WestRock WRK 3.6 dd 30.36 +0.63.275 9.07 3.27 Arteris AIP ... dd 6.99 –0.53 ...
24.80 5.22 AcordaTherap ACOR ... dd 16.77 +1.29 ... 27.33 14.05 AmalgamFin AMAL 2.1 7 19.28 +2.15 .10 63.00 45.44 ArtesianRscs A ARTNA 2.3 27 49.02 +0.82.284
481.99 256.23 UnitedRentals URI 1.3 14 450.43 +4.981.48 15.56 9.45 Westwood WHG 4.9 dd 12.14 +0.79 .15 25.47 8.06 AcrivonTherap ACRV ... dd 12.80 +0.39 ... 2.23 1.04 Amarin AMRN ... dd 1.12 –0.12 ... 58.58 21.21 Arvinas ARVN ... dd 23.92 –0.24 ...
49.95 27.27 US Bancorp USB 5.0 11 38.42 +3.09 .48 5.94 0.16 WeWork WE ... dd .27 –0.01 ... 93.67 70.94 ActivisionBliz ATVI 1.1 34 91.91 +1.84 .99 146.57 81.43 Amazon.com AMZN ... cc 130.00 –4.68 ... 134.53 64.33 AscendisPharma ASND ... dd 89.25 +2.72 ...
31.55 17.89 US Steel X .8 4 24.22 –0.29 .05 37.37 27.37 Weyerhaeuser WY 2.2 20 34.38 +0.30 .19 11.31 3.52 AcumenPharm ABOS ... dd 7.40 +1.12 ... 99.86 49.02 Ambarella AMBA ... dd 79.05 –2.96 ... 18.00 8.12 AscentIndustries ACNT ... 14 8.73 –0.08 ...
558.10 445.68 UnitedHealth UNH 1.5 23 506.53 +26.36 1.88 52.76 28.62 WheatonPrecMet WPM 1.4 32 44.19 –0.53 .15 1.96 0.62 AcutusMedical AFIB ... dd .75 –0.05 ... 16.86 0.38 AmbrxBio AMAM ... dd 15.03 +0.30 ... 263.59 161.32 AspenTech AZPN ... dd 172.07 –5.40 ...
58.63 21.22 UnitySoftware U ... dd 44.49 +0.15 ... 28.80 0.98 WheelsUp UP ... dd 2.31 +0.76 ... 2.10 0.90 Adagene ADAG ... dd 1.37 –0.09 ... 99.75 78.02 Amdocs DOX 1.8 22 94.37 –2.71 .435 2.38 0.77 AssemblyBiosci ASMB ... dd 1.09 +0.01 ...
36.03 21.49 Univar UNVR ... 13 35.93 +0.13 ... 178.05 124.10 Whirlpool WHR 4.7 dd 149.73 –4.06 1.75 2.65 0.88 AdaptimmuneTher ADAP ... dd .94 +0.04 ... 131.32 69.36 Amedisys AMED ... 27 91.22 +0.24 ... 49.56 31.04 AstecIndustries ASTE 1.1 cc 47.20 +0.50 .13
57.83 43.64 Universal UVV 6.6 10 48.57 –1.01 .80 1595.06 1172.00 WhiteMtnIns WTM .1 63 1580.02 +78.951.00 13.21 5.96 AdaptiveBiotech ADPT ... dd 8.08 +0.91 ... 31.09 15.79 AmerantBncpA AMTB 1.9 10 19.41 +1.01 .09 76.56 52.65 AstraZeneca AZN 2.0 46 69.34 +1.96 .985
57.52 40.92 UniversalHealth UHT 5.9 33 48.80 +0.35 .72 11.40 8.15 WhitestoneREIT WSR 4.8 16 10.07 +0.26 .04 114.99 77.30 AddusHomeCare ADUS ... 30 91.54 +1.29 ... 19.08 11.65 AmerAirlines AAL ... 5 17.42 –0.72 ... 16.28 3.34 AstriaTherap ATXS ... dd 9.67 +0.41 ...
158.57 82.50 UniversalHealthB UHS .5 16 148.51 –5.17 .20 20.96 7.26 WideOpenWest WOW ... dd 8.00 –0.37 ... 12.11 6.52 Adeia ADEA 1.7 dd 11.59 +0.12 .05 105.60 80.30 AEP AEP 3.8 23 87.93 +0.71 .83 22.44 7.46 Astronics ATRO ... dd 21.52 +3.23 ...
20.15 8.39 UnivInsurance UVE 4.1 dd 15.59 +0.42 .16 54.15 30.05 Wiley A WLY 4.2 cc 33.43 –1.09 .35 21.87 1.98 AdicetBio ACET ... dd 2.94 –0.14 ... 38.83 25.26 AmNtlBcsh AMNB 3.9 10 31.06 +1.34 .30 17.21 10.97 AstroNova ALOT ... 34 14.31 +0.10 ...
539.00 274.73 Adobe ADBE ... 50 520.23 +5.40 ... 11.60 6.97 AmOutdoorBrands AOUT ... dd 8.95 +0.05 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
8.31 5.27 UnvlTechInst UTI ... 89 7.16 +0.27 ... 52.11 29.61 Wiley B WLYB 4.0 cc 34.81 +0.48 .35 5.94 1.45 AtaraBiotherap ATRA ... dd 2.10 +0.27 ...
6.43 1.17 AdvEmissions ADES ... dd 2.50 +0.91 ... 16.58 3.76 AmericanPubEdu APEI ... dd 4.78 +0.09 ...
49.50 31.26 UnumGroup UNM 2.7 7 48.71 +1.44.365 35.79 27.80 Williams WMB 5.3 16 33.85 +0.47.4475 9.79 2.94 AteaPharm AVIR ... dd 3.66 +0.02 ...
122.31 68.00 AdvEnergyInds AEIS .3 23 116.88 +0.29 .10 19.34 10.11 AmerSoftware AMSWA 4.2 34 10.51 –0.14 .11
9.50 1.25 UpHealth UPH ... dd 1.59 –0.21 ... 176.89 109.22 Williams-Sonoma WSM 2.8 8 128.77 +1.94 .90 4.41 2.22 AthiraPharma ATHA ... dd 3.16 +0.09 ...
132.83 54.57 AdvMicroDevices AMD ... cc 110.95 –4.99 ... 8.30 3.20 AmerSupercond AMSC ... dd 7.31 +0.77 ...
17.54 12.91 UrbanEdgeProp UE 3.8 cc 16.93 +0.71 .16 70.53 50.82 Winnebago WGO 1.6 9 66.57 –1.90 .27 50.15 37.80 AtlantaBravesC BATRK ... ... 37.98 ... ...
4.64 1.13 AdvantageSolns ADV ... dd 2.50 –0.02 ... 77.93 41.05 AmericanWoodmark AMWD ... 13 74.11 –0.17 ...
22.85 14.76 UrstadtBiddle UBP 3.3 35 22.70 +0.90.1875 5.54 4.32 Wipro WIT 1.4 19 4.95 +0.03.1225 54.94 42.76 AtlantaBravesA BATRA ... ... 43.43 ... ...
11.50 1.16 Aemetis AMTX ... dd 7.43 +0.21 ... 127.96 52.24 AmerCarMart CRMT ... 37 112.05 +8.35 ...
22.97 15.07 UrstadtBiddleA UBA 3.7 35 22.78 +0.86.2083 7.49 4.60 WisdomTree WT 1.7 17 7.16 +0.11 .03 3.20 1.80 AtlanticAmerican AAME ... dd 1.85 +0.03 ...
30.79 13.81 AerovateTherap AVTE ... dd 16.99 –1.26 ... 54.24 28.33 AmerisBancorp ABCB 1.5 8 39.76 +3.26 .15
19.98 13.85 UtzBrands UTZ 1.3 cc 17.02 +0.85.057 125.48 39.02 Wolfspeed WOLF ... dd 63.16 –1.31 ... 11.12 9.79 AtlCoastal II A ACAB ... 98 10.42 –0.03 ...
112.39 74.91 AeroVironment AVAV ... dd 96.47 +0.02 ... 4.12 2.41 AmeriServFin ASRV 4.2 11 2.88 +0.40 .03
24.08 9.60 WolverineWwide WWW 3.3 dd 12.25 –0.93 .10 36.35 22.64 AtlanticaSust AY 7.4 dd 24.15 +0.43.445
V 3.40 0.52 Affimed AFMD ... dd .62 –0.01 ... 296.67 211.71 Amgen AMGN 3.6 16 234.82 +7.39 2.13
26.93 19.11 WoodsideEnergy WDS 10.1 6 24.73 +0.391.44 43.70 21.65 Atlanticus ATLC ... 8 40.53 –1.50 ...
40.97 8.62 AffirmHldgs AFRM ... dd 17.12 +0.73 ... 13.85 9.10 AmicusTherap FOLD ... dd 13.65 +0.25 ...
33.09 22.18 WooriFin WF 7.9 3 27.43 –0.53 .316 300.29 113.86 Atlassian TEAM ... dd 174.42 –4.55 ...
48.63 16.77 VF VFC 6.2 64 19.39 +0.20 .30 17.02 9.33 Afya AFYA ... 21 15.88 +0.54 ... 31.38 16.13 AmkorTech AMKR 1.1 11 27.99 –1.21 .075 29.40 11.02 AtourLifestyle ATAT ... cc 18.61 –0.70 ...
4.00 1.25 ViaOptronics VIAO ... dd 2.10 –0.05 ... 108.00 59.66 Workiva WK ... dd 105.38 +1.14 ... 88.16 38.32 Agilysys AGYS ... cc 68.20 –2.02 ... 63.72 26.76 AmphastarPharm AMPH ... 35 61.62 +5.75 ... 2.80 0.76 Atreca BCEL ... dd 1.12 +0.15 ...
35.69 29.29 VICI Prop VICI 4.8 23 32.79 +1.28 .39 30.65 19.78 WorldKinect WKC 2.4 13 23.01 +1.09 .14 34.76 19.43 AgiosPharm AGIO ... dd 27.52 +0.30 ... 13.45 6.92 AmtechSystems ASYS ... 10 10.15 +0.04 ... 54.75 32.51 AtriCure ATRC ... dd 54.12 +1.38 ...
13.84 6.32 Vizio VZIO ... cc 7.28 –0.25 ... 112.22 65.04 WW Ent WWE .5 55 105.87 –2.16 .12 5.57 2.38 Agora API ... dd 3.02 –0.16 ... 41.93 15.80 AmylyxPharm AMLX ... dd 22.55 –0.11 ... 705.74 500.00 Atrion ATRI 1.5 34 578.00 +28.10 2.15
13.70 6.01 VOC Energy VOC 11.9 7 8.70 +0.29 .21 72.31 38.01 WorthingtonInds WOR 1.8 14 71.13 +0.67 .32 28.95 14.54 AirT AIRT ... dd 23.98 –0.93 ... 4.86 0.55 Amyris AMRS ... dd .93 –0.08 ... 29.02 18.80 AuburnNatlBncp AUBN 5.1 7 21.31 –0.20 .27
81.00 58.82 WyndhamHtls WH 1.9 21 74.91 +1.14 .35 34.00 14.39 AirTransportSvcs ATSG ... 10 19.77 +0.45 ... 199.44 133.48 AnalogDevices ADI 1.8 27 191.96 –0.01 .86 24.58 8.05 AudioCodes AUDC 3.7 16 9.77 –0.14 .18
5.87 2.82 VTEX VTEX ... ... 5.50 +0.43 ...
149.99 81.91 Airbnb ABNB ... 50 148.77 +5.43 ... 32.44 17.96 AnaptysBio ANAB ... dd 18.12 –0.35 ... 24.83 8.13 AuraBiosciences AURA ... dd 11.81 –0.40 ...
51.00 29.55 V2X VVX ... dd 49.62 +0.38 ... XYZ 11.75 2.69 AirSculptTech AIRS .0 dd 8.93 –0.53 .41 15.24 7.44 AnavexLifeSci AVXL ... dd 8.11 –0.31 ... 11.64 9.90 AuraFatProjectsA AFAR ... 56 10.64 +0.07 ...
6.04 3.51 VaalcoEnergy EGY 4.5 8 4.23 +0.26.0625 98.81 70.65 AkamaiTech AKAM ... 32 92.38 +0.06 ...
269.50 201.91 VailResorts MTN 3.4 33 240.81 –3.972.06 4.83 1.62 XFinancial XYF ... 2 4.41 –0.07 ... 48.84 30.00 Andersons ANDE 1.5 15 47.77 +1.12 .185 12.13 4.07 AuriniaPharm AUPH ... dd 10.94 –0.18 ...
58.38 10.00 AkeroTherap AKRO ... dd 43.70 –1.87 ... 4.08 0.72 Anghami ANGH ... dd 1.13 +0.05 ... 1.94 0.49 AuroraCannabis ACB ... dd .51 –0.03 ...
80.00 41.70 Valaris VAL ... 21 74.00 +5.33 ... 69.29 24.75 XPO XPO ... 40 65.84 +5.12 ... 16.57 4.28 Akoya AKYA ... dd 7.13 +0.15 ... 6.31 1.81 Angi ANGI ... dd 3.89 +0.13 ... 3.54 1.10 AuroraInnov AUR ... dd 2.72 –0.45 ...
19.31 11.72 Vale VALE 7.3 4 14.19 –0.10.347 18.46 11.40 XeniaHotels XHR 3.2 21 12.49 –0.02 .10 78.99 44.92 Alarm.com ALRM ... 45 52.50 –1.87 ... 24.74 8.18 AngioDynamics ANGO ... dd 8.65 –0.98 ... 11.57 9.94 AuroraTechA ATAK ... 92 10.70 +0.05 ...
5.99 2.23 ValensSemicon VLN ... dd 2.61 +0.15 ... 7.90 2.95 XinyuanRealEst XIN ... dd 3.14 –0.19 ... 10.25 10.18 AlchemyInv1 A ALCY ... ... 10.18 –0.06 ... 32.51 21.44 AnikaTherap ANIK ... dd 25.34 +0.40 ...
150.39 97.73 ValeroEnergy VLO 3.3 3 122.99 +9.51 1.02 26.78 6.18 XPeng XPEV ... dd 14.56 +0.54 ... 0.17 0.05 AuroraTechRt ATAKR ... ... .14 +0.02 ...
13.50 5.65 Alector ALEC ... dd 6.68 +0.20 ... 7.65 2.07 Annexon ANNX ... dd 3.28 –0.41 ... 235.01 179.61 Autodesk ADSK ... 54 209.90 –4.24 ...
53.73 12.13 Valhi VHI 2.1 11 15.35 +1.06 .08 26.00 8.15 Xperi XPER ... dd 12.70 –0.24 ... 9.94 5.64 AlgomaSteel ASTL 2.8 9 7.16 –0.20 .05 94.75 33.56 ApellisPharm APLS ... dd 34.39 –50.11 ... 3.79 1.60 AutolusTherap AUTL ... dd 2.87 +0.41 ...
353.36 246.49 ValmontInds VMI .9 23 276.01 –1.51 .60 33.58 12.32 XponentialFit XPOF ... dd 19.61 –0.24 ... 36.63 22.58 Alico ALCO .8 dd 25.80 +0.20 .05 49.65 36.62 ApogeeEnt APOG 2.1 10 45.82 –1.72 .24 274.92 201.46 ADP ADP 2.1 30 237.69 +8.22 1.25
39.67 24.40 Valvoline VVV .0 dd 38.41 +0.46 .125 118.58 82.81 Xylem XYL 1.2 55 113.77 +4.32 .33 371.99 172.05 AlignTech ALGN ... 83 337.37 –29.51 ... 21.96 19.99 ApogeeTherap APGE ... ... 20.40 –0.83 ... 16.85 4.16 AvadelPharm AVDL ... dd 13.87 –1.52 ...
2.96 0.35 Vapotherm VAPO ... dd .41 +0.06 ... 55.15 27.86 Yeti YETI ... 48 41.29 –1.30 ... 19.17 4.88 AlignmentHlthcr ALHC ... dd 6.11 +0.76 ... 49.00 3.71 ApollomicsA APLM ... dd 5.55 –0.04 ... 30.23 17.94 Avantax AVTA ... dd 25.68 +0.50 ...
14.39 8.64 VectorGroup VGR 6.2 13 12.81 –0.37 .20 15.98 2.89 YPF YPF ... 3 15.46 +0.98 ... 2.41 0.84 AligosTherap ALGS ... dd .96 –0.08 ... 195.90 93.02 AppFolio APPF ... dd 183.97 –4.52 ... 2.45 0.67 AveannaHealth AVAH ... dd 1.77 +0.21 ...
232.26 151.02 VeevaSystems VEEV ... 62 199.71 –8.98 ... 5.57 3.00 Yalla YALA ... 11 5.19 +0.09 ... 7.92 1.30 AlimeraSciences ALIM ... dd 3.51 –0.24 ... 4.34 0.32 AppHarvest APPH ... dd .34 –0.01 ... 6.93 3.40 AvePoint AVPT ... dd 6.06 +0.22 ...
5.96 1.50 Velo3D VLD ... 15 2.25 +0.06 ... 1.82 0.82 YatsenHolding YSG ... dd 1.20 –0.07 ... 17.72 10.70 AlkamiTech ALKT ... dd 16.33 –0.53 ... 57.47 29.80 Appian APPN ... dd 48.55 –1.92 ... 39.80 21.15 AviatNetworks AVNW ... 29 31.28 +0.31 ...
13.60 7.81 VelocityFinl VEL ... 11 12.16 +0.32 ... 43.99 25.30 Yelp YELP ... 82 41.16 +3.03 ... 33.71 21.75 Alkermes ALKS ... dd 31.92 +1.48 ... 198.23 124.17 Apple AAPL .5 33 191.94 +1.25 .24 33.41 19.78 AvidTechnology AVID ... 25 25.02 –1.70 ...
54.11 35.33 Ventas VTR 3.6 dd 49.53 +1.46 .45 14.35 4.00 Yext YEXT ... dd 9.46 –0.88 ... 8.73 3.11 Allakos ALLK ... dd 4.83 +0.18 ... 11.62 1.45 AppliedDigital APLD ... dd 7.72 +0.25 ... 25.74 9.83 AvidityBio RNA ... dd 10.03 –0.80 ...
17.69 10.22 VerisResidential VRE ... dd 17.06 +0.39 ... 3.85 0.67 YirenDigital YRD ... ... 2.35 –0.09 ... 5.74 1.03 Allbirds BIRD ... dd 1.66 +0.38 ... 146.69 71.12 ApplMaterials AMAT .9 18 136.40 –6.34 .32 12.34 6.23 AvidXchange AVDX ... dd 11.95 +0.84 ...
161.84 94.50 Veritiv VRTV 1.9 6 134.90 +5.77 .63 10.00 3.03 Youdao DAO ... dd 4.37 –0.43 ... 130.93 62.94 AllegiantTravel ALGT ... 36 129.49 +4.96 ... 2.34 0.21 AppliedMolecular AMTI ... dd .33 +0.02 ... 251.26 131.83 AvisBudget CAR ... 4 226.34 –8.10 ...
46.50 31.25 Verizon VZ 7.7 7 33.88 –0.13.6525 143.25 103.97 Yum!Brands YUM 1.8 32 137.54 +1.98.605 53.05 19.80 AllegroMicro ALGM ... 51 49.55 –0.32 ... 11.48 1.60 AppliedOptoelec AAOI ... dd 7.91 –1.23 ... 51.00 35.45 Avnet AVT 2.5 5 47.32 –1.83 .29
30.17 10.75 VermilionEnergy VET 2.0 2 13.40 +0.63.0734 64.70 38.59 YumChina YUMC .9 39 58.26 –1.75 .13 27.63 17.05 AllianceResource ARLP14.8 3 18.93 +0.48 .70 2.18 0.50 AppliedTherap APLT ... dd 1.43 +0.05 ... 2.50 1.32 Aware AWRE ... dd 1.58 –0.03 ...
11.58 1.41 VerticalAerospace EVTL ... dd 1.76 –0.01 ... 53.59 11.78 ZimIntShipping ZIM 123.1 1 13.77 +1.036.40 64.62 47.19 AlliantEnergy LNT 3.2 21 55.74 +1.58.4525 40.56 9.14 Applovin APP ... dd 28.10 –0.05 ... 193.61 49.78 AxcelisTechs ACLS ... 31 175.52 –4.33 ...
44.88 24.41 AlliedMotionTech AMOT .3 30 39.07 +1.46 .03 13.40 0.20 Appreciate SFR ... dd .29 –0.04 ... 2.74 0.16 AxcellaHealth AXLA ... dd .18 –0.01 ...
27.03 9.48 Vertiv VRT .0 85 25.68 –0.67 .01 30.05 16.27 ZTO Express ZTO .0 20 26.09 –1.03 .37
17.49 4.30 AllogeneTherap ALLO ... dd 5.40 +0.44 ... 17.30 2.00 Aptorum APM ... dd 2.03 –0.39 ... 229.95 97.86 AxonEnterprise AXON ... 96 179.96 –12.28 ...
44.25 17.10 Viad VVI ... 49 27.69 +0.35 ... 10.78 9.81 ZalatorisAcqn TCOA ... cc 10.41 +0.05 ...
5.86 2.35 Allot ALLT ... dd 2.55 –0.35 ... 10.79 10.03 APxAcqnI A APXI ... 44 10.79 +0.03 ... 79.92 47.59 Axonics AXNX ... dd 53.94 +1.91 ...
4.76 1.36 VicariousSurgical RBOT ... dd 2.03 +0.12 ... 2.19 1.05 ZeppHealth ZEPP ... dd 1.14 +0.01 ... 10.29 2.91 AlloVir ALVR ... dd 3.56 +0.06 ... 11.16 1.31 ApyxMedical APYX ... dd 5.96 –0.08 ... 91.29 35.16 AxsomeTherap AXSM ... dd 75.14 +1.51 ...
48.16 16.78 Victoria'sSecret VSCO ... 6 19.57 +0.25 ... 11.28 4.81 ZetaGlobal ZETA ... dd 8.93 –0.27 ... 242.97 135.46 AlnylamPharm ALNY ... dd 200.07 +2.97 ... 2.69 0.72 AquestiveTherap AQST ... dd 1.58 +0.02 ...
8.50 2.65 VinceHolding VNCE ... dd 3.09 +0.23 ... 5.49 2.82 ZeviaPBC ZVIA ... dd 4.19 +0.15 ... 71.34 36.01 Azenta AZTA ... dd 45.75 +0.66 ...
45.89 20.64 Alpha&Omega AOSL ... 33 31.28 –0.74 ... 2.46 0.58 Aravive ARAV ... dd 1.65 +0.04 ...
18.48 6.36 Vipshop VIPS ... 10 16.73 –0.46 ... 2.11 0.89 Zhihu ZH ... dd 1.07 –0.08 ... 3.15 1.85 ArbutusBiopharma ABUS ... dd 2.17 –0.06 ... B
8.56 2.98 VirginGalactic SPCE ... dd 3.83 +0.03 ... 149.25 102.60 ZimmerBiomet ZBH .7 67 142.23 –0.14 .24 112.44 68.00 ArcBest ARCB .4 12 109.10 +13.31 .12 20.28 9.97 BCB Bancorp BCBP 5.2 5 12.23 +0.44 .16
2.68 0.35 VirnetX VHC .0 dd .46 –0.021.00 24.05 13.68 ZipRecruiter ZIP ... 37 17.89 –0.65 ... Nasdaq Issues includes stocks traded on the Nasdaq 48.92 15.63 Arcellx ACLX ... dd 33.86 +0.50 ... 5.51 3.14 BGC BGC .8 44 4.73 +0.09 .01
245.37 174.60 Visa V .8 33 239.25 –3.91 .45 187.82 124.15 Zoetis ZTS .8 41 183.51 +11.32 .375 Global Select and Nasdaq Global Market tiers. They are 82.52 41.05 ArchCapital ACGL ... 16 82.27 +5.27 ... 36.14 21.11 BJsRestaurants BJRI ... cc 33.81 –0.45 ...
eligible for inclusion on the basis of SEC-approved
30.10 17.63 Vishay VSH 1.4 9 28.40 –0.97 .10 12.12 5.45 Zuora ZUO ... dd 10.51 –0.39 ... market value of publicly-held shares, trading volume, 66.03 1.24 Arcimoto FUV ... dd 1.43 –0.05 ... 110.85 74.40 BOK Fin BOKF 2.4 10 90.54 +4.09 .54
45.69 28.61 VishayPrecision VPG ... 14 37.56 +0.98 ... 32.86 19.29 ZurnElkayWater ZWS 1.0 76 27.33 +0.17 .07 price and number of market-makers. 17.54 7.85 ArcoPlatform ARCE ... cc 12.72 ... ... 33.34 19.26 BRP Group BRP ... dd 25.72 +2.06 ...
July 24, 2023 BARRON’S 47
6.85 1.18 BlackDiamond BDTX ... dd 4.50 –0.35 ... 51.48 33.52 CassInfoSys CASS 3.0 17 39.14 +0.99 .29 221.82 135.81 Corvel CRVL ... 57 213.59 +11.95 ... 21.54 9.93 EasternBankshares EBC 2.9 dd 13.64 +0.65 .10 11.00 7.61 FinWiseBancorp FINW ... 6 8.95 +0.06 ...
78.71 43.54 Blackbaud BLKB ... dd 74.48 –2.08 ... 36.10 9.26 CastleBiosci CSTL ... dd 16.73 +0.78 ... 4.19 0.61 CorvusPharm CRVS ... dd 2.76 +0.30 ... 24.35 15.30 Eastern EML 2.4 12 18.50 +0.60 .11 15.89 10.07 FirstAdvantage FA ... 44 15.61 +0.32 ...
77.90 48.73 BlackLine BL ... dd 54.82 –0.17 ... 47.30 27.24 CathayGenBncp CATY 3.8 7 35.64 +2.14 .34 92.36 60.27 CoStar CSGP ... 99 90.68 +1.39 ... 18.70 2.52 EbangIntl EBON ... dd 9.97 –0.64 ... 49.00 26.26 FirstBancorpNC FBNC 2.6 10 33.55 +1.83 .22
4.03 3.03 BlackRockCapInvt BKCC11.6 39 3.46 ... .10 318.00 193.91 CavcoIndustries CVCO ... 11 288.14 –10.59 ... 564.75 447.90 Costco COST .7 41 557.86 +11.16 1.02 52.23 35.92 eBay EBAY 2.1 40 48.34 +1.84 .25 32.05 22.50 FirstBancorp FNLC 5.3 8 26.50 +1.55 .35
14.33 9.60 BlkRkTCPCap TCPC11.7 cc 11.65 +0.31 .34 16.73 7.21 CECO Env CECO ... 27 12.80 –0.12 ... 22.50 10.19 Couchbase BASE ... dd 15.84 +0.89 ... 30.44 11.75 Ebix EBIX 1.1 15 26.22 +1.47 .075 35.90 22.82 FirstBancshares FBMS 3.0 12 29.55 +2.29 .22
11.05 9.76 bleuacaciaA BLEU ... 64 10.56 +0.32 ... 7.64 3.80 CellebriteDI CLBT ... 64 7.61 +0.63 ... 47.28 27.06 CovenantLogist CVLG .8 7 46.33 +2.46 .11 21.06 14.67 EchoStar SATS ... 14 19.14 +0.44 ... 16.76 8.59 FirstBank FRBA 2.0 7 11.87 –0.09 .06
0.14 0.01 bleuacaciaRt BLEUR ... ... .06 –0.03 ... 4.10 1.68 Cellectis CLLS ... dd 2.86 +0.62 ... 121.17 88.72 CrackerBarrel CBRL 5.4 23 96.11 +2.06 1.30 14.33 5.53 EdgewiseTherap EWTX ... dd 7.69 +0.47 ... 27.98 16.26 FirstBusey BUSE 4.4 9 21.89 +0.75 .24
12.80 9.96 BlockchainCoinIA BCSA ... cc 10.88 +0.17 ... 8.65 3.00 CentessaPharm CNTA ... dd 7.30 –0.27 ... 7.20 3.89 CreativeMedia CMCT 7.2 dd 4.75 –0.19 .085 3.88 0.45 Edgio EGIO ... dd .77 –0.03 ... 39.88 24.57 FirstBusFinSvcs FBIZ 2.8 7 32.11 +2.77.2275
28.67 17.67 BloominBrands BLMN 3.5 24 27.80 +0.50 .24 2.52 0.61 Centogene CNTG ... ... 1.14 –0.33 ... 617.44 358.00 CreditAcceptance CACC ... 17 546.69 –7.15 ... 19.97 6.33 EditasMedicine EDIT ... dd 8.94 +0.33 ... 1386.07 505.84 FirstCitizBcshA FCNCA .2 2 1365.52 +47.75 .75
28.80 7.14 BlueBird BLBD ... dd 21.53 –1.09 ... 45.78 35.60 CentralGarden CENT ... 19 40.34 +1.02 ... 19.46 7.20 CredoTech CRDO ... dd 16.32 –0.58 ... 4.00 1.00 EducDev EDUC ... dd 1.55 +0.34 ... 39.39 22.55 FirstCommBkshs FCBC 3.6 11 31.90 +0.99 .29
13.17 8.14 BlueFoundryBncp BLFY ... cc 9.99 +0.12 ... 43.17 33.69 CentralGardenA CENTA ... 18 38.07 +0.91 ... 18.20 12.55 CrescentCapBDC CCAP10.0 75 16.42 +0.22 .41 19.86 3.32 EHang EH ... dd 17.12 –1.22 ... 26.72 17.99 FirstFinBncpOH FFBC 4.0 8 22.72 +0.82 .23
10.94 9.95 BlueOceanA BOCN ... 31 10.63 +0.03 ... 12.97 5.27 CenturyAluminum CENX ... dd 8.82 +0.09 ... 9.59 4.44 Cresud CRESY .0 12 8.17 +0.31.1326 10.57 2.67 eHealth EHTH ... dd 7.57 –0.29 ... 47.26 25.01 FirstFinBkshs FFIN 2.4 20 30.46 +1.73 .18
10.96 9.94 BlueWorldA BWAQ ... 80 10.69 +0.05 ... 14.00 2.81 CenturyTherap IPSC ... dd 3.12 +0.11 ... 17.89 6.02 Cricut CRCT .0 58 12.29 –0.10 1.00 9.89 0.53 EigerBioPharma EIGR ... dd .78 ... ... 49.90 31.00 FirstFinIN THFF 3.0 7 35.98 +1.92 .54
0.73 0.02 BlueWorldRt BWAQR ... ... .13 –0.02 ... 2.87 1.55 Ceragon CRNT ... dd 2.11 –0.12 ... 24.58 15.23 CrineticsPharm CRNX ... dd 18.71 –1.66 ... 6.49 2.50 8x8 EGHT ... dd 4.34 –0.17 ... 15.89 9.70 FirstFinNW FFNW 4.6 9 11.42 +0.17 .13
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
8.58 2.78 bluebirdbio BLUE ... dd 4.05 +1.02 ... 36.79 12.82 Cerence CRNC ... dd 25.00 –2.12 ... 36.76 22.41 Criteo CRTO ... dd 32.77 –1.24 ... 22.93 3.20 89bio ETNB ... dd 17.43 –0.82 ... 22.01 3.69 FirstFoundation FFWM 1.6 3 5.03 +0.60 .02
79.40 37.82 BlueprintMed BPMC ... dd 58.14 +0.53 ... 24.96 10.60 Certara CERT ... cc 19.38 +0.13 ... 10.82 9.88 CrixusBH3 A BHAC ... 38 10.36 –0.01 ... 13.00 8.15 ElPolloLoco LOCO .0 16 10.17 +0.21 1.50 26.27 11.09 FirstGuarBcshs FGBI 5.3 6 12.12 +0.38 .16
2.68 1.18 BoltBiotherap BOLT ... dd 1.38 +0.02 ... 5.93 1.76 Cerus CERS ... dd 2.88 +0.46 ... 151.32 57.38 Crocs CROX ... 12 122.81 –1.23 ... 244.80 162.01 ElbitSystems ESLT .9 34 215.85 +8.62 .50 28.28 15.08 FirstHawaiian FHB 5.0 10 20.94 +1.70 .26
2998.00 1616.85 Booking BKNG ... 29 2923.24 +56.32 ... 10.99 9.65 ChainBridgeIA CBRG ... 27 10.51 –0.01 ... 3.62 1.66 Cronos CRON ... dd 1.85 –0.06 ... 140.30 108.53 ElectronicArts EA .6 48 137.06 –0.28 .19 39.19 9.68 FirstInternetBncp INBK 1.3 8 18.23 +2.13 .06
34.46 11.84 BowmanConsult BWMN ... cc 31.83 +0.48 ... 34.85 17.83 ChampionX CHX 1.0 39 34.80 +0.76 .085 40.12 20.35 CrossCtyHlthcr CCRN ... 7 27.45 +0.27 ... 5.89 0.72 ElevationOnc ELEV ... dd 1.56 +0.07 ... 46.34 21.03 FirstInterBanc FIBK 7.1 10 26.31 +1.45 .47
7.08 2.89 BraggGaming BRAG ... dd 4.50 +0.70 ... 3.46 0.77 ChargeEnt CRGE ... dd 1.01 +0.06 ... 14.79 9.29 CrossFirstBkshs CFB ... 9 11.20 +0.36 ... 24.39 4.60 ElicioTherap ELTX ... dd 9.95 –0.38 ... 45.04 24.52 FirstMerchants FRME 4.3 8 31.79 +2.20 .34
7.00 1.38 Brainsway BWAY ... dd 2.40 –0.08 ... 493.28 297.66 CharterComms CHTR ... 13 394.47 +19.00 ... 205.73 92.25 CrowdStrike CRWD ... dd 150.90 +1.50 ... 4.75 2.21 EliemTherap ELYM ... dd 2.73 –0.10 ... 39.60 21.77 FirstMidBcshs FMBH 3.2 8 28.60 +2.24 .23
50.97 22.54 Braze BRZE ... dd 43.62 +1.23 ... 135.93 107.54 CheckPoint CHKP ... 20 128.50 +2.98 ... 5.10 0.35 CueHealth HLTH ... dd .44 +0.02 ... 26.20 2.02 EmbarkTech EMBK ... dd 2.84 –0.03 ... 17.25 9.94 FirstNWBncp FNWB 2.2 7 12.87 +0.92 .07
36.36 6.55 BridgeBioPharma BBIO ... dd 34.13 +15.91 ... 41.28 26.86 Cheesecake CAKE 2.9 39 36.86 +1.03 .27 15.27 7.78 CullinanOncology CGEM ... 9 10.47 –1.25 ... 36.64 19.52 Embecta EMBC 2.9 12 20.44 –0.90 .15 232.00 71.08 FirstSolar FSLR ... cc 197.91 +6.61 ...
25.90 3.26 BridgerAerospace BAER ... dd 5.60 –0.01 ... 39.54 28.70 ChefsWarehouse CHEF ... 58 37.63 +1.18 ... 2.91 1.43 CumberlandPharm CPIX ... dd 1.55 +0.05 ... 11.69 9.96 EmbraceChange EMCG ... 93 10.64 +0.03 ... 59.94 38.77 1stSource SRCE 2.8 9 45.38 +2.35 .32
15.38 10.71 BridgfordFoods BRID ... 2 11.95 +0.38 ... 53.43 33.72 ChemungFinl CHMG 3.1 7 40.24 +1.94 .31 10.18 2.57 CumulusMedia CMLS ... dd 4.86 +0.24 ... 0.92 0.08 EmbraceChangeRt EMCGR ... ... .13 +0.01 ... 20.94 12.56 FirstUnited FUNC 4.9 5 16.36 +0.06 .20
7.39 3.28 Brightcove BCOV ... dd 3.91 –0.07 ... 10.89 9.99 ChengheAcqnA CHEA ... 80 10.82 +0.10 ... 14.31 5.63 CureVac CVAC ... dd 9.39 –0.50 ... 3.49 0.64 Emcore EMKR ... dd .73 –0.16 ... 19.20 12.75 FirstWatchRest FWRG ... 97 18.68 +0.31 ...
60.54 39.24 BrighthouseFin BHF ... dd 50.38 +2.08 ... 107.31 69.68 ChesapeakeEner CHK 2.6 2 83.09 +1.97 .63 54.04 13.21 Cutera CUTR ... dd 16.29 +0.46 ... 28.37 20.84 Enact ACT 2.4 6 26.50 +0.01 .14 30.70 13.00 FirstWesternFin MYFW ... 10 21.22 +2.57 ...
9.45 3.25 BrilliantEarthA BRLT ... cc 4.15 +0.21 ... 16.65 12.91 ChicagoAtlRealEst REFI 12.5 8 15.05 –0.11 .47 19.94 6.57 CVRx CVRX ... dd 16.83 +0.81 ... 76.36 18.24 EnantaPharma ENTA ... dd 18.80 –0.42 ... 105.68 63.43 FirstCash FCFS 1.4 17 97.46 +2.65 .33
12.36 10.02 BroadCapital BRACU ... ... 10.87 +0.05 ... 15.89 1.05 ChickenSoupA CSSE ... dd 1.10 +0.02 ... 169.34 113.19 CyberArkSoftware CYBR ... dd 153.09 –9.29 ... 72.73 42.50 EncoreCapital ECPG ... 46 52.73 +0.90 ... 1.80 0.56 FirsthandTechVal SVVC ... dd .62 –0.07 ...
0.33 0.08 BroadCapitalRt BRACR ... ... .17 –0.03 ... 13.02 2.27 ChijetMotor CJET ... 62 3.27 –0.98 ... 12.33 3.02 CymaBayTherap CBAY ... dd 11.58 –0.01 ... 206.74 108.32 EncoreWire WIRE .0 5 163.41 –12.72 .02 160.95 112.44 FirstService FSV .6 57 156.97 –2.77 .225
921.78 415.07 Broadcom AVGO 2.1 28 896.75 +8.174.60 57.00 14.27 Children'sPlace PLCE ... dd 27.76 +0.66 ... 3.97 1.13 CyteirTherap CYT ... dd 2.76 +0.02 ... 11.36 10.07 EnergemA ENCP ... cc 10.98 +0.05 ... 220.19 113.81 FiveBelow FIVE ... 42 200.87 +1.90 ...
15.50 7.00 BrooklineBcp BRKL 5.4 8 10.03 +0.52 .135 2.90 1.09 Chimerix CMRX ... 1 1.20 +0.01 ... 16.05 6.45 CytekBiosci CTKB ... dd 8.90 –0.11 ... 30.76 17.32 EnergyRecovery ERII ... cc 29.92 +0.85 ... 21.12 2.47 5EAdvMatls FEAM ... dd 3.75 +0.17 ...
84.84 48.42 Bruker BRKR .3 36 75.37 +1.28 .05 9.21 4.86 Chindata CD ... 24 7.87 –0.13 ... 55.80 32.26 Cytokinetics CYTK ... dd 32.72 –2.21 ... 20.44 15.33 EnlightRenewableEn ENLT ... 82 19.40 +0.50 ... 120.39 46.61 Five9 FIVN ... dd 85.98 +0.28 ...
39.33 14.74 Bumble BMBL ... dd 18.68 –1.14 ... 39.54 17.72 ChinookTherap KDNY ... dd 38.90 –0.33 ... 3.02 1.17 CytomXTherap CTMX ... dd 1.79 –0.03 ... 25.34 4.40 EnlivenTherap ELVN ... 85 19.23 +1.15 ... 31.35 17.74 FiveStarBncp FSBC 2.7 8 23.77 +1.59 .20
3.60 0.95 BurgerFiIntl BFI ... dd 1.85 +0.14 ... 27.24 17.50 ChipMOSTechs IMOS 5.0 11 22.93 +0.041.5007 26.30 6.50 Enovix ENVX ... dd 19.48 –1.07 ... 28.90 14.93 Flex FLEX ... 17 28.40 +0.50 ...
D 339.92 152.15 EnphaseEnergy ENPH ... 52 177.48 –0.46 ... 22.63 13.46 Flexsteel FLXS 3.0 25 20.07 +0.10 .15
4.24 1.70 BurningRockBio BNR ... dd 2.08 –0.06 ... 164.80 111.80 ChordEnergy CHRD 3.4 4 148.89 +0.69 1.97
11.47 9.95 BurTechAcqnA BRKH ... cc 10.52 +0.05 ... 150.45 89.17 ChurchillDowns CHDN .3 19 133.26 –0.80 .357 2.78 1.08 DBV Tech DBVT ... dd 1.65 –0.07 ... 102.26 77.66 EnsignGroup ENSG .2 23 93.38 +2.18.0575 31.32 9.51 FluenceEnergy FLNC ... dd 28.87 +1.17 ...
25.03 13.05 BusFirstBcshs BFST 3.0 7 16.02 +0.98 .12 43.17 20.54 Chuy's CHUY ... 32 40.12 –0.93 ... 47.11 15.00 DiceTherap DICE ... dd 46.65 +0.03 ... 271.39 169.04 Enstar ESGR ... dd 261.17 +10.69 ... 1.81 0.56 Fluent FLNT ... dd .67 –0.02 ...
4.25 0.49 BuzzFeed BZFD ... dd .60 ... ... 66.86 18.00 Cimpress CMPR ... dd 63.37 +0.27 ... 20.35 5.83 DISH Network DISH ... 2 7.44 +0.83 ... 114.47 61.75 Entegris ENTG .4 cc 104.50 –3.14 .10 23.20 9.28 FlushingFin FFIC 6.5 6 13.46 +0.92 .22
11.63 9.94 byNordicAcqnA BYNO ... cc 10.59 –0.02 ... 130.66 88.66 CincinnatiFinl CINF 2.9 cc 102.56 +4.67 .75 28.01 13.95 DMC Global BOOM ... 16 18.34 +0.36 ... 37.23 26.27 EnterpriseBncp EBTC 3.0 9 30.34 +2.34 .23 33.66 17.16 Flywire FLYW ... dd 33.04 +0.31 ...
514.30 370.93 Cintas CTAS .9 39 507.42 +11.06 1.15 1.89 0.61 D-MarketElec HEPS ... dd 1.61 –0.01 ... 56.35 36.16 EnterpriseFinSvcs EFSC 2.3 8 42.89 +1.04 .25 52.66 30.27 FocusFinPtrs FOCS ... 71 52.20 –0.22 ...
C 5.30 0.38 CipherMining CIFR ... dd 4.34 –0.57 ... 11.24 9.98 DPCapAcqnIA DPCS ... 64 10.51 +0.01 ... 10.75 9.99 Ent4.0TechAcqnA ENTF ... 54 10.67 –0.08 ... 11.55 9.95 FocusImpact FIAC ... 38 10.56 +0.02 ...
5.80 1.48 Cadiz CDZI ... dd 4.10 +0.35 ... 111.15 61.94 CirrusLogic CRUS ... 25 77.87 –1.20 ... 10.90 9.85 DuetAcqnA DUET ... cc 10.56 ... ... 24.38 9.32 EntradaTherap TRDA ... dd 17.06 +0.73 ... 11.00 1.40 FocusUniversal FCUV ... dd 1.68 –0.03 ...
63.77 44.06 C&F Fin CFFI 3.1 7 56.12 +4.40 .44 53.00 38.60 CiscoSystems CSCO 3.0 19 52.63 +2.25 .39 39.89 22.06 DXP Ents DXPE ... 14 38.22 +0.90 ... 60.82 40.37 ePlus PLUS ... 13 59.60 +1.23 ... 18.12 4.51 FoghornTherap FHTX ... dd 8.10 +0.30 ...
24.98 17.20 CB FinSvcs CBFV 4.6 9 21.55 +0.58 .25 35.24 14.21 CitiTrends CTRN ... 7 18.55 +0.47 ... 15.59 2.98 DadaNexus DADA ... dd 5.45 –0.49 ... 7.66 4.76 EpsilonEnergy EPSN 4.2 4 5.92 +0.23.0625 10.94 10.00 ForbionEuroA FRBN ... cc 10.77 +0.01 ...
11.40 8.20 CCC Intelligent CCCS ... cc 10.87 +0.25 ... 14.55 7.61 CtznCmntyBcp CZWI 2.9 6 9.86 +0.71 .29 8.65 1.46 Daktronics DAKT ... 49 6.97 +0.55 ... 6.05 1.58 EQRx EQRX ... dd 1.97 –0.04 ... 40.64 18.15 FormFactor FORM ... cc 34.90 –0.77 ...
215.00 147.91 CDW CDW 1.3 24 188.52 +2.13 .59 17.98 11.80 CitizensHolding CIZN 5.4 8 11.81 –0.24 .16 8.49 3.73 DallasNews DALN14.0 dd 4.58 +0.42 .16 3.20 0.48 Equillium EQ ... dd .82 –0.04 ... 105.50 60.29 FormulaSys FORTY 1.2 15 77.92 +0.63.6215
39.20 20.52 CEVA CEVA ... dd 26.52 +0.49 ... 103.00 80.73 CityHolding CHCO 2.7 14 95.37 +2.79 .65 120.75 61.34 Datadog DDOG ... dd 109.87 +1.34 ... 816.22 494.89 Equinix EQIX 1.7 91 807.12 +1.39 3.41 51.04 22.62 ForresterRes FORR ... 44 31.19 –0.93 ...
11.52 9.88 CFAcqnVII A CFFS ... cc 10.59 +0.03 ... 29.32 6.86 Clarus CLAR 1.2 dd 8.46 –0.52 .025 47.29 30.36 Dave&Buster's PLAY ... 16 46.31 +0.82 ... 10.74 2.49 Erasca ERAS ... dd 2.63 ... ... 81.24 42.61 Fortinet FTNT ... 64 78.16 –0.76 ...
13.24 2.60 C4 Therap CCCC ... dd 3.72 +0.37 ... 11.36 9.83 CleanEarthA CLIN ... cc 10.48 +0.05 ... 31.04 4.47 Dave DAVE ... dd 5.38 –0.08 ... 286.50 188.93 ErieIndemnity ERIE 2.3 35 209.73 +3.00 1.19 37.30 29.66 Fortrea FTRE ... ... 32.90 +0.38 ...
121.23 86.60 CH Robinson CHRW 2.5 16 98.60 +3.00 .61 0.49 0.08 CleanEarthRt CLINR ... ... .14 +0.01 ... 2.28 1.08 DawsonGeophys DWSN ... dd 1.97 –0.05 ... 15.83 9.25 Escalade ESCA 4.2 19 14.38 +1.42 .15 11.80 10.09 FortuneRiseA FRLA ... cc 10.83 –0.01 ...
2.40 0.98 CLPS CLPS .0 dd 1.02 –0.08 .05 8.58 3.84 CleanEnerFuels CLNE ... dd 4.97 +0.13 ... 28.35 10.84 DayOneBiopharm DAWN ... dd 12.10 +0.45 ... 8.87 1.12 EsperionTherap ESPR ... dd 1.53 +0.09 ... 119.82 88.20 ForwardAir FWRD .8 17 118.02 +9.71 .24
209.24 166.55 CME Group CME 2.3 24 189.26 +3.13 1.10 134.90 30.00 Clearfield CLFD ... 13 47.83 +0.82 ... 5.78 1.61 DecibelTherap DBTX ... dd 3.04 –0.11 ... 4.28 1.95 EtonPharm ETON ... dd 2.97 ... ... 7.18 1.89 Fossil FOSL ... dd 2.71 +0.02 ...
28.50 16.43 CNB FinPA CCNE 3.7 6 18.93 +0.87 .175 1.85 0.90 ClearsideBiomed CLSD ... dd 1.22 +0.02 ... 22.76 12.14 DecipheraPharm DCPH ... dd 13.71 –0.30 ... 149.91 80.44 Etsy ETSY ... dd 96.74 +4.49 ... 15.96 9.00 FosterLB FSTR ... dd 13.93 +0.05 ...
21.50 6.97 CompassPath CMPS ... dd 8.96 –0.13 ... 11.50 9.92 ClimateRockA CLRC ... dd 10.64 +0.02 ... 30.11 8.71 DefinitiveHlthcr DH ... dd 11.53 –0.13 ... 121.55 71.60 EuronetWorldwide EEFT ... 20 116.54 –0.62 ... 26.49 6.58 4D Molecular FDMT ... dd 18.03 –0.89 ...
45.95 15.22 CPI Card PMTS ... 6 21.58 +0.56 ... 0.15 0.06 ClimateRockRt CLRCR ... ... .11 +0.02 ... 11.84 9.82 DenaliCapAcqnA DECA ... dd 10.80 +0.04 ... 23.52 12.02 EuropeanWax EWCZ ... cc 19.33 +0.63 ... 37.26 28.02 FoxA FOXA 1.5 16 33.51 +0.32 .25
128.10 81.69 CRA Intl CRAI 1.4 18 103.67 +1.81 .36 55.70 24.65 ClimbGlbl CLMB 1.4 17 49.87 +2.72 .17 39.43 21.74 DenaliTherap DNLI ... dd 29.14 –0.19 ... 65.80 0.49 EveloBiosci EVLO ... dd 11.61 +8.00 ... 34.42 26.35 FoxB FOX 1.6 15 31.42 +0.29 .25
84.10 38.94 CrisprTherap CRSP ... dd 56.73 –0.18 ... 3.55 0.71 CloverHealth CLOV ... dd 1.17 +0.17 ... 43.24 26.48 DentsplySirona XRAY 1.4 dd 40.76 –0.15 .14 42.90 22.50 Everbridge EVBG ... dd 30.18 +0.02 ... 127.54 73.05 FoxFactory FOXF ... 24 112.63 +1.35 ...
66.58 47.04 CSG Systems CSGS 2.1 28 52.84 +0.45 .28 54.53 29.91 CoastalFinl CCB ... 13 44.30 +4.29 ... 82.02 61.26 DescartesSystems DSGX ... 63 79.50 –0.01 ... 13.47 5.87 EverCommerce EVCM ... dd 11.39 –0.47 ... 38.24 22.45 Franchise FRG 8.4 dd 29.73 +0.16 .625
14.98 6.68 CSP CSPI 1.4 15 11.36 +0.61 .04 694.20 405.03 CocaColaCon COKE .3 13 639.76 +10.73 .50 26.30 4.90 DesignTherap DSGN ... dd 7.36 +0.42 ... 12.55 9.98 Evergreen EVGRU ... ... 10.88 +0.08 ... 107.36 77.58 FranklinElec FELE .9 26 105.59 +1.75 .225
174.23 111.29 CSW Industrials CSWI .4 28 171.92 +10.56 .19 66.79 41.80 Coca-ColaEuro CCEP 2.9 19 64.91 –0.65 .74 7.57 3.69 DestinationXL DXLG ... 4 5.01 +0.29 ... 11.47 9.99 EvergreenA EVGR ... 53 10.79 ... ... 5.45 2.63 FreightCarAmer RAIL ... dd 2.83 +0.01 ...
34.71 25.80 CSX CSX 1.4 16 32.46 –1.17 .11 9.29 2.19 Codexis CDXS ... dd 3.75 +0.61 ... 3.32 2.52 Deswell DSWL 7.8 20 2.58 –0.06 .10 71.58 54.12 Evergy EVRG 4.0 18 61.56 +1.40.6125 7.42 4.92 FrequencyElec FEIM .0 dd 6.80 –0.25 1.00
29.25 10.66 CVB Fin CVBF 5.0 9 15.95 +1.50 .20 25.95 16.00 CodorusValleyBncp CVLY 3.1 9 21.79 +1.74 .17 138.92 77.51 DexCom DXCM ... cc 130.60 –6.72 ... 18.86 5.23 EverQuote EVER ... dd 7.05 +0.19 ... 5.59 0.33 FrequencyTherap FREQ ... dd .59 –0.12 ...
48 BARRON’S July 24, 2023
3.84 1.78 Geron GERN ... dd 3.07 –0.15 ... 20.55 6.63 IntegralAd IAS ... cc 20.32 +1.40 ... 14.45 9.61 LakeShoreBancorp LSBK 6.7 10 10.81 –0.28 .18 4.10 1.45 MarketWise MKTW 2.2 3 1.79 +0.01 .01
64.40 36.58 GibraltarInds ROCK ... 23 62.39 +0.56 ... 75.38 34.86 Hibbett HIBB 2.5 4 39.78 +2.31 .25
30.15 10.44 HighPeakEner HPK .8 5 12.94 +0.63 .025 40.51 24.59 Intel INTC 1.5 dd 34.02 +0.87 .125 20.02 11.89 LakelandBcp LBAI 3.9 9 15.01 +1.02 .145 11.28 3.46 Marqeta MQ ... dd 5.28 +0.14 ...
62.00 4.14 GigaCloudTech GCT ... 10 8.70 +0.95 ... 76.45 32.44 IntelliaTherap NTLA ... dd 43.37 –0.59 ... 83.57 43.05 LakelandFin LKFN 3.3 14 54.94 +3.70 .46 195.90 135.90 Marriott MAR 1.1 23 194.90 +5.51 .52
11.25 10.02 GigCapital5 GIA ... dd 10.69 +0.01 ... 24.42 10.54 HilleVax HLVX ... dd 15.30 –0.30 ...
10.65 6.60 HillmanSolns HLMN ... dd 9.45 –0.03 ... 3.37 1.85 Intellicheck IDN ... dd 2.56 –0.09 ... 16.46 10.60 LakelandInds LAKE .8 55 15.09 +0.09 .03 11.00 10.15 MarsAcqn MARX ... ... 10.38 +0.01 ...
7.33 4.51 GilatSatellite GILT ... cc 6.37 –0.09 ... 4.63 1.37 Inter INTR ... ... 3.71 +0.56 ... 11.76 9.98 LakeshoreAcqnII LBBB ... 86 10.62 –0.04 ... 23.43 17.64 MartenTransport MRTN 1.2 18 20.71 +0.23 .06
89.74 59.27 GileadSciences GILD 3.7 18 80.64 +3.45 .75 8.70 4.81 HimaxTechs HIMX 6.6 9 7.15 –0.19 .48
324.16 173.51 HinghamSvg HIFS 1.1 12 215.00 +6.66 .63 161.17 72.47 InterParfums IPAR 1.9 30 132.04 –1.59 .625 0.35 0.05 LakeshoreII Rt LBBBR ... ... .19 –0.03 ... 4.60 1.95 MartinMidstream MMLP .9 dd 2.15 –0.02.005
70.96 26.24 GitLab GTLB ... dd 50.00 –2.09 ... 90.19 55.42 InteractiveBrkrs IBKR .5 17 83.45 –1.18 .10 663.83 299.59 LamResearch LRCX 1.1 17 623.63 –14.931.725 67.99 33.75 MarvellTech MRVL .4 dd 63.41 –0.04 .06
11.19 8.21 GladstoneCap GLAD 9.4 22 10.54 +0.04.0825 20.43 13.70 HollysysAuto HOLI ... 10 17.05 +0.05 ...
87.88 59.78 Hologic HOLX ... 27 80.88 +0.56 ... 8.50 2.49 InteractStrength TRNR ... ... 2.51 –0.12 ... 111.49 81.10 LamarAdv LAMR 5.0 24 100.77 –0.80 1.25 198.00 105.50 Masimo MASI ... 53 114.30 –35.27 ...
21.15 10.84 GladstoneComm GOOD 9.1 dd 13.22 –0.12 .10 21.86 8.82 InterceptPharm ICPT ... 2 10.44 –0.85 ... 220.65 128.06 LancasterColony LANC 1.8 41 193.65 +6.39 .85 35.29 18.49 MasterCraftBoat MCFT ... 9 28.05 –0.09 ...
15.86 11.40 GladstoneInvt GAIN 7.1 13 13.46 –0.12 .08 43.45 27.75 HomeBancorp HBCP 2.9 7 34.17 –0.28 .25
3.94 0.99 HomePtCap HMPT ... dd 2.32 ... ... 6.57 1.50 Intercure INCR ... 8 1.65 +0.01 ... 25.90 19.15 LandmarkBncp LARK 3.9 11 21.51 –0.09 .21 77.77 30.73 MatchGroup MTCH ... 44 44.84 –3.23 ...
27.45 14.95 GladstoneLand LAND 3.2 dd 17.29 +0.68.0462 98.69 40.23 InterDigital IDCC 1.5 15 93.42 –3.43 .35 204.78 137.51 LandstarSystem LSTR .6 19 203.30 +8.49 .30 14.91 7.30 Materialise MTLS ... cc 8.53 –0.31 ...
11.19 9.80 GlblBlockchain GBBK ... 94 10.46 –0.01 ... 39.70 4.76 HomeStreet HMST 4.8 3 8.35 +1.30 .10
30.79 18.02 HomeTrustBcshs HTBI 1.7 10 23.41 +1.82 .10 14.85 6.51 Interface TILE .4 cc 9.20 +0.06 .01 100.85 47.46 Lantheus LNTH ... dd 87.54 +1.45 ... 9.52 3.31 MatrixService MTRX ... dd 6.23 +0.28 ...
0.55 0.04 GlbBlockchainRt GBBKR ... ... .13 +0.05 ... 53.71 39.10 IntlBcshs IBOC 2.6 9 48.18 +2.32 .63 10.80 2.63 LanzaTechGlobal LNZA ... dd 6.35 +0.43 ... 24.38 15.36 Mattel MAT ... 29 21.18 –0.26 ...
45.72 18.14 Global-EOnline GLBE ... dd 41.67 –2.40 ... 3.30 0.80 HomologyMed FIXX ... dd 1.04 +0.09 ...
4.51 1.40 Honest HNST ... dd 1.55 –0.16 ... 7.54 3.40 Intevac IVAC ... dd 3.57 –0.11 ... 7.91 3.60 Largo LGO ... dd 4.53 +0.20 ... 7.45 2.20 Matterport MTTR ... dd 3.28 –0.21 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
12.25 9.96 GlobalStarAcqn GLSTU ... ... 10.91 –0.09 ... 67.05 42.01 Intra-Cellular ITCI ... dd 62.08 –1.44 ... 6.85 1.53 LarimarTherap LRMR ... dd 3.23 +0.02 ... 48.62 22.12 MatthewsIntl MATW 1.9 dd 47.31 –0.83 .23
11.00 10.00 GlobalStarA GLST ... cc 10.49 +0.03 ... 220.96 166.63 Honeywell HON 2.0 27 208.60 +2.46 1.03
22.10 12.90 HookerFurnishings HOFT 4.2 dd 20.89 +0.98 .22 508.09 352.63 Intuit INTU .6 62 492.52 +8.53 .78 11.42 9.98 LatAmGrowthA LATG ... 36 10.73 +0.05 ... 7.50 3.57 MaxCyte MXCT ... dd 4.94 –0.16 ...
11.52 9.97 GlblTechAcqnI GTAC ... 29 10.90 +0.29 ... 136.00 6.60 IntuitiveMachinesA LUNR ... dd 8.51 –1.12 ... 2.39 0.49 Latch LTCH ... dd 1.86 –0.06 ... 38.91 10.70 MaxeonSolar MAXN ... dd 27.25 +1.19 ...
15.00 10.44 GlobalWaterRscs GWRS 2.3 43 13.01 –0.11.0248 15.73 7.42 HopeBancorp HOPE 5.9 6 9.54 +0.72 .14
20.64 7.69 HorizonBancorp HBNC 5.6 6 11.38 +0.92 .16 358.07 180.07 IntuitiveSurgical ISRG ... 84 336.66 –17.34 ... 7.92 2.12 Latham SWIM ... dd 4.25 +0.01 ... 43.66 23.05 MaxLinear MXL ... 27 33.98 +1.68 ...
72.50 44.69 GlobalFoundries GFS ... 23 63.75 –2.97 ... 11.75 2.22 Inventiva IVA ... dd 4.00 –0.26 ... 98.18 44.53 LatticeSemi LSCC ... 62 87.45 –4.70 ... 111.70 77.98 McGrathRent MGRC 2.0 21 92.13 –0.40 .465
11.60 9.96 GlobalinkInvt GLLI ... cc 10.64 +0.02 ... 10.84 10.10 HorizonSpaceI HSPO ... ... 10.44 –0.04 ...
1.03 0.10 HorizonSpaceI Rt HSPOR ... ... .17 +0.03 ... 23.72 10.71 Investar ISTR 3.0 5 13.32 +1.65 .10 13.07 9.24 LaureateEduc LAUR .0 26 12.50 +0.07 .68 9.35 5.61 MedallionFinl MFIN 3.9 4 8.20 +0.40 .08
0.26 0.01 GlobalinkInvtRt GLLIR ... ... .11 +0.01 ... 5.00 3.18 InvestcpCredit ICMB13.6 dd 3.82 –0.07 .05 15.82 4.72 Lavoro LVRO ... dd 5.75 –0.06 ... 2.73 1.89 MediciNova MNOV ... dd 2.40 –0.16 ...
4.16 0.55 GlycoMimetics GLYC ... dd 1.66 +0.01 ... 13.96 9.67 HorizonTechFin HRZN10.2 15 12.89 –0.04 .11
113.83 57.84 HorizonTherap HZNP ... 64 101.18 –2.76 ... 11.39 10.03 InvestcorpEur I A IVCB ... 24 10.75 +0.03 ... 23.51 10.09 LeeEnterprises LEE ... dd 14.00 +0.66 ... 15.72 8.05 MediWound MDWD ... dd 9.90 –0.08 ...
19.29 11.57 Gogo GOGO ... 26 17.83 +0.74 ... 11.11 10.00 InvestcorpIndiaA IVCA ... 39 10.71 +0.01 ... 25.30 12.69 LegacyHousing LEGH ... 9 23.87 ... ... 252.40 141.30 Medpace MEDP ... 31 245.28 +2.07 ...
6.48 2.83 Gogoro GGR ... dd 3.27 +0.02 ... 19.76 14.51 HostHotels HST 3.4 16 17.57 +0.17 .15
3.10 0.33 HubCyberSecurity ... ... .42 +0.06 ... 168.98 125.80 InvestorsTitle ITIC 1.2 15 150.24 +0.24 .46 14.50 6.89 LegalZoom LZ ... dd 13.94 +0.93 ... 45.49 2.29 MeihuaIntlMed MHUA ... 10 2.64 +0.18 ...
30.66 19.62 GolarLNG GLNG 4.2 ... 23.94 +0.49 .25 4.90 0.98 Invivyd IVVD ... dd 1.46 +0.07 ... 77.32 37.30 LegendBiotech LEGN ... ... 74.66 +5.20 ... 11.58 4.77 MeiraGTx MGTX ... dd 7.19 +0.58 ...
46.15 32.53 GoldenEnt GDEN ... 24 43.67 +0.41 ... 104.67 67.77 HubGroup HUBG ... 9 84.59 +4.61 ...
11.70 10.01 HudsonAcqnI HUDA ... dd 10.47 –0.02 ... 48.82 32.69 IonisPharm IONS ... dd 40.65 –1.83 ... 68.67 41.78 LeMaitreVascular LMAT .9 68 63.51 –2.55 .14 14.46 4.72 MelcoResorts MLCO ... dd 12.98 –0.79 ...
11.68 6.99 GoldenOcean GOGL17.4 4 7.18 –0.43 .10 13.32 5.28 IovanceBiotherap IOVA ... dd 7.67 –0.09 ... 51.94 16.02 LendingTree TREE ... dd 26.75 +1.44 ... 1365.64 720.84 MercadoLibre MELI ... cc 1221.03 +85.31 ...
10.22 10.14 GoldenStarAcqn GODN ... ... 10.20 +0.01 ... 1.35 0.10 HudsonAcqnIRt HUDAR ... ... .18 –0.13 ...
38.00 17.88 HudsonGlobal HSON ... 16 22.90 +1.28 ... 7.99 1.65 iQIYI IQ ... cc 5.01 –0.38 ... 17.59 9.11 LeonardoDRS DRS ... 7 17.15 +0.13 ... 39.03 23.89 MercantileBank MBWM 4.0 7 33.81 +4.90 .34
0.39 0.19 GoldenStarAcqnRt GODNR ... ... .28 +0.02 ... 164.69 85.74 iRhythmTechs IRTC ... dd 103.72 +3.18 ... 5.99 3.02 LesakaTech LSAK ... dd 3.62 +0.02 ... 11.16 9.99 MercatoPtrsA MPRA ... cc 10.55 +0.02 ...
14.42 11.94 GolubCapital GBDC 9.6 22 13.74 +0.32 .33 2.08 0.45 HuizeHolding HUIZ ... dd 1.20 –0.04 ...
3.49 1.76 Iridex IRIX ... dd 2.06 +0.06 ... 17.13 5.28 Leslie's LESL ... 8 5.39 –1.31 ... 17.50 7.37 MercerIntl MERC 3.6 4 8.31 –0.70 .075
10.37 3.82 GoodRx GDRX ... dd 6.93 –0.53 ... 5.60 1.96 Humacyte HUMA ... dd 2.99 –0.04 ...
68.34 39.10 IridiumComm IRDM .9 cc 60.97 +0.65 .13 3.79 1.71 LexiconPharm LXRX ... dd 2.08 –0.13 ... 62.49 28.90 MercurySystems MRCY ... dd 36.30 +1.92 ...
16.13 9.66 Goodyear GT ... cc 15.70 +0.60 ... 200.64 156.28 JBHunt JBHT .9 24 195.59 +12.29 .42
8.06 1.02 IrisEnergy IREN ... ... 6.76 –0.38 ... 3.86 1.26 LexinFintech LX ... 3 2.54 –0.01 ... 17.38 7.80 Meridian MRBK 4.7 6 10.55 +0.29 .125
71.04 29.23 GooseheadIns GSHD ... cc 67.88 +4.46 ... 15.74 9.13 HuntingtonBcshs HBAN 5.3 8 11.78 +0.53 .155
60.25 31.37 iRobot IRBT ... dd 47.42 –0.50 ... 38.52 12.52 LiAuto LI ... dd 36.97 –0.03 ... 85.62 52.79 MeritMedical MMSI ... 56 82.00 –2.73 ...
6.91 3.81 GoPro GPRO ... dd 4.13 –0.13 ... 30.41 20.56 Hurco HURC 2.9 34 22.20 +0.52 .16
12.66 9.73 IronwoodPharm IRWD ... 11 10.63 +0.27 ... 3.25 1.07 LianBio LIAN ... dd 2.23 –0.13 ... 13.66 3.00 MerrimackPharm MACK ... dd 11.89 +0.21 ...
10.76 9.61 GoresIX A GHIX ... 65 10.27 +0.01 ... 87.44 63.63 HuronConsulting HURN ... 27 83.70 +0.54 ...
11.48 10.13 IsraelAcqns ISRL ... ... 10.43 ... ... 123.74 68.15 LibertyBroadbandA LBRDA ... 13 87.60 +5.73 ... 9.62 2.98 MersanaTherap MRSN ... dd 3.75 +0.10 ...
15.20 0.91 GossamerBio GOSS ... dd 1.35 –0.14 ... 4.55 0.78 Hut8Mining HUT ... dd 3.63 –0.53 ...
27.52 12.52 iTeosTherap ITOS ... 52 14.58 +0.84 ... 124.81 68.67 LibertyBroadbandC LBRDK ... 13 87.84 +5.58 ... 30.81 12.03 Merus MRUS ... dd 26.04 –1.25 ...
4.03 2.19 Grab GRAB ... dd 3.60 –0.02 ... 5.01 0.67 Hydrofarm HYFM ... dd 1.17 +0.20 ...
76.64 39.38 Itron ITRI ... dd 75.35 +3.96 ... 22.38 15.22 LibertyGlobal A LBTYA ... dd 19.03 +1.07 ... 3.82 1.03 MesaAir MESA ... dd 2.13 –0.09 ...
6.99 1.40 GracellBiotech GRCL ... dd 4.22 –0.68 ... 3.28 0.68 Hyperfine HYPR ... dd 2.93 +0.60 ...
28.38 20.35 IturanLocation ITRN 2.1 14 27.76 +4.26 .15 23.59 16.30 LibertyGlobal B LBTYB ... dd 18.54 +0.61 ... 216.41 114.21 MesaLabs MLAB .5 cc 123.91 +1.55 .16
124.53 78.37 GrandCanyonEduc LOPE ... 18 109.10 +1.86 ... 7.80 4.93 Hywin HYW ... 6 7.29 +0.11 ...
4.53 0.45 HyzonMotors HYZN ... dd 1.62 +0.14 ... J 23.56 16.16 LibertyGlobal C LBTYK ... dd 20.13 +1.13 ... 5.12 2.53 Mesoblast MESO ... dd 4.83 +0.04 ...
4.48 1.59 GraphiteBio GRPH ... dd 2.69 +0.06 ...
10.01 5.90 LibertyLatAmA LILA ... dd 8.51 +0.24 ... 318.68 88.09 MetaPlatforms META ... 37 294.26 –14.61 ...
12.60 7.51 GreatElmCap GECC17.3 dd 8.10 +0.19 .35 I 27.87 13.67 JakksPacific JAKK ... 2 17.76 –1.13 ...
9.98 5.88 LibertyLatAmC LILAK ... dd 8.41 +0.24 ... 11.19 9.86 MetalSkyStar MSSA ... ... 10.76 +0.06 ...
2.49 1.85 GreatElm GEG ... 3 1.98 –0.02 ... 165.90 127.80 J&JSnackFoods JJSF 1.7 67 160.89 +2.84 .70
79.71 41.52 IAC IAC ... dd 66.81 –1.40 ... 70.76 44.17 LibertyFormOne A FWONA ... 36 65.17 –0.80 ... 0.22 0.07 MetalSkyStarRt MSSAR ... ... .12 –0.04 ...
13.03 4.75 GreatLakesDredge GLDD ... dd 7.72 –0.24 ... 67.87 31.57 JD.com JD 1.6 21 37.07 –1.07 .62
31.40 14.85 IBEX IBEX ... 16 19.87 –0.72 ... 78.78 49.16 LibertyFormOne C FWONK ... 40 72.96 +0.19 ... 54.83 28.73 Methanex MEOH 1.7 12 43.29 +0.80 .185
64.16 45.39 GreatSouthernBncp GSBC 3.0 9 53.50 –0.16 .40 11.55 0.79 Joann JOAN38.3 dd 1.15 –0.03 .11
128.70 90.92 ICF Intl ICFI .5 36 118.20 –1.22 .14 45.26 25.05 LibertySirius A LSXMA ... 12 33.44 +0.04 ... 24.34 13.10 MetroCityBkshs MCBS 3.6 8 20.04 +1.23 .18
41.25 26.33 GreenPlains GPRE ... dd 34.12 +1.75 ... 39.50 21.38 Joyy YY 6.3 23 32.46 –1.72 .51
212.43 128.90 ICU Medical ICUI ... dd 176.35 –4.37 ... 47.43 25.35 LibertySirius B LSXMB ... 12 33.75 +0.75 ... 93.58 54.77 MicrochipTech MCHP 1.7 22 89.72 ... .383
14.40 11.72 GreenPlainsPtrs GPP 13.0 8 14.00 +0.35 .455 212.62 139.28 JackHenry JKHY 1.2 36 171.61 +4.86 .52
26.35 9.00 IDEAYA Bio IDYA ... dd 21.62 –1.05 ... 45.20 25.02 LibertySirius C LSXMK ... 12 33.28 –0.13 ... 74.77 48.43 MicronTech MU .7 dd 65.65 +1.57 .115
48.90 1.55 GreenidgeGen GREE ... dd 7.01 –0.79 ... 99.36 62.39 JackintheBox JACK 1.8 14 95.99 –1.73 .44
558.76 317.06 IdexxLab IDXX ... 67 554.60 +17.71 ... 11.06 10.00 LibertyRscsA LIBY ... cc 10.88 +0.02 ... 366.78 213.43 Microsoft MSFT .8 37 343.77 –1.47 .68
39.00 0.85 Greenlane GNLN ... dd .95 –0.05 ... 0.56 ... JaguarGlbGrwI Rt JGGCR ... ... .16 –0.01 ...
5.90 0.18 GreenLightBio GRNA ... dd .30 ... ... 58.68 25.22 IES Holdings IESC ... 18 56.78 –0.73 ... 12.38 9.97 JaguarGlblGrowthI JGGCU ... ... 10.74 –0.02 ... 93.67 10.75 LibertyTripAdvB LTRPB ... cc 35.00 –4.79 ... 475.09 132.56 MicroStrategy MSTR ... dd 436.65 –22.21 ...
10.69 6.96 GreenlightCapRe GLRE ... 11 10.00 –0.11 ... 28.20 8.51 IGM Biosci IGMS ... dd 10.18 +0.18 ... 11.68 9.91 JaguarGlbGrwI A JGGC ... 52 10.60 ... ... 1.68 0.57 LibertyTripAdvA LTRPA ... 2 .81 –0.05 ... 3.50 0.88 Microvast MVST ... dd 2.45 +0.12 ...
10.80 5.71 Grifols GRFS ... 32 10.39 +0.94 ... 10.82 2.61 I-Mab IMAB ... ... 3.04 +0.25 ... 26.60 16.74 JamesRiver JRVR 1.1 36 18.81 +0.87 .05 11.96 1.52 LifecoreBiomed LFCR ... dd 10.45 +0.59 ... 8.20 1.82 MicroVision MVIS ... dd 3.77 –0.38 ...
26.29 6.80 GrindrodShipping GRIN 1.4 2 8.70 +0.13 .03 3.95 1.02 IN8bio INAB ... dd 1.68 +0.06 ... 27.35 16.53 JamfHolding JAMF ... dd 21.62 +0.63 ... 5.45 1.14 LifeMD LFMD ... dd 4.14 +0.04 ... 34.99 18.25 MidPennBancorp MPB 3.3 7 23.95 +1.36 .20
5.85 1.64 Gritstone GRTS ... dd 2.09 –0.03 ... 5.00 1.56 IO Biotech IOBT ... dd 1.85 +0.07 ... 23.64 10.00 JanuxTherap JANX ... dd 12.79 +0.33 ... 10.50 4.22 LifeStanceHealth LFST ... dd 8.82 –0.51 ... 13.69 10.06 MidCapFin MFIC11.5 16 13.20 +0.19 .38
46.37 25.71 GroceryOutlet GO ... 50 33.34 +0.50 ... 141.85 79.88 IPG Photonics IPGP ... 69 132.56 –3.45 ... 163.31 120.64 JazzPharm JAZZ ... dd 130.91 +4.22 ... 11.10 4.31 LifetimeBrands LCUT 3.0 dd 5.72 –0.13.0425 162.02 122.33 Middleby MIDD ... 17 144.08 +0.13 ...
14.85 2.89 Groupon GRPN ... dd 6.79 +0.56 ... 30.84 18.59 i3Verticals IIIV ... dd 24.87 +0.45 ... 9.45 6.18 JetBlue JBLU ... dd 8.28 +0.23 ... 8.10 4.93 LifewayFoods LWAY ... 35 6.00 –0.31 ... 96.19 66.51 MiddlesexWater MSEX 1.5 41 83.73 +2.84.3125
10.76 9.74 GrowthforGoodA GFGD ... cc 10.47 ... ... 10.92 9.84 IXAcqnA IXAQ ... 43 10.63 +0.02 ... 30.94 17.11 JFrog FROG ... dd 28.94 –0.25 ... 85.70 49.43 LigandPharm LGND ... 53 67.47 –0.38 ... 28.88 17.98 MidlandStBncp MSBI 5.3 5 22.62 +1.45 .30
0.20 ... GrowthforGoodRt GFGDR ... ... .19 ... ... 55.16 18.03 IcahnEnterprises IEP 25.6 dd 31.29 –1.452.00 186.01 0.69 JianzhiEduc JZ ... ... 1.03 –0.04 ... 71.86 40.10 Light&Wonder LNW ... dd 69.24 +0.42 ... 35.58 17.80 MidWestOneFin MOFG 4.1 8 23.61 +2.06.2425
94.22 46.53 GrAeroportuario OMAB 4.3 20 87.75 –1.22.4944 39.73 21.04 Ichor ICHR ... 16 35.44 –0.82 ... 8.19 1.86 Jiayin JFIN 5.9 2 6.48 +0.11 .38 3.25 0.37 Lilium LILM ... ... 1.31 –0.01 ... 9.85 2.73 MilestonePharm MIST ... dd 3.28 –0.24 ...
62.75 20.67 GuardantHealth GH ... dd 37.66 –0.66 ... 7.07 1.36 iClickInteract ICLK ... dd 1.91 +0.15 ... 73.43 46.30 JohnsonOutdoors JOUT 2.1 14 59.11 +2.21 .31 17.90 11.00 Limoneira LMNR 2.0 16 15.09 –0.09 .075 33.46 13.20 MillerKnoll MLKN 4.1 33 18.29 +1.22.1875
5.74 2.95 GulfIslandFab GIFI ... 22 3.26 –0.01 ... 252.15 171.43 Icon ICLR ... 40 245.93 –0.32 ... 7.93 4.59 LincolnEduc LINC ... 19 6.50 +0.44 ... 21.15 10.22 MillicomIntl TIGO ... 69 16.65 –0.04 ...
16.45 2.28 Icosavax ICVX ... dd 9.23 –0.14 ... K 210.86 120.01 LincolnElectric LECO 1.2 26 207.85 +8.03 .64 2.65 1.89 Mind CTI MNDO12.2 8 1.96 +0.01 .24
4.95 2.34 Gulf Resources GURE ... 3 2.45 +0.07 ...
10.85 2.21 iHeartMedia IHRT ... dd 4.40 +0.26 ... 493.53 250.20 KLA KLAC 1.1 19 458.56 –16.23 1.30 22.59 11.97 LiquiditySvcs LQDT ... 17 16.60 –0.01 ... 21.98 12.62 MineralysTherap MLYS ... ... 15.11 –0.41 ...
H 7.64 1.94 IkenaOncology IKNA ... dd 6.27 +0.16 ... 18.63 4.14 KLX Energy KLXE ... 6 11.51 +0.88 ... 309.94 192.19 Littelfuse LFUS .8 22 297.97 –3.63 .60 101.30 28.20 MiratiTherap MRTX ... dd 31.31 –4.12 ...
56.47 26.94 H&E Equipment HEES 2.4 12 46.64 +0.66 .275 248.87 179.03 Illumina ILMN ... dd 190.49 +3.34 ... 12.10 7.90 KVH Inds KVHI ... 6 8.73 +0.21 ... 66.73 40.26 LivaNova LIVN ... dd 53.18 +0.58 ... 30.55 17.32 MirumPharm MIRM ... dd 25.89 –0.36 ...
July 24, 2023 BARRON’S 49
59.75 34.00 Natera NTRA ... dd 49.31 –0.25 ... 6.34 4.36 180DegreeCap TURN ... dd 4.56 +0.07 ... 20.03 8.77 RemitlyGlobal RELY ... dd 19.11 –0.34 ...
13.16 7.81 Playtika PLTK ... 17 12.25 –0.29 ... 11.57 5.00 ServiceProperties SVC 9.3 cc 8.57 –0.25 .20
83.00 53.38 Nathan's NATH 2.5 17 79.04 +1.49 .50 4.00 2.05 111 YI ... dd 3.34 +0.47 ... 4.04 1.05 Renalytix RNLX ... dd 3.54 –0.22 ...
115.36 83.84 Plexus PLXS ... 17 100.93 +0.72 ... 2.37 0.61 17Educ&Tech YQ ... dd .96 +0.01 ...
57.65 38.40 NationalBeverage FIZZ ... 34 51.42 +1.65 ... 7.47 3.45 1stdibs.com DIBS ... dd 3.95 –0.13 ... 41.77 23.47 Renasant RNST 3.0 9 29.54 +1.95 .22
36.64 16.01 PliantTherap PLRX ... dd 17.52 –0.78 ... 2.71 1.31 Sharecare SHCR ... dd 1.47 –0.27 ...
1.85 0.10 NatlCineMedia NCMI36.6 dd .33 –0.07 .03 43.96 23.68 OneWaterMarine ONEW ... 5 35.92 –1.89 ... 11.30 1.79 ReneoPharm RPHM ... dd 6.72 –0.64 ...
10.12 3.14 PolestarAuto PSNY ... 26 4.23 –0.29 ... 4.76 1.85 ShattuckLabs STTK ... dd 2.67 +0.04 ...
58.30 33.72 NatlInstruments NATI 2.0 46 55.88 –0.74 .28 12.00 10.03 OnyxAcqnIA ONYX ... cc 11.15 +0.33 ... 7.70 4.04 ReNewEnergy RNW ... ... 6.39 +0.71 ...
10.04 6.51 PonceFinl PDLB ... dd 9.40 +0.52 ... 24.50 15.62 ShenandoahTel SHEN .4 dd 18.54 +0.11 .08
47.60 33.10 NatlResearch NRC 1.1 36 43.90 +1.33 .12 11.99 5.35 OpenLending LPRO ... 25 11.22 +0.39 ... 5.74 1.10 RenttheRunway RENT ... dd 1.87 +0.05 ...
10.88 10.16 PonoCapitalThree PTHR ... cc 10.43 ... ... 32.43 17.10 ShoalsTech SHLS ... 30 26.38 +1.03 ...
43.82 17.25 NationalVision EYE ... 86 24.17 +0.58 ... 43.25 24.91 OpenText OTEX 2.3 38 41.80 +0.24 .243 18.68 8.53 RepareTherap RPTX ... dd 10.67 –0.21 ...
423.97 278.10 Pool POOL 1.2 25 369.75 +5.74 1.10 320.54 172.50 ShockwaveMed SWAV ... 44 275.98 +6.41 ...
431.02 166.94 NatlWesternLife NWLI .1 19 411.41 –8.99 .36 6.39 0.92 OpendoorTech OPEN ... dd 4.13 –0.32 ... 262.26 134.64 Repligen RGEN ... 60 175.34 +24.85 ...
83.22 49.34 Popular BPOP 3.3 5 67.15 +4.61 .55 29.47 19.24 ShoeCarnival SCVL 1.7 7 23.93 +1.32 .10
12.60 6.88 NaturalAlt NAII ... 12 7.01 –0.02 ... 28.58 3.92 Opera OPRA 2.0 45 19.31 –0.45 .80 29.52 15.07 Replimune REPL ... dd 20.76 +0.10 ...
28.93 15.84 Portillo's PTLO ... 94 23.50 +0.02 ... 20.85 10.65 ShoreBancshares SHBI 3.8 8 12.52 +0.87 .12
4.65 1.50 NautilusBiotech NAUT ... dd 3.25 –0.17 ... 10.86 2.19 OportunFin OPRT ... dd 6.11 +0.45 ... 49.31 37.23 RepublicBcpKYA RBCAA 3.2 10 46.35 +3.07 .374
24.40 18.00 PortmanRidge PTMN13.8 dd 20.03 –0.56 .69 34.10 18.78 Shyft SHYF 1.0 17 20.80 –0.20 .05
19.69 12.88 Navient NAVI 3.3 5 19.11 –0.04 .16 7.99 2.65 Opthea OPT ... ... 3.16 –0.09 ... 3.67 0.62 RepublicFirstBncp FRBK ... 5 .79 +0.02 ...
8.82 1.54 PoseidaTherap PSTX ... dd 1.95 +0.05 ... 16.50 1.25 Sientra SIEN ... dd 3.90 +0.16 ...
11.17 3.11 NavitasSemi NVTS ... dd 9.59 –0.38 ... 4.85 3.28 OpticalCable OCC ... 7 3.60 +0.12 ... 7.91 4.42 ReservoirMedia RSVR ... cc 5.54 –0.38 ...
11.14 4.31 Potbelly PBPB ... 24 9.15 +0.16 ... 22.99 15.01 SierraBancorp BSRR 5.0 8 18.26 +1.03 .23
37.07 16.38 Nayax NYAX ... dd 22.06 +2.42 ... 4.30 0.90 Optinose OPTN ... dd 1.11 +0.16 ... 23.18 14.03 ResourcesConnect RGP 3.5 9 15.95 –0.52 .14
54.44 39.10 PotlatchDelt PCH 3.4 20 53.40 –0.14 .45 15.30 5.35 SightSciences SGHT ... dd 8.60 +0.81 ...
39.83 19.58 nCino NCNO ... dd 30.91 –0.12 ... 35.87 24.23 OptionCare OPCH ... 38 33.05 +0.54 ... 18.78 11.97 RetailOppor ROIC 4.2 37 14.43 +0.56 .15
64.84 20.17 PowellIndustries POWL 1.8 26 59.89 –0.33.2625 28.00 3.77 SigilonTherap SGTX ... dd 21.18 –0.07 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
18.65 1.17 NearIntelligence NIR ... dd 1.55 –0.20 ... 7.82 2.81 OraSureTechs OSUR ... 11 4.52 –0.16 ... 7.62 0.63 ReunionNeuro REUN .0 dd 1.11 ... .017
11.24 9.82 Pwr&Digital II A XPDB ... 99 10.43 –0.01 ... 17.99 4.55 SilenceTherap SLN ... dd 5.56 –0.24 ...
8.19 4.45 NecessityRetail RTL 11.6 dd 7.34 +0.16.2125 23.39 6.30 OrchestraBioMed OBIO ... dd 7.77 +0.24 ... 37.98 14.51 RevanceTherap RVNC ... dd 22.98 +0.47 ...
99.60 59.16 PowerIntegrations POWI .8 41 92.12 –5.07 .19 50.00 32.75 Silicom SILC ... 14 39.07 +1.92 ...
5.18 0.52 NektarTherap NKTR ... dd .56 +0.01 ... 5.08 1.30 OrganiGram OGI ... dd 1.35 –0.21 ... 10.80 9.66 RevelstoneCapA RCAC ... cc 10.41 +0.04 ...
3.97 2.25 PowerFleet PWFL ... dd 2.88 –0.11 ... 194.68 109.44 SiliconLabs SLAB ... 66 157.85 –1.31 ...
27.77 10.85 NeoGames NGMS ... dd 27.28 +0.17 ... 8.88 2.36 OricPharm ORIC ... dd 8.58 +0.79 ... 31.37 17.03 RevolutionMed RVMD ... dd 26.77 +0.11 ...
10.69 10.00 PowerUpAcqn PWUP ... 60 10.50 +0.01 ... 87.99 51.53 SiliconMotion SIMO 1.8 14 53.79 –9.46 .50
23.59 10.49 Neogen NEOG ... cc 22.56 –0.18 ... 26.35 13.76 OrthofixMed OFIX ... dd 20.71 +0.09 ... 32.50 25.90 ReynoldsCnsmr REYN 3.3 26 27.80 +0.52 .23
5.25 0.79 PraxisPrecision PRAX ... dd 1.08 –0.07 ... 58.04 19.64 SilkRoadMed SILK ... dd 20.30 –1.54 ...
21.74 8.20 NerdWallet NRDS ... cc 10.04 +0.21 ... 60.75 35.67 OrthoPediatrics KIDS ... cc 44.01 –0.39 ... 34.99 11.14 RhythmPharm RYTM ... dd 17.50 +1.57 ...
2.90 0.81 Precigen PGEN ... dd 1.34 +0.16 ... 11.24 7.82 SilverSpikeInvt SSIC ... 11 7.91 –0.52 ...
80.53 58.08 NetApp NTAP 2.5 14 79.51 +1.64 .50 84.97 52.60 OtterTail OTTR 2.1 13 84.07 +2.67.4375 4.84 2.19 RibbonComms RBBN ... dd 3.44 +0.55 ...
2.13 0.51 PrecisionBio DTIL ... dd .64 –0.04 ... 23.20 14.94 SilvercrestAsset SAMG 3.4 14 21.04 +0.33 .18
106.32 53.09 NetEase NTES 1.5 20 102.21 –3.13 .465 6.92 3.33 Outbrain OB ... dd 5.17 –0.25 ... 27.24 12.76 RichardsonElec RELL 1.8 9 13.42 –1.51 .06
77.75 42.42 PreferredBankLA PFBC 3.5 6 63.30 +5.31 .55 25.73 14.68 SimmonsFirstNat SFNC 4.2 10 19.23 +1.71 .20
485.00 211.64 Netflix NFLX ... 45 427.50 –14.41 ... 30.55 11.41 OutsetMedical OM ... dd 19.29 +0.10 ... 2.04 0.67 RigelPharm RIGL ... dd 1.30 +0.04 ...
183.00 59.01 PreformedLine PLPC .5 14 172.42 +4.12 .20 67.59 32.58 SimulationsPlus SLP .5 95 48.12 +0.53 .06
26.79 13.30 Netgear NTGR ... dd 14.20 –0.15 ... 35.20 17.05 Overstock OSTK ... dd 32.04 +0.76 ... 7.25 3.46 RiminiStreet RMNI ... cc 4.94 –0.16 ...
8.90 4.25 PreludeTherap PRLD ... dd 4.57 +0.21 ... 25.79 12.27 Sinclair SBGI 7.3 4 13.77 –0.02 .25
38.02 25.90 NetScout NTCT ... 37 29.77 –0.09 ... 3.98 1.41 OvidTherap OVID ... dd 3.56 +0.17 ... 8.00 4.17 RiverviewBncp RVSB 4.3 7 5.52 +0.36 .06
30.80 13.60 PremierFinl PFC 6.7 7 18.47 +1.08 .31 4.78 0.76 SingularGenomics OMIC ... dd .92 +0.01 ...
129.29 89.04 Neurocrine NBIX ... cc 98.79 +3.68 ... 6.79 4.76 OxfordLane OXLC18.3 dd 5.26 +0.23 .08 40.86 11.68 Rivian RIVN ... dd 25.27 +0.45 ...
38.98 24.88 Premier PINC 3.0 18 27.57 –0.15 .21 7.95 3.32 SiriusXM SIRI 1.4 25 7.08 +2.33.0242
6.95 1.96 Neuronetics STIM ... dd 2.06 +0.02 ... 4.05 2.60 OxfordSquare OXSQ14.3 dd 2.93 ... .035 13.23 7.57 Robinhood HOOD ... dd 12.76 +0.38 ...
4.35 0.70 Prenetics PRE ... dd .81 –0.06 ... 209.66 73.10 SiTime SITM ... dd 124.30 –2.16 ...
6.20 1.22 NeuroPace NPCE ... dd 4.13 –0.06 ... PQ 24.53 11.78 RocketPharm RCKT ... dd 18.47 –1.25 ...
10.40 1.23 PrestoAutomation PRST ... 5 3.31 +0.12 ... 10.86 10.02 SizzleAcqn SZZL ... cc 10.86 +0.12 ...
63.06 25.06 NewFortressEner NFE .3 57 29.08 +2.71 .10 36.00 18.00 RockyBrands RCKY 2.8 13 22.40 +0.28 .155
37.45 21.56 PAM Transport PTSI ... 10 25.50 +0.44 ... 82.00 56.29 PriceSmart PSMT 1.2 21 78.61 +2.52 .46 7.29 4.77 RockyMtnChoc RMCF ... dd 5.76 +0.65 ... 26.05 17.50 SkywardSpecIns SKWD ... 37 24.93 +0.26 ...
13.59 11.17 NewMtnFin NMFC10.0 16 12.75 +0.27 .03 7.18 4.90 P&FIndustries PFIN 2.8 dd 7.07 +0.47 .05 21.73 11.07 PrimeMedicine PRME ... dd 15.01 +0.06 ... 42.56 14.76 SkyWest SKYW ... 64 41.07 +0.64 ...
12.01 2.87 RoivantSciences ROIV ... dd 11.09 –0.58 ...
11.67 9.94 NewProvidenceII A NPAB ... 85 10.50 –0.21 ... 20.42 12.86 PCB Bancorp PCB 4.4 7 16.32 +0.83 .18 11.05 9.89 PrimeNumberI A PNAC ... cc 10.57 ... ... 123.69 76.16 Skyworks SWKS 2.2 16 112.98 +1.23 .62
96.38 38.26 Roku ROKU ... dd 73.50 –0.52 ...
12.96 8.28 NY Mortgage NYMT11.6 dd 10.34 +0.15 .30 56.68 37.76 PCConnection CNXN .7 15 46.04 –0.07 .08 0.31 0.08 PrimeNumberI Rt PNACR ... ... .26 +0.09 ... 50.61 17.50 SleepNumber SNBR ... 19 38.28 +7.83 ...
26.10 3.31 Root ROOT ... dd 11.30 +1.45 ...
32.88 7.52 NewAmstPharma NAMS ... dd 11.75 –0.21 ... 5.68 4.00 PCTEL PCTI 4.4 16 4.95 –0.04 .055 14.41 7.01 PrimisFinl FRST 4.3 12 9.24 +0.78 .10 2.65 1.37 SmartSand SND ... 51 1.78 ... ...
502.00 356.22 RoperTech ROP .5 46 499.38 +21.75.6825
11.14 10.04 NewcourtAcqnA NCAC ... 67 11.00 –0.14 ... 82.24 51.85 PDC Energy PDCE 2.2 3 73.55 +2.41 .40 37.60 23.49 PrincetonBncp BPRN 4.1 7 29.04 +1.47 .30 1.51 0.60 SmartShareGlbl EM ... dd .93 –0.05 ...
122.45 77.44 RossStores ROST 1.2 25 112.03 +0.45 .335
21.55 7.80 NewellBrands NWL 2.8 dd 10.01 +0.22 .07 106.38 38.80 PDD PDD ... 20 75.97 –3.52 ... 96.17 63.29 PrincipalFinl PFG 3.1 5 83.66 +4.52 .64 2.26 0.31 SmileDirectClub SDC ... dd .69 ... ...
11.36 9.85 RothCHAcqnV ROCL ... cc 10.35 –0.02 ...
11.93 5.07 Newmark NMRK 1.8 17 6.84 –0.13 .03 48.02 21.36 PDF Solutions PDFS ... cc 43.78 –1.71 ... 44.64 20.64 PriviaHealth PRVA ... cc 27.07 +1.04 ... 15.72 8.21 Smith&Wesson SWBI 3.8 16 12.79 –0.36 .12
5.29 3.14 Rover ROVR ... dd 5.18 +0.21 ...
21.69 14.87 NewsCorp A NWSA 1.0 43 19.65 –0.56 .10 39.35 22.96 PENN Entmt PENN ... 7 26.39 +0.40 ... 8.90 3.68 Procaps PROC ... 13 4.13 –0.11 ... 13.26 7.02 SnapOne SNPO ... dd 10.71 –0.12 ...
147.82 84.54 RoyalGold RGLD 1.2 34 121.95 +0.84 .375
21.86 15.15 NewsCorp B NWS 1.0 43 19.88 –0.52 .10 7.68 1.43 PLBY Group PLBY ... dd 1.71 +0.05 ... 27.00 9.01 ProFrac ACDC ... 8 12.57 +0.26 ... 3.07 0.50 SoYoungIntl SY ... dd 1.60 +0.02 ...
44.66 29.20 RoyaltyPharma RPRX 2.6 41 31.19 +0.46 .20
23.11 10.75 NewtekOne NEWT 9.5 ... 17.92 +1.00 .18 17.77 3.84 PMV Pharm PMVP ... dd 6.58 +0.11 ... 61.79 40.33 ProgressSoftware PRGS 1.2 32 58.11 –0.22 .175 10.58 9.80 SocialLvgI A SLAC ... 52 10.18 +0.08 ...
63.32 42.72 RushEnt A RUSHA 1.3 9 62.50 +0.68 .21
217.76 148.00 NexstarMedia NXST 3.0 9 180.33 +5.33 1.35 43.34 17.74 PRA Group PRAA ... 52 23.37 +0.61 ... 46.50 28.03 Progyny PGNY ... 93 39.94 +1.14 ... 10.23 4.24 SoFiTech SOFI ... dd 9.43 +0.35 ...
71.09 46.88 RushEnt B RUSHB 1.2 10 69.81 +0.70 .21
5.27 1.16 NextCure NXTC ... dd 1.81 +0.04 ... 52.40 25.29 ProceptBio PRCT ... dd 38.59 +2.09 ... 10.74 9.76 ProjectEnReimag PEGR ... 24 10.39 +0.01 ... 18.30 10.74 Sohu.com SOHU ... dd 11.01 –0.70 ...
33.58 9.78 RxSight RXST ... dd 31.06 –1.39 ...
21.99 15.23 NextGenHlthcr NXGN ... dd 16.61 –0.48 ... 147.83 101.82 PTC PTC ... 55 145.53 +0.86 ... 11.30 1.93 ProSomnus OSA ... dd 1.98 –0.08 ... 6.89 2.82 SolGelTech SLGL ... dd 3.94 +0.92 ...
112.75 55.90 Ryanair RYAAY ... 18 107.52 –3.53 ...
43.97 28.24 Nextracker NXT ... 19 39.12 +1.33 ... 59.84 33.25 PTC Therap PTCT ... dd 39.52 +0.34 ... 8.19 5.92 ProspectCapital PSEC10.9 dd 6.59 +0.17 .06 375.90 190.15 SolarEdgeTech SEDG ... 78 263.90 –9.66 ...
9.90 4.37 NicholasFin NICK ... dd 5.00 ... ... 90.05 54.64 Paccar PCAR 1.2 15 87.91 +2.25 .27 30.10 7.24 ProtagonistTherap PTGX ... dd 20.00 –1.25 ... S 14.25 3.40 SolidBiosci SLDB ... dd 4.74 –0.17 ...
8.97 0.52 Nikola NKLA ... dd 2.50 +0.25 ... 14.55 4.17 PacBiosciCA PACB ... dd 13.38 –0.36 ... 4.60 2.20 ProtaraTherap TARA ... dd 2.75 ... ... 38.43 24.93 S&T Bancorp STBA 4.3 8 30.08 +1.96 .32 7.77 1.83 SolidPower SLDP ... dd 2.60 –0.18 ...
16.84 1.49 9F JFU ... dd 3.65 –0.09 ... 37.50 17.53 PacificPremBncp PPBI 5.6 8 23.58 +1.86 .33 7.71 0.91 Proterra PTRA ... dd 1.55 +0.22 ... 356.59 214.51 SBA Comm SBAC 1.5 66 226.64 –17.13 .85 5.42 1.98 SomaLogic SLGC ... dd 2.35 +0.02 ...
26.00 5.69 908Devices MASS ... dd 7.60 +0.30 ... 59.20 35.35 PaciraBioSci PCRX ... dd 37.07 –0.22 ... 79.65 25.02 Prothena PRTA ... dd 65.01 –5.00 ... 3.84 1.15 SCYNEXIS SCYX ... dd 2.97 +0.22 ... 2.77 0.27 Sonder SOND ... dd .60 +0.04 ...
7.50 2.57 NiuTech NIU ... dd 3.73 –0.28 ... 12.46 6.85 PactivEvergreen PTVE 4.8 11 8.25 +0.34 .10 15.18 11.61 ProvidentFin PROV 4.0 11 13.95 +0.24 .14 28.50 8.50 SEALSQ LAES ... 32 12.30 +1.18 ... 24.56 13.65 Sonos SONO ... dd 16.12 –1.01 ...
18.48 1.91 Nkarta NKTX ... dd 2.16 +0.17 ... 30.43 2.48 PacWestBancorp PACW .4 dd 9.71 +1.57 .01 23.60 11.73 PubMatic PUBM ... 60 18.59 –0.61 ... 64.69 46.30 SEI Investments SEIC 1.3 22 63.87 +2.28 .43 5.77 1.69 SophiaGenetics SOPH ... dd 4.24 –0.34 ...
15.91 8.22 nLIGHT LASR ... dd 14.53 –0.26 ... 258.88 132.22 PaloAltoNtwks PANW ... cc 243.82 +2.56 ... 24.49 4.07 Pulmonx LUNG ... dd 12.59 –0.89 ... 29.51 11.14 SI-BONE SIBN ... dd 25.11 –1.00 ... 20.41 5.78 SoteraHealth SHC ... dd 19.05 +0.30 ...
230.20 0.97 Nogin NOGN ... dd 1.04 –0.02 ... 95.20 43.64 Palomar PLMR ... 28 59.12 +2.91 ... 5.16 2.08 PumaBiotech PBYI ... 33 3.54 +0.21 ... 26.99 4.73 SIGA Tech SIGA .0 11 5.02 +0.09 .45 3.11 1.63 SotherlyHotels SOHO ... 2 2.39 +0.18 ...
6.55 3.00 Noodles NDLS ... ... 3.45 +0.31 ... 97.78 66.74 PapaJohn's PZZA 2.1 36 80.56 +4.57 .42 38.90 22.10 PureTechHealth PRTC ... dd 28.51 +0.06 ... 12.50 9.87 SKGrowthOppsA SKGR ... 67 10.63 –0.02 ... 31.96 18.75 SouthPlainsFin SPFI 2.1 8 25.28 +1.70 .13
251.26 202.57 Nordson NDSN 1.1 27 243.35 –3.11 .65 11.63 9.96 PapayaGrowthI A PPYA ... 43 10.65 +0.06 ... 6.76 2.20 PurpleInnovation PRPL ... dd 2.90 +0.04 ... 17.93 10.81 SLM SLM 2.7 10 16.50 +0.09 .11 91.74 59.51 SouthState SSB 2.7 11 75.13 +4.75 .50
48.50 33.15 NortheastBank NBN .1 8 46.00 +3.57 .01 30.83 16.06 ParamountA PARAA 1.1 dd 18.16 –0.21 .05 9.63 4.44 Puyi PUYI ... dd 6.00 –0.18 ... 16.09 12.08 SLR Invt SLRC11.3 34 14.57 –0.01.1367 49.96 20.75 SouthernFirstBcsh SFST ... 10 28.19 +3.35 ...
15.00 10.10 NorthernTechsIntl NTIC 2.3 34 12.38 –0.28 .07 27.49 13.80 ParamountB PARA 1.3 dd 15.52 –0.44 .05 6.92 1.10 PyxisOncology PYXS ... dd 2.57 –0.08 ... 29.99 12.04 SMART Global SGH ... ... 25.57 –1.70 ... 56.04 30.28 SoMO Bancorp SMBC 2.0 11 42.86 +3.05 .21
104.57 69.54 NorthernTrust NTRS 3.8 14 78.75 +7.56 .75 3.65 1.29 ParatekPharm PRTK ... dd 2.19 –0.01 ... 62.85 35.14 QCR Holdings QCRH .5 8 46.69 +2.89 .06 4.76 0.12 SMXSecurityMatters SMX ... dd .14 +0.01 ... 31.00 19.61 SouthernStBcsh SSBK 1.6 7 22.50 +1.04 .09
16.13 9.13 NorthfieldBanc NFBK 4.4 9 11.73 +0.52 .13 3.93 0.75 PardesBiosci PRDS ... dd 2.15 +0.30 ... 25.49 9.47 QifuTechnology QFIN 3.7 5 18.34 –0.58 .16 2.37 0.73 SPI Energy SPI ... dd 1.38 +0.01 ... 42.01 25.38 SouthsideBcshs SBSI 5.1 8 27.67 +0.83 .35
56.77 33.29 NorthrimBanCorp NRIM 5.0 9 43.97 +2.82 .60 21.36 10.30 Park-Ohio PKOH 2.7 dd 18.75 +0.66 .125 2.14 0.70 QilianIntl QLI .0 28 .85 –0.01 .05 41.01 30.25 SP Plus SP ... 19 39.56 –0.27 ... 20.58 12.74 SovosBrands SOVO ... dd 18.81 +0.20 ...
10.75 9.89 NorthViewAcqn NVAC ... 64 10.51 –0.02 ... 2.36 0.80 PassageBio PASG ... dd .99 –0.01 ... 114.59 75.38 Qorvo QRVO ... cc 107.09 +2.22 ... 196.39 111.90 SPS Commerce SPSC ... cc 181.39 –8.27 ... 37.75 20.61 SpartanNash SPTN 3.9 52 21.96 +0.52 .215
0.20 0.06 NorthViewRt NVACR ... ... .13 –0.02 ... 55.81 31.16 PathwardFinl CASH .4 12 55.32 +2.97 .05 156.66 101.47 Qualcomm QCOM 2.6 13 124.72 +2.16 .80 64.52 45.25 SS&C Tech SSNC 1.3 26 61.70 +1.02 .20 3.18 0.68 SperoTherap SPRO ... dd 1.45 –0.06 ...
15.35 9.91 NorthwestBcshs NWBI 6.8 11 11.71 +0.57 .20 17.46 12.25 PatriaInvts PAX 5.6 25 15.69 +0.36 .226 162.36 101.10 Qualys QLYS ... 45 131.11 +1.83 ... 17.74 12.78 SSR Mining SSRM 1.9 20 14.75 +0.07 .07 116.84 65.00 Splunk SPLK ... dd 104.46 –4.49 ...
40.60 25.58 NorthwestPipe NWPX ... 11 31.99 +1.72 ... 11.05 10.04 PatriaLatAm PLAO ... 25 10.85 +0.08 ... 28.99 6.66 QuantaSing QSG ... dd 7.81 –0.51 ... 16.60 10.08 SabraHealthcare SBRA 9.1 dd 13.13 +0.44 .30 13.84 6.32 SpokHoldings SPOK11.4 7 10.93 +0.08.3125
61.24 48.68 Northwestern NWE 4.5 18 57.39 +0.54 .64 86.53 41.75 PatrickIndustries PATK 2.2 8 82.78 –0.73 .45 25.67 6.31 Quanterix QTRX ... dd 24.65 +0.80 ... 8.31 2.99 Sabre SABR ... dd 3.85 +0.13 ... 15.57 7.84 Sportradar SRAD ... cc 15.14 +0.50 ...
50 BARRON’S July 24, 2023
79.77 22.89 SyneosHealth SYNH ... 29 42.38 +0.07 ... 5.79 2.31 UPFintech TIGR ... 42 3.02 –0.12 ...
468.03 267.00 Synopsys SNPS ... 77 454.00 –0.11 ... 14.97 8.56 USCB Financial USCB ... 11 11.69 +0.72 ...
2.30 1.71 SyprisSolutions SYPR ... dd 1.94 –0.07 ... 214.16 102.12 US Lime&Min USLM .4 22 208.30 –1.12 .20 S&P Europe BMI 0.69% -0.12% S&P Pan Asia BMI
11.00 2.42 SyrosPharm SYRS ... dd 3.50 +0.15 ... 11.45 9.90 UTA Acqn A UTAA ... 61 10.60 +0.01 ...
6.60 0.46 uCloudlink UCL ... dd 2.75 +0.15 ... Belgium 5.09 India 1.47
T
17.26 8.17 Udemy UDMY ... dd 10.80 –0.42 ... U.K. 3.09 Japan 0.98
13.18 6.40 TelaBio TELA ... dd 10.68 +0.68 ... 556.60 360.58 UltaBeauty ULTA ... 19 460.11 –12.54 ...
6.73 0.32 TFF Pharm TFFP ... dd .33 +0.01 ... 39.15 23.32 UltraClean UCTT ... cc 35.75 –1.93 ... Denmark 2.32 Singapore 0.50
15.70 11.05 TFS Finl TFSL 8.5 47 13.31 +0.39.2825 56.42 33.36 UltragenyxPharm RARE ... dd 43.20 –0.98 ...
11.42 10.06 TKBCriticalTech1 USCT ... dd 10.51 –0.09 ... Norway 1.85 Australia 0.31
5.77 3.67 Ultralife ULBI ... dd 5.00 ... ...
11.35 10.01 TLGY Acqn A TLGY ... 50 10.81 +0.02 ... 28.46 20.07 UnionBankshares UNB 6.5 8 22.30 +0.20 .36 Greece 1.81 Thailand 0.26
3.20 0.51 TMCthemetals TMC ... dd 1.82 –0.34 ... 28.26 9.75 uniQure QURE ... dd 10.02 –0.87 ...
10.78 10.10 TMT Acqn TMTC ... dd 10.29 +0.03 ... 58.23 31.58 UnitedAirlines UAL ... 7 57.61 +4.27 ... Spain 1.06 New Zealand 0.08
1.75 0.19 TMT Acqn Rt TMTCR ... ... .31 ... ... 44.15 27.68 UnitedBkshrsWV UBSI 4.6 11 31.46 +2.37 .36 Germany 0.65 -0.05 Malaysia
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
154.38 124.92 T-MobileUS TMUS ... 46 140.90 +1.22 ... 39.50 20.37 UtdCmtyBks UCBI 3.3 11 27.91 +1.10 .23
44.43 24.74 TPG TPG 4.4 dd 30.74 +0.39 .20 33.97 20.85 UnitedFire UFCS 2.7 dd 23.40 +1.02 .16 Switzerland 0.52 -0.06 Philippines
25.05 8.46 TPIComposites TPIC ... dd 9.84 +0.08 ... 17.45 7.24 UnitedGuardian UG 2.5 15 8.14 +0.60 .10
134.64 93.53 T.RowePrice TROW 4.1 20 119.70 +3.22 1.22
Italy 0.42 -0.08 Indonesia
8.38 5.50 UnitedSecBcshrs UBFO 6.9 6 6.92 +0.18 .12
77.11 30.77 TTEC TTEC 3.3 17 31.43 –2.76 .52 283.09 201.65 UnitedTherap UTHR ... 17 248.24 +16.24 ... France 0.14 -0.59 South Korea
17.49 11.13 TTM Tech TTMI ... 20 13.84 –0.04 ... 10.44 2.94 Uniti UNIT11.8 dd 5.07 +0.32 .15
4.45 1.52 Taboola TBLA ... dd 3.24 –0.20 ... Finland 0.12 -0.60 Taiwan
29.88 20.01 UnityBancorp UNTY 1.8 7 26.41 +2.06 .12
9.12 3.15 TabulaRasaHlth TRHC ... dd 8.75 +0.61 ... 18.50 1.46 UnityBiotech UBX ... dd 2.86 –0.19 ... -0.31 Sweden -1.85 Hong Kong
26.11 6.52 TactileSystems TCMD ... dd 22.77 –2.11 ... 157.50 89.41 UnivDisplay OLED 1.0 34 142.67 –1.58 .35
153.84 90.00 TakeTwoSoftware TTWO ... dd 149.96 –0.04 ... 29.28 7.59 UnvlElectronics UEIC ... dd 11.01 +0.22 ...
-3.51 Netherlands -2.89 China
5.23 0.89 TalarisTherap TALS ... dd 3.08 +0.01 ... 45.00 24.10 UnivLogistics ULH 1.3 6 31.62 +1.64 .105
70.81 23.60 TandemDiabetes TNDM ... dd 33.06 +2.93 ... Indexes based on S&P Global Broad Market Indices Source: S&P DJ Indices
15.70 6.52 UnvlStainless USAP ... dd 14.87 +0.46 ...
8.56 2.47 TangoTherap TNGX ... dd 3.24 –0.19 ... 2.08 0.34 UniversePharm UPC ... dd .37 ... ...
8.25
11.29
24.68
2.38
9.93
11.33
TarenaIntl
TargetGlbl I A
TarsusPharm
TEDU ...
TGAA ...
TARS ...
32
63
dd
2.50
10.62
24.62
... ...
–0.01 ...
+6.97 ...
29.06
35.00
12.83
16.11
16.82
2.73
UnivestFin
Upbound
UplandSoftware
UVSP 4.4
UPBD 4.1
UPLD ...
30
dd
7 19.20
33.30
3.88
+0.80 .21
+1.33 .34
–0.49 ...
Key Foreign Stock Market Indexes
Most Recent Week’s Year-to-Date Most Recent Week’s Year-to-Date
24.37 10.37 TaskUs TASK ... 32 11.89 –0.11 ... 61.50 11.93 Upstart UPST ... dd 54.17 +7.64 ... Close %Chg. Chg. % Chg. Close %Chg. Chg. % Chg.
7.72 4.97 TatTechnologies TATT ... cc 7.56 +0.09 ... 23.50 6.56 Upwork UPWK ... dd 10.07 –0.68 ...
5.09 0.50 TayshaGene TSHA ... dd .69 ... ... Amsterdam AEX 773.75 –0.66 +84.74 +12.30 Mexico City IPC 53702 –0.13 +5238.30 +10.81
35.93 18.68 UrbanOutfitters URBN ... 18 34.39 –0.21 ...
12.25 10.02 Tech&TelecomA TETE ... 99 11.07 –0.22 ... 16.11 6.87 UroGenPharma URGN ... dd 9.29 +0.10 ... Athens General 1339.18 +1.02 +409.39 +44.03 Milan FTSE All Share 30829 +0.38 +5109.59 +19.87
72.79 28.25 TechTarget TTGT ... 30 33.72 +0.88 ... 2.56 1.22 Usio USIO ... dd 1.66 –0.13 ... Bangkok SET 1529.25 +0.75 –139.41 –8.35 Oslo Composite 1400.73 +2.76 +38.05 +2.79
7.81 4.87 Ericsson ERIC 3.2 15 5.04 +0.01.0873 109.50 80.68 UtahMedProducts UTMD 1.2 20 95.43 –3.32 .295
13.73 6.00 Telesat TSAT ... dd 9.99 +0.07 ... 5.03 3.12 UTStarcom UTSI ... dd 3.85 +0.11 ... Bombay Sensex 66684 +0.94 +5843.52 +9.60 Paris CAC 7432.77 +0.79 +959.01 +14.81
3.32 1.08 TelesisBio TBIO ... dd 1.35 –0.27 ... 8.20 0.80 Uxin UXIN ... 0 1.69 +0.03 ... Santiago Selective 3555.28 +2.61 +382.71 +12.06
Brussels Bel-20 3797.75 +6.58 +96.58 +2.61
12.51 1.53 Telos TLS ... dd 2.29 –0.30 ...
15.15 0.23 TempoAutomation TMPO ... dd .29 –0.04 ... VW Buenos Aires Merval 472973 +6.69 +270888 +134.05 Sao Paulo Bovespa 120216 +2.13 +10482 +9.55
60.62 23.81 10xGenomics TXG ... dd 59.96 +1.86 ... 6.83 2.53 VNET VNET ... dd 2.60 –0.18 ... Seoul Composite 2609.76 –0.71 +373.36 +16.69
Copenhagen OMX 20 2064.11 +2.89 +228.83 +12.47
50.62 28.80 Tenable TENB ... dd 43.32 +0.37 ... 14.75 6.23 VOXX Intl VOXX ... dd 9.37 –1.63 ... Shanghai Composite 3167.75 –2.16 +78.49 +2.54
8.09 1.64 TenayaTherap TNYA ... dd 5.20 –0.29 ... 59.15 33.22 VSE VSEC .8 22 51.97 –1.81 .10 Dublin ISEQ 8899.70 +0.09 +1790.88 +25.19
10.64 10.09 TenXKeaneAcqn TENK ... ... 10.63 +0.08 ... 5.70 0.58 Vacasa VCSA ... dd .70 –0.06 ... Shenzhen B Share Idx 1185.40 +1.56 +28.07 +2.43
EURO STOXX SXXE 464.05 +0.40 +54.08 +13.19
8.83 0.10 TenXKeaneAcqnRt TENKR ... ... .23 +0.01 ... 7.45 2.02 Vaccitech VACC ... dd 2.23 –0.01 ... Singapore FTSE STI 3278.30 +0.91 +26.98 +0.83
117.64 67.81 Teradyne TER .4 30 115.05 +1.96 .11 10.86 10.01 VahannaTechI A VHNA ... cc 10.65 –0.01 ... EURO STOXX 50 SXSE 4391.41 –0.20 +597.79 +15.76
Stockholm OMXS 834.02 +0.33 +52.16 +6.67
14.04 1.79 TernsPharm TERN ... dd 7.87 –0.28 ... 13.07 6.39 ValleyNatlBncp VLY 4.7 8 9.41 +1.20 .11 Frankfurt DAX 16177 +0.45 +2253.63 +16.19
25.50 9.57 TerritorialBncp TBNK 6.6 9 14.02 +1.56 .23 23.05 9.07 Valneva VALN ... dd 15.24 –0.31 ... STOXX Europe 50 SXSP 3997.99 +0.87 +346.16 +9.48
314.67 101.81 Tesla TSLA ... 77 260.02 –21.36 ... 11.36 10.04 ValuenceI A VMCA ... cc 10.74 +0.03 ... Helsinki OMHX 9931.70 +0.04 –876.09 –8.11
STOXX Europe 600 SXXP 465.40 +0.99 +40.51 +9.53
173.27 122.86 TetraTech TTEK .6 30 169.77 –0.84 .26 11.38 5.75 VandaPharm VNDA ... 23 6.53 +0.50 ... Hong Kong Hang Seng 19075 –1.74 –706.15 –3.57
69.27 42.79 TexasCapBcshs TCBI ... 9 63.45 +6.93 ... 23.90 17.11 VarexImaging VREX ... 33 23.20 +0.19 ... Sydney S&P/ASX 200 7313.90 +0.15 +275.21 +3.91
32.10 15.61 VaronisSystems VRNS ... dd 26.41 +0.09 ... Istanbul IMKB 6687.78 +3.88 +1178.62 +21.39
186.30 145.97 TexasInstruments TXN 2.7 21 184.32 +3.47 1.24 Taipel Weighted 17030 –1.46 +2893.01 +20.46
118.16 80.71 TexasRoadhouse TXRH 1.9 28 115.88 +1.87 .55 5.58 3.05 VastaPlatform VSTA ... dd 3.51 +0.15 ... Jakarta Composite 6868.02 +0.02 +17.40 +0.25 Tel Aviv 125 Index 1903.42 +3.52 +90.07 +4.97
39.16 21.59 TheBancorp TBBK ... 15 38.54 +3.05 ... 54.97 20.49 Vaxcyte PCVX ... dd 48.54 –1.10 ...
Johannesburg All Share 76826 –1.19 +3778.06 +5.17 Tokyo Nikkei-225 32304 –0.27 +6209.75 +23.80
11.69 3.25 TherapeuticsMD TXMD ... dd 4.20 +0.27 ... 4.47 1.24 Vaxxinity VAXX ... dd 2.72 +0.34 ...
12.03 8.58 TheravanceBio TBPH ... dd 9.64 –0.15 ... 27.18 16.11 VeecoInstr VECO ... 10 26.40 +0.69 ... Kuala Lumpur Composite 1413.52 +0.10 –81.96 –5.48 Toronto S&P/TSX 20547 +1.41 +1162.59 +6.00
14.77 2.62 TheseusPharm THRX ... dd 3.59 +0.93 ... 47.25 14.05 VentyxBiosciences VTYX ... dd 35.76 –0.08 ... LISBON PSI 4593.25 +1.39 +172.82 +3.91 Vienna ATX 3212.43 +1.62 +86.04 +2.75
22.56 12.31 ThirdCoastBcshs TCBX ... 12 18.65 +2.27 ... 6.62 2.84 VeraBradley VRA ... dd 6.23 –0.04 ...
24.60 3.75 ThirdHarmonic THRD ... dd 5.58 +0.20 ... 23.39 5.20 VeraTherap VERA ... dd 16.71 –0.23 ... London FTSE - 100 7663.73 +3.08 +211.99 +2.84 Wellington S&P/NZX 50 11940 –0.61 +467.20 +4.07
2.39 0.81 36Kr KRKR ... dd .91 –0.05 ... 32.40 14.92 Veracyte VCYT ... dd 28.58 –0.23 ... Madrid IBEX 35 9571.50 +1.41 +1342.42 +16.31 Zurich Swiss 11207 +0.87 +477.98 +4.45
6.45 3.41 ThorneHealthtech THRN ... 31 5.95 +1.02 ... 19.77 11.30 Veradigm MDRX ... 35 13.40 +0.36 ...
17.44 5.93 Thoughtworks TWKS ... dd 6.79 –0.87 ... 39.90 17.30 Vericel VCEL ... dd 38.72 –0.30 ... Manila Composite 6647.56 +0.34 +81.17 +1.24 Indexes are based on local currencies. Because of various holidays and other market closings, the most
recent close is not necessarily that of the week of publication.
3.72 0.73 ThredUp TDUP ... dd 3.16 +0.64 ... 51.01 31.63 VerintSystems VRNT ... dd 37.62 –0.92 ...
10.99 9.70 ThunderBridgeIV A THCP ... 65 10.14 +0.01 ... 229.72 169.24 VeriSign VRSN ... 33 213.89 –2.74 ...
July 24, 2023 BARRON’S 51
CambriaTrinity TRTY 3.2 25.16 +0.01 .2897 HartfordShrtDur HSRT 3.5 38.29 +0.13 .1411 iShEMCorpBdFd CEMB 4.4 43.43 +0.15 .184 JPMBetaUSREIT BBRE 3.5 87.96 +0.83 .8655 PointBridgeGOP MAGA 1.3 40.66 +0.82 .5098 ZacksEarnCons ZECP .8 25.56 +0.39 .2112
CambriaValue VAMO 1.9 26.00 ... .0973 HartfordSustIncm HSUN 5.4 33.58 +0.09 .1535 iShExpTechSftwr IGV .0 358.96 +0.27 .0255 JPM Beta1-5Y BBSA 2.3 47.11 –0.02 .0952 PreferredPlus IPPP 5.9 9.12 –0.06 .1411
CboeVest10YInt RYSE 2.6 28.14 –0.01 .2979 InnovDefWealth BALT ... 28.05 +0.11 ... iShFctUSGrwStyle STLG 1.3 37.26 –0.01 .1358 JPMBetaUSDHYCpBd BBHY 6.0 44.86 +0.26 .2475 PrincipalFocBlue BCHP ... 25.35 +0.03 ... NASDAQ
ClearFocusVal CFCV 1.4 33.70 +0.71 .117 InnovDoubStkJan DSJA ... 28.62 +0.08 ... iShFctUSValStyle STLV 2.9 28.52 +0.35 .1363 JPMBetaUSEquity BBUS 1.4 81.45 ... .2794 PrincipalIntAd PXUS 3.1 22.61 +0.30 .3216
ConvergenceLS CLSE .8 15.99 ... .125 InnovDoubStkOct DSOC ... 31.87 +0.03 ... iShFRBd FLOT 4.4 50.76 +0.12 .2341 JPMBetaUSTIPS0-5Y BBIP 5.4 97.96 +0.11 .6979 PrincipalUSLC PLRG 1.4 26.69 +0.14 .0916 AlpsActiveReit REIT 3.2 25.68 +0.21 .1952
CornerCapFundLC FUNL 1.7 35.53 +0.78 .5994 InnovDbStk9Jan DBJA ... 28.47 +0.04 ... iShGlbxUSDHiYdCpBd HYXU .6 48.16 –0.41 .2695 JPMBetaUSTr1-3Y BBSB 3.1 98.67 –0.05 .2874 PrincipalUSSC PLTL 1.6 24.22 +0.93 .094 AOT Growth AOTG ... 31.89 –0.68 ...
CultivarETF CVAR 1.5 25.27 +0.30 1.2626 InnovDbStk9Oct DBOC ... 31.19 +0.03 ... iShGlbHYCorpBd GHYG 5.1 42.91 +0.09 .2266 JPMBetaUSTr3-10Y BBIB 3.0 98.02 –0.56 .3019 ProShGlbListedPrv PEX 6.4 28.43 +0.31 .8572 AXS1.5XPYPLBlDly PYPT .0 18.86 +0.28 8.7788
DavisFinl DFNL 2.0 28.56 –0.09 .905 InnovEqDef TJUL ... 24.89 ... ... iShGoldStrategy IAUF .8 58.77 +0.21 .483 JPMBetaUSTr20+Y BBLB 2.9 97.51 +0.37 .2469 ProShHY IntRt HYHG 5.8 61.34 +0.24 .3184 AXS1.25XNVDABrDly NVDS 3.4 7.94 +0.24 2.2591
DavisSelectIntl DINT .3 19.13 –0.32 .065 InnovGrowthAccQ XDQQ ... 25.44 –0.10 ... iShHYCpBdBuyWrt HYGW 19.4 35.52 +0.11 .4949 JPMCorePlusBd JCPB 3.8 46.59 –0.02 .1684 ProShInvGrdIntRt IGHG 4.4 73.04 +0.46 .3056 AXSShInnovDly SARK .0 33.06 +0.34 13.748
DavisUSEquity DUSA 1.0 32.94 –0.12 .3287 InnovGrwAccPlApr QTAP ... 30.13 +0.05 ... iShiBdsDec28Muni IBMQ 1.6 25.26 +0.08 .0419 JPMInfltnMgdBd JCPI 3.7 46.20 –0.01 .1539 ProShK1FreeCrude OILK 4.9 43.78 +0.96 .1209 AXSTSLABrDly TSLQ 1.4 32.20 +2.18 2.0285
DavisWorldwide DWLD .6 29.25 –0.34 .186 InnovGrwAccPlJul QTJL ... 25.53 –0.12 ... iShiBdsDec25Muni IBMN 1.4 26.37 +0.02 .0353 JPM IntlBdOpps JPIB 3.4 46.56 –0.03 .2423 ProShLCCorePlus CSM 1.2 52.23 +0.42 .1468 AXS2XInnovation TARK ... 85.26 –2.91 ...
DimenIntlCore2 DFIC 2.1 24.97 +0.07 .2633 InnovGrwAccPlJan QTJA ... 20.52 +0.02 ... iShiBdsDec24Muni IBMM 1.5 25.77 +0.01 .0379 JPM Municipal JMUB 2.8 50.40 ... .1333 ProShDivGrowers EFAD 1.7 37.80 +0.09 .42 AdvShDorseyADR AADR 2.2 51.45 +0.72 .1275
DimenIntlHiProf DIHP 2.1 24.95 –0.04 .1887 InnovGrwAccPlOct QTOC ... 22.78 ... ... iShiBdsDec29Muni IBMR 2.7 24.94 +0.10 .0561 JPMUltShMuni JMST 2.3 50.65 +0.06 .1351 ProShMSCIEMDiv EMDV 3.6 46.94 –0.49 .0749 AdvShDW FSM AC DWAW .5 32.46 +0.23 .1649
DimenIntlSC DFIS 1.8 23.62 +0.01 .2508 InnovHdgTSLA TSLH .7 27.19 –0.71 .1859 iShiBdsDec27Muni IBMP 1.8 25.12 +0.05 .0435 LHAMktStAlpha MSVX .1 23.72 +0.01 .0276 ProShMSCIEurDiv EUDV 1.7 46.15 +0.41 .5903 AdvShDW FSM US DWUS .8 37.54 +0.06 .2981
DimenIntlSCValue DISV 2.3 24.83 +0.12 .3158 InnovLadder BUFB ... 26.50 +0.17 ... ProShMergerETF MRGR 1.0 38.42 ... .1167 AdvShDorseyMc DWMC .8 32.85 +0.88 .2561
DisciplineFund DSCF 1.8 21.92 +0.07 .151 InnovNasd100Oct NOCT ... 41.85 –0.01 ... ProShPetCare PAWZ .5 51.67 +0.29 .0476 AdvShDorseyShrt DWSH ... 8.06 –0.32 ...
DivPerformers IPDP 1.4 16.23 +0.28 .0666 InnovNasd100Apr NAPR ... 42.10 –0.05 ... ProShRuss2000Div SMDV 2.6 61.31 +1.66 .375 AlphaMarkActMgd SMCP .5 26.62 +0.25 .1428
AltriusGlbDiv DIVD 3.1 30.51 +0.79 .0876
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
DonoghueForYdEnh DFRA 5.4 27.75 +0.53 .381 InnovNasd100Jan NJAN ... 40.23 +0.05 ... ProShRussUSDivGrw TMDV 2.3 47.93 +1.07 .237
EngineNo1 NETZ .9 52.80 +0.30 .1965 InnovNasd100Jul NJUL ... 51.71 –0.09 ... ProShS&P500Arist NOBL 1.9 96.48 +1.66 .463 AmCentShDur SDSI 4.6 50.59 +0.03 .2105
EngineNo1Tran500 VOTE 1.4 52.67 +0.37 .2393 InnovPrem40Jul JULQ ... 24.88 +0.01 ... ProShS&PMC400 REGL 2.3 72.64 +2.06 .3412 ArgentMC AMID .2 27.41 +0.13 .0583
EngNo1TrnsSpplyChn
FCFIntlQual
FCFUSQuality
FPA GlobalEqu
SUPP
TTAI
TTAC
FPAG
.5
13.2
1.3
1.2
53.54
27.80
53.74
25.13
+0.06
–0.06
+0.72
+0.06
.0703
.3826
.1359
.1542
InnovPremiumIncm40
InnovPrem10A
InnovPrem10Jul
InnovPremiumIncm30
APRQ
APRD
JULD
APRJ
5.5
9.1
...
6.4
24.59
25.05
24.97
24.79
+0.02
+0.03
+0.06
+0.04
.3369
.5699
.3993
...
Selected ETF Leaders ProShS&PTechDiv
ProShShtVIXST
ProShUltVIXST
ProShVIXMTFut
TDV
SVXY
UVXY
VIXM
1.3
...
...
...
66.78
86.69
17.08
19.89
+0.31
+0.41
–0.27
–0.20
.1705
...
...
...
BNYMellonInnov
BNYM Women'sOpps
BlkRkAAACLO
BlkRkShCalif
BKIV ...
BKWO ...
CLOA 6.5
CALY ...
28.27
27.01
51.02
50.06
–0.29
+0.25
+0.23
+0.01
.2493
...
...
...
FTCBOEModBufferFeb GFEB ... 31.43 +0.06 ... InnovPrem30Jul JULJ ... 24.93 +0.02 ... ProShVIXSTFut VIXY ... 23.73 –0.26 ... BrandyDynUSLCV DVAL 1.5 12.09 +0.21 1.503
FTCboeVestBuffDef BUFT ... 20.03 +0.06 ... InnovPremiumIncm20 APRH 7.8 24.93 +0.05 .4855 Vanguard Dividend Q3AllSeason QVOY .4 28.28 –0.15 .1147 BridgesCapTactical BDGS ... 25.69 +0.01 ...
FTCboeVestBuffGrw BUFG ... 20.58 +0.15 ... InnovPrem20Jul JULH ... 24.94 ... ... 1.85% ROC ETF ROCI .1 25.09 +0.30 .0172 BurneyUSFactor BRNY .9 29.87 +0.17 .0557
FTCboeDJIADogs10 DOGG 9.3 20.20 +0.39 .1575 InnovRuss2000Jul KJUL ... 26.19 +0.19 ... Appreciation (VIG) RareviewDynFx RDFI 6.0 22.64 +0.09 .1518 CabanaTarget5 TDSA 3.2 20.97 +0.04 .0383
FTCboeVestBf BUFR ... 25.42 +0.16 ... InnovRuss2000Oct KOCT ... 27.89 +0.32 ... RareviewInfln FLTN 1.9 20.53 –0.15 .0235 CabanaTarget7 TDSB 2.1 21.17 +0.06 .1495
FTCboeVestFdDpBf BUFD ... 21.75 +0.04 ... InnovRuss2000Apr KAPR ... 28.01 +0.14 ... RareviewSys RSEE .4 27.36 +0.06 .0734 CabanaTarget16 TDSE 1.8 22.70 +0.11 .0539
FTCboeVestN100 BUFQ ... 25.28 –0.02 ... InnovRuss2000Jan KJAN ... 32.71 +0.26 ... iShares Core S&P RareviewTaxAdv RTAI 3.4 20.57 +0.09 .0513 CabanaTarget10 TDSC 1.7 22.69 +0.09 .0673
FTCboeVestGold BGLD .4 19.93 +0.05 .0739 InnovS&P500Buff BJUL ... 35.82 +0.25 ... 1.61 RegentsHdgMkt RPHS 1.2 9.03 +0.08 .1086 CabanaTarget13 TDSD 1.7 22.34 +0.08 .0552
FTCboeVestGold IGLD 6.8 19.20 +0.02 .127 InnovS&P500BuffO BOCT ... 36.89 +0.18 ... Small Cap (IJR) ResidentialREIT HAUS 2.4 16.88 +0.17 .1339 CabanaLdgAgg CLSA .0 19.02 +0.04 .1927
FTCboeVestIntlDec YDEC ... 22.30 +0.05 ... InnovS&P500BuffA BAPR ... 36.23 +0.11 ... ReturnStackedBds RSBT ... 18.07 –0.15 ... CabanaLdgCon CLSC .0 19.69 +0.09 1.0094
FTCboeVestIntlJun YJUN ... 20.76 +0.04 ... InnovS&P500Aug BAUG ... 34.16 +0.26 ... ReverbETF RVRB .2 23.64 +0.12 .0541 CabanaLdgMod CLSM .0 20.52 +0.12 .638
FTCboeVestIntlMar YMAR ... 21.52 +0.05 ... InnovS&P500Dec BDEC ... 36.85 +0.26 ... Vanguard Total Stock RiverEnhPreMgr SPCZ .2 26.60 +0.07 .0557 CarbonColl CCSO .2 20.48 +0.03 .0416
FTCboeVestIntSep YSEP ... 20.26 ... ... InnovS&P500Feb BFEB ... 34.65 +0.16 ... 0.70 RiverPatriot FLDZ 1.4 23.59 +0.42 .3289 ClearBr AC Grw CACG .3 43.02 –0.16 2.4125
FTCboeVstN100Dec QDEC ... 22.51 ... ... InnovS&P500Jan BJAN ... 38.26 +0.19 ... Market (VTI) RoundCannabis WEED ... 22.52 –2.29 ... ClearBrDivStrat YLDE 1.7 43.06 +0.56 .2157
FTCboeVstN100Jun QJUN ... 22.44 –0.18 ... InnovS&P500BuffJun BJUN ... 33.96 +0.13 ... SEIEnhLvUSLC SELV 2.3 25.86 +0.34 .198 ClearBrLCGrw LRGE .1 55.17 –0.36 .8212
FTCboeVstN100Mar QMAR ... 24.21 –0.05 ... InnovS&P500BuffMar BMAR ... 37.51 +0.14 ... SEIEnhUSLCMom SEIM 1.3 26.84 –0.08 .0619 ClearBridgeSustInf INFR 1.0 25.80 +0.12 .2528
FTCboeVstN100Sep QSPT ... 21.59 –0.04 ... InnovS&P500BffMay BMAY ... 32.19 +0.15 ... SPDR S&P 500 ETF SEIEnhUSLCQul SEIQ 1.0 29.41 +0.06 .0844 CSX-LinksCrudeOil USOI 43.6 77.75 –0.08 1.1785
FTCboeVestRising RDVI 8.7 22.48 +0.20 .1672 InnovS&P500BuffN BNOV ... 34.58 +0.24 ... 0.65 SEIEnhUSLCVal SEIV 2.3 26.57 –0.06 .1428 CSXLGoldCvETN GLDI 13.3 142.12 –0.50 1.0222
FTCboeS&P500Div KNG 3.8 54.01 +0.98 .507 InnovS&P500JSep BSEP ... 35.08 +0.28 ... Trust (SPY) SPDRBlackHiIncm HYBL 7.0 27.79 +0.07 .18 CSX SilverETN SLVO 21.0 77.55 –1.59 1.3573
FTCboeUSBuffJul FJUL ... 39.74 +0.35 ... InnovS&P500Divrs BUFF ... 38.37 +0.14 ... SPDRDoubleEMFixed EMTL 4.5 41.15 +0.13 .1236 CrossBridgePreMerg SPC 1.0 21.44 +0.03 .0203
FTCboeUSBuffApr FAPR ... 33.26 +0.13 ... InnovS&P500Pwr PJUL ... 34.64 +0.03 ... SPDRDoubleShDurTR STOT 3.8 46.44 –0.02 .1731 DemLCCore DEMZ .8 27.69 +0.16 .2326
FTCboeUSBuffAug FAUG ... 39.23 +0.24 ... InnovS&P500PwrF PFEB ... 31.07 +0.02 ... SPDR Gold Shares SPDRLoomisOpp OBND 5.5 25.73 +0.07 .145 DirexAAPLBear1X AAPD 2.8 20.35 –0.12 .243
FTCboeUSBuffDec FDEC ... 36.51 +0.17 ... InnovS&P500PwrN PNOV ... 34.36 +0.13 ... 0.41 SPDRNuvMuniBd MBNE 2.8 29.56 +0.13 .0829 DirexAAPLBull1.5X AAPU 1.2 28.57 +0.26 .1403
FTCboeUSBuffFeb FFEB ... 40.35 +0.18 ... InnovS&P500PwrA PAPR ... 31.18 +0.10 ... (GLD) SPDRNuvMuniBd MBND 2.4 27.01 +0.11 .0669 DirexAmznBr1X AMZD 3.2 21.22 +0.73 .2937
FTCboeUSBuffJan FJAN ... 37.54 +0.06 ... InnovS&P500Aug PAUG ... 31.81 +0.04 ... SabaClosedEndFds CEFS 8.7 18.83 –0.05 .14 DirexAmznBl1.5X AMZU 1.1 23.13 –1.34 .1239
FTCboeUSBuffJun FJUN ... 42.07 +0.19 ... InnovS&P500PwrD PDEC ... 33.75 +0.15 ... 2ndVoteLifeNeutral LYFE 1.0 34.02 +0.28 .6245 DirexGooglBr1X GGLS 2.7 20.52 +0.92 .2768
FTCboeUSBuffMar FMAR ... 35.96 +0.10 ... InnovS&P500Jan PJAN ... 35.43 +0.03 ... Vanguard FTSE 2ndVoteSocDef EGIS .6 37.01 +0.55 .4263 DirexGooglBl1.5X GGLL 1.3 26.70 –1.91 .1678
FTCboeUSBuffMay FMAY ... 39.44 +0.14 ... InnovS&P500PwrJun PJUN ... 31.97 ... ... 0.19 SimplifyItTrea TYA 3.7 14.73 –0.14 .05 DirexMsftBr1X MSFD 2.7 17.21 +0.07 .1899
FTCboeUSBuffNov FNOV ... 40.89 +0.19 ... InnovS&P500PwrBuff PMAR ... 34.05 +0.10 ... Developed Markets SirenDivDefender DFND 1.5 37.03 +0.13 .1764 DirexMsftBl1.5X MSFU 1.1 36.19 –0.33 .1781
FTCboeUSBuffOct FOCT ... 38.34 +0.21 ... InnovS&P500PwrMay PMAY ... 30.12 +0.10 ... (VEA) SirenDivLdrsDiv LEAD 1.1 57.26 +0.44 .1605 DirexTSLABr1x TSLS 2.7 19.53 +1.32 .1859
FTCboeUSBuffSep FSEP ... 38.66 +0.27 ... InnovS&P500PwrO POCT ... 33.67 +0.06 ... SoundwatchHdg SHDG .8 24.40 +0.14 .1883 DirexTSLABl1.5x TSLL 1.1 17.01 –2.24 .0833
FTCboeUSDeepApr DAPR ... 30.96 +0.08 ... InnovS&P500Sep PSEP ... 33.25 +0.20 ... iShares Core MSCI StrategyResRobust ROMO .7 26.33 +0.20 .1877 DirexNasd100EW QQQE .8 79.62 +0.66 .159
FTCboeUSDeepAug DAUG ... 34.59 +0.23 ... InnovS&P500UltA UAPR ... 26.30 +0.02 ... 0.17 StratGoldHdg GLDB 2.8 20.04 –0.02 .0501 EABridgewayOmniSC BSVO ... 18.86 +0.58 ...
FTCboeUSDeepDec DDEC ... 34.06 +0.10 ... InnovS&P500UltAug UAUG ... 29.36 +0.22 ...
EAFE (IEFA) SubversiveDecarb DKRB ... 23.82 +0.04 ... FidelityCrypto FDIG ... 23.83 –1.12 ...
FTCboeUSDeepFeb DFEB ... 35.68 +0.11 ... InnovS&P500UltDec UDEC ... 30.58 +0.14 ... SubversiveFood KCAL .1 24.04 +0.57 .0131 FidelityDisrAuto FBOT ... 25.08 –0.61 ...
FTCboeUSDeepJan DJAN ... 32.97 +0.09 ... InnovS&P500UltFeb UFEB ... 28.09 +0.07 ... SubversMentalHlth SANE ... 24.39 –0.06 ... FidelityDisrComms FDCF ... 26.78 –0.29 ...
FTCboeUSDeepJul DJUL ... 35.06 +0.08 ... InnovS&P500UltJan UJAN ... 32.97 +0.09 ... Vanguard Total Bond SwanHdgEqUSLC HEGD .8 18.75 +0.10 .1491 FidelityDisrFin FDFF ... 26.99 +0.57 ...
FTCboeUSDeepJun DJUN ... 36.46 +0.12 ... InnovS&P500UltrJul UJUL ... 29.12 +0.02 ... 0.08 TemaMonopolies TOLL ... 26.60 +0.06 ... FidelityDisrMed FMED ... 25.52 +0.44 ...
FTCboeUSDeepMar DMAR ... 32.47 +0.08 ... InnovS&P500UltJun UJUN ... 28.82 ... ...
Market (BND) 3DPrintingETF PRNT ... 24.00 –0.31 ... FidelityDisrTech FDTX ... 26.49 –0.54 ...
FTCboeUSDeepMay DMAY ... 34.59 +0.08 ... InnovS&P500Ultra UMAR ... 30.27 +0.08 ... TouchstoneClimt HEAT ... 26.93 –0.14 ... FidelityDisruptors FDIF ... 25.43 –0.07 ...
FTCboeUSDeepNov DNOV ... 36.75 +0.13 ... InnovS&P500UltMay UMAY ... 28.21 +0.07 ... TouchstoneUSLC LCF .2 29.14 +0.18 .0569 FidelityMetaverse FMET .4 26.54 –0.48 .009
FTCboeUSDeepOct DOCT ... 35.18 +0.08 ... InnovS&P500UltN UNOV ... 31.07 +0.11 ... Invesco QQQ Trust TouchUltShIncm TUSI 4.3 25.05 +0.05 .125 FidelityNasdaq ONEQ .8 55.13 –0.27 .09
FTCboeUSDeepSep DSEP ... 34.60 +0.16 ... InnovS&P500UltO UOCT ... 30.07 +0.07 ... -0.91 TrimDonForRisk DFNV 1.0 26.36 +0.28 .2652 FT AltAbsRet FAAR 7.4 28.85 +0.35 .2293
FTCboeUSEqDec XDEC ... 32.89 +0.11 ... InnovS&P500UltSep USEP ... 29.67 +0.14 ...
(QQQ) TrimDonForTact DFHY 4.1 20.82 +0.05 .2484 FT APxJapan FPA 3.3 28.57 +0.52 .1343
FTCboeUSEqJun XJUN ... 33.72 +0.06 ... InnovS&PHiQualPfd EPRF 5.4 18.36 +0.11 .085 TrueStructOutApr APRZ .5 29.26 +0.14 .147 FT BrazilAlpha FBZ 10.9 11.16 +0.23 .3441
FTCboeUSEqEnhMarch XMAR ... 31.63 +0.03 ... InnovTripleStkJan TSJA ... 27.70 +0.13 ... TrueStructOutAug AUGZ .4 33.65 +0.19 .1233 FT BuyWrite FTHI 8.3 21.11 –0.15 .157
FTCboeUSEqSep XSEP ... 34.07 +0.03 ... InnovTripleStkOct TSOC ... 30.74 +0.09 ... Vanguard FTSE TrueStructOutDec DECZ .0 31.02 +0.18 .3942 FT CA MuniHi FCAL 2.6 49.16 +0.16 .1135
-1.41 FT CapStrength FTCS 1.4 76.61 +1.30 .2368
FTCboeVestUSEqA GAPR ... 31.27 +0.03 ... Innov20+YTrBd5Jl TFJL ... 20.13 +0.07 ... Emerging Markets TrueStructOutFeb FEBZ ... 31.19 +0.62 ...
FTCboeVestUSEqJ GJAN ... 32.81 +0.05 ... Innov20+YTrB9BfJul TBJL ... 20.15 –0.07 ... TrueStructOutJan JANZ .0 29.31 +0.50 .0538 FT ChinaAlphaDEX FCA 7.4 20.10 –0.34 .5224
FTCboeVestUSEqJu GJUN ... 30.48 +0.12 ... InnovUSEqAcc9BfApr XBAP ... 29.23 +0.07 ... (VWO) TrueStructOutJul JULZ .1 35.96 +0.23 .0223 FT CloudComp SKYY .0 78.53 –0.27 .0113
FTCboeUSEqModMarch GMAR ... 32.03 +0.10 ... InnovUSEqAccApr XDAP ... 29.01 +0.11 ... Source: Barron’s Statistics TrueStructOutJun JUNZ .5 26.63 +0.18 .1333 FT DevMkts FDT 2.7 53.77 +0.70 .8802
FTCboeVestUSEqM GMAY ... 31.46 +0.05 ... InnovUSEqAccQ XDSQ ... 29.15 +0.18 ... TrueStructOutMar MARZ .0 28.56 +0.15 .1831 FT DevMktsXUS FDTS 4.0 40.05 +0.16 .5546
FTCboeVestUSSCM SMAY ... 21.17 +0.14 ... InnovUSEqAcc9BfJan XBJA ... 24.81 +0.09 ... TrueStructOutMay MAYZ .6 25.65 +0.38 .1585 FT DivStrength FTDS 2.5 43.86 +0.97 .2686
FT DorseyDyn5 FVC 2.1 34.12 +0.08 .157
52 BARRON’S July 24, 2023
FT NasdPharm FTXH 1.6 26.80 +0.78 .1179 InvscESGNasd100 QQMG .6 25.50 –0.17 .0375 PacerCashCows HERD 2.4 35.20 +0.52 .2669 WisdTrUSQltyDiv DGRW 1.8 68.18 +1.10 .12 AmplifyBlackTech QSWN 2.9 19.21 –0.11 .1303 ColumbiaIndiaCnsmr INCO .2 52.49 –0.66 4.7969
FT NasdSemicon FTXL .7 71.77 –0.12 .1026 InvscElcVehicle EVMT 1.0 21.11 –0.99 .2122 PacerEMCashCows ECOW 5.9 20.18 +0.07 .3002 WisdTrUSSCQltyDiv DGRS 2.7 44.11 +0.84 .15 AmpCWPEnhDiv DIVO 4.6 36.79 +0.69 .1417 ColumbiaIntlESGEq ESGN 3.0 27.90 +0.14 .4543
FT NasdaqTrans FTXR 1.7 30.64 +0.13 .1057 InvscFTSEUS1500SM PRFZ 1.4 35.91 +0.50 .1501 PacerTrendpilot100 PTNQ .5 62.69 –0.35 .3057 WTVoyaYdEnhUSD UNIY 4.1 48.88 –0.12 .18 AmplifyEMFinTech EMFQ .2 22.50 +0.23 .0517 ColumbiaMultMun MUST 2.2 20.58 +0.09 .0407
FT Nasd100 EW QQEW .6 110.60 +0.96 .1541 InvscGlblWater PIO 1.0 36.79 +0.63 .1932 PacerUSLCCash COWG .2 22.16 +0.05 .0235 XtrkCyberSelEq PSWD ... 25.48 ... ... AmplifyHiIncm YYY 12.1 11.91 +0.13 .12 ColumbiaResEnhCore RECS 1.2 26.45 +0.31 .3205
FT RBA AmerInd AIRR .2 54.33 –0.44 .0405 InvscGoldenDragon PGJ .9 28.01 –0.90 .0876 PacerUSSCCashCow CAFG .4 22.67 +0.08 .0235 XtrkSemiconSelEq CHPS ... 24.93 ... ... AmplifyInfltn IWIN .5 24.82 +0.31 .1147 ColumbiaResRlEst CRED 3.1 20.70 –0.08 .1612
FTRisingDivAch RDVY 2.3 48.73 +0.79 .3021 InvscHYBd IHYF 6.6 21.77 +0.02 .1247 ParablaInnov LZRD ... 11.95 –0.10 ... XtrkUSGreenInfr UPGR ... 25.08 +0.36 ... AmplifyIntEnhDiv IDVO 5.6 28.29 ... .1382 ColumbiaResEnhVal REVS 2.2 21.61 +0.52 .481
FT RiverFrDynDev RFDI 4.4 58.72 +0.08 1.1604 InvscHYEquDivAch PEY 4.4 19.91 +0.45 .0713 PrincipalHlthInnov BTEC ... 36.23 –0.22 ... AmplifyLithium BATT 3.6 13.54 –0.23 .4849 ColumbiaSelSem SEMI .1 20.77 –0.17 .0774
FT RiverFrDynEM RFEM 6.8 56.07 –0.86 .7396 InvscIntlBuyBkAch IPKW 2.8 35.56 –0.01 .1977 PrincipalMillGr GENY 2.8 43.60 –0.50 .5206 NYSE AmplifyNatRscs NDIV 7.0 26.47 +0.63 .189 ColumbiaShDuration SBND 3.4 18.07 +0.02 .0527
FT RiverFrDynEur RFEU 5.0 61.86 +0.10 1.6388 InvscIntlDivAch PID 3.2 18.46 +0.24 .1629 PrincipalQual PSET 1.1 57.45 +0.49 .1358 BTD Cap Fd DIP .5 26.16 +0.52 .0163 AmplifyOnlineRet IBUY ... 50.36 –0.01 ... ColumbiaUSESGEq ESGS 2.5 39.10 +0.76 .2427
FT S&PIntDivArist FID 4.3 15.74 +0.13 .3137 InvscKBWBank KBWB 3.5 44.89 +2.76 .4455 PrinUSMega USMC 1.4 44.61 +0.50 .1537 HarbCmdAllWeather HGER .6 22.42 +0.35 .1399 AmpSeymCannabis CNBS ... 3.80 –0.15 ... CommSvsSPDR XLC .7 65.56 –1.59 .1049
FT SMID CapRising SDVY 2.4 29.45 –0.19 .2077 InvscKBWHiDvYdFn KBWD 10.8 16.43 +0.38 .162 PrincipalUSSC PSC 1.6 43.71 +0.64 .1119 HarborDivGrw GDIV 3.4 12.81 +0.28 .0496 AmplifyAllStars MVPS .0 19.96 –0.21 .0013 ConductorGlbEquity CGV .7 13.31 +0.07 .0942
FT S-Network ISHP 1.6 28.02 +0.07 .4212 InvscKBWPrEquREIT KBWY 8.3 19.41 +0.41 .1402 PrincipalValue PY 2.7 42.37 +0.84 .246 HarborLtGrowers WINN .0 18.76 –0.18 .0083 AmplifyTransData BLOK ... 25.63 –0.66 ... CnsmrDiscSelSector XLY .9 170.98 –3.94 .3344
FT S-NtwkFutVeh CARZ 1.4 57.00 –1.05 .3476 InvscKBWP&CIns KBWP 1.8 83.89 +4.23 .3293 PvtRealEst PRVT ... 20.95 +0.09 ... PimcoActiveBd BOND 3.8 91.55 +0.05 .33 AngelOakIncm CARY 6.6 20.20 +0.06 .1077 CnsStapleSelSector XLP 2.5 75.63 +1.35 .526
FT SSI Strat FCVT 1.5 33.03 –0.06 .04 InvscKBWRegBkg KBWR 3.1 48.74 +3.48 .3686 ProcureDisaster FIXT .1 29.22 +0.35 .0104 ThorLowVol THLV .6 25.93 +0.28 .153 AngelOakUltSh UYLD 5.2 50.52 +0.05 .1806 ConvexDly1.5x SPKY ... 5.02 –0.13 ...
FT SrLoanFd FTSL 6.8 45.37 –0.20 .29 InvscNasdFtGn200 QQQS .6 29.21 +0.20 .0356 ProcureSpace UFO 2.1 20.16 +0.96 .1399 AppliedFinValLC VSLU .8 27.98 +0.06 .2334 Convex1xSpikes SPKX ... 9.17 –0.16 ...
FT SC CoreAlpha FYX 1.1 86.25 +1.75 .2776 InvscNasdNext100 QQQJ .8 26.76 +0.22 .0497 ProShEquRising EQRR 2.6 52.15 +1.81 .4031 NYSE ARCA ArkFinInnov ARKF ... 23.07 –0.29 ... CorbettRdTactOpp OPPX .6 23.60 +0.07 .1345
FT SC GrwAlpha FYC .2 62.56 +0.82 .0717 InvscNasd100 QQQM .6 154.54 –1.43 .2167 ProShNasd100DW QQQA .3 36.12 –0.15 .0337 ArmorUSEquity ARMR 2.6 23.14 +0.11 .592 CoreAlternative CCOR 1.2 28.05 +0.50 .0751
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
FT SC US Equity RNSC 2.2 27.71 +0.45 .1738 InvscNasdBiotech IBBQ .8 20.93 +0.37 .0453 ProShUltNdBio BIB ... 54.29 +1.92 ... AAMBahl&GynrS/M SMIG 1.9 24.49 –0.07 .039 ArrowDJGlbYd GYLD 6.4 12.89 +0.18 .1033 CS S&P MLP MLPO 8.0 11.29 –1.25 .2382
FT SC ValAlpha FYT 1.6 48.82 +1.52 .1347 InvscNasdInt PNQI ... 32.57 –0.34 ... ProShUltNasdCloud SKYU ... 18.25 –0.19 ... AAM LowDurPfd PFLD 5.8 21.02 +0.08 .103 AsianGrowthCubs CUBS .2 19.99 –0.05 .0473 DBGoldDoubleLg DGP ... 41.33 +0.35 ...
FT SwitzAlpha FSZ 3.2 62.46 –0.25 1.281 Invsc1-30LadTrea PLW 2.3 29.10 +0.03 .0657 ProShUltNasdCyber UCYB ... 30.13 +0.13 ... AAMS&PDevMk DMDV 4.9 22.78 +0.08 .103 ASYMmetricS&P500 ZSPY ... 29.82 +0.40 ... DBGoldDoubleShrt DZZ ... 2.48 ... ...
FT TCW Opp FIXD 3.9 44.14 –0.13 .14 InvscPHLXSemicon SOXQ 1.0 29.13 –0.42 .0695 ProShUltPrQQQ TQQQ .9 42.69 –1.33 .1276 AAMS&PEMHiDivVal EEMD 6.7 18.96 –0.01 .09 ASYMmetricSmart MORE 4.0 23.37 +0.23 .356 DBGoldShortETN DGZ ... 10.02 +0.03 ...
FT TacticalHY HYLS 6.3 39.85 +0.04 .21 InvscQQQI QQQ .6 375.63 –3.44 .504 ProShUltShQQQ SQQQ 3.4 18.03 +0.48 .2662 AAMS&P500HiDivV SPDV 3.8 29.06 +0.31 .09 ASYMmetricSmart ASPY .9 26.68 +0.68 .2341 DayHaganNedRes SSUS .5 36.24 +0.27 .1925
FT USEquityDiv RNDV 2.8 29.37 +0.39 .245 InvscRAFIStratUS IUS 1.6 41.40 +0.48 .174 ProShUltShNdBtech BIS .1 19.99 –0.69 .0214 AamTransformers TRFM ... 29.49 –0.26 ... AvantisAllEquity AVGE 1.6 61.74 +0.63 .5732 DayHaganSmFx SSFI 2.5 21.77 +0.03 .1213
FT UK Alpha FKU 3.9 35.11 +0.60 .4915 InvscS&PSCCnsDisc PSCD 1.3 93.30 –0.19 .1877 RangeCancerTherap CNCR ... 13.15 +0.23 ... ABDisruptorsETF FWD ... 57.34 –0.65 ... AvantisAllEqMktVal AVGV ... 53.06 –0.09 ... DayHaganSmIntl SSXU .6 27.92 –0.10 .1648
FlexShCredScoreUS SKOR 3.1 46.98 +0.10 .1533 InvscS&PSCCnsStpl PSCC 1.6 36.73 +0.29 .1509 RoundhillBIGBk BIGB ... 29.19 +1.85 ... AB HY HYFI 5.2 35.48 +0.14 .1972 AvantisAllIntlMkt AVNM ... 52.44 +0.12 ... DefianceHotel CRUZ .1 21.78 +0.38 .0207
FlexShRealAsset ASET 2.6 30.60 +0.28 .319 InvscS&PSCEner PSCE 2.5 52.10 +2.95 .3204 RoundhillBigTech BIGT ... 30.37 –0.73 ... AB TaxShDurMuni TAFI 2.9 25.00 +0.04 .063 AvantisAllIntlMkt AVNV ... 52.61 +0.21 ... DefianceNextGen FIVG 1.5 33.48 –0.11 .1673
FrankUSLowVol LVHD 3.3 38.09 +0.82 .2805 InvscS&PSCFinls PSCF 3.0 45.74 +1.97 .4307 RoyceQuantSC SQLV 1.2 37.95 +0.55 .1143 ABUSHiDividendETF HIDV 2.1 56.11 +0.55 .2972 AvantisCoreFixIncm AVIG 3.5 41.32 +0.07 .1374 DefNextGenH2 HDRO ... 9.05 +0.32 ...
GlbXAgingPop AGNG .6 28.16 +0.34 .1516 InvscS&PSCHlthCr PSCH ... 44.71 +0.15 ... RunningOakEffGr RUNN ... 26.96 +0.29 ... ABUSLowVolEquity LOWV .8 56.21 +0.49 .1097 AvantisCrMuniFx AVMU 2.0 46.33 +0.19 .1003 DefPureEV EVXX ... 26.21 –0.11 ...
GlbXAgTech KROP .8 12.84 +0.29 .0612 InvscS&PSCIndls PSCI .8 105.91 +1.29 .1691 SGIDynamicTactical DYTA ... 26.42 +0.20 ... AB UltShIncm YEAR 4.2 50.16 ... .2461 AvantisEM AVEM 2.6 55.02 –0.61 .5818 DefianceQuantum QTUM 1.0 51.03 –0.65 .1236
GlbXAltIncome ALTY 7.0 11.48 +0.02 .0672 InvscS&PSCInfTech PSCT ... 48.59 –0.45 ... Spac&NewIssue SPCX ... 23.82 +0.17 ... AGF GlbInfr GLIF 2.6 26.10 +0.21 .1902 AvantisEMVal AVES 3.4 44.80 –0.18 .4938 DemocracyIntlFd DMCY 2.7 24.19 +0.04 .2434
GlbXAI&Tech AIQ .3 28.62 –0.39 .0303 InvscS&PSCMatls PSCM .9 70.60 +0.29 .1164 SPDRACWILoCarbon NZAC 1.7 30.39 +0.06 .2923 AGF USMktNeut BTAL 1.2 18.38 +0.23 .2132 AvantisInfltn AVIE 4.7 56.52 +1.64 1.4559 DimenCalifMuniBd DFCA 1.1 50.30 +0.11 .0469
GlbXAuto&Elc DRIV 1.2 26.58 –0.38 .1752 InvscS&PSCUtil PSCU 1.3 55.29 +1.30 .0248 SPDRMSCIUSAClimtPA NZUS 1.2 25.72 +0.17 .0149 AIPoweredEquity AIEQ .7 32.46 +0.49 .12 AvantisIntlEquity AVDE 2.7 59.01 +0.25 1.0477 DimenCoreFxIncm DFCF 3.8 41.74 –0.12 .1407
GlbXBlockchain&Bit BITS .7 44.16 –0.16 .2228 InvscVarRateInvt VRIG 4.7 25.02 +0.04 .123 STF TactGrwIncm TUGN 10.9 22.89 –0.09 .221 AlpsActiveEqOpp RFFC 1.5 45.06 +0.34 .0362 AvantisIntlLCVal AVIV 2.9 50.25 +0.43 1.0707 DimenEmgCore DFAE 2.7 23.98 –0.30 .1764
GlbXBlockchain BKCH .6 37.77 –2.84 .1917 InvscWaterRscs PHO .6 58.16 +1.26 .116 STF TactGrw TUG 1.3 28.00 +0.03 .0384 ALPSCleanEnergy ACES 1.0 48.33 +0.62 .1441 AvantisIntlSCEq AVDS ... 50.08 ... ... DimenEMCore2 DFEM 2.3 24.51 –0.30 .1553
GlbXCannabis POTX 4.5 6.14 –0.43 .2064 iShAsia50ETF AIA 1.9 60.10 –2.04 .5273 SimplifyBitcoin MAXI 8.6 17.69 –0.16 .15 ALPS DisrupTech DTEC .0 40.12 –0.16 .0079 AvantisIntlSCValue AVDV 3.2 60.11 –0.29 1.1645 DimenEMHiProf DEHP 2.2 24.06 –0.43 .1969
GlbXCnBiotech CHB .5 7.73 +0.09 .037 iShBiotech IBB .3 131.47 +3.23 .0062 SimplifyUSEqu SPBC 3.8 25.52 +0.16 .10 ALPSEmgDivDogs EDOG 5.5 21.92 +0.05 .6057 AvantisModAll AVMA ... 51.95 +0.07 ... DimenEMSus1 DFSE 1.2 31.21 –0.35 .1596
GlbXChinaInnov KEJI .6 11.40 –0.18 .0689 iShBreakthroughEnv ETEC .4 26.27 –0.36 .1034 SirenNasdNexGen BLCN .7 23.01 –0.37 .0928 ALPS EqSecWgh EQL 2.1 106.81 +1.07 .4474 AvantisRealEst AVRE 3.0 42.39 –0.03 .2816 DimenEMValue DFEV 3.3 24.93 –0.14 .2071
GlbXCleanWater AQWA 1.5 15.81 +0.25 .1069 iShBrdUSDInvCpBd USIG 3.6 50.10 +0.21 .1682 SoFiBeYourOwn BYOB .1 17.68 –0.12 .0068 AlpsGlbTravelBen JRNY .0 24.36 –0.03 .0082 AvantisRespEM AVSE 1.7 46.80 –0.51 .3835 DimenGlbRealEstate DFGR 1.8 25.25 –0.03 .1134
GlbXCleanTech CTEC .2 15.06 –0.04 .026 iShClimtConscious USCL ... 53.42 +0.54 ... SoFiWeb3 TWEB 2.1 20.76 –0.35 .1726 AlpsHillmanAct HVAL .0 24.44 +0.18 .0077 AvantisRespIntl AVSD 2.1 52.55 +0.14 .7892 DimenGlbSust DFSB 2.3 51.26 +0.12 .3125
GlbXCloudComp CLOU ... 20.40 –0.31 ... iShCopper&Mtls ICOP ... 25.77 –0.36 ... SpearAlpha SPRX ... 18.90 –0.11 ... AlpsInterMuni MNBD 3.1 25.53 +0.01 .0751 AvantisRespUS AVSU 1.2 52.93 +0.59 .1697 DimensInflatProt DFIP 4.9 41.43 +0.01 .1794
GlbXConsciousCos KRMA .9 31.88 +0.14 .1532 iShCoreMSCITotInt IXUS 2.3 64.09 –0.09 .9815 SprottEnerTransitn SETM ... 18.02 –0.70 ... ALPSIntlDivDogs IDOG 4.8 29.19 +0.38 .6354 AvantisShortTrmFix AVSF 3.1 45.88 ... .1479 DimenIntlCore DFAI 2.6 27.97 +0.07 .3548
GlbX Cybersec BUG ... 24.23 +0.25 ... iShCore1-5YUSDBd ISTB 2.5 46.73 ... .1161 SprottJrCopper COPJ ... 20.03 –0.59 ... ALPSMedBreak SBIO ... 32.06 –0.10 ... AvantisUSEquity AVUS 1.5 77.22 –0.06 .2765 DimenIntlSus1 DFSI 1.7 31.09 –0.03 .2985
GlbXDAXGermany DAX 2.5 30.15 –0.16 .6512 iShCoreS&PUSGrw IUSG 1.0 99.24 +0.42 .2197 SprottJrUranium URNJ ... 16.58 –0.48 ... ALPSREITDivDogs RDOG 6.0 37.63 +0.32 .6624 AvantisUSLCValue AVLV 2.0 54.65 –0.01 .2471 DimenIntlValue DFIV 3.4 34.07 +0.42 .5869
GlbXDataCtr VPN 1.6 13.84 –0.10 .0767 iShCoreS&PUSValue IUSV 1.9 80.40 –0.05 .2769 SprottLithium LITP ... 18.62 –1.25 ... ALPSSectDivDogs SDOG 4.0 50.93 +0.41 .5502 Avantis US SC AVSC 1.2 48.03 +1.14 .1319 DimenNatlMuniBd DFNM 2.0 47.78 +0.05 .0889
GlbXDisrMatls DMAT 1.6 18.53 –0.40 .1568 iShCoreTotalUSDBd IUSB 3.1 45.42 +0.03 .1342 SprottNickelMiners NIKL ... 22.02 –0.91 ... ARK Innovation ARKK ... 47.93 –0.64 ... AvantisUSSCValue AVUV 1.8 81.40 +1.93 .3711 DimenShDurFix DFSD 2.7 46.48 ... .0484
GlbXecomm EBIZ .1 19.53 +0.02 .0155 iShCurrMSCIGermany HEWG 3.1 31.02 +0.18 .9113 StrategyHaltClim NZRO .3 23.07 +0.22 .0775 ARK NextGen ARKW ... 64.00 –1.12 ... AztlanGlbStk AZTD ... 21.65 –0.19 ... DimenUSCore DFAU 1.3 31.68 +0.29 .1031
GlbXEdu EDUT 1.3 21.37 +0.14 .0288 iShESGAdvHYCorpBd HYXF 5.7 44.37 +0.09 .2263 StrategyNasd5HANDL FIVR 4.9 21.45 +0.09 .088 AtacCredit JOJO 4.2 15.00 +0.05 .0774 B.A.D.ETF BAD .6 13.29 +0.23 .0842 DimenUSCoreEq2 DFAC 1.3 27.83 +0.31 .0922
GlbX EM Internet EWEB .3 22.22 –0.54 .064 iShESGAdvMSCI DMXF 1.9 61.74 –0.12 .88 Strive1000DivGrw STXD 1.0 28.02 +0.47 .0757 AtacUSRotation RORO 2.2 17.37 +0.06 .1047 BNYMellonConc BKCI .4 48.02 –0.76 .1878 DimenUSEquity DFUS 1.3 49.21 +0.36 .159
GlbXFinTech FINX .2 24.02 +0.20 .0505 iShESGAdvMSCIEM EMXF 2.4 36.06 –0.49 .2427 Strive1000Grw STXG .5 31.83 +0.04 .0336 AXSAstoriaInfltn PPI 3.2 26.24 +0.25 .2258 BNYMellonCoreBd BKAG 3.1 41.98 +0.02 .118 DimenUSHiProf DUHP 1.3 27.07 +0.34 .0917
GlbXGen&Biotech GNOM ... 12.50 +0.25 ... iShESGAdvUSA USXF 1.2 36.88 +0.20 .0874 Strive1000Val STXV 1.7 26.00 +0.55 .1122 AXSBrWdTopGun TGN .3 31.69 +0.25 .0801 BNYMellonEM BKEM 2.7 56.37 –0.83 .4943 DimenUSLCVal DFLV 1.1 26.12 +0.57 .0973
GlbX GreenBldg GRNR 3.2 22.04 +0.04 .2883 iShESGAwareMSCI ESGD 2.3 74.29 –0.11 1.3665 StriveSC STXK .9 27.52 +0.34 .0563 AXS Cannabis THCX 1.5 1.76 –0.03 .0267 BNYMellonHYBeta BKHY 8.8 46.57 +0.21 .2762 DimenUSMktVal DFUV 1.7 35.61 +0.78 .1705
GlbX Health BFIT 1.0 22.77 –0.07 .1013 iShESGAwareEM ESGE 2.4 32.24 –0.62 .2272 USTrea5YNote UFIV 3.5 48.93 –0.09 .1417 AXSChgFinESG CHGX .9 31.89 +0.23 .2997 BNYMellonIntl BKIE 2.7 69.78 +0.19 .7686 DimenUSRealEst DFAR 2.4 22.15 +0.01 .1613
GlbXHydrogen HYDR ... 10.38 +0.56 ... iShESGAwareUSA ESGU 1.5 99.74 +0.85 .2981 USTrea7YNote USVN 3.5 48.80 –0.08 .1465 AXSFstPriorityCLO AAA 5.5 24.72 +0.09 .1242 BNYM RespHoriz RHCB 3.8 45.52 +0.12 .1601 DimenUSSCETF DFAS 1.0 56.67 +0.86 .1621
GlbXInternetThings SNSR .8 34.98 +0.16 .113 iShESG1-5YCpBd SUSB 2.3 23.96 +0.04 .0569 USTrea6MonthBill XBIL 4.8 50.09 +0.05 .2187 AXS GreenAlpha NXTE .9 33.41 +0.05 .111 BNYM ShDurCpBd BKSB 2.5 47.10 –0.03 .115 DimenUSSCValue DFSV 1.2 26.86 +0.57 .0996
GlbXMSCISuperDiv EFAS 6.9 13.92 +0.07 .0645 iShESGUSDCorpBd SUSC 3.5 22.73 +0.08 .0724 USTrea10YN UTEN 3.8 45.44 –0.01 .1272 abrdnBbgACLgStrK1 BCD 5.4 33.42 +0.39 1.801 BNYMellonSustGlbEM BKES .3 41.07 –0.69 .1427 DimenUSSus1 DFSU .7 29.47 +0.23 .0608
GlbXMetaverse VR 6.6 24.76 –0.24 1.5721 iShESGEMLdrs LDEM 1.0 45.62 –0.72 .3418 USTrea30YBd UTHY 3.5 48.93 +0.21 .143 abrdnBbgAllCmdK1 BCI 20.8 21.18 +0.33 4.4075 BNYMellonSustIntl BKIS .8 45.26 –0.53 .3523 DimenUSTargVal DFAT 1.4 48.26 +0.81 .1971
GlbXMillCnsmr MILN .2 33.46 +0.18 .0042 iShESGIUSALdrs SUSL 1.3 79.04 +0.17 .2297 USTrea3mBill TBIL 3.4 50.02 +0.05 .2156 abrdnBbgIndMtl BCIM .8 21.98 –0.57 .1774 BNYMellonSustUSEq BKUS .7 45.75 +1.78 .3352 DimenWorldexUS DFAX 3.2 23.94 ... .3019
GlbXNasd100Col QCLR .3 24.72 –0.21 .0311 iShESGMSCIUSAMin ESMV 1.7 24.35 +0.46 .0861 USTrea3YNote UTRE 3.9 49.13 –0.06 .1517 abrdnPhysGold SGOL ... 18.78 +0.08 ... BNYM LC Core BKLC 1.4 84.57 +0.49 .3071 DirexAuspiceBroad COM 4.7 29.99 +0.14 .5471
GlbXNasd100Cv QYLD 11.3 18.01 –0.01 .1768 iShEmergFood IVEG 2.0 20.43 +0.50 .146 USTrea12mBill OBIL 4.3 49.87 +0.03 .2037 abrdnPhysPall PALL ... 119.26 +1.51 ... BNYM US MC Core BKMC 1.4 87.11 +0.93 .2286 DirexAeroBl3 DFEN 1.0 20.51 +0.05 .066
GlbXNasd100RiskMgd QRMI 12.2 18.18 –0.15 .1829 iShS&P EM Infra EMIF 2.5 22.02 –0.19 .2247 USTrea20YBd UTWY 3.8 48.81 +0.09 .1514 abrdnPhysPlat PPLT ... 88.92 –0.85 ... BNYM US SC Core BKSE 1.3 88.40 +1.01 .2507 DirexBrazilBull2X BRZU 3.8 92.30 +4.28 1.1061
GlbXNasd100Tail QTR .3 24.31 –0.22 .0321 iShEnvlInfr EFRA .9 29.08 +0.45 .2195 USTrea2YN UTWO 3.9 48.20 –0.03 .1648 abrdnPhysPrecMt GLTR ... 90.34 +0.02 ... BNYMellonUltraSh BKUI 3.4 49.15 +0.05 .1884 DirexCSIChinaInt CWEB .6 38.73 –3.14 .1707
GlXNasd100CCGrw QYLG 5.2 28.11 –0.15 .1386 iShEnvAwRlEst ERET 2.2 25.62 +0.21 .1578 ValkyrieBitcoin WGMI ... 16.28 –1.52 ... abrdnPhysSilver SIVR ... 23.60 –0.28 ... BallastSmMid MGMT .8 36.51 +0.57 .2859 DirexCSI300CnABl2 CHAU 2.0 17.75 –0.84 .1212
GlbXNasdaq100ESGCC QYLE 3.9 26.85 –0.02 .2672 iShExponentialTech XT .5 57.03 –0.22 .141 ValkyrieBitcoin BTF 1.0 11.28 –0.13 .1158 AbsoluteSelVal ABEQ 2.2 28.47 +0.38 .3968 iPathBCarbon GRN ... 36.13 +2.11 ... DirexCloudBl2 CLDL ... 9.12 –0.17 ...
GlbXPropTech PTEC .0 28.61 +0.13 .0045 iShFallAngelsUSDBd FALN 5.3 25.33 –0.05 .1121 VanEckBiotech BBH .5 163.65 +6.23 .7488 AcquirersFund ZIG 1.0 31.81 +0.87 .3252 Barron's400ETF BFOR 1.5 59.26 +0.95 .8944 DirexCnsDiscBl3 WANT .3 32.86 –2.55 .0402
GlbXRenewEner RNRG 1.2 12.23 ... .0795 iSh5-10YIGCorpBd IGIB 3.4 50.63 +0.15 .1648 VanEckDigTrans DAPP ... 8.50 –0.56 ... ActivePassiveCore APCB 5.8 29.53 –0.05 .1432 BeaconSelect BSR ... 26.35 +0.03 ... DirexDJBear3X WEBS 3.8 12.30 +0.41 .2059
GlbX Robotics&AI BOTZ .2 28.94 –0.47 .0532 iShGNMABond GNMA 2.9 43.75 –0.02 .1213 VanEckGaming BJK .4 46.05 –1.00 .1683 ActivePassiveIntMu APMU 3.8 24.72 +0.08 .0775 BeaconTactical BTR ... 25.17 +0.27 ... DirexDJBull3X WEBL .0 12.40 –0.56 .0001
GlbXS&PCathDvxUS CEFA 2.0 29.07 –0.04 .37 iShGSCICmDynRoll COMT 30.3 27.69 +0.55 8.3979 VanEckGlFallAnglHY ANGL 5.0 27.72 –0.03 .1266 ActivePassiveIntEq APIE ... 25.95 +0.08 ... BitwiseBitcoinStr BITC ... 26.12 –0.31 ... DirexElc&Auto EVAV .7 81.42 –0.65 .304
GlbXS&P500Catholic CATH 1.1 55.60 –0.05 .2672 iShGlbCleanEner ICLN .9 18.74 +0.12 .1246 VanEckGreenInfr RNEW .2 27.84 +0.53 .06 ActivePassiveUSEq APUE ... 27.50 +0.23 ... BitwiseCrypto BITQ ... 10.02 –0.62 ... DirexEMBear3x EDZ 2.4 11.41 +0.57 .1244
GlbXSocialMedia SOCL .5 38.35 –0.23 .1909 iShGlbInfr IGF 2.5 47.95 +0.43 .6754 VanEckPharm PPH 1.9 80.96 +3.07 .3891 AdaptivSelect ADPV .2 25.41 –0.05 .063 BitwiseWeb3 BWEB ... 37.55 –0.91 ... DirexEM Bull3 EDC 1.1 31.98 –1.72 .2978
GlbXSolar RAYS ... 17.90 –0.42 ... iShGlbTimber WOOD 2.0 73.10 –1.12 1.3364 VanEckRetail RTH 1.0 177.10 +0.55 1.8448 AdaptiveAlphaOpps AGOX .2 23.94 +0.17 .0415 BlkRkFlexIncm BINC 6.0 50.88 +0.09 .2531 DirexEnergyBr2 ERY 2.7 28.62 –1.98 .3241
GlbXSuperDivREIT SRET 7.6 22.70 +0.21 .13 iShiBdsDec30Trea IBTK 2.8 19.65 –0.03 .0464 VanEckRoboticsETF IBOT ... 39.25 –0.41 ... AdasinaSocJust JSTC 1.2 16.46 +0.14 .0875 BlkRkFutClimt BECO .8 22.02 +0.09 .1397 DirexEnergyBl2 ERX 2.9 58.67 +3.83 .4692
GlbXTelemed EDOC ... 11.76 –0.23 ... iShiBdsDec31Trea IBTL 2.8 20.56 –0.03 .0552 VanEckSemicon SMH ... 153.79 –3.11 ... AdvShAlphaDNA SENT ... 24.58 +0.10 ... BlkRkFutFin BPAY .5 22.11 +0.65 .0808 DirexChinaBr3 YANG 2.3 10.29 +0.72 .0797
GlbX ThemGrwth GXTG 1.4 28.34 +0.10 .1073 iShiBdsDec33Trea IBTO ... 24.93 ... ... VanEckVideoGam ESPO .7 56.87 –1.09 .3917 AdvShFocusedEqu CWS .4 55.65 +1.17 .2399 BlkRkFutureHlth BMED ... 24.91 –0.05 ... DirexChinaBl3 YINN 2.5 35.11 –2.87 .2364
GlbXVideoGames HERO .2 20.98 –0.14 .0271 iShiBdsDec32Trea IBTM 3.0 23.20 –0.02 .0678 VangdEM GovBd VWOB 5.4 62.34 –0.03 .2923 AdvShGerber GK 1.1 18.27 –0.21 .1952 BlkRkFutInnov BFTR ... 29.46 –0.01 ... DirexFTSEEurBl3x EURL 1.9 24.07 +0.13 .1441
GlbXWindEnergy WNDY 1.1 15.92 –0.04 .1029 iShiBdsDec28Trea IBTI 2.6 22.01 –0.04 .0616 VangdGlblxUS RE VNQI .6 41.85 +0.19 .2353 AdvShHotel BEDZ .2 26.34 +0.43 .0482 BlkRkFutureTech BTEK ... 22.22 –0.38 ... DirexFinlBear3 FAZ 2.6 16.65 –1.44 .1686
Granite1.5xLgCoin CONL ... 16.61 –1.21 ... iShiBdsDec25Trea IBTF 3.3 23.14 –0.02 .074 VangdIntrCorpBd VCIT 3.4 79.13 +0.24 .2478 AdvShInsiderAdv SURE 1.5 97.84 +1.44 1.4759 BlkRkFutureUSThem BTHM .8 24.54 +0.19 .0239 DirexFinlBull3 FAS 1.8 72.17 +5.82 .6205
GrShr1.5xLgMetaDly FBL ... 93.58 –7.41 ... iShiBdsDec24Trea IBTE 3.5 23.81 +0.02 .0822 VangdIntermTrea VGIT 2.3 58.70 –0.08 .1284 AdvShLetBob LETB .6 23.05 –0.09 .144 BlkRkIntermMuni INMU 2.9 23.55 +0.11 .068 DirexGlbCleanBl2 KLNE .7 13.51 +0.13 .0827
GrShr1.5xLgNVDADly NVDL ... 89.71 –3.76 ... iShiBdsDec29Trea IBTJ 2.9 21.64 –0.01 .0651 VangdIntlDivApp VIGI 2.1 76.27 +0.13 .6509 AdvShMSOS2xDly MSOX ... 2.98 –0.78 ...
July 24, 2023 BARRON’S 53
ETC6MeridMega SIXA 2.4 35.27 +0.13 .1077 FT TCW EM Debt EFIX 6.0 15.56 –0.19 .085 GlbXSuperIncPfd SPFF 7.2 8.97 –0.05 .048 InvscChinaTech CQQQ .1 39.71 –2.06 .0331 iShGrwthAllocation AOR 2.1 51.76 +0.12 .3856 iShNeurosci IBRN .0 24.72 +0.20 .0082
ETC6MeridQulGrw SXQG .1 24.69 +0.08 .0101 FT TCW SecPlus DEED 4.7 21.06 –0.19 .105 GlbXUSCashKings FLOW ... 26.62 +0.60 ... InvscCurrShAUD FXA .5 66.66 –1.01 .0618 iShCoreHiDiv HDV 4.1 103.65 +3.28 .7964 iShNYMuniBd NYF 2.2 53.49 +0.20 .1008
ETC6MeridSC SIXS 1.5 43.52 +1.07 .0052 FT TCWUnPlBd UCON 4.4 24.20 –0.07 .095 GlbX US Pfd PFFD 6.5 19.30 +0.03 .105 InvscCurrShGBP FXB 1.6 123.82 –2.10 .2762 iShCoreMSCIEM IEMG 2.3 50.28 –0.71 .4832 iShResidentMultiRE REZ 3.1 75.79 +0.44 .386
ETFBGreenSRI RITA 2.9 19.66 +0.07 .2147 FT TechAlphaDEX FXL .2 116.73 –1.38 .0421 GlbX Uranium URA .2 21.69 –0.02 .0492 InvscCurrShCAD FXC 1.4 74.03 +0.07 .1188 iShCoreMSCIEur IEUR 2.8 54.01 +0.17 1.1748 iShRobotics&AI IRBO .6 34.27 –0.36 .1526
ETFMGAltHarvest MJ 4.5 3.05 –0.09 .03 FT USEquityOpp FPX .9 91.47 +0.14 .0475 GlbXVarPfd PFFV 6.6 22.67 ... .13 InvscCurrShEuro FXE .6 102.76 –0.86 .1401 iShMSCIIntlDev IDEV 2.3 62.53 +0.12 1.0833 iShRuss2000Val IWN 2.1 147.63 +3.33 .6279
ETFMG PrimeCyber HACK .2 50.86 +0.32 .03 FT UltShDurMuni FUMB 1.9 19.96 –0.02 .039 GodBlessAmer YALL .1 28.10 +0.20 .0418 InvscCurrShJPY FXY ... 65.54 –1.37 ... iShCoreMSCIPacific IPAC 2.2 58.38 –0.13 .778 iShRussell3000 IWV 1.4 260.33 +1.88 .6455
ETFMGPrmJrSilv SILJ .1 10.25 –0.03 .0057 FT UtilAlpha FXU 2.2 33.42 +0.93 .1409 GS AccessHYCpBd GHYB 5.9 43.15 +0.18 .2271 InvscCurrShCHF FXF ... 102.77 –0.48 ... iShModAllocation AOM 2.4 40.66 +0.13 .3011 iShRussMC IWR 1.5 75.39 +0.04 .1876
ETFMG PrimeMob IPAY ... 44.76 +0.15 ... FT ValLineDiv FVD 2.3 40.98 +0.65 .2645 GSAccessIGCpBd GIGB 3.4 45.27 +0.12 .1416 InvscDBComm DBC .6 24.09 +0.45 .1447 iShCoreS&P500 IVV 1.5 454.60 +2.95 1.3386 iShRussMCGrowth IWP .7 99.03 +0.10 .0852
ETFMGSitUltra VALT 3.8 48.50 +0.06 .274 FT Water FIW .6 91.56 +2.32 .2164 GS IGCorp1-5YBd GSIG 2.9 46.09 +0.08 .1519 InvscDBAgriFd DBA .4 22.01 +0.42 .0964 iShCoreS&P MC IJH 1.5 269.96 +3.13 .7563 iShRussMCValue IWS 1.8 113.79 +1.59 .385
ETFMG TravelTech AWAY ... 17.94 +0.02 ... FlexShSelBdFd BNDC 2.9 22.10 +0.02 .0574 GSTreasury0-1Y GBIL 3.4 99.96 +0.10 .3905 InvscDBBaseMet DBB 1.0 18.23 –0.42 .1837 iShCoreS&P SC IJR 1.5 103.04 +1.63 .3512 iShRuss1000 IWB 1.3 249.17 +1.86 .6331
ETFMG Treat GERM 1.1 20.80 +0.11 .06 FlexShDevMkxUSQu QLVD 2.7 25.82 +0.05 .4409 GSAccUSAggBd GCOR 3.1 41.52 +0.07 .1251 InvscDBEnerFd DBE .8 21.31 +0.58 .1707 iShCoreS&PTotUS ITOT 1.4 100.12 +0.76 .2827 iShRuss1000Grw IWF .7 279.33 –1.59 .3908
ETFMG US Alt MJUS ... 1.51 –0.09 ... FlexShDiscDurMBS MBSD 3.2 20.39 +0.01 .0536 GSActiveBetaEM GEM 2.6 30.35 –0.50 .19 InvscDBOilFund DBO .7 15.26 +0.34 .1002 iShCore10+YUSDBd ILTB 4.2 52.33 +0.31 .1937 iShRuss1000Val IWD 2.0 162.47 +3.39 .6269
ETRACSAlerianMLP AMUB 7.1 14.94 +0.28 .2643 FlexShESG&Climt FEDM 2.5 47.01 +0.19 .6627 GSActiveBetaEurope GSEU 3.0 34.15 +0.29 .9132 InvscDBPrecMetls DBP .4 50.97 +0.03 .2176 iShCoreUSAggBd AGG 2.8 97.99 +0.05 .2547 iShRussellTop200Gr IWY .7 160.82 –1.09 .2348
FlexShESG&Climt FEEM 2.3 46.86 +0.89 .2254 InvscDBUSDBear UDN .7 19.20 –0.22 .1275 iShRussellTop200 IWL 1.3 108.62 +0.73 .2996
ETRACSAlernMLPInfr MLPB 6.4 20.23 +0.39 .37 FlexShsESG&ClimtIG FEIG 3.6 40.76 +0.17 .1394 GSActiveBetaIntlEq GSIE 2.8 32.06 +0.16 .4487 InvscDBUSDBull UUP .9 27.96 +0.34 .2466 iShCoreUS REIT USRT 3.3 53.62 +0.52 .2772 iShRussellTop200Vl IWX 2.0 69.16 +0.25 .3009
EtracsAlerianMid AMND 6.7 38.83 +0.28 .6815 FSESG&ClimtUSLC FEUS 1.4 51.60 +0.47 .19 GSActiveBetaJapan GSJY 1.9 34.38 +0.07 .3036 InvscDefEquity DEF 1.4 70.31 +0.97 .9815 iShCurHdgMSCIUS HAWX 2.3 28.29 +0.26 .4491 iShRussell2000 IWM 1.5 194.46 +2.93 .5087
EtracsAlerMidstr AMNA 5.7 37.73 +0.64 .5578 FlexShEMQualLo QLVE 2.6 23.29 –0.25 .1549 GSActiveBetaUSLC GSLC 1.4 89.03 +0.71 .3339 InvscDJIADiv DJD 3.5 43.45 +1.05 .4142 iShCurrHdgMSCICda HEWC 2.6 30.94 +0.45 .3501 iShRuss2000Gw IWO .8 249.36 +1.59 .3494
EtracsAlerMid AMTR ... 50.22 +1.62 ... GS Active US SC GSSC 1.3 59.76 +0.81 .2299 iShCurHdgMSCIEAFE HSCZ 1.7 28.45 +0.46 .4727
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
FlexGlbQualRealEst GQRE 2.8 55.10 +0.18 .4412 InvscDynBiotech PBE .0 64.10 +1.55 .0141 iShS&PMC400Growth IJK 1.0 77.54 +1.03 .1675
ETRACSBloomETN DJCB ... 21.08 +0.36 ... FlexGlbUpstmNatRsc GUNR 3.7 41.60 +0.62 .5332 GSCommunityMuniBd GMUN 2.5 50.29 +0.09 .112 InvscDynBuilding PKB .4 54.63 –1.40 .0755 iShCurHdMSCIEurozn HEZU 2.2 32.24 +0.21 .5856 iShS&P500Grw IVW .9 71.52 +0.25 .1476
ETRACSIFEDInvest IFED ... 29.99 +0.56 ... FSHiYdValScored HYGV 8.4 40.54 +0.12 .2863 GS DefEquity GDEF 1.0 45.31 +0.30 .1182 InvscDynEnerExpl PXE 3.6 29.27 +1.57 .192 iShCurrMSCIJapan HEWJ .8 33.27 +0.72 .1898 iShS&P500Value IVE 1.8 165.52 +1.74 .545
EtracsMvisBus BDCZ 9.4 17.94 +0.24 .4292 FlexShiBoxx5YTIPS TDTF 5.3 23.69 +0.08 .1365 GS FutConsEq GBUY ... 28.25 –0.54 ... InvscDynFood&Bev PBJ 2.3 46.23 +1.30 .2461 iShCurrHdgMSCIUK HEWU 3.6 25.32 +0.89 .5279 iShS&PGSCIComm GSG ... 20.86 +0.48 ...
EtracsM1.5XLevCEF CEFD 15.0 19.59 +0.15 .2497 FlexiBx3YDurTIPS TDTT 5.0 23.48 +0.04 .1338 GS FutHlthCare GDOC .0 33.65 +0.15 ... InvscDynLCGrw PWB .4 71.85 +0.63 .0713 iShCybersecurity IHAK .1 38.13 +0.06 .0128 iShGlbUtilities JXI 3.2 61.72 +1.07 .9557
EtracsM1.5XLevMtg MVRL 19.3 20.77 +0.47 .5955 FlexShIntQualDiv IQDE 4.9 20.55 –0.05 .4582 GSFuturePlanet GSFP .8 32.77 +0.19 .0573 InvscDynLCValue PWV 2.4 48.21 +1.42 .3093 iShUSFinSvcs IYG 2.0 167.78 +5.10 .6455 iShS&PMC400Value IJJ 1.8 110.45 +1.13 .3497
ETRACSMonthPay2x SMHB 19.7 6.56 +0.43 .1074 FlexShIntQuDivDyn IQDY 4.1 26.98 –0.28 .5208 GS FutRealEst GREI 1.8 34.15 +0.23 .325 InvscDynLeisure PEJ .5 42.92 +0.34 .0338 iShUSHealthcare IYH 1.1 286.44 +8.48 .5458 iShS&P100 OEF 1.3 210.73 +0.95 .5952
ETRACS2xLvHiDiv HDLB 13.1 11.66 +0.38 .1369 FlexShIntlQualDiv IQDF 4.5 22.58 –0.08 .4397 GS FutureTech GTEK .0 25.96 –0.28 .0017 InvscDynMarket PWC 1.2 39.58 +0.56 .0621 iSh US Finls IYF 1.8 78.99 +3.04 .2857 iShS&PSC600Value IJS 1.5 98.60 +1.81 .3943
EtracsQ1.5XLevMVIS BDCX 15.5 30.76 +0.60 1.1713 FlexShMDevMktxUS TLTD 2.4 66.87 +0.29 1.0091 GSHedgeIndVIP GVIP .0 87.96 –0.23 .0101 InvscDynMedia PBS 2.9 35.45 –0.70 .3672 iShUSPharm IHE 1.9 182.59 +6.46 .5904 iShNATech-Mult IGN .4 69.10 +0.46 .0528
EtracsQ1.5XLevAl MLPR 10.7 44.82 +1.18 1.2976 FlexShEM FactTilt TLTE 3.4 50.15 –0.42 .2733 GS Innovate GINN .5 50.68 –0.08 .0547 InvscDynNetwkg PXQ .7 79.66 –0.19 .3966 iShUSMedDevices IHI .4 57.59 +0.75 .0531 iShSelfDriving IDRV 1.8 43.34 –0.23 .4387
ETRACS2xLvgdIFED FEDL ... 31.15 +1.10 ... FlexShQualDivDef QDEF 2.2 57.62 +1.18 .3818 GS JUST US LC JUST 1.4 64.58 +0.75 .23 InvscDynOil&GasSv PXJ 1.2 27.73 +0.73 .1548 iShESGAdvIGCpBd ELQD 3.4 80.94 +0.39 .254 iShShtNatlMuniBd SUB 1.4 104.24 +0.17 .1531
ETRACS2xLvgMSCIUS ESUS ... 21.94 +0.28 ... FlexShQualityDiv QDF 2.2 59.58 +1.03 .3939 GSMktBetaTotIntl GXUS ... 42.42 –0.17 ... InvscDynPharm PJP .9 77.92 +3.03 .1756 iShAdvTotUSDBd EUSB 2.8 42.59 +0.02 .1083 iShSilver SLV ... 22.57 –0.29 ...
Etracs2xLvUSMin USML ... 29.97 +1.10 ... FlexShSTOXXGlb NFRA 2.3 52.97 +0.41 .5471 GS MktUS1000 GUSA 1.4 39.30 +0.31 .1361 InvscDynSemicon PSI .5 45.71 –0.54 .0603 iShESGUSAggBd EAGG 2.8 47.21 +0.04 .1259 iShTIPSBondETF TIP 4.3 107.61 +0.48 .5039
Etracs2xLvUSMom MTUL ... 16.47 +1.70 ... FlexShUSQualLo QLV 1.7 54.38 +0.94 .2414 GothamEnh500 GSPY 1.1 24.80 +0.18 .2613 InvscDynSoftware PSJ 1.2 36.82 –0.62 .1681 iShEM Dividend DVYE 9.8 25.03 +0.01 .8664 iSh10-20YTreasBd TLH 3.4 109.70 +0.08 .3326
Etracs2xLvUSQu QULL ... 31.37 +0.36 ... FlexShUltSh RAVI 3.3 74.97 +0.12 .2752 Gotham1000Value GVLU ... 20.64 +0.49 ... InvscESGS&P500EW RSPE 1.8 23.73 +0.42 .1137 iShEurope IEV 2.5 51.79 +0.20 1.1033 iSh10+YIGCpBd IGLB 4.5 51.45 +0.46 .1941
Etracs2xLvUSDiv SCDL ... 32.78 +0.99 ... FolioBeyondAltIncm RISR 6.7 32.41 +0.16 .18 GraniteBbgComm COMB 31.9 21.73 +0.38 6.9375 InvscEMSovDebt PCY 6.3 19.72 +0.04 .1102 iShExpTechSftwr IGM .3 399.81 –3.67 .1973 iShTreaFRBd TFLO 3.8 50.62 +0.06 .2157
Etracs2xLvUSGrw IWFL ... 26.20 –0.27 ... Formidable FORH 3.6 23.82 +0.04 .8686 GraniteGold BAR ... 19.41 +0.06 ... InvscFinlPfd PGF 5.9 14.39 –0.01 .0697 iShFocusedValue FOVL 2.7 55.25 +1.15 .2903 iShDowJonesUS IYY 1.3 110.74 +0.92 .272
Etracs2xLvUSSize IWML ... 18.09 +0.54 ... FormidableFort KONG .5 25.77 +0.35 .1168 GraniteHipsUSHi HIPS 10.6 12.18 +0.10 .1075 InvscFTSEDvMktxUS PXF 3.2 46.32 +0.35 .6483 iShFrontier FM 1.8 27.62 +0.33 .4276 iShUSBasicMatls IYM 1.8 134.86 +0.51 .5271
Etracs2xLvUSVal IWDL ... 31.36 +1.28 ... FountMetaverse MTVR .0 17.54 –0.11 .0033 GranitePlatinum PLTM ... 9.41 –0.08 ... InvscDevMktxUSSM PDN 2.6 31.90 –0.03 .2972 iShFutCloud5G IDAT .7 25.03 –0.07 .0524 iShUSBrokerDealers IAI 1.9 98.03 +5.14 .5061
ETRACS2xM092548 PFFL 12.8 9.98 +0.06 .1067 FrankDynMuniBd FLMI 3.4 23.98 +0.13 .0707 GraniteXOUTUSLC XOUT .6 40.87 +0.13 .0796 InvscFTSERAFIEM PXH 4.7 18.87 –0.23 .2673 iShFutMetaverseTec IVRS .2 30.22 –0.36 .0377 iShUSCnsmrDisc IYC .6 72.06 –0.74 .0922
EtracsUBSBbg UCIB ... 24.86 +0.36 ... FrankEMCoreDiv DIEM 5.8 24.29 –0.35 .3347 GrayscaleFuture GFOF .5 16.17 –0.78 .0793 InvscFTSEUS1000 PRF 1.9 33.59 +0.54 .1407 iShGenomicsImm IDNA .3 23.96 +0.17 .0708 iShUSCnsmrStpls IYK 2.3 204.44 +3.80 1.0147
ETRACSWhitUSCrit WUCT ... 27.71 +0.16 ... FrankFTSEAsiaxJpn FLAX 3.1 21.35 –0.40 .1786 GrizzleGrowth GRZZ 1.1 25.47 –0.37 .2875 InvscFundHYCpBd PHB 3.8 17.60 +0.03 .0667 iShGlblCommSvcs IXP .6 68.59 –1.80 .457 iShUS Energy IYE 3.4 44.60 +1.52 .251
EcofinGlbWater EBLU 1.7 42.37 +0.56 .3744 FrankFTSEAustralia FLAU 4.2 27.21 –0.21 .4788 HCM Def500 LGH .5 40.32 +0.33 .2048 InvscFundInvCpBd PFIG 3.0 23.19 +0.02 .0683 iShGlbCnsmrDisc RXI 1.0 158.13 –2.73 .955 iShUSEquity LRGF 1.6 45.64 +0.41 .1522
Engy&MnlGrpEV CHRG ... 20.76 –0.39 ... FrankFTSEBrazil FLBR 11.0 19.73 +0.50 1.1351 HCM Def100 QQH ... 48.07 –0.61 ... InvscGlbClnEner PBD 3.0 19.83 +0.30 .1396 iShGlblConStaples KXI 1.9 62.17 +0.59 .6136 iShUSHlthcrProv IHF .8 264.61 +9.81 .1206
EnSelSectorSPDR XLE 3.8 84.30 +2.85 .7058 FrankFTSECanada FLCA 2.8 32.23 +0.52 .3028 HarborCpCult HAPI .2 26.60 +0.15 .063 InvscGlblPrvEqu PSP 2.6 55.96 +0.81 1.1151 iShGlobalEnergy IXC 4.7 38.53 +1.26 .7129 iShUSInsurance IAK 1.6 90.51 +4.23 .2394
ER Entrepreneurs ENTR ... 12.48 –0.17 ... FrankFTSEChina FLCH 3.1 17.86 –0.49 .1873 HarborCpCult HAPY .1 19.48 +0.06 .0256 InvscGlbShrtHYBd PGHY 6.0 19.42 +0.02 .1374 iShGlbEquityFactor GLOF 2.3 36.19 +0.15 .3556 iShUSOilEquip IEZ .7 22.90 +0.49 .012
ER Next Entre ERSX ... 13.18 –0.04 ... FrankFTSEEurope FLEE 3.1 27.64 +0.08 .5382 HarborCpCultSC HAPS ... 27.07 +1.50 ... InvscIndia PIN ... 23.39 ... ... iShGlbFinls IXG 3.0 74.44 +1.59 1.1319 iShUSRealEst IYR 2.8 89.14 –0.01 .3959
EthoClimateLeader ETHO 1.1 54.93 +0.69 .18 FrankFTSEEurHdg FLEH 3.1 24.26 +0.35 .3512 HarborDisruptInnov INNO ... 13.74 –0.13 ... InvscIntlCpBd PICB 2.0 22.13 –0.15 .0439 iShGlbHlthcr IXJ 1.2 86.96 +2.60 .6436 iShUSRegBks IAT 3.7 37.80 +2.19 .3101
EuclideanFundVal ECML ... 28.22 +0.34 ... FrankFTSEFrance FLFR 2.5 32.10 +0.05 .4747 HarborEnerTrans RENW .9 15.12 +0.17 .1317 InvscInvGradeDef IIGD 2.9 23.88 +0.04 .0852 iShGlblIndls EXI 1.7 122.45 +0.62 1.4875 iShUSSCEqFactor SMLF 1.5 55.55 +0.61 .2367
FISChristianStock PRAY 1.0 24.80 +0.05 .2596 FrankFTSEGermany FLGR 3.4 22.63 –0.07 .6924 HarborHlthCr MEDI ... 22.59 +0.28 ... InvscMSCIGrnBldg GBLD 4.2 17.11 +0.10 .1659 iShGlbMaterials MXI 3.5 84.03 –0.17 1.3875 iShUSTechBreak TECB .4 38.65 –0.17 .0202
FIS KnightsofCol KOCG 1.7 22.86 –0.01 .3965 FrankFTSE HK FLHK 3.8 20.11 –0.20 .36 HarborIntlComp OSEA .1 25.43 –0.33 .0234 InvscMSCISusFut ERTH 1.0 51.17 +0.09 .2366 iShGlobal100 IOO 1.6 77.04 +0.28 .7648 iShUSTech IYW .4 110.31 –0.88 .0675
FMC Excelsior FMCX .2 25.75 +0.35 .0362 FrankFTSEIndia FLIN .7 31.42 –0.11 .2121 HarborSciAlpHy SIHY 6.9 43.78 +0.25 .2828 InvscMSCIGlbTimb CUT 2.6 30.33 –0.30 .7803 iShGlobalREIT REET 2.4 23.97 +0.12 .1311 iShUSUtilities IDU 2.5 85.26 +2.17 .4205
FMQQ NextFront FMQQ ... 11.26 +0.16 ... FrankFTSEItaly FLIY 4.6 27.44 +0.02 .7629 HarborSciAlpIncm SIFI 5.1 42.35 +0.17 .1937 InvscNatAMTFrMuni PZA 2.8 23.81 +0.16 .0587 iShGlobalTech IXN .6 62.54 –0.65 .1657 iShVirtualWork IWFH .3 15.77 –0.09 .0291
FT EnerIncm EIPX 2.7 20.95 +0.63 .1928 FrankFTSEJapan FLJP 2.1 27.30 –0.01 .361 HarborSCExpl QWST ... 33.70 +0.38 ... InvscNYAMTFrMuni PZT 2.7 22.91 +0.10 .055 iShGoldTr IAU ... 37.17 +0.15 ... iShYdOptimizedBd BYLD 3.9 21.98 +0.05 .0832
FairleadTactical TACK 1.3 24.01 ... .0938 FrankFTSEJapanHdg FLJH 1.0 30.60 +0.73 .3196 HartfordDiscUS HDUS .9 44.85 +0.41 .0258 InvscPreferred PGX 7.2 11.34 +0.04 .0613 iShGoldTrMicro IAUM ... 19.60 +0.09 ... iSh0-5YHYCorpBd SHYG 6.2 41.55 +0.09 .2188
FedHermesShDur FCSH 2.0 23.43 +0.03 .0429 FrankFTSELatAm FLLA 6.8 23.42 +0.24 .5243 HartfordLongEc HLGE 2.0 25.98 +0.31 .0822 InvscRayJamesSB1 RYJ .6 60.41 +1.23 .3907 iShiBdsDec31Cp IBDW 4.3 20.29 +0.08 .0795 iSh0-5YTIPSBd STIP 4.1 97.35 +0.13 .4611
FedHermesShDur FHYS 6.5 22.53 +0.06 .13 FrankFTSEMexico FLMX 3.1 31.00 –0.54 .2805 HartfordMultiDvxUS RODM 3.3 27.04 +0.18 .6676 InvscRuss1000EW EQAL 1.8 43.27 +0.71 .1875 iShiBdsDec33Cp IBDY ... 25.19 +0.02 ... iSh0-3MTreaBd SGOV 3.5 100.51 +0.10 .4166
FedHermesUSStr FDV 3.1 24.48 +0.53 .0611 FrankFTSESaudiAr FLSA 2.1 36.69 +0.02 .4828 HartfordMultiEM ROAM 4.8 21.86 –0.08 .3492 InvscS&PEMLowVol EELV 3.2 23.94 –0.15 .2041 iShiBdsDec32Cp IBDX 4.6 24.66 +0.08 .0975 JPM AlerianMLP AMJ 6.4 23.70 +0.43 .4165
FidelityCorpBd FCOR 3.5 45.93 +0.20 .14 FrankFTSESAfrica FLZA 4.1 22.35 –0.03 .4346 HartfordMultSC ROSC 2.1 37.91 +0.51 .1828 InvscS&PEMMom EEMO 4.9 14.35 +0.13 .2366 iShiBdsDec30Cp IBDV 3.6 21.18 +0.01 .0709 JacobForward JFWD ... 9.48 –0.11 ...
FidelityDivRising FDRR 2.9 42.75 +0.73 .366 FrankFTSE SKorea FLKR 3.1 22.61 –0.35 .1676 HartfordMultiUS ROUS 1.9 42.27 +0.65 .191 InvscS&P500BuyWr PBP 1.2 22.24 +0.05 .0612 iShiBdsDec28Cp IBDT 3.8 24.61 +0.07 .0846 JanusHendersonAAA JAAA 4.9 50.05 +0.25 .2527
FidelityHiDiv FDVV 3.5 41.10 +0.64 .361 FrankFTSESwitz FLSW 2.4 32.61 +0.05 .7361 HartfordMuniOpps HMOP 2.6 38.16 +0.08 .1001 InvscS&P500Down PHDG 1.9 33.85 +0.16 .1359 iShiBdsDec25Cp IBDQ 2.8 24.45 ... .0672 JanusIntlSust SXUS 1.3 18.04 –0.21 .156
FidelityHYFactor FDHY 5.8 46.94 +0.16 .251 FrankFTSETaiwan FLTW 3.1 38.88 –0.94 .1624 HartfordSchCmd HCOM 38.8 16.15 +0.32 .1101 InvscS&P500EnhVal SPVU 2.7 42.40 +1.39 .2582 iShiBdsDec24Cp IBDP 2.6 24.64 +0.03 .0627 JanusHendMtg JMBS 3.9 45.70 +0.10 .1746
FidelityIntlHiDiv FIDI 4.7 19.89 +0.22 .254 FrankFTSE UK FLGB 3.8 25.17 +0.40 .481 HartfordSchTax HTAB 2.8 19.54 +0.12 .0649 InvscS&P500EWCm RSPC 1.1 28.59 –0.38 .0328 iShiBdsDec29Cp IBDU 4.0 22.46 –0.02 .0819 JanusNetZero JZRO 1.3 23.84 +0.05 .1628
FidelityIntlValue FIVA 3.5 23.99 +0.22 .352 FrankIncmFocus INCM 3.7 25.45 +0.16 .079 HartfordTRBd HTRB 3.4 33.56 ... .1209 InvsS&P500EWCD RSPD 1.0 46.80 –0.09 .1466 iShiBdsDec27Cp IBDS 3.5 23.54 +0.07 .0796 JanusHenShrtDur VNLA 5.5 47.88 +0.07 .1632
FidelityIGBd FIGB 3.3 43.00 +0.08 .142 FrankIntlCore DIVI 1.7 29.97 +0.07 .4658 HashdexBitcoinFut DEFI ... 37.90 –0.35 ... InvscS&P500CnStp RSPS 11.4 34.12 +0.61 .1842 iShiBdsDec26Cp IBDR 3.0 23.53 +0.02 .0675 JanusSust&Impact JIB 2.6 41.99 –0.09 .1251
FidelityIGSecur FSEC 3.1 42.35 –0.11 .121 FrankIgCp FLCO 3.6 21.22 +0.09 .0697 HealthCareSelSect XLV 1.5 136.24 +4.54 .5424 InvscS&P500EWEner RSPG 3.6 72.98 +2.82 .3841 iShiBdsDec23Cp IBDO 2.7 25.27 +0.02 .0871 JanusSustCpBd SCRD 3.4 40.87 –0.11 .1413
FidelityLtdTermBd FLTB 2.6 48.24 –0.01 .13 FrankMuniGreen FLMB 3.1 23.87 +0.12 .0675 HennessyESG STNC .5 27.35 +0.21 .1464 InvscS&P500EW RSP 1.6 154.11 +2.05 .6421 iShiBoxx$HYCpBd HYG 5.6 75.37 +0.27 .4028 JanusHenUSRealEst JRE 2.8 23.18 +0.22 .1065
FidelityLowVol FDLO 1.5 50.83 +0.65 .17 FrankRespGold FGDL ... 26.24 +0.10 ... High Yield HYLD 7.9 25.77 ... .17 InvscS&P500EWFin RSPF 2.1 54.28 +2.04 .3185 iShiBoxx$IGCpBd LQD 3.7 107.97 +0.52 .3482 JanusUSSust SSPX .3 22.78 +0.09 .0273
FidelityCommSvs FCOM .8 40.76 –0.78 .063 FrankShDrUSGov FTSD 3.1 89.67 +0.13 .313 HorizonKinBlock BCDF .7 22.27 –0.08 .0524 InvscS&P500EWHC RSPH .6 30.58 +0.69 .0511 iShInfltnHdgHYBd HYGI 6.2 25.33 +0.13 .1382 HancockCorpBd JHCB 4.0 20.93 +0.04 .0748
FidelityMSCICnDisc FDIS .8 74.42 –1.25 .146 FrankSysStyle FLSP ... 21.72 –0.25 ... HorizonKineticsEn NVIR ... 26.48 +0.90 ... InvscS&P500Ind RSPN 5.2 41.65 +0.34 .1158 iShInflHdgUSAggBd AGIH 2.9 24.48 +0.08 .0632 HancockIntlHiDiv JHID 6.3 28.43 +0.17 .7566
FidelityMSCICnStpl FSTA 2.2 46.25 +0.77 .269 FrankUSCoreBd FLCB 2.8 21.37 –0.02 .0574 HorizonKinInfltn INFL 1.6 31.55 +0.32 .1578 InvscS&P500EWMat RSPM 10.8 33.05 +0.28 .1709 iShIntRtHdgCpBd LQDH 5.6 92.95 +0.55 .4666 HancockMtgBkd JHMB 4.5 21.61 +0.06 .0654
FidelityMSCIEn FENY 3.5 23.07 +0.82 .189 FrankUSCoreDiv UDIV 2.4 35.16 +0.27 .237 HoyaCapHiDivYd RIET 9.4 10.86 +0.04 .0855 InvscS&P500RlEst RSPR 2.3 32.51 +0.14 .3767 iShIntRtHdgHiYdBd HYGH 7.7 83.85 +0.44 .5613 HancockDevIntl JHMD 2.9 31.78 +0.05 .6674
FidelityMSCIFinls FNCL 2.2 49.60 +1.44 .272 FrankUSEquity USPX 1.1 39.57 +0.29 .1246 HoyaCapHousing HOMZ 1.9 40.01 –0.04 .0675 InvscS&P500EWTech RSPT .6 29.89 –0.02 .0449 iShIntRtLTCpBd IGBH 5.9 23.87 +0.14 .1279 HancockMultEM JHEM 3.3 25.02 –0.34 .3383
FidelityMSCIHlthCr FHLC 1.4 64.65 +1.85 .229 FrankUSLowVol FLLV 1.5 49.99 +0.24 .1446 HullTacticalUS HTUS .0 34.10 +0.32 1.6507 InvscS&P500EWUtil RSPU 2.4 58.01 +1.37 .3704 iShIRHdgUSAggBd AGRH 3.4 25.66 +0.04 .0538 HancockLC JHML 1.4 56.15 +0.51 .3519
FidelityMSCIIndls FIDU 1.4 58.14 +0.61 .211 FrankUSTreaBd FLGV 3.1 20.76 ... .0607 HumankindUS HKND 1.7 28.81 +0.58 .1219 InvscS&P500xRt XRLV 2.1 48.70 +1.03 .0975 iShIntlDevProp WPS 1.9 27.38 +0.11 .2411 HancockMC JHMM 1.1 51.17 +0.56 .2466
FidelityMSCIIT FTEC .7 132.37 –0.16 .22 FrankUltShBd FLUD 3.3 24.61 +0.01 .0882 HypatiaWomenCEO WCEO ... 27.06 +0.57 ... InvscS&P500GARP SPGP 1.1 93.73 +1.64 .216 iShIntlEquity INTF 2.6 27.43 +0.08 .5493 HancockMultiSC JHSC 1.1 34.48 +0.40 .1405
FidelityMSCIMatls FMAT 1.7 47.32 +0.30 .211 FreedomDayDiv MBOX 2.8 26.57 +0.15 .1323 IMGPBerkDivGrw BDVG ... 10.46 +0.26 ... InvscS&P500HiBeta SPHB .6 78.57 –0.04 .1344 iShIntlSCEqFactor ISCF 2.7 31.80 +0.04 .5345 HancockPfdIncm JHPI 6.5 21.18 +0.08 .1664
FidelityRealEst FREL 3.7 25.88 +0.01 .231 FundXAggressiveETF XNAV 1.3 54.69 –0.58 .7313 IQ CBRENxtRlEst ROOF 3.8 19.93 –0.05 .1752 InvscS&P500HiDiv SPHD 4.1 42.42 +0.57 .1551 iShJPM EM LC Bd LEMB .8 37.64 –0.19 .3002 HancockUSHiDiv JHDV 2.8 29.43 +0.14 .2023
FidelityMSCIUtils FUTY 3.0 44.18 +1.05 .317 FundXETF XCOR 2.4 51.93 –0.21 1.233 IQCBRERealAssets IQRA 2.5 25.19 +0.15 .1585 InvscS&P500LowVol SPLV 2.2 64.10 +1.21 .1209 iShJPX-Nikkei400 JPXN 1.1 66.56 +0.06 .4606 JPMActiveChinaETF JCHI ... 44.95 –1.24 ...
FidelityMomFactor FDMO 1.1 48.95 +0.17 .117 FutureFdActive FFND ... 19.69 +0.11 ... IQCandESGIntl IQSI 2.8 27.71 +0.05 .4221 InvscS&P500Mom SPMO 2.1 56.88 +1.61 .2801 iShLatinAmer40 ILF 8.3 27.73 +0.40 .4787 JPMActiveGrw JGRO .1 56.55 –0.47 .0022
54 BARRON’S July 24, 2023
KraneMSCICnLdrs KESG 2.2 18.50 –0.35 .4034 QRAFT AI-Pilot AIDB .4 27.04 +0.20 .0252 TimothyMktNeut TPMN 4.4 24.51 +0.01 .1049
KraneEMxChina KEMX 3.6 27.25 +0.05 .9905 PacerUSCashCows BUL 1.3 35.94 +1.17 .1332 QuadraticDeflat BNDD 39.6 16.02 +0.15 .0482 SPDRSSgAGlbAll GAL 3.7 40.69 +0.07 .3963 Timothy US LMC TPLC .9 36.85 +0.43 .021 WBIBullBrQu3000 WBIL 1.2 29.58 +0.04 .0787
KraneSh1Belt1Road OBOR 4.9 21.98 –0.11 1.0786 PacerUSExportLead PEXL .5 44.58 +0.16 .056 QuadIntRtVol IVOL 3.9 20.79 +0.06 .0624 SPDRSSgAIncmAllctn INKM 5.0 30.84 +0.18 .4234 Timothy US LMC TPLE 1.8 23.54 +0.29 .0543 WBIBullBrVal3000 WBIF 1.4 28.90 –0.39 .0153
KraneS&PPanAsia KDIV .8 29.52 +0.52 .2767 PanagramAAACLO CLOX ... 25.16 ... ... RH Hdg Multi AMAX 8.6 7.79 +0.03 .1255 SPDRSSgAMultiAsset RLY 5.5 27.60 +0.32 .2963 Timothy US SC TPSC 1.1 33.19 +0.69 .0263 WBIBullBrYd3000 WBIG 2.2 23.41 ... .037
KraneSSEStr50 KSTR ... 14.00 –0.09 ... Panag BBB-B CLO CLOZ 9.0 25.76 +0.30 .2586 RHTactOutlook RHTX ... 13.78 +0.07 ... SPDRSSgAUltraShrt ULST 3.4 40.23 +0.02 .1464 ToewsAgilDynTact THY 5.7 22.09 –0.05 .0961 WBIPwrFactorHiDiv WBIY 5.4 26.90 +0.65 .435
LeaderActivLdrs ACTV .3 32.84 +0.41 .0831 PinnacleFocOpps FCUS ... 22.01 –0.32 ... RHTactRotation RHRX ... 12.73 +0.02 ... SPFdsDJGlbSukuk SPSK 2.2 17.75 –0.01 .032 ToewsAgilMgdRisk MRSK .0 29.39 +0.10 .2851 WealthDBSLTGrw WLTG .4 22.09 +0.20 .0868
LeaderAlphaFactor LSAT .3 35.05 +0.62 .111 PrincipalActHY YLD 6.4 18.41 ... .1039 RoboGlbAI THNQ ... 37.05 –0.01 ... SPFdsS&P500Sharia SPUS 1.0 32.67 +0.02 .026 TortoiseNAPipeline TPYP 4.7 25.42 +0.61 .3305 WedbushGlbCld IVES ... 36.60 –0.63 ...
LeaderAlphaUSCore LSAF .9 32.58 +0.37 .1015 PrincInvGrdCp IG 7.3 20.55 +0.07 .0819 RoboGlbHlthTch HTEC ... 30.73 +0.33 ... SPFdsS&PGlShar SPRE 4.0 20.08 –0.22 .067 TouchstoneDivSel DVND 1.6 27.29 +0.53 .1358 WedbushVideoGm GAMR ... 61.37 –0.87 ...
LeaderSharesDynYd DYLD 2.5 22.44 +0.06 .0587 PrincipalRealEst BYRE 2.2 23.28 +0.19 .1488 RoboGlblRobotics ROBO ... 58.57 –0.50 ... SRH US Quality SRHQ .9 30.34 +0.31 .049 TouchstoneSecur TSEC ... 25.10 ... ... WT Bbg USD Bull USDU 1.1 26.19 +0.29 .2754
LeaderShEqSkew SQEW .4 30.70 +0.10 .1125 PrincipalSpectPfd PREF 4.7 17.06 +0.09 .0624 RPAR RiskParity RPAR 3.1 19.48 +0.15 .1819 SchwabArielESG SAEF .6 22.63 +0.07 .0303 TouchstoneStrat SIO 4.3 24.84 +0.07 .1107 WisdTrChineseYuan CYB .9 24.42 +0.03 .2098
LeatherbackL/S LBAY 3.2 26.98 +0.52 .075 PrincipalTaxAdv PQDI 5.6 17.62 +0.05 .0757 R3GlbDivGrw GDVD 6.1 23.06 +0.21 .1133 SchwabCryptoThem STCE .9 26.50 –0.44 .0239 TrajanWealthIncm TWIO 4.4 8.78 +0.05 .11 WisdTrEmgCurr CEW .7 17.92 –0.02 .1341
LeutholdCore LCR .7 31.42 +0.06 .2163 ProShBigDataRef DAT ... 29.76 –0.37 ... RayliantQuanCn RAYC 1.9 15.02 –0.11 .2818 SchwabEM Equity SCHE 2.9 25.06 –0.36 .1273 TrueESGActOpps ECOZ .0 38.38 +0.22 .2799 WT EM EffCore NTSE 3.0 28.24 –0.50 .185
LoganCapBrdInn LCLG .0 37.03 –0.11 .6091 ProShBitcoin BITO 13.9 15.95 –0.18 .6642 Schwab5-10YCpBd SCHI 3.6 44.02 +0.11 .1956 WTEMxChinaFd XC 1.1 28.27 –0.20 .10
ProShDJBrkGlIn TOLZ 3.1 45.66 +0.24 .5012 RayliantQuantalEM RAYE 4.9 22.00 –0.08 1.0726 SchwabFundEmgLrg FNDE 5.1 27.20 –0.23 .2676 TrueEagleGlb RNWZ 1.4 25.15 +0.02 .1192 WisdTrEMxSOE XSOE 1.4 28.61 –0.53 .18
MAXAirlines-3X JETD ... 20.97 –0.87 ... ProShDecRetail EMTY 2.2 15.14 –0.04 .1369 RayliantQuanDevMkt RAYD 1.3 24.34 –0.05 .3075 SchwabFundIntLrgCo FNDF 3.0 33.18 +0.22 .3811 TrueShLowVol DIVZ 3.3 28.15 +0.65 .207 WT EM HiDiv DEM 7.0 39.39 +0.07 .72
MAXAirlines3XLvgd JETU ... 29.01 +1.08 ... ProShHdgReplic HDG .4 48.54 +0.01 .3153 RealEstSectorSPDR XLRE 3.6 38.60 –0.19 .3588 SchwabFundIntlSmCo FNDC 2.1 34.24 –0.07 .2366 TrueTechAI LRNZ ... 32.71 –0.31 ... WT EM LocDebt ELD 4.7 28.14 –0.06 .11
MAXAutoInd-3xInv CARD ... 17.52 +1.30 ... ProShInflationExp RINF 2.7 33.20 +0.39 .3971 RelativeSentTact MOOD 1.3 26.56 +0.04 .3441 SchwabFundUSBrd FNDB 1.9 58.17 +0.92 .2723 UBS FIEnhLCGrw FBGX ... 613.48 –6.24 ... WisdTrEMMulti EMMF 2.9 23.48 +0.09 .15
MAXAutoInd3xLvgd CARU ... 33.60 –2.23 ... ProShLgOnline CLIX ... 37.17 –0.01 ... RenaissanceIPO IPO ... 34.89 –0.07 ... SchwabFundUSLrgCo FNDX 1.9 58.95 +0.01 .277 UPARUltraRisk UPAR 3.8 14.07 +0.14 .1471 WisdmTrSCDiv DGS 4.5 48.34 –0.05 .92
MUSQGlbMusic MUSQ ... 25.59 –0.20 ... RenaissanceIntlIPO IPOS .1 15.67 –0.04 .0171 USCFDivIncmFd UDI 3.0 25.80 +0.89 .0692
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
ProShMSCITransform ANEW 1.4 37.83 +0.19 .1288 SchwabFundUSSmCo FNDA 1.4 52.53 –0.29 .185 WTEnhCmdStrategyFd GCC 22.8 17.99 +0.28 .0788
MatlsSelSector XLB 2.0 83.75 +0.49 .3987 ProShMetaverse VERS .5 40.32 –1.09 .0501 RevereSectorOpp RSPY .0 25.26 +0.35 .0558 SchwabHYBd SCYB ... 50.77 +0.09 ... USCF EnerCmd USE ... 33.74 +0.20 ... WTEurHdgEquityFd HEDJ 3.4 82.14 +0.28 1.2075
MatthewsAsiaInn MINV ... 24.10 –0.52 ... ProShNanotech TINY .3 38.74 –1.14 .0171 RivFrDynCoreIncm RFCI 3.0 22.21 –0.03 .0677 SchwabIntmUSTrsr SCHR 2.8 49.30 +0.01 .131 USCFGoldStrat GLDX 3.9 25.64 +0.10 .2598 WT EuropeHdgSC EUSC 4.4 34.20 +0.22 .87
MatthewsCnActive MCH ... 21.30 –0.57 ... ProShOnDemand OND ... 24.57 –0.32 ... RivFrDynUSDiv RFDA 2.8 47.20 +0.68 .0387 SchwabIntlDiv SCHY 3.6 24.60 +0.08 .29 USCF Midstream UMI 4.6 35.35 +0.85 .4458 WT EurQualDiv EUDG 2.4 31.22 +0.05 .40
MatthewsEMEqu MEM .5 28.23 –0.24 .1405 ProShOnlRetail ONLN ... 34.80 +0.07 ... RivFrStratIncm RIGS 3.2 22.67 –0.05 .0679 SchwabIntEquity SCHF 2.8 36.44 +0.05 .3926 USCF SummerDynCom SDCI 34.9 18.22 +0.56 .1677 WisdTrEuropeSC DFE 5.3 57.67 –0.35 1.53
MatthewsEMxCn MEMX ... 27.06 –0.22 ... ProShS&P500Bd SPXB 3.5 75.00 +0.29 .2607 RobinAltYdSpac SPAX .9 21.29 –0.20 .1994 SchwabIntlSC SCHC 2.1 35.11 +0.10 .165 USCF SustBatMtl ZSB ... 22.67 –1.14 ... WisdTrFRTrea USFR 3.9 50.49 +0.06 .2157
MatthewsKorea MKOR ... 25.71 ... ... ProShS&P500xEner SPXE 1.3 96.77 +0.65 .294 RoundAcqDpVal DEEP 1.5 34.37 +0.76 .1681 SchwabLTUSTrea SCHQ 3.3 35.90 +0.11 .1196 USDivrsRealEst PPTY 4.2 30.00 +0.40 .2982 WT GlbxUSQual DNL 2.7 36.15 –0.45 .29
MeetKevinPricing PP ... 27.31 –0.78 ... ProShS&P500xFin SPXN 1.1 97.69 +0.51 .1926 RoundBallMeta METV .1 10.58 –0.26 .0063 SchwabMuniBd SCMB 2.8 51.96 +0.22 .1516 USGlbGOGold GOAU 1.4 17.59 –0.12 .2401 WisdTrGlbHiDiv DEW 4.2 47.90 +0.84 .715
MerkStagflation STGF 3.8 22.53 +0.13 .095 ProShS&P500xHlth SPXV 1.3 95.23 +0.43 .2219 RoundhillGenAI CHAT ... 29.14 –0.74 ... Schwab1-5YCpBd SCHJ 2.3 47.33 +0.02 .1258 USGlobalJets JETS ... 21.79 +0.41 ... WT GrwthLdrs PLAT .1 33.50 –0.36 .039
MicroSecEn3XInv WTID ... 26.10 –3.78 ... ProShS&P500xTech SPXT 1.5 74.66 +0.82 .2056 RoundhillIODigInfr BYTE .9 9.65 +0.08 .0153 Schwab1000Index SCHK 1.4 43.74 +0.29 .1526 USGlbSeatoSky SEA ... 15.35 +0.01 ... WisdTrIndiaEarn EPI .2 35.80 +0.19 .06
MicroEnergy3XLvgd WTIU ... 17.44 +2.09 ... ProShSPGlbCoreBatt ION 1.1 38.21 –1.17 .255 RoundhillMeme MEME .3 40.19 +0.36 .1388 SchwabSrtTRmUSTrsr SCHO 2.7 48.06 –0.02 .1568 USValueETF USVT .9 28.06 +0.64 .2404 WisdTrIndiaxSOE IXSE .1 33.79 +0.05 .025
MicroFang-3xInv BERZ ... 6.92 +0.27 ... ProShS&PKenCln CTEX ... 34.16 +0.19 ... RoundSportsBet BETZ .5 18.54 +0.03 .0949 SchwabUS AggrBd SCHZ 2.9 46.11 +0.02 .1297 UnlimitedHFND HFND .4 20.89 +0.02 .0875 WTIntlAIEnhVal AIVI 4.8 40.21 +0.40 .965
MicroFang3xLvg BULZ ... 74.73 –4.16 ... ProShS&PKenSmF MAKX .2 37.54 –0.33 .0359 RoundhillVideo NERD .6 15.90 –0.12 .0965 SchwabUS BrdMkt SCHB 1.4 52.90 +0.37 .1855 UtilitiesSelSector XLU 3.1 68.46 +1.61 .5366 WT IntlEffCore NTSI 2.2 35.08 +0.08 .34
MicroFANG+ETN FNGS ... 33.67 –1.10 ... ProShShBitcoin BITI 1.1 19.16 +0.23 .0512 SGIUSLCCoreETF SGLC ... 28.23 +0.28 ... SchwabUS Div SCHD 3.5 74.97 +1.59 .6647 VSharesUSDiversity VDNI 1.2 24.65 +0.47 .1497 WisdTrIntlEquity DWM 4.2 51.37 +0.24 1.01
MicroFANG-3XInvr FNGD ... 8.77 +0.72 ... ProShShtDow30 DOG 2.1 31.69 –0.61 .3467 SPDRBlackSrLoan SRLN 7.1 41.80 –0.05 .29 SchwabUS LC SCHX 1.4 53.56 +0.35 .1895 VanEckAfrica AFK 3.7 15.65 +0.30 .5759 WT IntlHdgQual IHDG 2.5 40.01 +0.24 .36
MicroFang+3x FNGU ... 185.15 –21.58 ... ProShShXinhuaCh25 YXI 1.5 17.25 +0.41 .1297 SPDRBBCpBd SPBO 4.3 28.84 +0.11 .1144 SchwabUS LC Grw SCHG .4 76.29 –0.38 .0892 VanEckAgribus MOO 2.1 86.21 +0.23 1.8466 WisdTrIntlHiDiv DTH 5.5 38.22 +0.27 .965
MicroSectFANG+2X FNGO ... 38.20 –2.77 ... ProShShtFinls SEF .4 12.23 –0.35 .1109 SPDRBlmCvSecs CWB 2.1 71.21 +0.26 .0865 SchwabUS LC Val SCHV 2.4 68.86 +0.14 .4048 VanEckBDCIncm BIZD 10.8 15.57 +0.05 .4193 WisdTrIntlLCDiv DOL 4.0 48.29 +0.24 .90
MicroGold3XInvr GDXD ... 4.97 +0.17 ... ProShShortHY SJB 2.0 18.20 –0.02 .1684 SPDRBlmEMLocBd EBND 5.1 21.43 –0.10 .0908 SchwabUS MC SCHM 1.6 73.17 +0.76 .2959 VanEckBrazilSC BRF 3.0 18.51 +0.64 .5571 WisdTrIntlMC Div DIM 4.5 59.56 +0.05 1.415
MicroGold3xLvgd GDXU ... 41.38 –2.22 ... ProShShMSCI EAFE EFZ .6 17.67 +0.02 .1836 SPDRBBEMUSDBd EMHC 5.0 23.90 +0.05 .108 SchwabUS REIT SCHH 3.1 20.09 +0.01 .1861 VanEckCLO CLOI 5.0 51.77 +0.22 .2399 WisdTrIntlMult DWMF 4.1 25.27 +0.44 .465
MicroGold-3XInv DULL ... 20.42 –0.05 ... ProShShtMSCI EM EUM .5 14.40 +0.02 .142 SPDR Blm HY Bd JNK 6.4 92.46 +0.32 .4944 SchwabUS SC SCHA 1.4 45.32 +0.44 .1497 VanEckChinaBd CBON 2.6 21.93 –0.10 .0957 WisdTrIntlSC DLS 4.7 61.29 –0.19 1.215
MicroGold3XLvgd SHNY ... 27.07 +0.19 ... ProShShtMC400 MYY 2.3 22.30 +0.04 .2629 SPDRBlmInCpBd IBND 1.3 29.01 –0.24 .0481 Schwab US TIPs SCHP 4.8 52.43 +0.21 .2249 VanEckChinaGrwth GLCN 2.5 23.07 –0.62 .575 WT JapanHdg DXJ 3.1 83.07 +2.30 .7821
MicroOil&Gas-3 OILD ... 22.43 –2.69 ... ProShShrtQQQ PSQ .5 10.43 +0.10 .1447 SPDRBbgIntTrBd BWX 1.5 22.88 –0.21 .0314 SimplifyAggBdPlus AGGH 5.5 22.55 –0.03 .20 VanEckChiNext CNXT ... 27.77 –0.85 ... WisdTrJapanSC DFJ 2.8 68.36 +0.38 .4609
MicroOil&Gas3x OILU ... 39.43 +3.96 ... ProShShtRE REK 2.0 19.38 +0.12 .1693 SPDRBlmInvGrdFR FLRN 4.3 30.65 +0.06 .1403 SimplifyCmdStrNoK1 HARD 1.6 25.16 +0.42 .10 VanEckDigIndia DGIN .8 31.89 –0.41 .27 WisdTrMgdFut WTMF 4.7 35.18 +0.28 .2229
MicroTrav-3xILv FLYD ... 3.92 –0.24 ... ProShShRuss2000 RWM .4 22.06 –0.29 .2414 SPDRBB1-10YTIPS TIPX 4.6 18.46 +0.04 .0903 SimplifyDevXUS EAFD 2.0 20.20 +0.07 .34 VanEckDynHi INC 5.5 26.49 +0.20 .1892 WisdTrMtgPlBdFd MTGP 3.1 43.48 –0.01 .10
MicroTrav3xLv FLYU ... 47.31 +2.44 ... ProShShrtS&P500 SH 2.5 13.67 –0.07 .1752 SPDRBbg1-3MTB BIL 3.5 91.70 +0.08 .3728 SimplifyEMEqPlus EMGD 1.9 18.38 –0.27 .13 VanEckEgypt EGPT 1.4 19.21 +0.39 .2667 WT NewEconRlEst WTRE 1.8 17.52 +0.02 .21
MicroUSBigBk3X BNKD ... 8.94 –2.10 ... ProShSh7-10YrTr TBX 1.5 28.80 +0.07 .2199 SPDRBlmSTHYBd SJNK 6.8 24.76 +0.05 .1421 SimplifyEnhIncm HIGH 7.4 25.04 –0.06 .20 VanEckEMHYBd HYEM 6.3 18.20 –0.04 .0999 WT PwStrategy PUTW 6.8 32.90 +0.23 .22
MicroUSBigBk3X BNKU ... 20.36 +3.52 ... ProShShrtSC600 SBB 1.7 17.06 +0.03 .123 SPDRBlmSTInTr BWZ 1.0 27.16 –0.34 .0374 SimplifyHlthCare PINK .7 27.22 +0.73 .13 VanEckEnerIncm EINC 2.8 66.18 +1.34 .5351 WTUSAIEnhVal AIVL 2.3 96.77 +2.55 .56
MicrUSBigOil3InLv NRGD ... 282.80 –42.35 ... ProShSh20+Tr TBF 2.6 21.97 –0.06 .2844 SPDR 3-12MT-Bill BILS 3.8 99.31 +0.07 .4052 SimplifyHdgEq HEQT 2.2 25.07 +0.12 .08 VanEckEnvlSvs EVX .3 164.33 +4.05 .5588 WisdTrUSESGFd RESP 1.4 47.14 +0.57 .165
MicrUSBigOil3Lev NRGU ... 387.79 +47.63 ... ProShSmMatls TINT 1.3 33.97 +0.03 .1719 SPDR DJRlEst RWX 5.1 26.27 +0.18 .4562 SimplifyHYPlus CDX 8.4 21.99 +0.09 .10 VanEckFutureofFood YUMY 1.4 17.74 +0.23 .256 WisdTrUSEff NTSX 1.2 37.77 +0.14 .11
MotleyFoolCap100 TMFE .3 19.01 +0.02 .0588 ProShSupChain SUPL 3.9 40.79 +0.68 .6608 SPDRDoubleTRTact TOTL 4.9 40.46 +0.04 .1544 SimpfyIntRtHdg PFIX 1.3 64.14 –0.25 .10 VanEckGoldMin GDX 1.5 31.49 –0.47 .4762 WT US HiDiv DHS 4.2 82.21 +2.11 .31
MotleyFoolNext TMFX .2 16.37 +0.04 .0314 ProShUltBlmCrude UCO ... 27.44 +1.11 ... SPDRDJGlbRealEst RWO 3.7 42.90 +0.24 .398 SimplifyMacro FIG 5.1 23.18 –0.07 .07 VanEckGreenBd GRNB 2.9 23.33 +0.05 .0656 WisdTrUSLCDivFd DLN 2.5 65.27 +1.36 .14
NeosEnhInAggBd BNDI 5.0 48.19 +0.10 .2078 ProshUltBlmNatGas BOIL ... 65.54 +7.91 ... SPDR DJIA Tr DIA 1.9 352.14 +6.97 .2678 SimplifyMgdFut CTA 4.5 25.13 ... .10 VanEckGreenMtls GMET ... 27.71 –0.79 ... WisdTrUSLCFd EPS 1.8 47.80 +0.50 .22
NeosEnhInCash CSHI 5.2 50.22 +0.08 .2711 ProShUltCommSvcs LTL 1.9 42.79 –2.15 .0089 SPDR DJ REIT RWR 3.8 94.15 +0.64 .8842 SimplifyMktNeutlEq EQLS ... 23.68 –0.21 ... VanEck IG FR FLTR 4.7 25.22 +0.05 .1371 WisdTrUSMCDivFd DON 2.7 43.65 +0.82 .12
NationDJRiskMgd NDJI 6.9 20.77 +0.38 .118 ProShUltCnsmDisc UCC .2 34.29 –1.59 .0558 SPDREuroStx50 FEZ 3.0 46.75 –0.30 .9444 SimplifyMultiQISAl QIS ... 25.05 –0.02 ... VanEckIndiaGrw GLIN 1.5 37.29 –0.02 .5556 WisdTrUSMCFd EZM 1.4 54.58 +0.49 .19
NationwideN100Risk NUSI 7.1 21.63 –0.34 .1405 ProShUltCnsStp UGE 1.0 17.68 +0.61 .1004 SPDRIntGovBd WIP 7.9 42.17 +0.05 .3237 SimplifyOppIncm CRDT ... 25.09 –0.05 ... VanEckIndonesia IDX 3.4 18.47 –0.12 .6316 WTUSQualGrowthFd QGRW ... 33.51 –0.34 ...
NationwideRuss2000 NTKI 7.0 20.61 +0.01 .1183 ProShUltDow30 DDM .4 70.59 +2.77 .2345 SPDRFactSetInnTech XITK .0 137.07 –1.81 .0071 SimplifyPropel SURI 15.2 22.06 +0.10 .68 VanEckInfltn RAAX 1.4 26.12 +0.37 .3784 WisdTrUSSCDiv DES 3.0 29.94 +0.66 .095
NationSP500RiskMgd NSPI 6.7 21.25 +0.18 .1206 ProShUltEnergy DIG .7 37.92 +2.52 .257 SPDRGlobalDow DGT 2.6 115.56 +1.16 1.25 SimplifySTTrea TUA 4.8 22.74 –0.19 .10 VanEckIntlHYBd IHY 5.0 20.19 –0.10 .0826 WisdTrUSSCFd EES 1.4 46.77 +0.64 .16
NatixisLoomisFoc LSGR ... 25.67 –0.51 ... ProShUlt Euro ULE ... 12.00 –0.25 ... SPDRGoldMini GLDM ... 38.95 +0.18 ... SimplifyStbIncm BUCK 4.5 25.02 –0.12 .10 VanEckIsrael ISRA 1.3 37.33 +0.42 .4848 WisdTrUSTotalDiv DTD 2.5 63.85 +1.36 .145
NatixisShrtDur LSST 3.0 23.63 +0.01 .0755 ProShUltFTSEEurope UPV .6 58.23 +0.39 .2364 SPDR Gold GLD ... 182.18 +0.75 ... SimplifyTailRisk CYA 17.1 5.37 –0.11 .04 VanEckJPMEMLCBd EMLC 5.6 25.84 –0.12 .1271 WisdTrUSValue WTV 1.8 64.13 +0.52 .285
NatixisVaughanMC VNMC 1.0 30.42 +0.39 .2904 ProShXinhuaChina25 XPP .7 18.91 –0.98 .1111 SPDR ICE Pfd PSK 6.4 33.36 +0.10 .18 SimplUSConvex SPYC 1.1 29.72 +0.23 .19 VanEckJrGoldMin GDXJ .5 37.91 –0.46 .1825 WT YdUSAggBd AGGY 3.4 43.21 +0.02 .13
NatixisVaughanNel VNSE .3 29.71 +0.24 .0796 ProShUltFinls UYG .9 49.60 +2.73 .1092 SPDR MSCI exUS CWI 2.9 26.63 –0.09 .4119 SimplUSPlusDown SPD 1.7 27.90 +0.24 .21 VanEckLong/Flat LFEQ 1.0 39.66 +0.30 .4065 X-SquareMuni ZTAX .0 25.19 +0.19 .36
NETLeaseCpRlEst NETL 4.5 25.38 +0.62 .095 ProShUltraGold UGL ... 60.51 +0.31 ... SPDREAFEFossilFr EFAX 2.7 38.29 +0.01 .7136 SimplUSPlusUp SPUC 1.1 31.50 +0.33 .19 VanEckLowCarbon SMOG 1.1 126.81 –0.44 1.458 XtrkEMCarbonRed EMCR 2.5 27.37 –0.44 .2548
NeubergerCarbon NBCT .8 26.04 +0.47 .2041 ProShUltHlthCr RXL .2 93.48 +6.26 .2126 SPDRMSCIEAFEStrat QEFA 2.6 71.39 +0.20 1.2272 SimplifyVolPrem SVOL 16.7 23.12 ... .32 VanEckMerkGoldTr OUNZ ... 19.01 +0.09 ... XtrkFTSEDevxUS DEEF 3.0 27.92 +0.06 .3957
NeubergerCmdStr NBCM .8 22.51 +0.41 .1839 ProShUltraHY UJB 2.8 63.23 +0.34 .1573 SPDREMFossilFuelFr EEMX 2.3 30.72 –0.48 .2055 SimplifyVoltRobo VCAR ... 9.25 –0.20 ... VanEckMtgREIT MORT 12.9 12.19 +0.19 .2865 XtrksHarvCSI300 ASHR 1.2 26.89 –0.60 .3162
NeubergerDisr NBDS ... 24.03 –0.05 ... ProShUltIndls UXI .2 27.13 +0.37 .047 SPDRMSCIEMStrat QEMM 5.0 56.29 –0.67 1.2278 SmartAdvertising MRAD ... 15.47 –0.42 ... VanEckNatRscs HAP 3.2 50.16 +1.01 1.614 XtrksHarvCSI500 ASHS 1.9 29.77 –0.61 .5797
NeubergerNxtGen NBCC .1 22.08 –0.13 .0212 ProShUltBrazil UBR .0 30.60 +1.49 .0027 SPDRGenderDiv SHE 1.5 90.28 +1.11 .3471 SmartApacDiv ADIV 2.8 13.75 –0.24 .12 VanEckOilRefin CRAK 3.0 32.15 +0.95 .96 XtrksHiBetHYBd HYUP 7.5 39.82 +0.16 .2667
NewdayOceanHlthETF AHOY .4 21.01 +0.20 .0791 ProShUltMSCIEAFE EFO .8 42.68 +0.13 .2583 SPDRMSCIUSAStrat QUS 1.6 125.86 +1.87 .8638 SmartDivBldr DIVS 1.6 25.92 +0.27 .12 VanEckOilSvcs OIH .9 329.06 +8.39 2.8887 XtrkIntlRealEst HAUZ 3.1 21.03 +0.12 .397
NicholasFixIncmAlt FIAX 3.0 19.98 –0.07 .091 ProShUltMSCIEM EET .7 52.32 –0.12 .2869 SPDRMSCIWorldStrat QWLD 1.8 106.38 +1.05 1.0223 SmartTransport MOTO 1.8 44.24 –0.48 .82 VanEckPfdxFin PFXF 7.0 17.50 +0.04 .1606 XtrrsLowBetHYBd HYDW 5.2 45.31 +0.12 .2478
NiftyIndiaFinls INDF 2.8 35.64 +0.53 .993 ProShUltraJapan EZJ .4 35.45 –0.05 .0151 SPDR MktIG400CpBd LQIG 5.8 95.40 +0.39 .3803 SmartSustEnerII SOLR .3 31.78 –0.02 .37 VanEckRareEarth REMX 1.4 82.67 –4.04 1.1867 XtrksMSCIAllChina CN 1.9 27.62 –0.69 .5199
NightSh500 NSPY .0 29.22 +0.02 .3119 ProShUltMatls UYM .3 24.51 +0.28 .0104 SPDR NYSE Tech XNTK .5 142.74 –1.73 .1547 SoFiNext500 SFYX 1.5 12.63 +0.14 .0992 VanEckSocSent BUZZ .3 17.20 –0.09 .0488 XtrksMSCIAWxUS HDAW 5.2 23.76 +0.18 .6336
NightSh5001x/1.5x NSPL .3 35.67 +0.25 .1937 ProShUltMC400 MVV 1.0 56.64 +1.27 .1209 SPDRNuvBBHYMuni HYMB 3.9 25.19 +0.27 .0805 SoFiSelect500 SFY 1.4 16.02 +0.08 .1159 VanEckSteel SLX 4.3 67.12 +0.31 2.8767 XtrksMSCIAWxUS DBAW 4.3 29.22 +0.24 1.0074
NightSh2000 NIWM .3 27.46 +0.24 .0951 ProShUltraQQQ QLD .2 66.21 –1.37 .1092 SPDRNuveenMuniBd TFI 2.1 46.39 +0.25 .0915 SoFiSmartEner ENRG ... 16.38 +0.21 ... VanEckUranium NLR 1.8 60.31 +0.05 1.1093 XtrkMChinaAIncl ASHX 1.9 20.60 –0.38 .3829
NobleAbsRet NOPE ... 8.15 ... ... ProShUltRE URE 1.3 60.63 –0.62 .1235 SPDRNuveenSTMuni SHM .9 47.16 +0.05 .0444 SoFiSocial50 SFYF 1.7 28.88 –0.43 .3283 VangdExtMkt VXF 1.3 154.88 +1.76 .4974 XtrkESGLeaders EASG 2.4 28.95 –0.02 .4812
NuvDivGrowth NDVG 1.3 27.02 +0.54 .0914 ProShUltRus2000 UWM .3 36.91 +0.97 .1259 SPDRPtfAggBd SPAB 3.0 25.35 ... .0702 SoFiWeeklyDiv WKLY ... 48.32 +1.02 ... VangdInfoTech VGT .7 447.90 –0.57 .6757 XtrksMSCIHiDiv HDEF 4.5 23.82 +0.25 .6689
NuvESGHYCorpBd NUHY 6.6 20.62 +0.07 .114 ProShUltraS&P SSO .3 60.28 +0.71 .1815 SPDRPtfDevxUS SPDW 2.8 33.32 +0.05 .584 SoFiWeeklyIncm TGIF ... 95.49 +0.19 ... VangdMatrls VAW 1.8 184.68 +1.05 .8257 XtrksMSCIEAFE DBEF 4.9 35.45 +0.50 1.6133
NuvESG1-5YUS NUSA 2.7 22.85 –0.01 .0769 ProShUltSemi USD .1 43.92 –1.16 .0493 SPDRPtfEM SPEM 3.1 34.97 –0.38 .446 SonicGlbShip BOAT 16.4 27.40 –0.15 2.4471 VangdSC Grwth VBK .7 236.08 +0.72 .3769 XtrksMSCIEMESG EMSG 1.9 24.45 –0.48 .2637
NuvESGUSAggBd NUBD 3.1 21.95 –0.02 .0572 ProShUlt7-10Trs UST 2.2 46.29 –0.13 .5953 SPDR PtfEurope SPEU 2.9 39.53 +0.08 .6889 SoundEnhFixed FXED 5.7 17.61 –0.02 .04 VangdSC Val VBR 2.1 171.66 +2.98 .8874 XtrksMSCIEM DBEM 2.6 22.92 –0.23 .3008
NuvEnhYdUSAgg NUAG 4.0 20.72 +0.04 .0688 ProShUltSilver AGQ ... 31.27 –0.84 ... SPDR PtfHYBd SPHY 6.9 22.92 +0.10 .1364 SoundEquIncm DIVY 4.1 25.94 +0.53 .034 VangdCommSvcs VOX .9 107.63 –2.18 .2765 XtrksMSCIEurope DBEU 4.2 36.42 +0.58 1.3754
NuvGrowthOpps NUGO .2 23.15 –0.16 .0453 ProShUltSC600 SAA .1 23.42 +0.71 .0482 SPDRPtfIntermCpBd SPIB 3.4 32.15 +0.04 .1011 SparkIntangVal ITAN 1.0 24.87 –0.04 .0165 VangdCnsmrDiscr VCR .9 287.40 –5.01 .5455 XtrksMSCIEurozone DBEZ 1.9 40.53 +0.28 .7708
NuvSCSelect NSCS .3 23.30 +0.34 .0751 ProShUltTech ROM ... 45.97 +0.06 ... SPDR PtfIntTrea SPTI 2.3 28.30 –0.04 .0661 SpdrSPIntDiv DWX 4.3 35.55 +0.22 .6077 VangdCnsmrStpls VDC 2.4 198.07 +3.24 1.3913 XtrksMSCIGermany DBGR 3.0 30.92 +0.19 .913
XtrksMSCIJapan DBJP 5.3 58.38 +1.22 3.0791
July 24, 2023 BARRON’S 55
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. More and More: An injection of cash reduced the past month’s average weekly outflow from equity funds
Association of Securities Dealers.
Total returns reflect both price to $800 million. Inflows edged up at taxable-bond funds, to a $3.3 billion weekly average. Muni-bond fund
changes and dividends; these Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. inflows also nudged up, to a $180 million average. Some cash returned to money-market funds, shrinking the
figures assume that all distribu- NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
tions are reinvested in the fund. IntlGrIncA 35.08 -0.19 11.7 21.9 CorePlusBond 8.79 -0.01 2.8 -8.3 GlRESec 10.11 -0.03 4.1 17.3
average weekly outflow to $900 million.
Because Lipper is constantly up-
dating its database, these returns LtdTEBdA 15.13 0.04 1.6 -2.2 Intl Eq 12.39 0.03 15.6 23.2 InfProtSec 10.95 0.04 2.7 -1.6
may differ from those previously N PerA 56.42 -0.23 19.3 27.1 LargeCapGrowth20.96 0.06 22.6 30.5 IntGvFxdInc 10.94 -0.01 2.1 -14.7 Equity Funds Municipal Bond Funds
published or calculated by others. NEcoA 52.59 0.21 20.9 15.5 LargeCapValue 16.25 0.28 8.8 57.4 IntlCoreEq 15.00 0.03 12.9 32.7
3 year returns are cumulative. The NwWrldA 75.71 -0.17 13.9 12.2 MunicipalBond 9.84 0.03 3.0 -0.5 IntlREst 3.75 -0.02 1.1 5.6 6300 240
NAV is the last reported closing SmCpA 64.30 -0.09 14.6 13.0 S/MCapGrowth 13.68 0.08 16.4 18.5 IntlSustCore1 11.92 0.00 13.8 24.9
price for the week. Footnotes: NA: 2100 -120
not available. NE: performance STBFA 9.40 -0.02 1.1 -3.4 S/MCapValue 13.44 0.21 8.6 59.2 IntlVal 19.88 0.25 14.3 56.3
excluded by Lipper editor. NN: fund STTxExBdA 9.83 0.01 1.1 -1.6 Brown Advisory Funds: IntlVectorEq 13.13 0.04 12.6 37.3
not tracked. NS: fund not in TECAA 16.45 0.06 3.0 -2.5 GrwthEquityInst 27.10 -0.26 25.1 12.3 IntSmCo 18.97 -0.03 10.3 28.6 -2100 -480
existence for whole period. e: ex TxExA 12.26 0.05 3.3 -2.2 IntSmVa 20.79 0.08 12.2 42.2
capital gains distributions. f:
previous day’s quote. n: no front- WshA 55.44 0.70 10.2 46.8 C IntTermMuni 9.95 0.03 1.4 -2.4 -6300 -840
or back-end sales charge. p: fund AMG Managers Funds: IntVaIII 17.07 0.21 14.3 56.7
assets are used to pay marketing YachtmanFocFd I 19.99 0.08 10.8 48.2 Calamos Funds: ITExQual 9.36 0.01 4.0 -13.0 -10500 -1200
and distribution costs (12b-1 fees). MktNeutI 14.58 0.04 6.4 10.6 LgCo 30.94 0.22 19.2 45.7
r: fund levies redemption fee or YacktFocFd N n 20.05 0.07 10.7 47.3 May Jun Jul May Jun Jul
back-end load. s: stock dividend or YacktmanFd I 23.19 0.26 9.7 50.1 Calvert Investments: LgCpIntl 25.88 0.06 13.7 29.7
split of 25% or more. t: fund charges Angel Oak Funds Trst: Eq A 73.91 0.68 11.7 34.5 SclCrEqInst 13.85 -0.01 13.7 29.5
12b-1 fees (for marketing and
AglOkMtiStFdClIn 8.39 NA NA NA Carillon Reams: STExQual 10.33 0.01 2.5 -2.6 Money Market Funds Taxable Bond Funds
distribution) and a back-end load.
v: capital-gains distribution may be AQR Funds: CorePlBd I 30.00 0.02 3.7 -8.5 STGov 9.91 0.01 2.7 -3.1 27700 4400
a return of capital. x: ex cash UnconstrndBd I 12.02 -0.02 4.5 2.6 STMuniBd 10.12 0.01 1.5 1.0
LgCapDefStyle I 26.55 NA NA NA US CoreEq1 34.32 0.37 16.1 51.1
dividend. MgdFutStrI 8.66 NA NA NA Carillon Scout: 19200 3500
US CoreEq2 31.05 0.38 15.2 54.0
Net YTD 3-Yr. Artisan Funds: MidCap I 21.33 0.18 10.1 33.3
NAV Chg. % Ret. % Ret.
US Micro 25.12 0.41 10.3 67.8 10700 2600
GblOppInst 30.84 -0.06 16.8 8.2 CausewayInst :
US Small 42.70 0.61 11.0 61.6
A Intl Inv n 26.41 0.05 10.5 4.7 CausewayInst 19.51 0.09 22.5 50.7 US SmCpVal 42.21 0.77 8.3 93.9
IntlInst 26.57 0.05 10.6 5.4 CIBC Atlas: US TgdVal 29.88 0.53 10.0 94.2
2200 1700
AAM: IntlVal Inst 45.24 0.28 17.2 54.5 DispEq Inst 27.41 0.26 13.8 33.4 USLCpGr 29.66 0.26 17.0 43.8
IntlVal Inv n 45.05 0.28 17.1 53.4 ClearBridge: USLgVa 43.79 0.90 6.7 53.5
-6300 800
B&GIncGroClI 23.05 0.47 4.9 34.7
AB Funds: MidCapInst 40.61 0.59 21.4 4.5 AggressGrowthA112.61 0.62 16.8 13.3 USLgVaIII 28.67 0.59 6.7 53.9 May Jun Jul May Jun Jul
MidCapInv n 34.00 0.49 21.2 3.8 AllCapValueA 13.41 0.29 10.1 53.6 USSoCoreEq2 22.61 0.21 18.2 51.5
CapFdInc.LCapGow 87.34 -0.02 25.1 31.8
AppreciationA 30.70 0.31 14.2 42.3 USSustCoreI 35.33 0.28 17.9 49.2 A red chart indicates a lower value than the starting period. Green means it's higher than the starting period.
MuniIncmShares 10.99 0.04 4.0 4.1 B
DividendStrat1 n 28.74 0.36 10.5 46.4 USVectorEq 23.41 0.38 10.6 62.3 The charts above show four-week moving averages of net cash flow in millions of dollars. BARRON'S • Lipper FMI
AB Funds - A:
Baird Funds: DividendStratA 28.72 0.36 10.4 45.2 Dodge & Cox:
LgCpGrA 77.62 -0.02 24.9 30.5
LargeCapGrowthA n 52.65 -0.33 34.5 26.6 Balanced n 99.52 1.53 8.7 37.8
RelatValA 6.24 0.10 6.5 53.2 AggBdInst 9.71 0.01 2.7 -11.4 Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
LargeCapGrowthI 61.58 -0.39 34.7 27.7 Dodge & Cox n 10.63 -0.01 6.5 2.9
AB Funds - ADV: CorBdInst 10.00 0.01 3.0 -9.8 NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
SmallCapGrowthIS40.93 0.11 9.7 12.8 GblStock n 14.54 0.25 15.3 58.4
GlbBd 6.75 0.01 2.4 -8.4 IntBdInst 10.15 0.00 2.2 -6.9 IntlIdxInstPrem n 47.14 -0.02 14.4 26.0 Fidelity Freedom: DivIntl n 42.13 -0.15 15.6 13.0 SrsEmrgMkt 17.39 -0.20 11.3 -0.4
Cohen & Steers: Income n 12.39 0.00 3.5 -6.3
HiIncmAdv 6.67 0.00 6.5 9.6 ShtTBdInst 9.27 0.00 2.1 -1.1 IntlIndex n 11.05 -0.03 12.6 19.9 FF2010 n 13.50 0.01 6.2 5.0 DivIntl K6 13.54 -0.05 15.4 14.3 SrsGlobal 13.86 -0.04 12.2 18.6
Baron Funds: GlbRltyI 51.25 0.26 7.5 20.2 Intl Stk n 49.27 0.60 14.3 40.1
IntlStraEquPtADV 11.62 -0.03 10.7 11.4 Stock n 236.61 5.60 11.5 64.9 IntrTresBdIxPrem n 9.65 -0.01 1.9 -14.5 FF2015 n 11.06 0.02 7.6 8.0 DivIntlK 42.06 -0.14 15.6 13.4 SrsIntlGrw 16.60 -0.16 16.4 17.9
InstlRlty 45.58 0.06 8.8 31.5
LgCpGrAdv 87.42 -0.02 25.0 31.5 Asset n 98.37 1.43 13.3 13.7 LgCpGwId InstPre n 27.23 -0.14 31.0 40.7 FF2020 n 13.87 0.02 8.9 10.8 DivStkO n 30.88 -0.10 19.9 43.1 SrsGroCoRetail 18.63 -0.12 35.3 44.4
PrefSecIncnI 11.40 0.07 -0.1 -2.3 DoubleLine Funds:
NationalPtf 9.60 0.03 3.3 -1.0 Growth n 98.39 2.05 15.8 36.7 LgCpVlIdxIstPrem n 15.93 0.33 8.2 46.9 FF2025 n 12.87 0.03 9.9 13.5 EmrMkt n 35.49 -0.61 13.0 1.1 SrsIntlSmCp 16.51 -0.06 11.3 18.1
RltyIncI 16.27 0.02 9.0 31.3 CoreFxdIncmI 9.27 0.00 3.2 -8.1
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
SelectUSLgShrt 13.20 0.08 7.4 24.5 Partners n 162.98 -3.06 46.1 92.4 LTTrsBdIdxInstPr n 10.33 0.03 3.6 -34.0 FF2030 n 16.22 0.04 10.9 17.1 Eq Inc n 66.90 1.30 6.0 45.3 SrsIntlVal 11.36 0.08 13.3 42.5
RltyShs n 62.63 0.09 8.7 31.0 LowDurBdI 9.47 0.01 3.1 2.9
SmMidCpValAdv 22.47 0.35 10.9 65.4 Baron Instl Shares: MidCpInxInstPrem n 29.09 0.30 12.6 40.5 FF2035 n 14.14 0.03 12.7 24.1 EqDivIncm n 27.23 0.55 7.5 50.2 STBF n 8.26 0.00 2.0 -1.7
Colorado BondShares: ShillerEnhCAPEI 13.67 0.05 18.6 36.5 OTCK6Port 18.60 -0.20 32.3 36.7
Aberdeen Fds: AssetInst 104.02 1.52 13.4 14.6 FF2040 n 10.15 0.02 14.6 29.4 Fidel n 70.88 0.14 21.6 34.5 StkSelSmCp n 31.74 0.37 13.3 52.4
ColoradoBdShs 8.71 0.02 4.4 8.2 TotRetBdI 8.82 0.00 2.6 -9.1 RealEstIdxInst n 15.43 0.00 6.8 28.8 FltRateHi n 9.21 -0.01 7.3 19.6 StkSlcACap n 66.15 0.43 18.9 40.8
EmMktEqty Inst 13.30 -0.20 6.5 -3.2 EmergingMktsInst 14.17 -0.25 8.7 -6.2 FF2045 n 11.67 0.03 15.0 29.8
Columbia Class A: TotRetBdN n 8.82 0.00 2.5 -9.8 SAIUSLgCpIndxFd20.04 0.14 19.2 45.9 FocsdStk n 28.86 -0.20 22.1 31.7 StratDivInc n 16.12 0.20 6.1 29.5
Advisers Inv Trst: GrowthInst 103.74 2.17 15.9 37.7 FF2050 n 11.82 0.03 15.0 29.9
PartnersInst 169.51 -3.18 46.3 93.9 BalancedA 46.02 0.13 14.4 21.7 SeriesBondFd 8.94 -0.01 2.4 -12.4 Free2055 n 13.67 0.03 15.0 29.9 FournOne n 53.75 0.15 14.2 26.4 TaxFrB n 10.88 0.05 4.1 -1.2
Balanced n 85.45 0.83 8.8 29.4 E
SmallCapInst 31.66 0.05 19.6 23.0 ContCoreA 29.79 0.13 22.7 44.8 SeriesOverseas 12.67 -0.11 16.7 21.7 Free2060InstPrem 15.78 0.05 14.9 26.3 GNMA n 10.09 -0.02 2.0 -9.7 TotalBond n 9.45 0.00 3.6 -7.9
Growth n 107.63 1.31 12.8 46.9
Bernstein Fds: DisplCoreA 12.92 0.09 18.1 42.9 Eaton Vance Class A: SerLTTreBdIdx 5.97 0.02 3.6 -33.9 Freedom2015 K 11.05 0.02 7.6 8.2 GovtInc n 9.17 -0.01 1.7 -14.0 TotalBond K6 8.78 -0.01 3.3 -7.7
Akre Funds:
DivIncA 30.50 0.66 6.5 43.9 SmCpIdxInstPrem n 24.29 0.36 12.4 37.1 Freedom2020 K 13.87 0.03 9.0 11.1 GroCo n 30.85 -0.21 37.1 40.6 Trend n 144.18 -1.82 33.9 32.9
AkreFocusInst 56.27 0.30 17.1 21.1 DivrMuni n 13.77 0.03 2.4 -0.2 TMG1.1 89.57 0.80 20.3 42.3
LgCpGrowA 54.93 -0.36 32.4 34.1 STBdIdx InstPrem n 9.55 -0.01 1.7 -4.6 Freedom2020K6 13.81 0.03 9.0 11.4 GroInc n 53.52 0.87 13.4 59.2 Value n 13.89 0.29 11.2 83.2
AkreFocusRtl 54.17 0.29 16.9 20.1 IntmDur n 11.29 -0.01 2.3 -11.4 Eaton Vance Class I:
LgCpVl A 15.54 0.35 5.6 46.7 STTreIdx InstPre n 9.91 -0.02 1.4 -5.4 Freedom2025 K 12.86 0.03 10.0 13.8 GrowCoK 31.00 -0.21 37.1 40.9 ValueDisc n 36.43 1.05 3.6 49.2
AmanaGrowth n: NY Mun n 13.32 0.02 2.5 0.3 AtlCpSMID 37.13 0.62 8.7 46.5
LiGoBalA 10.67 0.02 12.2 16.3 TMktIdxInstPrem n 125.81 0.95 18.9 43.1 Freedom2025K6 12.82 0.03 10.1 14.2 GrStrt n 54.42 0.05 16.6 23.1 Wrldw n 29.94 -0.21 19.1 23.3
AmanaGrowth n 66.45 0.00 16.2 47.6 BlackRock Funds: FltgRt 8.38 0.00 7.1 15.6
SelgComuInfoA 107.83 -0.75 31.9 63.2 TotalMarketIndex n 15.88 0.11 19.0 43.9 Freedom2030 K 16.22 0.04 10.9 17.4 GwthDiscovery n 51.19 -0.05 25.4 38.3 Fidelity SAI:
Amer Beacon Insti: CoreBd Inst 8.31 -0.01 3.1 -11.4 TaxEA 11.77 0.07 4.2 -3.2 GblMacAbR 8.30 -0.01 4.9 11.4 TtlIntIdxInstPr n 13.11 -0.04 12.0 19.3 HighInc n 7.46 -0.01 5.5 2.4
Freedom2030K6 16.16 0.04 11.0 17.9 FidSAIEmgMktIndx 13.12 -0.18 7.6 -0.4
HiYBlk 6.83 -0.01 6.8 9.0 IncBos 5.01 0.00 6.2 10.5 USBdIdxInstPrem n 10.27 0.00 2.5 -12.3
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
SmCpInst 24.89 0.48 11.0 76.0 Columbia Class Adv: Freedom2035 K 14.13 0.03 12.7 24.4 IntBd n 9.93 -0.01 2.2 -6.7 FidSAIIntlIndxFd 13.45 -0.01 14.5 26.0
American Century G: HiYldBd Inst 6.83 0.00 6.8 8.9 NatlMuniInc 9.26 0.04 4.7 -1.6 USSusIdx n 20.03 0.07 20.2 45.5 Freedom2035K6 14.09 0.03 12.9 25.0 IntlDisc n 44.44 -0.47 12.1 9.4
DivIncom 31.12 0.68 6.6 45.0 IntlValIdx 9.64 0.11 15.9 42.8
InflProtBdInst 9.83 0.03 2.8 -0.5 Edgewood Growth Instituti: Fidelity Adv Focus A: Freedom2040 K 10.16 0.02 14.6 29.9 IntlEnhIdx n 10.72 0.00 14.5 26.0
GlBond 8.62 0.02 3.2 -7.6 Columbia Class C: LowDurationInc 9.99 0.01 2.8 NS
LowDurI Inst 8.86 -0.01 2.0 -1.4 EdgewoodGrInst40.74 -0.39 30.2 12.9 HthCarA 60.03 1.33 3.9 8.6 Freedom2040K6 10.12 0.03 14.8 30.5 IntlGrRet n 18.42 -0.18 15.7 14.7
Sustain Equity 45.88 0.39 18.3 44.4 DivInc 29.44 0.63 6.0 40.8 Muni Inc 9.81 0.04 4.1 -1.5
BlackRock Funds A: TechA 93.20 -0.59 50.0 58.5 Freedom2045 K 11.67 0.03 15.1 30.3 IntlSmCap n 30.24 -0.06 13.1 32.6
American Century I: Columbia Class I: SAIEmgMktLoVolIx 10.82 0.01 10.6 21.8
AdvLgCapCore 17.92 0.08 18.0 39.9 F Fidelity Advisor: Freedom2045K6 11.63 0.03 15.2 31.0 IntMu n 10.03 0.03 2.7 -0.7
EqInc 9.06 0.19 4.6 31.3 Acorn I 10.69 0.05 19.2 5.0 SAIInflaFocFd 9.36 0.15 -4.4 62.5
CapAppr 29.58 -0.77 35.3 19.6 SrsAdvIntlCapApp 27.84 -0.23 19.1 12.5 Freedom2050 K 11.82 0.03 15.1 30.3 InvGB n 7.14 0.00 3.1 -10.9 ShortTermBd 9.51 -0.01 1.9 NS
Growth 47.89 -0.30 30.9 33.2 Balanced I 45.90 0.13 14.5 22.7 FAM Value:
EqtyDivd 19.44 -0.04 7.3 43.1 StragInc n 11.14 0.00 4.7 2.8 Freedom2050K6 11.80 0.04 15.2 31.0 InvGrBd 9.96 0.00 3.3 -8.4 TotalBd 8.94 0.00 3.6 -7.1
IntTF 10.75 0.03 2.8 -0.6 ContCore I 30.16 0.12 22.9 45.9 FAMValue n 90.10 1.28 9.2 36.6
GlblAlloc 17.81 -0.05 8.2 11.2 TotBdFdClZ 9.43 -0.01 3.5 -7.7 Freedom2055 K 13.68 0.03 15.0 30.3 LargeCap n 43.52 0.58 16.5 61.8 TxFreeBd 9.93 0.04 3.9 -1.1
MdCapVal 16.13 0.29 5.3 49.8 DivIncom I 30.53 0.66 6.6 45.0 Federated Hermes A:
HlthScOp 66.36 0.05 3.2 17.8 Fidelity Advisor A: Freedom2055K6 13.66 0.04 15.2 30.9 LCapCrEIdx n 21.19 0.17 18.6 50.0 U.S.TreBdIdx 8.72 -0.01 1.9 -14.3
SmCapVal 10.08 0.17 10.9 78.7 LgCpIdx I 51.53 0.36 19.1 45.3
MdCpGrA 30.73 0.04 20.4 7.6 StrValDivA p 5.49 0.11 -3.1 38.3 Freedom2060 n 12.56 0.03 14.9 29.8 LCapGrEIdx n 29.35 -0.16 28.1 42.8 Fidelity Selects:
American Century Inv: SelComunInfo 124.99 -0.87 32.1 64.4 BalancA 25.26 0.06 15.1 27.0
MultiAstIncome 9.81 0.03 5.9 7.3 Federated Hermes Int: Idx2020InsPre 15.34 0.04 9.0 8.4 LevCoSt n 37.39 0.25 19.8 54.1
DiscCoreVal n 31.75 0.58 4.2 29.3 SelLCVal 32.58 0.59 4.3 56.3 EqGrA p/r 15.89 -0.02 25.1 37.2 Biotech n 16.99 0.21 4.4 -8.8
NatlMuni 10.13 0.04 3.6 -3.0 InsHiYld 8.56 0.00 6.5 5.2 Idx2025InsPre 17.47 0.05 10.0 10.8 LgCpVHIdx n 15.37 0.29 7.3 52.7
EqGro n 25.40 0.19 16.0 27.3 StratInc I 20.97 0.02 4.8 0.1 GrOppA 118.70 -0.28 34.3 18.6 DfAero n 16.28 0.04 5.5 45.6
ScTechOppA 46.82 -0.64 37.0 11.0 TtlRtnBdI 9.46 -0.02 2.0 -8.5 Idx2030InsPre 18.59 0.04 10.8 14.2 LmtTrmMuniIncm n 10.21 0.01 1.5 -1.4
EqInc n 9.04 0.18 4.4 30.4 TotReBd I 30.00 -0.04 3.2 -11.6 NwInsghtA 31.42 0.01 25.0 28.8 Energy n 55.74 1.92 -0.7 165.1
TotRet 9.97 -0.01 3.0 -10.9 Federated Hermes IS: Idx2035InsPre 21.05 0.05 12.6 20.6 LowP n 49.33 0.47 6.8 53.7
Grwth n 46.45 -0.30 30.7 32.4 Columbia Class I2: StrInA 10.98 0.00 4.5 1.9 Gold n 23.20 -0.47 3.9 -26.5
BlackRock Funds III: KaufmnSCI 48.40 1.16 16.5 4.3 Idx2040InsPre 21.68 0.07 14.4 25.8 LowPriStkK 49.28 0.47 6.9 54.1
Heritage n 21.56 0.13 17.9 19.0 DivIncom 31.08 0.67 6.6 45.2 Fidelity Advisor Fun: Health n 28.76 0.64 4.1 10.8
iShS&P500IdxK532.15 3.69 19.2 45.8 StraValDivIS 5.53 0.11 -3.0 39.3 Idx2045InsPre 22.60 0.07 14.8 26.3 LowPriStkK6 15.05 0.15 7.1 55.0 HlthCareSrvPt r n 131.53 4.39 -0.4 37.7
MdCapVal n 16.11 0.29 5.2 48.9 Columbia Class I3: InterDiscZ 44.24 -0.47 12.1 9.7 Idx2050InsPre 22.64 0.07 14.8 26.3 LtdTmBdFd n 10.92 -0.01 2.4 -3.6
iShUSAggBdIdxK 8.97 -0.01 2.5 -12.2 UltraShortI 9.06 0.01 2.8 3.5 ITSvs n 59.90 -0.43 14.0 0.1
OneChMod n 14.02 0.05 9.7 15.8 ContCore I3 30.97 0.13 22.9 46.4 IntlGrwZ 18.41 -0.18 15.8 15.1 Idx2055InsPre 18.63 0.06 14.8 26.3 Magin n 11.54 0.08 20.8 26.9
BlackRock Funds Inst: Federated Hermes R: MdTchDevis n 65.95 0.51 7.1 13.9
Select n 98.65 -0.48 31.0 35.8 DivIncom 31.13 0.67 6.7 45.5 Fidelity Advisor I: Idx2020 Premier 15.33 0.04 9.0 8.4 MAMun n 11.31 0.05 2.9 -3.3
Ultra n 73.42 -0.72 33.1 34.5 AdvLgCapCore 18.95 0.07 18.2 41.0 KaufmnR 5.24 0.13 12.2 -11.8 Retail n 18.33 0.02 15.7 17.5
Credit Suisse Common: BalancI 25.92 0.06 15.3 27.9 Idx2025 Premier 17.46 0.05 10.0 10.9 Manager40 n 12.13 0.02 7.6 9.3
American Century R6: CAInsMun 11.77 0.04 1.9 1.2 Federated Hermes R6: Semiconductors r n 24.67 -0.51 69.3 131.2
ComdtyRet 23.65 0.35 -4.3 65.6 ConsvIncmMuni I 10.00 0.01 1.8 2.5 Idx2030 Premier 18.59 0.05 10.8 14.3 Manager60 n 14.30 0.02 10.3 16.1
EmgMkts 24.17 -0.55 8.5 -0.2 FedInstHYBondL 8.56 0.00 6.5 5.2 Softwr n 26.17 -0.13 33.2 32.4
AmCentUltraFdR6 78.30 -0.77 33.3 35.9 EqGrI 18.39 -0.03 25.3 38.2 Idx2035 Premier 21.05 0.06 12.6 20.7 MidCap n 40.20 0.72 7.6 60.7
EqtyDivd 19.53 -0.05 7.4 44.1 StrValL 5.53 0.11 -3.0 39.4 Tech n 26.89 -0.17 50.7 50.7
MdCapVal 16.13 0.30 5.4 50.5 D FAEmgMktI 28.45 -0.55 6.4 4.8 Idx2040 Premier 21.67 0.07 14.4 25.9 MidCapEnIdx n 17.15 0.15 11.0 45.0
FloRateIncPorIns 9.64 -0.01 7.5 17.0 TtlRtnBdL 9.46 -0.01 2.0 -8.4 FAInvGrdI 7.15 0.00 3.0 -10.9 UtilGr n 104.10 2.39 0.8 39.1
SmCpVal 10.08 0.17 11.0 79.5 Idx2045 Premier22.60 0.07 14.8 26.3 MuniInc n 12.13 0.05 3.8 -1.4
GlblAlloc 17.97 -0.09 8.1 11.7 Fidelity: FltRatel 9.20 -0.01 7.1 19.5 Fidelity Series:
American Funds Cl A: Davis Funds A: Idx2050 Premier22.64 0.07 14.8 26.4 NASDAQ n 177.68 -1.03 34.7 34.7
HiEqInc 28.27 0.39 8.1 51.3 GrOppI 131.53 -0.31 34.5 19.5 Canada 14.59 0.22 11.1 55.5
2020TarRetA 12.89 0.05 5.9 11.5 HlthScOp 70.99 0.15 3.3 18.7 NYVen A 25.99 0.18 20.6 33.5 500IdxInstPrem n 157.50 1.09 19.2 46.0 Idx 2055 Premier 18.62 0.06 14.8 26.3 NewInsights Z 32.99 0.01 25.3 30.3
2025TarRetA 14.43 0.05 7.2 13.0 Davis Funds C & Y: BalancedK6 13.52 0.03 15.5 29.6 HthCarI 66.71 1.49 4.0 9.5 Income n 10.32 0.00 4.7 0.7 NewMill n 46.58 0.24 17.8 72.1 IntMuni Z 10.05 0.04 2.7 -0.5
MdCpGrEq 36.19 0.05 20.5 8.4 IntlGr 18.37 -0.18 15.7 14.7 FidelityAdviAsset:
2030TarRetA 15.86 0.04 9.2 16.5 MultiAstIncome 9.82 0.02 6.1 8.1 NYVenY 27.00 0.19 20.8 34.4 Contrafund K6 21.20 -0.03 26.1 29.7 Fidelity Invest: NewMkt n 11.78 -0.01 5.3 -6.5
2035TarRetA 17.19 0.06 11.2 21.3 EmgMktIdxInstPre n 10.16 -0.14 7.7 -0.2 MuniIncI 10.04 0.03 2.6 -1.0 AggrInt n 24.85 -0.21 19.1 12.5 OTC n 16.87 -0.18 31.5 35.3 ADVAssetMan60 14.30 0.02 10.3 16.4
NatlMuni 10.13 0.04 3.8 -2.2 Del Invest Instl:
2040TarRetA 18.01 0.07 13.1 24.4 ExtMktIdxInstPre n 73.80 0.80 17.3 28.6 NwInsghtI 32.84 0.02 25.2 29.8 AilSectEq 10.55 0.06 21.8 52.5 OTC K 17.26 -0.18 31.7 35.6 First Eagle Funds:
ScTechOppInst 51.55 -0.71 37.2 11.8 Value 18.64 0.46 2.1 38.8 REIncmInst 11.41 0.03 5.3 20.6
2045TarRetA 18.44 0.06 13.8 24.9 StratIncOpptyIns 9.21 0.00 2.6 3.0 FidAdAsset 13.12 0.01 4.5 2.7 AMgr20% n 13.13 0.01 4.6 2.6 Ovrse n 58.55 -0.50 15.8 17.9 GlbA 64.35 0.01 11.0 31.5
Deutsche DWS: StrInI 11.14 0.00 4.7 2.7
2050TarRetA 18.10 0.06 14.3 24.7 StratMuniOppI 10.34 0.05 1.6 -0.7 FidAdEm 35.47 -0.61 13.0 NS AMgr50% n 19.09 0.02 8.8 12.6 PuritanK 23.08 -0.05 13.7 24.9 OverseasA 24.54 -0.01 9.3 17.5
AmcpA 36.67 0.10 22.2 22.0 CoreEq n 30.35 0.22 17.3 44.9 FidSAI 8.69 -0.01 5.5 NS Total Bd 9.43 -0.01 3.4 -8.1 Puritn n 23.10 -0.05 13.6 24.6 FPA Funds:
TotRet 9.97 -0.01 3.2 -10.1 AMgr70% n 25.13 0.03 11.6 20.7
AMutlA 50.91 0.94 6.1 38.0 Diamond Hill Funds: FidSAIEmerg 12.05 -0.11 11.1 15.2 Fidelity Advisor M: RealE n 39.67 -0.10 6.6 25.1
BNY Mellon Funds: AMgr85% n 23.52 0.04 13.8 26.6 NwInc n 9.55 0.01 2.8 1.5
BondA 11.35 -0.02 1.6 -11.1 LgCapI 31.37 0.48 8.0 40.0 FidSer5 7.95 0.05 3.3 NS Balanced 25.66 0.05 15.0 26.0 AstMgr30R n 11.27 0.01 6.1 5.6 RealEstInc n 11.46 0.03 5.3 20.5 FPA Funds Trust:
BalA 30.96 0.09 8.4 19.8 Aprec n 40.94 0.21 15.9 39.2 LgCapY 31.41 0.48 8.1 40.5 FidSer0-5 9.46 0.01 1.9 NS EqGr 15.31 -0.02 24.9 36.2 Balanc n 26.22 0.06 15.3 28.3 SAIIntlMinVolInd 10.78 0.04 9.7 12.3 FPACres Inst n 37.74 0.07 14.4 41.2
CapIBA 65.69 0.61 5.7 22.6 Dr500In n 51.87 0.35 18.9 43.8 LongShortI 26.44 0.34 5.9 29.7 FIDSerEmgMkt 8.43 -0.14 8.9 -2.8 GrOppM 116.71 -0.28 34.1 17.8 BalancedK 26.22 0.06 15.4 28.6 SAILTTreBdIdx 7.75 0.03 3.7 -35.6 Franklin A1:
CapWA 16.34 -0.09 2.6 -15.7 Dreyf n 15.89 0.09 21.7 47.4 Dimensional Fds: FidSerInt 8.55 0.04 3.3 NS NwInsghtM 29.31 0.00 24.8 27.9 BluCh n 160.46 -1.24 42.7 37.6 SAISm-MidCap500I 6.00 0.05 12.6 45.0
CapWGrA 58.54 -0.01 14.6 25.9 GlFxIncI 19.36 0.04 3.2 -5.8 2TGlFxd 9.74 0.01 2.4 -0.6 FidSerToMarket 14.98 0.11 18.9 43.1 Fidelity Advisor Z: SAIUSMinVolIndFd 18.16 0.25 9.7 32.4 CA TF A1 6.81 0.03 3.2 -3.7
BluChpGr K6 24.67 -0.18 42.6 39.6
EupacA 55.66 -0.37 13.8 10.1 InstS&PStkIdx I 62.78 0.44 19.1 45.1 5GlbFxdInc 10.08 0.02 2.5 -5.0 FIDSerTresIndxFd 9.94 0.00 2.6 4.0 SAIUSQtyIdx 18.43 0.10 20.4 41.5 Fed TF A1 10.74 0.05 4.1 -3.3
AssetManager50% 19.03 0.02 8.9 12.8 BluChpGrK 161.26 -1.24 42.8 37.9
FdInvA 69.42 0.33 17.0 38.7 IntlStkI 23.66 -0.49 15.4 12.9 DFARlEst 38.50 -0.02 5.9 24.5 FIDZroExtMktIx n 11.91 0.14 13.2 45.9 SmCapDisc n 25.86 0.40 14.1 60.8 HiInc A1 1.67 0.00 7.0 9.4
AsstMngr70 25.10 0.04 11.7 21.0 CAMun n 12.06 0.06 3.3 -2.4
GBalA 35.27 0.07 9.5 12.2 IntlStkY 23.36 -0.49 15.4 13.0 EmgMkt 27.48 -0.34 10.1 13.5 FIDZroLgCpIx n 16.06 0.11 19.9 43.6 SmlCapO n 13.31 0.17 14.1 50.5 HY TF A1 n 8.75 0.04 3.7 -2.2
EmMkt Z 28.39 -0.55 6.4 5.2 CapAp n 38.42 0.13 20.5 40.4
GovtA 12.10 -0.03 0.4 -11.3 SmMidCpGrI 25.69 -0.01 12.9 -8.5 EmgMktSoCoEq 13.86 -0.19 11.0 14.8 Flex 500 Index 19.36 0.14 19.2 46.0 SmlCpGrth n 26.94 0.16 13.9 25.7 IncomeA1 2.31 0.02 5.1 30.5
FloatRateHighInc 9.21 0.00 7.3 19.9 CapDevO n 20.18 0.27 16.9 61.4
GwthA 62.29 -0.18 25.9 25.7 StrgVal I 41.26 0.70 6.7 78.7 EmgMktVa 29.20 -0.10 11.5 33.4 FlexIntIdx 12.59 -0.03 12.2 18.8 SmlCpGrth K6 14.41 0.09 14.1 26.6 NY TF A1 9.96 0.04 4.5 -4.3
GovtIncome 9.19 -0.01 1.8 -13.7 CnvSc n 32.25 0.09 9.1 28.1
HI TrA 9.23 0.00 5.4 13.6 BNY Mellon Funds Tru: EmMktCorEq 22.12 -0.24 11.1 19.8 FlexUSBdIdx 9.04 -0.01 2.4 -12.5 GrOpp 133.33 -0.30 34.6 20.0 SmlCpGrth Z 27.22 0.16 13.9 26.1 US Gov A1 5.09 -0.01 1.7 -10.3
Contra n 15.18 -0.02 27.4 29.8
HiInMuniA 14.75 0.06 4.5 1.6 MCMultiStrM 17.88 0.14 12.8 34.5 EmMktSmCp 22.41 -0.07 11.5 32.7 Freedom2060K 12.57 0.03 15.0 30.3 InvestGradeBd 7.15 -0.01 3.1 -10.6 ContraK 15.24 -0.02 27.4 30.0 SmlCpVal n 19.71 0.44 11.0 79.8 Utils A1 21.43 0.51 0.5 27.4
ICAA 48.54 0.35 18.5 41.9 NtlIntmMuni 12.91 0.05 2.9 -1.4 Fixd 10.18 0.01 2.6 1.2 GlexUSIdxInstPre n 14.08 -0.05 12.2 18.6 NewMktsIncFdZ 11.78 -0.01 5.3 -6.3 CpInc n 9.41 0.00 7.3 21.0 Srs1000ValIndRet 14.89 0.31 8.2 47.0 Franklin Templeton:
IncoA 23.21 0.19 4.1 25.9 Bridge Builder Trust: GblAll60 40Inst 20.21 0.11 9.6 23.3 GrowthCompanyK620.86 -0.14 35.5 41.7 RE Income 11.40 0.02 5.4 20.9 DisEq n 56.44 0.06 23.5 32.3 SrsBlChGroRetail n 14.32 -0.11 43.5 41.8 TgtModA 13.92 NA NA NA
IntBdA 12.35 -0.03 1.1 -6.6 CoreBond 8.89 -0.01 2.6 -10.5 GlEqInst 29.83 0.23 14.3 44.6 InflPrBdIndInsPr n 9.24 0.04 2.5 -1.5 StkSelAllCap 65.71 0.43 19.0 41.2 DivGth n 31.98 0.25 10.7 49.4 SrsCommStrt 101.63 1.69 -3.5 63.8 FrankTemp/Frank Adv:
56 BARRON’S July 24, 2023
Quality 28.36 0.06 23.2 53.4 GlLifeSci T nr 70.31 1.72 5.2 25.4 MuniBd pn 11.52 0.04 1.7 -3.8 R2035 n 19.29 0.08 12.9 23.2 LgCpVal n 27.67 0.58 8.7 63.0 STsryAdml n 9.80 -0.02 0.8 -4.1 STBdIdxInstPl 9.91 -0.01 1.6 -4.6
GMO Trust Class VI: GlTech T nr 46.92 -0.66 39.6 23.9 M Sm&MdCapStrategi n 15.21 0.05 9.3 11.4 R2040 n 27.88 0.13 14.2 26.0 MidCapStk n 34.53 0.57 13.3 54.5 STTresIdx n 19.26 -0.01 1.3 -3.2 STBDInst 9.91 -0.01 1.6 -4.6
Quality 28.36 0.05 23.2 53.8 Grw&Inc T n 71.49 1.16 13.7 46.2 Optimum Funds Inst: Ret2045 n 19.85 0.10 14.9 28.3 TIAA-CREF/Instl Cl: TotBdAdml n 9.56 0.00 2.5 -12.2 STCorpIxInst p 25.24 0.01 2.3 -2.6
Goldman Sachs Inst: Resh T n 62.15 -0.09 31.0 29.0 MainStay Fds A: Fixed Inc 8.20 0.00 2.5 -11.7 Ret2055 n 17.55 0.09 15.2 28.5 CoreBond Inst 9.06 0.00 3.0 -9.9 TotIntBdIdxAdm n 19.51 0.09 3.9 -10.2 STIGradeInst 10.01 -0.01 2.3 -2.5
EmgMktEq 21.76 NA NA NA Jensen I : HiYldBdA 5.06 0.01 5.9 8.8 LgCpGrwth 20.82 -0.19 31.0 18.0 RetBal Inc n 12.70 NA NA NA CorePlsBd 9.07 0.00 3.4 -8.3 TotIntlAdmIdx nr 30.78 -0.08 11.9 19.9 STIPSIxins 23.69 0.03 1.9 6.8
HYMuni 9.08 0.04 5.1 0.9 TxFrBdA 9.41 0.04 3.4 -3.1 LgCpVal 19.88 0.39 6.5 46.6 SciTec n 37.86 -0.30 44.9 24.1 TIAA-CREF/Retail Cl: TotStAdml n 109.77 0.83 18.8 43.1 STTresIdx 24.19 -0.01 1.3 -3.1
Jensen I 61.06 0.38 12.3 42.9
Muni 15.13 0.05 3.8 1.0 Mairs&Power: Osterweis Strat Income: Sht-Bd n 4.49 NA NA NA TxMBal nr 39.84 0.22 10.6 19.8 TotBdInst 9.56 0.00 2.5 -12.2
JensenQualGrJ n: EqIdx n 32.85 0.25 18.6 42.4
Guggenheim Funds Tru: MairsPwrGr n 143.72 1.63 22.3 46.0 SmCap n 51.76 1.01 8.1 43.5 TxMCapAdml n 234.44 1.58 19.3 44.6 TotBdInst2 9.44 -0.01 2.4 -12.2
JensenQualGrJ n 61.14 0.38 12.1 42.0 OsterweisStrInc n 10.68 0.03 6.5 13.8 Gro&Inc n 23.79 0.17 24.9 44.3
Mass Mutual: SmCapStk n 57.40 0.53 11.8 30.6 TxMIn nr 15.18 0.01 13.7 26.3 TotBdInstPl 9.56 0.00 2.5 -12.1
MacOppFdClInstl24.00 0.02 4.7 7.7 JHF III DispVal: TIAA/CREF Funds:
PQ SpecGr n 23.20 0.19 15.0 33.2 TxMSC nr 83.79 1.34 9.6 52.5 TotIntBdIdxInst 29.27 0.13 3.9 -10.1
TotRtnBdFdClInst23.48 0.00 3.6 -9.4 DispVal I 22.36 0.33 7.0 57.8 SelBluChipGroClI 22.53 -0.27 38.6 22.5 SpecInc n 11.13 NA NA NA BdIdxInst 9.53 -0.01 2.5 -12.5 USGroAdml n 135.60 -1.32 33.8 12.3 TotStInst 109.79 0.83 18.8 43.1
GuideStone Funds: DispValMCI 27.03 0.30 10.7 62.2 MassMutual Select: SuMuInt n 11.28 0.03 2.7 -1.8 EqIdxInst 32.25 0.24 18.8 43.5
Parnassus Fds: UtilIxAd nr 74.56 1.79 -1.6 24.9 TtlWrldIxInst p 202.44 0.70 16.1 33.1
EqindxGS2 47.38 NA NA NA DispValMdCp 25.68 0.29 10.5 61.0 MCGrEqIII 20.26 0.15 16.0 22.7 TF Incom n 10.78 NA NA NA Gr&IncInst 15.28 0.11 25.1 45.4 ValAdml n 57.12 1.42 5.6 51.7
Metropolitan West: ParnEqFd n 55.39 0.61 18.4 42.9 HgYldInst 8.38 -0.01 5.9 6.0 TxMCaInst r 116.48 0.79 19.3 44.7
MedDurGS2 12.70 NA NA NA DispValMdCpR627.04 0.31 10.8 62.8 TotIndex n 48.82 0.35 19.0 42.1 WdsrllAdml n 74.78 0.96 14.0 54.7
Pear Tree: IntlEqIdxInst 21.84 0.00 14.3 25.9 ValueInst 57.11 1.41 5.6 51.7
DispValR6 22.43 0.34 7.2 58.4 LowDurBdI 8.19 0.00 2.1 -1.9 U.S.EqResch n 44.01 0.25 21.3 48.3
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
High (t) 15919.74 16316.80 16365.56 16414.97 16436.66 Total (000) - primary 7,810 8,380 7,883 7,646 9,110
Transportation Low (t)
High (a)
15668.36 15952.07 16071.81 16092.74
15872.75 16244.79 16283.78 16348.25
16032.41
16354.62
Total (000)
Nasdaq
116,191 123,706 141,822 106,573 161,601
13782.03 11195.10 DJ US Small TSM 13626.25 13423.20 13463.31 144.33 1.08 1188.26 9.68 1412.20 11.72 2:30-3:00 23,481 24,834 24,794 25,089 21,597
Divs Yield % 1.38 1.38 1.49
977.76 760.10 Barron's Future Focus 977.76 965.51 969.02 9.13 0.95 127.26 15.12 156.85 19.31 Divs $ 89.32 89.05 82.37 3:00-3:30 32,605 34,742 32,314 35,225 31,255
1026.08 825.73 Barron's 400 1026.08 1009.55 1015.37 15.83 1.58 101.78 11.14 94.97 10.32 Mkt to Book 5.91 5.89 5.31 3:30-4:00 398,576 435,782 442,811 398,157 490,647
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 Book Value $ 1095.83 1095.83 1042.07
Selected IPOs
U.S. Dollar Index vs Euro and Yen Per Share Values of Stocks Ticker Initial Offer Price IPO Date Recent Price %Chg
The Dollar Strikes Back: Better-than-expected retail numbers in the U.K. failed to reverse a weekly
retreat in the pound sterling. Meanwhile, Japan’s consumer inflation reaccelerated in June. The ICE U.S. In the Dow Jones Averages Turnstone Biologics
BioNexus Gene Lab
TSBX
BGLC
12.00
4.00
7/21
7/20
11.00
5.95
-8.3%
48.8%
Dollar Index, which measures the dollar against six other currencies, rose 1.2% on the week. This is a list of the Dow Jones trailing 52-week diluted share ODDITY Tech ODD 35.00 7/19 52.56 50.2%
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
5
Book Book
Investor Sentiment Readings New Listings
Earns Divs. Value Earns Divs. Value
s NYSE
Am Exp 9.51 2.24 29.14 Johnson&John 4.78 4.58 28.16 High bullish readings in the Consensus stock index or in the Market
EURO in $ Amgen 14.71 8.14 12.00 JPMorgChase 15.54 4.00 88.07
Vane stock index usually are signs of Market tops; low ones, market None
bottoms.
Apple 5.89 0.93 3.84 McDonalds 9.44 5.94 (6.17) Last Week 2 Weeks Ago 3 Weeks Ago NYSE American
0 Boeing (6.92) Nil (25.47) Merck Co 5.12 2.88 15.11
Caterpillar 13.53 4.90 30.76 Microsoft 9.23 2.66 22.31 Consensus Index None
Chevron Corp 18.52 5.86 72.06 Nike Inc 3.23 1.325 9.73 Nasdaq
Cisco Sys 2.78 1.54 9.79 Proc Gam 5.11 3.708 19.11 Consensus Bullish Sentiment 67% 64% 63%
-5 Coca Cola 2.28 1.80 5.32 3M Co 9.65 5.98 26.31 BioNexus Gene Lab (BGLC)
s s Disney Walt 1.82 Nil 48.71 Salesforce.com 0.38 0.00 58.78 AAII Index ODDITY Tech (ODD)
YEN in $ DXY (101.09) Dow 4.00 2.80 24.71 Travelers Cos 11.73 3.79 119.76 Turnstone Biologics (TSBX)
Goldman Sachs 28.09 10.00 297.50 UnitedHealthGrp 22.35 6.83 76.26 Bullish 51.4% 41.0% 46.4%
-10 Home Depot 16.41 7.98 (1.64) Verizon 5.14 2.61 19.48
Trading
Bearish 21.5 25.9 24.5
Honeywell 7.70 4.07 27.12 Visa 7.54 1.725 16.32
A S O N D J F M A M J J IBM 7.15 6.61 21.05 Walgreens (3.84) 1.98 27.06 Neutral 27.1 33.1 29.1
Source: Tullett Prebon Intel (0.68) 1.22 23.44 Wal-mart 4.16 2.26 30.15
Market Vane Suspended
Transportation Stocks NYSE
Bullish Consensus 50% 47% 48%
Life Storage (LSI)
AlaskaAirGroup 0.46 Nil 30.19 Kirby Corp 2.42 Nil 48.02 TIM Group Market Sentiment NYSE American
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
Diversified Industrials DJUSID 618.66 + 9.75 92.40 +1.60 [53] +33.45 [17] +17.56 [41] +14.10 618.66 424.68 T U.K. (Pound) 1.2855 1.3092 .7779 .7638
Travel & Leisure DJUSCG 1495.38 + 17.97 337.66 +1.22 [62] +31.71 [18] +29.17 [18] +14.46 1,505.07 1,053.48 3M (Q2) 1.73 2.48 Uruguay (Peso) …… .. …… .. …… .. …… ..
Alaska Air Group (Q2) 2.68 2.19 Financial .02635 .02624 37.950 38.115
Construction & Materials DJUSCN 1372.52 + 3.93 273.30 +.29 [93] +29.83 [19] +24.86 [23] +21.51 1,387.63 972.09 Cal-Maine Foods (Q4) 2.15 2.25 Euro 1.1126 1.1228 .8988 .8906
Trucking DJUSTK 1687.93 + 89.58 404.18 +5.60 [3] +29.67 [20] +31.48 [16] +16.88 1,687.93 1,181.15 Danaher (Q2) 2.02 2.76
Dow (Q2) 0.71 2.31 Special Drawing Rights (SDR) are based on exchange rates for the U.S.,
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 General Electric (Q2) 0.46 0.61 a-Russian Central Bank rate. b-government rate. d-rebased as of Jan. 1,
average. Volume figures do not reflect extended trading hours. General Motors (Q2) 1.83 1.14 2005. y-floating rate.
Microsoft (Q4) 2.55 2.23
Moody’s (Q2) 2.22 2.22
MSCI (Q2) 3.11 2.78
NextEra Energy (Q2)
PacWest Bancorp (Q2)
0.81
-0.66
0.81
1.02
Money Rates
Raytheon Tech (Q2) 1.18 1.16
Delta Market Pulse of the Economy
Sherwin-Williams (Q2)
Snap (Q2)
2.68
-0.25
2.41
-0.26
Latest Week Prev. Week Yr Ago
Teladoc Health (Q2) -0.41 -19.20 Discount Rate (NY) 5.25 5.25 1.75
Sentiment
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Only includes new reports. Latest Latest Preceding Year YroYr Latest Latest Preceding Year YroYr Texas Instruments (Q2) 1.77 2.45 Prime Rate (base) 8.25 8.25 4.75
Verizon Comm (Q2) 1.17 1.31
Economic Growth and Investment Date Data Period Ago % Chg Date Data Period Ago % Chg Visa (Q3) 2.11 1.98
Indicator Durable manufacturing (NAICS) a, June 101.6 101.6 102.8 –1.17 Inventory–to–sales ratio (Business) May 1.40 1.40 1.33 5.26 Whirlpool (Q2) 3.79 5.97
Fed Funds Rate
Bullish
Utilities a June 100.1 r102.7 106.7 –6.19 Construction Union Pacific (Q2) 2.75 2.93 3 months 5.45 5.45 2.65
Western Union (Q2) 0.39 0.51 6 months 5.68 5.68 3.30
Building contracts, F.W. Dodge, (bil. $) June 1,009.18 r1,108.74 918.50 9.87 Wyndham Hotels (Q2) 0.93 1.07
Consumption and Distribution
Libor Interbank Rate
New housing permits, (thous. units) June 1,440 r1,496 1,701 –15.34
Business sales, (mil. $) May 1,822.07 r1,819.13 1,854.83 –1.77 TH
Current Sentiment New housing starts, (thous. units) June 1,434 r1,559 1,561 –8.14 1 month DiscontinuedDiscontinued 2.25
Instinet Research Redbook Avg. (monthly %) July 15 –1.25 –2.60 –0.20 …. AbbVie (Q2) 2.90 3.37
American Elect Power (Q2) 1.25 1.20 3 months by by 2.77
Other Indicators
77.1%
Baltic Dry Index July 21 978 1,090 2,146 –54.43 Boston Beer (Q2) 3.48 4.31 6 months the the 3.32
Retail store sales, (bil. $) June 689.5 r688.2 679.4 1.49 Citi Research Panic–Euphoria Reading July 21 0.19 0.08 –0.16 …. Boston Scientific (Q2) 0.49 0.44 12 months source source 3.81
Bristol Myers Squibb (Q2) 2.01 1.93
Index of coincident indicators h June 110.0 r110.0 108.3 1.57 Comcast (Q2) 0.98 1.01 Foreign Prime Rates
Inventories
Index of lagging indicators h June 118.4 118.4 114.0 3.86 Edison International (Q2) 0.97 0.94
Last Week Business inventories, (bil. $) May 2,545.84 r2,541.96 2,458.61 3.55 Ford Motor (Q2) 0.53 0.68 Canada 7.20 6.95 4.70
Index of leading indicators h June 106.1 r106.9 117.1 –9.39 Harley-Davidson (Q2) 1.35 1.46
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) July 14 457,420 458,128 426,609 7.22 Germany 4.00 4.00 0.00
Coincident to lagging ratio h June 0.93 0.93 0.95 –2.11 Hershey (Q2) 1.91 1.80
71.6%
Japan 1.475 1.475 1.475
Gasoline, (thous. bbls) July 14 218,386 219,452 228,435 –4.40 a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. h-
Hertz Global (Q2) 0.65 1.22 Switzerland 2.25 2.25 0.25
benchmark revision, 2016 equals 100. r-Revised. Honeywell Int’l (Q2) 2.21 2.10 Britain 5.00 5.00 1.25
Intel (Q2) -0.04 0.29
Keurig Dr Pepper (Q2) 0.40 0.39 Other Money Rates
2 Weeks ago Kirby (Q2) 0.85 0.49
Lazard (Q2) 0.10 0.92 Fannie Mae Home Loan:
Mastercard (Q2) 2.90 2.56 30-Year Fixed Conv 6.30 6.14 4.77
American Debt and Deficits Adjustable Mortgage Rates
69.6%
McDonald’s (Q2) 2.77 2.55 Bank money market-z 0.52 0.50 0.10
Norfolk Southern (Q2) 3.15 3.45 Interest Checking-z 0.06 0.06 0.04
PG&E (Q2) 0.29 0.25 6-Month Certif-z 1.41 1.40 0.29
Latest Preceding Year Ago Yr over Yr Reliance Steel (Q2) 6.57 9.15
Report Report Report % Chg Jul 21 Jul 14 Yr. Ago YOY % Chg 12-Month Certif-z 1.78 1.75 0.51
S&P Global (Q2) 3.11 2.81
3 Weeks ago Southwest Airlines (Q2) 1.09 1.30 30 Month Accounts-z 1.29 1.24 0.55
1,330FY'25 1,201FY'24 1,154FY'23 …. 1 Year Treas Bills 5.36 5.42 3.11 72.35
Federal Budget Deficit (bil. $)-a 5-Year Certificates-z 1.28 1.22 0.65
Budget Surplus/Deficit (bil. $)-b, June –227.77 –240.35 –88.84 156.38 2 Year Treas Notes 4.76 4.95 3.10 53.55
Current Market Exposure: –68.98 r-74.44 –84.08 -17.96 3 Year Treas Notes 4.40 4.62 3.12 41.03 F
Trade Deficit (bil. $, sa)-c, May U.S. Savings EE Bonds:
100% Equities, 0% Bonds, 0% Treasury Gross Public Debt. (bil. $)-d 32,569.9 32,518.4 30,532.0 6.67 5 Year Treas Notes 4.11 4.29 3.04 35.20 Chevron (Q2) 3.09 5.82
Cash Treasury Statutory Debt Limit (bil. $)-d * 31,381.5 …. …. Colgate-Palmolive (Q2) 0.74 0.72 Long-Term (5yrs+) 2.50 2.50 0.10
Consumer Installment Debt (bil. $)-e, May 4,864.9 r4,857.6 4,587.3 6.05 10 Year Treas Notes 3.89 3.98 2.95 31.86 Exxon Mobil (Q2) 2.13 4.14
Source: Delta Investment 20 Year Treas Bds 4.16 4.19 3.37 23.44 Procter & Gamble (Q4) 1.32 1.21 c-Annualized yields, adjusted for constant maturity, reported by the Federal
Management Sources: a-Office of Management and Budget, b-Monthly Treasury Statement, c-Monthly Commerce Dept. FHFA PMMS+ June 6.26 6.26 4.99 25.45 Reserve on a weekly average basis. Sources: Tullett Prebon information, Ltd.
www.deltaim.com, (415) Report, d-Daily Treasury Statement, e-Monthly Federal Reserve Release. *Statutory debt limit temporarily Consensus Estimate is on Page 61. Factset. z-Bankrate.com.
249-6337 suspended through January 1, 2025. Fed annualized yields adjusted for constant maturity. Source: FactSet
60 BARRON’S July 24, 2023
(Index of 40 actively-traded tax-exempt bonds; component issues ExlService Holdings-EXLS (Nasdaq) 5-for-1 7-25 8-02 8-01 Spirit Airlines-SAVE (NYSE) 0.10 7-25 7-24 7-31
are changed regularly to keep the index a current picture of the Agilent Technologies .225 Cisco Systems .39
10 market. Source: The Bond Buyer Hilton Worldwide Holdings July 26 10:00AM Q2 AZZ .17 Comcast Cl A .29
Gap Inc .15
Handy & Harman Gold Price
Stock/Bond Yield Gap-s
4.39 4.49 4.38
Conference Call Calendar IDEX
Intel
July 27
July 27
10:30AM
5:00PM
Q2
Q2
Oracle .40
United Microelectron ADR .586
HarborOne Bancorp
InterDigital
.075
.35
0 International Paper July 27 10:00AM Q2
Earnings- Thursday (July 27) Marvell Technology .06
Related Invesco July 25 9:00AM Q2
(Difference between yield on highest-grade corporate bonds and Invitation Homes July 27 11:00AM Q2 NetApp .50
yield on stocks on the DJIA.) Company Date Time Period Bank of Nova Scotia .801
Juniper Networks July 27 5:00PM Q2 Compass Diversified .25 VSE .10
-2.81 -2.88 -1.74
-10 3M July 25 9:00AM Q2 Kimberly-Clark July 25 8:30AM Q2 New York Times .11 Weibo ADR .85
A O Smith July 27 10:00AM Q2 Kimco Realty July 27 8:30AM Q2 Simpson Manufacturing .27
Yield on DJ Equal Weight US Corp Bond Idx: Thursday (July 27)
A S O N D J F M A M J J Abbvie July 27 9:00AM Q2 KLA July 27 6:00PM Q4 Sylvamo .25
Corp Bonds, (y) 5.47 5.38 4.65 Alaska Air Group July 25 11:30AM Q2 Lam Research July 26 5:00PM Q4 Wabash National .08 Apogee Enterprises .24
Alexandria Real Estate Equities July 25 3:00PM Q2 Lamb Weston Holdings July 25 10:00AM Q4 Friday (July 28) ChipMOS Technologies 1.501
v-Week ended Thursday. y-Yield to maturity, week ended Thursday. z- Align Technology July 26 4:30PM Q2 LKQ July 27 8:00AM Q2
Advance Auto Parts .25 Johnson Outdoors Cl A .31
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Source: Refinitiv.*Barclays T-Bond Index discontinued by firm. Allegion July 26 8:00AM Q2 Martin Marietta Materials July 27 10:00AM Q2
Masco July 27 8:00AM Q2 Buckle .35 Smith & Wesson Brands .12
Alphabet July 25 5:00PM Q2 Cdn Imperial Bk Of Comm .661
American Tower July 27 8:30AM Q2 Mastercard July 27 9:00AM Q2 CTS Corp .04 Village Super Market A .25
Monday (July 31) Mcdonald's July 27 8:30AM Q2
Week’s EzgoTech
FifthWallIII A
FirstAdvantage
Ollie'sBargain
ON Semi
OnyxAcqnIA
AGBA
AgileThought
Agriforce
Ohmyhome
OMNIQ
Onfolio
BerkHathwy A
BerkHathwy B
BerryGlobal
JPMorganChase
Jabil
JamesHardie
Spotify
St.Joe
StandexIntl
Wabtec
WattsWater
WhiteMtnIns
Lows
Flex PacBiosciCA AllarityTherap PowerbridgeTech BoiseCascade KKR SumitomoMits Yelp
FluenceEnergy Paccar Allot Precipio BootBarn KensingtonCapV A SunLifeFinancial
Flywire PapayaGrowthI A AlsetCapAcqnA ProcessaPharm BoozAllen KinsaleCapital TE Connectivity NEW LOWS
FocusImpact PathwardFinl AltamiraTherap ProSomnus BoydGaming Kirby TLGAcqnOneA ADC Therap
NYSE Fortinet PatrickIndustries Altimmune Pulmatrix Brown&Brown KiteRealty Tanger AT&T
ForwardAir Pegasystems AmericanRebel PurpleBiotech BuildersFirst KodiakGasSvcs TargaResources ATI PhysTherapy
509 230
GibraltarInds ProfireEnergy AspiraWomenHlth SafeguardSci Cemex MSC Industrial ThorIndustries CherryHillMtg
GoalAcqns ProMISNeurosci AtlantaBravesA SafetyInsurance CenturyComm MagellanMid Tidewater ClearwayEnergyC
GoldenStarAcqn ProspectorCapA AtlantaBravesC Sagimet Chemours Marsh&McLen TimkenSteel ClearwayEnergyA
New Highs New Lows Goodyear PTC AtlanticAmerican SalariusPharm ChinaYuchai Masco Toast ConagraBrands
GrAeroportuario PureCycle ATN Intl SalemMedia Chipotle MasoniteIntl Toll Bros CrownCastle
NYSE American GRAVITY PureCycleTech Auddia SBA Comm ChurchillVII A Mastercard TopBuild FlowersFoods
GreenPowerMotor Quanterix AvaloTherap SenesTech CivitasRscs Matson TortoiseEcoIII A IronNet
ShiftPixy
13 13
HackettGroup RadNet Beneficient ComfortSystems Maximus TownsquareMedia Kenvue
HainanManaslu RCM Tech BeyondAir Shineco ConstellationI A McDonald's TraneTech LumenTech
HamiltonLane ReataPharm Biocept ShuttlePharm ConstBrands A MeridianLink TransDigm MethodeElec
New Highs New Lows HeritageCrystal RecursionPharm BlueStarFoods SigmaAdditive Cooper MeritageHomes Transocean Nautilus
HeritageGlobal RedRockResorts BoneBiologics SilkRoadMed Copa MillerIndustries Trex Nokia
Only includes COMMON and REIT stocks Hyperfine RekorSystems BroogeEnergy SiyataMobile CorpAmAirports MitsubishiUFJ NuSkinEnts
TriPointe
ICZOOMA RF Acqn A ByndCannasoft SmartforLife Crane MizuhoFin TylerTech PSQ
IdexxLab Robinhood C3is SocietyPass CraneNXT ModineMfg UWM PerimeterSolns
NYSE American AtriCure IES Holdings RocketLab CadrenalTherap Sohu.com Curtiss-Wright Moelis PhoenixNewMedia
AvadelPharm Uber
NEW HIGHS Immunogen RoivantSciences Cal-MaineFoods SparkNetworks Darden MolsonCoorsB Univar SignaSports
AvidXchange Immunovant CalAmp StarBulkCarriers DaVita Moody's
Amcon AvitaMedical RoperTech UrstadtBiddle SensientTech
InflectionPtIIA RushEnt A CanopyGrowth SunOpta DiamondOffshore Moog A UrstadtBiddleA Telus
AthenaCnsmrA AxcelisTechs SuperCom
CatchaInvtA InozymePharma RushEnt B CarmellTherap DirectSellingA MuellerIndustries VTEX TelusIntl
BakerHughes IntegralAd CitizensHolding SylaTech DiscoverFinSvcs MuellerWater
Chase BeaconRoof RxSight Visa TLGAcqnOneA
InterlinkElec Sagimet CLPS T Stamp DrReddy'sLab MurphyUSA Vishay TrancntlRlty
EVI Industries BelFuse A TarenaIntl
FriedmanInds IntlMediaAcqnA Saia CompleteSolaria DreamFinders NVR Vistra Tupperware
BelFuse B Intuit comScore TempestTherap EG Acqn A NewOrientalEduc
IvanhoeElectric BentleySystems SapiensIntl VMware Verizon
IntuitiveSurgical Savara CyclerionTherap TFF Pharm elfBeauty NY CmntyBcp
NorthernStrII A BetterwaredeMexico Theratechnologies
SuperiorDrilling IrisEnergy SeelosTherap DareBioscience EMCOR NYTimes A
Distributions & Offerings
Biote IsraelAcqns Datasea TitanPharm ESAB NewMarket
SifyTech
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
CellebriteDI LCattertonA TabulaRasaHlth FLJ Waldencast EnPro POSCO Netcapital 1,725,000 $0.70 $1,207,500
TakungArt CelsiusHldg Wang&Lee
LegacyHousing TakeTwoSoftware FloraGrowth Equifax PPG Ind VSE 2,475,000 $48.50 $120,037,500
Nasdaq ChampionX LegalZoom TarsusPharm FrontierComms XOMA EssentGroup ProgHoldings
ChinaLiberalEduc Yunji Source: Dealogic LLC, New York City; (212) 577-4400.
LegendBiotech TenXKeaneAcqn Funko EvercoreA PROS
NEW HIGHS ChinookTherap LGI Homes FusionFuelGreen ZappEV EverestConsolA PSQ
Teradyne
10xGenomics Cimpress ZivoBiosci
26CapAcqnA
A SPAC II
Cintas
CiscoSystems
LiAuto
LibertyRscsA
TeraWulf
TetraTech
G1Therapeutics
GalmedPharm ZyVersaTherap
Evertec
FairIsaac
PalantirTech
PampaEnergia Consensus Estimate
Light&Wonder TexasRoadhouse GlobusMaritime NYSE Fastly ParkerHannifin Day Consensus Est Last Period
A-MarkPrecMet CleanSpark Limbach TheBancorp GoldenSunEduc FedAgriMtg C PegasusDigA
AAON Cognex LincolnElectric TileShop GreenbrookTMS NEW HIGHS FedEx PennyMacFin T July Consumer Confidence 109.3 109.7
AcadiaPharm CommVaultSys Littelfuse TMT Acqn GRI Bio AAR Ferrari PinnacleWest W June New Home Sales 722,000 763,000
ActivisionBliz CompleteSolaria lululemon TradeDesk HarborCustomWt ATS Fiserv Pinterest
AcumenPharm ConcretePumping TH June Durable Orders -1.0% 1.8%
ManhattanAssoc TransMedics HubCyberSecurity AZEK Floor&Decor Polaris
ACV Auctions Confluent MarkerTherap TurnstoneBiologics Illumina Acushnet Forestar PrimeImpactI A Q2 GDP - p 1.1% 2.0%
Adeia ConstellationEner Marriott UFP Inds InflectionPtIIA Adecoagro FreseniusMed Primerica June Wholesale Inventories -0.10% 0.00%
Adobe Copart MatthewsIntl UFP Tech Infobird AerCap GATX PrimorisSvcs F June Personal Income 0.40% 0.40%
AdvEnergyInds CovenantLogist MediromHlthcr UnitedAirlines InhibikaseTherap AfricanGoldA GMS ProcoreTech
AdverumBiotech CreativeRealities Medpace Upstart Inogen AlamoGroup GXO Logistics PulteGroup July Michigan Sentiment - f 72.6 72.6
AehrTestSys CSW Industrials Mesoblast VeecoInstr IntegratedMedia Allegion Gallagher PureStorage Unless otherwise indicated, times are Eastern. a-Advanced;
Airbnb CyberArkSoftware MetaPlatforms Vericel JE Cleantech AllisonTransm Gartner QuadGraphics f-Final; p-Preliminary; r-Revised Source: FactSet
AlignTech CymaBayTherap MicrochipTech VeriskAnalytics Jiuzi AmerEquity GeneralElec QuanexBldg
AllegroMicro DataKnightsA For more information about coming economic reports
Microsoft VerraMobility KaryopharmTherap AmericoldRealty Glaukos QuantaServices - and what they mean - go to Barron’s free Economic
Alphatec DataStorage MiMedx VersaBank KewauneeSci Ameriprise GlobalIndemnity Qudian Calendar at www.barrons.com
AlpineImmune DenaliCapAcqnA monday.com VertexPharm KioraPharm AmerisourceBrgn Graco RH
AlsetCapAcqnA DexCom MongoDB VictoryCapital KwesstMicroSys Amrep GreenBrickPtrs RelianceSteel
AmerCarMart
AmericanWoodmark
DigitalHealth
DistributionSoln
MonolithicPower
MontereyCapA
Vroom
WeatherfordIntl
Leslie's
LichenChina
APi Group
ApolloGlbMgmt
Greenbrier
Group1Auto
RepublicSvcs
RestaurantBrands Barron’s 50-Stock Average
AmerSupercond DorchesterMnls MontereyInnov Woodward LixteBiotech ArborRealty GpoSupervielle Rockwell This index is a weighted average of 50 leading issues. Useful in secu-
AmicusTherap Dropbox MoonLakeImm Workday LytusTech ArcherAviation HSBC Rollins rity valuation. Source: Barron's Stats
AmphastarPharm DuetAcqnA MorphoSys Worksport Mannatech AresAcqnA Haemonetics SAP
Andersons DuneAcqnA MrCooper Marpai DR Horton S&P Global Jul 20 Jul 13 July Yr-to-Yr
WorldAcceptance AresMgmt 2023 2023 2022 % Chg
Ansys DuosTechs MurphyCanyonA XP Masimo ArlingtonAsset HoulihanLokey STAG Indl S&P 500 Index 4534.87 4510.04 3941.10 15.07
AppFolio DXP Ents MYR Group YottaAcqn micromobility.com ArloTech Hovnanian Salesforce Barron’s 50 Index 12052.43 11911.28 10693 12.71
Apple EdifyAcqnA Nanobiotix Zillow A MiratiTherap ArtisanPtrsAsset Hubbell SaversValue Projected quarterly earn 164.28 164.28 141.76 15.88
APxAcqnI A EdocAcqnA Navient Zillow C Missfresh Atkore HubSpot ScienceApplicat Annualized projected earn 657.10 657.10 567.05 15.88
AquaMetals ElectronicArts NetApp Mondee AtmosEnergy ICICI Bank SeaDrill
NEW LOWS Annualized projected P/E 18.34 18.13 18.94 –3.17
ArcBest EnergyRecovery NetEase Monro AtmusFiltration ING Groep SelectMedical
Five-year average earn 450.21 450.21 416.8 8.02
ArchCapital ePlus Netflix 60DegreesPharm MSP Recovery Autoliv ITT ServiceNow
Five-year average P/E 26.77 26.46 25.65 4.36
ArcturusTherap Equinix NMI Holdings 9MetersBiopharma MyMD Pharm AutoNation IconicSportsA ShakeShack
Year-end earn 631.80 631.80 564.5 11.92
argenx EsquireFinancial NN AadiBioscience Netcapital BadgerMeter IllinoisToolWks Shell
Year-end P/E 19.08 18.85 18.94 0.71
ArogoCapA EverspinTech NortheastCmBncp AbacusLife NetSolTech BancoBilbaoViz InFinTAcqnA SherwinWilliams
Year-end earns yield, % 5.24 5.30 5.3 –0.72
ArrowrootAcqnA EvolvTech NorthernRevivalAcq ABVC Bio Neuronetics BancoItauChile IngersollRand SimpsonMfg
Best grade bond yields, % 4.84 4.95 3.7 29.59
AsiaPacificWire ExactSciences Nova Aceragen NioCorpDevts Bladex InstalledBldg SkechersUSA
Bond yields/stock ylds, % 0.92 0.93 0.71 30.51
Astronics ExpeditorsIntl Nuvalent AcurxPharm Novan BcoSantChile InterContinentl SmithAO
Actual year-end divs 246.51 246.39 229.39 7.46
AtlantaBravesA eXpWorld NXP Semi Adamis Novocure BeardEnerA IntlGameTech Snap-On
Actual yr-end divs yld, % 2.05 2.07 2.15 –4.72
AtlantaBravesC ExtremeNetworks OddityTech Aditxt Oblong BeazerHomes IonQ SpectrumBrands
62 BARRON’S July 24, 2023
O T H E R VO I C E S
Unless we reduce greenhouse-gas emissions,
insurance will become even more unaffordable
or unavailable for too many Americans.
able energy instead of fossil fuels, and marshes, home and community hard-
to require new buildings and homes to ening, and other proven measures.
be heated and cooled by electricity and Another partial solution is state-
Pushing Insurance
lend accordingly. This is a partial list of profit FAIR plan provides fire insur-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
the well-defined policies and actions ance as a last resort. Many other states
we need now to substantially reduce have similar plans, which cover risks
greenhouse-gas emissions. the private sector won’t. That said, the
N
forestry to reduce fuels in forests con- certain risks, like Texas did recently
tributing to more-severe wildfires, and which other states are consider-
o one should be BY DAVE are marching steadily to an uninsur- levy setbacks and “bypasses” like the ing. If state laws are passed to pre-
surprised at the JONES able future. Yolo Bypass around Sacramento to clude insurers from considering risks
news that major The writer is the Insurers are responding rationally divert floodwaters around the city, in underwriting or pricing, the safest
insurers are declin- director of the Cli- to more severe and frequent climate- regenerative agriculture practices that course for the insurer is to simply not
ing to write or re- mate Risk Initia- change-driven losses. They are raising reduce water demand and soil ero- write the insurance.
new home insur- tive at the Univer- prices, declining to write new or renew sion, and improve agriculture sustain- Taking these constructive steps will
ance policies in sity of California existing insurance policies, and exclud- ability, and re-establishing coastal salt extend the life of private insurance
California and Florida, or that 11 Loui- Berkeley Law ing coverage for climate-driven risks marshes that reduce coastal flooding. markets, but the benefits will be over-
siana insurers recently became insol- School’s Center because the risk of loss is too great. For We need to stop putting more peo- whelmed eventually by climate-
vent. Drought, extreme heat, river and for Law, Energy example, even though rates in Florida ple and businesses into areas where change-driven risks and losses. Stop-
MAILBAG
Send letters to Mail@Barrons.com. To be considered for Numbers by Barron’s, which breaks down the markets,
publication, correspondence must bear the writer’s name, is available wherever you listen to podcasts.
address, and phone number. Letters are subject to editing.
plus dividends. The recent Wall Street Journal article War. Combining the massive changes
Robert Ray exposing all of the lead-sheathed brought on by the digital revolution
On Barrons.com copper wires across the country with the lasting side effects of
had a new angle—the illnesses they Covid-19 has created an America that
may have caused employees and frankly is very difficult to judge by
Higher Equity Prices some nearby the wires in recent historical norms.
decades. Perhaps we should utilize the in-
To the Editor: While the newly lowered stock credible analytical power of artificial
As noted by Ben Levisohn, the dollar price of Frontier might look enticing, intelligence to probe the massive
has recently been declining, and a investors have watched shares in 3M amounts of available data to come up
weaker dollar should be good for risk (“forever” chemicals, military ear- with better predictors.
assets (“Inflation Rarely Falls This plugs) and Johnson & Johnson (tal- Arthur M. Shatz
Fast. What It Means for the Stock cum powder) become dead money Astoria, N.Y.
Market,” Up & Down Wall Street, over lawsuits that drag on for years.
July 14). One additional reason for I expect that it may now be the same
this positive impact is that a weaker for AT&T, Verizon, and yes, Frontier Price Controls
dollar will result in higher reported Communications, with lofty dividends
earnings by U.S. multinational at risk for the first two telecom giants. To the Editor:
corporations. So, thanks but no thanks. Lori Calvasina draws a number of apt
When these companies report Tom Ward comparisons between the immediate
their financial results, they convert Cumberland, R.I. postwar economy and our present
their foreign earnings into U.S. dol- situation (“Why This Stock Strategist
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
lars. If the U.S. dollar weakens Sees Parallels With 1945,” Interview,
against the foreign currencies in Past, Not Prologue July 6).
Paradise, or
reported earnings. This in turn an uptick of people wearing lipstick prices rose, markets cleared, and
should result in higher equity prices. and men’s underwear while drinking shortages disappeared immediately.
David I. Kass Champagne and dining out, is the Sneakers were cheap in 1944, but
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
University of Maryland economy on a roll? (“Is a Recession there weren’t any. I had to wear
The Abyss?
College Park, Md. Coming? Better Check Men’s Under- bowling shoes. I remember it well.
wear Sales,” July 5). While I can ap- Claude Burdick
preciate analysts trying to make Livermore, Calif.
Helping Folks sense of future trends by analyzing
CORRECTIONS & AMPLIFICATIONS
similar trends from the past, it is be-
To the Editor: To the Editor: coming increasingly clear that the Biogen, whose shares were recom-
Despite the most inverted yield curve since 1981, the Excellent investigative journalism past is bearing less and less resem- mended in the 2023 Midyear Round-
first contraction in the money supply since the Great (“The U.S. Treasury Hoped to Aid blance to the present or future. His- table by David Giroux of T. Rowe
Depression, and 14 straight months of declines in the Low-Income Home Buyers. The Help tory may show that there have been Price, owns 50% of the economics of
Leading Economic Index, most members of the Bar- Went to Johnny Depp, Too,” July 13). recessions accompanied by bull mar- zuranolone. The article referred in-
ron’s Roundtable are fairly sanguine about the future Hopefully, even more light will be kets, but America today is certainly correctly to 60%. Becton Dickinson,
(“Beyond Big Tech,” July 14). shined on the Change Co. and this not the same as America after the also recommended by Giroux, is in-
Goethe said that the intelligent man finds almost lending program so we can get to the end of the Civil War, the end of vesting in faster-growing businesses
everything ridiculous. I don’t know how intelligent I place originally envisioned—helping World Wars I and II, the 1926-27 such as pre-fill syringes. The article
am, but this feels ridiculous. the people who need it most. recession, or the end of the Korean referred incorrectly to retail syringes.
I suspect that the recent softness in jobs and infla- Vincent Scialli
tion isn’t the first step toward economic paradise but On Barrons.com
the first step into the abyss. I fear that the next rele-
vant quote will be from Bing Crosby, who sang at the
depth of the Depression, “Brother, can you spare a
dime?”
No Thanks, Frontier “Hopefully, even more light will
Gene Sweet
Chicago
To the Editor:
In an otherwise optimistic story
(“Buy Frontier Communications
be shined on the Change Co.
To the Editor:
Interesting that no energy stocks are mentioned. Some
Stock. High-Speed Internet Will
Boost Shares,” July 14), it seems that and this lending program.”
sell for less than five times earnings; others have 10%- Nicholas Jasinski hit a speed bump. Vincent Scialli, on Barrons.com
M W L C 10 11 12 H G R P 4 8 3 F 2 D 6 7 9 0 A I
64 BARRON’S July 24, 2023
1
LIMRA as of 12/31/2022, derived from cumulative sales 1/2/22–12/31/22, based on 51 Madison Avenue, New York, NY 10010. Variable annuities offered through properly
premium. “Principal protection” is provided by the Investment Preservation Rider–FP Series, licensed registered representatives of a third party registered broker dealer.
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1
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