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Barron 39 S - May 9 2022
Barron 39 S - May 9 2022
Barron 39 S - May 9 2022
T H E
F U T U R E
O F
T R A N S P O R T A T I O N
It’s more than Tesla. Our first-ever transportation roundtable
explores what’s next for electric vehicles,
autonomous driving, ride-sharing, and more.
PAGE 12
THE FUTURE OF P. 5 P. 25
TRANSPORTATION
Funds: Demand for
P. 12
Brace for More Bumpiness Gold Stays Strong
Up & Down Wall Street: Stocks are likely to suffer more losses before they get so cheap Market perception about the Fed’s
All Roads Lead to that investors have no choice but to buy. By BEN LEVISOHN skill in taming inflation is a critical
Electric Vehicles factor affecting the metal’s price.
Cover Story: Our roundtable P. 28 By DEBBIE CARLSON
panelists discuss robo-taxis, Tesla, The Trader: Investors looking to weather inflation, rising interest rates, and global
the fate of traditional auto makers, tumult should consider stocks such Citigroup and Occidental. By NICHOLAS JASINSKI P. 27
and more—and name nine picks.
By LAUREN R. RUBLIN Dizzying Times Tech Trader: How to
Wall Street's "fear gauge" has shot up as stocks have swung wildly. Avoid Getting Burned
P. 21 The market rout is a reminder of
Cboe Volatility Index the dangers of complacency. Two
GM Stock Won’t Stay picks: Sony and Electronic Arts.
35.0
Cheap for Long By TAE KIM
General Motors will soon start
32.5
delivering on its electric-vehicle P. 31
promises. Once it does, look for
the stock to start making tracks.
Euro Trader: A Smart
30.0
By ANDREW BARY Bet on DNA Testing
By RUPERT STEINER
27.5
P. 22
P. 31
The Tables Could 25.0
Turn on Toyota Emerging Markets: Dip
The auto maker’s reluctance to go Your Toes Into Debt
22.5
all-in on EVs puts it at risk of By RESHMA KAPADIA
losing its dominant market
position to bolder rivals. 20.0 P. 32
By AL ROOT
Striking Price: Scared?
MARKET DATA PAGES
17.5 That’s a Signal to Buy.
This edition of Barron’s introduces April May By STEVEN M. SEARS
redesigned market data pages for Source: Bloomberg
the Market Week section. The P. 33
changes, including new typefaces
and more color, make the pages
Commodities: The
more inviting and easier to read. Case for BP and Shell
At the same time, some of the data HOW TO SURVIVE A BEAR MARKET • PAGES 5, 26, 28
P. 10 P. 26 By SIMON CONSTABLE
have been scaled back. Most
notably, the listings of mutual
VOL. CII NO. 19 MAY 9, 2022 $5.00
O F
F U T U R E
A turnaround for travel has failed The Federal Reserve believes it can
Other Voices: Why the
Yen Could Stay Weak
T R A N S P O R T A T I O N
It’s more than Tesla. Our first-ever transportation roundtable
funds have been eliminated. An to generate much enthusiasm for beat inflation and avoid recession.
explores what’s next for electric vehicles,
autonomous driving, ride-sharing, and more.
PAGE 12
online version of the closed-end the industry’s stocks. Names like Quant Solomon Tadesse says that’s
PAGE 21 PAGE 2 2
tables is available at barrons.com/ Cover photograph by Booking Holdings now beckon. mathematically impossible. OMKAR GODBOL
Getty Images
cefund. Listings continue for all By SABRINA ESCOBAR By LISA BEILFUSS
NYSE and Nasdaq stocks, and Barron’s Roundtable
quotes on individual stocks and P. 11 P. 26
funds are available at
© 2022 Dow Jones & Company,
Inc. All Rights Reserved. on Fox Business
barrons.com. Please send any Our newspapers are 100% sourced
Fortune Is Playing Income Investing: Best Watch our weekly TV show
feedback to editors@barrons.com.
from sustainable certified mills.
combine the diversification of a mutual fund and the tracking of an index with transparency and liquidity.
Berkshire Hathaway B
JP Morgan Chase
Symbol
BRK.b
JPM
Weight
15.44%
9.21%
Bank of America BAC 6.62%
Wells Fargo WFC 4.43%
S&P Global SPGI 3.48%
Morgan Stanley MS 2.98%
American Express AXP 2.81%
Goldman Sachs GS 2.71%
*Components and weightings as
of 4/30/22. Please see website for Charles Schwab SCHW 2.60%
daily updates. Holdings subject
Citigroup C 2.50%
to change.
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 May 9, 2022
Innovation
loves company.
NOT A DEPOSIT NOT FDIC INSURED NOT GUARANTEED BY THE BANK MAY LOSE VALUE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
There are risks involved with investing in ETFs, including possible loss of money. ETFs are subject to risks similar to those of stocks. Investments focused in a particular sector, such as technology, are subject to greater risk, and are more
greatly impacted by market volatility, than more diversified investments. An investment cannot be made directly into any index.
Resistance Is Down
with the 10-year Treasury bond’s yield at RBC Capital Markets.
rising back above 3%, that was proba- The American Association of Indi-
bly part of the problem. So were eco- vidual Investors sentiment survey had
nomic data that showed worker pro- found the percentage of bullish respon-
ductivity tumbling and unit labor costs dents declining to just 16.4%, before
L
soaring 11.6%, bad news for an econ- bouncing to 26.9% for the week ended
omy struggling with high inflation. on May 4. But CFTC positioning data
ike Winnie the Pooh by three-quarters of a point that the Even Friday’s mixed payrolls data— had still shown a lack of capitulation
in the Hundred Acre market took off, with the S&P 500 the 428,000 jobs added beat econo- among pros. And the VIX—the mar-
Wood, investors have finishing up 3%, its largest gain since mists’ consensus forecast of 396,000, ket’s fear gauge—though high at 30.19,
lived with the naive May 18, 2020. but the labor-force participation rate is below its peaks of the past decade.
worldview that every- Even then, that felt a bit off. A half- refused to budge—was taken as a sig- For Calvasina, that signals a market
thing will be all right. point is still a half-point, and Powell’s nal to sell both stocks and bonds. “The probably in the throes of a growth
That kind of thinking comments about the “neutral rate”— Fed has more work to do, and the mar- scare, like those of 2015 and 2018, but
can you get mauled in a bear market. neither low enough to boost the econ- ket knows it,” writes Michael Darda, that still could have more downside,
The Nasdaq Composite is already in omy nor high enough to hurt it—being chief economist at MKM Partners. with the S&P perhaps falling to 3,850.
a bear market, and the S&P 500 is By Ben Levisohn 2% to 3% seemed awfully low, given In fact, it seems as if we’re now in “We think the data continue to paint a
likely to do the same, even if it hasn’t the current pace of inflation. Dennis an environment where good news is picture of extreme fear and a contrar-
met the precise definition of a 20% DeBusschere, founder of 22V Research, bad news, and bad news is bad news, ian opportunity for longer-term inves-
drop just yet. The index, after all, has observes that some macro investors put which ultimately could turn into good tors, even though there is scope for
fallen 14% from its January all-time the neutral rate as high as 4%, and that news. That’s not as crazy as it sounds. further movement/more downside in
high after dropping 0.2% this past most believe it will be very difficult to Frank Gretz, technical analyst at Wel- the very near term on some gauges,”
week, while nearly half of the stocks tame inflation without causing an eco- lington Shields, notes that bear mar- she adds.
within it have declined at least 20%, as nomic slowdown, despite Powell’s goal kets end when everyone who needs to Still, bear markets don’t end because
their valuations contract and their we want them to. Usually, something
earnings decelerate. happens to change sentiment, and four
It’s the kind of selloff that, in the things could fit the bill, says Louis-Vin-
past, would have sent investors shuf- cent Gave, CEO at Gavekal Research:
fling into the market to buy their favor- The Fed gets dovish, oil prices collapse,
ite stocks, knowing that no serious the rallying dollar falls, or assets get so
harm would come to them. But “now, cheap they’re irresistible. “If such de-
any strength that transpires in equity velopments do not unfold, there are
markets is being used as an opportu- few reasons to think that this year’s
nity to sell, a clear sign that the path of trends…will change,” Gave writes.
Photo illustration by Barron’s staff; (reference) Dreamstime (5)
least resistance remains to the down- Until they do, it’s better to be an
side, unless proven otherwise,” writes Eeyore than a Pooh.
I
David Rosenberg, chief economist at
Rosenberg Research. t’s new school versus old school,
Nowhere was that clearer than in and the new school doesn’t stand
the reaction to this past week’s Federal a chance.
Open Market Committee meeting. No, we’re not talking about the
The Federal Reserve didn’t surprise National Basketball Association play-
anyone when it raised interest rates by offs, where the upstart Memphis Griz-
a half-percentage point and announced zlies are battling the resurgent Golden
the details of how it would wind down State Warriors, or this summer’s Bonn-
its balance sheet. And it didn’t get aroo festival in Tennessee, where Japa-
much reaction to the announcement, nese Breakfast will rub shoulders with
either. It was only when Fed Chairman Robert Plant. No, we’re talking about
Jerome Powell said that the central “disrupters,” who are seeing their
bank doesn’t plan to raise interest rates stocks fall apart even as the disrupted
6 BARRON’S May 9, 2022
limit their losses, or even gain. rupted” stocks would seem to have it in
Time for a
The damage to the disrupter—or emerg- spades. That’s because they have high fixed
ing tech, or growth-at-any-price—stocks costs that get spread out more as sales in-
is well-known by now. Carvana (ticker: crease, making them more profitable. It’s
CVNA) was supposed to disrupt how people one reason so many of the disrupted have
buy cars, but its stock has dropped 79% over held up better than their would-be disrupt-
the past 12 months, while its losses keep ers. AutoNation (AN), a purported victim
I N DEX
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.
A Activision Blizzard . . . . . . . . . . . . . . . . . . . . . . 8,9,27 International Flavors & Fragrances . . . . . . . . . 9 Marriott International . . . . . . . . . . . . . . . . . . . . . 10 Motorola Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Airbnb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Microchip Technology . . . . . . . . . . . . . . . . . . . . . . . 9
Albemarle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 J JetBlue Airways . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Micron Technology . . . . . . . . . . . . . . . . . . . . . . . . . . 9 N Netflix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Alleghany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Microsoft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Nkarta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Alphabet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 K KKR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 MiMedx Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Nokia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Amarin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Moderna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Norwegian Cruise Line Holdings . . . . . . . . . . . . 9
Amazon.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 L Lyft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Mondelez International . . . . . . . . . . . . . . . . . . . . . 9
American Airlines Group . . . . . . . . . . . . . . . . . . . 10 Monroe Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 O Occidental Petroleum . . . . . . . . . . . . . . . . . . . . . 9,29
Antares Pharma . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 M Marathon Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 O'Reilly Automotive . . . . . . . . . . . . . . . . . . . . . . . . 15
APA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Oxford Nanopore Technologies . . . . . . . . . . . . . 31
Apollo Global Management . . . . . . . . . . . . . . . . . . 9
Apple . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 P Palantir Technologies . . . . . . . . . . . . . . . . . . . . . . . 9
Assa Abloy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Pfizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Ping An Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . 8
B Berkshire Hathaway . . . . . . . . . . . . . . . . . . . . . . 8,9
BioNTech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
BlackBerry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 R Rivian Automotive . . . . . . . . . . . . . . . . . . . . . . . . 9,14
Rupert Murdoch Executive Chairman, News Corp
Booking Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Robert Thomson CEO, News Corp Almar Latour CEO, Dow Jones
BP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Brookfield Asset Management . . . . . . . . . . . . . . 9 SENIOR VICE PRESIDENT, BARRON’S GROUP Mae M. Cheng S Samsung Electronics . . . . . . . . . . . . . . . . . . . . . . . 17
ASSOCIATE PUBLISHER, BARRON’S GROUP Dan Shar Shell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Shopify . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,35
C Carvana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,35 MANAGING EDITOR, BARRON’S GROUP Dave Pettit
Silicon Motion Technology . . . . . . . . . . . . . . . . . 35
Chevron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Simon Property Group . . . . . . . . . . . . . . . . . . . . . . 9
Citigroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,29 Snap-on . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Citizens Financial Group . . . . . . . . . . . . . . . . . . . 29 EDITOR IN CHIEF David Cho
Sony Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Clorox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 EXECUTIVE EDITOR Bob Rose SENIOR MANAGING EDITOR Lauren R. Rublin Spirit Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Cloudflare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Starbucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Constellation Energy . . . . . . . . . . . . . . . . . . . . . . . 9 DEPUTY EDITORS Alex Eule, Ben Levisohn Starship Technologies . . . . . . . . . . . . . . . . . . . . . . 18
Copart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 EDITORIAL DIRECTOR, MAGAZINE Phil Roosevelt Steris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Synchrony Financial . . . . . . . . . . . . . . . . . . . . . . . 29
MANAGING EDITOR, DIGITAL Matt Bemer MANAGING EDITOR, ENTERPRISE Brian Hershberg
Sysco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
D Delta Air Lines . . . . . . . . . . . . . . . . . . . . . . . . . 10,34 MANAGING EDITOR, NEWS Joe Woelfel
Dentsply Sirona . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
DiDi Global . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 ASSISTANT MANAGING EDITORS Henry Cutter, Mel Gray, Anita Hamilton, Mary Romano, Robert Sabat
T Taiwan Semiconductor Manufacturing . . . . . . 15
DISH Network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 ASSOCIATE EDITORS Andrew Bary, Daren Fonda, Randall W. Forsyth, Jack Hough, Reshma Kapadia, Eric J. Savitz Tapestry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
DocuSign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Teladoc Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Duke Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 SENIOR WRITERS Bill Alpert, Lisa Beilfuss, Lauren Foster, Tae Kim, Joe Light, Al Root, Tenneco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Avi Salzman, Alexandra Scaggs, Lawrence C. Strauss Tesla . . . . . . . . . . . . . . . . . . . . . . . . . 13,19,21,22,23,34
Toyota Motor . . . . . . . . . . . . . . . . . . . . . . . . . . 9,17,22
E EBay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,35 REPORTERS Jacob Adelman, Luisa Beltran, Megan Cassella, Janet H. Cho, Jack Denton, Carleton English,
TransDigm Group . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Electronic Arts . . . . . . . . . . . . . . . . . . . . . . . . . . 9,27 Sabrina Escobar, Nicholas Jasinski, Callum Keown, Marc Lajoie, Evie Liu, Shaina Mishkin, Josh Nathan-Kazis, Tupperware Brands . . . . . . . . . . . . . . . . . . . . . . . 35
Etsy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Angela Palumbo, Teresa Rivas, Lina Saigol, Connor Smith, Jacob Sonenshine, Karishma Vanjani Twitter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,9,14
Exelon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Tyson Foods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Expedia Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,10 STORY EDITORS Camilla Imperiali, Ed Lin, Erin McCarthy, Stacy Ozol, Rupert Steiner (London bureau chief)
DIRECTOR, DESIGN & VISUALS Kristin Lenz DESIGN DIRECTOR Chelsea Schiff V Verizon Communications . . . . . . . . . . . . . . . . . . . . 9
G Gamco Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 ART DIRECTORS Robert Connolly, Nick Hallam, Sue Ng Viatris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
General Motors . . . . . . . . . . . . . . . . . . . . . . . 17,22,34 Volkswagen . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,22,23
Genuine Parts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 DIRECTOR OF PHOTOGRAPHY Sarina Finkelstein PHOTO EDITORS Halie Chavez, Nicole Silver
Goodyear Tire & Rubber . . . . . . . . . . . . . . . . . . 13 RESEARCH DIRECTOR Pauline Yuelys RESEARCHER Dan Lam
Grab Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 W Walt Disney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
GraniteShares Gold Trust . . . . . . . . . . . . . . . . . . 25 STATISTICS MANAGER Michael T. Kokoszka STATISTICIAN Darren Chima Wayfair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
ADVERTISING SERVICES MANAGERS James H. Balmer, Ward S. McGuiness Welltower . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Western Digital . . . . . . . . . . . . . . . . . . . . . . . . . . 9,35
H Halozyme Therapeutics . . . . . . . . . . . . . . . . . . . . 34 NEWS editors@barrons.com STATISTICS barronsstats@barrons.com CUSTOMER SERVICE 800-544-0422
WestRock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Hasbro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 GLOBAL HEAD, WEALTH & ASSET MANAGEMENT Jack Otter Wynn Resorts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Hilton Worldwide Holdings . . . . . . . . . . . . . . . . 10
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8 BARRON’S May 9, 2022
R E VIEW 32,899.37
Dow Industrials: -77.84
488.91
Dow Global Index: -8.37
3.12%
10-year Treasury Note: +0.23
2.89%
ing supply inflation. KKR beat. Star-
Buffett Fans
bucks missed and suspended guid-
ance. Both Pfizer and Moderna beat.
Etsy, Shopify, and EBay all missed.
Yield on 10-year Treasuries at
the end of April, up from 2.32% Targeting Russian Oil
Warren Buffett, at 91, presided last week over Berk- in March, biggest monthly in- A European Commission proposal
shire Hathaway’s annual meeting, a gathering popu- crease in 17 years. The 10-year to ban Russian oil by year end stalled,
larly known as “Woodstock for Capitalists.” If you’re breached 3% on Monday. after Hungary pushed back. Western
92%
undecided about whether Buffett deserves his reputa- officials believe that Russia could de-
tion as one of history’s greatest investors, consider this clare war on Ukraine by May 9, Victory
amazing statistic: Given the gains in Berkshire Hatha- Day, commemorating its defeat of Ger- Omaha, Neb., after two years online.
way Class A shares since he took over in 1965, the stock many in World War II. A declaration Berkshire has been busy taking advantage
could drop 99% and still beat the S&P 500 index. Decline in nonfungible tokens would allow mobilization of reserves. of volatility to buy larger stakes in Chev-
Barron’s calculates that Berkshire Class A shares since September 2021, from Russia also appears to be preparing to ron, Activision Blizzard, and HP Inc.
would have had to return 10.3% annually since 1965 220,000 a week to 19,000 annex areas in the southeastern part of Buffett also renewed his criticism of
11.5 M
for a price of $4,968—1% of the stock’s recent close at Ukraine, though its advances in the crypto, citing Peter Thiel’s recent com-
$496,800. That return compares with a 10.2% annual- Donbas have been minimal. Officials ments that he was crypto’s “enemy No. 1.”
ized return for the S&P 500 over the same period. The said the U.S. provided intelligence to
1965 starting price for Berkshire shares was $20. Class Ukraine that contributed to the deaths Annals of Deal Making
A is the original stock; Class B was issued in 1996. Number of seasonally adjusted of Russian generals. Elon Musk said he had $7 billion in com-
$110 B
still beat the S&P 500. “I mentioned that to Mr. Buffett indicated the Supreme Court would Twitter buyout. Musk also said he’d
several years ago,” Bloomstran tweeted. “His reply: ‘Ben strike down a half-century of Roe v. take Twitter public again after a few
Graham would be proud. But let’s not test the math.’ ” Wade, the constitutional right to an years…The Wall Street Journal reported
Graham, one of the 20th century’s top value investors, abortion. Chief Justice John Roberts that a second activist, Ancora Holdings,
wrote The Intelligent Investor and was Buffett’s mentor. U.S. trade deficit in goods and ordered a probe of the leak, and fencing has joined Alta Fox Capital Manage-
From 1965 through 2021, Berkshire shares generated services in March, a record went up around the court as protesters ment pressuring for change at toy maker
a compound annual return of 20.1%, against 10.5% for gathered. A decision is expected by July. Hasbro…Spirit Airlines rejected an
the S&P. Most of Berkshire’s outperformance came ear- To get Numbers by Barron’s offer from JetBlue and said it would
lier in Buffett’s tenure, when he racked up huge gains. daily, sign up wherever Buffett Is Back merge with Frontier…Chinese insurer
Over the past 20 years, Berkshire is just a percentage you listen to podcasts or at “It’s good to be back,” said Berkshire Ping An called for a breakup of HSBC
point ahead of the S&P 500, with a 10.3% annualized Barrons.com/podcasts Hathaway CEO Warren Buffet as the into its Asian and European operations.
return against 9.2% for the index. — Andrew Bary company’s annual meeting began in Ping An is the bank’s largest shareholder.
May 9, 2022 BARRON’S 9
P R EV IEW Wednesday Walt Disney reports second-quarter fiscal- Sign up for the Review &
2022 results. Shares of the entertainment
behemoth have been the worst performer Preview daily newsletter at
in the DJIA over the past year over concerns about spending on content. Barrons.com/reviewpreview
Betting On
The Activision Play International, and Western Digital
Berkshire Hathaway’s Activision hold investor meetings. The Department of Labor reports
stake is a bet that Microsoft can initial jobless claims for the week end-
buy the videogame maker. The National Federation of Indepen- ing on May 7. In April, jobless claims
ATVI
dent Business releases its Small Busi-
ness Optimism Index for April. Con-
sensus estimate is for a 92.4 reading,
about one point less than in March.
averaged just 184,000. They recently
hit a more-than-five-decade low, de-
spite a workforce that is more than
twice as large now as it was then.
Big merger deals have fallen off in a turbulent first quarter, Microsoft Deal Price: $95 a share The March figure is the lowest for the
but that doesn’t mean there aren’t opportunities. Most index since April of 2020, as a labor
M&A targets quickly see their share price converge with
$100
95
shortage and surging inflation have Friday 5/13
the buyer’s offer. For instance, Berkshire Hathaway’s dampened small-business owners’
90
bid for Alleghany in March has seen the insurer trading enthusiasm. The University of Michigan releases
85
at $837 a share, 1% off the cash acquisition price of $848. its Consumer Sentiment Index for May.
80
But sometimes M&A deals are more problematic, and Economists forecast a 63.1 reading,
target shares trade at a meaningful discount to the deal
75
70
Wednesday 5/11 about two point less than in April.
price. That usually involves skepticism that the deal will
Feb. March April May
close—and it’s an opportunity for investors. This is a risky, Rivian Automotive, Steris, and Toy-
if venerable, trading strategy known as merger arbitrage. ota Motor release quarterly results.
Warren Buffett’s Berkshire is also playing this game.
Coming Earnings
Besides Alleghany, Berkshire has been a big buyer of stocks
The Twitter Trade The Bureau of Labor Statistics
Consensus Estimate Year ago
in 2022, including that of videogame developer Activision Twitter shares have hung below releases the consumer price index for
M
Brighthouse Financial (Q1) $0.18 4.36
Blizzard, whose shares plunged after sexual harassment Elon Musk’s deal price, offering April. Expectations are for a 8.1% year- Duke Energy (Q1) 1.34 $1.26
an arbitrage opportunity.
allegations against the company. It agreed to a $95 a share over-year reading, while the core CPI, T
all-cash bid from Microsoft. With Activision shares trading Twitter Shares and Elon Musk’s which excludes volatile food and en- Electronic Arts (Q4) 1.43 1.23
Fidelity National (Q1) 1.27 1.23
in the high $70s and low $80s, Buffett spent $4.5 billion to Deal Price, April 26 to May 5, 2022 ergy prices, is seen jumping 5.9%. This Occidental Petroleum (Q1) 1.97 -0.15
hike Berkshire’s stake to 9.5%, betting that, despite lawmak- compares with increases of 8.5% and Peloton Interactive (Q3) -0.84 -0.03
TWTR
ers’ opposition, the deal will close. The potential upside: 20%. 6.5% respectively, in March. Wall Street More Earnings on Page 50.
Elon Musk’s Deal Price: $54.20 a share
In February, auto-parts maker Tenneco accepted is hoping for confirmation that infla-
a take-private offer from funds affiliated with Apollo $54 tion has peaked, even as economists Consensus Estimate
Global. And in late March, Nielsen Holdings agreed to and the Federal Reserve expect infla- Day Consensus Est Last Period
a bid from a private-equity group including Brookfield 52 tion to remain much higher for far lon- M March Wholessale Inventories 2.3% 2.3%
Illustration by Elias Stein
A
The Dow Jones U.S. Travel & Tourism springtime in and 2%, respectively, on Thursday. long-awaited return of travel. B
fter two years of mostly index is down 20.7% year to date, Paris. Business at
staying put, Americans are while the S&P 500 Hotel Resorts & online travel agen-
again planning summer Cruise Lines index is off 7.1%.
cies has soared.
Ticket to Nowhere
vacations, giving a big lift “Someone’s wrong,” Yardeni Re- Despite a sharp rise in the number of travelers over the past year, travel stocks
to the travel industry. So search observed in a note. “Either in- have been weighed down by broad economic questions
why are investors sitting dustry analysts are too optimistic in Number of daily travelers Dow Jones U.S. Travel & Tourism Index
out the trip? their estimates or investors [are] too passing through TSA checkpoints
900
Airlines hinted at the revival when pessimistic about valuations.”
2,075,531
they posted earnings in April, with Take Airbnb (ABNB). This past 850
Delta Air Lines (ticker: DAL) and week, the short-term rental market-
American Airlines (AAL) predicting place reported a surprisingly strong 1,416,349 800
a return to profitability throughout 70% jump in first-quarter revenue, to
750
2022. The rest of the industry has fol- $1.5 billion, and guided to second-
lowed suit, with many service provid- quarter sales higher than Wall Street’s 700
ers, from online travel agents to hotels, forecasts. Airbnb narrowed its losses
reporting better-than-expected earn- to three cents a share for the quarter,
AFP/Getty Images
650
ings for the March quarter, as demand from $1.95 a year earlier.
inches back to prepandemic levels. The results prompted BofA Securi- 4/28-5/4 4/28-5/4 600
Analysts have responded by raising ties analyst Justin Post and Deutsche 2021 2022 Jan. 2022 Feb. March April May
earnings estimates and price targets. Bank’s Lee Horowitz to raise their Source: Bloomberg
May 9, 2022 BARRON’S 11
Fortune
sitting in the same portfolio,” Fink
says.
Based on a sum-of-the-parts analy-
sis and 2023 earnings estimates, Wojs
A Spinoff
valuations, the company’s parts could
be worth $92 per share, up from a
recent $71, Wojs estimates.
G
etting to that higher valuation
will mean persevering
The home-remodeling leader is through some tricky times.
splitting off its cabinetry division, Fortune sources materials
in order to upgrade the valuation of from around the world, and has dealt
with some of the same supply-chain
its faster-growing businesses and inflation-related issues that have
hurt other companies. Those prob-
lems caused its operating margin to
fall to 13% in the first quarter, from
By AVI SALZMAN 14.8% a year earlier.
F
But Fink says those pressures are
ortune Brands Home & starting to wane, and that the com-
Security is a leader in from sales of cabinets. water for a baby’s bottle at the perfect Fortune, which pany has been able to pass along cost
owns brands such
home remodeling, selling The business rationale for the split temperature is worth quite a bit as Moen and Master increases to consumers. In the com-
everything from cabinets to is that the capital can be more more. Lock, was born from ing quarter, the bulk of those price
a spinoff a decade
storm doors and plumbing. efficiently allocated if the cabinet Other companies in those faster- ago. It has grown
hikes should hit Fortune’s bottom
Now, it’s remodeling itself division—which has a different growing areas tend to trade at higher earnings per share line just as some of the supply-chain
by spinning off its largest growth trajectory than Fortune’s valuations. Home-security company at a 24% compound problems are diminishing. “We ex-
annual growth rate
division into a stand-alone company other divisions—operates Assa Abloy (ASAZY), for instance, since then. pect operating margin to expand se-
that could draw in new investors and independently. The cabinets business trades at 14 times enterprise value to quentially across the balance of the
make the stock sparkle. is likely to grow in conjunction with Ebitda (earnings before interest, year,” Fink said on Fortune’s latest
Fortune (ticker: FBHS) is no the housing market, giving it a taxes, depreciation, and amortiza- earnings call.
stranger to spinoffs. The company cyclical trading pattern that’s tion), while water company Xylem The broader housing market has
was born from a spinoff a little over a vulnerable to downturns. In 2021, (XYL) goes for 20 times EV/Ebitda. been slowing as mortgage rates rise
decade ago, when it was part of a cabinets sales grew 16%, slower than Fortune Brands, however, trades for above 5% and some buyers get turned
conglomerate that also sold Jim Beam Fortune’s other divisions. just under 10 times, near a five-year off by high prices. The bigger prob-
liquors and Titleist golf balls. That But the spinoff is also about the low. lem is that there aren’t enough homes
spin was extremely successful, as shareholder base. “Investors have “There’s a tension there in the for sale—a near-term pressure for
Fortune Brands has grown earn- wanted them to spin it off for a portfolio that was maybe preventing Fortune that’s likely to become a lon-
ings per share at a 24% compound while,” says Baird analyst Timothy investors from being able to see that ger-term opportunity.
annual growth rate since then, ver- Wojs. “I think the cabinet business is full potential, when you have some- The housing market is severely
sus 7% for the S&P 500. “Given our a good business, but investors tend to thing that is just a different strategy undersupplied, with only two months
history, we know how to do these spend an inordinate amount of time worth of existing homes for sale, less
and we do them well,” says CEO [evaluating it].” Wojs believes that than half the inventory needed to
Nicholas Fink. the focus on cabinets ends up pulling Fortune Brands Home & Security keep the market in balance. To
Lately, Fortune stock has sold off down the valuation of the rest of the (FBHS / NYSE) achieve that balance, developers will
along with other housing-related company. $120 have to build more units.
names, on fears that interest-rate The company’s other divisions 110
The combination of economics and
hikes will sink its business. Shares have potential for more organic pandemic-related lifestyle changes
100
are down 32% this year. growth, with or without a major also mean that homeowners have
Fortune now owns well-known boost from housing. In 2021, its 90 greater incentives to renovate. An
home brands like Moen plumbing plumbing brands (now called “water 80 increasing portion of Americans’ net
fixtures, Master Lock, and Omega innovations”) saw 25% sales growth. 70 worth is in their homes, making them
cabinets. The next spinoff, which is Outdoors and security brands in- 60
even more interested in upgrading
likely to happen in 2023, involves creased sales by 44%. Fortune’s prod- than they were before the pandemic.
Courtesy of Shaws
50
splitting the company’s cabinetry ucts in those areas are innovative and “It’s a place for living and entertain-
division into a publicly traded com- fetch higher prices. A plumbing sys- 40 ing and teaching and working,” Fink
pany owned by Fortune sharehold- tem that’s just pipes isn’t worth a 30 says.
ers. Fortune now gets about 40% of premium. One that can monitor the 2020 2021 2022 As Fortune Brands reorganizes,
its revenue, or about $3 billion a year, entire house for leaks or pump out Source: FactSet it’s also a good place for investing. B
12 BARRON’S May 9, 2022
C OV E R S T O RY
May 9, 2022 BARRON’S 13
C OV E R S T O RY
BY L AU R E N R . RUB L I N
W
e once thought the future of team at New Street Research; Abhijit Ganguly, billion in revenue, including taxis.
transportation meant George managing director of Goodyear Ventures, the Third, Tesla (TSLA) has developed a
Jetson’s flying car. Instead, venture-capital arm of Goodyear Tire & direct-to-consumer sales model within the
we got Elon Musk’s Tesla—the company and Rubber (GT); and A. Carolina Jolly, senior EV industry. It avoids dealerships, and uses
the electric car—whose twin successes jolted research analyst at Gamco Investors (GBL). social media instead of advertising. That’s a
the global automotive industry and are speed- The roundtable took place in mid-April. big trend that we have to pay attention to.
ing the (eventual) demise of the internal com- An edited version of the discussion follows. Fourth, as we take out gas stations and
bustion engine. install EV charging stations, a lot of infra-
One might think, from the stock market or Barron’s: Let’s start with an overview of structure will need to be built. Range anxiety
Twitter, that Tesla and electrification are the this sprawling subject. What are the most is still the No. 1 reason why people don’t buy
only things that matter today in the world of important trends in transportation that EVs. We need much better infrastructure to
transportation. But there’s a lot more to the investors need to follow and understand? enable drivers to go from New York to Cali-
story, including autonomous driving, ride- Gary Black: The No. 1 trend is that EV adop- fornia without worrying about running out
sharing, robotics, and mobility technology, to tion is exploding. Battery-operated EVs were of juice. These are the four big trends we’re
name just a few salient trends. Plus, there are about 6.6% of total industry sales globally last watching.
300 million vehicles already on the road in year. We estimate they were 9% in this year’s Pierre Ferragu: To me, the most important
the U.S. alone that still need care and repair. first quarter, and will be about 30% in 2025, trend is electrification. The first order of
What does all of this mean for investors? rising to 60% by 2030. That is reshaping the transformation is that an oil-consuming, pol-
That’s the subject of Barron’s first-ever trans- competitive landscape, similar to the way Ap- luting powertrain is being replaced by an elec-
portation roundtable, which explores the out- ple [AAPL] reshaped the mobile-phone land- tric powertrain, itself a monster evolution of
look for auto makers old and new, and the scape when it introduced the iPhone in 2007. a $2 trillion industry. Then, there is the spin
technologies shaping the industry’s future. The No. 2 trend is autonomy, and it that Tesla is bringing to it. Tesla is revolution-
Our panelist include Gary Black, managing involves two factors: self-driving cars and izing this market the way Apple revolution-
partner of the Future Fund, whose Future robo-taxis. An industry will develop around ized the $50 billion mobile-phone market. It is
Fund Active exchange-traded fund (ticker: summoning a self-driving car that will take redefining the category and attracting a large
FFND) invests in companies capitalizing on you where you want to go, as you can do to- number of buyers to a significantly more
“secular megatrends”; Pierre Ferragu, head of day in Phoenix and San Francisco. The global expensive, higher-value product.
the global technology infrastructure research ride-hailing industry today is about $300 Second, the gig economy and more auton-
I LLU ST R AT I O N BY ST E V E N W I LS O N
14 BARRON’S May 9, 2022
omous mobility are transforming per- market. Penetration is around 2022 Black: Our target is $1,600 a share. going to be tough. The battery market
sonal transportation. This means de- 10% in Europe, and 15% in China. ROUNDTABLE We estimate total global SAAR [sea- is competitive, and it is difficult to get
livery eventually can become real- How will EV market share evolve? PANELISTS sonally adjusted annual rate of auto the supply chain lined up. It is going
time, and cheap. We will be able to Black: We call it EV adoption. Our sales] of 80 million vehicles a year by to be a fascinating decade.
leverage technology to make customer numbers are a bit different: We esti- 2026. We estimate EV adoption at In the meantime, Tesla is leading
Gary Black
transportation and delivery much mate that EV market share is 4% in Managing Partner,
36% by 2026, and assume that Tesla the charge on the three most impor-
more efficient. the U.S. and 16% in Europe, with the Future Fund will retain 20% of the EV market. tant fronts, which are on the demand
A. Carolina Jolly: I want to talk China in the lead, at 17%. It just feels That means Tesla will deliver about side. Their cars are the most appeal-
about the vehicles we currently have, like it’s a better product. You charge 6.2 million [vehicles] by 2026, versus ing; they have the best charging net-
and how much we rely on them. I am your car at night like you charge your Pierre Ferragu 936,000 last year. We assume the av- work, and the best visibility. On the
focused on logistics: housing and ser- phone. EVs’ cost per mile is a lot Global Team Head erage selling price stays about where it technology front, Tesla innovates at
vicing these vehicles, and warehous- cheaper than internal combustion Technology is, and the company’s auto gross mar- an unheard-of rate. Tesla retooled its
ing parts, and how these segments of engines, and is getting cheaper as gas Infrastructure, gin will grow to about 31.5% from 29% pilot battery-manufacturing line seven
New Street
the auto industry will adapt to trends prices soar. And, as the technology Research
in 2022. We estimate that Tesla will times in two years, which means al-
such as EVs, autonomous vehicles, gets more sophisticated, EVs will drive earn about $55 a share in 2026. most once a quarter. The average man-
and shared mobility. The supply themselves. We assume the stock will trade for ufacturer would do that every two to
chain is also important. As the indus- We are bullish on Tesla because it Abhijit Ganguly about 45 times earnings, versus 75 three years. Tesla is innovating eight
try trends toward EVs, how is it going is the market leader. Tesla has about Managing Director, times earnings today. That gives us a to 12 times faster than anyone else in
to source components and raw mate- a 20% share of the global EV market. Goodyear price of about $2,475. Discounting that the world in terms of manufacturing.
rials? And, how is it going to educate As the TAM [total addressable market] Ventures back at a 12% cost of equity gets us to The last aspect is that Tesla is
technicians in the future? Many auto expands for Tesla—as the company a $1,600 price target today. accumulating scale. Even if some
companies are being driven by great launches its Cybertruck pickup, an other companies manage to move
A. Carolina Jolly
ideas, but for these ideas to fully pen- under-$30,000 EV, cheaper versions Do you see any risk in the CEO faster in the early stages of EV devel-
Senior Research
etrate the market, people need to of its best-selling Model Y—we think it Analyst, Gamco spending more of his time on a opment over the next few years, Tesla
learn to support them. can hold its EV market share. The Investors company called Twitter [TWTR]? will still have a significant advantage
Abhijit Ganguly: We see three big TAM for EVs is growing by about 50% Black: Elon Musk can handle many related to its expenses and scale.
plays from a corporate venture-capi- a year. Competition is coming for Tesla, projects. He’s also founder and CEO
tal-deployment standpoint. Robotics is but even if the company just holds its of SpaceX, and founder of The Boring What is your Tesla price target?
intersecting with mobility, and at that EV market share, it will keep growing Co. I am not a fan of the distraction Ferragu: My price target is $1,580.
intersection, we find autonomous by about 50% a year. caused by his pursuit of Twitter, but Between now and the end of the de-
driving. Advanced driver-assistance he’s not using Tesla’s capital to do so. cade, Tesla will be a hypergrowth
systems are improving. What are the key constraints to If he acquires Twitter, he could easily business. It can grow its cash flow by
We also see the connected car. faster EV adoption? install another CEO to run it. [Musk 30% a year. I arrive at my price target
More vehicle components are getting Black: Tesla has to build a new man- subsequently agreed to buy Twitter by applying a multiple of 75 times
smarter, which creates opportunities ufacturing plant or two every couple for $44 billion.] forward earnings, and I expect earn-
for the automotive industry to on- of years. It just opened a plant in Ber- ings that are 30% to 50% above the
board value-added products that lin that has the capacity to manufac- Pierre, you’re also a Tesla fan. consensus in the next couple of years.
improve safety and efficiency. ture 500,000 vehicles. The Austin, Explain your bullish view.
Then, we see contactless digital Texas, plant has the same capacity. Ferragu: Electrification is a dynamic What happens once Tesla can
technologies that were pulled forward Both plants are in the process of system in which the more adoption make two million cars a year, but
by the Covid pandemic. The conve- expanding their initial capacity. you get, the more possibilities there sell only 1.7 million? Also, unlike
nience these technologies can deliver [Tesla Shanghai announced this past are for people to buy new cars. At this Apple, the company manufactures
to end users will become a big deal. In week that it will open a second factory point, demand for Teslas has vastly its own products. Is that an advan-
our world, that plays out in a few dif- with a 450,000-unit capacity.] exceeded existing capacity. I am fo- tage, or a risk?
ferent ways. Mobile car care is one cused on supply growth. Today, Tesla Ferragu: On the first question, I don’t
example: People are choosing to have What is your price target for Tesla? has to increase prices almost every have a strong conviction that will hap-
their cars serviced in their own drive- month to rein in demand and try to pen over the next eight years. Tesla
ways, at the airport, or elsewhere. Also, get away from a nine-to-12-month lead has an immediate addressable market
companies are starting to use sidewalk time. The company is rapidly increas- today of less than 10 million units,
robots to deliver groceries, improving ing the cost efficiency of its manufac- limited by the number of people who
the last-mile delivery space. turing operation, and the cost of as- can afford a car that costs nearly
Last, but not least, sustainability sembling a car is falling fast. The only $40,000, or more. But it has already
is becoming a big factor in mobility. constraint over the next five to 10 demonstrated that its effective ad-
Sustainability at Goodyear means we years will be manufacturing capacity. dressable market is 2 ½ times that,
balance environmental, social, and If Tesla maintains the current pace because for every two drivers coming
financial demands without compro- of growth in its production capacity, it from this premium market, Tesla at-
mising the ability of future genera- should be in a position to sell about 20 tracts three from the non-premium
tions to meet their needs. We are million units in 2030, versus barely market who are trading up to Tesla.
“
We are bullish on
Tesla because it is
the market leader.
Tesla has about a
20% share of the
global EV market.”
Gary Black
“
Tesla is innovating eight to 12 times
faster than anyone else in the world
in terms of manufacturing.”
Pierre Ferragu
automotive is a big part of their busi- and is building it out in other places
ness. The industry is going to need to support its fleet operations, which
technicians, especially as Tesla’s Model include 100% electric cars and electric
S and Model Y come off warranty. mopeds. And, it has opened up the
charging infrastructure to third parties.
How will greater EV adoption im- We have also invested in AmpUp,
pact traditional service providers, which makes charging more conve-
such as Genuine Parts and O’Reilly? nient for users, fleets, and facilities
Jolly: We estimate that EVs will ac- managers. AmpUp’s software allows
count for about 2% of the U.S. after- for choice and control. For drivers,
market, or vehicles more than six years AmpUp offers a dedicated mobile app
old, by 2030. Those vehicles will re- to locate chargers and schedule charg-
quire about 30% less work than tradi- ing. For charging-station owners, it
tional vehicles. EV adoption will be a helps control who receives access to
small drag on aftermarket outfits like charging, provides analytics, and opti-
Genuine Parts and O’Reilly in the next mizes energy usage. For fleets and
few years, crimping demand by about utilities, AmpUp can provide energy
60 basis points [six-tenths of a percent- controls to deliver higher uptime.
age point] through 2030. The big four These are two examples of compa-
aftermarket distributors can double nies facilitating the software/hard-
their market share in a bull case, going ware combination required for EV
from 40% to 80%, as they have signifi- charging to work broadly.
cant ability to invest in the future.
Ganguly: From our standpoint as a What is the revenue opportunity,
tire company, electrification is a tre- or total addressable market, for
mendous opportunity. EVs demand EV connectivity?
very different performance character- Ganguly: There’s a lot to be done once
istics. We also recognize the need to you put hardware in the ground. There
manage the duality in the near term— are simple things, like remotely man-
namely, the different types of vehicles aging hardware and performing diag-
coexisting in the marketplace. And, nostics. We envision a world of SaaS
we see an opportunity in infrastruc- [software as a service] opportunities
ture, both in the software used in EV based on this installed hardware base.
chargers and in putting chargers in On the connectivity side, we are still
the right places. We are investing in in the process of understanding the
companies that make charging easier TAM. The connected car allows for
for end-users, whether consumers or new value propositions. Car compo-
fleets. We’re studying the vehicle-to- nents can be connected to the internet
grid intersection, and the potential for to provide better safety and efficiency
vehicles to return energy to the grid. and predictive maintenance. For exam-
These and other areas allow for new ple, an intelligent, connected tire can
software-development opportunities. communicate tire health and, in the
There are also hardware opportunities future, alert road conditions to drivers.
in the charging-station infrastructure. In addition, we are expecting block-
chain-enabled smart contracts to help
Which start-ups in these areas connected cars with unique VIN num-
should investors keep an eye on? bers make payments automatically for
Ganguly: Revel is a Brooklyn, N.Y.– tolls, fuel, and such, and also interact
based EV-only ride-share company in with city infrastructure and other
our portfolio. It has installed its own cars. Web 3.0 start-ups may also help
charging infrastructure in Brooklyn, allow connected cars to display vehi-
May 9, 2022 BARRON’S 17
cle data in a user-friendly way, and stock could be a great value play.
allow users to share data to help get Black: To continue the Apple analogy,
services such as insurance tailored to who were the dominant players in
their driving needs and styles. mobile phones before the iPhone
We are extremely excited about launched? Nokia [NOK], BlackBerry
connectivity—the ability to digitize [BB], Motorola, and Samsung Elec-
the contact point of the car to the road, tronics [005930.Korea]. Three of the
which happens through the tire. If you four really don’t exist anymore as mo-
can do that, you can achieve much bile-phone companies. They couldn’t
greater safety and efficiency. compete with Apple. I put the iPhone
in the same category as Tesla. From a
We’re almost an hour into this technology standpoint, Apple didn’t
discussion, and no one has men- stand still. It kept improving the prod-
tioned Ford Motor [F] or General uct, and that’s what you’re seeing with
Motors [GM]. They are spending Tesla. I don’t see GM and Ford out-
tens of billions of dollars to de- innovating Tesla. Unless Ford and GM
velop EVs—and catch up to Tesla. separate their EV businesses from
What are their prospects? their ICE businesses and build sepa-
Black: Ford and GM are going to rate EV companies almost from
struggle. Ford’s new Mustang Mach-E scratch, they are going to have a hard
[an all-electric Mustang] has gotten time gaining traction in EVs in the
the most traction, but even then, the same way that Motorola, Nokia, and
company can’t produce enough. ICE Blackberry failed to gain traction,
[internal combustion engine] vehicles even though they had a huge head
still account for 91% of industry sales. start versus the iPhone.
Ford and GM have deliberately tried Ferragu: Tesla’s Model 3 and Model Y
not to cannibalize their base business. are very competitive in price against
That’s a mistake. an equivalent ICE Mercedes or BMW.
You have to go after the heart of But Tesla has a 30% gross profit mar-
your business and not be afraid to gin. It costs a traditional auto maker
cannibalize yourself, recognizing that typically $10,000 to electrify a car.
EVs at some point are going to be This is an enormous challenge for
100% of the market. We are starting them. How can they compete with
to see that with the introduction of the Tesla if it makes electric cars more
Ford F-150 Lightning and Porsche cheaply than their ICE cars, and they
Taycan. Traditional car makers will be have to spend $10,000 more to make
more successful in the EV world if an electric car?
they bring out EV versions of their But Carolina is saying something
best-selling brands, rather than trying important: You don’t want to underes-
to launch new brands with an EV timate the economic momentum of the
moniker. legacy auto makers. Also, the U.S. auto
Jolly: I might take the other side of that industry has enormous political sup-
argument, even though I agree with port. I expect the industry to survive,
some of Gary’s points. GM generates but the next 10 to 20 years are going to
about $150 billion of revenue annually. be extremely challenging. These com-
It has said it will double that revenue panies will need financial lifelines from
by 2030, including $50 billion in their governments. In some ways, they
Pierre Ferragu Cruise [autonomous] and $90 billion are too big to fail, or too big to lose sig-
in EV. ICE vehicles will account for nificant market share to new entrants.
To Buy: 65% of sales through 2030, but tradi-
tional auto makers also have dealership How do non-U.S. auto makers
Tesla / TSLA networks that provide parts and ser- stack up?
$952.62 vice. Currently, pure-EV manufactur- Black: Volkswagen [VOW3.Germany]
ers don’t have this. GM generates sig- has been pretty aggressive about going
Uber nificant cash flow, but trades for only a after the EV business. Toyota Motor
Technologies / mid-single-digit earnings multiple. [TM] is still the world’s No. 1 auto
UBER From an enterprise-value perspective, maker. It has two best-selling brands:
$28.10 once you back out stakes in Cruise, the the Camry and RAV4. Toyota has been
FinCo [finance company] book, and the slow at adapting to the EV world. That
Grab Holdings / net cash on the balance sheet, GE could hurt them, so I would put them
GRAB trades for one to two times Ebitda in the loser’s box. The negative argu-
[earnings before interest, taxes, depre- ment for Tesla is: Can they produce 10
$3.18 ciation, and amortization]. To me, GM’s million units per year by 2030 with
Prices as of 5/4/22.
only two models? No auto maker has
Source: FactSet Photograph by BENEDICT EVANS been able to do more than about a mil-
18 BARRON’S May 9, 2022
GM generates
“
significant cash flow,
but trades for only a
mid-single-digit
earnings multiple. To
me, GM’s stock could
be a great value play.”
A. Carolina Jolly
lion per year.
“
We are extremely excited
about connectivity—the ability
to digitize the contact point
of the car to the road, which
happens through the tire.”
Abhijit Ganguly
Gatik
Thanks, Gary, and everyone. B
Autonomous
trucks serving
Photograph by ROSS MANTLE B2B customers
May 9, 2022 BARRON’S 21
F U T U R E O F T R A N S P O R TAT I O N
60
40
restarted the assembly lines for its Bolt
A slow EV launch pace has hurt the stock. This year and especially 2023 hatchback and a new Bolt SUV; pro-
30
may show whether the auto maker can stay relevant in the Tesla era. duction had been halted since Novem-
ber for a battery recall. Chevy also has 20
140,000 reservations for its electric
By ANDREW BARY for six times projected earnings of Silverado pickup, though deliveries 10
about $7 a share in both 2022 and won’t start until next year, when GM’s 2018 2019 2020 2021 2022
G
eneral Motors has grand 2023, one of the S&P 500 index’s low- EV launches really ramp up with the Source: FactSet
ambitions and a cheap stock. est price/earnings ratios. Its market cap introduction of electric versions of the
That could be a winning of $60 billion compares with $1 trillion Chevy Equinox crossover, Chevy tion, the ICE business doesn’t get ac-
combination for investors. But to real- for Tesla (TSLA). Blazer SUV, and Hummer SUV. And corded much value by investors.
ize it, the pace of the giant car maker’s “The stock is very attractive. GM BrightDrop, an under-the-radar GM GM’s balance sheet is in great shape,
electric-car launches must catch up to is not getting credit for much of any- electric commercial-van unit, opened with $17.7 billion in cash, excluding its
the speed of its pronouncements thing,” says Joe Pittman, an analyst at its first dealership in December, near finance unit, and about $1 billion of net
about them. Harris Associates, a top 10 holder of Los Angeles, with customers including cash (cash minus debt) as of March 31.
Investors are giving less credit GM through its Oakmark funds. “Its Walmart and FedEx. The company, however, does have
to slide decks and press releases, says core automotive business is performing All but the Bolt models, which use about $10 billion of unfunded pension
Credit Suisse auto analyst Dan Levy,
who has an Outperform rating on
well in a dynamic and complex envi-
ronment, and it’s well positioned in
an older type of battery, feature the
modular Ultium vehicle platform that
“[Investors’] and healthcare obligations.
GM’s stake in Cruise (worth about
GM, with a $58 price target, about electric vehicles and autonomous- allows batteries and drive components message is: $15 billion, according to Wall Street
45% above its current price below vehicle technology that will play out to be configured in various ways, with Show us EV analysts), its finance unit, and its inter-
$40. “The message from investors is over time.” the aim of providing the most range, est in a Chinese subsidiary could be
to show us EV volume and a compel- Why, then, does GM trade so power, and reliability for a specific volume and worth 75% of GM’s entire market
ling product that show you can chal- cheaply? For one thing, investors worry application. In line with this, GM is a compelling value, meaning its core auto business
lenge Tesla in an EV world.” that robust conditions in the auto mar- building four U.S. battery plants, with is valued at just one times projected
The company defends its deliberate ket will cool later this year as the Fed- the first opening this summer. product 2022 pretax cash flow.
EV rollout pace, pointing to its lengthy eral Reserve boosts interest rates. GM Funding for all of these projects will that show Cruise is a leader in autonomous-
development of a fitting vehicle plat- also faces higher costs—$5 billion— be costly. Of the company’s $9 billion vehicle technology and could roll out
form for its innovative Ultium battery tied to commodities and supply issues. to $10 billion in annual capital expen- you can robo-taxis for paying customers in San
system. “We’ve taken the time to do it Affordability is a problem, too, with the diture, 80% is earmarked for EVs and challenge Francisco later this year, marking an
right,” Paul Jacobson, GM’s chief finan- average selling price of a GM vehicle autonomous vehicles. But GM should industry first. A goal of $50 billion in
cial officer, tells Barron’s. “Ultium al- now $50,000, up 25% in the past two be able to handle the tab. Despite chip Tesla in an revenue by 2030 is a huge stretch, but
lows us to have the infrastructure to years. And GM pays no dividend and shortages and other supply issues, EV world.” if GM can demonstrate success in San
support multiple vehicle segments with isn’t buying back stock. General Motors’ first quarter was one Francisco, that could lift the stock.
Credit Suisse auto
the same battery platform. It allows us But the biggest issue is clear: Auto of its best ever, with earnings of $2.09 a analyst Dan Levy The proof of the pudding, however,
to scale with efficiencies that no one makers increasingly are being evalu- share. That topped the consensus esti- will be in the numbers. Hobbled by
else can replicate.” ated by Wall Street on how well they’re mate by about 40 cents, and the com- the halt in Bolt production, GM sold a
Jacobson recently bought $1.4 mil- challenging Tesla and moving to a fu- pany boosted its 2022 profit guidance mere 475 EVs in North America in the
lion GM shares in the open market at ture in which EVs will dominate sales. by 25 cents, to $6.50-$7.50 a share. first quarter, while Tesla delivered over
about $39. “The purchase speaks for On that score, GM has done a lot of But those earnings are almost 300,000 globally.
itself. I think GM is undervalued and talking, while Tesla, with its Model 3 entirely from SUVs and pickups with Investor Ross Margolies of Stelliam
a great investment,” he says. and Model Y, and Ford Motor (F), internal combustion engines. While Investment Management says the GM
By 2030, General Motors aims to with its Mustang Mach-E and F-150 providing funding for GM’s EV transi- story is simple. It depends on “whether
double its annual revenue to about you believe they can execute in EVs.”
$300 billion, with 40% to 50% of its Two Different Worlds He’s optimistic that GM will succeed.
automotive revenue coming from EVs, The latest test of that has started.
While all three stocks have suffered this year, Tesla’s valuation remains far above those
and $50 billion in sales from robo-taxis of Ford and General Motors. In order to close the gap, the two legacy companies will
General Motors aims to sell 400,000
and other ventures inside its Cruise have to show that they can execute on electric-vehicle production and sales. EVs in North America in 2022-23, with
autonomous-vehicle unit. most of the sales weighted toward next
Nothing even close to that is fac- Recent YTD Market 2022E 2022E 2022E 2023E year. And it plans to produce one mil-
Company / Ticker Price Change Value (bil) Sales (bil) EPS P/E P/E
tored into the auto maker’s depressed lion in 2025. Given its electric product
General Motors / GM $39.95 -31.9% $58.2 $152.3 $7.03 5.7 5.7
stock (ticker: GM), which has tumbled pipeline, its chance of hitting these
about 33% this year and isn’t much Ford Motor / F 14.53 -30.0 58.4 145.7 1.96 7.4 6.5 targets seems good. The race, as every
above its $33 postbankruptcy 2010 Tesla / TSLA 873.28 -17.4 1,036.0 87.0 11.90 73.4 55.9 schoolchild knows, sometimes goes to
initial-public-offering price. GM trades Source: Bloomberg E=estimate the tortoise, not the hare. B
22 BARRON’S May 9, 2022
F U T U R E O F T R A N S P O R TAT I O N
T
oyota Motor became the way, it became the car manufacturer to combine electricity with the conven- “Choosing Toyota is about to start delivering its
world’s most successful car emulate, particularly for Ford Motor tional internal combustion engine. electric bZ4X crossover. It also offers
company through the spirit (F) and General Motors (GM). That choice carries its own risks, to go all-in the hydrogen-powered Mirai.
of kaizen, or continuous improvement. But kaizen is not about revolution and it could mean that Toyota gets on one thing It’s a continuation of a multiple-
Now, with electric vehicles on the rise, and disruptive change—and that’s pushed aside by start-ups and incum- shots-on-goal strategy for the evolu-
would be
big hit, sold almost 584,000 hybrid popular Transit vans. General Motors 10% to 12% share of worldwide new
cars and SUVs in 2021, giving the goal is one million annual EV capacity light-vehicle sales today.
Leader of the Pack?
Japanese auto maker roughly 65% in North America by 2025. GM started Even Toyota’s impressive market Toyota is the world’s leading car maker, and its stock has been
of the U.S. hybrid market, slightly out creating new vehicles like the share in hybrids might not be able to rewarded as a result. But the Japanese auto maker has been
reluctant to go all-in on electric vehicles. That could put its
trailing Tesla’s share of the battery- Cadillac Lyriq and Hummer, and an insulate it from the shift to electric
dominant position—and future share performance—at risk,
electric vehicle market. electric Chevy Silverado truck, Chevy vehicles. especially as competitors like Volkswagen go big.
“I’ve always said that we want to Equinox crossover, and other EVs will In China, where there are far more
provide diverse solutions for a diverse arrive in 2023. Volkswagen plans to battery-powered electric models for Stock Performance, 2013-2022
world,” said Toyota President Akio make more than five million battery- sale than in the U.S., about 2.9 mil-
Toyota Motor General Motors Ford Motor
Toyoda back in December, when his electric cars a year by 2030. Toyota lion battery-electric cars were pur-
company announced its most recent only recently raised its target to 3.5 chased in 2021, up from about 1.1 200%
EV goals. “When it’s hard to predict million from two million—by 2030. million in 2020. Plug-in hybrid sales
the future, choosing to go all-in on one And its current offerings are luke- had a good year, growing to 603,000 150
thing would be a reckless business warm at best. and accounting for about 17% of all
decision.” The hydrogen-powered Mirai was of what China calls new-energy vehi-
100
Betting on multiple technologies praised by MotorTrend for having cles. A few years back, however,
isn’t cheap. “genuine style,” but with a $50,000 those cars accounted for more than
50
Toyota spends roughly $10 billion price tag; a very meager refueling 25% of the electric-vehicle total. If the
a year on research and development infrastructure, even compared with same pattern is followed in the U.S.,
annually, second only to Volkswagen EV charging stations; and limited Toyota could end up seeing its domi- 0
(VOW.Germany), though as a percent- availability—in the U.S., it’s sold nant market share erode.
age of sales, it’s in the middle of the only in Hawaii and California—it’s Toyota isn’t unfamiliar with what -50
auto maker pack. That money pays a niche vehicle at best. happens when a major auto maker falls
for more than 1,000 scientists work- The oddly named bZ4X, with a behind. Back in 1976, General Motors, -100
ing on battery technology, including starting price of about $44,000, will which sold about 8.6 million vehicles 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
lithium-ion batteries and hydrogen enter a crowded crossover EV market, that year, was the dominant auto
fuel cells. But if one technology turns competing with the Tesla (TSLA) maker, while Toyota sold just 1.7 mil-
out to be substantially better than Model Y, among others. What’s more, lion cars globally. Then came rising oil Toyota Motor Global Market Share
another, the rest of the R&D dollars Car and Driver magazine noted that the prices and the need for fuel efficiency.
Historical Market Share Estimated Market Share
essentially go to waste. bZ4X, with a range of up to 250 miles That was all Toyota and other Japanese
Hybrids are particularly compli- on a single charge, doesn’t go as far on auto makers needed to seriously crack 12%
cated, requiring both a traditional a charge as competing cars do, conclud- the U.S. market. By 1996, Toyota was
combustion engine that needs the ing that it’s “more utility player than selling 4.8 million cars a year, to GM’s 10
air, fuel, and exhaust systems of a MVP.” 8.3 million, but it was far more profit-
conventional automobile, and a Toyota’s strategy of focusing on able, earning about $3,700 of gross 8
battery-powered motor that calls hybrids, while thus far making only profit per vehicle to GM’s $2,700. By
for high-voltage electronics and a a halfhearted attempt to enter the 2000, the Camry was the best-selling 6
heavy battery pack. electric car and truck markets, has car in the U.S., and in 2021 Toyota
This didn’t matter early on be- confounded others in the industry. finally took the crown as the largest 4
cause batteries were very expensive Hybrids “should be a transitory new-car seller in America.
and designing a hybrid that could technology,” says Terrence Curtin, It’s an amazing multidecade run 2
get 40 or 50 miles a gallon was good CEO of auto supplier TE Connectiv- that demonstrates the power of kaizen,
enough to help auto makers meet ity (TEL), while noting that Toyota and Toyota shareholders have been 0
fuel-economy standards and to win will have to “play a little bit of catch rewarded. Toyota stock returned 2018 2020 2022 2024 2026 2028 2030
over some eco-conscious drivers. up.” Ford’s chief executive, Jim Farley, 10.9% annualized over the past 40
But with battery costs falling, all- who worked at Toyota from 1990 to years, slightly ahead of Ford Motor’s
electric vehicles can provide the 2007, helping launch the Toyota Tun- 10.7%. GM went bankrupt, and its Total Vehicle Sales, 2021
range and performance that custom- dra full-size pickup, says simply, “I shares today don’t trade all that much Electric Hybrid Internal Combustion Engine
ers want in their cars and trucks, don’t know what makes them tick.” above what they fetched in its post-
making vehicles with essentially two The go-slow strategy might pose bankruptcy initial public offering. 10 Million
powertrains senseless for most appli- major risks for Toyota in the years Toyota’s success earned it the high-
cations, says Cory Steuben, president ahead. If the other major auto makers est valuation among auto makers not 8
of Munro & Associates, a company are right, EVs will make up roughly named Tesla—its shares recently have
that, among other things, tears down half of all sales by 2030. And while been trading at 9.7 times forward
companies risk eating into their own earnings, well above Ford’s 7.1 times, 6
vehicles to see what they cost to
manufacture. “The statement that sales of traditional vehicles, the alter- GM’s 5.7, and Volkswagen’s 4.6. Toy-
a hybrid is the worst of both worlds native might be worse. ota “offers a solid balance sheet at 4
is correct on many, many levels,” If battery-electric penetration rises a time of persistent macroeconomic
Steuben adds. to 50% by 2030—it’s 6% now— uncertainty and supply-chain disrup-
2
While Toyota is hedging its bets, its that would imply roughly 50 million tions,” says Pedro Palandrani, Global
competitors aren’t. Ford Motor expects battery-electric cars around the globe. X ETF director of research, which
to have capacity to produce two million If Toyota sells all that it plans to make, owns the stock. 0
EVs annually by 2026. It’s electrifying the company’s battery-electric share Toyota’s lack of action in EVs Volkswagen Toyota*
its most iconic vehicles, including the would be roughly 7%. That’s substan- could put that premium multiple at *Toyota sold 14,407 battery-electric vehicles in 2021.
F-150 pickup truck, Mustang, and tial but lower than the Japanese giant’s risk, however, at a time when profit Sources: FactSet; company reports; Barron’s estimates
24 BARRON’S May 9, 2022
Above, Toyota’s
bZ4X is entering a
crowded crossover
EV market, At left,
the Toyota Mirai
runs on hydrogen,
which means that
it has a very limited
refueling infrastruc-
ture. In the U.S., it’s
sold only in Hawaii
and California.
The Future Workplace margins are already under pressure. 2024 earnings. But if Toyota’s EV
The company earned a gross profit of business falls behind, the company
Monday, May 23 | 12PM ET $6,700 per vehicle during its fis- might earn just $15 a share by 2026 on
cal-2022 third quarter, up about a multiple of eight times. At that point,
Business leaders are confronting a tight $1,000 per vehicle, or 17%, from the ADR would be worth about $120.
2019’s level. That increase was driven In other words, the risk is that the
labor market and evolving workforce. by a dearth of semiconductors that stock slowly bleeds lower, similar to
Investors are weighing the opportunities constrained global auto production, the way shares of the U.S.-based auto
created a shortage of cars, makers did for much of the 2000s
and risks. Join as Barron’s journalists and pushed prices higher. Past doesn’t have to be prologue.
But as inventories return to normal Toyota’s manufacturing excellence
explore what’s ahead. and if prices of steel and other raw might save it, or it might be able to
materials keep rising, Toyota’s mar- adjust to trends more rapidly than
gins could be squeezed, and the stock it seems to be doing, preserving its
could remain stuck in place. J.P. Mor- global market share. And just because
Scan to Register gan analyst Akira Kishimoto, who it looks rather passive doesn’t mean
events.barrons.com/roundtable rates Toyota shares Neutral, worries that Toyota is avoiding the reality of
about cost inflation, which is one an all-electric future, says Global X’s
reason he has a price target of $180 Palandrani, who notes that it is possi-
a share, just 5% above its recent close. ble to plan for the future without the
Already, Wall Street expects Toy- aggressiveness of its competitors.
ota’s profits to decelerate from the $20 “Not every single car company is
Sponsored by per American depositary receipt the going to be a winner, and not every
company reported over the past 12 single car company is going to be a
Courtesy of Toyota
months, to $17 and $18 in 2022 and loser,” Palandrani says. “The risk is
2023, respectively, before rebounding going to be there, regardless of how
© 2022 Dow Jones & Company, Inc. All rights reserved. 4E4510 to $19 in 2024. With the average ana- aggressive they’re trying to be.
lyst price target at $190 for Toyota But Ford, GM, and VW are trying
stock, the company trades at 10 times hard. When will Toyota do the same? B
May 9, 2022 BARRON’S 25
F UN DS
“The Fed is thinking that inflation is going to be
barely 4% by the end of the year. I think they’re
living in cloud-cuckoo land,” says one gold expert.
G
1975-76, at the beginning of the great of gold earrings, necklaces, and other
old didn’t get By Debbie Carlson slipped modestly then and rebounded inflation of the 1970s,” Day says. baubles, acquired less. Central bank
the message that on Thursday. Gold actually made a new In March, the Fed forecast that purchases were also muted in the
higher interest high for the week on Thursday, rising 2022 median core personal consump- quarter, down 29% versus the total
rates mean lower above $1,900 an ounce. tion expenditures—its go-to inflation a year earlier.
prices for the That’s still about $180 below Feb- measure—would be at 4.1% and saw Both the slump in jewelry demand
yellow metal. ruary’s all-time nominal high around the PCE in 2023 at 2.6%. The latest and increase in supply, especially
The Federal $2,080, spurred by high inflation monthly core PCE reading in March scrap gold, are reactions to the first
Reserve raised rates by a widely and Russia’s invasion of Ukraine. was 5.2%. quarter’s high prices, Rhind says.
expected 50 basis points (a half- Since then, prices have deteriorated. “The Fed is thinking that inflation Persistent high prices could temper
percentage point) on Wednesday, They were about $1,850 as of Tues- is going to be barely 4% by the end jewelry demand, but investment de-
signaling a series of rate hikes this day, as traders removed some of the of the year. I think they’re living in mand is the category to watch. Jewelry
year and a plan to reduce its balance war premium and in anticipation of cloud-cuckoo land,” Day observes. demand and mine supply tend to be
sheet. Although gold slipped immedi- the Fed’s move. correlated to global economic growth,
I
ately after the Fed’s move, prices re- Fed Chairman Jerome Powell sig- nvestment demand for gold might but investment demand, particularly
sumed their climb on Thursday, and naled that “50 basis-point increases remain strong if real interest rates from ETFs, has more price impact
gold-market watchers say the metal should be on the table at the next cou- stay negative. That demand rose than these other drivers, he adds.
still has more mettle in it. ple of meetings” of the Federal Open significantly in the first quarter The Fed’s actions and their impact
Normally, gold is less desirable to Market Committee, but that pace of of 2022, versus its level in the same on real interest rates is the overarch-
own when rates rise because it has increases isn’t hawkish enough to period last year, according to the World ing influence on gold prices. But
no yield, making other yield-bearing pressure gold significantly, says Gold Council, an industry group. what’s also critical are market per-
havens like bonds more attractive. Adrian Day, CEO of Adrian Day Asset In its first-quarter Gold Demand ceptions of how well the Federal Re-
Yet there’s a nuance to this narrative. Management, which specializes in Trends publication, the group said that serve is balancing the battle against
What matters for gold are “real” in- resource investing. In his postmeeting global investment demand, which inflation and whether it’s engineering
terest rates—those calculated by sub- press conference, Powell shot down includes that linked to ETFs, physical a soft economic landing to avoid a
tracting the inflation rate from the the option for 75-basis-point hikes in gold bars, and coins, rose 203% in the recession. Rhind recalls that gold’s
nominal rate. The federal-funds rate the near term. quarter, to 551 metric tons, versus 182 1970s inflation-induced parabolic
is now 0.75% to 1%, but the March Based on the central bank chief’s metric tons during the same period in rally took some time.
consumer price index put inflation post-FOMC comments, TD Securities 2021. The gain was led by ETF “It wasn’t until the last couple of
at 8.5%, so real rates remain well in years that things started to get out of
negative territory. control. I think people felt like the cen-
Will Rhind, chief executive of Inflation Haven tral bank had lost control, and then the
GraniteShares, issuer of the $1 billion Investments flows from exchange-traded gold funds have played a key role in driving up gold prices. gold price really skyrocketed,” he says.
GraniteShares Gold Trust exchange- Total Return Both Day and Rhind suggest that
traded fund (ticker: BAR), says that Fund / Ticker AUM (bil) YTD 1-Yr 3-Yr gold could return to its nominal all-
gold has an advantage over cash and SPDR Gold Trust / GLD $65.2 2.8% 5.5% 13.4%
time high, hit in February. Some fore-
bonds if nominal interest rates are casters look for the metal to reach
iShares Gold Trust / IAU 31.2 2.9 5.7 13.6
positive but the real rates remain $3,000 an ounce in two years. How-
negative, since gold isn’t losing value. SPDR Gold MiniShares Trust / GLDM 5.3 3.0 5.8 13.6 ever, even that lofty price wouldn’t
Just as important as real interest abrdn Physical Gold Shares / SGOL 2.7 3.0 5.8 13.7 top gold’s January 1980 peak of $875,
rates is the trend and pace of the Fed’s iShares Gold Trust Micro / IAUM 1.2 2.8 N/A N/A in inflation-adjusted terms. To do
rate hikes. The gold market had priced GraniteShares Gold Trust / BAR 1.0 3.0 5.8 13.6 that, the metal would have to rise to a
in a 50-basis-point hike on Wednesday, Note: Returns through May 4. Three-year returns are annualized. N/A=not applicable little over $3,200 an ounce, according
Rhind says, which is why prices Source: Morningstar to the CPI inflation calculator. B
26 BARRON’S May 9, 2022
T A
here’s something standing in one-hundredth of a percentage point.) s bond yields remained ul- Michele believes that short-term rates
the way of what the Federal Now, consider that since June, the shadow tralow for many years, divi- of 3.25% a year from now—or in that
Reserve says it will do and policy rate has climbed about 250 basis dend stocks didn’t have a lot of vicinity—makes sense, and is something
what it actually can do: math. points, or 2.5%. The idea is that while the competition for income inves- that bond investors can live with. “It
That is the takeaway from a discus- Fed’s explicit tightening started in March, tors’ attention. But now, as the Federal feels like we’ve put in a bottom in terms
sion this week with Solomon Tadesse, financial conditions have been tightening Reserve continues to raise interest rates of bond prices for the next six-to-nine
head of quantitative equities strategies in anticipation of Fed moves. and tighten monetary policy to fight months,” he says.
North America at Société Générale. He Now, subtract that shadow tightening raging inflation, the competitive land- Still, the bond market is fraught with
is an outlier. While traders and strate- from the 550 basis points that Tadesse scape has changed dramatically and crosscurrents.
gists are pricing in aggressive policy says is the Fed’s capacity to tighten. Then, swiftly. Tom Tzitzouris, head of fixed-income
tightening as the Fed starts chasing back out this past week’s half-point hike Investors, however, need to use cau- research at Strategas, says that while
inflation from a 40-year high, Tadesse and March’s quarter-point hike. That tion before they start chasing fast-rising sophisticated investors can trade in and
says the Fed is already almost finished leaves just 2.25%—and that’s before get- bond yields. The 10-year U.S. Treasury out of Treasuries as yields and prices
lifting interest rates. He sees one more ting to balance-sheet reduction. Tadesse note’s yield was shade below 3% this bounce around, “for the long-term in-
rate hike in June—meaning a maximum says the first $100 billion in so-called week, up from about 1.5% at the end of vestor, I don’t see this as an entry
of 0.5% more in rate increases in this quantitative tightening will be equivalent 2021. Bond yields and prices move in point.”
cycle—despite Fed Chairman Jerome to about 12 basis points in rate increases. opposite directions—in this case, pres-
H
Powell’s hint on Wednesday that multi- As the balance sheet shrinks, each $100 suring prices in various fixed-income e wants to see the 10-year
ple half-point hikes are coming as well billion translates to progressively more classes such as high yield, investment- Treasury note’s yield to move
as subsequent smaller ones. Markets tightening; he doesn’t see the Fed shrink- grade corporates, and municipals ahead up to around 3.25%, or even a
expect the policy rate to hit at least 2.5% ing its portfolio, which doubled over the of what’s expected to be more rate hikes little higher. “I do believe the
by the end of 2022. past two years to about $9 trillion, by and tightening by the Fed. 10s can get up there,” Tzitzouris says. “I
Tadesse says his call is purely quanti- more than $1.8 trillion. Even then, Still, “for the first time in over a year, don’t know if we’re going to get up there
tative. There are two key elements to his Tadesse says, QT will soak up much of we are starting to see interest from our next week or next month or next year.
model. First, he says his research shows the Fed’s remaining tightening capacity. client base in allocating to fixed in- [But] that would be a good point for a
that the maximum amount of tightening come,” says Robert Michele, chief invest- buy-and-hold investor” to jump into
T
the Fed can conduct is two-thirds of the adesse acknowledges that ment officer at J.P. Morgan Global Fixed bonds.
total easing it did in the cycle leading up math is one thing and human Income, striking a more upbeat view Tzitzouris adds that he doesn’t see
to the tightening. Second, there are decisions—especially given the about bond-investing prospects at cur- much value in the 10-year at its recent
shadow rates, meant to account for large- fraught politics of inflation—are rent levels. yield range because it’s “below even the
scale asset purchases that began in re- another. The point is that if the Fed tight- Institutional investors such as pen- most optimistically low inflation expec-
sponse to the financial crisis of 2008-09 ens more than his models show, a hard sion funds and insurers, he says, have tation over the next decade of 3%.”
and were conducted over the past two landing is guaranteed. Powell says other- shown interest in investment-grade cor- Michele is a little more upbeat about
years. Used to measure the economy wise. For him to be right, Tadesse says the porates yielding in the 4.5% neighbor- fixed-income opportunities, including
when policy rates are at or near zero, Fed can’t go over 1% and tighten its bal- hood and even around 5% with longer investment-grade corporate bonds.
shadow rates attempt to show what the ance sheet at the indicated pace for more maturities, among other assets. “There’s still a high degree of confidence
policy rate would really be when uncon- than a year and a half. But to sufficiently Some individual investors, Michele that the Fed has enough tools in this
ventional measures like quantitative eas- cool inflation, it will have to. adds, have been putting money into mu- cycle to engineer a soft landing,” he says,
ing are figured in. The outcomes are binary. A soft land- nicipal bonds, whose yields have also adding that corporate profitability has
Taking quantitative easing, liquidity ing means the Fed stops as Tadesse’s risen nicely this year, as well as some been strong.
facilities, and fiscal aid into account, models suggest, implying more inflation, taxable bonds. He also likes municipal debt, which
Tadesse says the shadow policy rate probably alongside slowing growth and Michele says that market expecta- “might be the one part of market that’s is
was roughly negative 5% in the spring thus stagflation. If the Fed follows tions for the federal-funds rate—the the most underappreciated.” Ten-year
of 2021. Using that data point together through on its vow to bring prices central bank’s short-term interest rate AAA municipal bonds recently had tax-
with the cycle-peak policy rate of 2.5% down, it will have to tighten more than benchmark—indicate that it will be at able equivalent yields of roughly 4%,
in December 2018, he considers the the economy can handle before contract- roughly 3.25% a year from now, com- well above where they were at the begin-
prior easing cycle to have been almost ing. It can’t have it both ways. B pared with 0.75% to 1% currently. (The ning of the year. B
May 9, 2022 BARRON’S 27
T ECH T RADER
With the Nasdaq down 22% in 2022, it’s time to
start looking for bargains. Shares of Sony and
Electronic Arts could be a good place to start.
W
arren Buffett trends with the same speed as the pan- ogy hedge fund, argued that the big- do well as a leading game maker with
once said, demic before it. Shareholders need to gest driver for stock prices is positive an array of popular sports titles and
“You don’t closely follow business developments or negative earnings surprises. franchises like Apex Legends. Now that
find out at the companies they own—and read- In the case of both Amazon.com Activision Blizzard (ATVI) has
who’s been ing analyst reports is rarely enough. (AMZN) and Netflix (NFLX), multi- agreed to merge with Microsoft
swimming After years of writing about stocks, ple quarters of misses have been re- (MSFT), EA also has scarcity value as
naked until I’ve learned that two things matter sponsible for the stocks’ long slides. one of the few big independent pub-
the tide goes out.” Well, the tide has most to a stock’s future direction: a The misses don’t have to be on actual lishers remaining. The company could
gone out for technology-focused hedge company’s growth trajectory and the results. Disappointing outlooks are ultimately attract takeover attention
funds. By Tae Kim changes to earnings estimates from even more damaging. Once you see from a larger tech company.
In the first four months of the year, Wall Street. Taking my focus off those one quarter of misses, it’s time to dou- This past week, Advanced Micro
tens of billions of investors’ capital has data points has caused me to make ble down on your research. Devices (AMD), the leading chip sup-
been vaporized in what could be the mistakes in my own stock analysis. “When a company is predicated on plier for the PlayStation and Microsoft
quickest collapse of dollar value in (Just a reminder that as an employee consistent earnings beats, revenue Xbox, said it was seeing strong de-
hedge fund history. of Dow Jones, publisher of Barron’s, I beats, margin expansion, and they mand for its console chips and ex-
Tiger Global’s main hedge fund fell don’t buy or sell stocks I write about.) disappoint, there’s an air pocket into pected to see higher sales later this
by more than 40% through the end of In terms of growth, investors that stock,” Benton said, referencing year and in 2023. AMD’s commentary
April, with Bloomberg estimating the should take their cue from venture Netflix. matches the trends I see at retailers.
losses for the firm at roughly $16 bil- capitalist Bill Gurley, who has long Whenever PlayStation 5 consoles be-
A
lion. Many other large brand-name said that nothing matters more to val- fter tech stocks’ big drop, come available, they sell out in min-
technology funds own the same uation multiples than growth rates. there may now be opportuni- utes.
names as Tiger and are likely to be The market tends to extrapolate rising ties using the same frame- Both Sony and EA are scheduled to
down as much or more. growth far into the future, sending work laid out above. Which report earnings this coming week.
The performance looks even worse multiples higher. The reverse is also companies are best positioned to gen- While I’m not sure about this quar-
upon reflection. Theoretically, hedge true. A slowdown will drive multiple erate strong growth and upside earn- ters’ results given the supply issues,
funds are supposed to preserve capital compression. ings surprises over the next year? I’m confident in both companies’ abil-
in difficult markets. They are rarely Zoom Video Communications I have two suggestions: Sony ity to generate stellar results over the
fully exposed on the long side, and use (ticker: ZM) is a good example of the (SONY) and Electronic Arts (EA). next two years. B
wagers against companies to damp
volatility. But with several funds dou-
bling the Nasdaq Composite’s loss
through April, it means their stock-
picking, or alpha, was incredibly poor.
So, what did the managers get In just four months, tens of billions of
wrong and how can other investors
avoid such pitfalls? investors’ capital has been vaporized inside
The biggest lesson from 2022’s tech
blowup is that no change is perma- top tech hedge funds. It could be the
nent. Complacency is an investor’s
worst trait. Even after a decade of tech quickest collapse of dollar value in hedge
Dreamstime
MARKET WEEK
May 2 through May 6, 2022
11 M A R K E T P E R F O R M A N C E D A S H B O A R D
32,899.37
52-wk: -5.40% YTD: -9.46% Wkly: -0.24%
4,123.34
52-wk: -2.58% YTD: -13.49% Wkly: -0.21%
12,144.66
52-wk: -11.69% YTD: -22.37% Wkly: -1.54%
$20.42
52-wk: +16.22% YTD: +27.70% Wkly: +4.66%
6%
Ready, Set, Hike
Roller Coaster The Federal Reserve’s policy
5
Stocks had a volatile committee approved a half-
Monday. The Dow Jones point interest rate increase
Industrial Average rose in the on Wednesday. Stocks 4
0
U-Turn
Stocks tumbled on -1
Thursday. The Nasdaq shed
5% as the 10-Year Treasury
-2
yield settled above 3% for the
first time since 2018.
-3
Monday Tuesday Wednesday Thursday Friday Close
Source: Barron’s Statistics
U
ncertainty on sev- it relates to commodity prices and the rome Powell’s press conference
In Search of Preferreds
Investors can buy preferred stock from corporate issuers to closed-end funds.
iShares Preferred & Income Securities / PFF $33.50 -15.0% 4.39% and Financial
CLOSED-END FUND / TICKER
Flaherty & Crumrine Preferred Securites / FFC $18.12 -16.6% 7.88% Account Consolidation.
Nuveen Preferred Income Opportunities / JPC 7.87 -19.4 8.08
Note: Preferreds have par value of $25 except for Qurate Retail, which. has a par value of $100.
Source: Bloomberg
fewer than six million unemployed, the la- average earnings multiples are in banking
bor market is undeniably tight. and financials, the rare group that should
That’s a recipe for wage growth, which see core earnings power increase as rates
contributes to broad-based inflation. The rise. Cheap relative valuations reflect the
Fed can remain focused on the price stability known unknown of how much the economy
portion of its dual mandate, and not worry will deteriorate this year and next—and
about employment. Interest rates are going whether loan losses will be a result.
to continue rising—a known known. Citigroup (C), Citizens Financial
All that weighs on valuations of growth Group (CFG), Synchrony Financial (SYF),
stocks. And when investors can earn 3% or and U.S. Bancorp (USB) all screen attrac-
more on a risk-free Treasury note, there’s tively on those metrics. So do some oil-and-
meaningful competition for slow-growth, gas producers, which have bucked the trend
dividend-yielding stocks in sectors such as of contracting profit margins this earnings
utilities and real estate. Higher rates also season, and will continue to benefit from the
mean higher bond yields, especially on the supply shock of the Ukraine war that has
longer-duration end of the spectrum. The sent energy prices soaring. APA (APA),
ProShares Short 20+ Year Treasury Marathon Oil (MRO), and Occidental
exchange-traded fund (TBF) has been a Petroleum (OXY)—a recent Buffett pur-
decent hedge so far in 2022, and should chase—are potential names there.
Link accounts across multiple financial institutions for
continue to be so as rates climb further. Volatility has taken the wheel. Investors
So far this earnings season, S&P 500 ought to buckle up for more bumps ahead. consolidated portfolio tracking, analysis, and reporting.
profit margins have contracted by almost 4%
Returns are now Global Investment Performance Standards
year over year, per Credit Suisse. Stocks with A Preferred Opportunity
relatively low valuations and high cash-gen- The preferred stock market has suffered (GIPS®) verified.
erating businesses could be the best place for one of its worst selloffs in decades as yields
Measure time or money-weighted returns against industry
investors to weather the known unknowns. on leading bank preferred issues have risen
Many of the highest free-cash-flow-yielding to about 6% from 4%. But with yields now benchmarks.
stocks in the S&P 500 that trade for below- at their highest levels in five years, the $350
Better understand risks vs. returns with powerful analytics.
Vital Signs
Friday's Week's Week's
Close Change % Chg. Friday's Week's Week's
Close Change % Chg.
DJ Industrials 32899.37 -77.84 -0.24
Barron's Future Focus 867.77 -17.20 -1.94
DJ Transportation 14900.85 +35.79 +0.24
Barron's Next 50 2348.40 -113.34 -4.60
DJ Utilities 1007.16 +7.26 +0.73
Barron's 400 952.74 +8.91 +0.94
DJ 65 Stocks 11299.77 +4.32 +0.04
DJ US Market 1009.27 -5.56 -0.55 Last Week Week Earlier
NYSE Advances 1,235 950
NYSE Comp. 15566.56 -48.70 -0.31
NYSE Amer Comp.
S&P 500
4284.11
4123.34
+183.90
-8.59
+4.49
-0.21
Declines
Unchanged
2,321
91
2,597
106
portfolioanalyst.com/verified
New Highs 112 70
S&P MidCap 2480.95 -19.31 -0.77
New Lows 1,101 989
S&P SmallCap 1208.75 -5.97 -0.49
Av Daily Vol (mil) 5,031.6 4,932.0
Nasdaq 12144.66 -189.98 -1.54
Dollar (Finex spot index) 103.69 102.96 Interactive Brokers LLC - member NYSE, FINRA, SIPC. Any trading symbols displayed are for illustrative
Value Line (arith.) 8764.44 -85.09 -0.96
T-Bond (CBT nearby futures) 136-10 140-22 purposes only and are not intended to portray recommendations. GIPS® is a registered trademark
Russell 2000 1839.56 -24.54 -1.32 owned by CFA Institute. CFA Institute does not endorse or promote this organization, nor does it
Crude Oil (NYM light sweet crude) 109.77 104.69
DJ US TSM Float 41433.22 -245.94 -0.59 warrant the accuracy or quality of the content contained herein 01-IB22-1479
Inflation KR-CRB (Futures Price Index) 311.32 308.27
Gold (CMX nearby futures) 1881.20 1909.30
30 BARRON’S May 9, 2022
Industry Action
Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.*
billion market has gotten more attractive. ferred at a sharp discount, there is consider-
Some preferred issues have fallen nearly ably more appreciation potential.
Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF
30% in price this year—a huge decline for an The largest ETF, the $16 billion iShares
asset class many investors have viewed as Preferred & Income Securities (PFF), is
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a relatively low risk. The losses reflect the rise off 15% this year to $33.50 and yields 4.5%.
prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the in long-term interest rates and a widening in Closed-end funds yield more, reflecting
prospectus carefully before investing. yield spreads relative to Treasuries. Most the use of leverage. The Flaherty & Crum-
All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to sector risks and non-diversification risks, which generally preferreds are perpetual, which can make rine Preferred & Income Securities (FFC)
results in greater price fluctuations than the overall stock market. Ordinary brokerage commissions apply. them acutely sensitive to rate changes. Many and Nuveen Preferred & Income Oppor-
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. are down more than long-term Treasury tunities funds (JPC) yield around 8%. The
ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. bonds, including the iShares 20-Year Nuveen fund trades at a 7% discount to net
Treasury Bond exchange-traded fund asset value; the Flaherty & Crumrine issue
(ticker: TLT), which is off 22% in 2022. fetches a slight premium to NAV.
Frank Sileo, a fixed-income strategist at Preferred stock has long appealed to
UBS, wrote recently that the market has a retail investors because of the relatively
“more favorable outlook,” citing “improved high and secure dividend yields. Preferreds
valuation” and a better backdrop for Treasury with $25 face values are traded like stocks
yields after sharp rate increases this year. on exchanges, mostly on the NYSE, giving
“From a credit standpoint, the market is the market more transparency than corpo-
in very good shape,” says Eric Chadwick, rate or municipal bonds. There are also
president of Flaherty & Crumrine, a pre- preferreds with $1,000 face values geared
Discover Polynesian ferred-focused investment firm with $4.5
billion under management. He points out
toward institutional investors that gener-
ally aren’t exchange-traded.
that banks dominate the market and that Chadwick says these issues are often
paradise at The Brando their “balance sheets are strong.”
The biggest losses have come in pre-
more appealing than $25 par preferreds.
One recent issue, he says, is Bank of Amer-
ferreds issued last year that had historically ica’s $2 billion of preferred that carries a
T E T I A R O A , F R E N C H P O LY N E S I A low dividend yields. J.P. Morgan’s 4.2% 6.125% rate for five years, then resets to float
preferred issue (JPM Pr M), a $2 billion at a spread of 3.25% percentage points above
O C TO B E R 2 5 – O C TO B E R 3 0, 2 0 2 2 issue, has dropped almost 30% this year to the five-year Treasury. This issue has similar
$18, lifting its yield to 5.85%. Wells Fargo’s yields to fixed-rate preferreds but less rate
6 4 6 .7 8 0 . 8 3 8 3 | I N D A G A R E .C O M / P E N TA - B R A N D O
4.75% issue (WFC Pr Z) now trades at risk due to the floating-rate feature.
$19.50 for a 6.1% yield and AT&T’s 4.75% Preferreds offer tax advantages. Divi-
issue (T Pr C) is at $19.25, yielding 6.15%. dends normally are taxed favorably like
Vornado Realty Trust’s 4.45% issue (VNO common-stock payouts since preferreds are
Pr O) is at $17.50, yielding 6.35%. a senior form of equity. While preferred
The face value on these issues is $25 a stock is less secure than debt, companies are
share; they all traded around that level at loath to omit preferred dividends in part
year-end 2021. because common dividends can’t be paid
Buying preferreds at discounts to their unless preferred payouts are being met.
face value mitigates one of the problems Barron’s has written periodically on pre-
with the market (for a sample of funds, see ferreds, cautiously in our 2022 income in-
page 29). Preferreds generally can be re- vesting outlook, and favorably in a recent
PHOTOGRAPHER CREDIT: THE BRANDO @2022 DOW JONES & COMPANY,INC. ALL RIGHTS RESERVED. 4E5409
deemed by issuers in five years, limiting article on bond-market opportunities.
their upside. But if an investor buys a pre- — Andrew Bary
May 9, 2022 BARRON’S 31
EUROPEAN TRADER E M E R G I N G M A R K E TS
Oxford Nanopore Sees Bonds May Be Turning a
Growth in DNA Testing Corner After Big Decline
By Rupert Steiner the University of Oxford, has a market By Reshma Kapadia For those not yet invested in emerging
value of £2.6 billion and employs about markets, it’s a good time to step in. One
B W
iotech company Oxford Nano- 850 people. It lost £167.6 million in 2021, ar, inflation, and a default big reason: Funds have already taken the
pore Technologies, which deeper than the £61.2 million deficit in have dealt emerging market brunt of the hit, having sold troubled se-
listed on the London market 2020. Revenue in 2021 was £133.7 mil- bonds an especially hard curities and writing down investments, for
eight months ago, produces lion, better than the £113.9 million blow, and souring senti- example, in Russian and Belarus bonds.
Covid-19 technology to identify new vari- posted in 2020. ment on emerging markets broadly hasn’t That said, this isn’t the time for a pas-
ants, but its expertise in testing DNA and CEO Gordon Sanghera tells Barron’s in helped. But for intrepid investors, this sive approach. Here’s why: Only pockets
analyzing data is where its growth lays. a statement that “we deploy a powerful corner of the bond market is already of emerging markets are attractive. Inves-
Its technology, with more than 2,000 innovation engine in our R&D teams to looking more attractive. tors want to steer toward beneficiaries of
patents, could disrupt the gene sequenc- constantly evolve our technology. This There’s no sugarcoating the pain. The the rise in commodity prices, like Latin
ing market, and is superior to rivals’ be- helps expand our user base. For example, iShares J.P. Morgan USD Emerging American commodity exporters, and
cause it combines portability, real-time experts in human genetics and cancer are Markets Bond exchange-traded fund steer clear of fuel and food importers
data processing, and skill in reading ul- increasingly using our sequencing plat- (ticker: EMB) has lost 15% this year, com- whose finances could come under duress.
tralong DNA fragments. Potential appli- form to gain a more comprehensive pic- pared with the 10% loss in the iShares Countries like Mexico and Brazil are
cations stretch far beyond healthcare, ture of those genomes.” Core U.S. Aggregate Bond ETF (AGG). benefiting from the spike in commodity
and span agriculture, epidemiology, in- Oxford Nanopore could be well-placed Contributing to the pain is Russia’s prices, and both are favored areas for
dustry, and education. to benefit from increased spending by invasion of Ukraine, which led to indexes managers. Unlike emerging market equi-
The markets in which its tech can be governments that are conducting projects booting Russia from their benchmarks, ties benchmarks that are tilted toward
used are worth a combined $300 billion, to map the human genome so that Big and to a surge in food and fuel prices that Asia, technology, and trade-oriented
long-term, Odysseas Manesiotis, an ana- Data can be used to analyze trends in exacerbated the bad fiscal health of coun- beneficiaries, the emerging markets debt
lyst at Berenberg, wrote in a note. But diseases to plot care and cures. tries like Sri Lanka, which said it would indexes have a heavier helping of com-
the shares (ticker: ONT.UK) of the Ox- Stefan Hamill, an analyst at Numis, default on its foreign debt. modity beneficiaries. That offers another
ford, U.K.–based company have slumped wrote in a client note that governments But the market is primed to turn the avenue for investors looking to tap into
since they debuted at 4.25 pounds ster- are expanding their research-and-devel- corner, says Carlos de Sousa, emerging the commodity boom. But nuance is
ling ($5.55) in September. At a recent opment spending faster than gross do- markets strategist with Vontobel’s fixed-in- necessary, with some countries in better
£3.23, the stock has been dragged down mestic product to build knowledge indus- come group, which oversees $3.7 billion in shape and further away from crises than
with its peers as investors rotated from tries, “despite expected pressure on fiscal emerging markets sovereign debt assets. others.
growth issues to value shares. balance sheets, with many population Driving an inflection point is the Of course, there are pockets of the
Despite posting a loss in 2021, Oxford genomics programs under way.” diverging monetary policy around the market under stress, including frontier
Nanopore has raised revenue guidance Berenberg’s Manesiotis believes that world. Many emerging market central market countries like Tunisia, with shaky
for this year three times, most recently to increased academic and clinical adoption bankers—like those in Brazil and finances under further duress from food
a range of £145 million to £160 million. of Oxford Nanopore’s tech will support Mexico—have been ahead of the Federal shortages.
That’s up from £135 million to £145 mil- about a 30% increase in sales from 2021 Reserve and have already been raising Sri Lanka’s sovereign default raises
lion, and in line with an estimate of £151 to 2026 in terms of a compound annual rates to tackle inflation. warning flags, but its condition is a
million by RBC Capital Markets. growth rate. The crunching of data ex- That’s a change from in the past, when byproduct of years of ill fiscal health.
The dip in the share price means that tends into a raft of areas. emerging markets were often chasing the “It’s not a canary in the coal mine,” says
Oxford Nanopore could be a buying op- Advances in collecting samples from Fed’s interest-rate hikes, putting them in Nick Hardingham, director of emerging
portunity. David Westenberg, an analyst humans, plants, and animals using af- a precarious situation as they grappled markets debt at Franklin Templeton.
at Piper Sandler, estimates that the stock fordable portable and benchtop devices with rising financing costs. He adds that many emerging markets
could rise to £7.50 because of increased that analyze information in real time have Not only have they become more pro- have taken advantage of low rates to im-
adoption of its tech. applications for food safety, animal con- active, but many of the countries are in prove their fiscal positions and aren’t on
“Potential near-term applications servation, and the development of pest- much better fiscal health than in 2016. the cusp of a raft of dollar-denominated
include infectious-disease testing, rare- resistant crops. The technology can also They are less reliant on foreign-denomi- bonds coming due soon.
disease diagnosis, and microbiology,’’ he help with monitoring the impact of cli- nated debt, which should make them For those dipping their toes in, dollar-
says. “We estimate these ‘niche’ markets mate change, as researchers use it to more resilient to the Fed’s tightening denominated debt is the more conserva-
have current addressable markets of characterize microbial diversity and cycle than during the so-called taper tive option. Local debt tends to be more
more than $1 billion.” microbiome samples. Its technology is tantrum that year, when investors fled volatile and could also get hit by the
The company, which was spun out of also used in cancer research. B the asset class. continuing strength of the dollar. B
32 BARRON’S May 9, 2022
T H E ST RIKING PRIC E
The market uncertainties are elevating fear
premiums in the options market, and creating
rarely seen, if intriguing, conditions for investors.
160
30
I
t’s hard to economically describe the Cboe Volatility Index, or VIX, was recently 20
current market environment and in- above 30. The VIX is so often mentioned 80
vestor sentiment, but horripilation that it might seem like an impotent indica-
comes close. The mid-17th century tor. But readings above 30 are relatively 10 40
word describes hair standing up on the rare—among the top 4% of all readings J J A S O N D J F M A M J J A S O N D J F M A M
skin due to cold, fear, or excitement. historically. In the past five years, the VIX Daily Values Source: CBOE Source: McMillan Analysis Corp.
Many investors are experiencing that has rarely been that high—notably in re-
sensation as it becomes clear that the sponse to 2020’s initial Covid-19 outbreak—
mighty “Fed put” that long supported the and short-lived. SPX Skew NDX Skew
stock market is expiring. The stock market In other words, the stock market may Implied volatility % Implied volatility %
has to stand on its own—and it is having a not be able to handle uncertainty, but the 15% 13%
hard time maintaining its equilibrium. options market loves indecision and anxi-
The charts of many stocks reveal that ety. Fear premiums swell as investors ac- 14
12
trading patterns are spiraling lower. The tively buy puts to hedge stocks and portfo- 13
lofty valuations stocks have long enjoyed lios. The weakness in stocks, coupled with 11
in a low-rate, high economic-growth envi- the demand for calls as stock proxies, 12
ronment are falling back to earth. keeps greed premiums elevated, and 10
11
It’s hard to identify signals from noise, boosts fear premiums.
but recent comments from two great inves- The world will always need banks, drug 10
9
tors are worth pondering. companies, technological innovation, ma-
Paul Tudor Jones, the macro hedge fund chinery, cars, and so forth. Look around 9 8
manager, told CNBC recently that the fi- your house and office. Compile a shopping J J A S O N D J F M A M J J A S O N D J F M A M
nancial environment was so bad “you don’t list of solid businesses you want to own, or Source: Credit Suisse Equity Derivatives Strategy Source: Credit Suisse Equity Derivatives Strategy
want to own bonds and stocks.” Jones was look to add to your current holdings. 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.
famously positioned short before the 1987 If you can’t decide on one stock, consider
stock market crash, and he has been much buying the SPDR S&P 500 ETF Trust
admired ever since. (ticker: SPY) and curating the position with Week’s Most Active
Warren Buffett, one of the most suc- options. When SPY was around $411.36, Company Symbol Tot Vol Calls Puts Avg Tot Vol IV %ile Ratio
cessful investors in history, is actively buy- the June $305 put that expires in 2023 could Better Therapeutics BTTX 21024 15579 5445 328 100 64.1
Innoviz Technologies INVZ 77119 72319 4800 2596 95 29.7
ing stocks—and companies. At 91, an age be sold for about $10. The put sale ex- Sierra Wireless SWIR 16460 15337 1123 620 50 26.5
when most people have long since slowed presses a willingness to buy the S&P 500 at Hilltop HTH 2811 823 1988 140 58 20.1
down, the billionaire remains an apex an effective price of $295, a price last seen in Kyndryl KD 29333 12470 16863 1516 10 19.3
Everquote EVER 6132 5290 842 416 56 14.7
predator when it comes to stocks. “We August 2019. The June $500 call that ex- Satellogic SATL 9531 9013 518 696 100 13.7
depend on mispriced businesses through a pires in 2023 could be sold for about $9, too. Lyft LYFT 1029252 639030 390222 82288 89 12.5
mechanism where we’re not responsible The short strangle—selling a put and Enovix ENVX 50925 46258 4667 4268 100 11.9
2U TWOU 20160 6860 13300 1788 99 11.3
for the mispricing,” he said at the recent call with different strike prices but similar
Zymeworks ZYME 28887 20839 8048 2672 99 10.8
Berkshire Hathaway annual meeting. expirations—expresses a willingness to eHealth EHTH 19179 15891 3288 1948 83 9.8
What does this mean for you? If Jones is buy low and sell high. In other words, the Chegg CHGG 122631 74544 48087 13160 83 9.3
getting dour, and Buffett is getting greedy, options market can help investors make Embark Technology EMBK 12953 238 12715 1660 100 7.8
Expedia EXPE 233060 144107 88953 29792 73 7.8
investors should think about getting into disciplined investment decisions while Freshworks FRSH 13396 5807 7589 1792 59 7.5
the act. But when? monetizing investor fear and greed. B Hudson Technologies HDSN 9494 8039 1455 1268 18 7.5
When you are so afraid that it seems as Livent LTHM 59260 54467 4793 7908 36 7.5
Ternium TX 23255 21287 1968 3376 83 6.9
if the stock market is facing impossible Steven M. Sears is the president and chief oper-
DigitalBridge DBRG 18537 18219 318 2716 51 6.8
odds, you have likely identified a market ating officer of Options Solutions, a specialized
bottom—or at least the start of your own asset-management firm. Neither he nor the firm This table of the most active options this week, as compared to average weekly activity – not just raw volume. The idea is that the unusually heavy trading in these options might be a predictor of
corporate activity – takeovers, earnings surprises, earnings pre-announcements, biotech FDA hearings or drug trial result announcements, and so forth. Dividend arbitrage has been eliminated. In
personal bull market. has a position in the options or underlying securi- short, this list attempts to identify where heavy speculation is taking place. These options are likely to be expensive in comparison to their usual pricing levels. Furthermore, many of these
situations may be rumor-driven. Most rumors do not prove to be true, so one should be aware of these increased risks if trading in these names
The uncertainties are elevating fear pre- ties mentioned in this column. Ratio is the Tot Vol divided by Avg Tot Vol. IV %ile is how expensive the options are on a scale from 0 to 100. Source: McMillan Analysis
May 9, 2022 BARRON’S 33
Holdings
Inozyme Pharma (INZY)
M&A Deals
Pivotal Partners switched to an
Are Taking a
GM CFO Paul Jacobson
activist stance when it reported a
6.6% stake in the clinical-stage
biopharmaceutical firm. Pivotal,
through an April 19 secondary
offering, purchased 1,070,000
Breather
Scooped Up Shares Inozyme shares at a price of $3.69
apiece. As a result, Pivotal boosted
its Inozyme stake by 67%, to
By CARLETON ENGLISH
D
2,661,154 shares. Managing direc- eal making isn’t dead yet.
tor Robert Hopfner serves on Wall Street has seen a
By ED LIN earnings at the end of April. Inozyme’s board. slowdown in merger-and-
G
Jacobson paid $1.4 million on April acquisition activity this year
eneral Motors stock has 28 for 35,000 GM shares, an average Nkarta (NKTX) following 2021’s surge, but deal
tumbled this year, and price of $38.79 each, according to a RA Capital Management raised making appears to be taking a
Chief Financial Officer form he filed with the Securities and GM stock is its position in the cancer-treatment breather rather than a full stop,
Paul Jacobson scooped up Exchange Commission. He now owns lagging behind biopharmaceutical firm to according to bankers speaking at
shares of the auto giant. 110,000 GM shares. the market so far 7,832,340 shares. RA Capital in- the Milken Institute Global Confer-
GM (ticker: GM) stock “The purchase speaks for itself,” in 2022. Chief creased its Nkarta stake by nearly ence this past week. In fact, as busi-
has lost about a third of Jacobson told Barron’s. “I think GM is Financial Officer 40% by buying 2,200,000 shares nesses are eager to protect their
its value in 2022, about even with rival undervalued, and a great investment.” Paul Jacobson through an April 26 secondary of- supply chains, a ramp up of merg-
Ford Motor (F), and compared with He joined GM in December 2020, bought $1.4 million fering that priced at $15 each. The ers may be on the horizon.
a 13% drop in the S&P 500 index. At and is a former CFO of Delta Air of shares of the exercise of the underwriters’ option “Supply chain is the most impor-
the end of last year, we named GM as Lines (DAL). auto giant. brought the total number of shares tant topic in companies,” Drew
one of our top stock picks for 2022. GM has stock-ownership require- sold by Nkarta to 15,333,334 shares, Goldman, global head of invest-
We noted that it is “as well positioned ments of its executive officers and and increased the gross proceeds ment banking coverage and advi-
as any of its peers and is valued at less directors, and Jacobson is expected to raised in the offering, before de- sory at Deutsche Bank, said Tues-
than a tenth of Tesla (TSLA).” own four times his annual salary in ducting discounts, commissions, day, remarking on the motivations
But this year has seen the com- stock, according to the company’s lat- and expenses, to $230 million. RA for deals. “Right now it’s more es-
pany idling plants due to the ongoing est proxy. He was paid a $1 million Capital now owns a 16.2% interest sential: What is it I need to secure
chip shortage. The company also base salary in 2021. But GM officers in Nkarta. RA Capital Principal my business?”
increased a controlling stake in its and directors have five years to meet Zachery Scheiner serves on Still, it would be hard to deny
Cruise autonomous-driving unit, the ownership requirements, so Jacob- Nkarta’s board. The fresh invest- that the urge to merge has been
which isn’t yet profitable, although son wasn’t obligated to buy this much ment isn’t tied to any plan or tempered. Deal count was down by
GM reported strong first-quarter stock this quickly. B proposal. 10% in the first quarter, according
to Dealogic. Rising interest rates
Antares Pharma (ATRS) make financing deals less attractive,
Magnetar Capital ratcheted while market volatility makes it
up its holding in the biopharma- difficult for buyers and sellers to
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 May 9, 2022
W I N N E R S & LO S E R S
Saturday Inbox: Sign up for the
Market Lab Newsletter every Saturday
at Barrons.com/newsletters
NYSE Biggest % Movers NYSE Most Active NYSE American Most Active Nasdaq Most Active
Winners Volume Percentage Leaders Volume Percentage Leaders Volume Percentage Leaders
Name (Sym) Volume Close Change %Chg. Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change
ForgeGlobal(FRGE) 15998 32.58 +13.68 +72.4 M3-BrigadeIII A(MBSC) 1600 1542.2 9.98 +0.00 AdaraAcqnA(ADRA) 271 210.6 9.92 +0.03 AtlCoastal II A(ACAB) 888 3151.1 9.98 +0.03
BlueLinx(BXC) 1595 96.83 +30.16 +45.2 ST Ener I A(STET) 1633 1457.7 9.89 0.00 DeltaApparel(DLA) 222 205.8 29.81 +0.83 McLarenTechA(MLAI) 1543 2606.5 9.99 –0.01
Cooper-Standard(CPS) 5287 6.25 +1.64 +35.6 AfterNextA(AFTR) 2753 1065.2 9.71 +0.00 Ashford(AINC) 111 190.0 13.75 +0.69 DigitalHealth(DHAC) 1651 2484.8 10.01 –0.02
Livent(LTHM) 34605 28.02 +6.66 +31.2 DelwindsInsA(DWIN) 2412 1061.6 9.97 0.00 HNR Acqn(HNRA) 427 178.2 9.99 –0.01 LavaMedtech(LVAC) 1542 2361.0 10.05 +0.01
EPAM Systems(EPAM) 7729 347.00 +82.01 +30.9 ShoulderUpTechA(SUAC) 815 1054.9 9.94 +0.01 EmpirePetrol(EP) 234 153.1 24.70 +0.90 TarsusPharm(TARS) 4397 1982.0 11.08 –7.23
CVR Energy(CVI) 6681 32.71 +7.64 +30.5 SandbridgeX2 A(SBII) 1323 1007.2 9.80 0.00 AltisourceAsset(AAMC) 93 145.2 10.50 +1.40 InvestcorpEur I A(IVCB) 1412 1760.1 10.00 0.00
SequansComms(SQNS) 690 3.11 +0.69 +28.5 BeardEnerA(BRD) 709 1001.9 9.93 –0.04 Envela(ELA) 413 142.6 4.89 –0.54 GesherIAcqnA(GIAC) 1001 1422.9 9.87 –0.02
Albemarle(ALB) 10100 242.41 +49.58 +25.7 KingswoodA(KWAC) 1400 966.1 10.24 +0.01 Cohen(COHN) 117 140.7 13.99 –0.61 GlblTechAcqnI(GTAC) 1459 1287.3 9.96 –0.01
PrimeImpactI A(PIAI) 1453 925.7 9.91 0.00 AcmeUnited(ACU) 69 118.0 34.09 +1.10 ALSPOrchidI A(ALOR) 1781 1133.2 9.96 –0.06
Losers LearnCWInvtA(LCW) 1410 888.7 9.86 0.00 EvansBancorp(EVBN) 84 113.0 37.12 –1.00 Redbox(RDBX) 286152 1030.7 6.14 +0.16
Name (Sym) Volume Close Change %Chg.
ColombierAcqnA(CLBR) 1362 729.9 9.74 +0.01 IssuerDirect(ISDR) 67 83.0 24.76 +0.89 ZimmerEnerA(ZT) 1410 989.7 9.73 +0.01
Tupperware(TUP) 14349 9.93 –7.65 –43.5
AvantiAcqnA(AVAN) 5623 709.4 9.89 –0.01 Electromed(ELMD) 77 70.6 12.50 –0.17 GenesisUnicornA(GENQ) 790 715.9 9.95 –0.01
StudioCity(MSC) 94 2.61 –1.20 –31.5
HorizonII A(HZON) 4451 699.0 9.89 –0.01 ImperialOil(IMO) 4199 50.5 52.76 +2.62 IntelligentMedA(IQMD) 1360 710.8 10.01 +0.01
UnderArmour C(UA) 38610 9.85 –4.34 –30.6
TwinRidgeCapA(TRCA) 1005 646.7 9.80 –0.01 EquinoxGold(EQX) 16579 44.7 5.80 –1.33 FocusImpactAcqn(FIAC) 879 614.9 9.96 +0.02
QuadGraphics(QUAD) 4392 4.74 –2.04 –30.1
SocialLvgI A(SLAC) 1545 640.9 9.81 +0.01 EVI Industries(EVI) 191 36.0 12.92 –1.37 FirstGuarBcshs(FGBI) 251 610.5 27.25 +4.25
Bill.com(BILL) 25035 121.00 –49.71 –29.1
TrepontAcqnI A(TACA) 1596 543.0 10.09 +0.01 NewFoundGold(NFGC) 1054 28.9 6.51 –0.03 Lyft(LYFT) 220819 605.4 20.51 –12.09
UnderArmour A(UAA) 67149 10.89 –4.47 –29.1
Chegg(CHGG) 95070 539.6 18.65 –6.09 MastechDigital(MHH) 100 26.9 18.59 +0.17 FG Merger(FGMC) 349 506.3 9.98 –0.01
LocalBounti(LOCL) 921 5.03 –1.97 –28.1
BlackMountainA(BMAC) 1756 526.0 9.95 –0.01 BlueRidgeBkshs(BRBS) 293 25.7 14.70 +0.13 CactusAcqn1 A(CCTS) 744 503.9 9.98 +0.01
UserTesting(USER) 1527 5.79 –2.02 –25.9
Crawford B(CRD.B) 565 491.4 7.19 –0.18 BarHarborBkshs(BHB) 114 15.9 26.10 –0.01 LogisticsInnovA(LITT) 787 499.0 9.76 +0.04
AmRltyInv(ARL) 152 459.7 20.81 –1.41 CheniereEnergy(LNG) 13679 14.2 147.27 +11.46 SportsMapTech(SMAP) 587 487.9 9.95 0.00
NYSE American Biggest % Movers By Share Volume By Share Volume By Share Volume
Winners Name (Sym) Volume Close Change %Chg. Name (Sym) Volume Close Change %Chg. Name (Sym) Volume Close Change %Chg.
Name (Sym) Volume Close Change %Chg. ItauUnibanco(ITUB) 330169 4.65 –0.14 –2.9 BitNile(NILE) 130856 0.32 –0.08 –20.5 AdvMicroDevices(AMD) 747349 95.34 +9.82 +11.5
DecisionPointSys(DPSI) 152 6.69 +2.79 +71.5 Uber(UBER) 328923 26.07 –5.41 –17.2 ITTechPkg(ITP) 121506 0.40 –0.05 –10.6 Apple(AAPL) 566747 157.28 –0.37 –0.2
ArenaGroup(AREN) 339 15.00 +4.65 +44.9 NIO(NIO) 307178 14.92 –1.78 –10.7 Tellurian(TELL) 112920 4.43 –0.55 –11.0 NVIDIA(NVDA) 295553 186.75 +1.28 +0.7
InfuSystems(INFU) 813 9.33 +1.40 +17.7 FordMotor(F) 304602 14.21 +0.05 +0.4 CamberEnergy(CEI) 110330 0.77 –0.03 –3.3 Redbox(RDBX) 286152 6.14 +0.16 +2.7
AltisourceAsset(AAMC) 93 10.50 +1.40 +15.4 AT&T(T) 297960 20.03 +1.17 +6.2 Zomedica(ZOM) 76550 0.24 –0.01 –2.8 SoFiTech(SOFI) 245277 6.44 +0.32 +5.2
HoustonAmEner(HUSA) 21485 4.08 +0.52 +14.6 BankofAmerica(BAC) 252682 37.45 +1.77 +5.0 B2Gold(BTG) 71467 4.31 +0.06 +1.4 Intel(INTC) 224111 44.30 +0.71 +1.6
InnSuitesHosp(IHT) 77 2.83 +0.30 +11.9 SOS(SOS) 226354 0.45 +0.03 +6.8 UraniumEner(UEC) 66800 4.13 –0.12 –2.8 Lyft(LYFT) 220819 20.51 –12.09 –37.1
AirspanNetworks(MIMO) 245 2.80 +0.29 +11.6 PalantirTech(PLTR) 225533 9.48 –0.92 –8.8 GranTierraEner(GTE) 44511 1.62 0.00 0.0 MetaPlatforms(FB) 208667 203.77 +3.30 +1.6
RingEnergy(REI) 11356 4.96 +0.49 +11.0 Nokia(NOK) 219013 4.96 –0.08 –1.6 DenisonMines(DNN) 44284 1.20 –0.11 –8.4 Microsoft(MSFT) 175694 274.73 –2.79 –1.0
Vale(VALE) 203607 15.72 –1.17 –6.9 Senseonics(SENS) 25727 1.26 –0.14 –10.0 AmerAirlines(AAL) 160080 17.84 –0.93 –5.0
Losers PetroleoBrasil(PBR) 193644 14.08 +0.51 +3.8 NewGold(NGD) 25652 1.35 –0.11 –7.5 Comcast A(CMCSA) 155957 40.00 +0.24 +0.6
Name (Sym) Volume Close Change %Chg.
Carnival(CCL) 188656 15.92 –1.38 –8.0 AustinGold(AUST) 24475 2.96 –1.04 –26.0 DraftKings(DKNG) 138612 13.15 –0.53 –3.9
TakungArt(TKAT) 3209 1.95 –0.58 –22.9
ExxonMobil(XOM) 187040 91.69 +6.44 +7.6 HoustonAmEner(HUSA) 21485 4.08 +0.52 +14.6 OpendoorTech(OPEN) 129018 6.71 –0.28 –4.0
EquinoxGold(EQX) 16579 5.80 –1.33 –18.7
Twitter(TWTR) 169621 49.80 +0.78 +1.6 Globalstar(GSAT) 21076 1.12 –0.04 –3.4 Tesla(TSLA) 128765 865.65 –5.11 –0.6
Stereotaxis(STXS) 2366 2.18 –0.32 –12.8
Ambev(ABEV) 168172 2.62 –0.29 –10.0 EnergyFuels(UUUU) 17522 6.91 –0.60 –8.0 SesenBio(SESN) 113340 0.54 +0.16 +41.5
RegionalHealth(RHE) 132 2.88 –0.36 –11.1
OccidentalPetrol(OXY) 163727 64.94 +9.85 +17.9 EquinoxGold(EQX) 16579 5.80 –1.33 –18.7 TilrayBrands(TLRY) 112856 4.74 –0.24 –4.8
Tellurian(TELL) 112920 4.43 –0.55 –11.0
EnergyTransfer(ET) 149112 11.63 +0.55 +5.0 TasekoMines(TGB) 16485 1.72 –0.21 –10.9 Robinhood(HOOD) 108817 10.12 +0.31 +3.2
FreshVineWine(VINE) 98 3.13 –0.36 –10.3
Pfizer(PFE) 146768 49.04 –0.03 –0.1 AsensusSurg(ASXC) 16449 0.38 –0.07 –15.9 CiscoSystems(CSCO) 108796 49.33 +0.35 +0.7
Envela(ELA) 413 4.89 –0.54 –9.9
SouthwesternEner(SWN) 143248 7.30 –0.20 –2.7 CheniereEnergy(LNG) 13679 147.27 +11.46 +8.4 Zynga(ZNGA) 107016 8.08 –0.19 –2.3
BM Tech(BMTX) 276 6.85 –0.75 –9.9
AMC Ent(AMC) 141962 13.76 –1.54 –10.1 AmpioPharm(AMPE) 12424 0.23 +0.00 +0.4 WarnerBrosA(WBD) 106435 17.75 –0.40 –2.2
Losers Chevron(CVX) 8159044 170.69 +14.02 +8.9 CamberEnergy(CEI) 86665 0.77 –0.03 –3.3 Intel(INTC) 10038438 44.30 +0.71 +1.6
Name (Sym) Volume Close Change %Chg. Visa(V) 8125274 202.82 –10.31 –4.8 GranTierraEner(GTE) 72267 1.62 0.00 0.0 Airbnb(ABNB) 9285744 135.84 –17.37 –11.3
ConnectBiopharma(CNTB) 6906 0.62 –1.41 –69.2 BerkHathwy B(BRK.B) 7775208 318.88 –3.95 –1.2 SkyHarbour(SKYH) 64400 7.31 –0.42 –5.4 PayPal(PYPL) 8359578 81.68 –6.25 –7.1
SperoTherap(SPRO) 25178 2.07 –2.79 –57.4 Boeing(BA) 7158364 148.90 +0.06 +0.0 ITTechPkg(ITP) 55434 0.40 –0.05 –10.6 Costco(COST) 8191763 503.36 –28.36 –5.3
ClovisOncology(CLVS) 66643 0.99 –1.01 –50.4 Pfizer(PFE) 7136781 49.04 –0.03 –0.1 DenisonMines(DNN) 55186 1.20 –0.11 –8.4 BookingHldgs(BKNG) 8167433 2194.23 –16.08 –0.7
Amarin(AMRN) 79956 1.34 –1.35 –50.2 Disney(DIS) 6980823 110.29 –1.34 –1.2 RingEnergy(REI) 54320 4.96 +0.49 +11.0 Qualcomm(QCOM) 8053654 140.58 +0.89 +0.6
KezarLifeSci(KZR) 13198 6.31 –5.57 –46.9 BerkHathwy A(BRK.A) 6931166479500.00 –4840.00 –1.0 NovaGoldRscs(NG) 48507 5.77 –0.45 –7.2 Broadcom(AVGO) 7005947 580.10 +25.71 +4.6
TarsusPharm(TARS) 4397 11.08 –7.23 –39.5 Procter&Gamble(PG) 6875802 156.00 –4.55 –2.8 BitNile(NILE) 47208 0.32 –0.08 –20.5 Starbucks(SBUX) 6784980 76.52 +1.88 +2.5
Eargo(EAR) 6148 2.29 –1.49 –39.4 Coca-Cola(KO) 6743012 64.74 +0.13 +0.2 CheniereEnerPtrs(CQP) 43538 56.58 +2.82 +5.2 Comcast A(CMCSA) 6283945 40.00 +0.24 +0.6
KymeraTherap(KYMR) 8064 19.04 –12.31 –39.3 Citigroup(C) 6545083 51.62 +3.41 +7.1 NewGold(NGD) 35940 1.35 –0.11 –7.5 Adobe(ADBE) 6246677 391.01 –4.94 –1.2
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
May 9, 2022 BARRON’S 37
Barron's 50-Stock Average 50 Dow Jones Per Share Values 49 Money Rates, U.S. & Foreign 50 Vital Signs 29
DATA
Cash Track 46 Exchange Traded Portfolios 45 Mutual Funds 46 Week In Stocks 49
Charting the Market 35 Federal Reserve Data Bank 51 N.Y. Stock Exchange 37 Weekly Bond Statistics 51
Coming Earnings 50 Foreign Exchange 50 Nasdaq National Market 41 Winners & Losers Stocks 36
Conference Call Calendar 50 Global Stock Markets 44 New Corporate Listings 49
Delta Tactical Sentiment 50 Gold & Silver Prices 51 New Highs & Lows 52
Distributions & Offerings 49 Gold Mining Index 51 NYSE Half-Hourly Volume 49
Dividend Boosts - Reductions 51 Indexes P/Es & Yields 49 Other Market Indexes 48
Dividend Ex-Payment Dates 51 Initial Public Offerings 49 Pulse of the Economy 50
DJ Averages 48 Investor Sentiment Readings 49 Stock Splits - Special Dividends 51
DJ U.S. Total Market Industry Groups 50 Key Foreign Market Indexes 44 Stock Volume 49
Contact Us
Dow Jones Averages 48 Market Lab 48 Trading Diary 48 For queries, email us at
Statistics from May 2-6, 2022 memberservices@dowjones.com
NEW YORK STOCK EXCHANGE COMPOSITE LIST - NEW HIGHS - NEW LOWS
–52-Week– Tick Div –52-Week– Tick Div –52-Week– Tick Div –52-Week– Tick Div –52-Week– Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
22.60 14.31 AmericaMovil AMX 1.8 11 18.74 –0.69.1964 49.10 21.15 ArcusBiosci RCUS ... 51 21.45 –2.76 ... 13.57 2.63 Bark BARK ... dd 2.80 –0.29 ... 47.50 37.96 BostonSci BSX ... 77 40.85 –1.26 ...
A 22.39 14.36 AmericaMovil A AMOV 2.1 11 18.94 –0.29.1964 12.43 6.44 ArdaghMetalPkg AMBP 5.8 dd 6.91 –0.22 .10 36.52 24.08 B&G Foods BGS 7.8 24 24.37 –2.56 .475 13.09 6.96 Bowlero BOWL ... dd 9.59 –1.30 ...
40.83 33.27 AmericanAssets AAT 3.7 55 34.38 –2.22 .32 7.39 3.07 ArdmoreShipping ASC ... dd 7.00 +0.77 ... 59.34 48.12 BCE BCE 5.4 23 53.91 +0.74.7168 33.04 20.83 Box BOX ... dd 29.51 –1.11 ...
52.00 30.90 AAR AIR ... 25 46.93 –0.05 ... 13.06 6.41 AmericanAxle AXL ... cc 6.95 +0.33 ... 9.90 9.66 AresAcqnA AAC ... 77 9.81 –0.01 ... 2.47 0.38 BEST BEST ... 5 .40 –0.01 ... 17.05 7.94 Boxed BOXD ... dd 10.25 –1.22 ...
39.11 28.72 ABB ABB 2.4 12 29.00 –0.87.7066 65.02 45.03 AmCampus ACC 2.9 cc 64.75 +0.08 .47 16.98 13.48 AresCommRealEst ACRE 8.6 11 15.40 +0.33 .02 15.65 11.45 BGSF BGSF 4.6 5 13.05 +0.84 .15 72.72 50.38 BoydGaming BYD .0 13 58.35 –2.23 .15
54.00 38.44 ABMIndustries ABM 1.7 25 46.19 –2.08 .195 38.99 14.26 AmerEagle AEO 5.0 7 14.43 –0.68 .18 90.08 50.46 AresMgmt ARES 3.6 32 67.89 +1.67 .61 82.07 51.88 BHP Group BHP 10.6 10 65.85 –1.13 3.00 61.76 41.70 Brady BRC 2.0 18 45.54 +0.79 .225
9.77 7.06 ACCO Brands ACCO 4.2 6 7.12 –0.21 .075 44.49 27.12 AmEqtyLf AEL 1.0 8 35.62 –2.10 .34 53.54 35.60 Argan AGX 2.7 15 36.93 +0.15 .25 15.93 1.46 BitMining BTCM ... dd 1.48 –0.19 ... 7.10 4.18 BraemarHtls BHR .7 dd 5.95 –0.11 .01
18.43 10.75 AcresCmclRlty ACR ... 7 11.85 +0.37 ... 199.55 149.89 AmerExpress AXP 1.2 17 167.15 –7.56 .52 61.30 36.37 ArgoGroup ARGO 3.0 dd 41.30 –1.50 .31 74.09 43.08 BJ'sWholesale BJ ... 20 61.68 –2.67 ... 15.17 11.24 BrandywineRealty BDN 6.7 cc 11.41 –0.26 .19
32.00 10.73 ADC Therap ADCT ... dd 10.95 –0.82 ... 152.29 117.57 AmericanFin AFG 1.5 6 149.10 +10.62 8.00 19.68 10.06 ArisWater ARIS 1.9 ... 16.44 –0.50 .09 9.95 9.61 BoaAcqnA BOAS ... 57 9.88 –0.01 ... 9.82 4.26 BrasilAgro LND 12.8 5 6.63 –0.26.4586
11.78 6.65 ADT ADT 2.0 dd 7.00 +0.15 .035 44.07 35.89 AmHomes4Rent AMH 1.9 91 37.41 –2.20 .18 148.57 78.33 AristaNetworks ANET ... 38 110.98 –4.59 ... 34.16 22.64 BP BP 4.0 dd 31.86 +3.14.3276 26.93 15.36 Braskem BAK 20.6 2 15.64 –0.72 .708
10.32 9.69 AEA-BridgesA IMPX ... cc 9.93 +0.01 ... 65.73 44.54 AIG AIG 2.1 5 62.23 +3.72 .32 4.27 3.05 ArlingtonAsset AAIC ... dd 3.10 +0.05 ... 18.39 2.92 BP Prudhoe BPT 4.3 cc 15.72 +2.711.0875 102.23 50.30 BreadFinancial BFH 1.6 3 53.99 –0.81 .21
79.97 58.36 AECOM ACM .8 50 71.17 +0.61 .15 23.02 7.76 AmRltyInv ARL ... cc 20.81 –1.41 ... 11.79 5.48 ArloTech ARLO ... dd 7.25 –0.49 ... 34.00 9.10 BRC BRCC ... 88 11.71 –3.19 ... 25.61 14.05 BridgeInvt BRDG 4.7 11 18.06 –0.72 .21
27.00 19.76 AES AES 3.0 dd 20.94 +0.52 .158 103.77 74.77 AmerStWater AWR 1.9 30 75.89 –2.77 .365 15.80 12.62 ArmadaHoffler AHH 5.1 86 13.34 –0.21 .17 6.08 2.39 BRF BRFS ... 28 2.39 –0.41 ... 28.84 16.51 BrighamMin MNRL 2.2 24 26.36 +1.58 .44
67.20 51.28 Aflac AFL 2.7 10 58.23 +0.95 .40 303.72 220.00 AmerTowerREIT AMT 2.2 42 244.07 +3.05 1.40 12.41 7.14 ArmourRes ARR 15.8 dd 7.61 +0.27 .10 25.31 16.03 BRT Apartments BRT 4.5 13 20.53 –1.36 .23 17.93 1.61 BrightHealth BHG ... dd 2.29 +0.49 ...
155.87 108.56 AGCO AGCO .8 10 123.30 –4.10 4.50 24.25 13.82 AmerVanguard AVD .5 34 20.74 –0.66 .025 6.74 0.27 ArmstrongFlooring AFI ... dd .29 –1.35 ... 66.54 42.58 BWX Tech BWXT 1.7 16 50.33 –1.59 .22 171.91 85.58 BrightHorizons BFAM ... 74 86.21 –28.03 ...
14.85 7.09 AG Mortgage MITT10.6 1 7.96 +0.37 .21 189.65 144.20 AmerWaterWorks AWK 1.8 21 149.01 –5.07 .655 118.14 81.94 ArmstrongWorld AWI 1.1 21 82.87 –1.79 .231 10.37 5.81 Babcock&Wilcox BW ... 35 7.36 –0.15 ... 5.74 0.51 BrightScholarEduc BEDU32.3 dd .65 +0.06 .12
15.23 3.48 a.k.a.Brands AKA ... ... 3.65 +0.12 ... 14.76 2.83 AmericanWell AMWL ... dd 2.95 –0.18 ... 137.95 107.11 ArrowElec ARW ... 8 124.93 +7.07 ... 16.00 1.13 Babylon BBLN ... dd 1.23 –0.25 ... 31.17 19.65 BrightSphere BSIG .2 12 20.25 +0.21 .01
72.62 9.14 AMC Ent AMC ... dd 13.76 –1.54 ... 10.28 9.93 AmericasTechA ATA ... 76 10.27 +0.01 ... 57.21 32.07 ArtisanPtrsAsset APAM11.4 7 33.86 +1.72 .76 112.36 78.40 BadgerMeter BMI 1.0 38 79.57 –1.12 .20 10.68 7.82 BrightSpire BRSP 9.4 dd 8.05 –0.45 .19
129.12 86.96 AMN Healthcare AMN ... 14 92.09 –5.66 ... 40.85 25.09 AmericoldRealty COLD 3.4 dd 26.23 –0.15 .22 32.34 16.56 Artivion AORT ... dd 18.34 –1.95 ... 50.80 3.31 Bakkt BKKT ... dd 3.40 –0.42 ... 19.17 11.70 BrightView BV ... 30 12.58 –0.08 ...
7.91 2.02 AMTD IDEA AMTD ... 3 2.08 –0.22 ... 332.37 236.35 Ameriprise AMP 1.9 10 266.60 +1.11 1.25 145.79 23.54 Asana ASAN ... dd 25.00 –1.80 ... 98.09 70.33 Ball BLL 1.1 21 71.91 –9.25 .20 65.67 30.20 BrinkerIntl EAT ... 11 35.53 –0.80 ...
10.06 9.86 AP Acqn A APCA ... ... 10.01 ... ... 167.19 111.34 AmerisourceBrgn ABC 1.2 19 159.01 +7.72 .46 230.97 146.43 AsburyAutomotive ABG ... 6 191.63 +7.92 ... 59.64 26.11 Bally's BALY ... dd 28.90 –0.94 ... 81.14 54.44 Brink's BCO 1.4 26 55.46 –3.49 .20
4.18 1.95 ARC Document ARC 5.5 17 3.61 –0.19 .05 148.07 118.94 Ametek AME .7 28 123.13 –3.13 .22 10.40 9.80 AscendantDigA ACDI ... dd 10.02 ... ... 22.09 15.40 BancCalifornia BANC 1.3 12 18.09 +0.05 .06 78.17 53.22 BristolMyers BMY 2.8 27 76.67 +1.40 .54
9.62 6.20 ASETech ASX 3.3 6 6.51 +0.07.3017 77.90 6.56 AshfordHosp AHT ... dd 7.03 –0.02 ... 4.98 2.60 BancoBBVA BBAR ... 3 2.97 ... ... 0.39 0.07 BristolMyersRt CELG.RT87.5 ... .12 –0.02.1046
131.89 91.61 ASGN ASGN ... 14 113.81 +0.36 ... 6.21 3.26 AmnealPharm AMRX ... 49 3.40 –0.46 ...
7.52 4.12 Ampco-Pitt AP ... dd 5.50 –0.11 ... 111.05 81.93 AshlandGlobal ASH 1.2 27 101.69 –3.28 .30 7.26 4.76 BancoBilbaoViz BBVA 5.7 6 4.86 –0.33.2493 40.10 24.85 Bristow VTOL ... dd 30.52 +0.70 ...
25.57 16.62 AT&T T 5.5 8 20.03 +1.17.2775 65.99 16.79 AspenAerogels ASPN ... dd 20.66 –0.94 ... 4.42 2.54 BancoBradesco BBDO 4.1 8 2.95 –0.08.0036 47.24 33.62 BritishAmTob BTI 7.0 10 41.15 –0.63.7354
10.44 1.47 ATI PhysTherapy ATIP ... dd 1.61 –0.07 ... 88.45 64.13 Amphenol APH 1.1 26 70.42 –1.08 .20
7.76 2.60 AmplifyEnergy AMPY ... dd 7.51 +0.83 ... 29.54 18.90 AssetMarkFin AMK ... 25 19.40 +0.17 ... 23.77 15.60 BancodeChile BCH 5.1 10 20.11 +0.03 .855 27.19 21.02 BrixmorProp BRX 4.0 24 24.19 –1.19 .24
19.05 8.62 A10Networks ATEN 1.3 13 14.93 +0.65 .05 25.78 18.40 AssociatedBanc ASB 4.0 9 20.07 +0.12 .20 19.33 14.17 Bladex BLX 6.8 8 14.61 +0.12 .25 11.10 7.72 BroadmarkRealty BRMK10.6 13 7.91 +0.10 .07
10.03 9.94 AxiosSustGrwA AXAC ... ... 10.01 ... ... 18.80 9.88 Amrep AXR ... 9 12.49 –0.37 ...
70.25 39.92 Anaplan PLAN ... dd 65.39 +0.40 ... 47.50 34.49 AssocCapital AC .5 14 37.75 –1.85 .10 21.20 12.06 BancoMacro BMA ... 4 14.40 –0.27 ... 185.40 137.58 BroadridgeFinl BR 1.8 31 141.84 –2.29 .64
0.16 0.09 AxiosSustGrwRt AXAC.RT ... ... .10 –0.01 ... 194.12 144.18 Assurant AIZ 1.4 26 188.58 +6.70 .68 9.02 5.19 BancSanBrasil BSBR 9.6 ... 6.47 +0.10.0571 28.00 19.41 Broadstone BNL 5.4 30 20.03 –0.66 .27
61.39 44.49 AXIS Capital AXS 2.9 8 59.98 +2.65 .43 10.31 9.84 AndrettiAcqnA WNNR ... ... 9.96 +0.02 ...
19.00 14.15 AngelOakMtg AOMR 11.5 19 15.72 –0.44 .45 65.68 44.34 AssuredGuaranty AGO 1.7 11 58.11 +2.96 .25 24.29 15.37 BcoSantChile BSAC ... 9 19.50 +0.06 ... 8.95 4.64 BrookdaleSrLiving BKD ... dd 6.08 –0.10 ...
51.32 20.02 AZEK AZEK ... 33 20.69 –0.55 ... 32.00 18.75 Atento ATTO ... dd 24.23 –1.22 ... 6.67 4.86 BcoSantMex BSMX 2.9 7 5.49 +0.09.0675 62.47 44.41 BrookfieldMgt BAM 1.2 20 48.44 –1.42 .14
58.59 44.34 AZZ AZZ 1.5 14 45.73 +0.09 .17 10.08 9.57 AngelPondA POND ... cc 9.87 –0.11 ...
26.96 14.57 AngloGoldAsh AU ... 13 19.22 –1.20 ... 10.26 9.85 AthenaCnsmrA ACAQ ... ... 10.01 –0.01 ... 4.38 2.77 BancoSantander SAN 2.7 5 2.79 –0.09.0571 85.00 47.98 BrookfieldReins BAMR .0 ... 48.62 –1.54 .14
37.49 18.26 Aaron's AAN 2.2 7 20.26 –0.27.1125 9.97 9.55 AthenaTechII A ATEK ... ... 9.84 –0.04 ... 44.33 27.64 BanColombia CIB 3.0 16 37.55 –1.22 .828 36.79 22.72 BrookfieldBus BBUC ... 42 25.62 –0.92 ...
142.60 105.36 AbbottLabs ABT 1.7 26 112.27 –1.23 .47 79.67 52.65 AB InBev BUD .7 24 55.00 –2.45.3998
9.64 6.32 AnnalyCap NLY 13.0 4 6.77 +0.35 .22 119.96 65.80 Atkore ATKR ... 8 115.33 +19.23 ... 50.11 35.40 BankofAmerica BAC 2.2 11 37.45 +1.77 .21 80.60 56.89 BrookfieldInfr BIPC 3.1 dd 70.24 –0.68 .36
175.91 105.56 AbbVie ABBV 3.7 22 152.83 +5.95 1.41 9.90 9.56 AtlStreetAcqn ASAQ ... 32 9.87 –0.02 ... 41.69 30.95 BankofButterfield NTB 5.5 10 32.20 +0.17 .44 69.01 52.44 BrookfieldInfr BIP 3.5 37 61.22 –1.21 .36
48.97 26.47 Abercrombie&Fitch ANF ... 8 34.23 –0.35 ... 132.00 9.22 AnnovisBio ANVS ... dd 10.51 +1.07 ...
11.71 8.42 AnteroMidstream AM 8.5 16 10.63 +0.36 .225 16.49 12.26 Atlas ATCO 3.9 10 12.78 +0.42 .125 95.95 73.88 BankofHawaii BOH 3.7 12 74.82 +0.48 .70 45.43 31.10 BrookfieldRenew BEPC 3.6 14 36.02 +0.12 .32
23.33 18.60 AcadiaRealty AKR 3.6 77 20.06 –0.86 .18 9.86 9.61 AtlasCrestII A ACII ... 51 9.82 ... ... 122.77 95.37 BankofMontreal BMO 3.2 10 104.62 –1.421.062 74.00 50.78 Brown&Brown BRO .7 27 58.24 –3.74.1025
14.10 10.37 AccelEnt ACEL ... 31 10.45 –1.38 ... 39.24 10.22 AnteroResources AR ... dd 36.99 +1.79 ...
533.68 355.43 Anthem ANTM 1.0 20 504.64 +2.71 1.28 122.96 85.80 AtmosEnergy ATO 2.4 22 114.90 +1.50 .68 64.63 41.77 BankNY Mellon BK 3.1 11 43.76 +1.70 .34 76.15 57.92 Brown-Forman A BF.A 1.2 36 60.67 –1.75.1885
9.96 9.60 AccelerateA AAQC ... cc 9.78 ... ... 26.67 21.00 Atotech ATC ... cc 21.57 +0.27 ... 81.57 62.33 Brown-Forman B BF.B 1.2 38 64.62 –2.82.1885
417.37 276.88 Accenture ACN 1.3 30 295.74 –4.62 .97 341.98 223.19 Aon AON .8 45 286.29 –1.70 .56 74.86 59.05 BkNovaScotia BNS 5.0 10 63.72 +0.40.7928
18.49 2.25 ATRenew RERE ... dd 2.75 –0.09 ... 49.55 37.08 BankUnited BKU 2.5 9 39.62 +2.08 .25 117.62 72.71 Brunswick BC 1.8 10 79.59 +3.98 .365
9.82 9.60 AcropolisInfrA ACRO ... dd 9.71 –0.01 ... 55.82 42.96 AptIncmREIT AIRC 4.0 16 44.95 –4.22 .45 57.10 30.30 Buckle BKE 4.4 6 31.63 +0.57 .35
4.71 2.01 Audacy AUD ... dd 2.21 –0.33 ... 10.01 9.86 BanyanAcqnA BYN ... ... 9.97 +0.02 ...
224.59 159.57 AcuityBrands AYI .3 17 166.52 –5.96 .13 8.16 5.84 ApartmtInv AIV ... dd 6.01 –0.29 ... 10.16 9.69 AusterlitzI A AUS ... 68 9.81 –0.01 ... 12.44 6.11 Buenaventura BVN 1.0 6 8.47 –0.97 .073
57.87 39.59 Acushnet GOLF 1.8 17 40.42 –0.32 .18 10.44 9.75 ApeironCapA APN ... cc 9.99 –0.04 ... 12.20 7.19 Barclays BCS 4.2 ... 7.50 +0.05.2174
9.92 9.63 AusterlitzII A ASZ ... 67 9.82 +0.02 ... 11.55 9.83 BaringsBDC BBDC 8.6 9 10.43 +0.25 .24 23.50 7.55 Build-A-Bear BBW .0 7 19.51 +0.57 1.25
13.55 6.78 Adecoagro AGRO 2.9 10 10.93 –0.32.1571 26.84 16.68 APi Group APG ... dd 17.14 –1.42 ... 94.89 20.49 Autohome ATHM 1.9 10 26.83 –2.24 .53 10.00 9.60 BuildAcqnA BGSX ... dd 9.79 +0.02 ...
53.17 30.53 Adient ADNT ... 4 33.63 –0.51 ... 16.94 11.73 ApolloComRlEst ARI 11.3 11 12.44 +0.40 .35 12.01 2.60 Barnes&NobleEduc BNED ... dd 2.68 –0.36 ...
110.59 69.96 Autoliv ALV 3.5 18 72.35 –1.33 .64 56.98 32.32 BarnesGroup B 2.0 17 32.73 –0.85 .16 86.48 39.24 BuildersFirst BLDR ... 8 65.09 +3.52 ...
10.24 9.61 AditEdTechA ADEX ... dd 9.90 +0.03 ... 81.07 49.64 ApolloGlbMgmt APO 3.0 7 52.90 +3.14 .40 133.48 88.32 AutoNation AN ... 6 123.82 +7.91 ... 128.40 71.73 Bunge BG 1.8 9 115.23 +2.11 .525
40.23 19.14 AdtalemGlbEduc ATGE ... dd 30.87 +1.56 ... 10.02 9.67 ApolloStratGrA APSG ... cc 9.98 –0.01 ... 26.07 17.27 BarrickGold GOLD 1.8 20 22.42 +0.11 .10
2267.40 1367.96 AutoZone AZO ... 18 2000.00 +44.53 ... 82.00 44.17 Bath&BodyWks BBWI 1.5 11 52.82 –0.07 .15 13.55 7.73 BurfordCapital BUR 1.6 ... 7.90 –0.56.0625
244.55 187.16 AdvanceAuto AAP 3.0 21 202.86 +3.23 1.50 9.90 9.64 ApolloStratII A APGB ... 75 9.81 +0.01 ... 191.67 67.59 Avalara AVLR ... dd 78.42 +2.35 ... 357.34 171.15 BurlingtonStrs BURL ... 33 196.70 –6.86 ...
138.02 97.61 AdvDrainageSys WMS .4 35 99.34 –3.12 .11 18.69 13.83 AppleHospREIT APLE 3.6 cc 16.85 –0.84 .05 10.18 9.75 BatteryFutureA BFAC ... ... 9.93 +0.02 ...
259.05 191.69 Avalonbay AVB 3.0 26 212.43 –15.05 1.59 20.20 18.00 Bausch+Lomb BLCO ... ... 20.00 ... ... 15.65 2.97 ButterflyNtwk BFLY ... dd 2.99 –0.34 ...
10.00 9.60 AdvMergerPtrsA AMPI ... cc 9.80 –0.02 ... 111.68 80.93 AppliedIndlTechs AIT 1.3 17 105.35 +0.66 .34 55.57 42.20 Avangrid AGR 3.9 21 44.65 +0.30 .44 29.15 21.41 BylineBancorp BY 1.5 10 23.57 +0.11 .09
57.10 27.22 AdvanSix ASIX 1.1 10 46.48 +1.94 .125 158.97 109.55 Aptargroup ATR 1.4 34 111.23 –3.60 .38 32.54 15.86 BauschHealth BHC ... dd 16.04 –2.97 ...
45.42 27.54 AvanosMedical AVNS ... cc 27.74 –1.42 ... 89.70 69.72 BaxterIntl BAX 1.6 35 72.79 +1.73 .29
6.22 3.89 Aegon AEG 3.3 6 5.08 –0.06.0935 180.81 94.75 Aptiv APTV ... 86 101.84 –4.56 ... 9.97 9.68 AvantiAcqnA AVAN ... 16 9.89 –0.01 ... C
2.19 1.14 Aenza AENZ ... ... 1.54 –0.37 ... 39.95 31.22 Aramark ARMK 1.2 cc 35.83 –0.42 .11 13.50 1.51 Beachbody BODY ... dd 1.56 –0.08 ...
44.37 28.64 Avantor AVTR ... 36 31.09 –0.79 ... 10.30 9.75 BeardEnerA BRD ... dd 9.93 –0.04 ...
71.38 43.75 AerCap AER ... 6 46.26 –0.45 ... 20.74 16.11 ArborRealty ABR 8.2 8 17.35 +0.25 .37 29.55 8.62 Avaya AVYA ... dd 8.74 –0.51 ... 313.52 238.29 CACI Intl CACI ... 15 262.70 –2.60 ...
49.84 35.47 AerojetRocket AJRD ... 24 40.89 +0.91 ... 37.87 26.59 ArcelorMittal MT 2.1 2 27.87 –1.37 .38 26.12 13.78 BeazerHomes BZH ... 3 14.95 –0.13 ... 8.41 3.37 CBD Pao CBD 1.5 8 4.12 –0.06.0713
229.24 156.51 AveryDennison AVY 1.7 20 177.34 –3.26 .75 277.29 229.24 BectonDicknsn BDX 1.3 41 257.97 +10.78 .87
12.47 3.14 AevaTech AEVA ... dd 3.16 –0.12 ... 183.53 49.55 ArchResources ARCH .6 6 174.26 +7.88 7.86 61.46 43.69 Avient AVNT 1.9 19 48.75 –0.49.2375 44.17 30.68 CBIZ CBZ ... 27 40.67 –1.22 ...
191.62 121.33 AffiliatedMgrs AMG .0 10 129.00 +3.43 .01 23.75 13.75 ArchaeaEnergy LFG ... dd 22.26 +0.26 ... 68.87 45.31 Belden BDC .4 41 55.42 +3.79 .05 43.50 25.96 CBL Assoc CBL ... dd 27.97 –1.34 ...
47.90 37.73 Avista AVA 4.2 20 41.71 +1.14 .44 34.19 20.36 BellRing BRBR ... 35 24.42 +2.99 ...
9.87 9.48 AfricanGoldA AGAC ... 60 9.80 ... ... 10.72 2.61 ArcherAviation ACHR ... dd 3.82 –0.79 ... 34.20 21.67 AxaltaCoating AXTA ... 21 25.95 +0.58 ... 111.00 79.84 CBRE Group CBRE ... 14 81.22 –1.82 ...
9.99 9.57 AfterNextA AFTR ... ... 9.71 ... ... 98.88 56.91 ArcherDaniels ADM 1.8 17 89.73 +0.17 .40 31.55 22.25 BenchmarkElec BHE 2.7 22 24.35 +0.59 .165 13.46 8.58 CCC Intelligent CCCS ... 7 9.17 –0.06 ...
62.44 36.55 AxosFinancial AX ... 10 37.68 –0.20 ... 10.30 2.53 BensonHill BHIL ... dd 3.14 –0.48 ...
179.57 116.49 AgilentTechs A .7 31 121.08 +1.81 .21 9.91 6.99 Archrock AROC 6.5 50 8.92 +0.21 .145 29.45 10.41 Azul AZUL ... dd 11.65 –1.73 ... 10.01 9.75 CCNeubergerII PRPB ... dd 9.93 –0.01 ...
26.36 13.56 Agiliti AGTI ... cc 20.02 +0.28 ... 38.49 22.45 Arconic ARNC ... dd 26.25 +1.09 ... 9.81 9.65 BerensonAcqnI BACA ... ... 9.81 +0.03 ... 10.00 9.65 CCNeubergerIII A PRPC ... dd 9.83 ... ...
27.37 12.45 AzurePowerGlbl AZRE ... dd 14.23 +0.18 ... 71.53 47.13 Berkley WRB .5 14 68.78 +2.29.0867
44.83 14.36 agilon health AGL ... dd 17.67 –0.10 ... 8.44 4.33 ArcosDorados ARCO 2.2 32 6.92 –0.33 .03 113.49 43.19 CF Industries CF 1.6 13 99.82 +2.99 .40
74.50 45.42 AgnicoEagle AEM 2.8 30 57.38 –0.85 .40 65.78 43.42 Arcosa ACA .4 35 52.40 –1.13 .05 B 544389 407773 BerkHathwy A BRK.A ... 9 479500 –4840.00 ... 10.25 9.87 C5AcqnA CXAC ... ... 9.97 +0.01 ...
75.95 61.62 AgreeRealty ADC 4.2 38 67.58 –0.34 .234 9.99 9.62 ArctosNorthA ANAC ... 54 9.82 –0.01 ... 362.10 270.73 BerkHathwy B BRK.B ... 9 318.88 –3.95 ... 93.93 77.25 CGI GIB ... 17 79.50 –0.23 ...
50.99 33.41 AirLease AL 1.9 11 38.43 –1.85 .185 31.78 23.15 BerkshireHills BHLB 1.9 10 25.39 +0.65 .12 22.50 9.88 CI&T CINT ... ... 13.03 +0.32 ...
316.39 216.24 AirProducts APD 2.7 24 235.82 +1.75 1.62 74.73 52.54 BerryGlobal BERY ... 11 59.27 +2.92 ... 24.52 12.45 CI Financial CIXX 4.5 8 12.49 –0.55.1413
165.98 116.69 AlamoGroup ALG .6 17 116.80 –9.64 .18 141.97 85.58 BestBuy BBY 3.9 9 91.41 +1.48 .88 73.76 57.92 CMS Energy CMS 2.7 15 67.75 –0.94 .46
9.38 6.51 AlamosGold AGI ... dd 7.68 –0.08 ... 73.23 29.73 BigLots BIG 3.9 6 30.99 +0.09 .30 50.33 41.44 CNA Fin CNA 3.5 10 45.52 –1.92 .40
16.12 4.45 BigBear.ai BBAI ... dd 10.07 +0.06 ...
.20
...
...
6.41
187.35
277.99
1.68
81.37
184.02
WiMiHologram
Wingstop
Winmark
WIMI
WING
WINA
...
.8
1.4
dd
66
19
1.87
84.02
206.33
–0.10 ...
–7.74 .17
+3.13 .70
Key Foreign Stock Market Indexes
105.56 65.66 WintrustFin WTFC 1.6 12 86.20 –1.12 .34 Most Recent Week’s Year-to-Date Most Recent Week’s Year-to-Date
10.31 9.72 UTA Acqn A UTAA ... ... 9.96 –0.10 ... 7.38 5.08 WisdomTreeInvs WETF 2.2 47 5.54 –0.29 .03
13.90 0.95 uCloudlink UCL ... dd 1.03 –0.08 ... 9.37 1.61 WISeKey WKEY ... dd 1.70 –0.05 ... Close %Chg. Chg. % Chg. Close %Chg. Chg. % Chg.
32.62 9.66 Udemy UDMY ... ... 12.54 +1.63 ... 309.00 68.36 Wix.com WIX ... dd 71.95 –3.51 ... Amsterdam AEX 682.19 –4.05 –115.74 –14.50 Milan FTSE All Share 25948 –2.13 –3992.99 –13.34
438.63 299.77 UltaBeauty ULTA ... 22 389.43 –7.37 ... 130.75 100.00 Woodward WWD .7 35 104.25 –6.23 .19
60.84 29.89 UltraClean UCTT ... 12 32.97 +1.80 ... 307.81 185.56 Workday WDAY ... cc 189.46 –17.24 ... Athens General 866.75 –6.04 –26.59 –2.98 Moscow RTS 1088.02 +0.60 –507.74 –31.82
117.50 56.59 UltragenyxPharm RARE ... dd 57.54 –13.15 ... 265.75 131.94 WorldAcceptance WRLD ... 15 176.33 –12.38 ...
11.78 4.24 Ultralife ULBI ... dd 4.77 –0.17 ... 9.91 9.70 WorldwideWebbA WWAC ... dd 9.88 ... ... Bangkok SET 1629.58 –2.27 –28.04 –1.69 Oslo Composite 1374.52 –1.31 +66.83 +5.11
22.06 16.44 Umpqua UMPQ 4.9 9 17.17 +0.63 .21 136.83 65.37 WynnResorts WYNN ... dd 66.30 –4.18 ...
5.17 2.53 UnicoAmerican UNAM ... dd 2.97 +0.18 ... 39.02 17.86 XOMA XOMA ... cc 19.12 –0.11 ... Bombay Sensex 54835 –3.90 –3418.24 –5.87 Paris CAC 6258.36 –4.22 –894.67 –12.51
37.99 28.61 UnionBankshares UNB 4.7 10 29.65 –0.85 .35 53.08 19.20 XP XP ... 17 20.14 –4.47 ...
38.80 14.29 uniQure QURE ... 2 14.64 –0.30 ... 18.46 6.83 XBiotech XBIT .0 dd 6.96 –0.80 2.50 Brussels Bel-20 4021.28 –2.07 –288.87 –6.70 Santiago Selective 3046.56 +1.09 +240.39 +8.57
60.59 30.54 UnitedAirlines UAL ... dd 47.52 –2.98 ... 3.25 0.95 XcelBrands XELB ... dd 1.31 +0.10 ...
37.71 26.00 UnitedBancshares UBOH 2.6 8 32.51 –1.38 .21 76.05 61.16 XcelEnergy XEL 2.7 24 73.08 –0.18.4875 Buenos Aires Merval 86507 –1.98 +3007.11 +3.60 Sao Paulo Bovespa 105134 –2.54 +312.29 +0.30
42.50 31.74 UnitedBkshrsWV UBSI 4.2 13 34.62 +1.36 .36 43.61 24.30 Xencor XNCR ... 19 25.76 +0.78 ...
39.32 27.62 UtdCmtyBks UCBI 2.8 12 30.10 –0.04 .21 36.42 14.65 XenonPharms XENE ... dd 27.23 –1.04 ... Copenhagen OMX 20 1693.29 –5.22 –170.70 –9.16 Seoul Composite 2644.51 –1.88 –333.14 –11.19
33.31 19.85 UnitedFire UFCS 2.0 10 30.30 +1.01 .15 4.98 1.77 XerisBiopharma XERS ... dd 2.09 –0.35 ... Dublin ISEQ 7156.47 –2.33 –1288.05 –15.25 Shanghai Composite 3001.56 –1.49 –638.21 –17.53
26.09 13.68 UnitedGuardian UG 6.6 19 19.63 –1.92 .65 25.53 16.07 Xerox XRX 5.7 dd 17.67 +0.27 .25
8.74 7.64 UnitedSecBcshrs UBFO 5.6 12 7.84 –0.19 .11 27.95 3.30 XilioTherap XLO ... dd 3.63 +0.10 ... EURO STOXX SXXE 407.65 –4.21 –71.19 –14.87 Shenzhen B Share Idx 1031.56 –1.24 –142.24 –12.12
218.38 158.38 UnitedTherap UTHR ... 18 184.09 +6.53 ... 97.57 32.11 Xometry XMTR ... dd 34.77 +1.95 ...
14.60 10.25 Uniti UNIT 5.3 23 11.40 –0.99 .15 10.08 1.92 Xos XOS ... 19 2.63 –0.38 ... EURO STOXX 50 SXSE 3629.17 –4.57 –669.24 –15.57 Singapore FTSE STI 3291.89 –1.94 +168.21 +5.38
31.37 21.32 UnityBancorp UNTY 1.6 8 28.25 –0.60 .11 22.81 15.18 Xperi XPER 1.3 dd 15.84 +0.24 .05
5.09 0.70 UnityBiotech UBX ... dd .85 –0.06 ... 5.58 1.12 Xunlei XNET ... 72 1.29 –0.10 ... Frankfurt DAX 13674 –3.00 –2210.57 –13.92 Stockholm OMXS 793.71 –6.13 –243.42 –23.47
237.00 125.00 UnivDisplay OLED .9 35 134.99 +7.26 .30 39.82 6.50 Y-mAbsTherap YMAB ... dd 8.86 +0.46 ...
57.78 27.01 UnivElectro UEIC ... 83 27.82 –1.68 ... 15.24 4.11 Yellow YELL ... dd 4.24 –0.24 ... Helsinki OMHX 10777 –3.27 –2084.55 –16.21 STOXX Europe 50 SXSP 3574.41 –4.07 –244.05 –6.39
27.04 15.86 UnivLogistics ULH 1.8 9 23.51 +3.23 .105 53.77 38.10 YorkWater YORW 2.0 30 38.98 +0.30.1949
12.47 7.50 UnivStainless USAP ... 36 8.22 –0.48 ... 2.10 0.50 Yunji YJ ... 11 1.06 –0.01 ... Hong Kong Hang Seng 20001 –5.16 –3395.71 –14.51 STOXX Europe 600 SXXP 429.91 –4.55 –57.89 –11.87
5.00 0.98 UniversePharm UPC ... 2 1.13 –0.06 ... 181.92 25.74 ZaiLab ZLAB ... dd 28.55 –11.41 ...
31.93 24.40 UnivestFin UVSP 3.3 9 25.10 –0.10 .21 34.30 10.68 ZealandPharma ZEAL ... dd 11.62 +0.34 ... Istanbul IMKB 2458.72 +1.16 +601.07 +32.36 Sydney S&P/ASX 200 7205.60 –3.09 –239.04 –3.21
29.93 2.68 UpFintech TIGR ... 43 3.68 –0.20 ... 615.00 333.37 ZebraTech ZBRA ... 23 342.59 –27.07 ...
44.33 12.91 UplandSoftware UPLD ... dd 13.84 –1.08 ... 87.19 21.18 ZentalisPharm ZNTL ... dd 22.30 –4.22 ... Jakarta Composite 7228.91 +0.05 +647.43 +9.84 Taipel Weighted 16408 –1.11 –1810.64 –9.94
401.49 71.09 Upstart UPST ... 60 83.89 +8.87 ... 135.00 82.22 ZiffDavis ZD ... 8 83.16 –5.20 ... Johannesburg All Share 67978 –6.16 –5731.25 –7.78 Tel Aviv 125 Index 2021.39 –3.15 –35.12 –1.71
64.49 17.85 Upwork UPWK ... dd 19.94 –1.03 ... 124.90 33.26 Zillow A ZG ... dd 37.37 –1.28 ...
42.10 23.02 UrbanOutfitters URBN ... 7 23.14 –0.66 ... 124.70 34.45 Zillow C Z ... dd 38.05 –1.77 ... Kuala Lumpur Composite 1564.34 –2.26 –3.18 –0.20 Tokyo Nikkei-225 27003 +0.58 –1788.15 –6.21
19.66 5.61 UroGenPharma URGN ... dd 6.21 –0.85 ... 9.90 9.58 ZimmerEnerA ZT ... dd 9.73 +0.01 ...
8.62 2.36 Usio USIO ... dd 2.42 –0.43 ... 50.40 21.19 ZimVie ZIMV ... ... 22.31 –0.19 ... LISBON PSI 4281.20 –2.21 +97.02 +2.32 Toronto S&P/TSX 20633 –0.62 –589.56 –2.78
133.87 81.01 UtahMedProducts UTMD 1.4 20 83.45 –1.14 .29 75.44 47.06 ZionsBancorp ZION 2.7 9 55.91 –0.60 .38
2.00 0.68 UTStarcom UTSI ... dd .71 –0.07 ... 406.48 94.01 ZoomVideo ZM ... 21 96.38 –3.19 ... London FTSE - 100 7387.94 –2.08 +3.40 +0.05 Vienna ATX 3120.26 –5.05 –740.80 –19.19
5.82 0.61 Uxin UXIN ... dd .66 –0.13 ... 79.17 37.86 ZoomInfoTech ZI ... cc 46.75 –0.65 ...
2.38 0.24 VEON VEON ... 3 .57 –0.11 ... 3.60 0.66 Zovio ZVO ... dd .71 –0.02 ... Madrid IBEX 35 8322.00 –3.05 –391.80 –4.50 Wellington S&P/NZX 50 11609 –2.31 –1424.39 –10.93
10.29 9.82 VMGConsumerA VMGA ... ... 9.96 +0.02 ... 376.11 157.03 Zscaler ZS ... dd 172.94 –29.80 ...
26.20 3.51 VNET VNET ... 12 6.20 +0.23 ... 55.10 34.65 Zumiez ZUMZ ... 7 35.56 –1.07 ... Manila Composite 6759.90 +0.43 –362.73 –5.09 Zurich Swiss 11730 –3.28 –1145.24 –8.89
17.76 7.06 VOXX Intl VOXX ... dd 7.12 –0.45 ... 46.05 1.52 Zymergen ZY ... dd 1.62 –0.06 ...
65.42 39.48 VSE VSEC 1.0 56 39.82 –3.49 .10 6.07 1.24 ZynerbaPharma ZYNE ... dd 1.25 –0.16 ... Mexico City IPC 49541 –3.65 –3730.63 –7.00 Indexes are based on local currencies. Because of various holidays and other market closings, the most
4.24 0.39 VyneTherap VYNE ... dd .41 –0.01 ... 16.26 4.97 Zynex ZYXI .0 13 6.24 –0.13 .10 recent close is not necessarily that of the week of publication.
11.00 5.40 Vacasa VCSA ... dd 6.48 –0.82 ... 11.25 5.57 Zynga ZNGA ... dd 8.08 –0.19 ...
May 9, 2022 BARRON’S 45
Cash Track
open-end funds by assets. These
funds value their portfolios daily NOTICE TO READERS: Closed End Fund listings have moved to
and report net asset values (the
dollar amount of their holdings
barrons.com/cefund. They will no longer appear in print. The
divided by the number of shares Herzfeld chart has moved to the Market Lab Newsletter. To
outstanding) to the National Taking the Exit: Investors continued cashing out of equity funds, swelling their last month’s average
Association of Securities Dealers. sign up for the newsletter, go to barrons.com/newsletters. weekly outflows to $7.9 billion. Outflows from taxable-bond funds eased to $6.1 billion, while outflows at
Total returns reflect both price
changes and dividends; these muni-bond funds eased to $4.4 billion. Money-market outflows narrowed to $10.4 billion.
figures assume that all distribu- Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
tions are reinvested in the fund. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
Because Lipper is constantly up-
dating its database, these returns
IntlGrIncA p 32.70 -0.73 -16.5 10.2 MCMultiStrM 18.45 -0.41 -15.9 32.6 EmMktCorEq 22.09 -0.62 -11.7 13.5
may differ from those previously
LtdTEBdA 14.99 -0.07 -6.0 0.3 NtlIntmMuni 12.71 -0.07 -8.8 0.0 EmMktSmCp 22.05 -0.55 -11.5 22.0
Equity Funds Municipal Bond Funds
published or calculated by others.
3 year returns are cumulative. The N PerA p 52.30 -1.27 -21.2 36.7 Bridge Builder Trust: Fixd 10.13 0.00 -1.4 0.5 15400 -1000
NAV is the last reported closing NEcoA p 45.97 -0.99 -25.7 18.5 CoreBond 9.27 -0.11 -10.4 1.9 GblAll60 40Inst 19.87 -0.12 -9.8 22.0
price for the week. Footnotes: NA: NwWrldA 68.20 -2.18 -20.7 14.3 GlEqInst 28.55 -0.18 -11.7 34.5 9300 -5700
not available. NE: performance CorePlusBond 9.19 -0.11 -10.3 3.2
excluded by Lipper editor. NN: fund SmCpA p 58.87 -2.18 -26.4 22.1 Intl Eq 11.04 -0.28 -17.5 3.6 GlRESec 11.76 -0.48 -12.6 17.1
not tracked. NS: fund not in STBFA p 9.65 -0.01 -2.9 1.3 LargeCapGrowth 18.43 -0.56 -21.6 45.6 InfProtSec 12.27 -0.20 -6.9 14.7 3200 -10400
existence for whole period. e: ex TECAA p 16.36 -0.15 -9.9 -0.3 LargeCapValue 16.40 0.10 -4.9 44.8 IntGvFxdInc 11.35 -0.13 -10.1 -0.5
capital gains distributions. f:
previous day’s quote. n: no front-
TxExA p 12.22 -0.11 -9.2 0.5 MunicipalBond 9.78 -0.07 -8.4 0.9 IntlCoreEq 14.09 -0.26 -12.4 16.4 -2900 -15100
or back-end sales charge. p: fund WshA p 55.97 0.45 -7.1 42.3 S/MCapGrowth 12.43 -0.45 -25.9 22.1 IntlREst 4.12 -0.18 -13.1 -0.8
assets are used to pay marketing AMG Managers Funds: S/MCapValue 13.64 0.06 -7.5 34.3 IntlSustCore1 10.98 -0.32 -16.8 14.1 -9000 -19800
and distribution costs (12b-1 fees). YachtmanFocFd I 19.53 -0.13 -7.6 36.2 Brown Advisory Funds: IntlVal 18.50 0.01 -3.3 17.3
r: fund levies redemption fee or YacktFocFd N n 19.58 -0.14 -7.7 35.3 IntlVectorEq 12.28 -0.22 -11.7 16.5 Mar Apr May Mar Apr May
back-end load. s: stock dividend or GrwthEquityInst 25.26 -0.96 -27.7 30.3
split of 25% or more. t: fund charges YacktmanFd I 22.80 -0.13 -6.9 37.5 IntSmCo 18.41 -0.49 -15.4 16.8
12b-1 fees (for marketing and Angel Oak Funds Trst: C IntSmVa 19.43 -0.36 -9.1 16.2 Money Market Funds Taxable Bond Funds
distribution) and a back-end load. AglOkMtiStFdClIn 9.74 NA NA NA IntTermMuni 9.84 -0.02 -5.1 0.3 1400 6700
v: capital-gains distribution may be Calamos Funds: IntVaIII 15.95 0.01 -3.3 17.8
a return of capital. x: ex cash AQR Funds:
MktNeutI 13.97 -0.03 -3.8 9.7 ITExQual 9.58 -0.15 -14.2 -0.5
dividend. LgCapDefStyle I 27.99 -0.24 -12.5 36.0
LgCo 29.36 -0.06 -13.1 47.7
-4600 3100
Net YTD 3-Yr. Ariel Investments: Calvert Investments:
NAV Chg. % Ret. % Ret. LgCpIntl 23.90 -0.44 -12.4 15.4
Ariel Inv pn 74.50 0.88 -10.8 31.1 Eq A p 67.44 -2.01 -18.7 47.5
STExQual 10.30 -0.02 -4.8 -0.9 -10600 -500
Artisan Funds: Carillon Scout:
A STGov 9.97 0.00 -4.1 -3.6
GblOppInst 27.89 -0.82 -26.3 32.7 MidCap I r 22.29 -0.13 -8.7 38.7 STMuniBd 10.04 0.00 -1.1 0.6 -16600 -4100
AAM: Intl Inv n 24.15 -0.46 -20.8 5.1 CausewayInst : TMMttVa2 34.54 0.74 -6.3 31.7
B&GIncGroClI 23.00 0.15 -9.4 32.9 IntlInst 24.31 -0.46 -20.7 5.8 CausewayInst 15.48 -0.21 -11.0 9.4 US CoreEq1 32.10 0.04 -11.7 44.1 -22600 -7700
AB Funds: IntlVal Inst 38.48 -0.87 -9.2 26.1 CIBC Atlas: US CoreEq2 29.17 0.03 -11.4 44.0
IntlVal Inv n 38.35 -0.87 -9.3 25.2
Mar Apr May Mar Apr May
CapFdInc.LCapGow 75.03 -2.08 -24.1 49.0 DispEq Inst 26.33 -0.20 -15.0 40.9 US Micro 24.08 -0.05 -12.3 28.8
IntlStraEquPtZ 11.46 -0.23 -13.7 8.8 MidCapInst 36.75 -1.74 -30.8 32.1 ClearBridge: US Small 40.75 -0.10 -13.3 29.3 A red chart indicates a lower value than the starting period. Green means it's higher than the starting period.
MuniIncmShares 11.23 -0.13 -11.7 6.5 MidCapInv n 30.80 -1.45 -30.8 31.2 US SmCpVal 41.33 0.45 -4.8 37.9 The charts above show four-week moving averages of net cash flow in millions of dollars. BARRON'S • Lipper FMI
AggressGrowthA118.87 -4.31 -20.0 10.2
AB Funds - A: AllCapValueA 13.72 0.09 -3.1 25.8 US TgdVal 28.69 0.34 -4.8 40.8
B
LgCpGrA p 67.01 -1.86 -24.1 47.5 AppreciationA 29.79 0.00 -10.8 41.2 USLCpGr 27.69 -0.34 -15.1 46.3
AB Funds - ADV: Baird Funds: DividendStrat1 n 28.89 0.24 -6.1 43.9 USLgVa 44.00 0.93 -4.1 34.5 Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
DividendStratA 28.86 0.23 -6.2 42.7 USLgVaIII 29.12 0.62 -4.0 34.9 NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
GlbBd 7.48 -0.10 -9.0 -1.6 AggBdInst 10.06 -0.12 -10.9 0.8
LargeCapGrowthA 47.91 -1.81 -26.2 26.4 USSoCoreEq2 21.00 -0.06 -14.1 38.6 FIDSerTresIndxFd 9.99 0.00 0.0 2.5 StkSelAllCap 58.56 -0.73 -14.9 45.4 DivIntl K6 12.12 -0.37 -21.4 20.3 STBF n 8.32 0.00 -3.1 2.2
HiIncmAdv 7.09 -0.11 -8.9 4.9 CorBdInst 10.34 -0.12 -10.7 1.8
LargeCapGrowthI55.02 -2.08 -26.2 27.5 USSustCoreI 31.61 -0.13 -14.8 45.4 FIDZroLgCpIx n 14.49 -0.06 -14.1 47.4 Fidelity Freedom: DivIntlK r 37.87 -1.17 -21.8 19.1 StkSlcACap n 59.00 -0.74 -15.0 45.1
IntlStraEquPtADV 11.45 -0.22 -13.7 8.9 IntBdInst 10.41 -0.05 -7.2 2.5
SmallCapGrowthIS 37.47 -1.56 -28.3 20.8 USVectorEq 22.72 0.19 -8.3 36.3 Flex 500 Index 17.61 -0.03 -13.0 48.0 FF2010 n 14.24 NA NA NA DivStkO n 30.20 -0.13 -13.8 54.5 StratDivInc n 16.37 -0.18 -7.5 33.0
LgCpGrAdv 75.16 -2.09 -24.1 48.6 ShtTBdInst 9.39 0.00 -3.3 3.2
SelectUSLgShrt 13.58 0.04 -6.5 29.7 Cohen & Steers: Dodge & Cox: Freedom2060K 11.85 -1.02 -20.2 20.7 FF2015 n 11.07 -0.69 -15.2 9.6 EmrMkt nr 33.32 -1.36 -23.7 16.3 TaxFrB nr 10.81 -0.11 -10.2 1.0
Baron Funds:
SmMidCpValAdv 22.70 0.01 -12.6 27.1 GlbRltyI 57.65 -2.83 -13.3 17.1 Balanced n 101.67 0.42 -6.1 30.1 GlexUSIdxInstPre n 13.12 -0.32 -14.2 10.6 FF2020 n 13.80 -1.03 -17.1 10.6 Eq Inc n 66.66 0.46 -4.7 40.3 TotalBond n 9.86 -0.13 -10.1 3.5
Asset n 84.51 -4.57 -28.0 17.4 GrowthCompanyK6 16.98 -0.45 -25.8 NS EqDivIncm n 27.56 0.14 -0.8 36.5 TotalBond K6 9.17 -0.12 -9.9 4.0
Aberdeen Fds: InstlRlty 51.10 -2.26 -13.2 34.6 GblStock n 13.78 -0.05 -4.6 32.3 FF2025 n 12.68 -0.94 -17.6 12.5
Growth n 86.14 -4.73 -25.8 27.9 InflPrBdIndInsPr n 10.41 -0.18 -6.7 14.9 Fidel n 62.77 -0.81 -20.7 52.1 Trend n 125.02 -4.12 -26.7 49.6
EmMktEqty Inst 13.13 -0.47 -23.8 -1.2 PrefSecIncnI 12.56 -0.16 -9.6 8.1 Income n 12.72 -0.11 -9.1 3.8 FF2030 n 15.82 -1.22 -18.2 14.6
Partners n 150.35 -5.33 -24.4 187.8 IntlIdxInstPrem n 42.04 -0.92 -14.7 11.5 FltRateHi nr 9.31 -0.05 -0.6 9.4 Value n 14.05 0.15 -4.4 53.8
Advisers Inv Trst: RltyIncI 18.91 -0.89 -13.9 33.7 Intl Stk n 43.85 -0.74 -7.3 13.9 FF2035 n 13.61 -1.17 -19.7 17.8
SmallCap n 27.83 -1.09 -26.5 23.8 IntlIndex n 10.27 -0.24 -14.3 11.7 FocsdStk n 28.10 -0.41 -19.1 49.8 ValueDisc n 36.61 0.24 -4.4 42.2
RltyShs n 72.05 -3.21 -13.3 34.1 Stock n 230.43 3.34 -5.2 44.9 FF2040 n 9.63 -0.93 -20.9 19.2
Balanced n 82.55 -0.29 -7.7 35.1 Baron Instl Shares: IntrTresBdIxPrem n 9.99 -0.12 -10.0 0.0 FournOne n 50.59 -0.77 -14.6 27.0 Wrldw n 28.79 -0.55 -19.9 36.5
Colorado BondShares: DoubleLine Funds: FF2045 n 11.04 -1.05 -20.9 19.3
Growth n 100.14 -0.05 -8.5 48.6 AssetInst 89.08 -4.82 -28.0 18.3 LgCpGwId InstPre n 23.32 -0.38 -21.3 56.4 FF2050 n 11.16 -1.05 -20.8 19.5 GNMA n 10.55 -0.10 -8.5 -2.9 Fidelity SAI:
Akre Funds: ColoradoBdShs 8.75 -0.05 -5.6 7.6 CoreFxdIncmI 9.86 -0.11 -9.0 0.1
EmergingMktsInst 13.49 -0.59 -23.3 -1.0 LgCpVlIdxIstPrem n 15.40 0.10 -5.8 33.2 Free2055 n 12.91 -1.18 -20.7 19.7 GovtInc n 9.57 -0.11 -9.6 -1.3 FidSAIEmgMktIndx 13.20 -0.43 -15.7 2.4
Columbia Class A: LowDurBdI 9.60 -0.01 -2.3 2.8
AkreFocusInst 53.45 -1.31 -19.2 32.5 GrowthInst 90.30 -4.96 -25.8 28.9 LTTrsBdIdxInstPr n 11.45 -0.53 -21.8 -2.9 Free2060InstPrem 14.67 -0.21 -14.4 26.7 GroCo n 27.09 -0.70 -25.7 70.8 FidSAIIntlIndxFd 12.06 -0.27 -14.8 11.2
BalancedA t 45.21 -0.47 -11.5 30.2 ShillerEnhCAPEI 15.38 -0.38 -13.1 40.1
AkreFocusRtl 51.73 -1.27 -19.3 31.5 PartnersInst 155.74 -5.52 -24.4 190.0 MidCpInxInstPrem n 27.57 -0.28 -13.8 33.9 Freedom2015 K 11.05 -0.70 -15.2 9.8 GroInc n 49.33 0.68 -4.6 43.7 IntlValIdx 8.62 -0.04 -6.9 7.8
ContCoreA p 28.84 -0.31 -12.5 47.8 TotRetBdI 9.43 -0.09 -8.4 -0.9
Alger Funds Inst: SmallCapInst 29.75 -1.17 -26.4 24.7 OTCK6Port 15.70 -0.40 -24.5 NS Freedom2020 K 13.80 -1.03 -17.1 10.9 GrowCoK 27.20 -0.69 -25.7 71.2 LowDurationInc 9.93 0.00 -0.5 NS
DisplCoreA p 12.73 0.01 -12.2 41.7 TotRetBdN n 9.43 -0.09 -8.4 -1.6 GrStrt nr 46.93 -0.91 -26.1 30.6
CapApprI 30.00 -0.79 -27.2 33.2 Bernstein Fds: RealEstIdxInst n 17.49 -0.69 -13.2 14.2 Freedom2020K6 14.66 NA NA NA Muni Inc 9.69 -0.08 -10.3 -0.2
AmanaGrowth n: DivrMuni n 13.70 -0.07 -6.8 1.1 DivIncA t 29.58 0.32 -6.0 41.2 E SAIUSLgCpIndxFd 19.76 -0.04 -13.1 47.8 Freedom2025 K 12.66 -0.94 -17.6 12.7 GwthDiscovery n 45.45 -0.88 -18.5 59.3 SAIEmgMktLoVolIx 10.71 -0.22 -6.5 11.8
IntmDur n 11.82 -0.15 -10.9 -0.8 LgCpGrowA t 47.28 -1.24 -22.7 48.8 SeriesBondFd 9.27 -0.12 -10.5 -0.3 Freedom2025K6 12.63 -0.94 -17.6 13.1 HighInc nr 7.81 -0.10 -8.8 2.5 SAIInflaFocFd 13.04 0.07 29.9 80.8
AmanaGrowth n 59.71 -1.07 -18.8 55.6
NY Mun n 13.22 -0.07 -6.7 0.1 LgCpVl A 16.31 0.17 -4.1 38.7 Eaton Vance Class A: SeriesOverseas 11.15 -0.45 -22.6 NS Freedom2030 K 15.81 -1.22 -18.2 14.9 IntBd n 10.19 -0.06 -7.1 2.5 ShortTermBd 9.60 -0.01 -3.1 NS
Amer Beacon Insti:
BlackRock Funds: LiGoBalA p 11.02 -0.14 -13.3 18.8 SerLTTreBdIdx 6.61 -0.31 -21.8 -3.1 Freedom2030K6 15.76 -1.22 -18.2 15.3 IntlDisc n 41.65 -1.14 -21.3 18.9 TotalBd 9.33 -0.12 -9.9 3.7
SmCpInst 26.45 0.11 -7.8 27.4 TMG1.1 78.79 -0.71 -16.0 40.6
SelgComuInfoA 102.57 -0.29 -20.8 87.6 SmCpIdxInstPrem n 22.68 -0.30 -17.7 18.4 Freedom2035 K 13.60 -1.17 -19.6 18.1 IntlGrRet n 16.27 -0.56 -22.7 19.3 TxFreeBd 9.76 -0.09 -10.2 -0.6
American Century G: CoreBd Inst 8.63 -0.11 -11.1 0.5 Eaton Vance Class I:
TaxEA 11.97 -0.14 -10.9 -1.5 STBdIdx InstPrem n 9.65 -0.01 -4.5 1.9 Freedom2035K6 13.56 -1.18 -19.7 18.5 IntMu n 9.91 -0.05 -7.5 1.1 U.S.TreBdIdx 9.06 -0.11 -9.5 -0.2
CreStraInc Inst 9.17 -0.10 -7.4 4.3 AtlCpSMID 36.72 -0.39 -11.0 32.8
GlBond 9.36 -0.11 -8.4 0.8 Columbia Class Adv: STTreIdx InstPre n 10.07 -0.01 -4.3 1.4 InvGB n 7.45 -0.09 -10.4 3.1 USMomentumIdx 14.03 0.04 -16.7 45.8
HiYBlk 7.05 -0.10 -8.5 8.8 FloatRtHiInc 8.42 -0.07 -2.1 8.1 Freedom2040 K 9.63 -0.94 -14.7 28.9
NTDvBnd 9.96 -0.13 -10.1 2.3 DivIncom 30.16 0.33 -5.9 42.2 TMktIdxInstPrem n 114.34 -0.65 -14.4 43.7 InvGrBd 10.36 -0.12 -10.1 4.0 USValueIndex 12.49 0.34 0.8 39.2
HiYldBd Inst 7.04 -0.11 -8.7 8.5 FltgRt 8.58 -0.06 -1.4 7.5 Freedom2040K6 9.59 -0.93 -20.9 20.0
Sustain Equity 40.62 -0.44 -16.2 48.5 Columbia Class I: TotalMarketIndex n 14.40 -0.08 -14.2 44.4 LargeCap n 39.53 0.54 -6.1 42.9 Fidelity Selects:
InflProtBdInst 10.81 -0.21 -6.4 15.9 GblMacAbR 8.29 0.00 -2.1 11.1 Freedom2045 K 11.03 -1.06 -20.9 19.7
American Century I: TtlIntIdxInstPr n 12.28 -0.30 -14.4 11.6 LCapCrEIdx n 19.31 0.06 -10.5 52.1
LowDurI Inst 9.19 -0.01 -4.0 1.7 Acorn I 9.75 -0.33 -31.4 0.0 IncBos 5.12 -0.06 -6.9 9.0 Freedom2045K6 10.99 -1.06 -20.9 20.1 Biotech nr 13.39 -0.57 -30.8 -2.4
EqInc 9.58 0.04 -2.5 26.9 USBdIdxInstPrem n 10.65 -0.13 -10.5 -0.1 Freedom2050 K 11.15 -1.05 -20.8 19.8 LCapGrEIdx n 25.67 -0.28 -18.2 58.9 DfAero nr 14.35 0.06 -1.7 4.1
BlackRock Funds A: Balanced I 45.10 -0.48 -11.4 31.1 NatlMuniInc 9.24 -0.09 -9.8 1.4
Growth 41.77 -1.17 -23.2 48.0 USSusIdx n 18.10 -0.13 -14.6 49.9 LevCoSt n 40.06 -0.11 -15.9 46.8 Energy nr 53.81 4.58 52.7 52.9
AdvLgCapCore p 17.38 -0.07 -14.8 42.1 ContCore I 29.16 -0.31 -12.4 48.9 Edgewood Growth Instituti: Freedom2050K6 11.13 -1.06 -20.8 20.2
IntTF 10.81 -0.07 -8.0 2.3 Fidelity Adv Focus A: LgCpVHIdx n 15.36 0.14 -4.2 40.1 Gold nr 26.90 -0.44 3.7 65.4
CapAppr 28.00 -1.01 -28.1 31.1 DivIncom I 29.61 0.32 -5.9 42.2 Freedom2055 K 12.91 -1.19 -20.6 20.1
MdCapVal 16.92 0.32 0.1 36.7 EdgewoodGrInst 39.92 -2.16 -34.0 29.5 LmtTrmMuniIncm n 10.14 -0.03 -5.4 0.4 Health nr 25.41 -0.69 -19.8 35.7
EqtyDivd p 21.20 0.26 -1.5 36.7 LgCpIdx I 53.68 -0.09 -13.1 47.0 HthCarA r 53.30 -1.44 -19.8 28.9 Freedom2055K6 12.89 -1.19 -20.6 20.6
SmCapVal 9.92 0.08 -10.4 44.4 LowP nr 50.37 0.02 -6.4 42.0 ITSvs n 54.55 -2.68 -26.1 10.0
GlblAlloc p 18.36 0.02 -11.9 22.0 MdCpIdx I 14.98 -0.12 -12.3 30.5 F TechA t 75.59 -1.39 -24.9 85.1 Idx2020InsPre 15.15 -0.22 -12.2 15.4
American Century Inv: LowPriStkK r 50.32 0.03 -6.3 42.3 MdTchDevis n 59.94 -2.01 -26.8 37.2
HlthScOp p 66.74 -0.74 -11.3 39.5 SelComunInfo t 117.21 -0.33 -20.7 89.0 Fidelity Advisor: Idx2025InsPre 17.07 -0.26 -12.8 17.3
DiscCoreVal n 33.30 0.22 -6.6 39.2 LowPriStkK6 14.43 0.01 -6.0 42.4 Retail nr 17.11 -0.83 -24.3 35.3
MdCpGrA 27.90 -1.16 -31.7 19.6 SmCpIdx I 25.56 -0.12 -13.5 26.7 Fairholme: SrsAdvIntlCapApp24.05 -1.08 -24.4 16.6 Idx2030InsPre 17.96 -0.27 -13.2 19.6
EqGro n 26.72 -0.20 -14.4 34.7 LtdTmBdFd n 11.03 -0.02 -5.0 1.9 Semiconductors r nr 16.90 0.37 -26.4 104.8
MultiAstIncome 10.20 -0.13 -8.8 9.0 StratInc I 21.82 -0.22 -8.3 4.8 Fairholme n 30.49 -1.67 -2.1 63.4 StragInc n 11.43 -0.14 -9.1 6.3 Idx2035InsPre 19.96 -0.29 -13.9 23.7
EqInc n 9.56 0.04 -2.5 26.1 Magin n 11.45 -0.73 -25.5 34.1 Softwr nr 22.76 -0.83 -21.3 51.5
NatlMuni p 10.16 -0.10 -10.1 -1.8 TotReBd I 32.39 -0.48 -12.3 4.1 TotBdFdClZ 9.85 -0.13 -10.1 3.7 Idx2040InsPre 20.25 -0.30 -14.4 26.7
FAM Value: MAMun n 11.26 -0.08 -9.4 -0.5
Grwth n 40.58 -1.13 -23.2 47.1 ScTechOppA 41.57 -1.19 -30.8 55.0 Columbia Class I2: Fidelity Advisor A: Idx2045InsPre 21.03 -0.30 -14.4 26.7 Tech nr 21.08 -0.41 -25.4 76.1
Heritage n 18.33 -0.98 -27.9 22.7 FAMValue n 85.57 0.20 -14.1 28.0 Manager40 n 12.44 -0.17 -10.8 16.6 Fidelity Series:
StratMuniOpp 10.63 -0.09 -10.7 -3.2 DivIncom 30.13 0.33 -5.9 42.5 BalancA t 24.84 -0.20 -13.1 35.9 Idx2050InsPre 21.06 -0.31 -14.4 26.7
MdCapVal n 16.90 0.32 0.0 35.9 Federated Hermes A: Manager60 n 14.11 -0.23 -12.8 22.7
TotRet 10.45 -0.12 -11.3 0.8 Columbia Class I3: EqGrA p/r t 14.03 -0.28 -18.6 58.2 Idx2055InsPre 17.32 -0.26 -14.4 26.7 Canada 14.39 -0.11 -1.0 44.7
OneChMod n 14.74 -0.20 -13.0 20.9 KaufmannA p 4.91 NA NA NA MidCap n 39.81 0.07 -5.6 46.3
BlackRock Funds III: GrOppA 102.51 -2.23 -28.6 49.2 Idx2020 Premier 15.14 -0.23 -12.3 NS IntMuni Z 9.93 -0.05 -7.5 1.3
Select n 93.62 -2.29 -19.8 51.2 ContCore I3 p 29.86 -0.32 -12.4 49.4 StrValDivA p p 6.20 0.12 6.9 29.8 MidCapEnIdx nr 16.40 -0.06 -11.9 35.1
NwInsghtA p 31.21 -0.27 -21.2 30.4 Idx2025 Premier 17.07 -0.26 -12.8 NS FidelityAdviAsset:
Ultra n 67.05 -1.89 -23.5 56.3 iShS&P500IdxK485.47 -0.88 -13.1 47.8 DivIncom 30.17 0.33 -5.9 42.7 Federated Hermes Int: MuniInc n 12.06 -0.11 -10.4 0.6
StrInA 11.27 -0.14 -9.1 5.5 Idx2030 Premier 17.96 -0.27 -13.2 NS ADVAssetMan60 14.10 -0.23 -12.8 22.9
American Century R6: iShUSAggBdIdxK 9.33 -0.11 -10.5 -0.1 Columbia Funds: NASDAQ nr 153.18 -2.34 -22.2 52.9
InsHiYld r 8.86 -0.13 -9.1 6.5 Fidelity Advisor Fun: Idx2035 Premier 19.96 -0.29 -13.9 NS First Eagle Funds:
BlackRock Funds Inst: UltShortBd Inst3 8.96 0.00 -0.5 3.2 NewInsights Z 32.57 -0.27 -21.1 31.9
MdCapVal 16.92 0.32 0.2 37.3 TtlRtnBdI 9.98 -0.12 -9.7 4.5 Idx2040 Premier20.25 -0.29 -14.4 NS NewMill n 40.92 0.51 -2.3 39.5 GlbA 61.07 -0.19 -5.3 24.4
AdvLgCapCore 18.33 -0.07 -14.7 43.1 Credit Suisse Common: InterDiscZ 41.45 -1.14 -21.3 19.2 Idx2045 Premier 21.02 -0.31 -14.4 NS
SmCpVal 9.92 0.07 -10.4 45.1 Federated Hermes IS: NewMkt nr 12.20 -0.18 -13.1 -7.5 OverseasA 23.54 -0.33 -7.0 13.0
CAInsMun 11.83 -0.10 -9.1 -1.3 Fidelity Advisor I: Idx2050 Premier 21.05 -0.31 -14.4 NS
American Funds Cl A: ComdtyRet r 33.33 NA NA NA KaufmnSCI 44.05 NA NA NA OTC n 14.78 -0.38 -24.6 54.7 FPA Funds:
EmgMkts 23.62 -0.79 -21.3 8.1 BalancI 25.45 -0.21 -13.0 36.9 Income n 10.59 -0.38 -8.5 8.4
2020TarRetA p 12.98 -0.08 -9.0 18.4 EqtyDivd 21.29 0.26 -1.5 37.6 KaufmnLCIS 26.80 NA NA NA OTC K 15.09 -0.39 -24.6 55.1 FPACres n 33.69 -0.04 -9.0 22.2
D ConsvIncmMuni I 9.95 0.00 -0.8 1.4 Fidelity Invest:
2025TarRetA p 14.39 -0.11 -10.6 20.8 FloRateIncPorIns 9.70 -0.06 -1.1 8.8 StraValDivIS 6.24 0.12 7.1 30.8 Ovrse n 51.92 -2.13 -23.3 17.7 NwInc n 9.70 -0.01 -2.3 3.2
FltRatel 9.30 -0.05 -0.7 9.2 AggrInt n 21.46 -0.96 -24.4 16.7
2030TarRetA p 15.66 -0.13 -12.0 23.0 GlblAlloc 18.48 -0.03 -11.9 23.0 UltraShortI 9.03 -0.01 -1.2 3.5 PuritanK 23.73 -0.15 -12.4 36.0 Franklin A1:
Davis Funds A: GrOppI 113.25 -2.45 -28.5 50.3
2035TarRetA p 16.86 -0.16 -13.7 26.7 FedMuniUl A 9.88 -0.01 -1.4 1.2 AilSectEq 9.71 -0.06 -14.0 52.6 Puritn n 23.75 -0.15 -12.5 35.7
HlthScOp 70.92 -0.78 -11.3 40.6 NYVen A 24.84 0.04 -14.0 16.9 HthCarI r 59.04 -1.59 -19.8 29.9 CA TF A1 p 6.85 -0.06 -10.7 0.0
2040TarRetA p 17.54 -0.19 -14.9 28.0 Federated Hermes R: AMgr20% n 13.58 -0.16 -8.2 9.2 RealE n 47.39 -1.91 -12.3 23.3
Interntnl 17.40 -0.77 -21.4 17.1 Davis Funds C & Y: IntlGr 16.22 -0.57 -22.8 19.2 Fed TF A1 p 10.86 -0.11 -10.8 -0.1
2045TarRetA p 17.94 -0.20 -15.4 28.1 KaufmnR r 4.92 NA NA NA AMgr50% n 19.59 -0.29 -11.8 19.7 RealEstInc nr 12.74 -0.18 -7.7 17.0
MdCpGrEq 32.76 -1.36 -31.7 20.5 NwInsghtI 32.43 -0.28 -21.2 31.3 HiInc A1 1.70 -0.02 -8.1 7.4
2050TarRetA p 17.60 -0.21 -16.1 27.6 NYVenY 25.75 0.04 -14.0 17.8 Federated Hermes R6: AMgr70% n 25.04 -0.43 -13.3 26.1 SAIIntlMinVolInd 10.31 -0.22 -11.0 4.0
MultiAstIncome 10.21 -0.13 -8.8 9.8 REIncmInst 12.68 -0.19 -7.8 17.0 HY TF A1 p 9.11 -0.11 -11.9 1.3
AmcpA p 34.54 -0.79 -24.0 24.4 Del Invest Instl: AMgr85% n 22.74 -0.42 -14.8 30.8 SAILTTreBdIdx 8.70 -0.43 -22.9 -3.5
NatlMuni 10.16 -0.09 -10.0 -1.0 FedInstHYBondL 8.86 -0.14 -9.2 6.4 StrInI 11.44 -0.13 -9.0 6.3 IncomeA1 p 2.41 -0.01 -2.5 23.1
AMutlA p 50.90 0.36 -3.9 38.4 Value 20.28 0.24 -3.8 27.9 AstMgr30R n 11.59 -0.15 -9.7 13.0 SAIUSMinVolIndFd 17.55 -0.12 -9.2 35.7
ScTechOppInst 45.64 -1.30 -30.8 56.1 TtlRtnBdL 9.98 -0.11 -9.6 4.6 Total Bd 9.85 -0.13 -10.1 3.3 NY TF A1 p 9.92 -0.11 -11.6 -2.6
BalA p 30.23 -0.02 -9.4 26.5 Deutsche DWS: Balanc n 26.39 -0.21 -12.9 37.4 SAIUSQtyIdx 16.30 -0.16 -14.0 50.7
StratIncOpptyIns 9.71 -0.03 -3.6 8.9 Fidelity: Fidelity Advisor M: US Gov A1 p 5.34 -0.04 -7.5 -3.2
BondA p 11.96 -0.16 -10.0 3.5 CoreEq n 29.75 -0.03 -11.2 42.0 BalancedK 26.39 -0.21 -12.9 37.7 SmCapDisc n 26.96 0.03 -12.0 34.4
StratMuniOppI 10.64 -0.08 -10.5 -2.5 500IdxInstPrem n 143.27 -0.26 -13.1 47.9 Balanced p 25.20 -0.21 -13.2 34.9 Utils A1 p 22.57 0.27 3.1 34.6
CapIBA p 65.50 -0.17 -6.0 20.2 MgdMuniS n 8.15 -0.09 -11.1 -1.2 BluCh n 133.53 -4.12 -27.3 58.2 SmlCapO n 12.33 -0.09 -17.4 28.0
TotRet 10.44 -0.12 -11.2 1.8 Contrafund K6 18.36 -0.21 -21.0 40.0 EqGr p 13.57 -0.27 -18.7 57.1 Franklin Templeton:
CapWA p 16.98 -0.21 -14.4 -6.3 Diamond Hill Funds: BluChpGr K6 20.32 -0.62 -27.1 62.2 SmlCpGrth nr 24.17 -0.73 -23.7 25.5
BNY Mellon Funds: EmgMktIdxInstPre n 10.20 -0.33 -15.6 2.9 GrOppM p 101.08 -2.20 -28.6 48.1 TgtModA p 14.09 NA NA NA
CapWGrA 53.44 -0.49 -15.8 22.0 BluChpGrK 134.04 -4.13 -27.3 58.6 SmlCpGrth Z 24.39 -0.73 -23.7 25.9
EupacA p 50.83 -1.69 -21.5 9.9 Aprec pn 39.82 -0.54 -16.4 48.5 LgCapI 32.27 0.15 -9.6 36.5 ExtMktIdxInstPre n 68.56 -1.83 -21.0 24.0 NwInsghtM p 29.39 -0.25 -21.3 29.4 CAMun n 11.93 -0.10 -9.8 -0.4 FrankTemp/Frank Adv:
SmlCpVal nr 19.75 0.06 -8.6 45.1
FdInvA p 65.37 -0.21 -13.7 34.3 Dr500In tn 51.96 -0.10 -13.2 45.7 LgCapY 32.31 0.15 -9.5 37.0 FidAdAsset 13.58 -0.15 -8.2 9.3 Fidelity Advisor Z: CapAp n 36.84 -0.66 -16.5 53.3 CA TF Adv t 6.84 -0.06 -10.6 0.2
Srs1000ValIndRet 14.58 0.09 -5.7 33.3
GBalA p 33.58 -0.36 -12.4 13.4 Dreyf n 14.23 -0.12 -14.0 51.8 LongShortI 27.64 0.21 -3.6 22.7 FidAdEm 33.30 -1.35 -23.6 NS AssetManager50% 19.53 -0.30 -11.8 19.9 CapDevO n 18.62 0.25 -6.1 42.4 CvtScAdv 20.90 -0.70 -15.8 39.7
SrsBlChGroRetail n 12.03 -0.42 -26.9 60.3
GovtA p 12.95 -0.17 -7.6 3.5 DreyMid r Inv nr 31.24 -0.24 -12.4 29.5 Dimensional Fds: FidSAI 9.04 -0.11 -8.4 NS AsstMngr70 25.01 -0.42 -13.3 26.4 CnvSc n 31.65 -0.77 -13.0 51.0 Dynat Adv 109.75 -3.92 -31.9 30.5
SrsCommStrt 5.36 0.05 31.1 66.0
GwthA p 57.41 -0.97 -22.7 38.4 GlFxIncI 19.89 -0.24 -7.6 2.9 2TGlFxd 9.64 0.00 -2.4 -0.3 FidSAIEmerg 12.23 -0.23 -10.7 NS CorporateBond 10.60 -0.15 -13.8 1.8 Contra n 14.59 -0.18 -21.2 40.7 SrsEmrgMkt 16.56 -0.67 -21.2 5.0 Fed TF Adv 10.87 -0.11 -10.7 0.2
HI TrA p 9.57 -0.10 -7.6 10.0 InstS&PStkIdx I 66.38 -0.36 -13.1 47.1 5GlbFxdInc 10.07 -0.02 -5.9 -3.4 FidSer5 8.96 -0.25 -11.5 NS FloatRateHighInc 9.31 -0.05 -0.6 9.5 ContraK 14.64 -0.18 -21.2 41.2 SrsGlobal 12.93 -0.31 -14.1 10.6 Growth Adv t 118.03 -2.49 -22.0 37.7
HiInMuniA 15.02 -0.15 -10.2 3.6 IntlStkI 21.16 -0.73 -21.5 16.3 DFARlEst 45.28 -1.78 -12.4 28.5 FidSer0-5 9.98 -0.04 -0.7 NS GrOpp 114.62 -2.48 -28.5 50.8 CpInc nr 10.09 -0.08 -8.9 18.6 SrsGroCoRetail 15.25 -0.38 -25.3 77.3 IncomeAdv 2.39 0.00 -2.4 23.8
ICAA p 44.97 0.00 -12.9 36.2 IntlStkY 20.90 -0.73 -21.5 16.4 EmgMkt 27.79 -0.87 -11.9 9.9 FIDSerEmgMkt 8.32 -0.30 -20.8 -9.5 IntCpAp 24.09 -1.08 -24.4 17.0 DisEq n 51.21 -0.56 -21.6 45.4 SrsIntlGrw 14.81 -0.50 -22.5 23.3 RisDv Adv r 85.89 -0.33 -11.1 45.5
IncoA p 24.46 0.00 -4.7 27.6 SmMidCpGrI 23.77 -1.93 -30.2 19.4 EmgMktSoCoEq 13.86 -0.40 -13.1 9.7 FidSerInt 8.97 -0.12 -8.7 NS NewMktsIncFdZ 12.20 -0.18 -13.1 -7.3 DivGth n 32.77 -0.12 -10.5 29.5 SrsIntlSmCp 15.99 -0.54 -25.2 18.3 SmCpValAdv t 55.58 0.27 -9.1 30.9
IntBdA p 12.92 -0.06 -5.4 3.3 BNY Mellon Funds Tru: EmgMktVa 29.02 -0.66 -6.2 11.4 FidSerToMarket 13.61 -0.08 -14.4 43.8 RE Income 12.68 -0.19 -7.7 17.4 DivIntl n 37.94 -1.17 -21.8 18.6 SrsIntlVal 10.28 -0.07 -8.0 21.5 FrankTemp/Franklin A:
May 9, 2022 BARRON’S 47
Industrials 11:00
11:30
33008.53
32834.04
33061.10
33271.88
33162.32
33060.19
33244.94
33090.54
32910.75
32949.93
NYSE Amer Off
NASD Up
11,007 3,042 5,820 14,817 13,733
3,511,456 2,842,160 4,496,245 899,070 1,339,278
37400 12:00 32926.06 33256.50 33113.90 32915.43 32706.23 NASD Off 1,361,786 1,643,120 957,098 4,312,041 3,914,406
12:30 32912.89 33189.24 33229.81 33016.87 32840.38 NYSE Arca UP 236,422 280,038 416,736 65,760 115,694
Week's NYSE Arca Off 253,624 80,931 60,223 434,813 363,717
Components Change 1:00 32756.61 33184.56 33281.91 33066.38 32978.84
1:30 32743.74 33230.90 33234.58 33054.25 32859.29 % (QCHA) –.14 +.50 +1.76 –2.75 –1.07
3M 5.31 % (QACH) –.97 +1.21 +1.22 –2.14 –1.25
2:00 32650.74 33191.29 33263.30 32987.19 32725.55
36600 % (QCHAQ) +.80 +.31 +1.43 –3.16 –1.72
American Express -7.56 2:30 32547.00 33021.18 33376.76 32866.19 32630.75
Amgen 3.31 3:00 32563.92 33198.63 33716.70 32915.76 32679.13 Market Advance/Decline Totals
Apple -0.37 3:30 32956.29 33149.04 33958.95 32723.56 32670.44 NYSE NYSE
Boeing 0.06 Weekly Comp. NYSE Amer Nasdaq Arca
Close 33061.50 33128.79 34061.06 32997.97 32899.37
Caterpillar 4.11 Total Issues 3,647 300 5,529 1,882
35800 High (t) 33399.38 33491.42 34137.51 33943.97 33186.30 Advances 1,235 99 1,784 479
Chevron 14.02 Low (t) 32385.88 32768.28 32891.03 32630.90 32314.80 Declines 2,321 194 3,512 1,392
Cisco Systems 0.35 High (a) 33224.95 33341.58 34117.74 33854.17 33055.84 Unchanged 91 7 233 11
Coca-Cola 0.13 Low (a) 32449.87 32914.75 33021.84 32685.10 32474.69 New Highs 112 6 161 59
Disney -1.34 Change +84.29 +67.29 +932.27 –1063.09 –98.60 New Lows 1,101 90 1,718 969
Dow 1.43 35000 Week ended last Friday compared to previous Friday
Goldman Sachs 7.47 Theoretical (t): High 34137.51 Low 32314.80
Home Depot -6.09 Actual (a): High 34117.74 Low 32449.87 NYSE Composite Daily Breadth
Honeywell Intl 1.92 Daily May 2 3 4 5 6
IBM 5.46 34200 Issues Traded 3,514 3,466 3,461 3,436 3,426
Intel 0.71 Dow Jones 20 Transport (divisor: 0.16343894576034) Advances 1,428 2,084 2,708 395 1,005
Johnson & Johnson -4.09 Declines 1,898 1,235 613 2,933 2,297
Open (t) 14860.11 15051.86 15104.60 15326.21 15018.70 Unchanged 188 147 140 108 124
JPMorgan Chase 4.36 Open (a) 14852.48 14917.68 15091.30 15457.48 15036.26 New Highs 13 27 53 53 28
McDonald's 1.62 10:00 14887.46 14949.46 15272.86 15336.87 14744.34
Merck -0.30 33400 New Lows 628 279 332 379 616
10:30 14880.47 14974.44 15216.29 15314.76 14741.77 Blocks - primary 4,950 4,478 4,947 4,830 4,757
Microsoft -2.79 Total (000) - primary 1,110,683 974,659 1,087,925 1,079,439 1,069,035
11:00 14991.62 14868.36 15215.87 15241.52 14806.22
Nike Cl B -10.21 Total (000) 5,188,658 4,619,538 5,181,553 5,063,514 5,104,748
11:30 14837.80 15003.85 15156.94 15113.34 14937.60
Procter & Gamble -4.55
12:00 14774.51 15041.85 15087.74 15100.34 14863.78 NYSE American Composite
Salesforce -6.24 32600 12:30 14838.72 14984.32 15122.83 15047.17 14844.20 Daily May 2 3 4 5 6
Travelers Cos 0.58
1:00 14842.89 15031.37 15185.21 15031.28 14955.94 Issues Traded 285 282 287 287 289
UnitedHealth Group -8.93
1:30 14782.15 15075.79 15111.06 15132.67 14980.03 Advances 94 177 187 48 94
Verizon Communications 1.97
2:00 14681.69 15089.82 15109.17 15168.77 14944.45 Declines 177 90 91 229 182
Visa Cl A -10.31
Walgreens Boots Alliance 1.59 31800 2:30 14559.16 14976.78 15133.23 15101.98 14895.91 Unchanged 14 15 9 10 13
3:00 14567.55 14978.47 15199.28 15077.63 14817.15 New Highs 1 2 4 2 1
Walmart -3.43 November December January February March April May New Lows 47 16 24 32 43
3:30 14745.26 15091.66 15402.86 15027.46 14799.26
Blocks - primary 186 146 213 157 167
Close 14910.71 15068.62 15533.38 15084.10 14900.85
Total (000) - primary 17,393 13,063 18,706 15,849 16,132
High (t) 15203.75 15313.98 15620.88 15466.33 15131.71 Total (000) 268,219 221,630 282,003 284,636 247,738
Transportation Low (t)
High (a)
14511.99 14679.89 14946.25 14914.93
15027.86 15107.23 15553.90 15457.48
14577.06
15057.29 Nasdaq
17250 Low (a) 14540.63 14809.64 15032.06 14940.14 14600.41 Daily May 2 3 4 5 6
Week's Change +45.65 +157.91 +464.76 –449.28 –183.25 Issues Traded 5,100 4,974 5,025 4,939 4,929
Components Change Advances 2,711 2,601 3,395 780 1,177
16925 Theoretical (t): High 15620.88 Low 14511.99 Declines 2,055 2,064 1,375 3,934 3,524
Alaska Air Group -4.17 Actual (a): High 15553.90 Low 14540.63 Unchanged 334 309 255 225 228
American Airlines Group -0.93 16600 New Highs 28 37 39 21 24
Avis Budget Group -11.81 New Lows 734 287 501 640 1,095
CH Robinson Worldwide 0.82 Blocks - primary 21,409 22,299 26,348 24,993 25,636
16275 Dow Jones 15 Utilities (divisor: 1.27924906167720)
Total (000) 4,906,807 4,547,932 5,509,850 5,237,003 5,278,587
CSX 0.44
Open (t) 1004.86 991.68 994.85 1004.79 992.34
Delta Air -2.03 NYSE Arca Composite
Expeditors Intl of Wash 8.98 15950 Open (a) 1003.28 991.22 994.51 1008.09 992.37
10:00 999.25 995.16 994.90 1008.44 994.88 Daily May 2 3 4 5 6
FedEx 11.47 Issues Traded 1,739 1,716 1,723 1,721 1,731
10:30 999.71 992.69 995.63 1005.04 996.41
JB Hunt Transport 4.94 15625 Advances 868 1,340 1,572 144 302
11:00 1001.97 1000.11 997.35 1003.14 999.27
JetBlue Airways -0.39 Declines 856 360 142 1,569 1,413
Kirby Corp 0.10 11:30 996.66 1004.37 1001.39 998.73 1003.74
15300 Unchanged 15 16 9 8 16
Landstar System 0.15 12:00 994.43 1005.35 1002.71 1002.28 1000.82 New Highs 23 6 24 35 32
Matson 4.12 12:30 987.71 1003.46 1002.64 998.82 1000.80 New Lows 653 54 151 385 692
Norfolk Southern -2.14 14975 1:00 988.39 1000.87 1003.89 998.21 1002.37 Blocks - primary 1,587 1,398 1,399 1,575 1,851
Old Dominion Freight Line 0.22 1:30 988.01 1000.95 1001.80 1004.01 1004.54 Total (000) - primary 493,288 361,794 478,967 501,009 480,748
Ryder System 4.42 14650 2:00 986.64 995.44 999.16 1003.43 1004.15 Total (000) 2,639,012 1,974,986 2,562,345 2,656,486 2,585,593
Southwest Airlines -0.60 2:30 983.73 991.62 1000.48 1000.06 999.21
3:00 977.73 990.22 1003.01 995.13 995.50
Union Pacific
United Airlines
-4.70
-2.98
14325
3:30
Close
983.52
987.17
993.82 1007.34
990.31 1011.30
992.41
998.27
999.52
1007.16
Other Market Indexes
United Parcel Service B -0.06 Daily 5/02 5/03 5/04 5/05 5/06
14000 High (t) 1009.48 1007.85 1013.41 1014.78 1011.39
November December January February March April May Low (t) 976.21 985.20 989.33 989.36 988.88 NYSE Amer Comp 4104.35 4235.96 4323.07 4237.14 4284.11
High (a) 1008.73 1007.61 1012.77 1011.98 1010.87 AmMajorMkt 2935.99 2945.69 3027.79 2948.19 2940.50
U.S. Dollar Index vs Euro and Yen Per Share Values of Stocks In Bausch + Lomb
PepGen
BLCO
PEPG
18.00
12.00
5/6
5/6
20.00
12.89
11.1%
7.4%
High Ground: The dollar continued its climb—lifted by higher U.S. rates and demand for a safe haven in a
roiling world. Measuring the buck against a basket of six other currencies, the ICE’s U.S. Dollar Index added the Dow Jones Averages Edible Garden
Austin Gold
EDBL
AUST
5.00
4.00
5/5
5/4
2.83
2.96
-43.4%
-26.0%
another 0.7% to end the week at 103.66. This is a list of the Dow Jones trailing 52-week diluted share
earnings, dividends and book values as reported by the company.
20 Bolded numbers indicate new values. Sources Barron's Stats and
FactSet.
Industrial Stocks
15
10 Earns
Book
Divs. Value Earns
Book
Divs. Value Investor Sentiment Readings NEW LISTINGS
NYSE
s Am Exp 9.98 1.81 28.55 Johnson&John 7.42 4.24 24.04 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 Bausch + Lomb (BLCO)
DXY (103.66) Amgen 10.16 7.22 16.27 JPMorgChase 13.48 3.90 81.75 bottoms.
Apple 6.16 0.88 3.85 McDonalds 9.47 5.34 (10.50) Last Week 2 Weeks Ago 3 Weeks Ago NYSE American
0 Boeing (8.27) Suspended (31.45) Merck Co 5.59 2.68 10.01
Caterpillar 11.93 4.44 28.11 Microsoft 9.58 2.37 18.88 Consensus Index 1847 Holdings (EFSH)
-5 Chevron Corp 8.43 5.44 68.40 Nike Inc 3.79 1.16 8.09 Austin Gold (AUST)
s Cisco Sys 2.80 1.48 8.95 Proc Gam 5.73 3.5227 18.73 Consensus Bullish Sentiment 49% 50% 57% DecisionPoint Systems (DPSI)
-10 Coca Cola 2.38 1.70 4.49 3M Co 9.61 5.93 22.27 Nasdaq
EURO in $ s Disney Walt 1.69 0.00 46.18 Salesforce.com 1.50 0.00 45.15 AAII Index
-15 Dow 9.17 2.80 16.73 Travelers Cos 15.80 3.52 115.69 Edible Garden (EDBL)
Goldman Sachs 51.52 7.25 246.24 UnitedHealthGrp 18.27 5.80 69.23 Bullish 26.9% 16.4% 18.9% PepGen (PEPG)
YEN in $
-20 Home Depot 15.52 6.85 3.06 Verizon 5.15 2.5475 16.39 Bearish 52.9 59.4 43.9
Honeywell 7.53 3.82 25.19 Visa 6.36 1.39 14.65
J J A S O N D J F M A IBM
Intel
6.10 6.56 23.07
6.02 1.4075 19.95
Walgreens 7.25
Wal-mart 4.88
1.90 23.84
2.21 28.69
Neutral 20.3 24.2 37.3
TRADING
Source: Tullett Prebon Market Vane
Transportation Stocks Bullish Consensus 52% 52% 58%
SUSPENDED
NYSE & NYSE American
AlaskaAirGroup 3.63 Suspended 24.05 Kirby Corp (3.84) Nil 51.37 TIM Group Market Sentiment None
Distributions & Offerings Coming U.S. Auctions U.S. Treasury Bills Wkly Ask
AmericanAirlines
AvisBudgetGrp
(3.68) Suspended (11.05)
32.42 Nil -2.21
Landstar Sys
Matson Inc
11.31
27.86
0.96 18.02
1.13 22.25 Indicator 43.7% 48.6% 42.2%
Nasdaq
Golden Nugget Online Gaming
C.H. Robinson 7.11 2.12 14.00 Norf Southern 12.39 4.41 58.67 (GNOG)
Secondary Distributions of common stocks Maturity Bid Asked Chg. Yld. Sources: Consensus Inc.; American Association of Huttig Building Products (HBP)
Yields (%) CSX Corp 1.76 0.379 17.18 Old Dominion 9.79 0.90 44.50
Alkaline Water Co 8,333,334 $0.60 $5,000,000 May 10 0.27 0.26 -0.01 0.27 Individual Investors; Market Vane; TIM Group US Ecology (ECOL)
May 12 0.28 0.27 0.02 0.27 Delta Air Lines 0.79 Suspended 2.40 Ryder Sys 12.05 2.30 41.98
Monday When Issued* Last Auction
Digital Brands Group 37,389,800 $0.25 $9,347,450 May 17 0.27 0.26 .... 0.26 Expeditors Int'l 8.64 1.16 15.71 Southwest Air 0.94 0.00 15.03
Freshpet
Hayward Holdings
4,320,988
16,000,000
$81.00
$14.50
$350,000,028
$232,000,000
$45.0 bil 3-month 0.820 0.910 May 19
May 24
0.30
0.36
0.29
0.35
-0.01
....
0.29
0.35
FedEx
Hunt (JB)
18.97 3.00 90.40
8.06 1.30 24.61
Un Pacific
UPS
10.52
(6.13)
4.50 25.26
Nil 19.11
NAME
$42.0 bil 6-month 1.325 1.420
Rezolute
Tarsus Pharmaceuticals
30,947,370
5,600,000
$3.80
$13.50
$117,587,085
$75,600,000
Tuesday
May 26
May 31
June 02
0.34
0.41
0.42
0.33
0.40
0.41
0.01
....
0.07
0.33
0.40
0.42
JetBlue Air (0.59) Nil 12.50 United Airlines 12.25 4.58 0.76
Arms Index CHANGES
June 07 0.45 0.44 .... 0.45 The Arms index, also known as the short term trading index, NYSE
Source: Dealogic LLC, New York City; (212) 577-4400. Utility Stocks is a number derived by dividing one quotient into another
$45.0 bil 3-year 2.882 2.738 June 09 0.48 0.47 0.10 0.48 None
June 14 0.50 0.49 .... 0.49 quotient. The numerator in the index is the number of
advancing stocks divided by the number of declining stocks.
Yearly Hi/Lo Gold Prices Wednesday
June 16
June 21
June 23
0.48
0.59
0.56
0.47
0.58
0.55
0.05
....
0.10
0.47
0.58
0.56
AES Corp. (0.65) 0.6095 3.96
Am Elec 5.23 3.04 41.38
Exelon 1.74 1.485 33.39
FirstEnergy 2.24 1.56 13.32
As of 3/14/11, the denominator in the index is now the
composite volume of advancing stocks divided by the
NYSE American
NightHawk Biosciences
composite volume of declining stocks. (NHWK), formerly Heat
The yearly Gold price; with a high/low range based on the daily close. $36.0 bil 10-year 3.083 2.720 June 28 0.65 0.64 .... 0.64 AmericanWaterWorks 7.09 2.41 35.60 NextEra Energy 0.74 1.58 18.63 Biologics (HTBX)
June 30 0.63 0.62 0.16 0.62 Atmos Energy 5.31 2.61 53.95 Xcel Energy 2.99 1.86 27.12 5/2 5/3 5/4 5/5 5/6
Year High Date Low Date Nasdaq
Thursday July 05 0.69 0.68 .... 0.69 Con Ed 3.86 3.115 55.11 Pub Sv Ent (1.23) 2.07 31.71
July 07 0.71 0.70 0.18 0.71 EBET (EBET), formerly Esports
DominionEnergy 3.98 2.5575 29.44 Sempra Energy 4.11 4.445 70.11 NYSE .56 .64 .61 1.95 .94 Technologies
2022 2039.05 Mar. 08 1789.35 Jan. 06 July 14 0.75 0.74 0.19 0.75
$51.0 bil 30-year 3.179 2.815 July 21 0.74 0.73 0.15 0.74 Duke Energy 4.93 3.92 59.82 Southn Co. 2.16 2.64 25.45 NYSE American 1.33 .64 1.25 1.83 2.21 SAI.TECH Global (SAI),
2021 1943.20 Jan. 04 1683.95 Mar. 30 July 28 0.75 0.74 0.15 0.75 Edison Int'l 1.54 2.725 37.08 formerly TradeUP Global
2020 2067.15 Aug. 06 1474.25 Mar. 19 * As of Friday afternoon. April 20 1.93 1.92 .... 1.98 Nasdaq .51 .73 .53 .95 .98 (TUGC)
50 BARRON’S May 9, 2022
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
Date Data Period Ago % Chg (Earnings are diluted and report dates are tentative. All fore- Fed Funds Rate
Indicator No Activity for this Week
Employment
casts and historical numbers exclude extraordinary items by
accounting definitions.) Avg effective offer 0.83 0.34 0.06
Production Source: FactSet Avg weekly auction-c 0.33 0.33 0.06
The Delta MSI measures the Civil labor force, (thous.) Apr 164,046 164,409 160,978 1.91
position of a representative set
of stocks relative to an
intermediate-term moving
Electric power, (mil. kw hrs) (EEI)
Petroleum, related capacity, %
Apr 30 69,920
Apr 29 88.4
70,971 69,091 1.20
90.3 86.5 2.20
Employed, (thous.)
All non–farm payrolls, (thous.)
Apr 158,105
Apr 151,314
158,458 151,259 4.53
r150,886 144,694 4.58 Conference Call Calendar T-Bills Rate
Bearish
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) Apr 29 415,727 414,424 485,117 –14.30 Avg. wks duration unemploy Apr 25.0 24.2 28.5 –12.28
Factory inventories, (bil. $) Mar 797.56 r787.18 721.17 10.59 U–6 unemployment Apr 7.0 6.9 10.3 –32.04 Simon Property May 9 5:00PM Q1 Libor Interbank Rate
Gasoline, (thous. bbls) Apr 29 228,575 230,805 235,811 –3.07 Civilian Employment Population Ratio Apr 60.0 60.1 57.9 3.63 Tapestry May 12 8:00AM Q3
Orders TransDigm May 10 11:00AM Q2 1 month 0.84 0.80 0.10
Construction Tyson Foods May 9 9:00AM Q2 3 months 1.40 1.33 0.16
Current Sentiment Factory orders, backlog (bil. $) Mar 1,294.79 r1,289.29 1,195.14 8.34 Construction spending, (bil. $) Mar 1,730.5 r1,728.6 1,548.6 11.75 Walt Disney May 11 4:30PM Q2 6 months 1.96 1.91 0.19
New factory orders, (bil. $) Mar 557.32 r545.50 488.07 14.19 Non–residential spending, SA (bil. $) 12 months 2.69 2.63 0.27
Mar 497.6 r503.6 458.7 8.48 Welltower May 11 9:00AM Q1
38.0%
Nondurable goods orders, (bil. $) Mar 281.55 r272.71 238.61 18.00 Public spending, (bil. $) Mar 350.8 r351.7 344.9 1.71 Wynn Resorts May 10 4:30PM Q1 Foreign Prime Rates
Purchasing management index Apr 55.4 57.1 60.6 –8.58 Residential spending, (bil. $) Mar 891.3 r882.4 754.1 18.19 Source: CCBN, www.ccbn.com
Trade Canada 3.20 3.20 2.45
Other Indicators Germany 0.00 0.00 0.00
Merchandise trade balance (bil $) Mar –128.14 r–107.78 –92.39 38.69
Last Week
Inflation Citi Research Panic–Euphoria Reading May 6 –0.04 r0.05
a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. h-
0.89 –104.49
Barron's 50-Stock Average Japan
Switzerland
Britain
1.475
0.00
1.00
1.475
0.00
0.75
1.475
0.00
0.10
47.2%
JOC–ECRI Industrial Price Index f May 6 166.13 165.17 148.40 11.95 benchmark revision, 2016 equals 100. r-Revised.
This index is a weighted average of 50 leading issues. Useful in secu-
rity valuation. Source: Barron's Stats
Other Money Rates
May 5 Apr 28 May Yr-to-Yr
2022 2022 2022 % Chg Fannie Mae Home Loan:
2 Weeks ago S&P 500 Index 4146.87 4287.50 4168.53 –0.52
American Debt and Deficits Adjustable Mortgage Rates Barron's 50 Index 11398.8411642.04 11244.16 1.38 30-Year Fixed Conv 4.95 4.67 2.37
52.1%
Projected quarterly earn 141.40 143.07 109.14 29.56 Bank money market-z 0.07 0.07 0.07
Annualized projected earn 565.60 572.29 436.56 29.56 Interest Checking-z 0.04 0.04 0.04
Latest Preceding Year Ago Yr over Yr May 6 Apr 29 Yr. Ago YOY % Chg 6-Month Certif-z 0.15 0.15 0.13
Annualized projected P/E 20.15 20.34 25.77 –21.79
Report Report Report % Chg 12-Month Certif-z 0.23 0.22 0.18
Five-year average earn 436.68 437.35 380.91 14.64
1 Year Treas Bills 2.03 1.96 0.05 3960.00 30 Month Accounts-z 0.29 0.29 0.18
3 Weeks ago Five-year average P/E 26.10 26.62 29.52 –11.57 5-Year Certificates-z 0.39 0.39 0.32
Federal Budget Deficit (bil. $)-a 1,359FY'24 1,372FY'23 1,837FY'22 …. 2 Year Treas Notes 2.62 2.61 0.17 1441.18
–192.68 –216.59 –659.60 -70.79 Year-end earn 565.71 567.38 314.70 79.76
Budget Surplus/Deficit (bil. $)-b, March 3 Year Treas Notes 2.79 2.81 0.35 697.14
Current Market Exposure: 0% Trade Deficit (bil. $, sa)-c, March –109.80 r-89.80 –71.40 53.78 5 Year Treas Notes 2.84 2.89 0.86 230.23 Year-end P/E 20.15 20.52 35.73 –43.61 U.S. Savings EE Bonds:
Equities, 0% Bonds, 100% Cash Treasury Gross Public Debt. (bil. $)-d 30,410.1 30,416.6 28,177.9 7.92 10 Year Treas Notes 2.83 2.89 1.63 73.62 Year-end earns yield, % 4.96 4.87 2.80 77.32
Treasury Statutory Debt Limit (bil. $)-d 31,381.5 31,381.5 …. …. Best grade bond yields, % 3.68 3.32 1.49 146.98 Long-Term (5yrs+) 0.10 0.10 0.10
Source: Delta Investment 20 Year Treas Bds 3.08 3.13 2.18 41.28
Consumer Installment Debt (bil. $)-e, March 4,539.0 r4,486.6 4,218.9 7.59 11th District % Mar Discontinued .... 0.377 .... Bond yields/stock ylds, % 0.74 0.68 0.53 39.29 c-Annualized yields, adjusted for constant maturity, reported by the Federal
Management
FHFA PMMS+ 3.68 3.68 2.72 35.29 Actual year-end divs 226.76 226.15 212.31 6.81 Reserve on a weekly average basis. Sources: Tullett Prebon information, Ltd.
www.deltaim.com, (415) Sources: a-Office of Management and Budget, b-Monthly Treasury Statement, c-Monthly Commerce Dept. Factset. z-Bankrate.com.
249-6337 Actual yr-end divs yld, % 1.99 1.94 1.89 5.35
Report, d-Daily Treasury Statement, e-Monthly Federal Reserve Release. Fed annualized yields adjusted for constant maturity.
May 9, 2022 BARRON’S 51
0 Bond Buyer Municipal Bond Index Company Name-Ticker Symbol (Exchange) Yield Period To From Decrease Date Date Date Tuesday (May 10) Apple .23
AllianceBernstein-AB (NYSE) 10.0 Q .90 1.29 -30.2 % 5-09 5-06 5-26 Albertsons .12 Cal-Maine Foods .125
(Index of 40 actively-traded tax-exempt bonds; component issues
are changed regularly to keep the index a current picture of the Capital Product Partners .15
GlaxoSmithKline ADR-GSK (NYSE) 4.6 Q .349625 .603453 -42.1 % 5-20 5-19 7-01 American Express .52
market. Source: The Bond Buyer Coca-Cola Consolidated .25
Sculptor Capital Mgmt-SCU (NYSE) 10.2 Q .11 .28 -60.7 % 5-18 5-17 5-25 Greenbrier Cos .27 Dorchester Minerals .754
4.34 4.23 3.45 Sisecam Resources-SIRE (NYSE) 10.5 Q .50 .65 -23.1 % 5-10 5-09 5-18 Lennar Cl A .375 Hope Bancorp .14
-10 Sturm Ruger-RGR (NYSE) 5.1 Q .68 .86 -20.9 % 5-16 5-13 5-31 Lennar Cl B .375 Sierra Bancorp .23
Stock/Bond Yield Gap-s TriMas Corp .04
Suburban Propane .325
(Difference between yield on highest-grade corporate bonds and
yield on stocks on the DJIA.) Stock Splits/Dividends Special Dividends Wednesday (May 11) Friday (May 13)
1st Source .31
-1.71 -1.36 0.21 Record Ex-Div Pay Antero Midstream .225
Record Ex-Div Pay Company Name-Ticker Symbol (Exchange) Amount Date Date Date 360 DigiTech ADR .26
-20 Bk of NY Mellon .34 Alliance Resource Ptrs .35
Company Name-Ticker Symbol (Exchange) Amount Date Date Date
Yield on DJ Equal Weight US Corp Bond Idx: American Financial Group-AFG (NYSE) 8.00 5-20 5-19 5-27 Kadant .26 Banner .44
J J A S O N D J F M A
Brookfield Infrastructure-BIPC (NYSE)3-for-2 6-06 6-13 6-10 Chesapeake Energy-CHK (Nasdaq) 1.84 5-19 5-18 6-02 Nucor .50 Costco Wholesale .90
Corp Bonds, (y) 4.50 4.33 2.33
Diamondback Energy-FANG (Nasdaq) 2.35 5-12 5-11 5-23 Pearson ADR .189 CSW Industrials .17
Brookfield Infrastructure-BIP (NYSE)3-for-2 6-06 6-13 6-10 Green Plains Partners .445
v-Week ended Thursday. y-Yield to maturity, week ended Thursday. z- Dorian LPG-LPG (NYSE) 2.50 5-16 5-13 6-02 Smith & Nephew ADR .462
Source: Refinitiv.*Barclays T-Bond Index discontinued by firm. Texas Pacific Land-TPL (NYSE) 20.00 6-08 6-07 6-15 Kaiser Aluminum .77
Maximus .28 Thursday (May 12) Martin Midstream Prters .005
Moog A .26 MetroCity Bankshares .15
Bassett Furniture Inds .14 Braskem ADR .674
WEEK'S EX- Moog B
MSCI
.26
1.04 WEEK'S EX- Brookline Bancorp .13
WEEK'S EX- Celanese .68
Pacific Premier Bancorp
PCTEL
.33
.055
Federal Reserve Data Bank Neenah .475 Business First Bancshares .12
Coca-Cola Europacific .59
CRH ADR .98 Plains All Amer Pipeline .218
Week’s GlbXMetaverse
GoalAcqns
GoldenbridgeAcqn
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AdventTech
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AdverumBiotech
AdvShDW FSM US
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ReShapeLife
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RF Acqn A
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112 1101
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InvestcorpEur I A AGNC InvtPfdF AXT Citizens&Northern EastRscsAcqnWt FT LC US Equity HappinessDevt InvscGlblWater Latham Nasdaq PerceptionCapIIWt RXR Acqn Wt
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161 1718
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FT Nasd100Tech
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FT NasdaqBk
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LendingTree
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6
New Highs
90
New Lows
MontereyBioAcqn
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electroCore
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HeritageGlobal
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LibertyGlobal A
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May 9, 2022 BARRON’S 53
O T H E R VO I C E S
The Japanese yen is now more undervalued
against the U.S. dollar than at any point in over
30 years. Where will it go from here?
T
with an average monthly surplus of he divergence of monetary
JPY32 billion in 2020. Japan’s exports policy looks to be more per-
are around 17.5% of its gross domestic sistent. Underlying it are
product, higher than the U.S. at 12%. different inflation experi-
But other advanced economies export a ences. The U.S. consumer price index
much greater share. Canada and the rose 8.5% in its most recent reading,
U.K. export about a quarter of their while Japan’s is still below 2%. U.S.
GDP, while Germany exports 47%. inflation may be near a peak, but it will
And while Japan still runs a current- remain elevated. Data for April show
account surplus, it isn’t driven by trade. Tokyo’s core CPI rose 1.9% over last
Some would argue that the yen’s year. The government pushed through
depreciation would make Japanese a deflationary cut to cellphone charges
goods cheaper in the international in 2021, but that change will drop out
market, thereby lifting its exports. But of the 12-month comparison. Never-
Japanese businesses have responded theless, Bank of Japan Governor Har-
to the chronic pressure to appreciate uhiko Kuroda argues that the increase
the yen by offshoring. That new dy- in inflation won’t be sustainable and
namic helps explain a recent Reuters that the economy still needs extraordi-
survey that found corporate Japan is nary monetary accommodation.
worried that the falling yen would Some think that if the BOJ were to
weaken consumption and capital in- jettison its yield-curve control, the yen
vestments. The rolling 24-month cor- would strengthen. But where would
relation between the yen’s weakness the yield go? The 30-year Japanese
and the performance of the Nikkei has government bond yields less than
T
as the ongoing global policy tightening needed. The ministry is climbing an
he Japanese yen has By Marc Chandler sure, the yen is now more underval- will likely cause demand destruction. escalation ladder.
dropped like a rock. and Omkar Godbol ued against the dollar than at any The yen’s depreciation, however, will However, the bar to actual material
The market has point in over 30 years. boost the value of current-account com- intervention seems high. The yen’s
become convinced While the yen is historically under- ponents like investment-related flows weakness reflects fundamentals, the
that—arguably, valued, the forces driving it lower (dividends, coupons), profits, licensing International Monetary Fund’s Asian-
after a late start— aren’t exhausted. The divergence be- fees, and royalties. Pacific department head said recently.
the Federal Reserve tween U.S. and Japanese monetary What’s next for the yen? The Rus- Intervention also seems to work best
has begun the most aggressive tight- policy is stark. The U.S. is tightening sian invasion of Ukraine was under- when it signals an adjustment of un-
ening cycle seen in a generation. monetary policy aggressively, while stood in economic terms as a disrup- derlying policies, but that wouldn’t be
Meanwhile, the Bank of Japan has Japan sits with an open-spigot mone- tion of supply, foodstuffs, energy, and the case now. It’s also unclear that the
signaled its resolve to cap its 10-year tary policy. some metals. We saw appreciation in U.S. would appreciate dollar sales
M A IL BAG
Send letters to Mail@Barrons.com. To be considered for The Readback, a podcast taking you
publication, correspondence must bear the writer’s name, inside the latest stories, is available
address, and phone number. Letters are subject to editing. wherever you listen to podcasts.
And a Free
their profits by encouraging broad subindustries within the 11 S&P Sec- many took advantage of unemploy-
adoption of Bitcoin through 401(k) tors, I find none more in a catch-up ment compensation. Still, I know of
plans, it would be mind-boggling for mode than property and casualty few working-age adults who can af-
regulators to permit it (“Should Bit- insurance. Its primary function is to ford to simply quit working. Every
Society
coin Be in Your 401(k)? Fidelity Is assess risk and to successfully exe- time we hear people say this we have
Making It Possible—for Better or cute a multifaceted underwriting pro- to ask: “And live how? Generate
Worse,” April 28). cess on behalf on an ever-demanding income how?”
It’s no secret that the U.S. has an customer base. The industry can no Finally, any discussion of employ-
impending retirement crisis on hand. longer wait or afford to maintain leg- ment participation rates has to
To the Editor: Financial-services professionals acy systems built in the 1950s. include the fact that America is
I appreciated the articles about Elon Musk in the most should be focused on how to increase As for pure-play companies, there ravaged with substance abuse, and
recent issue (“How Elon Musk Can Fix Twitter,” “He investors‘ ability to retire and not on are Duck Creek Technologies, Sapi- we have a significant percentage of
Could Even Save Social Media,” and “The Risks to encouraging speculation, which is ens International, and Guidewire our working-age population with
Tesla Are Overblown,” Cover Stories, April 29). The the essence of cryptocurrency. Software. Market caps are $2.1 bil- criminal-justice-system baggage.
stated reason that Musk purchased Twitter was to Most of the recent developments lion, $1.3 billion, and $6.7 billion, Both of these factors are significant
allow free speech. His statement, “You have to allow in the 401(k) space are promising. respectively. My personal favorite is in the labor market, having crept up
someone you do not like, to say things you do not Target-date funds serving as the Duck Creek, a spinout of Accenture. on us over many years.
like,” is admirable in this day and age. Musk went on default investment option, automatic Rob Suthe John R. Rich
to say you cannot have a free society unless you have enrollment, automatic escalation, and Bethesda Md. Greensboro, N.C.
free speech. Right on! fee transparency are all positive
David G. Toussaint trends.
Fishers, Ind. More focus on participant educa-
tion would be another big step
Contrarian Indications
forward in preparing folks for
retirement.
“All of this negative sentiment is
To the Editor:
One of the tenets of investing is that past performance
Conversely, including the ability
to make concentrated speculative
gambles with one’s nest egg is a step
signaling to me that the market
is no guarantee of future performance (“The Stock
Market Isn’t Falling Like It Did In the 1970s—It’s Even
in the wrong direction.
Jonathan I. Shenkman is at or near the lows.”
Worse,” The Trader, April 29). West Hempstead, N.Y. Barry Rabinowitz, Plantation, Fla.
M W L C 10 11 12 H G R P 4 8 3 F 2 D 6 7 9 0 A I
56 BARRON’S May 9, 2022
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