Professional Documents
Culture Documents
Sanet ST BarronsFebruary272023
Sanet ST BarronsFebruary272023
>
63142
C O NT EN TS 02.2 7.23 VOL.CIII NO.9
P. 20
The Trader: February’s
Chill Might Linger
Hot Now, Cold Later: The S&P 500 looks pricey, even
How to Invest after a 5% pullback. Plus, what
Cyclical stocks make sense as the hedge funds have been buying.
economy powers ahead—but be By NICHOLAS JASINSKI
ready to shift to growth.
By NICHOLAS JASINSKI P. 31
P. 7
European Trader: BAT
Stock Is Ready to Roll
Up & Down Wall Street: By CALLUM KEOWN
A Squeeze on Investors
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
in a Daredevil Market P. 32
Consider buying dividend stocks.
Striking Price: 0DTE
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
By JACK HOUGH
Options Get a Bad Rap
P. 14 By STEVE SOSNICK
FirstEnergy Has the The world’s largest crypto fund, Q&A: Jefferies’ Simon Powell sees on Fox Business
Power to Prosper Grayscale Bitcoin Trust, is sitting a “demographic time bomb” ahead. Watch our weekly TV show
The electric utility’s stock is a >
cheap bet on the accelerating shift Illustration by Itchi investors can’t get to it. 11:30 a.m. ET. This week, an
away from fossil fuels. By JOE LIGHT P. 24 interview with Michael Rogers,
retired admiral and former
By ANDREW BARY
© 2023 Dow Jones & Company,
P. 22
Funds: Retail Investors director of the National Security
P. 54
Inc. All Rights Reserved.
Are Getting More Say Agency, on the war in Ukraine.
Our newspapers are 100% sourced Costly Drugs Prevail, Plus, a look at what’s ahead for the
Helping People Achieve By LEWIS BRAHAM
from sustainable certified mills.
Courtesy Image
Headquarters: 1211 Avenue of
Other Voices: There are ways to way to cheaper copycats of
ease the burden on workers who
the Americas, New York, N.Y.
10036. Periodicals postage paid at
Chicopee, MA and other mailing biologics such as Humira. Why
Income: Safer Bets Index P. 4
Review & Preview P. 12
Charting the Market P. 35
Winners and Losers P. 36
combine the diversification of a mutual fund and the tracking of an index with transparency and liquidity.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
UnitedHealth
Symbol
UNH
Weight
9.33%
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Aninvestorshouldconsiderinvestmentobjectives,risks,chargesandexpensescarefullybeforeinvesting.Toobtainaprospectus,whichcontainsthisandotherinformation,call1-866-SECTOR-ETFor
visit www.sectorspdrs.com. Read the prospectus carefully before investing.
The S&P 500, SPDRs®, and Select Sector SPDRs® are registered trademarks of Standard & Poor’s Financial Services LLC. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent.
Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S.
stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investors cannot invest directly in an index.
The S&P 500 Index figures do not reflect any fees, expenses or taxes. Ordinary brokerage commissions apply. ETFs are considered transparent because their portfolio holdings are disclosed daily. Liquidity is characterized by a high level
of trading activity.
Select Sector SPDRs are subject to risks similar to those of stocks, including those regarding short-selling and margin account maintenance. All ETFs are subject to risk, including possible loss of principal. Funds focusing on a single sector
generally experience greater volatility. Diversification does not eliminate the risk of experiencing investment losses.
ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust.
4 BARRON’S February 27, 2023
I N D EX
Our index lists significant companies mentioned in stories and columns, For Customer Service, call 1 (800) 544-0422, or go to
plus Research Reports, and Corrections & Amplifications. The references customercenter.barrons.com. For reprints of articles,
are to the first page of the item in which the company is mentioned. call 1 (800) 843-0008, or go to djreprints.com.
O Occidental Petroleum . . . . . . . . . . . . . . . . . . . . . . 13
B Bank of America . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Bank of Montreal . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Bank of Nova Scotia . . . . . . . . . . . . . . . . . . . . . . . 13 P Palo Alto Networks . . . . . . . . . . . . . . . . . . . . . . . . 35
Bed Bath & Beyond . . . . . . . . . . . . . . . . . . . . . 12,34 PayPal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Berkshire Hathaway . . . . . . . . . . . . . . . . . . . . . . . 27 PDC Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Beyond Meat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Peabody Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
BlackRock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Rupert Murdoch Executive Chairman, News Corp
Robert Thomson CEO, News Corp Almar Latour CEO, Dow Jones
Procter & Gamble . . . . . . . . . . . . . . . . . . . . . . . . . 11
Blackstone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
British American Tobacco . . . . . . . . . . . . . . . . . . 31
SENIOR VICE PRESIDENT, BARRON’S GROUP Mae M. Cheng
Broadcom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 R Reaves Utility Income . . . . . . . . . . . . . . . . . . . . . 16
BYD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 ASSOCIATE PUBLISHER, BARRON’S GROUP Dan Shar
Ross Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
MANAGING EDITOR, BARRON’S GROUP Dave Pettit
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
C Carvana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 S Sanof . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Charles Schwab . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 EDITOR IN CHIEF David Cho
Schneider Electric . . . . . . . . . . . . . . . . . . . . . . . . . 14
China Mengniu Dairy . . . . . . . . . . . . . . . . . . . . . . 27 EXECUTIVE EDITOR Bob Rose SENIOR MANAGING EDITOR Lauren R. Rublin Sempra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
China Renaissance . . . . . . . . . . . . . . . . . . . . . . . . . 12 Shanghai Baosight Software . . . . . . . . . . . . . . . 27
China Resources Beer . . . . . . . . . . . . . . . . . . . . . 27 DEPUTY EDITORS Alex Eule, Ben Levisohn
Shell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Cigna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 EDITORIAL DIRECTOR, MAGAZINE Phil Roosevelt Shenzhen Inovance Technology . . . . . . . . . . . . 27
Coca-Cola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Snowflake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
MANAGING EDITORS Kristen Bellstrom, Matt Bemer, Daren Fonda, Joe Woelfel
Contemporary Amperex Technology . . . . . . . 27 Southern Copper . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 ASSISTANT MANAGING EDITORS Henry Cutter, Mel Gray, Anita Hamilton, Mary Romano, Stryker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Coupa Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Robert Sabat, Rupert Steiner (London bureau chief)
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
ASSOCIATE EDITORS Andrew Bary, Randall W. Forsyth, Jack Hough, Reshma Kapadia, Eric J. Savitz
T Target . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
D Darden Restaurants . . . . . . . . . . . . . . . . . . . . . . . 30 Teladoc Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
SENIOR WRITERS Bill Alpert, Megan Cassella, Lauren Foster, Nicholas Jasinski, Tae Kim, Joe Light,
Dick's Sporting Goods . . . . . . . . . . . . . . . . . . . . . 29 Tencent Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 27
DocuSign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Elizabeth O’Brien, Al Root, Avi Salzman, Lawrence C. Strauss
Tesla . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,13
Dominion Energy . . . . . . . . . . . . . . . . . . . . . . . . . . 29 REPORTERS Rosalind Adams, Jacob Adelman, Janet H. Cho, Adam Clark, Emily Dattilo, Jack Denton, TJX Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Dow Chemical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Catherine Dunn, Carleton English, Sabrina Escobar, Callum Keown, Evie Liu, Shaina Mishkin, Josh Nathan-Kazis, Tsingtao Brewery . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Angela Palumbo, Teresa Rivas, Connor Smith, Jacob Sonenshine, Brian Swint, Karishma Vanjani
U Uber Technologies . . . . . . . . . . . . . . . . . . . . . . . . . 30
E Eli Lilly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 STORY EDITORS Ed Lin, Erin McCarthy, Patrick O’Donnell, Stacy Ozol, Neal Templin, J.J. Thompson UnitedHealth Group . . . . . . . . . . . . . . . . . . . . . . . 12
Enphase Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Unity Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Estun Automation . . . . . . . . . . . . . . . . . . . . . . . . . 27 COPY DESK Michael J. Burlingham, Richard Rescigno, Robert Teitelman
Etsy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 IDEAS EDITOR Matt Peterson
EuroEyes International Eye Clinic . . . . . . . . 27 V Verizon Communications . . . . . . . . . . . . . . . . . . . 11
Extra Space Storage . . . . . . . . . . . . . . . . . . . . . . . 11 DEPUTY DIGITAL MANAGING EDITOR Zoe Szathmary
VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Exxon Mobil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 SENIOR AUDIO MANAGER Mette Lützhøft DIGITAL PRODUCERS Robert Cushing, Nick Devor, Clare McKeen Visa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Chelsea Schiff
DESIGN DIRECTOR
F Freyr Battery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 ART DIRECTORS Lynne Carty, Nick Hallam, Sue Ng W Wabtec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
DIRECTOR OF PHOTOGRAPHY Sarina Finkelstein PHOTO EDITORS Alis Atwell, Halie Chavez, Nicole Silver Walmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Wayfair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
G Grayscale Bitcoin Trust . . . . . . . . . . . . . . . . . . . . 17 RESEARCH DIRECTOR Pauline Yuelys RESEARCHER Dan Lam
WisdomTree . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
STATISTICS MANAGER Michael T. Kokoszka STATISTICIAN Darren Chima Workday . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Wuxi Lead Intelligent Equipment . . . . . . . . . . 27
H Herc Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 James H. Balmer, Ward S. McGuiness
ADVERTISING SERVICES MANAGERS
Hershey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 NEWS editors@barrons.com STATISTICS barronsstats@barrons.com CUSTOMER SERVICE 800-544-0422
Home Depot . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,30 Y Yum China Holdings . . . . . . . . . . . . . . . . . . . . . . . 27
HP Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 EDITOR AT LARGE Andy Serwer
GLOBAL HEAD, WEALTH & ASSET MANAGEMENT Jack Otter
Z Zimmer Biomet . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
I Intel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,30 Barron’s is a trademark of Dow Jones and its affiliates. Barron’s (USPS 044-700) (ISSN 1077-8039) Published every Monday. Editorial and Publication Zoom Video Communications . . . . . . . . . . . . . . . 13
Headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036. Periodicals postage paid at Chicopee, MA and other mailing offices. Regular U.S.
subscription rate: one year, $359.88. Entire editorial content of this publication copyrighted by Dow Jones & Co., Inc. and must not be reproduced in whole
or in part without special permission. Unsolicited manuscripts should be accompanied by self-addressed envelope with proper postage. All advertising
published in Barron’s is subject to the applicable rate card, copies of which are available from the Advertising Director, 1211 Avenue of the Americas, New
York, N.Y. 10036. Barron’s reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute acceptance of the advertiser's
order. Postmaster: Send address changes to Barron’s, 200 Burnett Rd., Chicopee, MA 01020.
February 27, 2023 BARRON’S 5
EX PER IENCE
THE UNR IVALED™
The roar of the propeller drifts away as you’re overtaken by
the extravagant scenery below: Alaska, North America’s Last Frontier.
Now, as the sun sets quietly upon the horizon, it illuminates the room:
a meridian moment for the perfect day.
A world this pure and beautiful is best enjoyed with an onboard experience
that is equally luxurious and serene. Join us and witness Alaska’s majesty
from the unrivaled space and consummate service found only
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
B
He further observed that inflation account for 61.8% of the CPI and
lame it on Punx- That was driven home by Friday’s trends should begin to look more were climbing at a 7.6% annual clip
sutawney Phil. Since release of the central bank’s preferred moderate, simply owing to “base through January, haven’t peaked,
the furry varmint inflation measure, the personal- effects.” To translate: Owing to big Bianco says. This pattern is a virtual
poked his head out consumption expenditures price in- jumps in the consumer price index mirror image of the 1965-69 inflation-
of his den on Feb. 2, dex. It jumped 0.6% from December’s from February to June 2022, the ary cycle, he adds, citing data from
there has been a reading, both overall and in its core change from the level a year ago will his former colleague, Ronald Griess
wholesale reassess- measure, which excludes food and be relatively subdued. Assuming the of the Chart Store.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
ment of the outlook for the economy energy. The core gauge was up 4.7% post-Covid inflation trend continues That’s not a positive for fixed-in-
and interest rates. Maybe it wasn’t his year over year, showing no slowing. over the next few months, year-over- come investors. According to re-
shadow that the famous groundhog BY RANDALL To be sure, not too much weight year CPI growth would recede to search by Paul H. Kupiec, a senior
saw, but instead many indicators that W. FORSYTH should be placed on a single month’s 3.29% in June’s data from January’s fellow at the American Enterprise
showed unseasonably hot economic data. Still, “what’s clear is that the 6.41%, Bianco calculates. Institute, those who bought and held
readings with no cooling in inflation. economy continues to show signifi- That might be as good as it gets, 10-year Treasury notes from late
Since he emerged, interest rates cant strength, and financial conditions however. Inflation expectations have 1963 to early 1973 were crushed by
have risen by more than a half-per- have improved,” writes Citigroup’s risen sharply since early February, inflation. While the notes had a posi-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
centage point, whether for futures- chief global economist, Nathan Sheets, despite a slump in crude-oil prices, tive real yield, based on the then–
market pricing of the eventual peak in a research report. “Concerns that which typically move in tandem with most recent 12-month CPI readings,
of the Federal Reserve’s target for its that yield became negative as infla-
key policy rate—on overnight federal tion went much higher over the
funds—or Treasury maturities, from notes’ 10-year life.
the two-year note to the 10-year Unexpectedly strong Over the near term, Treasury yields
economic reports have
benchmark. undercut Fed Chairman have significantly further to rise, even
This has reversed the previous Jerome Powell’s talk of after their recent jump, according to
possible “disinflation.”
optimism that federal funds would Bianco’s analysis. In every cycle, he
peak sooner and at lower levels than finds, the two-year note’s yield tops
the Fed had projected in December. out above the eventual peak in the
That bullishness had gained further Fed’s funds-rate target.
favor after Jerome Powell, the central As of Friday, the fed-funds futures
bank’s chief, spoke encouragingly of market was putting the peak at 5.40%
“disinflation” at its latest policy meet- in September or October. That com-
ing, concluded on Feb. 1. pares with the 4.63% midpoint of the
But the economic data on which current 4.50%-4.75% target range and
Powell also said policy would depend the previously anticipated peak of just
have suggested no diminution of 4.88% by July, based on what the fu-
price pressures or growth, as James tures market was thinking in early
Bianco, the eponymous head of Bi- February. The currently anticipated
anco Research, pointed out in a client peak also exceeds the 5.1% year-end
webcast this past week. And even if median guess of Federal Open Market
Al Drago/Bloomberg
POCKET
case, the two-year note should hit about rates for those asset classes, with negative
5.40% from 4.81% on Friday, according to consequences for both.
the precedent cited by Bianco. Friday’s That’s different from the slowdowns
yield topped the previous recent high of experienced in 2005-09 and 2020, Silvia
4.70%, reached in November, and was adds. During those episodes, declining
MONEY
the highest since 2007. interest rates helped offset weakening
Bianco also expects a parallel shift in the growth. What’s different this time is that
yield curve, with the 10-year yield equaling rates started from near zero and have fur-
the two-year note’s rise; that would put the ther to go to get back to something resem-
former at about 4.60%, up from 3.95% on bling historical norms.
Friday and above its previous cyclical peak It’s also telling how dependent the stock
of 4.25%, reached in October. market has been on the big technology
GET ALL THE None of this is encouraging for bond or
stock investors. The obvious hiding place
growth names, as Bianco pointed out in
his webcast. From the turn of the year, the
MARKETWATCH APP.
TIPS as providing an additional hedge through Feb. 22, according to Bloomberg.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
over conventional Treasuries. The 10-year The other 492 stocks in the benchmark
TIPS break-even spread was priced on have basically gone sideways, a repeat of
Friday for CPI inflation of just 2.39% over the 2021 market powered by easy money.
the next decade, the low end of its recent Moreover, the S&P 500’s year-to-date
range of 2.3%-2.5%. Given what we’ve seen advance has been more than halved since
since Punxsutawney Phil popped up, I’ll its peak of 8.10% on Feb. 2, after which
take the over on that inflation forecast. rates started their upward move.
In the week ahead, the usual first-
T
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
N
and the third straight down week for the another week.
SCE A
big-cap benchmark. The Dow Jones In- Investors will have to wait to find out
E dustrial Average’s losing streak stretched if January’s boom-like data on jobs and
CO D into its fourth week with a 2.99% decline, retail sales, plus high inflation readings,
TH
GHEEATPP
its biggest since last September, which put were artifacts of abnormal weather that
the blue chips in the red for 2023. The magnified seasonal adjustments for the
Nasdaq Composite shed 3.33%, as the rate dead of winter. The Federal Open Market
threat weighed especially heavily on tech- Committee will have most of the pertinent
T nology stocks with high valuations, about numbers in hand for its March 21-22
which more in a minute. meeting, unlike at the last confab ended
What makes the situation for stocks on Feb. 1, after which the world was
and other risk assets unfavorable isn’t shocked by the strong January tallies.
just the possibility that interest rates may For now, weekly new claims for unem-
have further to rise. It’s also that this is ployment insurance, a component of the
looming at the same time the economy is index of leading indicators, continue to
losing steam, something many investors run below 200,000, a sign of a still-strong
haven’t experienced. labor market. That counts more than head-
This insight comes from John Silvia, the lines of layoffs from tech outfits, many of
former chief economist at Wells Fargo, who which went on hiring sprees when money
now heads his own outfit, Dynamic Eco- was cheap or nearly free to them. Those
@2022 DOW JONES & COMPANY,INC.
ALL RIGHTS RESERVED. 4E6054 nomic Strategy. In an email, he points out days obviously are over. B
that real final sales (gross domestic product
less inventory swings) are slowing. That email: randall.forsyth@barrons.com
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
February 27, 2023
BARRON’S
9
10 BARRON’S February 27, 2023
© 2023 Dow Jones & Company, Inc. All rights reserved. 4EIIE6065
February 27, 2023 BARRON’S 11
ST R E E T W I S E
Morgan Stanley puts the S&P 500’s equity risk
premium at about 1.6 percentage points, versus
more than double that in much of the past decade.
M
very low,” says Wilson. “What we’re eta Platforms (META),
trying to do is protect people from owner of Facebook and
adding risk at the wrong time, and Instagram, announced
U
that’s what people have been doing.” that it will test a service
.S. stocks have Earnings estimates are down. And Stock investors should favor defen- called Meta Verified. It costs $14.99
entered the “death Treasuries have gained appeal, sive sectors like healthcare and con- a month for smartphone app users.
zone,” a top Wall thanks to plumped-up yields. Statisti- sumer staples and efficient operators Features include a “verified badge,”
Street strategist cally, stocks have passed straight in industries like retail. Morgan Stan- “account monitoring for imperson-
wrote this past through the high-risk zone into the ley even has a small Fresh Money ators,” “help when you need it,” and
week. I detected a death zone, Wilson reckons, using his Buy List. Names include Coca-Cola “increased visibility.” At a glance, the
bearish undertone. mountain metaphor. The S&P 500 (ticker: KO), Exxon Mobil (XOM), payoff appears on par with putting
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
The phrase is used by mountain- will end the year at 3900, but only and Verizon Communications (VZ). premium gas in a rental car, but BofA
eers to describe heights where hu- after tumbling to a range of 3000 to What about dividends? Intel Securities says it could add some 3%
mans can’t live for long. Survival is By Jack Hough 3300 during the first half, he pre- (INTC) slashed its payout by two- to Meta’s earnings if 0.4% of its users
said to depend on speed or supple- dicts. The index was recently spotted thirds this past week, which would opt in.
mental oxygen. I recommend just around 4000. seem to bode poorly for income In related news, Twitter says that
picking hobbies that don’t have death We’ve had lower and even negative stocks. But UBS—which, like Morgan it’s taking away a security measure
zones. In fact, I’m cautious on most ERPs, including during the 1990s Stanley, expects U.S. earnings to fall called SMS two-factor authentication
zones: flood, no-fly, hot, impact, euro. and early 2000s, when interest rates this year—predicts slight growth in because it isn’t safe enough, but that
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
I’ll spend time in my comfort zone, trended lower amid disinflation. “I dividends. “If you just plot the chart I can pay $8 a month for a premium
but I prefer my happy place. think it’s very challenging to feel of dividend growth and earnings account to get it back. I’m holding out
To learn more about this high- comfortable saying that in five years, growth, dividend growth is much less for them to throw in an expired flu
alpine alert for investors, I reached 10-year yields are going to be signifi- volatile,” says UBS stock strategist vaccine and broken bear whistle.
out to its author, Mike Wilson, chief cantly lower,” says Wilson. “They Alastair Pinder. He has found that Maybe this is related to the “junk
investment officer at Morgan Stanley. might be higher. It’s unlikely we’re dividend stocks have tended to out- fees” that the president says he’s tak-
He mentioned Into Thin Air, a 1997 going back to negative real rates and perform by several percentage points ing on. Airlines, he says, are charging
book about an ill-fated Everest expe- financial repression and all the things during recessions, and that they parents extra to sit next to their kids—
dition. Just as oxygen-starved climb- that we did for the past 20 or 30 trade at a 15% to 20% discount to the that one sounds like a double penalty.
ers became confused by what they years.” market now. He also says that pay- But I’m worried that, given the above
saw, so have liquidity-soaked inves- Cost growth for U.S. companies outs look low as a percentage of earn- predictions for falling earnings, junk
tors today, he says. The best evidence has lately outpaced sales growth. The ings, and could climb, given a new fees have become a vital source of
for that, according to Wilson, is 2023 consensus for earnings under- tax on stock buybacks. market support. I’ve been brain-
an exceptionally low “equity risk lying the S&P 500 peaked at $250 last Look for moderate yields with storming some fees to add.
premium.” I’ve noticed that McDonald’s now
The ERP is a mathy representation charges for McNuggets sauce. But it
of something that investors intuitively doesn’t yet have tollbooths in its drive-
know: Risky stocks ought to return BARRONS.COM/PODCASTS thru lanes, and that asphalt upkeep
more than safe bonds. Just how much isn’t going to pay for itself. Domino’s
more is difficult to say with certainty,
but by expressing it as a formula,
economists can at least argue that the
Barron’s Streetwise and Papa John’s already have delivery
fees. By adding odometers to their
pizza wheels, they could charge for
others are doing it wrong. Morgan In a weekly podcast by Barron’s, columnist Jack Hough looks distance sliced, too. Could mall Cinna-
Stanley puts the S&P 500’s ERP at at the companies, people, and trends you should be watching. bons bill passersby for sniffage? I’m
about 1.6 percentage points, versus This is Wall Street like you’ve never heard before. Subscribe not a lawyer. Just an idea man—
more than double that for much of the to Barron’s Streetwise on Spotify, Apple Podcasts, mostly food-related, so far. B
past decade. or your favorite listening app.
Share prices are up this year. email: jack.hough@barrons.com
12 BARRON’S February 27, 2023
RE V IE W 32,816.92
Dow Industrials: - 1009.77
478.12
Dow Global Index: - 12.84
3.95%
10-year Treasury Note: + 0.12
York conference this past week, it’s making progress. J.P. provide Russia with “lethal support.” The federal government took over cleanup
Morgan analyst Ken Goldman wrote that CEO Dirk Van
de Put’s reminder of Mondelez’s “recent successes in
gaining share around the world with core products such
as Oreo,” reinforced his own bullishness on the stock.
71%
Rise in attacks on the U.S.
Russian President Vladimir Putin in
Moscow blamed the U.S. for the war
and suspended the New Start treaty,
which limits the number of nuclear
efforts after an Ohio train derailment and
chemical fire caused by Norfolk South-
ern. Transportation Secretary Pete Butt-
igieg said the company would pay the
Mondelez stock is in the black, if fractionally, over the power grid from 2021, mostly weapons. Biden spoke in Warsaw of cleanup costs and proposed a plan for
past year, putting it ahead of peers tracked by the Con- attributed to extremist groups Western resolve. China proposed a more-stringent train safety measures.
sumer Staples Select Sector SPDR exchange-traded cease-fire and a 12-part peace plan.
fund. At $66, it’s up more than 11% since Barron’s rec-
ommended it in late October. Although cheaper than
65% Russia’s offensive in the east struggled. Annals of Deal Making
Two bidders emerged for U.K. soccer club
PREVIEW Wednesday Tesla hosts its 2023 investor day at its Giga- Sign up for the Review &
factory in Austin, Texas. The company will un-
veil CEO Elon Musk’s “Master Plan 3,” geared Preview daily newsletter at
to achieving very large scale in vehicle and battery production. Analysts expect Barrons.com/reviewpreview
Musk to announce Tesla’s cheapest model yet, starting at less than $30,000.
Braking Train
Rolling Stocks and Target announce earnings. ard Enterprise, Hormel Foods,
Train technology company Wabtec Kroger, Marvell Technology,
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
outperformed both Norfolk Southern Chevron and Goldman Sachs and Toronto-Dominion Bank
Derailments
and the iShares U.S. Transportation ETF Group hold their 2023 investor days. hold conference calls to discuss
even before the Ohio derailment. earnings.
Wabtec The Conference Board releases its
Consumer Confidence Index for Feb-
Friday 3/3
Norfolk Southern
iShares U.S. Transportation ETF ruary. The consensus estimate is for a
Derailments have plagued trains since their invention, 109.2 reading, slightly higher than
25%
sometimes driving change. This past week, Transportation January’s. The index has rebounded ISM releases its Services PMI for
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Secretary Pete Buttigieg responded to the Feb. 3 Norfolk from the 2022 low in July, buoyed by February. Expectations are for a 54.5
Southern derailment and toxic spill in East Palestine, Ohio, a strong labor market. In January, reading, about one point less than
0
with calls for reforms: higher train staffing levels, safer nearly half of respondents said that previously. The services sector has
tank cars, bigger fines—and a plan to deploy electronically jobs were “plentiful,” while only 11.3% held up better than the manufactur-
controlled pneumatic brakes, or ECP. said that jobs were “hard to get.” ing sector, as there is still pent-up
-25
We’ve been here before. In 1869, a Pennsylvania engineer demand from pandemic restrictions.
named George Westinghouse invented the air brake, which March 2022 ’23 S&P CoreLogic releases its Case-
allowed engineers to more quickly slow or halt trains from a Source: FactSet Shiller National Home Price Index
locomotive, not car by car, using compressed air. He started for December. Expectations are for Coming Earnings
Consensus Estimate Year ago
a company, Westinghouse Air Brake, whose successor Off the Track home prices to show a 4.9% increase,
M
merged with GE Locomotive in 2019 to become Westing- Train derailments and accidents occur year over year, following a 7.7% gain Acadia Healthcare (Q4) $0.75 $0.81
house Air Brake Technologies, or Wabtec, a mini-conglom- regularly, often rising and falling with in November. Annualized home-price AES (Q4) 0.46 0.45
erate of train technologies, including ECP. the freight economy. growth peaked at a record 20.8% last fuboTV (Q4) -0.71 -0.76
Howard Hughes (Q4) 0.97 2.09
ECP uses electronics to further improve braking. Wells March and has decelerated every LendingTree (Q4) -1.27 3.53
Derailments
Fargo analyst Allison Poliniak-Cusic says that ECP brakes month since then. Occidential Petroleum (Q4) 1.81 1.48
Total Accidents/Incidents Range Resources (Q4) 1.18 0.96
can reduce stopping distances by more than 50%. ECP Trex (Q4) 0.22 0.55
came to prominence after a 2013 train disaster killed 47 15,000 The Institute for Supply Manage- Workday (Q4) 0.89 0.78
people in Lac-Mégantic, Quebec, and would have been ment (ISM) releases its Chicago Busi- More Earnings on Page 51.
phased in under a rail-safety law passed by Congress in ness Barometer for February. The
10,000 Consensus Estimate
2015, but was dropped by the Trump administration. The consensus call is for a 45 reading,
Day Consensus Est Last Period
industry questioned reliability and cost: $5,000 to $8,000 roughly even with the January data. M January Durable Orders -3.5% 5.6%
a car, or some $9 billion in all. 5,000 The index has had five consecutive January Pending Home Sales 1.0% 2.5%
Poliniak-Cusic says that rail accidents historically have monthly readings below 50, indicat- T January Wholesale Inventories 0.00% 0.10%
February Consumer Confidence 109.0 107.1
quashed objections to new safety technologies, like positive ing a contracting economy, but this TH Q4 Productivity 2.5% 3.0%
train-control to guard against human error. Now, she be- 0 hasn’t shown up in the gross-domes- Unless otherwise indicated, times are Eastern. a-Advanced;
lieves support for ECP will grow. That’s bullish for Wabtec 2019 ’20 ’21 ’22* tic-product data, with fourth-quarter f-Final; p-Preliminary; r-Revised Source: FactSet
stock, up some 9.6% over the past year, to $104. She rates *2022 data through November GDP growing at a seasonally ad- For more information about coming economic reports
- and what they mean - go to Barron’s free Economic
the shares a Buy, with a target of $125. — Bill Alpert Source: Federal Railroad Administration justed annual rate of 2.7%. Calendar at www.barrons.com
14 BARRON’S February 27, 2023
5 Stocks
recent past. Enphase is opening facto-
ries in the U.S. this year to make in-
verters, betting on tax credits from the
IRA, cheaper shipping costs, and a
Renewables
homeowners who don’t want to buy
something that is made in China.”
France’s Schneider Electric is a one-
stop-shop for electrification; about a
third of its revenue comes from North
The U.S. Inflation Reduction Act, America. Schneider makes standard
with its subsidies and tax breaks, electrical equipment like circuit break-
has unleashed billions of dollars in ers, but also sophisticated software to
manage electrical systems, and micro-
green-energy investments.
grids that give consumers and organi-
zations more control over their electric-
ity. “We have shifted a lot of supply into
BY AVI SALZMAN
the United States,” says Jeannie Salo,
A
the executive in charge of Schneider’s
boom in clean-energy government relations.
manufacturing is fast get- Corning, based in upstate New York,
ting under way across the (NTOIY), energy-efficiency company Freyr said in November that it had Enphase sees makes glass for televisions and cars.
strong demand for
U.S. Factories are sud- Schneider Electric (SBGSY), and bought land in Georgia for a $1.7 billion its made-in-America But the company has a growing solar
denly cranking out every- battery maker Freyr Battery (FREY). factory, spurred in part by federal, gear for solar pan- business too, creating polysilicon at a
els.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
thing from solar and wind Most new investment since the law state, and county subsidies. Energy Michigan factory where it holds a ma-
equipment to batteries and passed has gone into battery factories, storage is often “glossed over” even jority stake. Federal officials have la-
low-carbon fuel. Corporate investment primarily to supply electric vehicles. though it “stands today as the only mented the lack of U.S. polysilicon
dollars, spurred by new tax breaks, There are subsidies for those plants, bankable answer for coal retirements production, and included subsidies for
are transforming the U.S. from an and auto makers need North American and increasing grid dependence on production in the IRA. Corning re-
also-ran in alternative energy to a real batteries to qualify for the largest tax renewable” energy, writes Bank of started its polysilicon production at the
player, lifting the fortunes of a number benefits. At least 17 new battery plants America analyst Julien Dumoulin- Michigan factory last year and has
of companies. are being built, including factories for Smith, who rates Freyr a Buy and already seen orders jump. Solar was a
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Since President Joe Biden ear- Panasonic in Kansas and Toyota in thinks shares can rise to $13 from a rare bright spot in its latest quarter,
marked $370 billion for clean energy North Carolina, according to Bank of recent $8. Freyr has contracts but no because its core business was suffering
in the Inflation Reduction Act in Au- America. But the factory expansion revenue, so the stock is relatively risky. from “essentially recession-level de-
gust, there have been 76 announce- also threatens industry profitability. California-based Enphase has mand,” says CEO Wendell Weeks. The
ments of clean-energy projects, notes Credit Suisse predicts the U.S. market found a profitable niche making high- segment that includes solar grew 22%
Credit Suisse. Of those, 40 specified could actually be oversupplied by mid- tech solar components known as in- even as total company sales fell 7%.
dollar amounts, totaling $77 billion. decade as capacity ramps up, “which verters, and also sells batteries to resi- Finnish company Neste makes re-
“We’re basically accelerating the could put pricing pressure on battery dential solar customers. In an newable diesel from animal fats and
energy transition at ludicrous speed,” manufacturers down the road.” industry with little differentiation and vegetable oils that can be used in con-
says Michael Cerasoli, portfolio man- One way to buy into batteries is low margins, Enphase stands out for ventional diesel engines. Neste part-
ager at Eagle Global Advisors. through Freyr, based in Norway. Freyr solid profitability and 40%-plus gross nered with Marathon Petroleum
Despite the dollars flooding in, it focuses on energy storage, allowing margins. A deceleration in the solar (MPC) last year to turn a former Cali-
remains difficult to invest profitably in renewable producers such as wind and market at the start of the year knocked fornia oil refinery into a renewable one,
clean-energy companies. Some prod- solar farms to store energy for when 25% off its shares, leaving the stock and expects to produce 17 million bar-
ucts, such as solar panels and batteries, wind isn’t blowing or sun isn’t shining. trading at a relative discount to its rels annually by year end that will be
trade like commodities, with little dif- eligible for state and federal credits.
ferentiation between companies. Oth- Neste also leads in sustainable aviation
ers, like wind turbines, sell into highly Making Green by Going Green fuel, which can be mixed with jet fuel
regulated industries where returns are Some lesser-known names are profiting from the Inflation Reduction Act. to make airplane travel less carbon-in-
partially controlled by regulators. Recent YTD Market 2023E tensive. The market is small but coun-
To find stocks that can rise despite Company / Ticker Price Change Value (bil) P/E tries have announced ambitious goals,
those pressures, it’s worth considering Corning / GLW $34.70 8.6% $29.4 16.9 with Japan planning to use it for 10%
names that have found true niches or Enphase Energy / ENPH 204.71 -22.7 27.9 37.8
of its jet fuel by 2030. Airlines have
Courtesy Enphase
have a head start in specific areas. pledged to invest in new fuel capacity.
Freyr Battery / FREY 8.53 -1.7 1.2 N/A
These include glass and solar-material A year ago, the U.S. was a wasteland
maker Corning (ticker: GLW), solar Neste / NTOIY 23.85 3.5 36.7 15.0 for clean-energy manufacturing. The
equipment company Enphase Energy Schneider Electric / SBGSY 32.90 17.7 93.9 20.8 spending boom is changing that, and
(ENPH), biofuels producer Neste E=estimate; N/A=not applicable Source: Bloomberg investors can go along for the ride. B
February 27, 2023 BARRON’S 15
Prepare for
the Energy
ALPS Transition
We are in the midst of a global energy
Clean Energy
transition from traditional carbon-based
sources, such as crude oil and natural gas,
to renewable clean energy sources, such
as wind, solar and fuel cells.
• Solar
• Wind
• Electric Vehicles
• Bioenergy
• Hydropower/Geothermal
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
An investor should consider the investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus containing this and other information,
call 1-866-759-5679 or visit www.alpsfunds.com. Read the prospectus carefully before investing.
Shares are not individually redeemable. Investors buy and sell shares on a secondary market. Only market makers or “authorized participants” may trade directly with
the Fund, typically in blocks of 5,000, 25,000 or 50,000 shares.
An investment in the Fund involves risk, including loss of principal.
There are risks involved with investing in ETFs including the loss of money. Additional information regarding the risks of this investment is available in the prospectus.
ALPS Portfolio Solutions Distributor, Inc. is the distributor for the ALPS Clean Energy ETF.
16 BARRON’S February 27, 2023
T
seeks permission to raise rates in sev- addressed balance-sheet issues. It has a sub-8% return on equity at its various
he U.S. is trying to wean eral states over the next few years. put together a plan that emphasizes utilities, on average, against the roughly
itself off fossil fuels, and The stock, now around $40, is down dividend growth.” He rates the stock 10% returns allowed by regulators.
FirstEnergy, an Ohio- from a high of $49 last April because of Outperform, with a $43 price target. Why does it trade at a discount to its
based electric utility, should rising interest rates and a utility selloff. The utility took care of its balance- peers? It was embroiled in an Ohio brib-
be among that campaign’s It trades for 16 times projected 2023 sheet issues by selling 49.9% of an elec- ery scandal that led to the payment of a
winners. earnings of $2.54 a share, the midpoint tric transmission business to an infra- $230 million fine and a deferred prose-
The outlook for electric of the company’s guidance. That’s a structure fund run by Brookfield cution agreement with a U.S. attorney in
utilities is the best in decades, as they discount to the utility group, which Asset Management (BAM) for nearly Ohio in 2021. The CEO was fired. (A
invest in transmission grids and re- fetches about 18 times earnings. $6 billion. FirstEnergy has used the new one is expected to be named by the
newable power to meet demand from FirstEnergy projects 6% to 8% proceeds largely for debt reduction and end of March.) However, analysts see
electric vehicles, heating, and appli- growth in annual earnings per share aims to garner investment-grade debt few lingering effects from that episode.
ances. The whole sector is heating up. through 2025—slightly better than ratings from S&P and Moody’s—in line And since then, a Blackstone fund has
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
Warren Buffett’s Berkshire Hatha- many peers—as it invests along with with most of the industry. invested $1 billion in the stock.
way (ticker: BRK.A) already owns the rest of the industry to expand its The utility plans to lift its dividend— On the negative side, the company’s
MidAmerican Energy, one of the na- transmission network and strengthen unchanged at 39 cents a quarter since pensions aren’t fully funded; it faces an
tion’s largest utilities. Buffett likes the the electric grid in a service area with 2019—in the second half of 2023 and earnings headwind this year of nearly
Workers install
group’s steady, regulated returns. six million customers, concentrated in a new substation
boost it roughly in line with earnings in 40 cents a share from noncash pension
FirstEnergy (FE) looks like one of New Jersey, Pennsylvania, and Ohio. and add circuits the coming years. Based on its guidance, accounting. And FirstEnergy gets about
the better plays among public compa- The company plans $3.4 billion in to improve the the dividend could rise 5% this year. 10% of its profits from Signal Peak, a
reliability of a
nies. It has a dividend yield of 3.9%, capital expenditures this year, rising FirstEnergy unit’s First Energy counts two prominent Montana coal mine. The coal business
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
about a quarter-point above the sector to $4 billion in 2025. Those invest- electric network. investors: activist billionaire Carl Icahn deserves a low multiple, but that is offset
by FirstEnergy’s 50.1% stake in a valu-
able transmission network. It got nearly
FirstEnergy (FE / NYSE) 40 times trailing earnings for the recent
$50 sale of a 30% position in that system.
Acting CEO John Somerhalder says
the company must “execute” as it in-
40 vests and seeks rate increases from
regulators. If it does, he maintains, it
30 will become a “premier utility” and
garner a higher price/earnings ratio.
Bottom line: FirstEnergy is a cheap,
20 good-yielding company in an improv-
2021 ’22 ’23 ing sector. And it has a self-help story
Source: FactSet that looks achievable. B
Poised to Outperform
FirstEnergy has a higher dividend yield and trades at a lower multiple than rival
utilities, but should post similar EPS growth.
Annual EPS
Recent Market 2023 2023 Growth Dividend
Company / Ticker Price Value (bil) EPS P/E Target Yield
Courtesy of FirstEnergy
Bitcoin’s $7 Billion
use market arbitrage mechanisms to says that Grayscale quietly amended
eliminate discounts to their NAV; in GBTC’s governing documents to make
theory, that could unlock the $7 billion it harder for shareholders to take over
for GBTC owners. the fund. Fir Tree also says that Gray-
Sunken Treasure
There’s a hitch, though: The Securi- scale’s corporate parent, Digital Cur-
ties and Exchange Commission has rency Group, has “substantial conflicts
repeatedly denied fund company appli- of interest” incentivizing it to maintain
cations for ETFs that want to own Bit- GBTC’s status quo.
coin directly, rather than through fu- Fir Tree and other investors argue
tures. In June, the SEC rejected that the conflicts arise, in part, because
Grayscale’s bid to convert GBTC into DCG makes so much in fees. ETFs
A fight over Grayscale Bitcoin Trust is heading to court as investors an ETF, prompting Grayscale to sue holding Bitcoin futures charge about
and hedge funds jockey over the fate of the world’s largest crypto fund the agency to reverse the decision. 1%, compared with GBTC’s 2% annual
Oral arguments are scheduled to fee. Since GBTC’s management fees are
start on March 7 in the U.S. Court of a percentage of the trust’s assets, they
Appeals for the District of Columbia. bring in more than $300 million a year
Grayscale’s lead attorney is Donald at recent prices.
Verrilli, who was solicitor general in “They’re making a lot of money off
the Obama administration. Verrilli, in this. They have to continue to push
an interview, said the SEC has no rea- capital to their parent company,” says
son to treat spot Bitcoin ETFs differ- Steven McClurg, chief investment offi-
ently than futures-based ETFs, arguing cer of Valkyrie Investments, which
that the agency is using a double stan- runs a hedge fund that owns GBTC
dard that violates the law. and had its own application to launch a
“Administrative agencies have an spot Bitcoin ETF denied by the SEC.
obligation to treat like cases alike, and McClurg says he plans to keep pressur-
the SEC violated that obligation,” says ing Grayscale to close the discount.
Verrilli, adding that he doesn’t know of Another company challenging
an exact parallel to this case. The court GBTC is Osprey Funds, which runs
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
T
he implications go far beyond in assets. Osprey also has sued Gray-
GBTC. Legions of fund compa- scale, claiming that the firm achieved
nies, including Fidelity Invest- dominance in over-the-counter Bit-
ments, VanEck, and Wisdom- coin funds, in part, by lying about its
Tree (WT), have tried to persuade the chances to convert GBTC into an ETF.
SEC to approve a spot-based Bitcoin Grayscale has said the Osprey law-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
ETF, getting rejected each time. suit is frivolous and disputes the activ-
A ruling allowing GBTC to become ists’ other complaints. CEO Michael
an ETF could open the floodgates to Sonnenshein says he will cut GBTC’s
far more Bitcoin funds, something fees as soon as it becomes an ETF.
the SEC appears loath to allow. The Another tactic promoted by activ-
BY JOE LIGHT Internet exchange-traded fund agency argues that, unlike futures mar- ists—for Grayscale to return under-
T
(ARKW). “When there’s money to be kets, the spot Bitcoin market doesn’t lying Bitcoin to shareholders—would
he world’s largest Bitcoin made by closing the discount, some- have sufficient measures in place to require regulatory approvals similar to
fund is about to have its day one’s going to find a way to make it prevent fraud and manipulation, and what the firm is seeking with the ETF
in court. At stake in the happen,” says Ned Davis Research isn’t properly monitored. That makes a conversion, he says. Grayscale says it’s
fight: a $7.2 billion profit senior portfolio strategist Pat Tschosik, spot-Bitcoin fund vulnerable to manip- open to a tender offer for up to 20% of
sitting in the fund like who sees GBTC potentially doubling ulation, putting investors in harm’s GBTC’s shares if its legal strategy fails,
sunken treasure, if only by midyear as Bitcoin rallies. way, the agency says. including a potential appeal to the Su-
anyone could get to it. Yet GBTC’s discount has proved “All of the markets for the spot Bit- preme Court.
On paper, the Grayscale Bitcoin impregnable. The fund’s corporate coin underlying Grayscale’s product Seeking SEC approval for a tender
Trust (ticker: GBTC) is the best deal sponsor, Grayscale Investments, has are unregulated,” the SEC wrote in a offer at the same time that Grayscale
on Bitcoin you can find. The fund’s largely insulated itself from proxy cam- brief, arguing that “differing treatment is suing the agency “isn’t something
share price trades at a 47% discount to paigns by hedge funds—which would in these circumstances was reason- that we think is in the best interest
its underlying net asset value, or NAV, ordinarily attack such a wide discount able.” The agency declined to comment. of shareholders,” Sonnenshein says.
of $15.4 billion in Bitcoin holdings. If it in a closed-end mutual fund. And While the lawyers wrangle in court, All of the legal jockeying has left
were to trade up to its NAV, investors GBTC’s discount has only widened as hedge funds and other investors are investors in a crypto purgatory. A win
could scoop up an 87% gain, without other Bitcoin funds have emerged—no- trying to force Grayscale to give up in court could be a $7 billion windfall,
Illustration by Allison Vu
Bitcoin’s price budging. At recent tably ETFs like ProShares Bitcoin management of the fund or find other but that may take years, if it ever
prices for the token around $23,700, Strategy (BITO), which holds Bitcoin ways to unlock the $7 billion. comes. Bitcoin, meanwhile, is up 43%
the discount is worth $7.2 billion. futures, for a much lower annual fee. Fir Tree Capital Management, a this year. GBTC, whose discount has
Some investors view that as a bar- Grayscale says it wants to convert hedge fund manager, sued Grayscale in been widening, is up 39%, falling
gain. GBTC makes up more than 5% of GBTC into an ETF, arguing that it’s the December, accusing the firm of “mis- behind the crypto it’s meant to track
Cathie Wood’s ARK Next Generation best way to close the discount. ETFs management of the trust.” Fir Tree yet again. B
18 BARRON’S February 27, 2023 February 27, 2023 BARRON’S 19
U N TA N G L I N G T H E E C O N O M Y fell below its prepandemic low, and fixed-rate mortgages, from the impacts tightens policy. That meant that even buffer to get the U.S. economy back on ers to hoard workers they might oth-
the government reported last month of the Federal Reserve’s primary tight- as the Fed raised interest rates eight track in 2020 and 2021 after months erwise have laid off. An undersupply
that the U.S. economy grew 1% from ening tool. consecutive times over the past year, of shutdowns and other restrictions. of housing, in combination with fresh
the fourth quarter of 2021 to the The result is an economy that has swaths of households and corpora- But given the sheer amount of it—a federal investment in infrastructure,
fourth quarter of 2022—five times the yet to fully react to the policy tools tions were slow to feel the impact. sum equivalent to roughly a quarter of has kept the construction industry in
level the central bank had predicted designed to slow inflation, which Consider mortgages. Before the U.S. gross domestic product—and business even as mortgage rates spike.
just a few months before. more often than not have forced a re- 2008-09 financial crisis, nearly 40% given how much of it was structured Investor optimism has been helping
The question of how the U.S. econ- cession. of mortgages were adjustable rate, so as direct payments to individuals, the loosen financial conditions since the
omy has been able to defy gravity and The recent spate of positive eco- Fed rate hikes drove payments up and aid has continued to stimulate the fall, making it harder for the Fed to
stave off recession has dominated the nomic data has fueled hopes of a “no served to choke off household spend- economy years after the first packages slow things down.
conversation among professional landing” scenario—rather than a hard ing, says Ellen Zentner, chief U.S. were passed. Some programs, such as Each of these factors has contrib-
prognosticators and given rise to a or soft landing—in which the economy economist at Morgan Stanley. Today, expanded nutrition aid, are only now uted to creating an economy seem-
volatile economic environment, one continues to expand. But a more real- that share is just 10%, meaning the winding down, while other spending, ingly immune to the negative effects of
in which a single data release can istic outlook is less benign: Interest overwhelming majority of home- including on green infrastructure ini- high inflation and a rapid pace of
send markets soaring one day and rates are likely to stay higher for lon- owners hold mortgages at 30-year tiatives, is just beginning to flow out. monetary policy tightening, one that
plunging the next. The dynamic has ger to tamp down stubborn price fixed rates and therefore aren’t being “A year later, even two years later, almost no one expected. And it all
left businesses struggling to figure growth, probably forcing at least a heavily affected by rising interest rates people still had more money in the helps to explain how an economy
out how to plan for the future and mild downturn along the way. in the same way. Rates on student bank,” says Jason Furman, a Harvard whose days were numbered a year ago
forced economists to examine why “It’s still a story of an economy that debt payments and most auto loans University economist who served as a has so far been able to avoid a long-
the combination of geopolitical ten- is uncomfortably warm from the Fed’s are similarly locked in. top White House economic adviser anticipated recession.
sions, inflationary pressures, and perspective, even though it’s clearly “In general, it means much less during the Obama administration. “It’s why the Fed has been more
tightening monetary policy is having shifting gears,” says Diane Swonk, sensitivity of households to rising “And we’re still spending more money aggressive than at any time in its
far less of an impact on the economy chief economist with KPMG. “The interest rates,” Zentner says. “That because of that.” past,” Zentner says, “and it hasn’t
than historical precedent and conven- hard part is, you don’t want a deep has been less understood.” Services industries are notoriously killed the economy.”
tional wisdom would suggest. freeze. But on the other side of it, you The changing debt profile allowed labor-intensive, so as consumer de- The continued resilience has
And it has heightened the stakes can’t really afford a rolling boil, either. consumers, still cash-rich from the mand soared, employers staffed up in shifted the focus among investors in
for the Fed, which already had a diffi- And we’re caught in between right flood of fiscal stimulus unleashed in response. This kicked off what some recent weeks away from fears of a
cult task of trying to slow the econ- now.” the wake of the pandemic, to keep up economists refer to as a virtuous cy- recessionary hard landing and to-
omy without driving it into recession, That means the risk of an economic their soaring levels of spending on cle of recovery: More jobs pushed ward hopes of a no-landing sce-
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
but now has to navigate an environ- recession remains on the table, and services in particular, as Americans total income higher, which allowed nario—one in which growth simply
ment unlike anything it has ever seen. most forecasters see a downturn in the shifted away from the goods they had for further spending and, as a result, never slows down.
“They’re flying blind,” says Jay Bry- next year as more likely than not. But been buying during Covid shutdowns. more jobs. Not every sector of the economy is
son, chief economist with Wells Fargo. those same forecasters keep pushing The change in behavior is another Given that the U.S. has traditionally soaring: Manufacturing, for example,
“And trying to feel their way in.” out the timeline for when they see the reason the Fed’s rate hikes appear to been a services-dominated economy, has contracted for three straight
Understanding the strength of the contraction starting. And everyone be having a limited impact: Consumer “we’ve been rebalancing to our sweet months. Retail sales, despite a big
past year, and what has fueled it, is acknowledges that the economy’s con- spending on services isn’t affected as spot,” says Michael Gapen, chief U.S. jump in January, have more or less
The Fed and Everyone Else critical to charting the economy’s founding resilience so far has under- heavily by higher rates as demand for economist with Bank of America. been moving sideways. The interest-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
path forward. The simple answer is scored the unprecedented nature of big-ticket items and other goods. “Slowing that down tends to be pretty rate-sensitive housing sector has
that it’s impossible to apply old rules the current moment. “You don’t really care where inter- difficult.” been plunging, though there are some
The Implications Are Ominous. same way to rising prices and tighter
monetary policy.
But the more thorough explanation,
Research.
“We all have ideas,” he says. “But
we have to recognize, we’re really kind
affected goods sectors have to weaken
significantly before the impact “starts
to trickle back into services,” he adds. Rate Hikes Before Recessions
based on Barron’s interviews with of shooting in the dark.” Also propping up consumer spend- Since the late 1980s, the Federal Reserve's decisions to lift rates and make borrowing
nearly a dozen top academic and Wall When the Federal Reserve raises ing is pent-up demand. That’s partly more expensive generally have foreshadowed a recession.
The central bank’s efforts to tame inflation haven’t BY MEGAN CASSELLA Street economists, is that a host of interest rates, it’s looking to slow con- due to the ongoing unwinding of pan- Federal Funds Effective Rate
worked yet. A harder landing could lie ahead. factors played a role that forecasters sumer and business activity—and, by demic fears and restrictions that had 12.5% Recessions are shaded
initially might have underestimated or extension, inflation—by making limited spending on services: As of
overlooked, in part because they had things more expensive. Big-ticket December, services spending re- 5.0%
never collided this way before. items, such as homes and cars, start to mained 1% below its prepandemic 10.0
The long tails of fiscal stimulus, for cost more because buyers are paying trend, a Wells Fargo analysis showed,
I
2.5
example, have propped up the econ- higher rates for their mortgage or auto suggesting the sector still has more 7.5
t was roughly a year ago, after economists published an economic forecast economic growth of an ane- omy for far longer than anyone ex- loan. room to grow. 0
the Russian invasion of forecast reflecting a 20% to 35% mic 0.2% for the year. pected. Excess consumer savings and But the unique structure of the But spending has also been fueled Feb. 2022 '23
Ukraine caused an oil-price chance of an economic contraction The depressing outlook dragged an ebullient labor market fueled de- 2022 economy blunted the power of by excess savings—the amount of 5.0
shock and the Federal Reserve within 12 months. By June, JPMorgan down consumer sentiment and con- mand for travel, restaurant dining, the Fed’s tools. Years of low interest money saved beyond the typical rate—
kicked off its interest-rate- Chase CEO Jamie Dimon was bracing vinced roughly three-quarters of and other services, where spending rates, dating back to the aftermath of built up in part because of the more 2.5
tightening campaign, that for an economic “hurricane,” and the Americans by late fall that the country still has room to grow. And years of the 2008-09 financial crisis, had al- than $5 trillion the government spent
forecasters began warning in following month, the team at Bank of was already in a recession. low interest rates have transformed lowed for a transformation of much of on stimulus programs in response to
earnest that the U.S. economy was on America predicted a mild recession And yet none of it came true. the debt dynamics for the overwhelm- the debt in the U.S., both household the pandemic. 0
the brink of a steep downturn. would hit before the year’s close. In Instead, consumer spending con- ILLUSTRATION ing majority of U.S. households, leav- and corporate, away from variable That government spending was 1985 '90 '95 2000 '05 '10 '15 '20
In March 2022, Goldman Sachs September, policy makers at the Fed tinued to rise, the unemployment rate BY ITCHI ing them largely shielded, through rates that rise as the central bank meant more or less as an emergency Source: Board of Governors of the Federal Reserve System via the Federal Reserve Bank of St. Louis
20 BARRON’S February 27, 2023
arguments in favor of the no-landing U N TA N G L I N G T H E E C O N O M Y about the “growth at all costs” compa-
view encompass many of the funda- nies whose stocks thrived in the decade
mentals that have carried the econ- before the Covid-19 pandemic. Cost
omy so far. Consumers, broadly control and earnings are more impor-
speaking, remain healthy. Excess tant when raising capital is pricier.
savings, though somewhat depleted, So be ready to buy companies with
will continue to fuel spending reasonable valuations, noncyclical
through at least the first half of this growth, near-term profits, and bal-
year for the lowest-income house- ance sheets that mean they won’t need
holds, and through the end of next to tap the capital markets for funding.
year for middle-income groups, ac- Robert Stimpson, co-chief invest-
cording to estimates from Morgan ment officer of Ohio-based Oak Asso-
Stanley. And the labor market shows ciates, points to Google parent Alpha-
almost no signs of cracking, having bet (GOOGL) as an example. The
added more than a half-million new stock lost 39% of its value in 2022 and
jobs in January alone. has lagged behind its peers in 2023 on
What the no-landing scenario fails concerns about competition to its
to address, however, is that at a cer- dominant search engine from artifi-
tain point, persistent strength begins cial-intelligence chatbots.
to pose its own set of risks because it That has left shares trading at a
forces the Fed to take further action to
try to rein in inflation. The latest con-
sumer-price data show that progress
Prepare to Pivot: How to Invest multiple of around 17 times expected
earnings over the coming year, the low-
est they have been since 2013 and com-
on fighting inflation has slowed—the
Fed’s preferred inflation gauge, for
one, came in well above consensus in
When the Slowdown Comes pared with an average of nearly 25
times over the past half decade. It’s also
a discount to its megacap tech peers
January—and costs in the services and the S&P 500’s 19 times forward
sector in particular are continuing to Cyclical companies with pricing power look good for now, but switch to price/earnings multiple.
rise despite the central bank’s actions. growth stocks after the Fed eases up on rate increases. Stimpson dismisses worries about
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
L
whether it will be a contractionary ast year, predictions of a re- barely one in five S&P 500 companies cash flow from the core search busi-
crash or a smooth glide back to 2% cession by the middle of 2023 managed to increase their operating ness in the meantime,” he says.
inflation remains to be seen. The latter were commonplace. Stronger- margin from the prior and year-ago On average, analysts expect Alpha-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
option is still possible, and some fore- than-expected economic data quarters. They include cyclical compa- bet to generate $74 billion in free cash
casters say its likelihood has increased showing a red-hot U.S. labor market nies such as United Rentals (ticker: flow in 2023, which would be up 24%
mildly after the latest batch of data. and resilient consumer spending in URI), Deere (DE), Honeywell Inter- from 2022, according to FactSet.
But others feel the latest strength recent months have quieted that view. national (HON), Delta Air Lines Stimpson also sees value in medical-
could tip the scales in the other direc- Stocks rallied as recession fears di- (DAL), Linde (LIN), Schlumberger device companies. They have the kind
tion: The harder the central bank has minished and traders bet on an end to (SLB), and Wynn Resorts (WYNN), of noncyclical growth attributes that
to work to see the cooling it wants, the Federal Reserve interest-rate increases. according to a Barron’s screen using should shine in an eventual macro
higher the risk rises of a policy error Riskier and more-speculative corners data from Bloomberg. slowdown, and cheaper valuations
that forces a recession. of the market performed the best. Yet a rising economic tide lifting than insurance or pharmaceutical
Baker, for one, is predicting no Despite all the optimism, it’s proba- most companies’ revenue won’t last healthcare stocks. He points to Zim-
downturn for 2023 as of now. But he bly wishful thinking to expect infla- forever. When a slowdown comes, mer Biomet Holdings (ZBH) and
worries that some of the recent data, tion to return to 2%, gross domestic prepare for a shift to growth stocks. Stryker (SYK) in particular.
particularly the red-hot jobs numbers, product to continue to grow faster Last year, technology and growth The American Century Stoxx U.S.
could boost the chances of a Fed over- than 2%, and for the Fed to lower in- shares were the biggest losers, lag- Quality Growth exchange-traded
reaction. terest rates. That’s “the monetary pol- ging behind cyclical sectors such as fund (QGRO) looks for growth compa-
“The story of a recession would be icy equivalent of landing a Boeing 747 energy—despite a slowing economy. nies with superior scores for profitabil-
if the Fed basically freaks out,” Baker on an aircraft carrier,” says Robert Rapid increases in interest rates ity, earnings variability, and leverage.
says. “If they go, ‘Oh my God, this is Phipps, director at Per Stirling Capital weighed on growth companies, as Its top holdings include Booking
really out of control, we have to really Management in Texas. their future cash flows are worth less Holdings (BKNG), Old Dominion
slam on the brakes.’ That’s the big- Investors ought to plan for stronger when discounted back to the present. Freight Line (ODFL), Cadence De-
gest risk.” growth with higher inflation and in- The Fed could have a few more sign Systems (CDNS), Autodesk
Even unprecedented strength so terest rates in the near term. That quarter-point increases to go before (ADSK), and Mastercard (MA).
Scan this code for but that’s also the intended outcome
the full interview of having an interest rate that moved
on At Barron’s from nothing up to 5%. And so, the
With Andy Serwer,
a new video series impact’s coming in. The question is,
featuring top what’s sticky? What’s not sticky?
CEOs.
And the consumer is employed, and also a backlash. How do you navi-
that has pushed it out. We went from a gate that?
[forecast for a] recession starting at the If you take something like the energy
U N TA N G L I N G T H E E C O N O M Y end of 2022, to the first part of 2023, transition, we’re helping oil and gas
and now to mid-2023. And so we’ve companies figure out how to make all
got a mild recession: second-, third-, of this happen. So, we have outstand-
Brian Moynihan,
fourth-quarter negative, getting back ing loans, and people criticize us for the
to positive in second-quarter 2024. oil industry. And we also did $100-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
By the Numbers
you’re seeing and what that means the way, some of that financing was for
for the depth of a recession? oil companies making changes, so
General American consumers have you’re helping them deliver on carbon-
money in their accounts and the ability capture storage or deployment of re-
to borrow. They’re paying their debts, newables. These massive transforma-
and [they’re] employed and earning tions that take place have to be helped
more money. That means a recession is by the financial-services industry. We
The Bank of America chief credits the consumer with keeping the a little hard to understand. [The Fed- have to be balanced. We have to make
economy strong—at least for now. His case for the bank’s stock. eral Reserve] has got to get inflation sure everybody participates.
under control. So, that’s where you get
the soft landing. And if it’s plus a half Why should investors hold Bank
What “people or minus a half [of GDP], that’s not of America stock?
BY ANDY SERWER most part been pretty darn good. Two have gotten much difference in terms of general There are only four U.S. companies
B
caveats: 1) Moynihan was hindered by wrong is economic activity. This isn’t minus 5% that earned more than $15 billion for
rian Moynihan almost rev- having to address legacy issues from or something like that. eight years in a row. We’re one of
els in being understated. the 2008-09 financial crisis, and 2) how long those four. It’s consistent earnings
Unlike some of his brasher the stock market hasn’t been particu- the Fed is While we’re speaking about infla- power, across time, since we cleaned
CEO brethren, Moynihan, larly eager to assign high valuations tion, do you think it has peaked? up after the financial crisis in 2010-15,
chief executive of Bank of to bank stocks, even a powerhouse going to We have to step back and realize these and it has set us on a course. Our job
America, the nation’s sec- like Bank of America (ticker: BAC). have to month-to-month data sets are going to is just to continue to drive that. Our
ond largest bank by assets All of this is rich fodder for discus- bounce around a little bit. People are job is to deliver the controls, more
after JPMorgan Chase, usually likes to sion, which is why we were delighted leave rates going to overread them one way and income, revenue expense, operating
let the numbers do the talking. to have Moynihan in Barron’s New at a higher overread them the other way. But the leverage, income with controlled risk,
And the numbers for the bank York office earlier this month for a broad trend is inflation peaking out— and that’s what we’ve been doing.
during Moynihan’s tenure—he became wide-ranging interview. In my conver- structure.” [it has] peaked in some areas and not
CEO in January 2010—have for the sation with Moynihan, he expressed a Brian Moynihan quite peaked in others. That’s good, Thank you, Brian. B
22 BARRON’S February 27, 2023 February 27, 2023 BARRON’S 23
cutting global sales to $13.7 billion Amgen says that Remicade’s price is The details of those arrangements are Here Comes the Competition
from $21.2 billion in 2022. That’s on down 57% since the first biosimilar confidential and allow the PBM to Humira biosimilars expected to launch this year in the U.S.
the low end of AbbVie’s prior esti- launched, and Johnson & Johnson keep some share of the rebate. Company / Ticker Product Expected launch date
mates; the company had previously says Remicade sales are down to $2.3 The problem for biosimilars is that
Amgen / AMGN Amjevita January 31
said that U.S. sales could drop as billion in 2022 from $7 billion in the established drugs can afford to
much as 55%. Organon / OGN Hadlima July 1
2016. pay a larger rebate: Yaron Werber, an
Piper Sandler analyst Christopher Other treatments have made less analyst at Cowen, says AbbVie has Boehringer Ingelheim Cyltezo July 1
Raymond called the guidance “about of a dent. Biosimilar alternatives to been paying about $9 billion in dis- Coherus BioSciences / CHRS Yusimry July 1
as upbeat as we could have hoped.” Sanofi’s (SNY) insulin product Lan- counts on Humira, a figure that in- Viatris / VTRS Hulio July
That’s good news for AbbVie, cer- tus account for 28% of the market for cludes rebates to PBMs as well as Novaris / NVS Hyrimoz July
tainly. But it also has broad implica- the drug, while competitors to Eli discounts to other channels, like
Pfizer / PFE Abrilada Second half of the year
tions for the larger drug market and Lilly‘s (LLY) Humalog, a different Medicaid. That means PBMs are in-
healthcare as a whole. Humira is just type of insulin product, have cap- centivized to give priority to the origi- Fresenius Kabi Idacio July
the first of a wave of successful, high- tured just 8% of market share. nal biologics on their list of drugs Teva Pharmaceutical Industries / TEVA AVT02 July 1, pending FDA approval
price biologics expected to face bio- For Humira’s competitors, these that are covered by insurance, posi- Sources: Cardinal Health; company reports
similar competition in the coming insulin drugs set a particularly worry- tioning them to hold a higher market
years, and its fate is seen as a bell- ing precedent: They’re the only cur- share than their upstart competitors.
wether. rent biosimilars that fall under insur- AbbVie says that for 2023, Humira two drugs for most consumers.) The similar manufacturers, meanwhile,
After Humira, the most significant ers’ pharmacy benefits—as Humira is a covered drug for 90% of insured company said it would make deci- seem to be tempering expectations as
biologic poised to be tested is does—rather than the medical benefits Americans. Meanwhile, the major sions about the other biosimilars as the challenges come into focus. “Am-
Merck‘s (MRK) cancer treatment that are applied when a treatment PBMs say they will take some, they launched. gen is definitely not emphasizing that
Keytruda, which brought in $20.9 must be administered by a doctor. though probably not all, Humira bio- Without any economic incentive, drug as much as they had been, as a
billion in sales last year; its first bio- When a drug is dispensed through similars. there’s little reason to think that bio- driver for them for their top line,”
similar challengers are expected in the pharmacy, PBMs play an enor- Even if PBMs do agree to include similars will be adopted by doctors Raymond tells Barron’s.
2028. Johnson & Johnson‘s (JNJ) mous role in determining its cost and Humira biosimilars on their formu- and patients. “On the financial level, For some in the biosimilar market,
Stelara, which treats some of the accessibility. In the case of biosimi- laries—the lists of drugs that insur- the only thing that is really motivat- this year is about positioning: getting
same conditions as Humira and cap- lars, that has so far manifested in ance agrees to cover—it isn’t clear ing us [to prescribe a biosimilar] is onto formularies and launching a
tured $9.7 billion in revenue in 2022, keeping prices relatively high. that patients will use them. Cigna the patient’s out-of-pocket cost,” says long, slow fight for market share.
is expecting competition later this Here’s how it’s playing out with (CI) and UnitedHealth Group Dr. Gary Feldman, a practicing rheu- “Our view is you’ve got to be in the
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
year. And Regeneron Pharmaceuti- Amgen‘s Humira competitor: The (UNH) say that their PBMs will put matologist in California and the pres- game in ’23 if you want to play in ’24
cals‘ (REGN) eye drug Eylea, with company says it will offer the drug to the biosimilars in the same category ident of the Coalition of State Rheu- and beyond,” said Paul Reider, chief
$6.3 billion in revenue last year, PBMs for two different U.S. list as Humira, meaning they won’t be matology Organizations. commercial officer of Humira biosim-
could face biosimilars in 2024. prices, $85,000 or so a year, or about any cheaper for patients. CVS The challenges for biosimilars are ilar maker Coherus BioSciences
If biosimilars fail to take hold, $40,500 a year (Humira is currently Health (CVS) told Barron’s that its multiplied by their development pro- (CHRS) at an investor conference in
original biologics to extend their mo- steeper cost. That’s because the ferred. (A CVS spokesperson said had limited success their name suggests, a very close imi- ing anxiously ahead to the Inflation
disrupting drugs like
T
treatments like Humira. The first, care reformers, and the surprise of tion study—the pricing power of pact on healthcare spending. healthcare system at large—hundreds
his was expected to be the Amjevita from Amgen (AMGN), was all, the theory that biologic competi- biosimilars varies. So far, overall “I am a bit nervous,” says Marta of billions of dollars ride on the suc-
year that Humira, Abb- launched in January; as many as tion would end Humira’s dominance costs per unit for the existing biosim- Wosi ska, a healthcare economist cess of the Humira challengers and
Vie‘s blockbuster seven more could arrive later this and undercut its price seems to be ilars and the biologics they target are and a visiting fellow at the USC- other biosimilars in the near-term
$90,000-a-year arthritis year. crumbling. down 18% to 50% since the biosimi- Brookings Schaeffer Initiative on pipeline. IQVIA said in a January
treatment and the best- Congress set the stage for this mo- Recent projections from AbbVie lars were launched, according to Health Policy. “What I worry about is report that savings attributed to bio-
selling biopharmaceutical ment a decade ago, when it passed suggest that its private negotiations IQVIA. that…[biosimilar] manufacturers similars over the next five years alone
in history, loses its choke- legislation creating a pathway to ap- with the middlemen who cut deals on Similarly, current biologics have might decide that some markets are could be more than $180 billion. That
Alex Flynn/Bloomberg
ents protecting AbbVie‘s (ticker: biologics, an expensive class of drugs PBMs, are going very well for Abb- drug from Johnson & Johnson used and potentially no entrants in some ber thinks that, ultimately, they will.
ABBV) cash cow expired at the be- grown from living cells. Biologics Vie, and significantly less well for the to treat a number of autoimmune markets at all.” “The reference drugs aren’t going
ginning of 2023. That opened the now account for 46% of total medi- biosimilars. In early February, the conditions, faces three biosimilars Analysts and insiders generally to completely go away,” Werber says.
door for a host of competitors known cine spending in the U.S., according company said it now expects U.S. that together hold 44% of the market, expect the Humira biosimilar market “But they will have to cede share and
as biosimilars, drugs that function as to the IQVIA Institute for Human Humira sales to drop 37% in 2023, according to IQVIA. A report from to take some time to shake out. Bio- price.” B
24 BARRON’S February 27, 2023
T
Rydex Guggenheim MFS Ins / RYIFX Alt Mgd Futures 1.24 2.0
AQR Lng-Sht Eqty I / QLEIX Alt Long/Short Eq 1.19 6.4
he term “shareholder democ- similar choices for U.S. and foreign institu-
TCW Dev Mkts Equity I / TGDMX Emerging Markets 1.15 1.0
racy” is a bit of an oxymoron. tional investors since January 2022. Some ACR Intl Quality Ret I / IQRIX Intl Multi-Cap Value 1.00 14.0
When it comes to electing corpo- 95% of institutional stock index accounts AQR SLS Equity CA R6 / QNZRX Alt Long/Short Eq 1.00 6.8
US Glbl China Region / USCOX China Region 0.96 8.2
rate boards, Wall Street has al- are now eligible to control their own votes. Princeton Lng/Sht Trs I / PTAIX Alt Mgd Futures 0.94 – 0.3
ways been run as a plutocracy, with one Schwab announced a proxy pilot pro- AQR Mgd Futures Strat I / AQMIX Alt Mgd Futures 0.93 0.1
share—not one person—equaling one vote. gram for retail investors in the Schwab Conquer Rsk Def Bull / CRDBX Alt Multi-Strategy 0.91 6.7
Symmetry Pano Alt I / SPATX Alt Multi-Strategy 0.81 2.3
The wealthiest investors with the most 1000 Index fund (SNXFX), the Schwab Vanguard Mkt Neut Inv / VMNFX Equity Mkt Neutral 0.81 0
shares control companies. 1000 Index ETF (SCHK), and the Schwab Decathlon Mkt Ntrl Inst / DECIX Mix Tgt All Mod 0.80 1.5
Putnam Gl Health Cr A / PHSTX GL Health/Biotech 0.76 – 2.9
Historically, the average mutual or Ariel ESG ETF (SAEF) in October. State DFA LTIP Portfolio Inst / DRXIX Infl Protected 0.74 3.3
exchange-traded fund shareholder has fared Street Global Advisors, the third-largest Steward Eq Mk Neutral In / SMNIX Equity Mkt Neutral 0.74 – 4.7
even worse in this already unequal system, indexer, followed suit with its own pilot for AQR Alternat Risk Prm R6 / QRPRX Abs Return 0.71 4.0
AQR Div Strat I / QDSIX Alt Multi-Strategy 0.68 3.4
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
because fund management controls their institutional fund investors in December. Merger Fund Inst / MERIX Alt Event Driven 0.66 0.7
votes. Vanguard Group, BlackRock (ticker: While index-fund managers can spin
The Week's Bottom 10
BLK), Charles Schwab (SCHW), and other these programs as giving investors greater Fund Investment Objective One Week Year-to-Date
fund companies are looking to change that. control over their assets, they are also a Transam Cap Growth I / TFOIX Multi-Cap Growth – 7.15 14.4
Rydex Energy Svcs Inv / RYVIX Natural Resources – 6.98% – 0.6%
On Feb. 1, Vanguard announced it would be response to longstanding criticisms that Morg Stan I Growth A / MSEGX Multi-Cap Growth – 6.93 14.6
launching a pilot program for three of its indexers have too much power in corporate Bail Giff US EG I / BGGSX Multi-Cap Growth – 6.90 13.7
ETFs—Vanguard S&P 500 Growth boardrooms. Together, BlackRock, Van- Morg Stan Insight A / CPOAX Multi-Cap Growth – 6.41 15.8
Morg Stan I Disc A / MACGX Mid-Cap Growth – 6.40 14.7
(VOOG), Vanguard Russell 1000 guard, and State Street now manage about Morg Stan I Advtg I / MPAIX Multi-Cap Growth – 6.22 14.7
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
(VONE), and Vanguard ESG US Stock $20 trillion. As early as 2018, Vanguard AMG Veritas China N / MMCFX China Region – 5.85 1.3
Columbia Grtr China A / NGCAX China Region – 5.85 0.8
(ESGV)—that would allow retail investors founder Jack Bogle warned that corporate Matthews Asia Innvs Inv / MATFX Pacific Ex Japan – 5.81 1.7
some control over their votes this proxy control by the big three indexers doesn’t
The Largest 25
season, which usually begins in the spring. “serve the national interest” because they Assets 3-Year* 1-Week YTD
The new program will enable sharehold- were “reshaping corporate governance.” By Fund Investment (billions) Objective Return Return Return
ers to select one of four options for what to 2020, some critics were calling for letting American Funds Gro A / AGTHX $104.1 Large-Cap Growth 4.7% – 2.42% 8.3%
American Funds Bal A / ABALX $94.3 Mix Tgt All Gro 3.5% – 1.39% 1.4%
do with a fund’s proxy votes: vote the way shareholders control their own voting, and
Vanguard Wellington Adm / VWENX 92.6 Mix Tgt All Gro 3.8 – 1.29 1.5
Vanguard decides, vote with whatever cor- last year, Republican legislators attacked Fidelity Contrafund / FCNTX 87.4 Large-Cap Growth 5.0 – 1.71 6.1
porate management of the fund’s under- BlackRock for being too “woke.” Others Vanguard Tgt Ret2030 Inv / VTHRX 80.7 Mix-Asst Targ 2030 2.6 – 1.15 3.8
lying portfolio companies recommends, have said indexers routinely vote against Vanguard Tgt Ret2035 Inv / VTTHX 79.9 Mixed-Asset Target 2035 3.2 – 1.27 4.1
abstain from voting, or vote per advisor ESG-friendly shareholder proposals. American Funds Inc A / AMECX 77.9 Mix Tgt All Mod 4.7 – 1.00 0.8
Glass Lewis’ environmental, social, and “Clearly, ETF managers are coming Vanguard Tgt Ret2025 Inv / VTTVX 75.2 Mixed-Asset Target 2025 2.0 – 0.98 3.4
Fidelity SA US Tot Stk / FCTDX 73.1 Multi-Cap Core 8.3 – 1.80 5.6
governance–friendly recommendations. under political scrutiny, particularly in the
American Funds Wash A / AWSHX 72.6 Large-Cap Value 7.4 – 1.86 0.3
These options will apply only for the context of ESG—both how ESG ETFs are Dodge & Cox Stck I / DODGX Multi-Cap Value 10.1 – 2.04 4.3
71.0
funds’ largest 25 holdings. Proxy voting will constructed, as well as how fund managers American Funds EuPc R6 / RERGX 70.7 Intl Large-Cap Growth 1.9 – 1.93 6.0
be pro rata, meaning that the largest fund vote on ESG issues,” says Aniket Ullal, Vanguard Tgt Ret2040 Inv / VFORX 69.4 Mixed-Asset Target 2040 3.9 – 1.39 4.4
shareholders will control the most votes— CFRA’s head of ETF data and analytics. PIMCO Income Inst / PIMIX 68.7 Multi-Sector Inc 0.2 – 0.25 1.7
just as if they owned the stocks directly. Advances in technology and increased American Funds ICA A / AIVSX 68.4 Large-Cap Core 6.9 – 2.01 3.8
Vanguard Tgt Ret2045 Inv / VTIVX 65.1 Mixed-Asset Target 2045 4.5 – 1.48 4.8
“As an investor-owned asset manager, competition are also factors. This past June,
American Funds CIB A / CAIBX 62.8 Global Equity Income 3.5 – 0.95 1.4
Vanguard is uniquely positioned to partner BlackRock expanded proxy voting control Fidelity SA Core Inc / FIWGX 59.6 General Bond – 1.8 – 0.15 1.3
with individual investors on participation for its direct-indexing subsidiary Aperio. Its Vanguard PRIMECAP Adm / VPMAX 59.3 Large-Cap Core 6.9 – 1.98 4.2
in the proxy voting process,” wrote Van- private indexed accounts are customized to American Funds FInv A / ANCFX 58.8 Large-Cap Core 5.6 – 2.00 4.2
guard spokesman Netanel Spero in an suit individual investors’ ESG and tax pref- Dodge & Cox Income I / DODIX 56.4 Core Bond – 1.3 – 0.24 1.6
emailed statement to Barron’s. erences, and are now competing directly Vanguard Div Gro Inv / VDIGX 53.4 Equity Income 8.1 – 0.80 – 1.5
Fidelity Str Adv LgCp / FALCX 53.4 Large-Cap Core 0 – 1.83 5.2
The Vanguard pilot program mirrors one with ETFs and mutual funds.
Vanguard Tgt Ret2050 Inv / VFIFX 52.6 Mix-Asst Targ 2050 4.7 – 1.56 5.0
that rival BlackRock announced in Novem- Offering greater individual proxy vote American Funds NPer A / ANWPX Global Large-Cap Growth 5.7 – 2.00 6.7
51.1
ber for retail fund investors in the United customization in the ESG ETF space could
*Annualized 02/20/2020 to 02/23/2023. Through Thursday. Source: Lipper
Kingdom. In that case, shareholders will help stave off some of that competition. B
February 27, 2023 BARRON’S 25
I N C O M E I N V E ST I N G TECH TRADER
Bonds Are Slumping Justices and Algorithms:
Again. How to Play It Safe. Is the Internet at Risk?
BY CARLETON ENGLISH “Put another way, the recent spike in BY ERIC J. SAVITZ that the algorithms aren’t designed to
yields is not just about inflation,” he specifically show terrorist content, but
A A
reality check is hitting the bond adds. “Rather, it is a sign that investors re algorithms speech? That’s the rather to respond to whatever users al-
market: The economy could be are growing more risk averse.” core question now before the ready are watching. The same algo-
headed for a “no landing” sce- Given the uncertainty around inflation U.S. Supreme Court. The an- rithms, he noted, show cooking videos to
nario, prompting the Federal and the Fed’s rate plans, some strategists swer could throw the internet people interested in cooking, and Islamic
Reserve to pump the brakes harder than recommend playing it safe with debt such into chaos. State videos to people interested in Is-
previously anticipated. as six-month Treasury bills, now yielding Algorithms are simply rules used to lamic State.
The prospect of higher interest rates— 5.1%. That isn’t much of a positive “real” solve problems. Internet sites use them to Justice Elena Kagan laid out the Su-
the Fed’s primary policy tool to slow eco- yield, adjusted for inflation. But hold the determine what content you see on so- preme Court’s dilemma. “Every other
nomic growth and curb inflation—sent bills to maturity and you’re guaranteed cial-media services, such as Facebook industry has to internalize the costs of its
bonds into a tailspin in the past few that yield with no risk to principal, as- and TikTok, online stores Amazon.com conduct. Why is it that the tech industry
weeks. A recovery could be rocky in the suming the U.S. government doesn’t de- and Etsy, and content sites Netflix and gets a pass? A little bit unclear,” she said.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
months ahead. High-quality short-term fault. YouTube. Every site needs a way to figure “On the other hand, I mean, we’re a court.
debt, like Treasuries yielding 5%, may be “You get an excellent, high-quality out what to show you. If YouTube simply We really don’t know about these things.
a good way to ride out the volatility and short-duration asset, so you’re not ex- offered you the most recent content, you’d You know, these aren’t like the nine great-
earn positive total returns. posed to a lot of volatility, and the best get a random set of videos that you might est experts on the internet.”
Bond prices and yields move in oppo- forward-looking income we’ve had in a not want to watch. Eric Goldman, a professor at the
site directions, and the past few weeks decade,” says Ed Al-Hussainy, senior Algorithms cropped up this past week Santa Clara University School of Law
have been brutal as yields jumped. The interest-rate strategist at Columbia in oral arguments in two cases—Gonzalez and co-director of its High Tech Law
10-year Treasury yield started February Threadneedle. “That’s a pretty good deal v. Google and Twitter v. Taamneh—in Institute, says that headed into oral
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
at 3.39%. It recently traded at 3.94%, a big to be able to lock that in,” he adds. which families of individuals killed in arguments in the Google case he was
jump in a short time. Corporate debt yields more than attacks by Islamic State sued social-me- “extremely concerned that the justices
The headwinds have swept through Treasuries, though most bond funds dia platforms for surfacing Islamic State– would fully embrace the tech backlash.”
the market. The iShares Core U.S. have higher durations, or interest-rate related content to some users. Heading But he says the hearing went “much
Aggregate Bond exchange-traded fund risk, than T-bills. Vanguard Short- into the hearings, internet companies better than expected for Google and,
(ticker: AGG) was up 3.3% at the end of Term Corporate Bond ETF (VCSH), feared that justices would lever the cases by proxy, for the internet.”
January, including interest. It’s now up for instance, has a 30-day SEC yield of to rewrite Section 230, a provision in This was the first time the court has
just 0.6%, relinquishing nearly all of its 4.94%. But its average duration of 2.7 federal law that protects internet plat- heard a suit challenging Section 230, but
year-to-date gains. years makes it a bit riskier if rates keep forms from lawsuits over moderation of there will be others. In particular, as soon
The bond market seems worried that rising. The ETF, which tracks the content created by users. Websites cur- as 2024, the justices could review two tied
inflation isn’t cooling nearly fast enough Bloomberg U.S. 1-5 Year Corporate Bond rently can moderate heavily, or not at all, to state laws curbing social media’s ability
to reach the Fed’s comfort zone at a 2% Index, is ahead 0.4% this year, including and still not be liable. What’s unclear is to regulate conservative political speech.
annualized rate. The job market remains interest. whether Section 230 covers the use of Florida and Texas passed the laws,
vibrant, too, implying a “no landing” High-yield, or “junk,” bonds might algorithms to expose users to content. which have been challenged in courts.
scenario in which the economy defies look tempting with yields around 7.8% Can algorithms be considered content The Florida law was blocked on free-
the Fed’s efforts to slow growth. for funds such as iShares iBoxx High created by the platforms? If so, that would speech grounds, but the Texas law was
Moreover, the bond market is pricing Yield Corporate Bond (HYG). But the leave them outside the bounds of Section upheld. Eventually, the Supremes may
in inflation expectations beyond what the ETF poses considerable credit risk, and 230, which protects sites only from con- decide who’s right. Says Goldman: “This
data would suggest. Nicholas Colas, co- it’s a play on rates with an effective dura- tent created by third parties. In Tuesday’s could be a nuclear bomb for the internet.”
founder of DataTrek Research, points out tion of 3.9 years. It’s up only 0.8% this session, the justices and lawyers arguing Tom Romanoff, tech policy director at
that five-year Treasury yields are up by year, measured by total return. the case used the word “algorithm” 93 the Bipartisan Policy Center, a Washing-
74 basis points since mid-January (a basis Some strategists see little to gain with times. Both the court’s left and right wings ton, D.C., think tank, says “the smart
point is 1/100th of a percent). Yet five- dicey corporate debt. “Don’t go too far generally seemed skeptical that algorithms money” thinks the justices will pass the
year inflation expectations have increased down in credit quality; you will have a fall outside the law’s protection. cases back to lower courts or perhaps split
by only 0.43 of a percentage point. better opportunity to get in later,” says Justice Clarence Thomas, who previ- the vote. But he also believes that the cur-
The bigger jump in yields suggests Brian Rehling, head of global fixed- ously said he was looking for a case to rent litigation has “opened the Pandora’s
that investors are demanding higher income strategy at Wells Fargo Invest- consider changes to Section 230, grilled box” on potential regulation of algorithms.
inflation-adjusted rates of return, he says. ment Institute. B the plaintiff’s side on whether it matters For the web, more risks lie ahead. B
26 BARRON’S February 27, 2023 February 27, 2023 BARRON’S 27
A Trend Spotter
[168.Hong Kong]. Some may look ing as a social negative potentially think possible. Because of China’s Zero
cheap trading at single-digit price/ restricting people from getting mar- Covid policies and Xi’s political direc-
earnings multiples, but they are cheap ried. I’d be cautious on videogame tion, a lot of long-only investors exited
for a reason. stocks. China in 2021-22. There has been an
The standout sectors [to own] are influx lately because of the China re-
related to aging—teeth, eyes, and Where else should investors be opening, but investors are saying they
Sizes Up China’s
knees—although you need to find wary of policy shifts? don’t want to “own” China anymore,
companies with good-enough margins. The education stocks also warrant just “rent” it. There is a structural shift
They won’t get massive pricing power caution. They have rebounded after from being invested long term to tak-
because every so often, the Communist being badly beaten up [when the gov- ing a more tactical approach.
Party will say glasses, for example, are ernment cracked down on after-school
Baby Bust
too expensive. Take a look at Modern tutoring companies]. I don’t think the How should investors mitigate the
Dental Group [3600.Hong Kong] and government has changed its mind on risk of a Taiwan-oriented crisis?
EuroEyes International Eye Clinic trying to bring down the cost of living, Make sure you aren’t overweight
[1846.Hong Kong], a big chain of opti- because it has gotten expensive for the China and are overweight defense
cians. These large franchises exist in average Chinese family and could [military] stocks, and think about
developed markets but are just start- keep people from having kids. which stocks could benefit from such
ing to be a thing in China. The government knows the demo- an event. It’s hard to insulate a portfo-
BY RESHMA KAPADIA billion now. Yet, I still meet investors graphic situation has far-reaching lio from a full-on conflict, but you
S
who equate Asia with growth—with What other areas benefit from the implications, given Xi’s aims of re- mitigate some of the risk.
imon Powell’s perch in a young population and growing aging population? turning China to great-nation status. For example, you could expect seri-
Hong Kong has given him prosperity. Robotics and artificial intelligence, If Xi wants to militarily be a strong ous sanctions [in a crisis], and there is
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
a front-row seat to trends Many people don’t realize how the because the Chinese working popula- power, does he have enough people to likely to be a shift away from Chinese
unfolding in the region— world has changed in the past two de- tion is going to shrink faster than peo- put into the Chinese army? That’s an supply chains. BYD [1211.Hong Kong]
trends with investment im- cades with regard to birthrates, demo- ple realize. China is already a big buyer issue [Russia’s Vladimir] Putin is fac- is the largest electric-vehicle vendor in
plications, such as China’s graphics, and shifting population of industrial robots, and that will con- ing right now. the world in terms of number of units
population decline and new structure. The pandemic intensified tinue. Industrial-robot companies are shipped. Electric vehicles, batteries,
geopolitical risks. existing trends. The shortage of suit- economically sensitive, however, be- Geopolitics is another megatrend. panels, and semiconductors are im-
Powell, global head of thematic re- ably skilled workers for jobs around cause the first place CEOs will cut What does it mean for investors? portant for developed markets for the
search for Jefferies, says that investors’ the world has highlighted that people capital spending is in the automation Investors are underestimating how next five years. China is on the verge
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
long-held view of Asia’s population as quietly have been retiring early, and of new lines. Investors should consider serious the Chinese spy balloon situa- of becoming the Saudi Arabia of EV
young and on the rise needs an update. fewer people are entering the work- domestic automation companies like tion is. It just adds fuel to already neg- batteries. Are the U.S. and Europe
While investors sometimes have dis- force. That has implications not just for Wuxi Lead Intelligent Equipment ative attitudes in Washington, D.C., going to allow that to happen? The
missed megatrends as too long term to economic growth but also corporate [300450.China], Shenzhen Inovance and could lead to further anti-China Inflation Reduction Act says no. You
affect near-term investment decisions, earnings in terms of higher wage bills. Technology [300124.China], Estun policies and legislation. As a result, want alternatives to China suppliers.
now is the time, he argues, to pay at- In China, investors need to bake in Automation [002747.China], Leader companies might find they have sup-
tention to China’s demographic strug- much lower expectations for long-term Harmonious Drive Systems ply chains they need to give up in a Are batteries the new chips in
gles and rising tensions with the U.S. gross-domestic-product growth. [688017.China], and Shanghai Bao- hurry—and not just for solar [panels a U.S.-China Cold War?
Barron’s spoke with Powell on Feb. sight Software [600845.China]. and other equipment] and semicon- If you look at the valuations of China’s
13, while he was on vacation in Eng- What is behind China’s ductor chips, but everything. Large Contemporary Amperex Technol-
land, about the implications of China’s demographic challenges? How will Chinese policy makers multinationals such as the auto mak- ogy [300750.China] and BYD, it’s as if
baby bust, why electric-vehicle batter- China is in this position because of the respond to the demographic ers are already de-risking, but small China has won the battle and
ies could be the next front in the battle One Child policy introduced in 1980. crunch? and midsize enterprises think this will cornered the market. Warren Buffett’s
between China and the West, and how The birthrate fell below the replace- I expect the government to do things blow over. I’m not sure it will. Berkshire Hathaway [BRK.A] has
to mitigate the risk of a possible con- ment rate in 1994 and [the population like not promoting people unless they If I were advising the U.S. govern- started to sell some of its BYD shares.
flict over Taiwan. An edited version started to shrink] in 2022. The policy, have children. Women’s rights are ment, I’d say the China economic That seems like a smart move because
of the conversation follows. which ended in 2015, caused a massive being clamped down. We’ve seen cash threat isn’t as big as you think because there could be a scenario in which the
imbalance in gender at birth. From payments for having babies elsewhere, China is in a far worse economic and U.S. and Europe say they’re not going
Barron’s: What megatrends should 1983 until recently, there was a pre- average man, [many] women said they hold formation peaked seven years first- and second-tier cities going side- as in Australia, but the Communist demographic position than people to allow China to dominate.
investors pay more attention to? dominance of boys. That affects the couldn’t find a suitable man to marry. ago. Japan’s property sector peaked in ways, and falling elsewhere. Party views free money as decadent. realize. But when leaders struggle There is tremendous growth in EVs
Simon Powell: Investors tend to marriage rate 25 years later, which is 1999, just when we saw population Also, a shrinking population sug- The Chinese government is acutely economically at home, it is easier to in China, but you also want a foot in
ignore demographics because the why marriages have peaked. If you had What do these demographic issues shrinkage there. The Chinese property gests one should have a cautious view aware of this demographic time bomb. blame others. There is already a rise the camp of emerging alternatives that
changes are glacial. We see the num- girls, you educated them [since they have to do with the recovery in market isn’t about to fall in a heap this of consumer-staples stocks that inves- It is behind policy actions, including in nationalist thinking in China. are going to try to take share. You can
ber of humans peaking between now were only children], creating an educa- China’s equity market? year because there’s enough wiggle tors love, such as Yum China Hold- the videogame clampdown in 2018 see a geopolitical scenario where the
and 2050, then declining quickly from tion mismatch across China. With One of the biggest issues for Chinese room for the government to help. In ings [ticker: YUMC], China Mengniu and 2019 that caused the share price Does that mean increased risk U.S. says [companies] have to buy
there. China’s population will fall to women much more educated than the equities is whether the government Japan, property prices slid every- Dairy [2319.Hong Kong], China Re- of Tencent Holdings [700.Hong related to a conflict over Taiwan? batteries from somewhere else.
700 million to 800 million people by can kick-start the property sector. where but Tokyo. It could play out like sources Beer Holdings [291.Hong Kong] to contract significantly. Chi- It does. Geopolitics are going to be
the end of the century, from about 1.4 Photograph by OLIVIA HARRIS Who is the incremental buyer? House- that in China, as well, with prices in Kong], and Tsingtao Brewery nese leader Xi Jinping sees videogam- messy for a lot longer than investors Thanks, Simon. B
28 BARRON’S February 27, 2023 February 27, 2023 BARRON’S 29
MARKET WEEK
February 20 through February 24, 2023
day moving average of about 3940—a key Energy stocks saw a particularly strong
European Trader P. 31 Power Play P. 34 technical level that can act as support or selloff, with hedge funds reducing their tilt
Emerging Markets P. 31 Charting the Market P. 35 resistance in a rally or downturn. A break to the sector by a collective 2.2 percentage
Striking Price P. 32 Winners & Losers P. 36 below that would put the next support level points in the quarter. That’s after the group
Commodities P. 33 Research Reports P. 37 around 3800, says Lerner, a chartered mar- returned more than 60% in 2022—only to
Inside Scoop P. 34 Statistics P. 38 ket technician. decline 4% so far this year.
13D Filings P. 34 The S&P 500’s 5% pullback over the past Within 45 days of the end of each quar-
month still leaves it with a multiple of about ter, hedge funds must report their portfolio
17.5 times forward earnings. The year-to- holdings to the Securities and Exchange
date rally has been driven entirely by valua- Commission on a regulatory form known
tion expansion, with forecasted profits down as a 13F. The Goldman review includes
over the same span. That multiple is about holdings of 758 hedge funds, which were
MARKET PERFORMANCE DASHBOARD equal to its average over the past decade, but worth a combined $2.3 trillion at the start
with considerably more uncertainty—and of this year.
higher interest rates—today. Although growth stocks have become
Dow Jones Industrials S&P 500 Nasdaq Composite S&P SmallCap 600 Index
The technical uptrend in the 10-year more popular among hedge funds, health-
32,816.92
52-wk: -3.65% YTD: -1.00% Wkly: -2.99%
3970.04
52-wk: -9.46% YTD: +3.40% Wkly: -2.67%
11,394.94
52-wk: -16.79% YTD: +8.87% Wkly: -3.33%
1247.72
52-wk: -4.81% YTD: +7.79% Wkly: -2.71%
Treasury note’s yield remains intact. At
3.95% Friday, it has bounced off its 200-day
moving average twice early in 2023, and
care was their greatest collective overweight,
relative to the Russell 3000. Some 20% of
their holdings were in the sector at the end
could soon retest its October high of 4.23%, of 2022, versus 15% of the benchmark index.
Lerner says. That would only add to the And even though the funds pared them in
2%
valuation pressure on stocks. the fourth quarter, industrials remained in
Nowhere to Hide Comeback Time The fundamentals and technicals seem second place, with about a four-percentage-
Stocks endured a broad slump that hit Stocks opened in the green on Thursday, 1 to agree: At current levels, the S&P 500 point overweight.
all 11 sectors of the S&P 500 on Tuesday.
A pair of dour outlooks from Walmart
and Home Depot raised concerns.
only to fall below break-even by midday.
A last-hour rally helped the S&P 500 to
avoid a five-day losing streak.
Heating Up
The Fed’s preferred inflation gauge rose
0
simply isn’t that compelling. There might
be better value down the market-cap scale,
where small- and mid-cap indexes are still
Hedge funds’ largest allocation was to
tech stocks, at nearly 21% of holdings, less
than the Russell 3000’s 24% weighting in
IBKR charges
above their 50-day moving averages and the sector. The biggest underweight: con-
faster than expected in January, data
showed on Friday. December inflation
-1 valuations are cheaper. sumer staples, at four percentage points less
margin loan rates 1
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
was also revised higher. Stocks sold off than the index.
to close another losing week. -2 Dissecting Hedge Fund Trades Among individual stocks, the top new
-3
Hedge funds tilted toward growth sectors
and away from cyclical and value-oriented
areas of the market during last year’s
buy in the quarter—judged by the increase
in the number of hedge funds that owned
the stock—was Activision Blizzard
from
Close Reading fourth quarter, setting them up for a (ticker: ATVI). Funds are betting that the
On Wednesday, investors parsed the minutes
from the Fed’s latest policy meeting. Officials
-4 strong start to 2023. The Russell 3000
Growth index has added more than 7%,
videogame maker’s shares will close the
gap with the $95 per-share price Microsoft 5.08% to 6.08%
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
are determined to tighten until inflation is year to date, versus a 2% rise for the in- (MSFT) has agreed to pay for the company.
-5
vanquished. Stocks turned lower following dex’s value subset. Activision shares traded in the $70s in the
the afternoon release. Funds increased their net tilt to con- period, with the deal facing antitrust scru-
-6 sumer-discretionary stocks by 3.3 percent- tiny in the U.S. and abroad.
Tuesday Wednesday Thursday Friday Close age points in the period, the largest change Other top buys among hedge funds in the
Source: Barron’s Statistics in any sector, and lifted their exposure to last three months of 2022 were Coupa Soft- The best-informed investors
communication services and info tech, Gold- ware (COUP), Dominion Energy (D), Do-
S
man Sachs strategist Ben Snider wrote this cuSign (DOCU), and Dick’s Sporting choose Interactive Brokers
tock indexes closed an- trade,” referring to a bullish prediction uary core inflation and an upward revi- past week. They cut net tilts to energy, in- Goods (DKS). Since 2002, the stocks in that
debate the path of the boosting the market either way. Today, falling 2.99%. The Nasdaq Composite
economy and monetary the choice is between a weaker econ- slid 3.33%, and the S&P 500 fell 2.67%.
Vital Signs
Friday’s Week’s Week’s Friday’s Week’s Week’s
policy. It’s a decidedly omy that brings down inflation but also Without the weight of fundamental
Any Way
Close Change % Chg. Close Change % Chg.
muddled outlook for the market from a hits corporate profits, dragging down evidence in one direction or the other, it DJ Industrials 32816.92 -1009.77 -2.99 Barron’s Future Focus 859.82 -30.60 -3.44
fundamental perspective, with an equal asset prices, or a stronger economy that pays to check what the charts are say- DJ Transportation 14629.01 -506.86 -3.35 Barron’s Next 50 2312.72 -98.39 -4.08
Don’t Look
one’s proclivities and time frame—a vestors plenty to fret about: Purchasing decline in bond yields as traders bet on S&P 500 3970.04 -109.05 -2.67 New Highs 136 240
stronger economy now could just mean managers’ indexes came in stronger a quicker end to rate hikes.
S&P MidCap 2600.68 -65.44 -2.45 New Lows 78 32 Trading on margin is only for sophisticated investors with
S&P SmallCap 1247.72 -34.80 -2.71 Av Daily Vol (mil) 4,007.9 3,928.6
more Fed tightening and a harder fall than expected, personal income and Since then, jobs and inflation have high risk tolerance. You may lose more than your initial investment.
Cheap
Nasdaq 11394.94 -392.33 -3.33 Dollar (Finex spot index) 105.26 103.86
into recession later, after all. spending surged in January, consumer come in hot, and bond yields have re- Value Line (arith.) 9201.26 -268.94 -2.84 T-Bond (CBT nearby futures) 123-28 125-25 Member - NYSE, FINRA, SIPC – [1] Margin Loan rate as of 2/7/2023. IB calculates the interest charged
It’s a dynamic that Truist Advisory sentiment rose to its highest reading in sumed their climb. The S&P 500 is Russell 2000 1890.49 -55.87 -2.87 Crude Oil (NYM light sweet crude) 76.32 76.34 on margin loans using the applicable rates for each interest rate tier listed on its website. Rates shown
Services Co-Chief Investment Officer more than a year, and Friday-morning down more than 5% in February, clos- DJ US TSM Float 40126.40 -1120.32 -2.72 Inflation KR-CRB (Futures Price Index) 267.15 267.57 apply to IBKR Pro clients only. Rates subject to change. For additional information on margin loan rates,
Gold (CMX nearby futures) 1808.80 1840.40 see ibkr.com/interest. 02-IB23-1597-HP
Keith Lerner calls the “reverse Tepper data showed hotter-than-expected Jan- ing Friday at 3970, just above its 200-
30 BARRON’S February 27, 2023
Industry Action
Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.*
THE S&P 500 IN ONE ETF the “Rising Stars”—have outperformed their
Source: S&P Dow Jones Indices
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. Alnylam Pharmaceuticals (ALNY), Home price of copper falls. Dow (DOW), a diversi-
ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. Depot (HD), JPMorgan Chase (JPM), Mi- fied materials maker, has an 88% ratio.
crosoft, and Amazon.com (AMZN). These companies could maintain their
Despite that, Microsoft and Amazon re- dividends if a recession is only mild. Even if
main at the top of Goldman’s “Hedge Fund profits drop, they could use balance-sheet
VIP” basket, which includes the stocks most cash to maintain their payments while
frequently found in hedge funds’ top-10 awaiting a recovery, especially if the Fed
holdings. They are followed by five other stops hiking rates soon. None of the compa-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
familiar names: Meta Platforms (META), nies responded to requests for comment.
Alphabet (GOOGL), Visa (V), Uber Tech- “Dividend cuts would be much more
nologies (UBER), and Apple (AAPL). likely in a hard-landing scenario,” says Ed
Those are all strong performers—only Yardeni, president of Yardeni Research, re-
Alphabet is behind the market this year. ferring to an outcome in which the Fed lifts
rates to reduce inflation and sends the econ-
Dividends in Danger omy into a deep recession.
Intel is cutting its dividend. In a treacher- Even without a hard landing, lesser-qual-
ous environment for markets, more compa- ity companies with high payout ratios could
nies could do the same. be candidates to cut dividends—especially
On Wednesday, Intel (INTC) slashed its those with heavy debt loads.
payout 66%, to an annual 50 cents a share. VF Corp. (VFC), the $9.8 billion maker of
Intel has lost market share for chips to Ad- brands like North Face and Timberland, has
vanced Micro Devices (AMD) and strug- an 86% payout ratio and just under $5 bil-
gled to meet Wall Street’s earnings targets. lion of net debt, about 3.3 times analysts’
Weak PC demand is hurting profits. expectation of 2023 earnings before interest,
Other companies are also facing chal- tax, depreciation, and amortization, or
lenges, and more dividend cuts may be on Ebitda, of $1.4 billion. The S&P 500’s aggre-
the way. Analysts’ aggregate 2023 earnings- gate net debt-to-Ebitda ratio is 1.2 times. If
per-share estimate for S&P 500 companies VF’s profit forecast drops, it may need to
has dropped by about 10.5% in the past year, prioritize its lenders over shareholders.
according to FactSet. Kohl’s (KSS) isn’t in the S&P 500, but it’s
To find potential dividend cuts, we in the same boat. The $3.3 billion depart-
screened the 115 S&P 500 companies with ment store has a 66% payout ratio. Its net
expected 2023 payout ratios—the percentage debt of $4.13 billion is about 2.6 times ex-
of earnings paid to shareholders in divi- pected 2023 Ebitda, and it may also need to
dends—above 50%. (The average is 31.5%.) prioritize its lenders. VF and Kohl’s both
A higher payout ratio means a higher likeli- declined to comment. — Jacob Sonenshine
February 27, 2023 BARRON’S 31
EUROPEAN TRADER E M E R G I N G M A R K E TS
British Cigarette Maker Sanctions Against Russia
Is Rolling Out Products May Be Getting Started
BY CALLUM KEOWN stock-buyback announcement. BAT said BY CRAIG MELLOW its civilian economy, as cash from last
the board has decided to take a “prag- year’s record oil and gas exports was
B V
ritish American Tobacco is matic approach” to prioritize strengthen- ladimir Putin famously overesti- funneled directly into the military and
a sleeping giant of the United ing its balance sheet. mated his military might before security services. Automobile production
Kingdom stock market that may The market was expecting a buyback invading Ukraine a year ago. cratered by two-thirds in 2022. Retail
be about to wake up. of £1 billion to £2 billion, Gallagher said. And many in the West overesti- sales fell by at least 9%. Low official un-
The U.K.’s FTSE 100 Index is trading He noted the positive commentary around mated the strength of their retaliatory employment figures exclude nearly three
at record highs, closing above 8,000 new-category revenue and said the bank’s economic sanctions. “We will bring about million workers on “unpaid leave.”
points for the first time in its history analysts remain “committed buyers” of the the collapse of the Russian economy,” And the real sanctions have just
earlier this month. British American To- shares. He has a £40 price target on the French finance minister Bruno Le Maire started. The European Union, former top
bacco’s (ticker: BATS.UK) total return of stock, 26% above Wednesday’s close. declared last March. customer, stopped buying Russian crude
6,891% since the index launched in 1984 Revenue and earnings look set for solid That hasn’t happened yet. Russian oil last December and refined products
is the largest of any original constituent growth in the coming years. The tobacco gross domestic product contracted by this month. Crude seems to be finding
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
company, according to FTSE Russell data. giant reported revenue of £27.7 billion in 2.3% in 2022, the International Monetary alternative buyers in India and China, and
The stock has blown hot and cold in 2022, and analysts expect that to rise to Fund estimates. Hardly a collapse. Putin at prices above the $60 “cap” decreed by
recent years, though. Shares are down £28.8 billion this year and £30 billion in keeps escalating his war without appar- the G-7 Western alliance. Ribakova and
30% over five years—but that might be 2024. Profit is estimated to rise from 371.4 ently worrying about the bill. “If the goal colleagues estimate an average of $74 per
about to change. The company is building pence a share last year to 392.3 pence in of sanctions is to stop the war, they aren’t barrel since the EU embargo took effect.
an impressive portfolio of alternatives to 2023 and 417.5 pence next year. BAT’s achieving it,” says Alexander Gabuev, a Refined products, which accounted for
cigarettes, while a pending regulatory Vuse vapor brand is one of its trump cards. senior fellow at the Carnegie Endowment a quarter of Russia’s energy exports last
decision over its Vuse Alto vaping prod- The company said in 2022 that it had be- for International Peace. year, may prove less fungible, however.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
uct could provide a near-term catalyst. come the market leader in the U.S., the Beneath their ringing rhetoric, sanc- Putin himself crippled the natural gas
Another big reason to hold the stock world’s largest vapor market. tions architects were careful about cur- trade—worth $108 billion, or another
amid these uncertain macroeconomic But Vuse is also holding the stock back. tailing Russia’s massive raw materials third of Moscow’s 2022 energy haul—by
times: the company’s attractive 7.4% divi- Vuse Alto is pending market authorization exports. The U.S. has laid off imposing cutting European sales. With tougher
dend yield. Quarterly dividends are also from the U.S. Food and Drug Administra- “secondary sanctions” on India and other price-cap enforcement, total oil and gas
paid to holders of BAT’s American de- tion. New legislation passed in March 2022 places where the Russia trade is burgeon- revenue could fall by more than half this
positary shares (BTI). requires companies to submit a premarket ing. “The lesson is that sanctions have year, Ribakova says.
BAT owns cigarette brands including tobacco-product application, or PMTA, to limited effect when the target is very im- Economic sanctions have proven they
Camel, Lucky Strike, Pall Mall, and Dun- keep vaping products on the market. portant to the global economy,” says can work in the longer term. Iran’s econ-
hill as well a range of vapor and heated Two other Vuse products—Vibe and Christopher Granville, head of global omy shrank by nearly two-thirds from
tobacco products. The London-listed Ciro—were authorized last year, but their political research at TS Lombard. 2012 to 2020, according to T. Rowe Price
company, founded in 1902, has more than menthol variants were denied last month. Putin and his technocrats were pre- research. Russians’ real incomes (offi-
52,000 employees worldwide and oper- If Vuse Alto gets the green light from paring for this moment at least since cially) shrank by 7% in the seven years
ates across more than 180 countries. regulators, it could be a significant cata- 2014, when Russia first bit off a chunk following 2014, even though Western
There were plenty of positives to take lyst for the stock. While there is uncer- of Ukraine. They ran budget surpluses, sanctions then were relatively mild.
from the tobacco giant’s full-year earn- tainty about U.S. cigarette demand and built up reserves, and designed a dupli- If Putin wants to drain his country of
ings earlier in February, despite declining the Vuse Alto regulatory decision, the cate interbank network that cushioned its last ruble to fight on in Ukraine, he
cigarette volumes in the U.S. The com- current valuation incorporates “much of the blow of being cut off from the global can likely do that for years. But if he, or
pany said it expects its “new category” those downside risks,” says J.P. Morgan SWIFT payment messaging system. “If a successor, wants to return Russia to
segment—which includes vapor, heated analyst Jared Dinges. SWIFT had been cut off in 2014, their some hope of prosperity, they will have
tobacco, and oral tobacco products—to be The stock is cheap, trading at 7.5 times domestic messaging system would have to get sanctions lifted, and negotiate ac-
profitable in 2024, a year ahead of sched- estimated 2024 earnings, compared with collapsed,” says Elina Ribakova, deputy cordingly.
ule. The unit is also on track to meet the industry average of 9.93, according to chief economist at the Institute of Inter- “We’re degrading Russia’s capacity to
BAT’s target of five billion pounds ster- FactSet. national Finance. “This time, their do- do harm from here on out,” says Edward
ling ($6 billion) in revenue by 2025. BAT has an appealing dividend yield mestic system managed to function.” Fishman, a former State Department
But the share price reaction was nega- amid tough economic conditions, and at It’s way too early to call sanctions a sanctions official now at Columbia’s Cen-
tive, which Deutsche Bank analyst Gerry best there’s plenty of upside ahead, if failure, however. Russia’s moderate GDP ter on Global Energy Policy. “And what’s
Gallagher attributed to the lack of a investors can see through the smoke. B decline masks more profound damage to the alternative: Business as usual?” B
32 BARRON’S February 27, 2023
T H E ST RIKING PRIC E
There is nothing specifically dangerous about
0DTE options, even if they have facilitated poten-
tially unhealthy levels of aggressive speculation.
245
30
A
23
seemingly new product has op- icant advantage over sports or casino bet- 135
tions markets buzzing. So-called ting: In an honest casino or a sporting
Zero Days to Expiration, or match, the bettors have no ability to influ- 16 80
“0DTE,” options, have spurred ence the outcome on the field or at the table. M A M J J A S O N D J F M A M J J A S O N D J F
historic trading volumes alongside a wave An imbalance of bettors makes the rou- Daily Values Source: CBOE Source: McMillan Analysis Corp.
of concerned commentary. Any financial lette wheel no more likely to end on red or
innovation brings a rightful share of con- black. But if enough traders buy call options
cerns, but these new contracts are evolu- in sufficient quantities, they can push mar- SPX Skew NDX Skew
tionary, not revolutionary. kets in their desired direction. A wave of Implied volatility % Implied volatility %
It’s more like the casinos opened a new aggressive call buyers can force those who 14% 12%
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
set of tables rather than introduced truly sold the options to hedge by buying the 13 11
new games. Remember, every option even- underlying stocks or ETFs. In the extreme,
12
tually becomes zero-dated on expiration this can become a feedback loop of positive 10
day. What differs is the frequency of expira- momentum, creating a microburst of vola- 11
9
tions, not the expirations themselves. tility. (The reverse can happen with puts, 10
Weekly expirations were first listed in but it rarely does. Speculators prefer calls.) 8
9
2005, and there have been thrice-weekly The preferred strategy is deceptively 7
8
expiries in leading index and exchange- simple. Traders, hoping for a rally, load up
6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
7
traded-fund options since 2016. It was on slightly out-of-the-money calls expiring
inevitable that Tuesdays and Thursdays that afternoon. In the case of the SPDR 6 5
would be added to the mix, creating a full S&P 500 ETF (ticker: SPY) or the Invesco M A M J J A S O N D J F M A M J J A S O N D J F
slate of daily expirations. QQQ Trust (QQQ), the options are struck Source: Credit Suisse Equity Derivatives Strategy Source: Credit Suisse Equity Derivatives Strategy
When the Cboe Options Exchange an- at a dollar or two above the current price 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.
nounced its intention to fill in the expiration of the ETF. In the morning, these might be
calendar, it acknowledged that as of last worth about 90 cents. If the ETF quickly
February, 46% of options volume was made rallies above the strike, the trader may be Week’s Most Active
up of contracts expiring in five days or less. able to sell the call for $1.40 or more, yield- Company Symbol Tot Vol Calls Puts Avg Tot Vol IV %ile Ratio
The trend toward ever-shorter options has ing a high-double digit percentage return. Arbe Robotics ARBE 13180 9177 4003 120 97 109.8
Terran Orbital LLAP 48492 41194 7298 740 94 65.5
been under way for quite some time. There When there is sufficient momentum, the PROG PRG 11279 6675 4604 212 71 53.2
is nothing specifically dangerous or system- traders can roll the proceeds of their profit- CVRx CVRX 5320 3879 1441 216 93 24.6
ically risky about 0DTE options, even if able trades into the next strike, hoping to Sigma Lithium SGML 21563 16955 4608 1520 42 14.2
iBio IBIO 18294 11620 6674 1392 98 13.1
they have facilitated potentially unhealthy repeat their success. If the strategy fails, the Ambrx Biopharma AMAM 19449 13182 6267 1692 41 11.5
levels of aggressive speculation. calls finish out of the money, worthless. Mister Car Wach MCW 4762 2241 2521 420 84 11.3
The new daily expirations made little stir These are the fastest-decaying options and Anywhere Real Estate HOUS 8317 1695 6622 772 55 10.8
TransMedics TMDX 6303 2840 3463 688 7 9.2
when first listed last April, yet have recently represent a significant hurdle for buyers.
Bandwidth BAND 13267 2410 10857 1748 59 7.6
become a sensation. The reason is surpris- It is doubtful that the original propo- Brink’s BCO 3365 1104 2261 452 35 7.4
ingly simple. Markets were falling through- nents of exchange-traded options could Rent-A-Center RCII 12642 6676 5966 1716 51 7.4
out most of 2022 but have been rallying expect that a poorly understood niche prod- Travere Therapeutics TVTX 12687 4812 7875 1744 0 7.3
Euronav EURN 10222 10106 116 1468 92 7.0
sharply for most of this year. Speculators uct would eventually become a mainstream FIGS FIGS 60911 5389 55522 8676 95 7.0
are more active when markets rise, and they tool with tens of millions of contracts TrueCar TRUE 3239 111 3128 460 18 7.0
adopted the new tools available to them. changing hands daily. But they knew what Cerevel Therapeutics CERE 6428 3456 2972 1036 8 6.2
Tegna TGNA 11776 2927 8849 2332 21 5.0
Much of the recent popularity of options calls and puts were, and they knew that Sprout Social SPT 7999 2323 5676 1660 26 4.8
speculation occurred when sports gamblers every option eventually has zero days to
recognized that short-term options trading expiration. 0DTE options are simply the 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
has a similar payoff structure. Options and newest way to make options trading more 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
sports bets both offer the potential for lever- accessible—nothing more, nothing less. B 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
February 27, 2023 BARRON’S 33
COMMODITIES TO ADVERTISE, CALL 1-800-366-3975
LEGAL NOTICES
Commodities Squeeze its Net Asset Value per Share as of March 31, 2023
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON
March 31, 2023, UNLESS THE OFFER IS EXTENDED OR WITHDRAWN.
AB Private Credit Investors Corporation, an externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business development company under the
Investment Company Act of 1940, as amended (the “Fund”), is offering to purchase for cash up to
1,215,453.85 of its shares of common stock, par value $0.01 per share (the “Shares”), at a price per Share
equal to the Fund’s net asset value per Share as of March 31, 2023 (the “Purchase Price”).
If stockholders would like the Fund to purchase their Shares within the limits more fully set forth in the
Fund’s Offer to Purchase, dated February 24, 2023 (the “Offer to Purchase”), and the related Notice of
BY MYRA P. SAEFONG energy to Europe, he says, but its role in REACH Intent to Tender (the “Notice of Intent,” and together with the Offer to Purchase, as each may be amended
or supplemented from time to time, the “Offer”), they should contact their financial advisor or the Bernstein
Global Wealth Management unit of AllianceBernstein L.P. (“Bernstein”) at (212) 486-5800 to request that
the European energy market has “signifi-
SERIOUS
R
written materials relating to the Offer be provided to them. These written materials, which will be sent at
no expense to the stockholder, include the Offer to Purchase and a Notice of Intent to Tender. A tendering
ussia is a key supplier of many cantly diminished since last year,” with stockholder must complete, sign, and mail (certified mail return receipt requested is recommended), fax,
major commodities, but supply
issues weren’t quite as catastrophic
energy produced by Russia having to
travel farther to Asia.
INVESTORS. email or hand deliver the Notice of Intent to the Fund’s agent specified therein, so that it is received before
the Expiration Date stated below.
Stockholders who desire to tender Shares for purchase must do so by 5:00 p.m., New York time on March 31,
2023 (such date, as it may be extended, the “Expiration Date”). All determinations as to the receipt of notices
as some had expected following its The war also showed that “food security from stockholders relating to the tender of Shares, including, without limitation, determinations whether to
excuse or waive certain variations from relevant procedural requirements, will be in the sole discretion of the
invasion of Ukraine a year ago. is an issue that supersedes other security Barron’s Classifieds
Fund or its designated agents, and any such determination will be final.
The purpose of the Offer is to provide liquidity to stockholders because the Shares are not listed on any
“Given Russia’s vast amount of natural concerns,” with the U.S., Europe, and their is where our readers securities exchange. The Offer is not conditioned upon the tender of any minimum number of Shares or any
financing condition.
resources, the impact on the commodity allies extending “extraordinary efforts to discover opportunities The Fund is offering to purchase up to 2.5% of the weighted average of the number of Shares outstanding
during the three-month period ended December 31, 2023 (the “Quarterly Tender Cap”). The Fund is not
sector from the war in Ukraine remains ensure that grain export activities remain in real estate, business required to purchase any tendered Shares in excess of the Quarterly Tender Cap and, therefore, the Fund is
material,” says Jeremy Thurm, senior uninterrupted, contrasting with other investments, corporate not required to purchase any tendered Shares to the extent those Shares are, in the aggregate, in excess of
1,212,453.85. In accordance with rules promulgated by the Securities and Exchange Commission (the “SEC”),
aircraft, yachts, fine cars the Fund may increase the number of Shares accepted for payment in the Offer by up to, but not more than,
credit research analyst at Aegon Asset sanction efforts,” says Kung. and so much more. 2% of the outstanding Shares without amending or extending the Offer.
Management. After a year, however, a Aegon’s Thurm points out that for the It is anticipated that the purchase of Shares tendered by a stockholder will be a taxable transaction for U.S.
federal income tax purposes. Participating stockholders should consult their tax advisor regarding specific tax
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
“variety of other factors such as redirected most part, Russia hasn’t stopped producing implications, including potential federal, state, local and foreign tax consequences.
Until the Expiration Date, stockholders have the right to withdraw any tenders of their Shares by giving
trade flows, lack of sanctions, China’s commodities. Some regions have stopped proper notice to the Fund. Shares withdrawn may be re-tendered before the Expiration Date by following the
tender procedures. If the Fund has not yet accepted a stockholder’s tender of Shares on or prior to April 21,
Covid lockdowns, and a warmer-than- importing certain Russian commodities, 2023 (i.e., 40 business days from the commencement of the Offer), a stockholder will also have the right to
withdraw their tender of Shares after such date.
expected winter have all muted the initial notably with the U.S., continental Europe, Please note that just as each stockholder has the right to withdraw its tender, subject to the applicable
rules of the SEC, the Fund has the right to cancel, amend or postpone this Offer at any time before the
impact the war had on commodity prices.” and the United Kingdom cutting off pur- Expiration Date.
For information on
Following Russia’s Feb. 24, 2022, inva- chases of Russian seaborne oil, and Europe The information required to be disclosed by paragraph (d)(1) of Rule 13e-4 under the Securities Exchange
Act of 1934, as amended, is contained in the Offer to Purchase and is incorporated herein by reference. The
advertising, call
sion of Ukraine, it wasn’t just oil prices that prohibiting imports of steel originating in 1.800.366.3975 or email
information provided herein is qualified entirely by the more detailed information contained in the Offer
to Purchase. The Offer to Purchase contains important information that should be read carefully before
rallied. Russia is among the world’s biggest Russia, he says. That has affected supply to advertising@barrons.com any decision is made with respect to the Offer. This announcement is neither an offer to purchase nor a
solicitation of an offer to sell Shares. The Offer is made only by the Offer to Purchase and the related Notice
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
palladium producers, and U.S. prices for those regions, but commodities are largely of Intent. The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of Shares
in any jurisdiction in which making or accepting the Offer would violate that jurisdiction’s laws.
the metal from just before the invasion to ending up in “redirected global trade flows pQuestions and requests for assistance may be directed to the stockholder’s financial advisor or to Bernstein
at (212) 486-5800.
their 2022 price peak rose by more than via imports of Russian material by coun-
20%. Newcastle coal prices on ICE Futures tries such as China, India, and Turkey.”
Europe almost doubled, while European Also, Russia’s materials industry has
benchmark natural gas nearly tripled. been mostly “spared from sanctions,” given
Many commodity prices skyrocketed in concerns around the impact that would
the first months of the invasion, but “since have on global supply chains, says Thurm.
the supply impacts have been digested by The lack of sanctions related to palladium
the markets, the impact has been less than “speaks to the size of Russia’s output rela-
would have been expected at the beginning tive to global demand and how dependent
of the war,” says Yon Perullo, CEO of invest- the world is on Russian supply.”
ment risk management firm RiXtrema. “The For commodities that were sanctioned
world is learning to deal with the lack of by the European Union—such as oil, coal,
Russian commodities.”
Over the past 12 months, as of Feb. 21,
steel, iron, and gold—the restrictions ha-
ven’t had a lasting impact on supply and SMALL SPACES.
U.S. palladium prices have dropped about
35%. Aluminum on the London Metal
demand, he says, with several large coun-
tries still accepting Russian commodities.
BIG OPPORTUNITIES.
Exchange, as well as European bench- All told, the more “lasting impact” of the
mark natural gas and U.S. copper and war is the change in the “global trading Barron’s Classifieds is where our readers discover opportunities in
wheat prices, have also declined. relationship,” says Kung, adding that given real estate, business investments, corporate aircraft, yachts, fine
“While the impact of the war on com- China’s link to Russia, it may incur more cars and so much more.
modity prices have been limited, it did trade barriers associated with concerns
trigger some profound changes toward over Russia. “Limiting supply-and-demand For information on advertising, call 1.800.366.3975
energy policy and flow of commodities,” choices through trade barriers will likely or email advertising@barrons.com
says Darwei Kung, head of commodities result in a more fragmented commodity
and a portfolio manager at DWS Group. market and higher prices for all of the con-
Russia has been a major provider of sumers across the commodity complex.” B
34 BARRON’S February 27, 2023
IN SIDE SC OOP
investment policies, or other fac- POWER PLAY
tors.” AutoNation stock has surged
Loeb Turns
nearly 30% so far this year.
F
body Energy shares on Feb. 16 and or years, it seemed that
Feb. 17 at per share prices of $28.63 Bath & Body Works
BY ED LIN type of business has a cloudy outlook to $29.92. Elliott now holds a 14.9% could do no wrong.
P
in the face of rising interest rates. interest in the company and re- The largely mall-based
ayPal Holdings stock has Meanwhile, continuing supply-chain mains its largest shareholder. Pea- purveyor of soaps and candles was
lost all of its gains from the disruptions, exacerbated by Russia’s body stock is about flat so far in a bright spot in the portfolio of
pandemic era, when home- invasion of Ukraine, is another factor PayPal Holdings 2023, but in the past 12 months, predecessor company L Brands,
bound shoppers used its hurting e-commerce sales. CEO Dan Schul- shares have tacked on more than consistently delivering double-digit
services to buy online. The Schulman paid $2 million on Feb. man, who is retir- 60%. On Valentine’s Day, Peabody sales gains. But less than two years
financial-services com- 17 for 26,065 PayPal shares, an aver- ing before the end reported fourth-quarter revenue into being a stand-alone company,
pany’s outgoing president age price of $76.17 each. According of the year, pur- and earnings that topped consen- Bath & Body Works (ticker: BBWI)
and CEO Dan Schulman just bought to a filing with the Securities and chased $2 million sus estimates. “[Due] to our strong is facing a proxy battle as shares
$2 million worth of its stock. Exchange Commission, Schulman worth of the operating results and financial con- tumbled over 90% in the past year.
PayPal stock (ticker: PYPL) soared now owns 395,351 PayPal shares. financial-services dition,” the company’s CEO, Jim It wasn’t supposed to be this
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
to as high as $310.16 in late July 2021. Schulman declined to comment company’s stock. Grech, said, “we are actively ad- way. Activist Third Point amassed
Shares now trade in the $70 range— on his stock purchase. dressing the remaining require- more than a 6% stake in the retailer
even lower than the intraday lows of He last bought stock on the open ments to implement a shareholder- late last year in an engagement that
2019, which were in the $80s. PayPal market a year ago, when he paid $1 return program.” In November, seemed to begin cordially enough.
had foreseen the drop in demand as the million for 7,994 shares, an average Peabody said such a program In an investment update earlier this
Covid-19 pandemic subsided, but none per share price of $124.57. would be proportionate to cash- month, Third Point said it planned
of its actions could help the stock hold Schulman’s latest stock purchase flow generation, and include divi- to continue speaking with manage-
the line. A push into cryptocurrencies came about a week after he announced dends and share buybacks. ment and the board about improv-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
last year was ill-timed, as Bitcoin and his retirement from PayPal, set to ing margins and transforming into
other cyptos slumped. PayPal bought occur before the end of the year. News MasterCraft Boat Holdings a global, direct-to-consumer brand.
buy-now-pay-later firm Paidy for $2.7 of his departure overshadowed the (MCFT) But the relationship soured pub-
billion in late 2021, but in general that company’s fourth-quarter report. B Coliseum Capital Management licly this past week when Third
cut its stake in the powerboat man- Point said in a letter to B&BW that
ufacturer to 1,135,516 shares. Coli- shareholder representation is “ur-
seum Capital sold 337,589 Master- gently” needed on the board after
Craft Boat Holdings shares from a “series of serious corporate gover-
vider’s December quarter to 58 cents a share, as January quarter, with $1.86 a share in earnings. But of $1.71 a share was wider than anticipated. Active telemedicine provider reported a loss of $23.49 a
revenue rose 3%. Weak debt markets hurt. April quarter guidance was lighter-than-expected. customers fell by 19%. Inventory bulged. share, mostly on writedowns. Guidance was weak.
198 161 26 21
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.
36 BARRON’S February 27, 2023
W I N N E R S & LO S E R S
Saturday Inbox: Sign up for the
Market Lab Newsletter every Saturday
at Barrons.com/newsletters
NYSE Biggest % Movers NYSE Most Active NYSE American Most Active Nasdaq Most Active
Winners Volume Percentage Leaders Volume Percentage Leaders Volume Percentage Leaders
Name (Sym) Volume Close Change %Chg. Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change
AmbrxBio(AMAM) 101167 5.03 +1.78 +54.8 KimbellTigerA(TGR) 1264 1325.5 10.44 +0.03 ActiniumPharm(ATNM) 8800 610.2 9.26 –4.50 IndusRealty(INDT) 3104 2287.0 66.38 +3.07
Manitowoc(MTW) 3230 18.10 +3.74 +26.0 SculptorAcqnIA(SCUA) 4148 958.1 10.38 +0.01 CoreMoldingTech(CMT) 304 159.7 17.10 +0.65 CVRx(CVRX) 10368 1949.2 10.88 –6.32
QuadGraphics(QUAD) 1369 5.17 +0.91 +21.4 FastAcqnII A(FZT) 2228 612.4 10.14 +0.02 CentrusEnergy(LEU) 872 91.7 48.66 +6.31 UFP Inds(UFPI) 19697 1842.2 85.04 –1.82
N-able(NABL) 2043 12.26 +2.13 +21.0 SouthportAcqnA(PORT) 859 470.7 10.31 +0.02 CheniereEnerPtrs(CQP) 1584 91.3 50.92 +2.24 SignalHillA(SGHL) 456 1813.0 10.33 +0.02
RangeResources(RRC) 44343 28.26 +4.86 +20.8 AfricanGoldA(AGAC) 3720 442.9 10.19 +0.04 IssuerDirect(ISDR) 53 80.3 26.01 –1.09 OtterTail(OTTR) 12819 1752.7 70.93 –0.29
NaviosMaritime(NM) 695 2.70 +0.45 +20.0 TrineIIAcqnA(TRAQ) 1872 425.6 10.42 +0.06 CheniereEnergy(LNG) 12683 74.2 157.77 +12.90 IntuitiveMachinesA(LUNR) 15138 1456.2 24.00 –16.70
AMC Ent(AMC) 207416 6.20 +0.96 +18.3 ScullyRoyalty(SRL) 110 409.3 8.05 –0.70 GencorInds(GENC) 102 49.1 13.42 +0.56 ChengheAcqnA(CHEA) 436 705.7 10.47 +0.04
SelectQuote(SLQT) 9978 2.43 +0.37 +18.0 BcoSantMex(BSMX) 2179 341.9 6.61 –0.01 FriedmanInds(FRD) 125 37.1 11.38 –0.50 SciPlay(SCPL) 4956 634.4 16.36 +0.16
ZipRecruiter(ZIP) 12246 331.7 17.35 –6.46 AltisourceAsset(AAMC) 48 36.7 41.40 +0.79 LionheartIII A(LION) 644 599.0 7.44 +0.84
Losers Manitowoc(MTW) 3230 289.8 18.10 +3.74 AdamsRscs(AE) 227 34.0 58.06 +0.08 Consilium I A(CSLM) 1889 583.8 10.28 +0.01
Name (Sym) Volume Close Change %Chg.
BatteryFutureA(BFAC) 1003 276.5 10.39 +0.03 IvanhoeElectric(IE) 1257 31.1 14.17 –1.06 TenXKeaneAcqn(TENK) 857 545.8 10.28 +0.02
Carvana(CVNA) 90494 8.01 –3.36 –29.6 RyersonHolding(RYI) 2991 273.1 34.83 –6.86 inTEST(INTT) 197 30.4 14.87 –0.19 BurTechAcqnA(BRKH) 6247 461.1 10.28 +0.01
Wayfair(W) 46443 37.43 –14.36 –27.7 LearnCWInvtA(LCW) 826 256.2 10.25 –0.01 Electromed(ELMD) 76 22.2 13.20 –0.17 FTACZeusAcqnA(ZING) 1644 457.8 10.18 0.00
ZipRecruiter(ZIP) 12246 17.35 –6.46 –27.1 Domino's(DPZ) 7697 255.8 297.47 –59.89 CompX Intl(CIX) 25 19.9 18.91 –0.35 GlobalinkInvt(GLLI) 764 454.8 10.29 +0.01
UnitySoftware(U) 73938 29.61 –10.06 –25.4 OrionEngCarbons(OEC) 4819 245.0 25.30 +1.33 EVI Industries(EVI) 122 15.1 20.74 +0.14 CounterPressA(CPAQ) 569 449.9 10.33 +0.01
ESSTech(GWH) 5449 1.73 –0.58 –25.1 VivintSmartHome(VVNT) 25662 242.4 11.49 –0.40 HPX A(HPX) 109 12.3 10.21 +0.19 TravelCenters(TA) 5916 389.3 84.37 +0.15
AnywhereRealEst(HOUS) 11859 6.18 –1.98 –24.3 NorthAmConstr(NOA) 508 237.6 16.79 +0.45 HNR Acqn(HNRA) 45 4.1 10.40 +0.02 ApreaTherap(APRE) 208 389.0 5.10 –1.82
Cazoo(CZOO) 819 2.49 –0.76 –23.4 Medifast(MED) 1918 234.3 109.99 –5.32 InfuSystems(INFU) 159 3.1 9.42 –0.38 ApellisPharm(APLS) 22853 382.0 66.69 +11.20
F45Training(FXLV) 1831 2.19 –0.60 –21.5 KeysightTech(KEYS) 12408 231.4 157.81 –27.97 EvolutionPetrol(EPM) 834 –2.5 6.46 +0.19 NubiaBrandA(NUBI) 933 380.8 10.38 +0.03
CS Disco(LAW) 4719 228.4 6.59 –1.57 MAG Silver(MAG) 1888 –3.5 11.55 –1.05 BlueOceanA(BOCN) 1208 378.9 10.39 +0.05
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. FordMotor(F) 239055 11.88 –1.01 –7.8 TimberPharm(TMBR) 55796 2.65 +0.62 +30.5 Tesla(TSLA) 659915 196.88 –11.43 –5.5
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
TimberPharm(TMBR) 55796 2.65 +0.62 +30.5 TerranOrbital(LLAP) 235210 2.70 +0.90 +50.0 Tellurian(TELL) 52284 1.56 +0.05 +3.3 NVIDIA(NVDA) 262982 232.86 +18.98 +8.9
Nuburu(BURU) 1695 4.58 +0.78 +20.5 PalantirTech(PLTR) 221984 8.09 –1.11 –12.1 iBio(IBIO) 50494 1.20 –0.28 –18.9 Intel(INTC) 253381 25.14 –2.47 –8.9
CentrusEnergy(LEU) 872 48.66 +6.31 +14.9 AMC Ent(AMC) 207416 6.20 +0.96 +18.3 B2Gold(BTG) 34811 3.32 0.00 0.0 BedBath(BBBY) 228032 1.53 –0.28 –15.5
Mallinckrodt(MNK) 237 8.99 +1.14 +14.5 NIO(NIO) 175942 9.30 –0.89 –8.7 UraniumEner(UEC) 26926 3.54 –0.37 –9.5 Amazon.com(AMZN) 218975 93.50 –3.70 –3.8
CheniereEnergy(LNG) 12683 157.77 +12.90 +8.9 SouthwesternEner(SWN) 140217 5.56 +0.59 +11.9 DenisonMines(DNN) 17021 1.20 –0.11 –8.4 AdvMicroDevices(AMD) 217343 78.09 –0.41 –0.5
AmShrHosp(AMS) 99 3.50 +0.27 +8.4 Transocean(RIG) 131390 6.75 –0.26 –3.7 Zomedica(ZOM) 16976 0.24 –0.02 –8.8 Apple(AAPL) 213576 146.71 –5.84 –3.8
ContangoOre(CTGO) 15 24.00 +1.44 +6.4 BankofAmerica(BAC) 131129 34.21 –1.14 –3.2 AsensusSurg(ASXC) 16450 0.81 –0.16 –16.9 ContextLogic(WISH) 212120 0.51 –0.24 –32.4
SifcoInd(SIF) 8 3.69 +0.20 +5.8 Alibaba(BABA) 127802 89.00 –11.01 –11.0 GranTierraEner(GTE) 15224 0.86 +0.03 +4.0 VascularBiogenics(VBLT) 169288 0.14 +0.00 +1.2
ItauUnibanco(ITUB) 120269 4.89 –0.26 –5.0 CheniereEnergy(LNG) 12683 157.77 +12.90 +8.9 FaradayFuture(FFIE) 162640 0.56 –0.03 –5.2
Losers AT&T(T) 107501 19.24 –0.20 –1.0 AultAlliance(AULT) 12578 0.12 –0.01 –5.5 Lucid(LCID) 144274 8.51 –2.42 –22.1
Name (Sym) Volume Close Change %Chg.
Ambev(ABEV) 106593 2.55 +0.03 +1.2 Globalstar(GSAT) 12473 1.15 –0.09 –7.3 Alphabet A(GOOGL) 142211 89.13 –5.22 –5.5
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
ActiniumPharm(ATNM) 8800 9.26 –4.50 –32.7 Carnival(CCL) 106386 10.59 –0.70 –6.2 Senseonics(SENS) 11283 0.98 –0.15 –13.3 LuminarTech(LAZR) 128114 8.35 +1.59 +23.5
GeniusGroup(GNS) 8351 4.45 –1.40 –23.9 LumenTech(LUMN) 105150 3.56 –0.37 –9.4 RingEnergy(REI) 10580 2.10 –0.01 –0.5 Alphabet C(GOOG) 120546 89.35 –5.24 –5.5
CanFiteBiopharm(CANF) 247 2.64 –0.50 –15.9 CreditSuisse(CS) 102949 3.00 –0.02 –0.7 EquinoxGold(EQX) 9425 3.44 –0.25 –6.8 Canoo(GOEV) 117227 0.73 –0.15 –17.1
ArenaGroup(AREN) 118 8.09 –1.48 –15.5 Vale(VALE) 102447 16.33 –0.69 –4.1 ActiniumPharm(ATNM) 8800 9.26 –4.50 –32.7 WarnerBrosA(WBD) 104620 15.55 +0.12 +0.8
BK Tech(BKTI) 25 3.21 –0.53 –14.2 AmbrxBio(AMAM) 101167 5.03 +1.78 +54.8 NewGold(NGD) 8675 0.88 –0.05 –5.5 Microsoft(MSFT) 104055 249.22 –8.84 –3.4
Cel-Sci(CVM) 465 2.61 –0.43 –14.1 GinkgoBioworks(DNA) 97792 1.47 –0.27 –15.5 SatixFyComms(SATX) 8614 1.21 –0.09 –6.9 OpendoorTech(OPEN) 97636 1.60 –0.41 –20.4
Oragenics(OGEN) 42 4.92 –0.71 –12.6 NuHoldings(NU) 90904 4.94 –0.05 –1.0 GeniusGroup(GNS) 8351 4.45 –1.40 –23.9 MetaPlatforms(META) 96786 170.39 –2.49 –1.4
PalatinTech(PTN) 295 2.71 –0.39 –12.6 Uber(UBER) 90738 33.40 –1.37 –3.9 Ur-Energy(URG) 7510 1.05 –0.09 –7.9 AmerAirlines(AAL) 92783 15.56 –0.80 –4.9
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
February 27, 2023 BARRON’S 37
R E S EA RCH REPORTS
For a look back at more analyst
research and reports, go online to
Barrons.com/researchreports
or other services to sequential- quarter changes reflect FY23’s 29% return on invested capital
the companies being reduced sales in China. Gaming reve- is an all-time high. U.S.-only sales
analyzed.
nue of $1.83 billion was up 16% se- comps grew by 4% in Q4, versus guid- Insider Transactions Ratio
quentially and down 46% from the ance of flat to 1%. But this was offset by
40
level a year ago. Gamers are respond- a shrink [theft] charge of about 60 ba-
ing enthusiastically to the new RTX sis points [0.6%], a 110-bps swing from Bearish
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
processsors, and online outlets are (13 cents a share) impact. This drove
quickly selling out of stock. The flag- TJX’s adjusted Q4 pretax margin below 20
Ratio = 8
ship RTX 4090 has quickly shot up in guidance. Management is guiding
popularity...reflecting gamers’ desires FY24 (a 53-week year) comps up by 2% 10
for high-performance graphics. Stock- to 3%, year over year, and total sales to Bullish
price target: $250. $52.5 billion to $53.2 billion, represent- 0
ing 6% year-over-year growth at the M A M J J A S O N D J F
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
midpoint. We see long-term EPS po- Ratio of Insiders Sales to Buys. Readings under 12:1 are Bullish. Those over 20:1 are Bearish. The total top 20 sales and buys are
Shell tential of $4.68 through FY27, driven 280,646,402 and 34,893,097 respectively; Source: Thomson Reuters
SHEL-NYSE by revenue reaching $62 billion.
Overweight • Price $60.66 on Feb. 17
by Wells Fargo
Etsy our price target to $150 from $125. special dividend, if necessary. Target
Shell remains our top pick in inte- ETSY-Nasdaq price: $88.
grated oil. Its subsidiary Shell Petro- Buy • Price $128.45 on Feb. 22
leum has completed the acquisition of by Guggenheim Securities PDC Energy
Nature Energy Biogas, the largest pro- PDCE-Nasdaq Arcutis Biotherapeutics
ducer of renewable natural gas (RNG) Etsy’s 4Q 2022 operating results came Buy • Price $61.93 on Feb. 22 ARQT-Nasdaq
in Europe, for around $2 billion. in well ahead of our expectations, by Siebert Williams Shank Buy • Price $16.18 on Feb. 21
While not a stock-moving event, the driven by strength in web visits and by Mizuho Securities
acquisition complements decarboniza- conversion [to sales], sequential After the market close yesterday, PDC
tion efforts, expands Shell’s RNG growth in active buyers and active sell- reported solid 4Q22 results, with Arcutis will report 4Q22 results on
portfolio growth, and keeps pace with ers, sequential improvement in take lower operating costs and with pro- Feb. 28. Areas of investor focus will
peers. The acquisition will be ab- [earnings on sales by third parties], a duction and capex in line with expec- likely include 4Q22 sales of Zoryve [a
sorbed within Shell’s 2023 capex of normalizing gross margin (about 72%), tations. The beat drove another quar- topical treatment for plaque psoriasis]
$23 billion to $27 billion. Nature En- and just 0.1% sequential headcount ter of strong returns. We estimate that for which we model $2.4 million (ver-
ergy has 14 operating plants with as- growth. Although 1Q seasonality re- PDC will return $298.8 million to sus about $2 million for the Bloomberg
sociated infrastructure, feedstock ar- mains challenging, we expect the re- shareholders, via its base dividend consensus); Zoryve’s launch progress
rangements, and a pipeline of about turn of positive year-over-year gross (paid in 1Q23) and share buybacks, and metrics, including patient/physi-
30 new plant projects in Europe and merchandise sales growth by 2Q 2023. representing 115.5% of its 4Q22 free cian feedback; and a payer coverage
North America, more than a third of Combined with our expectation of cash flow. In addition, PDC reaffirmed update. Based on the strong [prescrip-
which are in medium to late develop- modest headcount growth and a nor- its long-term shareholder return com- tion] trend this year, we increase our
ment. The acquisition supports Shell’s malizing gross margin, Etsy appears mitment of 60%-plus of post-dividend 2023 Zoryve sales estimate from $42
efforts to transition its growing Euro- well-positioned to deliver solid operat- FCF, via its recently upsized $2 billion million to $50 million. Stock-price tar-
pean liquefied natural gas customer ing results during 2023. We are raising buyback authorization and year-end get: $61.
38 BARRON’S February 27, 2023
Barron's 50-Stock Average 51 Dow Jones Per Share Values 50 Mutual Funds 47 Week In Stocks 50
DATA
Cash Track 47 Exchange Traded Portfolios 46 N.Y. Stock Exchange 38 Weekly Bond Statistics 52
Charting the Market 35 Federal Reserve Data Bank 53 Nasdaq National Market 42 Winners & Losers Stocks 36
Coming Earnings 51 Foreign Exchange 51 New Corporate Listings 50
Conference Call Calendar 51 Gold & Silver Prices 52 New Highs & Lows 53
Delta Tactical Sentiment 51 Gold Mining Index 52 NYSE Half-Hourly Volume 50
Distributions & Offerings 50 Indexes P/Es & Yields 50 Other Market Indexes 49
Dividend Boosts - Reductions 52 Initial Public Offerings 50 Pulse of the Economy 51
Dividend Ex-Payment Dates 52 Investor Sentiment Readings 50 Stock Splits - Special Dividends 52
DJ Averages 49 Key Foreign Market Indexes 45 Stock Volume 50
DJ U.S. Total Market Industry Groups 51 Market Lab 49 Trading Diary 49
Contact Us
Dow Jones Averages 49 Money Rates, U.S. & Foreign 51 Vital Signs 29 For queries, email us at
Statistics from February 21-24, 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.
21.32 15.41 AmericaMovil AMX 1.7 7 20.49 –0.16.4414 19.20 3.81 ArdmoreShipping ASC 9.8 5 18.35 +0.35 .45 41.38 25.37 BP BP 3.6 dd 39.70 –0.32.3966 12.45 0.18 Boxed BOXD ... dd .63 +0.04 ...
A 22.11 15.86 AmericaMovil A AMOV 3.1 7 20.40 –0.20.4414 10.23 9.73 AresAcqnA AAC ... 48 10.22 +0.01 ... 26.08 8.50 BP Prudhoe BPT 33.3 3 10.50 –0.05.2974 72.00 46.10 BoydGaming BYD .0 11 63.57 –2.62 .16
39.10 24.01 AmericanAssets AAT 5.2 37 25.47 –0.83 .33 16.48 9.90 AresCommRealEst ACRE11.4 19 11.53 –0.14 .02 34.00 5.75 BRC BRCC ... dd 6.82 –0.51 ... 55.72 40.52 Brady BRC 1.7 18 54.28 +1.18 .23
55.04 33.75 AAR AIR ... 21 54.71 +0.29 ... 11.96 6.36 AmericanAxle AXL ... 16 8.63 –0.62 ... 87.50 53.15 AresMgmt ARES 3.8 91 80.17 –2.94 .77 4.13 1.22 BRF BRFS ... dd 1.28 –0.07 ... 6.64 3.41 BraemarHtls BHR 4.1 dd 4.91 +0.13 .05
35.54 23.97 ABB ABB 2.2 26 33.16 –1.01.7066 21.57 9.46 AmerEagle AEO 4.9 26 14.63 –0.95 .18 42.15 31.26 Argan AGX 2.5 26 39.44 –0.44 .25 25.67 18.73 BRT Apartments BRT 4.6 8 21.94 +0.62 .25 14.55 5.94 BrandywineRealty BDN 12.5 20 6.08 –0.41 .19
54.00 37.68 ABMIndustries ABM 1.8 14 48.82 +0.02 .22 48.37 28.05 AmerEquity AEL .9 3 41.52 –3.47 .36 45.26 19.00 ArgoGroup ARGO 4.2 dd 29.21 +0.21 .31 62.84 45.78 BWX Tech BWXT 1.4 23 60.91 +0.38 .22 9.82 4.11 BrasilAgro LND 19.0 19 5.12 –0.07.6018
8.78 4.27 ACCO Brands ACCO 5.6 dd 5.39 –0.46 .075 195.13 130.65 AmerExpress AXP 1.2 18 174.25 –3.05 .52 23.58 11.75 ArisWater ARIS 3.2 cc 13.47 –0.57 .09 9.08 3.89 Babcock&Wilcox BW ... dd 6.40 –0.30 ... 19.84 7.55 Braskem BAK 41.9 9 7.69 –0.18 .708
13.70 7.23 AcresCmclRlty ACR ... 16 9.62 +0.10 ... 152.29 119.01 AmericanFin AFG 1.9 13 132.95 –0.85 4.00 145.17 89.12 AristaNetworks ANET ... 32 135.53 –2.70 ... 137.75 6.31 Babylon BBLN ... dd 9.88 +0.44 ... 68.63 28.85 BreadFinancial BFH 2.1 9 39.64 –0.88 .21
17.28 2.69 ADC Therap ADCT ... dd 4.00 –0.35 ... 43.89 29.31 AmHomes4Rent AMH 2.8 44 31.53 –1.72 .22 3.69 2.65 ArlingtonAsset AAIC ... 47 3.03 +0.02 ... 123.59 73.20 BadgerMeter BMI .8 52 117.39 –2.90 .225 21.85 11.88 BridgeInvt BRDG 5.0 9 13.63 –1.11 .17
10.10 6.00 ADT ADT 1.8 dd 7.92 –0.45 .035 65.73 47.05 AIG AIG 2.1 5 60.17 –0.65 .32 11.79 2.93 ArloTech ARLO ... dd 3.84 –0.53 ... 7.76 1.13 Bakkt BKKT ... dd 1.40 –0.28 ... 3.54 0.49 BrightHealth BHG ... dd .72 –0.15 ...
92.16 60.74 AECOM ACM .7 37 87.14 –2.25 .18 28.39 12.90 AmRltyInv ARL ... 1 24.32 –1.81 ... 15.13 10.04 ArmadaHoffler AHH 5.9 17 12.88 –0.57 .19 94.79 46.00 Ball BALL 1.4 25 56.85 –0.69 .20 140.02 54.19 BrightHorizons BFAM ... 57 77.99 –1.88 ...
29.89 18.62 AES AES 2.6 dd 25.32 –0.91.1659 100.51 71.22 AmerStWater AWR 1.7 42 91.32 –2.95.3975 8.82 4.38 ArmourResREIT ARR 17.1 dd 5.62 –0.25 .08 36.97 17.54 Bally's BALY ... dd 18.24 –2.70 ... 4.48 2.04 BrightScholar BEDU ... ... 2.82 –0.26 ...
74.02 52.07 Aflac AFL 2.5 10 68.57 –0.80 .42 110.00 11.28 AmerStratInvt NYC 3.4 dd 11.82 –0.18 .80 96.51 66.86 ArmstrongWorld AWI 1.3 19 79.87 –1.50 .254 20.62 14.86 BancCalifornia BANC 2.3 9 17.42 –0.59 .10 26.88 14.73 BrightSphere BSIG .2 11 24.82 –1.08 .01
150.28 88.55 AGCO AGCO .7 12 139.60 +1.29 .24 282.47 178.17 AmerTowerREIT AMT 3.0 51 195.73 –14.53 1.56 134.56 89.38 ArrowElec ARW ... 5 117.34 –5.94 ... 5.11 2.03 BancoBBVA BBAR .0 4 5.04 +0.40.0162 9.63 6.11 BrightSpire BRSP10.8 22 7.41 +0.07 .20
9.65 3.52 AG Mortgage MITT13.0 dd 6.22 –0.01 .18 25.99 14.09 AmerVanguard AVD .6 22 20.25 –0.15 .03 40.68 25.67 ArtisanPtrsAsset APAM 7.6 11 32.70 –2.77 .35 7.49 3.93 BancoBilbaoViz BBVA 4.9 7 7.42 –0.03.3333 14.07 5.56 BrightView BV ... 77 6.54 –0.01 ...
8.05 1.12 a.k.a.Brands AKA ... dd 1.48 –0.09 ... 173.87 122.77 AmerWaterWorks AWK 1.9 31 141.56 –8.05 .655 23.43 9.64 Artivion AORT ... dd 12.94 –1.02 ... 3.55 2.24 BancoBradesco BBDO 5.6 6 2.32 –0.10.0033 42.94 21.47 BrinkerIntl EAT ... 23 38.43 –0.97 ...
21.09 3.77 AMC Ent AMC ... dd 6.20 +0.96 ... 5.43 2.52 AmericanWell AMWL ... dd 3.03 –0.74 ... 57.47 11.32 Asana ASAN ... dd 14.64 –0.97 ... 22.74 15.64 BancodeChile BCH 4.9 7 21.02 –0.79 .855 71.58 48.38 Brink's BCO 1.2 18 65.69 +1.73 .20
129.04 82.76 AMN Healthcare AMN ... 9 92.06 –0.44 ... 32.99 21.49 AmericoldRealty COLD 2.9 dd 30.00 –1.84 .22 253.67 138.88 AsburyAutomotive ABG ... 5 221.24 –20.28 ... 17.51 12.58 Bladex BLX 6.0 8 16.68 –0.38 .25 81.44 65.95 BristolMyers BMY 3.2 24 70.18 –0.93 .57
2555.30 7.78 AMTD Digital HKD ... ... 8.03 –0.47 ... 357.46 219.99 Ameriprise AMP 1.5 15 339.79 –11.69 1.25 12.09 4.09 AshfordHosp AHT ... dd 5.28 –0.58 ... 23.15 9.72 BancoMacro BMA 3.3 5 20.73 +0.51.0729 0.25 0.10 BristolMyersRt CELG.RT73.9 ... .14 ....1046
25.80 1.59 AMTD IDEA AMTD ... 1 1.61 –0.05 ... 174.63 135.14 AmerisourceBrgn ABC 1.2 19 158.57 –2.92 .485 114.36 83.29 Ashland ASH 1.3 dd 102.25 –1.12 .335 7.98 4.80 BancSanBrasil BSBR 7.0 ... 5.66 –0.16.0881 40.10 21.61 Bristow VTOL ... 48 27.14 –0.97 ...
10.54 9.91 AP Acqn A APCA ... cc 10.48 +0.02 ... 148.06 106.17 Ametek AME .7 28 140.94 –5.55 .25 38.04 7.93 AspenAerogels ASPN ... dd 10.95 –1.35 ... 22.95 13.37 BcoSantChile BSAC ... 8 17.00 –0.27 ... 45.39 35.47 BritishAmTob BTI 7.2 11 38.66 +0.51.7006
4.18 2.11 ARC Document ARC 6.3 12 3.15 –0.42 .05 4.62 1.95 AmnealPharm AMRX ... dd 2.18 –0.25 ... 6.71 4.52 BcoSantMex BSMX 9.2 6 6.61 –0.01.3272 27.19 17.62 BrixmorProp BRX 4.6 19 22.52 –0.70 .26
30.72 16.88 AssetMarkFin AMK ... 22 30.57 +3.08 ...
7.70 4.45 ASE Tech ASX 7.9 8 7.15 +0.05.4794 6.67 2.26 Ampco-Pitt AP ... dd 2.92 +0.12 ... 8.91 3.52 BroadmarkRealty BRMK10.0 9 4.19 –0.15 .035
25.50 17.45 AssociatedBanc ASB 3.6 10 23.58 –0.23 .21 3.79 2.26 BancoSantander SAN 2.1 6 3.67 –0.07.0559
124.35 78.26 ASGN ASGN ... 17 88.42 –4.04 ... 82.86 61.67 Amphenol APH 1.1 25 76.52 –4.51 .21 183.33 131.35 BroadridgeFinl BR 2.1 31 141.10 –2.76 .725
44.50 33.69 AssocCapital AC .6 dd 36.16 –0.69 .10 45.98 23.86 BanColombia CIB 4.3 7 25.60 –1.16.6545
21.53 14.46 AT&T T 5.8 dd 19.24 –0.20.2775 10.38 4.51 AmplifyEnergy AMPY ... 5 8.31 +0.17 ... 22.80 14.98 Broadstone BNL 6.2 25 17.62 –0.76 .275
194.12 119.01 Assurant AIZ 2.2 26 127.98 –4.43 .70 45.35 29.31 BankofAmerica BAC 2.6 11 34.21 –1.14 .22
41.40 20.52 ATI ATI ... 45 39.51 –1.73 ... 26.01 5.62 AmpriusTech AMPX ... dd 6.33 +0.12 ... 7.61 2.37 BrookdaleSrLiving BKD ... dd 3.29 +0.22 ...
67.13 45.91 AssuredGuaranty AGO 1.6 15 62.55 –0.16 .28 38.96 28.67 BankofButterfield NTB 4.9 8 36.00 –1.00 .44
2.72 0.22 ATI PhysTherapy ATIP ... dd .33 –0.09 ... 16.72 9.88 Amrep AXR ... 5 12.60 –0.01 ... 36.50 26.76 BrookfieldAsset BAM 3.8 ... 33.95 –1.15 .32
32.00 2.40 Atento ATTO ... dd 2.87 –0.45 ... 87.27 70.15 BankofHawaii BOH 3.7 14 75.12 –0.85 .70
19.79 12.27 A10Networks ATEN 1.6 24 14.80 –0.39 .06 10.42 9.84 AndrettiAcqnA WNNR ... cc 10.39 –0.02 ... 36.79 17.58 BrookfieldBus BBUC 1.3 3 19.12 –1.89.0625
10.21 9.70 AthenaTechII A ATEK ... cc 10.19 +0.01 ... 122.77 81.57 BankofMontreal BMO 3.5 6 96.28 –4.031.0697
10.95 9.94 AxiosSustGrwA AXAC ... dd 10.40 +0.07 ... 17.10 4.43 AngelOakMtg AOMR17.9 dd 7.14 –0.04 .32 47.81 29.85 Brookfield BN .8 29 33.76 –2.06 .07
153.55 70.50 Atkore ATKR ... 7 143.14 –3.32 ... 54.48 36.22 BankNY Mellon BK 2.9 17 50.46 –1.04 .37
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
0.19 0.04 AxiosSustGrwRt AXAC.RT ... ... .16 +0.04 ... 26.96 11.94 AngloGoldAsh AU 2.5 24 16.80 –1.67 .177 53.64 37.55 BrookfieldInfr BIPC 3.5 19 44.28 +0.84.3825
41.43 30.26 AtlUnionBkshs AUB 3.2 13 37.53 –0.59 .30 74.82 45.26 BankNovaScotia BNS 5.8 8 52.44 –1.70.7602
63.99 48.32 AXIS Capital AXS 2.9 27 60.71 –2.06 .44 66.05 44.51 AB InBev BUD .6 31 60.32 +1.50.3998 46.01 30.03 BrookfieldInfr BIP 4.5 57 34.16 –0.71.3825
15.63 10.13 Atlas ATCO 3.3 8 15.37 +0.07 .125 45.86 30.75 BankUnited BKU 2.8 10 35.14 –1.65 .25
30.26 15.12 AZEK AZEK ... cc 23.90 –0.90 ... 29.88 15.11 AnnalyCap NLY 16.9 4 20.82 –0.77 .88 48.27 29.84 BrookfieldReinsur BNRE .0 ... 33.71 –2.15 .07
50.84 30.21 AZZ AZZ 1.7 cc 40.55 –0.87 .17 122.96 97.71 AtmosEnergy ATO 2.6 20 115.75 –1.36 .74 10.35 9.86 BanyanAcqnA BYN ... 25 10.35 +0.03 ...
23.91 8.39 AnnovisBio ANVS ... dd 15.66 –2.61 ... 4.69 1.52 ATRenew RERE ... dd 2.51 –0.42 ... 10.39 5.89 Barclays BCS 6.6 ... 8.23 –0.20 .104 44.41 27.19 BrookfieldRenew BEPC 4.8 15 28.15 –1.86.3375
23.63 7.65 Aaron's AAN 3.2 28 14.13 –0.62.1125 11.61 8.56 AnteroMidstream AM 8.4 16 10.77 +0.14 .225 74.00 52.91 Brown&Brown BRO .8 24 56.47 –1.20 .115
124.36 93.25 AbbottLabs ABT 2.0 26 100.46 –6.28 .51 3.36 0.20 Audacy AUD ... dd .23 –0.04 ... 11.02 7.89 BaringsBDC BBDC11.0 29 8.64 –0.09 .24
48.80 21.92 AnteroResources AR ... 5 27.51 +2.28 ... 40.89 20.49 Autohome ATHM 1.6 15 31.13 –3.32 .53 5.72 1.38 Barnes&NobleEduc BNED ... dd 2.16 –0.25 ... 76.60 56.97 Brown-Forman A BF.A 1.3 35 65.34 –0.28.2055
175.91 134.09 AbbVie ABBV 3.9 23 152.71 +1.40 1.48 18.75 5.82 AnywhereRealEst HOUS ... 3 6.18 –1.98 ... 78.15 60.23 Brown-Forman B BF.B 1.3 35 64.99 –0.66.2055
38.95 14.02 Abercrombie&Fitch ANF ... 68 28.99 –2.20 ... 93.78 65.74 Autoliv ALV 2.9 19 91.37 +0.95 .66 47.37 27.93 BarnesGroup B 1.5 cc 42.62 –0.85 .16
341.98 246.21 Aon AON .7 25 302.97 –7.30 .56 158.30 94.92 AutoNation AN ... 6 139.25 –18.05 ... 26.07 13.01 BarrickGold GOLD 4.1 67 16.00 –0.74 .10 98.33 61.89 Brunswick BC 1.8 10 87.70 –1.41 .40
22.63 12.28 AcadiaRealty AKR 4.9 dd 14.58 –0.58 .18 55.82 33.57 AptIncmREIT AIRC 4.7 7 38.40 –1.03 .45 50.35 26.50 Buckle BKE 3.4 8 40.63 –1.95 2.65
14.04 7.26 AccelEnt ACEL ... 12 9.10 –0.35 ... 2610.05 1703.32 AutoZone AZO ... 21 2540.56 –65.06 ... 58.17 25.75 Bath&BodyWks BBWI 1.9 12 42.42 –0.47 .20
9.79 5.22 ApartmtInv AIV 21.8 16 7.54 –0.07 .02 259.05 157.69 Avalonbay AVB 3.8 20 175.00 –4.27 1.65 10.41 9.80 BatteryFutureA BFAC ... 19 10.39 +0.03 ... 12.35 5.09 Buenaventura BVN 1.1 5 7.37 –0.07 .073
345.30 242.95 Accenture ACN 1.7 24 266.53 –10.52 1.12 23.80 13.09 APi Group APG ... dd 23.60 +1.54 ... 26.87 12.47 Build-A-Bear BBW ... 7 22.10 –0.95 ...
10.31 9.63 AcropolisInfrA ACRO ... dd 10.10 +0.02 ... 51.71 37.64 Avangrid AGR 4.4 18 40.42 –0.92 .44 20.20 12.20 Bausch+Lomb BLCO ... cc 18.33 –0.58 ...
14.55 7.91 ApolloComRlEst ARI 12.1 7 11.56 –0.41 .35 35.91 19.32 AvanosMedical AVNS ... 27 28.66 –1.29 ... 24.59 4.00 BauschHealth BHC ... dd 9.57 +0.06 ... 10.20 9.71 BuildAcqnA BGSX ... 42 10.13 +0.01 ...
198.85 142.71 AcuityBrands AYI .3 17 191.03 –5.38 .13 74.63 45.62 ApolloGlbMgmt APO 2.3 dd 70.87 –0.57 .40 85.40 48.91 BuildersFirst BLDR ... 5 80.06 –1.42 ...
53.94 37.46 Acushnet GOLF 1.5 21 49.11 –1.51 .18 35.53 17.91 Avantor AVTR ... 25 24.62 +0.08 ... 86.96 38.58 BaxterIntl BAX 2.9 dd 40.16 –0.84 .29
10.18 9.72 ApolloStratII A APGB ... 45 10.15 +0.02 ... 204.37 151.62 AveryDennison AVY 1.7 20 181.65 –0.85 .75 7.24 3.87 BaytexEnergy BTE ... 3 4.20 –0.02 ... 128.40 80.41 Bunge BG 2.5 9 98.06 +0.49 .625
13.55 6.95 Adecoagro AGRO 3.8 6 8.24 +0.18.1602 18.69 13.79 AppleHospREIT APLE 5.8 26 16.68 –0.33 .08 11.20 6.94 BurfordCapital BUR 3.1 ... 8.04 –0.21.0625
47.50 27.15 Adient ADNT ... dd 42.67 –1.93 ... 54.77 27.65 Avient AVNT 2.3 26 42.75 –0.18.2475 2.33 0.50 Beachbody BODY ... dd .64 –0.05 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
149.42 88.09 AppliedIndlTechs AIT 1.0 18 138.85 –5.74 .35 46.90 35.72 Avista AVA 4.4 20 41.43 +0.67 .46 10.50 9.82 BeardEnerA BRD ... ... 10.28 ... ... 239.94 106.47 BurlingtonStrs BURL ... 90 224.29 –3.65 ...
44.40 19.77 AdtalemGlbEduc ATGE ... dd 39.79 –1.17 ... 122.94 90.23 Aptargroup ATR 1.3 32 114.77 –1.92 .38 8.72 2.15 ButterflyNtwk BFLY ... dd 2.20 –0.23 ...
231.43 137.93 AdvanceAuto AAP 4.3 18 138.85 –11.14 1.50 30.80 20.66 AxaltaCoating AXTA ... 34 29.08 –0.30 ... 17.64 9.47 BeazerHomes BZH ... 2 14.63 –0.13 ...
136.83 77.96 Aptiv APTV ... 59 114.94 –4.70 ... 55.00 33.91 AxosFinancial AX ... 11 47.60 –2.64 ... 277.29 215.90 BectonDicknsn BDX 1.5 44 237.92 –6.60 .91 28.14 20.15 BylineBancorp BY 1.5 10 24.73 –0.36 .09
153.36 79.90 AdvDrainageSys WMS .5 16 87.34 –5.79 .12 45.72 28.74 Aramark ARMK 1.2 43 37.50 –0.80 .11
57.10 30.69 AdvanSix ASIX 1.4 7 41.56 –0.68 .145 16.89 4.17 Azul AZUL ... dd 4.40 –0.12 ... 92.33 47.89 Belden BDC .2 14 83.97 –5.82 .05 C
18.09 11.16 ArborRealty ABR 10.1 9 15.28 –0.26 .40 21.53 3.26 AzurePowerGlbl AZRE ... ... 3.55 –0.24 ... 31.93 20.20 BellRing BRBR ... 35 31.32 +0.41 ...
5.89 3.76 Aegon AEG 4.0 dd 5.07 –0.44.1288 34.59 19.25 ArcelorMittal MT 1.1 3 29.43 –0.61 .38
6.57 1.85 Aenza AENZ ... dd 2.62 –0.21 ... 30.00 21.11 BenchmarkElec BHE 2.7 12 24.08 –0.79 .165 319.33 245.32 CACI Intl CACI ... 19 297.33 –6.67 ...
183.53 110.97 ArchResources ARCH .7 2 150.26 –8.93 2.86 B 5.85 2.15 BensonHill BHIL ... dd 2.28 –0.02 ...
65.38 37.20 AerCap AER ... dd 61.12 –0.26 ... 5.24 1.62 ArcherAviation ACHR ... dd 2.72 –0.09 ... 5.59 2.73 CBD Pao CBD 1.8 3 3.21 –0.14.0713
56.59 36.20 AerojetRocket AJRD ... 63 56.16 +0.18 ... 10.43 9.69 BerensonAcqnI BACA ... 18 10.13 –0.01 ... 51.67 37.01 CBIZ CBZ ... 26 50.93 +0.94 ...
98.88 70.02 ArcherDaniels ADM 2.2 11 81.44 –0.15 .45 4.46 1.25 Bark BARK ... dd 1.38 –0.17 ... 76.99 58.33 Berkley WRB .6 13 66.35 –0.79 .50
4.72 1.17 AevaTech AEVA ... dd 1.59 –0.14 ... 10.98 6.28 Archrock AROC 5.5 39 10.94 +1.39 .15 31.09 10.91 B&G Foods BGS 6.0 dd 12.59 +0.12 .19 34.91 21.66 CBL&Assoc CBL 4.4 dd 25.36 –1.23 .375
180.63 108.12 AffiliatedMgrs AMG .0 6 158.78 –8.25 .01 544389 393012 BerkHathwy A BRK.A ... dd 461705 –5667.79 ... 100.21 66.31 CBRE Group CBRE ... 20 84.99 –3.77 ...
31.91 16.33 Arconic ARNC ... dd 21.83 –2.29 ... 59.34 39.88 BCE BCE 6.5 19 44.45 –1.38.7237 362.10 259.85 BerkHathwy B BRK.B ... dd 304.02 –4.22 ...
10.25 9.70 AfricanGoldA AGAC ... 49 10.19 +0.04 ... 9.04 6.23 ArcosDorados ARCO 1.8 13 8.31 –0.19 .03 5.00 0.50 BEST BEST ... 0 .63 –0.10 ... 10.66 9.75 CCNeubergerIII A PRPC ... 24 10.18 +0.02 ...
10.18 9.62 AfterNextA AFTR ... 39 10.17 +0.04 ... 31.63 23.62 BerkshireHills BHLB 2.5 14 29.37 –0.94 .18 119.60 75.29 CF Industries CF 1.9 5 85.59 +3.24 .40
65.80 43.52 Arcosa ACA .3 12 62.91 +4.43 .05 16.02 10.30 BGSF BGSF 4.2 13 14.41 –0.81 .15 66.21 44.52 BerryGlobal BERY 1.6 11 61.34 –1.55 .25
160.26 112.52 AgilentTechs A .6 34 141.20 –7.06 .225 10.19 9.72 ArctosNorthA ANAC ... 32 10.19 +0.01 ... 71.52 46.92 BHP Group BHP 10.7 8 60.43 –6.01 3.50 10.35 9.87 C5AcqnA CXAC ... cc 10.34 +0.01 ...
23.26 14.15 Agiliti AGTI ... 71 18.89 +0.39 ... 112.96 60.79 BestBuy BBY 4.2 13 83.82 –3.12 .88 94.00 72.23 CGI GIB ... 19 90.52 –2.81 ...
39.75 16.74 ArcusBiosci RCUS ... 20 18.31 –2.00 ... 31.76 1.40 BitMining BTCM ... dd 2.81 –0.68 ... 40.45 12.87 BigLots BIG 8.1 dd 14.89 –1.86 .30
28.36 14.82 agilon health AGL ... dd 21.12 –1.67 ... 8.80 3.91 ArdaghMetalPkg AMBP 7.9 13 5.06 –0.46 .10 80.41 51.45 BJ'sWholesale BJ ... 20 73.47 –1.54 ... 19.08 5.21 CI&T CINT ... 26 5.27 –0.54 ...
67.14 36.69 AgnicoEagleMines AEM 3.5 30 45.42 –0.81 .40 16.12 0.58 BigBear.ai BBAI ... dd 3.15 –0.76 ... 73.76 52.41 CMS Energy CMS 3.2 21 60.42 –1.55.4875
80.44 62.63 AgreeRealty ADC 4.0 39 71.84 –2.96 .24 877.00 540.33 BiglariA BH.A ... dd 877.00 +31.36 ... 50.33 35.90 CNA Fin CNA 3.8 13 44.21 +0.84 1.20
47.00 29.75 AirLease AL 1.9 dd 42.83 –0.05 .20 176.22 112.61 BiglariB BH ... dd 175.17 +3.97 ... 17.98 10.60 CNH Indl CNHI 1.7 11 16.49 –0.24.3861
328.56 216.24 AirProducts APD 2.5 28 280.98 +1.27 1.75 247.58 84.96 Bill.com BILL ... dd 85.99 –7.31 ... 26.35 16.56 CNO Financial CNO 2.2 8 25.96 +0.55 .14
20.57 5.54 Biohaven BHVN ... ... 15.18 –1.33 ...
13.67 9.15 EnergyTransfer ET 9.5 9 12.86 –0.01 .305 169.32 109.70 Franco-Nevada FNV 1.1 32 125.27 –7.18 .34
231.37 173.78 Chubb CB 1.6 17 210.91 +0.30 .83 107.47 51.10 Danaos DAC 5.0 2 59.51 –0.14 .75 22.10 2.21 EnergyVault NRGV ... dd 3.30 –0.29 ... 16.20 10.34 FrankBSPRealty FBRT 9.9 dd 14.34 –0.17 .355 41.47 24.08 HP HPQ 3.6 10 29.22 –0.94.2625
44.97 32.90 ChunghwaTel CHT 6.3 23 37.73 +0.241.237 6.78 1.57 DanimerScientific DNMR ... dd 2.55 +0.34 ... 27.83 16.09 EnerpacTool EPAC .1 72 26.73 –0.29 .04 54.70 34.00 FranklinCovey FC ... 35 47.40 –1.68 ... 39.63 24.77 HSBC HSBC 3.5 10 38.02 +0.68 1.15
105.28 70.16 Church&Dwight CHD 1.3 50 83.57 –0.21.2725 77.18 32.20 DaqoNewEnergy DQ ... 2 44.52 +2.42 ... 19.23 11.00 Enerplus ERF 1.1 5 16.06 +0.24.0562 34.37 20.24 FranklinRscs BEN 4.1 15 29.29 –2.04 .30 6.50 1.64 HUYA HUYA ... dd 4.36 –0.39 ...
10.06 9.75 ChurchillCapV A CCV ... 22 10.02 +0.02 ... 152.08 110.96 Darden DRI 3.3 20 144.53 –1.56 1.21 94.32 55.60 EnerSys ENS .8 26 87.83 –3.17 .175 10.21 9.69 FreedomI A FACT ... 80 10.19 –0.01 ... 91.39 48.67 Haemonetics HAE ... 42 78.90 –2.38 ...
10.31 9.72 ChurchillVI A CCVI ... 24 10.03 –0.04 ... 87.59 55.71 DarlingIngred DAR ... 15 66.97 +0.42 ... 11.20 4.81 Eneti NETI .4 4 10.14 +0.07 .01 51.99 24.80 FreeportMcM FCX 1.5 17 39.89 –1.85 .075 16.23 7.23 Hagerty HGTY ... dd 8.95 –0.64 ...
10.07 9.69 ChurchillVII A CVII ... 33 10.06 ... ... 124.81 65.28 DaVita DVA ... 15 82.31 –1.62 ... 17.13 7.80 Enfusion ENFN ... dd 10.65 –0.47 ... 34.65 12.79 FreseniusMed FMS 2.5 17 19.98 ....7085 8.50 5.59 Haleon HLN ... ... 7.95 –0.32 ...
71.06 38.33 Ciena CIEN ... 46 46.18 –1.57 ... 433.31 212.93 DeckersOutdoor DECK ... 22 400.20 –5.18 ... 22.65 15.01 EngageSmart ESMT ... cc 21.39 +0.38 ... 31.79 22.63 FreshDelMonte FDP 1.9 15 31.04 +2.20 .15 43.99 23.30 Halliburton HAL 1.7 21 36.99 +0.49 .16
340.11 224.22 Cigna CI 1.7 14 293.73 –7.33 1.23 448.40 283.81 Deere DE 1.2 15 417.42 –15.89 1.25 25.25 11.65 Enhabit EHAB ... 2 15.38 –0.27 ... 18.30 7.48 Frontline FRO 3.3 15 18.04 +0.87 .15 15.95 9.18 HamiltonBeach HBB 3.2 6 13.00 –0.22 .105
19.76 8.28 Cinemark CNK ... dd 13.27 +1.59 ... 64.47 39.00 DelekLogistics DKL 8.7 13 47.12 –1.58 1.02 23.48 16.55 Ennis EBF 4.7 13 21.13 –0.54 .25 8.86 1.61 fuboTV FUBO ... dd 2.32 –0.04 ... 16.38 5.26 Hanesbrands HBI 10.9 dd 5.51 –0.20 .15
29.80 13.26 CircorIntl CIR ... dd 28.30 +1.55 ... 35.45 16.47 DelekUS DK 3.0 6 26.93 +0.79 .21 55.54 25.80 EnovaIntl ENVA ... 8 48.90 –1.49 ... 10.18 4.12 FullTruck YMM ... dd 6.76 –0.24 ... 51.71 21.56 HannonArmstrong HASI 4.7 70 31.70 –2.50 .395
62.89 40.01 Citigroup C 4.1 7 50.18 –1.24 .51 55.30 32.90 DellTechC DELL ... 17 41.61 –0.87 ... 73.53 43.88 Enovis ENOV ... cc 55.81 –7.48 ... 81.41 57.36 FullerHB FUL 1.1 21 69.75 –2.09 .19 155.55 123.36 HanoverIns THG 2.3 43 139.34 –3.70 .81
53.09 32.66 CitizensFin CFG 4.0 10 41.89 –1.29 .42 46.27 27.20 DeltaAir DAL ... 18 37.36 –1.00 ... 10.54 9.59 EnphysAcqnA NFYS ... 32 10.15 +0.04 ... 10.16 9.70 FusionAcqnIIA FSNB ... 41 10.12 –0.02 ... 51.77 29.80 HarleyDavidson HOG 1.4 9 46.78 –1.69 .165
4.52 1.93 Citizens CIA ... 5 2.93 +0.07 ... 33.57 15.30 Deluxe DLX 6.5 12 18.36 –0.75 .30 127.67 76.14 EnPro NPO 1.1 11 110.06 –9.55 .29 10.63 5.77 FutureFuel FF 2.8 17 8.65 –0.46 .06 5.50 1.94 HarmonyGold HMY 1.1 21 2.99 –0.25.0274
18.35 8.03 CityOfficeREIT CIO 9.3 48 8.59 –0.59 .20 104.05 56.59 Denbury DEN ... 8 81.83 –0.12 ... 126.82 94.94 Entergy ETR 4.0 20 107.31 –2.12 1.07 13.95 3.73 Harsco HSC ... dd 8.06 –0.63 ...
36.88 21.16 Civeo CVEO ... 18 30.93 –2.32 ... 19.38 8.90 DesignerBrands DBI 2.0 6 10.08 –0.31 .05 28.65 22.90 EnterpriseProd EPD 7.6 10 25.94 –0.44 .49 G 79.44 60.17 HartfordFinl HIG 2.2 14 77.97 –0.48 .425
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
84.76 44.17 CivitasRscs CIVI 2.9 5 68.92 +6.02 1.65 5.28 1.13 DesktopMetal DM ... dd 1.49 –0.29 ... 7.33 3.96 Entravision EVC 3.0 25 6.65 –0.39 .05 38.85 22.77 HavertyFurn HVT 3.0 7 37.87 +1.38 1.00
17.51 7.85 Clarivate CLVT ... dd 10.06 –0.65 ... 12.50 4.44 Despegar.com DESP ... dd 6.10 –0.37 ... 84.58 41.72 Envestnet ENV ... dd 61.75 –3.36 ... 127.58 84.96 GATX GATX 2.0 25 108.66 –1.96 .55 37.62 24.55 HavertyFurn A HVT.A 2.8 7 37.56 +0.58 .95
21.09 11.53 ClarosMtg CMTG10.5 18 14.13 –0.72 .37 13.57 7.25 DeutscheBank DB 1.8 6 11.97 –0.75.1559 52.03 31.67 Envista NVST ... 29 38.25 –0.23 ... 12.44 5.21 GEO Group GEO ... 8 9.19 –0.35 ... 44.72 33.18 HawaiianElec HE 3.6 18 40.50 –1.80 .36
136.74 81.56 CleanHarbors CLH ... 19 132.17 –2.56 ... 79.40 48.86 DevonEnergy DVN 9.2 6 55.00 +1.67 .69 91.06 41.33 Enviva EVA 8.5 dd 42.40 –2.07 .905 34.16 23.10 GFLEnvironmental GFL .2 dd 30.74 –0.21 .012 10.40 9.67 HawksAcqnA HWKZ ... dd 10.13 +0.03 ...
4.10 0.91 ClearChannelOutdr CCO ... dd 1.57 –0.28 ... 212.33 160.09 Diageo DEO 2.1 23 175.47 +1.022.0977 3.43 1.06 EnzoBiochem ENZ ... dd 1.17 –0.13 ... 61.93 36.10 GMS GMS ... 8 60.16 –0.97 ... 18.83 7.97 Hayward HAYW ... 14 12.45 –0.66 ...
35.00 18.79 ClearSecure YOU .0 dd 30.53 +1.19 .25 12.84 5.17 DiamondOffshore DO ... dd 11.25 –1.01 ... 243.79 145.98 Equifax EFX .8 35 200.14 –11.58 .39 7.94 2.19 GOL Linhas GOL .0 dd 2.26 –0.13.0023 32.15 18.16 HealthcareRealty HR 7.2 72 19.68 –1.28 .31
22.70 11.23 ClearwaterAnalytic CWAN ... dd 18.03 –1.09 ... 11.15 7.18 Diamondrock DRH 1.4 19 8.88 +0.05 .03 42.53 28.46 Equinor EQNR 2.5 3 31.42 +0.77 .20 47.82 28.47 GSK GSK 5.8 4 34.57 –1.31.3404 35.72 21.41 HealthpeakProp PEAK 4.9 27 24.55 –1.58 .30
46.48 25.07 ClearwaterPaper CLW ... 14 37.83 +1.10 ... 6.89 3.36 DianaShipping DSX 19.3 3 4.67 +0.46 .15 33.24 24.61 Equitable EQH 2.6 7 31.35 –1.40 .20 10.27 9.71 GSquaredIIA GSQB ... 36 10.27 ... ... 7.66 3.41 HeclaMining HL .3 dd 4.98 –0.19.0025
38.65 27.59 ClearwayEnergyA CWEN.A 4.4 6 29.26 –1.80.3745 138.43 63.45 Dick's DKS 1.5 11 128.27 –1.88.4875 9.90 5.90 EquitransMdstm ETRN 9.6 dd 6.23 –0.26 .15 84.45 32.10 GXO Logistics GXO ... 29 48.67 –1.17 ... 177.55 126.95 Heico HEI .1 69 174.87 –2.03 .10
41.79 29.61 ClearwayEnergyC CWEN 4.5 6 30.97 –1.80.3745 9.03 1.26 DieboldNixdorf DBD ... dd 2.89 –0.04 ... 28.84 21.18 EquityCommnwlth EQC .0 82 21.41 –4.56 4.25 202.37 148.24 Gallagher AJG 1.2 36 184.73 –3.87 .55 139.80 102.33 Heico A HEI.A .1 54 138.79 –0.71 .10
34.04 11.83 Cleveland-Cliffs CLF ... 8 19.72 –0.10 ... 3.83 1.05 DigitalMedia DMS ... dd 1.24 –0.10 ... 83.80 56.91 EquityLife ELS 2.6 45 69.31 –2.57.4475 49.85 15.41 GameStop GME ... dd 19.54 –2.45 ... 6.74 0.26 Heliogen HLGN ... dd .29 –0.11 ...
9.98 6.08 ClipperRealty CLPR 5.7 dd 6.68 –0.10 .095 153.50 85.76 DigitalRealty DLR 4.6 92 105.04 –5.72 1.22 94.32 57.38 EquityResdntl EQR 3.9 31 63.67 –2.21 .625 5.04 1.25 Gannett GCI ... dd 3.04 +0.36 ... 83.00 48.27 HeliosTech HLIO .5 21 66.00 –2.60 .09
2.35 0.55 CloopenGroup RAAS ... ... .79 –0.03 ... 30.66 10.39 DigitalBridge DBRG .3 dd 12.21 –2.19 .01 2.72 1.34 EquusTotReturn EQS ... ... 1.59 –0.11 ... 4.51 0.64 GaotuTechedu GOTU ... 24 3.29 –0.47 ... 9.16 2.47 HelixEnergy HLX ... dd 8.21 +0.59 ...
160.59 120.50 Clorox CLX 3.1 44 154.03 +0.40 1.18 63.89 23.38 DigitalOcean DOCN ... dd 31.44 –3.89 ... 13.90 8.89 ErmenegildoZegna ZGN .7 ... 13.07 –0.27.0947 16.14 7.79 Gap GPS 4.5 85 13.24 –0.50 .15 54.59 33.44 Helm&Payne HP 2.4 28 41.15 –1.26 .235
132.45 37.37 Cloudflare NET ... dd 59.20 –5.25 ... 417.86 193.00 Dillard's DDS .2 7 352.41 –54.24 .20 16.91 8.07 EroCopper ERO ... 10 15.07 –1.53 ... 121.74 76.37 Garmin GRMN 3.0 20 98.30 +1.29 .73 37.18 12.04 Herbalife HLF ... 6 19.48 –0.95 ...
3.93 1.25 CN Finance CNF ... cc 2.22 +0.05 ... 84.14 61.03 DineBrands DIN 2.6 15 78.02 –3.44 .51 45.01 34.27 EssentGroup ESNT 2.3 6 42.89 –0.61 .25 358.25 221.39 Gartner IT ... 33 332.35 –13.67 ... 171.74 83.43 HercHoldings HRI 1.8 13 141.00 –8.56.6325
67.20 54.02 Coca-Cola KO 3.1 27 59.84 –0.28 .46 7.30 2.43 Dingdong DDL ... dd 4.69 +0.17 ... 26.75 18.88 EssentialProp EPRT 4.3 26 25.83 –0.06 .275 16.44 9.40 GatesIndustrial GTES ... 18 14.12 –0.04 ... 19.09 11.16 HerculesCapital HTGC 9.8 21 15.86 –0.38 .08
77.01 50.21 Coca-Cola Femsa KOF 3.5 18 72.83 +1.281.3398 10.42 9.95 DirectSellingA DSAQ ... 19 10.41 ... ... 52.62 38.50 EssentialUtil WTRG 2.6 25 44.40 –1.75 .287 5.63 2.20 GatosSilver GATO ... dd 4.09 –0.62 ... 7.37 1.12 HeritageInsurance HRTG10.0 dd 2.39 +0.12 .06
5.40 2.54 CoeurMining CDE ... dd 2.94 –0.37 ... 124.72 87.64 DiscoverFinSvcs DFS 2.1 7 112.22 +1.04 .60 363.36 205.24 EssexProp ESS 3.8 42 229.46 –7.37 2.20 6.25 0.20 Gelesis GLS ... dd .28 +0.02 ... 12.15 7.46 HershaHospitality HT 2.4 3 8.48 –0.06 .50
88.21 52.34 Cohen&Steers CNS 3.1 21 72.10 –2.10 .55 150.28 84.07 Disney DIS ... 55 100.30 –4.92 ... 300.74 186.47 EsteeLauder EL 1.1 59 242.72 –10.16 .66 27.15 11.92 GencoShipping GNK 10.5 5 19.13 +1.07 .50 244.38 198.02 Hershey HSY 1.7 30 239.02 –1.671.036
75.05 29.90 Coherent COHR ... dd 42.69 –2.30 ... 10.15 9.70 dMYTechVI A DMYS ... cc 10.13 ... ... 31.78 19.60 EthanAllen ETD 4.4 7 29.23 –0.37 .32 329.50 86.29 Generac GNRC ... 22 118.21 –8.56 ... 160.52 89.80 Hess HES 1.1 19 138.95 +3.43 .375
83.81 67.84 ColgatePalm CL 2.6 34 73.13 –1.39 .47 88.06 61.55 DolbyLab DLB 1.3 44 81.96 –1.55 .27 21.00 9.78 Euronav EURN .7 18 18.38 +1.92 .03 256.86 207.42 GeneralDynamics GD 2.2 19 231.95 –3.31 1.26 35.71 24.33 HessMidstream HESM 8.1 14 28.11 –0.18.5696
10.12 9.63 ColombierAcqnA CLBR ... 45 10.07 ... ... 15.78 7.20 Dole DOLE 2.7 22 11.86 +0.41 .08 13.34 5.30 EveHolding EVEX ... dd 5.61 –0.59 ... 84.79 46.77 GeneralElec GE .4 dd 83.55 +0.51 .08 17.66 11.90 HewlettPackard HPE 3.1 24 15.60 –0.76 .12
10.21 9.71 Colonnade II A CLAA ... cc 10.17 ... ... 262.21 183.25 DollarGeneral DG 1.0 21 214.25 –13.57 .55 10.40 9.82 EVeMobilityA EVE ... cc 10.38 +0.03 ... 88.34 61.67 GeneralMills GIS 2.7 17 80.64 +3.87 .54 74.99 47.38 Hexcel HXL .7 49 72.40 +0.16 .125
97.52 62.83 Comerica CMA 3.9 8 70.41 –2.47 .68 2.75 0.34 Doma DOMA ... dd .58 –0.12 ... 15.75 5.30 Eventbrite EB ... dd 8.42 +0.15 ... 47.48 30.33 GeneralMotors GM .9 6 39.18 –3.99 .09 47.01 24.51 HighwoodsProp HIW 7.4 18 27.05 –1.37 .50
146.86 74.14 ComfortSystems FIX .4 22 146.81 +19.18 .175 88.78 56.24 DominionEner D 4.7 53 57.00 –1.70.6675 137.42 78.67 EvercoreA EVR 2.3 11 126.56 –4.18 .72 10.63 9.66 GenAsia I A GAQ ... 44 10.24 –0.04 ... 53.54 36.16 Hillenbrand HI 1.9 16 46.56 –1.04 .22
58.09 31.47 CommercialMetals CMC 1.2 5 52.13 –4.95 .16 448.99 297.00 Domino's DPZ 1.5 24 297.47 –59.89 1.21 10.38 9.90 EverestConsolA MNTN ... dd 10.37 +0.04 ... 72.34 37.54 Genesco GCO ... 6 44.59 –2.26 ... 34.87 24.18 Hilltop HTH 1.9 21 33.43 –1.40 .16
74.05 54.63 CommBkSys CBU 2.9 17 60.25 –0.57 .44 64.36 46.00 Donaldson DCI 1.5 23 62.94 –1.33 .23 395.00 244.58 EverestRe RE 1.7 26 386.17 –0.58 1.65 13.44 7.61 GenesisEnergy GEL 5.2 dd 11.58 +0.61 .15 54.55 32.12 HiltonGrandVac HGV ... 16 46.71 –0.35 ...
12.51 1.88 CommunityHlthSys CYH ... 19 6.30 –1.64 ... 50.38 24.60 DonnelleyFin DFIN ... 14 42.86 –6.71 ... 24.11 13.52 Everi EVRI ... 10 18.20 –0.96 ... 13.25 5.66 GenieEnergy GNE 2.5 3 11.84 –0.74 .075 167.99 108.41 Hilton HLT .4 32 144.79 –1.55 .15
43.88 30.38 CommunityHlthcr CHCT 4.5 49 39.55 –1.31.4475 130.20 41.37 DoorDash DASH ... dd 55.09 –6.72 ... 94.63 70.54 EversourceEner ES 3.5 19 77.38 –2.89 .675 5.85 2.20 GeniusSports GENI ... dd 4.84 –0.64 ... 10.04 2.72 Hims&HersHealth HIMS ... dd 9.77 +0.14 ...
12.04 7.45 SABESP SBS 1.4 12 10.13 –0.52.2004 23.51 12.75 DorianLPG LPG .0 7 21.89 +0.20 1.00 42.94 30.17 Evertec EVTC .5 11 36.75 +1.27 .05 48.85 37.68 Genpact G 1.2 25 47.73 +0.17.1375 56.00 11.30 Hippo HIPO ... dd 16.33 –1.27 ...
4.00 2.45 EngGr-Cmg C CIG.C 7.5 10 3.10 –0.10.0386 32.43 17.22 DoubleVerify DV ... 82 26.37 –1.01 ... 39.78 21.83 EvolentHealth EVH ... dd 34.91 +1.86 ... 187.73 118.17 GenuineParts GPC 2.0 22 178.82 –1.32 .95 18.95 6.88 HireRight HRT ... 8 11.28 –0.22 ...
2.62 1.82 EngGr-Cmg CIG 11.7 6 1.98 –0.10.0386 41.40 27.76 DouglasDynamics PLOW 3.1 23 38.03 –1.87 .295 51.35 30.44 EvoquaWater AQUA ... 80 48.49 –2.07 ... 6.40 3.43 GenworthFin GNW ... 5 6.26 +0.02 ... 14.68 1.88 Holley HLLY ... 4 2.15 –0.15 ...
8.25 5.71 COPEL ELP 12.6 cc 6.60 –0.35.2619 8.49 3.50 DouglasElliman DOUG 4.6 11 4.31 –0.74 .05 31.13 18.31 ExcelerateEner EE .5 cc 21.17 –0.32 .025 18.52 10.26 GeoPark GPRK 4.0 4 12.82 –0.13 .127 20.00 15.12 HollyEnergy HEP 7.7 11 18.24 –0.30 .35
5.97 2.20 CiaSiderurgica SID 12.6 9 3.23 –0.16.2015 34.70 14.25 DouglasEmmett DEI 5.3 26 14.43 –0.99 .19 4.93 0.80 Express EXPR ... dd 1.03 –0.11 ... 6.66 3.94 Gerdau GGB .5 4 5.42 –0.12.0788 26.20 19.83 HomeBancShares HOMB 3.0 15 24.04 –0.53 .18
17.07 9.31 CerveceriasUnid CCU 3.1 16 15.64 –0.12.3084 162.88 114.49 Dover DOV 1.4 20 148.40 –6.96 .505 23.05 8.82 Expro XPRO ... dd 23.05 +2.28 ... 10.17 0.43 Getaround GETR ... dd .45 –0.20 ... 347.25 264.51 HomeDepot HD 2.6 18 296.66 –21.29 2.09
25.94 16.32 CompassDiversif CODI 4.7 dd 21.50 –0.46 .25 71.86 42.91 Dow DOW 4.8 9 57.79 –0.34 .70 222.36 139.97 ExtraSpaceSt EXR 4.0 25 160.79 +1.80 1.62 37.88 4.51 GettyImages GETY ... dd 6.47 +0.05 ... 31.08 21.44 HondaMotor HMC 3.0 8 25.75 +0.21.4426
8.35 1.84 Compass COMP ... dd 3.59 –0.29 ... 62.52 22.91 Doximity DOCS ... 57 32.83 –0.95 ... 119.63 76.20 ExxonMobil XOM 3.3 8 110.75 –0.53 .91 36.49 24.66 GettyRealty GTY 5.0 18 34.39 –0.30 .43 42.62 32.21 HoraceMannEdu HMN 3.5 dd 37.03 –1.08 .32
67.67 30.67 CompassMnlInt CMP 1.5 dd 38.77 –2.01 .15 58.28 47.88 DrReddy'sLab RDY .6 23 54.17 –1.07.3171 10.42 9.92 GigCapital5 GIA ... dd 10.39 ... ... 55.11 44.08 HormelFoods HRL 2.4 25 45.10 –0.64 .275
10.43 9.73 ComputeHlthA CPUH ... 33 10.26 ... ... 23.09 8.17 DreamFinders DFH ... 6 12.01 +0.22 ... F 39.91 25.67 Gildan GIL 2.2 11 31.33 +1.53 .186 104.14 59.25 DR Horton DHI 1.1 6 91.16 –3.22 .25
22.11 7.82 ComstockRscs CRK 3.9 3 12.81 +0.75 .125 41.23 19.10 Dril-Quip DRQ ... dd 29.36 –0.42 ... 4.91 1.45 GinkgoBioworks DNA ... dd 1.47 –0.27 ... 104.47 74.18 HoulihanLokey HLI 2.2 25 94.67 –4.50 .53
41.30 30.06 ConagraBrands CAG 3.6 26 36.53 +0.12 .33 22.29 12.64 DuckhornPtf NAPA ... 30 15.42 –0.20 ... 10.16 9.69 FastAcqnII A FZT ... cc 10.14 +0.02 ... 59.70 44.32 GlacierBancorp GBCI 2.8 17 47.47 +0.32 .33 97.39 33.20 Hovnanian HOV ... 2 64.13 +0.88 ...
10.45 9.61 ConcordAcqnIIA CNDA ... 34 10.15 +0.06 ... 58.28 38.89 Ducommun DCO ... 24 55.49 +1.89 ... 35.00 9.03 F&GAnnuities FG 3.8 ... 21.03 –0.66 .20 13.90 2.08 Glatfelter GLT .0 dd 3.49 –0.55 .14 105.51 50.90 HowardHughes HHC ... 17 82.84 –5.26 ...
10.34 9.86 ConcordAcqnIII A CNDB ... 16 10.31 ... ... 116.33 83.76 DukeEnergy DUK 4.1 29 96.92 –2.571.005 47.40 34.02 FB Financial FBK 1.6 14 37.17 –1.67 .15 64.49 33.33 Glaukos GKOS ... dd 47.60 –4.00 ... 43.83 29.84 HowmetAerospace HWM .4 38 41.96 –1.06 .04
2.38 1.03 ConcordMed CCM ... dd 1.03 –0.17 ... 18.57 11.23 Dun&Bradstreet DNB 1.7 dd 12.05 –0.15 .05 15.66 0.79 F45Training FXLV ... dd 2.19 –0.60 ... 7.60 3.49 GlobalBlue GB ... dd 7.00 –0.15 ... 263.30 170.21 Hubbell HUBB 1.8 25 253.46 +1.40 1.12
155.51 71.09 Conmed CNMD .9 dd 93.95 –4.53 .20 78.98 49.52 DuPont DD 2.0 6 72.92 –2.16 .36 23.93 5.55 Figs FIGS ... 53 8.95 –0.41 ... 10.01 4.26 GlblBusTravel GBTG ... dd 7.05 –0.03 ... 546.95 245.03 HubSpot HUBS ... dd 386.13 –18.52 ...
138.49 78.30 ConocoPhillips COP 1.9 7 105.25 +1.13 .60 66.00 20.05 DutchBros BROS ... dd 33.07 –5.49 ... 140.99 98.24 FMC FMC 1.8 22 128.87 +0.67 .58 30.72 20.52 GlobalIndemnity GBLI 3.5 20 28.89 –0.33 .25 8.75 3.08 HudbayMinerals HBM .3 17 4.65 –0.55.0076
102.21 78.10 ConEd ED 3.6 20 91.26 –1.99 .81 122.13 76.21 DycomInds DY ... 22 85.09 +2.15 ... 14.71 10.48 FNB FNB 3.4 12 14.25 –0.30 .12 37.32 22.26 GlobalIndl GIC 2.6 14 27.90 –1.09 .20 28.66 9.10 HudsonPacProp HPP 10.6 dd 9.41 –0.75 .25
10.65 9.74 ConstellationI A CSTA ... 37 10.24 +0.01 ... 4.49 2.08 DynagasLNG DLNG ... 2 3.08 –0.07 ... 16.94 6.42 FreyrBattery FREY ... dd 8.26 –0.61 ... 16.47 7.01 GlobalMedREIT GMRE 8.3 39 10.11 –0.64 .21 571.30 410.87 Humana HUM .7 23 507.42 –2.72 .885
261.52 208.12 ConstBrands A STZ 1.4 cc 224.09 –2.71 .80 49.55 29.41 Dynatrace DT ... cc 42.94 +0.23 ... 23.44 16.70 FS KKR Cap FSK 12.5 27 19.52 –0.18 .06 16.01 9.82 GlobalNetLease GNL 11.3 dd 14.22 –0.22 .40 260.02 189.76 HuntingIngalls HII 2.2 15 220.75 –3.79 1.24
20.00 9.82 Constellium CSTM ... 7 15.48 +1.32 ... 17.06 10.60 DynexCapital DX 11.6 4 13.48 –0.31 .13 190.43 140.09 FTI Consulting FCN ... 29 183.70 +19.57 ... 39.24 20.23 GlobalPtrs GLP 7.3 4 34.56 –1.46.9375 41.06 23.54 Huntsman HUN 2.9 14 29.39 –1.27.2375
8.93 3.89 ContainerStore TCS ... 4 4.33 –0.63 ... 10.15 9.62 EG Acqn A EGGF ... 71 10.09 +0.01 ... 140.18 74.57 Fabrinet FN ... 19 119.92 –3.35 ... 146.71 92.27 GlobalPayments GPN .9 cc 112.21 –4.10 .25 119.37 70.12 HyattHotels H ... 28 115.64 +1.90 ...
20.68 6.86 Volaris VLRS ... dd 11.51 +0.26 ... 75.41 20.49 elfBeauty ELF ... 86 73.34 –0.31 ... 474.13 345.92 FactSet FDS .8 38 421.39 –9.84 .89 30.02 14.62 GlobalShipLease GSL 7.7 3 19.48 –0.14 .375 4.73 2.06 Hyliion HYLN ... dd 2.74 –0.52 ...
430.67 244.22 Cooper COO .0 43 330.51 –14.61 .03 169.89 95.64 EMCOR EME .4 20 165.52 +14.33 .15 710.00 340.48 FairIsaac FICO ... 45 665.94 –16.25 ... 286.63 151.63 Globant GLOB ... 50 163.03 –9.97 ... 39.63 20.99 HysterYaleMatls HY 4.1 dd 31.84 +1.38.3225
40 BARRON’S February 27, 2023
121.72 27.23 IntrepidPotash IPI ... 1 31.30 –0.38 ... 13.90 7.03 MRC Global MRC ... 18 10.89 –0.61 ... 48.76 38.05 NatlRetailProp NNN 4.9 24 45.18 –1.73 .55
32.93 20.82 InvenTrust IVT 3.4 32 24.36 ....2052 4.25 0.33 KukeMusic KUKE ... dd .96 +0.23 ... 67.44 34.90 NatlStorage NSA 5.3 45 41.41 –0.50 .55 83.17 54.48 PJT Partners PJT 1.3 22 77.52 –4.02 .25
146.33 108.75 MSA Safety MSA 1.4 30 134.45 –5.75 .46
24.00 9.60 InvescoMtg IVR 20.3 dd 12.83 –0.84 .65 17.21 7.93 Kyndryl KD ... dd 15.45 –1.01 ... 12.34 3.61 Natura&Co NTCO .8 dd 5.72 –0.15.0492 39.00 20.20 PLDT PHI 5.0 8 23.73 –0.94.8451
572.50 376.41 MSCI MSCI 1.1 48 518.16 –26.67 1.38
11.40 1.67 Invitae NVTA ... dd 1.95 –0.23 ... 90.04 71.33 MSC Industrial MSM 3.8 13 84.01 –2.67 .79 15.00 9.11 NaturalGasSvcs NGS ... dd 10.97 +0.14 ... 203.66 143.52 PNC Fin PNC 3.8 11 158.49 –0.10 1.50
L 49.60 43.43 PNM Resources PNM 3.0 26 49.27 +0.04.3675
44.36 28.52 InvitatHomes INVH 3.3 66 31.55 –1.08 .26 10.56 9.71 M3-Brigade II A MBAC ... 16 10.16 +0.03 ... 24.25 8.00 NaturalGrocers NGVC 3.6 15 11.00 +0.58 .10
16.57 3.04 IonQ IONQ ... dd 4.57 –0.31 ... 10.32 9.85 M3-BrigadeIII A MBSC ... dd 10.29 –0.01 ... 57.30 34.83 NaturalResPtrs NRP 5.3 4 56.37 +0.37 .75 66.18 36.53 POSCO PKX 4.0 8 61.50 –2.54 .971
139.89 89.28 LCI Inds LCII 3.7 7 114.14 –2.75 1.05 141.61 107.06 PPG Ind PPG 1.9 30 129.71 –0.20 .62
58.61 43.33 IronMountain IRM 4.7 27 52.30 –0.30.6185 8.53 4.08 LG Display LPL 3.4 dd 5.80 –0.15 .231 16.41 9.24 MV Oil MVO 16.4 7 13.56 –0.06 .41 14.00 4.40 Natuzzi NTZ ... 9 6.23 +0.18 ...
7.12 0.20 IronNet IRNT ... dd .48 +0.03 ... 15.90 8.05 Mytheresa MYTE ... dd 8.56 –1.03 ... 7.80 4.71 NatWest NWG 3.4 8 6.84 –0.17.3958 31.74 23.47 PPL PPL 3.5 29 27.69 –1.12 .24
16.69 5.11 LL Flooring LL ... 12 5.26 –0.41 ... 31.77 12.11 ProgHoldings PRG ... 13 24.37 +0.95 ...
19.77 6.44 iStar STAR 6.5 dd 7.75 –0.87.0973 27.45 11.36 LSB Inds LXU ... 5 13.97 +1.30 ... 16.67 7.40 Macerich MAC 5.6 dd 12.18 –0.55 .17 5.10 1.23 Nautilus NLS ... dd 1.69 –0.25 ...
3.94 2.50 ItauCorpBanca ITCB 3.5 4 3.21 –0.22 .165 28.06 15.10 Macy's M 3.1 4 20.57 –1.70.1575 15.21 9.59 NavigatorHldgs NVGS ... dd 13.69 +0.35 ... 10.28 9.84 ProofAcqnIA PACI ... dd 10.28 ... ...
45.49 32.23 LTC Properties LTC 6.2 15 36.87 –1.13 .19 35.12 18.09 PROS PRO ... dd 26.48 –1.14 ...
6.07 3.90 ItauUnibanco ITUB ... 8 4.89 –0.26 ... 279.71 189.73 L3HarrisTech LHX 2.1 37 210.15 –3.87 1.12 84.57 38.98 MSG Entertainment MSGE ... dd 59.31 –2.15 ... 4.78 1.53 NaviosMaritime NM ... dd 2.70 +0.45 ...
193.32 136.61 MSG Sports MSGS .0 85 190.09 –0.34 7.00 99.49 72.94 Nelnet NNI 1.1 7 94.22 –0.51 .26 13.78 9.49 P10 PX 1.1 51 10.89 –0.61 .03
J 16.11 8.81 LXP Industrial LXP 4.8 27 10.44 –0.74 .125 100.67 43.49 PVH PVH .2 13 79.52 –3.12.0375
33.06 21.92 La-Z-Boy LZB 2.2 8 32.81 +3.97.1815 55.13 44.79 MagellanMid MMP 7.8 11 53.49 +0.181.0475 5.61 1.59 NerdyA NRDY ... 22 2.43 –0.39 ...
76.44 45.58 MagnaIntl MGA 3.4 27 53.80 –2.80 .46 23.72 17.07 Netstreit NTST 4.0 cc 19.89 +0.24 .20 168.50 110.56 PackagingCpAm PKG 3.6 13 137.80 –3.21 1.25
30.10 17.39 JBG SMITH Prop JBGS 5.1 27 17.81 –0.92 .225 281.22 200.32 LabCorp.ofAmerica LH 1.2 17 242.30 –13.96 .72 38.75 19.51 PagerDuty PD ... dd 28.75 –1.74 ...
20.64 8.45 Magnachip MX ... dd 9.76 +0.02 ... 78.90 31.54 Nevro NVRO ... dd 31.95 –4.03 ...
24.47 8.38 JELD-WEN JELD ... 25 12.82 –0.05 ... 12.70 8.67 LadderCapital LADR 8.1 10 11.36 –0.22 .23 22.28 7.51 PagSeguroDig PAGS ... 11 8.86 –0.35 ...
30.31 18.01 MagnoliaOil MGY 1.9 5 22.01 +0.78 .115 53.53 38.07 NewJerseyRscs NJR 3.0 18 51.43 –0.27 .39
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
30.36 12.47 J.Jill JILL ... 9 28.01 –0.92 ... 102.48 49.71 LambWeston LW 1.1 31 99.98 –0.50 .28 14.86 5.92 PalantirTech PLTR ... dd 8.09 –1.11 ...
10.19 9.74 MagnumOpusA OPA ... 26 10.19 +0.01 ... 46.63 8.40 NewOrientalEduc EDU ... dd 40.06 –1.72 ...
150.13 101.28 JPMorganChase JPM 2.8 12 140.93 –1.31 1.00 3.72 1.54 Lannett LCI ... dd 2.16 –0.32 ... 36.87 18.71 PampaEnergia PAM ... 5 33.01 –0.09 ...
45.67 31.66 MainStreetCap MAIN 6.6 13 40.99 +0.71 .225 80.88 41.66 NewRelic NEWR ... dd 72.40 –3.09 ...
84.92 48.80 Jabil JBL .4 12 83.37 –0.47 .08 22.81 4.19 Lanvin LANV ... 19 6.32 –1.23 ... 28.60 11.66 ParPacific PARR ... 5 27.70 +0.97 ...
27.34 10.41 ManchesterUnited MANU .8 dd 22.89 –3.44 .09 11.73 8.17 NY CmntyBcp NYCB 7.6 7 8.93 –0.46 .17
10.72 9.76 JacksonAcqnA RJAC ... 14 10.25 +0.03 ... 60.34 28.88 LasVegasSands LVS ... dd 56.15 +0.13 ... 47.03 20.37 ParTechnology PAR ... dd 35.88 –0.83 ...
18.41 7.53 Manitowoc MTW ... dd 18.10 +3.74 ... 47.67 27.59 NYTimes A NYT 1.1 37 39.05 –1.35 .11
49.60 23.56 JacksonFinl JXN 4.8 1 45.51 –3.64 .55 43.44 30.21 Lazard LAZ 5.4 11 36.80 –0.88 .50 21.49 12.35 Paragon28 FNA ... dd 18.01 +0.03 ...
109.23 64.00 Manpower MAN 3.2 12 84.16 –4.04 1.36 370.59 280.28 NewMarket NEU 2.5 12 341.65 –2.48 2.10
150.32 106.78 JacobsSolns J .9 24 120.85 –1.04 .26 167.88 114.67 Lear LEA 2.2 26 140.10 –3.64 .77 11.54 5.27 ParamountGroup PGRE 5.8 dd 5.31 –0.43.0775
21.86 14.92 ManulifeFinl MFC 4.5 7 19.65 –0.45.2703 86.37 37.45 Newmont NEM 5.1 dd 43.54 –1.88 .40
34.86 17.25 JamesHardie JHX 1.0 19 20.93 –1.51 .30 10.27 9.79 LearnCWInvtA LCW ... 18 10.25 –0.01 ... 16.54 10.08 ParkAerospace PKE 3.1 41 16.02 –0.11 .125
33.42 19.42 MarathonOil MRO 1.4 5 25.59 –0.27 .10 4.91 2.38 NewparkResources NR ... dd 4.24 –0.03 ...
36.27 19.09 JanusHenderson JHG 5.7 13 27.27 –1.80 .39 41.94 30.28 Leggett&Platt LEG 5.1 15 34.34 –0.28 .44 20.58 10.92 ParkHotels PK 2.0 19 13.92 +0.17 .13
136.46 73.18 MarathonPetrol MPC 2.4 4 124.92 +2.42 .75 10.54 4.27 NexaResources NEXA 5.8 15 5.74 –0.82.1888
12.24 7.95 JanusIntl JBI ... 18 10.30 –0.58 ... 111.12 87.24 Leidos LDOS 1.5 20 99.28 –1.96 .36 361.34 230.44 ParkerHannifin PH 1.5 36 348.03 –7.45 1.33
58.33 31.11 Marcus&Millichap MMI 1.5 13 33.93 –1.95 .25 6.56 3.39 NexGenEnergy NXE ... dd 4.10 –0.52 ...
10.44 9.74 JawsMustangA JWSM ... 39 10.08 +0.01 ... 10.70 1.18 LejuHoldings LEJU ... dd 1.20 –0.14 ... 50.15 32.98 Parsons PSN ... 55 46.84 +1.98 ...
19.01 13.41 Marcus MCS .0 dd 15.70 –0.16 .05 25.98 14.16 NexPointRealEst NREF10.9 41 18.38 –0.24 .185
40.68 24.72 JefferiesFin JEF 3.2 12 37.67 –1.36 .30 32.97 12.82 Lemonade LMND ... dd 15.94 –0.74 ... 402.78 255.82 PaycomSoftware PAYC ... 61 293.42 –10.47 ...
14.45 2.47 MariaDB MRDB ... 11 2.66 –0.14 ... 95.04 38.67 NexPointResidentl NXRT 3.4 dd 48.72 +0.11 .42
2.22 0.93 JianpuTech JT ... ... 1.89 –0.06 ... 19.10 8.24 LendingClub LC ... 3 9.61 –0.31 ... 24.77 6.75 Paymentus PAY ... ... 8.83 +0.32 ...
14.55 7.75 MarineProducts MPX 4.3 11 13.09 –0.63 .14 6.74 1.82 Nextdoor KIND ... dd 2.14 –0.10 ...
76.92 36.51 JinkoSolar JKS ... cc 49.64 –1.11 ... 109.28 62.54 Lennar A LEN 1.6 6 95.84 –3.25 .375 45.00 11.29 Paysafe PSFE ... dd 20.18 –1.04 ...
48.67 27.40 MarineMax HZO ... 4 34.40 +0.85 ... 91.35 67.22 NextEraEnergy NEE 2.6 35 72.92 –3.15.4675
7.15 3.15 JobyAviation JOBY ... dd 4.40 –0.05 ... 91.00 52.67 Lennar B LEN.B 1.8 5 81.12 –2.77 .375 33.29 14.34 PeabodyEnergy BTU ... 3 26.31 –1.95 ...
1519.25 1064.09 Markel MKL ... dd 1335.71 +9.14 ... 12.50 6.66 NexTierOilfield NEX ... 7 9.16 –0.38 ...
126.75 81.59 JohnBeanTech JBT .4 27 108.28 –4.11 .10 279.31 182.85 LennoxIntl LII 1.7 18 251.12 –18.25 1.06 12.03 8.10 Pearson PSO 2.3 23 10.92 –0.09.8062
4.39 0.78 Markforged MKFG ... dd 1.32 –0.05 ... 98.20 69.46 NicoletBankshares NIC ... 11 74.21 –1.51 ...
186.69 155.21 J&J JNJ 2.9 23 155.97 –4.42 1.13 10.60 9.76 LeoHldgsII A LHC ... 48 10.39 +0.02 ... 165.85 110.08 MarriottVacations VAC 1.9 17 151.66 –6.05 .72 139.86 82.22 Nike NKE 1.2 33 118.04 –6.80 .34 26.14 12.54 PebblebrookHotel PEB .3 dd 14.55 –0.49 .01
69.60 45.52 JohnsonControls JCI 2.2 34 62.55 –2.16 .35 22.93 13.57 LeviStrauss LEVI 2.6 12 17.59 –0.21 .12 183.14 143.33 Marsh&McLen MMC 1.5 27 162.04 –4.40 .59 17.10 1.04 NineEnergy NINE ... dd 9.28 –0.38 ... 24.67 14.40 PediatrixMedical MD ... 20 15.64 –1.07 ...
250.87 135.35 JonesLang JLL ... 9 169.16 –6.65 ... 9.48 4.48 Li-Cycle LICY ... dd 5.67 –0.16 ... 406.85 284.99 MartinMarietta MLM .7 26 362.08 –9.60 .66 32.59 23.78 NiSource NI 3.6 16 27.82 +0.68 .25 10.77 9.83 PegasusDigA PGSS ... 32 10.36 ... ...
12.53 2.92 JumiaTech JMIA ... dd 3.32 –0.28 ... 20.05 10.71 LibertyEnergy LBRT 1.3 7 15.28 +0.22 .05 58.18 42.33 Masco MAS 2.2 14 52.48 –2.55 .285 30.67 11.78 NoahHoldings NOAH ... 7 18.67 –1.45 ... 42.74 29.64 PembinaPipeline PBA 5.8 8 33.13 –0.83.1608
10.47 9.80 JuniperII A JUN ... 27 10.30 –0.02 ... 151.76 94.02 LifeStorage LSI 4.0 28 119.31 –3.80 1.20 101.75 65.71 MasoniteIntl DOOR ... 9 87.49 +1.13 ... 45.05 22.64 Noble NE ... 19 38.37 –3.41 ... 8.02 5.33 PennantPark PNNT13.0 dd 5.69 –0.05 .185
38.14 25.18 JuniperNetworks JNPR 2.9 22 30.77 –0.79 .22 20.35 8.75 LifeTime LTH ... dd 18.07 –0.07 ... 100.44 62.36 MasTec MTZ ... cc 97.18 +0.75 ... 5.60 4.08 Nokia NOK 1.3 6 4.58 –0.19.0218 73.79 38.53 PennyMacFin PFSI 1.3 7 60.74 –3.69 .20
1.70 0.73 LightInTheBox LITB ... cc 1.19 –0.01 ... 15.00 7.17 MasterBrand MBC ... ... 9.67 –0.25 ... 25.42 12.50 NomadFoods NOMD ... 12 17.42 –0.35 ... 17.24 10.78 PennyMacMtg PMT 12.2 dd 13.15 –0.94 .40
K 6.05 0.29 Lightng eMotors ZEV ... 1 .61 –0.09 ... 390.00 276.87 Mastercard MA .6 35 353.12 –8.01 .57 4.64 3.00 Nomura NMR 3.1 15 4.09 +0.05.0324 155.36 90.23 PenskeAuto PAG 1.5 8 143.83 –10.84 .61
34.14 12.71 Lightspeed LSPD ... dd 15.04 –1.33 ... 73.78 41.17 MatadorRscs MTDR 1.1 5 55.05 –3.94 .15 3.94 1.73 NordicAmTankers NAT 2.9 dd 3.80 +0.12 .05 60.85 38.55 Pentair PNR 1.6 19 55.43 –1.40 .22
22.10 11.15 KAR Auction KAR ... dd 14.14 –0.41 ... 384.44 243.73 EliLilly LLY 1.4 47 321.64 –6.76 1.13 114.59 64.89 Materion MTRN .5 26 108.36 –3.58 .125 29.59 15.53 Nordstrom JWN 4.0 10 19.20 –2.59 .19 269.19 114.87 Penumbra PEN ... dd 267.38 +2.69 ...
50.56 30.14 KB Financial KB 6.2 4 38.39 –0.47.3829 69.91 28.61 LincolnNational LNC 5.6 dd 31.86 –1.96 .45 31.63 18.29 Mativ MATV 6.0 cc 26.59 –0.15 .40 291.55 203.65 NorfolkSouthern NSC 2.3 16 224.77 –3.38 1.35 21.03 4.90 Perfect PERF ... 8 8.00 +0.25 ...
40.92 24.78 KB Home KBH 1.7 4 35.20 –0.46 .15 348.21 262.47 Linde LIN 1.3 42 347.66 +26.14 1.17 125.34 58.06 Matson MATX 1.8 3 67.71 –2.36 .31 17.05 9.20 NorthAmConstr NOA 1.8 10 16.79 +0.45.0745 63.13 38.23 PerformanceFood PFGC ... 34 58.61 –1.20 ...
58.00 41.96 KBR KBR 1.0 46 55.53 ... .135 183.08 116.77 Lindsay LNN .9 22 149.88 –7.43 .34 12.36 8.27 MauiLand MLP ... 32 9.10 –0.14 ... 20.72 10.44 NoEuroOil NRT 22.8 6 11.33 –1.10 1.00 10.20 9.71 PeridotAcqnIIA PDOT ... 37 10.19 ... ...
21.08 7.31 KE Holdings BEKE ... dd 17.60 –1.00 ... 9.21 1.83 LionElectric LEV ... 9 2.24 –0.22 ... 51.93 17.51 MaxarTech MAXR .1 cc 51.44 –0.06 .01 10.14 9.70 NorthernGenIII NGC ... 38 10.14 +0.01 ... 12.67 6.58 PerimeterSolns PRM ... dd 8.67 –0.12 ...
62.29 41.77 KKR KKR 1.1 dd 55.03 –2.15 .155 16.75 5.46 LionsGate A LGF.A ... dd 10.50 –0.14 ... 85.25 54.46 Maximus MMS 1.4 27 82.83 –1.17 .28 39.10 21.45 NorthernOil&Gas NOG 4.2 4 32.12 +0.18 .34 184.75 113.46 PerkinElmer PKI .2 30 125.13 –8.31 .07
21.75 13.55 KKR RealEstFin KREF 11.7 65 14.67 –0.52 .43 15.47 5.19 LionsGate B LGF.B ... dd 9.87 –0.10 ... 16.66 5.95 MayvilleEngg MEC ... cc 16.41 +0.18 ... 10.55 9.69 NorthernStrIII A NSTC ... 28 10.13 –0.01 ... 25.99 11.23 PermianBasin PBT 4.6 27 24.50 +0.47.0414
6.32 1.23 KoreGroup KORE ... dd 1.86 –0.16 ... 349.61 180.00 LithiaMotors LAD .7 6 255.79 –13.83 .42 107.02 68.01 McCormickVtg MKC.V 2.1 30 75.09 –0.31 .39 10.38 9.71 NorthernStrIV A NSTD ... 29 10.12 –0.02 ... 11.43 5.08 PermianRscs PR 1.8 7 11.00 +1.25 .05
15.30 11.30 KT KT 5.5 5 11.48 –1.27.7482 40.39 17.58 LithiumAmericas LAC ... dd 22.76 –0.79 ... 107.35 71.19 McCormick MKC 2.1 30 74.98 –0.77 .39 556.27 393.34 NorthropGrum NOC 1.5 15 470.91 +0.28 1.73 5.79 2.38 PermianvilleRT PVL 18.3 8 2.60 –0.37.0192
219.97 154.19 Kadant KAI .5 20 211.93 –6.62 .26 126.79 65.05 LiveNationEnt LYV ... 95 68.78 –7.61 ... 281.67 217.68 McDonald's MCD 2.3 32 263.68 –6.31 1.52 57.63 42.37 NorthwestNat NWN 4.1 18 47.58 –1.49 .485 10.88 6.38 PermRock PRT 14.3 8 7.02 –0.25.0602
8.19 0.51 Kaleyra KLR ... dd .83 –0.22 ... 64.63 27.50 LiveOakBcshs LOB .3 9 34.93 –0.11 .03 9.78 2.81 McEwenMining MUX ... dd 5.46 –0.45 ... 23.43 10.31 NorwegCruise NCLH ... dd 16.40 –1.23 ... 43.90 30.78 Perrigo PRGO 2.9 dd 36.26 –0.15 .273
46.50 18.88 Kaman KAMN 3.2 dd 25.37 +0.13 .20 10.39 9.55 LiveOakCrestA LOCC ... dd 10.10 +0.04 ... 401.78 267.82 McKesson MCK .6 16 359.14 –7.72 .54 7.30 3.38 NouveauMonde NMG ... dd 5.40 –0.01 ... 16.32 8.88 PetroleoBrasil PBR 55.7 2 11.38 –0.17.1706
77.17 59.54 Kellogg K 3.5 24 67.68 –0.70 .59 10.36 9.64 LiveOakCrestview LOCC.UT ... ... 10.11 +0.03 ... 17.26 7.59 MediaAlpha MAX ... dd 16.23 +1.51 ... 94.26 74.09 Novartis NVS 2.6 27 85.62 –1.433.4694 15.04 7.86 PetroleoBrasilA PBR.A62.9 2 10.07 –0.18.1706
68.15 40.65 Kemper KMPR 2.0 dd 62.16 –3.36 .31 10.15 9.70 LiveOakMobilityA LOKM ... 30 10.13 +0.01 ... 21.63 9.90 MedicalProp MPW11.0 7 10.55 –2.41 .29 144.78 95.02 NovoNordisk NVO .9 41 141.60 –0.031.1887 56.32 41.45 Pfizer PFE 3.9 8 41.75 –1.46 .41
32.28 20.21 Kennametal KMT 2.9 18 28.02 –0.93 .20 36.38 18.26 Livent LTHM ... 17 23.44 –0.70 ... 197.19 96.00 Medifast MED 6.0 9 109.99 –5.32 1.64 8.48 3.26 NuHoldings NU ... dd 4.94 –0.05 ... 109.81 82.85 PhilipMorris PM 5.2 17 98.58 –3.24 1.27
25.30 13.97 KennedyWilson KW 5.7 38 16.93 –0.85 .24 44.00 15.37 LiveRamp RAMP ... dd 23.58 –1.56 ... 114.31 75.77 Medtronic MDT 3.3 27 83.49 –1.31 .68 51.79 29.96 NuSkinEnts NUS 3.8 20 40.87 –2.88 .39 113.53 73.85 Phillips66 PSX 4.1 4 102.00 +2.46 1.05
72.90 27.51 KenonHoldings KEN ... 1 27.97 –2.29 ... 12.27 4.20 LiveWire LVWR ... 11 7.27 –0.25 ... 9.63 3.08 MemberCollect MCG ... dd 6.23 +0.21 ... 187.90 100.13 Nucor NUE 1.3 6 162.53 –5.54 .51 5.88 2.10 PhoenixNewMedia FENG ... dd 2.26 –0.26 ...
10.90 9.98 KensingtonCapAcqnV KCGI.UT ... ... 10.37 +0.02 ... 2.64 1.70 LloydsBanking LYG 4.1 ... 2.47 +0.04.0385 115.49 74.17 Merck MRK 2.7 19 109.89 +0.37 .73 15.85 8.87 NuScalePower SMR ... dd 10.11 –0.43 ... 40.00 13.19 Phreesia PHR ... dd 35.25 –1.52 ...
10.34 9.85 KensingtonCapV A KCGI ... 19 10.33 +0.04 ... 4.47 1.25 loanDepot LDI 16.1 dd 1.99 –0.28 .08 56.21 27.89 MercuryGeneral MCY 3.7 dd 34.59 –1.95.3175 17.75 12.80 NuSTAREnergy NS 10.0 45 16.00 +0.04 .40 18.83 13.42 PhysiciansRealty DOC 6.1 33 15.05 –0.63 .23
25.34 15.26 KeyCorp KEY 4.5 9 18.32 –0.83 .205 9.66 0.72 LocalBounti LOCL ... dd .72 –0.17 ... 20.32 12.49 MeridianLink MLNK ... cc 15.70 –1.28 ... 117.25 68.82 Nutrien NTR 2.8 5 76.87 +2.16 .53 17.66 8.72 PiedmontOfficeA PDM 9.1 8 9.26 –0.78 .21
189.45 127.93 KeysightTech KEYS ... 25 157.81 –27.97 ... 498.95 373.67 LockheedMartin LMT 2.5 22 480.40 +4.77 3.00 117.22 62.51 MeritageHomes MTH .0 4 107.60 –1.43 .27 6.02 1.59 NuvationBio NUVB ... dd 1.99 –0.16 ... 80.60 59.03 PinnacleWest PNW 4.7 16 73.38 –1.72 .865
79.06 36.18 KilroyRealty KRC 5.9 18 36.41 –1.90 .54 68.20 49.36 Loews L .4 15 61.08 –0.43.0625 28.00 7.15 MesaRoyalty MTR 12.2 11 16.50 –1.73.0997 46.43 29.19 nVentElectric NVT 1.5 19 45.85 –0.43 .175 29.17 16.14 Pinterest PINS ... dd 25.03 +0.60 ...
10.76 9.94 KimbellTigerA TGR ... cc 10.44 +0.03 ... 7.95 4.45 LomaNegra LOMA 3.6 16 7.00 +0.24.6907 29.95 16.56 MesabiTrust MSB 6.9 14 27.17 +3.12 .84 288.46 190.99 PioneerNatRscs PXD 13.3 6 196.57 –12.39 4.48
144.53 108.74 KimberlyClark KMB 3.7 22 126.20 –1.03 1.18 78.09 48.20 LouisianaPacific LPX 1.7 5 57.83 –6.97 .24 2.99 0.70 MetaData AIU ... dd 1.05 –0.01 ... O 162.20 102.60 PiperSandler PIPR 1.6 23 151.33 –5.11 1.25
26.57 17.71 KimcoRealty KIM 4.5 cc 20.64 –0.51 .23 238.37 170.12 Lowe's LOW 2.1 20 201.54 –11.21 1.05 10.20 9.61 MetalsAcqn MTAL ... cc 10.14 +0.01 ... 5.72 2.30 PitneyBowes PBI 4.6 21 4.38 +0.11 .05
20.20 15.78 KinderMorgan KMI 6.4 16 17.44 –0.29.2775 7.05 1.26 LufaxHolding LU 20.9 3 2.25 –0.21 .17 51.38 33.91 MethodeElec MEI 1.2 19 48.60 –1.07 .14 30.10 24.39 OFGBancorp OFG 2.9 9 29.86 +0.16 .22 90.76 54.15 PlanetFitness PLNT ... 68 80.60 +3.05 ...
44.99 27.80 Kinetik KNTK10.2 dd 29.27 +0.34 .75 12.54 3.49 LumenTech LUMN .0 dd 3.56 –0.37 .25 77.36 57.41 MetLife MET 2.8 24 71.84 –0.70 .50 42.91 33.28 OGE Energy OGE 4.5 11 37.03 –1.38.4141 7.52 3.70 PlanetLabs PL ... dd 4.64 –0.06 ...
9.87 5.06 KingswayFin KFS ... 7 9.48 +0.36 ... 3.25 1.84 LumentFinance LFT 11.4 11 2.10 –0.08 .06 107.35 53.67 MetropolitanBk MCB ... 11 55.80 –3.19 ... 23.52 11.51 O-I Glass OI ... 6 21.90 –0.11 ... 8.45 4.21 PlayAGS AGS ... dd 6.24 –0.25 ...
6.34 3.00 KinrossGold KGC 3.3 dd 3.62 –0.24 .03 20.13 12.71 Luxfer LXFR 3.1 19 16.62 –0.27 .13 1609.25 1065.55 Mettler-Toledo MTD ... 37 1428.09 –85.84 ... 92.26 68.86 ONE Gas OGS 3.2 20 80.05 –1.74 .65 27.64 15.59 PlymouthIndREIT PLYM 4.1 dd 21.39 –0.65 .225
337.12 196.00 KinsaleCapital KNSL .2 46 316.54 –17.77 .14 117.22 71.46 LyondellBasell LYB 4.9 8 96.69 –0.63 1.19 217.64 141.13 MidAmApt MAA 3.4 30 163.92 –4.42 1.40 75.07 50.50 ONEOK OKE 5.7 19 67.56 +0.30 .955 123.87 91.86 Polaris PII 2.3 12 114.01 –5.29 .65
February 27, 2023 BARRON’S 41
14.37 7.28 RPTRealty RPT 5.3 12 10.54 –0.26 .14 62.75 44.90 Shell SHEL 3.4 5 60.63 –0.03 .575 83.13 53.69 TJX TJX 1.5 26 77.19 –2.64 .295 131.50 73.30 US PhysTherapy USPH 1.7 44 98.75 –2.93 .43 102.96 68.75 WestFraserTimber WFG 1.6 4 75.59 –2.27 .30
25.50 14.75 RXO RXO ... 25 20.29 –0.81 ... 285.00 195.24 SherwinWilliams SHW 1.1 29 221.08 –6.90 .605 10.57 9.72 TLGAcqnOneA TLGA ... 44 10.27 ... ... 21.54 9.47 US Silica SLCA ... 36 12.28 +0.78 ... 424.00 206.19 WestPharmSvcs WST .2 40 310.25 –3.47 .19
24.84 17.84 RadianGroup RDN 4.2 5 21.66 –0.84 .225 69.36 29.39 Shift4Paymts FOUR ... cc 57.83 –0.01 ... 9.96 9.73 TPGPaceBenII YTPG ... dd 9.93 +0.01 ... 5.44 1.34 US Xpress USX ... dd 1.57 +0.03 ... 94.57 54.86 WestAllianceBcp WAL 2.0 8 73.82 –0.72 .36
3.32 1.60 Rafael RFL ... dd 2.19 –0.16 ... 36.64 22.98 ShinhanFin SHG 5.5 4 29.33 –0.561.0794 12.13 6.31 TPG RE Fin TRTX 11.1 dd 8.68 +0.63 .24 4.95 2.84 UWM UWMC 9.5 8 4.19 –0.18 .10 18.90 7.00 WstAstMtgCap WMC16.2 dd 9.89 –0.39 .40
134.67 82.23 RalphLauren RL 2.5 16 118.95 –3.82 .75 78.00 23.63 Shopify SHOP ... dd 40.75 –2.86 ... 24.55 21.28 TXO Energy TXO ... 17 23.83 +1.17 ... 37.58 19.90 Uber UBER ... dd 33.40 –1.37 ... 29.50 21.95 WesternMidstrm WES 7.6 9 26.43 –1.42 .50
37.44 22.06 RangeResources RRC 1.1 6 28.26 +4.86 .08 10.30 9.82 ShoulderUpTechA SUAC ... cc 10.30 +0.03 ... 10.32 9.72 TailwindIntlA TWNI ... 46 10.04 ... ... 350.63 218.15 Ubiquiti UI .9 47 268.68 –14.03 .60 19.97 12.27 WesternUnion WU 7.2 6 13.09 –0.74 .235
11.99 8.40 RangerEnergySvcs RNGR ... 9 10.77 –0.25 ... 98.74 44.61 Shutterstock SSTK 1.5 36 74.01 –2.07 .27 113.00 59.43 TaiwanSemi TSM 1.6 13 88.11 –1.99.3597 35.64 10.40 UiPath PATH ... dd 14.67 –0.87 ... 141.19 81.29 Westlake WLK 1.2 7 121.37 –1.14 .357
25.81 2.90 Ranpak PACK ... dd 6.08 –1.28 ... 20.64 8.00 Sibanye-Stillwater SBSW 7.8 4 8.44 –0.88.3246 16.30 12.28 TakedaPharm TAK 3.7 24 15.38 –0.25.3012 3.21 2.13 UltraparPart UGP 4.1 8 2.64 +0.03.0613 54.78 30.08 WestRock WRK 3.5 10 31.65 –0.90 .275
126.00 84.86 RaymondJames RJF 1.6 15 107.77 –4.40 .42 84.80 48.31 SignetJewelers SIG 1.1 12 73.28 –3.06 .20 25.49 12.69 TalosEnergy TALO ... 3 17.80 +0.23 ... 18.18 6.38 UnderArmour A UAA ... 14 9.72 –0.79 ... 16.80 9.55 Westwood WHG 5.0 dd 12.00 +0.22 .15
9.84 2.44 RayonierAdvMatls RYAM ... dd 6.41 –0.58 ... 29.88 10.70 SignifyHealth SGFY ... dd 28.83 +0.11 ... 20.27 13.26 Tanger SKT 4.7 24 18.68 +0.25 .22 16.52 5.74 UnderArmour C UA ... 12 8.56 –0.75 ... 8.08 1.02 WeWork WE ... dd 1.24 –0.31 ...
45.87 29.51 Rayonier RYN 3.4 47 33.98 –0.61 .285 55.41 38.59 SilganHoldings SLGN 1.2 17 53.42 –0.32 .18 47.48 26.39 Tapestry TPR 2.8 13 42.60 –1.51 .30 19.48 6.33 Unifi UFI ... dd 10.38 +0.13 ... 42.86 27.37 Weyerhaeuser WY 2.5 12 30.87 –1.33 .19
108.84 80.27 RaytheonTech RTX 2.2 28 99.62 –1.89 .55 49.91 22.35 SilverBowRscs SBOW ... 2 24.84 +1.07 ... 81.50 55.56 TargaResources TRGP 1.8 19 75.76 +1.82 .35 205.59 154.72 Unifirst UNF .6 36 196.47 –4.54 .31 51.91 28.62 WheatonPrecMet WPM 1.5 23 40.47 –1.81 .15
15.92 9.69 ReadyCapital RC 12.8 6 12.50 –0.74 .40 162.65 10.81 SilvergateCapital SI ... dd 14.33 –3.73 ... 254.87 137.16 Target TGT 2.6 23 166.96 –6.26 1.08 52.34 42.44 Unilever UL 3.5 16 50.28 –0.92.4569 3.59 0.98 WheelsUp UP ... dd 1.12 –0.01 ...
75.40 55.50 RealtyIncome O 4.7 46 64.98 –1.14.2545 14.83 4.37 Similarweb SMWB ... dd 6.55 –0.35 ... 51.08 27.50 TaroPharm TARO ... 25 30.44 –0.16 ... 278.94 183.70 UnionPacific UNP 2.7 17 194.02 –7.57 1.30 210.99 124.43 Whirlpool WHR 5.0 dd 139.09 –5.91 1.75
8.78 1.67 Redwire RDW ... ... 3.46 –0.49 ... 140.94 86.02 SimonProperty SPG 5.9 18 121.83 –1.83 1.80 37.65 20.05 TaylorMorrison TMHC ... 4 35.20 –0.64 ... 23.10 3.93 Unisys UIS ... dd 5.20 –0.19 ... 1560.21 1030.30 WhiteMtnIns WTM .1 dd 1464.83 –86.84 1.00
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
11.04 5.52 RedwoodTrust RWT 12.1 dd 7.62 –0.35 .23 121.36 75.25 SimpsonMfg SSD 1.0 14 106.84 –4.27 .26 30.70 5.06 Team TISI ... dd 7.36 –0.25 ... 9.68 5.36 UnitedMicro UMC ... 7 8.03 –0.07 ... 13.66 8.15 WhitestoneREIT WSR 5.1 27 9.48 –0.66 .04
164.15 108.28 RegalRexnord RRX .9 21 154.57 –5.14 .35 8.00 4.07 SiriusPoint SPNT ... dd 6.75 –0.48 ... 15.62 5.48 TechnipFMC FTI ... dd 15.22 +1.21 ... 49.56 32.90 UnitedNatFoods UNFI ... 11 41.07 –1.92 ... 22.94 8.57 WideOpenWest WOW ... dd 11.84 –0.15 ...
53.02 26.52 RegionalMgmt RM 3.8 6 31.76 –1.87 .30 184.19 97.36 SiteOneLandscape SITE ... 28 148.83 –3.41 ... 46.90 24.72 TeckResourcesB TECK 1.0 8 38.81 –5.31.0922 223.97 154.87 UPS B UPS 3.6 14 180.15 –3.06 1.62 56.34 36.57 Wiley A WLY 3.1 26 44.85 –0.43.3475
24.37 18.01 RegionsFin RF 3.5 10 23.17 –0.69 .20 33.65 21.32 SitioRoyalties STR 12.2 11 23.52 –1.09 .72 36.48 16.05 Tecnoglass TGLS .9 14 34.73 –0.60 .075 470.88 230.54 UnitedRentals URI 1.3 15 450.43 –10.82 1.48 57.07 37.89 Wiley B WLYB 3.1 25 44.44 –4.75.3475
2.34 0.50 Regis RGS ... dd 1.40 –0.08 ... 46.59 16.83 SixFlags SIX ... 24 26.84 –1.55 ... 5.89 2.54 Teekay TK ... 8 5.87 +0.65 ... 57.92 38.39 US Bancorp USB 4.0 13 47.64 –0.96 .48 37.97 28.30 Williams WMB 5.7 19 31.18 –0.08.4475
153.35 97.61 ReinsGrp RGA 2.2 16 146.12 –2.94 .80 49.56 31.28 SkechersUSA SKX ... 18 43.88 –0.84 ... 44.44 11.90 TeekayTankers TNK ... 7 43.32 +5.72 ... 39.25 16.41 US Steel X .7 3 28.27 +0.25 .05 176.89 101.58 Williams-Sonoma WSM 2.5 8 124.68 –5.91 .78
248.77 160.29 RelianceSteel RS 1.6 8 245.10 –2.80 1.00 13.39 4.10 SkeenaRscs SKE ... dd 4.91 –0.46 ... 20.65 14.31 TejonRanch TRC ... 30 19.31 –0.69 ... 558.10 449.70 UnitedHealth UNH 1.4 23 484.33 –14.75 1.65 70.53 43.05 Winnebago WGO 1.7 6 63.97 –1.34 .27
223.80 124.18 RenaissanceRe RNR .7 dd 210.91 –1.98 .38 7.08 1.03 Skillsoft SKIL ... dd 1.61 ... ... 79.90 21.60 TeladocHealth TDOC ... dd 27.04 –3.03 ... 109.99 21.22 UnitySoftware U ... dd 29.61 –10.06 ... 8.07 4.38 Wipro WIT 1.5 18 4.70 –0.15.1225
33.91 1.29 Renren RENN .0 dd 1.71 +0.0531.5585 3.71 0.45 Skillz SKLZ ... dd .62 –0.11 ... 6.85 3.72 TelecomArgentina TEO 22.2 dd 5.60 –0.04.3139 35.61 21.49 Univar UNVR ... 11 34.66 –0.03 ... 6.41 4.60 WisdomTree WT 2.0 27 6.08 –0.21 .03
34.88 25.35 RentokilInit RTO 1.2 32 30.59 +0.01.2664 73.40 43.04 SkylineChamp SKY ... 9 68.64 –2.91 ... 493.97 325.00 TeledyneTech TDY ... 26 429.64 –9.31 ... 64.13 43.64 Universal UVV 6.2 13 51.19 –2.11 .79 125.48 58.07 Wolfspeed WOLF ... dd 71.64 –5.99 ...
149.17 117.50 RepublicSvcs RSG 1.5 28 129.61 –2.35 .495 7.47 2.03 SmartRent SMRT ... dd 2.58 –0.32 ... 356.72 182.65 Teleflex TFX .6 31 235.18 –12.29 .34 60.70 40.92 UniversalHealth UHT 5.3 7 53.83 –2.29 .715 24.95 9.60 WolverineWwide WWW 2.5 dd 16.06 +0.26 .10
27.07 14.95 ResideoTech REZI ... 10 18.39 –1.47 ... 58.22 25.09 Smartsheet SMAR ... dd 43.07 –0.26 ... 11.78 6.49 TelefonicaBras VIV 7.6 16 7.53 –0.41.0296 158.28 82.50 UniversalHealthB UHS .5 15 146.92 –3.83 .20 26.93 19.11 WoodsideEnergy WDS 9.0 7 23.39 +0.03 1.09
262.38 189.40 ResMed RMD .8 38 211.53 –4.61 .44 71.87 46.58 SmithAO AOS 1.8 44 64.90 –2.34 .30 5.39 3.10 Telefonica TEF 2.8 cc 4.12 +0.03.1553 15.15 8.39 UnivInsurance UVE 4.3 dd 15.04 +2.28 .16 39.71 22.18 WooriFin WF 6.4 3 28.14 –0.801.7502
22.62 11.55 ResoluteForest RFP ... 4 22.13 +0.48 ... 36.14 21.78 Smith&Nephew SNN 2.5 56 28.94 +1.08 .288 33.21 23.03 TelekmIndonesia TLK 2.9 17 26.15 +1.291.0389 11.45 5.27 UnvlTechInst UTI ... 49 7.39 –0.29 ... 124.76 59.43 Workiva WK ... dd 87.43 –0.81 ...
68.89 46.68 RestaurantBrands QSR 3.4 20 65.10 –2.42 .55 163.07 119.82 Smucker SJM 2.7 28 148.60 –1.34 1.02 21.00 9.65 Telephone&Data TDS 6.0 dd 12.30 –1.40 .185 46.64 26.12 UnumGroup UNM 3.0 7 44.64 +1.83 .33 30.65 19.29 WorldFuelSvcs INT 2.1 15 27.06 –2.96 .14
41.32 7.33 Snap SNAP ... dd 9.81 –0.55 ... 44.28 20.03 TempurSealy TPX 1.0 17 42.70 ... .11 93.63 54.66 WW Ent WWE .6 38 85.79 –2.19 .12
59.00 20.17 Revolve RVLV ... 24 25.76 –0.78 ... 23.65 1.59 UpHealth UPH ... dd 1.96 –0.40 ...
259.78 190.08 Snap-On SNA 2.6 15 246.77 –5.51 1.62 11.16 9.71 10XCapIII A VCXB ... cc 10.23 +0.04 ... 62.83 38.01 WorthingtonInds WOR 2.1 14 59.22 –1.80 .31
36.31 26.05 RexAmerRes REX ... 14 32.77 +0.11 ... 19.85 12.91 UrbanEdgeProp UE 4.1 39 15.49 –0.33 .16
275.90 110.27 Snowflake SNOW ... dd 148.44 –5.64 ... 38.00 22.24 Tenaris TS .0 9 33.63 –1.16 .56 93.86 58.82 WyndhamHtls WH 1.7 20 77.11 –0.23 .32
84.68 48.74 RexfordIndlRealty REXR 2.5 65 60.30 –1.18 .38 22.80 14.76 UrstadtBiddle UBP 5.5 25 16.48 +0.12 .225
10.40 9.72 RiceAcqnII A RONI ... 18 10.22 –0.01 ... 115.76 60.69 SOQUIMICH SQM 6.4 8 86.74 +0.502.0024 9.29 2.95 TencentMusic TME ... 27 7.59 –0.42 ... 20.73 15.07 UrstadtProp A UBA 5.7 27 17.54 –0.62 .25 XYZ
10.58 9.89 RigelResourceA RRAC ... 16 10.38 ... ... 14.61 8.29 SolarisOilfield SOI 4.6 14 9.20 –0.78 .105 92.65 36.69 TenetHealthcare THC ... 16 59.29 –2.07 ... 19.98 12.06 UtzBrands UTZ 1.4 dd 16.22 –0.24 .057
133.41 28.00 RingCentral RNG ... dd 34.74 –2.23 ... 14.36 7.51 SolarWinds SWI ... dd 8.75 –0.17 ... 85.33 54.90 Tennant TNC 1.5 20 71.80 +1.97 .265 4.20 1.62 XFinancial XYF ... 2 3.20 –0.17 ...
84.69 50.92 RioTinto RIO 9.9 9 68.90 –5.54 2.67 10.77 3.39 SoloBrands DTC ... dd 4.07 –0.05 ... 51.00 28.65 Teradata TDC ... cc 41.23 –0.16 ... V 47.31 24.75 XPO XPO ... 6 34.17 –3.12 ...
7.74 3.43 Riskified RSKD ... dd 5.49 –0.33 ... 6.84 0.86 Sonendo SONX ... dd 2.44 –0.17 ... 58.40 26.64 Terex TEX 1.0 13 58.35 +1.42 .15 20.36 12.48 XeniaHotels XHR .0 dd 14.30 +0.28 .10
72.73 48.72 RitchieBros RBA 1.8 21 60.52 –2.07 .27 62.26 34.17 SonicAutomotive SAH 2.0 34 56.27 –3.73 .28 12.69 1.29 TerranOrbital LLAP ... dd 2.70 +0.90 ... 60.09 23.71 VF VFC 5.0 23 24.18 –2.81 .30
12.30 2.95 XinyuanRealEst XIN ... dd 5.92 –0.13 ...
11.61 3.17 RiteAid RAD ... dd 3.90 –0.01 ... 36.47 11.25 SonidaSrLiving SNDA ... dd 12.02 –0.71 ... 81.01 50.36 TerrenoRealty TRNO 2.5 24 63.09 –0.94 .40 10.36 1.25 ViaOptronics VIAO ... dd 3.27 +0.14 ...
36.52 6.18 XPeng XPEV ... dd 8.40 –1.13 ...
11.75 6.86 RithmCapital RITM10.9 5 9.16 –0.36 .25 67.06 51.52 SonocoProducts SON 3.3 12 58.99 –2.08 .49 5.82 2.90 TetraTech TTI ... 61 3.87 –0.02 ... 35.69 26.42 VICI Prop VICI 4.7 27 33.29 –0.60 .39
26.00 8.15 Xperi XPER ... ... 11.79 +1.53 ...
122.29 65.40 RobertHalf RHI 2.4 13 78.57 –3.85 .48 107.52 61.72 Sony SONY .5 15 82.71 –2.35.2579 11.45 6.78 TevaPharm TEVA ... dd 9.91 –0.15 ... 14.11 6.47 Vizio VZIO ... dd 9.63 –0.29 ...
28.59 11.20 XponentialFit XPOF ... dd 25.93 –0.31 ...
53.88 21.65 Roblox RBLX ... dd 36.96 –3.92 ... 80.57 60.71 Southern SO 4.2 20 64.56 –2.07 .68 2739.00 1050.15 TexasPacLand TPL .7 31 1766.69 –28.06 3.25 13.70 5.53 VOC Energy VOC 15.7 7 7.98 –0.17 .23 118.58 72.08 Xylem XYL 1.3 52 102.40 –4.89 .33
14.32 5.97 RocketCos. RKT .0 9 7.87 –0.83 1.01 79.32 42.42 SoCopper SCCO 4.9 21 71.20 –2.84 1.00 40.35 25.47 Textainer TGH 3.7 5 32.56 –0.37 .30 8.48 2.66 VTEX VTEX ... dd 3.88 –0.14 ... 65.46 27.86 Yeti YETI ... 37 38.33 –3.34 ...
10.22 9.70 RocketInternetA RKTA ... 39 10.20 +0.02 ... 10.41 9.84 SouthportAcqnA PORT ... 17 10.31 +0.02 ... 76.11 57.11 Textron TXT .1 18 73.56 –1.25 .02 47.49 29.55 V2X VVX ... 40 47.46 +1.85 ... 13.11 2.82 YPF YPF ... 2 11.88 +0.47 ...
299.40 190.08 Rockwell ROK 1.6 31 290.39 –7.33 1.18 50.10 30.20 SouthwestAir LUV 2.1 42 33.57 –1.79 .18 618.36 475.77 ThermoFisher TMO .2 31 542.79 –16.91 .35 8.77 3.93 VaalcoEnergy EGY 3.5 4 4.51 +0.12.0625 6.50 3.00 Yalla YALA ... 9 4.33 –0.53 ...
64.55 36.23 RogersComm B RCI 3.1 19 48.02 –1.07.3753 95.62 59.51 SouthwestGas SWX 3.9 26 64.05 –1.05 .62 27.54 13.26 Thermon THR ... 26 26.44 –0.49 ... 273.43 201.91 VailResorts MTN 3.2 28 237.89 –5.45 1.91 6.40 3.88 YamanaGold AUY 2.4 19 5.10 –0.23 .03
274.51 98.45 Rogers ROG ... 39 149.86 +0.88 ... 9.87 4.58 SouthwesternEner SWN ... 3 5.56 +0.59 ... 125.32 91.55 ThomsonReuters TRI 1.6 42 121.51 –1.67 .49 80.00 37.17 Valaris VAL ... 28 65.30 –8.54 ... 2.20 0.39 YatsenHolding YSG ... dd 1.31 +0.01 ...
43.06 31.43 Rollins ROL 1.5 47 35.12 –1.18 .13 94.25 38.93 SpectrumBrands SPB 2.6 56 63.82 +0.90 .42 105.36 66.26 ThorIndustries THO 2.0 5 92.11 –3.00 .45 21.29 11.72 Vale VALE 6.4 4 16.33 –0.69.3542 39.27 25.30 Yelp YELP ... 60 30.14 –0.65 ...
488.23 356.22 RoperTech ROP .6 38 428.44 +0.76.6825 2.39 0.86 SpireGlobal SPIR ... dd 1.02 –0.04 ... 20.51 7.02 3D Systems DDD ... dd 9.98 –1.18 ... 7.05 2.71 ValensSemicon VLN ... dd 4.33 –0.37 ... 8.20 4.00 Yext YEXT ... dd 6.83 –0.32 ...
10.96 9.70 RossAcqnIIA ROSS ... 34 10.20 +0.01 ... 79.24 61.52 Spire SR 4.0 15 71.64 –1.28 .72 154.66 106.76 3M MMM 5.6 11 107.80 –5.19 1.50 150.39 79.65 ValeroEnergy VLO 3.1 5 132.75 +3.14 1.02 3.85 0.67 YirenDigital YRD ... ... 2.79 –0.49 ...
114.55 83.63 RoyalBkCanada RY 3.9 12 100.85 –2.22.9832 52.03 21.14 SpiritAeroSys SPR .1 dd 33.95 –1.67 .01 47.12 13.80 Tidewater TDW ... dd 43.81 –0.20 ... 54.06 20.83 Valhi VHI 1.3 5 23.99 –0.85 .08 12.55 3.03 Youdao DAO ... dd 7.24 –0.48 ...
87.68 31.09 RoyalCaribbean RCL ... dd 70.17 –2.86 ... 27.88 15.92 SpiritAirlines SAVE .0 dd 19.02 –0.17 .10 13.25 6.65 Tilly's TLYS ... 12 8.58 –0.49 ... 353.36 207.16 ValmontInds VMI .7 27 310.84 –15.09 .55 133.77 103.97 Yum!Brands YUM 1.9 28 126.83 –5.21 .605
10.50 0.85 RubiconTech RBT ... dd .98 –0.06 ... 48.24 34.31 SpiritRealtyCap SRC 6.2 23 42.55 –1.65 .663 87.86 50.85 Timken TKR 1.4 16 86.00 –0.80 .31 36.95 24.40 Valvoline VVV 1.4 15 34.87 +0.11 .125 63.06 33.55 YumChina YUMC .9 56 58.40 –2.21 .13
10.44 2.89 RushStreetInt RSI ... dd 3.81 –0.52 ... 160.06 69.29 Spotify SPOT ... dd 117.14 –8.19 ... 26.23 14.09 TimkenSteel TMST ... 17 18.41 –0.93 ... 16.39 0.46 Vapotherm VAPO ... dd .85 –0.22 ... 91.23 16.23 ZimIntShipping ZIM 114.9 0 23.98 +1.82 2.95
46.40 32.13 RyanSpecialty RYAN ... 94 43.37 +0.63 ... 10.46 9.90 SpreeAcqn1 A SHAP ... dd 10.37 –0.04 ... 19.81 10.81 TItanIntl TWI ... 6 15.05 –0.75 ... 14.39 8.64 VectorGroup VGR 6.0 13 13.40 –0.99 .20 29.98 16.27 ZTO Express ZTO .0 20 24.45 –0.56 .25
102.36 61.71 RyderSystem R 2.6 6 96.44 –2.14 .62 15.05 7.25 Sprinklr CXM ... dd 10.92 +0.02 ... 26.04 11.91 Toast TOST ... dd 19.46 –0.02 ... 234.89 151.02 VeevaSystems VEEV ... 68 165.11 –5.38 ... 3.85 1.05 ZeppHealth ZEPP .0 dd 1.71 –0.16 .08
44.09 18.68 RyersonHolding RYI 1.8 3 34.83 –6.86 .17 57.00 29.76 Sprott SII 2.9 44 34.31 –3.56 .25 63.19 39.53 Toll Bros TOL 1.4 5 58.33 +1.13 .20 10.90 1.28 Velo3D VLD ... dd 3.11 –0.31 ... 13.46 4.09 ZetaGlobal ZETA ... dd 10.70 +1.18 ...
101.19 70.47 RymanHospitality RHP .8 41 92.10 +2.97 .25 2.50 0.69 SprucePower SPRU ... dd .98 –0.19 ... 47.49 31.05 TootsieRoll TR .8 43 44.43 –1.74 .09 13.60 8.15 VelocityFinl VEL ... 10 9.73 –0.02 ... 7.06 1.86 ZeviaPBC ZVIA ... dd 3.76 –0.71 ...
30.69 14.43 Squarespace SQSP ... dd 23.06 –0.16 ... 232.92 140.66 TopBuild BLD ... 12 206.17 +7.26 ... 2.78 0.41 VenatorMaterials VNTR ... dd .48 –0.19 ... 3.52 0.89 Zhihu ZH ... dd 1.48 –0.23 ...
S 62.21 31.11 St.Joe JOE .9 35 42.53 –3.23 .10 25.96 16.80 TopgolfCallaway MODG ... 31 23.41 –0.40 ... 64.02 35.33 Ventas VTR 3.6 dd 49.69 –0.77 .45 135.05 100.39 ZimmerBiomet ZBH .8 cc 122.70 –3.27 .24
48.24 31.61 StandardMotor SMP 3.0 12 39.22 –1.95 .29 117.66 71.86 Toro TTC 1.2 26 111.02 –3.55 .34 17.99 10.22 VerisResidential VRE ... dd 16.37 –0.32 ... 25.00 13.78 ZipRecruiter ZIP ... 33 17.35 –6.46 ...
123.28 78.22 SAP SAP 1.3 55 113.18 –4.17 2.66 121.85 79.02 StandexInt SXI 1.0 20 114.03 –2.89 .28 82.64 57.27 TorontoDomBk TD 4.1 9 66.96 –1.95.7097 161.10 94.50 Veritiv VRTV 1.9 6 133.14 –5.90 .63 201.32 124.15 Zoetis ZTS .9 37 166.33 –5.70 .375
423.55 279.32 S&P Global SPGI 1.0 33 343.38 –17.45 .90 168.30 70.24 StanleyBlackDck SWK 3.8 12 84.80 –4.38 .80 8.95 2.59 Torrid CURV ... 9 2.83 –0.21 ... 55.51 34.55 Verizon VZ 6.7 8 38.74 –1.48.6525 15.77 5.45 Zuora ZUO ... dd 8.62 –0.28 ...
10.29 9.65 SDCLEDGEAcqn SEDA ... 23 10.23 +0.02 ... 61.61 40.92 Stantec STN .9 34 58.26 +4.93 .144 10.40 9.62 TortoiseEcoIII A TRTL ... 27 10.15 ... ... 30.17 12.90 VermilionEnergy VET 1.5 2 13.80 +0.43.0593 36.82 20.10 ZurnElkayWater ZWS 1.2 49 22.97 –0.39 .07
10.40 4.75 SeacorMarine SMHI ... dd 10.00 –0.22 ... 11.25 6.26 Starrett A SCX ... 5 10.52 –0.03 ... 65.05 44.61 TotalEnergies TTE ... 8 62.60 +0.34 ... 11.95 1.83 VerticalAerospace EVTL ... ... 1.93 +0.04 ...
10.18 2.97 SES AI SES ... dd 3.06 –0.28 ... 4.96 2.60 Startek SRT ... 20 3.75 –0.15 ... 13.16 7.05 TownsquareMedia TSQ ... 13 7.20 –0.02 ... 17.88 7.76 Vertiv VRT .1 dd 15.81 –0.25 .01 NYSE ARCA
11.60 8.71 SFL SFL 9.2 ... 10.46 +0.32 .24 24.79 17.69 StarwoodProp STWD 9.9 7 19.47 –0.76 .48 186.00 130.07 ToyotaMotor TM 2.6 10 136.05 –6.801.7621 44.25 23.07 Viad VVI ... cc 25.94 –0.68 ...
8.96 3.23 SignaSports SSU ... dd 4.60 –0.20 ... 94.74 58.62 StateStreet STT 2.9 12 87.17 –4.83 .63 10.09 2.48 Traeger COOK ... dd 3.79 –0.11 ... 6.59 1.69 VicariousSurgical RBOT ... cc 2.80 –0.27 ... 24.43 22.96 CambiarAggressive CAMX ... ... 23.62 –0.54 ...
42 BARRON’S February 27, 2023
60.49 44.72 Amerisafe AMSF 2.3 19 54.02 –1.62 .34 65.37 47.19 AlliantEnergy LNT 3.4 19 52.72 –1.25.4525 24.83 9.43 AuraBiosciences AURA ... dd 10.31 –0.03 ... 26.80 4.71 C4 Therap CCCC ... dd 5.33 –0.74 ... 206.79 31.55 CoinbaseGlbl COIN ... dd 58.44 –6.76 ...
44.60 23.71 A-MarkPrecMet AMRK 2.7 5 29.82 –2.59 .20 42.86 21.14 AlliedMotionTech AMOT .2 43 41.00 –1.36 .025 10.38 9.83 AuraFatProjectsA AFAR ... cc 10.38 +0.02 ... 121.23 86.60 CH Robinson CHRW 2.4 14 100.34 –0.83 .61 30.22 14.04 CollegiumPharm COLL ... dd 26.85 –0.32 ...
45.99 22.31 ANI Pham ANIP ... dd 41.13 –1.95 ... 17.49 5.41 AllogeneTherap ALLO ... dd 6.19 –1.01 ... 16.30 4.07 AuriniaPharm AUPH ... dd 8.19 ... ... 10.98 9.81 CIIGCapPtrsII CIIG ... dd 10.26 +0.01 ... 140.29 84.16 ColliersIntl CIGI .3 cc 115.56 –2.78 .15
333.83 194.23 Ansys ANSS ... 49 291.34 +20.58 ... 8.67 2.75 Allot ALLT ... dd 3.52 ... ... 4.56 0.82 AuroraCannabis ACB ... dd .86 –0.08 ... 2.40 1.03 CLPS CLPS .0 6 1.39 –0.11 .05 14.77 4.27 Collplant CLGN ... dd 11.21 –0.70 ...
23.58 6.88 AN2 Therap ANTX ... dd 12.11 –1.54 ... 10.29 3.17 AlloVir ALVR ... dd 6.70 –0.24 ... 6.54 1.10 AuroraInnov AUR ... dd 1.42 –0.38 ... 251.99 166.55 CME Group CME 2.4 25 187.17 –1.47 1.10 18.98 12.52 ColonyBankcorp CBAN 3.5 11 12.61 –0.10 .11
51.95 30.15 APA APA 2.5 4 39.22 +1.13 .25 242.97 117.58 AlnylamPharm ALNY ... dd 189.78 –33.01 ... 1.42 0.60 AuroraMobile JG ... dd .67 –0.02 ... 28.50 22.98 CNB FinPA CCNE 2.9 7 23.88 –0.57 .175 37.08 26.97 ColumbiaBanking COLB 3.9 10 30.45 –1.14 .30
22.45 15.50 ARKRestaurants ARKR 2.8 7 17.73 –1.56 .125 69.99 26.02 Alpha&Omega AOSL ... 10 27.12 –1.56 ... 11.23 9.54 AuroraTechA ATAK ... 48 10.32 +0.05 ... 21.50 6.54 CompassPath CMPS ... dd 8.17 –0.96 ... 22.86 18.77 ColumbiaFin CLBK ... 26 21.00 +0.29 ...
9.23 2.80 ARS Pharm SPRY ... dd 8.27 –0.36 ... 10.48 9.84 AlphaStarAcqn ALSA ... cc 10.46 +0.07 ... 0.25 0.05 AuroraTechRt ATAKR ... ... .11 –0.01 ... 42.50 10.18 CPI Card PMTS ... 17 35.54 –1.21 ... 98.32 65.02 ColumbiaSportswr COLM 1.4 18 87.97 –3.06 .30
714.62 363.15 ASML ASML .8 42 618.38 –33.551.8386 0.24 0.05 AlphaStarRt ALSAR ... ... .09 –0.02 ... 235.01 163.20 Autodesk ADSK ... 51 192.53 –27.45 ... 128.10 78.35 CRA Intl CRAI 1.2 21 125.05 +0.23 .36 47.18 23.54 ColumbusMcKinn CMCO .8 23 36.62 –1.45 .07
10.48 9.81 A SPAC II ASCB ... ... 10.34 +0.03 ... 18.34 3.02 AlphaTeknova TKNO ... dd 5.00 –0.54 ... 4.73 1.60 AutolusTherap AUTL ... dd 1.86 –0.17 ... 86.95 38.94 CRISPR Therap CRSP ... dd 48.02 –2.87 ... 48.42 28.39 Comcast A CMCSA 3.1 31 37.00 –2.12 .29
0.30 0.05 A SPAC II Rt ASCBR ... ... .15 +0.02 ... 143.79 83.34 Alphabet A GOOGL ... 20 89.13 –5.22 ... 274.92 196.61 ADP ADP 2.3 29 221.58 –7.11 1.25 66.58 52.42 CSG Systems CSGS 2.0 40 56.97 –3.57 .28 72.60 59.81 CommerceBcshrs CBSH 1.6 17 66.76 –0.26 .27
14.27 3.55 AST Space ASTS ... dd 5.96 –0.51 ... 144.16 83.45 Alphabet C GOOG ... 20 89.35 –5.24 ... 10.02 1.05 AvadelPharm AVDL ... dd 9.47 +1.09 ... 12.46 6.65 CSP CSPI .0 16 11.26 –0.53 .03 9.11 4.03 CommVehicle CVGI ... 21 7.92 –0.29 ...
2.64 0.88 ATA Creativity AACG ... dd 1.87 –0.28 ... 14.89 5.73 Alphatec ATEC ... dd 14.80 +0.50 ... 10.50 9.90 AvalonAcqn AVAC ... 25 10.38 +0.03 ... 148.91 96.03 CSW Industrials CSWI .5 25 143.33 +2.21 .17 13.73 5.56 CommScope COMM ... dd 7.78 –0.23 ...
5.99 1.45 ATAI Life ATAI ... dd 1.62 –0.27 ... 10.60 10.05 AlphaTimeAcqn ATMC ... ... 10.15 +0.02 ... 30.23 15.69 Avantax AVTA ... 3 29.31 –0.60 ... 38.63 25.80 CSX CSX 1.4 16 30.75 –0.46 .11 48.05 39.10 CmntyTrBcp CTBI 4.1 9 43.25 –0.87 .44
50.45 32.07 ATN Intl ATNI 2.0 dd 42.65 –5.10 .21 0.25 0.12 AlphaTimeRt ATMCR ... ... .16 ... ... 6.00 0.67 AveannaHealth AVAH ... dd 1.28 +0.05 ... 29.25 22.37 CVB Fin CVBF 3.3 15 24.33 –0.03 .20 16.55 13.26 CommWestBcshs CWBC 2.1 10 15.01 –0.02 .08
1.93 0.56 AVROBIO AVRO ... dd 1.38 –0.31 ... 10.53 10.10 AlphaVestAcqn ATMV ... ... 10.17 +0.03 ... 6.13 3.40 AvePoint AVPT ... dd 4.83 –0.06 ... 12.88 0.59 CabalettaBio CABA ... dd 8.22 +0.29 ... 69.16 50.26 CommVaultSys CVLT ... cc 59.75 –2.58 ...
9.94 4.17 AXT AXTI ... 12 4.50 –0.38 ... 0.57 0.12 AlphaVestAcqnRt ATMVR ... ... .13 ... ... 39.80 23.88 AviatNetworks AVNW ... 30 34.63 –1.12 ... 10.70 9.85 CactusAcqn1 A CCTS ... dd 10.38 +0.02 ... 11.16 9.60 CompassDigitalAcqn CDAQ ... 42 10.16 +0.04 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
19.39 12.54 Abcam ABCM ... cc 14.26 –0.17 ... 10.30 4.82 AlpineImmune ALPN ... dd 7.61 –0.76 ... 37.31 20.83 AvidTechnology AVID ... 29 29.01 –1.82 ... 202.96 132.32 CadenceDesign CDNS ... 63 193.74 –0.70 ... 8.13 4.26 CompoSecure CMPO ... 4 6.82 –0.04 ...
14.97 5.42 AbCelleraBio ABCL ... 17 8.37 –1.22 ... 7.25 2.20 AlpineSummit ALPS16.4 2 2.24 –1.81.0315 25.74 9.83 AvidityBio RNA ... dd 22.77 –2.88 ... 87.43 31.31 CaesarsEnt CZR ... dd 50.03 –2.77 ... 3.57 0.51 Compugen CGEN ... dd .75 –0.06 ...
9.68 1.94 Absci ABSI ... dd 2.24 –0.43 ... 10.40 9.80 AlsetCapAcqnA ACAX ... cc 10.22 +0.03 ... 11.86 5.86 AvidXchange AVDX ... dd 10.02 –0.12 ... 12.25 5.59 Caesarstone CSTE16.8 15 5.94 –0.13 .25 35.50 25.33 ComputerPrograms CPSI ... 28 30.29 –0.98 ...
12.59 6.79 AbsoluteSftwr ABST 2.8 dd 8.66 –0.57.0595 0.41 0.05 AlsetCapAcqnRt ACAXR ... ... .23 +0.02 ... 327.80 131.83 AvisBudget CAR ... 4 218.21 –22.63 ... 65.32 43.08 Cal-MaineFoods CALM 9.2 6 58.39 –2.971.351 10.10 6.42 ComputerTask CTG ... 17 7.57 +0.17 ...
5.30 3.30 AcaciaResearch ACTG ... 49 4.29 –0.07 ... 68.85 43.17 AltairEngg ALTR ... dd 63.54 +7.98 ... 50.19 35.45 Avnet AVT 2.5 5 45.61 –0.82 .29 7.62 2.96 CalAmp CAMP ... dd 4.32 –0.33 ... 3.07 1.00 comScore SCOR ... dd 1.18 –0.03 ...
63.89 25.10 AcademySports ASO .5 8 59.55 –3.11 .075 10.32 9.83 AltEnergyA AEAE ... 12 10.32 ... ... 3.57 1.32 Aware AWRE ... dd 1.54 –0.23 ... 45.50 27.29 CalavoGrowers CVGW 3.5 dd 32.94 –0.42.2875 21.01 8.42 ComtechTel CMTL 2.6 dd 15.45 –0.65 .10
89.85 53.86 AcadiaHealthcare ACHC ... 26 80.25 –1.80 ... 23.49 3.83 Altimmune ALT ... dd 11.98 +0.02 ... 129.71 46.41 AxcelisTechs ACLS ... 23 123.47 +1.54 ... 26.17 18.51 CaliforniaBncp CALB ... 10 25.27 +0.06 ... 205.58 108.57 Concentrix CNXC .8 17 137.04 –5.69 .275
19.39 4.61 Accolade ACCD ... dd 11.12 –0.70 ... 17.67 4.25 AltisourcePortf ASPS ... dd 5.33 +0.07 ... 2.89 0.16 AxcellaHealth AXLA ... dd .60 –0.07 ... 22.70 10.82 CalliditasTherap CALT ... dd 18.66 +0.06 ... 8.44 2.66 ConcertPharm CNCE ... dd 8.38 ... ...
10.49 9.76 AccretionAcqn ENER ... dd 10.22 ... ... 61.63 32.18 AltraIndlMotion AIMC .6 cc 61.53 ... .09 204.99 82.49 AxonEnterprise AXON ... cc 193.55 +4.29 ... 20.50 8.40 CalumetSpecialty CLMT ... dd 19.45 –0.08 ... 5.89 3.29 Conduent CNDT ... dd 4.05 –0.19 ...
0.29 0.01 AccretionAcqnRt ENERR ... ... .14 –0.01 ... 14.04 5.20 Alvotech ALVO ... cc 13.90 +0.61 ... 79.92 38.41 Axonics AXNX ... dd 57.37 –0.04 ... 29.38 12.40 CambiumNtwks CMBM ... 29 20.63 –1.77 ... 45.08 16.48 Confluent CFLT ... dd 24.22 –1.14 ...
3.67 1.70 Accuray ARAY ... dd 2.85 –0.25 ... 27.33 16.05 AmalgamFin AMAL 1.7 9 23.42 –0.88 .10 82.00 20.63 AxsomeTherap AXSM ... dd 61.05 –5.57 ... 51.78 39.21 CamdenNational CAC 4.0 10 41.57 –0.78 .42 2.55 1.28 Conifer CNFR ... dd 1.63 –0.08 ...
9.60 1.35 AcelRxPharm ACRX ... 0 1.39 –0.16 ... 3.74 1.04 Amarin AMRN ... dd 1.77 –0.07 ... 89.20 37.61 Azenta AZTA ... dd 43.87 –2.58 ... 34.61 20.83 Camtek CAMT ... 16 26.89 –0.39 ... 4.95 0.56 ConnectBiopharma CNTB ... dd 1.14 +0.07 ...
3.47 0.75 AchillesTherap ACHL ... dd 1.12 –0.04 ... 170.83 81.43 Amazon.com AMZN ... dd 93.50 –3.70 ... B 6.90 1.87 Canaan CAN ... 1 2.77 –0.22 ... 33.75 21.35 ConnectOneBncp CNOB 2.5 8 24.48 +0.10 .155
18.96 9.84 AclarisTherap ACRS ... dd 12.07 –1.06 ... 143.50 49.02 Ambarella AMBA ... dd 91.04 –2.08 ... 47.69 22.15 CanadianSolar CSIQ ... 14 37.55 –1.39 ... 21.37 5.69 Conn's CONN ... dd 8.40 –0.63 ...
2.29 0.26 AcordaTherap ACOR ... dd .93 +0.01 ... 97.08 76.79 Amdocs DOX 1.9 21 93.41 –1.43 .435 20.71 16.44 BCB Bancorp BCBP 3.7 7 17.49 –0.10 .16 5.75 1.40 CandelTherap CADL ... dd 1.96 –0.14 ... 65.68 37.75 ConsensusCloud CCSI ... 12 44.16 –16.76 ...
10.70 9.97 AcriCapitalA ACAC ... ... 10.42 –0.02 ... 179.91 79.30 Amedisys AMED ... 25 91.82 –5.34 ... 12.69 5.45 BELLUS Health BLU ... dd 7.46 –0.37 ... 10.78 9.92 Canna-GlobalA CNGL ... cc 10.48 +0.04 ... 10.50 9.69 Consilium I A CSLM ... cc 10.28 +0.01 ...
25.47 10.90 AcrivonTherap ACRV ... ... 15.33 –6.26 ... 33.56 24.41 AmerantBncpA AMTB 1.3 15 28.71 –0.44 .09 4.74 3.00 BGC Partners BGCP 1.0 13 4.19 –0.21 .01 6.25 0.72 Canoo GOEV ... dd .73 –0.15 ... 0.30 0.02 Consilium I Rt CSLMR ... ... .08 ... ...
81.83 70.94 ActivisionBliz ATVI .6 40 76.82 –0.75 .47 21.42 11.65 AmerAirlines AAL ... cc 15.56 –0.80 ... 36.14 20.15 BJsRestaurants BJRI ... cc 33.61 –0.05 ... 8.79 2.09 CanopyGrowth CGC ... dd 2.33 –0.18 ... 8.49 3.50 ConsldComm CNSL ... dd 3.92 –0.52 ...
10.97 3.02 AcumenPharm ABOS ... dd 5.24 –0.27 ... 105.60 80.30 AEP AEP 3.7 19 90.43 –1.98 .83 110.85 70.21 BOK Fin BOKF 2.1 13 103.64 –0.83 .54 7.88 2.77 Cantaloupe CTLP ... dd 5.82 –0.18 ... 20.58 9.30 ConsldWater CWCO 2.3 42 15.04 –0.26 .085
2.19 0.48 AcutusMedical AFIB ... dd 1.50 –0.06 ... 39.12 31.62 AmNtlBcsh AMNB 3.6 10 33.39 –0.76 .30 33.34 17.08 BRP Group BRP ... dd 28.75 –0.32 ... 32.92 18.93 CanterburyPark CPHC 1.1 10 26.00 +0.43 .07 97.89 42.46 ConstellationEner CEG 1.4 dd 79.27 –5.28 .282
6.65 0.90 Adagene ADAG ... ... 1.74 –0.12 ... 16.82 7.10 AmOutdoorBrands AOUT ... dd 9.38 –0.68 ... 90.42 57.38 BRP DOOO .5 13 86.60 –2.37 .118 27.49 20.75 CapitalBancorp CBNK 1.1 7 20.77 –0.62 .06 32.98 18.89 ConstructionPtrs ROAD ... 81 27.56 –1.69 ...
2.77 1.01 AdaptimmuneTher ADAP ... dd 1.70 –0.01 ... 24.02 7.83 AmericanPubEdu APEI ... dd 11.57 –0.91 ... 73.10 30.75 B RileyFin RILY 10.5 dd 38.02 –5.08 1.00 36.23 24.43 CapitalCityBank CCBG 2.0 15 34.26 –0.14 .17 15.47 4.64 ConsumerPtfo CPSS ... 3 11.15 –0.03 ...
15.21 5.96 AdaptiveBiotech ADPT ... dd 8.32 –1.18 ... 22.53 13.39 AmerSoftware AMSWA 3.1 43 13.99 –0.69 .11 12.26 3.82 Backblaze BLZE ... dd 5.59 –0.16 ... 19.65 12.80 CapitalProduct CPLP 4.1 2 14.48 +0.13 .15 2.58 0.44 ContextLogic WISH ... dd .51 –0.24 ...
112.89 70.37 AddusHomeCare ADUS ... 38 104.59 –2.73 ... 10.14 3.20 AmerSupercond AMSC ... dd 5.25 –0.62 ... 170.35 73.58 Baidu BIDU ... 44 132.51 –9.20 ... 24.72 16.28 CapitalSouthwest CSWC10.7 14 19.06 –0.33 .05 70.93 51.11 Copart CPRT ... 31 69.23 +0.83 ...
11.85 6.30 Adeia ADEA 2.0 dd 10.20 –0.40 .05 60.78 40.70 AmericanWoodmark AMWD ... 69 58.14 –0.40 ... 39.78 20.42 BakerHughes BKR 2.5 dd 30.38 –0.21 .19 10.85 9.88 CapitalworksEMA CMCA ... 26 10.20 –0.23 ... 8.03 2.65 CorMedix CRMD ... dd 3.98 –0.48 ...
21.87 7.41 AdicetBio ACET ... dd 7.66 –0.78 ... 127.05 52.24 AmerCarMart CRMT ... 13 84.93 –9.66 ... 143.88 110.15 Balchem BCPC .5 39 131.76 –6.36 .71 11.30 7.19 CapitolFedFin CFFN 4.0 15 8.42 –0.15 .085 23.77 10.96 CorsairGaming CRSR ... dd 17.19 –1.06 ...
479.21 274.73 Adobe ADBE ... 32 320.54 –36.31 ... 54.24 38.22 AmerisBancorp ABCB 1.2 10 48.02 –0.90 .15 12.57 4.43 BallardPower BLDP ... dd 5.53 –0.63 ... 22.17 15.71 CapStarFin CSTR 2.3 10 17.35 –0.33 .10 192.13 129.19 Corvel CRVL ... 48 184.59 +0.35 ...
6.77 2.11 AdvEmissions ADES ... ... 3.05 –0.18 ... 4.32 3.66 AmeriServFin ASRV 3.0 9 4.02 ... .03 118.07 75.00 BancFirst BANF 1.7 16 91.55 +1.86 .40 13.97 7.40 CaraTherap CARA ... dd 10.03 –0.73 ... 2.11 0.70 CorvusPharm CRVS ... dd .75 ... ...
101.00 67.55 AdvEnergyInds AEIS .4 17 91.86 –5.28 .10 296.67 221.96 Amgen AMGN 3.6 19 233.66 –6.87 2.13 34.89 9.20 Bandwidth BAND ... dd 15.34 –10.65 ... 23.47 12.26 CardiovascularSys CSII ... dd 19.70 ... ... 85.37 53.25 CoStar CSGP ... 76 70.73 –6.83 ...
125.67 54.57 AdvMicroDevices AMD ... 89 78.09 –0.41 ... 13.62 5.91 AmicusTherap FOLD ... dd 12.93 –0.38 ... 49.52 34.79 BankOZK OZK 3.0 10 46.03 –1.39 .34 65.01 3.50 Cardlytics CDLX ... dd 5.69 –0.88 ... 612.27 406.51 Costco COST .7 37 488.61 –18.87 .90
8.18 1.78 AdvantageSolns ADV ... 11 2.38 –0.18 ... 31.38 14.89 AmkorTech AMKR 1.2 8 25.27 –1.24 .075 30.86 21.08 Bank7 BSVN 2.2 9 29.76 –0.27 .16 5.79 2.50 Carecloud CCLD ... dd 4.02 –0.09 ... 21.64 10.19 Couchbase BASE ... dd 15.84 –0.17 ...
1.82 0.53 AdverumBiotech ADVM ... dd .70 +0.08 ... 44.46 26.76 AmphastarPharm AMPH ... 22 32.54 +0.15 ... 11.22 9.06 BankFinancial BFIN 3.9 13 10.30 –0.01 .10 41.50 10.50 CareDx CDNA ... dd 14.45 –1.15 ... 10.80 9.91 CounterPressA CPAQ ... dd 10.33 +0.01 ...
3.17 0.33 AegleaBioTherap AGLE ... dd .39 –0.11 ... 14.77 5.61 AmrytPharma AMYT ... dd 14.61 –0.02 ... 36.87 27.76 BankwellFin BWFG 2.6 6 30.26 –1.18 .20 9.23 2.77 CareMax CMAX ... dd 4.10 –0.44 ... 130.97 40.30 CoupaSoftware COUP ... dd 80.34 +0.34 ...
16.06 3.62 Aemetis AMTX ... dd 3.81 –0.49 ... 13.45 6.66 AmtechSystems ASYS ... 10 9.45 –0.05 ... 75.72 52.35 Banner BANR 3.0 11 63.85 –0.40 .48 50.03 9.14 CarGurus CARG ... dd 17.02 –0.05 ... 40.37 17.23 CovenantLogist CVLG 1.0 5 34.94 –0.01 .11
30.79 9.11 AerovateTherap AVTE ... dd 25.29 –2.41 ... 41.93 6.51 AmylyxPharm AMLX ... dd 34.51 –2.62 ... 12.09 3.41 Baozun BZUN ... dd 6.04 –0.66 ... 13.19 4.89 CaribouBio CRBU ... dd 5.80 –1.05 ... 39.07 21.36 Cowen COWN 1.2 18 39.01 +0.06 .12
114.11 61.61 AeroVironment AVAV ... dd 85.13 –2.60 ... 5.31 1.25 Amyris AMRS ... dd 1.27 –0.23 ... 100.85 58.19 BarrettBus BBSI 1.2 15 96.78 –2.39 .30 50.40 24.59 Carlyle CG 3.7 10 34.70 –0.34 .325 136.00 81.87 CrackerBarrel CBRL 4.8 22 109.25 –1.33 1.30
196.41 133.48 AnalogDevices ADI 1.9 28 182.94 –9.77 .86 24.12 14.20 BassettFurniture BSET 3.3 13 18.83 +0.18 .16 15.70 11.23 CarlyleSecured CGBD 9.2 9 15.67 +0.19 .08 8.32 4.79 CreativeMedia CMCT 6.7 dd 5.05 –0.40 .085
10.31 9.72 AetheriumAcqnA GMFI ... dd 10.30 ... ... 23.54 17.52 BayCom BCML 1.0 10 19.80 –0.19 .05 9.24 3.92 CarParts.com PRTS ... dd 6.15 –0.66 ... 648.95 358.00 CreditAcceptance CACC ... 12 450.06 –18.05 ...
5.10 0.90 Affimed AFMD ... dd .91 –0.11 ... 32.44 18.20 AnaptysBio ANAB ... dd 24.94 –2.05 ...
15.24 7.13 AnavexLifeSci AVXL ... dd 9.72 –0.86 ... 66.79 45.71 BeaconRoof BECN ... 12 65.27 +3.89 ... 2.70 1.28 CarrolsRestr TAST ... dd 1.89 –0.08 ... 19.46 8.61 CredoTech CRDO ... dd 10.51 +0.86 ...
51.49 8.62 AffirmHldgs AFRM ... dd 13.07 +0.09 ... 59.00 29.35 Andersons ANDE 1.6 12 45.44 +0.23 .185 80.00 27.77 BeamTherap BEAM ... dd 38.92 –4.25 ... 18.84 12.58 CarterBkshrs CARE ... 8 17.29 –0.29 ... 18.63 12.55 CrescentCapBDC CCAP10.4 19 15.74 +1.04 .41
17.02 8.73 Afya AFYA ... 16 12.04 –1.07 ... 20.49 1.47 Anghami ANGH ... ... 1.92 –0.20 ... 1.94 0.90 BeasleyBroadcast BBGI ... dd 1.05 –0.18 ... 11.20 9.90 CartesianGrwIIA RENE ... 57 10.43 +0.03 ... 10.42 9.83 CresceraCapA CREC ... cc 10.36 –0.06 ...
86.00 31.49 Agilysys AGYS ... cc 79.91 –2.95 ... 7.19 1.81 Angi ANGI ... dd 2.44 –0.11 ... 30.06 1.27 BedBath BBBY ... dd 1.53 –0.28 ... 10.50 9.80 CarticaAcqnA CITE ... 34 10.47 +0.01 ... 9.80 4.18 Cresud CRESY ... 2 7.30 +0.45 ...
34.76 16.75 AgiosPharm AGIO ... dd 25.11 –2.57 ... 24.87 11.71 AngioDynamics ANGO ... dd 12.56 –0.70 ... 280.62 118.18 BeiGene BGNE ... dd 215.59 –16.47 ... 7.18 2.35 CasaSystems CASA ... dd 3.52 –0.15 ... 17.35 5.88 Cricut CRCT .0 37 10.21 +0.58 .35
12.50 2.50 Agora API ... dd 3.78 –0.23 ... 2.63 0.59 AngionBiomed ANGN ... dd .66 +0.01 ... 44.30 17.54 BelFuse A BELFA .7 10 36.24 –6.06 .06 11.54 9.71 CascadiaAcqnA CCAI ... 25 10.24 –0.04 ... 27.86 15.37 CrineticsPharm CRNX ... dd 19.58 –1.18 ...
3.00 1.46 AgroFresh AGFS ... dd 2.99 +0.01 ... 33.18 19.95 AnikaTherap ANIK ... dd 30.96 +0.39 ... 42.00 13.25 BelFuse B BELFB .8 8 33.73 –5.27 .07 92.75 63.90 CasellaWaste CWST ... 75 77.31 +0.17 ... 36.76 20.56 Criteo CRTO ... cc 33.64 –1.43 ...
10.36 9.84 AhrenAcqnA AHRN ... 44 10.36 ... ... 7.65 2.06 Annexon ANNX ... dd 5.39 –0.56 ... 45.70 26.32 BentleySystems BSY .5 67 39.49 –1.40 .05 249.90 170.82 CaseysGenStores CASY .7 19 212.63 –4.68 .38 10.45 9.78 CrixusBH3 A BHAC ... 16 10.28 +0.01 ...
28.95 14.01 AirT AIRT ... 62 23.24 +0.94 ... 10.39 9.87 AnthemisDigA ADAL ... cc 10.39 +0.02 ... 7.86 1.60 BerkeleyLights BLI ... dd 1.65 –0.11 ... 51.48 31.85 CassInfoSys CASS 2.4 19 48.75 –1.86 .29 143.50 46.08 Crocs CROX ... 14 122.36 –9.11 ...
34.54 19.88 AirTransportSvcs ATSG ... 9 20.22 –4.71 ... 70.76 33.32 ApellisPharm APLS ... dd 66.69 +11.20 ... 4.12 0.51 BerkshireGrey BGRY ... dd 1.18 –0.25 ... 48.40 15.58 CastleBiosci CSTL ... dd 24.36 –1.64 ... 4.31 2.09 Cronos CRON ... dd 2.10 –0.20 ...
179.09 81.91 Airbnb ABNB ... 44 122.78 –8.82 ... 50.23 35.96 ApogeeEnt APOG 2.1 15 45.88 –1.70 .24 0.90 0.04 BerkshireGreyWt BGRYW ... ... .24 +0.05 ... 47.57 37.37 CathayGenBncp CATY 3.1 9 43.83 –1.01 .34 40.12 15.26 CrossCtyHlthcr CCRN ... 5 26.03 +0.43 ...
14.60 2.69 AirSculptTech AIRS .0 dd 6.34 –0.77 .41 10.30 3.49 ApolloEnd APEN ... dd 9.95 +0.01 ... 12.85 6.78 Berry(bry) BRY 2.5 3 9.45 +0.53 .44 299.36 179.47 CavcoIndustries CVCO ... 10 281.01 –3.82 ... 16.37 11.79 CrossFirstBkshs CFB ... 12 14.45 ... ...
123.25 72.56 AkamaiTech AKAM ... 25 72.71 –4.59 ... 131.97 79.92 AppFolio APPF ... dd 130.44 –1.08 ... 53.47 11.03 BeyondMeat BYND ... dd 18.88 +1.14 ... 15.19 4.09 CECO Env CECO ... 50 14.78 +0.25 ... 242.00 92.25 CrowdStrike CRWD ... dd 117.28 +3.03 ...
54.88 7.52 AkeroTherap AKRO ... dd 41.83 –3.16 ... 7.05 0.47 AppHarvest APPH ... dd 1.00 +0.14 ... 50.47 12.08 BicycleTherap BCYC ... dd 22.44 –2.42 ... 7.69 3.80 CellebriteDI CLBT ... 9 5.77 +0.02 ... 10.65 1.63 CueHealth HLTH ... dd 2.10 –0.17 ...
16.57 8.02 Akoya AKYA ... dd 12.20 –0.48 ... 66.91 29.80 Appian APPN ... dd 42.44 –3.52 ... 19.60 8.36 Big5SportingGds BGFV10.3 5 9.70 –0.42 .25 5.04 1.83 Cellectis CLLS ... dd 2.25 ... ... 15.89 7.30 CullinanOncology CGEM ... 5 11.00 –0.34 ...
2.34 0.20 AksoHealth AHG ... dd .43 +0.01 ... 179.61 124.17 Apple AAPL .6 25 146.71 –5.84 .23 26.25 7.75 BigCommerce BIGC ... dd 9.15 –1.96 ... 3.24 0.46 CelyadOncology CYAD ... dd 1.07 –0.15 ... 3.25 1.89 CumberlandPharm CPIX ... dd 2.27 –0.22 ...
27.12 0.85 AppliedDigital APLD ... dd 2.62 –0.51 ... 35.00 8.23 Bilibili BILI ... dd 20.47 –1.58 ... 9.95 2.89 CentessaPharm CNTA ... dd 3.33 +0.23 ... 15.67 5.80 CumulusMedia CMLS ... 7 5.82 –0.28 ...
142.01 71.12 ApplMaterials AMAT .9 15 111.31 –4.13 .26 113.81 68.00 Bio-Techne TECH .4 45 72.48 –3.48 .08 4.38 0.68 Centogene CNTG ... dd 1.08 +0.03 ... 20.49 5.63 CureVac CVAC ... dd 8.55 –0.36 ...
Nasdaq Issues includes stocks traded on the Nasdaq 8.02 0.33 AppliedMolecular AMTI ... dd .65 +0.12 ... 12.15 2.01 BioAtla BCAB ... dd 2.87 –0.85 ... 47.90 35.61 CentralGarden CENT ... 17 40.68 –2.43 ... 3.49 0.47 Curis CRIS ... dd .62 –0.07 ...
Global Select and Nasdaq Global Market tiers. They are 4.00 1.48 AppliedOptoelec AAOI ... dd 2.61 –0.19 ... 16.00 9.27 BioceresCrop BIOX ... dd 11.67 +0.07 ... 44.53 33.69 CentralGardenA CENTA ... 16 38.48 –2.37 ... 74.38 26.52 Cutera CUTR ... dd 32.03 –1.16 ...
eligible for inclusion on the basis of SEC-approved 2.73 0.50 AppliedTherap APLT ... dd 1.01 –0.01 ... 18.60 7.61 BioCryst BCRX ... dd 9.10 –1.10 ... 30.36 5.27 CenturyAluminum CENX ... dd 10.64 +0.28 ... 9.45 3.30 Cvent CVT ... dd 7.34 –0.55 ...
market value of publicly-held shares, trading volume, 61.03 9.14 Applovin APP ... dd 14.21 –0.78 ... 3.00 0.96 Biodesix BDSX ... dd 2.25 ... ... 15.38 4.34 CenturyTherap IPSC ... dd 4.46 –0.31 ... 19.94 4.60 CVRx CVRX ... dd 10.88 –6.32 ...
price and number of market-makers. 13.40 1.10 Appreciate SFR ... dd 1.71 +0.28 ... 311.88 187.16 Biogen BIIB ... 13 270.02 –8.36 ... 2.87 1.53 Ceragon CRNT ... dd 1.84 –0.10 ... 180.01 100.35 CyberArkSoftware CYBR ... dd 143.75 –2.38 ...
February 27, 2023 BARRON’S 43
119.04 73.32 DormanProducts DORM ... 21 92.33 –4.54 ... 8.94 0.30 FinchTherap FNCH ... dd .37 –0.04 ... 59.96 32.53 GoldenEnt GDEN ... 14 40.08 –1.44 ... 78.91 48.33 IndusRealty INDT 1.1 29 66.38 +3.07 .18 33.13 9.74 Kanzhun BZ ... cc 20.57 –2.15 ...
13.39 8.00 DoubleDown DDI ... dd 9.50 –0.26 ... 10.55 9.90 FintechEcoA FEXD ... cc 10.42 +0.02 ... 16.46 7.24 GoldenOcean GOGL16.0 4 10.34 +0.97 .20 4.98 1.38 IN8bio INAB ... dd 1.46 –0.49 ... 20.00 12.50 KaratPkg KRT .0 13 15.60 –0.15 .35
2.48 0.90 DouYuIntl DOYU ... dd 1.29 –0.19 ... 21.86 8.20 FinWiseBancorp FINW ... 5 9.33 –0.12 ... 15.86 11.94 GolubCapital GBDC 9.5 20 13.89 +0.21 .33 9.77 2.15 IO Biotech IOBT ... dd 2.52 –0.10 ... 278.25 92.26 KarunaTherap KRTX ... dd 197.75 +0.37 ...
25.01 9.77 DraftKings DKNG ... dd 18.19 –2.35 ... 21.01 10.07 FirstAdvantage FA ... 34 13.50 –0.08 ... 27.50 3.82 GoodRx GDRX ... dd 5.30 +0.01 ... 139.02 79.88 IPG Photonics IPGP ... 63 124.00 –7.17 ... 10.94 2.45 KaryopharmTherap KPTI ... dd 3.00 –0.55 ...
28.75 3.95 DragonflyEnergy DFLI ... dd 3.98 –1.88 ... 49.00 32.90 FirstBancorpNC FBNC 2.2 10 39.84 –1.89 .22 15.92 9.66 Goodyear GT ... 16 11.30 –0.50 ... 30.84 18.59 i3Verticals IIIV ... dd 24.50 +0.13 ... 2.70 0.74 Katapult KPLT ... dd .93 –0.02 ...
35.45 24.62 DrivenBrands DRVN ... cc 27.97 –0.74 ... 32.05 27.42 FirstBancorp FNLC 4.7 8 29.21 –0.73 .34 89.62 29.23 GooseheadIns GSHD ... cc 45.16 +4.50 ... 26.35 8.85 IVERICbio ISEE ... dd 20.71 –1.24 ... 13.70 9.00 KearnyFinancial KRNY 4.4 14 9.96 –0.07 .11
24.99 19.07 Dropbox DBX ... 13 20.60 –0.62 ... 36.10 26.95 FirstBancshares FBMS 2.7 11 31.21 –0.17 .21 9.42 4.50 GoPro GPRO ... 30 5.14 –0.54 ... 10.24 9.75 IXAcqnA IXAQ ... 18 10.24 +0.01 ... 23.00 13.41 KellyServices A KELYA 1.8 dd 16.27 –0.64 .075
24.01 10.04 DuckCreekTech DCT ... dd 18.88 ... ... 16.76 12.93 FirstBank FRBA 1.8 7 13.54 –0.34 .06 10.76 9.60 GoresIX A GHIX ... 78 10.02 +0.01 ... 55.57 47.17 IcahnEnterprises IEP 14.8 dd 54.12 –0.15 2.00 26.64 13.64 KellyServices B KELYB 1.8 dd 16.82 +0.21 .075
14.48 5.64 DuluthHoldings DLTH ... 16 6.05 –0.19 ... 27.98 21.66 FirstBusey BUSE 3.9 11 24.42 –0.42 .23 15.20 1.57 GossamerBio GOSS ... dd 1.73 –0.48 ... 39.73 21.04 Ichor ICHR ... 13 32.42 –2.03 ... 6.92 4.00 KemPharm KMPH ... dd 5.74 +0.24 ...
113.36 60.50 Duolingo DUOL ... dd 87.16 –4.18 ... 39.88 29.85 FirstBusFinSvcs FBIZ 2.6 7 35.55 –1.51.2275 6.03 2.19 Grab GRAB ... dd 3.10 –0.38 ... 27.80 2.10 iClickInteract ICLK ... dd 3.74 +0.01 ... 8.69 6.60 KY FirstFedBncp KFFB 5.8 44 6.92 –0.20 .10
17.48 7.26 DynavaxTechs DVAX ... 5 10.36 –0.74 ... 885.38 598.01 FirstCitizBcshA FCNCA .4 11 739.56 –21.94 .75 5.69 1.68 GracellBiotech GRCL ... dd 2.00 –0.19 ... 263.62 171.43 Icon ICLR ... 36 223.50 –4.07 ... 68.29 24.38 KerosTherap KROS ... dd 53.20 –1.79 ...
15.63 4.30 DyneTherap DYN ... dd 11.60 –1.57 ... 39.39 26.51 FirstCommBkshs FCBC 3.6 11 31.93 –0.08 .29 121.60 78.37 GrandCanyonEduc LOPE ... 20 114.48 –3.34 ... 18.30 2.28 Icosavax ICVX ... dd 8.25 –0.82 ... 41.31 33.35 KeurigDrPepper KDP 2.2 36 35.79 +0.12 .20
E 4.85 2.74 FirstEagleAltCap FCRD 9.1 dd 4.85 +0.25 .11 9.74 1.59 GraphiteBio GRPH ... dd 2.52 +0.17 ... 21.53 5.85 iHeartMedia IHRT ... dd 6.99 –0.76 ... 20.48 13.55 KewauneeSci KEQU ... dd 15.98 +0.43 ...
26.72 18.75 FirstFinBncpOH FFBC 3.7 11 25.07 –0.45 .23 1.58 0.45 GraybugVision GRAY ... dd .60 –0.03 ... 8.99 1.94 IkenaOncology IKNA ... dd 3.74 –0.49 ... 7.40 4.00 KeyTronic KTCC ... 14 6.77 –0.09 ...
11.32 3.02 ECARX ECX ... 20 5.01 +0.51 ... 48.29 32.53 FirstFinBkshs FFIN 1.8 23 37.14 –1.03 .17 18.00 7.80 GreatElmCap GECC18.5 dd 9.75 +0.50 .45 371.16 173.45 Illumina ILMN ... dd 196.59 –15.24 ... 10.77 9.64 KeyarchAcqn KYCH ... cc 10.25 +0.01 ...
12.05 6.00 EDAP TMS EDAP ... cc 12.05 +0.38 ... 49.90 41.50 FirstFinIN THFF 2.4 8 44.20 –0.66 .20 2.55 1.40 GreatElm GEG ... 40 2.18 ... ... 7.25 0.44 iMediaBrands IMBI ... dd .69 –0.11 ... 18.55 4.31 KezarLifeSci KZR ... dd 6.20 –0.45 ...
0.19 0.07 EFHuttonAcqnIRt EFHTR ... ... .17 +0.02 ... 17.95 14.25 FirstFinNW FFNW 3.5 10 14.90 –0.48 .13 15.40 5.21 GreatLakesDredge GLDD ... dd 5.80 –0.53 ... 8.31 4.28 Immersion IMMR 1.6 8 7.44 +0.40 .03 78.15 49.35 Kforce KFRC 2.3 17 61.87 –1.13 .36
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
11.37 9.98 EFHuttonAcqnI EFHT ... ... 10.20 +0.01 ... 26.77 13.17 FirstFoundation FFWM 2.9 8 14.94 –0.39 .11 64.16 50.30 GreatSouthernBncp GSBC 2.7 10 58.48 –0.49 .40 16.17 3.70 Immuneering IMRX ... dd 4.69 +0.10 ... 28.18 16.66 KimballElec KE ... 14 24.80 –1.27 ...
11.11 9.94 EsgenAcqnA ESAC ... 17 10.45 +0.02 ... 29.65 20.50 FirstGuarBcshs FGBI 3.1 7 20.75 –0.27 .16 41.25 26.09 GreenPlains GPRE ... dd 34.75 +0.11 ... 12.64 1.11 Immunic IMUX ... dd 1.89 –0.12 ... 9.49 6.11 KimballIntl B KBAL 5.2 dd 6.95 –0.20 .09
21.80 15.63 ESSA Bancorp ESSA 3.0 9 19.80 –0.48 .15 29.53 21.21 FirstHawaiian FHB 3.8 13 27.12 +0.07 .26 14.75 11.05 GreenPlainsPtrs GPP 14.2 7 12.84 –0.09 .455 7.80 2.53 ImmunityBio IBRX ... dd 2.59 –0.49 ... 7.62 1.77 KingsoftCloud KC ... dd 3.85 –0.54 ...
33.98 21.01 EVO Payments EVOP ... dd 33.85 +0.02 ... 49.94 22.01 FirstInternetBncp INBK .9 7 27.12 –0.57 .06 10.75 9.91 GreenVisorI A GVCI ... 18 10.49 +0.03 ... 69.06 21.29 Immunocore IMCR ... dd 55.01 –7.65 ... 17.20 7.36 KiniksaPharm KNSA ... 6 12.93 –1.28 ...
22.50 16.00 EagleBncpMT EBMT 3.2 12 17.08 –0.22.1375 46.34 32.40 FirstInterBanc FIBK 5.2 19 35.93 –1.20 .47 12.68 0.22 GreenidgeGen GREE ... dd .52 –0.08 ... 6.63 3.10 Immunogen IMGN ... dd 3.73 –0.45 ... 15.86 5.07 KinnateBio KNTE ... dd 5.18 –2.18 ...
53.78 24.35 EaglePharm EGRX ... 17 28.83 –1.97 ... 45.04 34.07 FirstMerchants FRME 3.1 11 41.05 –1.24 .32 16.20 0.27 Greenlane GNLN ... dd .38 –0.02 ... 6.50 3.51 ImmunoPrecise IPA ... dd 4.27 +0.17 ... 14.68 2.90 Kirkland's KIRK ... dd 3.21 –0.19 ...
116.80 6.21 Eargo EAR ... dd 6.34 –1.25 ... 41.53 30.56 FirstMidBcshs FMBH 3.0 9 30.83 –1.45 .23 14.15 0.54 GreenLightBio GRNA ... dd .57 –0.19 ... 20.24 3.15 Immunovant IMVT ... dd 17.12 –1.22 ... 7.32 1.03 Knightscope KSCP ... ... 1.06 –0.09 ...
88.76 61.65 EastWestBncp EWBC 2.5 10 76.83 –1.33 .48 23.72 14.20 FirstNWBncp FNWB 2.0 8 14.31 –0.84 .07 9.96 6.51 GreenlightCapRe GLRE ... 26 9.19 –0.46 ... 3.45 1.47 Immutep IMMP ... dd 1.73 –0.07 ... 12.80 4.90 KodiakSciences KOD ... dd 6.75 –0.67 ...
22.35 15.25 EasternBankshares EBC 2.5 13 15.83 +0.11 .10 185.28 59.60 FirstSolar FSLR ... cc 162.16 –2.12 ... 13.34 5.71 Grifols GRFS ... cc 9.00 –1.32 ... 10.75 1.42 ImpelPharm IMPL ... dd 1.48 –0.74 ... 95.88 19.44 KornitDigital KRNT ... dd 20.56 –1.39 ...
25.39 17.10 Eastern EML 2.1 9 21.00 –0.29 .11 59.94 42.29 1stSource SRCE 2.6 10 49.42 –0.70 .32 28.98 13.53 GrindrodShipping GRIN .8 3 14.52 +0.19 .03 142.78 39.74 Impinj PI ... dd 125.56 –4.42 ... 44.87 32.73 KraftHeinz KHC 4.0 21 39.61 –0.39 .40
47.10 2.52 EbangIntl EBON ... 6 7.45 –1.04 ... 24.00 16.18 FirstUnited FUNC 3.7 5 19.67 –0.63 .18 5.85 1.71 Gritstone GRTS ... dd 2.42 –0.29 ... 100.00 50.50 InariMedical NARI ... dd 56.36 +0.36 ... 22.26 8.90 KratosDefense KTOS ... dd 12.98 +1.39 ...
60.39 35.92 eBay EBAY 2.2 dd 45.07 –3.17 .25 18.95 11.57 FirstWatchRest FWRG ... cc 15.36 –0.91 ... 46.37 25.72 GroceryOutlet GO ... 50 28.05 –1.59 ... 90.00 2.23 Incannex IXHL ... dd 2.45 –0.43 ... 16.06 10.21 KrispyKreme DNUT 1.1 dd 12.89 –0.22 .035
44.42 12.50 Ebix EBIX 1.8 7 17.11 –0.05 .075 33.50 24.07 FirstWesternFin MYFW ... 11 25.62 –0.91 ... 23.43 6.22 Groupon GRPN ... dd 7.14 –0.39 ... 10.35 9.76 InceptionGrowth IGTA ... dd 10.25 +0.02 ... 8.42 1.35 KronosBio KRON ... dd 1.67 –0.36 ...
25.64 15.26 EchoStar SATS ... 10 20.36 +2.07 ... 100.00 58.30 FirstCash FCFS 1.5 17 88.69 –2.36 .33 10.60 9.65 GrowthforGoodA GFGD ... dd 10.14 +0.01 ... 0.19 0.07 InceptionGrowthRt IGTAR ... ... .11 +0.03 ... 85.65 47.67 KrystalBiotech KRYS ... dd 78.46 +0.21 ...
14.33 5.41 EdgewiseTherap EWTX ... dd 9.56 –1.12 ... 3.70 0.89 FirsthandTechVal SVVC ... dd 1.01 –0.09 ... 0.21 ... GrowthforGoodRt GFGDR ... ... .05 ... ... 86.29 65.07 Incyte INCY ... 51 77.02 –1.98 ... 62.16 35.95 Kulicke&Soffa KLIC 1.4 10 52.53 –1.01 .19
5.55 0.79 Edgio EGIO ... dd 1.23 –0.12 ... 148.70 112.44 FirstService FSV .7 50 136.29 –5.61 .225 78.86 46.53 GrAeroportuario OMAB 2.7 27 76.54 –1.96.4944 91.65 74.28 IndependentBank INDB 2.7 14 80.86 –0.23 .55 19.93 10.41 KuraOncology KURA ... dd 11.70 –0.57 ...
21.60 7.71 EditasMedicine EDIT ... dd 9.06 –1.09 ... 118.05 87.03 Fiserv FISV ... 29 114.45 –0.92 ... 37.91 30.76 GuarantyBcshrs GNTY 2.8 9 31.50 –0.22 .22 24.97 17.87 IndepBankMI IBCP 4.1 7 22.24 –0.60 .23 96.60 30.95 KuraSushiUSA KRUS ... dd 61.53 –0.09 ...
8.99 2.00 EducDev EDUC ... dd 3.63 –0.10 ... 212.56 109.49 FiveBelow FIVE ... 50 207.06 –3.41 ... 77.72 24.63 GuardantHealth GH ... dd 28.88 +0.43 ... 78.94 56.22 IndependentBank IBTX 2.5 13 60.51 –0.55 .38 44.75 13.15 KymeraTherap KYMR ... dd 31.46 –2.21 ...
17.84 3.32 EHang EH ... dd 10.37 –1.45 ... 49.50 6.89 5EAdvMatls FEAM ... dd 7.22 –0.56 ... 5.74 3.10 GulfIslandFab GIFI ... dd 4.06 –0.05 ... 23.08 3.05 IndLogistics ILPT .9 dd 4.33 –0.58 .01 L
15.68 2.67 eHealth EHTH ... dd 8.86 –0.35 ... 121.17 46.61 Five9 FIVN ... dd 71.20 –9.23 ... 5.05 2.85 Gulf Resources GURE ... 3 3.23 –0.11 ... 10.44 9.83 IndlTechII A ITAQ ... 55 10.31 –0.02 ...
10.02 0.96 EigerBioPharma EIGR ... dd 1.82 –0.40 ... 31.73 23.57 FiveStarBncp FSBC 2.2 11 27.50 –1.15 .15 9.25 4.26 Infinera INFN ... dd 6.83 –0.36 ... 10.71 9.84 LamfGlbI A LGVC ... cc 10.39 +0.03 ...
13.48 2.87 8x8 EGHT ... dd 5.54 –0.51 ... 25.12 13.63 Flex FLEX ... 13 23.24 –0.49 ... H 1.76 0.23 InfinityPharm INFI ... dd .24 –0.33 ... 10.39 9.94 LavaMedtech LVAC ... 7 10.39 +0.04 ...
15.50 2.00 89bio ETNB ... dd 12.95 –1.02 ... 23.81 13.46 Flexsteel FLXS 3.0 15 20.24 –1.93 .15 53.54 26.12 H&E Equipment HEES 2.1 14 53.36 +1.90 .275 3.28 0.78 InflaRx IFRX ... dd 2.04 –0.21 ... 7.38 2.03 LavaTherap LVTX ... ... 2.14 –0.19 ...
13.97 8.15 ElPolloLoco LOCO .0 21 11.97 –0.23 1.50 26.78 4.96 FluenceEnergy FLNC ... dd 18.74 –1.63 ... 22.90 16.09 HBT Finl HBT 3.1 10 21.74 –0.98 .17 7.76 4.15 InfoSvcsGrp III 3.1 14 5.13 –0.29 .04 10.40 9.91 LFCapAcqnIIA LFAC ... cc 10.36 +0.01 ...
244.80 162.01 ElbitSystems ESLT 1.2 38 169.00 +4.62 .50 2.36 0.96 Fluent FLNT ... dd 1.43 –0.22 ... 10.90 9.87 HCM Acqn A HCMA ... 29 10.39 –0.01 ... 102.99 78.32 InglesMarkets IMKTA .7 6 91.24 –3.70 .165 134.05 71.73 LGI Homes LGIH ... 8 105.18 –9.11 ...
142.79 109.24 ElectronicArts EA .7 30 109.77 –2.23 .19 24.21 18.25 FlushingFin FFIC 4.5 8 19.61 –0.21 .22 3.32 1.75 HCW Biologics HCWB ... dd 1.85 –0.10 ... 34.72 7.67 Inhibrx INBX ... dd 23.14 –0.81 ... 10.40 9.85 LIVCapAcqnII A LIVB ... ... 10.39 +0.01 ...
4.61 0.72 ElevationOnc ELEV ... dd 1.20 +0.16 ... 32.88 14.56 Flywire FLYW ... dd 24.26 +0.24 ... 25.95 20.95 HMN Fin HMNF 1.1 12 22.00 +0.04 .06 43.82 20.60 InMode INMD ... 18 34.81 –2.21 ... 59.33 42.36 LKQ LKQ 1.9 14 57.55 –1.29 .275
11.51 2.21 EliemTherap ELYM ... dd 3.52 +0.82 ... 52.62 30.27 FocusFinPtrs FOCS ... 36 50.20 +0.08 ... 2.79 0.72 Hookipa HOOK ... dd .89 –0.04 ... 3.97 1.90 InnatePharma IPHA ... dd 3.10 –0.09 ... 271.56 140.65 LPL Financial LPLA .5 24 247.30 –2.69 .30
134.40 2.02 EmbarkTech EMBK ... dd 3.97 –0.65 ... 10.49 9.85 FocusImpact FIAC ... 22 10.31 ... ... 28.40 7.39 HutchmedChina HCM ... ... 15.76 –0.24 ... 9.00 2.78 Innodata INOD ... dd 7.22 –0.11 ... 14.98 5.41 LSI Inds LYTS 1.4 19 14.56 ... .05
63.00 22.30 Embecta EMBC 1.9 11 31.29 –0.55 .15 16.50 5.15 FocusUniversal FCUV ... dd 5.16 –0.58 ... 53.52 21.98 H World HTHT .0 dd 47.65 –1.57 .21 116.00 83.13 Innospec IOSP 1.2 21 109.42 –5.89 .65 15.15 11.22 LakeShoreBancorp LSBK 6.1 12 11.82 –0.20 .18
10.91 9.96 EmbraceChange EMCG ... ... 10.35 +0.02 ... 18.12 5.32 FoghornTherap FHTX ... dd 5.65 –0.40 ... 24.78 17.60 HackettGroup HCKT 2.4 15 18.61 –3.06 .11 8.03 3.39 InnovAge INNV ... dd 7.50 –0.16 ... 20.02 13.91 LakelandBcp LBAI 3.0 12 19.20 –0.50 .145
4.08 0.86 Emcore EMKR ... dd 1.28 –0.11 ... 10.55 9.89 ForbionEuroA FRBN ... dd 10.43 +0.03 ... 37.09 15.20 HainCelestial HAIN ... 36 17.97 –1.15 ... 11.78 9.92 InnovativeIntlA IOAC ... dd 10.54 +0.05 ... 83.57 64.05 LakelandFin LKFN 2.6 18 71.35 +0.41 .46
10.34 9.79 EM Horizon A HORI ... 14 10.34 +0.01 ... 44.40 18.15 FormFactor FORM ... 48 30.44 –1.13 ... 10.62 9.94 HainanManaslu HMAC ... cc 10.29 +0.02 ... 9.90 5.77 InnovSolSuprt ISSC ... 26 7.75 –0.02 ... 20.27 11.13 LakelandInd LAKE .8 38 15.00 –1.00 .03
28.37 19.21 Enact ACT 2.3 6 24.48 –0.12 .14 111.54 68.88 FormulaSys FORTY 1.5 13 68.90 –4.15 .671 41.50 4.21 HallmarkFin HALL ... dd 9.15 +0.71 ... 20.71 11.57 Innoviva INVA ... 4 12.02 –0.40 ... 10.55 9.89 LakeshoreAcqnII LBBB ... dd 10.36 +0.04 ...
79.50 37.59 EnantaPharma ENTA ... dd 47.96 –2.67 ... 59.56 30.29 ForresterRes FORR ... 29 33.37 –2.66 ... 59.46 33.92 HalozymeTherap HALO ... 33 49.54 –0.49 ... 36.30 14.51 Inogen INGN ... dd 15.89 –7.61 ... 574.79 299.59 LamResearch LRCX 1.4 13 478.61 –17.051.725
72.73 44.06 EncoreCapital ECPG ... 8 53.74 –3.78 ... 71.52 42.61 Fortinet FTNT ... 55 58.86 –1.78 ... 81.63 55.81 HamiltonLane HLNE 2.1 30 77.49 –3.46 .40 4.00 1.25 InovioPharm INO ... dd 1.28 –0.25 ... 119.68 81.10 LamarAdv LAMR 4.7 21 101.87 –5.86 .30
206.74 94.39 EncoreWire WIRE .0 5 188.48 –11.13 .02 117.57 84.04 ForwardAir FWRD .9 15 105.88 –1.51 .24 57.00 41.62 HancockWhitney HWC 2.5 8 48.83 –2.02 .30 6.25 0.99 InozymePharma INZY ... dd 2.79 –0.10 ... 214.00 116.85 LancasterColony LANC 1.8 52 192.42 –3.98 .85
11.36 9.91 EnergemA ENCP ... cc 10.55 +0.07 ... 14.58 3.25 Fossil FOSL ... dd 4.25 –0.15 ... 27.35 21.35 HanmiFinancial HAFC 4.2 7 23.97 +0.09 .25 5.09 0.75 Inseego INSG ... dd .88 –0.07 ... 26.50 20.67 LandmarkBncp LARK 3.6 12 23.21 +0.18 .21
26.34 16.92 EnergyRecovery ERII ... 53 22.02 +0.35 ... 16.08 9.00 FosterLB FSTR ... dd 12.80 –0.01 ... 24.68 18.44 HanoverBancorp HNVR 2.0 6 19.68 +0.12 .10 132.11 81.11 InsightEnt NSIT ... 17 132.11 +1.59 ... 188.47 137.15 LandstarSystem LSTR .7 15 180.42 –3.17 .30
29.70 15.83 EnlightRenewableEn ENLT ... 70 16.44 –1.97 ... 26.49 5.32 4D Molecular FDMT ... dd 18.92 –2.09 ... 15.57 12.82 HarborOneBncp HONE 2.1 14 13.57 –0.33 .07 28.94 16.41 Insmed INSM ... dd 20.07 –0.54 ... 87.47 40.21 Lantheus LNTH ... cc 72.41 +12.69 ...
25.34 3.90 EnlivenTherap ELVN ... cc 23.75 +2.71 ... 43.57 28.02 FoxA FOXA 1.4 13 35.89 –1.14 .25 15.80 8.25 Harmonic HLIT ... 53 13.18 –0.39 ... 71.71 0.97 Inspirato ISPO ... dd 1.09 –0.28 ... 10.80 3.96 LanzaTechGlobal LNZA ... cc 4.51 +0.36 ...
26.30 6.50 Enovix ENVX ... dd 8.86 +0.17 ... 39.87 26.35 FoxB FOX 1.5 12 33.06 –1.16 .25 62.09 33.04 HarmonyBio HRMY ... 15 45.33 –3.94 ... 12.32 0.47 InstilBio TIL ... dd .76 –0.04 ... 14.27 4.75 Largo LGO ... 28 6.45 –0.21 ...
339.92 128.67 EnphaseEnergy ENPH ... 72 198.96 –6.03 ... 131.72 69.28 FoxFactory FOXF ... 25 112.14 –10.59 ... 5.45 0.59 HarpoonTherap HARP ... dd .74 –0.11 ... 320.00 181.00 Insulet PODD ... cc 294.35 –1.65 ... 6.85 1.53 LarimarTherap LRMR ... dd 6.22 +0.08 ...
99.52 70.29 EnsignGroup ENSG .3 23 89.83 –1.49.0575 45.52 22.67 Franchise FRG 9.3 16 26.84 –3.22 .625 20.31 5.40 HarrowHealth HROW ... dd 17.05 –0.83 ... 39.49 13.52 Intapp INTA ... dd 38.76 –0.21 ... 10.51 9.88 LatAmGrowthA LATG ... 17 10.43 +0.03 ...
286.89 169.04 Enstar ESGR ... dd 244.68 –2.29 ... 100.00 68.27 FranklinElec FELE .9 24 95.19 –1.21 .225 17.88 6.40 Harte-Hanks HHS ... 6 10.54 –0.58 ... 68.29 40.67 IntegraLifeSci IART ... 26 56.73 –0.81 ... 4.71 0.53 Latch LTCH ... dd .71 –0.14 ...
141.82 61.75 Entegris ENTG .5 54 82.87 –2.61 .10 6.90 3.07 FreightCarAmer RAIL ... dd 3.68 –0.24 ... 6.49 1.98 HarvardBioSci HBIO ... dd 2.95 –0.07 ... 10.65 9.79 IntegralAcqn1 INTE ... dd 10.20 +0.02 ... 17.76 2.75 Latham SWIM ... 46 3.12 –0.89 ...
41.96 28.57 EnterpriseBncp EBTC 2.6 10 35.24 –0.25 .23 9.75 4.92 FrequencyElec FEIM .0 dd 6.25 +0.14 1.00 99.85 54.65 Hasbro HAS 5.0 39 56.43 –2.93 .70 19.26 6.63 IntegralAd IAS ... dd 10.95 +0.06 ... 92.55 43.41 LatticeSemi LSCC ... 65 82.60 –4.50 ...
56.35 39.64 EnterpriseFinSvcs EFSC 1.8 10 54.67 –1.00 .25 5.59 0.63 FrequencyTherap FREQ ... dd .70 +0.04 ... 60.03 21.50 HashiCorp HCP ... dd 28.37 –2.32 ... 52.51 24.59 Intel INTC 5.8 13 25.14 –2.47 .125 13.35 9.24 LaureateEduc LAUR .0 46 11.97 +1.21 .68
10.95 9.87 Ent4.0TechAcqnA ENTF ... ... 10.40 +0.01 ... 118.77 36.02 Freshpet FRPT ... dd 61.06 –6.25 ... 21.71 9.64 HawaiianHoldings HA ... dd 10.07 –0.44 ... 103.06 32.44 IntelliaTherap NTLA ... dd 37.74 –2.64 ... 11.58 0.46 Leafly LFLY ... 7 .64 +0.01 ...
3.24 0.51 EnthusiastGaming EGLX ... dd .64 –0.03 ... 21.26 10.51 FreshworksA FRSH ... dd 14.89 –0.87 ... 48.12 33.31 Hawkins HWKN 1.5 14 40.25 –1.12 .15 3.54 1.33 Intellicheck IDN ... dd 2.46 –0.06 ... 2.12 0.40 LeapTherap LPTX ... dd .56 –0.04 ...
24.38 5.12 EntradaTherap TRDA ... dd 11.08 +0.02 ... 33.45 19.06 Frontdoor FTDR ... 33 28.38 –0.03 ... 26.60 21.06 HawthornBcsh HWBK 2.8 8 24.71 +0.02 .17 10.34 9.91 IntelligentMedA IQMD ... ... 10.27 +0.04 ... 34.50 15.70 LeeEnterprises LEE ... dd 18.81 –0.19 ...
62.82 40.37 ePlus PLUS ... 13 54.12 –2.38 ... 30.83 20.83 FrontierComms FYBR ... 14 26.30 –1.69 ... 58.36 29.00 HaynesIntl HAYN 1.7 14 53.02 –2.12 .22 4.63 1.72 Inter INTR ... ... 2.10 –0.13 ... 26.51 11.96 LegacyHousing LEGH ... 8 19.53 –0.82 ...
7.99 5.29 EpsilonEnergy EPSN 4.4 4 5.65 +0.20.0625 15.25 8.19 Frontier ULCC ... dd 11.11 –0.07 ... 28.22 6.40 HealthCatalyst HCAT ... dd 13.48 –0.04 ... 123.39 64.52 InterParfums IPAR 1.7 37 120.14 +1.98 .50 16.22 7.37 LegalZoom LZ ... dd 8.23 –0.23 ...
6.05 1.87 EQRx EQRX ... dd 2.24 –0.01 ... 7.33 2.47 FuelCell FCEL ... dd 3.21 –0.36 ... 10.85 9.82 HealthcareAI A HAIA ... 14 10.37 +0.01 ... 88.97 52.18 InteractiveBrkrs IBKR .5 23 86.38 –0.34 .10 57.72 30.76 LegendBiotech LEGN ... dd 45.29 –4.72 ...
4.04 0.79 Equillium EQ ... dd .91 –0.20 ... 24.79 3.21 FulcrumTherap FULC ... dd 5.66 –6.51 ... 20.54 11.55 HealthcareSvcs HCSG 6.2 29 13.72 –0.61 .215 21.86 10.81 InterceptPharm ICPT ... 3 19.65 –0.38 ... 56.38 38.32 LeMaitreVascular LMAT 1.0 55 51.29 +0.89 .125
776.35 494.89 Equinix EQIX 2.0 89 684.80 –31.96 3.41 65.32 28.53 FulgentGenetics FLGT ... 4 31.50 –1.70 ... 79.20 50.35 HealthEquity HQY ... dd 64.67 –1.40 ... 7.59 2.69 Intercure INCR ... 13 2.75 –0.43 ... 129.30 17.60 LendingTree TREE ... dd 37.25 –4.02 ...
38.04 28.06 EquityBcshs EQBK 1.2 9 30.02 –1.71 .10 18.91 13.72 FultonFin FULT 3.5 10 17.23 –0.14 .15 26.62 18.81 HealthStream HSTM .0 64 25.30 +0.77 .025 74.74 40.23 InterDigital IDCC 1.9 24 73.81 –0.49 .35 16.70 7.51 LeonardoDRS DRS ... 5 13.11 –0.05 ...
12.80 3.51 Erasca ERAS ... dd 3.59 –0.30 ... 27.79 7.60 Funko FNKO ... 11 11.29 –0.17 ... 18.17 12.78 HeartlandExp HTLD .5 10 16.44 –0.39 .02 15.05 8.43 Interface TILE .5 8 8.80 –2.64 .01 6.07 3.02 LesakaTech LSAK ... dd 4.52 –0.06 ...
286.50 158.46 ErieIndemnity A ERIE 2.0 43 235.65 –6.04 1.19 10.83 2.70 FusionFuelGreen HTOO ... ... 3.54 +0.26 ... 51.61 39.27 HeartlandFinUSA HTLF 2.4 12 49.51 –0.60 .30 53.71 38.00 IntlBcshs IBOC 2.7 10 47.52 +1.26 .63 21.84 11.43 Leslie's LESL ... 17 12.91 –0.65 ...
2.18 0.30 ErytechPharma ERYP ... dd .73 –0.19 ... 8.17 1.98 FusionPharm FUSN ... dd 4.72 –0.11 ... 43.39 22.79 Heidrick&Strug HSII 2.0 8 29.90 –1.54 .15 7.51 4.29 Intevac IVAC ... dd 7.33 –0.07 ... 3.48 1.31 LexiconPharm LXRX ... dd 2.23 –0.20 ...
14.69 9.25 Escalade ESCA 4.7 10 12.77 –0.31 .15 72.20 21.23 Futu FUTU ... 21 45.67 –1.64 ... 221.71 82.94 HelenofTroy HELE ... 18 110.52 –6.20 ... 66.00 42.42 Intra-Cellular ITCI ... dd 47.32 –2.69 ... 3.86 1.26 LexinFintech LX ... 5 2.86 +0.06 ...
44 BARRON’S February 27, 2023
198.28 132.08 NXP Semi NXPI 2.3 17 176.86 –11.601.014 47.28 35.36 OriginBancorp OBNK 1.6 12 38.27 –1.37 .15 27.00 13.18 ProFrac ACDC ... dd 19.67 –1.55 ... 18.68 12.08 SLR Invt SLRC 11.1 cc 14.75 –0.34.1367
M 13.95 0.92 NanoLabs NA ... ... 1.19 –0.13 ... 36.13 13.76 OrthofixMed OFIX ... dd 20.35 –1.38 ... 58.48 40.33 ProgressSoftware PRGS 1.2 27 57.07 –0.74 .175 28.70 12.04 SMART Global SGH ... cc 16.91 –0.51 ...
72.64 42.85 Macom Tech MTSI ... 14 67.07 –0.88 ... 16.44 6.41 NanoXImaging NNOX ... dd 7.07 –0.91 ... 60.75 35.67 OrthoPediatrics KIDS ... cc 43.79 –1.04 ... 53.10 25.67 Progyny PGNY ... 73 30.57 –3.04 ... 4.35 0.73 SPI Energy SPI ... dd 1.41 –0.21 ...
10.71 9.82 MeliKaszek MEKA ... 5 10.16 –0.05 ... 7.99 2.32 Nanobiotix NBTX ... dd 3.51 –0.40 ... 82.46 52.60 OtterTail OTTR 2.5 10 70.93 –0.29.4375 10.70 9.61 ProjectEnReimag PEGR ... 20 10.16 –0.02 ... 39.60 27.69 SP Plus SP ... 16 34.43 –4.27 ...
86.27 61.67 MGE Energy MGEE 2.3 25 72.20 +0.17.4075 37.59 4.37 NanoStringTech NSTG ... dd 9.37 –1.47 ... 14.14 3.33 Outbrain OB ... 11 4.44 –0.56 ... 125.65 21.50 PrometheusBio RXDX ... dd 117.10 –7.21 ... 157.46 96.41 SPS Commerce SPSC ... 99 148.25 –3.61 ...
125.74 75.35 MGP Ingredients MGPI .5 21 104.27 +6.65 .12 15.75 1.57 NantHealth NH ... dd 2.94 –0.03 ... 48.71 11.41 OutsetMedical OM ... dd 22.55 –3.02 ... 11.30 4.57 ProSomnus OSA ... dd 5.25 +0.06 ... 5.27 1.15 SRAX SRAX ... ... 1.69 +0.07 ...
163.89 64.77 MKS Instrum MKSI 1.0 12 91.52 –3.72 .22 69.22 46.77 Nasdaq NDAQ 1.4 25 57.05 –1.51 .20 59.46 17.05 Overstock OSTK ... dd 19.85 –1.99 ... 8.63 6.09 ProspectCapital PSEC 9.7 94 7.43 –0.23 .06 79.06 45.25 SS&C Tech SSNC 1.3 24 59.94 –1.80 .20
11.70 0.91 MSP Recovery LIFW ... dd 1.15 –0.03 ... 68.16 26.10 Natera NTRA ... dd 47.73 –2.19 ... 3.55 1.41 OvidTherap OVID ... dd 2.45 –0.06 ... 27.97 6.91 ProtagonistTherap PTGX ... dd 16.87 +0.70 ... 24.58 12.84 SSR Mining SSRM 2.1 15 13.56 –0.45 .07
119.78 74.77 MYR Group MYRG ... 24 119.63 +19.49 ... 81.75 45.50 Nathan's NATH 2.6 17 77.02 –2.82 .50 7.89 4.83 OxfordLane OXLC16.0 5 5.62 –0.13 .075 5.71 2.38 ProtaraTherap TARA ... dd 3.38 +0.14 ... 625.88 198.10 SVB Fin SIVB ... 11 282.92 –9.87 ...
11.84 8.38 Macatawa MCBC 2.9 11 10.85 –0.07 .08 57.65 38.10 NationalBeverage FIZZ ... 32 46.32 +0.15 ... 4.29 2.82 OxfordSquare OXSQ11.8 dd 3.57 –0.02 .035 9.20 3.48 Proterra PTRA ... dd 4.13 –0.41 ... 16.60 11.44 SabraHealthcare SBRA 9.8 dd 12.20 –0.82 .30
10.30 2.13 Macrogenics MGNX ... dd 6.17 –0.44 ... 3.17 0.22 NatlCineMedia NCMI54.3 dd .22 –0.03 .03 66.47 21.06 Prothena PRTA ... dd 54.52 +1.10 ... 11.89 4.46 Sabre SABR ... dd 5.18 –0.14 ...
315.45 57.15 MadrigalPharm MDGL ... dd 276.20 –27.19 ... 55.04 29.81 NatlInstruments NATI 2.2 48 50.36 –1.79 .28
PQ 10.88 3.19 ProventionBio PRVB ... dd 8.18 –1.48 ... 99.75 76.78 SafetyInsurance SAFT 4.4 26 81.35 –6.02 .90
3.62 0.32 MagentaTherap MGTA ... dd .80 –0.06 ... 47.60 30.93 NatlResearch NRC 1.1 36 45.48 –1.44 .12 39.80 23.52 PAM Transport PTSI ... 7 28.75 –0.65 ... 16.75 13.29 ProvidentFin PROV 4.0 12 14.06 –0.23 .14 29.75 21.70 SagaComm SGA 4.2 17 24.02 –0.08 2.00
20.24 14.01 MagicSoftware MGIC 4.0 23 14.56 –1.67 .29 45.86 22.59 NationalVision EYE ... 56 38.48 –2.57 ... 6.48 4.90 P&FIndustries PFIN .0 cc 5.25 +0.02 .05 31.05 12.19 PubMatic PUBM ... 20 15.18 –1.80 ... 10.99 9.84 SagaliamAcqnA SAGA ... dd 10.39 +0.05 ...
14.89 5.59 Magnite MGNI ... dd 11.02 –2.74 ... 309.25 166.94 NatlWesternLife NWLI .1 8 264.20 –3.35 .36 23.85 17.59 PCB Bancorp PCB 3.3 8 18.20 –0.28 .15 28.30 4.07 Pulmonx LUNG ... dd 10.37 +1.14 ... 0.40 0.01 SagaliamAcqnRt SAGAR ... ... .15 –0.01 ...
13.45 11.32 MagyarBancorp MGYR 1.0 10 12.55 –0.42 .03 12.60 7.04 NaturalAlt NAII ... 6 9.01 +0.25 ... 56.68 40.71 PCConnection CNXN .7 13 42.99 –0.46 .08 5.16 1.60 PumaBiotech PBYI ... 18 3.97 –0.39 ... 49.56 27.36 SageTherap SAGE ... dd 40.81 –4.71 ...
34.68 20.06 MakeMyTrip MMYT ... dd 25.67 –0.92 ... 5.07 1.50 NautilusBiotech NAUT ... dd 1.79 –0.44 ... 5.68 3.90 PCTEL PCTI 4.9 72 4.46 –0.31 .055 7.97 2.65 PurpleInnovation PRPL ... dd 4.46 –0.01 ... 306.40 168.03 Saia SAIA ... 20 270.37 –12.49 ...
8.50 4.10 Puyi PUYI ... dd 6.45 –0.12 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
71.28 46.30 MalibuBoats MBUU ... 7 60.61 –1.65 ... 19.34 12.45 Navient NAVI 3.5 4 18.17 –0.37 .16 89.22 51.72 PDC Energy PDCE 2.4 4 67.12 +4.18 .40 4.01 1.00 SalemMedia SALM ... 2 1.35 +0.02 ...
18.45 14.11 MalvernBancorp MLVF ... 20 17.65 –0.34 ... 11.01 3.11 NavitasSemi NVTS ... 10 6.13 +0.36 ... 106.38 23.21 PDD PDD ... 28 83.72 –9.70 ... 6.97 1.10 PyxisOncology PYXS ... dd 2.26 +0.57 ... 9.60 3.15 SanaBiotech SANA ... dd 3.76 –0.62 ...
8.79 1.35 MammothEnergy TUSK ... dd 5.63 ... ... 37.07 17.59 Nayax NYAX ... dd 18.90 –1.10 ... 37.66 19.34 PDF Solutions PDFS ... dd 37.14 –0.24 ... 62.85 46.83 QCR Holdings QCRH .4 9 53.86 +0.30 .06 47.84 31.49 SandySpringBncp SASR 4.1 9 32.97 –1.51 .34
158.61 106.02 ManhattanAssoc MANH ... 70 143.37 –1.94 ... 55.40 22.97 nCino NCNO ... dd 27.55 –1.05 ... 51.72 25.49 PENN Entmt PENN ... 24 29.92 –2.41 ... 2.14 0.70 QilianIntl QLI .0 68 1.69 +0.09 .05 94.65 67.02 Sanfilippo JBSS .8 17 90.36 –1.73 1.00
38.30 15.49 Mannatech MTEX 4.7 8 17.20 +0.20 .20 8.19 5.46 NecessityRetail RTL 12.5 dd 6.82 +0.16.2125 16.98 1.98 PLBY Group PLBY ... dd 2.10 –0.25 ... 139.35 75.38 Qorvo QRVO ... 24 100.67 –2.41 ... 6.42 2.63 SangamoTherap SGMO ... dd 2.66 –0.42 ...
5.66 2.49 MannKind MNKD ... dd 5.41 –0.22 ... 11.39 1.46 NektarTherap NKTR ... dd 1.49 –1.58 ... 24.27 6.95 PMV Pharm PMVP ... dd 7.16 –0.77 ... 172.99 101.93 Qualcomm QCOM 2.4 12 124.34 –3.38 .75 15.99 3.36 SangomaTechs SANG ... dd 3.64 –0.18 ...
41.82 12.16 MaravaiLifeSci MRVI ... 9 14.36 –0.34 ... 23.31 10.69 NeoGames NGMS ... dd 14.13 –0.75 ... 46.41 29.69 PRA Group PRAA ... 12 40.24 –0.55 ... 31.38 9.32 QualtricsIntl XM ... dd 16.32 +0.30 ... 69.28 36.35 Sanmina SANM ... 13 60.91 –2.62 ...
10.20 9.78 MarblegateAcqn GATE ... cc 10.03 –0.04 ... 36.30 10.49 Neogen NEOG ... cc 18.61 –1.74 ... 52.40 21.90 ProceptBio PRCT ... dd 36.14 –1.43 ... 162.36 101.10 Qualys QLYS ... 43 118.54 –0.03 ... 58.10 36.91 Sanofi SNY 2.9 16 47.70 +0.03.2972
2.49 1.23 Marchex MCHX ... dd 2.07 –0.05 ... 2.81 0.38 NeoleukinTherap NLTX ... dd .51 –0.02 ... 139.91 96.55 PTC PTC ... 44 126.99 –3.30 ... 13.79 12.00 QuantaSing QSG ... ... 12.21 –0.15 ... 27.65 16.18 SapiensInt SPNS 3.4 22 20.88 –0.81 .47
3.85 0.91 MarinSoftware MRIN ... dd 1.12 –0.08 ... 20.00 7.07 NerdWallet NRDS ... dd 19.72 +2.19 ... 55.58 25.01 PTC Therap PTCT ... dd 43.24 –3.44 ... 35.98 6.31 Quanterix QTRX ... dd 11.26 –1.97 ... 7.44 0.51 SarcosTech&Robotic STRC ... dd .59 –0.03 ...
12.37 3.47 MarinusPharm MRNS ... dd 6.40 –0.92 ... 90.20 58.08 NetApp NTAP 3.1 11 65.38 –2.03 .50 76.12 51.33 Paccar PCAR .9 13 72.30 –3.39 .25 2.78 1.00 Quantum QMCO ... dd 1.17 –0.22 ... 134.08 61.28 SareptaTherap SRPT ... dd 123.06 –1.51 ...
390.13 217.44 MarketAxess MKTX .8 52 346.62 –8.55 .72 108.77 53.09 NetEase NTES 1.9 17 78.64 –7.20 .27 14.20 3.85 PacBiosciCA PACB ... dd 8.77 –1.68 ... 5.42 1.64 Quantum-Si QSI ... dd 1.84 –0.19 ... 8.08 0.59 SatsumaPharm STSA ... dd 1.00 ... ...
5.84 1.52 MarketWise MKTW ... 3 2.01 –0.05 ... 397.75 162.71 Netflix NFLX ... 32 317.15 –30.81 ... 38.92 27.92 PacificPremBncp PPBI 4.0 11 32.95 –0.75 .33 8.29 1.07 Quhuo QH ... ... 1.42 –0.14 ... 2.85 1.02 Savara SVRA ... dd 2.53 –0.22 ...
12.41 5.64 Marqeta MQ ... dd 5.85 –0.09 ... 27.35 17.40 Netgear NTGR ... dd 18.05 –1.18 ... 82.16 35.35 PaciraBioSci PCRX ... cc 41.00 –0.90 ... 120.61 66.88 QuidelOrtho QDEL ... 7 87.51 –3.88 ... 41.01 25.75 ScanSource SCSC ... 8 30.95 –1.05 ...
195.90 131.01 Marriott MAR .9 23 170.33 –2.19 .40 38.02 28.44 NetScout NTCT ... 38 28.64 –1.33 ... 12.46 8.31 PactivEvergreen PTVE 3.7 6 10.80 –0.51 .10 6.80 0.54 QuinceTherap QNCX ... dd .95 ... ... 59.70 25.96 SchnitzerSteel SCHN 2.3 9 31.95 –1.91.1875
23.43 15.76 MartenTransport MRTN 1.1 17 22.20 –0.30 .06 129.29 75.25 Neurocrine NBIX ... 67 102.45 –1.09 ... 49.50 21.29 PacWestBancorp PACW 3.5 8 28.31 +0.67 .25 18.18 8.28 QuinStreet QNST ... dd 18.03 +0.07 ... 17.70 4.33 ScholarRock SRRK ... dd 8.40 –1.37 ...
5.98 2.45 MartinMidstream MMLP .8 dd 2.50 –0.10 .005 6.95 1.98 Neuronetics STIM ... dd 5.25 –0.61 ... 213.63 132.22 PaloAltoNtwks PANW ... cc 186.63 +17.35 ... 21.93 3.04 QurateRetailB QRTEB ... dd 5.60 –0.04 ... 48.28 28.22 Scholastic SCHL 1.8 25 45.40 –0.43 .20
76.59 33.75 MarvellTech MRVL .5 dd 43.85 –0.29 .06 9.54 1.22 NeuroPace NPCE ... dd 4.97 +0.22 ... 95.20 43.64 Palomar PLMR ... 30 61.04 +2.64 ... 5.97 1.42 QurateRetailA QRTEA ... dd 2.06 –0.23 ... 37.25 15.85 Schrodinger SDGR ... dd 21.64 –2.16 ...
176.42 108.89 Masimo MASI ... 55 166.09 +1.34 ... 63.06 24.48 NewFortressEner NFE 7.7 29 38.71 +1.14 3.00 30.56 13.40 PanAmerSilver PAAS 2.7 dd 14.90 –1.31.0739 2.80 0.30 Qutoutiao QTT ... ... .80 –0.11 ... 10.23 9.76 SchultzeSpecII A SAMA ... dd 10.21 –0.01 ...
35.09 18.49 MasterCraftBoat MCFT ... 11 34.32 +0.33 ... 14.09 11.09 NewMtnFin NMFC 9.9 12 12.88 +0.01 .32 111.49 66.74 PapaJohn's PZZA 2.0 45 85.63 –9.26 .42 R 8.47 0.32 Science37 SNCE ... dd .33 –0.06 ...
114.36 38.64 MatchGroup MTCH ... 34 41.34 –2.29 ... 10.74 9.85 NewProvidenceII A NPAB ... dd 10.31 +0.01 ... 10.75 9.86 PapayaGrowthI A PPYA ... cc 10.36 +0.06 ... 17.49 10.60 SciPlay SCPL ... 24 16.36 +0.16 ...
21.50 8.34 Materialise MTLS ... dd 8.68 –0.41 ... 3.75 2.07 NY Mortgage NYMT15.2 dd 2.63 –0.37 .10 41.87 17.75 ParamountA PARAA 3.8 16 25.41 –1.58 .24 32.45 9.86 RaptTherap RAPT ... dd 28.28 –1.30 ... 10.38 3.68 scPharm SCPH ... dd 7.85 –1.62 ...
9.52 3.31 MatrixService MTRX ... dd 6.34 –0.42 ... 32.88 7.52 NewAmstPharma NAMS ... dd 13.68 +0.33 ... 39.21 15.29 ParamountB PARA 4.3 14 22.30 –1.39 .24 26.22 19.34 RBB Bancorp RBB 3.2 6 19.80 –0.27 .16 11.50 9.45 ScreamingEagleA SCRM ... 55 10.09 +0.01 ...
26.99 16.21 Mattel MAT ... 17 18.25 –0.89 ... 24.70 12.25 NewellBrands NWL 6.3 28 14.55 –0.35 .23 3.79 1.60 ParatekPharm PRTK ... dd 1.72 –0.19 ... 97.45 46.49 RCI Hospitality RICK .2 18 86.28 +3.21 .05 23.61 9.90 ScrippsEW SSP ... 10 12.58 –2.17 ...
9.36 2.37 Matterport MTTR ... dd 3.08 –0.53 ... 11.20 9.72 NewHoldInvtIIA NHIC ... dd 10.15 +0.02 ... 8.75 0.75 PardesBiosci PRDS ... dd 1.48 –0.25 ... 28.82 6.72 RCM Tech RCMT ... 7 14.61 +0.56 ... 37.16 29.05 SeacoastBkgFL SBCF 2.2 18 30.51 –1.48 .17
39.64 22.12 MatthewsIntl MATW 2.5 dd 37.40 –1.85 .23 18.06 7.42 Newmark NMRK 1.5 17 8.09 –0.37 .03 21.36 9.23 Park-Ohio PKOH 3.7 dd 13.62 –0.78 .125 2.78 0.29 REE Automotive REE ... dd .42 –0.06 ... 106.62 47.47 Seagate STX 4.2 24 66.09 –4.17 .70
7.76 3.36 MaxCyte MXCT ... dd 4.57 –0.28 ... 23.07 14.87 NewsCorp A NWSA 1.1 34 17.44 –1.56 .10 3.87 1.04 PassageBio PASG ... dd 1.17 –0.09 ... 35.73 18.69 REGENXBIO RGNX ... 14 21.31 –0.87 ... 183.00 105.43 Seagen SGEN ... dd 161.37 –1.16 ...
27.99 8.85 MaxeonSolar MAXN ... dd 15.76 –1.25 ... 23.37 15.15 NewsCorp B NWS 1.1 35 17.61 –1.50 .10 57.57 31.16 PathwardFinl CASH .4 12 51.07 –0.74 .05 11.54 9.65 RF Acqn RFACU ... ... 10.25 –0.04 ... 10.92 9.86 SeaportGlblAcqnII SGII ... 23 10.20 –0.03 ...
63.89 29.27 MaxLinear MXL ... 22 34.39 –2.35 ... 28.42 14.75 NewtekOne NEWT14.4 ... 19.08 –1.62 .70 19.20 12.25 PatriaInvts PAX 5.3 34 16.12 –0.48 .308 10.25 9.80 RF Acqn A RFAC ... dd 10.25 +0.03 ... 10.64 9.20 SeaportGlblAcqnII SGIIU ... ... 10.64 +0.37 ...
10.50 9.95 MaxproCapA JMAC ... dd 10.46 +0.02 ... 4.91 0.19 NexImmune NEXI ... dd .44 –0.15 ... 11.05 9.95 PatriaLatAm PLAO ... 59 10.47 ... ... 0.20 0.03 RF Acqn Rt RFACR ... ... .10 ... ... 16.23 5.28 SecureWorks SCWX ... dd 7.72 –0.13 ...
111.70 73.29 McGrathRent MGRC 1.7 22 104.26 –2.70 .465 217.76 151.01 NexstarMedia NXST 2.8 8 191.36 –8.80 1.35 77.96 41.75 PatrickIndustries PATK 2.5 5 72.82 –1.25 .45 7.48 4.88 RF Industries RFIL ... 36 5.05 –0.32 ... 9.49 5.77 SecurityNatFin SNFCA ... 16 7.14 –0.07 ...
10.55 9.93 McLarenTechA MLAI ... ... 10.38 +0.02 ... 5.42 1.16 NextCure NXTC ... dd 1.59 +0.01 ... 18.00 9.75 PatriotNatBncp PNBK ... 7 11.25 +0.20 ... 24.55 18.01 RGC Resources RGCO 3.3 dd 24.19 –0.13.1975 16.53 3.60 Seer SEER ... dd 3.72 –0.72 ...
10.05 5.42 MedallionFin MFIN 4.0 4 8.10 +0.17 .08 21.99 16.13 NextGenHlthcr NXGN ... 54 18.17 –0.79 ... 8.75 6.95 PatriotTransport PATI ... 23 7.97 +0.19 ... 11.24 9.87 ROC Energy ROC ... dd 10.37 –0.01 ... 2.73 0.65 SelectaBiosci SELB ... 5 1.55 –0.20 ...
3.18 1.95 MediciNova MNOV ... dd 2.23 –0.10 ... 32.95 28.51 NEXTracker NXT ... ... 30.21 –1.43 ... 35.29 23.87 Patterson PDCO 3.8 13 27.42 –1.40 .26 0.38 0.03 ROC Energy Rt ROCAR ... ... .33 ... ... 103.61 66.81 SelectiveIns SIGI 1.2 28 99.24 –3.07 .30
17.08 8.05 MediWound MDWD ... dd 11.88 –0.80 ... 11.79 5.23 NicholasFin NICK ... dd 6.20 –0.46 ... 20.53 10.69 PattersonUTIEn PTEN 2.4 19 13.59 –0.51 .08 27.86 6.71 R1 RCM RCM ... dd 14.10 +0.01 ... 49.49 2.35 SelinaHosp SLNA ... 8 2.38 –0.36 ...
241.48 126.95 Medpace MEDP ... 26 192.91 –13.55 ... 11.87 2.01 Nikola NKLA ... dd 2.22 –0.29 ... 141.92 105.66 Paychex PAYX 2.8 27 110.98 –3.77 .79 2.99 0.99 RVL Pharm RVLP ... dd 1.22 –0.11 ... 11.34 0.55 Semantix STIX ... dd 2.98 +0.99 ...
45.49 2.60 MeihuaIntlMed MHUA ... ... 35.80 +9.79 ... 24.40 2.13 9F JFU ... dd 2.26 –0.26 ... 34.95 20.14 PaycorHCM PYCR ... dd 26.37 +0.03 ... 12.13 2.40 RackspaceTech RXT ... dd 2.43 –0.50 ... 12.03 9.93 SemperParatusA LGST ... cc 10.64 –0.66 ...
15.16 5.70 MeiraGTx MGTX ... dd 7.22 –1.21 ... 26.00 6.87 908Devices MASS ... dd 9.58 –0.97 ... 276.88 152.01 Paylocity PCTY ... cc 197.02 –12.29 ... 16.52 7.97 RadiusGlbInfr RADI ... dd 11.72 –1.64 ... 73.48 25.29 Semtech SMTC ... 13 30.52 –1.35 ...
14.24 4.06 MelcoResorts MLCO ... dd 12.04 –0.53 ... 12.51 2.57 NiuTech NIU ... 66 4.36 –0.32 ... 8.04 3.33 Payoneer PAYO ... dd 5.65 –0.02 ... 25.65 12.03 RadNet RDNT ... cc 20.93 –0.79 ... 68.74 46.61 SenecaFoods A SENEA ... 9 57.16 +0.85 ...
1275.82 600.68 MercadoLibre MELI ... cc 1156.88 +56.01 ... 20.35 4.19 Nkarta NKTX ... dd 4.26 –1.04 ... 122.92 66.39 PayPal PYPL ... 35 73.55 –1.11 ... 36.14 17.42 Radware RDWR ... dd 20.78 –0.27 ... 3.92 1.30 SenseiBiotherap SNSE ... dd 1.47 –0.07 ...
39.03 29.26 MercantileBank MBWM 3.8 9 34.57 –0.71 .33 18.69 8.22 nLIGHT LASR ... dd 11.00 –2.50 ... 42.19 27.71 PeapackGladFinl PGC .5 9 37.51 –0.95 .05 14.48 2.15 RainOncology RAIN ... dd 8.50 –1.00 ... 2.84 1.21 SenstarTech SNT ... dd 1.35 ... ...
11.16 9.87 MercatoPtrsA MPRA ... 24 10.43 +0.01 ... 11.51 0.41 Nogin NOGN ... dd .66 –0.07 ... 10.73 9.83 PearlHldgsAcqnA PRLH ... cc 10.38 ... ... 15.89 4.54 Rallybio RLYB ... dd 7.72 +0.67 ... 10.00 1.20 SentiBiosciences SNTI ... dd 1.52 –0.11 ...
17.50 10.55 MercerIntl MERC 2.8 2 10.73 –0.59 .075 7.38 4.25 Noodles NDLS ... dd 5.88 –0.27 ... 88.05 29.05 Pegasystems PEGA .3 dd 46.05 –2.18 .03 21.73 8.12 RamacoRscs METC 5.2 4 9.55 –1.06 .125 5.97 1.10 SeraPrognostics SERA ... dd 3.34 –0.26 ...
72.28 40.48 MercurySystems MRCY ... dd 53.62 –0.34 ... 251.26 194.89 Nordson NDSN 1.2 26 220.32 –25.90 .65 32.14 6.66 Peloton PTON ... dd 12.70 –0.90 ... 46.16 20.00 Rambus RMBS ... dd 43.66 –0.55 ... 9.49 2.50 SeresTherap MCRB ... dd 4.99 –0.28 ...
1.85 0.30 MereoBioPharma MREO ... dd .90 –0.16 ... 48.50 33.09 NortheastBank NBN .1 8 44.21 +0.24 .01 20.28 8.68 Pennant PNTG ... cc 13.85 +1.20 ... 53.59 27.26 RangerOil ROCC .7 5 41.25 +2.17 .075 11.16 4.65 ServiceProperties SVC 7.5 dd 10.65 +0.04 .20
37.08 27.87 Meridian MRBK 3.1 9 31.90 +0.21 .25 15.00 9.05 NorthernTechsIntl NTIC 2.2 52 12.76 –0.23 .07 28.00 21.60 PennsWoodsBncp PWOD 4.8 11 26.67 +0.17 .32 17.92 4.92 RaniTherap RANI ... dd 6.24 +0.29 ... 10.68 9.86 7AcqnA SVNA ... 16 10.39 ... ...
76.14 50.46 MeritMedical MMSI ... 55 70.66 +0.69 ... 121.25 76.15 NorthernTrust NTRS 3.2 15 93.42 –3.29 .75 33.22 25.63 PeoplesBncpOH PEBO 4.9 9 30.83 –0.05 .38 8.98 1.05 RapidMicro RPID ... dd 1.06 –0.14 ... 3.78 0.61 17Educ&Tech YQ ... dd 1.06 –0.02 ...
13.66 3.00 MerrimackPharm MACK ... dd 11.41 –0.24 ... 16.13 11.87 NorthfieldBanc NFBK 3.5 11 14.67 –0.15 .13 34.00 24.42 PeoplesBncpNC PEBK 2.3 12 33.12 –0.02 .19 118.25 26.49 Rapid7 RPD ... dd 47.37 –2.33 ... 3.55 1.38 Sharecare SHCR ... dd 2.35 –0.07 ...
8.34 2.68 MersanaTherap MRSN ... dd 5.19 –0.90 ... 56.77 38.42 NorthrimBanCorp NRIM 3.5 10 52.66 –0.44 .50 59.99 46.02 PeoplesFinSvcs PFIS 3.3 9 50.03 –1.17 .41 8.47 3.90 RealGoodFood RGF ... dd 3.90 –0.66 ... 5.82 1.85 ShattuckLabs STTK ... dd 4.56 +0.23 ...
30.81 12.03 Merus MRUS ... dd 18.66 +0.12 ... 10.26 9.78 NorthViewAcqn NVAC ... 36 10.26 +0.03 ... 17.99 4.32 PepGen PEPG ... dd 16.79 –0.22 ... 8.94 1.04 RealReal REAL ... dd 1.30 –0.18 ... 25.93 15.62 ShenandoahTel SHEN .4 dd 19.68 +0.02 .08
4.69 1.03 MesaAir MESA ... dd 3.10 –0.17 ... 0.20 0.06 NorthViewRt NVACR ... ... .17 ... ... 10.73 9.75 PepperLimeA PEPL ... dd 10.12 –0.08 ... 51.98 18.47 ReataPharm RETA ... dd 44.51 –4.32 ... 32.43 9.58 ShoalsTech SHLS ... cc 23.61 –2.16 ...
268.38 114.21 MesaLab MLAB .4 dd 170.87 –7.33 .16 15.35 12.04 NorthwestBcshs NWBI 5.8 13 13.83 –0.23 .20 186.84 153.37 PepsiCo PEP 2.6 27 175.96 –0.32 1.15 14.18 4.92 RecursionPharm RXRX ... dd 7.61 –0.38 ... 320.54 113.36 ShockwaveMed SWAV ... 32 187.46 –11.91 ...
4.94 2.14 Mesoblast MESO ... dd 3.22 –0.08 ... 39.93 24.30 NorthwestPipe NWPX ... 15 38.43 –0.70 ... 12.25 9.96 PerceptionCapII PCCT ... dd 10.51 +0.04 ... 60.57 46.86 RedRiverBcshs RRBI .6 10 49.45 –1.55 .07 36.48 19.43 ShoeCarnival SCVL 1.4 7 26.64 –1.94 .09
236.86 88.09 MetaPlatforms META ... 20 170.39 –2.49 ... 63.06 48.68 Northwestern NWE 4.4 18 57.73 –0.75 .64 15.65 9.65 PerdoceoEduc PRDO ... 9 13.59 –0.83 ... 18.64 5.35 RedRobin RRGB ... dd 8.61 –0.97 ... 21.41 16.92 ShoreBancshares SHBI 2.8 11 17.04 –0.31 .12
11.00 9.80 MetalSkyStar MSSA ... ... 10.82 +0.50 ... 34.75 23.00 NorwoodFin NWFL 3.4 10 34.23 +0.18 .29 12.00 5.47 PerellaWeinberg PWP 2.8 dd 10.15 –0.78 .07 50.70 30.98 RedRockResorts RRR 2.3 13 43.73 –2.51 .25 42.25 17.66 Shyft SHYF .8 25 25.56 –6.23 .05
0.20 0.06 MetalSkyStarRt MSSAR ... ... .17 +0.08 ... 120.00 67.40 Nova NVMI ... 20 87.70 –3.60 ... 116.44 59.79 Perficient PRFT ... 31 70.80 –3.25 ... 22.64 3.08 Redfin RDFN ... dd 7.61 –0.81 ... 29.90 1.49 Sientra SIEN ... dd 1.65 –0.10 ...
56.79 28.73 Methanex MEOH 1.4 11 49.14 +0.87 .175 173.10 110.84 Novanta NOVT ... 77 156.72 –6.85 ... 3.97 1.72 PerformantFin PFMT ... dd 3.25 –0.10 ... 3.27 0.13 RedHillBio RDHL ... dd .22 –0.01 ... 27.19 19.62 SierraBancorp BSRR 4.5 9 20.36 –1.22 .23
25.03 18.61 MetroCityBkshs MCBS 3.5 8 20.35 –0.09 .18 91.00 8.64 Novavax NVAX ... dd 8.82 –1.20 ... 35.16 16.41 PerionNetwork PERI ... 16 33.46 +0.18 ... 11.06 9.78 RedwoodsAcqn RWOD ... ... 10.21 +0.01 ... 17.99 5.35 SightSciences SGHT ... dd 10.19 –1.59 ...
87.76 54.33 MicrochipTech MCHP 1.8 22 79.68 –3.59 .358 120.03 56.39 Novocure NVCR ... dd 76.98 –7.76 ... 15.70 7.50 Perma-PipeIntl PPIH ... 15 10.60 –0.06 ... 0.22 0.06 RedwoodsAcqnRt RWODR ... ... .15 ... ... 1.75 0.29 SigilonTherap SGTX ... dd .87 +0.15 ...
94.07 48.43 MicronTech MU .8 11 58.18 –0.83 .115 23.27 3.82 Novonix NVX ... dd 4.18 +0.01 ... 10.79 1.73 Personalis PSNL ... dd 2.95 –0.41 ... 73.41 51.97 RegencyCtrs REG 4.1 22 63.15 –1.18 .65 11.02 9.75 SignalHillA SGHL ... cc 10.33 +0.02 ...
315.95 213.43 Microsoft MSFT 1.1 28 249.22 –8.84 .68 10.40 9.94 NubiaBrandA NUBI ... ... 10.38 +0.03 ... 22.75 8.72 PetcoHealth WOOF ... 33 10.68 –0.15 ... 800.48 538.01 RegenPharm REGN ... 20 756.99 +8.25 ... 350.53 106.81 SignatureBank SBNY 2.5 5 114.21 –10.10 .70
February 27, 2023 BARRON’S 45
112.27 46.36 StaarSurgical STAA ... 73 57.33 –12.91 ... 58.62 37.41 TriCoBancshares TCBK 2.4 13 50.14 –0.97 .30
8.29 4.80 Stagwell STGW ... 41 6.86 –0.26 ... 33.69 21.41 TriMas TRS .5 19 29.40 –1.71 .04
4.23 0.92 StdBioTools LAB ... dd 1.79 –0.30 ... 74.87 47.52 Trimble TRMB ... 29 51.78 –3.42 ... -1.55% S&P Europe BMI -1.31% S&P Pan Asia BMI
33.99 16.85 StarBulkCarriers SBLK20.7 4 24.58 +2.96 .60 1.55 0.86 TrinityBiotech TRIB ... dd 1.08 +0.01 ...
1.44 0.72 StarEquity STRR ... dd .85 –0.01 ... 20.26 10.23 TrinityCapital TRIN 12.5 13 13.79 –0.31 .15 Greece 1.80 Taiwan 0.08
110.83 68.39 Starbucks SBUX 2.1 35 101.60 –5.50 .53 40.17 14.29 Trip.com TCOM ... dd 34.79 –1.68 ...
4.18 2.00 StealthGas GASS ... 3 3.00 +0.34 ... 28.28 16.87 Tripadvisor TRIP ... cc 21.59 –0.30 ... -0.03 Denmark -0.18 Japan
132.50 62.44 SteelDynamics STLD 1.1 6 118.50 –6.47 .34 10.55 1.03 TritiumDCFC DCFC ... ... 1.90 –0.17 ...
36.09 25.49 StellarBancorp STEL 1.8 20 29.44 –0.36 .13 100.98 45.08 TriumphFinl TFIN ... 15 61.04 –2.07 ... -0.28 Finland -0.54 Australia
35.62 22.39 StepStone STEP 2.8 dd 28.24 –0.89 .20 2.51 0.93 trivago TRVG ... dd 1.67 ... ...
59.89 39.63 Stericycle SRCL ... 78 47.36 –8.58 ... 4.09 1.30 TrueCar TRUE ... dd 2.52 –0.39 ... -0.32 Norway -0.94 Indonesia
28.76 11.66 SterlingCheck STER ... 41 12.38 –0.89 ... 99.01 40.77 Trupanion TRUP ... dd 56.53 –1.51 ...
38.43 20.46 SterlingInfr STRL ... 13 38.04 –0.26 ... 39.36 29.50 TrustcoBank TRST 3.9 9 36.87 –0.17 .36 -0.59 Belgium -1.08 Malaysia
45.04 26.36 StevenMadden SHOO 2.4 13 35.70 +0.73 .21 38.47 26.67 Trustmark TRMK 3.0 26 30.29 +0.63 .23
13.18 2.63 StitchFix SFIX ... dd 4.75 –0.26 ... 4.56 1.45 TScanTherap TCRX ... dd 2.99 +0.15 ... -0.72 Switzerland -1.10 South Korea
78.71 50.83 StockYardsBncp SYBT 2.0 18 58.45 –1.57 .29 2.90 0.46 Tuniu TOUR ... dd 1.78 –0.43 ...
26.60 6.88 StokeTherap STOK ... dd 8.54 –0.65 ... 25.33 6.22 TurtleBeach HEAR ... dd 7.77 –0.78 ... -1.17 Spain -1.32 Thailand
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
VangdIntermTrea VGIT 1.9 58.12 –0.51 .1216 SchwabUS LC SCHX 1.6 46.98 –1.31 .2124
iShUSTelecom IYZ 2.5 22.93 –1.27 .1658 FrankRespGold FGLD ... 24.25 –0.41 ... iShiBdsDec25Cp IBDQ 2.3 24.28 –0.16 .0611 iSh0-5YTIPSBd STIP 5.7 97.08 –0.36 .3082
VangdIntlDivApp VIGI 2.0 71.22 –1.92 .443 SchwabUS LC Grw SCHG .5 60.10 –1.81 .0864
iShUSTreasuryBd GOVT 1.9 22.69 –0.18 .0439 GlbXCopperMiners COPX 3.0 36.72 –2.47 .3955 iShiBdsDec24Cp IBDP 2.1 24.47 –0.08 .0592 iSh0-3MTreaBd SGOV 1.8 100.40 +0.09 .3936
VangdIntlHiDiv VYMI 4.5 62.05 –1.42 .6675 SchwabUS LC Val SCHV 2.4 66.66 –1.66 .4646
JPMBetaEurope BBEU 4.4 51.86 –1.50 .2267 GlbXLithium LIT .9 62.86 –3.03 .5166 iShiBdsDec26Cp IBDR 2.5 23.32 –0.15 .0616 JPM AlerianMLP AMJ 6.0 23.07 –0.16 .3967
VangdLTCorpBd VCLT 4.4 76.57 –1.01 .3074 SchwabUS MC SCHM 1.6 70.05 –1.88 .3457
JPMBetaJapan BBJP 1.5 45.86 –1.14 .6803 GlbX MLP&Energy MLPX 5.3 40.91 ... .55 iShiBdsDec23Cp IBDO 1.9 25.13 ... .0557 JanusHendersonAAA JAAA 3.1 49.81 –0.11 .2211
VangdLongTrea VGLT 2.9 62.29 –0.91 .1612 SchwabUS REIT SCHH 2.5 19.97 –0.76 .1681
JPMCorePlusBd JCPB 3.2 46.24 –0.30 .1693 GlbXRuss2000Cvr RYLD 12.5 19.02 –0.48 .1958 iShiBoxx$HYCpBd HYG 5.3 74.17 –0.39 .3685 JanusHendMtg JMBS 2.9 45.61 –0.48 .1125
VangdMBS VMBS 2.5 45.69 –0.46 .1139 SchwabUS SC SCHA 1.3 43.80 –1.25 .2084
JPMUltShMuni JMST 1.3 50.56 ... .1097 GlbXS&P500Cv XYLD 13.0 40.07 –0.94 .4081 iShiBoxx$InvGrCpBd LQD 3.4 105.85 –1.19 .3421 JanusHenShrtDur VNLA 4.5 47.78 –0.01 .1406
VangdRuss1000Grw VONG .9 58.76 –1.78 .146 Schwab US TIPs SCHP 7.0 51.84 –0.46 .431
-1xShVIXFutures SVIX ... 16.40 –0.85 ... GlbXSilverMiners SIL .5 26.13 –1.38 .0632 iShLatinAmer40 ILF 12.2 23.87 –0.75 1.8137 JPMEquityPrem JEPI 11.9 53.85 –1.05 .4439
SPDR MSCI exUS CWI 3.1 24.93 –0.74 .35
PacerIntCashCow100 ICOW 5.0 28.72 –0.54 .3609 VangdRuss1000Val VONV 2.2 67.73 –1.67 .4246 GlbX US Pfd PFFD 6.1 20.82 –0.20 .105 iShMSCIAustralia EWA 5.1 22.92 –0.77 .4302 JPMShDurCore JSCP 2.7 45.79 –0.24 .1494
SPDR S&PMdCpTr MDY 1.3 474.59 –11.83 1.6655
PacerGlCashCows GCOW 4.2 32.85 –0.77 .381 VangdRuss2000 VTWO 1.4 75.69 –2.21 .4155 GlbX Uranium URA .7 20.96 –1.14 .0492 iShMSCIBrazil EWZ 12.7 27.69 –1.00 2.0217 JPM UltShIncm JPST .0 50.27 –0.01 .1709
SPDR S&P Biotch XBI ... 81.47 –5.33 ...
PacerUSCashCows100 COWZ 1.9 47.72 –0.75 .3209 VangdSTCpBd VCSH 2.1 75.18 –0.40 .1723 GSTreasury0-1Y GBIL 1.7 99.91 +0.07 .3539 iShMSCICda EWC 2.2 34.10 –0.89 .4915 KraneCSIChInt KWEB ... 28.91 –2.31 ...
SPDR S&P Div SDY 2.5 126.24 –3.08 .89
PacerUSSCCash100 CALF .8 39.18 –1.20 .1124 VangdShtTmInfltn VTIP 6.8 46.76 –0.18 1.117 GSActiveBetaIntlEq GSIE 2.9 30.13 –0.79 .1453 iShMSCI EAFE EFA 2.6 69.04 –1.98 .2684 MatlsSelSector XLB 2.2 81.19 –0.11 .509
SPDRS&POil&Gas XOP 2.5 134.20 +3.58 .9502
ProShS&P500Arist NOBL 1.9 90.81 –2.18 .6004 VangdShortTrea VGSH 1.3 57.65 –0.16 .1247 MicroFang3xLvg BULZ ... 31.73 –3.86 ...
SPDR S&P Retail XRT 2.0 66.45 –4.78 .544
ProShShtVIXST SVXY ... 62.61 –1.58 ... VangdTotalBd BND 2.6 71.93 –0.61 .176 MicroFANG-3XInvr FNGD ... 29.18 +2.03 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Cash Track
open-end funds by assets. These
funds value their portfolios daily barrons.com/cefund. They will no longer appear in print. The
and report net asset values (the
dollar amount of their holdings Herzfeld chart has moved to the Market Lab Newsletter. To sign
divided by the number of shares
outstanding) to the National up for the newsletter, go to barrons.com/newletters. Pulling back: Cash came out of the fund industry, with the last month’s average weekly cash flow at
Association of Securities Dealers.
Total returns reflect both price equity funds turning a negative $630 million. Inflows at taxable-bond funds narrowed to $1.9 billion, while
changes and dividends; these Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. muni-bond fund inflows shrank to $220 million. Money-market funds also saw their flows reverse, to a
figures assume that all distribu- NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
tions are reinvested in the fund. LtdTEBdA 15.01 -0.07 0.0 -2.4 CorePlusBond 8.71 -0.09 0.4 -7.1 IntlCoreEq 14.17 -0.37 4.9 18.9
negative $1.6 billion.
Because Lipper is constantly up-
dating its database, these returns N PerA 49.82 -1.51 5.3 22.3 Intl Eq 11.32 -0.33 5.6 5.8 IntlREst 3.79 -0.08 2.2 -16.7
may differ from those previously NEcoA 45.83 -1.27 5.4 9.5 LargeCapGrowth 17.78 -0.58 4.0 23.1 IntlSustCore1 11.15 -0.32 4.9 14.0 Equity Funds Municipal Bond Funds
published or calculated by others. NwWrldA 68.45 -1.91 3.0 8.4 LargeCapValue 15.36 -0.34 2.3 37.3 IntlVal 18.85 -0.42 6.0 30.1
3 year returns are cumulative. The SmCpA 59.99 -1.62 6.9 14.2 MunicipalBond 9.72 -0.04 0.6 -3.4 IntlVectorEq 12.45 -0.30 5.2 21.5 1900 1600
NAV is the last reported closing STBFA 9.40 -0.04 -0.2 -2.2 S/MCapGrowth 12.56 -0.35 6.9 15.6 IntSmCo 18.17 -0.43 4.3 16.1
price for the week. Footnotes: NA: -3700 500
not available. NE: performance STTxExBdA 9.78 -0.04 -0.2 -1.5 S/MCapValue 13.17 -0.29 6.5 33.2 IntSmVa 19.81 -0.31 5.3 21.5
excluded by Lipper editor. NN: fund TECAA 16.24 -0.08 0.6 -5.2 Brown Advisory Funds: IntTermMuni 9.86 -0.04 -0.2 -2.2
not tracked. NS: fund not in TxExA 12.07 -0.06 0.6 -4.9 GrwthEquityInst22.54 -0.83 4.1 4.9 IntVaIII 16.23 -0.36 6.0 30.5 -9300 -600
existence for whole period. e: ex WshA 51.70 -1.36 -0.6 28.1 ITExQual 9.19 -0.10 0.7 -12.2
capital gains distributions. f:
previous day’s quote. n: no front- AMG Managers Funds: C LgCo 27.11 -0.74 3.7 29.0 -14900 -1700
or back-end sales charge. p: fund YachtmanFocFd I 18.58 -0.27 3.0 33.8 LgCpIntl 24.22 -0.67 4.7 17.3
assets are used to pay marketing YacktFocFd N n 18.65 -0.27 3.0 33.1 Calamos Funds: SclCrEqInst 13.08 -0.36 5.7 15.0 -20500 -2800
and distribution costs (12b-1 fees). MktNeutI 14.03 -0.05 2.0 7.5 STExQual 10.12 -0.03 0.4 -3.8
r: fund levies redemption fee or YacktmanFd I 21.80 -0.32 3.2 35.9 Dec Jan Feb Dec Jan Feb
back-end load. s: stock dividend or Angel Oak Funds Trst: Calvert Investments: STGov 9.82 0.00 0.5 -5.0
split of 25% or more. t: fund charges AglOkMtiStFdClIn 8.52 -0.02 0.7 -10.8 Eq A 66.37 -2.15 0.3 28.7 STMuniBd 10.06 0.00 0.2 0.3
12b-1 fees (for marketing and AQR Funds: Carillon Scout: US CoreEq1 31.13 -0.82 4.5 33.9 Money Market Funds Taxable Bond Funds
distribution) and a back-end load.
v: capital-gains distribution may be LgCapDefStyle I 24.87 -0.58 -0.5 18.3 MidCap I 20.08 -0.50 3.7 27.5 US CoreEq2 28.41 -0.74 4.6 36.3 24600 6900
a return of capital. x: ex cash CausewayInst : US Micro 24.69 -0.65 7.9 43.1
Ariel Investments:
dividend. US Small 41.75 -0.98 7.9 41.5 17500 3200
Ariel Inv n 68.81 -3.25 10.4 35.4 CausewayInst 17.33 -0.27 8.8 27.3 US SmCpVal 42.21 -1.01 7.4 60.6
Net YTD 3-Yr. Artisan Funds: CIBC Atlas:
NAV Chg. % Ret. % Ret.
US TgdVal 29.57 -0.69 8.0 59.5 10400 -500
GblOppInst 27.67 -1.08 4.8 14.9 DispEq Inst 24.45 -0.76 1.5 22.3 USLCpGr 26.01 -0.73 1.8 32.5
A Intl Inv n 25.00 -0.68 4.6 1.0 ClearBridge: USLgVa 42.60 -0.89 2.7 29.4
IntlInst 25.14 -0.68 4.6 1.7 AggressGrowthA101.20 -4.32 5.0 1.1 USLgVaIII 27.88 -0.59 2.7 29.7
3300 -4200
AAM: IntlVal Inst 40.99 -0.73 6.2 32.5 AllCapValueA 12.64 -0.26 3.8 25.9 USSoCoreEq2 20.48 -0.59 6.4 31.9
IntlVal Inv n 40.86 -0.72 6.2 31.6 AppreciationA 27.02 -0.67 0.5 25.5 USSustCoreI 31.75 -0.89 5.2 34.2
-3800 -7900
B&GIncGroClI 21.97 -0.48 -1.1 19.7
AB Funds: MidCapInst 36.70 -1.25 9.7 15.4 DividendStrat1 n 26.81 -0.49 0.3 28.0 USVectorEq 22.63 -0.52 6.1 39.0 Dec Jan Feb Dec Jan Feb
MidCapInv n 30.76 -1.04 9.7 14.6 DividendStratA 26.79 -0.49 0.2 27.0 Dodge & Cox:
CapFdInc.LCapGow 72.77 -2.47 4.2 26.3
LargeCapGrowthA 43.41 -1.21 8.6 13.7 Balanced n 96.11 -1.62 3.0 24.3 A red chart indicates a lower value than the starting period. Green means it's higher than the starting period.
IntlStraEquPtZ 11.14 -0.28 6.0 4.9 B LargeCapGrowthI50.56 -1.41 8.6 14.7 Dodge & Cox n 10.23 -0.09 1.5 1.7 The charts above show four-week moving averages of net cash flow in millions of dollars. BARRON'S • Lipper FMI
MuniIncmShares 10.92 -0.07 1.5 -2.4
AB Funds - A: SmallCapGrowthIS40.62 -1.31 8.8 23.8 GblStock n 13.27 -0.38 5.2 32.7
Baird Funds:
Cohen & Steers: Income n 12.32 -0.10 1.1 -4.5
LgCpGrA 64.76 -2.20 4.2 25.1 AggBdInst 9.60 -0.11 0.5 -9.5 Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
RelatValA 5.97 -0.16 1.9 33.0 GlbRltyI 50.50 -1.60 4.3 -6.4 Intl Stk n 45.15 -1.20 4.7 18.9
CorBdInst 9.88 -0.11 0.6 -8.2 NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
AB Funds - ADV: InstlRlty 44.47 -1.72 4.5 3.2 Stock n 223.61 -5.79 3.7 39.8
IntBdInst 10.05 -0.10 0.1 -5.0 LgCpVlIdxIstPrem n 15.06 -0.38 1.8 23.7 FF2035 n 13.03 -0.30 3.6 16.6 Fidel n 60.24 -1.93 3.3 25.6 STBF n 8.21 -0.03 0.3 -1.3
PrefSecIncnI 12.23 -0.07 4.6 -1.3 DoubleLine Funds:
GlbBd 6.76 -0.04 1.0 -9.4 ShtTBdInst 9.21 -0.05 0.3 -0.5 LTTrsBdIdxInstPr n 10.23 -0.15 1.3 -27.8 FF2040 n 9.26 -0.24 4.2 20.0 FltRateHi n 9.13 -0.01 2.8 9.9 StkSelSmCp n 30.34 -0.64 8.3 36.5
RltyIncI 15.90 -0.61 4.9 1.7 CoreFxdIncmI 9.27 -0.07 1.2 -9.3
HiIncmAdv 6.64 -0.03 2.8 -2.2 Baron Funds: MidCpInxInstPrem n 27.38 -0.79 5.6 25.6 FF2045 n 10.64 -0.28 4.2 20.1 FocsdStk n 24.14 -0.65 2.1 24.0 StkSlcACap n 58.46 -1.66 5.1 29.3
RltyShs n 61.07 -2.37 4.4 2.5 LowDurBdI 9.45 -0.02 1.1 0.3
IntlStraEquPtADV 11.12 -0.28 5.9 4.9 Asset n 89.96 -3.05 3.6 11.9 OTCK6Port 15.03 -0.49 6.9 30.6 FF2050 n 10.76 -0.28 4.2 20.1 FournOne n 48.83 -1.26 3.8 16.5 StratDivInc n 15.75 -0.24 2.5 21.9
Colorado BondShares: ShillerEnhCAPEI 12.65 -0.48 7.5 19.6
LgCpGrAdv 72.86 -2.47 4.2 26.0 Growth n 91.61 -2.92 7.8 24.1 RealEstIdxInst n 15.12 -0.60 4.1 -7.8 Free2055 n 12.47 -0.33 4.2 20.0 GNMA n 10.06 -0.11 0.3 -9.3 TaxFrB n 10.67 -0.06 0.9 -5.2
ColoradoBdShs 8.63 NA NA NA TotRetBdI 8.84 -0.08 1.1 -9.9
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
SelectUSLgShrt 12.24 -0.13 -0.4 16.9 Partners n 138.06 -6.27 23.8 89.0 SAIUSLgCpIndxFd 17.42 -0.48 3.6 29.1 Free2060InstPrem 14.26 -0.39 3.8 16.0 GovtInc n 9.10 -0.09 0.0 -11.5 TotalBond n 9.38 -0.08 1.1 -6.3
SmMidCpValAdv22.00 -0.58 8.6 34.5 Columbia Class A: TotRetBdN n 8.84 -0.07 1.1 -10.5 SeriesBondFd 8.86 -0.08 0.3 -10.3 Freedom2015 K 10.50 -0.17 2.0 5.5 GroCo n 24.46 -0.71 8.7 40.7 TotalBond K6 8.73 -0.07 1.1 -5.9
Baron Instl Shares:
Aberdeen Fds: BalancedA 41.61 -0.83 2.6 13.9 SeriesOverseas 11.51 -0.34 6.0 16.4 Freedom2020 K 13.07 -0.23 2.5 7.4 GroInc n 49.83 -1.03 4.7 39.6 Trend n 117.65 -3.82 9.3 25.9
AssetInst 95.03 -3.22 3.6 12.8 E
EmMktEqty Inst 12.65 -0.47 1.3 -3.5 ContCoreA 25.21 -0.67 3.8 27.4 SerLTTreBdIdx 5.91 -0.09 1.3 -27.9 Freedom2020K6 13.01 -0.23 2.5 7.7 GrowCoK 24.58 -0.71 8.7 41.0 Value n 13.49 -0.31 8.0 51.9
EmergingMktsInst 12.99 -0.47 -0.4 -7.7
Advisers Inv Trst: DisplCoreA 11.45 -0.31 4.7 28.5 Eaton Vance Class A: SmCpIdxInstPrem n 23.34 -0.70 7.6 20.8 Freedom2025 K 12.02 -0.24 2.7 9.1 GrStrt n 49.34 -1.58 5.7 18.4 ValueDisc n 34.82 -0.77 -0.9 33.7
GrowthInst 96.50 -3.07 7.8 25.1
DivIncA 28.63 -0.66 -1.0 28.3 STBdIdx InstPrem n 9.44 -0.05 -0.1 -3.5 Freedom2025K6 11.98 -0.24 2.7 9.6 GwthDiscovery n 42.69 -1.00 4.6 34.6 Wrldw n 25.89 -0.74 3.0 18.9
Balanced n 79.66 -1.73 0.4 23.4 PartnersInst 143.44 -6.51 23.8 90.4 TMG1.1 77.26 -1.97 3.8 27.7
DivOpptyA 34.83 -0.71 0.0 28.9 STTreIdx InstPre n 9.81 -0.05 -0.2 -4.2 Freedom2030 K 15.07 -0.31 3.1 12.0 HighInc n 7.34 -0.01 1.6 -4.5 Fidelity SAI:
Growth n 96.71 -2.72 0.5 35.0 SmallCapInst 29.43 -0.73 11.1 19.1 Eaton Vance Class I:
LgCpGrowA 43.53 -1.27 4.9 19.5 TMktIdxInstPrem n 110.67 -3.08 4.4 27.2 Freedom2030K6 15.01 -0.31 3.1 12.4 IntBd n 9.86 -0.07 0.4 -5.2 FidSAIEmgMktIndx 12.36 -0.41 1.4 -1.7
Akre Funds: Bernstein Fds: AtlCpSMID 35.00 -0.91 2.5 28.9
LgCpVl A 14.92 -0.31 0.5 27.2 TotalMarketIndex n 13.94 -0.39 4.4 28.0 Freedom2035 K 13.02 -0.30 3.6 16.9 IntlDisc n 40.78 -1.31 2.8 8.2 FidSAIIntlIndxFd 12.31 -0.35 4.8 14.0
AkreFocusInst 49.40 -1.94 2.8 12.0 DivrMuni n 13.67 -0.04 0.6 -1.9 LiGoBalA 10.05 -0.21 2.3 7.1 FltgRt 8.34 -0.02 3.1 7.1 TtlIntIdxInstPr n 12.15 -0.34 3.8 10.4 Freedom2035K6 12.98 -0.30 3.7 17.4 IntlEnhIdx n 9.79 -0.27 4.6 13.6 IntlValIdx 8.83 -0.24 6.1 18.4
AkreFocusRtl 47.61 -1.87 2.7 11.1 IntmDur n 11.25 -0.11 0.4 -10.6 SelgComuInfoA 90.07 -2.83 10.2 52.0 GblMacAbR 8.27 0.02 2.1 6.4 USBdIdxInstPrem n 10.17 -0.09 0.3 -10.3 Freedom2040 K 9.26 -0.24 4.0 20.3 IntlGrRet n 16.61 -0.53 4.3 10.3 LowDurationInc 9.95 0.00 0.9 NS
AmanaGrowth n: BlackRock Funds: TaxEA 11.55 -0.06 0.8 -8.9 IncBos 4.92 -0.02 1.9 4.1 USSusIdx n 17.29 -0.47 3.8 27.0 Freedom2040K6 9.22 -0.23 4.2 20.9 IntlSmCap n 28.37 -0.40 6.1 18.6 SAIEmgMktLoVolIx 9.88 -0.15 1.0 10.4
AmanaGrowth n 58.29 -1.90 1.9 42.9 CoreBd Inst 8.25 -0.08 0.9 -9.7 Columbia Class Adv: NatlMuniInc 9.07 -0.04 0.9 -4.9 Fidelity Adv Focus A: Freedom2045 K 10.63 -0.28 4.2 20.4 IntMu n 9.90 -0.04 0.3 -2.8 SAIInflaFocFd 9.21 -0.12 -5.9 48.4
Amer Beacon Insti: HiYBlk 6.72 -0.02 2.2 2.3 DivIncom 29.21 -0.67 -0.9 29.2 Edgewood Growth Instituti: HthCarA 57.35 -1.69 -0.8 17.3 Freedom2045K6 10.58 -0.28 4.2 21.0 InvGB n 7.08 -0.07 0.8 -7.5 ShortTermBd 9.47 -0.04 0.2 NS
HiYldBd Inst 6.72 -0.01 2.2 2.1 EdgewoodGrInst 33.34 -1.27 6.5 8.7
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
SmCpInst 24.28 -0.63 8.2 42.0 Columbia Class C: TechA 70.78 -1.88 13.9 44.3 Freedom2050 K 10.76 -0.28 4.3 20.5 InvGrBd 9.88 -0.09 0.9 -6.2 TotalBd 8.87 -0.08 1.1 -6.2
American Century G: InflProtBdInst 9.80 -0.08 0.5 2.7 Fidelity Advisor: Freedom2050K6 10.73 -0.28 4.3 21.0 LargeCap n 39.61 -0.85 5.4 37.9
DivInc 27.62 -0.64 -1.1 25.4 TxFreeBd 9.74 -0.05 0.8 -5.7
LowDurI Inst 8.86 -0.03 0.4 -2.0 F Freedom2055 K 12.48 -0.32 4.3 20.5 LCapCrEIdx n 18.40 -0.50 3.0 32.5
GlBond 8.45 -0.05 1.2 -9.3 Columbia Class I: SrsAdvIntlCapApp25.04 -0.72 7.1 8.7 U.S.TreBdIdx 8.63 -0.07 0.1 -11.2
Sustain Equity 40.06 -1.07 3.3 30.1 BlackRock Funds A: Freedom2055K6 12.45 -0.32 4.3 21.1 LCapGrEIdx n 24.30 -0.66 6.1 33.2
Acorn I 9.82 -0.27 9.5 2.3 FAM Value: StragInc n 10.96 -0.06 1.3 -0.7 USValueIndex 11.09 -0.29 4.8 32.3
American Century I: AdvLgCapCore 15.87 -0.46 4.2 26.1 TotBdFdClZ 9.37 -0.08 1.1 -6.0 Idx2020InsPre 14.41 -0.26 2.2 4.7 LevCoSt n 33.41 -0.74 7.0 32.0 Fidelity Selects:
Balanced I 41.51 -0.83 2.7 14.7 FAMValue n 85.04 -2.84 3.1 17.3
EqInc 8.84 -0.14 0.8 18.4 CapAppr 24.07 -0.68 8.2 8.3 Fidelity Advisor A: Idx2025InsPre 16.31 -0.32 2.5 6.3 LgCpVHIdx n 14.50 -0.33 1.2 29.7
ContCore I 25.50 -0.68 3.9 28.4 Federated Hermes A: Biotech n 15.77 -0.81 -3.1 -1.4
EqtyDivd 18.79 -0.48 3.2 27.8 Idx2030InsPre 17.26 -0.37 2.7 8.6 LmtTrmMuniIncm n 10.11 -0.04 -0.2 -2.3
Growth 39.00 -1.18 6.6 23.6 DivIncom I 28.67 -0.66 -0.9 29.3 BalancA 22.91 -0.44 3.7 19.9 DfAero n 15.98 -0.29 2.8 4.6
GlblAlloc 16.86 -0.19 2.4 10.6 StrValDivA p 5.76 -0.11 -0.1 22.3 Idx2035InsPre 19.33 -0.46 3.3 12.9 LowP n 47.62 -0.57 3.1 40.2
IntTF 10.64 -0.05 0.5 -3.0 LgCpIdx I 46.31 -1.27 3.6 28.5 EqGrA p/r 13.27 -0.31 4.5 33.5 Energy n 55.43 0.62 -1.2 101.5
HlthScOp 62.63 -1.79 -4.6 20.6 Federated Hermes Int: Idx2040InsPre 19.66 -0.52 3.7 16.0 LowPriStkK 47.55 -0.58 3.1 40.5
MdCapVal 16.02 -0.33 3.7 31.7 SelComunInfo 104.30 -3.27 10.2 53.2 GrOppA 96.31 -2.64 8.9 19.5 Gold n 21.40 -0.88 -4.6 -12.9
MdCpGrA 27.63 -0.98 8.2 6.0 InsHiYld 8.39 -0.02 1.9 0.3 NwInsghtA 26.26 -0.61 4.5 14.6 Idx2045InsPre 20.44 -0.55 3.8 16.1 LowPriStkK6 14.49 -0.17 3.1 41.0
SmCapVal 10.13 -0.23 10.8 49.7 SelLCVal 31.56 -0.66 1.0 41.2 Health n 27.43 -0.80 -0.7 20.9
MultiAstIncome 9.70 -0.14 2.4 2.0 TtlRtnBdI 9.43 -0.09 0.1 -6.1 StrInA 10.80 -0.06 1.2 -1.6 Idx2050InsPre 20.47 -0.56 3.8 16.1 LtdTmBdFd n 10.82 -0.05 0.5 -3.1
American Century Inv: StratInc I 20.65 -0.24 1.4 -2.0 HlthCareSrvPt r n 127.26 -3.62 -3.6 38.6
NatlMuni 9.97 -0.06 0.8 -6.5 Federated Hermes IS: Fidelity Advisor Fun: Idx2055InsPre 16.85 -0.45 3.8 16.1 Magin n 11.18 -0.27 4.6 19.8
DiscCoreVal n 31.52 -0.72 2.8 25.8 Columbia Class I2: ITSvs n 55.26 -1.11 5.2 -5.3
ScTechOppA 37.84 -1.15 10.7 18.5 KaufmnSCI 43.98 -1.61 5.8 3.0 Idx2020 Premier 14.40 -0.27 2.2 NS MAMun n 11.13 -0.05 0.2 -5.9
EqGro n 22.78 -0.60 3.1 16.0 DivIncom 29.18 -0.67 -0.9 29.4 InterDiscZ 40.58 -1.29 2.9 8.6 MdTchDevis n 61.88 -1.61 0.5 21.2
TotRet 9.92 -0.10 0.9 -9.6 StraValDivIS 5.80 -0.12 -0.1 23.2 Idx2025 Premier 16.30 -0.32 2.5 NS Manager40 n 11.63 -0.19 2.0 6.7
EqInc n 8.83 -0.13 0.8 17.7 Columbia Class I3: Fidelity Advisor I: Retail n 16.70 -0.67 5.1 24.9
BlackRock Funds III: UltraShortI 9.01 0.00 1.0 2.0 Idx2030 Premier 17.26 -0.36 2.7 NS Manager60 n 13.33 -0.29 2.8 11.4
Grwth n 37.86 -1.15 6.6 22.9 BalancI 23.51 -0.45 3.8 20.9 Semiconductors r n 18.39 -0.11 25.9 91.8
iShS&P500IdxK466.42-12.75 3.7 29.1 ContCore I3 26.17 -0.70 3.8 28.8 Federated Hermes R: Idx2035 Premier 19.33 -0.46 3.3 NS MidCap n 39.14 -0.73 4.5 40.3
Heritage n 19.67 -0.66 7.6 19.0 ConsvIncmMuni I 9.97 0.00 0.3 1.3 Softwr n 20.96 -0.67 6.6 21.0
iShUSAggBdIdxK 8.90 -0.08 0.5 -10.2 DivIncom 29.23 -0.67 -0.9 29.7 Idx2040 Premier 19.66 -0.52 3.7 NS MidCapEnIdx n 16.28 -0.42 5.4 30.6
MdCapVal n 16.00 -0.33 3.7 31.0 KaufmnR 4.69 -0.17 0.4 -11.6 EqGrI 15.35 -0.35 4.6 34.6 Tech n 20.37 -0.52 14.2 37.2
BlackRock Funds Inst: Credit Suisse Common: Idx2045 Premier20.44 -0.55 3.8 NS MidCapStkK 39.19 -0.73 4.5 40.7
OneChMod n 13.25 -0.29 2.9 11.8 Federated Hermes R6: FAInvGrdI 7.09 -0.07 0.8 -7.6 UtilGr n 99.65 -2.66 -5.6 10.7
ComdtyRet 23.67 -0.22 -5.9 49.1 Idx2050 Premier20.47 -0.55 3.8 NS MuniInc n 11.92 -0.06 0.8 -5.5
Select n 80.68 -2.58 7.1 23.9 AdvLgCapCore 16.78 -0.49 4.2 27.0 FedInstHYBondL 8.40 -0.01 2.0 0.3 FltRatel 9.12 -0.01 2.7 9.8 Fidelity Series:
Idx 2055 Premier 16.84 -0.45 3.8 NS NASDAQ n 143.78 -4.94 9.0 26.7
Ultra n 59.16 -2.05 7.3 27.7 CAInsMun 11.78 -0.04 0.8 -3.3 StrValL 5.80 -0.12 -0.1 23.3 GrOppI 106.61 -2.92 9.0 20.4 Canada 13.63 -0.32 3.8 30.9
D Income n 10.05 -0.11 1.2 0.1 NewInsights Z 27.53 -0.63 4.5 15.9
American Century R6: EmgMkts 22.84 -0.89 2.6 -1.4 TtlRtnBdL 9.43 -0.09 0.1 -6.1 HthCarI 63.66 -1.87 -0.7 18.2 IntMuni Z 9.92 -0.04 0.4 -2.6
Fidelity Invest: NewMill n 41.30 -0.91 4.4 37.4
MdCapVal 16.02 -0.33 3.8 32.3 EqtyDivd 18.88 -0.48 3.3 28.7 Davis Funds A: Fidelity: IntlGr 16.57 -0.53 4.3 10.3 FidelityAdviAsset:
FloRateIncPorIns 9.55 -0.03 2.8 9.0 AggrInt n 22.35 -0.64 7.1 8.8 NewMkt n 11.55 -0.01 1.1 -13.9
SmCpVal 10.13 -0.23 10.8 50.4 NYVen A n 23.83 -0.73 7.4 12.8 500IdxInstPrem n 138.00 -3.77 3.7 29.1 MuniIncI 9.92 -0.04 0.4 -3.0 OTC n 13.69 -0.44 6.7 29.0 ADVAssetMan60 13.32 -0.28 2.7 11.6
GlblAlloc 17.04 -0.19 2.5 11.5 AilSectEq 9.21 -0.21 5.5 36.6
American Funds Cl A: Davis Funds C & Y: BalancedK6 12.27 -0.24 3.8 22.2 NwInsghtI 27.42 -0.63 4.5 15.5 OTC K 14.00 -0.45 6.8 29.4 First Eagle Funds:
HiEqInc 27.89 -0.68 3.6 30.9 AMgr20% n 12.85 -0.14 1.1 1.2
2020TarRetA 12.24 -0.20 0.6 8.6 Contrafund K6 17.66 -0.41 5.0 20.8 REIncmInst 11.52 -0.17 3.8 1.4 Ovrse n 53.48 -1.61 5.8 13.1 GlbA 59.78 -1.16 3.1 21.0
HlthScOp 66.85 -1.90 -4.5 21.5 NYVenY 24.74 -0.76 7.5 13.7 AMgr50% n 18.12 -0.34 2.3 8.9
2025TarRetA 13.60 -0.23 1.0 10.7 EmgMktIdxInstPre n 9.56 -0.32 1.4 -1.3 StrInI 10.96 -0.06 1.3 -0.9 PuritanK 21.01 -0.39 2.6 19.7 OverseasA 23.06 -0.40 2.7 10.3
MdCpGrEq 32.50 -1.16 8.2 6.8 Del Invest Instl: AMgr70% n 23.22 -0.55 3.2 14.6
2030TarRetA 14.77 -0.29 1.7 12.6 ExtMktIdxInstPre n 68.48 -2.07 8.7 17.6 Total Bd 9.37 -0.08 1.1 -6.4 Puritn n 21.03 -0.39 2.6 19.4 FPA Funds:
MultiAstIncome 9.71 -0.14 2.4 2.8 Value 18.33 -0.45 -0.5 22.8 AMgr85% n 21.43 -0.59 3.7 18.5
2035TarRetA 15.81 -0.34 2.3 15.9 FidAdAsset 12.84 -0.14 1.0 1.3 Fidelity Advisor M: RealE n 39.14 -1.41 4.8 -1.4
NatlMuni 9.96 -0.06 0.8 -5.8 Deutsche DWS: AstMgr30R n 10.91 -0.15 1.6 3.7 NwInc n 9.51 -0.02 0.8 0.2
2040TarRetA 16.36 -0.40 2.8 17.4 FidAdEm 32.72 -1.18 4.3 NS Balanced 23.27 -0.45 3.7 19.1 Balanc n 23.79 -0.46 3.8 21.1 RealEstInc n 11.57 -0.18 3.8 1.4 FPA Funds Trust:
ScTechOppInst 41.63 -1.26 10.8 19.4 CoreEq n 27.00 -0.65 3.8 26.8 EqGr 12.80 -0.30 4.4 32.6
2045TarRetA 16.69 -0.41 3.0 17.6 FidSAI 8.56 -0.01 1.7 NS BalancedK 23.79 -0.46 3.8 21.4 SAIIntlMinVolInd 9.93 -0.16 1.0 -2.1
StratIncOpptyIns 9.24 -0.04 1.1 1.7 Diamond Hill Funds: GrOppM 94.78 -2.60 8.9 18.7 FPACres Inst n 34.81 -0.81 4.4 23.4
2050TarRetA 16.33 -0.41 3.1 17.1 FidSAIEmerg 11.15 -0.25 2.8 NS BluCh n 124.90 -3.71 11.1 30.1 SAILTTreBdIdx 7.68 -0.11 1.5 -29.3
StratMuniOppI 10.38 -0.05 0.8 -7.0 LgCapI 29.67 -0.89 2.2 25.5 NwInsghtM 24.52 -0.57 4.4 13.8 Franklin A1:
AmcpA 31.82 -0.95 5.8 12.7 FidSer5 7.72 -0.10 0.3 NS BluChpGr K6 19.25 -0.57 11.3 32.4 SAIUSMinVolIndFd 16.47 -0.38 -0.5 16.9
TotRet 9.91 -0.10 0.9 -8.9 LgCapY 29.69 -0.89 2.2 25.8 Fidelity Advisor Z: CA TF A1 6.72 -0.04 0.4 -6.9
AMutlA 48.35 -0.89 -0.2 26.0 FidSer0-5 9.30 -0.03 0.2 NS BluChpGrK 125.48 -3.73 11.1 30.5 SAIUSQtyIdx 15.60 -0.47 1.9 28.2
BNY Mellon Funds: LongShortI 25.88 -0.37 3.7 17.8 Fed TF A1 10.57 -0.05 1.0 -6.1
BondA 11.33 -0.12 0.0 -6.8 FIDSerEmgMkt 7.93 -0.30 2.5 -6.9 AssetManager50% 18.06 -0.35 2.3 9.2 CAMun n 11.88 -0.06 0.6 -5.1 SCValueI 19.22 -0.43 8.3 49.2
BalA 28.92 -0.58 0.6 13.0 Aprec n 36.59 -0.98 1.1 30.0 Dimensional Fds: FidSerInt 8.47 -0.04 0.7 NS AsstMngr70 23.18 -0.55 3.1 14.9 SmCapDisc n 25.08 -0.69 9.3 39.6 HiInc A1 1.63 -0.01 2.3 3.6
CapAp n 33.27 -0.75 4.3 32.8
CapIBA 63.37 -1.15 0.6 12.4 Dr500In n 45.19 -1.23 3.6 27.3 2TGlFxd 9.55 -0.01 0.4 -2.0 FidSerToMarket 13.19 -0.37 4.4 27.2 CorporateBond 10.12 -0.11 1.3 -10.5 SmlCapO n 12.66 -0.26 8.5 31.4 HY TF A1 8.67 -0.07 0.8 -6.4
CapDevO n 18.22 -0.40 5.5 37.7
CapWA 15.91 -0.31 -1.3 -15.8 Dreyf n 13.62 -0.24 4.0 35.6 5GlbFxdInc 9.88 -0.01 0.5 -6.2 FIDZroExtMktIx n 11.29 -0.32 7.3 26.8 FloatRateHighInc 9.12 -0.02 2.7 10.0 SmlCpGrth n 25.57 -0.58 8.1 19.5 IncomeA1 2.29 -0.03 1.8 18.3
CnvSc n 31.14 -0.37 4.6 36.2
CapWGrA 52.96 -1.49 2.7 15.8 DreyMid r Inv n 28.46 -0.72 7.1 32.6 DFARlEst 38.00 -1.46 3.7 -1.3 FIDZroLgCpIx n 13.93 -0.38 4.0 28.1 GovtIncome 9.12 -0.09 0.0 -11.2 SmlCpGrth K6 13.65 -0.31 8.1 20.9 NY TF A1 9.73 -0.05 0.8 -8.2
Contra n 12.52 -0.29 5.1 20.7
EupacA 51.16 -1.57 4.3 7.8 GlFxIncI 18.95 -0.09 1.0 -4.6 EmgMkt 25.81 -0.67 2.4 7.3 Flex 500 Index 16.96 -0.46 3.7 29.2 GrOpp 108.01 -2.96 9.0 20.9 SmlCpGrth Z 25.82 -0.60 8.1 19.9 US Gov A1 5.06 -0.06 0.1 -9.9
ContraK 12.56 -0.30 5.0 20.9
FdInvA 62.17 -1.68 3.2 22.2 InstS&PStkIdx I54.84 -1.51 3.6 28.4 EmgMktSoCoEq 13.02 -0.30 3.2 6.9 FlexIntIdx 11.64 -0.34 3.7 10.0 InvestGradeBd 7.10 -0.06 0.9 -7.2 SmlCpVal n 19.22 -0.44 8.3 49.3 Utils A1 20.74 -0.44 -3.8 6.0
CpInc n 9.17 -0.03 2.4 12.7
GBalA 32.82 -0.74 1.0 6.0 IntlStkI 21.49 -0.63 4.8 13.0 EmgMktVa 27.04 -0.48 2.2 16.9 FlexUSBdIdx 8.96 -0.08 0.3 -10.4 NewMktsIncFdZ 11.55 -0.01 1.1 -13.7 DisEq n 47.42 -1.42 3.8 20.3 Srs1000ValIndRet 14.04 -0.35 1.8 24.0 Franklin Templeton:
GovtA 12.18 -0.11 -0.4 -6.0 IntlStkY 21.22 -0.62 4.8 13.1 EmMktCorEq 20.75 -0.45 3.0 12.1 Freedom2060K 11.47 -0.30 4.2 20.4 RE Income 11.52 -0.17 3.9 1.8 DivGth n 29.15 -0.80 0.3 21.5 SrsBlChGroRetail n 11.07 -0.33 10.9 33.2 TgtModA 13.33 NA NA NA
GwthA 52.88 -1.64 6.8 19.1 SmMidCpGrI 24.34 -0.74 6.9 7.4 EmMktSmCp 20.84 -0.27 3.0 21.8 GlexUSIdxInstPre n 13.02 -0.38 3.7 9.9 StkSelAllCap 58.06 -1.64 5.1 29.6 DivIntl n 38.14 -1.09 4.6 9.7 SrsCommStrt 99.22 -0.82 -5.8 44.0 FrankTemp/Frank Adv:
HI TrA 9.11 -0.03 1.5 6.0 StrgVal I 39.20 -0.78 1.3 51.6 Fixd 10.08 0.00 0.5 -0.6 GrowthCompanyK6 16.64 -0.50 8.1 42.8 Fidelity Freedom: DivIntl K6 12.27 -0.34 4.6 11.2 SrsEmrgMkt 15.96 -0.64 2.2 -3.0 CA TF Adv 6.71 -0.03 0.4 -6.6
HiInMuniA 14.50 -0.11 1.2 -4.5 BNY Mellon Funds Tru: GblAll60 40Inst 19.08 -0.33 2.9 16.2 InflPrBdIndInsPr n 9.03 -0.08 0.1 0.5 DivIntlK 38.06 -1.08 4.6 10.1 SrsGlobal 12.81 -0.38 3.7 9.9 CvtScAdv 19.86 -0.40 3.1 33.0
FF2010 n 12.96 -0.18 1.6 3.3
ICAA 42.44 -1.05 2.9 26.5 MCMultiStrM 16.72 -0.47 5.5 24.9 GlEqInst 27.53 -0.71 4.5 28.5 IntlIdxInstPrem n 43.15 -1.24 4.8 14.2 FF2015 n 10.51 -0.17 2.0 5.3 DivStkO n 26.67 -0.66 3.5 33.7 SrsIntlGrw 14.91 -0.49 4.6 13.7 Dynat Adv 105.53 -2.51 9.3 10.4
IncoA 22.67 -0.37 0.2 16.9 NtlIntmMuni 12.75 -0.05 0.6 -3.8 GlRESec 10.01 -0.32 3.1 -7.3 IntlIndex n 10.18 -0.30 3.8 10.5 FF2020 n 13.07 -0.24 2.4 7.1 EmrMkt n 32.76 -1.17 4.3 4.9 SrsGroCoRetail 14.85 -0.44 7.8 46.3 Growth Adv 106.87 -3.18 3.8 22.6
IntBdA 12.37 -0.09 -0.2 -3.3 Bridge Builder Trust: InfProtSec 10.82 -0.11 0.0 0.4 IntrTresBdIxPrem n 9.52 -0.10 -0.3 -11.3 FF2025 n 12.04 -0.23 2.7 8.9 Eq Inc n 64.16 -1.26 0.7 29.5 SrsIntlSmCp 15.57 -0.34 4.9 16.3 IncomeAdv 2.27 -0.03 1.8 19.0
IntlGrIncA 33.40 -0.80 4.8 10.7 CoreBond 8.84 -0.08 0.5 -8.6 IntGvFxdInc 10.80 -0.11 -0.2 -11.8 LgCpGwId InstPre n 22.20 -0.67 6.6 29.5 FF2030 n 15.07 -0.32 3.0 11.6 EqDivIncm n 26.53 -0.58 3.6 31.9 SrsIntlVal 10.46 -0.30 4.3 26.3 RisDv Adv 82.96 -1.70 0.6 33.2
48 BARRON’S February 27, 2023
BdDebentr 6.94 -0.04 0.7 -3.7 OverS SF nr 11.39 -0.33 3.8 14.0 LgCpStk 23.45 -0.62 4.7 19.2 NYLTAdml n 10.53 -0.04 0.9 -5.6 ITBdInstPI 10.04 -0.11 0.0 -10.1
Quality 23.79 -0.72 3.2 32.5 Grw&Inc T n 64.37 -1.68 1.8 26.6
FloatRt 7.97 -0.03 2.8 4.7 AlCpCore n 20.63 -0.60 3.8 23.8 QMUSSmCpGrEq n 37.39 -0.85 7.8 15.4 MidCapStk 27.75 -0.78 7.5 38.2 PacifAdml n 81.20 -2.05 1.8 10.0 LaCapInst 376.20-10.39 3.9 27.5
Goldman Sachs Inst: Resh T n 50.38 -1.40 6.2 15.2
HiYld 6.14 -0.02 1.1 -3.6 CreditIncomeFd n 8.16 -0.06 1.4 NS SpectModerGwAllo n 32.72 -0.72 3.1 11.3 Thrivent Funds S: PALTAdml n 10.55 -0.05 0.6 -4.8 MidCpInst 58.61 -1.75 5.1 25.3
EmgMktEq 21.42 NA NA NA Jensen I :
ShtDurInc p 3.83 -0.02 0.6 -0.8 FixInc pn 10.02 -0.06 -0.1 -6.5 R2010 n 13.80 -0.20 2.2 6.6 LgCpVal n 26.15 -0.66 2.7 41.3 PrmcpAdml nr 134.32 -4.45 2.7 26.6 MidCpIstPl 289.05 -8.62 5.1 25.4
HYMuni 8.91 -0.07 1.3 -6.9 Jensen I 54.16 -1.60 -0.9 30.6 LrgCpStr n 14.97 -0.40 2.7 9.6 R2015 n 11.49 -0.17 2.3 8.1 MidCapStk n 32.76 -0.92 7.5 39.2 RealEstatAdml n 121.50 -4.88 4.0 -2.9 RealEstaInstl 18.81 -0.75 4.0 -2.8
Muni 14.92 -0.07 1.0 -4.0 JensenQualGrJ n:
M MuniBd pn 11.41 -0.06 -0.2 -3.9 R2020 n 17.15 -0.27 2.4 9.4 TIAA-CREF/Instl Cl: S&PSC600Idx 376.57-10.48 8.0 33.0 Rs1000GrwIdxInst451.86-13.69 6.6 29.4
ShDuTF 10.21 -0.03 0.1 -1.6 JensenQualGrJ n 54.22 -1.60 -0.9 29.8 Sm&MdCapStrategi n 14.50 -0.43 4.2 6.7 R2025 n 15.01 -0.27 2.7 11.4 CoreBond Inst 9.00 -0.09 0.8 -9.2 SmCapAdml n 94.48 -2.68 7.4 25.7 Rs1000Vl IdxInst264.49 -6.59 1.8 23.6
SmCapVa 44.62 -1.02 6.2 23.0 JHF III DispVal: MainStay Fds A: Optimum Funds Inst: R2030 n 22.53 -0.45 3.1 13.2 CorePlsBd 9.02 -0.08 1.1 -8.3 SmGthAdml n 76.60 -2.53 8.6 9.9 Russ1000IdxInst351.14 -9.68 4.1 28.0
Guggenheim Funds Tru: DispVal I 21.24 -0.42 1.7 34.5 HiYldBdA 4.96 0.00 1.5 2.9 Fixed Inc 8.09 NA NA NA R2035 n 17.66 -0.40 3.4 15.0 TIAA-CREF/Retail Cl: STBondAdml n 9.83 -0.05 -0.1 -3.6 Russ3000Idx 346.43 -9.59 4.3 27.4
MacOppFdClInstl 23.91 -0.12 1.9 6.1 DispValMCI 25.82 -0.59 5.7 35.3 TxFrBdA 9.28 -0.04 0.6 -5.3 LgCpGrwth 17.00 -0.54 7.0 7.6 R2040 n 25.32 -0.62 3.7 16.7 STCorpIx n 20.47 -0.10 0.3 -2.4 SmCapInst 94.48 -2.68 7.4 25.7
TotRtnBdFdClInst 23.49 -0.19 1.9 -3.9 DispValMdCp 24.55 -0.57 5.7 34.3 EqIdx n 28.88 -0.80 4.3 26.6
Mairs&Power: LgCpVal 18.66 -0.45 0.0 25.7 Ret2045 n 17.94 -0.46 3.9 18.2 STFedAdml n 9.99 -0.06 -0.1 -2.6 SmCapIstPl 272.71 -7.73 7.4 25.8
GuideStone Funds: DispValMdCpR6 25.81 -0.59 5.8 35.7 Gro&Inc n 20.35 -0.35 6.6 24.9
MairsPwrGr n 124.51 -3.02 5.5 27.3 Osterweis Strat Income: Ret2055 n 15.83 -0.41 3.9 18.1 STIGradeAdml n 9.93 -0.06 0.2 -2.2 SmGthInst 61.34 -2.03 8.6 10.0
DispValR6 21.29 -0.42 1.7 34.9 TIAA/CREF Funds:
EqindxGS2 41.96 NA NA NA Mass Mutual: RetBal Inc n 12.16 -0.16 2.0 7.1 STIPSIxAdm n 23.44 -0.10 0.1 6.6 SmValInst 40.67 -1.02 6.6 35.5
OsterweisStrInc n 10.52 -0.02 1.8 9.5 BdIdxInst 9.44 -0.09 0.4 -10.6
MedDurGS2 12.62 NA NA NA JHITFunLgCpCorFd: SciTec n 29.59 -0.94 13.2 11.4 STsryAdml n 9.85 -0.05 -0.3 -2.8 STBdIdxInstPl 9.83 -0.05 -0.1 -3.5
SelBluChipGroClI 17.71 -0.53 8.9 10.5 EqIdxInst 28.32 -0.78 4.3 27.6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
FunLgCpCorA 53.89 -1.41 6.9 27.4 MassMutual Select: PQ Sht-Bd n 4.48 -0.02 0.4 -1.0 STTresIdx n 19.22 -0.06 -0.1 -2.5 STBDInst 9.83 -0.05 -0.1 -3.5
H John Hancock: SmCap n 51.72 -1.02 8.0 28.0 Gr&IncInst 13.09 -0.23 6.6 25.8 TotBdAdml n 9.47 -0.09 0.3 -10.4 STCorpIxInst p 25.06 -0.12 0.3 -2.4
MCGrEqIII 18.51 -0.59 6.0 16.0 HgYldInst 8.23 -0.02 1.4 -1.6
500Index1 42.17 -1.16 3.6 28.0 Parnassus Fds: SmCapStk n 55.33 -1.32 7.8 21.5 TotIntBdIdxAdm n 19.15 -0.12 1.2 -12.1 STIGradeInst 9.93 -0.06 0.2 -2.2
Harbor Funds: Metropolitan West: SpecGr n 20.91 -0.54 3.6 21.5 IntlEqIdxInst 20.00 -0.59 4.7 14.1
BondI 13.38 -0.11 1.1 -8.5 ParnEqFd n 48.26 -1.20 2.9 28.1 TotIntlAdmIdx nr 28.86 -0.84 3.6 11.0 STIPSIxins 23.46 -0.09 0.1 6.7
CapApInst 68.15 -2.16 8.6 14.2 LowDurBdI 8.19 -0.05 0.4 -1.9 SpecInc n 11.01 -0.09 1.2 -2.3 IntlEqInst 11.91 -0.33 4.2 20.8 TotStAdml n 97.14 -2.70 4.3 27.3 STTresIdx 24.15 -0.07 -0.1 -2.4
BondR6 13.40 -0.11 1.1 -8.2 Pear Tree:
IntlInst 41.31 -1.04 5.0 17.1 TotRetBd n 9.03 -0.11 0.3 -10.9 SuMuInt n 11.15 -0.06 0.5 -3.5 LC2040Inst 9.09 -0.20 3.2 15.8 TxMBal nr 37.16 -0.57 2.1 12.6 TotBdInst 9.47 -0.09 0.3 -10.4
ClassicVal I 34.25 -0.53 10.0 37.3 ForeignVal I r 20.77 -0.35 6.3 6.9
SmCpValInst 39.66 -0.73 10.6 34.1 TotRetBdI 9.03 -0.11 0.4 -10.3 TF Incom n 10.65 -0.09 1.4 -6.5 LCIdx2020Inst 17.32 -0.31 2.1 7.1 TxMCapAdml n 206.11 -5.64 4.2 28.7 TotBdInst2 9.35 -0.09 0.2 -10.8
IntlGrwI 23.39 -0.69 4.3 6.5 Perm Port Funds:
Harding Loevner: TRBdPlan 8.47 -0.10 0.4 -10.0 TotIndex n 42.85 -1.19 4.4 26.0 LCIdx2025Inst 18.97 -0.36 2.4 9.0 TxMIn nr 14.12 -0.41 4.4 14.6 TotBdInstPl 9.47 -0.09 0.3 -10.4
John Hancock Class 1:
EmgMktsAdv n 40.52 -1.46 2.3 -13.7 UnconstrBdI 10.28 -0.09 1.2 -2.8 Permanent n 46.39 -0.82 -0.1 22.0 U.S.EqResch n 37.82 -0.92 4.2 29.4 LCIdx2035Inst 22.17 -0.51 3.1 13.3 TxMSC nr 83.16 -2.33 7.9 33.0
BlueChipGrw 35.26 -1.00 7.3 1.5 TotIntBdIdxInst 28.74 -0.18 1.3 -12.0
IntlEq 24.46 -0.77 4.4 14.1 MFS Funds: PGIM Funds Cl A: USLrgCpCore n 29.48 -0.75 0.9 24.1 LCIdx2040Inst 23.46 -0.59 3.4 15.9 USGroAdml n 109.56 -4.48 8.1 9.9
LSAggr 12.32 -0.32 4.3 20.8 TotStInst 97.15 -2.71 4.3 27.3
Hartford Funds A: IIE 29.51 -0.90 4.9 19.2 HighYield 4.55 -0.02 1.2 -0.5 Value n 38.54 -0.84 0.0 30.2 LCIdx2045Inst 24.28 -0.64 3.7 18.3 UtilIxAd nr 73.06 -2.06 -5.1 4.5 TtlWrldIxInst p 183.19 -5.15 4.0 20.4
LSBalncd 11.89 -0.22 3.1 11.7 LrgCpGrIdxInst 39.50 -1.20 6.6 29.4
BalIncA 13.79 -0.21 0.4 6.7 MFS Funds Class A: JennGrowth 39.11 -1.23 8.6 14.7 Price Funds - Adv Cl: ValAdml n 54.74 -1.20 0.0 30.5 TxMCaInst r 102.41 -2.79 4.2 28.8
LSGwth 12.22 -0.27 3.8 16.9 LrgCpVl IdxInst 22.12 -0.55 1.8 23.8
CapAppA 34.17 -0.84 3.6 17.3 AgGrAIA 25.51 -0.68 2.9 18.2 JennUtility 14.14 -0.30 -4.4 6.8 BlChip p 108.00 -3.06 7.2 0.8 WdsrllAdml n 68.42 -1.79 3.4 35.4 ValueInst 54.74 -1.20 0.0 30.5
LSModer 11.26 -0.16 2.4 6.3 LrgCpVl IdxRet 22.58 -0.56 1.8 22.9
DiscpEqA 39.37 -1.08 1.8 20.1 CoEqyA 39.15 -1.06 3.1 25.9 TotalReturnBond p 11.87 NA NA NA Growth p 64.07 -1.81 7.5 1.8 WellsIAdml n 59.29 -0.85 0.1 5.4 Victory Funds:
John Hancock Funds A: LrgCpVl Inst 19.31 -0.42 1.4 27.7
DivGth A 29.48 -0.75 0.7 31.9 GrowthA 126.92 -3.61 3.7 10.5 PGIM Funds Cl Z: R2030A p 22.25 -0.45 3.1 12.4 WelltnAdml n 66.72 -1.48 0.6 13.3
BalA 22.72 -0.46 1.0 12.5 EstValA 46.66 -1.18 4.4 47.6
IntlVA 37.20 -1.07 4.6 9.1 HighYield 4.56 -0.02 1.3 0.3 Price Funds - R Cl: QuantSmCpEqInst 16.30 -0.38 7.6 32.7 WndsrAdml n 71.32 -1.72 4.4 44.1
EqInc 20.14 -0.48 0.0 31.8 BondA p 13.37 -0.12 1.0 -9.4 EstValI 46.72 -1.18 4.4 49.0
MCapA 23.07 -0.73 4.4 10.5 JennGrowth 44.27 -1.39 8.6 15.8 R2030R p 21.95 -0.44 3.0 11.5 RealSecInst 16.80 -0.61 3.8 -2.1 VANGUARD FDS:
GrOppty 31.98 -0.92 7.0 10.9 LifeBal 12.01 -0.22 3.1 10.5 SmCoOppI 49.47 -1.04 6.7 37.5
MCapValA 28.45 -0.63 4.3 31.6 TotalReturnBond 11.83 NA NA NA PRIMECAP Odyssey Fds: S&P500IdxInst 43.40 -1.18 3.7 29.1
MidCap A 23.91 -0.63 5.7 9.3 LifeGrw 12.30 -0.28 3.7 15.6 CAIT n 11.13 -0.05 0.4 -3.4 Virtus Equity Trust:
MIGA 33.77 -1.18 2.2 27.7 PIMCO Fds Instl: S&P500IdxRet 43.09 -1.17 3.6 28.1 DivdGro n 34.51 -0.66 -2.0 29.7
Hartford Funds C: John Hancock Instl: AggGrowth r nr 39.33 -1.45 8.5 16.7 SmCapSusI 32.91 -0.81 13.2 14.4
MITA 32.27 -1.00 0.9 22.9 SmCpBl IdxInst 21.55 -0.64 7.5 21.0 DivrEq n 38.15 -1.16 5.8 27.5
Bal IncC 13.54 -0.21 0.2 4.3 StratIncmOppI 9.65 -0.07 0.7 -2.1 AllAsset 10.81 NA NA NA Growth r nr 35.08 -1.24 4.2 26.3 VirtusFunds:
MuHiA 7.22 -0.05 0.9 -8.3 SocChEqInst 23.18 -0.63 4.1 29.5 Energy nr 45.42 -0.17 -0.5 22.9
Hartford Funds I: JPMorgan A Class: AllAssetAuth r 6.56 NA NA NA Stock r nr 32.61 -0.98 2.2 30.7
MuInA 7.98 -0.04 0.7 -7.0 Tortoise Capital: CeredexMdCpVlEqI 10.93 -0.26 1.6 14.9
CommodtyRR 4.64 NA NA NA Principal Investors: EqInc n 40.18 -0.91 -0.5 31.3
BalIncI 13.80 -0.21 0.4 7.5 CoreBond 10.13 -0.11 0.8 -9.2 TorMLPPipInsCl 13.25 -0.10 2.6 31.4 VirtusFunds Cl I:
ResBdA 9.34 -0.09 1.0 -9.1 DivInc 9.15 -0.05 1.3 -8.7 HiYld IN 7.91 -0.06 2.2 0.2 Explr n 101.42 -2.74 8.5 27.9
DivGthI 29.29 -0.76 0.7 33.0 CorePlusBd p 7.13 -0.08 0.7 -8.9 Touchstone Funds Gro: EmMktI 7.65 -0.32 -0.9 -13.7
RschA 47.43 -1.26 1.9 21.2 EmMktsBd 7.99 -0.02 1.2 -14.6 InfPro IN 7.69 -0.06 0.3 0.2 FTAlWldInAdml n 32.34 -0.97 3.5 11.1
EmrgMktEqInv 14.86 -0.53 2.1 -2.0 EqInc p 21.92 -0.55 -0.7 27.8 MulSStI 4.38 NA NA NA
TotRA 18.65 -0.32 1.3 14.6 HiYld 7.58 -0.02 1.8 -0.7 LgIndxI 19.96 -0.55 3.6 28.4 MdCpY 44.76 -1.11 8.4 17.4 GlbCapCyl Inv nr 11.68 -0.41 1.6 59.3
EqIncI 19.97 -0.48 0.0 32.7 GwthAdv p 23.59 -0.58 6.9 32.8 Vivaldi Merger:
UtilA 21.94 -0.51 -3.0 11.5 HiYldMuniBd 8.20 -0.06 1.1 -5.3 LT2020 In 11.48 -0.17 2.1 6.9 Touchstone Strategic: GlbEq n 28.31 -1.11 5.9 15.5
InterValue 16.09 -0.40 6.4 31.7 Inv Bal p 14.07 -0.24 2.6 10.7 ValueA 47.05 -1.15 -0.9 22.6 IntlBdUSH 9.43 NA NA NA LT2030In 12.55 -0.25 2.8 10.5 LagCapFoc A p 49.67 -1.43 4.1 33.1 GloMinVolFdAdm n 27.17 -0.33 1.0 2.3 Arbitrage Fund 10.79 0.02 0.7 13.0
IntlAlphaInv 15.20 -0.51 5.5 25.0 InvCon p 11.59 -0.14 1.8 3.5 MFS Funds Class I: InvGrdCrBd 8.76 NA NA NA LT2040I 13.91 -0.34 3.6 14.2 Transamerica A: GNMA n 9.15 -0.11 0.0 -9.3 Voya Fds:
MidCap 25.36 -0.67 5.8 10.1 InvG&I p 16.47 -0.33 3.1 16.8
GrowthI 137.52 -3.91 3.7 11.4 LgTrmCrdtBd 8.90 NA NA NA LT2050I 14.39 -0.38 4.0 16.4 GroInc n 50.01 -1.37 3.8 31.1 InmdBdI 8.61 NA NA NA
Hartford HLS Fds IA: InvGrwt p 20.44 -0.50 3.8 23.7 AsAlModGr p 11.03 -0.23 2.7 11.2
MCapI 24.85 -0.78 4.5 11.4 LngDurTotRtrn 7.23 -0.11 1.9 -21.0 MidCpBldA 31.57 -1.14 5.2 13.5 HlthCare nr 205.31 -6.40 -3.6 23.2
Balanced 26.74 -0.60 1.8 17.0 LgCpGwth p 44.98 -1.27 3.2 33.0 Trust for Professional Ma:
MCapValI 29.31 -0.65 4.4 32.6 LowDur 9.09 NA NA NA PreSecI 8.98 -0.08 3.5 -1.5 HYCor nr 5.18 -0.01 1.4 -0.1 WXYZ
CapApp 40.58 -1.05 3.1 20.5 MdCpVal p 34.51 -0.88 4.2 26.6 PrfTrtStrtBd Ins 19.28 -0.12 1.4 -7.7 InflaPro n 11.80 -0.11 0.0 0.3
MIGI 35.16 -1.23 2.3 28.7 LowDurInc r 7.83 NA NA NA PtrLGI In 13.82 -0.44 5.3 11.1
DiscEqui 16.06 -0.44 1.8 21.3 USEquity 17.69 -0.45 4.1 33.3 Tweedy Browne Fds: IntlExplr n 15.99 -0.41 5.5 4.0 Wasatch:
ResBdI 9.34 -0.09 1.0 -8.8 ModDur 9.13 NA NA NA PtrLV In 16.93 -0.43 0.1 25.2
Div&Grwth 22.21 -0.57 0.8 33.3 ValAdv t 35.21 -0.77 2.1 28.2 GblValue n 26.61 -0.36 4.5 15.3 IntlGr n 30.04 -1.42 5.6 16.9 CoreGr n 71.97 -3.34 11.3 24.9
RschI 49.01 -1.30 1.9 22.1 MortgOppBd 9.46 NA NA NA RealEstSecI 26.73 -0.86 5.9 1.5
Stock 93.57 -1.84 -2.1 29.5 JPMorgan I Class: IntlVal n 37.63 -1.12 5.3 16.3 WCM:
ValueI 47.36 -1.16 -0.9 23.5 RealRtnI 9.96 -0.10 -0.2 1.2 SAMBalA p 13.82 -0.27 2.4 7.6
TotRetBd 9.33 -0.08 0.6 -9.1 CoreBond 10.12 -0.11 0.8 -8.5 U ITIGrade n 8.32 -0.09 0.5 -8.2
Morgan Stanley Inst: ShortT 9.50 0.01 1.0 2.8 SAMGrA p 15.65 -0.38 3.0 11.9 FcusEmgMk Inst 13.05 -0.51 1.3 -4.4
CorePlusBd 7.13 -0.08 0.7 -8.1 Putnam Funds Class A: LifeCon n 19.45 -0.32 1.9 1.5
I CapGrI 28.57 -1.95 11.7 -13.5 ShtAssetInv 9.87 NA NA NA UM Funds: WCM Focus Funds:
EmMktEq I 28.65 -1.14 2.5 -4.5 LifeGro n 37.22 -0.91 3.3 14.2
CapGrP p 25.64 -1.76 11.7 -14.2 StksPLS 9.88 NA NA NA DynAAGthA 16.36 NA NA NA BehavVal 80.59 -1.39 6.5 58.4 WCMFocIntlGrwIns 20.77 -0.76 5.6 17.7
EqInc 22.36 -0.56 -0.6 28.5 LifeInc n 14.49 -0.17 1.3 -4.9
IFP US Equity Fund: GloFranI t 30.32 -0.86 0.7 13.7 TotRetESG 7.59 NA NA NA PutLargCap p 28.99 -0.57 2.8 37.1 USAA Group: Western Asset:
GrAdv r 24.95 -0.62 6.9 33.7 LifeMod n 28.16 -0.57 2.6 7.8
IFP US EquityFd 17.35 -0.56 5.0 32.8 MorganStanleyPathway: TotRt 8.52 NA NA NA GlbHlthCare p 53.70 -0.94 -4.1 29.3
LgCapVal 18.46 -0.42 3.3 46.2 500Indx Reward n 50.71 -1.42 3.7 28.7 LTIGrade n 7.85 -0.12 1.3 -20.8 CoreBondI 10.62 -0.12 0.9 -12.2
Invesco Fds Investor: CoreFxIcm n 6.82 -0.07 0.3 -11.1 TrndsMgdFutStrgy 11.25 -0.03 0.3 38.6 GrOpp p 40.29 -1.07 6.1 19.5
LgCpGwth 46.18 -1.31 3.2 34.1 CrnstModAggr n 23.99 -0.48 2.1 8.1 MATxEx n 9.90 -0.05 0.7 -5.4 CoreBondIS 10.63 -0.13 0.8 -12.2
LgCapEq n 19.54 -0.54 4.5 23.0 PIMCO Funds A: StDurInc 10.02 -0.01 0.9 2.9
DivrsDiv n 17.65 -0.40 0.8 21.7 MdCpGrw 40.28 -1.08 6.4 22.0 Gr&Inc n 19.33 -0.47 4.1 21.9 MidCpGro pn 20.23 -0.60 7.5 7.0 CorePlusBdA 9.37 -0.13 0.7 -15.4
Munder Funds: IncomeFd 10.43 NA NA NA SustainLdrsFd p 91.28 -2.36 3.2 24.5
Invesco Funds A: MdCpVal 35.12 -0.89 4.2 27.6 Grwth n 25.14 -0.70 9.4 15.1 MuHY n 10.31 -0.06 1.1 -5.3 CorePlusBdI 9.38 -0.13 0.7 -14.4
LowDurInc 7.83 NA NA NA Putnam Funds Class Y:
500InxA 41.90 -1.15 3.6 27.2 MtgBckd 9.96 -0.10 0.7 -6.7 MndrIntlSmCpInv r 13.47 -0.34 5.2 10.8 Inco n 11.20 -0.12 1.1 -7.8 MuInt n 13.36 -0.06 0.4 -3.0 CorePlusBdIS 9.37 -0.13 0.7 -14.4
ShtDurBnd 10.47 -0.06 0.5 0.3 Mutual Series: RealRtnA 9.96 -0.10 -0.2 0.0 GrOpp Y 43.11 -1.14 6.1 20.4 ManagedMuniA 14.70 -0.08 1.0 -5.3
ActiveAllA 12.30 -0.28 3.4 10.7 IncStk n 17.54 -0.45 0.9 24.9 OHLTte n 11.36 -0.07 0.5 -5.1
SmCap 54.15 -1.57 7.8 24.5 TotRetA 8.52 NA NA NA PutLargCap 29.01 -0.56 2.8 38.2 SMAShCrPlCp n 6.35 -0.08 2.3 -27.0
CapApprA p 48.92 -1.12 3.1 16.9 BeacnZ 15.24 -0.45 6.1 17.9 StDurInc 10.03 -0.01 0.9 3.2 IntmTerm n 12.36 -0.05 0.5 -3.9 Primcp nr 129.67 -4.29 2.6 26.4
Chart 15.41 -0.37 5.0 20.2 USEquity 17.77 -0.46 4.1 34.4 GlbDiscA 28.19 -0.75 6.7 21.4 PIMCO Funds C: LgTerm n 11.79 -0.08 0.5 -6.9 PrmcpCor n 27.74 -0.85 2.1 28.2 SmashSerM n 7.78 -0.15 -1.0 -19.2
CmstA 27.17 -0.63 2.6 45.2 ValAdv 35.48 -0.77 2.2 29.1 GlbDiscz 28.99 -0.77 6.7 22.4 IncomeFd 10.43 NA NA NA R Nasdaq100 n 30.63 -0.99 9.5 33.4 SelValu nr 27.02 -0.51 8.2 38.8 Wm Blair Funds Cl I:
DevMktA 37.42 -1.15 5.1 -9.4 JPMorgan Inst Class: QuestZ 13.59 -0.21 4.8 7.2 PIMCO Funds I2: ntTerBd n 9.05 -0.07 1.5 -4.9 STAR n 25.00 -0.62 3.5 12.3 SmMidI r 27.90 -0.63 7.7 15.9
February 27, 2023 BARRON’S 49
Industrials 11:00
11:30
…
…
33350.11
33288.94
33154.30
33166.00
33050.37
32954.32
32690.55
32786.24
NYSE Amer Off
NASD Up
... 11,176 5,070 3,660 5,840
... 1,018,991 2,493,299 2,574,772 954,020
35100 12:00 … 33275.85 33164.70 32825.99 32805.78 NASD Off ... 3,947,653 2,136,847 2,099,770 3,438,366
12:30 … 33251.20 33213.03 32824.76 32786.22 NYSE Arca UP ... 45,592 127,830 213,631 85,505
Week's NYSE Arca Off ... 264,405 164,015 107,832 268,077
Components Change 1:00 … 33291.95 33206.05 32880.49 32710.91
1:30 … 33227.07 33240.01 32895.30 32742.29 % (QCHA) …. –1.95 +.28 +.41 –.73
3M -5.19 % (QACH) …. –2.24 –.52 +.52 –.53
2:00 … 33193.67 33198.60 32939.71 32790.07
34100 % (QCHAQ) …. –2.29 +.10 +.31 –1.45
American Express -3.05 2:30 … 33154.98 33110.34 33073.99 32808.16
Amgen -6.87 3:00 … 33190.84 32986.72 33102.98 32878.64 Market Advance/Decline Totals
Apple -5.84 3:30 … 33184.06 32980.14 33189.28 32863.68 NYSE NYSE
Boeing -13.51 Weekly Comp. NYSE Amer Nasdaq Arca
Close … 33129.59 33045.09 33153.91 32816.92
Caterpillar -11.62 Total Issues 3,293 327 5,187 1,966
33100 High (t) … 33717.38 33384.35 33375.62 33025.52 Advances 776 83 1,303 167
Chevron -0.44 Low (t) … 33023.51 32875.21 32763.47 32511.57 Declines 2,469 240 3,748 1,784
Cisco Systems -2.29 High (a) … 33699.69 33245.97 33272.40 32999.19 Unchanged 48 4 136 15
Coca-Cola -0.28 Low (a) … 33115.74 32948.27 32795.67 32643.48 New Highs 136 11 191 24
Disney -4.92 Change … –697.10 –84.50 +108.82 –336.99 New Lows 78 21 283 70
Dow -0.34 32100 Week ended last Friday compared to previous Friday
Goldman Sachs -4.65 Theoretical (t): High 33717.38 Low 32511.57
Home Depot -21.29 Actual (a): High 33699.69 Low 32643.48 NYSE Composite Daily Breadth
Honeywell International -9.38 Daily Feb 20 21 22 23 24
IBM -4.45 31100 Issues Traded ... 3,174 3,155 3,166 3,165
Intel -2.47 Dow Jones 20 Transport (divisor: 0.16343894576034) Advances ... 384 1,673 2,023 878
Johnson & Johnson -4.42 Declines ... 2,721 1,374 1,027 2,175
Open (t) … 14922.33 14654.52 14682.49 14510.92 Unchanged ... 69 108 116 112
JPMorgan Chase -1.31 Open (a) … 15018.67 14644.06 14618.39 14602.61 New Highs ... 38 32 57 44
McDonald's -6.31 10:00 … 14896.57 14702.00 14691.28 14444.35
Merck 0.37 30100 New Lows ... 29 34 28 47
10:30 … 14793.79 14649.87 14708.35 14514.05 Blocks - primary ... 4,583 4,263 4,237 4,300
Microsoft -8.84 Total (000) - primary ... 966,100 912,520 848,424 851,653
11:00 … 14795.82 14623.17 14714.04 14480.91
Nike Cl B -6.80 Total (000) ... 4,121,592 4,079,328 3,952,947 3,877,705
11:30 … 14731.74 14633.11 14665.75 14501.88
Procter & Gamble -0.75
12:00 … 14720.15 14644.81 14600.04 14533.56 NYSE American Composite
Salesforce -2.97 29100 12:30 … 14692.42 14630.23 14559.17 14563.79 Daily Feb 20 21 22 23 24
Travelers Cos -0.42
1:00 … 14697.08 14683.54 14601.41 14544.59 Issues Traded ... 309 302 307 304
UnitedHealth Group -14.75
1:30 … 14692.22 14664.13 14582.54 14510.16 Advances ... 56 114 164 87
Verizon Communications -1.48
2:00 … 14661.97 14690.72 14605.24 14548.12 Declines ... 241 171 127 202
Visa Cl A -4.01
Walgreens Boots Alliance -0.96 28100 2:30 … 14666.51 14628.66 14644.59 14577.11 Unchanged ... 12 17 16 15
3:00 … 14684.51 14568.10 14710.67 14582.56 New Highs ... 5 1 2 4
Walmart -3.97 September October November December January February New Lows ... 15 12 13 10
3:30 … 14651.29 14563.41 14743.82 14641.66
Blocks - primary ... 146 89 101 91
Close … 14645.29 14553.39 14707.94 14629.01
Total (000) - primary ... 13,858 9,781 8,773 9,533
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
High (t) … 14975.68 14790.91 14826.61 14695.43 Total (000) ... 172,125 124,347 114,793 159,609
Transportation Low (t)
High (a)
… 14560.48 14450.17 14529.16
… 15018.67 14738.19 14789.61
14399.32
14670.37 Nasdaq
16000 Low (a) … 14643.09 14495.96 14554.29 14424.98 Daily Feb 20 21 22 23 24
Week's Change … –490.58 –91.90 +154.55 –78.93 Issues Traded ... 4,762 4,752 4,749 4,731
Components Change Advances ... 880 2,164 2,601 1,138
15500 Theoretical (t): High 14975.68 Low 14399.32 Declines ... 3,715 2,348 1,898 3,386
Alaska Air Group -1.79 Actual (a): High 15018.67 Low 14424.98 Unchanged ... 167 240 250 207
American Airlines Group -0.80 New Highs ... 50 46 82 60
Avis Budget Group -22.63
15000 New Lows ... 130 122 130 169
CH Robinson Worldwide -0.83 Dow Jones 15 Utilities (divisor: 1.27924906167720) Blocks - primary ... 33,582 29,524 31,091 28,202
CSX -0.46 14500 Total (000) ... 5,002,541 4,671,278 4,714,581 4,432,654
Open (t) … 948.28 939.00 937.42 921.88
Delta Air -1.00 NYSE Arca Composite
Open (a) … 950.55 938.76 936.56 922.27
Expeditors Intl of Wash -4.21 Daily Feb 20 21 22 23 24
14000 10:00 … 942.80 938.99 935.05 922.42
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
14538.46 11195.10 DJ US Small TSM 13122.10 13000.43 13014.54 –370.47 –2.77 –937.51 –6.72 963.43 7.99 Divs Yield % 1.58 1.53 1.30 2:30-3:00 ... 28,986 36,836 29,235 30,761
988.09 760.10 Barron's Future Focus 872.80 859.82 859.82 –30.60 –3.44 –89.63 –9.44 47.65 5.87 Divs $ 87.05 86.66 79.12 3:00-3:30 ... 34,026 39,692 36,255 38,705
Mkt to Book 5.29 5.44 6.50
1051.05 825.73 Barron's 400 982.65 973.72 978.12 –22.94 –2.29 –36.15 –3.56 57.73 6.27 3:30-4:00 ... 488,469 445,254 389,752 402,930
Book Value $ 1042.07 1042.07 936.72
High/Low's are based upon the daily closing index. a-Arithmetic Index. G-Geometric Index. V-Value 1000 and Growth 1000 y-Dec. 31,1965=50 z-Dec. 31,2002=5000
Dollar Index rose 1.4% on the week, to 105.26. This is a list of the Dow Jones trailing 52-week diluted share
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
s
15 Book Book
Investor Sentiment Readings New Listings
Earns Divs. Value Earns Divs. Value
10 NYSE
DXY (105.26) Am Exp 9.84 2.08 29.14 Johnson&John 6.74 4.52 28.16 High bullish readings in the Consensus stock index or in the Market
5 Vane stock index usually are signs of Market tops; low ones, market Coherent (COHR)
Amgen 12.11 7.95 12.00 JPMorgChase 12.08 4.00 88.07 bottoms.
Apple 5.89 0.92 3.84 McDonalds 8.35 5.52 (6.17) Last Week 2 Weeks Ago 3 Weeks Ago NYSE American
0 Boeing (8.29) Suspended (25.47) Merck Co 5.71 2.80 15.11
EURO in $ Caterpillar 12.65 4.71 30.76 Microsoft 9.00 2.60 22.31 Strawberry Fields (STRW)
-5 Consensus Index
s Chevron Corp 18.28 5.77 72.06 Nike Inc 3.55 1.255 9.73 Nasdaq
-10 Cisco Sys 2.73 1.52 9.79 Proc Gam 5.70 3.6532 19.11 Consensus Bullish Sentiment 63% 66% 65%
s Coca Cola 2.20 1.74 5.32 3M Co 10.15 5.97 26.31 Etao International (ETAO)
-15 Disney Walt 1.82 0.00 48.71 Salesforce.com 0.28 0.00 58.78 AAII Index
YEN in $ Dow 6.24 2.80 24.71 Travelers Cos 11.75 3.67 119.76
-20
-25
Goldman Sachs
Home Depot
30.06 9.00 297.50
16.68 7.60 (1.64)
UnitedHealthGrp
Verizon
21.19 6.40 76.26
5.06 2.585 19.48
Bullish
Bearish
21.6%
38.6
34.1%
28.8
37.5%
25.0
Trading
Honeywell 7.27 4.00 27.12 Visa 7.15 1.575 16.32
M A M J J A S O N D J F IBM
Intel
6.95
1.96
6.59 21.05
1.46 23.44
Walgreens
Wal-mart
(3.44) 1.9175 27.06
4.28 2.24 30.15
Neutral 39.8 37.1 37.5 Suspended
Source: Tullett Prebon Market Vane NYSE
Weber (WEBR)
Transportation Stocks
Bullish Consensus 40% 43% 44% NYSE American
AlaskaAirGroup 0.43 Suspended 30.19 Kirby Corp 2.03 Nil 48.02 None
TIM Group Market Sentiment
Distributions & Offerings 144 Filings AmericanAirlines
AvisBudgetGrp
(0.01) Suspended (11.33)
57.18 Nil (3.93)
Landstar Sys
Matson Inc
12.14
26.71
1.10 22.87
1.22 40.67 Indicator 42.5% 49.3% 44.9%
Nasdaq
1Life Healthcare (ONEM)
C.H. Robinson 7.30 2.26 15.65 Norf Southern 13.90 5.07 56.80 Coherent (COHR)
Secondary Distributions of common stocks SEC Form 144 must be filed by holders of restricted securities (also called letter stock) who intend to Sources: Consensus Inc.; American Association of LHC Group (LHCG)
CSX Corp 1.94 0.40 6.13 Old Dominion 12.18 1.20 32.00
sell shares. Shares Indicated: the number to be sold. Sales Date: the approximate date of the sale. Paya (PAYA)
(Sometimes shares aren't sold, even though their owner has filed a Form144.) Source: Thomson Delta Air Lines 2.04 Suspended 6.07 Ryder Sys 4.18 2.44 52.02 Individual Investors; Market Vane; TIM Group
Apellis Pharmaceuticals 5,555,559 $63.00 $349,999,979 Expeditors Int'l 8.24 1.34 20.90 Southwest Air 0.80 Nil 17.59 Sorrento Therapeutics (SRNE)
Reuters
Aprea Therapeutics 1,050,000 $5.25 $5,512,500 FedEx 12.73 4.20 95.98 Un Pacific 11.22 5.08 22.17
Shares Sale Hunt (JB) 9.20 1.62 29.67 UPS 13.20 6.18 16.38
SELLAS Life Sciences Group
Tactile Systems Technology
7,220,217
2,500,000
$2.77
$13.00
$20,000,001
$32,500,000
Company Sym Indicated $ Value Date Seller Title JetBlue Air (1.12) Nil 12.03 United Airlines 2.17 Nil 15.53
Arms Index Name
Carrier Global CARR 213,353 9,600,000 2/13/23 Nelson, Christopher O
Verrica Pharmaceuticals 4,814,814 $6.75 $32,499,588
Agilon Health AGL 200,000 4,626,000 2/14/23 Shaker, Benjamin O Utility Stocks The Arms index, also known as the short term trading index,
is a number derived by dividing one quotient into another
Changes
Source: Dealogic LLC, New York City; (212) 577-4400. Boyd Gaming BYD 200,000 13,299,385 2/14/23 Boyd, William H quotient. The numerator in the index is the number of NYSE
advancing stocks divided by the number of declining stocks.
Coming U.S. Auctions Boyd Gaming
Terex
BYD
TEX
152,000 9,988,490 2/13/23
150,000 8,535,000 2/14/23
Boyd, William
Garrison, John
CB
CEO
AES Corp. (0.47) 0.6399 2.96
Am Elec 4.51 3.15 44.49
Exelon
FirstEnergy
2.19 1.3725 35.13
0.57 1.56 15.21
As of 3/14/11, the denominator in the index is now the
composite volume of advancing stocks divided by the
composite volume of declining stocks.
Cigna Group (CI), formerly
Cigna
AmericanWaterWorks 4.51 2.5675 40.18 NextEra Energy 2.09 1.70 18.95 NYSE American
Yields (%) Toast TOST 120,000 3,033,342 2/14/23 Fredette, Stephen P Atmos Energy 5.71 2.84 59.71 Xcel Energy 3.06 1.95 28.70 2/20 2/21 2/22 2/23 2/24 Perspective Therapeutics
Monday When Issued* Last Auction Coca-Cola KO 101,594 6,029,533 2/15/23 Rivera, Alfredo AF Con Ed 4.68 3.18 56.60 Pub Sv Ent 3.40 2.16 28.65 (CATX), formerly IsoRay (ISR)
Moelis & Co MC 97,894 4,581,439 2/9/23 Raich, Jeffrey AF DominionEnergy 1.09 2.67 31.51 Sempra Energy 7.13 4.58 79.17
$60.0 bil 3-month 4.828 4.720 NYSE ... .86 1.08 1.52 1.03 Nasdaq
$48.0 bil 6-month 5.105 4.915 Duke Energy 3.32 4.00 61.55 Southn Co. 1.36 2.72 25.36
Corning GLW 97,167 3,500,000 2/9/23 Weeks, Wendell O NYSE American ... .57 .92 1.28 .33 Enliven Therapeutics (ELVN),
Edison Int'l 1.61 2.8375 36.57
* As of Friday afternoon. Citizens Financial CFG 90,689 3,899,627 2/10/23 Cummings, Kevin D Nasdaq ... .92 .79 1.12 1.21 formerly Imara (IMRA)
February 27, 2023 BARRON’S 51
Dow Jones U.S. Total Market Industry Groups CBOE Put / Call Ratio Foreign Exchange
Foreign
Currency
Foreign
Currency
U.S. $ in
Foreign
U.S. $ in
Foreign
Agilent Technologies (Q1) 1.31 1.21 U.K. (Pound) 1.1942 1.2043 .8374 .8304
Aerospace & Defense DJUSAE 1696.47 – 29.21 2.41 –1.69 [38] +9.90 [17] +.14 [95] +1.17 1,735.98 1,369.42
AMC Entertainmet (Q4) -0.20 -0.16 Uruguay (Peso) …… .. …… .. …… .. …… ..
Home Construction DJUSHB 1455.95 – 24.43 122.58 –1.65 [37] +9.84 [18] +9.19 [27] +10.47 1,606.67 1,003.88 AutoZone (Q2) 21.80 22.30
Industrial Machinery DJUSFE 939.39 – 27.60 70.13 –2.85 [65] +9.67 [19] +8.07 [32] +9.59 970.33 713.06 Financial .02571 .02526 38.899 39.585
CrackerBarrelOldCountry(Q2) 1.36 1.71 Euro 1.0546 1.0696 .9482 .9350
Fixed Line Telecom DJUSFC 114.04 – 1.44 4.86 –1.24 [28] +7.72 [20] +4.45 [60] –13.01 125.76 87.07 HP (Q1) 0.74 1.10 Special Drawing Rights (SDR) are based on exchange rates for the U.S.,
J.M. Smucker (Q3) 2.14 2.33 British, and Japanese currencies. Source: International Monetary Fund.
Groups are weighted by capitalization. 52-week highs and lows are based on daily closes. Dec. 31, 1991=100. In the U.S. listings, % vol chg column shows the change from previous 65-day moving a-Russian Central Bank rate. b-government rate. d-rebased as of Jan. 1,
average. Volume figures do not reflect extended trading hours.
Monster Beverage (Q4) 0.63 0.60 2005. y-floating rate.
Nexstar Media (Q4) 8.27 6.19
Rivian Automotive (Q4) -1.96 -2.43
Sempra Energy (Q4)
Veritiv (Q4)
2.05
5.44
2.16
4.95 Money Rates
Delta Market Pulse of the Economy
W
Abercrombie & Fitch (Q4) 0.86 1.14
Latest Week Prev. Week Yr Ago
Only includes new reports. Latest Latest Preceding Year YroYr Latest Latest Preceding Year YroYr
Dine Brands Global (Q4) 1.25 1.32 Prime Rate (base) 7.75 7.75 3.25
Dollar Tree (Q4) 2.02 2.01
Date Data Period Ago % Chg
Indicator Economic Growth and Investment
Gross domestic product
Date
4th Qtr
Data
2.7
Period
3.2
Ago % Chg
7.0 0.90 Gasoline, (thous. bbls) Feb 17 240,066 241,922 246,479 –2.60
Jack in the Box (Q1)
Kohl’s (Q4)
Okta (Q4)
1.74
0.97
0.16
1.97
2.20
0.09
Fed Funds Rate
Bullish
3 months 4.83 4.83 0.16
Steel, rated capacity, % (AISI) Feb 18 74.0 74.4 80.1 –7.62 Initial jobless claims (thous.) Feb 18 192 r195 198 –3.03 (Earnings are diluted and report dates are tentative. All fore-
casts and historical numbers exclude extraordinary items by
6 months 5.08 5.08 0.20
Continuing claims (mil.) Feb 11 1.654 r1.691 1.633 1.29
Consumption and Distribution accounting definitions.) Libor Interbank Rate
Source: FactSet
Consumer spending, (bil. $) Jan 18,050.7 r17,738.2 16,725.6 7.92 Construction
Current Sentiment 1 month 4.63 4.59 0.23
Building contracts, F.W. Dodge, (bil. $) Jan 865.60 r1,188.25 887.41 –2.46 3 months 4.95 4.92 0.52
Instinet Research Redbook Avg. (monthly %) Feb 18 0.05 8.03 –6.83 ….
Conference Call Calendar
62.8%
6 months 5.24 5.24 0.83
Baltic Dry Index Feb 24 883 538 2,187 –59.63 Other Indicators 12 months 5.64 5.64 1.33
New home sales, (thous. units) Jan 670 r625 831 –19.37 Earnings-
Citi Research Panic–Euphoria Reading Feb 24 –0.12 –0.06 0.03 …. Related Foreign Prime Rates
Personal consumption, (bil. $) 4th Qtr 14,226.8 14,178.6 13,981.5 1.75
a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. h- Company Date Time Period
Last Week Canada 6.70 6.70 2.45
benchmark revision, 2016 equals 100. r-Revised.
Inventories Germany 3.00 3.00 0.00
Advance Auto Parts February 28 8:00AM Q4
69.7%
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) Feb 17 479,041 471,394 416,022 15.15 Japan 1.475 1.475 1.475
AES February 27 10:00AM Q4
Switzerland 1.50 1.50 0.00
Agilent Technologies February 28 4:30PM Q1 Britain 4.00 4.00 0.50
Best Buy March 2 8:00AM Q4
DENTSPLY SIRONA February 28 8:30AM Q4 Other Money Rates
2 Weeks ago Fannie Mae Home Loan:
Dollar Tree March 1 9:00AM Q4
First Solar February 28 4:30PM Q4 30-Year Fixed Conv 6.17 6.13 3.51
American Debt and Deficits Adjustable Mortgage Rates
75.3%
Hewlett Packard Enterprise March 2 6:00PM Q1 Bank money market-z 0.30 0.26 0.07
Interest Checking-z 0.06 0.06 0.03
Hormel Foods March 2 9:30AM Q1 6-Month Certif-z 1.01 1.01 0.12
Latest Preceding Year Ago Yr over Yr Feb 24 Feb 17 Yr. Ago YOY % Chg HP February 28 5:00PM Q1
Report Report Report % Chg 12-Month Certif-z 1.51 1.50 0.19
3 Weeks ago J M Smucker February 28 9:00AM Q3 30 Month Accounts-z 1.17 1.17 0.25
1 Year Treas Bills 4.97 4.87 1.08 360.19
Federal Budget Deficit (bil. $)-a 1,330FY'25 1,201FY'24 1,154FY'23 …. 2 Year Treas Notes 4.59 4.47 1.53 200.00 Progressive February 28 9:30AM Q4 5-Year Certificates-z 1.17 1.17 0.36
Current Market Exposure: Budget Surplus/Deficit (bil. $)-b, January –38.78 –85.00 +118.70 -132.67 3 Year Treas Notes 4.31 4.13 1.75 146.29 Ross Stores February 28 4:15PM Q4
U.S. Savings EE Bonds:
100% Equities, 0% Bonds, 0% Trade Deficit (bil. $, sa)-c, December –67.42 r-61.02 –78.87 -14.52 5 Year Treas Notes 4.01 3.86 1.88 113.30 Salesforce March 1 5:00PM Q4
Cash Treasury Gross Public Debt. (bil. $)-d 31,454.9 31,454.9 30,147.7 4.34 10 Year Treas Notes 3.80 3.67 1.99 90.95 Sempra Energy February 28 12:00PM Q4 Long-Term (5yrs+) 2.10 2.10 0.10
Treasury Statutory Debt Limit (bil. $)-d 31,381.5 31,381.5 …. …. 20 Year Treas Bds 3.98 3.88 2.36 68.64 Universal Health Services February 28 9:00AM Q4
Source: Delta Investment Consumer Installment Debt (bil. $)-e, December 4,775.9 r4,764.3 4,434.4 7.70
Management 11th District % Jan Discontinued .... 0.223 .... Verisk Analytics March 1 8:30AM Q4 c-Annualized yields, adjusted for constant maturity, reported by the Federal
FHFA PMMS+ 6.32 7.07 0.87 626.44 Reserve on a weekly average basis. Sources: Tullett Prebon information, Ltd.
www.deltaim.com, (415) Sources: a-Office of Management and Budget, b-Monthly Treasury Statement, c-Monthly Commerce Dept. Source: CCBN, www.ccbn.com Factset. z-Bankrate.com.
249-6337 Report, d-Daily Treasury Statement, e-Monthly Federal Reserve Release. Fed annualized yields adjusted for constant maturity.
52 BARRON’S February 27, 2023
Week’s
Bond Buyer Municipal Bond Index Apollo Global Mgmt A .40
Old Point Financial-OPOF (NCM ) 2.0 Q .14 .13 7.7 3-08 3-07 3-31 Applied Indl Techs .35
Old Republic Intl-ORI (NYSE) 3.5 Q .245 .23 6.5 3-06 3-03 3-15
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
(Index of 40 actively-traded tax-exempt bonds; component issues ARC Document Solutions .05
-20
are changed regularly to keep the index a current picture of the
market. Source: The Bond Buyer
4.66 4.46 3.66
PDC Energy-PDCE (Nasdaq)
Peoples Bancorp of NC-PEBK (Nasdaq)
Permian Basin Royalty Tr-PBT (NYSE)
2.4
2.3
4.6
Q
Q
M
.40
.19
.041356 .036797
.35
.18
14.3
5.6
12.4
3-02
3-03
2-28
3-01
3-02
2-27
3-16
3-15
3-14
Artisan Ptrs Asset Mgmt .35
Artisan Ptrs Asset Mgmt .55 Dividend
Bank of Montreal 1.07
-30
Stock/Bond Yield Gap-s
Perrigo-PRGO (NYSE)
Plymouth Industrial REIT-PLYM (NYSE)
2.9
4.1
Q
Q
.273
.225
.26
.22
5.0
2.3
3-10
3-31
3-09
3-30
3-28
4-28
CF Industries Holdings
CMS Energy
.40
.488 Payment
PPL Corp-PPL (NYSE) 3.5 Q .24 .225 6.7 3-10 3-09 4-03 CONSOL Energy 1.10
(Difference between yield on highest-grade corporate bonds and Dorian LPG 1.00 This list includes payouts on
yield on stocks on the DJIA.) Primo Water-PRMW (NYSE) 2.1 Q .08 .07 14.3 3-10 3-09 3-27 common stocks.
Richmond Mutual Bncp-RMBI (NCM ) 3.0 Q .14 .10 40.0 3-06 3-03 3-16 Helmerich & Payne .25
-2.60 -2.46 -0.73 Helmerich & Payne .235 NASDAQ
-40 Ryerson Holding-RYI (NYSE) 1.9 Q .17 .16 6.3 3-06 3-03 3-16 IDACORP .79
Yield on DJ Equal Weight US Corp Bond Idx: San Juan Basin Royalty-SJT (NYSE) 16.2 M .249833 .11225 122.6 2-28 2-27 3-14 Invitation Homes .26 Monday (February 27)
M A M J J A S O N D J F SBA Communications-SBAC (Nasdaq) 1.3 Q .85 .71 19.7 3-10 3-09 3-24 Janus Henderson Group .39 Bio-Techne .08
Corp Bonds, (y) 5.65 5.46 3.31 Silgan Holdings-SLGN (NYSE) 1.2 Q .18 .16 12.5 3-17 3-16 3-31 Kemper Corp .31 PetMed Express .30
Sturm Ruger-RGR (NYSE) 3.3 Q .42 .41 2.4 3-10 3-09 3-24 Kennametal .20
v-Week ended Thursday. y-Yield to maturity, week ended Thursday. z- Teck Resources Cl B-TECK (NYSE) 1.0 O .464482 .368676 26.0 3-15 3-14 3-31 Lindsay .34 Tuesday (February 28)
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Dates
Watts Water Tech .30 SS & C Technologies .20 Walmart-WMT (NYSE) 1.6 Q .57 .56 1.8 3-17 3-16 4-03 Aflac .42 FirstCash Holdings .33
Westlake .357 NONE Global Water Resources .025
Tradeweb Markets .09 Xcel Energy-XEL (Nasdaq) 3.0 Q .52 .4875 6.7 3-15 3-14 4-20 Allete .678
Westwood .15 Monday (March 6) Trustmark .23 American States Water .398 Heartland Financial USA .30
.075
.15
First Mid Bancshares
Intel
.23
.365
Clearway Energy Cl A .375 Dominion Energy .668 CH Robinson Worldwide .61 Company Name-Ticker Symbol (Exchange) Amount Date Date Date KLA 1.30
Flowers Foods .22 This list includes payouts on Cognex .07 Record Ex-Div Pay JM Smucker 1.02 Landmark Bancorp .21
Clearway Energy Cl C .375 Berry (bry)-BRY (Nasdaq) 0.44 3-15 3-14 3-23 Kroger Co .26
Comstock Resources .125 FNB Corp .12 common stocks. Covenant Logistics Cl A .11 Company Name-Ticker Symbol (Exchange) Amount Date Date Date Middlesex Water .312
Gallagher .55 Chord Energy-CHRD (Nasdaq) 3.55 3-07 3-06 3-21 Magnolia Oil & Gas .115 Phillips Edison .093
Corteva .15 Eastern Bankshares .10 Civitas Resources-CIVI (NYSE) 1.65 3-15 3-14 3-30
GATX .55 NASDAQ Murphy Oil .275 Selective Insurance .30
Element Solutions .08 First Merchants .32 Greene County Bancorp-GCBC (NCM ) 2-for-1 3-08 3-24 3-23 Diamondback Energy-FANG (Nasdaq) 2.15 3-03 3-02 3-10 Murphy USA .37
General Motors .09 Mercantile Bank .33 Installed Bldg Products-IBP (NYSE) 0.90 3-15 3-14 3-31 Warner Music Group .16
Employers Holdings .26 Tuesday (February 28) Penske Automotive .61
Genuine Parts .95 MillerKnoll .188 Mosaic-MOS (NYSE) 0.25 3-15 3-14 3-30 Winmark .70
Eneti .01 Hamilton Beach Brands .105 Avnet .29 Phillips 66 1.05
EnPro .29 Newmark Group .03 National Presto Inds-NPK (NYSE) 3.00 3-01 2-28 3-15
Pinnacle West Capital .865
FutureFuel
Granite Ridge Resources
.06
.11
Harley-Davidson
HSBC Holdings ADR
Knight-Swift Transport
.165
.45
.14
Bloomin' Brands
Bruker Corp
CNB Financial PA
.24
.05
.175
Open Text
Peoples Bancorp of NC
.243
.19 Week’s Ex- Thursday (March 2)
Chicago Rivet & Machine .22
Pioneer Natural Rscs-PXD (NYSE) 4.48 3-06 3-03 3-17
Sensient Technologies
SJW Group
.41
.38
Thursday (March 2)
Fastenal .35
PepsiCo 1.15 HomeTrust Bancshares .10
Dividend
Group 1 Automotive .45
Week’s
Molson Coors A .41 Imperial Oil .33 Tuesday (February 28) Southern Copper 1.00
Halliburton .16 Cowen Cl A .12 SLM Corp .11 Southwest Gas Holdings .62 Southside Bancshares .35
Molson Coors B .41 NONE
Hyster-Yale Materials .322 North Amer Construction .075 Electronic Arts .19 Standard Motor Products .29
Friday (March 3) Friday (March 3) Friday (March 3)
ICL Group
Ingersoll Rand
Interpublic Grp
.138
.02
.31
Owens Corning
Piper Sandler
.52
1.25
First Finl Bancorp OH
Fox Cl A
Fox Cl B
.23
.25
.25
Hancock Whitney
Universal Logistics
.30
.105
Dates NONE Dividend Wednesday (March 1)
NONE
SunCoke Energy
Truist Financial
Visa Cl A
.08
.52
.45
Advanced Energy Inds
DallasNews
.10
.16
Piper Sandler .60
Juniper Networks
Kellogg Co
Lockheed Martin
.22
.59
3.00
Stepan Co
Suncor Energy
.365
.389
GCM Grosvenor Cl A
Haynes Intl
.11
.22
Saturday (March 4)
NONE
This list includes payouts on
common stocks.
Saturday (March 4)
NONE
Payment Thursday (March 2)
NONE
WEC Energy Group
Wells Fargo
.78
.30
Eagle Bancorp Montana
First Hawaiian
Hawkins
.138
.26
.15
Tennant Co .265 Interactive Brokers .10 WisdomTree .03
McDonald's 1.52 Textainer Group Holdings .30 NYSE American This list includes payouts on Friday (March 3) WW Grainger 1.72 Nathan's Famous .50
MGE Energy .407 Sunday (March 5) Sunday (March 5) common stocks.
McKesson .54 Trane Technologies .75 NONE Zoetis .375 Princeton Bancorp .30
National Presto Inds 3.00 MidWestOne Fincl Group .243 NONE Tuesday (February 28)
Whirlpool 1.75 NONE NYSE American Saturday (March 4)
National Presto Inds 1.00 Monarch Casino & Resort 5.00 Saturday (March 4) Thursday (March 2)
Nelnet A .26 Friday (March 3) NBT Bancorp .30 Monday (March 6) NONE NONE
Monday (March 6) NONE Affiliated Managers .01
PBF Energy .20 Bluegreen Vacations .20 Old Dominion Freight .40 Adtran Holdings .09 Wednesday (March 1) Monday (February 27) Archer Daniels Midland .45
Polaris .65 CVR Energy .50 Olympic Steel .125 Commerce Bancshares .27 NONE Sunday (March 5) Berkshire Hills Bancorp .18 Sunday (March 5)
NONE Cheniere Energy .395
Safe Bulkers .05 Liberty Energy .05 Patria Investments .308 Equinix 3.41 NONE BGSF .15 NONE
February 27, 2023 BARRON’S 53
Week’s IridiumComm
Iteris
Arcimoto
ArqitQuantum
GladstoneComm
GladstoneLand
PortageBiotech
Prenetics
ESM Acqn A
EverestConsolA
TeckResourcesB
Teekay
Nevro
Owlet
SilverBowRscs
SolarisOilfield
SteelPartners
New Highs and
JawsJuggernautA AscentSolar GreenLightBio ProcessaPharm Expro TeekayTankers ParamountGroup
KismetTwoA AspenGroup GromSocialEnts QuantaSing FastAcqnII A Terex 3M
PioneerNatRscs
LavaMedtech AssetEntities GT Biopharma QuoinPharm FedAgriMtg C TrajectoryAlphaA Tupperware
RubiconTech
Lows LimestoneBncp
Limoneira
AteaPharm
AtlisMotor
HarborCustomWt
Hesai
RackspaceTech
RapidMicro
FlameAcqnA
ForestRoadII A
TriPointe
TrineIIAcqnA
SM Energy
Sasol
US Xpress
VF
VermilionEnergy
LionheartIII A AudioCodes HothTherap RealGoodFood FreshDelMonte TsakosEnergy
NYSE SequansComms VitalEnergy
LIVCapAcqnII A AvalonGloboCare HuadiIntl RelianceGlobal Frontline TwinRidgeCapA
191 283
March 09 4.47 4.46 -0.04 4.53
MYR Group BitBrother Incannex SeaStarMedical HSBC Watsco B March 14 4.46 4.45 -0.03 4.52
NortheastCmBncp BlinkCharging InfinityPharm Seer HavertyFurn A WaverleyCap1 A March 16 4.42 4.41 0.05 4.49
March 21 4.47 4.46 -0.05 4.53
New Highs New Lows NorthViewAcqn BlueprintMed Inogen SelinaHosp HavertyFurn WorldFuelSvcs March 23 4.31 4.30 -0.15 4.38
NubiaBrandA BlueStarFoods InovioPharm SellasLifeSci HelixEnergy March 28 4.48 4.47 -0.03 4.55
NYSE American
NEW LOWS March 30 4.37 4.36 -0.11 4.45
OceanBiomedical BridgewaterBcshs IntegratedMedia ShiftPixy Hershey April 04 4.52 4.51 -0.05 4.60
AMTD Digital
Brightcove Intercure ShoreBancshares April 06 4.50 4.49 -0.05 4.57
11 21
OneSpaWorld IconicSportsA
AdvanceAuto April 11 4.57 4.56 -0.02 4.65
Perma-Fix BrightMindsBio Interface SiNtxTech InfiniteAcqnA April 13 4.52 4.51 -0.05 4.60
Azul
PineTechA BullfrogAI JackHenry SiriusXM IngersollRand April 18 4.62 4.61 -0.02 4.70
New Highs New Lows BensonHill April 20 4.59 4.58 -0.01 4.67
PlainsAllAmPipe BusFirstBcshs JaguarHealth SmartPowerr InsightAcqnA April 25 4.62 4.61 0.04 4.70
Only includes COMMON and REIT stocks
Bill.com
PlainsGP C4 Therap JupiterWellness SNDL JacksonFinl April 27 4.58 4.57 0.03 4.66
Braskem May 02 4.64 4.63 .... 4.73
PortageFintechA Canoo KaivalBrands Soligenix KensingtonCapV A ButterflyNtwk May 04 4.63 4.62 0.01 4.72
NYSE American AvitaMedical ProfDiversity CapitalBancorp Kalera SonnetBio La-Z-Boy May 09 4.65 4.64 .... 4.75
CI&T May 11 4.69 4.68 .... 4.79
B.RileyPrin250A RemitlyGlobal Celularity KinnateBio Sono LambWeston
NEW HIGHS CTO Realty May 16 4.65 4.64 .... 4.75
BeaconRoof RF Acqn A CerberusCyber KiromicBiopharma Southland LearnCWInvtA May 18 4.70 4.69 .... 4.80
AltisourceAsset Cazoo May 23 4.68 4.67 0.01 4.79
BetterWorld SeaportGlblAcqnII ChemomabTherap Knightscope SpartanNash Linde
AmShrHosp Chegg May 25 4.71 4.70 0.04 4.82
BioPlusAcqnA SemperParatusA ChickenSoupA LakeShoreBancorp StructureTherap LiveOakMobilityA May 30 4.68 4.67 0.01 4.79
AsensusSurg ConcordMed
BJsRestaurants ChinaSXTPharm LavaTherap Surmodics MSG Sports June 01 4.71 4.70 0.02 4.82
SilverspacA Cosan June 06 4.70 4.69 .... 4.82
CoreMoldingTech bleuacaciaA Citizens&Northern LibertySirius A Swvl MagnumOpusA
SpokHoldings CreditSuisse June 08 4.66 4.65 .... 4.78
Espey BlockchainMoonA CN Energy LibertySirius C T2Biosystems Manitowoc June 13 4.77 4.76 0.02 4.89
SpringwaterSpec CrescentEnergy June 15 4.67 4.66 .... 4.79
FriedmanInds BloominBrands CNS Pharm LichenChina TayshaGene MayvilleEngg
SuperMicroComp D-WaveQuantum June 20 4.78 4.77 .... 4.90
GencorInds BlueWorldA ColonyBankcorp Lilium TechTarget MirionTech June 22 4.67 4.66 -0.01 4.79
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
SwiftmergeA DominionEner
HNR Acqn June 27 4.85 4.84 .... 4.98
BurTechAcqnA TargetGlbl I A ComSovereign LionGroup TenaxTherap ModineMfg Domino's June 29 4.66 4.65 -0.01 4.79
HPX A CarticaAcqnA TioTechA A ConnexaSports LionheartIII A TFF Pharm Moog A July 06 4.72 4.71 0.02 4.85
DouglasEmmett July 13 4.73 4.72 -0.02 4.87
IvanhoeElectric ChainBridgeIA Tiptree ContraFect LogicMark TivicHealth MotiveCapII A ESSTech July 20 4.74 4.73 -0.04 4.89
NEW LOWS ChengheAcqnA TitanMachinery CorbusPharm LucyScientific TOP Ships N-able Enviva July 27 4.74 4.73 .... 4.89
Cronos LuokungTech TPBAcqnIA August 03 4.81 4.80 .... 4.97
ChinaJoJoDrug Torm NGL Energy EnzoBiochem
BM Tech Aug 10 '23 4.81 4.80 0.01 4.98
ClimbGlbl TPBAcqnIA Cryptyde LyellImmuno Trevena NaborsEnerA EquityCommnwlth Aug 17 '23 4.85 4.84 .... 5.02
CanFiteBiopharm Aug 24 '23 4.92 4.91 .... 5.10
CloverLeafA Transcat CumulusMedia LyraTherap TuanChe NorthernGenIII FarmlandPtrs
ChinaPharma Sep 07 '23 4.66 4.65 -0.02 4.83
CompassDigitalAcqn TransMedics CYREN MarkerTherap Tucows OFGBancorp FirstMajestic Oct 05 '23 4.71 4.70 -0.03 4.91
DunxinFinl Nov 02 '23 4.74 4.73 -0.02 4.95
CorazonV838 A TwelveSeasII A Daxor MartinMidstream TwistBiosci OakStreetHealth FiscalNote
1847Holdings Nov 30 '23 4.76 4.75 -0.01 5.00
CornerGrowthA UltaBeauty DecarbPlusIV A MEI Pharma Udemy OrionEngCarbons Fisker Dec 28 '23 4.77 4.76 0.01 5.03
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Enservco
CornerGrowthAcqn US Lime&Min Deswell MicrobotMed UnivElectro POSCO GOL Linhas
Jan 25 '24 4.76 4.75 -0.02 5.04
GEE Group Feb 22 '24 4.81 4.80 .... 5.11
Cowen UTA Acqn A DigitalBrands Microvast UplandSoftware ProofAcqnIA Getaround
GoldResource
CRA Intl DigitalTransform MidatechPharma UTime PeridotAcqnIIA
GranTierraEner
CresceraCapA
ValuenceI A
VerdeCleanFuelsA DragonflyEnergy MidSouthBncp VandaPharm PostHldgsA
GraniteRidge
Hanesbrands
Federal Reserve Data Bank
Oragenics
DataKnightsA VisionSensingA E-HomeHousehold MilestonePharm Vicor Primerica Heliogen One week ended Feb 22:
PolymetMining VintageWineEstates
DecarbPlusIV A WillScotMobile Eargo MonteRosaTherap Progressive ICL Group
RingEnergy VirginOrbit Member Bank Prev. Year
DigitalTransform Wingstop ECARX Morningstar QuantaServices J&J Week Ago
SatixFyComms WindtreeTherap Reserve Chgs. (Mil. $) Change Change
DiscMedicine Winmark Ecoark Movano ResoluteForest KT
Tellurian WiSA Tech
DPCapAcqnIA WorldwideWebbA EdibleGarden Movella RocketInternetA KenonHoldings U.S. Gov't securities:
UniqueFabricating Yunji
EDAP TMS XPACAcqn EffectorTherap MSD Acqn Wt SDCLEDGEAcqn KilroyRealty Bought outright 7,989,321 -29,820 -467,776
Nasdaq EM Horizon A YottaAcqn Energous MultiMetaVerse ZynerbaPharm ST Ener I A Kinetik Federal agency secur:
EncoreWire ENGlobal MySize NYSE SculptorAcqnIA LL Flooring Bought outright 2,347 .... ....
NEW HIGHS NEW LOWS
EnlivenTherap EnlightRenewableEn NanoVibronix SelectMedical LocalBounti
AhrenAcqnA Reserve bank credit:
EuropeanBioA 5EAdvMatls EnochianBio NektarTherap NEW HIGHS ShoulderUpTechA LumenTech
AlphaHlthIII A Primary Credit 4,739 -101 +3,320
EvergreenA 9F EnsysceBio NemauraMedical AAR Stantec Mytheresa Secondary Credit .... .... ....
AlphaPtrsA FinServ II A AadiBioscience EpsilonEnergy Netcapital AlamoGroup Starrett A MariaDB Seasonal Credit .... .... ....
AlphaStarAcqn FirstReserveA AbeonaTherap Erasca NetScout AltimarAcqnIIIA TXO Energy MultiPlan Float -154 +8 -16
Alphatec FranklinElec AcelRxPharm EsportsEnt NFTGaming AmbrxBio Other F.R. Assets 32,655 -13,183 +799
AlphaVestAcqn FrontierInvtA ActelisNtwks EtaoInternational Nkarta APi Group Total Fed Credit # 8,348,746 -44,330 -536,848
AlpineAcqn FSD Pharma AdamasOne EudaHealth Nocera Archrock Barron’s 50-Stock Average Gold stock
SDR Certif. Accounts
11,041
5,200
....
....
....
....
AltEnergyA FTACZeusAcqnA Adtran EuropeanBioA Novavax ArctosNorthA This index is a weighted average of 50 leading issues. Useful in secu- Treas. Curr. Outst. 51,569 +14 +728
AnthemisDigA rity valuation. Source: Barron's Stats
FTAI Aviation AegleaBioTherap Euroseas NV5Global AresAcqnA Total 8,435,026 -44,460 -537,978
ApellisPharm Games&EsportsA AerwinsTech EveloBiosci Nyxoah AssetMarkFin Feb 23 Feb 16 Feb Yr-to-Yr Currency in circ 2,300,632 +2,672 +63,376
AppFolio 2023 2023 2022 % Chg Treas. Cash Hldgs 102 +3 +68
GE HealthCare Affimed ExelaTech ObsEva AthenaTechII A
S&P 500 Index 4012.32 4090.41 4412.62 –9.07 Treas. Fed Deposits 477,333 -13,046 -220,505
APxAcqnI A Genelux AileronTherap FarmersBancp OceanBiomedical BiglariB Barron’s 50 Index 11239.17 11402.36 11369 –1.15 Foreign Fed Deposits 9,436 -2 +2,198
ArchCapital GenesisGrowthA AirTransportSvcs FaZe OceanPal BiglariA Projected quarterly earn 154.03 144.41 142.71 7.93 Other Fed Deposits 185,548 -6,573 -61,114
AriszAcqnA GenesisUnicornA AkamaiTech FGI Industries Ocugen BlackMountainA Annualized projected earn 616.11 577.64 570.84 7.93 Other FR liab/cap 16,405 +369 -31,691
ArogoCapA GlbPtrII A AkariTherap FirstGuarBcshs OncoSecMed C5AcqnA Annualized projected P/E 18.24 19.74 19.9 –8.44 Total factors 5,418,449 -19,999 +215,314
ARS Pharm GlobalinkInvt AlarumTech FirstMidBcshs OpenLending CNO Financial Five-year average earn 484.71 480.86 446.53 8.55 Reserves F.R. banks 3,016,577 -24,461 -753,292
Five-year average P/E 23.19 23.71 25.5 –8.93 Fgn hold U.S. debt 3,352,679 +6,617 -96,605
ArtemisStratInvt GX Acqn II A AlerusFinancial FirstNWBncp OPKO Health Cars.com
AryaSciencesV H&E Equipment Alpha&Omega FocusUniversal OrbitalInfr Year-end earn 613.52 603.90 540.28 13.56
Chemed
Year-end P/E 18.32 18.88 21.0 –12.95 Reserve Aggr (Mil. $) Latest Prev. Month % Year
Assertio HorizonSpaceI AlpineAcqn FormulaSys P3HealthPartners CleanHarbors Month Ended Dec Month Month Chg. Ago
Year-end earns yield, % 5.46 5.30 4.8 14.84
AsureSoftware indieSemicon AlpineAcqn Freightos PanbelaTherap ComfortSystems Best grade bond yields, % 4.71 4.51 2.35 100.85 Total Reserves: 3,107,300 3,126,200 -0.60 4,187,900
AtlCoastal II A InsightEnt AlpineSummit FVCBankcorp PasitheaTherap Curtiss-Wright Bond yields/stock ylds, % 0.86 0.85 0.49 75.08 NonborrowedRes 3,090,000 3,107,000 -0.55 4,149,900
AtlCoastalA InspiredEnt AltamiraTherap Galapagos PerformShipping DHT Actual year-end divs 239.43 239.22 223.72 7.02 BorrowedReserves 17,300 19,178 -9.79 38,082
AuraFatProjectsA IntuitiveMachinesA Anterix GenDigital PLBY Group dMYTechVI A Actual yr-end divs yld, % 2.13 2.10 1.97 8.23 Monetary Base 5,405,400 5,418,700 -0.25 6,413,100
54 BARRON’S February 27, 2023
O T H E R VO I C E S
Today’s workers must now fend for themselves,
relying on their own savings and figuring out how
to avoid running out of money.
A Retirement Nest
their own plans, but it would help if Employers should negotiate with pro-
state governments, or the federal gov- viders to offer their employees the op-
ernment, would operate retirement tion of putting some of their retirement
savings plans open to everyone. Some savings into an annuity that guarantees
T
middle-income families to save. be common, but the market for these
he early stage of the but no one knows exactly what will BY MARTIN Saving a solid retirement nest egg is policies has almost disappeared.
pandemic was espe- happen. Older Americans can now NEIL BAILY not enough. Savers don’t know what There should be an effort through
cially hard on retir- add policy uncertainty to their list Senior fellow at returns they will earn on their savings. regulation and even subsidies to get
ees and those near- of risks to retirement. the Brookings Family members don’t know how long this market going again. Standard
ing retirement. We need a plan, not just to address Institution and they will live (people often underesti- policies with well-defined terms
Families who had future potential shortfalls in public co-author of mate their lifetimes). They don’t know should be available and part of
saved diligently and support, but also to address the decade- The Retirement if they will need in-home care, or if employer benefit plans that protect
invested in the stock market saw their long shift away from private pensions. Challenge: What’s they will have to enter an expensive families against the worst ravages of
assets plunge. Those who were plan- Americans are willing to take on the Wrong With nursing home. (Many families hoard dementia and other long-term-care
ning on working a few more years challenge of managing their own retire- America’s System their financial assets for fear that they issues. Taxpayers would benefit by
before retiring may have lost their jobs ment, but they need more help to do it. and a Sensible will need all of their savings for end-of- taking some of the load off Medicaid-
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
as businesses closed or cut back; older The first step is to save enough, Way to Fix It. life care). Perhaps a family doesn’t have funded nursing homes.
workers in frontline jobs were forced to consistently. The best way to do this is much savings but has built up sizable Families that have built up value in
quit their jobs out of fear of Covid. De- through automatic retirement savings equity in their home. How do they their homes can choose to sell them,
spite government support, for millions plans, like 401(k)s. Ideally, every em- make best use of this asset? downsizing into a smaller home, or
of older Americans, retirement security ployer would offer such a plan to its Each family must choose how to moving into a rental property. Many
became endangered nearly overnight. employees, with small companies re- manage their retirement and the uncer- people, though, want to remain in the
These shocks to the retirement ceiving tax subsidies to cover adminis- tainties they face, but a good financial family home, close to neighbors and
system exposed fundamental short- trative costs. Employees would be en- advisor, and a reformed retirement children, but still need access to the
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
comings that have been building for rolled in the plan automatically when system, can help. Annuities are a way equity in their home. Reverse mort-
decades. The retirement goal for pre- they’re hired, with contributions taken to avoid market and length-of-life gages were designed to help this
vious generations was to have a secure out of paychecks unless they chose to uncertainty, but at present it is hard to group, but they developed a bad repu-
pension lasting for as long as they opt out. The self-employed can set up find the right annuity at the right price. tation. They are now heavily regu-
lived. Today’s workers must now fend lated, and while this has mostly elimi-
for themselves, relying on their own nated fraud and misrepresentation,
savings and figuring out how to avoid it has also made policies expensive.
running out of money. With little fan- Regulation needs to be simplified.
fare, America has moved from a world There has been a transformation
of traditional pensions, where risks in America’s retirement system from
were absorbed by employers, to a sys- traditional pensions to individual ac-
tem of individual accounts where fam- counts. We can look at the old system
ilies must manage uncertainty, includ- with longing, but it is never coming
ing the fact that none of us knows back. And there are some advantages
how long we will live and what large to the new system. The old system
expenses we may face. never covered everyone, and it as-
This risk is partly mitigated by sumed that people would stay with
Social Security and Medicare, the foun- the same employer. Today’s workers
dation of the American retirement sys- change jobs often and need a retire-
tem. Unfortunately, these programs are ment plan that moves with them. The
not on a sound financial footing. The downside is that retirees are exposed
Social Security trust fund for retire- to a lot of risk. Reasonable policy re-
ment and survivors’ benefits is ex- forms can invigorate insurance mar-
pected to run out of money in 2033, kets to help ameliorate risks. Employ-
while the Medicare hospital fund could ers, having shucked off their pension
run out in 2028. These dates are too responsibilities, owe it to their em-
close for comfort. Congress probably ployees to make it easier to build a
will act to avoid sharp cuts in benefits, secure retirement. B Alamy
February 27, 2023 BARRON’S 55
MAILBAG
Send letters to Mail@Barrons.com. To be considered for Numbers by Barron’s, which breaks
publication, correspondence must bear the writer’s name, down the markets, is available
address, and phone number. Letters are subject to editing. wherever you listen to podcasts.
its,” could be part of the solution. large-cap ETFs (“Buckle Up for More
Ronald Askeland Turbulence. 5 Market Pros on the Closing the Budget Gap
San Diego Flight Ahead,” Feb. 17).
Furthermore, three of the four To the Editor:
ETFs are value-oriented, and two of There are few politicians who pro-
T-bills vs. Equities them have underperformed the S&P mote fiscal responsibility, but even a
500 index over three- and five-year third-grader knows that if you spend
To the Editor: periods. more than you have, you will end up
Randall W. Forsyth cites several ana- Instead, I would retain the Invesco with a deficit (“Taxpayers Are Get-
lysts who argue that Treasury bills ETF and add the Schwab U.S. Divi- ting a Free Lunch. A Debt-Ceiling
currently yielding 5% are providing dend Equity and Vanguard Dividend Fight Could End It,” Other Voices,
strong competition for equities (“Can Growth Fund ETFs—both of which Feb. 17).
the Stock Market Keep Rallying? Hopes have fourth-quarter and one-year To close the gap, we need tax re-
Are Fading,” Up & Down Wall Street, returns comparable to the ETFs men- form, automation, and additional
Feb. 17). But to determine the appropri- tioned in the article, but also have personnel to achieve compliance. The
ate level of equities, one should also superior three-, five-, and 10-year re- tax system was created based upon a
consider long-term interest rates. From turns against the S&P 500. Addition- progressive tax. Lobbyists, well-to-do
1960 to 2007, the 10-year Treasury ally, the average fee for the two addi- individuals, and corporations have
averaged 6.84%. It is currently at tional ETFs is 16.5 basis points, modified the system to increase their
3.82%. Similarly, over the past 45 years, versus. 34 basis points for the four own wealth. Isn’t it absurd that every
the 30-year Treasury has averaged recommended ETFs. [A basis point is four years we speak about carried
6.30%. It is currently at 3.87%. At a 1/100 of a percentage point.] interest and nothing ever happens?
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
November 2016 meeting with Univer- Mike Meehan A benefit of a 23.8% tax rate for those
sity of Maryland students, Warren Buf- Bradenton, Fla. well-heeled individuals versus 37%
Recycling’: a
the 30-year Treasury was at 2.8%. pricing. Again, powerful lobbyists
Since equities are considered long- To the Editor: control the price of drugs.
term investments, and most corpora- Thanks to Secure Act 2.0, with a 529 The lower-, middle-, and upper-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
tions borrow primarily long term to plan you can now not only save for middle class are paying more than
False Solution
match the time horizon of their proj- your kids’ education, but also con- their fair share because they have no
ects, today’s historically low long-term tribute to their retirement fund by real representation. All we hear from
interest rates should not be ignored in converting unused education funds politicians are sympathetic words,
equity valuations. Discounted-cash- (max $35,000) to a Roth IRA (“Act with no constructive plan of action.
flow valuations are calculated by dis- Now to Trim Your 2023 Tax Bill. Tax reform and compliance would
To the Editor: counting future cash flows by the Here Are 7 Things You Can Do,” Feb. certainly augment revenue and be the
Thank you for the well-balanced cover story “Rethink- weighted average cost of capital. This 12). If the return on investment of appropriate action required to bal-
ing Plastic” (Feb. 17). According to the National Re- calculation would incorporate a com- mutual funds in a Roth IRA is 10% ance the budget. We cannot move
sources Defense Council, the plastics industry is pro- pany’s long-term cost of debt. annually, $35,000 invested at age 22 forward if we don’t take the first
moting technologies that it misleadingly calls “chemical David I. Kass will be about $3 million at age 67. steps. What do they say is the defini-
recycling” and touts as a solution to the plastic crisis. University of Maryland And withdrawals are tax-free. This is tion of insanity? It’s doing the same
But it is a false solution. Chemical recycling consists of College Park, Md. a great way to encourage parents to thing over and over—and expecting
plastic-to-fuel and plastic-to-chemical processes, both of save for their kids’ education. a different result.
which are fraught with health, environmental, social, Rohit Bhosekar Allen B. Herskowitz
and economic concerns. Most chemical-recycling facili- Better ETFs? Harrisburg, N.C. Pound Ridge, N.Y.
ties in the U.S. don’t recycle any plastic, generate large
quantities of hazardous waste, and release hazardous air To the Editor:
pollutants. Facilities are often sited in communities that I’m not sure I buy the argument in
are disproportionately low-income, people of color, or Jack Hough’s Streetwise column about
both. Given these issues, chemical recycling cannot be
the solution to our plastic problem—no matter how the
the Bank of America recommendation
to specialize in smaller and midsize
“Taxes to offset the toll of plastics...
Illustration by Javier Jaén
Scan to Register
events.barrons.com/roundtable
Sponsored by
© 2023 Dow Jones & Company, Inc. All rights reserved. 4E6066