CHINA AND CHIPS BOOST MARKE T • PAGES 6, 15, 28

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VOL. CIV NO. 40 SEPTEMBER 30, 2024 $5.00

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HEALTH CARE’S MAGICA L MOMEN T

The sector is bouncing back. Our roundtable pros talk cutting-edge science
and alluring pharma and biotech stocks. Inside: 21 ways to play the future.
>
PAGE 16
63142
 6 BARRON’S September 30, 2024

UP & D OWN WALL STREET

The Nasdaq beat the S&P 500, which bested the
Dow. The second- and third-best sectors were
technology and consumer discretionary.

China and the Fed

the Mag Seven is just one more sign past 10 years, including reinvested
that we live in an age of extreme mar- dividends, well short of the iShares
ket inefficiency. Clifford Asness, man- Russell 1000 Growth ETF’s 16%
aging principal at AQR Capital Man- annual return.

.
Haven’t Reshuffled
agement, argued in a recent paper that Then there’s the question of just

ly
markets were relatively efficient from what a value stock is anymore. Trivari-
1950 through the dot-com bubble, as ate Research’s Adam Parker looked at
judged by the price-to-book ratio of the the market’s 300 mega- and large-cap

on
The Stock Market
most expensive large-cap stocks di- stocks and divided them into Value,
vided by the cheapest ones. For 50-odd Growth, and Neither. Just 65 fell into
years, the ratio between the two was the Value camp based on measures
relatively stable, until it spiked higher such as price-to-book, long-term

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during the dot-com bubble and then growth, dividend yield, and net debt to

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again over the past decade, a sign that market cap. “Can you even be a diver-

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investors had stopped pricing stocks sified mega-/large-cap value manager
t’s raining money, and all past three. in a rational fashion. if your available universe only consists

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we can say is, “Hallelujah.” We were supposed to be past this Asness offers three reasons for the of 65 names?” Parker asks.
It wasn’t enough for the point. The Invesco S&P 500 Equal shift in the market: indexing, low inter- And those 65 names aren’t what
Federal Reserve to start its Weight ETF, after all, outperformed est rates for a long time, and the rise of investors would typically expect. Fi-
easing cycle with a bang by for the past three months, a sign that retail traders due to new technologies nancials make up just 10.3% of large-
slashing the federal-funds rate investors’ interests had turned to the that allow them to push stocks like cap value market capitalization, with

er s
by half a point at its meeting other 493 stocks in the index for op- GameStop well beyond rational valua- stocks like JPMorgan Chase, Bank
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

on Sept. 18, or for the European Cen- BY BEN portunities to outperform. But for that tions. His solution: Buy “value stocks,” of America, and Goldman Sachs
tral Bank to lower rates, too, as infla-
m er
LEVISOHN to play out, those with money to put to which is riskier now but should pay off Group falling into the Neither camp,
tion slows across the Continent. Now, work have to believe that the Fed’s big in a big way if and when the current and Charles Schwab and Black-
China has finally unleashed its full rate cuts will be enough to stave off a trends reverse. DataTrek co-founder stone fitting more comfortably in
arsenal of stimulus tools to get its be- recession, and no one seems to want to Nicholas Colas calls that a “fair recom- growth. Value investors are better
m rp
leaguered economy going again, some- go quite that far just yet, even though mendation,” but also says that “we served looking at stocks with high
thing that no one, except maybe Appa- jobless claims fell to their lowest level must trade the market we have, not free-cash-flow yield, a group that in-
loosa Management’s David Tepper, in four months. It doesn’t help that oil some academic ideal.” cludes Philip Morris International,
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

had the foresight to see. prices keep sinking even as the And playing value stocks may not Verizon Communications, AT&T,
Together, these moves should be a chances of a wider war in the Middle be as simple as it seems. For a static, and Warren Buffett favorite Chubb.
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game-changer, the kind of actions East keep rising. In a world chock-full unchanging view, one could buy the Meanwhile, the S&P 500 has done
that get investors to sit back and re- of uncertainty, it’s best to stick with the iShares Russell 1000 Value ETF, just fine—and should continue chug-
F

consider their portfolio and the kinds big guys. though being early has been painful— ging along for at least a little while
of stocks they want to own to benefit Or maybe the enduring appeal of it returned 8.9% annually over the longer as we reach the midpoint of the
from the tidal wave of easy money. decade. Everyone talks about how bad
And on the margins, perhaps, they September usually is—how did that
have—the Materials Select Sector China has finally work out this month?—but the stock
unleashed its full
SPDR exchange-traded fund gained arsenal of stimulus market is now entering one of the
3% this past week as investors bet tools. The Shanghai strongest periods of the decade, ac-
Stock Exchange in
that anything having to do with met- the city’s Pudong
cording to SentimenTrader Senior
als and mining will benefit from district, left. Research Analyst Jay Kaeppel.
n-

China’s largess. Looking back to 1920, he found

But otherwise, it’s more of the that the S&P 500 has returned an
same. The Nasdaq Composite out- average of 35.8% for the 18 months
performed the S&P 500 index, which starting on Oct. 1 of a year ending
no

narrowly bested the Dow Jones In- in four. That includes the 1920s, the
dustrial Average, while the second- 1930s, and even the 1970s, when the

Hector Retamal/AFP/Getty Images

and third-best-performing sectors S&P 500 gained 61.7% from Sept. 30,
were technology and consumer dis- 1974, through Mar. 31, 1976. The
cretionary, homes to Apple, Micro- worst mid-decade periods occurred
soft, Nvidia, Amazon.com, and in the 2010s, when the S&P 500
Tesla. It should be obvious by now gained just 4.45%, and the 1960s,
that Big Tech had a pretty fine week, when it rose 6%.
with the Roundhill Magnificent “This information strongly suggests
Seven ETF gaining nearly 1.8% this continuing to give the bullish case the
past week and about 12% over the benefit of the doubt,” writes Kaeppel,
 September 30, 2024 BARRON’S 7

even as he warns that “nothing is guaran- moves reflect increased urgency to boost
teed in the markets.” growth and lift confidence, but not neces-
We wouldn’t have it any other way. sarily sign off at the highest level to bring
out the bazooka,” wrote 22V Research’s

T
ime waits for no one, and cer- Michael Hirson and Houze Song.
tainly not this columnist, who Then, China brought out the bazooka.
was busy noodling on a column At its Politburo meeting this past week, it
about Chinese stocks when the promised to spend enough to get the econ-
People’s Bank of China finally cut interest omy growing at a 5% clip again, among
rates. The move sent Chinese shares other measures, forcing market watchers
higher and forced said columnist to bang to change their tune.

.
his head gently against his keyboard at Even after this past week’s gains, Chi-

ly
the missed opportunity. nese stocks have been down so long that
But maybe it wasn’t one, at least not it looks like up from here. Using Hong
completely. Kong’s Hang Seng Index, which has a lon-

on
At first, it sure does look like a case of ger history, Chinese stocks have suffered
letting a good trade get away. The iShares through three consecutive down years only
China Large-Cap exchange-traded fund twice since 1965—the three years ended in
was already up 28% from its 2024 low 1967 and 2002, according to BTIG techni-

us ,
reached on Jan. 22 before the PBOC an- cal analyst Jonathan Krinsky. In both

l
nounced that it would lower its benchmark cases, the index subsequently went on five-

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interest rate by 0.2 percentage point, de- year winning streaks, with gains ranging
crease the amount of cash its banks would from a low of 4% in 2005 to 147% in 1972.

ci on
have to keep in reserve, and provide cash Now, the index looks ready to rise after
to financial institutions to buy Chinese four years of declines—and Krinsky thinks
stocks. It even lowered the rate on existing more gains are coming. “Small sample size,
mortgages by half a point, which will re- but given the sentiment and positioning,
duce the interest costs for current home- it’s not hard to imagine a decent run for

er s
owners. After the moves, which aim to get China here,” he writes, calling China’s
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

the world’s second-largest economy out stock market a “breakout worth chasing.”
of the doldrums, the ETF gained another
m er
Investors have other options than the
9.6%, to put it up 40% from its low. iShares China Large-Cap ETF, which has
A move like that is scary to chase, returned more than 33%, including rein-
especially in a market as volatile as vested dividends, in 2024 and closed at a
m rp
China’s, where the merest suggestion of 52-week high on Friday. The iShares MSCI
regulatory scrutiny or lack of monetary China ETF, for one, is up more than 23%
stimulus could reverse things in a hurry. this year. Its largest positions include Ten-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

Then there were the warnings about the cent Holdings, Alibaba Group Holding,
lack of oomph that the stimulus measures and Meituan. The KraneShares CSI
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are expected to provide. Shivaan Tandon, China Internet ETF, which lacks exposure
a market economist at Capital Economics, to some of the big, state-backed companies,
F

argued that the measures focus on the has returned 21% this year with a portfolio
credit supply, not credit demand, which that is even more top-heavy with Alibaba,
continues to sag, and doesn’t come close Tencent, and Meituan. “The KraneShares
to being the “fiscal bazooka” he thinks is ETF still [has] some work to do, but looking
“needed to offer a sustainable boost to the like a big base,” Krinsky writes.
economy and stock market.” What’s more, For the truly daring, there’s always Ali-
he expects growth to slow to 4.8% in 2024 baba. Though the stock has gained 38% this
and then to 4% in 2025. “We don’t expect year, it too has been basing and looks ready
big further gains and think China’s market to attempt a move higher. Buying Alibaba,
n-

will continue to underperform its global though, isn’t simply a technical call. J.P.
peers,” Tandon wrote. Morgan analyst Alex Yao notes that the
It was also hard to find anyone who stock is likely to benefit from being included
disagrees with the view that the authori- in China’s Stock Connect program, which
no

ties will be reluctant to bring out the heavy links mainland trading to Hong Kong,
artillery, bazooka or otherwise. Report and should see new buyers move into the
after report qualified the potential impact shares. The company’s plan to allow the use
of the current easing, noted that more was of Tencent’s Weixin Pay on its Taobao and
needed, and suggested that China’s leaders Tmall websites should increase Alibaba’s
would be reluctant to deliver more without traffic and boost the volume of merchandise
major social upheavals. Almost no one sold, something that is “underappreciated
believes that China will do what it needs to by investors,” Yao writes.
do to reverse the slowdown in its economy And those are the moments to buy. B
and keep the stock market going.
“For now, our base case is that PBOC’s email: [email protected]
 September 30, 2024 BARRON’S 17

HEALTHCARE ROUNDTABLE

21 Stocks to Play a
‘Magical Moment’

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In Healthcare

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The sector is bouncing back. Shares of many pharmaceutical and biotech

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firms still look alluringly cheap, our Healthcare Roundtable panelists say.

BY LAUREN R. RUBLIN

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To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

I
m er
nvestors have circled back to no matter the party in power. Plus, TS the pandemic due to demand for new
L IS
healthcare stocks this year, lower interest rates will make financ- NE therapeutics, vaccines, treatments, and
and they’re likely to stick ing more affordable, especially for PA diagnostics, but that sales burst has
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around. If they came for the young companies that desperately A N DY AC K E R come off in the past couple of years.

2024
science—blockbuster obesity need funding. Portfolio manager of Recently, however, the economy has
the healthcare and
drugs, advances in cancer This year’s Roundtable was held on shown signs of starting to slow. Inter-
biotech strategies
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

treatments, novel cell thera- Sept. 12 on Zoom, and featured four est rates are expected to come down,
at Janus Henderson
pies—they’ll stay for the macro story, healthcare investment experts: Andy potentially this month. [The Federal
co o

Investors
specifically a slowing economy and Acker, portfolio manager of the health- Reserve cut interest rates by half a
falling interest rates, which tend to care and biotech strategies at Janus percentage point on Sept. 18.] Lower
F

favor the sector. “We are in a wonder- Henderson Investors; Casdin, a veteran rates could be a boon to the sector,
ful, magical moment in science—and biotech investor; Daina Graybosch, a E L I CA S D I N
and especially biotech companies,
investing,” says Eli Casdin, chief in- senior managing director and bio- Chief investment which have long-duration assets and
vestment officer and founder of Cas- pharma analyst at Leerink Partners; officer and founder, in many cases are years away from
din Capital, and a member of Barron’s and Jared Holz, healthcare equity strat- Casdin Capital meaningful revenue and cash flow.
2024 Healthcare Roundtable. egist at Mizuho. In addition to sharing Eli Casdin: Rising interest rates in
The sector’s lackluster perfor- their big-picture views, our panelists 2022 and ’23 really squeezed small
mance in 2022 and ’23, and a brutal made the case for 21 healthcare compa- companies. Cost-of-capital anxiety has
bear market in biotech, have left the nies of all stripes, and their shares. DA I NA made biotech a difficult place to in-
n-

shares of many pharmaceutical, bio- An edited version of the roundtable G R AY B O S C H vest. With the loosening of that inter-
tech, and life-sciences companies discussion follows. Senior managing est-rate belt, biotech companies poten-
alarmingly—and alluringly—cheap. At director and tially will have an easier time getting
biopharma analyst,
the same time, advances in diagnos- Barron’s: Healthcare stocks are on funding. And there are some strong
no

Leerink Partners
tics, drug development, and delivery the rise after several years of poor data indicating that biotech has
are turning some once-fatal diseases performance. What is drawing in- worked well in recessions.
into chronic conditions and offering vestors back to the sector, and more Many companies have no earnings
fresh hope to millions of patients and important, what is the outlook? to revise downward. The industry
their clinicians. Andy Acker: Despite expectations for JA R E D H O L Z isn’t cyclical in the typical sense. As
Illustration by Jun Cen

While the regulatory environment a recession back in 2022, the economy Healthcare equity people become more comfortable with
is cause for some concern, due in part has stayed stronger for longer. That strategist, Mizuho inflation falling and monetary policy
to the introduction of Medicare drug- hurt the healthcare sector, which is loosening, biotech stocks could pick
price negotiations, regulators are likely viewed as more defensive. Also, the up again.
to look less skeptically on mergers and industry has suffered a Covid-19 hang- Jared Holz: The healthcare sector is
acquisitions in the next administration, over. Sales growth accelerated during dominated by two categories—large-
 18 BARRON’S September 30, 2024

treme. The healthcare sector, more limited number of manufacturers of

than any other, lends itself to active the equipment needed to build these
management. Owning the right stocks plants. Lilly and Novo are spending,
ANDY
ACKER’S and avoiding the worst ones can add combined, about $10 billion this year
STOCK PICKS tremendous value. in capital expenditure. It will be diffi-
cult even for makers of biosimilar
Amgen Moderna recently reduced its re- treatments to compete as Lilly and
AMGN
$312.86
search-and-development spend- Novo’s patents expire. There will be
ing and said it was pausing devel- some competition, including compa-
Argenx opment of certain products. Will nies we are invested in and excited
ARGX an announcement like that weigh about, but the competition is still a

.
$549.01 on sentiment across the pharma few years out.

ly
Madrigal industry? Holz: This is the most complex sector
Pharmaceuticals Casdin: The company’s lead mRNA in the market, and the easiest concept
MDGL franchise doesn’t have the same to understand. Obesity will remain

on
$216.21 growth dynamic as in the past. Mod- No. 1, or close to No. 1, as a category of
Vaxcyte erna needs to focus. For investors, interest for the buy- and sell-side go-
PCVX Moderna probably is more interesting, ing into next year. So, many therapeu-
$113.46 not less interesting, as a result of this tics are given to patients too late.

us ,
decision. Periods of contraction are We’re finally seeing a drug that is a

l
Vertex
painful for investors’ wallets, but preventative medicine for a whole host

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Pharmaceuticals

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VRTX healthy for the industry. Companies of underlying conditions. That is an
$461.76 that come through the rationalization underappreciated element of the bull-

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process are better businesses and, ish thesis.
Note: Price as of 9/25/24
Source: Bloomberg
therefore, better investments.
Eli, are there particular biotech
Speaking of better investments, companies that you regard as po-
GLP-1 obesity treatments are the tential longer-term competitors to

er s
talk of the healthcare market. The Lilly and Novo, or that could be
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shortage in Eli Lilly’s GLP-1 treat- compelling takeover targets for Big
m er ments seems to be ending. Sales of Pharma in the GLP-1 space?
Novo Nordisk’s Ozempic and We- Casdin: While technological leader-
govy are climbing sharply, and ad- ship seems to favor Lilly and Novo,
ditional data have come out about what is the margin of their leadership
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other indications for the drugs. as competitors enter this space? It
Have your expectations about the seems the threat is pricing pressure
cap pharma and managed care. Both Daina Graybosch: The Inflation Re- size of the market for these prod- from competition more than market-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

are facing political and regulatory duction Act was passed just as the ucts changed? share grabs. The small-molecule ele-
crosscurrents, and both need to out- Covid pandemic was ebbing, and it Acker: We have owned Eli Lilly and ment of this market is competitive
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perform to create a successful trajec- sparked a lot of nervousness about Novo Nordisk for the past 10 years in globally. Lilly is in the lead with Phase
tory for the broader healthcare space. drug price trends—namely, how to our healthcare strategy. Did we know 3 data coming next year for its small
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I am skeptical that healthcare will think about the tail [revenue in the GLP-1s would be this big? No. These molecule, and that data will help es-
outperform in the near term unless later years of patent protection] of products started as diabetes drugs. tablish the potential for oral agents in
both of those categories do well con- some important products. We have We are now recognizing that they are the obesity market broadly.
currently. now had the first round of Medicare highly effective as treatments for obe- We have been longtime sharehold-
As for biotech, the stocks haven’t drug-price negotiation as mandated sity, which may be the biggest market ers in Structure Therapeutics, first
done anything on a net basis in more by the IRA, and it perhaps wasn’t as opportunity we have ever seen in investing in 2021 when it was still
than a decade. This has been a flat severe as people feared. That could be healthcare. private. Structure is next in line, with
sector, with the exception of the pan- positive for some of the larger drug More than 100 million people in a first-generation pill form of GLP-1
demic. Unfortunately, a lot of investors stocks. the U.S., and 800 million globally, are and a pipeline of next-generation oral
n-

looking at the space have been tricked While the environment for biotech overweight or obese. As of this year’s solutions. We think Structure is a
into thinking that either innovation, might be challenging overall, individ- second quarter, the obesity treatment prime partner for any pharma that
drug approvals, or mergers and acqui- ual companies could have opportuni- market was dominated by two compa- wants to build a leading franchise in
sitions would lead to better overall ties, and the science keeps investors nies, Lilly and Novo, and their stock this space.
no

performance. Empirically, none of engaged. I see opportunities in compa- performance reflects that. On an an-
those are drivers for better perfor- nies that have good fundamental data nualized basis, GLP-1 sales are more Daina, could the high prices of
mance. Unfortunately, if you’re an and have been de-risking. than $50 billion, and still growing by GLP-1 medicines affect the conver-
investor in biotech, you have to cross Acker: I agree with Daina. We should 50% a year. Global penetration is still sation around drug pricing, spur-
your fingers that macro trends, remember that we are investing in the in the low-single digits. ring a new effort at drug-price re-
whether lower rates or something least-efficient sector of the market. Lilly and Novo have competitive form beyond the IRA?
else, will help you make money. Every year for the past 10 years, the advantages. Manufacturing these Graybosch: Yes. Some states have
difference between the winners and products is extremely difficult and said that the cost of these medications
You might get some pushback on losers in the healthcare sector has expensive. A plant costs more than is having an impact on their overall
that idea from this panel, but first, been more than 300%. In biotech, the $1.7 billion to build, and requires three budget. The cost of insulin has been at
let’s hear from Daina. divergence has been even more ex- to four years of lead time. There are a the center of conversations about
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
September 30, 2024 BARRON’S 19

drug-price negotiation. The cost of moved from a patient’s body, re-engi- bumping up against the capacity of not only in the science but also the
GLP-1s could have a bigger and neered in a way that fights disease, that network, which hasn’t been de- delivery.
broader impact. It will be part of the and infused back into the body. We’re veloping as rapidly as the science. In Casdin: They need to have the right
discussion in the next administration, seeing CAR-T therapies used effec- oncology, and even in autoimmune leadership, too. The value of seasoned
no matter who is in charge. tively to treat multiple myelomas and disease treatments, we are running leaders is often overlooked in our
lymphomas, and there are hints of its into a systems problem. It is hard space. It isn’t just the CEO or chief
Any further thoughts about efficacy in treating solid tumors and enough to pick the right winners from science officer, but also the chief fi-
GLP-1s? autoimmune diseases such as severe a science perspective, but thinking nancial officer and chief medical offi-
Casdin: There is some concern about refractory lupus. about which companies can succeed cer—really, the team. As an investor,
muscle wasting in patients on these commercially is also important. you can’t just follow the hot science.
drugs. You couldn’t find a muscle- How can investors navigate the Gilead Sciences’ Kite division has You have to think about it in the con-
building therapeutic strategy in ear- complexity of drug discovery and been relatively successful in dealing text of the business.
no
nest in the past five years, but now development? with the more fundamental issues of Acker: Our framework for thinking
that the concern has arisen, science is Graybosch: Cell therapies are deliv- manufacturing and delivery. You need about healthcare investing is some-
pivoting to this derivative issue. The ered via a specialized network of to think holistically as an investor, and thing we call the 90/90 rule. From a
focus on GLP-1s has opened up a transplant centers. In the U.S., we are look for companies that have invested clinical perspective, 90% of the drugs
whole new pathway in muscle and
n-
musculoskeletal opportunities.

You seem to have anticipated the

Fo m
co
next question. What are the most
JARED
promising treatments beyond the HOLZ’S
obesity space? STOCK PICKS
Casdin: The ability to target the ge- r p er
netic drivers of cancer, typically re- Humana
m
HUM
ferred to as precision oncology, has $311.95
had a transformative impact on this
disease. In coming years, the diversity Novo Nordisk
of these targeted therapies will only NVO
er ia
grow, but making a big business from $126.95
niche indications is a hard task. We Teva
are focused on companies like Revo- Pharmaceutical
lution Medicines, which have the
biggest market potential and the capi-
tal to stay ahead of the pack. RAS mu-
so l u
Industries
TEVA
$17.46
c
tations are the clear culprit in 30% of Note: Price as of 9/25/24
Source: Bloomberg
cancers, including more than 90% of na se
pancreatic and 30% of lung cancers.
Revolution’s drug RMC-6236 has
shown promising efficacy and safety
in late-line pancreatic cancer patients.
While the science has gotten better,
however, investing in the oncology
space has gotten harder. The scope of
l, o
drug trials and the range of therapies
and modalities has increased the com-
plexity for investors.
We are also excited about the impact
that a number of genetic medicines in
our portfolio are having in rare genetic
disorders, from musculoskeletal to
Photographs, from left: Amanda Lopez, Krista Schlueter

neurological diseases. The patient pop-

ulations are generally small, but if you
nl
develop a drug with a big impact, you
have pricing power. We are investing in
technologies such as siRNA, gene ther-
y.
apy, Crispr-based gene editing, and cell
therapies. In time, we should expect
these technologies to transition to big-
ger, more chronic disorders in cardio-
vascular and neurodegenerative dis-
eases, to name a few.
Graybosch: We’re excited about the
use of cell therapy in oncology. The
science is spectacular: Cells are re-
 20 BARRON’S September 30, 2024

that begin human clinical testing will for better, more detailed research.
never make it all the way to market. Casdin: Hundreds of companies came
The second part of the 90/90 rule is public over a six- to seven-year period.
the commercial risk of developing a Most were preclinical, which is a fea-
successful therapy. In our experience, ture of the biotech market, not a flaw.
Wall Street’s consensus sales esti- The capital markets kicked a lot of
mates for new product launches have these companies into microcap land.
been wrong about 90% of the time. More than 70% of companies in the
Those estimates can be either too life-sciences sector are trading below a
high, in which case you want to avoid billion-dollar market cap, up from
the stock, or too low. Navigating both 57% in the first quarter of 2021. More

.
parts of the 90/90 rule is tricky for than half of that market cap is cash, by

ly
most investors. the way.
Casdin: One way to improve on the This creates a greatly improved
clinical risk is to diversify. We like com- landscape for investors looking to pick

on
panies with multiple shots on goal. As winners. History suggests that if you
investors, we want the optionality that poke around among companies in the
a diversified company platform can $750 million to $3 billion market-cap
provide. The rub is that it costs a lot of range, and pick those with good bal-

us ,
money to sustain a platform. ance sheets and management teams,

l
On the commercial side, there is an you can make a lot of money. The high

e
al a
old and frustratingly accurate maxim volume of biotech IPOs created a pig-
used in biotech investing: Short the in-a-python issue. The capital markets

ci on
launch. Estimates of a product’s po- have largely corrected for it.
tential are almost always too optimis-
tic. But if a company can survive an Let’s revisit the topic of drug-price
early disappointment, it might become negotiation. What will this mean
interesting from a valuation perspec- for the industry in the next few

er s
tive. The most profitable biotech in- years?
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vestments are found in companies Graybosch: Because the first round

compounding sales post-launch.
m er
of price caps wasn’t as bad as feared,
that lifted some of the pressure on
A huge wave of biotech companies pharma companies and stocks. In the
came public in 2021. Then the win- oncology market, on which I focus,
m rp
dow for initial public offerings the glass is half-empty and half-full.
shut firmly in 2022, although a few Medicare negotiated the largest price
deals were priced in 2023 and ’24. reduction for ibrutinib [a small-mole-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

Jared, is the IPO window reopen- cule treatment for blood cancers], but
ing in a more serious way and, if it had the smallest discount [an esti-
co o

so, how should investors think mated rebate of only 10%] prior to the
about new issues, given the mixed price negotiations. Some people had
F

quality of companies that came modeled price reductions that would

public in 2021? result in almost no revenue for ibru- should mean that each of these drugs years anyway, so the overall net finan-
Holz: The window is reopening tinib, but the downward curve in price would be split into two: the infused cial impact will be fairly small.
slightly. There is a bit more receptivity reductions is softer than worst-case version and the subcutaneous version, Big picture, drug-price negotiation is
toward new issuance in biotech, par- expectations. with the IRA price imposed on just the going to be a perpetual issue for the
ticularly given that the broader bio- There are still some shoes to drop, former, as the subcutaneous versions pharma industry, and a negative one.
tech index, although lackluster in per- particularly in oncology, and some in all cases launched many years later. That said, large-cap pharma companies
formance, has been more stable lately uncertainty about how subcutaneous The uncertainty comes from our un- already are making pragmatic moves to
than over the past three years. A big formulations will be treated. We ex- derstanding that this interpretation adjust. We saw that with Moderna’s
n-

factor in the underperformance of pect guidance on that next year. The doesn’t follow the spirit of the law, as decision to scale back its vaccine pro-
biotech stocks in the past five to 10 most successful approach to reformu- though hyaluronidase is an active moi- gram. It is taking steps to address what
years was the explosion of IPOs in the late an infused biologic drug to a sub- eity, whereas it merely enables the will be a difficult five- to 10-year period
period from 2019 through 2021. It cutaneous formulation is to mix the other drug. Will the Centers for Medi- as more drugs are added to the [negoti-
no

created an industry vertical that be- biologic with another enzyme, called care and Medicaid Services really allow ated price] list. Price negotiation is
came much more difficult to analyze, hyaluronidase. Because hyaluronidase about 40% of these major drugs, which forcing large drug companies to make a
and in an industry with very few win- is a biologic itself, these new formula- have been converted to the subcutane- lot of strategic decisions.
ners, as we have discussed. tions are regulated by the Food and ous formulation, to be exempt from the Acker: Starting next year, the IRA will
The past three years have been Drug Administration under a new IRA price? We expect more specific limit Medicare patients’ out-of-pocket
something of a cleansing period for biologics license applications, or BLA, guidance on the question next year. costs to no more than $2,000 per pa-
the biotech sector. There have been process. Under the IRA, combinations Holz: In some respects, pharma and tient per year. That will improve access
some acquisitions, and some consoli- with two active moieties [parts] are biotech companies got lucky with the for patients and lead to higher volumes
dations. The denominator—the num- considered separate drugs relative to first 10 drugs targeted for price nego- for the drug industry, an often under-
ber of public companies—has been on either moieity for price negotiation. tiation. Many of these drugs will face appreciated aspect of the legislation. It
the decline, which is helpful. It allows A strict interpretation of the IRA generic competition in the next five will also help to reduce negative per-
 September 30, 2024 BARRON’S 21

spending in a targeted way. It is buy- that CAR-T therapy could transform less capable management, made one of
ing products in immuno-oncology. It outcomes for severely autoimmune the worst transactions in the indus-
has acquired things cheaply, mostly in patients. How do you pick a winner? I try’s history, costing Illumina in ag-
DAINA
China. It is building an interesting GRAYBOSCH’S am excited about Arcellx and the allo- gregate nearly $10 billion in cash and
portfolio. STOCK PICKS geneic NK [natural killer] cell therapy driving the stock down 82%. Operat-
companies. Fate Therapeutics, ing margins fell to an industry low of
Give us an example. Arcellx Nkarta, Century Therapeutics, and 2%. We are now on our third adminis-
ACLX
Graybosch: BioNTech licensed a mol- $84.60
Artiva Biotherapeutics, which came tration and see an opportunity to win
ecule developed in China called public recently, are some names to three ways.
BNT327/PM8002. It is a bispecific *Artiva consider. With new operating discipline, nor-
antibody [the two halves of the anti- Biotherapeutics malized operating profit margins

.
ARTV
body differ, allowing them to bind to Eli, what is on your radar? could return closer to 30%, enabling

ly
$15.11
different targets], similar to a mole- Casdin: We invest across the health- earnings-per-share growth nearly
cule that Summit Therapeutics li- BioNTech care ecosystem, from research tools twice that of peers. Next, while the
censed from China that recently out- BNTX and services to life-sciences diagnos- newest generation of Illumina’s se-

on
performed Merck’s Keytruda in a $115.80 tics and therapeutics. A good way to quencing technology overshot the
Phase 3 trial for treatment of lung play the growth of cell therapy is to demand curve, time will see the mar-
*Century
cancer. The hypothesis, though uncer- invest in the suppliers levered to the ket work through excess supply, and
Therapeutics
tain, is that these bispecifics could IPSC critical consumable components of the growth accelerate to 6% to 9% a year.

us ,
replace the current checkpoint inhibi- $1.53 product. One of our core holdings, Finally, DNA sequencing as a technol-

l
tors, most notably Keytruda, that are BioLife Solutions, is directly levered ogy is early in its adoption as an “om-

e
al a
the backbone of oncology treatments. *Fate Therapeutics to the growth of cell therapy with an ics” detection platform. We see tre-
FATE
BioNTech is sitting on an interest- 80% market share in cryopreserva- mendous growth in clinical
$3.45

ci on
ing asset that it has licensed quite tion, or the freezing and defrosting of diagnostics and underappreciated
cheaply and has a portfolio of other *Nkarta cells. Once a cell product is approved long-term growth in academic re-
promising assets. Together, they could NKTX by the Food and Drug Administration search. The total addressable market
transform the company in the me- $4.70 using BioLife’s product, it becomes is enormous, and if the team executes,
dium to longer term. difficult and costly for the competition it could drive big returns for share-

er s
Note: *Providers of NK
BioNTech isn’t without risk. It is a (natural killer) cell therapy for and customers to replace it. holders. Shares are trading today at a
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

small company undergoing a major autoimmune disease; Price BioLife was a consolidator for a 20% to 25% discount to peers on the
m er
transition. It is scientist-led, and has
as of 9/25/24
Source: Bloomberg while and is now deconsolidating to basis of price-to-free cash flow.
bought up a lot of interesting science. focus on the higher-margin part of its
Can it assemble a program focused on business. The company has shed some Illumina has been a controversial
the assets with the greatest potential, lower-margin, high-capex businesses. story and stock.
m rp
and deliver? That’s the question. But Nearly 100% recurring revenue, pric- Casdin: That’s the fun part of invest-
it’s worth looking at. ing power, robust margins, and an ing. Sometimes the controversy lin-
important market niche make BioLife gers longer than the reality would
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

What else do you like? an exciting long-term compounder merit. If you can part the clouds and
Graybosch: I’m a scientist at heart. and a target for larger industry con- see the sun coming through, you can
co o

CAR-T cell therapy is really interest- solidators. have the opportunity to make money.
ing, although there has been well-de- The life-sciences tools industry has Moving on, the diagnostics indus-
F

served pessimism about the technol- $150 billion to $160 billion in annual try has come of age, with several mul-
ceptions of the pharma industry. ogy recently because of some of the revenue, 75% of it recurring, and $700 tibillion-dollar market-cap companies
challenges. Arcellx, a clinical-stage billion to $800 billion in market capi- with high-double digit growth rates
With that, let’s move on to your biotech, is working on a BMCA [B-cell talization. It services everything from on the cusp of profitability. In the next
favorite stocks. Daina, which com- maturation antigen] CAR-T treatment academic research to biopharma, di- decade, these businesses will continue
panies and stocks excite you today? for multiple myeloma. [This CAR-T is agnostics, and industrial research. to grow rapidly, regardless of eco-
Graybosch: BioNTech plays into a lot jointly owned by Arcellx and Kite.] It Life-sciences tools companies have nomic conditions.
of the themes we have discussed. The looks to have the efficacy profile of been some of the best performers in In diagnostics, we like GeneDx
company made a lot of money from Johnson & Johnson’s (and Legend the past 20 years. They have high Holdings in the rare-disease space,
n-

sales of the Pfizer–BioNTech Covid Biotech’s) Carvykti, and the safety gross profit margins and a good oper- and Exact Sciences in cancer. Both
vaccine and is now spending that cash. profile of Bristol Myers Squibb’s ating environment. are profitable or will turn so in the
In some ways, mRNA infectious dis- (and 2seventy bio’s) Abecma, two Illumina was a longtime leader in coming quarters, and each has a
ease vaccines were a side project for leading products in the field. We will this space. Led by one of the best man- strong management team. GeneDx
no

BioNTech, which is really an oncology get data potentially confirming that agement teams in life sciences and holds a dominant position in whole
company with multiple modalities. It later this year. powered by the best transaction in the exome/genome testing for rare dis-
develops mRNA vaccines for cancer, Arcellx came public during the industry’s history, Illumina enjoyed eases, a market less than 15% pene-
Photograph by Krista Schlueter

bispecific biologics, antibody drug con- dark days of 2022, and has done well, about 12 years of 35% annual revenue trated. We see a long runway for 20%-
jugates, cell therapies, and more, but despite the timing of its IPO and the growth, operating margins that plus annual growth and gross
I’ll come back to that. challenges of CAR-T. There has been a peaked at more than 30%, and a mar- margins approaching 70%, all at a
BioNTech fell on Moderna’s news, rush into autoimmune disease by nu- ket cap that exploded by nearly discount multiple versus peers.
and trades in sympathy with Mod- merous companies with cell therapies 3,000%. Exact built the market for noninva-
erna, but it shouldn’t. The company and CD3 T-cell engagers [a related sive colorectal cancer screening and
has more than 18 billion euros ($20 approach], following academic data And then? will leverage this position to launch
billion) of cash and equivalents and is from Germany and China indicating Casdin: The same company, under several new products over the next
 22 BARRON’S September 30, 2024

one to three years through its existing The company has a breakthrough have created winners and losers. ment for cystic fibrosis, selling more
commercial infrastructure. Earnings therapy called Vyvgart that can knock MASH, or fatty liver disease, has been than $10 billion a year in the U.S.
before interest, taxes, depreciation, out all of the autoantibodies in your viewed as a loser. Companies have been The product has doubled overall pa-
and amortization have gone from neg- body. When your immune system goes trying to develop a therapy that could tient survival from about 30 years to
ative in 2022 to more than 15% of sales haywire, your antibodies attack your reverse the fibrosis of the liver for the more than 60 years.
today. We see a path to 25% to 30% of own tissue. That causes many differ- past 20 years. Just six months ago, The company is working on a num-
sales by 2027. The nontherapeutic ent diseases. The drug is now annual- Madrigal Pharmaceuticals got the ber of other pipeline products that
space holds a lot of opportunity and izing sales at almost $2 billion a year. first-ever approval for this indication. look exciting, including a nonopioid
fits a growth investor’s model much In the second quarter, sales grew by pain drug. We haven’t had anything
more so than the “event driven” thera- 78% year over year. What is the company’s medication? new for the treatment of pain in about
peutic segment does. Vyvgart is sold for just a couple of Acker: Madrigal has a once-daily oral 20 years. This nonopioid pain treat-

.
In therapeutics, Sarepta Thera- indications, but Argenx is developing therapy. Those are generally well tol- ment will launch early next year, if

ly
peutics is another controversial stock. it for up to 15 indications. We think it erated by patients. There is still a nar- approved. It could be a large market
It has a newly approved gene therapy could be a potential Humira-like op- rative that GLP-1 therapies are going opportunity. Consensus sales expecta-
for Duchenne muscular dystrophy, portunity, in that a single drug could to take over this market, meaning tion is fairly low for next year, at only

on
where it has already built a near- address multiple autoimmune indica- there wouldn’t be a big opportunity around $100 million. Vertex’s drug
blockbuster business. Given the sub- tions. [Humira is made by AbbVie.] for Madrigal. We disagree. initially could be approved for acute
stantial remaining unmet need and Argenx has about a $30 billion market There are more than 10 million pain treatment and, over time, for
the degenerative nature of the disease, cap, and several billion dollars of cash. patients in the U.S. with MASH. The treatment of chronic pain. Other prod-

us ,
we expect uptake for this one-time The stock has been a strong per- majority are undiagnosed. Consensus ucts in the pipeline also look exciting,

l
therapy to be robust, particularly in former, up about 40% year to date, estimate put Madrigal’s second-quar- including a potential cure for Type 1

e
al a
the next few years. but we are long-term fans. The com- ter sales of its therapy at about $4 diabetes and several treatments for
Sarepta is in a unique position for a pany has great management and million. The company did $15 million. kidney disease.

ci on
biotech, with profitability achieved makes an amazing medicine, and that This could be a multibillion-dollar
and strong cash flow in sight. But the usually works out well for investors. opportunity. It is still underappreci- Jared, you’re last but hardly least.
company trades at the low end of ated by the market. Holz: Novo Nordisk is my first pick. I
pharma multiples at about 10.8 times What else are you betting on? We invested in Vaxcyte back in expect the company to have the first or
2025 estimated earnings and 3.7 times Acker: Amgen is sometimes viewed 2020 when it was still private. Vax- second positioning in the biggest mar-

er s
expected revenue. The discount is as an older biotech company, but it cyte potentially has the best vaccine ket in all of healthcare over the next
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unwarranted. As revenue and profits has been quite innovative. We are ex- technology for pneumonia, a huge five years, with more capital than any
grow, the stock will start to move.
m er
cited about a number of products in unmet need. Pneumonia causes other company vying to get into or
Sarepta has one of the best commer- the pipeline. Amgen could become No. 150,000 hospitalizations each year in stay in the obesity market. Any com-
cial biotech CEOs, with a good strate- 3 in the obesity market. We will see the U.S. It is one of the leading pre- petitive threat that exists, whether
gic sense. In coming years, the com- Phase 2 data by year end on the com- ventable causes of death for children from Amgen or otherwise, can be
m rp
pany will have billions in profits to pany’s drug MariTide. Amgen has under age 5 worldwide. There are thwarted by Novo at some point, ei-
redeploy and opportunities to grow already seen early signals from that ELI different strains of the bacteria that ther with less frequent injections,
organically and inorganically beyond study that got the company excited CASDIN’S cause pneumonia. orals, or other means.
STOCK PICKS
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

the current pipeline. enough to move forward into a full The pneumonia vaccine market has I don’t think there is a significant
I’ll pause there and hand the mic Phase 3 program. been dominated by Pfizer, which market demand for a less frequent
co o

BioLife Solutions
over. There could be several advantages BLFS makes Prevnar 20, covering 20 injection. From a behavioral psychol-
to MariTide. Most [obesity] therapies $23.98 strains. As you add more strains, you ogy standpoint, it is easier for most
F

Andy, the floor is yours. today are weekly injectables. This lose effectiveness against existing patients to take a weekly shot than a
Exact Sciences
Acker: First, I second Eli’s view on drug could be given once a month, or EXAS strains, so it has been difficult to move monthly to better track their prog-
Sarepta. We are big fans of the com- even less frequently—potentially, ev- $67.77 beyond 20. Merck has a drug that ress. Will investors, patients, and
pany. Duchenne muscular dystrophy ery two to three months. That’s im- covers 15 strains, but this is an un- practitioners pay attention to the pos-
GeneDx Holdings
affects more than 10,000 children. portant, because patients need to con- usual market in healthcare in that it’s sibility of a monthly shot? Undoubt-
WGS
Sarepta got expanded labeling just a tinue taking obesity therapies not only winner-take-all, or winner-take-most. edly, because of interest in the cate-
$36.84
few months ago that essentially allows to lose weight but also to maintain The drug with the most coverage gets gory. But Novo can reformulate its
it to sell its Duchenne drug, Elevidys, that weight loss. Moving to a less-fre- Illumina the majority of the market share, and therapy into a less frequent injection
for treatment of all patients. Based on quent injection could be a positive. ILMN Pfizer has 95% of the market. if it feels it needs to.
n-

our research, the feedback has been Second, this drug has a long half-life, $126.15 Novo is trading for less than 25
positive. We expect rapid uptake for which could result in better tolerabil- Revolution
How many strains does Vaxcyte times next year’s expected earnings,
the therapy. ity than competing products. Medicines hope to cover? which seems reasonable, given the
We focus on products that we con- Some people have estimated that RVMD Acker: Vaxcyte recently announced it growth and profitability outlook and
no

sider medical breakthroughs that can obesity treatments could be a $100 $44.86 has a vaccine that covers 31 strains. the fact that some medical-device and
change the practice of medicine, and billion market by the end of the de- Sarepta
We think it could eventually become life-sciences companies are trading at
that have underappreciated clinical cade, and potentially hundreds of bil- Therapeutics the dominant vaccine for pneumonia. a premium to Novo, with far less opti-
and/or commercial potential—ideally, lions over time. Even a 10% market SRPT Vaxcyte has a $14 billion market cap. mal growth prospects. Also, as we
both. I’ll share a few ideas, all of share could add $10 billion to $20 $124.62 My last name is Vertex Pharma- move into 2025, the premise that
which we own in our healthcare and billion to Amgen’s revenue. And, this Structure ceuticals. We have owned it since GLP-1s could work in treating Alzhei-
biotech strategies. We have owned is a stock trading at 15 times earnings, Therapeutics 2009, when it had a $4 billion market mer’s disease might be the biggest
GPCR
some for many years, and in many not with a price/earnings multiple in cap, compared with $124 billion today. story line in healthcare. If Novo and/
$41.95
cases we are one of the largest share- the high 30s or 40s. Investors’ per- Vertex has great science and is fo- or Lilly are successful in that arena,
holders of the company. ceptions could change. Note: Price as of 9/25/24 cused on transformational therapies their stocks could have another 50%
We have owned Argenx since 2017. There is a view that GLP-1 therapies Source: Bloomberg for patients. It has the dominant treat- upside, at least.
 September 30, 2024 BARRON’S 23

What is behind the Alzheimer’s been growing its Medicare population improve or Cigna comes in as a buyer, I industry for years.
premise? concurrently with a pronounced spike expect the stock to be higher next year. Second, a Republican win likely
Holz: These therapies appear to have in utilization. That is worst-case tim- will be viewed as better for Medicare
dramatic anti-inflammatory proper- ing for a managed-care company. Ei- How about a third idea? Advantage reimbursement, which
ties that could impact neurodegenera- ther Medicare utilization decelerates Holz: I have been writing about Teva would be a positive for UNH, Hu-
tion. Whether the impact is statisti- and earnings improve into next year Pharmaceutical Industries for the mana, and such.
cally significant in clinical trials is and the stock works on a fundamental past nine months. It looks better than Graybosch: I agree that we could see
debatable, and explains why there basis, or there is a backstop: Cigna many large-cap pharma companies. more M&A in a Republican adminis-
aren’t tangible estimates yet regarding Group might be interested in acquir- Teva primarily makes generic drugs. tration. Regulatory opposition to
the impact on Novo and Lilly. Yet, the ing the company should the stock get This is a low-growth business. The mergers has been a steady theme of
drugs seem to have worked in ad- hit even more. company gains from other companies’ the current administration, and some-

.
dressing every other condition the Everything Cigna has said leads me patent expirations. About 15% of the thing clients often ask about. As for

ly
companies sought to address, whether to believe it is interested in acquiring a business is high-margin, higher-sci- the Inflation Reduction Act and
kidney disease or stroke or cardiac large, scalable Medicare business. ence neuropsychology products. That Obamacare, it is hard to predict
and metabolic conditions. Current That’s why they are working on di- part has been growing nicely and has whether a new administration will

on
Alzheimer’s treatments are fairly inef- vesting their Medicare business this an underrated pipeline. take a different stance. Both seem
fective and have bad side effects. year. They might be waiting on the Teva is trading close to distressed- somewhat baked in for now.
My next pick is Humana, one of sidelines for greater clarity, which asset levels, at roughly six times for- Acker: It matters not only who wins
the worst performers in managed care they might get under a Republican ward earnings. Yet, there are large-cap the presidency, but also whether we

us ,
year to date. Humana has underper- president. pharma companies, including Bristol have one-party rule or a divided gov-

l
formed because it acquired and has Whether Humana’s fundamentals Myers and Pfizer, that arguably are in ernment. A divided government

e
al a
worse shape than Teva fundamentally, would make it challenging to put
based on revenue and earnings through any significant changes to

ci on
growth concerns, driven by a combi- healthcare policy.
nation of competitive entrants, loss of Casdin: The ability for companies to
drug exclusivity, and drug-pricing consolidate is a natural function of our
implementation through the end of industry. It frees up capital that can be
the decade. Teva stock has at least reinvested. It seems that both presiden-

er s
50% upside from here. tial candidates are trending toward a
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

change in the leadership of the Federal

m er Now that we’ve heard your stock Trade Commission, which is good.
picks, let’s close with a look at No- The bigger issue, on which I’m sure
vember’s election—in particular, Democrats and Republicans have be-
how the healthcare market might come more aligned, is limiting China’s
m rp
be affected by a change in adminis- role in U.S. drug development. Specifi-
tration. Jared, what is your view? cally, prior to this “second Cold War,”
Holz: I don’t think we have heard the answer to driving productivity in
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

anything that portends a wholesale clinical development and running clini-

change in healthcare policy. We’re cal trials faster and cheaper was to take
co o

going to be operating within the con- them to China. Now, pressured rightly
fines of the Affordable Care Act for a or wrongly by politicians, the FDA has
F

while, which is good. The election basically shut the door on using China
outcome won’t be binary for the registrational data for approval.
healthcare sector. If the Democrats Shifting away from politics, we are
win, healthcare stocks will tread wa- in a wonderful, magical moment in
ter and might perform better than science—and investing. Valuations in
that, given that the investor base un- much of the healthcare sector have
derstands the Democrats’ policies a bottomed. The weakest players have
little better than the Republicans’. been digested, and the pickings are
In the event of a Republican vic- better now. You have duration as an
n-

tory, the tone could change in two investor, measured not just in months
ways: The mergers-and-acquisitions or quarters, or even years; this is a
landscape could be more fluid and multiyear play.
affable compared with the past four If that is the case, you could make
no

years. That won’t benefit healthcare double-digit returns in various sub-

more than other sectors, but health- sectors, whether in managed care or
care is a leader in consolidation. The biotech or large-cap pharma. You need
Photograph by Krista Schlueter

biotech industry would be an obvi- to pick your spots carefully, but it is a

ous beneficiary. And, given that two magical moment for investors.
pharma companies are closing in on
a trillion dollars of enterprise value What a magical note on which to
and UnitedHealth Group is six end. Thanks, Eli, and everyone. B
times as big as most peers, we could
set the stage for a merger of equals, —Josh Nathan-Kazis contributed to this
which hasn’t been discussed in this article.
 28 BARRON’S September 30, 2024

MARKET WEEK
September 23 through September 27, 2024

International Trader P. 31 Charting the Market P. 34

Striking Price P. 32 Winners & Losers P. 35
Inside Scoop P. 33 Market View P. 36
13D Filings P. 33 Statistics P. 37

.
ly
MARKET PERFORMANCE DASHBOARD

on
Dow Jones Industrials S&P 500 Nasdaq Composite Industrial Select Sector SPDR ETF

42,313.00
52-wk: +26.28% YTD: +12.27% Wkly: +0.59%
5738.17
52-wk: +33.82% YTD: +20.30% Wkly: +0.62%
18,119.59
52-wk: +37.07% YTD: +20.71% Wkly: +0.95%
$134.83
52-wk: +32.99% YTD: +18.28% Wkly: +1.24%

us ,
l
e
al a
2.5%
Drifting Higher Adrenaline Shot Soft Landing
Stock indexes ticked higher Chinese officials unveiled a package of Thursday-morning data on jobless claims, durable

ci on
alongside bond yields on Monday. stimulus measures meant to jolt the world’s goods, and second-quarter economic growth all came 2.0
The S&P 500 gained 0.3% to notch second-largest economy. Stocks rebounded in strong. The S&P 500 hit
its 40th record close of 2024. from Tuesday morning losses to close higher. another all-time high.
1.5

er s
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

1.0
m er
0.5
m rp
0
Inflation Deflation
The Federal Reserve’s preferred inflation index
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

rose just 0.1% in August, according to data on -0.5

co o

Friday, below the central bank’s 2% annual

target. Stocks closed mixed.
-1.0
F

Monday Tuesday Wednesday Thursday Friday Close

Source: Barron’s Statistics

W
hat swoon? China has added to the excitement, ing to see slightly cooler numbers,

THE TRADER The bears

usually come
out in full
helping to lead to a rebound for many
top Chinese tech stocks. The bulls have
taken charge once again.
which would justify further rate cuts
from the Fed. If the numbers disap-
point too much, alarm bells could start
force in Sep- But October, another notoriously to sound about a rapidly weakening
n-

tember, his- volatile month, looms—and with it a economy, putting a damper on Wall
torically the crucial week for investors and the Fed. Street’s currently chipper mood.

What Could worst month for stocks. And while the

market got off to a rough start in the
BY PAUL R.
LA MONICA
A slew of jobs numbers, including the
Job Openings and Labor Turnover Sur-
“We don’t expect a recession in the
next 12 months. But the problem is
no

Kill Off Labor Day–shortened first week, it has

been all rainbows and sunshine since
then. The Federal Reserve’s jumbo-size
vey, or Jolts; ADP’s report on private-
sector jobs growth; weekly jobless
claims; and the September nonfarm
now that’s the consensus view,” says
Sébastien Page, chief investment offi-
cer at T. Rowe Price. “The market is
This Latest rate cut—with the promise of more
easing to come—reignited hopes for a
payrolls jobs report are due, as are the
latest Institute for Supply Management
pricing in a soft landing...if not some-
thing better.”
Market soft landing for the U.S. economy, while
inflation pressures continue to recede.
manufacturing and services surveys.
The payrolls report is most likely to
Is it ever. The S&P 500 is now trad-
ing at 21 times earnings estimates for
Rally The Dow Jones Industrial Average and
the S&P 500 index have hit record
move markets. Economists forecast a
slight decrease in job gains for Septem-
2025, above its five-year average for-
ward price/earnings ratio of 19 and
highs, while the Nasdaq Composite ber, to 140,000, compared with inching closer to its high of 23. With
isn’t far from one. New stimulus from 142,000 in August. Investors are hop- that in mind, Page told Barron’s that
 September 30, 2024 BARRON’S 29

investors need to be selective about what and right to be concerned.

when they buy, particularly heading into GM stock, at $46.48, is up 30% in 2024,  
an uncertain presidential election. He also thanks to a share-repurchase program that
thinks the recent broadening out of the rally has helped lift investor sentiment, while
will continue as earnings growth improves Ford Motor and Chrysler owner Stellan-
for more cyclical companies outside of tech tis are down more than 10% and 30%, re-
and the Magnificent Seven. He likes the spectively. But as the Big Three and other
industrial, healthcare, and energy sectors. major global auto makers get set to report
Jeff Weniger, head of equity strategy at their September sales on Oct. 1, there are
exchange-traded fund provider Wisdom- growing concerns that GM’s stock may
Tree, is bullish on more-rate-sensitive and soon stall along with its peers.
   

.
value-oriented sectors, as well. He argues Bernstein analyst Daniel Roeska recently

ly
that big dividend payers, such as real estate downgraded GM to a Hold from a Buy. He
companies, utilities, and financials, are bet- wrote in a report that he expects “rising
ter bets than tech and other growth stocks. earnings headwinds” and added that he is

on
Weniger says the speed and magnitude of in a “wait and see” mode regarding the
rate cuts is “the No. 1 driver for the market stock. Morgan Stanley analyst Adam Jonas 
right now.” If short-term rates continue to is also bearish. He just slashed his price tar-
come down rapidly, that will make income- gets on GM, Ford, and electric-vehicle maker

us ,
producing stocks, as well as bonds, more Rivian Automotive, while cutting GM to a

l
attractive. Sell from Hold and the other two stocks to

e
al a
Great expectations on Wall Street may Hold from a Buy. Jonas argues that “invento-
prove to be the biggest hurdle that investors ries are on an upward slope,” and the prices

ci on
must overcome. Traders are now pricing in of new vehicles are “still out of reach for
nearly 50-50 odds of another half-point rate many households.” He worries that credit
cut at the Fed’s Nov. 7 meeting. Page notes
that it would be “unusual for the Fed to cut
losses and delinquencies for buyers with
poor credit histories will continue to rise.     
so aggressively outside of an imminent or All of this gloom could already be priced

er s
present recession,” while Weniger says that into the Big Three stocks, though. Their
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

he sees “no crisis in the immediate future.” shares all trade at forward P/E ratios in
So, investors need to tread carefully. The
m er
the low to mid single digits. But there is
biggest risk to the rally could be that the more optimism about GM than Ford and  
market is pricing in larger rate cuts than are Stellantis. RBC analyst Tom Narayan is
needed. The perfect recipe for further gains hopeful that GM can switch back into a
m rp
in earnings—and stock prices—is probably higher gear soon, noting that its capital-re-
a series of quarter-point cuts. That would turn strategy—aggressive share buybacks—
show the market that the Fed is still confi- “sets it apart” from Ford and Stellantis.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

dent that the economy isn’t losing momen- UBS analyst Joseph Spak is bullish on
tum too rapidly. GM, too. He has a Buy rating and $64 price
co o

That would be less like a swoon, and target on the stock, which represents a
more like floating on air. nearly 40% upside. Spak expects GM to
  
F

give positive updates about its Cruise au-

GM’s Good Times May Be Over tonomous driving unit at the company’s
General Motors is the lone U.S. car stock Oct. 8 investor day, although he acknowl-
to be having a strong year—and now Wall edged that GM faces a big challenge from
Street is worried that the good times are EV leader Tesla, which will host its antici-
about to end. It looks like investors are pated “robotaxi” event on Oct. 10, as well
       

Vital Signs
n-

Friday’s Week’s Week’s Friday’s Week’s Week’s

    
DJ Industrials
Close
42313.00
Change
+249.64
% Chg.
+0.59 Barron’s Future Focus
Close
1164.13
Change
+16.07
% Chg.
+1.40    
      
DJ Transportation 16185.90 +430.90 +2.74 Barron’s Next 50 3400.05 +47.64 +1.42
no

DJ Utilities 1055.06 +4.20 +0.40 Barron’s 400 1222.11 +2.42 +0.20

DJ 65 Stocks 13510.11 +144.91 +1.08 Last Week Week Earlier
DJ US Market 1394.52 +8.60 +0.62 NYSE Advances 1,672 1,942
NYSE Comp. 19501.22 +127.48 +0.66 Declines 1,190 928
NYSE Amer Comp. 5090.22 +67.42 +1.34 Unchanged 41 32
S&P 500 5738.17 +35.62 +0.62 New Highs 606 792
S&P MidCap 3119.24 +15.92 +0.51 New Lows 56 27
S&P SmallCap 1418.14 +3.06 +0.22 Av Daily Vol (mil) 3,863.4 4,492.8
Nasdaq 18119.59 +171.27 +0.95 Dollar (Finex spot index) 100.42 100.72
Value Line (arith.) 11046.17 +139.82 +1.28 T-Bond (CBT nearby futures) 124-28 125-08
Russell 2000 2224.70 -3.18 -0.14 Crude Oil (NYM light sweet crude) 68.18 71.92
DJ US TSM Float 56831.61 +331.91 +0.59 Inflation KR-CRB (Futures Price Index) 285.94 282.39
Gold (CMX nearby futures) 2644.30 2619.90
 4             !
 30 BARRON’S September 30, 2024

WHAT’S MOVING THE MARKET? Industry Action

Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.*

FIND OUT
1 Day 5 Day 1 Month 3 Month 6 Month YTD 1 Year 5 Year

S&P 500 INDEX Basic Materials 3.93%

XLC COMMUNICATION SERVICES Consumer Goods 2.47
Telecommunications 1.74

WITH OUR
XLY CONSUMER DISCRETIONARY

XLP CONSUMER STAPLES

Industrials 1.30

XLE ENERGY
Utilities 1.03

.
Technology 1.02

SECTOR
XLF FINANCIAL

ly
XLV HEALTH CARE
Consumer Services 0.63
–0.41 Financials
XLI INDUSTRIALS

–0.86 Oil & Gas

on
TRACKER
XLB MATERIALS

–1.15 Health Care

XLRE REAL ESTATE

XLK TECHNOLOGY Source: S&P Dow Jones Indices

us ,
XLU UTILITIES

l
as from Alphabet-owned Waymo. average multiple of 23. And On Holding is

e
al a
Tough competition from these newer uber-expensive, trading above 50 times
Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF rivals could put even more pressure on De- earnings estimates.

ci on
troit. Matthew Unterman, managing director Analysts are optimistic that Hill can re-
An investor should consider investment objectives, risks, charges and expenses carefully before at S3 Partners, a firm that focuses on short- turn Nike to its former glory. Evercore ISI’s
investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit
www.sectorspdrs.com. Read the prospectus carefully before investing. selling trends, said in a report that he ex- Michael Binetti conceded in a report after
All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to sector risks and non-diversification pects “bearish speculators to build position- Hill’s rehiring was announced that Hill has
risks, which generally results in greater price fluctuations than the overall stock market. Ordinary brokerage commissions apply. ing back up” ahead of GM’s and Ford’s a big mess to clean up. But he added that

er s
TheS&P500isanindexof500commonstocksthatisgenerallyconsideredrepresentativeoftheU.S.stockmarket.Youcannotinvestdirectly earnings later in October. Sales growth for “retailers are already seeing overwhelming
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

in an index. both companies is expected to be sluggish, force from the company to get back to
m er
ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. and revenue is forecast to fall at Stellantis in growth in the U.S.,” and that this could be a
the third quarter. We’d say that looks like a “blueprint to return the rest of the world to
bumpy road ahead. growth soon.” Nike has particularly strug-
GM might be able to navigate it a little gled in Europe and China.
m rp
better than Ford and Stellantis, thanks to Wall Street expects the company’s fiscal-
its buybacks. But make no mistake. While first-quarter results, due on Oct. 1, to be the
classic cars may be cool, investors have no trough. Earnings are forecast to plunge 45%,
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

time for retro stocks. while sales are expected to fall 10% from a
year ago in the current quarter. But analysts
co o

Nike: a Bargain Ahead of Earnings are predicting a return to growth a year

Nike’s coming earnings are likely to be as from now, with revenue expected to be up
F

stinky as a pair of old sneakers and gym about 5%. What’s more, sales are forecast to
shorts—but that could be the end of the bad rise in all of its key geographic markets.
news for the stock. There is hope for a turn- Bank of America’s Lorraine Hutchinson
around following the looming return of also praised the comeback of Hill, saying in a
longtime exec Elliott Hill on Oct. 14, who report that Nike needs a leader “with a fresh
will succeed John Donahoe as CEO. perspective to lead it through the next strat-
The iconic maker of Air Jordans needs a egy and accelerate the focus on product.”
refresh. The company has struggled mightily Under Donahoe, who was formerly the
in the past few years, losing market share to CEO of eBay and software maker Service-
n-

upstarts such as Deckers Outdoors’ Hoka, Now, the criticism of the company was that
Swiss running shoe maker On Holding, and Nike’s innovations were more about how to
privately held New Balance. Adidas has also use technology to sell the sneakers as op-
enjoyed a bit of a resurgence this year. posed to making the products actually cool
no

So, what’s next for Nike? We’re sticking and desirable. “Donahoe’s efforts to priori-
with our recommendation of it from June, tize direct selling over product development
even though the stock, at a recent $88, has and retail relationships have seemingly cre-
done the opposite of its signature swoosh ated opportunities for more-innovative com-
this year, tumbling nearly 20%. Shares petitors,” said Morningstar analyst David
trade for just over 29 times earnings esti- Swartz in a report.
mates. Sure, that’s still a premium to the To quote the old Spike-Lee-as-Mars-
broader market. But it’s below its historical Blackmon Nike ads from the late ’80s and
average forward P/E of nearly 36. Nike is early ’90s: “It’s gotta be the shoes.” As long
also valued at a slight discount to Deckers. as Hill understands that, Nike’s stock looks
But Deckers, at a P/E of 31, is well above its like a slam dunk at these levels. B
 32 BARRON’S September 30, 2024

T H E STRI KI N G P R I C E
Goldman Sachs’ derivatives strategist says that
market volatility is lower than is warranted. If he’s
right, stocks could take a turn for the worse.

Stocks Are at Record Equity Options

Highs. Protect Your Gains.

CBOE Volatility Index The Equity-Only Put-Call Ratio

.
VIX Close VIX Futures Put-Call Ratio S&P 500 Index

ly
40 204

35 182

160

on
30
138
BY STEVEN M. SEARS Based on his economic model, the Cboe 25
Volatility Index, or VIX, should be 24.5.

A
116
mericans are enjoying a pinnacle Instead, the so-called fear index is around 20

us ,
94
economic moment. Many people 16.5, suggesting that investors are too san-

l
15
have never been so wealthy. Any- guine. The VIX historically averages 22 72

e
al a
one who has handled their in- points in October. Marshall suggested 10 50
vestments with a modicum of good sense that clients buy VIX November $18 call N D J F M A M J J A S O N D J F M A M J J A S

ci on
has a brokerage account balance at, or options—a bet that volatility will increase. Daily Values Source: CBOE Source: McMillan Analysis Corp.
near, record highs. Most individual investors should ignore
The good times could get better. The VIX options. Dealers too heavily influence
Federal Reserve, which is to markets what VIX options prices, and too few investors SPX Skew NDX Skew
the North Star is to celestial navigation, understand how VIX futures influence Implied volatility % Implied volatility %

er s
indicated that its recent half-point interest VIX options. 16% 12%
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

rate cut would be the first of many. Low That brings us back to what should 11
rates lower the cost of capital, and that
m er
interest you most: your money. Think 14
10
tends to increase stock prices. And China about protecting your unrealized gains—
has decided to support its moribund econ- and profiting from potential market vola- 12 9
omy, and that likely provides an enormous tility when stock prices are elevated—with 8
m rp
boost to global markets. a strategy called “ratio put spreads” on the 10 7
Alas, this happy moment could be S&P 500 index. They increase in value if
6
disrupted by some powerful forces. the stock market declines, and they pay 8
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

5
Though Wall Street’s marketing ma- investors to buy stocks at lower prices.
chinery has never encountered a time The strategy sounds obtuse, but it is 6 4
co o

when it didn’t think everyone should buy simply a combination of a standard put O N D J F M A M J J A S O N D J F M A M J J A S
stocks, the people who buy and trade spread that has been enhanced with an Source: Credit Suisse Equity Derivatives Strategy Source: Credit Suisse Equity Derivatives Strategy
F

stocks for Wall Street will soon develop an extra cash-secured put. (A put sale obli- 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.
aversion to investment risk. The bulk of gates the seller to buy shares at a set price
their income is paid in annual bonuses, within a set period; “cash secured” means
which will soon be distributed, and they you have set aside the funds to purchase Week’s Most Active
will do nothing to damage those bonuses— the shares.) Company Symbol Tot Vol Calls Puts Avg Tot Vol IV %ile Ratio

such as exposing themselves to a lot of risk With the SPDR S&P 500 exchange- Markforged MKFG 3604 2363 1241 100 72 36.0
Scholastic SCHL 2670 967 1703 84 91 31.8
by buying stocks trading at record highs. traded fund (ticker: SPY) at $571.47, buy Ring Energy REI 34415 34227 188 1180 48 29.2
Seasonality is another risk. The month the January $560 put and sell two January Sun Communities SUI 18620 16842 1778 768 18 24.2
of October commemorates the market’s $525 puts. If the ETF is at $525 at expira- Progress Software PRGS 9316 5919 3397 392 7 23.8
n-

AAR AIR 15281 6899 8382 740 3 20.6

worst historical performances. Individual tion, the ratio put spread is worth a maxi- Wave Life Sciences WVE 12311 8569 3742 620 87 19.9
investors may be emboldened by their mum of $35. If it is below $525 at expira- Qifu Technology QFIN 8376 2714 5662 444 13 18.9
recent success to buy whatever market tion, investors must buy the ETF at the Comtech Telecommunications CMTL 11251 10605 646 736 86 15.3
POET Technologies POET 45270 38404 6866 2988 64 15.2
weakness emerges, as such boldness has $525 strike price, or adjust the cash-
no

Concentrix CNXC 6645 4056 2589 448 85 14.8

long been rewarded. But dip buyers could secured put to avoid assignment. Capricor Therapeutics CAPR 46406 29682 16724 3180 89 14.6
struggle if Wall Street’s risk takers, who The outcome isn’t guaranteed. We sug- China ETF MCHI 36833 25473 11360 2696 75 13.7

provide force to the market’s trading pat- gested a similar strategy in mid-August for UP Fintech TIGR 51099 47757 3342 3892 64 13.1
Hilton Worldwide HLT 42518 40948 1570 3532 63 12.0
terns, watch from the safety of the mar- Axon Enterprise as a presidential election Stitch Fix SFIX 39856 20059 19797 3328 3 12.0
ket’s sidelines. hedge. Since then, the stock has ebbed and China Ashares ETF ASHR 454277 404536 49741 38632 98 11.8
These disparate forces have the making rallied, meaning that investors missed out. MINISO Group MNSO 46061 37026 9035 3932 37 11.7
China 3X Bear YANG 58380 44404 13976 5100 89 11.4
of a witch’s brew—and they coincide with We mention this as a reminder that Melco Resorts MLCO 56149 53431 2718 5088 50 11
a warning from John Marshall, Goldman suggesting a clever trading strategy is eas-
Sachs’ influential derivatives strategist. He ier than making money. Still, if memory This table of the most active options this week, as compared to average weekly activity – not just raw volume. The idea is that the unusually heavy trading in these options might be a predictor of
corporate activity – takeovers, earnings surprises, earnings pre-announcements, biotech FDA hearings or drug trial result announcements, and so forth. Dividend arbitrage has been eliminated. In
has told clients that market volatility is serves, there was once a time when stocks 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
lower than is warranted. didn’t always rise. Right? B
 34 BARRON’S September 30, 2024

CHARTING THE MARKET

A graphic look at selected stock activity
for the week ended on Sept. 27, 2024.
Edited by Bill Alpert.

Micron Technology JD.com Visa Super Micro Computer

MU (NASD) • $107.50 • 16.60 JD (NASD) • $39.90 • 11.35 V (NYSE) • $275.17 • -9.60 SMCI (NASD) • $419.74 • -37.53
Robust AI data-center demand nearly doubled the China’s central bank trimmed rates and offered inves- In an antitrust suit, the Department of Justice alleged After a short-seller’s report criticized the computer
memory chip maker’s August-quarter revenue. tors money to buy stocks. That lifted the e-com- the payment processor monopolized the debit-card maker’s accounting, The Wall Street Journal said

.
November will be better still. Other chip stocks rose. merce stock, rival Alibaba, and Temu parent PDD. market. Debit fees are a small part of Visa profits. the Department of Justice has started a probe.

ly
Stock Price $ Stock Price $ Stock Price $ Stock Price $
162 45 297 1233
142 40 283 1021

on
122 35 269 809
102 30 255 597
82 25 241 385
62 20 227 173

us ,
l
Volume in Millions Volume in Millions Volume in Millions Volume in Millions
250 188 82 112

e
al a
125 94 41 56
0 0 0 0

ci on
SO N D J F M A M J J A S SO N D J F M A M J J A S SO N D J F M A M J J A S SO N D J F M A M J J A S

General Motors Liberty Broadband Progress Software Stitch Fix

GM (NYSE) • $46.48 • -2.40 LBRDA (NASD) • $77.74 • 18.73 PRGS (NASD) • $66.30 • 8.71 SFIX (NASD) • $2.84 • -1.10
Thinking less of the U.S. auto industry, Morgan

er s
Charter Communications offered a tax-free stock August-quarter profit of $1.26 a share beat the The mail-order clothier said July-quarter revenue
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

Stanley’s analyst downgraded the car maker from swap for Liberty, which is Charter’s largest holder. software firm’s guidance for $1.15. It raised the fell 12% from the prior year. Its active client count
Hold to Sell. He cut rival Ford from Buy to Hold.
m er
Liberty made a counterproposal. Bargaining goes on. fiscal-year outlook from $4.75 a share to $4.80. fell 20%. Both measures have fallen for two years.

Stock Price $ Stock Price $ Stock Price $ Stock Price $

51 97 68 7
46 87 64 6
m rp
41 77 60 5
36 67 56 4
31 57 52 3
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

26 47 48 2
co o

Volume in Millions Volume in Millions Volume in Millions Volume in Millions

202 4 10 46
101 2 5 23
F

0 0 0 0
SO N D J F M A M J J A S SO N D J F M A M J J A S SO N D J F M A M J J A S SO N D J F M A M J J A S

Light & Wonder Jabil Acadia Healthcare Cassava Sciences Inc.

LNW (NASD) • $92.38 • -20.19 JBL (NYSE) • $122.34 • 8.38 ACHC (NASD) • $63.28 • -13.12 SAVA (NASD) • $28.49 • -1.30
A Nevada judge preliminarily blocked the gambling August-quarter sales and profit beat forecasts at the The psychiatric hospital chain said a federal grand The developer of a purported treatment for Alzhei-
software designer from distributing one of its contract electronics manufacturer. At a cost of up to jury is probing how it treats and bills its patients mer’s will pay $40 million to settle stock fraud claims
online slot games in a trade-secret suit by a rival. $200 million, a restructuring will trim head count. after a September New York Times exposé. by the SEC. Its ex-CEO and top scientist settled, too.
n-

Stock Price $ Stock Price $ Stock Price $ Stock Price $

115 161 88 43
105 147 81 36
no

95 133 74 29
85 119 67 22
75 105 60 15
65 91 53 8

Volume in Millions Volume in Millions Volume in Millions Volume in Millions

18 40 14 40
9 20 7 20
0 0 0 0
SO N D J F M A M J J A S SO N D J F M A M J J A S SO N D J F M A M J J A S SO N D J F M A M J J A S

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.
 September 30, 2024 BARRON’S 35

W I N N E R S & LO S E R S
Saturday Inbox: Sign up for the
Market Lab Newsletter every Saturday
at Barrons.com/newsletters

NYSE Biggest % Movers NYSE Most Active NYSE American Most Active Nasdaq Most Active
Winners Volume Percentage Leaders Volume Percentage Leaders Volume Percentage Leaders
Name (Sym) Volume Close Change %Chg. Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change
XinyuanRealEst(XIN) 607 4.01 +1.35 +50.8 Smartsheet(SMAR) 85430 1053.1 55.34 +3.90 Espey(ESP) 96 252.6 24.81 +1.06 SBCMedical(SBC) 2121 2930.4 9.61 +4.07
LufaxHolding(LU) 28337 3.38 +1.11 +48.9 BlackSkyTech(BKSY) 6558 888.1 4.46 –1.24 Cybin(CYBN) 2215 181.8 9.60 +0.42 BanzaiIntl(BNZI) 68376 1278.4 5.73 +0.04

.
KE Holdings(BEKE) 126578 20.00 +5.63 +39.2 MinisoGroup(MNSO) 54052 726.3 17.13 +0.67 SerinaTherap(SER) 258 178.3 6.71 +0.09 TectonicTherap(TECX) 1618 743.1 30.60 +10.52

ly
StudioCity(MSC) 75 7.39 +1.91 +34.9 ErmenegildoZegna(ZGN) 6842 314.0 9.75 +1.28 BK Tech(BKTI) 402 157.7 22.84 +1.65 WaveLifeSci(WVE) 37076 727.0 8.29 +2.61
FourSeasonsEduc(FEDU) 45 11.85 +3.03 +34.4 KE Holdings(BEKE) 126578 311.5 20.00 +5.63 CentrusEnergy(LEU) 2808 118.0 57.72 +12.71 HennessyCapVI(HCVI) 1044 592.8 10.76 +0.08
TAL Education(TAL) 79329 10.80 +2.74 +34.0 JamesHardie(JHX) 1458 279.8 39.46 –2.54 Electromed(ELMD) 434 110.1 20.30 +0.01 SKGrowthOppsA(SKGR) 2566 542.7 11.34 +0.06
GaotuTechedu(GOTU) 25552 3.70 +0.91 +32.6 PerceptionCapIV(RCFA) 191 254.7 11.46 +0.02 IdahoStratRscs(IDR) 1269 104.4 14.92 +1.03 EliemTherap(ELYM) 10027 498.6 4.98 –3.45
XPeng(XPEV) 95394 12.72 +3.12 +32.5 Lightspeed(LSPD) 13963 249.8 16.76 +2.95 UraniumEner(UEC) 68041 97.2 6.37 +0.83 EvergreenA(EVGR) 370 419.7 11.68 +0.03

on
MultiPlan(MPLN) 1336 247.1 7.32 –0.20 BattalionOil(BATL) 425 91.1 6.71 +0.14 PearlHldgsAcqnA(PRLH) 267 398.9 11.16 0.00
Losers PowerSchool(PWSC) 27632 243.1 22.85 +0.06 M-tronInds(MPTI) 205 81.4 41.02 +5.15 RezolveAI(RZLV) 4440 395.5 7.38 +1.02
Name (Sym) Volume Close Change %Chg.
Movado(MOV) 2794 237.4 18.97 –0.89 LGL Group(LGL) 45 71.5 6.04 –0.41 InvestcorpEur I A(IVCB) 327 393.5 11.78 +0.31
ContainerStore(TCS) 234 9.34 –2.88 –23.6 Prudential(PUK) 15367 232.4 18.56 +1.76 Intellinetics(INLX) 59 71.2 11.49 –0.01 OrukaTherap(ORKA) 467 362.2 22.83 –2.17
BlackSkyTech(BKSY) 6558 4.46 –1.24 –21.8 HawaiianElec(HE) 74158 229.4 9.95 –1.02 GranTierraEner(GTE) 1890 43.0 6.16 –0.21 Concentrix(CNXC) 10011 361.4 51.56 –11.82

us ,
NuvationBio(NUVB) 9408 2.39 –0.41 –14.6 AmerantBncp(AMTB) 2464 229.1 20.51 –1.15 MAG Silver(MAG) 3657 33.9 14.59 +0.21 MidWestOneFin(MOFG) 965 356.6 27.49 –1.39
OrionGroup(ORN) 3984 5.69 –0.92 –13.9

l
Alibaba(BABA) 202598 213.5 107.33 +19.04 RadiantLogistics(RLGT) 818 33.7 6.43 –0.11 NuvPfd&Incm(NPFI) 236 356.1 26.13 +0.00
AnywhereRealEst(HOUS) 5715 5.11 –0.73 –12.5

e
FullTruck(YMM) 109863 207.4 9.20 +1.60 InfuSystems(INFU) 435 25.0 6.75 +0.29 ProgressSoftware(PRGS) 8899 352.1 66.30 +8.71

al a
MeridianLink(MLNK) 2564 20.99 –2.92 –12.2 TAL Education(TAL) 79329 204.7 10.80 +2.74 ArisMining(ARMN) 3501 24.1 4.69 –0.34 Futu(FUTU) 23918 302.9 85.68 +20.15
AltoNeurosci(ANRO) 1463 12.10 –1.59 –11.6 PyrophyteAcqn(PHYT) 142 190.4 11.54 +0.03 IssuerDirect(ISDR) 65 22.0 11.39 +0.99 AssemblyBiosci(ASMB) 356 297.9 15.79 –3.64
TalosEnergy(TALO) 10797 10.19 –1.27 –11.1 Zeekr(ZK) 6308 184.4 21.09 +4.88 ImperialOil(IMO) 2186 13.8 70.29 +1.64 Trip.com(TCOM) 65474 286.5 61.32 +12.66

ci on
GlobalPayments(GPN) 27367 179.6 101.02 –9.67 EnergyFuels(UUUU) 15968 8.5 5.54 +0.24 LibertyBroadbandA(LBRDA) 2455 285.3 77.74 +18.73

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.

er s
Name (Sym) Volume Close Change %Chg. NIO(NIO) 574798 6.52 +1.24 +23.5 Tellurian(TELL) 272997 0.97 +0.02 +2.2 NVIDIA(NVDA) 1416199 121.40 +5.40 +4.7
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

CentrusEnergy(LEU) 2808 57.72 +12.71 +28.2 PalantirTech(PLTR) 296967 36.84 –0.36 –1.0 AtlasClear(ATCH) 165611 0.25 +0.05 +21.5 Intel(INTC) 594294 23.91 +2.07 +9.5
Neuraxis(NRXS)
IvanhoeElectric(IE)
40
4825
3.17
8.71
+0.57
+1.49
+21.9
+20.6
m er
FordMotor(F)
Vale(VALE)
248757
244497
10.78
11.79
–0.10
+1.39
–0.9
+13.4
DenisonMines(DNN)
B2Gold(BTG)
121225
81933
1.87
3.20
+0.18
–0.18
+10.7
–5.3
Tesla(TSLA)
MaxeonSolar(MAXN)
377965 260.46
253899 0.09
+22.21
–0.00
+9.3
–1.6
LairdSuperfood(LSF) 1231 4.93 +0.77 +18.5 Alibaba(BABA) 202598 107.33 +19.04 +21.6 UraniumEner(UEC) 68041 6.37 +0.83 +15.0 MicronTech(MU) 250041 107.50 +16.60 +18.3
AmbiparEmergency(AMBI) 65 5.45 +0.85 +18.4 BankofAmerica(BAC) 160553 39.40 –0.87 –2.2 SigningDaySports(SGN) 62428 0.26 +0.00 +0.8 Apple(AAPL) 210569 227.79 –0.41 –0.2
TasekoMines(TGB) 19478 2.60 +0.34 +15.0 Carnival(CCL) 158475 18.54 –0.46 –2.4 NewGold(NGD) 54810 2.97 –0.14 –4.5 Rivian(RIVN) 195264 11.60 –0.11 –0.9
m rp
UraniumEner(UEC) 68041 6.37 +0.83 +15.0 Snap(SNAP) 152254 10.87 +0.82 +8.2 OceanPwrTech(OPTT) 39691 0.16 –0.02 –11.7 CERoTherap(CERO) 194400 0.09 –0.03 –22.7
M-tronInds(MPTI) 205 41.02 +5.15 +14.4 Ambev(ABEV) 140592 2.40 +0.10 +4.3 Comstock(LODE) 37895 0.49 +0.12 +32.8 LuminarTech(LAZR) 188843 0.91 +0.07 +8.7
NuHoldings(NU) 137789 13.87 –0.76 –5.2 i-80Gold(IAUX) 34712 1.18 +0.08 +7.3 JD.com(JD) 186456 39.90 +11.35 +39.8
Losers SouthwesternEner(SWN) 137403 7.15 +0.43 +6.4 Ur-Energy(URG) 25024 1.17 –0.01 –0.8 AmerAirlines(AAL) 182438 11.56 +0.55 +5.0
Name (Sym) Volume Close Change %Chg.
Pfizer(PFE) 132412 29.09 –0.33 –1.1 Senseonics(SENS) 24819 0.35 –0.01 –3.0 iQIYI(IQ) 180629 2.83 +0.73 +34.8
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

TherivaBio(TOVX) 4253 1.49 –2.31 –60.8 ItauUnibanco(ITUB) 129600 6.78 +0.27 +4.1 RydeGroup(RYDE) 20608 0.81 –0.61 –43.0 Amazon.com(AMZN) 178364 187.97 –3.63 –1.9
KairosPharma(KAPA) 3212 1.54 –0.65 –29.7 AT&T(T) 128452 21.90 +0.36 +1.7 TasekoMines(TGB) 19478 2.60 +0.34 +15.0 SoFiTech(SOFI) 165372 7.95 –0.10 –1.2
co o

AltaGlobal(MMA) 175 1.94 –0.76 –28.3 KE Holdings(BEKE) 126578 20.00 +5.63 +39.2 Zomedica(ZOM) 16338 0.13 –0.00 –2.7 Grab(GRAB) 153975 3.85 +0.21 +5.8
OS Therapies(OSTX) 365 2.88 –0.60 –17.2 BarrickGold(GOLD) 116032 20.23 –0.15 –0.7 Volato(SOAR) 16324 0.36 –0.01 –2.5 OpendoorTech(OPEN) 153895 2.07 –0.01 –0.5
ImpactBioMed(IBO) 1148 1.97 –0.37 –15.7 Nokia(NOK) 113537 4.37 +0.09 +2.1 EnergyFuels(UUUU) 15968 5.54 +0.24 +4.5 Infinera(INFN) 152643 6.78 +0.08 +1.2
F

flyExclusive(FLYX) 186 2.94 –0.51 –14.8 FullTruck(YMM) 109863 9.20 +1.60 +21.1 SilvercorpMetals(SVM) 15947 4.64 +0.39 +9.2 AdvMicroDevices(AMD) 149181 164.35 +8.40 +5.4
SkyHarbour(SKYH) 411 11.33 –1.68 –12.9 TencentMusic(TME) 105064 12.28 +2.42 +24.5 EquinoxGold(EQX) 15070 6.14 +0.04 +0.7 Lucid(LCID) 136525 3.59 +0.10 +2.9
AXILBrands(AXIL) 21 4.45 –0.61 –12.1 FreeportMcM(FCX) 102635 51.34 +6.81 +15.3 Globalstar(GSAT) 15059 1.23 0.00 0.0 PDD(PDD) 136306 135.38 +35.48 +35.5

Nasdaq Biggest % Movers By Dollar Volume By Dollar Volume

Name (Sym) $ Volume Close Change %Chg.
By Dollar Volume
Name (Sym) $ Volume Close Change %Chg.
Name (Sym) $ Volume Close Change %Chg.
Winners UraniumEner(UEC) 426923 6.37 +0.83 +15.0 NVIDIA(NVDA) 170167199 121.40 +5.40 +4.7
Alibaba(BABA) 20334258 107.33 +19.04 +21.6
Name (Sym) Volume Close Change %Chg.
Visa(V) 13067126 275.17 –9.60 –3.4 B2Gold(BTG) 262616 3.20 –0.18 –5.3 Tesla(TSLA) 95226314 260.46 +22.21 +9.3
SBCMedical(SBC) 2121 9.61 +4.07 +73.3 Tellurian(TELL) 262297 0.97 +0.02 +2.2 Apple(AAPL) 46149774 227.79 –0.41 –0.2
EliLilly(LLY) 12527941 877.79 –43.70 –4.7
XIAO-I(AIXI) 2054 6.00 +2.52 +72.4
n-

TaiwanSemi(TSM) 11006849 177.97 +3.89 +2.2 DenisonMines(DNN) 219500 1.87 +0.18 +10.7 MetaPlatforms(META) 36418502 567.36 +6.01 +1.1
TectonicTherap(TECX) 1618 30.60 +10.52 +52.4 NewGold(NGD) 159335 2.97 –0.14 –4.5 Amazon.com(AMZN) 33769646 187.97 –3.63 –1.9
PalantirTech(PLTR) 10973435 36.84 –0.36 –1.0
SolarBank(SUUN) 2021 4.92 +1.59 +47.6 CentrusEnergy(LEU) 149129 57.72 +12.71 +28.2 Microsoft(MSFT) 31451777 428.02 –7.25 –1.7
ExxonMobil(XOM) 8532648 115.82 +0.55 +0.5
WaveLifeSci(WVE) 37076 8.29 +2.61 +46.0 ImperialOil(IMO) 144410 70.29 +1.64 +2.4 MicronTech(MU) 25572367 107.50 +16.60 +18.3
Salesforce(CRM) 8529171 276.64 +9.84 +3.7
Bilibili(BILI) 70398 22.92 +7.02 +44.2 EquinoxGold(EQX) 94678 6.14 +0.04 +0.7 AdvMicroDevices(AMD) 23872726 164.35 +8.40 +5.4
JPMorganChase(JPM) 7881814 210.50 –0.59 –0.3
CipherMining(CIFR) 80425 4.11 +1.21 +41.7
no

UnitedHealth(UNH) 7853115 581.85 +6.85 +1.2 EnergyFuels(UUUU) 87615 5.54 +0.24 +4.5 SuperMicroComp(SMCI) 22370419 419.74 –37.53 –8.2
JD.com(JD) 186456 39.90 +11.35 +39.8 SilvercorpMetals(SVM) 70339 4.64 +0.39 +9.2 Broadcom(AVGO) 21220352 172.69 +1.59 +0.9
Boeing(BA) 7478162 156.32 +3.03 +2.0
Losers Mastercard(MA) 7222670 493.64 +0.90 +0.2 SilverCrestMetals(SILV) 62988 9.67 +0.26 +2.8 Alphabet A(GOOGL) 17314462 163.95 +0.36 +0.2
Name (Sym) Volume Close Change %Chg. Vistra(VST) 7043491 117.72 +9.84 +9.1 AtlasClear(ATCH) 57170 0.25 +0.05 +21.5 PDD(PDD) 16504554 135.38 +35.48 +35.5
BerkHathwy B(BRK.B) 6852829 457.47 +2.16 +0.5 MAG Silver(MAG) 54455 14.59 +0.21 +1.5 Intel(INTC) 13568197 23.91 +2.07 +9.5
EliemTherap(ELYM) 10027 4.98 –3.45 –40.9
Nike(NKE) 6380405 89.44 +2.92 +3.4 PerspectiveTherap(CATX) 49217 12.57 –0.66 –5.0 Alphabet C(GOOG) 12696763 165.29 +0.65 +0.4
Veea(VEEA) 527 6.61 –4.37 –39.8
BankofAmerica(BAC) 6287688 39.40 –0.87 –2.2 TasekoMines(TGB) 48392 2.60 +0.34 +15.0 Costco(COST) 10671524 885.62 –21.36 –2.4
BigTreeCloud(DSY) 861 2.70 –1.41 –34.3
ServiceNow(NOW) 6287110 881.79 –55.57 –5.9 ParkNational(PRK) 39938 165.70 –8.91 –5.1 MicroStrategy(MSTR) 9843191 176.22 +31.44 +21.7
StitchFix(SFIX) 45607 2.84 –1.10 –27.9
Oracle(ORCL) 6098700 168.74 +0.74 +0.4 i-80Gold(IAUX) 39891 1.18 +0.08 +7.3 Netflix(NFLX) 9790772 707.35 +6.32 +0.9
DefDlyTarget1.5xSh(SMST) 1644 11.30 –4.34 –27.8
DellTechC(DELL) 6044278 120.22 +2.72 +2.3 IvanhoeElectric(IE) 39552 8.71 +1.49 +20.6 Adobe(ADBE) 7350299 515.48 –6.82 –1.3
CARGOTherapeutics(CRGX) 1524 17.42 –6.43 –27.0
Caterpillar(CAT) 6028894 391.08 +22.26 +6.0 Seaboard(SEB) 39396 3152.74 –147.26 –4.5 ConstellationEner(CEG) 7118564 257.00 +2.02 +0.8
Vacasa(VCSA) 519 2.87 –1.03 –26.4
Snowflake(SNOW) 5804069 113.92 +3.65 +3.3 NatlHealthcare(NHC) 30754 124.01 –2.75 –2.2 CoinbaseGlbl(COIN) 6908439 191.23 +21.14 +12.4
XCHG(XCH) 415 11.24 –3.76 –25.1

Includes Common shares only. All figures reflect activity for the most-recent five-day trading week. Share volume figures are expressed in thousands. Volume percentage leaders exclude stocks with average daily volume of fewer than 5,000 shares or priced under $5.
Average volume is based on 65 trading days. Volume figures do not reflect extended trading hours. a-Stock has not been in existence or not been traded for 65 consecutive sessions. S-Stock split or stock dividend amounting to 10% or more. X-Ex-dividend
 September 30, 2024 BARRON’S 49

D ATA MARKET LABORATORY B A R R ON S .C OM / D ATA

DJ Half-Hourly Averages Trading Diary

The Dow Jones Averages Dow Jones 30 Industrial (divisor: 0.15221633137872)
Daily
Open (t)
Open (a)
10:00
Sep 23
42116.97
42060.40
42025.26
24
42175.17
42234.99
42149.14
25
42262.15
42236.09
42123.50
26
42140.09
42113.42
42132.72
27
42292.70
42227.95
42353.20
Market Advance/Decline Volumes
Daily
NY Up
NY Off
NY Up - Comp.
Sep 23 24 25
577,455 591,593 247,772 709,484 645,623
371,959 388,416 699,878 336,577 284,699
2,121,921 2,469,645 1,043,576 3,015,768 2,689,245
26 27

NY Off - Comp. 1,341,901 1,352,900 2,510,907 1,304,380 1,157,075

10:30 42120.57 42149.64 42042.84 42074.74 42514.20
NYSE Amer UP 10,181 12,435 10,647 10,074 2,846
Industrials 11:00
11:30
42132.93
42122.51
42232.81
42213.90
42063.56
42019.82
42110.72
42097.88
42522.18
42617.62
NYSE Amer Off
NASD Up
7,346 2,875 8,293 7,739 8,432
3,086,179 3,862,650 2,120,856 4,103,046 3,533,319
42650 12:00 42077.74 42154.11 41981.33 42179.70 42547.57 NASD Off 2,075,665 1,450,468 2,705,542 1,533,221 1,785,308
12:30 42074.56 42112.07 41975.47 42159.01 42424.57 NYSE Arca UP 138,344 238,691 55,163 276,668 186,863
Week's NYSE Arca Off 96,789 87,782 198,597 100,459 131,008
Components Change 1:00 42074.16 42130.34 41948.55 42141.81 42380.86
1:30 42098.21 42131.13 41909.12 42146.37 42366.61 % (QCHA) +.13 +.62 –.79 +.82 +.57
3M 2.53 % (QACH) –.89 +.89 –.41 +.85 –.55

.
2:00 42118.80 42114.04 41974.49 42165.89 42390.90
Amazon.com -3.63 2:30 42136.90 42098.20 41970.26 42189.28 42327.30 % (QCHAQ) –.57 +.59 –.57 +1.19 +.90
41775

ly
American Express 2.07 3:00 42118.25 42118.50 41946.65 42185.86 42389.21 Market Advance/Decline Totals
Amgen -14.71 3:30 42115.13 42165.90 41945.11 42140.00 42350.45 NYSE NYSE
Apple -0.41 Close 42124.65 42208.22 41914.75 42175.11 42313.00 Weekly Comp. NYSE Amer Nasdaq Arca
Boeing 3.03 High (t) 42403.01 42484.83 42478.62 42463.38 42740.91 Total Issues 2,903 323 4,646 2,202
Caterpillar 22.26 Low (t) 41793.61 41805.37 41714.45 41837.86 42105.24 Advances 1,672 155 2,363 1,571
Chevron -0.19 40900 Declines 1,190 156 2,194 614

on
High (a) 42190.05 42281.06 42299.64 42224.15 42628.32
Cisco Systems 1.05 Unchanged 41 12 89 17
Low (a) 42012.22 42056.82 41859.73 42036.28 42227.95 New Highs 606 35 583 985
Coca-Cola 0.15 Change +61.29 +83.57 –293.47 +260.36 +137.89 New Lows 56 24 295 50
Disney 2.26
Week ended last Friday compared to previous Friday
Dow 3.37 Theoretical (t): High 42740.91 Low 41714.45
Goldman Sachs 0.08 40025 Actual (a): High 42628.32 Low 41859.73 NYSE Composite Daily Breadth
Home Depot 9.67 Daily Sep 23 24 25 26 27

us ,
Honeywell International 4.28 Issues Traded 2,870 2,858 2,867 2,868 2,861
IBM 3.14 Dow Jones 20 Transport (divisor: 0.15395808703479) Advances 1,558 1,695 820 1,749 1,763

l
Intel 2.07 Open (t) 15805.28 15954.21 16151.86 16189.02 16203.24 Declines 1,224 1,066 1,953 1,024 1,010
Johnson & Johnson -2.76 39150

e
Open (a) 15790.14 15941.51 16147.32 16145.01 16154.40 Unchanged 88 97 94 95 88

al a
JPMorgan Chase -0.59 10:00 15829.11 16017.41 16151.18 16212.52 16194.00 New Highs 264 259 206 271 228
McDonald's 6.86 10:30 15784.77 16061.29 16164.80 16187.77 16295.15 New Lows 18 13 19 28 4
Merck -3.48 Blocks - primary 4,474 4,767 4,653 5,437 5,125
11:00 15799.05 16050.90 16132.60 16157.56 16354.75
Microsoft -7.25 Total (000) - primary 967,284 992,168 958,583 1,059,846 939,796

ci on
11:30 15800.92 16092.98 16095.39 16142.81 16321.36 Total (000) 3,529,552 3,872,711 3,624,917 4,391,185 3,898,535
Nike Cl B 2.92 38275 12:00 15817.55 16051.38 16041.59 16125.29 16320.06
Procter & Gamble -0.67 12:30 15792.37 16055.34 16055.13 16084.83 16255.17
NYSE American Composite
Salesforce 9.84 1:00 15846.31 16091.21 16047.26 16077.05 16234.27 Daily Sep 23 24 25 26 27
Travelers -2.42 Issues Traded 304 306 298 300 296
1:30 15876.50 16108.28 16038.13 16051.93 16187.15
UnitedHealth Group 6.85 Advances 125 179 115 155 132
2:00 15878.18 16104.30 16013.65 16088.90 16191.67
Verizon Communications 0.56 Declines 166 112 172 129 144
Visa Cl A -9.60
37400 2:30 15874.19 16098.26 16003.92 16110.59 16201.97
Unchanged 13 15 11 16 20
April May June July August September 3:00 15882.03 16132.60 16039.84 16097.47 16184.15
Walmart 0.72 New Highs 11 19 13 13 10

er s
3:30 15903.92 16111.38 16057.07 16115.70 16198.87 New Lows 7 7 8 11 9
Close 15884.52 16150.50 16017.80 16083.66 16185.90 Blocks - primary 233 203 220 208 175
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

High (t) 15970.84 16223.34 16264.17 16347.96 16399.11 Total (000) - primary 17,896 16,006 18,943 18,076 13,882
Transportation Low (t) 15693.04 15871.98 15932.39 15954.83 16109.03
m er High (a) 15918.91 16156.67 16202.36 16284.17 16363.84
Total (000)
Nasdaq
269,638 241,405 405,486 267,473 230,008

16700 Low (a) 15752.94 15938.07 15998.39 16019.35 16154.40

Daily Sep 23 24 25 26 27
Week's Change +129.52 +265.98 –132.70 +65.86 +102.24
Components Issues Traded 4,340 4,379 4,372 4,400 4,332
Change
16425 Theoretical (t): High 16399.11 Low 15693.04 Advances 1,755 2,369 1,329 2,764 2,493
Alaska Air Group 4.98 Actual (a): High 16363.84 Low 15752.94 Declines 2,409 1,849 2,901 1,469 1,700
m rp
American Airlines Group 0.55 Unchanged 176 161 142 167 139
Avis Budget Group 1.69 16150 New Highs 195 263 159 269 213
CH Robinson Worldwide 4.14 Dow Jones 15 Utilities (divisor: 1.19780346554510) New Lows 129 108 112 120 70
CSX -0.40 Blocks - primary 37,492 32,655 31,846 37,456 40,768
Open (t) 1055.42 1051.99 1054.09 1044.52 1049.23 Total (000) 5,237,317 5,347,586 4,858,068 5,669,217 5,367,897
Delta Air Lines 4.60 15875 Open (a) 1052.66 1053.40 1053.07 1045.63 1048.52
Expeditors Intl of Wash 5.75 NYSE Arca Composite
10:00 1053.50 1053.19 1052.21 1046.12 1050.78
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

FedEx 12.91 Daily Sep 23 24 25 26 27

10:30 1052.82 1058.83 1046.75 1046.45 1052.69
JB Hunt Transport 3.34 15600 Issues Traded 2,015 2,010 2,012 2,029 2,001
11:00 1055.62 1062.95 1043.42 1048.52 1052.07
co o

Kirby Corp 0.83 Advances 1,451 1,556 312 1,571 1,193

11:30 1056.77 1058.77 1046.55 1049.02 1055.29
Landstar System 7.34 Declines 528 416 1,680 428 778
15325 12:00 1059.01 1055.94 1050.92 1048.57 1055.09
Matson 7.21 Unchanged 36 38 20 30 30
12:30 1059.30 1053.68 1051.27 1047.23 1055.02 New Highs 288 504 198 568 483
Norfolk Southern -1.39
1:00 1058.08 1053.54 1049.65 1046.89 1053.72 New Lows 8 25 30 34 20
F

Old Dominion Freight Line 2.74

Ryder System -0.56 15050 1:30 1057.02 1053.69 1047.96 1047.84 1053.62 Blocks - primary 1,270 1,611 1,229 1,767 1,681
Southwest Airlines 0.49 2:00 1056.53 1052.00 1048.22 1048.66 1055.36 Total (000) - primary 236,115 328,300 254,305 382,223 320,380
Uber Technologies 1.81 2:30 1056.90 1051.88 1049.27 1047.45 1056.62 Total (000) 1,284,630 1,704,329 1,339,439 1,888,196 1,657,122
14775 3:00 1057.60 1051.75 1050.39 1046.49 1055.86
Union Pacific
United Airlines
-1.17
5.82 3:30
Close
1057.25 1050.82 1048.78
1058.35 1048.89 1049.13
1045.10
1044.65
1056.24
1055.06
Other Market Indexes
United Parcel Service B 5.66 Daily 9/23 9/24 9/25 9/26 9/27
14500 High (t) 1062.17 1064.35 1056.31 1054.13 1058.82
April May June July August September Low (t) 1050.27 1045.77 1042.70 1040.71 1047.42 NYSE Amer Comp 5071.82 5152.86 5098.64 5047.95 5090.22
High (a) 1060.67 1063.38 1054.41 1053.22 1057.56 AmMajorMkt 3878.64 3860.08 3842.29 3855.54 3865.55

Utilities Low (a)

Change
1051.81 1047.76 1043.03
+7.49 –9.46 +.24
1041.93
–4.48
1048.52
+10.41
BNY ADR Idx
Europe
186.60 189.74 188.49
180.65 181.78 180.51
192.61
181.89
190.91
181.29
1070 Latin Am 194.38 198.43 197.17 200.08 199.94
Theoretical (t): High 1064.35 Low 1040.71 Asia 222.85 229.72 228.31 237.87 233.83
Week's Emerg M 363.92 378.78 376.45 392.00 387.11
Components Change Actual (a): High 1063.38 Low 1041.93
DJ US TSM Float56642.61 56780.20 56621.43 56871.50 56831.61
n-

AES 1.17 Nasdaq Cmp 17974.27 18074.52 18082.21 18190.29 18119.59

American Elec Power -0.31 1020 100 Index 19852.20 19944.84 19972.61 20115.54 20008.62
Dow Jones 65 Composite (divisor: 0.75472580699091)
American Water Works -2.30 Indus. 10674.33 10719.09 10691.99 10685.86 10668.82
Open (t) 13393.51 13430.19 13491.38 13459.15 13500.31 Insur. 16306.49 16288.68 16253.93 16243.50 16315.38
Atmos Energy 1.22
Open (a) 13374.63 13441.89 13483.58 13446.56 13476.16 Banks 4210.95 4166.19 4114.00 4143.34 4137.94
Consolidated Edison 0.70
10:00 13369.00 13454.33 13458.74 13468.17 13525.40 Computer 16442.93 16568.65 16641.66 16785.14 16670.06
Dominion Energy -0.77
970 10:30 13390.11 13459.69 13436.81 13441.03 13574.30 Telecom 438.47 441.17 439.39 441.40 446.19
no

Duke Energy -0.40 NYSE Comp.-z 19445.43 19506.55 19381.18 19501.72 19501.22
11:00 13397.04 13482.38 13430.62 13454.42 13581.46
Edison International 1.38 Financial-z 11721.31 11660.74 11576.35 11650.48 11655.66
Exelon 0.11 11:30 13403.00 13473.36 13416.18 13446.63 13606.21
12:00 13390.96 13450.17 13409.85 13455.44 13580.56 Health Care-z27771.44 27785.05 27624.48 27629.12 27549.75
FirstEnergy 0.05 Energy-z 13809.83 13811.33 13550.78 13279.25 13498.68
NextEra Energy 1.78 12:30 13394.84 13439.39 13407.07 13446.92 13544.70
920 1:00 13398.37 13451.89 13399.00 13437.59 13532.14
Russell 1000 3123.22 3130.82 3123.22 3136.32 3133.08
Public Svc Enterprise 1.49 2000 2220.28 2223.99 2197.45 2209.87 2224.70
Sempra 0.07 1:30 13405.40 13450.24 13385.00 13440.52 13523.73 3000 3258.90 3266.71 3257.29 3271.18 3269.00
Southern 0.40 2:00 13408.40 13448.05 13400.68 13450.81 13530.86 Value-v 1857.14 1858.42 1846.17 1858.38 1865.49
Xcel Energy 0.44 2:30 13415.47 13445.50 13399.80 13450.64 13515.30 Growth-v 3755.45 3770.58 3775.75 3783.34 3762.68
870 3:00 13413.24 13449.35 13397.02 13455.78 13534.85 MidCap 3505.91 3511.21 3484.32 3508.17 3521.14
3:30 13416.39 13467.44 13398.71 13433.55 13522.49 S&P 100 Index 2748.02 2757.46 2756.37 2763.95 2757.25
Close 13415.88 13471.98 13386.09 13444.92 13510.11 500 5718.57 5732.93 5722.26 5745.37 5738.17
High (t) 13495.68 13567.16 13561.47 13572.03 13645.88 Ind. 8206.58 8243.57 8232.95 8270.50 8249.80
Low (t) 13297.22 13328.96 13318.08 13344.38 13440.41 MidCap 3119.45 3118.94 3089.02 3115.70 3119.24
820 High (a) 13424.07 13492.04 13502.80 13490.63 13609.44 SmallCap 1415.82 1415.88 1397.26 1407.55 1418.14
April May June July August September Low (a) 13363.80 13414.20 13371.18 13415.80 13476.16 Value Line(A) 10929.63 10973.28 10866.47 10995.10 11046.17
Value Line(G) 616.36 618.71 612.60 619.66 622.44
Note: Theoretical highs and lows are shown. A red chart indicates a lower price than the starting period. Green means it's higher than the starting period. Change +50.68 +56.10 –85.89 +58.83 +65.19
DJ US Small TSM15235.98 15264.03 15087.97 15188.86 15267.15
Theoretical (t): High 13645.88 Low 13297.22 (A)-Arithmetic Index. (G)-Geometric Index.
Actual (a): High 13609.44 Low 13363.80 (v)-Value 1000 and Growth 1000. (y)-Dec. 31,1965=50. (z)-Dec. 31,2002=5000.
 50 BARRON’S September 30, 2024

D ATA MARKET LABORATORY B A R R ON S .C OM / D ATA

The Week In Stocks For the Major Indexes

12-Month Weekly Friday Weekly 12-Month Change From
Indexes’ P/Es & Yields
DJ latest 52-week earnings and dividends adjusted by Dow Divisors
Stock Volume
at Friday's close. S&P Dec. 4-quarter's GAAP earnings as reported Last Week Prev. Week Year Ago YOY % Chg
High Low High Low Close Chg. % Chg. Chg. % Chg. 12/29 % Chg. and indicated dividends based on Friday close.S&P 500 P/E ratios
based on GAAP earnings as reported. For additional earnings NYSE(a) 4,917,678 7,583,889 4,209,212 16.83
Dow Jones Indexes series, please refer to www.spglobal.com. DJ latest available book 30 Dow Inds (b) 1,924,884 2,895,186 1,442,108 33.48
42313.00 32417.59 30 Indus 42313.00 41914.75 42313.00 249.64 0.59 8805.50 26.28 4623.46 12.27 values for FY 2023 and 2022, and S&P latest for 2023 and 2022. r-
Revised data 20 Dow Trans (b) 541,935 686,085 440,354 23.07
16331.72 13556.07 20 Transp 16185.90 15884.52 16185.90 430.90 2.74 1217.13 8.13 287.05 1.81
15 Dow Utils (b) 258,302 371,426 258,562 -0.10
1061.01 783.08 15 Utilities 1058.35 1044.65 1055.06 4.20 0.40 238.51 29.21 173.39 19.67 65 Dow Stks (b) 2,725,121 3,952,697 2,141,024 27.28
13510.11 10596.53 65 Comp 13510.11 13386.09 13510.11 144.91 1.08 2389.96 21.49 1260.14 10.29 NYSE American (a) 84,804 229,312 46,132 83.83
Last Week Prev. Week Last Year
Dow Jones Indexes Nasdaq(d) 26,480,085 30,735,844 23,422,155 13.06
56871.50 40847.04 US TSM Float 56871.50 56621.43 56831.61 331.91 0.59 14042.92 32.82 9044.14 18.93 DJ Ind Avg 42313.00 42063.36 33507.50
P/E Ratio 26.01 25.86 23.63
NYSE 15 Most Active
1396.00 1001.58 US Market 1396.00 1389.85 1394.52 8.60 0.62 347.43 33.18 226.80 19.42 Average Price 22.88 19.13 18.41 24.28
971.00 674.40 Internet 971.00 962.58 967.11 7.22 0.75 238.61 32.75 115.62 13.58 Earns Yield % 3.84 3.87 4.23
% Tot Vol 15.38 14.39 12.60 22.06
New York Stock Exchange Earns $ 1626.83 1626.83 1417.74
Stock Offerings $(z,v) 3,064,570 8,002,410 1,394,700 119.73
19506.55 14675.78 Comp-z 19506.55 19381.18 19501.22 127.48 0.66 4103.00 26.65 2648.33 15.71 Divs Yield % 1.75 1.76 2.16

.
11725.30 8154.87 Financial-z 11721.31 11576.35 11655.66 –36.49 –0.31 2986.76 34.45 1773.89 17.95 Divs $ 742.41 742.41 722.73 Daily Stock Volume 9/23 9/24 9/25 9/26 9/27
28478.56 22022.96 Health Care-z 27785.05 27549.75 27549.75 –304.87 –1.09 4598.27 20.03 3382.61 14.00 Mkt to Book 5.31 5.28 4.37 NYSE(a) 967,284 992,168 958,583 1,059,846 939,796

ly
14932.83 12658.71 Energy-z 13811.33 13279.25 13498.68 –163.10 –1.19 –353.45 –2.55 239.13 1.80 Book Value $ 7964.47 7964.47 7664.40 30 Inds (b) 455,202.9 401,024.9 385,161.7 353,648.6 329,846.3
DJ Trans Avg 16185.90 15755.00 14968.77 20 Trans (b) 87,430.4 94,380.4 96,098.0 164,943.4 99,082.4
NYSE American Stock Exchange 15 Utils (b) 51,963.6 60,617.5 52,476.7 47,203.7 46,040.0
5292.60 4371.62 NYSE Amer Comp 5152.86 5047.95 5090.22 67.42 1.34 497.91 10.84 495.90 10.79 P/E Ratio 18.94 18.44 13.21
Earns Yield % 5.28 5.42 7.57 65 Stks (b) 594,596.9 556,022.8 533,736.4 565,795.8 474,968.8
3878.64 2958.35 Major Mkt 3878.64 3842.29 3865.55 1.37 0.04 816.28 26.77 477.46 14.09 NYSE Amer(a) 17,896 16,006 18,943 18,076 13,882
Earns $ 854.45 854.45 1132.72 Nasd(d) 5,237,317 5,347,586 4,858,068 5,669,217 5,367,897
Standard & Poor's Indexes

on
Divs Yield % 1.45 1.49 1.43 NYSE 15 Most Active
2763.95 1939.19 100 Index 2763.95 2748.02 2757.25 15.15 0.55 747.52 37.20 521.06 23.30
Divs $ 235.26 235.26 213.84 Avg. Price 18.38 16.19 19.85 27.59 19.75
5745.37 4117.37 500 Index 5745.37 5718.57 5738.17 35.62 0.62 1450.12 33.82 968.34 20.30
Mkt to Book 4.13 4.02 4.26 % Tot Vol 13.29 26.61 14.01 16.94 18.45
8270.50 5928.50 Indus 8270.50 8206.58 8249.80 64.97 0.79 2090.11 33.93 1420.84 20.81
Book Value $ 3914.65 3914.65 3514.52 Numbers in thousands save price and percentages. (a) Primary volume. (b) Composite volume.
3124.92 2326.82 MidCap 3119.45 3089.02 3119.24 15.92 0.51 617.12 24.66 337.70 12.14
DJ Utility Avg 1055.06 1050.86 816.55 (d) as of 4:10 pm. (r) Revised. (v) W/E Thursday. (z) Source: LSEG.
1435.83 1068.80 SmallCap 1418.14 1397.26 1418.14 3.06 0.22 266.88 23.18 99.88 7.58
P/E Ratio 22.82 22.73 19.43
Nasdaq Stock Market
Earns Yield % 4.38 4.40 5.15

us ,
18647.45 12595.61 Comp 18190.29 17974.27 18119.59 171.27 0.95 4900.27 37.07 3108.24 20.71
Earns $ 46.23 46.23 42.03
20675.38 14109.57 100 Index 20115.54 19852.20 20008.62 217.13 1.10 5293.38 35.97 3182.69 18.92
Divs Yield % 3.05 3.06 3.76 NYSE HALF-HOURLY VOLUME

l
10719.09 7981.76 Indus 10719.09 10668.82 10668.82 115.12 1.09 2080.27 24.22 1195.12 12.62
Divs $ 32.18 32.16 30.69
16315.38 11657.61 Insur 16315.38 16243.50 16315.38 150.95 0.93 4382.62 36.73 3712.86 29.46

e
Mkt to Book 2.23 2.23 1.81 Daily 9/23 9/24 9/25 9/26 9/27

al a
4417.55 2840.88 Banks 4210.95 4114.00 4137.94 –92.57 –2.19 1104.65 36.42 362.83 9.61 Book Value $ 472.26 472.26 450.45
17898.70 10836.80 Computer 16785.14 16442.93 16670.06 207.12 1.26 5481.78 49.00 3673.83 28.27 S&P 500 Index 5738.17 5702.55 4288.05 9:30-10:00 85,534 95,848 78,826 126,142 89,114
446.19 377.20 Telecom 446.19 438.47 446.19 11.86 2.73 34.74 8.44 29.09 6.98 P/E Ratio 29.98 29.80 24.48 10:00-10:30 34,103 36,789 33,027 45,190 40,637
Russell Indexes

ci on
Earns Yield % 3.34 3.36 4.09 10:30-11:00 29,699 31,891 29,442 45,404 33,636
3136.32 2250.71 1000 3136.32 3123.22 3133.08 18.85 0.61 781.73 33.25 510.94 19.49 Earns $ 191.39 191.39 175.17
2263.67 1636.94 2000 2224.70 2197.45 2224.70 –3.18 –0.14 439.60 24.63 197.63 9.75 11:00-11:30 27,379 28,728 26,179 34,247 31,195
Divs Yield % 1.30 1.31 1.66
3271.18 2351.42 3000 3271.18 3257.29 3269.00 18.50 0.57 806.94 32.78 520.80 18.95 Divs $ 74.60 74.70 71.18 11:30-12:00 22,568 26,220 23,059 30,662 30,321
1865.49 1415.59 Value-v 1865.49 1846.17 1865.49 15.92 0.86 367.89 24.57 236.07 14.49 Mkt to Book 5.19 5.16 4.19 12:00-12:30 21,571 22,143 22,223 27,785 25,318
3851.82 2585.72 Growth-v 3783.34 3755.45 3762.68 13.95 0.37 1084.23 40.48 711.01 23.30 Book Value $ 1106.21 1106.21 1024.56 12:30-1:00 21,417 19,321 22,542 22,993 20,068
3521.14 2594.10 MidCap 3521.14 3484.32 3521.14 34.60 0.99 750.10 27.07 409.27 13.15 S&P Ind Index 8249.80 8184.83 6159.69
Others 1:00-1:30 19,640 19,400 22,241 26,732 23,210
P/E Ratio 33.45 33.19 26.63
1:30-2:00 20,022 18,869 24,300 24,132 22,359

er s
11046.17 8310.43 Value Line-a 11046.17 10866.47 11046.17 139.82 1.28 2095.39 23.41 1028.01 10.26 Earns Yield % 2.99 3.01 3.76
622.44 498.09 Value Line-g 622.44 612.60 622.44 7.32 1.19 83.49 15.49 28.58 4.81 Earns $ 246.62 246.62 231.34 2:00-2:30 20,893 22,250 23,608 24,939 24,779
15378.11 11320.09 DJ US Small TSM 15267.15 15087.97 15267.15 10.46 0.07 2962.22 24.07 1214.68 8.64
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

Divs Yield % 1.15 1.16 1.44 2:30-3:00 19,786 23,808 24,397 27,165 26,810
1164.13 831.60 Barron's Future Focus 1164.13 1152.01 1164.13 16.07 1.40 276.48 31.15 135.77 13.20 Divs $ 94.87 94.94 88.70
1227.01 907.97 Barron's 400 1224.65 1213.32 1222.11
m er 2.42 0.20 259.01 26.89 149.71 13.96 Mkt to Book 6.90 6.85 5.62
3:00-3:30
3:30-4:00
26,960
617,711
29,936
616,963
28,865
599,874
36,170
588,284
29,522
542,827
High/Low's are based upon the daily closing index. a-Arithmetic Index. G-Geometric Index. V-Value 1000 and Growth 1000 y-Dec. 31,1965=50 z-Dec. 31,2002=5000 Book Value $ 1195.42 1195.42 1095.83

Selected IPOs
m rp
U.S. Dollar Index vs Euro and Yen Per Share Values of Stocks Ticker Initial Offer
Price IPO Date Recent Price %Chg
Whipping Inflation Now: The inflation measure favored by the Fed—the personal consumption expendi-
tures price index—rose just 0.1% in August, bringing the 12-month inflation rate down to 2.2%, from July’s In the Dow Jones Averages BioAge Labs
Guardian Pharmacy
BIOA
GRDN
18.00
14.00
9/26
9/26
21.00
17.75
16.7%
26.8%
2.5%. Measuring the dollar against six other currencies, the ICE U.S. Dollar Index slipped 0.3% on the week. This is a list of the Dow Jones trailing 52-week diluted share Services
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

earnings, dividends and book values as reported by the company. Legacy Education LGCY 4.00 9/26 4.39 9.7%
10 Bolded numbers indicate new values. Sources Barron's Stats and Premium Catering PC 4.75 9/25 4.15 -12.6%
FactSet.
co o

EURO in $ Industrial Stocks

s
Book Book
5 Earns Divs. Value Earns Divs. Value
New Listings
F

Am Exp
Amgen
13.40
5.81
2.60 38.81
8.88 11.64
Johnson&Johnson
JPMorganChase
7.52 4.86 28.57
17.93 4.40 104.45 Investor Sentiment Readings NYSE
Apple 6.57 0.98 4.00 McDonalds 11.43 6.68 (6.44) Amentum (AMTM)
0 Boeing (5.63) Nil (28.27) Merck Co 5.39 3.08 14.84
High bullish readings in the Consensus stock index or in the
Market Vane stock index usually are signs of Market tops; low BKV (BKV)
Caterpillar 21.96 5.31 39.04 Microsoft 11.81 3.00 36.11 Curbline Properties (CURB)
ones, market bottoms.
Chevron Corp 10.10 6.40 86.27 Nike Inc 3.73 1.48 9.60 Guardian Pharmacy Services
s Last Week 2 Weeks Ago 3 Weeks Ago
Cisco Sys 2.54 1.58 10.91 Proc Gam 6.02 3.8944 21.00 (GRDN)
-5 Coca Cola 2.49 1.92 6.02 3M Co 2.07 4.41 8.70 Consensus Index
DXY (100.42) s Disney Walt 2.61 0.75 54.25 Salesforce.com 5.75 0.80 61.43 NYSE American
Dow 1.68 2.80 26.49 Travelers Cos 15.82 4.10 109.21 Consensus Bullish Sentiment 67% 64% 60% Legacy Education (LGCY)
YEN in $
Goldman Sachs 31.15 11.25 326.90 UnitedHealthGrp 15.08 7.96 96.06 NONE
AAII Index
-10 Home Depot 14.86 8.84 1.05 Verizon 2.67 2.66 21.98
Honeywell 8.77 4.32 24.31 Visa 8.95 2.08 18.31 Bullish 49.6% 50.8% 39.8% Nasdaq
O N D J F M A M J J A S IBM 9.10 6.66 24.63 Amazon 1.88 Nil 19.44 Bearish 23.7 26.4 31.0 BioAge Labs (BIOA)
Intel 0.23 0.50 24.97 Wal-mart 5.60 0.8125 10.41
Source: Tullett Prebon Innovation Beverage (IBG)
n-

Neutral 26.7 22.8 29.3

Premium Catering (PC)
Transportation Stocks Market Vane

Distributions & Offerings AlaskaAirGroup 1.72 Nil 32.62 Kirby Corp 4.71 Nil 54.33 Bullish Consensus 70% 68% 66%
NameChanges
Secondary Distributions of common stocks 144 Filings AmericanAirlines (0.27)
AvisBudgetGrp 21.08
Nil (7.95)
Nil (9.97)
Landstar Sys 6.13
Matson Inc 9.53
1.35 27.55
1.30 69.79
TIM Group Market Sentiment NYSE
no

None
Company Shares Offered Offer Price Deal Value USD C.H. Robinson 2.77 2.45 12.15 Norf Southern 7.90 5.40 56.63 Indicator 48.2% 50.0% 47.9%
Amerant Bancorp 7,900,000 $19.00 $150,100,000 SEC Form 144 must be filed by holders of restricted securities (also called letter stock) who intend to Nasdaq
CSX Corp 1.82 0.47 6.19 Old Dominion 5.84 0.98 19.54
Armada Hoffler Properties 9,000,000 $10.50 $94,500,000 sell shares. Shares Indicated: the number to be sold. Sales Date: the approximate date of the sale. Sources: Consensus Inc.; American Association of
(Sometimes shares aren't sold, even though their owner has filed a Form144.) Source: LSEG Data and Delta Air Lines 7.78 0.45 17.26 Ryder Sys 10.89 2.94 69.91 Foxx Development (FOXX),
BlackSky Technology 10,000,000 $4.00 $40,000,000 Individual Investors; Market Vane; TIM Group formerly Acri Capital (ACAC)
Analytics Expeditors Int'l 4.66 1.42 16.62 Southwest Air 0.13 0.72 17.63
GameStop 20,000,000 $20.00 $400,000,000 Scienture (SCNX), formerly
Hawaiian Electric Industries 54,054,054 $9.25 $500,000,000 FedEx 16.22 5.28 112.90 Un Pacific 10.65 5.24 24.25 TRxADE HEALTH (MEDS)
Shares Sale Hunt (JB) 5.81 1.71 39.76 UPS 6.13 6.51 20.29
InvenTrust Properties 8,000,000 $28.00 $257,600,000
Company Sym Indicated $ Value Date Seller Title
Rithm Capital
Seaport Entertainment Group
30,000,000
7,000,000
$11.43 $342,900,000
$25.00 $175,000,000 Roivant Sciences ROIV 1,983,257 23,383,088 9/23/24 Gline, Matthew O
UberTechnologies 0.07 Nil 5.43 United Airlines 8.81 Nil 28.43
Arms Index Trading
Source: LSEG Data & Analytics Roivant Sciences ROIV 1,565,670 18,200,914 9/24/24 Gold, Daniel D Utility Stocks The Arms index, also known as the short term trading index,

Coming U.S. Auctions Atlanta Braves BATRA 1,158,836 46,573,619 9/25/24 Maffei, Gregory O
is a number derived by dividing one quotient into another
quotient. The numerator in the index is the number of
advancing stocks divided by the number of declining stocks.
Suspended
Hims & Hers Health HIMS 687,498 11,632,466 9/20/24 Dudum, Andrew O AES Corp. 1.05 0.68 2.46 Exelon 2.43 1.50 25.78 NYSE
Yields (%) As of 3/14/11, the denominator in the index is now the
AmericanElecPower 5.02 3.52 47.98 FirstEnergy 1.56 1.67 18.17 composite volume of advancing stocks divided by the NONE
Monday When Issued* Last Auction Hewlett Packard Enterprise HPE 500,000 9,135,000 9/18/24 Neri, Antonio CEO composite volume of declining stocks.
AmericanWaterWorks 4.91 2.95 50.31 NextEra Energy 3.08 2.01 23.13
$79.0 bil 3-month 4.592 4.540 Okta OKTA 457,561 34,326,226 9/20/24 Mckinnon, Todd OD NYSE American
Atmos Energy 6.81 3.22 73.20 Xcel Energy 3.35 2.16 31.74 Daily 9/23 9/24 9/25 9/26 9/27
$72.0 bil 6-month 4.396 4.270 NONE
American Eagle Outfitters AEO 401,643 8,048,885 9/19/24 Schottenstein, Jay OD Con Ed 5.15 3.30 61.33 Pub Sv Ent 3.30 2.37 31.08
DominionEnergy 1.90 2.67 30.72 Sempra Energy 4.68 2.46 44.00 Nasdaq
Tuesday Doordash DASH 216,664 30,272,294 9/23/24 Xu, Tony H NYSE .80 .87 1.01 .74 .75
Duke Energy 5.43 4.12 61.15 Southern Co. 4.21 2.84 28.61 African Agriculture (AAGR)
$48.0 bil 1-year 3.978 4.150 Viking Therapeutics VKTX 216,130 15,230,681 9/20/24 Lian, Brian O NYSE American .39 .27 .19 .71 4.67 BurgerFi International (BFI)
Edison Int'l 2.50 3.08 36.02
* As of Friday afternoon. Chipotle Mexican Grill CMG 211,099 12,176,254 9/19/24 Niccol, Brian OD Nasdaq .49 .48 .58 .70 .74 Calliditas Therapeutics (CALT)
 September 30, 2024 BARRON’S 51

D ATA MARKET LABORATORY B A R R ON S .C OM / D ATA

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
Net Change % Change and Ranking 52 Week vs. S&P 100 Country
in U.S.$
Fri.
in U.S.$
Last Fri.
Currency
Fri.
Currency
Last Fri.
Top 20 Weekly Ranked IG-Sym Close Wkly YTD Week Rank Yr Ago Rank YTD Rank 3 Yr High Low
Readings in the CBOE equity put-call ratio of 60:100 and in the Argentina (Peso)-y .0010 .0010 966.2795 962.4096
Aluminum DJUSAL 134.15 + 18.58 18.00 +16.08 [1] +49.89 [10] +15.50 [63] –8.68 152.16 79.97 S&P 100 of 125:100 are considered bullish, for instance. Bearish
signals flash when the equity put-call level reaches the vicinity of Australia (Dollar) .6903 .6808 1.4486 1.4689
Nonferrous Metals DJUSNF 686.77 + 91.10 117.31 +15.29 [2] +40.47 [27] +20.60 [39] +14.83 733.85 444.65 30:100 and the index ratio hits 75:100. Bahrain (Dinar) 2.6528 2.6534 .3770 .3769
Industrial Metals & Mining DJUSIM 538.94 + 40.45 10.90 +8.12 [3] +18.40 [94] +2.06 [111] +13.42 611.98 416.56 Brazil (Real) .1840 .1814 5.4342 5.5117
Airlines DJUSAR 172.87 + 12.50 24.22 +7.80 [4] +23.79 [79] +16.30 [59] –6.45 175.94 116.42
Automobiles DJUSAU 918.69 + 64.58 39.80 +7.56 [5] +8.14 [111] +4.53 [104] –2.78 938.66 560.40 S&P 100 CBOE Bulgaria (Lev) .5709 .5707 1.7515 1.7521
Canada (Dollar) .7398 .7366 1.3518 1.3576
Automobiles & Parts DJUSAP 1035.24 + 71.13 29.85 +7.38 [6] +5.91 [118] +2.97 [109] –3.86 1,054.32 670.33
Clothing & Accessories DJUSCF 276.16 + 17.01 –85.71 +6.57 [7] –.51 [128] –23.69 [137] –12.81 363.96 228.08 32.60 0.90 Chile (Peso) .001112 .001075 899.15 930.65
China (Renminbi) .1426 .1418 7.0117 7.0519
Personal Products DJUSCM 476.16 + 24.65 –63.40 +5.46 [8] –4.85 [130] –11.75 [132] –13.10 567.87 422.60
Auto Parts DJUSAT 412.13 + 20.42 –56.50 +5.21 [9] –14.22 [136] –12.06 [133] –12.31 490.63 377.29 Colombia (Peso) .0002395 .0002407 4174.53 4155.00

.
Personal Goods DJUSPG 619.50 + 29.70 –94.10 +5.04 [10] +4.83 [120] –13.19 [135] –11.21 754.99 520.80 Denmark (Krone) .1497 .1497 6.6791 6.6814
26.10 0.80 EcuadorUS Dollar 1.0000 1.0000 1.0000 1.0000
Basic Resources DJUSBS 380.39 + 18.17 35.84 +5.02 [11] +26.98 [75] +10.40 [84] +11.16 385.20 280.84

ly
Delivery Svcs DJUSAF 1299.29 + 55.97 –76.54 +4.50 [12] –3.91 [129] –5.56 [125] –4.33 1,442.81 1,200.27 Egypt (Pound)-y .0207 .0206 48.3581 48.5049
Specialty Chemicals DJUSCX 1206.94 + 50.29 73.36 +4.35 [13] +15.88 [100] +6.47 [101] +.44 1,206.94 978.27 Hong Kong (Dollar) .1286 .1284 7.7737 7.7902
Brewers DJUSDB 580.16 + 23.89 –62.24 +4.29 [14] –12.95 [134] –9.69 [129] –1.85 680.43 521.99 19.60 0.70 Hungary (Forint) .002813 .002840 355.50 352.12
Distillers & Vintners DJUSVN 517.36 + 20.89 11.24 +4.21 [15] –.48 [127] +2.22 [110] +2.88 546.73 473.44 Iceland (Krona) .007398 .007339 135.17 136.26
Gambling DJUSCA 691.96 + 27.67 5.78 +4.17 [16] +12.72 [106] +.84 [114] –6.51 745.08 577.69 India (Rupee) .01194 .01198 83.718 83.482

on
Semiconductor DJUSSC 18590.23 + 741.81 7,207.47 +4.16 [17] +101.60 [1] +63.32 [1] +33.55 20,738.15 8,771.72 Indonesia (Rupiah) .0000661 .0000660 15125 15161
Footwear DJUSFT 1994.19 + 78.35 –158.30 +4.09 [18] +13.64 [103] –7.35 [127] –9.63 2,406.01 1,634.84 13.10 0.60 Israel (Shekel) .2692 .2646 3.7146 3.7789
Commercial Vehicles DJUSHR 4856.24 + 186.00 754.45 +3.98 [19] +27.75 [71] +18.39 [49] +15.33 4,856.24 3,449.71 Japan (Yen) .007035 .006948 142.14 143.92
Hotels DJUSLG 3915.15 + 139.24 596.83 +3.69 [20] +38.39 [33] +17.99 [50] +13.59 3,915.15 2,752.17 Kazakhstan (Tenge) .002080 .002084 480.86 479.96
6.60 0.50 Kuwait (Dinar) 3.2782 3.2779 .3050 .3051
Net Change % Change and Ranking 52 Week
Macau (Pataca) .1249 .1245 8.0090 8.0320
Top 20 Yr Ago Ranked IG-Sym Close Wkly YTD Week Rank Yr Ago Rank YTD Rank 3 Yr High Low Malaysia (Ringgit)-b .2424 .2378 4.1250 4.2050

us ,
New Zealand (Dollar) .6341 .6238 1.5770 1.6031
Semiconductor DJUSSC 18590.23 + 741.81 7,207.47 +4.16 [17] +101.60 [1] +63.32 [1] +33.55 20,738.15 8,771.72
0.10 0.40

l
Norway (Krone) .0952 .0953 10.4992 10.4974
Home Construction DJUSHB 3092.20 + 39.75 712.48 +1.30 [51] +76.69 [2] +29.94 [11] +29.06 3,149.96 1,626.41
O N D J F M A M J J A S Oman (Rial) 2.5974 2.5974 .3850 .3850

e
Technology Hardware & Equip DJUSTQ 7304.69 + 167.76 2,127.63 +2.35 [33] +65.63 [3] +41.10 [3] +24.16 7,848.54 4,251.91

al a
Bldg Materials & Fixtures DJUSBD 2406.00 + 17.66 518.21 +.74 [66] +51.03 [4] +27.45 [18] +12.96 2,406.00 1,460.77 Pakistan (Rupee) .00360 .00360 277.700 277.875
Source: CBOE Philippines (Peso) .01786 .01797 55.990 55.635
Specialty Retailers DJUSRS 3247.29 + 62.06 723.25 +1.95 [37] +50.92 [5] +28.65 [12] +3.76 3,259.18 2,074.76
Construction & Materials DJUSCN 1909.99 + 12.47 422.77 +.66 [71] +50.24 [6] +28.43 [15] +14.51 1,909.99 1,160.16 Poland (Zloty) .2611 .2614 3.8305 3.8249
Marine Transportation DJUSMT 411.40 + 2.72 153.79 +.67 [70] +50.10 [7] +59.70 [2] +34.51 425.38 238.94 Qatar (Rial) .2747 .2743 3.6408 3.6455

ci on
Recreational Svcs
Fixed Line Telecom
DJUSRQ
DJUSFC
124.61
130.82
+ .14
+ 2.06
18.88
30.95
+.11
+1.60
[89]
[43]
+50.00
+49.97
[8]
[9]
+17.86
+30.99
[51]
[8]
+4.06
+1.65
127.09
132.97
73.02
84.58
Coming Earnings Saudi Arabia (Riyal)
Singapore (Dollar)
.2666
.7824
.2665
.7748
3.7513
1.2782
3.7524
1.2906
Aluminum DJUSAL 134.15 + 18.58 18.00 +16.08 [1] +49.89 [10] +15.50 [63] –8.68 152.16 79.97 Consensus Estimate Year ago South Africa (Rand) .0584 .0574 17.1180 17.4307
Asset Managers DJUSAG 348.32 + .23 63.89 +.07 [90] +49.50 [11] +22.46 [31] +5.57 350.05 211.97 South Korea (Won) .0007632 .0007505 1310.30 1332.50
Diversified Industrials DJUSID 872.85 + 17.31 203.99 +2.02 [35] +48.72 [12] +30.50 [10] +13.43 876.10 556.40 M Sri Lanka (Rupee) .0033 .0033 298.5400 305.1900
Mortgage Finance DJUSMF 12.28 0 2.48 +.02 [92] +48.30 [13] +25.36 [24] +12.35 12.56 8.07 Carnival (Q3) $1.17 $0.86 Sweden (Krona) .0991 .0983 10.0936 10.1715
Broadline Retailers DJUSRB 4039.84 – 58.53 827.90 –1.43 [128] +47.98 [14] +25.78 [23] +5.00 4,157.13 2,633.20 Switzerland (Franc) 1.1896 1.1762 .8406 .8502

er s
Gold Mining DJUSPM 130.27 – 1.45 30.68 –1.10 [123] +46.48 [15] +30.81 [9] +2.80 134.97 76.29 T Taiwan (Dollar) .03166 .03127 31.590 31.981
Heavy Construction DJUSHV 1496.94 + 4.25 370.30 +.28 [82] +45.68 [16] +32.87 [5] +25.12 1,504.20 906.83 Thailand (Baht) .03089 .03039 32.370 32.910
Property & Casualty DJUSIP 1895.67 – 15.42 486.00 –.81 [118] +45.19 [17] +34.48 [4] +21.68 1,918.17 1,267.49 Acuity Brands (Q4) 4.26 3.97
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

Turkey (New Lira)-d .0293 .0293 34.1635 34.1246

General Retailers DJUSGT 2963.27 – 9.20 579.00 –.31 [107] +45.13 [18] +24.28 [25] +5.26 3,012.49 1,966.24 Nike (Q1) 0.52 0.94 Ukraine (Hryvnia) .0242 .0242 41.2500 41.3500
Banks
Retail
DJUSBK
DJUSRT
577.24
2651.16
– 6.48 87.45
– 7.24 502.69
m er –1.11
–.27
[125]
[104]
+43.83
+43.68
[19]
[20]
+17.85
+23.40
[53]
[28]
–.79
+6.03
602.60
2,692.56
375.25
1,781.40
Paychex (Q1) 1.14 1.14 U.K. (Pound) 1.3379 1.3324 .7474 .7505
Euro 1.1165 1.1164 .8956 .8957
Groups are weighted by capitalization. 52-week highs and lows are based on daily closes. Dec. 31, 1991=100. In the U.S. listings, % vol chg column shows the change from W Special Drawing Rights (SDR) are based on exchange rates for the U.S.,
previous 65-day moving average. Volume figures do not reflect extended trading hours. Conagra Brands (Q1) 0.75 0.85 British, and Japanese currencies. Source: International Monetary Fund.
a-Russian Central Bank rate. b-government rate. d-rebased as of Jan. 1,
2005. y-floating rate.
TH
m rp
Constellation Brands (Q2) 4.08 3.70
Money Rates
Delta Market Consensus Estimate
Pulse of the Economy Latest Week Prev. Week Yr Ago

Sentiment Day Consensus Est Last Period Discount Rate (NY) 5.00 5.00 5.50
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

Only includes new reports. Latest Latest Preceding Year YroYr Latest Latest Preceding Year YroYr
T August Construction Spending 0.15% -0.30% Prime Rate (base) 8.00 8.00 8.50
Economic Growth and Investment Date Data Period Ago % Chg Date Data Period Ago % Chg
Indicator
co o

Gasoline, (thous. bbls) Sept 20 220,083 221,621 220,503 –0.19 TH August Factory Orders 0.25% 5.0% Fed Funds Rate
Gross domestic product 2nd Qtr 3.0 1.6 2.4 3.10
Personal income, (bil. $) Aug 24,853.7 24,803.2 23,094.5 7.62 Orders F September Nonfarm Payrolls 145,000 142,000
The Delta MSI measures the Avg effective offer 4.83 4.83 5.25
position of a representative set Personal Savings Rate, St.Louis Fed Aug 4.8 4.9 4.7 2.13 September Unemployment Rate 4.2% 4.2%
Durable goods, (bil. $) Aug 289.7 289.6 284.0 2.01 Avg weekly auction-c 5.13 5.33 5.33
of stocks relative to an
F

All fixed investment, (bil. $) 2nd Qtr 4,225.7 4,231.4 4,103.0 2.99 Unless otherwise indicated, times are Eastern. a-Advanced;
intermediate-term moving Trade
average crossover (MAC) point. Non–residential investment, (bil. $) 2nd Qtr 3,504.1 3,471.0 3,391.6 3.32 f-Final; p-Preliminary; r-Revised Source: FactSet T-Bills Rate
When greater than 50% of the Exports, (bil. $) 2nd Qtr 2,578.4 2,571.8 2,491.6 3.48
Residential investment, (bil. $) 2nd Qtr 795.2 800.8 756.4 5.13 For more information about coming economic reports
stocks followed are above this Imports, (bil. $) 2nd Qtr 3,614.0 3,548.7 3,421.3 5.63 - and what they mean - go to Barron’s free Economic 13 weeks, Coupon Yield 4.656 4.874 5.493
MAC point, the market is Production Calendar at www.barrons.com 13 weeks, Auction Rate 4.540 4.750 5.330
bullish. When the indicator is Inflation
below 50%, risk is elevated and 26 weeks, Coupon Yield 4.425 4.573 5.553
Electric power, (mil. kw hrs) (EEI) Sept 21 83,729 80,674 76,650 9.24
stock exposures should be
reduced. Manager uses Petroleum, related capacity, % Sept 20 90.9 92.1 89.5 1.56
ECRI Industrial Price Index f
Gross domestic product deflator
Sept 27 119.18
2nd Qtr 2.5
118.09 121.48 –1.89
3.0 1.9 31.58 Conference Call Calendar 26 weeks, Auction Rate
Avg weekly auction-c
4.270
4.66
4.410
4.85
5.315
5.32
discretion on asset allocation Rotary rigs running, U.S. & Can., (Hughes) Sept 27 805 799 818 –1.59 Earnings-
when MSI is at 50% +/- 3%. Related Broker Call Rate 6.75 6.75 7.25
Steel, (thous. tons) Sept 21 1,707 1,749 1,735 –1.61 Employment
Company Date Time Period
Steel, rated capacity, % (AISI) Sept 21 76.9 78.8 76.3 0.79 Bankers Acceptances

Bullish
Initial jobless claims (thous.) Sept 21 218 r222 213 2.35
Continuing claims (mil.) Sept 14 1.834 r1.821 1.795 2.17 Carnival September 30 10:00AM Q3
Consumption and Distribution 1 month 4.88 4.88 5.35
Lamb Weston Holdings October 2 10:00AM Q1
Consumer spending, (bil. $) Aug 19,897.1 19,849.9 18,651.6 6.68 Construction McCormick & Company October 1 8:00AM Q3 2 months 4.85 4.85 5.43
Current Sentiment Durable goods (bil. $) Aug 289.4 291.0 284.5 1.72 Home Price Index S&P Case–Shiller – Comp. 10 (SA) July 353.24 352.91 328.71 7.46 Paychex October 1 9:30AM Q1 3 months 4.77 4.77 5.50
n-

Source: CCBN, www.ccbn.com 6 months 4.57 4.57 5.75

Instinet Research Redbook Avg. (monthly %) Sept 21 –0.21 0.67 3.28 …. Other Indicators

80.0%
Baltic Dry Index Sept 27 2,091 1,977 1,716 21.85 Foreign Prime Rates
New home sales, (thous. units) Aug 716 r752 652 9.82
Consumer confidence (Conference Board)
Citi Research Panic–Euphoria Reading
Sept
Sept 27
98.7
0.27
r105.6
0.28
104.3 –5.37
0.09 ….
Barron’s 50-Stock Average Canada 6.45 6.45 7.20
Personal consumption, (bil. $) 2nd Qtr 15,967.3 15,856.9 15,548.5 2.69
a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. h-
This index is a weighted average of 50 leading issues. Useful in secu- Germany 3.65 3.65 4.50
Last Week rity valuation. Source: Barron's Stats
no

Inventories benchmark revision, 2016 equals 100. r-Revised. Japan 1.625 1.625 1.475

74.4%
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) Sept 20 413,042 417,513 416,287 –0.78 Sep 26 Sep 19 Sept Yr-to-Yr Switzerland 1.75 1.75 2.25
2024 2024 2023 % Chg Britain 5.00 5.00 5.25
S&P 500 Index 5745.37 5713.64 4396.49 30.68
Barron’s 50 Index 14363.16 14361.40 11566 24.18 Other Money Rates
2 Weeks ago Bank money market-z 0.51 0.52 0.61
Projected quarterly earn 144.55 143.08 202.48 –28.61
Annualized projected earn 578.19 572.30 809.92 –28.61 Interest Checking-z 0.07 0.07 0.06
American Debt and Deficits Adjustable Mortgage Rates
67.4% Annualized projected P/E 24.84 25.09 14.3 73.95 6-Month Certif-z 1.81 1.87 1.59
Five-year average earn 531.99 531.40 457.85 16.19 12-Month Certif-z 1.95 2.02 2.02
Latest Preceding Year Ago Yr over Yr
Report Report Report % Chg Sep 27 Sep 20 Yr. Ago YOY % Chg 30 Month Accounts-z 1.30 1.35 1.35
Five-year average P/E 27.00 27.03 25.3 6.88
3 Weeks ago 1 Year Treas Bills 3.95 4.08 5.46 -27.66 Year-end earn 627.44 625.97 670.00 –6.35 5-Year Certificates-z 1.40 1.44 1.33
Federal Budget Deficit (bil. $)-a 1,521FY'26 1,671FY'25 1,846FY'24 ….
Budget Surplus/Deficit (bil. $)-b, August –380.08 –243.74 +89.26 -525.81 2 Year Treas Notes 3.58 3.62 5.09 -29.67 Year-end P/E 22.89 22.94 17.3 32.61
Current Market Exposure: 60% U.S. Savings EE Bonds:
Trade Deficit (bil. $, sa)-c, July –78.79 r-73.02 –64.61 21.95 3 Year Treas Notes 3.46 3.46 4.80 -27.92
Equities, 0% Bonds, 40% Treasury Gross Public Debt. (bil. $)-d 35,304.0 35,331.3 33,126.9 6.57 Year-end earns yield, % 4.37 4.36 5.8 –24.60
5 Year Treas Notes 3.46 3.45 4.53 -23.62
Hedged Equity, 0% Cash Treasury Statutory Debt Limit (bil. $)-d * 31,381.5 …. …. Best grade bond yields, % 3.38 3.34 5.13 –34.08 Long-Term (5yrs+) 2.70 2.70 2.50
Consumer Installment Debt (bil. $)-e, July 5,093.7 r5,068.2 4,984.8 2.18 10 Year Treas Notes 3.69 3.67 4.39 -15.95
Source: Delta Investment 20 Year Treas Bds 4.06 4.05 4.64 -12.50 Bond yields/stock ylds, % 0.77 0.77 0.89 –12.63 c-Annualized yields, adjusted for constant maturity, reported by the Federal
Management Sources: a-Office of Management and Budget, b-Monthly Treasury Statement, c-Monthly Commerce Dept. Reserve on a weekly average basis. Sources: Tullett Prebon information, Ltd.
www.deltaim.com, (415) FHFA PMMS+ Sept 6.88 6.94 6.95 -1.01 Actual year-end divs 257.92 257.83 249.45 3.39
Report, d-Daily Treasury Statement, e-Monthly Federal Reserve Release. *Statutory debt limit temporarily Factset. z-Bankrate.com.
249-6337 suspended through January 1, 2025. Fed annualized yields adjusted for constant maturity. Actual yr-end divs yld, % 1.80 1.80 2.16 –16.75
 52 BARRON’S September 30, 2024

D ATA MARKET LABORATORY B A R R ON S .C OM / D ATA

Barron’s Gold Mining Index

12-Month Year Week %
Weekly Bond Statistics Dividend Payment Boosts Top 5 Insider Purchases by
High Low
1108.41 744.74 Gold mining
9/26
1108.41
9/19
1017.40
Ago
790.39
Chg.
+8.95
New Offerings, (mil $) (v) Last Week Prev. Week Yr Ago
Company Name-Ticker Symbol (Exchange)
Adjusted
Yield Period To From
%
Increase
Record
Date
Ex-Div
Date
Payment
Date
Company in 2024
Corporate (z) 30,006 23,077 22,614 Number of Number of Avg.
Municipal (z) 13,894 7,468 8,270 Accenture Cl A-ACN (NYSE) 1.7 Q 1.48 1.29 14.7 % 10-10 10-10 11-15 Company Sym Insiders Shares $ Value Price
AllianceBrnstn NtlMun-AFB (NYSE) 4.1 M .03961 .03589 10.4 10-03 10-03 10-18
Best Grade Bonds-y Banco Bradesco Ord ADR-BBDO (NYSE) 8.4 M .003145 .002721 15.6 10-03 10-03 11-08 Townebank TOWN 90 60,607 1,679,200 $27.71
Gold & Silver Prices (Barron's index of 10 high-grade corporate bonds.) Banco Bradesco Pref ADR-BBD (NYSE) 8.4 M .00346 .002993 15.6 10-03 10-03 11-08 Ul Solutions
Compass Diversified
ULS
CODI
22 590,669 16,538,732
19 219,168 4,838,776
$28.00
$22.08
3.38 3.34 4.80 British Amer Tobacco ADR-BTI (NYSE) 7.9 U .733059 .724851 1.1 9-27 9-27 11-06
Handy & Harman 9/27 9/20 Year Ago Cdn Imperial Bk Of Comm-CM (NYSE) 4.1 U .668176 .657726 1.6 9-27 9-27 10-28 Community Trust Bancorp CTBI 15 40,443 1,925,474 $47.61
Interm-Grade Bonds-y Columbia Banking System COLB 13 52,666 1,083,289 $20.57
Gold, troy ounce 2661.85 2605.85 1870.50 CenterPoint Energy-CNP (NYSE) 2.9 Q .21 .20 5.0 11-21 11-21 12-12
Silver, troy ounce 31.69 31.28 22.35 (Barron's index of 10 medium-grade corporate bonds.) Cross Timbers Royalty Tr-CRT (NYSE) 14.0 M .10223 .055175 85.3 9-30 9-30 10-15
Top 5 Insider Sales by Company in 2024
Base for pricing gold and silver contents of shipments and for 4.23 4.19 5.54 Energ Gerais-Cemig ADR-CIG (NYSE) 12.1 O .030178 .017675 70.7 9-30 9-30
making refining settlement. Ericsson ADR-ERIC (Nasdaq) 2.2 S .132572 .127499 4.0 10-02 10-02

.
Confidence Index Salesforce CRM 53 1,434,828 405,448,138 $287.97
Farmers & Merchants Bncp-FMAO (NCM ) 3.2 Q .22125 .22 0.6 10-04 10-04 10-20 Coinbase Global COIN 49 1,366,931 280,671,348 $205.33

ly
Coins Price Premium $ Premium % (High-grade index divided by intermediate-grade index; Investar Holding-ISTR (Nasdaq) 2.2 Q .105 .10 5.0 9-30 9-30 10-31 Doordash DASH 41 2,453,985 287,174,942 $117.02
decline in latter vs. former generally indicates rising confi- Kayne Anderson Engy Infr-KYN (NYSE) 8.5 Q .24 .22 9.1 9-30 9-30 10-07
Krugerrand 2752.79 105.88 4.00 dence, pointing to higher stocks.) Datadog DDOG 41 2,357,615 286,952,762 $121.71
Maple Leaf 2779.26 132.35 5.00 McDonald's-MCD (NYSE) 2.3 Q 1.77 1.67 6.0 12-02 12-02 12-16
Mexican Peso 3199.38 8.00 0.25 80.0 79.8 86.7 Atlassian TEAM 37 894,568 173,522,840 $193.97
Austria Crown 2597.50 3.00 0.12
Mesa Royalty Trust-MTR (NYSE) 5.1 M .003733 .0018 107.4 9-30 9-30 10-31
Austria Phil 2779.26 132.35 5.00 Other Confidence Indicators: Northeast Community Bncp-NECB (NCM ) 2.3 Q .15 .10 50.0 10-04 10-04 11-06

on
U.S. Eagles 2779.26 132.35 5.00 Bloomberg Barclays US Long Treasury* OGE Energy-OGE (NYSE) 4.2 Q .42125 .4182 0.7 10-07 10-07 10-25
Premium is the amount over the value of the gold content in the
coin. Source Manfra, Tordella & Brookes, Inc. Bullion spot gold (This index measures the performance of fixed-rate, nominal
Osisko Gold Royalties-OR (NYSE)
Rithm Cap Pfd. Series B-RITMpB (NYSE)
1.0
10.9
Q
Q
.04793
.688731
.047482
.445313
0.9
54.7
9-30
10-15
9-27
10-15
10-15
11-15
Week’s Ex- Week’s Ex-
price 2646.91 US Treasuries with at least 10 years to maturity. Jan. 1,
1973=100.)
Sandstorm Gold-SAND (NYSE)
SM Energy-SM (NYSE)
0.9
1.9
Q
Q
.0149
.20
.01467
.18
1.6
11.1
10-15
10-25
10-15
10-25
10-25
11-04
Dividend Dividend
3348.82 3358.69 2876.22
Gold Performance Bloomberg Barclays US Credit
TC Energy-TRP (NYSE) 5.9 U .712721 .689016 3.4 9-27 9-27 10-31
Dates Dates

us ,
Texas Instruments-TXN (Nasdaq) 2.6 Q 1.36 1.30 4.6 10-31 10-31 11-12
New Top: With inflation cooling, gold hit a (This index includes all publicly issued, fixed-rate, non-con- T-Mobile US-TMUS (Nasdaq) 1.4 Q .88 .65 35.4 11-27 11-27 12-12 This list includes payouts on This list includes payouts on

l
record high, up 2.1% at $2,662 an ounce. vertible, investment-grade, dollar-denominated, SEC-regis- Vermilion Energy-VET (NYSE) 2.8 U .08909 .088421 0.8 9-27 9-27 10-15 common stocks. common stocks.

e
45 tered corporate debt.)

al a
NYSE American NASDAQ

Handy & Harman Gold Price

40 Ryan Labs Treasury Index
3224.02 3235.12 2824.31
Dividend Payment Reductions Tuesday (October 1)
NONE
Tuesday (October 1)
Andersons .19

ci on
35 (Index of total return from active Treasury notes and bonds. Adjusted % Record Ex-Div Payment Wednesday (October 2)
Consolidated Water .11
Dec. 31, 1996=100.) Company Name-Ticker Symbol (Exchange) Yield Period To From Decrease Date Date Date NONE
First Financial Indiana .45
30 285.70 287.00 257.03 Thursday (October 3)
Cadiz Pfd. A-CDZIP (Nasdaq) 14.4 Q .55 .56 -1.8 % 10-04 10-04 10-15 Fulton Financial .17
Bond Buyer 20 Bond Index NONE Pegasystems .03
25 Highway Holdings-HIHO (NCM ) 8.4 Q .02 .05 -60.0 % 10-04 10-04 10-11
(Index of yields of 20 general obligation municipal bonds.) Friday (October 4) Preformed Line Products .20
Smith & Nephew ADR-SNN (NYSE) 2.4 S .288 .462 -37.7 % 10-04 10-04 11-08
3.81 3.81 4.09 Acme United .15 Upbound Group .37
20
Saturday (October 5) Washington Trust Bancorp .56
Bond Buyer Municipal Bond Index
Stock Splits/Dividends Special Dividends

er s
15 NONE Wednesday (October 2)
(Index of 40 actively-traded tax-exempt bonds; component Record Ex-Div Pay Record Ex-Div Pay Sunday (October 6)
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com

10 issues are changed regularly to keep the index a current Company Name-Ticker Symbol (Exchange) Amount Date Date Date Company Name-Ticker Symbol (Exchange) Amount Date Date Date Cisco Systems .40
picture of the market. Source: The Bond Buyer NONE
Comcast Cl A .31
5
m er 4.23 4.23 4.96 Creative Media & Comm-CMCT (Nasdaq)2.015% 9-25 9-25 10-08 Freeport-McMoRan-FCX (NYSE) 0.08 10-15 10-15 11-01 Monday (October 7) Ericsson ADR .133
Stock/Bond Yield Gap-s NONE
0
(Difference between yield on highest-grade corporate bonds Week’s
Community Trust Bancorp
First Fincl Bankshares
.47
.18 Week’s WR Berkley
WR Berkley
.25
.08
Thursday (October 3)

-5
and yield on stocks on the DJIA.)
Hawthorn Bancshares
Huntington Bancshares
.19
.155
Dividend
Tuesday (October 1) Week’s Ex- Campbell Soup
Summit State Bank
.37
.04
Barron's Gold Mining Index (1108.41) -1.63 -1.58 -2.64
Dividend Lam Research .23 Albemarle .405
Dividend Village Super Market A .25
m rp
Northern Trust .75 Allstate .92
-10 Yield on DJ Equal Weight US Corp Bond Idx:
Payment
Paramount Global Cl A
Paramount Global Cl B
.05
.05 Payment Avangrid
Banc of California
.44
.10 Friday (October 4)
O N D J F M A M J J A S Corp Bonds, (y) 4.87 4.84 6.08
This list includes payouts on
Pathward Financial
Phillips Edison
.05
.102
This list includes payouts on
common stocks.
Baxter International
Brown-Forman Cl A
Brown-Forman Cl B
.29
.218
.218
Dates ChampionX
Horizon Bancorp
.095
.16
v-Week ended Thursday. y-Yield to maturity, week ended Popular Inc. .62 Cadence Bank .25
Thursday. z-Source: LSEG.*Barclays T-Bond Index discontin- common stocks. NYSE This list includes payouts on Immersion .045
Simmons First Natl Cl A .21 Coca-Cola .485 common stocks.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

ued by firm. NASDAQ Stock Yards Bancorp .31 Monday (September 30) Comerica .71 Morningstar .405
Trustco Bank .36 FedEx 1.38 NYSE
Monday (September 30) UMB Financial .39 Allegion .48 First Horizon .15 NetApp .52
Ameren Corp .67
co o

Booking Holdings 8.75 United Bankshares WV .37 Genuine Parts 1.00 Tuesday (October 1) Royal Gold .40
American Intl Group .40
Universal Logistics .105 Greif A .54
Federal Reserve Data Bank Broadcom
Enterprise Finl Services
Epsilon Energy
.53
.27
.062
Valley National Bancorp
WesBanco
.11
.36
Ametek
Ares Management
Assurant
.28
.93
.72
Greif Cl B
Macy's
.81
.174
Agilent Technologies
Air Products & Chemicals
Cardinal Health
.236
1.77
.506
VersaBank
Saturday (October 5)
.019

ESSA Bancorp .15 Becton Dickinson .95 McKesson .71 Choice Hotels Intl .287
One week ended Sep 25:
F

Wednesday (October 2) New Jersey Resources .45 NONE

First Guaranty Bancshares .08 Cannae Holdings .12 Encompass Health .17
Global Water Resources .025 Ericsson ADR .133 Cato Cl A .17 NewMarket 2.50
Member Bank Latest Prev. Week Year Ago Nike Cl B .37 Ingredion .80
Hooker Furnishings .23 Financial Institutions .30 Corebridge Financial .23 Park Aerospace .125 Sunday (October 6)
Reserve Chgs. (Mil. $) Week Change Change Golden Entertainment .25 Devon Energy .22 PPL Corp .257
Inter Parfums .75 Prosperity Bancshares .56 Quanta Services .09
Iridium Communications .14 QCR Holdings .06 Devon Energy .22 Raymond James .45 NONE
U.S. Gov't securities: Domino's Pizza 1.51 Regions Financial .25
James River Group Hldgs .05 Thursday (October 3) STMicroelectronics .09 ServisFirst Bancshares .30
Lancaster Colony .90 Douglas Dynamics .295 Monday (October 7)
Bought outright 6,668,555 -8,051 -768,609 Endeavor Group Holdings .06 Synovus Financial .38 State Street .76
Marriott International .63 Mercer International .075 TEGNA .125 TriNet Group .25
NAPCO Security Techs .125 Energ Gerais-Cemig ADR .03 Erie Indemnity Cl A 1.275
Federal agency secur: Marten Transport .06 Energ Gerais-Cemig ADR C .03 Textron .02 Wolverine World Wide .10
Methanex .185 NVIDIA .01 UGI .375 Escalade .15
EnerSys .24 Wednesday (October 2)
Bought outright 2,347 .... .... NorthWestern Energy Grp .65 Smith & Wesson Brands .13 Entravision Comms .05 Westwood .15 Preferred Bank LA .70
PepsiCo 1.355 Friday (October 4) Eversource Energy .715 AECOM .22
Reserve bank credit: Power Integrations .20 Wednesday (October 2) Shoe Carnival .135
F & G Annuities & Life .21 Banco Bradesco Ord ADR .033
RCI Hospitality Holdings .07 ATN International .24 Fed Agric Mtg Cl A 1.40 Hartford Financial .47 Bank of Nova Scotia .787 Werner Enterprises .14
Primary Credit 1,386 -50 -1,864 Hackett Group .11 HP .276
Red Rock Resorts Cl A .25 Fed Agric Mtg Cl C 1.40 COPEL ADR .07
Secondary Credit .... .... .... Ross Stores .368 Hamilton Lane Cl A .49 Fidelis Insurance Hldgs .10 J.Jill .07 COPEL ADR .064
Seasonal Credit
Float
98
-264
-9
+14
+7
-41
Ryanair Holdings ADR
Seacoast Banking of FL
.963
.18
Independent Bank
Information Services
Playtika Holding
.57
.045
.10
Fidelity National Finl
Frontline
GATX
.48
.62
.58
Kimberly-Clark
PulteGroup
Spire
1.22
.20
.755
ESCO Technologies
Republic Services
.08
.58 Week’s
Universal Display .40
n-

Other F.R. Assets

Total Fed Credit #
38,842
7,055,915
+1,227
-15,497
-3,453
-923,730
Verisk Analytics
Weyco Group
.39
.26
SpartanNash
Utah Medical Products
.218
.30
Gray Television
Gray Television Cl A
HCA Healthcare
.08
.08
.66
Thursday (October 3)
Aaron's .125
Thursday (October 3)
ABM Industries .225
Dividend
Banco Bradesco Ord ADR .003
Gold stock
SDR Certif. Accounts
11,041
10,200
....
.... +5,000
.... Tuesday (October 1)
Automatic Data 1.40
Saturday (October 5)
NONE
Hess Corp
Hillenbrand
Himalaya Shipping
.50
.222
.07
BHP Group ADR
Dole
1.48
Broadridge Finl Solutions .88
.08
Progressive
Simpson Manufacturing
.10
.28
Payment
Treas. Curr. Outst. 53,073 +14 +728 C & F Financial .44 Horace Mann Educators .34 Edgewell Personal Care .15 Sylvamo .45
CH Robinson Worldwide .62 Sunday (October 6) This list includes payouts on
Total 7,149,117 -15,530 -917,003 Huntsman .25 H & R Block .375 common stocks.
no

Chemung Financial .31 NONE Installed Bldg Products .35 InterContinental Htls ADR .532 Friday (October 4)
Currency in circ 2,349,934 -990 +26,525 Intercontinental Exchange .45 Kennedy-Wilson Holdings .12 American Express .70 NYSE American
Treas. Cash Hldgs 325 -13 -11 ITT .319 Marriott Vacations .76 Bristol Myers Squibb .60
Treas. Fed Deposits
Foreign Fed Deposits
806,771
9,681
+35,577
....
+125,628
-6
Yearly Hi/Lo Barron's Gold M & T Bank
Martin Marietta
Meritage Homes
1.35
.79
.75
Myers Industries
Utz Brands
Utz Brands
.135
.059
.011
Designer Brands
Globe Life
.05
.24
Monday (September 30)
Evolution Petroleum .12
Helios Technologies .09
Other Fed Deposits
Other FR liab/cap
168,237
-148,997
+11,675
-5,266
-7,763
-94,683
Mining Index Movado Group
Newmont
Public Svc Enterprise
.35
.25
.60
Vestis
VICI Properties
Woodside Energy ADR
.035
.433
.69
JPMorgan Chase
Marsh & McLennan
1.25
.815
Tuesday (October 1)
NONE
Quanex Building Products .08 Quest Diagnostics .75
Total factors 3,979,967 +128,601 -915,829 The yearly Barron's Gold Mining Index price; with a high/low range Friday (October 4) Smith & Nephew ADR .288 Wednesday (October 2)
based on the weekly close. RenaissanceRe Hldgs .39
Reserves F.R. banks 3,169,149 -144,132 -1,175 Renasant .22 ADT .055 Sysco .51 NONE
Fgn hold U.S. debt 3,316,936 +1,835 -119,415 Year High Date Low Date Service Corp Intl .30 Chubb .91 TransDigm Group 75.00
Thursday (October 3)
Stellar Bancorp .13 CONMED .20 Saturday (October 5)
2024 1108.41 Sept. 26 751.77 Feb 29 Stewart Info Svcs .50 Dick's Sporting Goods 1.10 NONE
Telephone & Data Sys .04 Marcus & Millichap .25 NONE
Reserve Aggr (Mil. $) Latest Prev. Month % Year 2023 983.45 Jan 26 744.74 Nov 09 Trane Technologies .84 Friday (October 4)
Restaurant Brands Intl .58 Sunday (October 6)
Month Ended July: Month Month Chg. Ago 2022 1228.34 Mar 24 684.61 Sept 29 Travel + Leisure .50 Turning Point Brands .07 NONE
2021 1147.72 May 27 894.65 Mar 04 Travelers 1.05 United Community Banks .24 NONE
Total Reserves: 3,302,200 3,379,700 -2.29 3,178,700 2020 931.99 Dec 17 391.56 Mar 19 Union Pacific 1.34 Saturday (October 5)
Vistra .22 Saturday (October 5) Monday (October 7)
Nonborrowed Res 3,189,100 3,262,900 -2.26 2,906,800 2019 597.01 Dec 26 400.31 Jan 24 NONE
Vitesse Energy .525 Graphic Packaging .10 Edison International .78
Borrowed Reserves 113,144 116,841 -3.16 271,937 2018 540.76 Jan 25 382.52 Oct. 25 Wesco International .412 Sunday (October 6)
2017 567.38 Feb 16 456.65 Dec 07 Sunday (October 6) Enerpac Tool Group .04
Monetary Base 5,653,900 5,731,900 -1.36 5,517,800 Western Union .235 OGE Energy .421 NONE
2016 634.16 Aug 11 245.05 Jan 21 Williams Cos .475 NONE