WASHINGTON WHIPSAWS THE MARKET • PAGE M3. ly VOL. XCVII NO. 49 DECEMBER 4, 2017 $5.00 on us l, al a e ci on er rs m e m rp co Fo Bitcoin Storms Wall Street n- The cryptocurrency has been on a wild ride, as many investors seek no quick riches while others fear a crash. Established financial players > are now moving in – and that will change the market. 63142 2 BARRON’S December 4, 2017 ABI INDIVIDUAL 3 Month Support/Resistance (40 Day) Trade Alert ABI Arbine Industries B 80.42 x 10 84.65 80.4399 A 80.44 x 3 0.3199 (0.40%) V 1.655.125 83.38 S 83.35 EQUITY SUMMARY SCORE BULLISH 82.11 0 1 3 7.1 Social Sentiment for ABI 80.84 BCO 81 As of 09/24/ View Details Provided by StarMin 80.4399 S-Score 79.56 EARNINGS BPO 79 Q1 Expected Report Date 09/25/2017 Neutral 0.840 78.29 Consensus Estimate EPS Estimate Low/High Range 0.85/0.92 PROVIDED BY SOCIAL MARKET ANALYTICS View Details 77.02 . DIVIDENDS Extreme 75.74 Ex. Dividend Date 08/28/2017 ly Trade Confirmation: Neutral 1,250 shares of ABI on Commission: Images are for illustrative $4.95 purposes only. us l, al a e ci on er rs THIS IS WHAT REAL VALUE LOOKS LIKE. m e Discover new ideas Be in control Great value for trades m rp Identify new investment Evaluate your next move with Get online U.S. equity and option trades opportunities with independent, a trading platform* that rolls for just $4.95,† plus 65¢ per options expert research and innovative 10 research, monitoring, and contract—you won’t find a better price data visualization tools. trading tools into one. at TD Ameritrade, Schwab, or E*TRADE.‡ co Fo STOCKS | BONDS | MUTUAL FUNDS | ETFS | OPTIONS Trade for just $ 4.95 OPEN AN ACCOUNT GET 500 FREE TRADES§ Visit Fidelity.com/AlwaysBe or call 800.Fidelity n- † $4.95 commission applies to online U.S. equity trades in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. 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See each competitor’s website for additional information and restrictions. § Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Trades are limited to online domestic equities and options and must be used within two years. Options trades are limited to 20 contracts per trade. Offer valid for new and existing Fidelity customers opening or adding net new assets to an eligible Fidelity IRA or brokerage account. Accounts receiving $100,000 or more will receive 500 free trades. Account balance of $100,000 must be maintained for at least nine months; otherwise, normal commission schedule rates may be retroactively applied to any free trade executions. See Fidelity.com/ATP500free for further details. Fidelity reserves the right to modify these terms and conditions or terminate this offer at any time. Other terms, conditions, or eligibility criteria may apply. Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read Characteristics and Risks of Standardized Options, and call 800-544-5115 to be approved for options trading. Supporting documentation for any claims, if applicable, will be furnished upon request. There is an Options Regulatory Fee from $0.04 to $0.06 per contract, which applies to both option buy and sell transactions. The fee is subject to change. *Trade Armor® is available to customers on Active Trader Pro® and Fidelity.com. Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2017 FMR LLC. All rights reserved. 818916.1.0 Table of Contents s 2017 Dow Jones & Company, Inc. All Rights Reserved. December 4, 2017 Pullout Section Begins After Page 20 Tax Reform’s Winners and Losers John Kimelman 17 Columns . Tech giants and domestically focused companies could enjoy a windfall Up & Down Wall Street ly under the GOP’s plan. Why an exodus from high-tax states is unlikely. Randall W. Forsyth The Trader Inflation could be triggered by Ben Levisohn tax reform. A dubious plan for on This bull market takes a An MLP Worth Piping Up About Andrew Bary 18 correcting wealth inequality. 5 licking and keeps on kicking, Long-suffering investors in Energy Transfer Partners stand to be amid a rotation into value. M3 Streetwise rewarded—even if the pipeline operator trims its 13.5% payout. us l, European Trader Alex Eule Victor Reklaitis The market shrugs off North al a e Six Swiss stocks that are geared up to climb. M6 Champing at the Bitcoin 20 Korea’s rising nuclear threat. 9 ci on Avi Salzman Review & Preview Asian Trader COVER STORY: The introduction of Bitcoin futures Companies buddy up to Bitcoin Assif Shameen to achieve instant popularity. will make it easier to trade the cryptocurrency— China’s Ping An Insurance What Disney can learn from could enjoy 25% upside after but the most noticeable impact could be to the WWE’s streaming strategy. 12 this year’s remarkable run. M7 Emerging Markets Dimitra DeFotis er rs downside. How to navigate this potential minefield. Mutual Funds: Best of Both Strategies Lewis Braham 27 Follow-Up Johnson & Johnson. 14 m e Stocks and ETFs to help smooth out potential bumps Chiron Capital Allocation integrates quantitative and PROFILE: Tech Trader m rp ahead. A farewell column. M7 fundamental research for a “quantamental” approach. PLUS: Scoreboard. Tiernan Ray Tech giants cast a wide shadow Charting the Market M8 over promising start-ups. 25 Current Yield Ben Levisohn Salesforce Has Many Great Leads Jack Hough 31 Fund of Information The software-as-a-service pioneer is tapping into faster growth with co Fo Fears that junk bonds are Lewis Braham predicting a selloff in stocks new business lines and by getting existing customers to spend more. Feeling charitable? Consider are misplaced. M9 a donor-advised fund. 29 Striking Price Steven M. Sears Artificial Intelligence for Investors Bill Alpert 32 ETF Focus Crystal Kim Hedging strategies for locking Q&A WITH KEN SENA: The Wells Fargo analyst behind an AI stock-picking in stock gains. M10 Vanguard launches factor assistant says machine learning will transform nearly every industry. exchange-traded funds—but Winners & Losers M12 don’t call them “smart beta.” 30 Commodities Corner Myra P. Saefong Above All, Know What You Own Steve Garmhausen 34 Speaking of Dividends The natural-gas rally could be In his quest for quality and yield, Wells Fargo Advisors’ BEST ADVICE: Lawrence C. Strauss n- running on fumes. M13 Michael Moeller favors dividend growers and municipal bonds. Payouts surge across a wide swath of sectors and regions. 37 13D Filings M14 no Research Reports M15 Checking Out Regional Banks Lawrence C. Strauss 36 Other Voices Anatole Kaletsky Insider Transactions M15 A rollback of certain Dodd-Frank regulations could help regional banks Four reasons to stay optimistic Market View M16 such as CIT Group, Comerica, and Zions Bancorp vault higher. about the bull market. 39 Cover Illustration Index to Companies . . . . . . . 10 Harry Campbell for Barron’s A “Kiss” for the Koch Brothers Andrew Bary 37 Mailbag Emerging markets. BARRON’S (USPS 044-700) (ISSN 1077-8039) Published every Magazine publisher Meredith gave a bonus valued around $100 million Low rates. Bitcoin futures. . . 38 Monday. Editorial and Publication Headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036. Periodicals postage paid to Koch Equity Development for investing in its Time Inc. acquisition. at Chicopee, MA and other mailing offices. Postmaster: Send ad- dress changes to Barron’s, 200 Burnett Rd., Chicopee, MA 01020 What people really invest in is what they hope to get out of life. Inc.com/MoreOutOfLife no NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE Invesco Distributors. invesco. We prefer to n- cross-pollinate and aggregate many points of view. 2017 .4 BARRON’S December 4. . To help them get there. al a e ci on er rs m e m rp co Fo WHAT DO PEOPLE really INVEST IN? Hint: It’s not actually stocks or bonds. So our clients might just get what they want out of life. ly on us l. you can’t just approach investing from one point of view. to form our best point of view. Or they could get even more. pleasant to contemplate than nuclear war.000 mark. that is a negative portent for the economy and ci on last week. “Our Biggest no strategists. which look pretty good.and longer-term interest rates narrowing further.C. Roosevelt’s New Deal staved off Cutting the corporate tax rate to 20% would result in even more extreme attacks on capitalism. The undeniable disparity in wealth has been the focus cer. 2017 BARRON’S 5 Up & Down Wall Street The Specter of Inflation . billionaires to the merely well-off. that he is cooperating with T Mueller’s probe into possible links between the Trump cam. Wall Street can’t avert its imply three hikes next year. stocks. In tighten more aggressively. All that seems to matter on Capi. with the richest 0.1% owning virtually the would emerge from the conference with the House of Rep. the final legislation that extreme as it now. President Franklin D. munis in your family’s holiday stockings. time because of various special factors—which is an echo of After all. the 1930s. D. even though they typically target four times in 2018. is shared by Deutsche Bank’s a think piece he posted on LinkedIn.S. n- Haefele. as states and localities rush to issue bonds that would be curbed under the proposed legisla- m e the 24. HERE WAS A TIME WHEN THE RICH WERE DEPICTED paign and Russia. which would shoulder of the highway. according to White House and Congress controlled by Republicans. although that earnings for Standard & Poor’s 500 companies some $10 per debate is better left to historians. News on Friday of Michael higher yields. But a major risk for ical. includ- the market is the potential rise in U. Cutting the corporate One certain impact of tax reform will be a er rs The prospect of getting tax-reform legisla- tion through the Senate was enough to send stocks soaring to a record on Thursday. hike that seems to be a lock at the Dec. Social. Jerome Powell. Forsyth on L IKE TRAFFIC CRAWLING PAST A WRECK ON THE his Senate confirmation hearing last week. eyes from Washington. The 1930s also were a time when populist and even tol Hill is to get something Republicans can call “tax radical politics were on the rise. and Political Issue”—subtitled “The Two Bank’s tapering of its massive bond purchases. With the probability of cheaper prices and headline writers.December 4. but the prevailing opinion is that it’s different this more powerful missile passed with only transitory impact. when the same was said about the flat rate tax rate to 20% from 35% seems more yield curve ahead of the great financial crisis. says Mark ing what might be dubbed a People’s Investment Fund. corpo. with the Dow Jones Industrial Average vaulting past tax rate to 20% would result in huge week for municipal-bond sales. ly by Randall W. the chance to slash the U. more important to the market. redistributionist ideas are stirring on the left. even with the share higher. But today. no matter how ugly the play. inflation. Even news that North Korea had fired a new. which are needed to clear the m rp Flynn’s guilty plea to lying to federal investiga. S&P 500 earnings. maybe you should consider stuffing tors about his communications with Russia and. in 2018. The outlook for Fed rate hikes was evidenced in a flat- Between the ongoing Sturm und Drang over tax tening Treasury yield curve.same share of the nation’s wealth as the bottom 90%. Ironically. gave no indication of departing from present policy in management. in addition to the quarter-point rely on aggregate numbers. although as the Monopoly guy with the top hat and a walking co Fo they recouped most of their losses by the close. the giant Swiss bank’s global chief investment offi. vestigation. 12-13 meeting of the But this awareness also extends beyond hedge fund Federal Open Market Committee. with the difference between al a e reform and the twists and turns in the Robert Mueller in. In a media presentation nominated to succeed Janet Yellen as the central bank’s last week. us l. rad- UBS Wealth Management estimates. That concern. One narrative holds that reform” over the goal line. 2007. with over $17 billion on tap. Economies: The Top 40% and the Bottom 60%”—he argued Deutsche last week joined the small but growing list of that the widening gap in wealth and income should be major banks that think the Fed could raise its interest-rate recognized by policy makers. Fed Gov. Jürg Zeltner. when the board game came out in Even assuming the tax bill makes it through the Senate. resentatives is uncertain. that was the last time inequality was as as seemed likely at press time. an event mainly relevant to $10 per share higher tion.S. along with the impact of the European Central Economic. sent stocks sprawling at midday. according to the Bond Buyer. market. the stock market’s attention again was diverted Typically. which could push the Federal Reserve to recently of Bridgewater Associates’ founder Ray Dalio.short. to $151 instead of $141. commented that the bank’s clients around the . UBS Group’s president of wealth head. stick. m e assets.. MLPA expects that a portion of the distributions it receives from MLPs may be treated as tax-deferred return of capital. investment fund and issue every adult with yen that it prints. 2017 Up & Down Wall Street continued Are you overpaying globe increasingly are voicing concerns be- yond their financial returns. Their solution: confiscation and redistribution of some of that wealth. more to escape this confiscation.” he writes. Investments in the energy industry entail significant risk and The federal government would create an exchange-traded funds. a share of the investment returns now purchase stocks. he concluded. which hold the assets. shares. in order to keep its exchange rate Investing involves
[email protected]’s ETF screener like years past. Un. from rising out of sight as the rest of the international investments may involve risk of capital loss from unfavorable fluctuation in currency values. which were aimed at propping up the housing market. changes in a particular issuer’s hoarded by the wealthy. which account for more than 10% of may be obtained by visiting globalxfunds. and real estate. within the system we now have.S. MLPA has a different citizen one share. as per ETF. such as estate. mergers and acquisitions.3 trillion yen ($180 billion) worth of financial condition.” he wrote. which is not affiliated with Global X Management Company or any of its affiliates. financial crisis. etc. price/earnings ratios. ex- …which now flows into just a few pockets. Buying and selling shares will result in brokerage commissions and tax consequences. Upon the sale of an MLP security. Then comes the real mischief. industry average* Strategas Research Partners. MLPA may be liable for Bruenig compares this to Norway’s sover. the creation of a new type of corporate tax that clients also are worried about wealth distri. The information provided is not intended for trading purposes and should not be considered investment advice. Even Asian bil- would increase “taxes on capital that affect mostly the wealthy. he added. @GLOBALXFUNDS transferred to the new fund. which it purchases volatility. co Fo In a New York Times op-ed piece titled its total assets. the Bank of Japan MLP common units can be affected by macro-economic and other factors affecting the stock market in general. The Funds Fund. we already went partway developed country with a service economy down this slippery slope with the bank and MLPA can maintain a vibrant middle class. a controversial left. whether are distributed by SEI Investments Distribution Co.” is 49% less than the . ETNs = “Exclude ETNs”) ghost pirate ship. both of which began with public oil only spur efforts to avoid such a levy. leaning lawyer and blogger. are on the right track. put Uncle Sam into the business of capital m rp vance. At least the central The Fund invests in smaller companies.” propriating their wealth would probably 1 (888) GX-FUND-1 Existing federal assets like land. Closer to home. which would class” town on New York’s Long Island. The Fund’s prospectus or summary prospectus. investor sentiment towards MLPs or the energy sector. and more complex tax structure than traditional ETFs and investors should consider carefully the significant tax ally come to own a substantial and diverse Bruenig acknowledges that his scheme implications of an investment in the Fund. on in a client note of going back to a carwash But wait. he While capitalists are voicing concern declares. These pur- (Niche = “MLPs”. Private Jason DeSena Trennert.” That. bonds. is debatable. mean lower investment returns and less GLOBALXFUNDS. and One can readily see the shrinkage of the interest rates also have taken notice of number of public companies accelerate even ly anecdotal evidence around them. recently wrote leaving still fewer stocks for investors to buy. including the possible loss of principal. Soared?” Matt Bruenig. the Fund will be obligated to Investment returns that the fund generates but argues that “it is one of the few ways that pay applicable federal and state corporate income taxes on its taxable income.” It had five workers per chases could be ramped up during reces- al a shift. and the this time of uncertainty. the place was empty “like a stead of Treasury securities. Due to its investment in MLPs. Simple. clerks. Automa. just tap “the enormous wealth about wealth inequality and its effects. Based on this year’s stock market ad. Active per SEC = “No”. The amount of taxes currently would be paid out to each citizen in the form we know works well and is able to work paid by the Fund will vary depending on the amount of income and gains derived from MLP interests and such taxes will reduce an investor’s return from an investment in MLPA. “tried and tested way” of “giving everyone uses the dollars. Expropriation of previously deferred taxes which may increase expenses and lower the Fund’s NAV. such as initial public offerings. But. dream is where to get the money. n- which could result in a reduction of the Fund’s value.” Midstream MLPs Trennert was left wondering whether a Truth to tell. have the Fed purchase stocks. Shares are only available through brokerage accounts. in- us l. That central bank prints Read the prospectus carefully before investing. reducing the amount of cash available for distribution portfolio of stocks.6 BARRON’S December 4. “The fund would gradu. charges. suggested a world clamors for the Swiss currency. sions “to acquire significant portions of the e tion had replaced car cleaners. The little problem with his utopian by going private or exiting the country. for your MLP ETF? lionaires wonder where to put their money in and financial-transaction taxes.com. the least. buildings. MLPA is non-diversified. or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs. *vs. How it plays out will have a great influence on the performance of financial least made a tidy profit. dividend. The Fund will accrue deferred income taxes for of a universal basic dividend. MLPA is taxed as a regular corporation for federal income tax purposes so its income will be subject to federal taxation at the entity level.. and automobile company bailouts during the MLP what the political impact will be if it can’t. the GOP can argue that its policies allocation. In addition to the normal risks associated with investing. be deposited in the social wealth fund. isn’t the only way to correct wealth inequality. who heads equity then would become the dominant kind. it acquires to MLP investments involve risks related to limited control and limited rights to vote on matters affecting the MLP. Similarly. The Fed’s quantita- tive-easing purchases also involved agency mortgage-backed securities. generally measured in terms of distributable cash flow). expectations of interest rates. there’s more. risk factors. compared with 12 a year ago. Swiss National Bank holds $88 billion of U.” owns 20. “What if Everyone Benefited When Stocks francs. But some see the Other central banks have gone even This and additional information can be found in the market’s gains accruing only to those who further down the road of owning stocks. which pose greater risks than large companies. and ences in generally accepted accounting principles or from economic or political instability in other nations. Both of these crisis-driven actions effectively Carefully consider the Fund’s investment objectives. eign wealth fund or Alaska’s Permanent assets for a people’s investment fund would Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. to say no any future tax liability associated certain MLP interests. He would also near where he grew up in a “solidly middle. revenue. from differ. on earnings. requires companies to directly issue new bution and those who are left out of the shares to the social wealth fund on an MLPA’s expense ratio growth from globalization. on which the taxpayers at er rs ETF “I feel the political tsunami that started last year may just be the beginning.com . industry average net expense ratio. Bruenig email: randall. and national wealth relatively cheaply while also ci on the coffee shop. stabilizing the economy. banks pay for the shares they acquire.COM and parts of the wireless spectrum could be wealth for all. euros. and expenses before investing. other observers of the investment scene who typically concentrate annual basis and during certain corporate moves. as of 10/6/17. ly But you on know better. will have a $50 foreign transaction fee added to the cost of the transaction. us l. Inc. Employee equity compensation transactions are subject to separate commission schedules.95 online equity trades n- Schwab is the better place for traders. Member SIPC.95 commission does not apply to foreign stock transactions. ci on er rs m e m rp co Fo $ 4. (1017-70FG) . Multiple-leg options strategies will involve multiple commissions.S. All rights reserved. Foreign ordinary shares that trade online in the U. over-the-counter (OTC) market and do not settle in the U. See the Charles Schwab Pricing Guide for Individual Investors for full fee and commission schedules. large block transactions requiring special handling. 2017 BARRON’S 7 You could fly by the seat of your trading pants. no schwab. .December 4. or restricted stock transactions. al a e SCHWAB’S TOOLS CAN HELP YOU BUILD A BETTER TRADE PLAN. All broker-assisted and automated phone trades are subject to service charges.. ©2017 Charles Schwab & Co.S.com/trading Restrictions apply: The standard $4. com/amlp Investors should carefully consider the investment objectives. If any MLPs owned by the Fund were treated as corporations for US federal income tax purposes. but not limited to: reduced volumes of commodities for transporting. Investors buy and sell shares of the AMLP on a secondary market. Please read the prospectus carefully before investing. . ly on us l. risk. This differs from most investment companies. Diversify and add income potential to your portfolio.com/amlp or call 1-877-398-8461.000 shares. Fund distributed by ALPS Portfolio Solutions Distributors.8 BARRON’S December 4. charges and expenses of any exchange traded fund (ETF) prior to investing. The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index. AMLP Shares are not individually redeemable. Returns of capital distribution are not taxable income to you but reduce your tax basis in your Fund Shares. Only market makers or “authorized participants” may trade directly with the Fund. The Fund is taxed as a regular corporation for federal income purposes. the return on an investment in the Fund will be reduced. Infrastructure master limited partnerships (MLPs) are subject to risks specific to the industry they serve including. it could result in lower income and a reduction in the value of your investment in the Fund. changes in regulation. An investment in the Fund involves risk. and extreme weather. based on the federal income tax rate applicable to corporations currently 35% and an assumed rate attributable to state taxes. including loss of principal. typically in blocks of 50. The Fund will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well no as (ii) capital appreciation of its investments. which elect to be treated as “regulated investment companies” to avoid paying entity level income taxes. please visit alpsfunds. the Alerian MLP Infrastructure n- Index. A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Inc. Depending on the taxes paid by the fund as a result of income and/or gains from investments and/or the sale of MLP interests. The NAV of Fund Shares will also be reduced by the accrual of any deferred tax liabilities. 2017 Are MLPs part of your starting lineup? You're not likely to find MLPs in your large cap equity fund. . The ETF is not required to make distributions or make distributions that are equal to the distribution rate of the underlying partnership programs. al a e ci on er rs m e m rp BRING AMLP INTO THE GAME co Fo alpsfunds. For a prospectus containing this and other information. The Fund’s after tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked. a Yale School of Management professor and author soared to a new high the day after the test. Jim Paulsen. or anywhere else on the planet. the likelihood of military action in North Korea remains views the week’s price action as a revealing moment for the aging “quite low. and China. D. who teaches the rare business-school class bull market. ability of military conflict—which we still assess is 20%—but we expect al a e The room fell silent—not a common occurrence at more ICBM [intercontinental ballistic missile] tests and a call for more our weekly meetings. Knowing there’s a one in five chance of war with an emerging ing the conversation. If the world’s margins” when it comes to stocks. as the U.” he says. Japan’s Nikkei rose 0. have shown a willingness to hit the you talk stocks when millions of lives are at stake? “If someone fires off snooze button. At Barron’s. says growing tension on the Korean peninsula greed is in prices versus fear. only in passing. co Fo no part of the world is safe from North Korean aggression. what we’re doing in our portfolios war may be the one thing investors can’t discount. How do unknown threat. Two days after the test. we have the second coming of the Cuban missile crisis.. chief investment strategist at the Leuthold Group. During the 13 days of the Cuban missile Corporate America has been at its own loss for crisis in 1962. “This latest provocation does not increase the prob- and the potential for nuclear war.S.” the firm wrote in a note to clients.5%. after North Korea tested a down my list.” says Rodger Baker. according to bility with extremely high implications. on the other side of the equation. But what if they’re control. we’re good at finding the investing nuclear power won’t help my sleep. at least psychologically. And then. North Korea. the Dow fell a total of just 3. a geopolitical consultancy.” tors have little impact on North Korea’s actions. ly by Alex Eule on DURING A NEWS MEETING A FEW MONTHS AGO. ci on of bewilderment and shame that we were actually hav. It would seem to mark a notes that South Korea is responsible for 17% of global semiconductor turning point. ONE OF MY Eurasia Group.com . and it re-emerged risks to their employees overseas and how to prepare for uncomfortably last week. of The Second Nuclear Age. “This really is trying Generally. said this week that the colleagues brought up a story idea: how to protect risk of military conflict in North Korea hadn’t actually changed follow- us l. But this one was different. “You’re basically talking about undermining the entire global supply chain in tech. investors seem assuaged that North Korea is a rational to figure out how you act in a situation when you have near-zero actor that won’t undertake a suicide mission. robotics. the Market . 2017 BARRON’S 9 Streetwise North Korea vs. “The reality is we’ve moved into a the Dow crossed 24. a financial-data platform. Then folks jumped in with a mix sanctions. 64% of memory chips.” I wondered after our news meeting whether hedging the nuclear no Paulsen says the sentiment check makes him “more cautious on the risk could have the perverse effect of enabling a tragedy. But investors. and n- really even understands.5%. and no one cares.000 for the first time. “What stands out to me is likely to spur a high-tech arms race between the U. “It’s low proba- m e ence calls—and even then. does the damage somehow become of us had during our news meeting over the summer: “If someone fires more manageable and thus less feared? off a nuclear bomb.” supply-chain disruptions—shipping routes could be ballistic missile with the capability of striking Washing. a geopolitical intelligence firm. Senate prepared world of nine nuclear-weapons states.December 4. Just three companies in the Standard & Poor’s 500 index mentioned North Korea on their third-quarter confer- a nuclear bomb. and about 10% of automotive parts.S. blocked. So how did the market react? The Dow Jones Industrial Average Paul Bracken.” But Bracken. investment portfolios from the threat of North Korea ing the latest test. Nuclear er rs words.” he says. Even as the nuclear threat was building over the summer. is going to be way Stratfor is advising corporate clients about potential m rp But the risk hasn’t gone away.” Paulsen says. “It tells you something about sentiment and how much about defense issues. vice president of strategic analysis at Stratfor. cyberwarfare. what we’re doing in our portfolios is going to be Stratfor’s Baker downplays the moral hazard angle. given that inves- way down my list. Baker ton. says the world is coming to grips with the and South Korea’s market was essentially flat. permanence of our nuclear threat.” a search I ran in Sentieo.” he told Barron’s. without any actual conflict. for instance. “This is the worst type of risk to prepare for. including to pass tax reform. In his view. is how much credence we’re willing to give a tax policy that no one leading to even more investment in artificial intelligence. wrong? Should there be a risk trade on a North Korean missile launch? email: alex.eule@barrons. But he sums up the same view most money is positioned for the risk. when we can accurately say that sales. management teams remained relatively mum. faced with an angle in news events.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Southwest Airlines . . . . . . . . . . . . . . . . . . . . . . 25. . . . . . . . . . . . . . . 36 Berkshire Hathaway . . . . . . . . MA 01020. . . . 13 OPTIONS EDITOR Steven M. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 advertising published in Barron’s is subject to the applicable rate card. . . . . . . . . . . . . . . Farran Nehme. . . . . . . . . . . . . . . . . . . . . M6 Kroger . . . . . . . . . . . . . . . . . . . . . call 1 (800) 843-0008. . . . . . . . . . . 13. . . . . . 37 Netflix . . . . . . . . . . . . . 13 Americas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . copies of which are available from the Advertising Director. . . . . . . . M8 Meredith . subscription rate: one year. . . . . . . . . . Chicopee. . . . . . . . . . . . . . . . . . . Teresa Rivas T Tencent Holdings . . . . . . . . . . . 12 Brown-Forman . . . . . . . . . . . . . . . . . . . Laing CIT Group . . . M7 U UBS . . . . . . . . . . . . . . . . . . 13 First Trust Switzerland AlphaDEX . . . . Robert Teitelman China Shengmu Organic Milk . . . . . . . . . . . . . . 13 U. . . 13. . . . . . . . . . . . . . . Paul Farrell. . . . . . . . . . . .com Twilio . . 25. . Burlingham (chief). . . Robin G. . . . . . . . . . . . . . . M8 W Walt Disney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Norton. . . . . . . . M14 Workday . . . . . . . . . . . . 13 William Lewis CEO. . . 29 Headquarters: 1211 Avenue of the Americas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M4 in whole or in part without special permission. . . . Ivy Asset Strategy . . . . . . . . . . . . . . . . . . . . . . . . Andrew Bary. . . . . . . . . . . . . . . . . 36 acceptance of the advertiser's order. . . . . . . . . . . . . . . . . . . Robert Sabat C Cheniere Energy . . . . . . . . 13. . . . Jonathan R. . . . . . . . . . . . . . . . . . . . . . . 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M14. . . . . . . . 13 Amazon. . M4 BARRONS. . . . . 17. . . . . . M8 L Lam Research . . . . . . . . . . . . . . . . . . Karen Hube. . . . . . . . . . . . . . . . . .com . . . . . . Forsyth. . . . M5. . . . . . . . . . . . . . 13 Alibaba Group Holding . . . . . . . . . 13 Rupert Murdoch Executive Chairman. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . plus Research Reports. . . . . . . . . . . . . . . . . . . . . . . . . . . . . M6 ci on Bitcoin Investment Trust . . . . . . . Chiron Capital Allocation . . . M8 Microsoft . . . . . . . . . . . . . . . or go to http://customercenter. . . . . . . . . . . 25 iShares MSCI Switzerland Capped . . 12 Energy Transfer Partners . . . . M8 on Arsanis . . . . . . . . 28 Watts Water Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . email: barronsstats@barrons. . . . . Alex Eule. Postmaster: Send address changes to Barron’s. . . . . . . . For us l. . . . . . . . . . . . . . . . . . . . . . . . . . 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Sears DIGITAL PRODUCTION EDITOR Howard J. . . . . . . . . . . . . . 13 MongoDB . . . . . . . 10036. . . . . . Carey. . . . . . . . . . . . . . . Racanelli. . . . . and must not be reproduced Wynn Resorts . . . . . . . . . . . . . . . .com. . . 18 n 360 Blockchain . . . . Barron’s reserves the right not to accept an advertiser’s order. . . . . . . . . . . . .17 AutoZone . . . . . .M4 al a e Barnes & Noble Education .10 BARRON’S December 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .com STATISTICS 609-520-4799. . . . . . . . . . . . . . . . M14 ECONOMICS EDITOR Gene Epstein REPORTERS Crystal Kim. . . . . . . . . . . . . . . . . . . . . . . . . . . .M7 iShares Emg Markets Infrastructure . . .25. . 25 F Facebook . . . . . . . . . N. . . M6 n S Salesforce. . 18 Mellanox Technologies . 27 Lands' End . . . . . . . . . . . . Inc. .32 iShares Europe . . . . . . . . 12 RusHydro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Micron Technology . . . . . . .M8 RESEARCH DIRECTOR Pauline Yuelys DEPUTY RESEARCH DIRECTOR Teresa Vozzo m rp Comcast . . . . . . . M6 Bank of America . . . 22 Nutanix . . . . . . 25 Axalta Coating Systems . . . . . .28. 2017 Index To Companies Our index lists significant references to companies mentioned in stories and columns. 13 SENIOR VICE PRESIDENT. . . . . . . . . . . . . Barbara Haislip. . . . . . . . . . . . . . . . . . . . . . . . . .com . . . . . . . . . . . . Gill Teva Pharmaceutical Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M13 R Recro Pharma . . . . . . Entire editorial content of this publication copyrighted by Dow Jones & Co. . 36 D Delta Air Lines . 24 er rs SENIOR EDITORS Jack Willoughby. . . . . . Christine Silver STATISTICS Michael T. . . . 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M7 J Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . 37 m e CONTRIBUTING EDITORS Richard Rescigno. . . . . . . . . . . . . . . . . M6 I Inseego . . . . . . . M6 Jack Dee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S. . . 13. . . . . . . . . . . 37 American Express . . B Baker Hughes . . . . . . . . .32. . . . . . . . . . . .Y. . . . . . . . . . . . . . . . . . . . . . 12. . . . . Avi Salzman. . . . . . . . . . . . . . . Unsolicited manuscripts should be accompanied by self-addressed envelope with proper postage. . . . . . as of 10/31/17.214 large blend funds. especially in emerging markets. Star ratings do not reflect the effect of any applicable sales load. variable annuity and variable life subaccounts. and 794 large blend funds for the 3-. which tracks the performance of 500 of the largest publicly traded companies in the United States. NOT FDIC INSURED. the fund was rated 5. and value stocks may decline in price.0% of funds in each category. NOT INSURED BY ANY GOVERNMENT AGENCY. 2 FactSet. The fund targets growing companies trading at attractive valuations2 Discover our multimanager approach at jhinvestments. Based on 3-. and 10-year Morningstar Risk-Adjusted Returns. Please see the fund’s prospectus for additional risks. The top 10. 4. Jr. and separate accounts.214.078. 2. NO BANK GUARANTEE. using the following calculation: 100% 3-year rating for 36 to 59 months of total returns. As of 10/31/17. and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. fees. member FINRA. It is not possible to invest directly in an index. 22. risks. and 3 stars out of no 1. m rp it’s a better way to invest. the next 22. such as currency and market volatility and political and social instability. Request a prospectus or summary prospectus from your financial advisor. 2017 BARRON’S 11 Managed by the portfolio team at John Hancock Asset Management Emory W. 1 For each managed product. 5-.com.5%. has additional risks.com.6x co Fo Benchmark3 18. Large company stocks could fall out of favor.1x 14.. 1. respectively. Foreign investing. The result is a 1. CFA Jonathan White. Valuation is measured by the trailing price-to-earnings ratio. SIPC. We think for variation in monthly performance. 60% 5-year rating/40% 3-year rating for 60 to 119 months of total returns. LLC. 5-. Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes. ly on us l.December 4. or 1 star(s).0% receive 5. © 2017 John Hancock. Fund 19. MAY LOSE VALUE. 5-. Targeting top companies al a e John Hancock Fundamental Large Cap Core Fund ci on at deep discounts Class I: JLVIX Class A: TAGRX Strong Morningstar ratings1 ★★★★ er rs The difference between a great company and a great investment is what you pay for it. Morningstar calculates a n- Morningstar RatingTM based on a Morningstar Risk-Adjusted Return that accounts for variation in a fund’s monthly excess performance.0%. which is the ratio of a stock’s price to its earnings per share. CFA .1% Earnings growth rate Valuation All funds may experience periods of negative performance. The use of hedging and derivatives could produce disproportionate gains or losses and may increase costs.5%. (Sandy) Sanders. by visiting jhinvestments. 4. The rating formula most heavily weights the 3-year rating. The overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-. 3 The fund’s benchmark is the S&P 500 Index. 3. and other information that you should consider carefully before investing. All rights reserved. The prospectus includes investment objectives. but only invests when a stock is selling at a steep discount. John Hancock Funds. 35. and bottom 10. with at least a 3-year history. exchange-traded funds. and 10-year periods. . expenses. That’s why this fund’s portfolio team focuses on a short list of America’s best-run Overall Class I rating as of 10/31/17 out of m e businesses. Earnings growth rate is measured by three-year earnings per share growth. or by calling us at 800-225-5291.4% 12. including mutual funds. closed-end funds. Past performance does not guarantee future results. and 10-year (if applicable) Morningstar Rating metrics. placing more emphasis on downward variations and rewarding consistent performance. Please note that Class I shares may not be available to all investors and that performance of other share classes may vary. respectively. accounting portfolio with above-average earnings growth and below-average valuation. 847. misconduct by Minnesota Public —EMILY BARY Booming Bitcoin fastest Radio: A Prairie Home Companion Bitcoin soared over $10. 12 BARRON’S December 4. House Republicans shares would change hands as little as a couple thousand times have floated a plan to extend fund. From left: Elias Stein.59. Square. And shares erating with the special counsel.3% third-quarter 2017. and fourth-quarter 2011. but have run run the agency.000% for the year.000% this year. rose 4% on Wednes- week. and it is in. the Trump adminis- Shares of former A Volatile Week in Stocks recovery that began in mid-2009.86% while the Standard & Poor’s 500 closed at 2642.36 + 0. the Dow more traditional stocks. . Senate votes. both highs. al a by a trillion dollars and the Senate e parliamentarian nixed a plan to trying to get [50] Oil Prices Edge Toward $60 include a tax-hike trigger. tures. A Joint exercise.59.278. only to plunge on Friday independence. including payment processor industrials finished at 24. seventh-fastest since 2009 Riot Blockchain. with West Texas Interme- ate floor resumed and details of the McConnell on getting enough diate up 36% from a June low to a bill remained in flux.000. which plans to add annualized growth in gross do- Anticipating a tax cut.59 + 673. In.” ci on leadership continued to twist arms Oil prices closed near $60 a barrel on Friday while debate on the Sen. two-year high. Can- ada’s 360 Blockchain has seen its stock tions with the Russian ambassador. and Budget chief Mick Mulvaney to a day. The charge suggests Flynn is coop- The Numbers she’ll pursue the case further. Square gave those gains back last week after investors second-fastest day and were up 7% for the week. Zach Trenholm for Barron’s name change to frenzy in the 1990s around tech compa. Also fired for allegations of sexual for a company to get tied up with a volatile currency. before Lauer Out at NBC no The Bitcoin craze is seeping into rebounding. in December. according to The Wall Street Journal. Senate Majority Leader Mitch on Friday. sury closed on Friday at 2. The White House won the first skir- tial shutdown by Dec. The 10-year Trea. The Battle Over the CFPB m e Congress must pass legislation to cryptocurrency. third. up 0.) right to remain until Congress con- Michael Flynn pleaded guilty to Riot joins other names that enjoyed sudden popularity once lying to the FBI about conversa. despite a sharp drop last federal judge said President Trump effort. it is risky gold finished at $1. the firm now calls itself Riot Blockchain. up 5. Think of nearly 1. Energy companies ning the GOP appeared to have the appear more confident that they can er rs What’s in a name? A lot. mestic product has varied widely.231. then host Garrison Keillor. on news of the Flynn plea. co Fo vested in companies that deal with blockchain.6%. English said they decided to dub themselves blockchain businesses. The virtual currency is up “It’s a challenging Blockchain Means Money Republicans struggled to get 50 votes for the Senate tax bill. told Senate Banking that outfit Bioptix have blockchain to its name.8.22.2% third-quarter 2014. nies calling themselves dot-coms. up 1. the technology into resistance from some members. Dow Indicator ly Dow Industrials 24231. Daily volume has nounced he was leaving and named Flynn Pleads Guilty his chief of staff. before falling He Said: on Memories of the Dot-Com Frenzy After a rush of optimism Thursday. Leandra English. an an- Nasdaq Composite edged higher to 4. too.60 + 0. Shares of Comcast.000. apparently. with mish over the fate of the Consumer m rp That’s why shares of a company formerly known as Bioptix the tax bill sucking up time and Financial Protection Bureau after a have doubled since early October.363% and were reminded that while Bitcoin might be hot now. The was fired after allegations of sexual some users of its Square Cash app buy and sell Bitcoin.60 Dow Global Index 389. so investors are seeking other plays on the necessary votes for passage. tration nominee to run the Federal animal health-care of Britain’s On-Line. then 332 more on Thursday. So far. (For more on Bitcoin. Once a sleepy “animal health-care” company whose could appoint Office of Management been made. The company said in mid-November that it was letting 2. tie for NBC’s parent. fund the government or face a par. recently spiked over 10 million. Powell: Rate Rise Ahead Branded jump 150% since announcing it would be taking on that new moniker. Richard Cordray. the CFPB’s first chairman. had an- behind Bitcoin and other cryptocurrencies. GOP votes for the tax bill.53%. ing for several weeks. eve. arguing she had a week’s cover story.02 Twisting Arms for Tax Cuts roared past $11. if that name includes any- thing even remotely related to Bitcoin. Nasdaq said it was launching Bitcoin fu- us l. whose price has risen nearly 1. There aren’t many ways to invest in Bitcoin. Throughout 33 quarters of the Jerome Powell.12 10-Year Treasury Bonds 2. he expected an interest-rate hike n- Jones Industrials rose 256 points on doubled since a vestors got caught up in a similar Tuesday. For the week.6% second-quarter 2014 misconduct. the Dow Reserve. while broker Cantor Fitzger- Committee on Taxation analysis sitting there with a ald has Bitcoin derivatives in the said the plan would hike the deficit Rubik’s Cube. Next up: Funding Uncle Sam retain higher prices. back. works. a host of morning TV fastest powerhouse Today for 23 years. nouncement that boosted Square’s stock by 20% in the following 6. Matt Lauer. By early. 8. firmed a replacement. 2017 Review Last Week: Review . are up 400%. little apparent progress has week. and defended Fed 3. see this Former National Security Advisor as acting head. 4% fourth-quarter 2013. its best chance to jobs from October’s 261. Vera Bradley. Wells Fargo Tech Summit begins in European Commission President Mickey Makes Like WWE ci on corp and MainSource Financial Park City. down from October’s 60. are expected at the three-day event. WWE knows what Bob Evans Farms (2Q) 0. been its use of data.35 0. T 8:30 October International Trade $-45.56 sults. Brandon Ross says. but it mission President Jean-Claude two-day event includes American Ex- turns out they created a bigger and more profitable co Fo Juncker and Michel Barnier.000 for example.4% scribers.36 Home Depot hosts an investor and of information to retail investors. er rs HD Supply Holdings. Conference begins in New York.0 bil $20.” BTIG analyst First Solar hosts its analyst day. and Wells Fargo. Juncker presents a plan expected to Group are expected to vote on their proposed merger. so. “That isn’t a recipe for success in an era where you liminary reading on December con- 10:00 October Wholesale Inventories N. BlackRock. Edited by Robert Teitelman and Teresa Vozzo . government.A. Coming Earnings Wednesday 6 European Central Bank holds a news compared to 13% for Disney.com Johnson Outdoors reports results. The cause pay-per-view was such a profit engine. Investors gather at the inaugural Sohn Brazil Investment Conference in São Paulo to raise funds to fight pediatric tent producers like Walt Disney realize they need more direct viewer relationships. among others. offer smarter its platform.1% University of Michigan announces pre- 10:00 November Michigan Sentiment . and Barnes & Noble Education host earnings calls. fund and creating a European finance Mickey Mouse might learn a thing or two from World ceuticals report results. Shareholders of First Financial Ban.2% 3.8 bil Legacy media crave access to viewing data. Wrestling Entertainment chief Vince McMahon. plans to start its own streaming M Ascena Retail (1Q) $0.000 and an Day Time Consensus Est Last Period pick up members. press. F 8:30 November Nonfarm Payroll 186. leased.5 bil and what they used to watch. The piro. ISM Non-Manufacturing Index is re- ADP employment survey is expected to the option of paying $10 a month for a library of WWE craft orders. Facebook. conference on Basel banking reforms. p-Preliminary. icy interest rate.000.02 analyst conference. a problem WWE solved in 2014 when it disrupted its pay-per-view business model m e October factory orders are expected cancer. M 10:00 October Factory Orders -0.11 $0. For more ly information about coming Friday 8: A partial government shutdown will economic reports–and occur if Congress fails to pass a bill funding the on what they mean–go to Barrons. Au- toZone.500 of its spring WrestleMania event. Monday 4 al a e pean Union’s chief Brexit negotiator. Ahead Consensus Estimate released. the Euro. for November. Utah. which has announced Day Consensus Year Estimate Ago Hudson’s Bay. A partial government shutdown will occur if Congress fails to gard irrelevant emails. WWE Network now has 1. Dol- lar General report earnings. Dell Technologies. H&R Block. f-Final. mendations or target promotions Employment report for November is for relevant merchandise. 2017 BARRON’S 13 Preview This Week: Preview .3% have deeply data-focused companies like Amazon and sumer sentiment. SEC Investor Advisory Committee Targeted platforms. 1.f 3. Microsoft.December 4. doesn’t know when you last saw This Is 8:30 November Unemployment Rate 4.com. with a streaming product. British Prime Minister Theresa May Goldman Sachs U. Bank of Canada announces its key pol- Friday 8 recommendations can offer smart viewing recom- n- or promotions. Consensus sees a November m rp reading of 59.5. contain details for transforming bailout fund ESM into a European monetary Streaming Slams Legacy Coupa Software and GW Pharma. Con- Census Bureau releases its full report on durable goods orders for October.3 98. American Eagle Out. Elias Stein for Barron’s TH 3:00 October Consumer Credit $17.4% 1. Consensus calls for 191. says MFR’s Joshua Sha. and electronic delivery you watch on its T Autozone (1Q) 9.0% Deadline day.barrons. whereas a single PPV event costs $60.18 fitters.1. Tuesday 5 minister post. WWE shares are up 140% in the past three years. Topics include cybersecurity. like Netflix.8 bil $-43. Key to WWE’s success has and Brown-Forman announce re. it More Earnings on Page M36.go to Barron’s Online’s free Economic Calendar at www.24 –0. pass a bill funding the government. WWE offered subscribers to fall 0. so it can knows everything you watch on Liquidity Services (4Q) –0.f 99. Toll Brothers.1% 4.” Ross says. times are Eastern. down from 235.82 9.S.5 Us. show a 190. business by switching to streaming.5 million subscribers. Vail Resorts. Financial Services “People at the time thought they were crazy be- Thursday 7 meets in Brussels with European Com. r-Revised Source: FactSet level to remain flat at 98. us l. WWE risk disclosure. WWE sent emails to lapsed sub- no unemployment rate holding at 4.000 rise in nonfarm payrolls content.com’s free Economic Calendar. platform. meets.and what they mean . and Salesforce. Consumers often disre- W 8:30 Q3 Productivity . a-Advanced. —EMILY BARY FOR MORE INFORMATION about coming economic reports .4% on softness in civilian air. LendingClub hosts an investor day.500 261. Lands’ End. NBC. Analysts look for the Unless otherwise indicated. taking into account how long since they left reflecting an overall strong economy. Netflix to compete against.1%. Investing involves substantial risk and high volatility. and bears no liability with respect to that ETF or any security. says Micky Jagirdar. Also: Johnson & Johnson is cheaper growth ahead. to $7. Earnings next year are expected to increase and growing faster than many other defen- sive options. Inc. foreign currency fluctuations.826. 120 JNJ).. who has a 12-month stock. Management expects medical devices turn to mid-single digit revenue growth.com/motivated VanEck Vectors® Morningstar International Moat ETF (MOTI®) seeks to replicate as closely as possible.8 30 9/30/16-9/30/17 25 20 RetuRn (%) 15 10 MSCI All Country World Index ex USA 19. 14 BARRON’S December 4. and medium-capitalization companies. which may negatively impact the Fund’s returns. outside the U. While gains recent study suggests that clot-prevention ly 12/10/16 140 s might not be as strong over the next year. but J&J’s pipeline has delivered. but still underestimates the pipeline. with sustainable competitive advantages according to Morningstar’s equity research team. which contain this and other information. which contribute almost 20% to sales—to price target of $165. Inc. investing in the financial services and consumer discretionary sectors. The Fund’s assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors. At 17. NY 10017 . call 800. Foreign investments are subject to risks. the stock is pricier than a year er rs like Aveeno. MOTI® VanEck Vectors® Morningstar International Moat ETF n- vaneck. Van Eck Securities Corporation. which accounts for late last year (“J&J Deserves More Respect 34% of sales. and several major drugs have strong and the consumer business—home to brands writes Antalffy. says Leerink Partners analyst Danielle made it a favored haven during periods of Remicade not only held up better than tions in faster-growing markets. as it is doing in neurosurgery. co Fo 1 Year Cumulative Index Return Morningstar ® Global ex-US Moat Focus IndexSM 27. And that makes the stock all the Brian Snyder/REUTERS expected. can tap its $16 billion in cash for acquisi. and revenue to rise 6%. more appealing amid global political uncer- too. Johnson & Johnson blockbuster year. visit vaneck. and will drive shares higher.8 times next years’ earnings. an analyst at Ariel (JNJ . Morningstar® Global ex-US Moat Focus IndexSM is a service mark of Morningstar. among others.S. ci on Remicade’s market share and worried there improve operations in other areas. risks.S. 2017 A Return Visit to Earlier Stories Johnson & Johnson CEO Alex Gorsky Johnson & Johnson Can Rise Further JOHNSON & JOHNSON SHARES HAVE HAD A ago. as concerns about the com. issue. does not sponsor. expect J&J to exit some slower-growing e investors feared that competition would cut areas. and Band-Aid.6 5 0 -5 10/2016 11/2016 12/2016 1/2017 2/2017 3/2017 4/2017 5/2017 6/2017 7/2017 8/2017 9/2017 Index performance is not illustrative of Fund performance. Neutrogena.NYSE) Daily close on Nov. and strong clinical-test 130 the company’s drug pipeline in a new light. J&J should re. drug Xarelto might have a safety advan- shares could rise almost 20% as investors view tage over rivals. pany’s big rheumatoid-arthritis drug Remi. changes in foreign regulations. Distributor. An investor should consider the investment objective.87 a share.) and 24 Emerging Markets countries. Please read the prospectus and summary prospectus carefully before investing. The Morningstar® Global ex-US Moat Focus IndexSM was created and is maintained by Morningstar. equity securities. Antalffy in a research note. and see a pickup in growth next year as execu. sell. 18% rise and the mid-$130s target we set medical-device business. Inc. 666 Third Avenue. An investment in VanEck Vectors® Morningstar International Moat ETF (MOTI®) may be subject to risks. and changes in currency exchange rates.2333 or visit vaneck. 8%. For example. before fees and expenses. volatility. are up 21% this year. Analysts J&J’s drug pipeline is more robust than investors think. endorse. Global. The MSCI All Country World Index ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U. At the time. including possible loss of principal. data might expand use of multiple-myeloma on Shares of Johnson & Johnson (ticker: treatment Darzalex to more patients. J&J also tion improves and new products launch. Morningstar. tainty. recently $139. charges and expenses of the Fund carefully before investing. or promote the VanEck Vectors Morningstar International Moat ETF. which owns shares. J&J’s diverse mix of businesses has wasn’t enough in the pipeline to offset it. should also help. Inc. While the drug business will continue to 110 ahead of the Standard & Poor’s 500 index’s be the major catalyst for the stock.” Dec. Index performance is not representative of Fund performance. Morningstar® is a registered trademark of Morningstar. the price and yield performance of the Morningstar® Global ex-US Moat Focus IndexSM. To obtain a prospectus and summary prospectus. almost 20% higher. —RESHMA KAPADIA m e Motivated investing m rp International companies with sustainable competitive advantages at attractive valuations. al a From Wall Street.com.com. which may make these investments volatile in price or difficult to trade. Source: Morningstar. New York. which include changes in economic and political conditions. which include. 10). which is intended to track the overall no performance of attractively priced companies. Indices are unmanaged and are not securities in which an investment can be made. For Fund performance current to the most recent month-end. 30 . a $150 cade proved too pessimistic. J&J’s 2017 Source: Bloomberg us l. Bankruptcies. as measured from one NAV calculation to the next. which is not affiliated with the fund’s advisor. as frequently as daily. Introducing EMTY. consumer tastes and preferences. imperfect benchmark correlation.. marketing and public perception. ProShares are distributed by SEI Investments Distribution Co. the first ETF designed to turn the decline of co Fo bricks-and-mortar retailers into an investment opportunity for you. competition and consumer confidence. This and other information can be found in their summary and full prospectuses. This ProShares ETF is non-diversified and entails certain risks.com. 2017 BARRON’S 15 . For retail stores. Investing involves risk. ly on us l. Investors should monitor their holdings consistent with their strategies. charges and expenses of ProShares before investing. leverage and market price variance. There is no guarantee any ProShares ETF will achieve its investment objective. Battered profit margins. Read them carefully before investing. © 2017 PSA AD-2017-7683 . al a e ci on er rs m e m rp Sales lost to Amazon. Due to the compounding of daily returns.com/retaildecline ProShares EMTY seeks a return that is -1x the return of the index (target) for a single day. the signs are everywhere. EMTY’s returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Carefully consider the investment objectives. which may include risks associated with the use of derivatives (such as swap agreements. Investments in smaller companies typically exhibit no higher volatility. risks. disposable household income. intense competition. all of which can increase volatility n- and decrease performance. futures contracts and similar instruments). and dependence on third-party suppliers and distribution systems. Please see their summary and full prospectuses for a more complete description of risks. 888-776-3891 or ProShares.December 4. interest rates. EMTY seeks short exposure and should lose money when its index rises. Obtain them at ProShares. changing demographics. including the possible loss of principal. Investments in the consumer discretionary and retailing industries are subject to risks such as changes in domestic and international economies. ly on Never settle for less us l. no ACHIEVE GREATER INVESTING \ BANKING \ TRUST & ESTATE SERVICES \ WEALTH PLANNING \ FAMILY OFFICE The Northern Trust Company \ Member FDIC.16 BARRON’S December 4.) co Fo –Financial Times Group. al a e ci on than the best. 2017 Global Private Banking Awards presented by Professional Wealth Management and The Banker. er rs m e m rp BEST PRIVATE BANK BEST PRIVATE BANK BEST PRIVATE BANK (U. 2017 We are honored to be named the Financial Times Group’s Best Private Bank in the U. n- To experience our best.com/best.S.S. 2017 –Financial Times Group. These awards recognize — among other reasons — dynamic asset growth in our goals-based wealth management program. Best Private Bank for Family Offices and Best Private Bank in the U. client focus and outstanding transparency.) for Family Offices (Global) for Succession Planning (U. 2017 . © 2017 Northern Trust Corporation. 2017 –Financial Times Group.S.S. call 866-803-5857 or visit northerntrust. .. for Succession Planning. she questions whether State and Local Eliminated Eliminated The final corporate tax rate.” . Tax reform is more of a mixed bag for **Estate tax is completely repealed by 2024. two weeks after the House Plus. multinationals could reap a windfall as the Republican effort to overhaul the nation’s tax code enters its final stages on Capitol Hill. particularly aging director and tax-policy specialist at huge windfall from the legislation’s provi. Marcum. who covers the sector. But that “will largely deliver what investors eign earnings held in cash as low as 10%. the legislation sion that could set the rate on taxes of for. Reconciling Tax Reform bly overstated. some sectors of the market. small percentage of homes in the U. an overhaul of the nation’s tax code. tinationals currently enjoy relatively low ef.S. the national leader ably the signature provision of the bill: a go to paying down debt and benefiting committee will work to come up with a unified of the family wealth services practice of steep drop in the top federal corporate tax shareholders through additional stock buy. in.” she says. in 2019) Senate passage of the measure grew. perspective. and other mul. It’s also not clear on months. it’s time for investors to assess flow profile will still be a net positive” be- the stock market’s true winners and losers cause they will benefit from lower corpo- and whether the legislation could even im. health-insur- er rs Senate Majority Leader Mitch McConnell predicted the Senate would pass tax reform.—a list that in- cludes small-cap companies. n- for primary for primary On Friday. he adds. ini. they will experience a shares of home-builder stocks. cluding President Donald Trump. on a rampage because of this tax bill. “Even need to be reconciled. tially faced pressure from a provision in bill sets the limit at $1 million. analysts say. high-end builder Toll Brothers (TOL). Yet much work and on mortgage-related deductions.2 million** $11. the While shares of Toll Brothers fell 6% af- ly prospect of sharp cuts to corporate taxes ter the House Ways and Committee re- loomed larger. Deductions except for except for higher tax bills will necessarily cause a other provisions of the legislation. will In the coming days.” under and one nal legislation shapes up in the House- party line vote. New Jersey. For example.December 4.2 million* higher than the 20% rate that Trump has *All individual tax cuts for Senate bill expire at the end of 2025. leased its bill with a mortgage-interest cap Investors appear to like that scenario. says James Lucier.000. undercutting the “I have one client who has often talked companies tend to have higher effective tax notion advanced by GOP politicians. as the tax reform effort enters its a possible cap on mortgages. Lawmakers no passed its measure. corporate decision makers $500. Repatriation 14% 14% about moving down to Florida. or set it (AAPL). passage of a bill seemed knocked down Toll Brothers and other likely. Tax Foundation. for one. Corporate 20% an $35. impact has been overstated since only a thought it would from a corporate tax thus encouraging repatriation of hundreds ductibility of mortgage interest on new. m e ance providers. a man- Alex Wong/Getty Images fective tax rates. along with market and wages. 2017 BARRON’S 17 Large U. Similarly.000 in $10. tax-reform bill for Congress to vote on. says that a rate.000. backs and increased dividends. if they lose a few home buyers because of ci on Still.” says Scott Kessler. the Senate was expected to be domestic if these companies want to do residence residence Investors will be watching how the fi- pass its version of tax reform on a largely stock buybacks and dividend increases. Microsoft (MSFT). fears that the elimination of most state and local tax deductions will cause an exodus of the affluent in highly taxed states like New York. home loans of up to $500. These much in recent months. taxes taxes* who didn’t have the intention of moving to create a unified bill that could be voted out tor of equity research with CFRA. on Nov. although a vote had not yet taken home builders.S.000 more in taxes because on Wednesday and Thursday as the odds of A number of executives have said as Tax Rate 20% (starting of the loss of deductions. which now stands at 35%. Mortgage-Interest Only on Only on low-tax states in the first place would move of Congress before Christmas. that final legislation will include such a cap pectations of tax cuts. helped in no small measure by ex. “The cash has to Deduction mortgages mortgages simply because of this bill.000 other under Senate conference committee. Sources: News reports.000 to $40. rate tax rates. the stock has recovered strongly and stocks have moved higher in recent in the following weeks. but she wonders how many House and Senate lawmakers seeking to form is enacted. Most of that money. won’t put off acting on this new low rate on $1. The Senate Capital Alpha Partners. their cash- end game.) The Senate and House bills would Morningstar.000.S. (As Barron’s went to “The market overreacted when it us l. will be “An overwhelming majority of that $10. pact their lifestyle choices. property property rave. porate tax break would bolster the job zenga says. Still.000 in flight to low-tax locales. obstacles remain. Corporate Tax Cuts Remain the Heart of Senate Plan by John Kimelman AS SENATE REPUBLICANS MOVED CLOSER TO have mortgages in excess of $500. a House-Senate conference Carolyn Mazzenga. m rp should benefit greatly from what is argu. an in. the House legislation that limits the de. Investors in companies that ply their trade mostly in the U. dependent research firm. rather than House Senate New York City dweller who earns $1 mil- No wonder that small-caps and other hiring new workers and expanding their Bill Bill lion in ordinary income could end up paying co Fo domestic-focused companies gained value business. . Tax Policy Center In the end.” Maz- assets) assets) ings abroad. press on Friday. and Google whether these tax cuts will be permanent.” says Brian Bernard of al a e place. parent Alphabet (GOOGL). direc. as the Senate bill does. 2.000* could either phase in the corporate tax Though tech giants such as Apple repatriated profits because “no one knows Estate Tax Exemption of Exemption of rate. long championed—perhaps at 23%. that cor. and even domestic airlines and California to low-tax states is proba- like Southwest Airlines (ticker: LUV)— of billions of dollars of overseas profits. but now he’s Tax Rate (for liquid (for liquid rates than global companies that park earn. “They will rant and determined by a conference committee of overseas cash will be repatriated if tax re.” $11. an accounting firm. tribution is trimmed.63 –9 1. and corporate. been dogged for the past several years ment to ETE.50. in MLP parlance—Energy what we did this quarter and will con- Corporate governance at master limited partnerships is a growing concern on Wall Street. must pay to its sister company.. and Kinder Morgan reward the company for a lower and more sustainable dis. expenditures by 2019.3 merger of the two companies.7 bil.89 17. at $34 billion. selling by retail investors likely adding Transfer Equity.50 –40 1. any “internal restructuring” before n- dropping 14%. MLP industry.50. been ill-served by its general partner.5 6. is urging would let the company lower its payments to the GP. an MLP cash-flow metric.” Kaiser says. tinue to do.5%. Plains All American Pipeline / PAA 19.3 17. from a current annualized it’s bad. Williams Partners (WPZ). since its merger with Sunoco Logistics Partners in April. Energy Transfer Eq. Enterprise Products Partners / EPD 24. ergy Transfer Equity (ETE). due chiefly to the stiff Transfer Partners. and that’s exactly dividend. Kinder Morgan / KMI 17.0 based on distributable cash flow. a managing director at research firm based on the distribution rate. has been ergy Transfer Equity’s profits.24 13. a reduction in the latter after an expensive $1 billion equity offering in August. or an eq- ages Energy Transfer Partners.3 5. a reliance on outside financ. The Alerian MLP Even with no change in the distri- Index has fallen 15% this year and bution.000 miles of Transfer Partners is cut. the Transfer Partners has been one of the sector’s worst performers this year.5% dividend ly returns on new pipelines and other yield is “unsustainable. A Promising Game Plan for an Energy MLP by Andrew Bary MASTER LIMITED PARTNERSHIPS HAVE by dramatically reducing the IDR pay- . He’s bearish on Energy us l. the highest in the *per unit Source: Bloomberg nomically similar to a merger. month ago. rate of $2. to respond to Barron’s requests for com- around $16. units could double in price if the dis- ing for those projects. and that gives Energy Transfer Equity little sister company as manager and cut the MLP’s distribu.” by investor concerns about reduced He argues that a 13.9 38. In any combination. Any merger terms are apt to be based on the IDR Energy Transfer Partners unit holders to get rid of the “One thing needs to be hammered home.7 13.26. The savings would allow Energy Transfer Part.20 –16 1. Energy Transfer Partners ruled out uity units also have been hit this year.6% $19.” said Kelcy Warren. which The endgame probably will be a owns the general partner that man.2 14. Doug Chayka for Barron’s Kevin Kaiser. Conn.61 –31% $0. 18 BARRON’S December 4.“late 2019 at the earliest” on its earnings conference call a Energy Transfer Partners is out of step with some of siderable debt. Kaiser considers the units at- 50% since its 2014 high. En. Hedgeye Risk Management in Stamford.“When retail investors think ‘distribution cut.1%. natural. The IDR ci on pipelines carrying natural gas. However. fees called incentive distribution Energy Transfer Partners / ETP $16. but company executives said on the latest earnings conference call that the current distribution is appro- priate and supported by distributable m e and a possible change in governance cash flow.1 7.1 times. Energy Transfer Partners its larger peers. on governance issues.31 18.” and that the projects. The MLP has con.9 6. payments. 2017 Energy Transfer Partners could create substantial value for unit holders by cutting its distribution and getting rid of its general partner.ated because equity financing now is costly for Energy moved to fund all or a greater portion of capital spending ners to self-fund its $3 billion of projected annual capital Transfer Partners.00 –11 3. with tax-loss tractive.60 27. including Enterprise Products Partners Kaiser’s counterintuitive view is that investors would is apt to have a reduced distribution. payments represent the bulk of En- gas liquids.64 26. They yield 7. Its units—an MLP’s equivalent Energy Transfer Partners didn’t of common shares—are down 30%. The company has said it doesn’t need with internally generated funds. Magellan Midstream Partners / MMP 67. given the company’s strong business prospects er rs ment.4 15. and crude oil. And since its IDR payments are any new equity until the second half of 2018 at the earliest.9 53. that the partnership Energy Transfer Equity / ETE 16. a distribution reduction at Energy Partners.5 bution coverage ratio of 1.’ they assume incentive to cut the distributions at Energy Transfer tion by 43%.11 17. All three have eliminated IDR payments and tribution. to $1.23 –17 0.5 uity buyout of the IDRs by Energy Those payments could total $1. Based on its distribution—a A Bad Year for MLPs to our unit holders.2 The company pointed to a distri- rights. no (EPD). and thinks to the downward pressure.1 Transfer Partners that would be eco- lion next year. Investors are worried about the billionaire co-founder and chairman of co Fo sustainability of Energy Transfer’s Recent YTD Estimated 2017 Distribution Market both companies and CEO of Energy Company / Ticker Unit Price Change Earnings* P/E Yield Value (bil) distribution.8 2. one of the worst-performing large MLPs. which operates 71. Yet they look appealing. its shares could collapse to the single al a Energy Transfer Partners (ticker: digits if the distribution at Energy e ETP). However. or IDRs. He thinks Energy Transfer Partners has Transfer Partners would create enormous value for ETP Energy Transfer Partners has attractive pipeline as- . to around $16.30 per unit. The restructuring timetable might have to be acceler- (KMI). that could result in reduced payouts to “We feel it’s our responsibility to m rp unit holders but a stronger financial distribute a safe amount of cash flow profile. Energy Transfer Partners yields 13. however. This fund is non-diversified and can take larger positions in n- fewer issues. With one of the lowest-cost exposures to the high-yield makes the company less sensitive to com. No bank guarantee I Not FDIC insured I May lose value.December 4. including the Rover and Mariner East 2 at MLPs is a problem. and is not affiliated with lion of Energy Transfer Partners. there is growing ac- completion of several projects next year. political instability and differing auditing and legal standards. 30 $50 $40 40 30 30 20 . says Brian Kessens. Energy Transfer Partners (ETP . which was quoted in bearish articles in Barron’s on its sister company. including currency fluctuations. and owners of Shares may acquire those Shares from the Fund. cause the units are so inexpensive. The high percentage away from MLPs with IDRs. the perceived in- the most strategic assets among all MLPs. liquidity and market risks to varying degrees. in an acquired company to its sister com. Morgan analyst Jeremy Tonet in a recent ci on however. Fixed-Income ETF. commissions apply. Transfer Partners is apt to be resolved one ALPS. may be obtained at xtrackers.” wrote JP- Pennsylvania and Ohio. Transfer Partners and press for changes.NYSE) Energy Transfer Equity (ETE . Deutsche Asset Management represents the asset ing Warren. That’s a high bar. 2017 BARRON’S 19 Earnings Transfer Energy Transfer Partners’ unit price has tumbled since its merger with Sunoco Logistics in April. Energy Bond ETF is anything but plain. no the sector in recent years. But the rise in would take a two-thirds vote of Energy crude in recent months hasn’t lifted the sec. in Creation Units only. suffering unit holders. “Best New U. less developed tion in 2017 when Energy Transfer Partners If removed as general partner. bond market. Energy Transfer Equity. but the cost likely would be much less Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than pany for no compensation. Foreign investing involves greater risk. however. pending On Wall Street. His sugges.NYSE) Weekly close on Nov. or IRA owner regarding the advisability of tion for a big distribution cut runs against ers to accelerate the merger or cut the dis. Those projects. And © 2017 Deutsche Bank AG. investments in higher-quality securities. No wonder it was voted While not overly sensitive to commodity Transfer Partners unit holders. Kaiser has been a vocal critic of several Kaiser says that even if Energy Transfer other MLPs. have been dogged by spills and client note. Read the prospectuses carefully before you invest. The ETF. Still. but just $70 mil. country or in a limited geographic region generally are more volatile than more diversified funds. sated. including Kinder Morgan. The Adviser is a subsidiary of Deutsche Bank AG.5 billion favorable for Energy Transfer Partners.com award as of 3/30/17 for “Best New U. tion of incremental distributions to incen- “Energy Transfer Partners has some of tivize maximizing growth. While these con- cerns have long kept certain generalist in- vestors away from the space. way or another by late 2019 or 2020. which is expected to total $29 billion infrastructure specialist investors pivoting this year. than in a merger in two or three years. Inc. or tender such Shares the financial interest of key insiders. lack of comprehensive company information. any investment transaction. Transfer Partners unit holders to remove HYLB tor. risks. a portfolio manager at Tortoise Capital Advisors. ETF Shares are not individually redeemable.” centive misalignment. Nothing contained herein is fiduciary or impartial investment advice that is Partners could be a long shot. Xtrackers ETFs are managed by DBX Advisors LLC (the “Adviser”) and are distributed by of Energy Transfer Equity. Typically. He notes that about 90% of Energy Transfer Partners’ rev- er rs and corporate governance concerns now dominate the narrative.” prices. lems could prompt Warren and other insid. 20 10 ly 10 0 2015 2016 2017 2015 2016 2017 Source: Bloomberg on sets and good growth prospects. management activities conducted by Deutsche Bank AG or any of its subsidiaries. gave up a 10% general-partnership interest Transfer Equity would need to be compen. leaving MLP fans mystified. even as the units of its sister company. Bloomberg data show. bly would involve removing Energy Trans. including any IRA distribution or rollover. Energy Transfer Equity as general part- XTRACKERS. He Partners is shortchanged in a merger with Prospectus: Carefully consider the fund’s investment objectives. increasing its potential risk. charges and expenses before investing. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. knowledgment that corporate governance us l. less liquidity. an activ- be “uninvestible” because of its control by ist investor could take a stake in Energy Risks: Bond investments are subject to interest rate. “While many had been willing other environmental problems that have to accept GPs receiving an increasing por- led to delays. tribution. Insiders own about $3. includ. m e enue. pipelines that service the Marcellus and “We believe the time is now to elimi- al a e other growing energy-producing regions of nate IDRs across the space.S. Fixed-Income ETF. investors could profit be.com. The complex situation involving Energy ALPS Distributors. which holds both Energy Transfer companies. . Both scenarios likely would be for redemption to the Fund. fer Equity as the general partner.S. master limited partnerships often are largely subservient to the GP. Funds investing in a single industry (or group of industries). Energy Transfer Equity have held steady. It likely co Fo have tracked oil quotes. conflicts of interest.COM ner. Xtrackers USD High Yield Corporate modity price movements. Energy or less efficient trading markets. plan participant. individualized or directed to any plan. is fee-based. we see more VANILLA NEVER TASTED SO GOOD. This and other information can be found in the fund’s prospectus.” Ordinary brokerage Kaiser’s scenario for Energy Transfer weak unit price and equity financing prob. MLP man. credit. CH179227 R-052958-1 (10/17) DBX003054 (11/18) agement owns much more of the general the odds favor a decent outcome for long- partner than the limited partner. considering sizable Kaiser says that many institutional inves.” m rp of fee income—above the industry average— Sharply cutting the distribution proba. 30 Weekly close on Nov. All rights reserved. ownership by retail investors who often tors consider Energy Transfer Partners to don’t vote in proxy contests. He cites a situa. banks are cramming to figure out how to get involved. tors so they can keep “trading Bitcoin at work. predicted that “within a year we’ll see at least “Traditional asset classes feel very.” says Arthur Hayes. which has been associated with drug dealing for prospective investors. without much getting its hands dirty by buying the stuff directly. A formal structure for the equity market took decades to build.” anymore. 2017 BARRON'S 21 COVER STORY Bitcoin Storms . ly Wall Street on us l. Traders who are paid to make markets in door is so wild there’s no longer any way of ignoring it. Do not edit or alter. there may be no turning have rushed in. too. But make no mis. have created grave risks a tectonic shift for Bitcoin. the volatile al a e cryptocurrency could be joining the financial establishment ci on by Avi Salzman er rs B To reprint or license content.djreprints. Paul Chou. Banks like Goldman Sachs are considering helping clients execute Bitcoin trades. guidance from the government. when a small group of brokers weary Cantor Fitzgerald will introduce a Bitcoin options product. of fraud in their industry decided to draft a constitution and set up Because the futures are cash-settled—traders will receive dollars on rules. For all of the worries about a reprise of 17th century tulip mania. Big m e after eclipsing $10.000 last week just hours there are serious financial players who see a future in Bitcoin. On Friday. whose company LedgerX launched the first Bitcoin called BlockTower Capital this year.com ITCOIN TRADERS HAVE NO TIME TO POP THE CHAMPAGNE two major investment banks holding Bitcoin on their balance sheet. very ossified. in mere months. hedge fund traders.” says Bill Miller. at Bitcoin companies. and Citigroup to start a Bitcoin derivatives exchange called BitMEX. “low-vol products” sometimes have an extra window open on their moni- Now Wall Street is about to join in the fun. you are witnessing the early stages of the birth of a The cumulative value of cryptocurrencies like Bitcoin has skyrocketed new asset class. m rp Even as investors celebrate a banner year for stocks. Law- and a longtime value investor who holds about $75 million worth of Bit. With futures contracts set to start trading.” Paul says. left his job as a portfolio manager at the Univer- sity of Chicago’s endowment to co-found a cryptocurrency hedge fund no back. particu- take: getting listed on some of the largest exchanges in the country is larly in keeping the assets themselves safe. the settlement date instead of Bitcoin—the Street technically won’t be The crypto market is trying to build its own structure. and brokers—and even some value investors— n. please contact Barron's reprints department at 800-843-0008 or www. say executives ing past $9. Nasdaq is planning to offer its own futures next year. The crypto-rocket shot past $11. New money and talent have already flooded into the crypto market. the party next Their employees are. al. the Commod. yers. Reproductions not permitted.000. For personal non-commercial use only. while the New York Stock Exchange. But the holes. for one. “If it works. Ari Paul. the chairman of Miller Value Partners to more than $300 billion from $18 billion at the start of the year. co Fo lowing traders to bet on the price of the digital currency on a trusted Today’s Bitcoin craze comes exactly 200 years after the formation of exchange. which itself was mere days after push.000. “Alpha Illustration: Harry Campbell for Barron’s . ity Futures Trading Commission green-lighted plans by the CME and who himself leapt from the traditional trading world at Deutsche Bank the Chicago Board Options Exchange to introduce Bitcoin futures. 20 BARRON’S December 4. derivatives in October. coin in his hedge fund. and called a “fraud” by the chief executive of the nation’s largest bank. It then slid sharply before surging yet again. And once they dip their toes in. credit. view The10. 2 MLP industry. patterns. na- The complex situation involving Energy ALPS Distributors. er rs VANILLA NEVER and other around digital $16. ETP Visa Energy can finance at Transfer Partners has Boston University’s attractive Questrom pipeline School as- of Business. swing markets.” The logistics of trading Bitcoin by cutting its distribution and getting ridNasdaq CME.” m rp unit holders but a stronger financial The Zcash Company BlockTower Capital Union Square Ventures vory actors. Gemini compared yield is with “unsustainable.000 projects. Bitcoin. Energy Butlarger a bittolike Transfer 30 years therepeers. ad tor. which Lawyers are advising Large institutionalThe endgame investors haveprobably been waiting will for be prod- a In response.24 13. While these con- Yet they look appealing. –40surpassed 1. even as the units of its sister company. NoMbank guarantee J J insuredAI May lose value. Like gold. any investment transaction. it’s not correlated to pany called Crypto Facilities to determine the most accu- High-speed traders Bitcoin futures. which may be obtained at xtrackers. launched suffering unit holders.000 CME.COM 2-3. (Unof.” The CME now futures is costlywillforstart Energy trading totalKaiser’s market scenario cap of digital tokens atTransfer for Energy the start ofweak the year. of He thinks Bitcoin theyEnergy Transfer had. Williams. country or in a limited geographic region generally are more volatile than more diversified funds. distribu..violent But the priceriseswings. from MLPs with IDRs. Bitcoin accounted forcause 87% ofthe theunits are so inexpensive. plan participant.2 Transfer buy aPartners. Bill Miller are among the Index has fallen 15% this year and investing heavyweights Investors bution.” a new cryptocurrency fiat needs to be such currencies hammered as thehome. but at any given time the price discrepancy 40 can be 1% 30 8-9. Its emerging units—an operators are MLP’s creatingequivalent create new Bitcoins. incremental distributions to incen. Exchanges allow people Miller Value Partners Source: Bloomberg 12 Days ing for those projects.63 –9 1. Hinds note that Bitcoin HEDGE FUNDS 10 0 returns on new pipelines and other Bitstamp.Partners. including is a flip I imagine Partners equitiesis70 Enterprise side: “extreme They yieldcommodities trading outyears of step ago. Cboe. This and other information can be found in the fund’s prospectus. unlike the Any merger system. that the income—above option isn’t available industry average— institu. Andreessen Horowitz. gaps. of capital price ofspending ners to self-fund Bitcoin Burniske. with some of changes Partners tional operational been ill-served ahead of Charles siderableand Kaiser’s debt. 12 Days a market of common structure for Bitcoin shares—are down 30%. which operates 71. holds bothIt now facilitates dominate the narrative. Kaiser other trading was New has been kinds quoted in of It will after swings MLPs. and owners of Shares may acquire those Shares from the Fund.” Kinder he Morgan adds. co-founder and chairman of And trading prices. often at considerably different prices. His 2022 price tar.000.” centive misalignment. The 1 ETF. Thomas Lee. for 9-10. liquidity and market risks to varying degrees. investors could profit be- OF BITCOIN fewer issues. that man- It’s almost entrepreneurs on how day before. stillInsiders be in development own about $3.000. conflicts of interest. overlion next year. the risk. a futuresHowever. 5 Days 30 20 MASTER LIMITED PARTNERSHIPS HAVE get is $25. cryptocoins. lifted thetook sec. clay feet. Partners ruled out isinlooking at making an acquired traders company to deposit its sister 35%com.7 bil.month Ex. a distribution transactions has become reduction only moreat Energy difficult Partners. led to futures delays. 5-6. making markets in Bitcoin most other assets.are reporting soaring institu. and Ripple. 30 Weekly close on Nov. tribution competition from is other trimmed. [considered] Energy Transfer a phenomenal performance. or IDRs. Cboe hasn’t set a date has said yet. however. TransfertoPart- according Chris ated becauseretail traditional equity financing folks.000 m e 5 and a possible change in governance CODERS/DEVELOPERS CRYPTO VC & FUNDS TRADITIONAL VC cash flow. but itproblems other environmental introduces its have that own risks. security called the Bitcoin In.000% since expenditures The logic that by 2019.000 6 MLPs.9that premium 53. apt to haveseen n- earliest” on customers” ago. automatically owners to $1. Bitcoin current enue. crude chairman of Interactive in recent months hasn’t Brokers. But represent the bulkhave the exchanges of En-proved however. downside. He cites Foreign investing involves greater risk. product That’sina high bar. considering sizable XTRACKERS. to Of course. and corporate. 15MLP in The fansWall Street Journal imploring mystified.50 in the U. trades are settled based on spot tion of prices.seems on the distribution It’s worth more rate. “Over the last any “internalwe’ve few months. the general the odds favor a decent outcome for long- $400 on the first day of trading. they alreadyor an eq. we see more Gold Rush TASTED SO GOOD.3 5. rateEnergy Bitcoin Transfer Partners price. of the year to a managing $10.” that are said KelcyinWarren.Partners.”to commodity Transfer Partners unit holders. Tortoise Capital settlesAdvisors. But those exchanges have sometimes proven ly Satoshi & Friends Coinbase/GDAX. Energy Transfer Partners yields 13. a reliance on outside financ.5%disadvantages dividend settle trades. its merger with Bitcoin. designed He’s forbearish retail or on Energy in- institutional impose completionit on of a nascent several digital projects commodity next year. securityWilliams Partnersit’s challenges—so (WPZ).” dollar.” the most strategic says assets LedgerX among CEO all Chou. Yet BitcoinAll has three have eliminated certainly seemed likeIDR payments getting free money and lion tribution. It previously used six exchanges to determine A few early adopters. tion in 2017those whenadditional Energy Transfersafeguards are margin If Partners require- removed as general partner. the managing partner of around the world. directly because “We itfeel it’s ourassociated remains responsibility with to unsa. from a current got Bitcoin Cash tokens annualized equal it’sConducting bad. investments in higher-quality securities. tional makesplayers. work through. “When retail Most reasons. In anyhead combination.23 the–17 Coinbase. theConn.” wrote JP- ETP).funds. or IRA owner regarding the advisability of haswith mostlyinternally been ongenerated a one-way ride. Cboe and April. unitsdisruptions could doubletoin the priceinternet. Transfer safest Equity’s way to profits. by dramatically reducing the IDR pay. 7. MLPs. All rights reserved. an activ-to owns the general partner Magellan Midstream Partners / MMP 67. underpinsAnd sincethe bull itscase IDRfor payments are any Bitcoin often new equity tionally ready.61 –31% $0.2. customer” tinue rules to do.tribution. ei. CME said that while there are “issues tors consider Energy Transfer Partners to don’t vote in proxy contests.000 miles of Trading cash for BitcoinTransfer and Partners vice versa is cut. distribute Bitcoina is safe amount used regularly of cash forflow money But of feewith Bitcoin.. Butterms the mostare apt to be based noticeable impacton the be could IDR to the ner—may ing Warren. of its general partner. Deutsche Asset Management represents the asset Hedgeye vestors have Risk gottenManagement extra treats.5%. tionA for dangera bigis distribution that Bitcoin cut could runsendagainst up being ers the to Friend- accelerate the merger or cut the dis.” until the second half of 2018 at the earliest. than “While many had been willing Pools of miners armed Traditional and crypto-focused gas liquids. ments gave up that will general-partnership a 10% far exceed other products. The Adviser is a subsidiary of Deutsche Bank AG. around ago or what $16. if you respond losetothe Barron’s hard requests drive. including also critic a vocal Kinder coins.every other almost ficial counts put the number at more than 13 million. Among 1. lack of comprehensive company information. 30 and Ethereum are greasing ion will be made.5not a dayuity thatbuyoutgoes by of that the aIDRs clientbyorEnergy a prospect to “appropriately Energy Transfer manageEquity. is urging Bitcoin chain the would more letthey the want company it. Who’s selling by retail investors likely adding to the downward pressure. There’s an active arbitrage trade that $50 helps narrow the $40 by Andrew Bary count for 5% of the $7.) billion.futures Thebyhigh alsopercentage trading the spot away market.500 on director at research Friday. 2017 2017 December December 4. risk. 18 22 BBA ARRRRO ONN’’SS December December 4.onleaving Nov.50. and to rethink its plans. per week. no (EPD). at accounts.1 it times.000 9 which is now mostly made up of gold. would is similarly year’s activity. Bitcoin trades on dozens ofEnergy (ETP .000 increments at an bond market. that the partnership EnergyDebevoise Transfer&Equity / Plimpton.” said Dominic Marella. to market with regulated manager at and Bitcoin corporate governance concerns now Digital To reprint or license content. whatever theirthe highest is. Transfer which can execute Transfer morePartners is aptJ to be resolved F one M A ALPS. lems could prompt Warren and other insid. Energy accelerating pace.200 “coins” crypto world often trade have been early investors ministration. Based on its distribution—a Entrepreneurs haveA Bad created Year for MLPs Funds well-versed in the Venture capitalists laundering. calls the“We systembelieve the time is now to elimi- 6-7. thelowermoreitsit’spayments to the worth. He notes that Chou cernstraded have long kept certain generalist in- company’s strong business prospects touch the space. dollar deposits and can throw the price “out of line.managers timetable or hedge funds but might all the have to be acceler- way down to the more Bitcoin’s the sector thunder. CH179227 R-052958-1 (10/17) DBX003054 (11/18) Source: Bloomberg rateamount to the of $2. store Bitcoin is in holding Bitcoins. management activities conducted by Deutsche Bank AG or any of its subsidiaries. other tokens too. En. articles bearish have circuit as small meanwhile. 4-5. natural. or tender such Shares Doug Chayka for Barron’s Kevin the start Kaiser. The company 18. trade tokens. what Some we did this quarter exchanges don’tand use will “know con-your cash-settled [Bitcoin] modity price movements. of Energy theTransfer other tokensEquity. CME Equity would need to be compen.’ as athey assume incentive currency.7 13. 2017 2017 BBA ARRRRO ONN’’SS 23 19 Energy Transfer Partners could create substantial value for unit holders TRADITIONAL EXCHANGES Bitcoin’s vaunted blockchain. less liquidity. Those its shares Equity.60 27.6% ther.” he says.000 times as many transactions per second as Even if Bitcoin gets Wall Street’s imprimatur.S. Transfer at CME.companybut pointed it trades to aatdistri- a signifi.000 hedge funds fighting to earn 5% return Plains All American Pipeline / PAAchange 19. and his Goldman is expected to total desk$29would billionhedge the risk specialist investors pivoting infrastructure 43 Days that could result in reduced payouts to Labs. 2015 2016 2017 2015 2016 2017 7-8.” including the ispipelines Williams built on that Roversays. adding 100. in crypto exchanges For personal non-commercial use only. butit says doesn’tit isneed “opera. interest from “not only larger asset call asaid Partners Cboe has futures pause contract.00 –11 3.5 somewhere. $10 a store of value that people hold for investment purposes. Bitcoin and 2 atecosystem MLPs is a problem.1%. CME has been working with a London-based com- A Promising Game Plan for an Energy MLP 2 Days thousand Nasdaq are DRW preparing to offer for doomsday protection.S.because a reduction people in want the latter it.firm based circular: in.1 cant 7. August. with butajust recognizable—though $70 mil. increasing its potential risk. annual capital Transfer on Dec.” institutional inves. includ. With one of the lowest-cost exposures to the high-yield Bitcoin has leapt by profile.” service and“TheMariner Schlaefer. been dogged for the past several BITCOIN years WHALES EXCHANGES Skeptics ment like to Goldman ETE. as 7%. Morgan analyst Jeremy Tonet in a recent Crypto AntPool. show.ownership by retail investors who often 55 Days ergy Transfer Equity (ETE). tradable products. derful toolto cut the distributions to fully be able to short at Energy Bitcoin. if the dis.6 is thatlast 10 times MLP investors has con- million. is fee-based. breakers Kaiserthat will says that even if Energy He Partners is shortchanged in a merger with are increasingly in Barron’s on its sister stealing PRICE company. ETF Shares are not individually redeemable. vestment.We’re in just three days over Thanksgiving week.26.5 to bution the coverage underlying ratio Bitcoin of that 1. Reproductions not permitted. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Bitcoin doesn’t have to be a currency to be valuable. hacking.and “Whatthatthe gives Energyare exchanges Transfer creating Equity here is little a won.” gold.5 ac. individualized or directed to any plan.inInStamford.64 largest cryptocurrency 26. His to CoinMarketCap.a two-thirds vote of Energy Company / Ticker Unit Price Change Earnings* P/E Yield Value (bil) distribution. a former trading floor executive who now teaches sophisticated Bloomberg data operations like contracts. Energy Transfer Partners didn’t “You’re at the “Energy whim ofPartners Transfer the people has involved some of intivize thosemaximizing spot growth. Bitcoin bulls tend to argue that it’s more like gold— Just finding an accurate price can be a challenge.000-2.5 trillion alternative-currency market. However.” e MINERS INVESTMENT PRODUCTS Bitcoin and help a wallet to store the stuff.broker.com. hedge 5 Days Investors are worried about the of banking or billionaire investing. Energy or less efficient trading markets. Bitcoin and stillthe trade latest it—isearnings the biggest conference challengecall to get. aninvestors Many accredited MLP cash-flow can’t buy metric. in recent While years. or more. and afterThe an expensive introduction $1 ofbillion futuresequity offering products willinaddAugust.4 15. and is not affiliated with 0 Cashsister thatcompany as manager was designed and cut as a faster the MLP’s payment system. rising nearly 1. Bitcoin investors think ‘distribution isn’t particularly useful cut.NYSE) Weekly close on Nov. longaccording shot. which job. Xtrackers USD High Yield Corporate dividend. was like its It feels14%.000 New U. rency directly Transfer vestors.inand benchmark thethat’s *per unit counts this year.cutting the distributionOnproba- for manySharply its way to $10.know.” Products volatility. I Not FDIC S O N D tion by Bitcoin 43%. including any IRA distribution or rollover. Nothing contained herein is fiduciary or impartial investment advice that is thismoved to fund all year. ucts they can buymerger on theof exchanges the two companies.can Kaiserbuy Bitcoin considers thedirectly units at-from sets“CME is attempting and good to use a standard growth prospects. the company“I think lessthere’s sensitivegoing to tocom- be a point bly wouldwhere involve removing Energy Trans- $1. Aside from billion favorable for Energy Transfer Partners.000 3 Days 7 Big in al a Energy Transfer Partners (ticker: digits youifset theupdistribution at Energy “manipulation-resistant. in Creation Units only.” added be “uninvestible” security because tools of its will allow control by the istexchange investor could take a stake in Energy Risks: Bond investments are subject to interest rate. Enter the big EnergyChicago Transferexchanges.com Sunoco Logistics Partners in April. less developed Those payments could totala $1.20 –16 1. Inc. directly in new tokens. risks.com.9 6. 1% of the transaction payments value. to the Drug and Enforcement that’s exactly Ad. Funds investing in a single industry (or group of industries). Energy CME Transfer Equity as general part- rights.”Transfer says Mark scent—business lion of Energy case are Ethereum. Investors could $19. after not even existing the process 10. give it unique risks. sugges. not freeandmoney. thatknowledgment is far from that corporate governance us l. given the that the current ting more institutions involved. futures make sense.com award as of 3/30/17 for “Best New U. Fundstrat Global Advisors. from cash-settled this year.S. And 2017 © 2017 Deutsche Bank AG. there is growing ac- 50% since its 2014 high.”a situa. Do not edit or alter. Xtrackers ETFs Energysplitting TransferoffPartners unit holders tocalled get ridBitcoin of the traditional “One thing are managed by DBX Advisors LLC (the “Adviser”) and are distributed by “forked. VanEck Trading cash-settled futures ci on pipelines carrying natural gas.50. The has in Bitcoin savingsbeenwould traded allow Energy globally. Earnings Transfer suddenly make it “safe. Protocol Polychain Capital. master futures limitedentails using leverage. aKaiser reasonable says manner that many is impossible. 0. Crypto Facilities uses four exchanges to create a Bitcoin . Typically.outTransfer a full-page Partners unit holders to remove HYLB fees called incentive distribution LAW FIRMS vestment Trust (ticker:The GBTC).of their initial sated. Read the prospectuses carefully before you invest. at Icon Alternatives.6. Michael Novogratz and Even with no change in the distri. has been susceptible to ergy The hacking. The restructuring bil. volume. Bixin Grayscale. DLA Piper Enterprise Products Partners / EPD 24. ETE 16. real win-Both scenarios likely would be for redemption to the Fund. interestForTransfer now.similar to Bitcoin. Bitcoin and is that the to vulnerable unreliable. This gap ment. by its trading counterintuitive general Schwab at $34houses too. Timo Schlaefer. please contact Barron's reprints department at 800-843-0008 or www.000 new accounts nessSource: development Bloomberg nomically similar to a merger. charges and expenses before investing. however. the perceived in.priate and supported by distributable conventional about 90% offutures Energyproducts Transfer at Goldman Partners’ rev-Sachsvestors beforeaway his from the space. you for com- lose the transactions. Bitcoin Cash Partners shot uphas to and Transfer expensivePartners because would create enormous of gridlock value for on the network. due chiefly to the stiff Energy Transfer Partners / ETP $16.Transfer Partners and press for changes. It likely largely co Fo sustainability of Energy Transfer’s Recent YTD Estimated 2017 Distribution There Marketare no both companies andfunds exchange-traded CEOavailable of Energy yet. Bond ETF is anything but plain. but company executives in “custodianship”—a safe way saidtoon store saysLedgerX. Fixed-Income ETF. Energy Transfer Partners’ unit price has tumbled since its merger with Sunoco Logistics in TRADING FIRMS however. and there’s a limited supply: Only 21 mil. in MLP parlance—Energy more than 1. For one to accept GPs receiving an increasing por- with high-powered computer firms are developing one of the Traditional worst-performing financial players and large chips keep the books and Bitcoin ETFs and other “cold storage” on a hard drive that isn’t connected to the in. agesnotEnergy about makingTransfer You have Kinder Morgan mistakes. “Best 3-4. ternet. . Kaiser But forsays. other growing energy-producing regions of nate IDRs across the space. 4. distribution is appro- Most insurers won’t $6 millionTransfer Energy to $7 million in trades companies.” Ordinary brokerage (KMI). with tax-loss who own Bitcoin.31 18.djreprints. trades inwhich Bitcoin itself. Along the way. other payments. Over reward thethe pastcompany 50 days. including currency fluctuations.0 based rises and on distributable falls in cash unpredictable flow.9 “There’s38.30 per unit. the firsta portfolio Brian Kessens. commissions apply. holds.89 17. makes Partners up about could 55% be a now. butin-the cost likely would be much less Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than uity units seeing also have like opportunities beenthat hit this year.1110 million17. toaccording our unit holders. Despite someor asharp greater portionthe reversals. Energy Transfer Equity have held steady. 4.S.NYSE) exchanges Transfer Equity (ETE . a co-founder of Crypto Facilities. thing. way or which another by late 2019 or 2020. terffy. and crude oil.3 is extremely hard to come by.” 4 Transfer Partners has been one of the sector’s worst performers this year. Eq. in Thomas would take Pe. Fixed-Income ETF. have been dogged by spills may andseemclient safer note. from five to partner. common any otherthekind nowWhile they’re not“incredibly overly sensitive risky. that won’t Therethan partner are more than 1.” says on own enough Bitcoin to to trade dollars and other governance issues. or starters. pendingframework On Walland Street.funds. the Marcellus broader East however. the industry’s wheels. Poor’s in a500 merger in two or three years. / KMI to launch and 17. product to products conference manage risk. political instability and 100 Trading Days differing auditing and legal standards.8 ex. liquidity to ster of the crypto the financial world. including Galaxy Investment Partners. exchanges tractive.000 3 must pay to its sister company. MLP man. but for fer Equity as the general partner. pany for no compared with 5% for a Standard &than compensation. estimates that Bitcoin could ac.and the rate but had to exclude two because they restrict U. The less can cost IDRthan Pennsylvania and Ohio. Partners. sincetokens. interest while of key the Facebook—the insiders.” Sachs analyst Michael Reference Rate that will be used as the20official price to 10 by investor concerns about reduced He argues that has aseveral 13. derivatives. Transfer Partners that would be eco.200 the limited partner. That’s notGP.unit itprice and equity financing prob. 8 founder Satoshi Nakamoto. a reduced foritsa earnings of equityEnergy growingdistribution. fora adaily lower and more average sustainable of more than $1dis. This fund is non-diversified and can take larger positions in dropping week. Transfer Prospectus: Carefully consider the fund’s investment objectives. Those projects.2 doesn’t bring 14. exchanges from a could will let you collapseor bank account and trade to credit thinkscur- the single card for standard. No wonder it was voted Corporate governance at master limited partnerships is a growing concern on Wall andStreet. because “margining such aner. partnerships often aare factor that subservient to the GP. may haveaccentuate tracked oil Bitcoin’s quotes. restructuring” gotten increasing before re.1 it up. banks agement can owns use tomuch speedmore money of transfers. Still. The Alerian MLP currencies for Bitcoins. the head of busi. co-author its $3 billion of the of projected book Cryptoassets. of several Morgan.3 premium 17.“late 2019from quests at the Tim McCourt. it’s not clear that it can’t be hacked. licensed token-trading platform. there was a mix of ly which is at least accepted at some businesses and can be investors and entrepreneurs.” explaining become millionaires off their Bitcoin stakes. field.” he says. Bitcoin is “the ultimate value investment.” —A. “But what’s the intrinsic value of the momentum-fueled craze—value investors. “We try to apply our previous experience and fund would never even dream of writing about Bitcoin or raised $257 million. particularly a new digital sword to slay a digital dragon. according to coinschedule. the institutional arm exuberance and caution. security. “If your money is being debased. I would buy it no to get paid. It is a guar. But many are almost invariably pipe dreams. 63. “There is a nontrivial chance it goes to zero. however. how it will evaluate digital tokens to determine whether warned that investors need to know the party could come side of the cloud. which has more than $400 million in assets. People can use Filecoins to buy cloud-com. painting The Scream that Leon Murray Stahl. While many attendees may have traded for fiat currency. ings and guiding exchanges toward legitimacy. velopment of Argon Group. Patrick Byrne. with Union Square Ventures and Andreessen Horo- digital currencies in a quarterly letter. of his hedge fund. “If you put 1% al a e gain access to new levels or weapons.” he says.J. It can be quite a culture shock. Filecoin may be among the 1% that succeeds. created a “digital asset framework. people are buying them mostly for their investment to invest in new tokens.. says “They understand debasement because they experienced it. There is little stopping ICO creators from taking their $10 executive of Overstock. In the interim. the run-up seems to have no fundamental basis. “I’m thinking Plain-vanilla investments that depend on the strength of fiat currency for their value more about what’s the proper n- invariably become worth less as inflation rises. I would buy at least a 1% anteed negative real rate of return. is developing a new Even people who think that the token economy will one million in proceeds and buying a mansion in Hawaii. mission released guidelines in July on how to distinguish a Grayscale Investments.5 billion in assets. 99% Others question whether of them hadn’t heard of it and were particularly skeptical. It raise money. Horizon now manages $5. be they miners in China or coders in California. given that it has investments. it actually reduces the risk launched tokens also operate as currencies within self-con.” position. Most new ICO.” ci on tained digital worlds. director of sales and business development at Grayscale. it has no intrinsic fund to beat the market for 15 consecutive years before trailing during the financial value. that is powered by multiple computers. Despite the regulator’s report. called Filecoin. David Dietze. 24 BARRON’S December 4.com. which started the Bitcoin Invest- chain Capital. plays the same game.” Miller sees Bitcoin as by far-off actors. Other tokens could soon be available to more investors. of an endowment in crypto. which needs to be registered as such.6 billion into them this year. the chief 2016. “Ninety-nine percent of it is junk. 2017 through “initial coin offerings” or ICOs that have drawn in. pants are making the crossover.” co Fo BITCOIN IS AMONG THE MOST VOLATILE INVESTMENTS IN THE WORLD. tripled since SEC guidance eased the way in July. GDAX. often staffed by because it’s “idiosyncratic risk and it gets diversified away. When Stahl started to hold lunches with clients about Bitcoin around 2014. there largest cryptocurrencies by market value in the coming on blockchain or similar “distributed ledger” technology remains minimal specific guidance on these products. Sentiment is frenzied. That makes them questionable “value” way to size it. there’s a book of rules.com (OSTK). introduced an ICO in August for something worked at Morgan Stanley but is now head of corporate de.” he says. With that in mind. In other witz giving millions of dollars to investors like Carlson-Wee creasing capital in recent months. Courtesy of Horizon Kinetics during the rampant inflation of the 1970s and could remember how it destroyed value. This will end in tears. ditional public companies. Ethereum for the new coins they create.” says Olaf Carlson. think of the digital “coins” that you can buy (with real of investment banks are popping up too.” Murray Stahl considers Bitcoin a value investment. But unlike Bitcoin.” says Michael Sonnenshein. the appeal of the investment is that there are a limited number of makes up such a huge portion Bitcoins. “Now their investors are calling them up and ask- ing. a longtime Legg Mason value fund manager whose strategies led his backed by any government. We want to shape this industry in the right direction. is getting ready to introduce a basket of the These coins are similar to Bitcoin in that they are built crowdfunded project. Miller isn’t looking in Bitcoin. he “would steer clear of Bitcoin” and then rattled off a half-dozen reasons: “It’s not Bill Miller. eventually amassed a 5% Bitcoin position in his hedge fund MVP 1. That crisis. he argues. and then you’ve got to pay taxes. to buy any more. helping new token creators prepare offer. which helps new token creators “Eighteen months ago. months. says Paul. up from $96 million in all of potential instead of their potential as crowdfunded projects. But many had come of age value investors should be plunging into Bitcoin. today.” says Irina Dimena. “Let’s say it has very high creditworthiness. SOMETIMES JUMPING “I consider it an experiment. Bitcoin now makes up 30% of the fund. “But that yields 2%?” he asks. “A really important concept in portfolio management is To understand ICOs and the new tokens they spawn.” he says. N. You are going if I didn’t own it. and no central banker can change that. most new tokens don’t operate like of Coinbase. to an end at any moment. door. is one of them. “The investment banking industry has been around for because it’s uncorrelated to the rest of the portfolio. Bitcoin “doesn’t have any intrinsic Still. got interested in Bitcoin about three years ago. who left Legg Mason chart is scary. Stahl has run the New York–based hedge fund Black bought for $120 million? Horizon Kinetics for 23 years. the normal protection that securities receive. ‘Why don’t you have exposure to this asset class?’ ” m e m rp The Value Case for Bitcoin in 2016 and started Miller Value Partners. given that it For Stahl. allowing people to trade Bitcoin or Traditional law firms like Debevoise & Plimpton are also enough to drive interest away from Bitcoin. from a ment Trust. investing in more traditional value investments. Yes.” beaten-down stocks.” he says. Its price can fluctuate based on actions work. But they promise bigger rewards than more than 100 years. To Stahl. More important from a er rs regulatory perspective. a store of value rather than as a currency. Miller. They raise money by crowdfunding on they will trade on its platform. the Securities and Exchange Com. getting involved. president of Point View Wealth Management in Summit.” Venture capitalists and hedge funds have warmed to the space. He acknowledges it “may very well be a bubble. Investors have plunged words. There will be only 21 million created. the 28-year-old founder of crypto hedge fund Poly.S. . You use those coins to people whose background is in raising money for more tra. what good is buying a bond gone up so much. the panelists stand-alone currencies and have little to no usefulness out. some private players are trying to help At a CoinDesk conference last week. New kinds the idea that you don’t care about the risk of an asset” us l. That risk. like It is just paint and canvas. and it is not backed by anybody. . And some public market partici- $3. and it is an experiment that might or might not or plunging more than 10% in a single day. if not more. including $100 million For now. the typical hedge fund or macro puting storage offered by other people on the network. the largest such fund raising ever.” money) in some smartphone games. who formerly as old-school investors get tired of watching the party next for instance. but inflation is at least 2%. Wee. and everyone That argument is getting harder to ignore. Overstock’s stock price has day be as important as the internet itself say it’s a mine. the former endowment manager. it’s gaining favor among a group that normally would shun this kind of value. but we are building a new industry. buying in at an average price of $350. they’re essentially securities without best practices. Protocol Labs. may not be on dedicated websites. and 29%. is a formidable force. 13. much less tried it. and jump in known to “embrace and extend” offerings of smaller competitors by mak- front of it. April 1). To paraphrase Barksdale. Of the compa- mately make obsolete some of what MuleSoft is doing with competing nies built on AWS. when it was a mere bookseller.com (ticker: MuleSoft sells tools that let companies run applications in the cloud. Being Amazon’d is like what they said about Microsoft. though at $291 million in revenue this year. 15. There have been some strong starts out uses the company’s software kit to let other firms send notifications of the gate. especially. the e that limits the scope within which small companies operate. Tintri. since AWS from the first day’s close. if you will. Twilio and other shadow of the giants. ger than just Amazon. which MuleSoft to leverage. with software tools maker Appian (APPN) surging 39% since between cab drivers and passengers. Nor was Bezos’ ambition clear to all in Amazon’s have been around for years. certainly much narrower than the ambi. For example. slightly missing estimates for its first public tion that birthed Amazon. It is seeking last week pegged its value at $430 billion. DB (MDB). Netscape didn’t survive the onslaught vulnerable to being young companies born in the cloud are particularly vulnera- of Microsoft in the dot-com era—proof that the parade can ble to being Amazon’d (“Amazon Web Services: Launchpad end up flattening you even when your product is good and “Amazon’d. United Kingdom black cab company Addison Lee has described how it ci on Take initial public offerings. Its clients . like Tintri. Amazon. but it’s not certain that’s how things will play out. the ride-sharing service.December 4. Tintri has stumbled. The com- to Amazon. 55%. that’s big- it has been very successful. SendGrid may have a better approach. One wonders if Amazon will eventually say. Heath Terry of Goldman Sachs. Twilio stock is Similarly. and others. early days. nies. these promising businesses seem somewhat diminished by down 9% since its debut in June of 2016. 2017 BARRON’S 25 Tech Trader Tech Giants’ Shadows Fall Over Promising Start-Ups . Microsoft suffocated Netscape’s browser business. In a sense. and Like Tintri. MuleSoft has beaten revenue expectations for all three of its quarters continually building its Amazon Web Services. That jected for the year ending in January. The point is. is a little different. another promising tech IPO from 2016. While that hasn’t yet happened. which makes database software that it believes is better n- Doubtless. a business that behaves as a public company.room. but one ultimately reliant on Amazon. which was on munications once said. JAMES offerings—what’s known as “being Amazon’d. You could have bet on Apple. but it also raises the risk that Amazon could ulti.) er rs respectively. Is That Good or Bad?” co Fo your management is astute. Also a worthy endeavor.them away. it’s about the same size as Tintri. and Alphabet Some companies column has already warned of such a risk. Twilio (TWLO). (All IPO returns are is the cloud-computing service that MuleSoft uses for its own code.” for a New Generation of Start-Ups. AWS is an expanding empire for Somewhat better insulated is SendGrid (SEND) of Denver. But cloud-computing tors. is Mongo- when Jeff Bezos got going in 1994. is “find a parade. AMZN). and streaming TV-set appliance maker Roku act like Uber. Amazon was an bases of its own. the staying power of the giants. Amazon. but dwell in the As pointed out in this space in April. Get off my cloud. Another hopeful that. The problem is. us l. darlings MuleSoft (MULE) and Tintri (TNTR) are down 7% and 28%. ly by Tiernan Ray WHAT EVERY YOUNG TECH COMPANY NEEDS TO DO. They increasingly call the shots in tech in a way Soft client can turn around and sell to other companies. something so daunting few would have conceived it. and increasingly sees itself as a successor to Oracle. could be both a blessing and a curse. this built on AWS. MuleSoft is trying to give clients year. Its shares are up 17% since. they’ve found a cloud to get on top pany is set to report a day ahead of Tintri. Building an e-commerce giant from scratch was quarter in September. Many of these start-ups show promise. another cloud hopeful. 19. MongoDB is betting on a cloudscape. is selling messaging technology used by Uber. and Apple (AAPL)—show Such an application can in turn become a kind of “service” that a Mule- al a no signs of slowing down. not putting them out of business. MuleSoft and Tintri are two companies that have attached themselves MongoDB shares are down 13% since the IPO on Oct. For example. A worthy endeavor. Think of it as letting Addison Lee its debut in late May.” ing their products features of its Windows operating system and giving That task is increasingly difficult for young compa. to enable companies other than Amazon to build their own cloud-comput- ing operations. Amazon has several data- early days.just went public on Nov.” Barksdale of the early internet darling Netscape Com. The company next reports results on Dec. Bezos was helped by the market’s willingness to look past suited to cloud computing than the offerings of Oracle (ORCL) that years of operating losses. m e and made returns of 48%. it’s still like a start-up even though one analyst. respectively. is selling infrastructure. At $144 million in revenue pro- of. gone public are parallelism. Alphabet (GOOGL). It’s hard for small-caps to carve out a safe place in that have recently like Addison Lee the same capabilities as Twilio. though it’s possible that Tintri The singular failing of the 2017 class of IPOs may be that their could see its client base evaporate as Amazon sucks the air out of the ambition is too limited in scope. in this case by helping fleet opera- (ROKU) up 85% in under two months of trading. an odd m rp this market. since their March and June debuts. given that the tech giants—Amazon. no enormous undertaking worthy of proportionate reward if successful. This The investment returns reflect a world tilted to the giants. and which one will profit most? The projects of MuleSoft and SendGrid are Past performance is no guarantee of future results. overall. These and other risks are more fully described in the fund’s prospectus. The top-performing fund in a category will always receive a rank of 1. if any. investors should consider carefully the investment objectives. Multiple share classes of a fund have a common portfolio but impose different expense structures. a FINRA member brokerdealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS℠. Revenue from fees and subscrip- co Fo a disciplined investment process to stay selective amidst 1-YEAR 3-YEAR 5-YEAR tions surged 140%. exchange-traded funds. The information contained herein: (1) is proprietary to Morningstar. 2017 use it to send over a billion emails per day. risks. charges and the early days. closed-end funds.com/techtraderdaily. 5-year. dropping to 27% last year from 58% in 2015. there’s that Amazon’d risk. Security selection. Perhaps the carefully before investing. in that it Different strategies MORNINGSTAR PERCENTILE RANK uses AWS to serve up its tools. of 2013.com or from a financial advisor. Guided by macro-based sector allocation and bottom-up er rs CLASS I (IVBIX) Roku. and advertising. Class I shares are only available to certain types of investors. 11 5 10 TH TH TH keeper. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. the next 22. and exclude sales charges.26 BARRON’S December 4. But. reinvested dividends and capital gains. Revenue al a e growth has cooled for Tableau. Being a resource with hooks into how companies operate may make SendGrid less ★★★★★ 3-YEAR O UT O F 852 FU ND S I 5-Y E A R O U T OF 773 F U N D S prey to Amazon than tool and infrastructure sellers like MuleSoft. This is still mixed economic signals. It’s the Internet analog m rp of the cable business—a distributor and a gate- on the relative value. tiernan. That makes it hard to see them expenses of a mutual fund. The deeper question is the classic one of 800-532-2780 IVYINVESTMENTS. then. Appian’s software ly tools enable more individuals to get in the game of making software with very little cod- ing knowledge—yet another worthy goal. • Risk factors: The value of the Fund’s shares will change. Roku’s first earnings report. Inc. blogs. One PERFORMANCE problem is that others have done the same and on received a lukewarm reception from investors. Roku makes money m e 0 analysis. 37039 (11/17) or twitter. Appian might be a more modern Tableau. Other funds and share classes have different and/or lesser ratings. or “star rating”. If Netflix is the FACEBOOK. All Rights Reserved. Inc. As the com- ci on pany approaches $1 billion in annual sales. This and other important information is contained in the prospectus and summary prospectus. IVY DISTRIBUTORS. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100.barrons. and intriguing. Exchange-traded funds and they can join and have several more years of open-ended mutual funds are considered a single population for comparative purposes. Investors so far like companies outside Am- azon’s orbit. with just half a billion Rankings are based on total returns. five-. but their ambitions are more pedestrian than Amazon’s and Google’s in n- such. in revenue projected this year. The top 10% of products in each product category receive 5 stars. An increasing number of them come from outside North MORN IN GSTAR RATINGS™ INTERMEDIATE-TERM BOND FUNDS (BASED ON RISK-ADJUSTED RETURNS) I AS OF 09/30/17 America. Fund listed is from the IVY FUNDS® mutual funds family for Class I shares. 852 funds.com/barronstechblog . and the financial services offered by their affiliates. Led by the same Advantus portfolio team for over 12 years. on Nov. and MongoDB. is cloud will nevertheless prove to be the parade no calculated for managed products (including mutual funds. and the bottom 10% receive 1 star.. 5 stars. and 10-year (if applicable) Morningstar Rating metrics. The Morningstar Rating™ for funds. and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. as they say.5% receive 4 stars. variable annuity and variable life subaccounts. % Rank in Category is based on total returns which include decides to slip them into its pockets. 104 out of 985. 3-year. compared with THE WORLD COVERED® Netflix’s $12 billion annually. and (3) is not warranted to be accurate. us l.COM content versus distribution. 79 out of 546. The weights are: 100% three-year rating for 36-59 months of total returns. 8. Tintri. like (BASED ON TOTAL RETURNS) can offer different paths. Fixed income securities are subject to interest rate risk and. • Source: Morningstar Direct. INC. 773 funds. drives our results.000 customers include such up-and-comers as pri- vately held music service Spotify. and the outlook was simi- the fund managers utilize heightened risk awareness and 100 larly good. as worthy. which had a similar mission statement. the most recent giants takes a shine to their innovations and three-year period actually has the greatest impact because it is included in all three rating periods. 4 stars out of 852 funds. placing more emphasis on downward variations and rewarding consistent performance. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. INTERMEDIATE-TERM BOND FUNDS I AS OF 09/30/17 MuleSoft. blew the doors off. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures If they can’t ultimately thrive. such as Appian and Roku. a very young business. but TOP DECILE . While the 10-year overall star rating formula seems to give the most weight to the 10-year period. 5-year.com.COM/IVYINVESTMENTS content and Roku the distribution. 50 out of 852. and does not include the effects of sales charges.5% receive 2 stars. performance. Those 58. several may associated with its three-. the next 22. this year’s IPO sensation. 10-year. the next 35% receive 3 stars. 60% five-year rating/40% three-year rating for 60-119 months of total yet end up being acquisitions if one of the returns. to $57 million. IVBIX Morningstar ratings: 3-year. they’re not without concern. complete or timely. not forecasting. as IVY ADVANTUS BOND FUND (IVBIX) a kind of email service bureau. • IVY INVESTMENTS® refers to the investment management and investment advisory services offered by Ivy Investment Management Company. the net asset value of the fund may fall as interest rates rise. 10-year. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. the financial services Tiernan Ray can be reached at offered by Ivy Distributors. • Before investing. and you could lose money on your investment. which may be obtained at ivyinvestments. 79 out of 773. © 2017 Morningstar. 5 stars. which one INVESTMENTS @IVY_INVESTMENTS really “owns” the customer. and separate accounts) with at least a three-year history.ray@barrons. (2) may not be copied or distributed. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess healthy sales growth as a result. and is up 39% since then. the Ivy Advantus Bond Fund relies primarily on off subscriptions sold to consumers to watch PERCENTILE RANK bond-by-bond security selection—with a strong emphasis video. In addition to selling the Roku box. is trying to define itself as a “platform” serving companies that distribute video. Read it ever reaching a similar scale. growth is expected to be 5% this year. Morningstar Percentile Rankings: 1-year. 546 funds. trailing the Standard & Poor’s 500’s 58% return. 3 stars. Tableau Software (DATA). went public in May FOR 5-YEAR PERIOD. like Netflix. Not all funds or fund classes may be offered at all broker/dealers. or sideways. which comprises 60% global stocks and 40% global bonds. Caldwell makes the asset-alloca- Ryan Nicholson for Barron’s Chiron Capital Allocation (ticker: CCAPX) could be that fund. Chiron’s managers have an impressive pedigree and a unique investment style that by Lewis Braham no should differentiate them. al a e ci on er rs m e m rp co Fo Talking With Ryan Caldwell ment to the concept’s appeal and its managers’ reputation. a to 50% in bonds. down. The fund has already gathered $1. It can also own commodities quant with 25 years’ experience who designs the models. According to Morningstar. and short securities. compared with the world allocation category’s 29% well in every kind of market. Execu- tion has been the bane of the world allocation category. Lead Portfolio Manager. zero to 50% in cash. Lead manager Ryan Caldwell was co-manager of Ivy Asset Strategy (WASAX) from January 2007 through June 2014. and its benchmark’s 55%. up. on us l. The question is whether any fund can deliver on such a complex strategy. Since its 2015 continued on page 28 . and up to 20% in emerging markets. The fund is new. models to allocate the ly go-anywhere Chiron Capital Allocation fund. 2017 BARRON’S 27 Mutual Funds Lead manager Ryan Caldwell uses quant Mutual Funds . Chiron Capital Allocation Fund over the past five years the average world allocation fund had an upside/downside capture ratio of 90/128. Cap (BUFSX) for 10 years and Ivy Small Cap Growth (WSGAX) for five—both top within a wide range of allocations—25% to 70% in equities. this world allocation fund has the flexibility to invest anywhere. according to Morningstar. Rounding out the team is co-manager Brian Cho.December 4.5 billion in assets—a testa. 20% performers during his tenure. during which the fund pro- IT’S A PERENNIAL FANTASY FOR MANY INVESTORS—FINDING THE ONE FUND THAT CAN DO duced an 89% cumulative return. That means the av- n- erage fund had 90% of the benchmark’s upside when it was rising and 128% of its downside when falling—underperforming in both good and bad markets. but so far so good. Launched in tion decisions. versus the Morningstar Moderate Target Risk Total Return A Fund for All Seasons Index. Co-manager and stockpicker Grant Sarris managed Buffalo Small November 2015. 7 1.75 35. and Europe are below BOTTOM SECTOR / China Region Funds – 4.3 Fixed Income Fairholme Allocation / FAAFX Flexible Portfolio 4. the fund’s models limit the risks of Fidelity Adv FnSv A / FAFDX Financial Services 4. to accommodate the growth stock Oberweis China Opps Inv / OBCHX China Region – 5.05 13.1 squarely in leadership in the U. according Kinetics Mrkt Opps NL / KMKNX Flexible Portfolio 5.com China.51% 31. but the strategy behind it Vanguard Tgt Ret2025 Inv / VTTVX 38.04 14.5 Free Allocation (GBMFX). Russia.4 Large-Cap Growth 13..51 20.8 Core Plus Bond 2. zon. toward government bonds. returning 3.4 Large-Cap Growth 12. paying particular attention to a statis.4 ICON Industrials S / ICTRX Industrials 4.8 Bail Giff Em Mkt 5 / BGEDX Emerging Markets – 4.96 21. This often hap.4 Large-Cap Value 10. ‘Are we missing something?’ ” DoubleLine Tot Rtn I / DBLTX 44. but if nar.94 18.53 28.0 Asset Allocation** valuations increase.4% cumulative return. which Fidelity China Region / FHKCX China Region – 4. so the fund tilts toward value. Commodities 0. Fund (billions) Investment Objective Return Return Return ment just doesn’t work.5 THE WEEK'S BOTTOM 10 9% a year ago as corporate and high-yield m rp Total Net Fixed Income 25.8 1.2 Large-Cap Core 10.80 40. One Week Year-to-Date for the fund’s success is the same reason for tries rated below zero indicate a growth tilt. deliver. but via quantitative models that and realize there’s a problem that hasn’t American Funds CWGI A / CWGIX 56.79 13.0 Mix Tgt All Gro 7.5 Core Plus Bond 2.9 – 0.42 14.2 Morningstar Mod.5 Multi-Sector Inc 6. That’s been a problem.1 0.0 us l.5 Global Equity Income 4.53 9. and cash-flow ratios. Source: Lipper .6 Columbia Grtr China A / NGCAX China Region – 5. Allocation Fidelity Sel Air Trans / FSAIX Specialty & Misc 4.2 0.9 – 0. “The market has price/earnings ratio of just eight. Blue Chip Investor Fund / BCIFX Large-Cap Core 4.S.29 16.7 Mix Tgt Alloc Con 6. American Funds Wash A / AWSHX 56. 1-Yr Inception Fidelity Sel Banking / FSRBX Financial Services 4.4 – 0.0 – 0.70 18.1 It’s important to understand that pens when companies or sectors are in a Dodge & Cox Stock / DODGX 68.6 Bloomberg Barclays AGG Bond – 0. up from Fixed Income Hedge -4.9 Also.0 2.45 24.68 11. above it.4 and value stocks on Chiron’s composite score fundamental research perfectly so they Vanguard Wellesley Adm / VWIAX 40.0 wide. semiconductors.15 3.4 Core Bond 2.35 – 13.85 7.32 3. the U.6 tech weighting in its equity allocation.0 1.2 Large-Cap Growth 14. If dis. become “quantamental.7 – 0.3 *As of 11/28/17 **As of 10/31/17 Sources: Chiron.5% TOP SECTOR / Financial Services Funds 3.46 63.S. (It is up 113% year to date.S.Hong Kong).7 Fund Investment Objective One Week Year-to-Date have fallen from 12% to 6%.1 0.S.4% in the week ended Thursday.7 Global Large-Cap Growth 10. earnings.9 to Morningstar.6 0.4 Alphabet (GOOG) and has a hefty 19.02 45. which includes divi.08 28.7 US Mortgage 2. Through Thursday.68 50.8 – 1.5 CCAPX 16.0 that are currently driving markets world.8 HCM Dividend Sector+ A / HCMNX Equity Income 4.89 17.8 from 50% to 36% while emerging markets Hodges Pure Contr Rtl / HDPCX Small-Cap Value 4.0 2.9 Vanguard PRIMECAP Adm / VPMAX 52. it tilts toward growth. That was really attractive. according to Lipper. Rydex Transport Inv / RYPIX Industrials 4.3 1. ment. very different.49 15. sion plus growth.28 BARRON’S December 4.57 19.77 24.2 rope.5 Intl Large-Cap Core 3. the name T Rowe Price Gro Stk / PRGFX 40.17% 43.5 sures how wide the gap is between growth Chiron’s goal is to integrate quantitative and Vanguard Sh-Tm Inv Adm / VFSUX 42. The fund allocated some of co Fo US Glbl China Region / USCOX China Region – 5. since recently value bias because there’s still dispersion in Fund Investment Objective One Week Year-to-Date ly pricier growth stocks like Amazon. zero while most emerging markets are well S&P 500 1. The shown up yet on the company’s income state.7 believing the stories behind these momen.5 P/E. Clough China I / CHNIX China Region – 4.2 themes it now believes—big disruptive tech.64% 17.7 A wide dispersion indicates that the op.59 14. The latter m e Hennessy Sm Cp Finl Inv / HSFNX Financial Services 3.0 0. “Growth is now the fund has owned cheap cyclical companies Kinetics Global NL / WWWEX GL Sm/Mid-Cap 6.5 – 0.1 ci on Stocks creasing exposure to cheaper markets. could be the one investors dream of.22 3. STOCK FUNDS 1.79% 51.40 2.96 21. produce misleading results. but Met West Total Return I / MWTIX 48. “If our fundamental ana.6 Since (1288.” In Russia.69 26.24 17.5 Caldwell arrived at this allocation not by transitional state.5 n- Dodge & Cox Intl Stock / DODFX 65. Gov’t Agency Bonds 1.2% (AMZN) have surged.53 4.1% as a check on the quant models when they American Funds Gro A / AGTHX 84.4% the fund’s fiscal year ending in October 2017.9% to 1.S. U. then we defer to the fundamental anal.5 – 0. it’s deteriorating in the quantitative work.6 increased from 15% to 21%. In China.7 American Funds Inc A / AMECX 77.0 Mixed-Asset Target 2025 6. American Funds EuPc R6 / RERGX 64. Morningstar market darlings.8 no will steer him away if conditions change. Chiron has had 100% of the upside portunity in cheap stocks is greater than Scoreboard: Banks Lead the Way of the Morningstar Moderate Target bench.69 19. *Annualized 11/26/2014 to 11/30/2017.65 54.0 Convertible Preferred 1.6 on those sectors vigorously.3 tic known as valuation dispersion. did twice as well.8 Equity Short Hedge -15.3 Large-Cap Core 9.08 4.7% Gold Futures 0. and IVA World.98 3. Financial services funds. American Funds FInv A / ANCFX 52.1 dend yields.3 Intl Large-Cap Growth 7.9 theme.04 61. which has a 5.60 29.6% 24.8 1.11 13.23 22. If the analyst likes the company’s story. In however. Right now. persion is narrow.” says Caldwell.1 now account for 23% of the fund.0 J Hancock Reg Bank A / FRBAX Financial Services 4.77 18. and there’s no while during the first part of the year. India.9 Large-Cap Core 11.” Caldwell says. 2017 inception.3 Mix Tgt All Mod 4. artificial intelli.7 al a e frothy markets by reducing the allocation as Fidelity Sel Financial / FIDSX Financial Services 4.4 Mix Tgt All Gro 7.9 Cash 4. and Eu. American Funds CIB A / CAIBX 71. ing a 24.0 0. was far cheaper than Amazon at the start of Victory Sophus China A / RSCHX China Region – 4.8 the fund tilts toward corporates.65 2. “Our portfolio in emerging markets looks wide (IVWAX)—favor cheap securities. the fund has held Global Strat Inc A / VEEEX European Region 5. “It works the other way.41 5.7 0.86 37. stock fund.94 11. Sarris has found companies with Matthews Asia China Inv / MCHFX China Region – 5.3 tilt. In particular.37 – 8.22 21.3 PIMCO Tot Rtn Inst / PTTRX 54.49 13.” Sure.0 on Fidelity Sel Health Care / FSHCX Health/Biotech 5. and Turkey.1 its tech weighting to Chinas’ version of Ama.) “For a Morg Stan I Asia Opp I / MSAQX Pacific Ex Japan – 4. sounds gimmicky.3 nologies.6 applies with bonds: If yield spreads between ICON Financial S / ICFSX Financial Services 4. the average world allocation fund’s failure: those above one indicate value. THE LARGEST 25 questioning whether the top companies are Alibaba was one of our largest positions. usual.1 American Funds NPer A / ANWPX 41.6 North American stock exposure dropped SkyBridge Div Val I / SKYIX Equity Income 4.” So the fund has in.27 3.” Assets 3-Year* 1-Week YTD dominant.5 PIMCO Income Inst / PIMIX 45. 1.S. Canada.6%.98 11.0 Total Net Equity 58.3 row. One reason Chiron’s composite valuation score.66 34. “China had valuation disper.4% Despite the developed-market growth Saratoga Finl Svcs I / SFPIX Financial Services 4. Alibaba Group Holding (BABA).7 Chiron Capital Total Return* state-owned Agricultural Bank of China Athena Value Fund I / ATVIX Multi-Cap Value 5.6 American Funds Bal A / ABALX 62. while simultaneously in.5 gence.05 2.27 11.02 16.77 47. So in Upright Growth Fund / UPUPX Global Multi-Cap Core 4. like oil giant Lukoil (LUKOY).1 Short Inv Grade 1.” Fidelity Contrafund / FCNTX $89.1 Mix Tgt All Mod 6.1 mental” approach: Cho screens for factors ysis. have to ask.1 Large-Cap Core 13.9 strong revenues but lower valuations than Neuberger Gr Chn Eq Is / NCEIX China Region – 5.05 54. GMO Benchmark.1 corporate bonds and Treasuries are wide.8% vested in tech darlings such as Amazon and Sarris’ fundamental research can also act Vanguard Wellington Adm / VWENX 85. we Franklin Cust Inc A / FKINX 46.7 21.1 0.” Caldwell says.4 Global Large-Cap Core 7. Dodge & Cox Income / DODIX 52.9 tum stocks. (The broad market beat the average diversified U.5 fund employs what Chiron calls a “quanta. mark with only 52% of its downside.9 Many have a decided style tilt. Investment Grade 1. The same logic Rydex Banking Inv / RYKIX Financial Services 4.6 er rs U.2 some of the largest—BlackRock Global Al. That mea.3 High Yield 4. Small Cap Value Fund / SCAPX Small-Cap Value 4.7 Equity 74. “There is a THE WEEK'S TOP 25 .0% 0. Kinetics Internet NL / WWWFX Science & Tech 9. Caldwell says.S. Value investing in this environ. U. lysts meet with a company’s management American Funds ICA A / AIVSX 62. Target Risk 14.3 location (MDLOX).1 of 16 valuation metrics. Gov’t Bonds 21. which has a Fidelity Sel Transport / FSRFX Industrials 6.44 53.01 58.60 18.6 U.04 8.3 0. and robotics. coun. BOND FUNDS – 0. Investors are betting 2017. comparable to the other three sponsors.” says Kim Laughton. index offerings. Yet hiring an advisor actually adds another layer of n- Still. 2017 BARRON’S 29 Fund of Information How Smart Investors Give to Charity . Fees drop to removes the conflict and ensures that they take seriously 0.000. as well as the right donor-advised fund. a “select account” that Van- al a director of the private donor group at Fidelity Charitable. ly by Lewis Braham WITH GREAT POWER COMES GREAT RESPONSIBILITY: NEVER HAS ultimately to 0. deduction you received for it is a drain on society. affordable for the smallest donors.05% for ci on $4 billion in grant-making a year. DAFs’ newfound power to foster charity. And donor-advised Top marks overall go to Schwab.1% for accounts of more than $15 million. for accounts of $5. also known as DAFs. and an annual $250 maintenance fee for enable individual investors to emulate private foundations— accounts that drop below $15. “We’re the second. Four of the largest sponsors—Fidelity.” There is.13% and then drops to 0. Donor. although in reality they act as middlemen.000.December 4. “While.6% or year. The administrative fee us l. Unlike most invest- the end charities.000. Vanguard has 15 that are primarily low-cost index funds. them to the charities that need them—a conflict of interest. At Schwab. Although Goldman Sachs’ administrative fees are to set up and maintain and have smaller tax benefits.000. instead of distributing Two key factors affecting that are the account’s administra. guard can award at its discretion for accounts with more than e the most popular donor-advised fund sponsor.6% on thropic investment accounts—essentially mutual funds that administrative fees. unlikely if account activity results in excessive expenses or lion at the end of 2016 and have been growing rapidly.” seen a 50% increase in new accounts so far in our latest fiscal Fidelity has only four break points. but goes no lower for “standard Melinda Gates Foundation. business interests. m rp them to receive it—now or years down the road.6% of assets or $100 a year. such as JPMorgan U.S.000. But surprisingly. you want investments in the account to perform well. its underlying funds advised funds. the amount and timing of your annual chari. In fact. That no Ideally. this been truer than with donor-advised funds. “We’ve significant balance fluctuation above and below $1 million. however. assets annually. tive costs and its underlying investment options. JMUEX) at Fidelity and Hartford International Opportu- co Fo page M28 That level of control is typically afforded nities (HAOYX) at Schwab. even art. then falling to 0. Equity (ticker: Cash Track. managing accounts. According to Vanguard: “Approval is Total donor-advised fund charitable assets stood at $85 bil. with 30% for foundations—and for appreciated stock dona- tions. but better. even beating Vanguard’s lowest-cost Select legally. starting at 0. and Vanguard—have offshoots that are legally chari- ties themselves. whichever’s greater. assets. then fall at different break points. You choose responsibility for conscientious donors.5 million. Fidelity and Schwab their own private while passing it on to other charities whenever you want both match or undercut Vanguard’s funds fee-wise with their foundation. enable investors to essentially create m e allowing you an immediate tax deduction for your donation as it often is outside the DAF world. There are also the underlying investment options to con- sider. ing. largest charitable grant maker in the U. not a help.4% above $500. Fidelity allows such investment flexibility only foundation. which are costly sible funds. . Schwab. which. or fund. more control means more responsibility. as it has a professionally funds allow you to donate illiquid assets you couldn’t easily managed account option for accounts over $250. advisors are compensated by a percentage of assets.S. Vanguard has a minimum investment of $25. the grant to that charity. donors who hire an advisor to invest in almost any stock. the minimum account size is $5. Fidelity and Schwab offer top-notch actively deemed eligible by the IRS. which must by law distribute at least 5% of their at the $5 million level via its Charitable DonorFlex Program. the goal of charity is to give your assets away. Laughton and Martyn both say. for the first $500. yet most table distributions. 30% of income to foundations’ 20%. which charges 0. practically speaking. as long as you select any charity Moreover. allowing give directly to most charities—real estate. $100. and ad. They also offer socially respon- only to private foundations. Donor-advised funds er rs the third-largest donor-advised fund sponsor. “We do about $1 million. Some advisors manage the charitable portion of their clients’ ministrative fees start at 0. making it much less have surged in popularity recently.” assets over $30 million. allow greater deductions are pricey and DAFs are available only to private wealth for cash donations—up to 50% of your gross income compared clients with assets over $10 million. 0.000. DAFs have no such requirements.000 invested. That ever is greater. president of Schwab Charitable. your control is even greater than that of a bond. we will approve managed funds. Vanguard is not the low-cost leader. Hoarding donor-advised fund assets means that the tax depending on your account size. incentivizes them to hoard the assets.” Laughton says. portfolios for free.15% for assets above $2. Schwab Charitable does control the disposition of the fund class.” says Elaine Martyn. Goldman Sachs. These philan.3% for the next $500.000. Both vary. after the Bill and drops to 0.000 to $500. charges and expenses.” No wonder industry insiders are abuzz.” says Ameriks.30 BARRON’S December 4.com for prospectus/summary prospectus. ETF Table. forms all the time.” Hougan says. risks. Before investing. now they charge It’s always an active proposition. and are heading down. Even sophisticated ly DON’T CALL IT SMART BETA.” The firm expects that Research says certain factors can provide excess return over long periods—that’s advisors and institutional investors are better equipped to use them properly. quality. mo. sleeve.5 is no way to predict what returns are going to be. or 0. Just as outgoing CEO Bill McNabb has been careful never to ac- knowledge the term “smart beta.000.” incoming CEO Tim Buckley likely had a hand in Vanguard to Launch New ETFs crafting the language in Vanguard’s press release. precision investing with factors Invesco Distributors. “All systematic strategies are on “Vanguard has a deep research bench and there’s likely disagreement about the a march toward zero [fees]. “Timing is worrisome. er rs capturability and validity of factors. and that is an important instance. for the love of Pete.” says Matt Hougan. trillion firm. but there That was the gist of Vanguard Group’s message when the $4.000. Barrons.13%. including possible loss of money. value. the multifactor ETF and mutual fund. and low trading liquidity. 100. but we don’t have perfect confidence in any of these types of approaches. which never endorses factor in- vesting outright and is even headlined: “Vanguard to Introduce First Actively Man- aged ETFs With Suite of Factor Funds. But there’s no guarantee. and owners of the Shares may acquire those Shares from the Funds and tender those Shares for redemption to the Funds in Creation Unit aggregations only. plus two multifactor folio construction than expecting one product to beat the market. ETFs are subject co Fo to risks similar to those of stocks.75%.” Vanguard is adamant that it does not want investors to use these ETFs to time the by Crystal Kim . market. That may be true. The funds will embody the firm’s focus on cost: The single-factor ETFs will charge “Our assessment of the research is that we have more confidence in certain factors an estimated expense ratio of 0. CEO of Inside ETFs. be- cause that encouraged performance-chasing behavior. ci on head of the nearly $35 billion quantitative equity group at Vanguard.com on ETFs—five single-factor ETFs keyed into low volatility. in the first quarter of next year. advisors can use a minimum-volatility ETF. advisors think they can predict and control results with particular exposures. and that is just as true with smart beta. an.000 Shares. Inc. to lower the risk profile of portfolios without adding to the fixed-income distinction for Vanguard. told Barron’s. For al a e the promise of factor investing.” Hougan adds. and risky for individual investors. investors seeking to achieve specific risk or return objectives.” somewhere in the mid-30s. 50. .” John Ameriks. Factor investing is an investment strategy in which securities are chosen based on certain characteristics and attributes. OK? CALL IT ACTIVE MANAGEMENT. don’t call it smart beta. investors should n- carefully read the prospectus/ SPLV SPMO SPHQ summary prospectus and carefully consider the investment objectives. 2017 ETF Focus recall Jack Bogle himself curses the day he introduced growth and value funds.000 or 200. Hougan says factor ETFs used to charge 75 basis points. Shares are not individually redeemable.18%. over others. They will begin trading guard says these products were “designed for financial advisors and institutional us l. “To a degree. but the firm is working hard to keep the discussion between active and passive. “Nobody at Vanguard believes in magic. “You But. m e m rp NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE There are risks involved with investing in ETFs. But factor strategies are more about overall port- mentum. Vanguard reifies factor ETFs as a critical piece of armature. 75.000. typically consisting of 10. $836 billion of which is in exchange-traded funds. That’s why Van- strategies in ETF and mutual-fund form. For this no and more complete information about SPVU XSLV SPHD the Funds call 800 983 0903 or visit powershares. 0. nounced plans to launch an entire suite of actively managed factor It’s true that factor investors need to be patient—no factor outper. free cash to spend on product development. been growing faster. with the idea to There is still $14.7% three years deliver business software via the internet. or stock market value $110 force entered the CRM market with sales software. The giants that Sales- n- 70 popular with small and midsize businesses ment bank UBS pegs the revenue to be force competes against generate plenty of that didn’t want the financial commitment gained from moving in-house CRM soft. There are risks. while Sales Cloud revenue likely to increase the productivity of its with their average yearly increase of 22% with much larger players. by gathering more over the past decade. called Sales As Salesforce launches new products. 50 of installing and maintaining software on ware to the cloud at $24 billion. Revenue there is risk of a selloff. larger busi.Ger. opportunity for growth. They could rise devices and operating systems. and its ago. by 24% this fiscal year through January. the model that Salesforce $10. That makes sense. but has record of guiding toward numbers it can hit.4 billion.com shares should continue SaaS. Marketing Cloud. grew 17% from a year earlier. if results fall short of expec- to outperform as revenue rises and There’s often no hardware needed. Service Cloud rose 25%. grew 34%. That could top $100 billion by the end of the decade. And (bil) al a the company isn’t done expanding its menu. Like many tech ’13 ’14 ’15 ’16 ’17 nesses began signing on. e All of this is increasing the dollar ci on amount of business that Salesforce. Salesforce at least has a margins improve. In sales software.50.December 4. because companies tend to spend more on from a recent price of $103. price target of $130.NYSE) agement. SaaS than they do to maintain their legacy an enterprise value. And of course. 2017 BARRON’S 31 Salesforce. company reports. To Close Deals ly and CEO Marc Benioff people turn leads into deals. and well below that of the company’s Americas tations. Salesforce keting and service. $70 78 App Cloud—are growing even faster. That makes the shares appear not growing their systems. headed for more gains. Salesforce’s goal is to double its revenue in the next five years. go via subscription. Salesforce pays its workers Source: Bloomberg decline and was bought by Oracle in 2006.com disrupted customer relationship software nearly 20 years ago and keeps finding ways to grow. and their workers products. according to highest-quality software companies. to partly in stock.5 billion.COM HASN’T QUITE OUTGROWN More Chances . a good place to invest in 2018. Early on. for growth is through relatively young each quarter over the past five years.S. which works out to about 30 times the free cash it years. Canaccord Genuity analyst Richard margins. which can expand its share Today. The practical result of that Salesforce was founded in 1999 by Salesforce appears to have more to win which includes App Cloud. its name. it proved of the remote hardware it runs on. well. That might understate the opportunity. His in software for customer relationship man. now brings in only about a third of "addressable market"–the universe of business subscription revenue. In mar- times for the Standard & Poor’s 500 index. valued at $207 billion. grew 38%. Buy the Stock From This Salesforce by Jack Hough SALESFORCE. its share is half that. with ele- David Paul Morris/Bloomberg The Bottom Line pioneered is called software-as-a-service. a market researcher. and marketing interactions. down from half just it can pursue–expands (see below).6 billion worth of CRM Davis calls Salesforce one of the world’s pushed above 14% from 10. 30 service. have been making strides. In an investor presentation last month. a broad term for tracking sales. and 20% next year. which includes the U.com (ticker: CRM) can pitch for. That growth will be important. at $136 billion. sales force. Then. It’s not that Sales Cloud potentially wider margins. Salesforce m rp is expected to generate next year. Software is updated division. Another obvious path It has beaten consensus revenue estimates Companies don’t have to worry about out. implying 25% upside Salesforce. . for investors is likely to be rising profit former Oracle (ORCL) executive Marc from these giants than to lose to them. That means on more opportunities for sales and three years ago. Sales. but it’s getting close. quickly and seamlessly behind the scenes. in line remains the leader in CRM. revenue for own. works out to Weekly close on Nov. because investors have already awarded Salesforce an ambitious er rs 2016 Sales Service 2017E 2018E App Cloud Marketing 2019E 2020E Analytics Commerce m e E=Estimate Sources: Gartner. or what Wall Street calls its total addressable market. products—Service Cloud. and while they were late to the cloud. But newer 86 us l. in 2018 to $130 seems achievable. but also can access programs across different enjoys a market share around 40%. including Oracle. Operating margin has already Benioff and partners. shares. Its cloud. after new ones. Marketing Cloud co Fo revenue from existing customers as it goes many). reaching $20 billion to $22 billion. UBS stock market value of $75 billion. of 29 times his 90 software that customers can pay for as they embedded in the price of SaaS is the cost free-cash-flow projection for calendar 2019. versus 20 only worth their premium price. they no 30 their own machines. and its benefits are well known. Salesforce founder based software designed to help sales. its Cloud. It could top 20% in three to four At the time. Overseas markets offer one vated stock valuations can come an elevated Salesforce. revenue there is still growing 95 at a double-digit yearly clip. or $12. New markets and fatter margins could send the stock up 25%. spending for in-house systems. There. A 25% increase nothing to install. It competes But last quarter.com (CRM . because adjusted for surplus cash. 105 is slipping.. Invest. to count over time. The good news is that Salesforce looks more than 20% over the next year. Siebel fell into Salesforce said it expects to grow revenue companies. Salesforce Platform and Other. and SAP (SAP. Siebel Systems was the leader estimates by Gartner. what we’rewheredoing you can purchase Rodgerit Baker.overseas and how to$15 trillionfor prepare impact that ar- had worked on Amazon’s digital assistant. Tencent cyberwarfare. and tellvice you the ingredients president in thisanalysis of strategic neural-network-backed at claimers that say it’s just for education. So I was this and other information. somesays serious the world is coming to grips with the cate it. what are the al a for some time. people from industry to help us understand It is continuous. rationalsameto share figureofoutthese how markets you act thatin they do dollars. with Tencent now at 398 Hong Kong letting income your to you buthands reduceoff yourthe taxwheel your Fund Shares. industries. and might recognize.did Ultimately. In including Will machine learning affect any recognition and translation. mentioned North Korea casts on theirand third-quarter target prices for the stocks? confer.Hong Kong HK$398 and howAt Barron’s. automate the risk.a suicide mission. says. .com/amlp or call surprised cover? Is it going to transform Detroit or insurance underwriting? So which companies do you talk to your views the week’s price action as a revealing moment for the agingresearch clients about? “quiteanalyst. ent and look further over the horizoninvestment will portfolios Alibaba from the Group Holding threat of North / BABA $177.C. remain the established So howones.Ken Sena’s Picks… And how is Alibaba exploiting these called Aiera that issues Buy and Sell calls be eliminated.story. like “beta” or “operating margin. Also Twitter feeds see that coming anytime soon. Then they emerging much more about enhancement Tencent Holdings / 700. it will be way a question down my A) Are the list. what articles. Baker Aiera? For personal non-commercial use only. they doand themselves. about 60% of mobile time spent is Investors Next thing youshould carefully knew. like Amazon. BRING AMLP INTO THE GAME to get it off the ground. Senate preparedfrom like speech the of nine nuclear-weapons world size the amount states.with “What Amazon out to mewithisthe stands[ticker: online likely to spur athe neighborhood high-tech arms race customerthe of between support—is U.176 technologies? on nearly 550 stocks.is one. and sell of the AMLP couldn’t the previous week. embrace this new seem investors retailassuaged experience thatand cloud-services North Korea is a plat. Returns of capital distribution are not taxable Thinking about which companies off a nuclear bomb. understand what sentences. He said I’d have The cost in both time and money is sur. discount. she starts to with the robot crowd since September. Inc. the latest 12. of us had during our newslection. vance when she sees mention of measures It also raises social questions.com AMZNfolks jumped in with a mix sanctions. You tificial intelligence disruptions—shipping routes iscould expected be to have over Alexa. make Fund for Anhow learning investment on distributions the data. a situation what is your price target? when you have near-zero AMLP Shares ment.” hecan see there is an oppor. You could say the same My target is $1. How do of 11/30/17 Source: Bloomberg tennis racket from your desktop unknown threat. a geopolitical computer intelligence era.” if have they little don’timpact necessarily on North haveKorea’s the actions. Aiera automation or replacement. who is the head of AI for the pieces of media information fed into Aiera a search I ran in Sentieo. The Fund is taxed as a regular corporation for federal income purposes. when millions of lives are at stake? they are going tosnooze send you to pages button. and about 10% of automotive parts.the internet itself. because the The room fell silent—not a common occurrence at more ICBM [intercontinental ballistic missile] a call more It is not necessarily about wholesale market opportunities? have the largest mobile payment platform caught up with Aiera and Sena to find out stock moves accordingly. the return on an investment in thealgorithms Fund will be start to act Adifferently. for example: “Almost all do you use data science angle intonews do events.08 KoreaIt ising $1. North Korea vs. only in passing.A NEWS MEETING A FEW MONTHS AGO. into other without10 toany15actual years. $14 billion. Stratfor. To reprint or license content. the a nuclear but frombomb. Amazon is applying AI across its eventors of: list. Nuclear er rs Barron’s: What led you to machine You report Aiera’s Buy and Sell recom- words. Algorithms arecorrespond rules her(before fees andand own reports expenses) generally providing her own to the price and yield performance of its underlying index. During business withthe 13 days oftrading the Cuban platform. Butthat in the the software theare act deferred will accrue differently Fund involves interprets “algos” equal in risk. quickest in our portfolios way to get there. and we’ve been learning about work as analysts. without six months. the market react? The second The Dow bucket is the Jones Industrial they that’s another services Average industry Paul Bracken. tions about stocks that go up or down Unemployment. the stories they write about this particular better than was done youintalk the stocks past. If we “The Mobile reality is data are moved we’ve important intodrivers a of how a clear idea where it could go. the federalThe income tax rate validity applicable tests show to corporations currently 35% and an assumed rate attributable to state taxes.” usually Paulsen leadsays. Depending the taxes paid by fund as a result of income and/or gains from investments and/or the sale of MLP interests. by the time carefully I wrote aboutbefore the projectinvesting. Bryan on any given day.Hong we have the second coming of the Cuban missile crisis. feed these algorithms theondata and the say. firm.275. coders. including and acts to machine predictions. If ing Google for its research investments. Reproductions not permitted. Google money is can use thisfor positioned science to come the risk. extending forAIinstance. AtD. bull market. according to bility withboth industry extremely high tially best positioned among our coverage implications. you consider were talking the investment to investors how you mightobjectives. chief investment strategist at the Leuthold Group. of The Second Nuclear made Age. typically in blocks of 50. Only market makers or “authorized participants” trade are useful and proprietary? wrong? Should And C) Do be aTheir there cloud on risk trade business a North is aKorean to tunity for them that might actually be big- bridgemissile directly with the Fund. it over that time.Unemployment? Amazon models. China clients will potential about represent nearly half m rp online travel business called Lola. investors cloud can’tcustomers. Alphabet. someorpoint. too.430 over atest. for a But alsoinvestors. war which with an is like PayPal. Do not edit or alter.com summer.” for we are talking about a technology that has addressable market opening into new Investors don’t credit Google for those op- instance. a certain amount of media bias can in a better position to assess whether or by AlexaboutEuleGoogle and Alibaba.17 And at Alphabet’s Google.” But Bracken. One bucket is going is andto be way in understanding academia Stratfor is advising machinecorporateuniverse. co Fo have conviction thatnoAiera What other kind of opportunities? AI opportunities make it worth? to explain to him what I do. and an important takeaway for investors to get vice that somehow trumps mine. turning point. 4. and no one and from major universities cares./Then Amazon. which We thatelectshe to be treated as continues to“regulated get better. reduced. our weekly meetings. please contact Barron's reprints department at 800-843-0008 or www. in North The opportunity Korea remains to provide a (ETF) prior to investing. so “It’s welowsee Alibaba proba. like Amazon. and extreme weather. class research analyst.Until at least and an abilitywhen we psychologically. But if you world.” that AI heplatforms understand told Barron’s. given the capability. that I would use to try to repli. on not a particular stock is oversold or over.intelligent In hisequity view. Korea is responsible for 17% of global semiconductor work and Aiera’s will dovetail. but Wells Fargo makes sure andthreat AI willwas helpbuilding the likesover of Amazon. industries—allowing them to sustain their portunities and are maybe even discount- by Bill Alpert Aiera. North Korea.djreprints. Diversify and add income potential to your portfolio. innovation after North and growth will become Korea tested a downstructure possi. we’re good at finding the investingthe nuclear science. thatfeared? Patrick James Miller for Barron’s is closely tracked. over the summer: “If someone firesup with and an understanding moresolutions manageable for industries and thus less are chises globally. meeting computing. ability of military conflict—which we still like assessGoogle—but is 20%—but also wefromexpect transactions— Alphabet / GOOGL 1. They Thealgorithms Fund seeksand investment results that data. I asked him if he calls are improving.” official recommendations. the distribution than taxes income the algos Then rateitofbecame were her for any future taxpredictions. what we were expecting With Alphabet shares at $1.” —Ken Sena they have access tolaunch? computing? many industries that will find themselves ger email: what they could get from just Our thanks to you. we credibility with investors. It is really of bewilderment and shame that we were actually hav-GoogleKnowing was verythere’s early in understanding a one in five chance in of China. financial-data platform. why Amazon? Oh. please visit alpsfunds. Amazon in our is at is portfolios thegoing top ofto bemore efficient Stratfor’sthan whatdownplays Baker exists currently— the moral hazard angle. But if you crisis in 1962. to we’re willingAlphabet to give[GOOGL] a tax policy and that Alibabano oneversion leadingof this to even moreabout $12 billion investment to alsointelligence.when But he you are up sums looking the same at dataview most If col. how ly KEN SENA HAS BECOME QUITE POPULAR and Facebook. from therisks it re-emerged algorithms to theirtoemployees of the estimated the infra. neural network. AI technology can help learn where those two industries I wondered look at the size of the value exists within a particular game afterthemselves. by the time I wrote our first report about the project in September. Just a thought experiment. ton. 832 BBA ARRRRO ONN’’SS December December 4. Autonomous driving chain in tech. to drive we canthose data signals accurately say that sales.5%. has insights on some media that you or I ing the conversation. You have thou. charges and expenses of any exchange traded fund industries that your colleagues Jim Paulsen. “This really is trying lower income and a reduction seeing where it will go.we get sayssomewhere growing in thenonuse tension the aKorean platform like Tencent’s for peninsula Very. We’ve been working on it for roughly soared to enhance a new high ourthe offer to others. If designs and basis in Does she have any MLPs owned by the Fund “Artificial on your job? were treated as intelligence corporations for UScould represent federal income anitopportunity tax purposes. and such? you surround what she says with dis- Just three companies in the change Standardyour discounted & Poor’s 500 cash indexflow fore. Companies Japan’s Nikkeilike Amazon rose 0.inasAI services the U. With AI busting out all over. a functionpartnership the underlying of how good and howwith liability associated did (i) wethat n- loss of principal. Every week there is some new develop. gets spent annually China.” that AI could OK. not neces-basedthatonimproving. introduced an artificial-intelligence system nology. our news you meeting content. Using this type of tech.S. given that inves- So. where a Yale Google School of has Management professor and author servicesalpsfunds. and South Korea’s marketcan wasturn their leadership essentially flat. That’s partisofproviding the world into from ad-is safe their North operations and supply Korean aggression. Correct. a geopolitical consultancy. What do could automate what I do. But she decides. Aiera was already writing her own reports and providing her own predictions. at have work. they latest provocation doestake notinincrease data signals through search— the prob- electronics talkative and our cars autono.” are says the two critical Sena: A few years ago.com/amlp we hope this technology will You mentioned Tencent. Holdings Holding on the[BABA]. It’s 24/7. The NAV of Fund Shares will than mobile and maybe bigger margins” when than the to it comes Because stocks.” he says. wage growth… was much lower than where they are high could they go? when the Wells Fargo Securities analyst can move a stock. wherebuy Aiera canshares do something that on that is bigger than mobile and maybe biggermay than capability? B) Do they have actor thatdata sets undertake won’t that form. the Dow fell nearly are searching a total ofa just half-billion shoppers and one 3. over a short time period.036. because changed by AI. theonlikelihood advertising within action of military on Tencent.000 data sources get pulled into starting to recognize the investment rele. my list. Why Do You Like Amazon Shares?” You're not likely to find MLPs in your large cap equity fund. The see portion of MLP distributions considered to be a tax-deferred return of capital as well think about industries some effect on. A faster pace of learning. in If how they go after the the world’s differs sarilyfrom most investment determined by human companies. We’ve that really heard it won’t even have Group understands. tests andAnd with forAnt Financial. the Alerian MLP Infrastructure of the industries weisfollow.. and to Aiera. right? Healey. alongside of ours because they give people uncomfortably last week. It afalls into two buckets. including Bryan sands of media sources and a half-million ence calls—and even then. Infrastructure master limited partnerships (MLPs) are subject to risks specific to the industry they serve including.com.to 18-month “This period.5%. day after the test.” How does Aiera work? 1-877-398-8461. in artificial have the largest gameand robotics. to theseem It would to mark abusinesses. brought up a story idea: how toPrice protect risk of military conflict in North Korea hadn’t Whatactually is so interesting changed follow. This represent an opportunityPaulsen that’s the sentiment check makes him “more cautious on thetalking saysbigger risk about several could have thetrillions perverseofeffectdollars. Recent With Amazon trading around $1. the “artificially intelligent equity service we containing provide. Wells Fargo Securities Streetwise “I was surprised that. [700.shown platform and the toleading a willingness hit the business-to- Alibaba. But I would still say that myDURING abil. andgreat China. But what if they’rein search—you control. your price target is what? machine-learning technology known as a ity to lay out a fundamental idea to colleagues a cli. Alibaba stock is now $177.eule@barrons. The ETF is not required to make distributions or programs. The Fund’s after tax performance could differ significantly from the underlying assets even if the pre-tax performance internet itself. haps. growth rate over a long period of time. bought. the individual. Even as the nuclear mendations. about Alibaba is us l. more aefficient of enabling tragedy. from Google And then. the Market . power If youwon’t are searching help my sleep. they quick to apply andGenerally. said this week that the Media bias? Company / Ticker today. for them. Aiera uses the ONE OF MY Eurasia Group. I met great people. platform in the Index. “It tells you something about sentiment and how muchAiera.anywheremy elseparticularly data close on the planet. Aiera might be growing today. we started inviting Facebook. your mobilewar devicemayonbe thethe one thing million weekend. the jobBut Prices thisasone was different.investment So. could result in a leg up. Data scale and learning? How current are the feeds from Twitter. We report Aiera’s But thepredictions risk hasn’t gone what away. At what point does Aiera start to a tremendous capability for automation. as poten- m e Ken Sena’s recommendations are the Google arguably leads AI. management teams how doesremained your study of the relatively mum. That are whether will the hedging ultimately nuclear make Tencent no as (ii) capital we’re usedappreciation to—these algos of itsare investments. Street and at the companies he recom.000 Over 1.S. missile So they have You obviously think thatloss machine “If someone fires off stock or industry are negative!” Corporate America has been at its own for learning that research. She is a secondary market. we go back five years and look at our To the extent that I’m making predic. in the value of your investment in the Fund. teaches the bridge rarebetween businesses business-school and customers. a story in Barron’s has additional continue to have an advantage over Aiera and the potential for nuclear war. have China’s facedlargest with an cloud-services mends.” the firm wrote in a note to clients. than alex. artificially beginning was simply to be able to explain to pass tax reform.” and computersupply-chain hardware. and other side Kong]. which also makes our Aiera will learn from experience that. my calls greater efficiency. For a prospectus to Aiera. portion ofYou the are Fund’s distributions are expected to be treated as a return of capital for tax purposes. My goal in the the Dow crossed 24. aboutappears defense issues. Health care— I’m targeting $225. players Washing. 2017 2017 December December 4.com Fund distributed by ALPS Portfolio Solutions Distributors. chains for “You’re basically talking about undermining the entire global supply I told him a little bit about my role. I’d companies” to avoid paying entity level income taxes. permanence of our investments. What dataare not individually sources redeemable.036. nuclear threat. So she watches articles written by provide better services than I do? I don’t That will affect society. per. 64% of memory chips.” “Aiera. as one of the original team members What investment was required to build an interesting senseballistic of whether or not missile withherthe ble for scaled capability of striking who have the data– could see Google blocked. Barron’s and others. Ultimately.000 for intotheleadership first time.176. Please read the prospectus that.technology they are going to send “This you is the to worst a store type compute of risk toefficiency prepare for. Investors does Aiera use? sheshares. 1. of the equation. very broad stroke—it is a function of in September. but not limited to: reduced volumes of commodities for transporting. Aiera was already writing Yeah.75 ci on how machine learning is working on Wall It is not something that we tell her.conflict. does the gaming damage opportunity somehowand extend those fran- become also be reduced by the accrual of any deferred tax liabilities. how muchIt is harder credence AMZN]. havewhatofwe’re data doingscience. changes in regulation. it will have a role greedin is pretty in prices all We muchversus fear. they e mous. 4. he explained some of the products and their heads around. 2017 2017 BBA ARRRRO ONN’’SS 339 Are MLPs part of your starting lineup? An Interview With Ken Sena Senior Analyst. those twowho low. so you could see Amazon’s continuing to focus on the ads themselves. prisingly little. consumer– notes that outside Southof search. thestay tuned. Twoindays cloud services after A sample report the test.HK$470. when a dividend-growth portfolio might have trailed a sport that resembles miniature tennis and is popular panies that have little or no debt and a history of increas. they’re rolled into new ones that pay out more as interest to the real estate bubble of a decade ago.” A correction doesn’t mean a recession.” he says. laddering to curb interest-rate risk. J&J (ticker: JNJ). municipal bonds. Moeller favors dividend growers.” secret sauce of what we do. sauce of what we Typical Account: $2 million ness. And don’t put yourself in a position where sleep well. No. Moeller’s approach to bonds is as conser- “Don’t ever stretch for yield—eventually you’ll get your Acme Widgets boosts its payout by 10% annually. Moeller points Moeller wouldn’t name specific companies for this story. The bulk of his fixed-in- no arm cut off. set. “Those are usu. say.” he says.” n- shoulder to shoulder with his father.5% a year and has come out looking pretty good. “Always buy quality in all asset classes. and don’t ever stretch ADVICE for yield. But the advisor among the older. now 47. “but I don’t drummed into him during 11 years working see it happening right now. he reasons. Moeller earned a Government 3% m rp business degree in 1992 from the Kelly Alternatives 7% School of Business at Indiana University Cash 6% Bloomington.275 billion for 1. “This little division in J&J was growing so fast that they took a chance on me. where tennis players go to die. Ron. Mo. “I tell [clients] that we will have Moeller’s core investing principles were another recession. insists he has never bonds. his father. a father of four. however. “Do you have any idea what we have in do. “My whole goal is to be consistently boring. Developed Foreign 10% advisor ranking for Missouri. Jay Fram for Barron’s ally the investments that come back to haunt you. the younger Moeller explains. you’ll vative as his approach to stocks. 2 in Barron’s financial. Louis native. ly MICHAEL MOELLER’S BOSSES AT JOHNSON & The Strategy Johnson were incredulous when their up-and. and he believes in you might have to sell an asset at an inopportune time.” he says.025 ing to join his dad’s financial-advisory busi. 1998. mortgage-backed securities were often recommended to a stock that might fit well into a core portfolio. an advisor with increasingly being built into Wall Street’s ex- A.” That business value of a company’s future dividends to deter- was Janssen Pharmaceuticals.G. 50% says the advisor. investing giant Vanguard Group re- he succeeded. al a e it looks pretty smart. and I love investments and people.” Moeller says.” says Moeller. Smart Student by Steve Garmhausen . As a buyer.tech-heavy one by 20 percentage points. a fast-growing Moeller builds his portfolios around established com. kids’ soccer teams and follows their dance competitions. Savvy Teacher. now a key unit mine if a stock is cheaply priced. “I’m told it’s ing their dividend.” he says. kept recruiting him. Moeller likes dividend growth in store for you?” he remembers being asked. he says. coaches his clueless clients by equally clueless advisors. He has been stockpiling cash in second-guessed his decision. Bonds 20% m e leaving them free to find excitement elsewhere. Moeller few are. and cash. but rather. when complex but his old employer. its opposite. know what you own. “Sticking to high quality is the come allocation is in municipal bonds. And in hindsight. so he has been holding a lit- worked there for a little more than four tle more cash than usual as he waits for attrac- years as a sales representative. Moeller’s approach wasn’t an easy sell in. “Sticking to high Location: Chesterfield. coming executive announced that he was leav- on quality is the secret Clients: 1.S. Munis 10% Corporates 7% A St.025 clients. pectations. Right now. He’s also an avid convert to pickle ball. J&J has in. In his free time. As bonds mature. Now part of a six- person team within Wells Fargo Advisors. us l. Edwards. “It was a chance to work with cently said the odds of a steep drop are 70%. He then applied to J&J. His wealthy Emerging Markets 7% clients rely on Moeller to engineer a rising income stream over the course of their lives. my dad. is an example of rates rise. 2017 Michael Moeller of Wells Fargo Advisors learned a few good lessons BEST from Dad: Buy quality. but during tive valuations to pop up. stocks and a laddered portfolio in Moeller. Moeller didn’t get where he is through in- vesting in daredeviltry.creased its dividend for more than 50 consecutive years. of J&J’s pharmaceuticals business. 34 BARRON’S December 4. If inflation grows by 2. ci on Moeller (pronounced “molar”) manages $1. And a correction is that time. . By 1995. sometimes less-mobile.” he says. know what you own.” Stocks 67% er rs U. Above all. Moeller. Moeller calculates the present co Fo “The boss was desperate. he says. anticipation of a market correction. December 4. e on ly . 35 . 2017 no n- co Fo m rp m e BARRON’S er rs ci on al a us l. The SPDR S&P as of Sept. respectively.7 23 72. like the three below. “Not only do they begin buying lion in assets have a common-equity Tier 1 capital *2017 Estimates. One bank that could benefit is Comerica. when bank shares Recent YTD P/E Div Payout Assets tution. hitting the $50 billion asset mark. share buybacks.5%—“well smaller banks. classifies as systemically important financial insti. have plenty of excess capital on The stock trades at 15. A lighter regulatory burden could provide ratios—the percentage of earnings paid out to a further lift—especially for shares of institutions with $50 billion to $100 billion in assets.32 that Wall mittee calls for raising the threshold for being their balance sheets. existing 2020 Morgan Stanley earnings estimates.6 their smaller peers. estimates. company reports back stock [more than] one year later than the ratio of 11. 36 BARRON’S December 4. his current estimate of $6. Tier 1 capi. potentially boosting their earn- .Tier 1 capital ratios considered adequate. CIT had just under ly tutions. Admittedly.18 a share.8% 14. $50 billion in assets. “If you could boost [return on equity] through reducing the capital base.31 22. [and] enable us to grow our loan portfolio Some bank stocks have benefited from rising organically. and deal making at smaller financial institutions. Company / Ticker Price Return 2018E Ratio* (bil)** were frothy following Donald Trump’s election. share prices.3 Comerica is expected to earn $4.CIT at $4. considered a systemically important financial insti.81 it is likely to earn in the current year. due to an effort in Congress to lighten the Changing the size regulation could also spur on regulatory requirements for regional banks with mergers and acquisitions. Banks in the $50 billion Changing the SIFI rule would remove a big hurdle to could benefit from a higher to $100 billion range would be released immediately after higher profits and share prices for regional banks.” quarter common-equity Tier 1 capital ratios were 11. These have been edging up after hovering around 30% for many large regionals and money-center institutions.) ever. and deal making. from $50 billion to $250 billion. which had $48. 2017 A proposed regulatory change could boost profits. or SIFI.Many regional bank stocks. 2020 is more than two years away.55 15. banks with $100 bil. 17. given their concern about be good news for shareholders. versus about 20% for the engage in mergers with institutions. of that size have more than $18 billion of excess Banks with $100 billion to $250 billion in assets capital that could be freed up. and CIT Group (CIT). a crisis Dodd-Frank Act and applies to bank holding Dallas-based lender with a big focus on commercial co Fo companies with assets of at least $50 billion. He maintains that 2020 earnings estimates for CIT says Ken Zerbe. ings sooner.3%. the sec. compared excess capital at withstand a financial shock.” short-term interest rates and the prospect of tax Another benefit could be higher dividend-payout reform. Goldman Sachs analysts have estimated that banks CIT Group / CIT $49. research analyst at ClearBridge Investments. Zions already running very close” to the 9% common-equity The Bottom Line is a more appropriate long. credits. thanks in part to the recent heightened regulatory scrutiny and higher costs.62 a share. Zerbe foresees share repurchases boosting per- m e for bank valuations.69 a share this year. respectively.” says Stephen Rigo. Strauss FOR THE LARGER REGIONAL BANKS THAT UNCLE SAM the threshold rises.Bancorp (ZION).Zions Bancorp / ZION 49.capital against all of a bank’s assets. The rigorous Comprehensive Capital Analysis and Review.1 15.7 16 65. an analyst at 13. And it would get Zions to $4.5 billion in assets al a e tor has underperformed this year. could see an average 12% increase to creases. 13 by members of the Senate Banking Com.5%. Among the banks he thinks after the revised rules take effect. 30. as proposed. Lifting the Lid on Regional Banks by Lawrence C. While some bank stocks have perked up recently Joseph Ficalora. but several of the larger banks are no above the 9% that we believe regulatory asset threshold are Comerica (CMA). he m rp could also free up more capital for dividend in. Bloomberg. Comerica / CMA 83. dividends. and 14. us l. they no longer Street expects the bank to earn next year. down from would have to undergo the Federal Reserve’s annual CCAR exam. and 13%. how. . regardless of Standard & Poor’s 500 index. though it previously had been considered a SIFI. that would be a tailwind er rs shareholders.3 15. sale of its commercial aircraft-leasing business— Some of that could be rolled back soon. which is part of the post-financial. and a lot could But a bipartisan agreement announced on Ready to Rise happen in the interim.7 times the $5. Raising the bar for term target for the group. **As of 9/30/17 E=Estimate Sources: FactSet. told analysts recently that raising the Regional Banking exchange-traded fund (ticker: asset threshold “would facilitate our ability to ci on KRE) has returned 8%.3%.2 18% $49.84 16. Zerbe adds. And that would have been wary of. this year. adjusted for riskiness. which regional banks assets of $50 billion to $250 billion.54 a share. size. It Those in the $50 billion to $100 billion range. That would put the forecast for important” could free tal is the core cash and stock Under the bipartisan agreement. The ratios weigh Tier 1 Group and Zions could rise from current levels by 14% Michele Marconi for Barron’s financial firms to be rated “systemically Morgan Stanley. whose third. Bancorp (NYCB).8 times at the end of this year. regional banks. it’s expected to make over $18 billion in that could allow a bank to lion to $250 billion in total assets would be released from $3. banks with $50 billion to $250 bil. there are major drawbacks—in particular. 30.43. Zerbe maintains that the bank has the fi- includes an annual financial stress test and a nancial wherewithal to earn 22% more in 2020 than capital-planning review. the more stringent regulatory requirements 18 months with the $2. but the outlook is promising. (As of Sept. Nov. CEO of New York Community on the possibility of less onerous oversight. a senior share profits of banks with plenty of excess capital.0 don’t stand to enjoy as much earnings upside as n- On average. They’re likely to get a boost if. as well as through acquisitions. 0 higher commodity prices. dex—14.NYSE) fortable enough to raise Emerging Markets 6. the Koch brothers with Meredith stock up more than 10% In Canada.1 billion. Looking ahead. (By comparison. one investor calls a “kiss. after converting those is 2%. to 52 cents The preferred shares also came with mance since the deal was announced. according to a secu.the third quarter. a roughly 10% yield on the preferred November levels. The $328.Europe 7. to 75 cents a but could be valuable if the stock America (BAC)—preferred stock and the rest of Asia-Pacific. which dividends. which had been hit by a publishers announced last JPMorgan Chase yields Lofthouse.0 Measured in British ster.S.NYSE) leading issuers of pre- Weekly close on Nov. Meredith wouldn’t comment up 12. regions are feeling com. Des Moines.(MDP . private-equity firms. In 2016’s third quarter. Europe ex-U. But adjusting to Foods (HRL) announced it will raise its five-year options aren’t in the money yet has made in companies such as Bank of the yen.” He pointed out that tracks the dividends paid by the largest crease by 7. with China Koch brothers’ $650 million investment its offer for Time’s equity? It isn’t easy the Janus Henderson Global Dividend In. But it’s important to re. dividends which the company is raising to pay for ly AMID THE HOOPLA ABOUT THE BILLIONAIRE quarterly rate in three years.plied yield is 2. Dividend This year’s third-quarter Apple (AAPL).S. Strauss A sweet deal on warrants cuts the effective cost of the Koch brothers’ investment in publisher Good Global Growth Meredith’s acquisition of Time Third-quarter payouts increased in every region A “Kiss” for the Kochs STRONGER ECONOMIC PERFORMANCE GLOB.—Exxon Mobil (XOM) and attached to the transaction has gotten investment-grade credit rating of single- us l. payouts rose by Elsewhere. terms on that portion of financing. to $1. we’ve seen most of the econo. and Taiwan. SPAM and other food products. dollars Henderson forecasts div. $1.) 4%.down fractionally. But those mon stock at just $1 per 50 reached out to several m rp range of sectors and North America 10.88. amounted to an equity bo.1%. Hormel Meredith common stock at $70.7 panies across a wide (AAL. Banks are the come team at Janus Henderson Investors.200 firms by market value. 2017 BARRON’S 37 SPEAKING OF DIVIDENDS n by Lawrence C.) ger pickup in economic Third-Quarter growth than we ex. In emerging markets. where overall dividend the higher dividend. the warrants. received 1.S. also saw McCormick (MKC) plans to raise its that typically pays a fixed dividend. share. divi. The warrants. includ- ing Rio Tinto (RIO. little attention. In- 10. In Japan.2 companies are doing share. the Koch investment. B. up nearly 8% from 78 cents. quarterly dividend by 10. The pharmaceuti.5%. sectors. divi. Many banks there had in magazine publisher Meredith’s acqui. Ceryanec said the equity dilution local currency. thus mini- in the third quarter. million.” adds Lofthouse. Those war. Iowa.to determine.5% over the prior year’s third lower payouts in the quarter.85 billion in cash for New York–based tors.1% locally. Janus $67. dend payments in the third quarter. Payout trends also improved in the Time (TIME). them. Could Meredith have gotten better CEO Warren Buffett as an alternative to Australia benefited from higher commod. according to rose 3% in home currencies.5%. “For the first time not quarterly as is the case in the U. Janus Henderson Source: Janus Henderson Global Investors idend growth will in. Payment records were tive dividend increase for the maker of about whether it approached Berkshire set in Hong Kong. Its implied yield options to purchase 875.5%. dividend payments fell by a share from 47 cents.was boosted by a special dividend paid by Andrew Bary . even in areas Japan –2. . bank preferred ci on since 2010.… ferred stock is a senior form of equity from the warrants is only about 3% to no prices helped. the two major magazine stock from leading institutions such as mies around the world growing. rants are now worth $110 Weekly close on Nov. thanks to rities filing.” He Time Inc.weakening of the pound following last week. which 15 options. the largest being aerospace and defense. They have time value now.K. commodity firms.dends are often paid once or twice a year.Hong Dividends increased at the biggest Kong). Meredith (ticker: MDP). shares trading Friday at get.…Earlier this month. There were also some big dividend cuts in the mining sector. the Time transaction was 1. dollar terms). aside from for 40% of all dividends paid out globally Meredith preferred stock. dividends there rose by 6%. year change in U.50. dividends rose 17.” Meredith Chief Financial Officer Joseph Ceryanec told Bar- m e 36. or 2%. to leave the European ment. dollars.5 they only recently cut Note: The growth reflects the year-over. a private-equity $70 ferred stock. dividends rose 4. shares.December 4. ron’s of the Koch deal. he noted the strong stock perfor- improvement. with increases in all U.” says Ben United Kingdom.625 million 10- year warrants from Mere- 65 60 “It offered the best economic terms. Australia. sition of Time Inc. the U.000 shares of The Koch brothers got a deal similar 2% in the quarter. director of the global equity in. Its im.2% 55 dividend growth. year’s referendum in which voters opted Koch Equity Develop. and equity upside in co Fo Global 14. warrants. payouts climbed 11% in up by a penny. or outright equity.UK). with Meredith $20 the Koch brothers didn’t like mining and oil where ling.6%. (Pre.A) figures to U. “We United Kingdom 12. That compares with flat performance last nus to the Koch brothers M J J A S O N 10 done without an equity In North America.5%.Dividend pected. only two are based in over the Time properties—a sweetener company is expected to have a below- dend payments fell by 3. 30 a board seat or two. With the Meredith equity. Meredith about 5. which accounted year and a decrease of 2% in 2015.S. increase was helped by a member that in many countries.S. by China Mobile (ticker: 941. based on our calculations. growth had slowed considerably in re. and Anglo American dith to purchase its com. which could have meant a relatively Payments.…Merck (MRK) declared a transaction. said most of them wanted (TIME . 30 “There has been a stron. a semiannual dividend of 84 cents a 8.yield 1. “Com. Those to what Berkshire Hathaway (BRK. dividends were share from 68 cents—the 52nd consecu.” Region This has led to better Asia-Pacific er rs Dividend Growth Union. In annual dividend by 10%. based in high yield on a preferred deal offered in al a strong showing in all re. Hong Kong’s average payout ally translated into higher corporate divi. Adjusted for the current value of vestors appear to like the transaction. the stock would have invested about $540 million in the last week in the aftermath of the deal. appreciates.25 trillion. Walt Disney (DIS) declared which carries a rich dividend yield of mizing dilution to Meredith holders.6% locally.6%.—and whether the Meredith executives said the Koch on quarter (in U.6%. They are effectively getting Shares are trading 30% above their mid- n- cent years due to struggling energy and quarterly dividend of 48 cents a share.2%.4% this year.UK) business controlled by Charles and David Koch. Meredith via warrants.S. Recovering commodity cal giant’s stock’s implied yield is 3. ity prices. for buying $650 million of Source: Bloomberg component. to Of the 10 largest dividend payers in brothers would have editorial influence brothers’ investment was attractive. has agreed to pay the open market to institutional inves- e page M39 gions.8 much better. Sears quotes Investors in U. m rp important. Lower inter. Is the current for a short time period. end funds that have done this. and Orange County. markets are com. If one is forced to liquidate quickly could be further from the truth—derivatives rate increases in the future. and the discounts to net asset value are weapons of mass destruction. Warren Buffett’s statement. but not enough to create major concerns for busi- ness. it isn’t just municipal closed. and it should. and the only way the and highlighting the characteristics that To the Editor: Japanese can afford to pay the interest on allowed them to outperform their open. 25). Fla. can get investments. Inflation has fallen from 5% in Information. Kamaan Hafeez for Barron’s cause economic stagnation—or worse. This will enable option markets. Sears mentions Thomas Pe- tive discussion of the pros and cons atten.S. est rates cause lower inflation. move should be forced to buy protective certainty to the investor. Many closed-end funds have prices to signal the size of margin. Prices in most coastal areas CHELSEA PRIM have matched or exceeded those of that Shawnee. It might be prudent for the cen. Nov. More Kudos to Randall W.com. share the same ineffi. 2017 Mailbag “Is the current 18% risk premium offered by emerging Mailbag markets sufficient to warrant taking a plunge into this shadowy world?” CHELSEA PRIM. Any clearing firm at risk of a massive us l. Liquid. This has caused the national debt to “I have a question about my health coverage. Here is where long- term investors find opportunities. But doing this for ity. ately high enough to reflect this volatility. years. Limit- The Fed is right to fear asset values such ing the amount of mortgage interest. prices can drop precipi. San Diego widen.” Fund of Steven M. West Los Angeles. “Derivatives forted knowing that the Federal Reserve’s WILLIAM THAYER tously. AL DJINDIL terest rates and its balance sheet. correspondence must bear the economy by budget deficits—for the past 27 writer’s name. Pa. rather than letting the market operate as such as technology. CME” (Striking Price. The central banks have been suppress. To the Editor: I. ly stock-fund managers provide an informa. ci on to warrant taking a plunge into this shad. 1990 to 0% in 2017. some of its luster. The solution is to set margins appropri- tary and fiscal policy just like we do. therefore present far more risk and un. However. The rate on the 10. often at The Curse of Low Rates prices far above the initial asking price. Prolonged lower interest rates Vista. as as stocks’. ing interest rates for a prolonged period. to Play Emerging Markets Now. Japan has during times of market stress. are modern reason’s and finance’s solution to complex financial problems. Multiple offers are made in hot spots like Silicon Valley. a long-term basis (“Want Muni Bonds? Cboe. Fed Chair Janet Yellen “has duct from their federal returns could n- described persistent. Japan is an excellent example of this. Futures are a useful tool to manage risk owy world? better. ciencies and mechanics that astute inves. that taxpayers can de- world. halcyon year.1% in 2017. Forsyth for shining Naples. consequently. housing in emerging markets or continuing to rely prices are doing a pretty fair imitation of co Fo on domestic markets an easy one. Kan. Taxes and Home Values dent Donald Trump and the GOP probably will enhance and extend our bull market. 0. Moreover.S. and that’s AL NYBERG not all. is what makes closed. Nov. its 10-year-bond rates up to 3% to 5%. and phone number. JEFF YASS Bala Cynwyd. it’s virtually im- possible to do so without driving the price even further down.” the four lower interest rates. The sooner the U. We’re in a bubble caused by well as state and local taxes (including prolonged low interest rates around the property taxes). Emerging Market Concerns go from 50% of gross domestic product to the light on municipal closed-end funds. could suffer. and. Calif. To be considered for of its export markets. tral banks to raise and lower interest rates tors can utilize to generate alpha. on Although these countries conduct mone. To the Editor: thus making the choice between investing Out here in sunny California. 38 BARRON’S December 4. sub-2% inflation as ‘a tame the animal spirits of real estate buy- mystery’ ” (“What the Fed Really Might ers. Kan. To the Editor: Regarding your Nov. volatile futures on Bitcoin present a including the best countries to consider. sufficient bad effects. Provisions in the new tax bill could To the Editor: bring housing prices back to earth. year-bond has fallen from 6% in 1990 to Look at Closed-End Funds. out-of-the-money puts or calls so the sys- al a e 18% risk premium offered by emerging a prolonged period is going to have really end funds more suitable as long-term tem is not at risk. Shawnee. bid-to-ask in a highly volatile situation. After Send letters to: Japan reached market saturation in many Mail@Barrons. bubbly 2005. funds invested in various other sectors. 25 cover story “How that massive debt is for its central bank to end and exchange-traded fund cousins on In “Bitcoin Futures: Risky Business for . m e markets in the process of normalizing in. as noted in your story. their policies are masked from view. the Fed has made public its commitment to avoid disrupting our er rs Bullish on Closed-End Funds into a declining market. terffy’s reasonable concern that the very dant on investing in emerging markets. Nov. the tax-reform plans of Presi. or lack thereof. We have a chance. Derisking Bitcoin Futures over 250% of GDP. address. Closed-end threat to the nation’s clearing system.” Letters are subject to editing. Without these tax advantages. real Fear: A Bear Market. . the thin trading volumes. painted itself into a corner.” Up & Down Wall estate as an investment class could lose no Street. 25). and demand and prices Let’s clear up the mystery. it tried to goose its publication. spreads widen. 25).” Nothing monetary policy includes some interest. ing to the pre-crisis inflation average. overstimulating their econ. pro. setbacks if they run up too fast. And in been true since 2008. The answer is probably no. As a result. Instead of falling back into recession or economic statistics. terest rates in 2015—all without producing the burdens? Is productivity re- e First and foremost. far alism and protectionism face the challenge of infla.S. etary stimulus. five inated by long-term anxieties about debt. Copyright: Project Syndicate. ity. ating. on rary bubble. lowed by a slump once the artificial stimulus tions become less favorable. The policy has pro.S. hit new poised to overwhelm globaliza- tion and higher interest rates. on. While the market reaches a dangerous climax. as implied by most ci on firing on all cylinders. while Euro. as- roughly 2%. and began raising in. etary stimulus in 2013.global bull market will continue. prices are more likely to rise than fall. the dangers of stock-market valuations. . Europe lagged by seven ing. and weak productivity growth. at least un. But this is no lon. Some And that means that current stock-market Fed is raising rates. by long-term structural anxi- us l. have reached this point. rates.duced positive results. the world economy is “cold-turkey” effects predicted by skeptics. stopped QE com. given high un- spare capacity in China. following the 2008 crisis. The Federal Reserve. we can say with confidence Without hard evidence which imply prospective vided a road map for other that long-term market ex- of rapid inflation. In upswings. has Aftermath of Crisis. the true answers for years. starting QE in March 2015. There is thus almost no years after the Fed. That’s good news for investors. are rising strongly. of U. monetary stimulus shifts toward the benefits of low interest example. That will moderate the best companies may experience temporary A second reason for confidence is that the the negative effects of U. asset understood than when they were introduced created by a coordinated global expansion. pumped up by artificial and un.0: The Birth of a New Economy in the tary stimulus was often compared to an illegal cyclical upswing in profits outside the U.December 4. rather than prema. and shares in even n- 4% or 5% above inflation. psychology considered “normal” monetary conditions—for many emerging economies. performance drug. When this optimistic shift goes too far. investor opinion is dom- omies. ANATOLE KALETSKY is chief economist and co-chair- periments.and recovery began this year. So as quantitative easing (QE). as has chance of a quick return to what used to be years. est rates remain very low. at least until when the Fed started talk- ing about “tapering” QE. inflation. er rs Very low interest rates highs and accelerated from early 2013 onward—exactly employment in Europe and will likely persist. economy contin. But for stock financial impact of zero interest rates and the set markets around the world. and employment that probably has curities at the start of 2014. There are at least pletely later that year. are much better will delay upward pressure on prices normally long as such cautiousness continues. for optimism.S. Europe.vestment opportunities. overheating are years away. ally falling. 2017 . and investors are far from euphoric. but with pectations are strongly influenced by short- co Fo bankers will prefer to risk long and variable lags. causing po- litical upheaval? m e plus the persistent defla- the end of the decade. Japan began full-scale mon.. with the U. But while we won’t know petition. because it was triggered by unsus. But.S. known pean unemployment and Asian overcapacity sive.S. ag- turely tightening. is maturing which pioneered zero interest rates and QE. Japan. condi. set valuations rise exponentially and the bull persist. Mone. as technological break- economic growth for the first time since 2008. tion and competition? Will in- equality be narrowed by job creation or widen. the U.S. or acceler- and China simultaneously experiencing robust secular stagnation. these simultaneous expansions will reduced. valuations. In the first few years This suggests a fourth reason why the Gary Musgrave for Barron’s of these unprecedented monetary-policy ex. ting new records almost daily. which have been rising for man of Gavekal Dragonomics. from collapsing. By demon. and many ask whether markets have entered a period of Many investors still believe the recovery is emerging markets are enter- ly “irrational exuberance” and are heading for a doomed.S. the U. term cyclical conditions visible today. valuations aren’t yet exces- no vast expansion of central-bank money. which would produce a only recently started and will create new in- brief rebound in activity and asset prices. fol. compensate for rising debt al a four reasons for such optimism. busi. And asset prices.S. and the author of cause even greater financial instability. strating the success of mon. even if U. central returns of 4% or 5% above countries to follow. investors feared they would fail or corporate profits. 2017 BARRON’S 39 Other Voices by Anatole Kaletsky Investor Exuberance Is Perfectly Rational WITH SHARE PRICES AROUND THE WORLD SET.ger a reasonable view. tainable monetary policies. And The Fed’s experimenta- tionary pressures from that means that current tion points to a third reason The list could go on and m rp technology and global com. Europe and Japan are speculative assets. have probably hit a ceiling. such as cybercurrencies. plus ness cycles and monetary policy are less syn. are still attractive. profits. short-term interest rates ris. leverage. During recessions. Europe. til the end of the decade. So. for optimism are challenged into a structural expansion of economic activ. but inter- What many analysts still see as a tempo. While U. Can low interest rates many more years to run. markets generally. the Capitalism 4. very low rates will likely chronized than in previous global expansions. at least until the end of the decade. which imply prospective returns of planning to keep theirs near zero. and technological progress.seven years. ued growing and creating jobs as stimulus was throughs suggest? Are nation- Eventually. tightening on as.began to reduce its purchases of long-term se. are still attractive. Instead. All of these cyclical reasons sustainable monetary stimulus. then stopped. it is tempting to was withdrawn or even reduced. eties. ing the sweet spot: Profits fall. 40 BARRON’S December 4, 2017 Which is why we offer funds and . ly ETFs across asset classes to help your clients weather every market on trend for the long-term. EVERY MARKET us l, 4 diverse solutions to help build al a e TREND HAS AN a stronger portfolio: ci on HLIEX GBOSX GAOSX JPIN EXPIRATION DATE er rs jpmorgan.com/funds/4solutions m e m rp LET’S SOLVE IT. co Fo n- Investors should carefully consider the investment objectives and risks as well as charges and expenses of a fund. The prospectus contains this and other information about the fund and should be read carefully before investing. To obtain a prospectus for Mutual no Funds: Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 or visit jpmorganfunds.com. Exchange Traded Funds: Call 1-844-4JPM-ETF or visit jpmorgan.com/ETF. International investing has a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns. Investing involves risk, including possible loss of principal. J.P. Morgan ETFs are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This communication is issued by Distribution Services Inc. and J.P. Morgan Institutional Investments, Inc., both members of FINRA/SIPC.; and J.P. Morgan Investment Management Inc .© JPMorgan Chase & Co., November 2017 December 4, 2017 BARRON’S M1 November 27 through December 1, 2017 Index to Statistics 17 • As Bitcoin soars, there’s lots of talk . “The market can’t about whether the virtual currency is ly decide if Bitcoin is the next Apple or becoming the new gold. For those mak- Flooz.com.” on ing the comparison, history provides some sobering context. Gold’s best year us l, came in 1979, when the precious metal al a e more than doubled in price, to $512 per ci on ounce in the spot market. (Bitcoin is up nearly 1,000% so far this year.) The rally er rs continued into January 1980, when gold peaked at a nominal price of $850. But it m e was downhill from there. Gold tumbled m rp 65% over the next five years, and didn’t retouch its 1980 high until 2008. On an inflation-adjusted basis, 1980 remains co Fo the high-water mark for gold. The Trader Emerging Markets In Like Flynn Bumps Ahead Stocks fell sharply on How to smooth any Friday, but the Dow and coming rocky patches in S&P rose on the week. 3 emerging markets. 7 n- European Trader Current Yield Swatch This Stiff Upper Lip Our Founder no Swiss stocks are cheap, When junk bonds catch a Clarence Barron with good fundamentals. cold, the market doesn’t The best picks. 6 always get sick. 9 Asian Trader Striking Price Milton Glaser for Barron’s Bright Star Growing Hedges Why the world’s most Strategies that could pay valuable insurance firm off if volatility spikes and may be undervalued. 7 stocks fall. 10 M2 BARRON’S December 4, 2017 . ly on us l, al a e ci on er rs m e m rp co Fo Answer the call with the Earnings Tool. The TD Ameritrade Earnings Tool simplifies research on your earnings trades by aggregating thousands of estimates into a single data point. This earnings season, make your most insightful trades yet. n- Get up to $600 when you open and fund an account. no Visit tdameritrade.com/earnings to learn more. TD Ameritrade and Estimize are separate and unaffiliated companies. Estimize crowdsources earnings estimates from professional and amateur analysts. TD Ameritrade does not represent or warrant the information to be accurate, complete, reliable, or current. See tdameritrade.com/600offer for offer details and restrictions. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. TD Ameritrade, Inc., member FINRA/SIPC. © 2017 TD Ameritrade. 20000 And then they weren’t.” he explains. 700 points through Thursday’s close— thanks to solid Thanksgiving shopping re. ci on Headlines hit the newswires reporting that Michael 18900 Flynn. then with a sigh of relief.59.22. finished down on the week. The Standard & Poor’s 500 index rose 1.9%. That rotation might 5100 have exacerbated Friday’s selloff. off just 40. or 2. He contends Barron’s 400 CLOSE 705. to 6847.61 Wkly +2.02 Wkly +1.6%.5%.86 that’s probably good news for investors. “It could n- have been any news.60 points.60 Composite finished lower: It dropped 0.54 YTD +18.” says Andrew Brenner. on Last week.December 4. The Dow rallied back and finished 2285 are likely to see. to 2642. as clear a sign 6525 of a market rotation as we’re likely to see.27 that the move from one sector to another likely made the PERCENTAGE CHANGE: 52-Wk +20. co Fo Yes. all had double-digit gains. The seven top- performing stocks.20 Wkly –0.29 YTD +27. to close at 24. while the nine worst-performing 5575 stocks. head of international fixed income securities at NatAlliance Secu- rities. ly by Ben Levisohn IT WAS THE MELT-UP THAT WASN’T. says James Paulsen. it was algorithms taking over. the Nasdaq. The Dow industrials 2160 gained 673. The PERCENTAGE CHANGE: 52-Wk +20. “Clearly.25 market more susceptible to some sort of surprise. as clear a sign of sector er rs couldn’t have been responsible for the tumble.76 points on Friday.” But the rotation is happening. if not on a m rp high note. or reduce their exposure to the former winners like Face- . “If the rotation hadn’t 680 been happening.59—their D J F M A M J J A S O N largest weekly gain since December 2016. If that’s 560 the case. it might not have mattered. “No way real traders were moving that fast.94 YTD +17. 2017 BARRON’S M3 The Trader Whew! We Dodged a Market Melt-Up . including L Brands (ticker: LB) and 6050 Discovery Communications (DISCA). a former advisor to President Donald Trump. the major indexes were well 23300 on their way to new highs—the Dow Jones Industrial Average had gained more than 22200 us l.231. had D J F M A M J J A S O N agreed to plead guilty and testify.22 400 points from peak to trough in a matter of minutes. Only the Nasdaq Nasdaq Composite CLOSE 6847. had all suffered dou- ble-digit declines this year. AND Dow Jones Industrials CLOSE 24231. including Micron Technology (MU) and Nvidia (NVDA). investors have two choices—either to put new D J F M A M J J A S O N money into what had been the market’s laggards.59 PERCENTAGE CHANGE: 52-Wk +30. as investors begin to shift money into the companies that will benefit if taxes are cut. causing the Dow to shed S&P 500 CLOSE 2642. JPMorgan strategist 640 no Shawn Quigg attributes the shift from highflying growth stocks to beaten-down value plays to the increasing odds 600 that tax reform will pass. home to some of the year’s best-per- forming stocks.” 2535 2410 m e rotation as investors Not for long. however. ending the week. 21100 al a e ports from retailers and progress on tax reform.40 YTD +22. in which Source: Barron’s Statistics the former highfliers could lag but still rise with the market.23 Wkly +1. chief D J F M A M J J A S O N investment strategist at the Leuthold Group.59 PERCENTAGE CHANGE: 52-Wk +26.53 The Nasdaq ended drop happened so quickly that some opined that humans down on the week. 1% in 2016. Services vary by firm. based on projected 2018 $6.80 1286.com/compareus profit margins among the highest at 10.50% $6.39 + 93. its shares tend to surge ahead of sign that airlines have shed their boom-and. S&P 500 Daily close on Nov. overnight carrying fees may apply. Under some commission plans. in in profit margins will begin to narrow. You may lose more than your initial investment. m e inescapable tango.” he adds.7%.21 + 9.” price/earnings ratio.59 + 673. The line represents the price of the Financial Select Sector SPDR ETF divided by the price of the SPDR S&P 500 ETF. *Low Cost Rated by Barron’s 16 Years Straight .95 base earnings.” So he did what analysts should when they see something strange: He found an explanation. Wolfe Research analyst + $0. weakness in China’s 0. And in the market right now.95 base us l. In TD Ameritrade 7.Low cost (Finex spot index) 92.57 (Futures Price Index) 190. SIPC – Supporting documentation for any claims and statistical information will be NYSE Amer Comp.78 broker 2002 through 2017 according to Barron’s online broker reviews.687 2.00 transaction minimum.59 – 41.45 New Lows 151 102 high risk tolerance.60 + 2.95 The Delta-United Dance a note last week. For more information read the “Characteristics and Risks of Standardized Options”.46 + 1.82% $4. one would expect al a with the melt-up postponed.16 + 8.NYSE. going so far as to call it “crazy.63 + 566. Batman goes with Robin.816.90 (CBT nearby futures) 153-080 154-080 for all investors. tainly didn’t during the Bill Clinton im.97 + 0.com/ S&P 500 2642.593.5 “We should fret less and enjoy it more. one would be wrong.” Quigg says. For more information see.43 (CMX nearby futures) 1278. United Continental (UAL). Delta trades at a 9. And With that in mind. its shares.95 ci on + $0. The debate is instead on whether ibkr. Pricing and offers subject to change without notice. One Account has changed.10 Rates Comparison Comparison . yuan. call 312 542-6901.22 [3] IB calculates the interest charged on margin loans using the applicable rates for each interest rate tier listed Russell 2000 1537.70 11-IB17-1134 .10 + 9. 0.47 + 3. says Krishna Memani.34 It also pays to remember that politics 2011 ’12 ’13 ’14 ’15 ’16 ’17 $0. at was the case in August 2016.com/interest. stocks are set shares of Delta to fetch a big valuation e $4.56 + 192. Gold [4] $1. Few investors would argue that United To see the full comparison visit: Consider: Delta (DAL) is arguably the Continental is currently at a disadvantage m rp airline industry’s best in class. “There’s some added risk into year-end. Delta’s as investors bet that the difference bust past. chief in- + $0.55 Av Daily Vol (mil) 3.36 58. you per contract might not have even noticed that anything exciting was happening.383 925 Unchanged 59 54 n- DJ Utilities 767.71 per contract4 doesn’t usually derail a bull market—it cer.4 no Member .22 + 39. depending on Inflation KR–CRB account activity or total account value.95 peachment.11 more test for this bull market that began US Margin Loan Commission Rates more than eight years ago. 2017 book (FB).43 + 5.08 on no base cost Interactive Brokers2 2. 12614. and How much is your Netflix (NFLX) and put that cash to work Bank Breakout? elsewhere.63 + 1. [1] Options involve risk and are not suitable S&P MidCap 1894. Inc. ibkr.69 192. Financial stocks are approaching a level but notes that either way.60 firms listed may have additional fees and some firms may reduce or waive commissions or fees.38 Dollar provided upon request. and numerous others along the way. Value Line (arith.36 + 1.53 T-Bond info . Hunter Keay pointed out this strange state er rs Each firm’s information reflects the standard online trades pricing obtained from the respective firm’s websites as of 11/3/17. But Schwab 6.86 + 1. “We’re in a good situation. while United fetches 9. Quigg leans toward the former. It’s the one we’d put forward as a United is fixable.09 $300K Equity Trades you weren’t watching closely Friday.06 + 1. NYSE Comp.32%3 $2.82% $4.07 DJ 65 Stocks 8196.80 + 1.86 NYSE Advances 1.89 92. If ly Options1 Base 0. relative to those of United. For a copy. Delta Air Lines and United Continental Holdings are locked in an odd. When United makes a big change. Wynn Resorts (WYNN). 2614. Financials vs.02 + 17.37 New Highs 547 369 Trading on margin is only for sophisticated investors with DJ US Market 660. We’ve had sell- offs related to Brexit. it’s the carrier we’d president and chief financial officer.18 on its website.31 + 10. see ibkr. one that essentially comes down to hope.57 – 0.75 per contract Some things just can’t escape their pairings. with net to Delta. Last Week Week Earlier by Barron’s 16 years in a row* DJ Industrials 24231.90 + 385. 30 wasn’t can also be chalked up as just one 0. DJ US TSM Float 27375.M4 BARRON’S December 4. and One World.Barron’s is a registered trademark of Dow Jones & Co. That co Fo contrast.89 Declines 1. to help turn things around. investors should versus the S&P 500 that could signal broker charging you? be more careful with their winners.7 times.95 base to continue what has been a slow plod premium.95 Nasdaq 6847.75 per contract vestment officer at OppenheimerFunds.138 DJ Transportation 10186. FINRA. With a proclivity for lowering prices installed Scott Kirby and Andrew Levy as to take on all comers. which were close to even with VITAL SIGNS Interactive Brokers Rated Low Cost Friday's Close Week's Change Week's % Chg. of affairs. point to if we wanted to argue that nothing respectively.09 + 1. For additional information on margin loan rates.75 + 267.0 2.) 6020. when United 7.39 + 1. has one of the worst margins.08 Crude Oil executed in Oct 2017 and are subject to minimums and maximums as shown on the IB website. And yet the market keeps ticking higher. Fidelity 6.18 + 1. Some of the (NYM light sweet crude) 58.58 + 35. [2] The IB commission rates shown are the average of the client commissions for trades S&P SmallCap 937. Laurel was always associated with Hardy.65 per contract higher. Source: Sentieo $6. But Friday’s Flynn-inspired selloff that outperformance in the months ahead. dicted to grow by 10. Asia’s internet stock boom? since the beginning of September. including possible loss of principal. Even JPMorgan Chase August. returned 165%. service Institutional View.40 There’s a name that’s missing here. Sector ETF products are also subject to Banks Still Have Room to Run from 12.1%. a registered broker-dealer. “Curiously. investors don’t have the Consumer Goods 1. Basic Materials 0.) It’s also just one of three sec.December 4.” at a 15.sectorspdrs.com. Financials 3. June 30. Source: S&P Dow Jones Indices quarter earnings. financials Is it too late to buy the banks? Nope. Sell. We’ve been upbeat on the sector for er rs tors that had fourth-quarter estimates go up following the most recent results. Strategas Research Partners ALPS Portfolio Solutions Distributor.” Verrone says. which contains this and other ci on makes a major strategic change. Ind.com ©2017 Dow Jones & Company. All Rights Reserved. at least not ly yet. can’t turn the majority of analysts How do you play co Fo just 7%. “United has work to do. of in investing course. charges and expenses carefully before investing. CFRA Research strategist Lindsey Bell notes that analysts have been raising email: ben. Ana. “Until United shows otherwise or estimates for the S&P 500 as a whole. its shares tumbled and its valuation premium disappeared. at best. n- Financial stocks gained 5% last week. 2017 BARRON’S M5 Delta’s. It’s never too early to be right. and despite the ongoing What a difference three months makes.4% on information.2% clip in 2018. Airways came after the mergers that Industrials 1. (The S&P 500’s earnings are pre. SPDR S&P 500 ETF is up 7.56 . Both have One way technical analysts try to understand returned about 18% this year. To obtain a prospectus. But when those hopes are Performance of DJ U. m e most of the year. as reflected in Visit www. analysts seem reluctant to play up bank stocks. In have been stuck in a relative performance fact. is propelling itself on inertia. 158%—with bouts of outperformance followed and are benefiting from what’s happening in by ones of underperformance.21 Technology lose. which generally results in greater price fluctuations than the overall stock market.com or call 1-866-SECTOR-ETF once again demonstrated a lack of confi. and the SPDR S&P 500 ETF.37% United skids. and with tax cuts likely performance. relative to the S&P 500. consensus expectations. At the end of conductor stocks. the Financial Select Sector SPDR (JPM). since the middle of al a e dence that its problems can be fixed.” KBW analyst Frederick Cannon rocket that’s gotten through the gravity and wrote in a note last week.88 created United Continental and the new Health Care 1. Keay Consumer Services 2. publisher of research no getting a boost from a more-forgiving regu. We reiterated the market is by comparing two indexes. in good times and bad.” Keay the year. “It’s like a Free for Barron’s subscribers in 2018. they could have what be ready to break out. risks. way to run: Financials are one of the few ises of the post-election ‘blue sky’ scenarios sectors that has yet to reach—and surpass— Find out at barrons. fly Delta.levisohn@barrons. prospectus carefully before investing. to our bullish view three weeks ago. says financials’ latory environment. it looks like United’s game to –2.83 Delta Air Lines. An investor should consider investment objectives. Inc. 12%. and that’s American Airlines Oil & Gas 2. Washington. the sector’s run of outperformance range—the Financial Select Sector SPDR has might just be starting. and the market has their 2018 earnings estimates.S. “So this really is a two-airline issue for Utilities 1. technical analyst Chris Verrone notes that though mediocre is the best way to describe fewer than 40% of bank analysts have Buy m rp the call.” he says. The Financial Sector ETF has gained 12% strength from the group. and the SPDR S&P 500 ETF bullish: 59% still rate the stock Neutral or (SPY). sector risks and non-diversification risks. Investors once again are waiting for the next fix. eventually traded at an 11% pre. is distributor for the Select Sector SPDR Trust. say. Ordinary brokerage commissions apply. relative to the sector had sold off 4% in one week. That might be the best way to describe this column’s bullish call on financials this year.” Addison says. up from 13.. could as we went to press.1%.S.* dashed—as they were earlier this year— Telecommunications 6. After reporting disappointing second- on * For breakdown see page M36.01 For now. compared with. the third major carrier.sectorspdrs.69 ™ Group (AAL).” help. when the visualize how one has done. Still. this lack of lysts now expect financials to grow earnings confidence is likely to persist. But it’s not as if financials need a ton of “That should be relatively easy. even as they’ve been lowering their says. since a January rally and looked as if they the 60% who have Buy ratings on semi- would trail the market in 2017. one of the more stable banks out exchange-traded fund (XLF) had returned there.62 argues that because American’s merger with U. while the They might not be able to much longer. ranked by wkly % chg. Financials had been range-bound ratings on their stocks.com/asia for financial stocks should come to fruition their pre-financial-crisis high. other. same track record to inspect.05 the time being. sell-side analysts remain indifferent. and could have a long they need to head higher still. 2E107 .7% next year. us l. Over the past seven years. down All ETFs are subject to risk. “The prom. Industry Action The next chapter mium to them. Bell says. Big institutions were already Andy Addison. call 1-866-SECTOR-ETF or visit www. Read the Until it does. com. based on factors such as cheaper-than. The to Europe’s overall. on Switzerland one of our key recommendations for the The iShares MSCI ETF has gained about 19% this year. and dividend ETF.Switzer.K.’s FTSE 100 has only by about 3%.S. above the iShares Europe ETF’s (IEV) multiple of 16. the euro has gained about 9% on the franc. earnings are rising. The most popular U.” The Swiss equity market is getting “Both France and Germany look overbought. profit-recovery potential. writes note. bank’s team is recommending that investors underweight tations indicator from Credit Suisse and the CFA Society what they dub “Europe’s FANG” markets—France. added 3%. and portunity in Swiss stocks. They ring to Britain’s planned exit from the European Union. while other central banks tighten a bit.” Roche (ROG. (EWL). ahead of Brexit. ABB (ABB) and banking heavyweight UBS (UBS) Swatch tional companies. its highest reading the Netherlands. gets only 10% of its revenue from its nancière Richemont (CFR.2% year. ants Credit Suisse (CS) and Swiss Re (SREN.” say Olney and her UBS colleagues. Health-care shares account for 29% of the fund’s hold- below the norm. 2017 European Trader Swiss Stocks That Look Tempting . Beyond buying Switzerland. m rp part to the Swiss National Bank’s sticking to accommodative ber and Häagen-Dazs parent Nestlé (NESN. In a recent VICTOR REKLAITIS. vartis. which generate considerable sales in eu. since mid-2010. UBS strategists rank Switzerland as the No. The dollar Germany’s DAX is up about 13% for the year. In 2017. currency pair in January 2015. m e ings. No- co Fo francs.Switzerland) and financial gi- home country. and anemic and notes that consensus earnings estimates for 2018 and expected returns for other assets. nice deal like Switzerland. With less than one month to go in 2017. thanks in industrials. and Germany.Switzerland). led by Graham Secker. Other options are iShares Currency Hedged e yield. who is based in London. and other currencies. ly by Victor Reklaitis STRATEGISTS ARE BLOWING THEIR ALPENHORNS ABOUT THE OP.” warn the n- the third-biggest rise in year-ahead forecasts of any country. Morgan Stanley strategists. Gross domestic product showed 1. according to Morgan Stanley. the Swiss franc appears poised to slide pean Union country’s pharma industry. and earnings growth looks good. exchange-traded fund focused on us l.K. an expec. led by Karen Olney. weakening.7 last week. And a recent client note from a Morgan Stanley team MSCI Switzerland (HEWL) and First Trust Switzerland ci on declares: “We have decided to make an overweight stance AlphaDEX fund (FSZ). the Swiss Market Switzerland’s market trades at a roughly 16% premium Index (SMI. touching its highest level since the Swiss In European markets last week. according to FactSet. Stock valuations are er rs looks at metrics such as price-to-earnings ratios and price- to-book values. 2019 are “rising nicely. further against the euro. They have been boosted by such factors as an ex- Morgan Stanley cites Switzerland’s improving economy panding global economy. Watch maker Swatch Group (ticker: UHR. then convert them into Morgan Stanley has Overweight ratings on Nestlé. That is “modestly below its long-run aver- age. but below the SPDR S&P 500 ETF’s (SPY) 20. and UBS. start of 2018.” Secker and his colleagues say. makes it into the ranks of the ETF’s top 20 holdings.” says the bank’s equity strategy team. but CAC 40 has advanced 11% and the U. . while France’s page M27 is down against the franc this year. and and the Swiss franc is The Swiss franc looks likely to weaken more. Markets. stocks? That market might resemble a over-year growth in the third quarter. they feature in Switzerland. In addition Novartis. policies.Switzerland) and on The alpine country’s shares are changing hands below Novartis (NVS) are among the big names in the non-Euro- their typical premium. 21% apiece. and hence provides no impediment to outperformance. Austria. has tacked on roughly 14%. The ETF’s five biggest holdings are Ger. pharmaceuticals (versus other international defensives). no Switzerland jumped to 40.3 billion in assets. according to al a normal valuations. the main equity gauges European central bank removed its fixed floor for the were a mixed bag. Roche. which has about $1.Switzerland). refer- Swiss stocks historically are considered defensive. say: “We like for MarketWatch. the Among recent encouraging economic readings. financials and consumer non-cyclicals. What about U. which fund trades at 19 times forward-year estimated earnings. 10%. Its dividend yield is 2. dollars. 1 European Swiss stocks is iShares MSCI Switzerland Capped market for investors. that should lift Swiss multina. “should provide investors with a nice hedge against wider market volatility. Swedish-Swiss engineering conglomerate to helping tourists in Zurich. but it’s “hard to value the market ond quarter. up from a softer sec. ros.” while Switzerland’s blue-chip benchmark.Switzerland).1%. UBS strategists.M6 BARRON’S December 4. along with Cartier parent Compagnie Fi- land). rising corporate profits. for example. There is also the $46 million Another unicorn in Ping An’s fold is its Good Doctor app. China’s health-care market is growing at dia). produce in the U. sells funds and in. hotel. Hedge funds and private equity vehicles can offer these kinds of investors “Ping An has transformed itself by using technology to provide modular fi. are now unicorns—private start-ups worth at least $1 including water. ings are healthy. and the cloud—to ease the growth of its four ecosys- tems: financial services. which have raked in the majority The jewel in Ping An’s crown is Lufax.80 a share.000 doctors providing online consultations. artificial intelligence. Nomura’s Tang has a HK$92. as real estate. Japanese pension and insurance funds are considering investing in food and agriculture operations. Unfortu- ond-largest fintech behind Ant Financial. ahead. Greece. base of 180 million and has been aggressively deploying AI. which is up 30% this year. It was an honor to be entrusted with this beat to explain global events ued at in their latest financing rounds early last year. Louis-based advisor to investors in the global food and agriculture sectors. commodity prices are recovering. up 15%. the $30 million iShares MSCI Global Agri- fax at $18.In- it between $6 billion and $8 billion. Another possibility is a n- $500 million. Argentina. bonds. a Brazilian producer of eucalyptus raise over $1 billion in an IPO next year. and real estate finance. The tumult in Brazil. are fairly small: the $353 million iShares Global Timber & Forest (ticker: surance.S. writing about developing economies and investing. says that EM vestors. many of which online wealth-management business. the dollar has weakened to us l. . valuable diversification in uneven emerging markets. up 13%. page M27 assets from emerging markets. They trade at 13. and is expanding outside China. billion. and private-equity investments to create enough reasonable levels. paper. m e ance. The company has also invested heavily in tech infrastructure to Institutional investors. and in- double-digit rates and is expected to top $2. two of which. A conservative sum-of-the-parts valuation by Macquarie Secu. India. Turkey. the valuation would be to investors. which holds ITC (500875. a conglomerate with agriculture.3 trillion by 2020.com alternative-asset exposure is mostly buried in broader funds.December 4. It sees itself not only as an insurer. consumer products. valuing it at over $3 billion. investors should expect some bumps in the months be worth a lot more than the market currently thinks. If its two unicorns list above what they were val. Retail investors can make use of ETFs. Ping An does all that But investors should consider ways to diversify beyond the traditional EM al a e but invests in technology—and not just shares in technology companies and indexes to smooth out the rocky portions. the $332 million iShares MSCI Global gest Lufax could be worth at least twice as much now. Good Doctor has For those hunting for individual stocks. China Insurance companies normally use incoming premiums to buy assets such seems to have found its footing. and is set to from these funds: Fibria Celulose (FBR). sovereign wealth funds. write to me at
[email protected] price target. Last year’s funding round valued Lu. and a multiyear lock up. and natural resources.74) but argues they need to be discounted at least 30% to With this issue I’m concluding my 17-year tenure as a staff writer at Bar- get a fair value. Analysts expect the IPO could value component of the iShares India 50 ETF (INDY). It has a vast Barrons. WOOD). which has a user iShares Emerging Markets Infrastructure (EMIF). a lengthy list of reasons: Emerging-markets’ corporate earn- month forward earnings and have a 1. Lufax is Markets. ron’s. health care.6 times 12. through private equity er rs Ping An has identified five key technologies—biometrics. Russia. says Philippe de Lapérouse. Good Doctor’s last financing round 18 months ago raised China Shengmu Organic Milk (1432.Hong Kong). among the biggest providers of all types of ETFs. Bernstein values Ping An’s tech investments at 37 Hong Kong dollars a share ($4. big data. We don’t think they’ll be too jarring or too long-lasting for on up 152% from their lows of February last year. a managing director at HighQuest Partners. That could pique interest from family offices. turns. ly IS THE WORLD’S MOST VALUABLE INSURANCE COMPANY UNDERVALUED? PING AN AFTER THE 30% CLIMB IN THE MSCI EMERGING MARKETS INDEX Insurance’s growing hordes of fans insist its financial-technology assets may this year. and Europe. up more than 22%. but as a tech company that is also into insur- and other funds. culture Producers (VEGI). auto services. and other investors. Analysts are betting that initial public offerings of the pair in the next which are helping to meet rising demand for organic and non-GMO grain and 12 months could send Ping An’s stock higher. here are some of the top holdings a team of more than 1. RusHydro (HYDR). for instance. iShares Global Clean Energy (ICLN). a St. are buying privately-held businesses ci on improve efficiency. Valuations commanded by recent Chinese fintech IPOs sug. That includes developing-market farmers and food producers. endowments. equities. collecting a 4% fee on each loan. China. Lufax and Good Doctor. blockchain. valuing Ping An’s 43% Metals & Mining Producers (PICK). but generally require at m rp nancial services and generate capital-light revenue. and occasionally help them beat the market. co Fo a peer-to-peer lender that matches borrowers with in. of the $60 billion in emerging-market equity fund inflows this year. Its online store sells medicines and pulp and papers. and has incubated an array of tech ventures.5 billion. ASSIF SHAMEEN writes about Asian markets from Singapore. and health-care products. and alternative assets such as real estate. and the $123 million stake at $16 billion. which is Tables: Asian nately. no Sanford C. BlackRock. China’s sec. to boost portfolio yields. who believes that current valuations price the stock like an insurer. up 16%.com and follow me on @defotis on Twitter. and central bank policies are mostly sound. or 25% and Venezuela has produced some amazing stories and frequently amazing re- more than its current price. 2017 BARRON’S M7 Asian Trader Emerging Markets Ping An Stock Could Rise 25% Emerging Market Alternatives by Assif Shameen by Dimitra DeFotis . income and return to match their long-term liabilities. a 21% upside.Hong Kong) have already risen 94% this year. rities analyst Scott Russell values the company at HK$96.” says Nomura’s Shengbo least a $1 million initial investment. Ping An shares (ticker: 2318. a Russian hydroelectric producer. To stay in touch.8% dividend yield. there’s no pure-play ETF focused solely on a broad swath of alternative backed by Alibaba Group Holding (BABA). Tang. Investors have been wavering on whether it deserves techlike multiples. agriculture. fotech businesses. I plan to continue still higher. their bonds.Emerging Markets. cuts of $1.69 28. 43 October quarter.5 52. 63% to $2.2 billion marked a 31% 146 in the craft supply store’s 21. to use on patients.5 With Koch brothers’ help.0 top execs of the struggling 15. 2017 Charting the Market A graphic look at selected stock activity for the week ended December 1. 30 would have a fast or slow 178 ational vehicles. 42 her price target for shares 46 cloud-computing vendor’s 35.22 • -10.5 12. . 188 gain for the maker of recre. disappointed investors.5 75 9.0 ADSK (NASD) • 107.56 16. for $1.0 22 18.5 38.0 leave and that it would cut 14. 27 M T W T F M T W T F M T W T F M T W T F decline.43.76 40.0 ings manufacturer previ.M8 BARRON’S December 4.5 A new CEO said three 15. 198 of $2. Volume in Millions Volume in Millions Volume in Millions Volume in Millions 218 264 8 6 109 132 4 3 al a e 0 0 0 0 D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N ci on LAM RESEARCH THOR INDUSTRIES MICHAELS COS. 140 October quarter.0 TEVA (NYSE) • 15.18 39 Goldman Sachs ques.60 • 13.0 60 Volume in Millions Volume in Millions Volume in Millions Volume in Millions 250 160 42 40 125 80 21 20 0 0 0 0 D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N The charts record the net change in share price.5 135 43.5 73 68.0 titles like Fortune and 64 doctors in identifying what 48 in the third quarter.90 72 FMI (NASD) • 62. merger with AkzoNobel.0 Nippon Paint ended after 33 after such extended gains. and share volume for companies with noteworthy stock activity last week. down to $30. Diluted 134 earnings per share 19%.5 25.26 • 1.0 customers to a subscription 105 who downgraded Square M T W T F Roku to Netflix.5 on 26 27.67 • 2.0 68 58.3 billion in 2018.0 19.5 The design-software 126 plunge into Bitcoin transac.0 the magazine publisher 68 company’s diagnostic test to 58 permarket chain top sales 23. as it moves 112 BTIG analyst Mark Palmer. billion.5 34 44.0 58 37.0 AXTA (NYSE) • 31.20 68 More online orders and 26.0 42.5 53 26. in its appeal M T W T F Guidance for this quarter M T W T F model.85 M T W T F sorts of oncology therapies M T W T F .5 barely a week.59 • 14.5 18 10.0 us l. the owner of 66 help inform hospitals and 53 expectations. Chip shares like earnings per share rose 44 cents.0 48 16.5 bought Time. yielding a 32.08 52 NTNX (NASD) • 36.0 32.5 10. lifting 19.5 Takeover talks with 36 er rs tioned whether tech stocks.40 24. M T W T F costs.94 • 3. m e Stock Price $ Stock Price $ Stock Price $ Stock Price $ 224 160 27 39 m rp 196 142 25 36 168 124 23 33 140 106 21 30 112 88 19 27 84 70 17 24 co Fo Volume in Millions Volume in Millions Volume in Millions Volume in Millions 24 12 38 46 12 6 19 23 0 0 0 0 D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N SQUARE ROKU NUTANIX AUTODESK SQ (NYSE) • 38.44 133 The payment service’s 45 A Needham analyst raised 49 Revenue rose 46% in the 37. The coat.06 • 1.5 63 47.52 158 MIK (NASD) • 21. In addition. 36 plier to $50. lack of a moving average means the shares have traded for less than that time period. even more in this quarter. 70 The FDA approved the 63 lower prices helped the su.02 218 THO (NYSE) • 151.5 105 26. 25. Stock Price $ Stock Price $ Stock Price $ Stock Price $ 51. pects better in the fourth.81 • -29. 2017 n Edited by David Schutt and Bill Alpert KROGER TEVA PHARMACEUTICAL INDUSTRIES MEREDITH FOUNDATION MEDICINE KR (NYSE) • 25.64 48 ROKU (NASD) • 43. Sales could rise ously failed to agree on a Lam’s have had big gains. low and closing trades.1% 22. the high.5 generic-drug maker would 14.0 MDP (NYSE) • 67. January guidance M T W T F n- shares to a Sell. She likened 40 smaller loss than expected.50 a share.0 6. A Street estimate: M T W T F Sports Illustrated.0 firm’s losses continued in its 119 tions failed to impress 39 of the streaming-video sup. AXALTA COATING SYSTEMS LRCX (NASD) • 187. the graphs depict last week’s daily price activity in detail. 208 Record first-quarter sales 152 Same-store sales rose 1% 22. was better than expected.90 • 6. It ex. 30.0 21.5 October quarter. to 18.0 0. ly Stock Price $ Stock Price $ Stock Price $ Stock Price $ 38 52.03 • -5.0 90 17.06 • -22. growing 1.5 31. The dotted line on some graphs denotes the stock’s 200-day moving average.0 120 no 34. or $18.0 30 35.55 • 4. to cable-cutting viewers. a.968 8.S. 2022 322. stocks did too: The there will be greater dispersion of returns Altice Luxembourg ATCNA 7.097 94. 5.063 -1.250 Apr 01. 1.5 0 ci on Jul Aug Sep Oct Nov Jul Aug Sep Oct Nov Dec manager who described the bond market as junk bonds and stocks respond to the same backward-looking. 2027 119. by the same 2 yr = 1.” -0.125 Apr 01. Synchrony Financial SYF 3.481 101. Micron Technology MU 3.8 3 ber through Nov.379 76. 2022 484.125 100. 2028 424. Remember that the next time you hear Dish Network DISH 3.633 times as much as the S&P 500.a.487 -12.764 -0.1 2 stock market’s going to suggested that as the high-yield market get sick—and it drives me plunged in the first half of November. the 0. 2028 335.682 103.778 1.000 100.3 1.287 5. the iShares iBoxx $ High Yield Corporate Bond ETF tum- bled 0.more than you do.150 Oct 01.187 103.061 95.400 98.875 Dec 01.750 May 15.9% 3% EVERY TIME THE JUNK has 61 different issuers.a.5 Libor = 1. We know now that wasn’t the case. Fridson Just as he is for equity strategies. 5.700 4.945 n.531 an easy explanation for that. 3.250 Dec 15.322 nications and media companies.047 83.762 100. “Some financial commentators 1.500 -1. chief investment of.000 8.” Fridson says. contends that Post Holdings POST 5.500 90. among individual high-yield bonds.500 n.049 98.5%. 2017 BARRON’S M9 Current Bond Markets Yield Junk Bonds Are Not Tarot Cards Bond Center .488 15—the S&P 500 fell 0.156 Microchip Technology MCHP 1. only five compa- bond market catches a nies associated with those bonds are in the on 1.075 100. Justin Nrg Energy NRG 5. And I brought the subject up former National Security Adviser Michael U. 2027 320.922 168. “The numbers tell a al a e tioned in a column from the SALT Confer.106 in high-yield bonds was led by telecommu.000 100. Nuance Communications NUAN 1.079 Rite Aid RAD 6. and no one seems formation about securities Week's Most Active to be worried about junk are they doing? issuers is equally accessible INVESTMENT GRADE Issuer Name Symbol Coupon Maturity Est Vol** High Low Last Change Yield bonds anymore. for instance. when I downplayed the Flynn would plead guilty and testify 12/2/2016 11/3/2017 12/1/2017 Corporate High Yield Munis Libor market—the iShares iBoxx $ High Yield Corporate Bond exchange-traded fund er rs idea that a losing streak in the junk-bond against President Donald Trump. 2043 169.750 102.470 89. look no further than last Friday’s dollars in dumb money that has come in selloff that wasn’t.363 3.614 5. 2025 119.664 103.000 Jan 31.a.December 4. that.000 n.125 109.a. He notes that when junk bonds were from the decreasing tendency of equities to California Resources CRC 8. -48.750 Jan 15.919 yield bond indexes. to fixed-income and equity Teva Pharmaceutical TEVA 3.031 has an idea: the exact same thing stocks Just as stockpickers have been benefiting HIGH YIELD are.125 97.491 99.250 101.491 100. everyone asks if the S&P 500. what are they why one group should ignore
[email protected] 1.930 doing? Marty Fridson.609 1.888 97.347 n.937 175.313 115.272 113.175 137. 24.500 n.950 Dec 01.667 -2.869 99. Credit .375 Aug 15.000 Nov 15.767 0. **(000).6%. 1.785 95.396 104. “Fundamental in- ber 2016.9 4 m rp 1. 2022 330.279 1. 2023 412.000 96. Heck.232 bounced back with a 1.” Fridson says.000 104.” Lenarcic says.151 Pacific Gas And Electric PCG 3. 2023 135. email: ben.” Teva Pharmaceutical TEVA 2.308 104. as the Stan- imminent doom every whipsawed forces.375 May 01.different story. 2027 415. He notes that the drop someone tell you that junk bonds know Teradyne TER 1.786 falling—the iShares high yield ETF trade in unison.S. stock market blithely continued its 2017 0. when I quoted a hedge fund If you’re looking for another sign that Dec -0.477 -8. GLOBAL SHORT-TERM RATES GLOBAL LONG-TERM RATES ly $ £ Euro Yen 10-Yr. what forThere’s a good reason co Fo Source: Barrons Statistics / Tullett Prebon its best week since Decem.a.507 no 15 through Nov.688 91.924 111.339 n. 4.800 114.com Source: MarketAxess Corporate BondTicker .405 88.300 Dec 01. 2026 636.832 100.502 n.452 100.266 83.739 86.6 1 3M 6M 2Y 5Y 10Y 30Y 0. strategist at Wells Fargo. U.256 137. 3.843 100.193 100.977 102. “We an- Junk-bond indexes dropped nearly three ticipate a strengthening opportunity set for CONVERTIBLE Workday WDAY 0.653 -4. 2028 421.882 aren’t predicting imminent “There is no obvious reason Pacific Gas And Electric PCG 3. that dissimilar from active stock managers. TREASURY YIELD CURVE U.750 72.3 1 It was a topic I men.250 100.616 99. 2023 366. But there’s credit-oriented strategies.750 n.2% from the end of Octo- If high-yield bonds trough.198 88.625 142.1 2 7% 6 5 m e 2. 14.095 ficer at Lehmann Livian Fridson Advisors. Square SQ 0.S. When news broke that chasing yield.130 100.250 -5.a.6% from peak to 30 yr = 2.996 -4.241 doom every time they drop. 1 through Nov.655 99.8% 2. BofAML High Yield Index.512 But if high-yield bonds investors.7 us l. The ICE * Denotes a security whose last round lot trade did not take place on the last business day prior to publication.933 dropped 1. judging by the billions of things.262 175. 2026 142.4% rally from Nov.726 99.5% from Nov. 2032 464.750 n. 9—meant junk bonds and stocks that stocks were set for a aren’t predicting showed themselves to be 1.491 n.rally. junk-bond managers aren’t even Anthem ANTM 4.188 76.355 145.183 n.000 Dec 15. global alternative investment Sfr Group Sa SFRFP 7.250 Oct 01. 4. ning to benefit from the same forces.1 ence in May.375 Dec 01.762 10 yr = 2. 2022 207.625 Jan 15. 4.800 Jul 21.2 2.2%.488 says: the composition of the stock and high.950 Dec 01.a. Once again.5 Jul Aug Sep Oct Nov Dec 0 dard & Poor’s 500 just had time they drop. U.875 100. too.985 120.a. bond managers are begin- n- Terraform Power Operating TERP 5. And when bonds Lenarcic.262 -40.636 -0.644 207.96 (ticker: HYG) had dropped 1.753 145. 2047 323.a.a.K Gilts German by Ben Levisohn T-Note Bunds 1.000 100. 2047 390. 2026 402. while the S&P 500 slumped 0. 0. Deutsche Bank Ag DB 4.7 2 fall.5 cold.786 S&P 500 gained 1.Libor Rate again last month.625 Feb 15. crazy.375 Mar 01.625 7. what will happen in 2018. Union Pacific UNP 158953 125872 33081 21400 94 7. Thomas Peterffy. Sears VIX Close VIX Futures Put-Call Ratio S&P 500 Index BEFORE THE 2017 TRADING complicated risk-management strategies. Commission will approve the expansion of m rp 9 pany. founder and chairman Marathon Patent Group MARA 45783 34562 11221 480 91 95. earnings pre- announcements. The futures regulator J F M A M J J A S O N 6 J F M A M J J A S O N 7 Standard & Poor’s 500 index is poised to allows exchanges to “self-certify” products. if the Securities and Exchange mind a saying. and so forth.com Source: McMillan Analysis .sears@barrons. AnaptysBio ANAB 2863 2808 55 212 61 13. December tures will seriously harm the U. 2017 Striking Options Price Time to Secure Gains by Hedging Equity Options . Interactive Brokers This table of the most active options this week. we will all be Should they lose money on VIX calls.2 should pay off handsomely if stocks tors to segregate Bitcoin futures from n- Celadon Group CGI 4596 3482 1114 636 70 7. Daily Values Source: CBOE Source: McMillan Analysis Corp. The idea is that the perpetually hedged portfolios. IV %ile is how expensive the options are on a scale from 0 to 100. and create equity products. Time will soon prove or disprove his Illinois Tool ITW 23954 9398 14556 5220 93 4. Cboe will soon announce a launch J F M A M J J A S O N D 9 J F M A M J J A S O N 50 ways.4 Xinyuan Real Estate XIN 15158 13932 1226 816 68 18. their usual pricing levels. Most rumors do not prove to be true. freeing stocks to rally higher. 17 150 year ends. The Commodity Futures Trading Com- Never mind that most mission has given permission to CME al a 11 75 predictions are wrong. These options are likely to be expensive in comparison to broadly accepted. exchanges will seek to list options on Bit- coin.3 Fishman. The SEC approval process is usually slow Week's Most Active ized gains. The historic have the financial ability to cover losses on Go Daddy GDDY 22518 13491 9027 4580 10 4. The key is managing volatility 15 125 Wall Street investment and risk. Skew indicates whether the options market expects a stock-market advance or decline. Others say volatility will remain low. including exchange-traded funds.M10 BARRON’S December 4. In tions to manage risk is becoming more ents won’t be able to short the contract. Dividend arbitrage has been eliminated. often in VIX. buy hedges. recently advised clients. perhaps with the ers—remains concerned that Bitcoin fu. He lobbied exchanges and regula. without fear or greed premiums.6 Lending Club LC 96126 59621 36505 21712 87 4. In the interim. strategists opining on 13 100 us l. Many institutional investors maintain point. Gray Television GTN 18229 2895 15334 3872 9 4.4 sis. earnings surprises. 18. markets. the firms than the SEC. Higher This means that most options are trading proved. CBOE VOLATILITY INDEX THE EQUITY-ONLY PUT-CALL RATIO ly by Steven M. unusually heavy trading in these options might be a predictor of corporate activity – takeovers. If a of 10% declines due to the late nature of the economic cycle.0 ing enables them to take risk.2 Why hedge a rising market? As Rocky firms. but it brings to though. MDP 7972 6814 1158 1100 99 7.2 no strategist.1 investors should consider securing some world’s most successful derivatives trad. all you really have The CFTC has long enjoyed a reputa. by vouching that trading products readings are bearish. many of these situations may be rumor-driven. 12% 10 12% 11 m e 10 It all seems reasonable.S. The contracts market. will offer Bitcoin futures trading. Company Symbol Tot Vol Calls Puts Avg Tot Vol IV %ile Ratio Rather than holding on for dear life. c’est on intellectually assaulted by la guerre. this list attempts to identify where heavy speculation is taking place. to attract business. as compared to average weekly activity – not just raw volume.0 TCF Financial TCF 6042 4390 1652 1012 21 6.9 CBOE Volatility Index. La-Z-Boy LZB 3304 1471 1833 372 40 8. So let’s focus on the rock. but cli.7 mance has changed since the financial cri. It measures the difference between the implied volatility of puts and calls that are 10% out of the money and expire in three months. hedg.2 tumble. short.4 Autodesk ADSK 140213 74077 66136 19564 25 7. sanitized for polite com. CME will begin trading on ci on dent Donald Trump’s often unorthodox Dec. biotech FDA hearings or drug trial result announcements. er rs liquid market develops in Bitcoin futures. and the show must always go on. It is unclear. tion for being friendlier to Wall Street With realized volatility of 6. Furthermore. even as are in compliance with applicable laws.9 Express Inc.9 view that hedging hurts portfolio perfor. an extraordinarily volatile product. so one should be aware of these increased risks if trading in these names Strategists report that many clients Twitter ID: @sm_sears Ratio is the Tot Vol divided by Avg Tot Vol. and that they will not Bazaarvoice BV 3300 2118 1182 548 25 6. which is how Bitcoin futures were ap. EXPR 20603 15974 4629 3284 72 6. financial Tech Data TECD 12726 8444 4282 1508 0 8. 8 and a rock in the other. or VIX. of Interactive Brokers—and one of the Dave & Buster's PLAY 39413 37730 1683 2452 97 16.6 which the Bitcoiners abbreviate as HODL. that if you have hope in one hand Bitcoin futures into equity markets. Using op.5 At Home Group HOME 5315 4743 572 432 73 12.81. a Goldman Sachs derivatives clearing firms will offer very low margins Tilly's TLYS 2448 1301 1147 392 14 6.4 $20 and January $20 calls. There’s a show-business element to date. 8 is a rock. including my call of Group and Cboe Global Markets to list e higher volatility in 2017 because of Presi. many investors have extraordinary unreal. Bitcoin futures. other financial products within clearing Meredith Inc. as part of more email: steve. Source: Credit Suisse Equity Derivatives Strategy Source: Credit Suisse Equity Derivatives Strategy co Fo end 2017 with volatility all but vanquished. Futures contracts are the building blocks Some strategists contend that 2018 will of market ecosystems because they enable SPX SKEW NDX SKEW Implied volatility % Implied volatility % be volatile and stocks will suffer a series speculators and hedgers to converge. and tortured.3 stock gains by hedging. He worries that small trading and Steven Madden SHOO 5239 5122 117 760 45 6. please read the Characteristics and Risks of Standardized Options and the Risk Disclosure Statement for Futures and Options by visiting etrade. system performance. To qualify for $4. In addition to the $1. including applicable futures exchange and NFA fees. and $0.50 fee per options contract.50 per contract on equity co Fo and index options.50 per contract per side commission. Commissions for equity and options trades are $6. carry a high degree of risk. For more information.December 4. System response and account access times may vary due to a variety of factors. you must execute at least 30 equity or options trades per quarter. All rights reserved. Securities products and services are offered by E*TRADE Securities LLC. ly A MORE on ATTRACTIVE OPTIONS us l. Equities and options are not the only types of securities available. 2017 BARRON’S M11 HAVE YOU EVER SEEN . • $0. including trading volumes. Additional fees apply to brokerage assisted trade for execution of futures and options contracts. market conditions. and other factors. These fees are not established by E*TRADE Futures LLC and will vary by exchange. E*TRADE Securities LLC and E*TRADE Futures LLC are separate but affiliated companies. . futures customers will be assessed certain fees. al a CHAIN? e ci on I MEAN. 1. © 2017 E*TRADE Financial Corporation. $1.com/optionsdisclosure or calling 1-800-387-2331 prior to applying for an account.95 commissions for equity and options trades. member FINRA/SIPC. C’MON.95 plus $0.75 fee per options contract. Exchange fees may apply to options based on indexes. Commodity futures products and services are offered by E*TRADE Futures LLC. er rs m e m rp Ready for more information? How’s this for more information. member NFA.50 per contract on futures options • Customizable options chain views make it easy to analyze and quickly place trades1 n- no Futures and options transactions are intended for sophisticated investors and are complex. and are not suitable for all investors. 30 –0.5 Square(SQ) 7309814 38.48 –38.9 NewGold(NGD) 46770 3.28 NYSE AMERICAN BIGGEST % MOVERS ci on By Share Volume By Share Volume By Share Volume Winners Name (Sym) Volume Close Change%Chg.01 Immersion(IMMR) 5312 500.05 +0.9 LamResearch(LRCX) 3366409 187.13 +6.18 –1.0 BioPharmX(BPMX) 22352 0.17 +4.5 NovaGoldRscs(NG) 18745 3.11 –0.09 +0.07 –2.5 Kroger(KR) 124169 25.49 –3. Name (Sym) Volume Close Change %Chg.69 +11.6 GranTierraEner(GTE) 7561 2.9 NASDAQ BIGGEST % MOVERS By Dollar Volume By Dollar Volume By Dollar Volume Winners Name (Sym) $ Volume Close Change%Chg.22 +1.00 –10.05 –3.40 +5.2 TPG Pace(TPGH) 2002 1173.4 Intel(INTC) 125343 44.8 7.67 +0.77 BuffWildWngs(BWLD) 14771 349.85 +33.1 6.0 11.28 –22.40 +3.69 +4.4 PayPal(PYPL) 69660 75.9 GastarExploration(GST) 11162 1.06 –22.30 +0.08 +10.06 –6.79 +6.02 –13.3 Verizon(VZ) 124925 51.49 +4.9 TransEnterix(TRXC) 19713 2.9 Momo(MOMO) 72883 22.5 43.28 CPI Aero(CVU) 218 62.2 Xunlei(XNET) 109194 15. Volume percentage leaders exclude stocks with average daily volume of fewer than 5.08 –0.31 +4.62 +7.75 –0.04 –1.58 –29.30 +1.21 +9.28 +17.5 NorthernOil&Gas(NOG) 21432 1.3 11.4 Alphabet C(GOOG) 46915501010.81 +3.4 9.80 +2.6 GeneralMotors(GM) 95071 42.3 FordMotor(F) 227740 12.9 Citigroup(C) 4988975 75.1 16.27 +6.25 –0.20 Square(SQ) 249287 38.3 MarvellTech(MRVL) 72493 22.1 Aetna(AET) 3146199 181.2 AlioGold(ALO) 1269 2.07 –31.6 no Name (Sym) Volume Close Change %Chg.43 –0.60 +13.1 Altaba(AABA) 3869271 70.3 PayPal(PYPL) 4080421 75.90 AmiraNatureFoods(ANFI) 3472 511.82 –3.80 +0.60 +13.48 +38.01 +0.2 Starrett A(SCX) 212 305.8 CiscoSystems(CSCO) 144913 37.71 –21.58 –0.2 Alibaba(BABA) 120529 174.28 –2.0 Square(SQ) 249287 385.60 +1.8 4.72 +0.9 NVIDIA(NVDA) 13748237 197.8 22ndCentury(XXII) 9322 2.05 +15.65 –2.02+126.10 +1.13 –0.02+126.3 Intel(INTC) 3762489 44.36 –0.10 –4.0 Snap(SNAP) 119260 13.8 15.19 +3.68 –19.0 Apple(AAPL) 19464642 171.41 +0.1 TimeInc.9 AmericanWoodmark(AMWD) 1609 127.3 Verizon(VZ) 4697373 51.07 +14.7 Pareteum(TEUM) 77143 0.09 InterContinentl(IHG) 2230 299.25 +2.00 –10.02 –1.4 31.3 Gridsum(GSUM) 2669 8.85 +2.70 +16. Close Change Name (Sym) Volume %Chg.37 +0.91 –6.8 Pfenex(PFNX) 560 2.94 –4.35 –0.73 +0.7 B2Gold(BTG) 12275 2.95 CaledoniaMining(CMCL) 60 102.7 Globalstar(GSAT) 18261 1.49 –3.1 Banro(BAA) 34967 0.8 107.58 –29.0 AmberRoad(AMBR) 2310 586.36 –0.7 CheniereEnHldgs(CQH) 16864 26.78 +14.4 16.45 NatlHealthcare(NHC) 171 9.45 –1.28 –8.04 –0.20 +1.14 –0.00 +1.50 +9.3 5.2 9. Volume figures do not reflect extended trading hours and include only issues whose price has changed 5% or more with a previous closing price of $2 or higher.50 +0.1 er rs IncomeOppRealty(IOR) 5 10.62 +9.3 SiriusXM(SIRI) 88396 5.0 AdamsRes(AE) 28 49.1 PalatinTech(PTN) 10028 0.69 –0.37 –0.05 –3.50 +2.27 –4.16 Name (Sym) Volume Close Change %Chg.8 CVS Health(CVS) 3370722 75.1 14.14 TrioTech(TRT) 415 87.3 Roku(ROKU) 85628 43.11 +3.28 –66.0 13.11 +3.9 Apple(AAPL) 168927 171.7 DigitalPower(DPW) 161072 1.27 –4.10 +1.7 WellsFargo(WFC) 5213570 56.83 –3.01 +0.09 +4.70 CheniereEnHldgs(CQH) 1027 111. a-Stock has not been in existence or not been traded for 65 consecutive sessions.37 –13.10 +3.10 –4.04 –1.25 +6.30 +0.7 GranTierraEner(GTE) 16091 2.1 12.00 +5.2 ApplMaterials(AMAT) 3007864 51.22 –0.42 +16.45 –3.50 +1.30 Majesco(MJCO) 109 50.7 AT&T(T) 5143748 36.8 RYBEducation(RYB) 31777 580.5 9.4 Includes Common shares only.93 –0.3 Microsoft(MSFT) 7777016 84.30 –21.81 NuanceComms(NUAN) 60768 485.85 –0.24 +8.58 –0.97 –0.57 +6. Name (Sym) Volume Close Change%Chg.72 +0.3 Altaba(AABA) 73850 70.41 +37.34 –0.8 Majesco(MJCO) 109 5.03 –1. TaroPharm(TARO) 2587 430.75 SMART Global(SGH) 7147 326.8 TPGPaceEnergyA(TPGE) 3954 1751.35 –0.7 Glowpoint(GLOW) 11809 0.10 –2.47 +6.68 –4.65 JupaiHoldings(JP) 2974 16.81 –29.B) 2622 1252.26 +1.93 –4.03 –17.13 –0.49 +0.31 –1.37 –17.0 n- SierraOncology(SRRA) 4176 3.61 –16.5 Comcast A(CMCSA) 4517153 38.58 –0.32 +14.48 +4.5 9.9 Visa(V) 4628629 110.06 –47.22 –10.46 –4.64 –18.57 +5.60 +4.20 CitiTrends(CTRN) 1548 235.68 –0. WellsFargo(WFC) 128072 56.0 Myomo(MYO) 5840 2.37 –0.43 –9.0 UTStarcom(UTSI) 2897 5.55 Chase(CCF) 117 27.3 CPFLEnergia(CPL) 7915 695.43 –0.4 5.16 –0.M12 BARRON’S December 4.04 –0.12 –2.1 CiscoSystems(CSCO) 3880457 37.2 28.4 19.56 +7.0 Microsoft(MSFT) 128704 84.21 Net1UEPS(UEPS) 5523 437.27 VinceHolding(VNCE) 168 4.24 +9.26 –20.00 +1.6 Pareteum(TEUM) 52818 0.95 –0.51 +5.67 +2.8 m rp Name (Sym) Volume Close Change %Chg.(TIME) 41055 720.12 +14.69 –16.96 –0.00 +5.65 +0.69 –15.5 22ndCentury(XXII) 17614 2.47 .17 DeltaApparel(DLA) 152 27.95 Libbey(LBY) 1281 61.35 –23.50 +3.4 28.03 +0.12 –5.8 AtHomeGroup(HOME) 4668 341.38 –1.51 –0.4 Macy's(M) 104406 24.1 116.84 –11.20 +26.52 +1.9 12.64 BGStaffing(BGSF) 133 56.68 –0.9 5.26 +1.5 Facebook(FB) 113580 175.89 +0.25 +4.2 38.0 SRC Energy(SRCI) 14937 9.64 –21.2 GrupoTelevisa(TV) 53453 320.80 +1.99 –7.7 BostonSci(BSX) 98236 26.44 SyndaxPharm(SNDX) 2291 234.59 +22.1 12.0 AratanaTherap(PETX) 7741 5.58 –10.43 al a e NoahHoldings(NOAH) 2485 40.92 –2.42 –5.90 –0.87 –3.9 21.66 –0.22 –10.45 –1.9 7.1 8.67 PDF Solutions(PDFS) 7016 628.1 TakungArt(TKAT) 10 3.02 –1.11 +3.20 +2. Name (Sym) Volume Close Change%Chg.64 –1.7 7.28 –0.7 11.1 ParPacific(PARR) 23366 20.1 RingEnergy(REI) 19151 14. BankofAmerica(BAC) 519139 28.99 –8.78 +18.92 +0.1 Comcast A(CMCSA) 166510 38.51 –0. Name (Sym) $ Volume Close Change%Chg.1 HomeDepot(HD) 3359357 180.73 –0.04 +0.30 –3.4 Xunlei(XNET) 109194 15.92 –2. 2017 Winners and Losers 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.06 CGG(CGG) 120 5.17 –30.17 +0.10 –7.69 –15.2 Square(SQ) 249287 38.6 32.60 +1.5 31.93 –9.0 TransEnterix(TRXC) 32242 2.3 Qualcomm(QCOM) 79576 65.72 +0.1 Amazon.57 –2.9 Momo(MOMO) 72883 22.13 +18.93 Medpace(MEDP) 3926 693.4 co Fo NTN Buzztime(NTN) 41 4.42 –5.27 –1.44 –2.2 SifcoInd(SIF) 8 7.43 –9.3 NorthernOil&Gas(NOG) 16640 1.40 +3.0 Alphabet A(GOOGL) 58201201025.57 arGEN-X(ARGX) 696 306.40 –7.82 +1.2 GeneralElec(GE) 5682271 17.53 –9.2 InflaRx(IFRX) 283 20.7 NorthernDynasty(NAK) 17375 2.16 –6. All figures reflect activity for the most-recent five-day trading week.04 BarHarborBkshs(BHB) 181 54.16 –6.5 66.4 XinyuanRealEst(XIN) 5424 347.08 Servotronics(SVT) 167 311.1 Losers ExxonMobil(XOM) 4438686 83.43 +2.68 –19.79 +19.7 DigitalPower(DPW) 88971 1.0 60.83 +1.8 Tengasco(TGC) 9742 0.31 EvansBancorp(EVBN) 38 2.25 –5.02 –1.90 –0.3 WeatherfordIntl(WFT) 178073 3.02 FriedmanInds(FRD) 323 190.9 CheniereEnerPtrs(CQP) 45469 27.02 –2.9 Lennar B(LEN. Alibaba(BABA) 16227073 174.68 SucampoPharm(SCMP) 9367 281.6 59.94 –0.70 +0.70 +31.9 7.1 Autodesk(ADSK) 3322512 107.20 Synlogic(SYBX) 469 361.6 62.5 GeneralElec(GE) 337214 17.80 +0.72 +0.58 –20.88 –0.8 InspireMD(NSPR) 26953 0.6 ApplMaterials(AMAT) 71126 51.0 JPMorganChase(JPM) 94039 104.30 –3.0 VenatorMaterials(VNTR) 23959 694.67 –3.02 –1.43 UnvlTechInst(UTI) 307 2.57 ly AmRltyInv(ARL) 10 11.84 Xunlei(XNET) 109194 447.06 +55.48 –38.9 Globalstar(GSAT) 14972 1.19 +0.15 TitanMachinery(TITN) 2524 268.2 RiteAid(RAD) 274894 1.31 –9.85 NTN Buzztime(NTN) 41 65.02 +0.91 –6.68 –4. Name (Sym) Volume Close Change %Chg.26 +1.33 +29.62 +7.12 –0.58 –0.33 –25.95 +0.9 Zynga(ZNGA) 67594 3.44 +3.31 +1.9 26.4 Tesla(TSLA) 5368691 306.3 Qualcomm(QCOM) 3449902 65.40 +12.82 –8.9 Ashford(AINC) 8 90.1 4.48 +0.4 NewGold(NGD) 15498 3. X-Ex-dividend .5 StitchFix(SFIX) 14188 23.90 –0.05 Autodesk(ADSK) 39951 365.24 –1.83 –3.31 –1.10 –2.87 AratanaTherap(PETX) 7741 433.34 –0.15 –2. Name (Sym) $ Volume Close Change%Chg.95 +13.03 –1.50 +0.28 –8.44 –17.6 AT&T(T) 194045 36.18 +0.7 StraightPath(STRP) 51765 182.46 ConTomka(CTO) 82 61.24 +9.9 Losers TevaPharm(TEVA) 130956 15.10 +0.0 5.6 155.8 NorthernDynasty(NAK) 32656 2.56 –9.10 –2.20 GoldenEnt(GDEN) 728 221.99 –7.62 –6.60 +1.00 NuverraEnvl(NES) 287 770.59 –13.98 +26.22 –10.8 SandstormGold(SAND) 13453 4.88 +5.08 FoundationMed(FMI) 2721 266.05 +5.0 MicronTech(MU) 292918 41.0 15.3 CamberEnergy(CEI) 18133 0.07 –2.06 –2.com(JD) 65919 37.7 6.6 GeneralMotors(GM) 2960331 42.83 +1.5 OncoCyte(OCX) 203 5.49 UnivestPA(UVSP) 1865 355.07 –0.37 –5.26 +9.15 +29.29 +0.92 –0.54 +0.3 106.7 eBay(EBAY) 67694 35.39 +0.0 Broadcom(AVGO) 3267079 271.6 JPMorganChase(JPM) 6883975 104.8 GrayTelevision(GTN) 19699 341.2 BovieMedical(BVX) 575 3.20 Intelsat(I) 2911 3. Average volume is based on 65 trading days.73 –1.9 UnitedHealth(UNH) 3052974 226.20 –0.36 +0.3 m e Vale(VALE) 145462 10.11 +0.7 CheniereEnergy(LNG) 265039 48.36 +0.35 +0.48 +38.8 UltraClean(UCTT) 7889 20.87 –0.11 +0.79 –1.25 us l. Share volume figures are expressed in thousands.95 –29.8 27.7 ChesapeakeEner(CHK) 132473 4.01 +0.0 JD.58 –0.83 RingEnergy(REI) 1699 6.00 +0.07 –0.44 Losers ArdmoreShipping(ASC) 4702 459.8 BlonderTongueLab(BDR) 10941 0. Close Change Name (Sym) Volume %Chg.20 +1.88 –0.72 –13.8 ImperialOil(IMO) 20387 31.60 +1.9 NuverraEnvl(NES) 287 9.4 33.67 –16.67 –3.46 +2.08 AmiraNatureFoods(ANFI) 3472 4.20 +0.61 +2.10 –7.5 PenneyJC(JCP) 102816 3.14 +2.6 7.38 –1.4 Disney(DIS) 3321513 105.43 –9.82 –1.51 +3.1 18.4 Presbia(LENS) 70 2.79 +6.01 –7.50 +1.1 Wal-Mart(WMT) 3492305 97.93 +0.70 +0.41 –4.7 Netflix(NFLX) 4470558 186.8 50.58 –8.42 +8.000 shares or priced under $5.2 WirelessTel(WTT) 598 2.2 MicronTech(MU) 10368013 41.69 +4.64 Tilly's(TLYS) 2920 16.85 –0.04 +2.8 22.55 +4. S-Stock split or stock dividend amounting to 10% or more.7 28.14 –1.57 +5.47 –0.53 +0.3 14.93 –3.05 +1.13 +6.92 –0.02 –1.96 –0.64 –21.11 +3.9 Boeing(BA) 3398320 271.7 NVIDIA(NVDA) 95193 197.58 LimelightNetworks(LLNW) 15583 374.86 +0.65 –33.56 –10.51 –8.20 +2.06 +0.10 +1.11 Skyline(SKY) 336 24.12 +4.2 GEE Group(JOB) 83 3.05 +18.2 AmtechSystems(ASYS) 3138 9.58 +0.3 Facebook(FB) 15046037 175.73 –0.17 +27.51 +5.2 4. Regal(RGC) 81198 20.61 –16. GoldmanSachs(GS) 4168661 248.2 25.57 –9.48 –0.87 +0.com(AMZN) 204570141162.74 CheniereEnerPtrs(CQP) 2061 73.50 +1.60 on CPFLEnergia(CPL) 7915 12.25 +21.10 –0.57 –22.50 –1. Close Change Express(EXPR) 23823 10.56 +11.57 –25.8 SRC Energy(SRCI) 103137 9.25 +6.47 +6.56 –9.38 +5.06 –22.58 –8.87 –0.48 La-Z-Boy(LZB) 3613 33.6 Tilly's(TLYS) 2920 347.06 –2.80 +2.90 +6.9 SucampoPharm(SCMP) 9367 12.29 +0.79 –1.15 +17.30 +25.12 AtHomeGroup(HOME) 4668 28.2 TitanMachinery(TITN) 2524 21.43 +33.8 CaledoniaMining(CMCL) 60 6. ChinaRapidFin(XRF) 4299 6.22 –10.5 B2Gold(BTG) 21123 2.43 +2.64 –21.34 +55.43 +0.0 15.56 +7.25 +4.2 18.0 EnbridgeEnergy(EEQ) 7885 302.0 Overstock(OSTK) 22002 42.3 18.2 FoundationMed(FMI) 2721 62.2 BankofAmerica(BAC) 13563683 28.58 +36. ” says Keith Schaefer. Schaefer says only 120 rigs are needed to hold U.S. of course.” of the commodity in the Northeast.S. Futures prices for natural gas “If the East Coast does get a prolonged cold snap or a polar vortex event.” he says. natural-gas prices live and die by how cold the U. Weather.2017 USCF . on Nov. supplies of natural gas in storage are tight. natural-gas production. Weather could easily change all of that.” the sixth warmest.S. and last winter overall was Still. he says. up from 119 rigs a year m rp at roughly 3. he notes.S. and even Canadian produc- er rs Pastelok expects more draw on natural-gas supplies this winter. trading community is. c o m Member Firm ALPS Distributors.” m e Commodity Indexes.7 trillion cubic feet for the week ended earlier. but he for three weeks in a row.” Schaefer says. president and chief execu- ci on prices will go lower all through 2018. 2017 BARRON’S M13 Commodities Corner Expected Cold Snap Won’t Heat Up Gas Prices .” says Schaefer. according to Paul Pastelok. is. settled above $3. East Coast is in co Fo But the uptick in futures prices has already advanced further than January and February. natural-gas Barrons. He sees more natural-gas demand for home heating from the Midwest and northern plains to the Northeast. Inventories in the lower 48 states stood drilling rigs at 180 for the week ended on Dec. 17. More pipeline capacity to move gas away just one or two cold-weather forecasts. with “very cold air” forecast for the U.21 per million British thermal units on Nov. and right now. Investments Bulletin.S. “It’s important to remember how fickle and short term the natural-gas That would draw more supplies of the fuel away from the domestic market. Inc | © Copyright 2016 . and then the longs got clobbered as from the Marcellus and Utica shale areas has contributed to a rise in the price al a e [the forecast weather] never materialized. are likely to “hold ground or stay flat by the end of the according to data from the Energy Information Administration. says Schaefer. started to increase in a larger and larger way through the summer and fall of 2017. Output is no longer rising only in the Marcellus shale basin. Saefong TIGHT U. LNG exports MYRA P. 10. enough to keep the [domestic] market quite tight. U. u s c f i n v e s t m e n t s . They’ve fallen year.” and cold winter forecasts are the main reason that prices have topped $3. “U.December 4. says Phil VanHorne. n- INVEST IN WHAT’S REAL no w w w.06. improvements in natural-gas transportation have also helped to relieve us l. tion. SUPPLIES AND FEARS ABOUT A WAVE OF COLD WEATHER PROMPTED could jump another two billion cubic feet a day over this winter with more trains a roughly 5% rise in natural-gas prices last week.com meanwhile. Schaefer agrees. a nearly six. ly by Myra P. the lowest level for the third week of November in three years. They settled on Friday at $3. 1. doesn’t expect any price gains to last. SAEFONG writes about commodities for MarketWatch. That’s in part why that cold. owner and editor of the Oil & Gas U.S. The past two winters have been warm. Baker Hughes (BHGE) data pegged the number of active U. production steady. and even in the Rockies. ion Energy’s (D) Cove Point export terminal becoming operational. “This leads to higher inventories and a drop in prices. senior meteorologist at Accu. we have lots of gas…and higher prices will just stimulate even more produc- “Wall Street’s fear is that [liquefied natural gas] exports would ramp up tion. Traders “bought up natural gas hard last December on supply congestion in the Northeast. therefore. it isn’t supposed to be Schaefer expected—he didn’t think they’d top $3 this year. in the second week of December. The cold-weather expectations amid tight supplies prompted the rally. “U.S. but the truth month high.” tive offer at BlueRock Energy. “It’s increasing in the Permian and Haynesville. “record production could keep a lid on prices throughout the winter.” says Schaefer. he’s bearish on the outlook for natural gas.S. 1. says VanHorne. Prices.” he says. compared with last winter.S. tem- peratures for 2015-16 were the warmest on record. as gas produced there gets to areas that Adds Schaefer: “If really cold weather doesn’t show up by Feb. December through February. [natural-gas prices] could spike higher on some emotion and fear. then need it more quickly and easily. Don’t expect it to last long at Cheniere Energy’s (ticker: LNG) Sabine Pass export terminal and Domin- on in a market that has lost nearly 17% year to date. bring.000 Arsanis shares (14.422 shares at prices from $5.3%)—inclusive of a areas.8%). 24.000 shares at $10 apiece. analytics.50 apiece from Nov. dented surge in industry consolida- ing its proposal “would benefit all share. Subsequent Maguire Asset Management purchased What’s Happening: Starboard changes in holdings or intentions must be reported in amended filings.97 a successful activist with extensive e Consolidated management should be the ments that converted to common stock apiece from Sept.91 to $7. board but has agreed to recuse him- n- green’s CEO David Winters and Chief Op. 21 (the two Mellanox co-founders serve and discussing it. potential 415. Mellanox through the sale of the company or the Separately. As a result. and stock-buyback data. the author publishes and sells InsiderScore. —KENNETH SQUIRE employee and now independent consultant no Evan Ho.50 from Nov.000.” . ership of Mellanox common 40%: percentage of revenue on Consolidated-Tomoka Land (CTO) Arsanis (ASNS) Decreases in Holdings Mellanox spends on R&D Activist Wintergreen Advisers disclosed a Polaris Venture Partners divulged a posi. but “a conversion to a these is to get board seats.000 at the Nov. a premium valuation from a number ment for what we view as a failed of interested parties.com is a provider of insider.42 to $72.8% of the total shares run by an affiliate of the author and outstanding) as of Nov. Increases in Holdings warrants are exercised—after the sale of 8.31 to $9. 28 at prices ranging from $27. The Mellanox campaign is like m e “if there’s some sort of proposal out there KKR & Co. not connected to Barron’s. and former est in Mellanox.858.68 each from Value believes tremendous value can been extracted from filings released by the SEC from Nov. 24.” It concluded that support. and consider strategic tions…and primarily works to entrench options. 8 through Nov. and if that works. 13 to be included in the 500.14/share 13Ds are filed with the Securities and Exchange Commission within 10 days of an entity’s Stock Market Value: $3 billion Inseego (INSG) ($58. improve REIT could have serious tax implica. New Enterprise Halcon Resources (HK) has market-leading products. self from any discussions about inter- erating Officer Liz Cohernour.13 through Nov. of 2. and not on “the Associates disclosed an initial stake of Franklin Resources cut its stake to No. and CEO). 2018 proxy statement. It noted that “the stock is provements or strategic alternatives. Nov. “Makes me want to draw up some districts of my own.8%: Starboard’s beneficial own- Activist Filings Original Filings the transformation” at the company. experience improving operations at ci on maximization of shareholder value. (KKR) Recro Pharma (REPH) Starboard’s successful campaign at that’s great for shareholders. and one is its president ing it to the shareholders.208 shares Marvell. Wintergreen nominated Mellanox but was rebuffed.750. M14 BARRON’S December 4. 16. company on Nov. However. Investor’s Avg Cost: $47.com or call 866-400-9595. 20 initial public offering Gamco Investors (GBL) trimmed its for the S&P 500 over same span.000 shares from Nov. 20. include representatives of participants in.11 apiece from Sept.7%) by selling Behind the Scenes: Starboard is al a proposal stated that the “proper focus of of its holding was through pre-IPO invest. In Ellis Rosen for Barron’s addition. despite its 70% gross REIT that would have disastrous results purchased for $10 each in a private place. 24.3%).936 shares (14. tion. and both Marvell and Wintergreen also stated that “the Mellanox have spent lots of money on greatest value to shareholders will be to research programs. raising its stake to be created through operational im- .000 shares (10%) after the purchase from $9.504 at prices from $67. semiconductor companies.000. and Mellanox would probably get holders” and “stop rewarding manage. The trio includes Winter. Source: InsiderScore.343.815. The shareholder of 4. 19. 13D research reports. versus 37. significantly undervalued. CEO John Albright indicated that er rs ment that ran concurrently with the IPO.9%). have trailed. 23 through Nov. 1 or No. 22. 2017 13D Filings Bonanza Creek Energy (BCEI) Mangrove Capital used a 10b5-1 plan to buy 150. co Fo carefully evaluate all options. with the liquidation of its assets. shareholder activism. and research. Peter three directors to be voted on at the 2018 Feld of Starboard is on the Marvell annual meeting. reducing its position to on the board. There has been an unprece- management. of your holdings.208 shares if corresponding profit margins. on Nov.148.957 shares (13. 2017. The bulk stake to 1.522. which had looked at acquiring On Nov.429 shares (6. Key Numbers: ly tors “don’t understand the magnitude of 9.987 design and development shares (8.” vell.075 shares (27. operations. This material has 516.” either after the closing of the public offering. lifting its stake to 1. Mellanox trades at a large discount to its peers.676 shares for $1. which it 21. we’re all ValueAct Capital raised its stake to Broadfin Capital divested 172. 14 through The Activist Spotlight Mellanox Technologies (MLNX) Nov. 164. a mutual fund 1.927.28 to $1. 13 through 28. 2 position in many key apparent march toward a conversion to a 2.8%: Starboard’s return on its shareholder proposal it delivered to the tion of 1.” and that inves.95 to Business: Fabless semiconductor Investors Report to the SEC $30 apiece.3% us l.” to $19. 24.” including Starboard’s plan in situations like those noted above.7%) after buying Watts Water Technologies (WTS) investment in Marvell.878 (15. 26 through Nov.868.com 5. its operating margins for Consolidated’s shareholders. Wintergreen revealed that it held The 13D Activist Fund. 29.6%). For a free analysis and targets of. whose buyers may institutional. has a long position in Mellanox Technologies. 18 through Nov.553.135 (8. 2.95/share) attaining a greater than 5% position in any class of a company’s securities.084 at a per-share range of $19.194. Both were run by founders m rp about basically bringing that to the board 47. including Mar- strategy. visit InsiderScore.” Wintergreen noted that during Consoli- dated’s third-quarter 2017 earnings call on Oct. due in part to substantial R&D spending. 24. 637 smartphone user-base share gains.512 Xencor XNCR 1 15. One correction that software stocks so cycle” value-creation opportunities open to desperately needed. but if Ratio of Insiders Sales to Buys. The next go-round will likely Enterprise Products Partners EPD 1 8.000 148 Servicenow NOW 1 95.081 James River Group Holdings JRVR 2 900. should be sent to
[email protected] ters to come due to many factors.000 18.212 owners who have already begun switching at this stage. 16.868 Randolph Bancorp RNDB 1 10. which will would be placed in key positions in the Access National ANCX 4 5. The tables do not include pension-plan or employee stock-option activity. Rockwell Automation an.549 Johnson Controls InternationalJCI 2 47. more cash.7 billion of assets under tion. the numerous “non.467 will meaningfully accelerate in the quar.833 respectively. But we likely to continue to push the stock higher.771 12.574 continue to drive higher services revenue. material firm have higher near-term margins.283 147 Copart CPRT 2 276.586 mand for a revolutionary new iPhone.347 to iPhone.com STMP 1 142.000 2. and Recent shipment data show the iPhone opportunities afforded by the Starwood ac.000 132 Cisco Systems CSCO 3 258. Our behalf of itself and clients. we expect the Huntington Ingalls Industries HII 1 2.210 Facebook FB 2 248. Source: Thomson Reuters Marriott International • MAR-Nasdaq Workday • WDAY-Nasdaq INSIDER TRANSACTIONS RATIO Equal Weight • Price $126. and some Hci Group IncHCI 1 6. But when it comes to 30 Bearish Marriott include continued unit growth. 4) non-Apple smartphone ness for a decade. range.275 557 Intuit INTU 4 186. and (4) principal activities on the views or recommendations of Barron’s.December 4. In most cases. Based on that likelihood.07 on Nov. Readings under 12:1 are Bullish. director or owner of 10% or more of a class of a company's securities. 2) pent-up de.1 times our 2019 dis- ci on ment that we think is more important four business segments: (1) private-market tributable earnings estimate. but in spite of the Pentair PNR 1 9. 28 late-stage lodging trends in the U.3 billion of assets under manage. (2) public-market mand is consistent annual operating-margin investment services. pinning our $200-per-share target price.966 690 Mcdonald'sMCD 1 171. with its thin visible realization pipeline. investment-banking or other services to the companies being analyzed.200 515 Novanta NOVT 1 500.133 25. respectively. combined loyalty pro.000 26. we jected Emerson’s third unsolicited takeout Tallgrass Energy Partners TEP 1 52. mercial and residential solutions business. losing share in China. the SEC within two business days. Mercadolibre MELI 1 10. 5) growth in iPhone average include a boosted bid. with a high-side forecast of 30% to Bullish Ratio = 36 0 grams. This is m e American Assets Trust AAT 1 27.751 co Fo Bank Of Marin BancorpBMRC 1 3. and excludes trades preceded by option exercise in the 12 months prior to the reported event. and 6) growth of the overall signaling on how Rockwell management Intra-Cellular TherapiesITCI 1 10. The tables highlight companies that filed with the SEC through last Wednesday. combined company. and it represents nine times our 2019 vated smartphones this year—a measure.374 305 Gap GPS 3 671. per unit estimates of $2.708 17. courtship of Rockwell. 8. Cenveo CVO 1 300.000 183 Qualys QLYS 3 221. they should not be considered improvement from an admittedly low base. ness attractive over the longer term.526 1. We would like to see the To be considered for this section.000 45. who has cov. fueling concerns quisition and Marriott’s business model are with $153.193 20. unchanged $125 price target is based on an We resume coverage with a Hold rating . trades by beneficial owners of 10% or more.com/financial. We also expect Emer. 22. Workday. Source: Thomson Reuters .244 30. then what you should de.250 200 Ollies Bargain Outlet Holdings OLLI 1 368. It earns revenue through ENI forecast and 11. Sector Perform • Price $61.33. is unlikely to walk away Expedia EXPE 1 150.960 28.676 250 Infusystem Holdings INFU 1 102. With a Emerson Electric • EMR-NYSE large base of iPhones due for upgrades. were issued recently by investment and for the long run. shares. Our price target stands at $62.241.392 9. or hope to provide.54 on Nov. we continue to believe that the 20 credit-card renegotiations.602 224 Raymond James Financial RJF 2 211. 30. We find KKR’s busi- ly applied to our calendar-2019 estimates.275 ing: 1) easier compares. Sheraton Rev. On a fee-paying basis. mergers-and-acquisitions dance to continue. than mere shipment numbers. medium-term growth ENI. 2017 BARRON’S M15 Research Reports How Analysts Size Up Companies Edited by Paul Farrell These reports. 3) a Emerson CEO Dave Farr.526 and 13. under. Company /Symbol Insiders Shares (000's) Company /Symbol Insiders Shares (000's) prospects in China. (3) capital-markets research firms. derived via a sum-of-the-parts valuation about a weaker product cycle.577 28. an insider must report any trade to see the coming iPhone supercycle driving automation story by spinning off the com. While KKR • KKR-NYSE think it could take a bit of time for shares Overweight • Price $173.49 on Nov.644 19. vehemence of the rejection. coupled with a discounted cash-flow valua- al a e show that Apple gained share of acti.32.199 401 Abbvie ABBV 1 218.73 on Nov. and an Hold • Price $19. KKR is a global alternative-asset manager $2.000 156 Chevron CVX 1 110.404 meaningfully larger base of aged iPhones eted Rockwell’s discrete automation busi. Thomson Reuters at thomson. 27 Buy • Price $106.000 774 Charles Schwab SCHW 5 635.314 sales prices.9 times enterprise value/revenue multiple and $21 price target.000 299 Evercore EVR 2 230. The "Purchases" column includes only open-market and private purchases. the "Sales" column includes only open-market and private sales. or Ebitda) are concerns.431 Speaking broadly.479 13. management. Realogy Holdings RLGY 1 5.593 20. $2.540 2. we son to split the company into a pure-play An insider is any officer.024 Apple ecosystem in China. Some of the reports’ issuers have provided. Many of the reports may be obtained through The firm seems to be delivering. ment as of Sept.925 18.759 45. we raise our KKR had $113. you believe that Workday really is building The total top 20 sales and buys are 480.93 on Nov.787. 22 we still see 80% China iPhone unit by RBC Capital Markets INSIDER TRANSACTIONS: Recent Filings growth in fiscal-year 2018. 29 n- 70 by Barclays by Canaccord Genuity 60 With growth in global revenue per available It is difficult to determine whether or not 50 no room seemingly stable in the low-single yesterday was the beginning of the Big 40 digit percentage range. company can grow at least in the high 20% 10 PAR index growth.913 ripe for upgrade.com. excerpted and edited by Barron’s.391 believe that Apple is just turning the offer. National General Holdings NGHC 1 24.880 m rp Westlake Chemical PartnersWLKP 1 25. Our price target is us l. Those over 20:1 are Bearish. and using scale to reduce costs (like 35% subscription revenue growth for D J F M A M J J A S O N another few years. 27 to receive a significant boost. Purchases Sales er rs $ Val $ Val We remain very bullish on Apple’s On Nov. price target to $130 from $105. in our base case. which was received on Nov. We are intro- on by Morgan Stanley aggressive valuation (at 15-plus-times 2018 by Sandler O’Neill ducing 2017-18-19 economic net income.725 Arista Networks ANET 1 172.050 41. asset management.290 corner in this huge market.035 12.000 34.500 501 Stamps. includ. The reports are a sampling of analysts’ thinking. Even after recent nounced that its board unanimously re.667 11. and growth the latest in the ongoing saga of Emerson’s Hostess Brands TWNK 2 60.745 Amphenol APH 1 503.07.300 1. Biglari Holdings BH 1 1. we Apple • AAPL-Nasdaq online travel-agency commissions).S. solutions. trades under $2 per share or trades under 100 21% unit growth in fiscal 2018. drive some volatility in the group as differ- m rp The German stock market is benefiting types. Delinquency of a baroque monetary policy that could ings estimates raised following third-quar- oped. international equity indexes usually take into account only share-price perfor- mance. should tem that discriminates against equity capi. tween them. Given the many unintended consequences three sectors that had fourth-quarter earn- German stock market remains underdevel.M16 BARRON’S December 4. by CFRA The new government should take steps They are also currently higher than the cfraresearch.94% (fourth-quar- has repeatedly climbed to new record ishing stock market. this could translate to lower Nov. weight of manufacturing in the index: eral Reserve economic database to see coming Chairman Jerome “Jay” Powell. they will remain below historic levels. On Nov. the cumula- tive Dax increase amounts to only about er rs Nov. Its cumulative The trend to higher credit-card delinquen. out consumer. higher delinquency rates are not will become more substantially realized. and support upside for the financials. Germany continues to rank last up from 2. while it has a share of less than one-quarter in No. drivers for the sector from here. will slowly improve in 2018. m e 70%. the risen more than the German economy earnings for the nation’s banks.Ds uations and momentum as primary upside many has enjoyed considerably stronger credit card delinquencies are on the rise. making it the third best no cyclical upswing. may simply be for the S&P 500. Mr. On a comparable basis. Nov.S. —JASON DESENA TRENNERT with the author’s name and address.57% (fourth-quarter 2005). the European Central Bank’s for this kind of debt. News out of Washington certainly could important European peers behind. In the last few years Ger. by Datatrek Research stress but of the competitive dynamics of terest-rate increases as Jerome Powell ure includes reinvested dividends. 12. To be considered for this section. that is a notionally by Strategas Research Partners sharp flattening of the yield curve of late. at 15. 1: Delinquency rates on credit-card Powell as a “Phillips Curve Wuss” in com. (not top-100) banks. But prior cycle toward monetary policy. The real story isn’t much to the chagrin of some prominent sector is the improvement in 2018 consen- the Dax market capitalization. ing at near-term estimates. the commonly used total The upshot: Smaller banks seem to be S&P 500 Financials sector to Overweight e —JAN SCHILDBACH return index is unsuited for international loosening credit standards (and incurring from Market Weight yesterday. 28: In the last few weeks. Deutsche Bank Research . and will (behind only energy and materials).000 in credit- card debt but $55. The current rate is Warsh. up from lows of 2. The key co Fo GDP growth than its euro-zone peers.000 in income is hardly optimal.4% on June 30). a pension system that hardly involves you look at delinquency rates at smaller The Impact of Tax Reform on the capital market. it is one of Despite favorable recent trends. ter 2005) and 3. 3. the call on expectations that loan growth a new record high. just like and therefore send in the full balance. Further aiding our positive view on the manufacturing makes up more than half what’s really going on. 27: The average U. —LINDSEY BELL GDP). And depending on loan-loss is typical in tightening cycles.12% in first-quar. Here. such as a tax sys. There are Prior cycle lows were 3.1% on June 30) expected larly high growth rates and from a global ter/second-quarter 2015.7% (vs. other experts. 2.” —JAN SCHILDBACH. There’s been a lot of buzz lately that Yellen. 2: Look at credit-card loans origi. ent policies (especially tax policies) make from strong economic growth and. and perhaps their approach the 10. and the pattern is the same. the German stock market remains underdeveloped. as a total return index. and deregulation benefits trast. consequently. parison with John Taylor and Kevin S&P 500. at 13505. Consumer and corporate balance sheets are in solid shape.9% (second-quarter 2017) on by Deutsche Bank Research companies (and. 30: CFRA raised its rating of the al a highs. strategasrp.36% (third-quarter prove to be seen as progress. In con. current val- monetary policy. the nated by the country’s 100 largest banks. 3: The story becomes clear when RYAN GRABINSKI be sent to MarketWatch@barrons.. We pulled be major monetary policy differences be. In and with a total $808 billion outstanding Investment Strategy Report argument against the sector upgrade is the addition. As economic Since the financial crisis. This is due not least to the strong several data sets from the St.500 and $10. and Ph. The former number is for the frugal There will be a time to worry about these. whose impact on the all-time lows were back in third-quarter their respective educational backgrounds.13% (fourth-quarter 1994).000 in credit-card debt depending on whether So while we understand that a typical American household with $10. but we view other capital markets. 2017 Market View A Sampling of Advisory Opinion Edited by Paul Farrell “Despite favorable recent trends. Currently 2018 growth is pegged n- ing sector in turn has benefited from its low) multidecade lows. a relatively and notably higher than the post-financial Turning Up the Heat on Financials dbresearch. 13. estimates have been revised down for the total gross value added.47%.2% (vs. Powell. risk-averse retail inves. household car- ries somewhere between $1. and even as rates rise.25%. takes the helm. The —NICHOLAS COLAS.com the credit-card business. JESSICA RABE their way through Congress. tween outgoing Chair Janet Yellen and in. several reasons for this. datatrekresearch. 1994) and 3. the Dax to lower the structural hurdles for a flour. who refuse to pay finance charges But we aren’t there yet. the Dax reached higher losses) in a bid to gain market share. No. ahead of strong position in countries with particu. 20: We believe it’s unlikely there will activity increases and inflation rises. Look- pronounced. in our view. even though as bad as the headlines: conservatives. ly Germany Lags in Equities tal. Powell does not have a Ph.05% in second-quarter 2015. sus earnings estimates since midyear.82% (fourth-quarter 2015).D. Nov. crisis lows of 2. It could signal a tapped.com small number of listed companies). loans are climbing. this is enough to leave its most or not they pay off their balance every a sign of a fast-approaching downturn.) One meaningful difference be.44% in second-quarter 2017. lows of previous cycles: 2. However. rate cuts and securities purchases have worrisome sign. only be dreamed up by academics and ter results. We based Credit-Card Debt: Don’t Fret Yet ci on comparisons. delinquencies Capital Spending Germany Monitor tors. month.com History shows that a flattening of the curve supported the Dax. the Federal gain since 2010 amounts to almost 120%. Louis Fed. In terms of market cap (57% of rates were 2. but from (and still be.com us l. Daily DataPoint cies is primarily a function not of economic Reserve will maintain a steady pace of in- However. from unconventional second number is for the rest of us… overall economic improvements. this fig. material. Still. No. the Dax has reserves. (One recently described Mr. we are hopeful this will among large European countries. The manufactur.com. . and a large share of family-owned are currently 3. lead an organization with 900 of them. curve should once again begin to steepen overall. growth rate of all 11 sectors in the index much larger services sector has been less 1994 at 3. 42 51..52 CPFLEnergia CPL 2.1527 91..79 .21 +3..2225 89..87 173..01 .30 .67 –0.56 +0.9 33 68.21 ..16 26.... 21.32 .91 . 75 17.69 .12 BancoMacro BMA .50 1.33 AIG Wt AIG..75 29.. 45.0 12 27.24 .... dd 2.25 +0.89 12....93 .....33 39... 9 10..88 CNA Fin CNA 2.70 .66 +0... 50..06 5.85 .20 ..5 18 40.09 .57 . We greatly appreciate your feedback.60 +3..50 +1...20 +0...0444 39.75 52...20 .87 7...76 27.06 . 35 Foreign Exchange . 21 49...21 .68 8.....84 –0.22 +2... 9...61 .. 4 9..81 63.4675 29.12 .89 ..24 2.2 67 32.05 9.19 Amerigas Ameriprise APU AMP 8.1 17 18.....31 8. 21 20.60 ...75 AresCommRealEst AresManagement ACRE ARES 8.81 CGI Group GIB ..88 +0... 66.35 .50 31..80 74..17 Brown-Forman A BF....50 43.55 +1.50 Anthem ANTM 1.70 .76 . 35 Federal Reserve Data Bank .40 –0..02 21.....14 AXIS Capital AXS 2...24 33.4 6 4.75 10.. 44. earnings data will be followed by information about preferred stocks 30...17 27.255 38.40 BancCalifornia BANC 2.0739 6..S.41 CAI Intl CAI .....11 126...59 .0 37 43.96 AmerWaterWorks AWK 1.75 +1.39 4.50 AG Mortgage MITT 9.1846 21.. dd 7....15 254.0 10 17.23 –0.07 BurlingtonStrs BURL .38 29.3 16 7...72 .6 25 27.3 34 61.55 41...32 114.51 70.3 21 39.25 13. 4...52 AffiliatedMgrs AMG .91 .41 .53 AlamoGroup ALG .21 +2.06 ...10 22...75 –0...16 +0...50 10.8 31 57.80 43.05 –0. 7.35 5.57 AmericaMovil A AMOV 1.23 .56 AerojetRocket AJRD ..69 +1.39 ..28 .12 moved closer to passage.58 –0.24 35.. NYSE MKT and Nasdaq Major 55.04 CF Industries CF 3.96 28. 19 43.92 16..31 Accenture ACN 1...71 AnteroMidstream AM 4... cc dd 19. 18...10 236.60 112. 32.88 .....3 94 42.33 .71 Autohome ATHM . 22 59.55 15. dd 7..18 164.75 .67 –0...1 48 64.0944 15.14 –0.50 Aircastle AYR 4.94 –3..79 +0.78 Berkley WRB .90 +1.86 35.44 e 71.94 BankofAmWtA BAC.10 .19 24125 266.15 39..03 . 119.15 ...8 26 51..24 3... 16.96 8.70 –0....75 17.. 84..41 79.91 31...4 19 97.11 .38 18. 27..20 .....40 13. 35 Consensus Estimates Dow Industrials 36 Mutual Fund Indicators .58 +2...89 AdvSemiEngg ASX 3.5 dd 3..20 AAR AIR . 72.00 BioAmber BiohavenPharm BIOA BHVN .60 20..95 12.....52 18.07 97.6 dd 33.5 14 11.16 –2..15 ..49 –0. 34 Charting the Market .44 After hearing many requests from readers..65 –0.... cc 29...08 . 13.59 ..16 CSS Industries CSS 3.42 22.20 . 38 S&P Dow Jones Indexes..31 28..30 .26 . 57.68 1.86 BrasilAgro LND ..27 AtmosEnergy ATO 2...17 77..42 45. 12 Delta Tactical Sentiment ..62 AmEqtyLf AEL .37 8.41 BrookfieldMgt BAM 1.33 ..2 58 115..52 4.9% last week as tax reform earnings data in our print edition when space is available.48 ...72 –1..35 6..74 33.81 14.53 AveryDennison AVY 1..45 229.2 22 39...65 .. 33 Cash Track .... 27 Pulse of the Economy.7 25 32.73 AegeanMarine Aegon ANW AEG 1.02 .62 BakerHughes BHGE 2.20 –0.14 AmerStWater AWR 1.44 .. 24... 66..52 +0.37 .86 54.. dd 29. 39 Nasdaq National Market.8 31 17..30 +1..60 Bemis BMS 2..55 . %will again provide 30.78 6.8 46 84.58 56.44 Aptargroup ATR 1. 63 21.. dd 17.09 7.25 +2.14 77.0 62 39.90 AdvDrainageSys WMS 1. 60...82 +1..70 +2.63 –0..00 Briggs&Stratton BGG 2..0 34 694.....1 4.83 25.7 14 32..60 25.23 5.9 14 15.94 +1.10 46.00 BrightHorizons BFAM .. 39 Statistics Team: 609-520-4799 Dividend Boosts ....75 31..00 109...23 +0.12 29.50 99..45 –1.30 CBIZ CBZ .05 ..47 AlliantEnergy LNT 2.04 .54 .15 –2...01 . while Apple slipped 2...53 67.0 . dd 19.1 .28 23...17 25....01 +1..66 .34 8.98 40.69 +1. 1.29 43.35 5.25 3...10 13.63 AirProducts APD 2.80 BlueCapReins BCRH 9.20 . 18 4....36 ..42 AbbottLabs ABT 1.61 ..35 AdtalemGlbEduc ATGE .45 +0..07 +1.55 33.01 ..03 ..04 90..02 57.03 1. 73 6.... Amt.315 13..45 AlbanyIntl AIN 1.5612 451.42 BEST BSTI ..90 14.3 22 167.30 CONSOL Energy CEIX .105 1.55 .09 –4.20 60..8 cc 31.19 ...7 18 41.00 38..52 –2.22 1.43 +0.. 19 131.....40 .5 19 84.. 67 45. on 88.50 112. 50...29 BectonDicknsn BDX 1.72 66....22 43.32 .09 25.24 .9 13 43..00 61... 18 14..00 365.70 5.....16 +0.25 209..30 .. 25.16 .10 ...21 75..34 83.365 ci on 98.32 .37 Avianca AVH 1.04 .6 12 21...65 –0..26 28.20 –0....2 28 37.82 48.86 BancSanBrasil BSBR .99 ..60 Actuant ATU .05 AMN Healthcare AMN .90 6.75 CAE g CAE 1...9 13 64..7 13 78.0 ..24 39.85 –0....40 +0.50 +2..33 BonanzaCreekEner BCEI ..25 .2508 7.20 51..8 26 38.15 2.99 AcornIntl ATV .8 19 28.00 +0.. 22.80 4..32 69...25 ings.59 .00 Alexanders ALX 4.. 20 53.94 BlueApron APRN ..15 34..16 .56 +12..74 25.. 129..18 AZZ AZZ 1....8534 11..4 15 28. 51 174...14 AmberRoad AMBR . 26 14.12 –14.79 ...25 Barnes&Noble BKS 9..72 BankofHawaii BOH 2.22 .22 26.73 16..24 AquaAmerica WTR 2.9852 32.4 40 127.........9688 46.97 3.8 19 dd 40. ..98 –0..62 –0..10 1. 16. the data will appear only in weeks when space is 24.WS.65 AmerVanguard AVD .25 –0.38 +0....12 ABMIndustries ABM 1.06 –0.12 35.00 564..65 –13.80 65.. dd 5...13 17...8 34 91.04 .22 .99 Ametek AME .60 .35 –0..30 –0.22 –0.33 10.06 –0.17 ..21 6.59 60.14 Apache APA 2.35 ..28 30.. 7.50 20......68 –0....50 +1.47 –0. 73..24 +0.62 37.58 +2.08 Autoliv ALV 1.05 39..50 ..61 Alteryx AYX .41 .83 CARBOCeramics CRR .50 43.12 .55 BrightScholarEduc BEDU ..28 AcuityBrands AYI .82 ..10 .25 177.. 70.85 64....92 .69 ..29 +0.65 43...15 –0.30 +0..60 +1.....86 BkNovaScotia g BNS 3.. 10.29 8.76 6..7 13 103....85 AllianceOne AOI .15 25....43 Azul AZUL .77 ..1 24 49.52 +0...04 .39 23.... .0053 18.94 31.9 7 19.10 –4. 12..... 491.92 +0..0411 15..15 .06 BarracudaNtwks CUDA .60 20.2 dd 73.74 290.70 CVR Refining CVRR ...07 Alleghany Y . 14.78 –1.80 AllisonTransm ALSN 1.68 –1.1 25 92.92 CNO Financial CNO 1.01 –0.10 .47 BarnesGroup B .72 AxaltaCoating AXTA ....00 28.06 BcoSantChile BSAC 3.60 +0.3 23 12.02 .20 .23 ..5 20 46. 21 dd 99.70 44..41 ..01 ...0 32 6.50 9... dd 27....1564 12..01 .80 19.275 56.415 194.21 25..62 129.52 .45 22.58 –0..26 CableOne CABO 1. & Foreign ...61 –16...82 4.03 –5.03 ...72 Brown-Forman B BF.87 –0.6 dd 10.91 ..42 5.39 18.19 BerkshireHills BerryGlobal BHLB BERY 2.10 ..85 +7.86 AdvanSix ASIX ..80 35.53 .56 CONSOL Coal CCR .44 CRH CRH 1.83 37....05 changes.8 9 68..26 +0..3 79 57...13 +0..73 ..40 Ampco-Pitt AP 2.50 41. 39 Gold Mining Index .B ..85 .69 .57 ..55 +0.59 +0.62 +4.26 .69 161.10 AlaskaAir ALK 1. FIVE-DAY DOW COMPOSITE TO OUR READERS: 17.10 .17 ..85 .66 +1.78 23. 8 52.84 +0...0 12 33 13.1 21 38.43 18.31 –1.75 Chicago.76 ..74 Adient ADNT 1.....075 45.48 CIT Group CIT 1.12 BlackStoneMin BSM 6.......70 –0.2 ..53 +1..33 –3..3 10 38..79 41. 31 For statistical queries please contact the Gold & Silver Prices..03 4...77 . 17..3 37 19.com Dividend Ex-Payment Dates .... 52-Week Tick Div 52-Week Tick Div 4. 2..02 Boeing BA 2. 35 4.35 66.76 BlackstoneMtg BXMT 7.0464 55.25 12.265 98.95 ..45 CBRE Group CBG ..106 11.33 .. .....83 +0..13 116..6741 47. 337.2 dd 26.20 24.80 Assurant AIZ 2.12 +1. 59 27.95 20....2 13 36. dd 46 13.10 +4.68 28..92 –0. ..24 +3.73 150. 25.5 dd 10.70 2.46 CBL Assoc CBL 14.4 15 103.00 +0....02 ..07 ...73 .30 –1....06 . dd 1...05 ....55 4...42 Avangrid AGR 3..03 +12.78 BrookdaleSrLiving BKD .95 +3.49 +0...15 32...05 ..0 5 25.06 32...1175 50.66 +0.15 4.73 BHPBilliton BBL 4..72 AmericaMovil AMX 1..465 109.30 0.60 –1.09 139.49 84..0 11 17 4.69 +0.09 .95 ...60 26..14 140.54 9.05 ..0 24 502.75 6.95 15.5 dd 12..19 A .00 4..19 40.....23 BrixmorProp BRX 6.34 .90 ApolloGlbMgmt APO 5..03 BoiseCascade BCC ..56 23480 11.64 +0.5706 278...00 –1..91 BancoBradesco BBDO .93 .6 31 90.16 ..8 14 6.81 .65 +0..86 +0.75 ..3 20 34.. 15 3.1 6 20..25 ...99 4.7748 13.86 ..16 14... Stock Exchange .79 AmericanAssets AAT 2..65 87....2% as investors sold their winners.30 25..40 ..10 CACI Intl CACI . 22 38..17 +2.barrons.35 32.14 16..2 21 232.86 –0.9 23 64.10 .12 58..17 20.87 .74 AlexandriaRlEst ARE 2....30 ...74 61.61 2..18 14.10 Brown&Brown BRO 1.. dd 26 24.25 .98 19.07 25.73 70.05 AspenIns AHL 2.52 +3.29 17...45 ..com/list.83 11..02 +25.18 15..30 144.8 51 79.1 13 87.99 85.. ....75 63.98 .51 Alexander&Baldwin ALEX ..32 17....30 ArcherDaniels Archrock ADM AROC 3.42 18. cc 268.17 C&J Energy CJ .2 dd 37..48 20..75 ..... 26.7 16 28..30 ..10 –0.59 BrookfieldInfr BIP 4.80 +1..... 32 Earnings Scoreboard .60 12..07 AmericanFin AFG 1.25 Buenaventura Build-A-Bear BVN BBW . 37 Money Supply .93 ..37 116.10 AsburyAutomotive ABG .69 –0.WS .88 86....66 BillBarrett BBG .58 .10 BP BP 6..37 +0....60 62.Reductions..89 AngloGoldAsh AU 3.16 33...08 +1.13 ..42 13.33 25.00 AK Steel AKS . 32 Week In Stocks.24 39.57 Blackstone BX 5.30 1..88 .52 163..06 .1 dd 10.. 38 31..2 24 99.535 8.0 24 25...56 Bitauto BITA . 7. 46...03 BasicEnergySvcs BAS .46 136.315 23910 41. 12.85 –0.64 AshlandGlobal ASH 1... 14 55.60 ... 25 182.80 5.66 .37 +1..82 BoardwalkPipe BWP 2....26 16..6 dd 169.05 4.35 +0..96 AnadarkoPetrol APC .80 +6.50 BrinkerIntl EAT 4.02 27...80 +2...20 BancorpSouth BXS .6563 23.80 AMC Ent AMC 5.97 –0.8 14 46...36 11.... As part of a regular 47...Special Dividends .07 AnworthMtg ANH 10.86 ...3 dd 49.717 4...70 .58 +1.95 AlamosGold AGI ..43 Allergan AGN 1..90 +1..60 ...09 46.99 –0. U.47 –0...2 ....45 –1.99 404. 34 Investor Sentiment Readings ..93 20.16 .03 32. 788. cc 24.875 12.28 100. 9.49 37..5 dd 10.5 30 72.. High Low Name Sym Yld P/E Last Chg.97 69.43 61...57 20. 23 40.02 A10Networks ATEN .61 +5..6 5 36.10 256.62 8.60 .21 . 61 23.31 .7626 103.00 +2..80 Ameresco AMRC . 2017 BARRON’S M17 New York Stock Exchange Composite List 52-Week High Low Name Tick Div Sym Yld P/E Last Chg...4 18 36.01 +9. 32 lab?mod=BOL_Nav_MAR_other .83 AB InBev BUD 3.11 11.21 AirLease AL ... 38 Other Market Indexes .4 9 25.22 Allstate ALL 1.34 AerCap AER .... 35 Coming Earnings .20 6..91 AmericanRenal ARA .2 5 11. 20 33.49 10.01 Altria MO 3.. 73.68 –0..00 30.1 40 46.13 65.2 29 11.25 13..79 6.01 .....26 +0.25 ..10 AmerMidstreamPtrs AMID 13.60 78...4 8 78... C 13.23 17..7 11 58.24 . 12..0 12 8..69 32..15 ... ly 13.87 42.2282 73.02 BylineBancorp BY ...68 5...55 35.2 27 51.62 –0.. 27 41...5 14 6.1 19 41......10 +22.4 19 19.35 AHBeloA AHC 6.20 64...... 64 9.44 BCE g BCE 4. Amt. ...6 31 32.91 –2..24 2..39 ApartmtInv AIV 3..71 .4 20 8.67 –1.13 ArcelorMittal ArchCoal MT ARCH .62 AnteroMidstream AMGP 1. 155.33 Adecoagro AGRO ..86 15. as reported by the National Association of Securities 13.6 20 48.29 23..20 ...1 16 83.2 16 54..8 . 15 79.05 44...8 24 44..50 Bio-RadLab A BIO .90 –0.65 133. 7...95 +0.83 ..60 .05 –0..39 AssuredGuaranty AGO 1.06 51.....30 62.7 dd 28.4 18 54. 22. and then bonds.90 ...78 +0.19 521.15 . 191.18 BeazerHomes BZH ...04 +10...14 BrandywineRealty BDN 3. 19.....86 –0.86 273..04 ..49 71.51 ArcLogisticsPtrs ARCX 10.14 +0.94 6. plans. 292170 237983 BerkHathwy A BRK..12 37.74 CVR Energy CVI 6...43 +0.3 14 105..13 BrookfieldRenew BEP 5.13 BaxterIntl BAX 1..01 57.9 8 14.9 28 18..35 ..95 2.9 49 27.93 43..70 AcadiaRealty AKR 3.....90 4.00 Belmond BEL .20 ..19 .2 58 84.21 Cabot CBT 2.72 16.36 –0....83 .97 +331.17 61...... 18 32.57 .25 +6....13 AutoZone AZO ..48 15.60 ARCDocumentSolns ARC . .05 +1...77 +1.0498 45.20 6.75 CBS B CBS 1.432 23..05 54.10 ..13 24.85 47.1165 70..06 AmCampus ACC 4.40 +1..79 71. 14..45 11...3 44 336.25 –0.059 17..10 –1..8 16 69......41 Ameren AEE 2....49 –1.78 109..50 6..07 –1. 17 72... Amt..90 +2.....01 ...36 BRT Apartments BRT 6.08 CBD Pao CBD .11 ..45 11.19 +0..11 35.14 +0..81 Abercrombie&Fitch ANF 4.115 51..3025 11...95 ...83 .385 39.1975 22.02 ....11 . 35 DJ U...39 +1...65 16.51 5.50 Buckle BKE 4...02 –0.04 105.80 ..82 9. 54.37 Albemarle ALB 1.52 27...08 ..77 82.20 –0. 37 55. dd 11..36 .67 27.4 21 197.7 12 5.10 .94 +0.47 ...83 +0.08 +22. 27 N.33 .35 No Keeping It Down: The Dow gained 2.6 dd 17.41 ..7586 48.99 84.00 13.24 ..19 +0.9 5.07 67.50 .3 26 22....7 17 137..46 ApolloComRlEst ARI 9..... 48. 43 26.17 23..91 +1.13 12. 38.15 ..51 ..15 Allete ALE 2.95 .149 13...25 Arconic ArcosDorados ARNC ARCO 1..33 60.25 +0...74 +0.50 128.51 +3.73 206. 73.50 41. 44..38 +5.90 BootBarn BOOT ..06 .41 –1..2 16 15.82 +29..71 106.85 39....00 .86 BlackHillsUn BKHU 6. cc 31..39 . dd 5.20 .86 +4. dd 20.15 –4.30 ArtisanPtrsAsset APAM 6..11 Andeavor ANDV 2..27 .13 +1.A 1.....59 14. 33.05 30.1425 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 35..78 BellatrixExplor BXE .44 –0.35 19...95 +0.2625 er rs 41.275 24.7 dd 11.55 ...51 .15 –0..3 58...81 19.55 .. cc 27...21 .40 .62 33.15 ...92 3.75 19.1 dd 59..89 AnteroResources AR ....87 16..46 BarrickGold ABX .32 25.24 11.8 8 8. dd 15. ..01 Alcoa AA .96 . 38 Conference Call Calendar.47 57.. 48.....60 BRF BRFS ...79 Braskem BAK .15 9.15 87. 43.92 ArborRealty ABR 8.69 . 51.1 25 271.95 ... dd 10.11 +0....30 21..26 BlackHills BKH 3...7 25 41.B ...43 AmerExpress AXP 1.....98 +0..52 58...33 .22 4. 18 337..77 BostonProps BXP 2.75 63.66 29..10 +1. 5 4..505 88.39 108...50 Aflac AFL 2..15 BT Group BT 3.10 32.60 .92 19.88 –1.30 ......5 dd 4.58 ..86 20.0 cc 43..17 .35 813.54 BankofMontreal g BMO 3.22 ..33 AristaNetworks ANET .18 45..50 11. 18 37.51 0. 21 24 38..3 19 24.91 +1..22 14.2 12 24.75 14..2 42 109.2 cc 5..29 ArmourRes ARR 9.86 41..78 ArrowElec ARW . 50.18 10.37 BHPBilliton BHP 4.70 20.31 AGCO AGCO .10 54.6 17 17....7 26 49.50 BluegreenVac BXG .. Boston and National stock ex. 8...WS. 8.85 Atento ATTO .59 ..24 (Prev Fri's 75.70 +2. 24 Money Rates.. 6.25 38..70 .2 18 25.58 70.71 Bard CR BCR ... 27....com/mkt- DJ Averages ..67 Avnet AVT 1..65 AlonUSAPartners ALDW 10. 21 or email:
[email protected] 18.39 +2.97 57.45 51.92 7.21 ...40 +1. 92.25 .42 CYS Invts CYS 12.10 55..08 45.50 . 34 Indexes P/Es & Yields .. 38 Stock Splits .... 19..00 CadenceBancorp CADE .. 16.30 .44 +2.38 8.46 ....1363 26.04 Brunswick BC 1.32 +1..2075 28.46 35.6 14 31. 38 New Corporate Listings ....10 13.... 28 Dow Jones Averages .79 .. 202.80 168.95 .69 24.04 . 18.3 49 226..35 ...15 57..13 –0...02 AerohiveNtwks HIVE ....59 –0..80 AbbVie ABBV 2.89 162. 30 Winners & Losers Stocks ....87 –0.23 +1.8 16 27.03 –0.90 AmerisourceBrgn ABC 1....63 11.66 –0.57 ..68 AshfordHosp AHT 7.15 ..47 10. 36 NYSE Half-Hourly Volume . 28.8 21 38. dd 11.....99 –0.82 Agrium AGU 3.49 –0.2 64 23..78 53.....25 9...38 +0..51 18.32 ArmstrongFlooring AFI . 35 Global Stock Markets..14 –0.8 .. n- Dealers...18 45..70 BostonBeer SAM . dd 16.52 17..1 28 181.25 CONE Midstream CNNX 7.26 ...37 .93 +103.00 AnthemUn ANTX 4.20 23.25 33..9 25 234.20 29.20 .27 . Total Market Industry Groups 36 Initial Public Offerings..83 AnnalyCap NLY 10. 38..79 +0.42 ..87 Aramark ARMK 1..7 23 80.75 60.18 43.78 +7. 23 8. 54.49 .07 +1.30 .. 29 108...33 ..06 1.. 40.18 11.12 40.55 153..51 60.78 Amphenol AmplifySnack APH BETR .87 AquaVenture WAAS ..16 Acushnet GOLF 2.88 +0.85 –1..56 15.2 14 20..02 –3..20 ...55 29.01 +0.02 TO OUR READERS:Full NYSE.4 .10 6.41 24340 76.85 AvonProducts AVP ..55 AT&T T 5..92 +0..91 .50 +2.... 106..63 BWX Tech BWXT ...11 8.90 26. 39 Stock Volume ...86 35...28 27..82 +4.. 74...80 27.36 19.66 50..58 CVR Partners UAN 2. dd 10...46 47.27 ..64 .. 38 Weekly Volume By Markets . 192.3 dd 30.40 12..78 .30 +5.77 .95 3...2 16 37.48 .12 Aaron's AAN ..7 15 58.30 CTS CTS .0 35 65.. Pacific.. dd 14. 36 Market Lab ...24 +3.06 .51 25.58 +3..74 –0... 34 or visit: barrons..15 +2.15 ..23 AdvanceAuto AdvDisposalSvcs AAP ADSW .69 11..6 .39 ..18 AndeavorLog ANDX 8.05 +0..83 9.46 .41 54..96 13..01 +2..30 CNX Resources CNX .95 35..67 -40. 36 Vital Signs. 38 SEC Form 144 Filings .12 41.04 11....79 60... us l..57 –0...60 +2. 63.66 10.66 .03 32.3 .75 33.27 .6 24 17.3 26 44....04 +2...50 78..18 .60 BenchmarkElec BHE ... Philadelphia.1 cc 42.. 31 Distributions & Offerings .03 BostonSci BSX .65 20...50 .67 –0.7 16 75. 39.18 ...72 21.70 43. 667..65 .49 19.00 +0.55 2.40 AnixterIntl AXE .54 AlleghenyTechs ATI . dd 14..10 +0.34 +11.85 –0. 147.27 67.69 +0. 36.74 0.32 –0. dd 3.05 Biglari BH ..87 8.09 +0.87 45. dd 11....05 AtkoreIntl ATKR ..74 AVX AVX 2...24 +0.3384 43.7 cc 17..11 +0....92 AmRltyInv ARL ..83 BlackRock BLK 2...75 86.80 21.14 42.44 8.37 BankUnited BKU 2.46 AUOptronics AUO 4.36 BlueLinx BXC ...20 4..40 +45.86 66.3 25 52. . dd 22..8 29 72.06 47..3 dd 41..14 66.. dd 5.6 dd 33.10 +0.49 20. 17.15 +0.54 ABB ABB 3.20 AssocCapital AC .18 .90 . 34 Trading Diary . 38 Mutual Funds .06 ..20 –0.83 B 40..38 –1.38 CSRA CSRA 1. High Low Name Sym Yld P/E Last Chg.7 dd 14.. 21. 7 47.19 +3...89 –0.98 7.4125 52..90 46......48 Brink's BCO ..27 Avalonbay AVB 3..18 .42 16.26 56.11 .72 30...16 .35 ACCO Brands ACCO . .. ...25 12..66 ArmadaHoffler AHH 4.. 35 Key Foreign Market Indexes .... 72.1 34 181... 90..36 –0..00 166..67 .90 AIG AIG 2.01 Bristol-Myers BMY 2..7 21 67.74 .78 Avista AVA 2... 24 30.....3168 509.33 .57 –0.60 –9.90 –0.72 +0.63 AmerHomes4Rent AMH .45 ArmstrongWorld AWI .4 dd 48.25 95.9 dd 14.9 44 55.00 BP Prudhoe BPT 13..30 15.95 .4575 35.13 ..14 .40 38.....51 . .05 ... Monday Tuesday Wednesday Thursday Friday available..09 50.0 10 30.35 +3.00 +0.64 +0.17 Amrep AXR .5 2.18 BridgepointEduc BPI .72 1..99 158.67 .10 34. dd 6..96 15....70 Brady BRC 2...80 +0..71 –0...7 ..56 .93 AlumofChina ACH . 45.37 .30 26.61 +0.12 28.0708 The Week’s Statistics Bonus Tables: Month-End Stats M39 no Barron's 50-Stock Average ....00 AES AES 4...December 4......43 .40 BadgerMeter BMI 1.84 AspenAerogels ASPN .78 13...66 BrookfieldBusPtr BBU .00 +0. 9.07 –0.72 +0. 143.00 14.07 53.25 .05 .47 5.00 AzurePowerGlbl AZRE .. dd 581..89 48.65 .14 +1..10 61. 18.29 Barclays BCS 2.....47 +0.35 ..13 –0...20 80..51 BankofAmWtB BAC.62 +2..... 16.20 .75 +0. 34 Weekly Bond Statistics.54 9.70 56.. dd 8. 26 194..30 6.. 21.46 ......69 +1.65 . 51...98 20. 26.45 . dd 4.S.05 AgnicoEagle AEM 1..3575 5.10 ..81 BBX CapitalA BBX ...15 AECOM ACM ..59 41.85 71..8 24 84...17 152.97 +1.11 ..31 15. .10 52..25 46. 91.70 20.70 –0...02 2.18 11...28 ..16 101.59 ..2 19 19....75 +1.30 –0. 51.62 12.22 +3.74 –2.70 491.69 37.60 Ardagh ArdmoreShipping ARD ASC 2. 6 17.7 13 25...72 .11 41...46 .... 1...60 +2.48 +1..28 BroadridgeFinl BR 1.61 .80 18.85 . .9 9 18.46 –2..25 Athene ATH . 34 9.30 38.0 31 132.. dd 4.74 BorgWarner BWA 1.39 +0.59 8.01 Aquantia AQ ..8 16 54...80 AlticeUSA ATUS . 18.....34 52..5606 6..74 AshfordHospPrime AHP 6...33 +0..32 48...6 22 17. 35 New Highs & Lows .25 +4.79 AmerTowerREIT AMT 1.84 96.85 BlockHR HRB 3.09 8.44 16.73 35..00 AllianceData ADS .75 ..10 BlackKnight BKI .01 43.6 12 24..93 +2. 111.02 .9 dd 9...06 –0.98 . 6..60 +0...99 6.70 29.25 AtlanticPower g AT . 23 13.. 32.90 BuckeyePtrs BPL 10.42 ...40 AllianceBernstein AB 8.71 78.12 +4.70 –0..89 –2.56 Box BOX .00 2.30 17..8 27 146.9 23 96.6213 15.. 44.54 BoydGaming BYD .03 .....99 Barnes&NobleEduc BNED ....00 AppliedIndlTechs AIT 1.. 34 Quarterly Stock Winners & Losers.0 9.10 66.6 22 46...29 +0.225 23695 12.. 9. dd 3.4 dd 6.2 40 55.......0 21 39.88 87.55 6.25 –1.25 +0. dd 2.10 .05 CNOOC CEO 3.80 .9375 18.27 27.78 –1. 34 Top Savings Deposit Yields.....3 dd 8.18 1..40 CNH Indl CNHI ..2 20 77..10 BigLots BIG 1...93 61.6 25 112..14 42.21 Bristow BRS 1.3 78 56.08 +0.38 .54 BritishAmTob BTI 2.89 –2.06 +0.5 26 87....60 +0.31 +4.8 18 63.3 11 64.14 34.51 –0....16 +0.03 .34 17.. 51.20 +1..B 1.61 +2.8 55 143.00 +0.... 8 Dow Jones Per Share Values .. 142.05 19...13 BaytexEnergy g BTE ...9 dd 21.57 –1.3 cc 43.. 28 Short Interest NASDAQ..41 ..38 AmericanAxle AXL ..96 29.65 –1.40 –0...03 +3.67 BestBuy BBY 2.78 6...60 +0. High Low Name Sym Yld P/E Last Chg.37 +0..49 +1.02 ...0 34.20 AlgonquinPwr AQN 4... 24..85 +0..27 AgilentTechs A ....07 ..55 2.. High Low Name Sym Yld P/E Last Chg..23 AmerEagle AEO 3. 16. 5...10 23............95 –0.01 –2..42 CMS Energy CMS 2.96 –0.06 BoozAllen BAH 1...55 BBVABancoFr BFR 1..65 BlackBerry BB .66 26. Verizon climbed 9% after unveiling its 5G sequence... 26 291000 +16583 .59 +1...14 11..50 35. 9 66. 16..80 69.....91 16.. 18..65 .34 2.69 10..5 25 63...36 30...12 14.. 47 228.95 +0.20 .85 9.00 5.1 16 60.8 31 17.62 70..00 199. 9 32.61 Babcock&Wilcox BW .435 19..0 42 15 44..56 –0.67 31.90 AEP AEP 3...83 +0. Amt.30 co Fo 43.37 BankofButterfield NTB 3.94 Market listings appear free online at www.19 . .3125 17.24 +0.. 19. 29 37 89.. Amt... 18..9 22 129.65 –0...55 CabotOil COG .04 +0.95 AssociatedBanc ASB 2..67 –0..43 19.51 ..93 +3...50 63.52 –1.99 15.35 .95 .... These composite stock quotations include trades on the 12..85 8.053 93.3325 65.9 25 63. 22. 36 Exchange Traded Portfolios .3 34 60.8 59 39.37 71.29 6.00 +0.8 11 66.....3 15 29.A .32 183.8 11 31.82 29.40 14. 10 14......40 AtHomeGroup HOME .86 .12 +1.50 10..65 Ball BLL 1.99 ..69 +0.57 .......95 AnadarkoPeteUn AEUA 11...49 AppleHospREIT APLE 6...51 Bladex BLX 5...04 .91 6.....4 29 161..02 BankofAmerica BAC 1..70 –0.85 BankNY Mellon BK 1...65 +1.05 ...19 +0.18 .14 +0.....02 .1564 55..16 91.15 ..11 ..... dd 24.83 36. m e 13.4 24 47...89 +0....70 41.00 .....03 73. 17 21..0 25 419..97 5.08 ..61 –3.23 +0.14 BancoBilbaoViz BBVA 5.26 11.14 8. dd 2.25 .12 32.26 .34 +0. 22 m rp 36.......93 ArlingtonAsset AI 18.00 .Y.14 Close) 19.0 29 43.55 .10 .. 40.67 BancodeChile BCH 3. 40 16..22 –0....32 41. 28. 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FGL Wt FG. 100.66 –0.45 –0.45 19.07 56.57 +0.A .18 ..65 Hillenbrand HI 1.06 CitigroupWt19 C.....06 ..49 .26 HostHotels HST 4.88 ....27 .01 . 12.24 93..99 +0. 63.75 +1.11 HollyEnergy HEP 7.05 68..52 CapsteadMtg CMO 8. 116.335 50..0 cc 30.43 GuangshenRail GSH 2.30 .90 Cars..02 DTE EnergyUn DTV 5.32 .62 Group1Auto GPI 1.20 85..25 EnbridgeEnPtrs EEP 9.57 Civeo CVEO .06 FarmlandPtrs FPI 5.70 ..15 FortBrandsHome FBHS 1...05 CypressEnergy CELP 13.49 .25 23.10 .75 23.17 +0.539 86.86 –0...04 Comerica CMA 1.18 28.9 18 151. dd 6.97 ChinaNewBorun BORN .53 +0.44 .177 58.34 112.08 .31 .B 2.01 Volaris VLRS .15 .90 1.5 dd 16. 25 104.51 –0.37 31.13 .20 +0...68 ..715 16.74 46.00 59.43 +0.3 73 24.50 .44 45..105 58. 14.74 +1.28 on 10..69 150.55 . Amt.64 +4.93 FranklinRscs BEN 1.79 55.. dd 7.55 Ferro FOE .86 25.6 28 93.51 +3.78 .65 33..33 22..25 .40 EmersonElec EMR 3.75 FBL Financial FFG 2.2 28 66.1 51 17..88 EmployersHldgs EIG 1.3 10 22.39 23.42 43...20 43.55 2.. dd 11. cc 57.. 2 1.88 DycomInds DY .40 59.80 .30 30. 107.03 109.14 +1.65 103...48 ..8 18 19.21 +2..68 .54 ...14 ..05 .06 61. .7 33 10. .45 CorEnergyInfr CORR 8...97 –0. 53.67 128.18 –0..215 22.97 –0.06 .11 17.82 HelixEnergy HLX .34 .11 +0. 16 7.44 ..28 .3 dd 22.21 .13 –0. 10 29.75 ...67 +1.37 81. cc dd 20.7 cc 43..77 –2.08 ..63 +1.97 2.80 35... 108.63 HeclaMining HL .93 24..95 –1.9 10 17.70 50.09 ...8 22 34.84 +13.94 EdgewellPersonal EPC .2 28 73.039 14.93 1. cc 25.285 64.35 3.0 75 49.95 +0..R . 83.14 FlotekIndustries FTK .92 4.35 +0.93 –0.90 16..62 12....83 CubeSmart CUBE 3.91 1.A 2.75 +2.1795 75.02 +0.57 6.19 GabelliGlbSmRt GGZ. 4.24 +0... 156..1 dd 18.93 .4406 41..44 GATX GATX 2. 10. dd 8. 51.94 ..7 dd 10...01 15.89 182..20 12.20 2.08 .07 .20 . 6.19 ..28 ChunghwaTel CHT 4.58 CanNtlRlwy g CNI 1.54 .33 30 61.68 .45 81.6 6 2.33 3.38 Celanese A CE 1.84 .63 Cosan CZZ . 19.47 +1.36 EnelGenChile EOCC 7.20 0.73 15.40 571..55 ...04 .80 Greenhill GHL 1..2696 35.7 44 57.5278 17.61 .53 .0657 36.81 168.0263 1.65 +2...02 –0..37 GencoShipping GNK ....4225 17.47 .155 112.80 14.23 21.WS ..com WUBA .20 +0..16 HNI HNI 3.10 94.10 DominionEnerMid DM 3. dd 4.94 ..75 . 13 136.09 32.52 elfBeauty ELF .228 15.06 +1.55 CoreLabs CLB 2.40 –0.80 .41 +7.84 +2.86 +6.6 dd 9.. 5.86 .53 .5 32 84.08 56.10 102.75 EnelAmericas ENIA 3.52 E 33....14 –0.00 Chipotle CMG .3 15 13.01 .67 –2.U 5.8 23 32.73 HavertyFurn A HawaiianElec HVT..06 .3304 84.84 1..4 11 28.35 ..71 +8. .13 .09 +0.78 –1.03 FortunaSilver FSM .41 . .20 37. 18. Amt.31 9.16 21. 23.09 .98 51.05 ForumEnergyTech FET .2 36 51..00 .86 .9 dd 17.05 –0.1 19 41..56 +3.55 30.. 13 6.94 Carters CRI 1.1 16 39.66 EPR Prop EPR 6.0 16 24.06 16.35 54.3 59 3.02 +2.2 58 93.56 GAIN Capital GCAP 3..50 +0.03 FdnBuilding FBM .9 cc 21.4 . 19..70 66.9 dd 4.70 23.6 10 42.265 145.80 .9 15 31.00 Grainger GWW 2..13 Harris HRS 1.20 45.90 19.24 .30 +0.74 +0. 5 3.08 al a 35. 10..0 30 64.4225 0.40 ..14 23.23 –0.15 m e 27.07 .52 HSBC HSBC 4.55 CooperT&R CTB 1.08 ContinentalRscs CLR .48 ..07 .99 .10 Conduent CNDT . 6 2.7323 53.43 Deluxe DLX 1...46 +0..14 53.45 .09 0..8 21 32.. 2..0367 4..89 40.1 19 16.64 .35 Constellium CSTM .8 .. dd 9.37 5.4942 6..49 EquityResdntl EQR 3.84 –4.62 –0.. .18 20. 47.03 –0.35 1..90 +0..1393 58.93 126.8 dd 5.19 35.18 .84 DRDGOLD DRD 4.98 19. 20 37.20 ..44 Coca-Cola Femsa KOF 2. 45 38.80 –0.85 .30 7..318 13.30 CampingWorld CWH .....39 32. dd 1...24 Coty COTY 2.2 19 31... 7 1. 10 33.43 ColgatePalm CL 2. dd 1..06 55.10 .53 ForesightEnergy FELP 5..0 18 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GHM GHC 1.44 Haemonetic HAE . 16.51 –0.25 55.09 6.0 17 14. 221.com CRCM .40 28.16 .98 19.A HE 2. dd 1.48 .90 ElevateCredit ELVT .31 –2...17 12.06 .81 24.70 Greif B GEF..39 .21 .13 .43 GenesisEnergy GEL 9.54 34.06 .92 –0..22 –0.17 .20 ....69 .7 18 66..76 14.90 +1.75 –0...18 42.22 Ferrellgas FGP 8..20 .21 26..21 . 10.00 –0.11 .55 GasLogPartners GLOP 9..29 33.2 16 69.54 CheetahMobile CMCM ..28 18..50 6.21 9.05 ExxonMobil XOM 3.4 dd 17.73 EP Energy EPE .05 CincinnatiBell CBB . 17.82 –1.95 42.2 14 20 45.91 +2.78 50.11 eHiCarServices EHIC .83 4..43 ExtendedStayAmer STAY 4....1 5 7.45 29.30 .38 +0.05 .00 EasterlyGovtProp DEA 4. .46 FangHoldings SFUN .34 +2.305 55..77 Generac GNRC .94 +4.24 –0..20 29..52 FleetCorTech FLT . dd 4.8 47 9..88 . 31.C ..31 EastmanChem EMN 2..8 cc 27.51 HornbeckOffshore HOS .60 EnvivaPartners EVA 8.3 22 113.61 13.WS..57 31..85 –0.07 21.2 16 133. 18 4. cc 17.03 +0.20 77..7 cc 102.10 Cott COT 1. 8 17.22 +3.69 ...02 .50 39...60 Eaton ETN 2.65 65.99 1.16 Energen EGN .38 +0. 33 13.05 +0.63 ci on 13.70 8.60 Carnival CUK 2. 22.49 .3 15 9.58 12. 32.0 16 33.32 22.6 27 46.40 42.17 .49 1.14 Carvana CVNA .80 26...WS .20 +0..98 .05 Deere DE 1.20 62.78 CloudPeakEnergy CLD .23 Citigroup C 1.81 .04 EversourceEner ES 2.32 CanPacRlwy g CP 1.01 Clorox CLX 2. 14.70 +0..23 .89 8.55 Chevron CVX 3.. .17 –0. 47 18.90 –0.53 .15 8.00 DeckersOutdoor DECK .7 18 40..02 .15 17.15 –2.44 Ecopetrol EC .1835 16..25 32...00 CrestwoodEquity CEQP 9. 79.01 .09 –0.14 .52 +0..B 3..43 ChimeraInvt CIM 10.2 51 6.73 +0.15 . 2 7.28 –0...11 +0..6 24 25.75 77.51 +3..23 17..18 3.27 63.... 7.55 Cambrex CBM .35 +1... 17.81 –0.89 47..2 33 34.M18 BARRON’S December 4.. 47.4625 13.4 18 14.00 14.64 13.83 DXC Tech Dana DXC DAN . 32.10 EvoquaWater AQUA . 16 14..00 24.9 10 75. 12.58 Cubic CUB .87 –0..06 +1.40 .11 +3. 59 5.90 Genesco GCO .93 FirstEnergy FE 4.76 .4 26 139.73 –0.30 ChannelAdvisor ECOM .31 FirstIndRlty FR 2.30 +0.03 67.95 2.42 40. 9 9.53 –1.9 22 230.12 1..94 Ferrari RACE .5 34 50.09 .75 +0.74 ..40 44.51 CitizensFin CFG 1.23 25.07 20. 15.15 .84 .1557 83..3 dd 33.42 GpoAvalAcc AVAL 4.55 75.4 41 8.3 56 91..12 12.79 27.7 14 26.17 Honeywell HON 1.59 .85 17..67 2.37 .11 +2..95 39.40 +0...15 .05 ..60 +1.99 2.20 –0.49 CentraisElBras EBR ..4559 69.51 CharlesRiverLabs CRL .1675 96.61 22.02 . 1. .4 55 60.50 Cloudera CLDR ..14 .66 –0.2 dd 13.27 8..52 +4.05 –0...00 127. 36 107.05 –0.8 6 18.78 29.67 73..55 11.25 Hess HES 2. 44 61.22 .51 Dillard's DDS .7 17 69. 33.. 24.15 +1.5175 5.54 .27 ..567 75.16 .275 29.27 .08 +0.98 CoeurMining CDE .64 15.27 ChinaCordBlood CO ..2 18 26. dd 20.15 .61 44.00 HCA Healthcare HCA ..82 7.62 –1.51 DHT DHT 2. 48 39.49 –0..95 .4 34 218.58 ..6 20 37. dd 48.50 3.32 48.40 90.90 17. 47.55 .9 .44 +1.07 +0.45 –1..04 ..38 +0.37 11. 37.39 27.48 +2. 12.06 36.30 FranklinFin FSB .01 +4. 1.87 DominionEner D 3..78 +0.20 –0.79 27.90 66. dd 33.6 21 12.22 71.94 COPEL ELP .26 .8 dd 4..95 6.55 HighwoodsProp HIW 3.65 DigitalRealty DLR 3.37 ColumbiaProperty CXP 3. 44.18 35 50.7 29 35.2 15 48.0502 18.58 FiatChrysler FCAU .06 +1.3 26 37.3 cc 6. dd 30. 3..00 15.75 +0.50 +0..51 FourCornersProp FCPT 4.8 16 40.77 31..89 –0.27 HercHoldings HRI ..275 47.79 FMC FMC .41 .08 18.05 5.80 FiveOaksInvt OAKS 14.22 Crawford B CRD..41 Ecolab ECL 1..05 9..80 26.35 +2..15 38.94 99. 19.06 .36 0.27 .46 59.10 .28 –0...55 GAMCO Investors GBL .85 +1.15 26.11 HCI Group HCI 4.36 .99 +1..1 24 19.3275 100.. 116.10 +1.8 cc 27. 56.24 ..13 .35 3... dd 15. 1..65 CalWtrSvc Calix CWT CALX 1.85 CommunityHlthSys CYH .10 CatchMarkTimber CTT 4..53 +0.15 +2.365 31.28 .75 19.06 15.50 CapitalOneWt COF..40 ..1 31 201.90 Church&Dwight CHD 1.72 . dd 1.74 0.75 EnableMidstream ENBL 8. 11.82 .76 8..165 104. 20..48 ..1425 .38 214..5 30 28...0 19 178.85 .28 FirstAmerFin FAF 2.05 92.80 Envestnet ENV .6 dd 17.80 –0.2 19 21..92 EssentGroup ESNT .13 ..71 ...60 +1.53 5.30 GP Strategies GPX .17 207.03 .1 70 129.A . 25.37 ...63 16.31 184..65 16.05 .15 .56 HamiltonBeach HBB ..29 +2.43 12.93 +3.05 CapitalOne COF 1....57 40.38 65.75 34.66 +1. 74.WS .9 49 1.02 .02 ..5 22 45.40 CivitasSolutions CIVI .93 DukeRealty DRE 2.10 +0.18 5.90 +1.85 21.. dd 8. 62.60 –1.41 –0.50 .68 +0. 24 43.44 21..80 FirstCash FCFS 1.90 Fitbit FIT .77 EnvisionHlthcr EVHC .50 +0. 79.75 30..4624 58.10 7.30 42.21 .6 13 38.73 18..30 EvolentHealth EVH .82 11.29 16.15 .2 25 60..05 40.58 32...79 .11 9.53 43..24 1.74 12.0 29 15.41 8.08 44.00 DelphiTechsWi DLPH.66 .04 .29 96..50 7.125 3.6 3 18.75 100.70 8.72 GSK GSK 5.48 .7161 .05 FreeportMcM FCX .04 +3. .6 13 69.15 –0.28 –0..80 .65 DelekUS DK 1.55 ChicagoB&I CBI .52 +2.4 15 35.72 22. 29.. 15. dd 4. .28 Donaldson DCI 1.43 28.31 . 21 101.6 12 12..8 22 61. .04 104..20 ...08 . 23. 29 42.7 23 95. 45. 19.3 8.2 3.38 .1 69 14.50 29.46 –1..51 8.24 84.0 32 62.76 .. 32 17..34 56.66 Hovnanian HOV .31 Colfax CFX .59 Equifax EFX 1..35 +0.20 Disney DIS 1.00 221. 20 44.03 ..61 .0935 32 46.06 212.76 DTE Energy DTE 3.3626 47.76 +0..1 19 32.27 10. 31.3 27 66.00 ECA Marcellus ECT 13.25 +0. ...74 . 79.80 17..30 EsterlineTechs ESL . dd 1.51 .. 120.15 Convergys CVG 1.85 HoraceMannEdu HMN 2.64 +2..22 –0..4 cc 92.50 EllingtonResiMtg EARN 12.7 33 23.0387 62.. 4.16 –0.38 +0.. 38.84 .2 34 124.30 8. 63.54 .. Amt.87 EngGr-Cmg C CIG.83 86.25 GCPAppliedTechs GCP ..26 .93 11.07 +1.075 9..70 68.. 56 11.30 3.39 +3.31 FlowersFoods FLO 3.55 19..5303 2.37 7. dd 32.62 Herbalife HLF .38 17.175 66..25 10.135 8.83 EQT GP EQGP 3.32 HessMidstream HESM 5.. 82 4.7 23 45.49 181. 105.79 HFF HF .1 30 134.55 .25 33.8 17 5.15 DR Horton DHI 1.78 116.43 EnLinkMidPtrs ENLK 9.7 14 34. .17 –0.30 16.06 +0.3 dd 18.72 GpoAeroportSur ASR . cc 4.10 7.8 14 48.00 615.25 22.05 4.75 ChoiceHotels CHH 1.2 43 90.47 10.60 21.46 .67 –0.12 31.62 +7..28 146.00 –0.60 ChinaSoAirlines ZNH 1.70 Engility EGL .47 .1 dd 19.34 .2 36 74.53 .68 Cameco g CCJ 3.49 –0.83 Coresite COR 3.04 .72 110.4 33 111. 37.80 23. dd .85 19.74 .85 6.6 10 7.18 +0.A .36 77..35 .05 23.10 ENSCO ESV ..86 5..12 +0.82 +0.65 EmergeEnergy EMES .50 13.29 .74 49.1 dd 13. cc n- 27. 73..06 .50 31..23 13.55 DouglasDynamics PLOW 2.0 23 36.26 +0...0 19 68...77 +0.60 121.68 +0.70 156.45 86.. dd 14.79 134.174 6.75 CustomersBancorp CUBI .75 39.. ..2 62 106. ..44 33.15 13.20 .11 .02 Gap GPS 2.0605 33. 5..85 25. 14.89 49.075 25.49 .73 –0. 11.57 +1.18 1.15 –0.56 18.12 .64 . dd 11.03 EnbridgeEnergy EEQ .00 CampbellSoup CPB 2.0025 2.66 ..30 20.85 12. cc 73.65 –3.69 8.09 .21 ..85 Dril-Quip DRQ . 67.10 .80 DelekLogistics DKL 9.27 EnzoBiochem ENZ .28 6. 42.28 ChinaUnicom CHU ....41 –6.. dd 3. dd 7.46 DelphiAuto DLPH 1.74 12....89 ComericaWt CMA.95 GrayTelevision A GTN.19 ...5038 25.22 27.69 +2.55 .37 +1. 51.27 ConocoPhillips COP 2.36 .58 .80 EvercoreA EVR 1. 58 88..37 +1. 3 5.31 .19 28.45 –0.00 11.16 8.52 95.90 FCB Financial FCB .99 CalAtlantic CAA .09 Carlisle CSL 1.41 .6 23 122.47 FairmountSantrol FMSA .55 1.60 –0.. 99.04 GeoPark GPRK .00 9.22 9.57 ..35 .37 114..10 96.98 –0.75 4.. 158.745 21.73 +0... dd 6.75 +0.22 DST Systems DST 1.36 +0.35 44..75 –0.17 45.84 Chegg CHGG .22 –0.90 .27 4.80 1.40 .93 EverestRe RE 2..86 GenuineParts GPC 2.4 25 66..85 +2.20 FranklinCovey FC .6 22 29.37 ..375 1.80 +0.. 6.81 43.44 Genesee&Wyoming GWR .. 84. 3..95 ... dd 3..30 17. 140.4 25 39..49 CimarexEnergy XEC . 47.30 +1..28 –0.77 CurtissWright CW .39 –0.10 270.44 Glatfelter Glaukos GLT GKOS 2.68 +1.20 GlobalPtnrs GLP 10..79 FourSeasonsEduc FEDU ..90 +1.30 72.18 . 23 dd 96..77 –0.9 dd 7..42 ..38 68.01 –0. 86.25 +2.78 Crawford A CRD. 17.77 +1.30 31.92 .16 .3 14 15.50 8.67 0.91 GardnerDenver GDI .19 . 9. dd 17. 2017 New York Stock Exchange Composite List 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div High Low Name Sym Yld P/E Last Chg.33 .8125 63..15 23.03 ..04 48.0 22 23.04 –2.39 –0..07 ...04 +1.74 .02 .85 HeritageInsurance HRTG 1.18 .13 –0.67 EmeraldExpo EEX 1.61 –1.89 55.02 .96 42.03 .88 34.78 3.86 FedAgriMtg C AGM 1.33 3....70 +1.00 EraGroup ERA .0 15 9.7 10 43.87 11..69 .38 7. 31 180..10 GlobalBrass BRSS .88 +0.19 7.17 1.85 .25 7.53 .20 .45 –0.20 Ennis EBF 4. High Low Name Sym Yld P/E Last Chg.93 +0. 30.57 18.10 –0.04 –1. 26 11..20 3.81 CousinsProperties CUZ 2.04 ...96 –0.76 EMCOR EME .7 dd 5.0687 31.com CARS .22 ..30 HC2 Holdings HCHC .15 . 84.43 12.8 23 44.57 +0...5 19 68..9591 52..69 28. 27..78 +0.43 +0..06 +0.72 +5.21 +0. 116.78 38.75 .37 17.25 EdwardsLife EW .02 HannonArmstrong HASI 5.42 12.33 6.82 +0..15 .75 39.26 25..85 .34 CallonPetrol CPE .04 .5 30 49.35 ClearChannelOutdr CCO . 34.6376 36. .95 DCT Industrial DCT 2.74 CellcomIsrael CEL . dd 20.. dd 7.10 32.24 30.22 78.56 +1.07 142.24 38.18 138..50 –0.. 55.40 HP HPQ 2.99 1.88 20. 72.4 22 80.64 GlobusMedical GMED .89 6.01 Frank'sIntl FI 4.60 . 14 10.. 28.00 134..13 7.45 25.95 +13....99 Fortive FTV .4 19 83.47 Hilltop HTH 1..83 +0.56 . .64 25..15 .11 ..5 16.99 .84 +1.1669 14.3 dd 9.17 ..20 +2..22 .24 .67 –1..80 119...97 81.02 –1.39 8.04 6.60 FedAgriMtg A AGM. 16.63 39.35 11...85 –0.70 36. cc 2.A ..00 Fortis g FTS 3...38 +0.8 dd 17. 19 16..09 HCP HCP 5.47 –0.90 0. dd 4... cc 14.01 .54 +2..04 . 8.09 FactSet FDS 1..28 ..57 +0.23 HanoverIns THG 1.6 30 11.2 25 25..5 cc 3..55 HillIntl HIL . 18 69.98 19.31 4.98 –0.95 50.85 8..41 Cemex CX .09 +0.73 21.33 20.48 13..16 Helm&Payne HP 4.29 30.5 36 32.84 +0.60 –0. 34..3 9 14.2 8 2.84 Chemed CHE .0992 85.33 7.. 229.45 23.90 79.88 .40 5.02 179.15 GlobalMedREIT GMRE 8.27 .37 +0.82 6.05 –2.0 12 71.70 +0..20 ..1 cc 16.89 6.04 +4...27 .1 45 11. .05 .47 .09 .9 42 84.80 ...9 23 104.34 –0..37 +0.92 Diageo DEO 2....0 18 20..59 52.63 EQT EQT ..62 .81 ..04 50.9588 17..44 GraniteREIT g GRP.0309 13.15 HershaHospitality HT 6.27 15.09 30.78 +0. dd 1. 96..03 +2.09 +1.125 107.20 ..9 21 65. 8 14. dd 7.57 17.27 Danaher DHR .11 +1.31 GOL Linhas GOL .49 .95 .05 .83 ..02 FNB FNB 3...72 EquityCommnwlth EQC ..3438 0.38 .12 11..6 32 33.06 Flagstar FBC ..82 6..3 96 28..69 . 54.14 26.59 +28.49 +2.98 .61 0.8 17 49.45 +0.39 .50 0..12 ..05 14.21 DynagasLNG DLNG 12..78 33.23 23..70 –0.20 +0.45 1.19 ..45 –0.07 FederalSignal FSS 1.63 18.2 13 91.09 +2.25 22.80 –0. 3 1.18 –0.6 10 4. dd 4.84 +0.21 .36 Graco GGG 1.50 26. 12.18 Guidewire GWRE .61 CinerRscs CINR 8.11 ...52 Hilton HLT ..5014 58.56 HealthcareAmer HTA 4. High Low Name Sym Yld P/E Last Chg.86 +1.95 5.5 24 28..98 +0.69 EastGroup EGP 2.74 +2..70 –0..05 .30 15.29 +1..73 77.67 . 24 21.R .16 –0. 23..67 22.44 +1.073 121.09 +0.50 .40 ..40 .02 GranitePointMtg GPMT . .8 dd 4.47 Domtar UFS 3.07 . us l..92 +0.62 +0. 22.58 82.42 EQT Midstream EQM 5. 26 109.06 . 10.28 Express EXPR .15 +0.71 Credicorp BAP 2.5 7.47 .. 119.31 CorpOfficeProp OFC 3.12 .4 28 74..80 +1.20 6.41 +0.75 29.125 17.2 23 55.39 +2.1 17 58.4 30 39..25 .18 50. 6.3 26.73 +2.0 29 62.09 12.15 CarriageSvcs CSV 1.45 131..43 DiamndrckHspty DRH 4.00 +0.00 –1.68 EsteeLauder EL 1..1 81 7..51 77.18 58.74 –3.75 . 15 45.2 11 70.04 4. dd 38.27 EllieMae ELLI .69 +0.12 EldoradoGold g EGO .7 34 48.00 EatonVance EV 2.53 .94 1.3 35 15.14 +0. 9 9.30 1.01 Encana ECA .46 HollyFrontier HFC 3.01 +3.07 41 17.6 119. 26 48..50 Gigamon GIMO .02 1.10 .5 55 247..68 14..47 –0.. 10 7.68 .1975 22.67 Exelon EXC 3.41 6..96 24.65 FTI Consulting FCN .8 21 87.54 .30 Calpine CPN .25 +1.16 26.30 –0.52 GpoAeroportuar PAC 2.38 69..12 1.18 Halliburton HAL 1.10 –4. .50 . .03 .67 +0..85 16..38 ChinaEastrnAir CEA ..51 .51 4..29 CarMax KMX ....63 ENI E 5.02 +1.70 DCP Midstream DCP 8.32 .80 –0..91 11.9 17 41.27 .63 9.25 .65 CenturyComm CCS .4 25 49 42. 9 25..9 15 28.74 ChinaLifeIns LFC 1.36 .3 19 97...15 44.7 cc 7 95...45 EthanAllen ETH 2..B 4.02 .36 Gannett GCI 5.41 +0.04 +0. dd 48. dd 45..95 +3.74 61.33 1.78 –0.54 .42 .77 19.5 25 11.8 cc 77.. 54.15 7.00 HDFC Bank HDB .74 .42 4.44 ....3139 53.93 5.42 6.48 31.52 .91 DenburyRscs DNR .20 . 16.99 22..14 –0. 10.55 Gorman-Rupp GRC 1.9 13 20.77 59..94 +1.31 4.11 +0.0 25 26..09 ..34 .35 –0. .00 50. 47..95 24. 26.28 147. dd 17..70 8.24 CarpenterTech CRS 1.60 2.11 +1.20 3.0 31 22.1 25 14.01 .75 38.4 21 108..08 .00 –0. 6.55 ChesapeakeLodging CHSP 5.43 16.27 2.09 248..91 Goldcorp GG .63 +0.87 72.67 32... 12. 25.00 –0.6 32 142.16 .68 .40 93.7 18 80.27 .00 EnLinkMid ENLC 6....04 16.5 4 10.5 20 56.76 +0..49 45.50 13. dd 10..65 +0. dd 6.565 8.60 CapitalSrLiving CSU .25 EnergyTransfer ETP 13. 3.80 HorizonGlobal HZN .25 20.1 27.34 DukeEnergy DUK 4.00 27.46 +2. 54.5 26 38.02 ..58 227.52 +2. 44..99 +1.09 .5 47 18.WS.92 .74 9.3 76 40.19 +0.71 ..27 .1 5 18.0732 4. 14.WS.0375 4. 147.44 .49 18.84 20.25 EnelChile ENIC .47 +1..00 +1. 21 11.43 4.90 HoeghLNG Ptrs HMLP 9.88 Dick's DKS 2.09 22.4 8 17.23 .22 –2.17 18.275 86.75 23.88 69.54 –0. dd 6.26 66.03 .82 76.1275 ly 18.82 +0...4875 19.. High Low Name Sym Yld P/E Last Chg.08 24.8825 27.97 Gallagher AJG 2.29 33.20 . 147. 70.94 68. 2.12 98.05 45.4 26 112...5 26 123.10 37.20 ClearwaterPaper CLW .96 FirstData FDC .01 . 24 43.85 .25 .52 Corning GLW 1.02 –0..18 73.82 +0.98 1..45 FlyLeasing FomentoEconMex FLY FMX .96 –0..94 66.27 27.6 23 149.. 17.95 +3. .25 CircorIntl CIR .44 +1.075 76.50 .20 ..69 .0 34 238.08 20.02 ..31 ..7 20 202..25 .95 16.37 .02 .76 CenovusEnergy g CVE 1.60 59.84 Cotiviti COTV ...75 EquityLife ELS 2. 23..00 20..24 ....31 EntergyBds66 ENO 5.47 .85 64.95 4.60 GoldFields GFI 1.07 .89 ..10 .06 90.00 FivePoint FPH ...58 58.42 –0.38 +0.01 –0.89 .40 .21 .9 16 50.. 16 37. dd 4. 24 27.. 34 28.40 35..6 17 165.71 150. dd 7. 52.74 20.55 Gener8Maritime GNRT .10 ...45 15..33 9.0 31 88.41 +1..75 32..89 +0.07 +0.97 487. 52..08 499.86 –1.3 30 46.45 8 11..85 49...23 41.25 –0.17 +0..0012 11... 50..35 CobaltIntlEner CIE .39 159.61 0.20 12.85 15.48 40..14 17..26 24.85 67.70 2.15 51.46 GeneralElec GE 5.47 FordMotor F 4. 62..56 .04 Christopher&Banks CBK .85 +0.3 9 29.29 –0.3396 13.05 HondaMotor HMC .05 .. 15.44 .94 31..39 ...32 1.3 10 52.61 51.58 +0.58 24..01 5.71 +0. 16..52 HarleyDavidson HOG 2. High Low Name Sym Yld P/E Last Chg.30 51. .50 21.135 18..27 –0.01 .40 .03 Cinemark CNK 3.80 .46 CreditSuisse CrescentPoint g CS CPG 4.78 24.64 5.03 DynegyUn DYNC 8..0 29 88.0092 36. 16.99 +0.95 ... 11.10 .05 +1.20 ..09 Everi EVRI .82 –0.09 21.26 Domino's DPZ 1.27 6.50 –1.. 55.96 .12 .514 24..30 .9 23 154.62 28.41 +5.89 –0..50 6..21 –0..10 CrossTimbers CRT 7.6 .56 HarmonyGold HMY 2.68 –0. dd 12.34 +0. cc 18.09 .51 EagleMaterials EXP .67 67.39 1.65 –0.. dd 57..40 12.28 ..9 22 31.0 20 67.12 500.92 FrstMajestcSlvr AG . 37.40 67.1 63 115.45 128. 7. 18 52.78 45..1 23 49.5 25 54.33 7. 33 32..20 30.95 67..70 HewlettPackard HPE 2.45 19. 36.075 .95 15...93 ..12 2.20 CanadaGoose GOOS . dd 2..87 EnPro NPO 1.03 CryoLife CRY .15 –0..60 HiltonGrandVac HGV ..61 HoulihanLokey HLI 1.06 46.79 –1.10 ChinaXiniyaFash XNY .3 18.51 .41 +7..28 .46 +2..37 GraceWR GRA 1.7 19 106. 19 68. 28.54 +0.8 4 10.81 +1.64 35.50 +2.17 .0825 22.11 38.01 40. .18 ... 56.40 Harsco HSC .81 19.31 148.80 23..9 13 8.1 dd 3..76 +2.65 GeneralMills GIS 3. dd 2.64 +1..7 13 13.10 .24 GrupoTelevisa TV .30 +4.01 23. 80. 31.40 .9 dd 15..00 6.45 +1..09 .86 EquusTotReturn EQS .50 15.24 –0.00 ..1 29 77.WS. 58.2125 12. 74.97 +0.22 HRG Group HRG .65 2.03 +0..30 +0.39 14.2 9 36. .33 .70 3.5868 er rs 10.1 dd 47.5 24 14...69 +0.79 Celestica CLS .12 +4.05 9.. 83.26 –0.2 20 87.52 +0.45 4.40 CherryHillMtg CHMI 10.85 –0.28 ...05 4.05 ..05 CastlightHealth CSLT .20 Cato CATO 8.00 DieboldNixdorf DBD 2.15 ..34 Caterpillar CAT 2.76 Chemours CC ..WS .1 12 8.00 263..44 –0.23 GEO Group GEO 7.8 38 28..01 64.50 –0.90 CompassDiversif CODI 8.8 52 42.83 GGP GGP 3.98 .76 22.25 52.57 +2.37 FederalRealty FRT 3.8 44 21..36 35.20 1...20 12..88 –0..87 .74 EmbotellAndinaA AKO.05 ... 89.65 .45 4..20 84..53 +7.23 ..7 2.15 .63 HealthcareRealty HR 3.01 53..67 25. 63.88 8...93 .15 .3 29 116.. 37 19....92 GeneralMotors GM 3..18 77.A 3.65 DelticTimber DEL .45 . dd 12...36 13.57 +0.03 7...23 DrPepperSnap DPS 2.62 –0.46 D&B DNB 1. cc 4.... 22 27. 32.12 28.20 +0.91 CementosPacasm CPAC 4..58 +2. 13.34 EPAM Systems EPAM .53 –0...96 74.32 20.. 8 18.10 .55 39.6 .2 13 248.8 33 22.59 +0..88 99.80 72...56 37.7 13 61.51 3..2 20 32. 120.39 GreenDot GDOT . 3..2 17 35.91 GettyRealty GTY 4.11 .0756 95.2 13 81..51 +0.50 8.57 .25 31.01 .64 79.70 9.53 27..8 dd 24.92 51..0939 13. 16..40 50. 1.65 ErosIntl EROS .22 76..50 .05 26. 26 37..60 Evertec EVTC .2101 41.52 CanNaturalRes g CNQ 2.88 .3107 72.5 .23 +18..93 FederatedInvest FII 3. 11 5.38 ..3 16 55.23 Cooper COO .72 –0. dd 2.56 49.20 .01 .0368 6.. 95.03 Cigna CI . 17.97 29.2 43 88.96 3.60 GenesisHealthcare GEN .92 5.46 131.56 .76 31.0237 42.. 8.06 46.96 60.96 15.5 28 10..23 15.18 –0. 20 14.28 –0.3 38 12. 8.9 cc 21.53 +1.02 +0...17 +0..83 ..61 Forestar FOR .96 2...78 .05 FirstCmwlthFin FCF 2.29 ..255 34.98 +2.94 0.42 FreseniusMed FMS 1.11 –0..03 Catalent CTLT . dd 119.0 18 49.02 90.69 HalconRscs HK .14 DSW DSW 3.00 –0.. dd 13.58 ..20 .89 102. 41 48.37 37.00 –3.6 54 30.00 ChesapeakeUtil CPK 1. 69 30.26 59.75 43.30 6.1 25 11..08 +0.89 +2.65 +2.06 . dd 15.06 51. 130.39 +0.2681 15.69 ..90 +2.02 DellTechs DVMT . dd 5.. dd 15.50 –0.56 CorpCapitalTr CCT .90 +0. Amt.35 26.04 –3.0 23 44. cc 58...39 Enbridge g ENB 5.03 .89 11.96 .0 3 9....15 .2 18 48.74 CenterPointEner CNP 3..2149 13.54 26.40 +4.41 ChesapeakeEner CHK .12 –0.24 .32 . 59 21.01 DowDuPont DWDP .85 +0.58 156. 63 10. dd 1.87 +0.38 . 11.93 49.97 –0.60 .1 96 118.74 0.05 +0.84 FirstHorizonNatl FHN 1. 47 71.90 Hanesbrands HBI 2.75 .60 Fabrinet FN .45 +2.01 .5 18 24..78 +5.40 –2. dd 39. 14 23..23 .82 218. 39.84 FidNatlFin FNF 2. 100..80 12.05 HavertyFurn HVT 2.09 –0.02 Darden DRI 3.07 +0.56 Cleveland-Cliffs CLF .90 16..5 17 48.67 CoreCivic CXW 7.94 +2..85 +1.1705 116.18 +0.13 .91 61.8 45 17..93 12. 5. .42 .60 ChinaRapidFin XRF . dd 59..1 1. 70.72 Heico A HEI...10 DominionEnerUn DCUD 6.85 59. 14 25.42 65. .60 .10 10.4 cc 5..21 54.64 FirstRepBank FRC .55 27.83 50.00 ConEd ConstBrands A ED STZ 3..7 17 14.03 .26 .22 .07 50.85 28.57 +1.42 FootLocker FL 2..77 +2..62 –0.37 63.10 41.02 DonnelleyFin DFIN .38 3.49 16.2 9 62.85 12..48 +0.08 18. .36 26.15 10.6 dd 6..62 GoldmanSachs GS 1..WS .40 0.93 CallawayGolf ELY .88 54..50 +1.30 6..60 –0.01 .10 .76 Canon CAJ .80 34.30 3... 21 e 111..15 –0.89 FedEx FDX .61 .08 +1..97 GlobalShipLease GSL .35 .96 EmergentBiosol EBS .B .43 +1..84 21.38 180..75 .90 +0.60 28.43 +0.43 GrubHub GRUB ....86 25.97 CerveceriasUnid CCU 2. ..30 18...95 +3.9 .35 +0.18 .69 +3.14 .06 .45 44. 44.3 17 74.59 7.12 EmbotellAndinaB AKO. 27... 27.00 ChinaMobile CHL 4..60 Gerdau GGB 1. 16 48.. 14.98 4.33 +5.22 +0.84 Carnival CCL 2.1 27 55.02 .9 21 92.18 77..20 +0.08 +0. . 35 42.3446 94..91 +0.05 25.25 25.1 20 103.30 9.65 ElPasoElectric EE 2...44 +0.11 23.5 28 26.00 ..18 24.49 .97 30.41 EssexProp ESS 2..75 +1.36 ChinaYuchai CYD .3 21 25..50 6..11 ..74 18.80 +1..0791 3. dd 48..38 .00 9.5 27 48....54 ..24 +0.03 .19 Coca-Cola KO 3..45 5. 28.0929 13.70 –0.77 106..34 44.7 20 25.2024 32.04 Fluor FLR 1.34 CentralPacFin CPF 2.A 2.47 19..21 30. 2.79 –0.25 Danaos DAC .60 21.3116 9.75 0.01 –0.9 . 23 21.91 +1..70 DHI Group DHX ..39 –0.17 .16 25.20 –2.37 26. 8. 75...80 –0.A .55 +0.16 ConagraBrands CAG 2.6 14 21. 38.61 GreatAjax AJX 8..4 3.1 21 115.62 1.55 –0.76 113..90 Entravision EVC 2.54 –0.0188 70.34 –0.72 ...20 +4.85 GameStop GME 8.7 cc 93..0 42 132.35 63..48 ...08 GlobalPayments GPN .5 dd 15.57 100.47 +4.31 50. 13.47 +5.9 14 31. dd 10.9 14 49. 12.656 24.02 FreshDelMonte FDP 1.29 0.66 CedarFairRec FUN 5. 34.51 30.2 14 23. 17 5.46 .. .80 –0...485 17..9 26 19.60 86..93 –0...295 G 27.40 +0..84 ChinaOnlineEduc COE .71 155.95 17.71 –0.16 48..15 16.com WBAI .06 Cummins CMI 2.21 CantelMedical CMD .06 .B .10 EastmanKodak KODK . 68 10.43 +1.43 .06 ..94 1..35 +0..00 GeneralDynamics GD 1..50 ..92 .07 23. ..18 ....76 +0....67 .5 cc 22.7 22 78..55 DDR DDR 9.30 . 75 74. 16 26..075 77.45 . 71 19.16 46. dd 5.68 32.27 15.12 –0.67 EducationRealty EDR 4.15 Chubb CB 1.36 7.75 1.8 14 43.06 60.13 +1.7 dd 29..51 DarlingIngred DAR .91 .8 8.39 26..20 .79 DevonEnergy DVN .47 +2.2 99 141..15 209..3581 6... 3.48 20.48 5.6 24 14.. 24.15 –9.27 DouglasEmmett DEI 2.43 +0.27 10. 37 78.71 82..15 Culp CULP 1.13 ..70 –0..70 CedarRealty CDR 3.29 33.64 54.52 Enerplus g ERF 1. 81..56 . .99 .92 –0.63 +0.78 36.00 GraphicPkg GPK 2.33 EnerSys ENS 1.0079 33.6743 H 33. dd 6..75 HormelFoods HRL 2....02 89.91 .21 –0..75 77.06 GoDaddy GDDY . dd 15..26 +0.85 144.21 7.84 +2..32 +0.5 39 23.40 .94 Heico HEI ..17 14. dd 3. EastmanKodakWt KODK.67 .W .5 .00 ContinentalBldg CBPX .47 233.32 ...11 .79 –0. 8.08 +0.85 2.09 +0. 36... 45.71 GlobalNetLease GNL 9.55 9.80 34.11 . 9 22.64 47..47 51.45 Entercom ETM 3.20 68.25 .15 .77 .52 +0.00 +2.10 .09 31.90 .. 40 43.76 .23 .0 22 85.77 –0.35 14.06 ..7 94 112.10 ...77 51..87 ..50 14.1 52 20.77 –1.04 212.08 .03 .10 4...92 –3.5 dd 13 13.8 .01 ComstockRscs CRK ..24 155.37 81.45 23..40 .32 34.40 Centene CNC .41 .4 dd 45. F 25.37 89. 18 22.16 .6 30 32.3 18 23 24..8 51 65.19 33.85 .35 88.63 . 60 307..81 .14 +2.68 HomeDepot HD 2. dd ..60 +0.05 ColonyNorthStar CLNS 8.9 28 218.74 13.26 .25 26.79 –0.20 Hershey HSY 2.05 ComfortSystems CommercialMetals FIX CMC .14 GraniteConstr GVA .1775 96.00 Covanta CVA 6. 69..20 Hexcel HXL .52 1. 34 10.55 +0...19 ChinaGreenAg CGA .50 –0.95 Exterran EXTN ...9 11 43. 88.15 EnovaIntl ENVA ..3 29 21.36 69. 21.72 .97 +0.3025 22.58 49..48 –0..40 22 23.52 +0.68 11.65 11..71 DineEquity DIN 8.01 Care. 114. 34 37.55 Gildan GIL 1.31 dd .6 22 34.42 .40 –0.44 . 28.34 66..45 +2. 85 72.47 93.98 +1...235 22.0 27 20.49 .99 75.20 –0.12 +5.10 Greenbrier GBX 1..03 Energizer EnergyTransferEq ENR ETE 2.41 .05 19.475 37.14 +0.0 58 66.75 .59 . 82.87 Frontline FRO 11.. 20 20..03 28.25 –0.09 .37 49.4 50 20. 25.76 –0.16 ..24 HealthSouth HLS 2..07 1.03 . 48.63 28.3 dd 21.69 52..68 +0...50 22.26 CrossAmerPtrs CAPL 10.58 DynexCapital DX 10..06 82.60 CapitolInvIV A CIC .7 25 83.75 1.5 31 64.97 38.14 +1.97 –0. 28 37.6 18 26.73 8.2 66 22.45 15.43 CityOfficeREIT CIO 7...00 1. 9.92 –0.94 Hill-Rom HRC ..20 .09 FullerHB FUL 1.51 28.. .14 . 41.55 +1. 13 31..16 52.30 Celadon CGI 1.07 21...72 CompassMnlInt CMP 4.56 .34 ..05 66.62 Crane CR 1.48 +0.00 1.10 12.36 10.32 ..42 51. 17 59...66 20. 28 33.66 10...85 7.8 .47 83.7 dd 59..90 95.. 60.1 40 157...0 12 77.6275 61..03 . 127.99 12..42 +8.41 22.66 .80 +0.6 37 83.08 20.31 91.50 DiscoverFinSvcs DFS 2..73 8.50 –1.03 –0..70 112.43 ClipperRealty CLPR 3. 45.64 +2.0 10 72.23 . dd 9..17 141. dd 1.03 24.84 .85 8.6 23 90.06 53.50 42.25 55..33 23.22 38..33 141.. 29.83 DrReddy'sLab RDY .11 –0..02 +2. 7 25..24 .1 20 15.39 Caleres CAL .3 23 34.615 11..16 3.11 81.05 .02 4.40 46.0 .32 +0.59 .64 70.25 ..01 DaqoNewEnergy DQ .02 17.. 4..06 .02 33.23 88.. 30 46.95 15.71 .34 3.18 –1.. 14 8.26 ForestCIty A FCE.7 4 7..22 ..76 EllingtonFin EFC 11.14 CommunityHlthcr CHCT 5.20 .54 CamdenProperty CPT 3.88 . 12 84. cc 6...50 262.01 EastmanKodakWt KODK.69 1.8354 58..89 CommBkSys CBU 2.87 4.99 35..99 6.01 DeanFoods DF 3.18 GenieEnergy GNE 6.08 36..08 CapitolInvIV Wt CIC.. 17.99 EOG Rscs EOG .77 GpFinSantMex BSMX 2...64 +0.67 .27 25.70 Greif A GEF 3.12 ..15 .75 –2.38 43..20 CIBC g CM 4.94 EndeavourSilver EXK .7 33 85.16 .59 14....28 103.38 34. dd 11.9 20 20.34 .53 ...45 23.305 2.92 Gafisa GFA .65 –2.88 1.68 24.82 .39 77..54 ..55 .24 –1.42 +0.79 .20 DorianLPG LPG . dd 48.60 38.36 Gazit-Globe GZT 3.75 +1. 0 .78 23.84 Dynegy DYN .04 .96 Chico'sFas CHS 3..0334 109.08 ..10 +3.69 –3.56 9.02 –1.14 ..65 38..01 63.28 64.06 +1.43 6.57 –0.00 .40 Ciena CIEN .32 1.59 CoreLogic CLGX . 9 56..55 Coca-Cola Euro CCE 2.95 .65 +2... dd 2.48 –0.30 FB Financial FBK ..0 dd 51..00 9.28 .48 .15 27..66 CardinalHealth CAH 3...63 CleanHarbors CLH .39 +0.31 3.54 .7 23 32.085 18....21 63.00 28..18 .7 19 24.83 –0.93 27.45 15.62 49.69 88..7 15 75. 50.65 +0.8438 27.60 EclipseResources ECR .71 –0.84 –1.4 21 35..01 –2.53 EmpireStateRealty ESRT 2.. 34 116.25 Hi-Crush HCLP 5.66 –0..39 2.08 1..65 .0 4 86.09 1.24 .25 +0.76 +0.13 84.02 ChinaZenixAuto ZX .53 23.05 85.00 +0.58 +0.42 –0. dd 13.50 10.25 ..07 .88 –0..00 14.47 CaliforniaRscs CRC .. 22 39.39 .. .52 HertzGlobal HTZ .79 7.45 +1.73 HarteHanks HHS .52 49.50 15.57 –0..30 .61 ChinaDistanceEd DL .84 15.15 68. .10 ChesapeakeGranite CHKR 12.32 +0. 18.12 .85 –0.06 4..22 ConcordMed CCM .20 ..34 2... 24 61.05 51.56 51. 81. 21.17 ..65 ..98 13.56 Guess GES 5.26 +3.16 .05 +0.42 ..8 11 12..49 96.35 .A 3.25 –0..31 +0.06 49.91 .66 –0.13 GreatPlainsEner GXP 3.84 32.51 +2.64 .04 . 124.45 +2..68 .03 .8716 54.15 .58 ChinaTelecom CHA 2.9 38 107.70 –1.66 +0.7 15 57.40 35.05 –1. dd 12.06 DiamondOffshore DO .27 .72 +0..10 12.40 +3.55 –0.8 32 33..51 DaVita DVA ..85 .68 FutureFuel FF 1.86 39. 15.46 +0.16 –0.21 .05 12.55 –1.33 . 7 12.73 1.55 27.03 70..0 25 180.64 . 61.58 –0.95 .65 –0..05 +0.56 +0.21 .01 EdisonInt EIX 2..88 .25 .415 12.15 144.6 18 105..80 FirstAcceptance FAC .37 –1....77 +0.45 13.42 1.42 .11 DynegyAWt DYN.35 +0. 58 17.65 0. 20.86 Citizens CIA .. 7.64 31.48 FirstBanCorp FBP .65 Euronav EURN 1.75 27. 08 Monsanto MON 1. 23 53.44 19.70 ..63 HowardHughes HHC ..85 50.47 ItauCorpBanca ITCB .4 .7 17 26. The resultant total is us l.. 8.70 6.36 62.30 19.50 MedleyMgmt MDLY 12.71 +0.3 39 57. 15.52 –0.50 Kindred KND 6.04 .1 dd 5.19 +0.73 110.56 +1.08 Kyocera KYO .65 –0.69 44.00 ParkElectrochem PKE 2.89 20.06 MorganStanley MS 1. 35 16.8 dd 20..34 19.16 110.7178 2..25 LCI Inds LCII 1.88 +1.30 .14 Phillips66 PSX 2.69 OasisPetrol OAS .. 41 63. cc 26.38 .02 KimcoRealty KIM 6.27 .35 25.38 28.30 29.8 30 50.76 55..11 .30 16.1 23 45.70 –3.92 +0.82 49.21 InterXion INXN .9 13 154.13 +0.67 +2. dd 24.23 OilStatesIntl OIS ...5875 89.42 +0.14 26..80 MauiLand MLP . 41.7 15 9..95 JELD-WEN JELD .52 .0 11 8... 3.85 101..69 120.0453 483. 45 22.8 39 10.51 73. 3 10.75 +1.41 .65 .09 .90 18.96 JaggedPeakEner JAG .75 2...15 13.11 61.. 11.00 56.9 14 51.19 .05 +0.6 20 258.65 .50 –0..03 47.78 33.45 –0. .03 22.85 IsraelChemicals ICL .3 29 65.10 .5 cc 37...57 ..20 0.00 51.2 cc 7.52 PampaEnergia PAM .91 .45 50.4 41 85.79 ..94 NoEuroOil NRT 13.18 +2.94 Olin OLN 2.99 .3 dd 13..07 HudbayMineralsWt HBM....0083 49.. 8 53..9 12 54.06 .75 Invesco IVZ 3.15 67..41 46. 22.40 24.50 LionsGate B LGF.07 ..64 +0..25 –0.52 36.03 .28 .05 Materion MTRN .47 .15 .26 IndepRealty IRT 7.23 LeucadiaNatl LUK 1.0 25 42..57 OasisMidstream OMP ..73 11.36 3. 94.99 .4 17 28. 3 15. 21 18.80 .15 OrionEngCarbons OEC 3.55 PlyGem PGEM .36 JupaiHoldings JP ..9 30 dd 154.98 . 22 284..325 27..Jill JILL ..66 26.85 Lindsay LNN 1..51 JohnsonControls JCI 2.52 .07 PaycomSoftware PAYC .83 LadderCapital LADR 9.45 +0. 52.64 26. 33 31.55 .2 17 19.79 17..65 .65 35.73 6.27 41..37 7.11 OceaneeringIntl OII 3. 21...4665 119.75 ..78 .20 143.19 .52 40.04 +0.21 109.5 91 16..81 Leidos LDOS 2..47 .48 26.08 .90 +1..40 MDC Holdings MDC 2.23 ...36 PembinaPipeline g PBA 4.65 15.56 0.29 . M 16.0 8 4.09 +1.68 Loews L .75 Owens&Minor OMI 5.09 Milacron MCRN ..22 NielsenHoldings NLSN 3..35 121.08 10.62 5.98 ..2 11 24.59 .77 10.. .87 48..18 +1..3 18 62.99 +0. 26 9..55 MI Homes MHO .00 70......85 40.7 33 52.25 Nautilus NLS .48 42.51 84.941 18.11 5.78 +1..35 28.10 13.81 ..28 19.05 .4 45 90. 6..20 OccidentalPetrol OXY 4.7 36 18. 57.0343 10.31 .23 +4.71 5.4 11 12..75 NewHome NWHM .16 –0.49 11.10 106.5 19 33.61 +1.20 1.04 7.71 +4..96 –0...20 Insperity NSP 1..43 ..24 20..05 9..56 MolinaHealthcare MOH . –1.57 PhilipMorris PM 4.3 33 34.34 22.10 PiedmontOfficeA PDM 4.28 ..4 dd 7.85 KingswayFin KFS .21 HyattHotels H .30 .81 1. .91 ParkerDrilling PKD ..72 –0.05 38.57 +0..1 23 103...85 JonesEnergy JONE ..0 25 132.80 NatlStorage NSA 4...7 cc 21.19 +3.55 +0.87 3.2575 181.54 48.10 +0.69 .5 17 26.16 NQ Mobile NQ . dd 16.18 Mack-Cali CLI 3.45 25.48 34..37 3.15 MFC Bancorp MFCB .77 –6... 17. 86..42 +0.38 60.60 ...4 21 26.70 .19 36..14 32.64 .87 dd OutfrontMedia OUT 6.30 30.31 +1.70 20.40 –0.415 48..45 LincolnNational LNC 1.61 45.21 27.21 .36 . dd 5.59 +0..128 15.80 ICE ICE 1.75 30.28 3..95 139.00 Mallinckrodt MNK ..03 KB Home KBH .90 +2.16 12. 9. 23.28 .88 OsiskoGoldRoyal g OR 1.66 .80 10.. 10.99 .09 1.61 .26 .7 15 29.56 +0..90 5..39 +1.31 17.5 79 30.12 .46 +2.34 40.75 –0.16 –1....20 –0..1 34 133.30 Ooma OOMA .00 68.98 ParsleyEnergy PE .59 16..20 1. 13 14.84 MolsonCoors A TAP.2 12 22.56 . 31. 68.43 30.59 82.11 +1.62 .86 ...69 Petrobras PZE ...95 NaviosMaritime NM .22 Marcus&Millichap MMI .80 InvitatHomes INVH 1. 85 124.01 13.86 MicroFocus MFGP .50 +8. three declined on the week.17 . 8.2 16 36... 8 21.74 –0.45 –0.83 .78 +1..60 .26 ...35 +1.95 –0..80 .93 32. 27.9 22 42. .077 51.0156 14.68 11.0 19 3..8 52 40. cc 16.00 JumeiIntl JMEI .62 +1.85 9..50 .0 22 20.20 5.45 26.0375 J 46.07 PermianBasin PBT 6.05 .96 OneLiberty OLP 6.43 1. 78.2425 23.30 –0.66 80.3 2..21 MurphyOil MUR 3..31 .90 NextEraEnergy NEP 4.20 27. ..11 . dd 2.025 6..58 +0.82 7.58 –0. 45.03 NationalFuelGas NFG 2.20 . 18.28 . 24.54 L3 Tech LLL 1.045 s 51.10 23...905 2...22 MaxLinear MXL ..70 10..10 ModineMfg MOD ..60 PBF Logistics PBFX 9.16 .65 ..75 –0.57 15. 37..98 105.88 +1..00 +0..04 . 36.0069 44.52 89.15 –0.86 . 8.17 10.35 4..1 15 104.25 6.53 .80 66..16 –2.23 .54 Natuzzi NTZ .25 –0..31 +1. 2...15 .51 PerkinElmer PKI ....22 . 14.53 –5. DJIA 37.47 +1.25 .1 20 91.46 14.74 .646 112.39 55.16 IamGold IAG . 264.4738 189..50 33.91 .70 +0.6 41 132.15 .39 +3.52 8.84 K12 LRN .68 3. dd 9 14.60 MesabiTrust MSB 11.8 26 36.39 20.64 Oracle ORCL 1.3 78 34.51 +3. 66.6 22 115.92 47.69 –3..3 22 110.. dd 15.10 .25 .71 +0. 18 31. 12...75 18.05 11.43 .89 .02 ..99 +3. 11..19 199.0 15 21.94 .18 72.15 2.50 46.32 NVR NVR ...1 31 62.13 +0..00 LifeStorage LSI 4.9 27 14..4 25 54.78 10...60 11..61 +0.20 51.1 21 22 1..6 dd 34. 43.31 7.26 Intrexon XON ..60 InvRlEst IRET 4.27 ..35 Medtronic MDT 2.10 45.48 –0.1 1.93 2. 12. we subtract each day's NYSE composite declines from that day's advances.3925 45.80 8. 67.38 129..58 –0. 29 29.55 MarathonOil MRO 1.11 PlatformSpecialty PAH .48 PNC Fin Wt PNC.2 .22 –0. 9 17...53 MFA Financial MFA 10.30 7..55 +0. 15 44.72 +0.5 9 3..65 NuSTAR GP NSH 14...73 +0.65 .35 4. 41.11 7. dd 4.99 19..75 1.70 Netshoes NETS .41 Kemet KEM .96 14.92 –0.. dd 2.01 .93 –0.99 –0.16 75..04 +0.48 408.43 45.. 17...84 +2. 12. dd 15.46 NewellBrands NWL 2... m rp 4.30 KKR KKR 3.35 +0.50 +2.. 21. 14.05 . 6. 48 29.40 MuleSoft MULE ..44 OrbitalATK OA 1. dd 58.2 99 20.54 .6 dd 9.71 McDonalds MCD 2..25 48.3 22 10.92 .0 dd 20..14 2.30 .40 .83 +1...075 PQ 54.50 14..18 .10 OmnovaSol OMN .. dd 143.78 38.06 10.65 –1.00 MistrasGroup MG ..4 13 60.44 +0.28 13.07 90.17 MetLife MET 3.96 5..47 .64 +0..93 –0.30 21..165 52.82 9. .69 PetroChina PTR 3..32 Omnicom OMC 3. 5 2.28 Plantronics PLT 1. 39 8. . 9.10 4.09 90.17 .15 +0.42 .45 10.. 71. 28 59.07 .13 .59 9..25 2.8 38 48.47 .75 24.20 –0...43 4. 21 31.9 20 84.62 NavigantConsult NCI .45 17...32 ING Groep ING 3.37 POSCO PKX .07 ..58 .79 ..45 10.3 15 7..00 KilroyRealty KRC 2..41 15. 30......78 30. cc 44.95 InstalledBldg IBP .74 –0.4 51 15.52 41.34 +1.36 56. dd 24.71 7.02 .85 17.43 10..13 +0. 32 9..80 KnotOffshore KNOP 10.99 14.8 18 35.. dd 1.U .74 J.32 PA Reit PEI 7.89 18.91 34...20 ... Amt.16 31..24 8. 46 84.5 12 28.40 PepsiCo PEP 2..00 122.4 6 29.75 +0. dd 8.49 +5.00 23.46 .3025 42.01 .12 .2 dd 12..60 .13 NextEraEnergyUn NEE.9 18 33 13. 8. 286.50 +0.60 29.. 483000 24350 73.79 5.38 ..69 Kroger KR 1.0 16 101. dd 1.52 52.9 22 51..11 .42 9..03 .03 2.24 ...90 Lannett LCI . 14 12.96 PetroleoBrasilA PBR.76 +0.3 22 36 36.8 9 19. dd 11.87 27.40 79. .30 1.52 MercuryGeneral MCY 4.5 39 36. 83 42.1 35 18..49 . 21 26.65 –3. dd 1.20 6.63 65.33 +0.19 7. dd 6.63 –0.60 .29 OnDeckCapital ONDK .43 66. 13 38.01 ..90 27.40 ..09 ParTechnology PAR .53 36.57 NGL Energy NGL 12.8 29 22.0 80 11.05 LendingClub LC .19 .105 32..96 –0.86 14..76 +1.10 .095 86.WS LM .80 53.00 L Brands LB 4.72 9. 18 50.75 .90 14.20 Leaf LFGR ..14 .05 .42 .65 99...60 .08 3..37 –0.88 . 4.96 NatlHealthInv NHI 4.05 .72 .24 JanusHenderson JHG 3.. 17 77.14 .65 PQ Group PQG .04 9.60 +3.14 ..025 105. .75 .35 80.60 +0.53 ..34 89...50 InnovativeIndProp IIPR 3... 24....88 6.8 30 101.76 21.21 .90 IQVIA IQV . 17..7 dd 5.1 15 13.29 IDEX IEX 1.64 29.19 21.50 22.. 19 63.. 15. .37 ...02 13.55 –0.21 9..48 –0. .83 PPDAI PPDF .60 22.80 15.. dd 1. 4 13.58 40. 5. 41 4. 35 33..35 NeenahPaper NP 1.03 .95 +5.15 12.55 9.51 .6 dd 17.. 21.11 Nike NKE 1.69 40.70 –0..10 11.30 . 27 22..75 KB Fin KB .09 ...61 157.18 .12 .84 19.16 NewOrientalEduc EDU .6 35 149.50 1.07 +4.00 +0.55 109..32 .13 3.48 –0.55 JerniganCapital JCAP 6..53 79..67 .65 42.36 .55 IndependenceHldg IHC .65 107.. 37.80 .50 36.68 13.30 +1....04 .....01 .55 +3. 22..03 O 36..41 NewfieldExpln NFX . cc 27..47 +0...50 +0.46 PioneerNatRscs PXD ...50 .32 30.00 KosmosEnergy KOS .WS . 6.00 .70 –0.34 36..1416 16.95 +1.91 LloydsBanking LYG 3.09 18. 9 4..37 71.90 .37 MizuhoFin MFG ....19 +0.72 IndependenceContr ICD . High Low Name Sym Yld P/E Last Chg..69 . dd 33.77 OwensCorning OC ..00 11..2005 18.70 17..R .12 85.15 52.76 0.71 113.88 +0...06 52.97 .22 123.55 JamesHardie JHX 1.30 .. 16. 8.55 89.60 KiteRealty KRG 6.95 17.21 –0.19 .36 KBR KBR 1. 5.07 LATAMAirlines LTM .00 +78.10 +3..2 10 53. 90.05 NCI BuildingSys NCS .9 24 97.14 OneMain OMF .95 NobleMidstream NBLX 3.....99 84.81 +0..50 0.3325 21.66 1..05 .33 5....9 25 164.4 cc 4.05 98.53 31.86 3.3 16 70.22 +1..22 16. 16. .47 LincolnNatlWt LNC.3 58 11...38 .7 11 48.01 .37 ..35 +0.8 3.29 77.58 +1.00 MarinSoftware MRIN .95 .66 17.U ..83 –0.50 –1.49 11.9 31 17. 13 12.. this produces the weekly figure we 24....4 49 102.65 . dd 10.00 .00 44.95 .15 MaxarTech g MAXR 1..6 17 57.. 467600 23400 I 44.16 +1.6 27 10.29 .93 26. 23.38 +1.10 .77 .68 . 8 21.72 +3.70 –0. 1985 =1000.6 13 48..33 31..0982 31.85 93.30 –0.395 37.65 .05 13.25 24..25 +0.70 +0.52 J F M A M J J A S O N D 30.33 .25 13.00 –1.00 IRSA IRS 9.15 50.35 ..01 –1.. e 140.05 KSCitySouthern KSU 1.27 33. 18.3 11 13.30 2.125 143. 50.37 .20 –0.99 +1.9 21 46..10 .96 EliLilly LLY 2..93 6..72 KenonHoldings KEN .06 .74 KirklandLakeGold g KL .85 +1.12 .64 plot.52 14.90 Koppers KOP ...15 20.3 dd 15.2 22 66.72 . .74 Oshkosh OSK 1..95 86. 10 7. 37.7 7 14.0 31 45.90 0...80 NordicAmerOffshr NAO 6.82 +0.0 10 56.01 100.70 .45 33. When all five days' numbers are added together.08 .30 –0.45 12.90 LennoxIntl LII 1.35 +1.08 25.90 53..35 .30 3. 23.00 29.. 19.43 PhoenixNewMedia FENG .79 35. 10 5. 68..23 –0.00 +8.56 . 8 85..WS .95 3.47 .38 –0.93 ITT ITT 1.19 2...68 .44 Breadth Taking: The NYSE’s cumulative breadth rose for a third week.19 –0.04 +1.36 IntlSeaways INSW .38 120..05 9.77 MobileTeleSys MBT 7.26 0.65 123.36 +0...039 134.47 47. 34.15 +0.45 .58 PeabodyEnergy BTU ..58 –0.45 .8 22 137. Amt.60 +0..5 28 11....37 –0.10 .17 Leggett&Platt LEG 3.38 MSCI MSCI 1.40 +0.80 12.0392 58.06 .14 22.15 +1.75 NatlPrestoInds NPK 1..03 .48 .26 .88 . .98 .B .35 –1.50 MagnaIntl MGA 2.19 KoninklijkePhil PHG 2.20 47.19 17.15 14. 61 46. 76 47.35 5.55 58..33 .63 +0....74 +0.35 –1.44 LaSalleHotel LHO 6...00 PharMerica PMC .57 Knoll KNL 2..36 .13 .46 17.91 2.56 186.32 +1.74 –0..25 55. 55.25 MainStreetCap MAIN 5.76 Pentair PNR 2.90 29.28 ..16 . .42 Infosys INFY 2.46 .79 +6.72 +2..7 23 129..32 NaborsIndustries NBR 3.71 ..15 .21 . cc 8.A .53 OldRepublic ORI 3.42 93..28 113. dd 10. dd 13.27 LionsGate A LGF.25 144.1 ..23 +1.20 29. 92 57.13 12.27 32. dd 3.05 +5.56 .50 ..66 –1.78 .6 29 11.1875 38...41 27.50 34.51 .8 24 116.41 +0.47 22..13 .70 3.36 55..0 23 53.15 MGM Resorts MGM 1.27 .09 –0.1899 40. 19 31..40 5.06 .05 PNM Resources PNM 2.. 182.46 +1. 5 5.63 37...00 .8 56 17.06 KimbellRoyalty KRP 7.3 cc 12.4 23 38.15 29.48 –0.22 72.45 9...9 14 117.95 2.50 4.83 125...1 78 17.55 MineralsTechs MTX . 173.3 22 69..48 .65 4.18 14.13 .52 –0.6 28 25. 26 3480.05 +3.39 8.45 164.23 20.40 28.85 +3. 16 15.40 .135 8.24 .3 21 24.84 MuellerIndustries MuellerWater MLI MWA 1..14 +0.97 +0..59 1.50 106...51 Moody's MCO 1..37 .34 52.3 17.61 LightInTheBox LITB .76 20.09 59.5 7 42.90 HubSpot HUBS .95 ..16 .20 +0.28 10.. Amt.4 cc 70.4 24 187..70 –0.74 45.33 .0 55 151.21 .86 +0. .15 ..20 32. dd 217..28 LejuHoldings LEJU .40 41. 94.1775 102.05 ..12 OcwenFinancial OCN .50 –0..92 25.42 30.10 ManchesterUnited MANU 1.96 76.50 64....10 +0.6 36 27.10 .69 –0..15 169.33 NoahHoldings NOAH . ..8 31 64.18 OrchidIslandCap ORC 17.. 15.15 ..79 4.38 .2 dd 15.32 49.69 .15 .28 –4..90 17.24 –0.3175 154. 29.50 PitneyBowes PBI 7.83 –0...105 9.35 28.06 .72 117.07 –0. 7..86 18.18 Phillips66Ptrs PSXP 5. 18.3 16 55.32 +1.35 6.19 +1. 10 16.40 NewparkResources NR ..7 dd 87.87 .75 .86 –1.89 NavistarIntl NAV . and so on.20 3.0 1. 22 21.30 +0..20 .04 .60 9.9 30 18..42 .23 4.80 +0.60 18.96 +0.81 .. 27.63 7.18 30.49 –0.60 –0.32 PlanetFitness PLNT .1 27 33.15 91. 20.70 MesaRoyalty MTR 10. 43.45 –0.80 MarineMax HZO .051 55.89 .65 PennyMacFinS PFSI . . dd 1..50 +2. 6 4.95 +0.50 –1.05 . 6.05 +0.59 MidAmApt MAA 3.89 15. 2.38 –0...43 9..69 LouisianaPacific LPX ...49 Lowe's LOW 1.95 PerformanceFood PFGC .05 . 10. .21 .41 . 17.53 MedicalProp Medifast MPW MED 7. dd 13.75 NL Industries NOW NL DNOW ...00 +1.25 +0.04 25.13 .. 15.31 Owens-Illinois OI .13 ..08 14..00 +1.15 5.73 –2.82 LumberLiqu Luxfer LXFR LL .32 Hubbell HUBB 2.83 +0.72 141.4 dd 9.. dd 2.3 18 68.7 22 37.03 +1..49 ParkerHannifin PH 1.32 18.43 199..11 . 29.95 +0.73 63.60 13..7 12 76. .59 –0. 19.50 +1.63 Matson MATX 2.65 25.01 .32 191.24 10.84 +2. 32.44 ....34 .10 .91 4.99 26..6 23 66.. 3. . 13 15.32 21. 231.19 +1.50 LockheedMartin LMT 2.70 27.86 –0.45 .52 . 51..7 16 15.63 +0.00 . 45..81 NaturalResPtrs NRP 7.35 PenneyJC JCP .3 43 93..70 NewJerseyRscs NJR 2.. 15 75.1 dd 10.35 +1.33 19.15 .28 NomuraHoldings NMR .60 54. 17.7 25 2.88 8.15 34.30 6.40 –0.25 22.51 59.50 73.90 66.55 +0.72 .19 +0.51 KoreaElcPwr KEP .5 29 44.97 43.93 Huntsman HUN 1.75 .25 34. 22 50.50 69.80 –1.62 Oi OIBR.57 +3..86 39.56 4..78 +0.90 .19 27.20 49..59 +1.24 +1.005 s 23.53 59..9 30 202.79 4.33 14.35 +1.42 Keane FRAC ..70 39.05 +0....82 +0.33 26.49 +0.21 +1.39 99.72 LSC Comm LKSD 6.37 29......5875 81..6 25 313.3 31 19 68..00 4.10 –0.1 23 47. dd 105.05 MethodeElec MEI .35 –15.80 LomaNegra LOMA .5 27 195..50 2.29 .82 +0. . .00 8.4 25 24.06 8..70 17. 244..80 Instructure INST ....82 13.05 .58 ..50 Kaman KAMN 1.. 10..12 .37 22.15 La-Z-Boy LZB 1.83 .8 24 27.32 –0.20 NCR NCR ..A 2. Amt.98 +1.59 43.75 –0....23 +0..07 +0..44 +1.3559 er rs 23.88 KinrossGold KGC .85 45.22 27.04 –0.14 +0.37 ....PQ 4.4 31 68.97 +0.35 5.56 ..05 1.47 19..06 –0.59 +0.55 NaviosMaritimeMid NAP 21.12 9.66 65...91 44.85 52.7 dd 5.05 MidSouthBncp MSL .28 KeyCorp KEY 2..04 30.30 +1.4 33 28.11 Knowles KN .8 13 49.50 .84 –3..05 –0... 73.8 20 78. 29..88 MarathonPetrol MPC 2.14 ONEOK OKE 5.00 . 14 13.12 KronosWorldwide KRO 2.35 MetropolitanBk MCB .31 NiSource NI 2.05 +2..80 31.52 .19 .49 .75 0.3775 27.19 ly 29.72 24.1 dd 14.63 3.81 –0...20 .89 PHH PHH . 17 25.0 2 28.. cc 1112.14 76.50 .17 . 22 84. dd 4.288 10.0161 .96 17.55 –0.54 PengrowthEnergy g PGH .91 14.1 22 90. 48 33. .40 37.. 56..99 .20 Nokia NOK 3.05 +0.38 +4. 10...53 31.00 Inphi IPHI .1 26 72.10 65.20 –0...96 –0. dd 20.01 –2.02 1.72 69.50 HysterYaleMatls HY 1. 55.07 .07 .98 Orange ORAN 3..425 19.8 21 9.04 –0.98 –0.68 38.65 13.2 5 17.97 . Dec.29 133.10 .11 +1.19 MGIC Investment MTG ...46 169..3 9 6.10 .71 ..30 +1..56 McDermottIntl MDR .80 5.95 61. 6..45 NatlRetailProp NNN 4.0 31 38..00 PGT Innovations PGTI ..55 .20 . 14.29 .8 87 35.57 49. .. 55 6. 26. dd 39.99 –0..02 .72 +0.07 11.91 PolarisIndustries PII 1.62 .22 .00 16.91 0..08 .5 dd 23 27.50 36.10 KayneAnderson KED 10...50 22. .05 5.34 PROS PRO .68 Knight-Swift KNX .8 37 35..50 13.15 .90 –0.24 58.2 28 16.49 28..4 20 48.83 139.74 –0.25 MSA Safety MSA 1...8 15 31.08 .. 55.19 –0.78 +2.60 IntegerHoldings ITGR .93 12.38 +8.02 139..1 62 19. dd 14.20 MyersIndustries MYE 2....54 +3.54 . 9. 94. cc 15..85 . .69 PNC Fin PNC 2. 38 624.3 22 81.December 4..51 57..99 .77 –0. 74..25 3.30 MonmouthRealEst MNR 3.03 73.14 +0. 16.1 .12 Lennar A LEN .20 27.50 .63 8.2 .15 .75 31.25 –0..05 17.PR 5.22 –0.41 PinnacleFoods PF 2.4 37 73.294 81.72 NorthropGrum NOC 1... 17.49 20...40 0.22 ..80 LG Display LPL .5 19 45.25 53.0 15 73.04 MBIA MBI . High Low Name Sym Yld P/E Last Chg.4 dd 29...20 JMP JMP 6.25 +0.82 31.17 117.2 24 93.93 Novartis NVS 3. 159.33 –0..43 JPMorganWt Jabil JPM.55 MagellanMid MMP 5.06 .. 7.50 80.66 –0. 29.47 29.22 71.35 Kemper KMPR 1.29 Moog A MOG....76 LaQuinta LQ .4744 137.08 6.... dd 3.96 –3.30 45.4 32 58..70 –1.82 +0.8 19 46.78 10..30 +0.41 31.42 .....WS .56 116.10 +0. dd 5.83 –1. 25 16..21 PebblebrookHotel PEB 4...22 Lazard LAZ 3.V 2.78 –0.1975 26.36 +0..01 2. .87 .65 . 59....06 MedEquitiesRlty MRT 7.5 18 157..55 64.695 71.13 IBM IBM 3...59 +1. 15.71 . ..345 34..10 .85 . 23.44 MohawkInds MHK .. 114...87 NewSeniorInvt SNR 12.50 59. 77.85 14.23 +0.65 .80 PPG Ind PPG 1. no 18.26 +0. .72 Nelnet NNI 1.48 PBF Energy PBF 3.70 88.53 PVH PVH ..3 44 16.75 +0.09 +2.58 –0.05 89. 20 156.22 ..01 +0.41 +36.13 40.05 –0.40 NewMountainFin NMFC 9.80 .70 10.20 7.80 MillerIndustries MLR 2.13 MatadorResources MTDR .46 +0.. dd 2. 9 3..01 LyondellBasell LYB 3.28 1124.90 22.84 +0.03 MosaicAcqnUn MOSC.90 –0...51 –0.44 ..07 45.67 NY CmntyBcp NYCB 5.74 2. co Fo 40.79 NaturalGrocers NGVC .65 .93 MGMGrowthProp MGP 5.53 16.WS JBL .00 +1. 32.10 32.9 15 25..60 +1. 26.095 20....6 8.23 74.98 Manpower MAN 1.6 13 1.68 .22 .04 .47 .16 Mechel MTL .23 14.79 Nordstrom JWN 3.41 LabCpAm LH . 14 54.65 17.21 5..25 Humana HUM .32 .59 ..75 –0....69 .42 19...96 12.59 MiXTelematics MIXT 1..00 Manitowoc MTW ...00 15.00 J Alexander's JAX .24 . dd 11.00 19.85 37. .00 .14 . 36 79. In generating this chart.67 NationstarMtg NSM .94 MitsubishiUFJ MTU ..42 NationalGrid NGG 3.14 .25 Kirby KEX ..95 +0. 13 26. dd 8.65 +0.89 31..08 25..23 NewIrelandFundRt IRL.90 .315 al a 44. 10.78 +0.90 23.74 13.79 .08 29..28 +0. 9.82 Mastercard MA .00 22..77 6.47 2.80 .00 9. dd 17.2825 71.99 –0.21 +1..0 dd 3. 20 19.19 245.48 –1..09 +1.5 11 28.39 .82 3.97 2.53 5.71 18.44 MurphyUSA MUSA .66 +0.40 NaviosMaritime NMM ..56 Mednax MD ..90 NatlOilwell NOV .21 –0.55 PanhandleOil&Gas PHX .. 135.08 JustEnergy g JE 9..73 .33 .02 +0. 42.50 Movado MOV 1.95 NewYorkREIT NYRT .48 –0.90 +0. 110. 11.9 27 65.75 20.92 1.20 +0. .86 –1..41 16..60 +2..3 25 59...50 HugotonRoyalty HGT 5.40 –0.67 KimberlyClark KMB 3.90 ..54 +2.96 23.. 1 3. 322.54 .01 MRC Global MRC .. 16.21 43.2 21 51.02 .68 +1.67 35.08 41.6 dd 27.50 35...07 .5 dd 1.1 24 88.01 LambWeston LW 1..545 34.1 cc 157.10 14.87 JuniperNetworks JNPR 1.30 .07 Ingredion INGR 1. 83.76 1.1606 99.05 +2.87 InterContinentl IHG . 14.7654 dd 210... 134.88 79. 26 28...97 ..64 –0.. 5.54 ..05 Kadmon KDMN .7 39 83.76 220.15 Och-Ziff OZM 2..02 +0.15 ..15 Kadant KAI .21 436800 21500 15. 13. dd 41. 30.75 +2..41 LiveNationEnt LYV .41 .97 77..23 72.8 ..8 dd 1.65 14...3 16 45.85 62.25 9.70 –1.58 88.79 +0.03 .88 MarineProducts MPX 1.56 .9 12 31.23 –0.36 39. . dd 12.24 ..79 MarriottVacations VAC 1.70 Orix IX . dd 1.30 .90 –2.4 10 19. cc 24.7 21 28.92 PSBusinessParks PSB 2.65 Invitae NVTA . 14.225 50..03 .53 11.48 1.50 OxfordIndustries OXM 1..06 20.30 ..49 ..13 +1..29 13.99 +1..83 78..47 21.57 KKR RealEstFin KREF 7.72 10.1 20 137.45 109.44 +0.59 18.60 17.08 27...70 –0.20 20...24 +1.80 –0.65 +0.08 19.29 1..92 20.54 .74 Lennar B LEN. 83..91 –0.01 .80 +1..28 5.15 .70 JinkoSolar JKS .55 +1.71 ..8 28 29. n- 22.32 32.3 6 17..0 30 6...88 146.42 .74 Ingevity NGVT .51 1.75 7.. 92..90 –0.16 .98 –1...00 ..1 63 18... dd 3.50 .. 30..14 37.20 IONGeophysical IO .38 +0.5 11 104.63 13.0 29 37. dd 1....10 31.7 35 46.95 87.2016 35..76 1..7 14 4.2883 BREADTH 481.18 .4725 .7 20 89.99 32.08 +1.16 .8 20 169.5 28 64. 2017 BARRON’S M19 New York Stock Exchange Composite List 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div High Low Name Sym Yld P/E Last Chg..21 22. 8 18..8 15 21.06 30..85 40. dd 16.05 10.375 127.33 .98 –0.62 .18 +0.20 NTTDoCoMo DCM . 20.87 +5.95 iStar STAR ... dd 3.36 .8 40 126. 64...36 19..38 8..11 50.12 M&T Bank MTB 1.. .84 –1..32 16.18 NextEraEnergy NEE 2.23 .54 .58 Imax IMAX .. 30.75 28..70 10.10 .....05 +5. 36.55 .87 NewMediaInvt NEWM 8.1 17 141.95 –1...86 –0. 51.00 .31 . dd 4..07 2. 77.34 +0. dd ..65 45..25 .82 Nevro NVRO .5 dd 27.6 15 20... 19.95 OaktreeCapital OAK 5.00 24.20 KeyEnergySvcs KEG .63 29.. 20.63 37.15 4.. 42.15 Markel MKL . 33.65 .72 –0.20 .40 NaturalGasSvcs NGS ..46 ONE Gas OGS 2.. 106..74 Maximus MMS .78 17.55 LSB Inds LXU .60 NRG Yield C NYLD 6...67 +0...1 28 23.27 NexaResources NEXA ...75 LeeEnterprises LEE .38 MichaelKors KORS ..88 MPLX MPLX 6.27 +0.46 14...23 Mosaic MOS .60 +1.86 MadisonSquGarden MSG . 16.38 .98 PlainsGP PAGP 5.25 . 80. 48.11 .89 11.95 9.84 PJT Partners PJT . 43. 45.3 15 50.17 +0..29 189.90 +1. 1. 23 2.25 97.32 .43 .12 21. 31 51..61 . dd 74.77 –3.37 +2.08 MacquarieInfr MIC 8..6 97 22.5 20 62.33 88.33 ..48 25..46 39.97 14.65 +0.39 104.75 JianpuTech JT . .05 KeysightTechs KEYS . 23. 70.0 28 28 102. dd 8.54 +5.3825 8.60 +1.28 .. ..70 22..61 –0.39 +0.83 4.00 –1.00 LexingtonRealty LXP 6.8 2.. 33.56 NeoPhotonics NPTN ..40 4..80 .62 KT KT .5 9 34.36 .395 14.65 6.29 .38 .08 14.52 Intelsat I .33 PenskeAuto PAG 2. 27 9.2 30 86. 6.20 3..25 .00 NRG Yield A NYLD.31 PaloAltoNtwks PANW ..22 –0.50 +1.75 m e 7.26 27.3 25 172.05 94..11 1.53 MedleyCapital MCC 11.16 NextEraEnergyUn NEE.06 29.64 OnAssignment ASGN .5 12 9..17 27.00 13.09 65.27 –1.28 11.85 44...2 cc 26.. dd 4..09 .40 .61 PetroleoBrasil PBR .63 InvestmentTech ITG 1. 63.03 +0. added to the next day's total.79 NamTaiProperty NTP 2.. 88.97 143.0 64 19.42 22.92 .01 PacificCoastOil PackagingCpAm ROYT PKG 11..85 15.0529 61.82 ObsidianEnergy g OBE .40 +0..02 .00 79..20 131.28 NewYork NWY .1 22 132.90 ModelN MODN .141 45. High Low Name Sym Yld P/E Last Chg.38 . 16 52-Week Tick Div 52-Week Tick Div 59.07 50....50 19.37 11. 75..25 +0..15 MSG Networks MSGN .73 34.50 +0.62 ...80 33. cc 102. as tax reform propelled the Dow higher.96 .34 +3.15 –0. dd 33.71 LegacyAcqnWt LeggMason LGC.20 81.5 71 43. 71.23 72..00 MagnaChipSem MX ... 34. dd 9..1 10 43.10 ItauUnibanco ITUB .35 .6 dd 76.99 +1.6762 11.53 12.00 .1 11 178...05 ..74 63. dd 16.35 LasVegasSands LVS 4.12 .77 –0.29 M&TBankWt MTB.2 30 14. LegacyAcqn LGC ..3 2.5 34 41..25 PhysiciansRealty DOC 5.20 NACCO Inds NC 1.98 +0..40 18...80 MV Oil MVO 7..2 .25 .0 31 114.9 26 87.15 –1.22 rose..4 dd 7. 16 .25 MolsonCoors B TAP 2.41 –0. 153..05 KMG Chem KMG ...14 50.4225 65..475 32.125 19.4 25 98.53 HudsonPacProp HPP 2.08 –0.84 99.18 .12 ..25 70.25 11.83 23.55 87.06 .2 10 27.4 26 55.57 +3.05 55.06 +2..75 7..50 .47 +10.32 –2.. 48.66 1. 21 10.07 60.99 10..55 .10 –0.008 74.80 –0.39 31. dd .10 .21 50. 33 43.. 16 24.63 17.38 56.59 7. 36.80 103.88 +0.2 18 235..B .58 .33 MasTec MTZ .0677 173.... Amt....59 KapStonePaper KS 1.65 NYTimes A NYT .21 LibertyProperty LPT 3.05 .01 .96 Lear LEA 1.04 Pearson PSO 1.86 17.80 6.54 25.30 9..92 18.03 86.60 JonesLang JLL .09 96.01 JBG SMITH Prop JBGS ..49 +1.38 46. dd 78.45 ...74 –0.40 .93 –0.30 .4 44 24 117.31 JacobsEngg JEC .45 .7 14 40.35 57...89 +2.17 .08 –0.05 .37 12..90 9.55 .5 22 36.92 .48 +0...88 23.15 14.12 17.85 NewRelic NEWR .00 14.75 –0.12 MettlerToledo MTD .63 382. +1.78 –0.. 43.76 +1.40 HuanengPower HNP 6.90 Invacare IVC . dd 23.71 +0. 136.50 OCI Partners OCIP 4. .A .35 4.37 +8.08 0.85 +0. 4.0027 96.02 .40 16.4 16 36.46 .25 IntlFlavors IntlGameTech IFF IGT 1.75 .80 60.45 66.27 –2..45 Lydall LDL .18 23. dd 11.6 12 35.08 –0.B .... 2.93 .1 26 78..95 +2. 15.8 18 58.35 86.04 75.95 –1..24 .70 60.50 PartyCity PRTY .5 ..46 +1. 64.15 .15 .10 Oppenheimer A OPY 1.37 131.8 14 20..79 89.99 –0.44 0..13 57.40 .50 .58 +1.68 +0.10 .10 66.8 23 85. .6 9 14..30 –0.67 71..87 2.44 174.84 .0 10 6.14 ..61 40. 64.12 –0..21 –1..27 –0.01 .63 Meredith MDP 3.52 34.00 Moog B MOG..08 NaviosMaritime NNA 14.01 –0.82 +9....49 .81 NexPointResidentl NXRT 3. 45.65 Moelis MC 3.. 42.1 36 67. For every four stocks that 1.0046 34.48 NAmerEnergyPtr g NOA 1...9 27 22.5 24 124..87 MidstatesPetrol MPO . 37.27 41.... 0 17.C . 74.12 1.40 .5 12 57..07 +2..35 6.61 PinnacleWest PNW 3.05 .30 7. 21 16.23 +0.09 MartinMarietta MLM .40 NewMarket NewmontMin NEU NEM 1..57 –0.57 –2.9 7 146..04 22.85 +0.98 +3.. 29 62.75 42.83 PG&E PCG 3.98 –0. .83 14..60 –0.37 .8 41 15.21 68..1 12 10.125 N 69.25 –0.59 .71 .12 –0..82 +0..90 –0. 31.60 72.07 79.96 Pier 1 PIR 5..41 .24 16.06 .60 108.76 Kellogg K 3.02 Ingersoll-Rand IR 2. 118..07 NorthwestNatGas Northwestern NWN NWE 2.36 113.2 20 120. 20.05 .275 2..74 –0.4 22 84..92 MyovantSciences MYOV .66 +0.25 . 27.76 +2.50 13.65 .55 ..60 .22 873.93 NordicAmerTankers NAT 3.41 +0. dd 81.41 Macy's M 6..67 Nucor NUE 2.15 3. .69 +2.79 139.01 .40 MasoniteIntl DOOR ...26 21.6 15 31...68 Norbord g OSB 5.52 10.0 19 47.96 . 11.1 8 79.16 .. 10.60 9.75 ..63 +1.46 +0..9 cc 19.36 .175 75.4 ..44 .32 19..0 31 70. 22.55 LaredoPetrol LPI .75 Marsh&McLen MMC 1.04 ..15 .36 21..19 +2.70 21.74 .14 33.90 JPMorganChase JPM 2..6 dd 75 19.97 23.82 McKesson MCK . 23.62 .61 +0..27 59.32 JohnBeanTech J&J JBT JNJ .80 –0.15 17.93 .30 10.45 –0.50 44.475 11. 119.17 OrionGroup ORN .70 65.8 dd 10.04 ..20 –0..10 BREADTH DJIA 253.75 ..99 NobleEnergy NBL 1.07 HuntingIngalls HII 1..23 120. 56.51 80.. 99 25.8 57 20..62 .16 54.42 56.18 +2...27 KAR Auction KAR 2.14 Noble NE .01 .63 Merck MRK 3. . 22 69.10 +1.85 +0.35 7.85 Marcus MCS 1.69 ICICI Bank IBN .50 15..0407 20.88 1571.37 +0.....96 –1..91 . dd 8.50 14.0625 34.92 69. 30.41 18.1 8 79.88 LithiaMotors LAD .20 3509.4 38 29.35 +0.26 +0.25 54.51 +4.01 +1.07 76.8976 69.51 .04 0.5 20 152.36 .3 14 49.4 54 55.19 .3 22 299...08 +0. dd 5.50 10.66 63.93 +0.00 NavigatorHldgs NVGS ..125 13.37 33.525 33.66 NorthstarRltyEur NRE 4. 129.16 61.19 –0.6 90 21.17 ...826 93.14 MDU Rscs MDU 2..97 +0.47 –0.40 +12.96 OverseasShip OSG ..17 37. 4.30 14 5.95 KennedyWilson KW 3.2315 20.57 .7964 16.12 Macerich MAC 4..40 91.03 IDT IDT 4.01 16..0169 18..75 18.34 23. 33.69 PPL PPL 4.42 MSC Industrial MSM 2. 32 66.40 –7. 21.00 LegacyAcqnUn LGC.46 –1. 70..2 10 25.125 17..22 Meritor MTOR .02 .48 7..11 –0.30 ..7 18 21.23 25.09 Kraton KRA . 66.0 30 208.6 33 27.85 Penumbra PEN .67 19.20 ..45 MVC Capital MVC 5.24 ..29 +0..50 –1.A 6..10 22.85 +2. 7 24.87 PennyMacTr PMT 11.07 5.76 50. 53..46 46..25 KornFerry KFY .3 22 30.55 –0.66 10.03 +0.90 7.68 Perrigo PRGO ..00 InfraREIT HIFR 4.00 .44 . L 14..89 .6 20.85 123.14 .70 4.60 8.1875 694.28 –0. 44. NYSE CUMULATIVE DAILY BREADTH vs DJIA 131.01 17...83 NovoNordisk NVO .15 Luxoft LXFT . 48.96 49.62 ManulifeFin g MFC 3.05 2.00 Manning&Napier MN 8.98 19.76 –0..11 +2...54 22.06 16.52 .24 ..95 –0.01 –0.65 ParkHotels PK 6.2725 25...63 –3.76 IDACORP IDA 2.. .8 .. 58 76.0 dd 53. 48 10.39 IronMountain IRM 5...50 OmegaProtein OME .60 HudbayMinerals g HBM . 81. 61.8 dd 6..16 +3.16 Kohl's KSS 4.10 .58 PetroQuestEner PQ . 10.3125 20. dd 9.09 NorfolkSouthern NSC 1.12 48.20 OM AssetMgmt OMAM 2.5 22 49.24 IntrepidPotash IPI ..14 ParamountGroup PGRE 2.08 Masco MAS 1.87 +1.54 .8 23 118.98 NRG Energy NRG . 38..43 OmegaHealthcare OHI 9.. High Low Name Sym Yld P/E Last Chg.48 72.40 63..10 42.50 3.01 –2.51 +3.70 ..10 . 59. 22 156.49 .65 1.19 .77 63.0393 48...1 16 67.25 25.90 .45 –1.67 .41 38....38 .5 18 50.125 452200 22450 4..06 .85 +7.40 6.6 74 64.64 +0.51 . 85.65 1.74 18.86 –0.288 1.09 .9 10 15.26 .11 +3.60 PioneerEnerSvcs PES .02 .68 KinderMorgan KMI 2.29 +0.94 84.35 +1.70 16.2 26 69.51 .19 4. 58..13 NatlBankHoldings NBHC 1.56 –0.43 +0.39 ..8 dd 4..96 OGE Energy OGE 3.. dd 7.06 +1.. 75.25 .5 dd 18.87 .59 36.53 1.7 20 139.36 ci on 78..50 +4.04 13..33 67..1 21 86.. 31...87 +3. dd 7..16 17..00 7.20 39..71 3.05 23.50 –0.10 .44 PandoraMedia P ..8 cc 396.88 .9825 dd 63. 44 72.80 .39 55.03 NewResidInvt NRZ 11.68 .62 +0.38 PlainsAllAmPipe PAA 6.58 15..55 –0.4 .14 .5 19 127.35 . 25 7..90 +1. 23 74.95 10.44 36. 15 36.52 24.64 .58 +6.44 166.40 MeritageHomes MTH .70 +1.53 LTC Properties LTC 4..6 30 54.02 17.04 . 15 29.2 50 75.90 5.57 –0.40 +1.805 K 39. 10 18..95 14...85 24.81 ..13 –0..12 ..30 Interpublic IPG 3.91 .90 –0...42 –0.70 5.14 .15 .04 .90 +6.09 .64 –10...15 InvescoMtg IVR 9...56 –0.65 15.71 14.88 McEwenMining MUX ..58 .40 ..46 12.20 .20 421400 20550 on 7.10 .07 .. 24 40..50 PLDT PHI 6...75 PiperJaffray PJC 1.37 IntlPaper IP 3.32 IndustrsBachoco IBA 1.35 31.15 .89 .75 –1.92 MotorolaSol MSI 2. 54 31...WS .96 OrmatTech ORA . dd 9.4 32 67.. 74.75 4.13 ......745 71. 76 80.A .20 .33 6.. 36.03 –0. ..20 +0. 58.46 51...10 .40 +0.05 .06 +2.36 49.38 23.38 +0..90 LINE LN .76 NortelInversora NTL .. .50 1.80 OFGBancorp OFG 2..20 .0 2.5 49 12.91 +0..90 –0.35 OilDriAmerica ODC 2. 35.06 IllinoisToolWks ITW 1.30 50.24 –0...00 +0.41 61.65 13.85 +0.49 .69 .94 19.35 NuSkinEnts NUS 2.5 15 18.. 29.82 . 59..28 +0.625 406000 19600 7. 139. dd 40..00 NomadFoods NOMD .15 +0.54 10.21 NuSTAREnergy NS 14... 5.53 +18.0125 108.. 51 17. 309.3775 17.73 .02 ...2 38 128.35 .44 18.10 107.20 –0.. 37.20 +2...4 dd 27.4 15 28.31 .2 28 53.4 .77 15.67 48.02 . dd 1.45 .65 +1.36 Luby's LUB .00 .3 11 16.12 Kennametal KMT 1... 9 24.53 .15 McCormick McCormickVtg MKC MKC.63 1.. 155.50 +7. 21 82.37 –5.20 32.51 Pfizer PFE 3.69 58. .30 2.15.15 -1.35 +0..42 +0.78 AtriCure ATRC dd 18.67 +1.13 47.59 .. dd 4. .20 2.04 56.56 -0..1 20.1875 3.85 -0.25 20.275 149.27 Potash POT 2 0 36 19 6b +0 24 10 32.67 -3.8687.25 10.68 +1.47 96 35.36 AmeriServFin ASRV 1.44 ClearsideBiomed CLSD .13 27.37 ..55 -12.70 +0.66 +0.72 +1.39+24.49 38. TIME .90 +0..90 SWN 38.22 43.01 High Low Name Sym YId P/E Last Chg.4 15 4..18 24..BM.30 +0.30 SAP SAP 1.21 63.. 92. dd 46.34 Brooks Auto BRKS 1.43 .00 17.55 CasslnfoSys CASS 1.37 .43 6.85 -0..7 7 23.1 31 48..64 +33..80 Verizon VZ 4.77 XL Group XL 2.35 +3.60 BankMutual BKMU 2.50 16. CACC .20 31..85 QuotientTech i QUOT dd 11.50 Alico ALCO ..17 .40 0.76 +0.32 24.78 BGC Partners BGCP 4.7 44 29.40 53.21 XeniaHotels XHR 5. 13 53.4 dd 22.73 7..09 66.54 .76 dd . 2017 December 4.95 bluebirdbio BLUE .01 .07 3.88 16.17 11.. 27.15 48.6 19 38.98 +0. dd 37.67 SINOPEC SHI 6..13 28. PB ^ 1 18 69 83 +4 /8 3« 24. cc 19.92 14. 13 106.82 .00 CM Finance CMFN 11.5 94 52.1 26 97....87 .81 -1.02 .60 15.8 17 91.10Cray 308. 6 4.23 +4.60 .68 8.76 14.00 13.10 35.30 .20 Alpinelmmune ALPN dd 10. 50 14.02 +1.15 .38 .30 TRK SRLP SR SPR SRC S SQ JOE 3.. 12 3.24 32.70 44.0998.175 40.23 CitrixSystems CTXS .22 24.05 *24 119.79 ...49 -0..27 -0.07TPG PaceEnergy TPGE.89 .. 65 77.15 232.00 29.85 9..41+3.04 50. dd 35.13 67.91 TCFFin Wt TCF. er rs 50.18 CASC ..31 VoceraComm VCRA . +1.37 20.62 11.36 +2..4 23 61..00 43.85 15. cc 22.39 JflS 46.18 ..19 5..54 Blackbaud BLKB .75 Conn's CONN .90 CarrolsRestr TAST .35 16...77EmpireStateReal60 OGCP 2.51 93..68 +0.73 40.11 53.80 +0.64 .3 19 9.24 .05-3.90 -0.42 9.16 +0.67 Terex TEX . 27 19.02 434.01 33.18 Alexion Pharm ALXN .6 47 71.0781 5.93 3.25 I...235 23.05 16.41 +0.125 26.48 STC 3.50 BridgfordFoods BRID .0 14 9.70 TierReit TIER 3..03 CapitolFedFin CFFN 2.09 2222 113.25 .74 -0.55 66. CrackerBarrel CBRL 3..8 dd 11.20 23..03 CytomXTherapCTMX .58 -2.41 CommsSystems JCS 4.95 ..10 8.45US12moOilFd USL .05 -0.47 25..11 .00 +0.41 Blucora BCOR .26 +2.60 ..39 +0.40 1.25 -0. 11..17 63.76 14.08 15.23 5.25 -0.69 .05 Cogint COGT .05 26.30 Terreno Realty TRNO 2.73 Celyad CYAD .31+3.16 78.88 +0.00 .00+0.33 35.15 22.00 AstroNova ALOT 1.09 44.1183 19 39 1408 SummitHotelPropINN 4 b 19 1b 09 -o as 1/ 22.53 -13..64 5 2.17 AltisourcePortfASPS cc 26.38 20.40 BurconNutraScience BUR .51 +3.20 +2. 84.17 Telekmlndonesia TLK 2.7 9 17.2 dd 15.492 90. 19.19 +1.19 .62 .08 CATB .71 +0.36 1.99UltraparPart UGP 2.15 .WS.95 TelefonicaBras VIV .U 10.8 26 51..40 CentralEurMedia CETV .51 DBVTechnologies DBVT . dd 30.00454.59 +2.47 ..31 ... dd 64. 27...50 +9.20 17.90 SOI 16.64 STAG 5.1 22 124.85 .45 +1.35 +0.2831 22.00 +0..10 12..04 .5 24 35.03 .00 8.9 dd 5.00 34.54 40.95 VulcanMatls VMC .27 STWD 8.54 -1. dd .64 39.. 1.41 CH Robinson CHRW 2.34 +2.54 -1.89 20.35 23.62 7.85Yirendai 84..86 47..18 10. 27 147.27 +7.21 53.97 10.37 +0.25 5.49 103.10 .14 348.25 .09 SIG 39.10 65..97 AmRvrBksh AMRB 1.60 .11 .16 +2.45 -1.38 .10 33.20 44...12 .39 .69 26.73+2.18 . n- 16 24.04 188.. 28.45 201.295 64.46 8.26 Calyxt CLXT . 87 27.25 +0.99 +1..20 29.17 61.15 176.27 PureStorage PSTG dd 16 9/ -1 bH 93 61 /8(H) Syngenta SYT 41 92 40 -0 02 1011b 5.02 49 59.11 .60 41.. 7..18 STO 4.61 2.95 29..50 15..1 14 24.68 23..H)+2 n 30 74.10 56.00 BuffWildWngs BWLD .12 3.4 5 8.7 20 57.64 WestAllianceBcpWAL ..47 ..97133.00 +2.97 10.91 -0.00 3.58 10.59 .8 12 17. dd 2.50 56.10 38.20 21.36 .48 14.50 CoupaSoftwareCOUP . 274.. 19. 22. 19 36..20 .19 +1.18 7.48 +0..55 11.00 759.13 10. dd 3.95 11.1 48 163..07 .18 5.9 .63 AVXS AviatNetworks 7.35 16.08 Core-Mark CORE 1.77 -1.00 +0.22 47.41 -3..10 ..57 8.00 2.. dd 1.62 .8 22 49.89 +1.70 dd 5.30 35..64 33.75 dd 137.44 ..14 +2.6 16 167.99 68.23 1. 48.27 . 10.90 29.69 46.25 -0.05 .86101.05 9.13 UrbanEdaeProp UE 3.25 +0.53 TechnipFMC FTI 1.18 .55 .87 Baozun BZUN .62 -1..38 2.57-28. .23 +0.. 28.71 14.81 69.00 38.81 +4. 28 43.89 30.83 185. CoStar 47.90 40.88 ..84 Xerox XRX 3.95 VMI ..60 14.00 40.. 3.99 +1.15 10..60 VMware 76.33 2.00 USD Partners USDP 13. 5.27 Teradata TDC .13-0.36 Turkcelllletism TKC 3.55 9.15 13.80 29..40 Tyson Foods TSN 1.35 +0.55 +1..65 1.02 Tilly's TLYS . ..68 -0. .66SEACOR MarineSMHI dd 12.46 121.8 22 71.66 Textron TXT .05ThirdPointReinsTPRE ..15 .34 WABCO WBC .17 .33 0..7 cc 35. 1b +3.39 CVLY 1.35 58.14 33.6899. dd 61.425 4.29 1.80 9.60 15.15 .73 +0..11EmpireStateReal250 FISK 2. dd 70.08 63. 14 30.85 1. 9.23 ...08 +1.98 24. dd 8.29 .85 +6.48 +0.11 50.40 -0.0b Systemax SYX 1.95 22.40 17.07 2.11 Aeaion AEGN ..80 VinceHolding VNCE .B 18 fb +4 Bh 75.00 Corvel CRVL ..00 SGU 4.15 +0.25 10.15 CasellaWaste CWST ..05 CoherusBioSci CHRS .26 21.83 36.30 ..6 43 19. . 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 89.5 23 15.59 -0.11 -0..04 ConnectOneBncp CNOB 1..1656 57. 191. 25 29. 38 22.21 11.2 20 65.. dd 53.1155 2..05 . dd 28.085 58.46 +0.39 +2.8 29 120.TD.48 19.67 .37 . 18.22 .00102.16 CumberlandPharm CPIX .18 15.00 +0.. 61.25 38.90 +4.9 dd 2. 49 108.93 Cerus CERS .30 28 40..98 +0. 112.04 -0.60 .19 271..01 +0..1566 1314 /66 SunCokeEnerqy SXC cc 11 39 -0 01 25.80 6.03 84.83-3.75 4.48 +1.15TPGPace TPGH.00 14.71 17..28 .90 IPOA 9..41 Westwood WHG 4.3 dd 20.29 +0.42 VinaConcha VCO 1.67 ColumbiaBankingCOLB 1.33 18..32 +0.50 19.40 46.18 .17 -0..90 1.9521.41 .25 20.69 .48 SMG 2..85 -0.91 Tenaris TS 1.29 Aceto ACET 2.11 : POR ? i 21 49 49 +1 01 34 115.14 -1.00 CathayGenBncpCATY 2.60 15.02 .99 16.83 2.53 ProAssurance PRA '/() 61 bh +'? 30 4..37 .55 -0.É +1.1 cc 3. 6..95 Children'sPlace 92....21 .57 5.34 ..29 US Cellular USM .25 +0..00 -0.58 5.40 -0.59 CSX CSX 1.43 -0. 19..17 25..58TCFFin TCF 1.05 Tennant TNC 1.8521.59 +0.50 -0.70 19.72 +1. Amt..80 Cardtronics CATM ..8 42 121..2201 40.00 15.25 13.48 9.10 .5820.98 -0. dd 11.93 +0.98 .34 21.70 17.98 —0.31 19.75 AubumNatlBncp AUBN 2.CH.42 Cognex CGNX .32UrstadtPropA UBA 4.00 .50 49.45 19.73 -0.02 129..01 .80 60.79 77.10 +0.15 1.53 +1.13 Atlanticus ATLC dd 2.70 39.43 .81Zendesk ZEN .99 1.10 +0.43 WesternAssetMortWMC 12. 30 37..95 59.50 +0.65 5.63 98.61 TylerTech TYL .0594 59.78 32...97 QuestDiag DGX 1 H 21 99^1 +/S9 AS..83 Telaria TLRA ..38.53 . dd 7.519.08 ..93 Adtran ADTN 1.175 17.51 1.07 0822 14.50 .66 TriplePtVent TPVG 10.7 19 16.3b -0.13 ArgosTherap ARGS dd .05 BlueknightEnerBKEP 10.61 124.79 18. dd 13.13 -0.94 42. 29.88WhitingPetrol WLL .81 ArrowFinancialAROW 2.35+4..1 20.47 9.97 -0. 191.44 .. 54.63 4.70 +2.195 47.39 +1...71 AvisBudget ADP 2.85 11..16 .4 10 88.18 TorontoDomBkg TD 3.11 22.85 21.50 8.14 4.065 103..7 dd 45.72 .89 +1.90 .18 14.17 +2. QEP dd 10 34 +0 91 h() b()3/9b SynovusFin SNV 1 ^ 20 49 H1 +3 1 / 1b 9.14 8.57 +0.87 AscentCapitalAASCMA dd 11.85 -0.07 -14. 2 6. 28.00 ..2 37 76.95 9.35 +4.19 71.97 +0.90 VOC Energy VOC 7.98 -0.65 SH.3 33 192.CC.88 SSP 71 1b.7 dd 15..07 -0.20 .80 22.00 1.53 .16 18. They are eligible for inclusion on the basis of SEC-approved market value of publicly-held shares....1 24 54..05 +0. dd 36.16 .20 -1...64 44.. Amt.92 AchillionPharmACHN dd 3. Nasdaq Issues includes stocks traded on the Nasdaq Global Select and Nasdaq Global Market tiers.9 b 1.. 33 67..30 -0. dd 21. PBH W 44 SH +1 28 44.4188.58 -26.81 +1..25 .8 48 28.77 15.30 Benefitfocus BNFT . dd 7.05 0.47 16...46 STE 1..345 57.95 BioCryst BCRX .7262 24.74 ..80 736.41 37.U .56 12..75 11.75 +0. dd 72.14 AvadelPharm AVDL 108.64 9.70 18..848-down 0.18.. 26 39.10 .61 CommVaultSystemsCVLT .04 SJT 1Ó.94 ChipMOSTechs IMOS .0084..35 -0. 77 254. dd 3.. 25.33 -0.32 .. 30 235..2 b 2. price and number of market-makers.105 28.99 14.88 +0.03 29 16...45 23.48 .19 .22 WTTR 16.WS .24 65.. 53 181..4 cc 8.6 10 4.20 -0.12 24.10 MTN 1.32 .16 46.41 dd 48.99 13.414 62.85 +0.3072 on 21..81 Walker&Dunlop WD .2 23 37.25 266.125 33.0569.12 7.27 26..36UnderArmourC UA .18 +0.75 +1.24 -1.09 .60 Toro TTC 1. 30.12 CommVehicle CVGI .7 44 24.. 63.03 34.4 15 108. 18.50 SGY dd 26.22156.10 .47 ..06.62 +0.8 52 68. dd 81.52 0.68 +0.345 THO 1.08 12 37.36 .26 47.1 30 185.94 WPM 1.10 -0.90 .1 25 22.72 7.56 .9 18 39.75 +0.755 136..20 17.23 .50 3.4 7 7.50 -0.67 +3.50 +1. dd 4.45 .3 ALLT 14.40 Textainer TGH .. 2.20 .2 72 22.75 Timken TKR 2.40 +0.03 29..03 .61 +0.3975 18.30 27.12 4.89 ..67 CafePress PRSS dd 1.61 Akorn AKRX .70 30.0149 10..50 -0..30 . 17.90 +0.45 -0.64 72.05 . 113..30 -6. 21 14.2 15 19.19 -2.60 QuanexBldg NX / SH ?1 9b +0 80 044.95 +0.. 17 36.49 -1.01 -0.32 33..93 Crocs CROX .53 -0.44 +0.45 Teradyne TER .10 4..65 9.40 +1.26 6.25 Univar UNVR .54119.94 +3.54 4.43 Cintas 112.07 b1.72 TransDigm TDG .04 .76 +0.42 CabotMicro CCMP 28 94.60 ..05 -0. 34 29. 44 41.15 AtlasFinancial AFH cc 18.02TAL Education TAL .7 26 23.24 ...65 ARKRestaurants ARKR 4.92 -0.29 .98 4.68 .03 WeingartenRealtyWRI 4.98 10.28 .68 CollectorsUniv CLCT 4...045 4.75 ARRIS Inti ARRS .b7 +0.34 72. cc 13.5559..1 19 77.32 23.11 -0.8 cc 29.11 .30 -0.81 -0.85 CountyBancorp ICBK .. 54..13 .65 AscenaRetail ASNA dd 2. 30.85 -0.3493.94 8. 74 46.69 14.53 30.68 SHLX 4.053 52.. 70.07 +0..66 7.. 62 32.26 53.90 15.11 8.2 11 20.5 17 82.99259.1127 40.90 . 26..7 18 49.01 21.99 -0.20 .67 +2.11 402.09 .09 0.20 BCommunications BCOM . dd 2. 7 3..97 -1.7 33 33.44 50.. 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High Low Name Sym YId P/E Last Chg..04 6.51 8.03 126.18 56.10 26.23 AN I Pham ANIP cc 70.15 21.65 .50 -0.15 .5 19 171.4 122.00 51.075 23..50 AdvAcceltrAppAAAP .18 ..97 -0...48 .6 16 177..821.05 -5.com AMZN 1213.03 TrancntlRlty TCI .12 34.01 7. 129.48 15.15 -0.17 Verso VRS .62 14.80 CanterburyParkCPHC 1.03 56.83 13.08 19.18 -0.23 ..05 AmphastarPharm AMPH ..69 Apollolnv AINV 10.42 AnalogDevices ADI 2.21 SXT 1Ì7 32 77.82 61.7 20 4.31 -0..00 Bioverativ BIVV .40 11.59 15.50 2.39 -4.85 34. 10 17.10 89 97.93 ..44 +1.05 16.31 58. 20.51 13.25 .60 +0. 50.9 16 147.20 2.23 17.7333 167.90 AcaciaResearchACTG 2 4.12 CECOEnv CECE 5.16 11..10 +1.30 .37 Artesian Rscs AARTNA 2.82 +0.63171.04 Visteon 78. 106.93 +0.15.08 174.15 +9...1 20.1 31 10.80 Twilio TWLO .95 38..94 -0.13 +0.13 TrecoraResourcesTREC ..6406 3b 91 14 hbSupervalu SVU dd 184/ +y 08 43.0 14 23.PI.60 Bojangles' BOJ A .62 39.2 16 54.75 40..06 -0.60 +1.78 +14.11 +1.16 .85 +0. 11 48.45 Atlas Air AAWW 57 58. 72.7 20 33..95 -1.58 -0. 5.42 .43 4. 24 18.06 62.23 8.75 Ablynx ABLX dd 23.15 AptevoThe rap APVO dd 2. 34 5.2 37 59.3 19 43..00 Analogic ALOG . 18.17 -0.55 BankofCommerce BOCH 1.61 15.88 WeightWatchersWTW .81 .03 +3.37 11. dd 4..24 .7 17 11..81 +0..97 +0. dd .70 -1.50 AdamasPharm ADMS dd 35.25 38.54 +1..25 32.85 11.05 -0..26 64.10 63.3995.30 +1.60 +0..73-1.30 Tootsie Roll TR 1...41 48.27 4.26 65. 16 17.0572.0 40 69. dd 17.47 3.14 +3.19 CtznCmntyBcp CZWI 1.10+1.70 45.50 SBR 4.20 .74 .35 +0.Ó1 .27 CareTrustREIT CTRE 4..53 AxsomeTherap AXSM dd 5.81 +1..62UnitedRentals URI .3 dd 3.com CTRP .29 +0.16 16.30 . P2BW33800Q-0-M02000-1-.36 35.4b 5.52 +2..10 HCC .1 cc 887.62 ToyotaMotor TM .22 -2.86 -0.9 35 45.00 56.27 . .40 .06 29.85 35..01 .23 .17 +0.06 +1. 75.17 .. . 13 20.13 .76 Cenveo CVO .14ZTO Express 36.52 .64 +0.90 AudentesTherap BOLD dd 28.39 64.33114.51 51..30 .99 +2.75 1..96 +0.29 22.12 QEP Resources .00 TeleflexTFX .94 15.79 Vipshop VIPS .. 136.17 27.90 12. dd 2.19 .72 -0..65 .49 +0.17 -0.30 +0.24 +0... .0 15 51.. 11.65 Affimed AFMD .37 ....55 1.77 ApptioAPTI dd 22.89 71.50 22..84 -0.com CYOU .. 28 17.4 35 16.59 +2.60100..87 15.10 .53Abiomed ABMD 96 194......0833 183.11 37.00 34..PV.25 +4.11 136..CK.04 AlimeraSciencesALIM .8 5 20.49 SMI 30 7. ..052 19 W /66 SPN dd 9 99 +0 ti 29. -2.65 ..1 17 21. 9.41 40.61 1. dd 1.06 2.32 .35 .85 14.93 Yelp YELP .46 +3.85. 44 28.0 17 45.60 .0 36 157. 10.3141 19..54 +6.35 ..175 TDW .55 UsanaHealth USNA .05 .40 .48 8...50 SSL 3.61 46..13 ..WS 1.39 3.37 +0.62 -0.08 .86 40..07 22.01 -0.76 .. 34.05 40.15 ArgoGroup AGII 1.89 15.00 CommumtyWestBcshs . 237.9 32 21.1 51 29..25 STN 1..15 3..1 29 13. The Nasdaq 6..16 AtlanticaYield AY 5.30 17..15 27.97 —0.80 +0. dd 13.69 -0.12 400.35+10.33 /. dd 4.73 +1..025 49.85 SPLP dd 19..7 17 51.50 +0.49 +0.10 6.27 35.06 .37 2..40 +1.40 . dd 6.2 dd 48..08 +0.2 30 41...6 31 5.40 31.90 -0. .CN.08 1.50 -0.72 1.21 TwoHarbors TWO .26 ML 33. dd .. 28 26.1 32 22.. 20..2 18 48.80 8.82 60.. 6.20 AmerCarMart CRMT . dd 1.22 .00 SEM 24 17.55 BRileyFin RILY 1.50 AlaskaCommSys ALSK ..05 12.00 ..3013.02 20. 10.40 20..20 .46 34.52 5.16 Tapestry 14.65 BravoBrioRestrBBRG ....28 36.94 .70 -3.73 -1. VGR 7.30 .60 . 20 319. dd 30.15 -0.95 37..72 56.20 -0.16 -0. 11. dd 26.23 +0..48 33.06 73. High Low Name Sym YId P/E Last Chg.00 Big5SportingGds BGFV 8.651. 22..99 4217 71...72.19 27..11 Cinedigm CIDM .79 0.49 .45 7.09 31...6 39 99.10 CavcolndustriesCVCO ..08 .7 23 54.98 36.04 +1.55 Celgene CELG .15 ..61 42. dd 26.. 6.10 .07 .75 14.49 15.92 7.57 21.7495.24 +1. 69 21. CRAY .40 .25 SIX 4.61 VLY 3.60 Accuray ARAY dd 5.05 CellularBiomedCBMG ..31 59.68 WGLHoldings WGL 2.97 68.55 .49 .22 53.02 22.73 39. 33 54.90 AddusHomeCare ADUS 21 33.70 19.11 -3..37 Thorlndustries DDD ..50 .. +0.77 ...0 69 22.30 SFL 9Ä 15..10 7.39 .21 .24 AgiosPharm AGIO .78 8.02 .19 ... .40 .14 20.12 .67 ...10 4. 31 23.25 AppleAAPL 1.34 16.3 24 24.27 SAFE dd 18.92 130.36 ....15 -0. .15 +1.79 -2...57 CentralGardenACENTA .1 25 69. 40..03 ApoaeeEnt APOG 1.35 52.44 10.82 TsakosEnergy TNP 4.89 +0.. .53 Aemetis AMTX .7 dd 61....89 .135 33.58 CVB Fin CVBF 2.8 . 85.85 VenatorMaterials . 22 26..12UPSB UPS 2.85 TetraTech TTI .14 +5. 2017 BARRON’S M21 New York Stock Exchange Composite List Nasdaq Issues 52-Week Tick Div Tick Div Tick Div 52-Week Tick Div 52-Week Tick Div High Low Name Sym YId IP/E Last Chg.10 ..31 .6 19 36.49 2. 51.03 -0.00 TaroPharm TARO .12 +0.31 37..92 ....66 Cherokee CHKE .1U +U. 61.35 -0.96 51.21 .11 11.40 Aware AWRE 43 4.76 AdaptimmuneTher ADAP dd 8.00 1..80 CSPI 4.47 2.05 4.06 Ambarella AMBA 60 62.16 SCHW ..68 -3.27 .5 28 21.18 70.08 .98 71.12 6.73 +0.70 29..14 +0...45 16.35 44.39 CenturyAluminum CENX .15 .44 -1.90 Seacor CKH dd 49.91 VermilionEnergygVET 5.49 -5.W +0 bb 24..98 +0.85 II.06 43..29 . cc 54.50 Costco +0.01 .93 9. NYSE ARCA 25.15 -0.2 19 132.96 67.62 49.9 46 223..48 28.54 .40 4..FL..9 3b 395.79Baidu BIDU ..18 SDR 17..2 33 111.04 110.35 11.01 .04 AmbacFinWt AMBCW ..04 44.28 t PEG PublicServiceEnt 3 2 60 sa <>/ +1 . <\mt...9 21 98.30 +0.98 AlnylamPharm ALNY 8 25.6 16 39.7 27 120.09 .49 24.9 29 16.95 A AON AAON .78 TaubmanCtrs TCO 4.01 -5. 22.03 +1.47 .02 0.82 Achaogen AKAO dd 11.95 5.25 35.32 -0. 67..45 -2. 65.77 CRAIntl 11.10 +0.05 202.06 16.28 3.19 4.25 9.42 9..83 18.21 WarriorMetCoal 31.24 .36 WRD .76 17.02 173..CX.43 +2...50 -0.80 -0.21 +2. 95..89 -0.70 22...04TelecomArgentina 6.46 ChinaBiologic 72.73 4.6082.40 . .35 BlueBird BLBD .4121..18 .83 Amgen AMGN 2.5 .82 +2.38 743.65 51..65 -1.75 12.13 +2.6 dd 19.09 39... 34 55..04 +0..79 ChickenSoupEntA CSSE .40 .90 52.00 Clearfield CLFD ..60 TutorPerini TPC .246 36.10 36. .19 46.18 9.00 CHDN .4 18 30..55 +2.65 .65 .25 7. 13.65 PER 14.10 18.4 36 27.6 15 41.94 +1.0 28 29.40 CapitalaFinanceCPTA 13.20 .95 +0.97 6.39 25.54 34. 36 11.27 42.57 45.2 29 113.50 61.99 .95 Balchem BCPC .62 .99338.20 Tronox TROX .9 24 84.01 .28 ..33 .10 175.31 ACADIA PharmACAD .85 -0.64 4.55 .07 II.07 -0.15 .35CyberOptics CYBE .18 24.08 Tiffany TIF 2.5 28.88 .43 18.05 .10 38..57 AxonEnterpriseAAXN 94 24.1101 21.75 3.17 Ternium TX 3.19 54.07 ValleyNatlWt VLY.3 7 57..9 20 53. 28.34 17.30 0375 27.08 .. 22.38 11.65 39. 25...03 12.79 44.1975 142.35 AirMedia AMCN .7 14 22..73 +0.. 27..87 Prosperity Bcshs .. 11. 27 24.64 +0..70 BBGI 1.09 .02 .48 14.60 .25 -0.15 -0.16 .52 7.15 .36 1..1 20 25.42 +1.95 -0.41 314.32 .27 6.17 . 145.10 3.4 25 25.69 14.03 35.19 19.85 -0...75 +0.08 -0. dd 9. -<\mt.0 15 41.49 +0.. dd 8.83 9.36 VistaOutdoor VSTO .90Cohu COHU 1.29 52-Week Tick Div 52-Week Tick Div 4.18 ChinaHGSRealEst ChinaLodging 45...33 -0.74 -0.25 +2.77 .11 ADP 12.1099 12.30 SXI . 39 124.14 -1.95 29..18 .53 50.2 29 13.5 21 37.1 20 111..97 +0.70 54.13 51.17 Chimerix CMRX .01 AduroBiotech ADRO .25 2..68UrstadtBiddle UBP 5..50 45.65 +1.25 .38 -0.1 43 71..65 78.45 +1.31 SKX 22 35.86 52.80 2..72 .91 +0..40 .54 +4..14 235. .00 -0.40 +3.50 23.30 24.77 CenterStateBankCSFL .06 .10 22...45 .88+0.10 3.00 WestlakeChemPtrs 40..15 -0.05 +2. 26 39.05 5.65 -0.45 82.40 8.88 ComerstoneOnDemCSOD ...85 +0.72 12..78 CHKP .. 31.83 +0.60 -0.1 18 23.05 5.. dd 5.32 2. 22 1.16 20.36 dd 14. 16 +1..54 -5.99 +1. 4 17.00 .05 .39 .Carey WPC 5.97 ..49 BlackRockCaplnvt BKCC 10. 1.. cc 27.99 -0.03 .48 +2. .Ö 99 102....92 +1.97 68.28 .79 ..34 35.78 1.. 4.2 dd 44.66 46.08 WatscoWSO 3...80 1.41 Baldwin&LyonsA BWINA 4..81 ALJ Regional ALJJ .32 2..76 . 29.20 -0.41 -2.13 -0.6 13 56.4 dd 29.35 ..35 ArbutusBiopharma ABUS dd 5.68 2.. 40 9.29 47..70 .15 -0. Amt..11 56.10 I.92 .35 Waters WAT . 93.30 19.97 49.80TeekayLNGun TGP 3.21 +0.21 25.10-3...15 24.40 Primerica PRI 8 1034b +4 SO ?() 14.75 16.19 41..15 .. 57.70 AeroVironmentAVAV .01 9.6 32 13.00 31.10 ..04 158. 10 10...88 -0.60 1..1 37 53.17 AnaptysBio ANAB dd 84.16 .69.14 34. 0.92 .20 70.84 ASML ASML .63 +0.09 10.00 -0. 172.92 3D Systems 243.93 ApproacnRscs AREX dd 2.85 81.. 59.45 -0.38 +0..12 20.36 Vedanta VVV 1.95 A-MarkPrecMetalsAMRK 2. dd 7.30 +1.30+0.07 .09 4.74 +2....50 -0.8542.45 110.055 Composite Index finished Friday at 6.03 Bruker BRKR .38 3.8 23 62.45 .90 BassettFurnitureBSET 1. r I M20 BARRON’S December 4..17 24.54157.27-8. 16 13..24 -0..80 Arotech ARTX dd 3.97 . cc 10.52 -0.10 40.17 11. 42 112.13 +0. 48..40 u 54..24 0. 29 127.30 69.1275 90.90 5.375 15.19 +0.06 -3.80 CapitalSouthwest CSWC 6..70 Collierslntl CIGI .05 29.04 56.55 -0.77 -0. dd 5...01 17.6 dd 8.82 +1.12 .53 VoyaFinancial VOYA . dd 2. 4.48 39.37 -0.63 BancFirst BANF 1.05 -1.48 -0.0 23 69..06 -0.71 +0.41 .71 48. dd 7.8 37 2b.65 0.38 +0.8 19 29.35 EmpireStateRealES ESBA 2..04 CboeGlobalMkts 69.86 -0.03 -1.93 +2.69 10.69 16.07 -31.98 +1.....01 125.21 .44 11.72 47.5 dd 40.10 WNS WNS .95 AralezPharm ARLZ dd 1.07 40.10 WTM .16 -0.17-30.. 39 63.2 12 3.91 8.45 16 32.37 -1.35 40 b / WM SunUfeFinandalgSLF 3 b 12 40 3b +0 bh Mb 14.20 -0.32 66.04 .64 61.62 .52 +0.1966.00 TexasPacLand TPL .72 +0.51 BuildersFirstSrcBLDR . dd 15.10 24.00 -0.65 Tredegar TG 2.1512 18.70 AsteclndustriesASTE 33 55.26 US Silica SLCA .24108.48 15.30 ArenaPharm ARNA dd 30.54 -0.35 Compugen CGEN .60 BrooklineBcp BRKL 2.00 +3.25 AppliedGenetic AGTC dd 3.68 Alarm.27.02 69.82 QuantaServices.24 42...33 .35 .41 .07 AgroFreshWt AGFSW .82 TidewaterWtSeriesBTDW..57 .07 23..45 Concordialntl CXRX . 60 39.18 +0.26 SWM 3.45 IP0A.34 26..35 SEMG 7.20 WestarEnergy WR 2.01 -5..6 26 22.23 10 6.11 Vantiv 113. 9.185 6920 — _ _ _ _ 72.92 -0.ó'7 !!! 46.76 5.78 14.38 .05 BCB Bancorp BCBP 3. HTHT .55 10.15 US12mthNtlGas UNL .94 +0.35 6..28 35.45 11.41 W.5 37 34.68 .35 -1.37 CollegiumPharmCOLL .79 +3.15 .33 -1.80 Atlassian TEAM dd 47.12 +1.68 +2.33 84..81 +0.90 .3 21 16.37 45.30 .01 83.92 +0.21 AmerAirlines AAL .90 CalitheraBiosci CALA dd 10...83 53..45 WasteConnections WCN ..10 CIMComm CMCT 2.45 15.625 4.9 17 168...36 69.8 12 49.49 +0.65 +2.65 BioTelemetry BEAT .32 +0.25 9.92 .00 2. 77 37.04 dd 6.71 PrefApartmern: APTS 4 / dd '?1 34 -0 36 26.02 W/4 188/ SunTrustBanksWtA STIMA 28 14 +4 64 35.25 ..19182.50 9.24 44. 8 44.64 b6 18.29 61..50 62..7 6 22.57 11..35 Veritiv VRTV .67 10..89 +0. 14.41 AmicusTherap FOLD .25 72.8 19 4b. 38.24 +1.91 .58 ..23 29.65 21.4 16 17.25 +4.04 ConsldComm CNSL 11.12 WilliamsPartnersWPZ 6.5 24 37.10 17..79 II..50 28.71 TransCanadag TRP 4.30 5.23 us l.3 40 48.65 +0..02 ValeroEnergyPtrsVLP 4.19 27.09 24.05 .9 dd 18.76 Travelers TRV 2.5 16 36.48 -0.43 +0.10 AkceaTherap AKCA ..05 33.40 -0.55 .37 42.07 47.49 99.75 30. Amt.25 .09 .67 44.09 28.10 12..1575 17.26 25 68.7 dd 2. 12 49.67 TurningPoint TPB .25 .. 29.84 -87.63 .95 CBOE .31 +1.90 1..3496.12 CiscoSystems CSCO 3.00 Clarus CLAR ..29 32.24 9. 20 29.12 .30Amerco UHAL 23 378.75 6..40 +3.05 2. 30 19.7 dd 3..83 CentralGarden CENT . 35 30. 3.42 10.90 -0..0984 20..21 COKEBotti Coca-Cola .63 29.61 ChemicalFin CHFC 2.73 +2.37 .40 ... 15.28 SNAP dd 13.89 21..20 +0.04 ....20 -0.07 7.35 .4 34 48. 80.. High Low Sym Yld P/E Last Chg.. dd 4.86 +2.10 . dd 10.02 +0.25 65.06 19.36 AcaciaComms ACIA 13 38.81 28.08 32.09 15..87-0. 20...96 WEC Energy WEC 3.63 AtlanticCoastFinACFC 25 9.1 dd 1.31 TRI Pointe TPH .53 +1.10 17. 81 22.7 29 105.94 ST 27 48..23145.18 37....09 WheatonPrecMet 69.68 10..20 +14.28 .58 -0.8 24 56.55 -1. 131.05 AmerisBancojpABCB .85TevaPharm TEVA 2.85 14.76 .91 24.00 STL 1.48 .. 48.01 +0.98 BioScrip BIOS . +0.85 +0..11 WDR 4.34 46. 69 22.87 +4..15 21.2 18 14.40 8..82 SAIL 1b.. dd 8.10 +0.12 CSICompresscoCCLP 14. dd 13.53 74.86 60.30 BeneficialBncp BNCL 1.01 .87 .8 dd 77..50 36.56 -2.15 25.66 139.8 9 13. 15.85 ChefsWarehouse CHEF .56 AdvEnergylnds AEIS .1 22 21. 9 16.26 .44 42.06 3.8 27 21.12 CalAmp CAMP cc 22..68 CapitalCityBankCCBG 1.27 VersumMaterialsVSM .0 35 37.1 cc 46.185 320.16 -0.00 Chuy's CHUY .21 PublicStorage PSA 3 8 31 ?i '?..63 .84 1.00 +2.57 30.66 +1..60 7.84 27.3721 25.10 10. 25 38.20 Quantum QTM dd b..10 CamdenNational CAC 2.28 -o. 72.8 23 81.50 AllotComms AHGP 11.18 +0..43 13. semi stocks stumbled.41 ValeroEneray VLO 3.29 +1.66 Abaxis ABAX 1..19 AllscriptsHlthcrMDRX 66.15 THR .65 SD dd 18.83 +1..07 +1.79 1.29 ..06 9.82 33.27+15.7 22 44..81 Chinalnternet CIFS .79 44.21 14.75 .51 SCL 1.60 -0.42 37.WS . .255 408.00 +0.26 -0.1 29 27.50 .05 -0..25111.. 18.02 -0.00 12.05 +0.44 -0.5 48 265.45Team TISI .73 +1.00 +0..65 7..1 h 3/ 34.59 +0.02 102.. 7.15 -0.0 30 60.6 18 49.60 ComputerProgramsCPSI 1.7b -0. .02 SLB 3.80 82. 87. dd 3.65 .42 .24 -0..90 24.30 16.31 V 69 W19 SummitMaterialsSUM 4b 30 'A) +0 60 56.60 Agilysys AGYS .65 39.12 -0..50 31.10 aTyrPharma LIFE dd 4..44 39..36 5.19 ..45 29.70 -1.53 Wiley B JW.00 +1. 30..64 Ceragon CRNT .86 . al a 9. dd 11. FIVE-DAY NASDAQ COMPOSITE 46.44 +1.43 28.45...22 31.90 .44 45.10 .37 ..10 SBGL 4. 27 211.14 6.00 17. 28.5 51 216.07 .96 2.44 +1. .40 +4.56 26.. 14. 58.39 JÛS 50..1 20 48.00 -0.87 -3.5 8 28... 5.9 80 28.10 42.95 17..45 COHR .61 -0.21 SAIC 1.15 .58 . dd 7..36 -1.80 -0.26 WeisMarkets WMK 2.13 1.77 .0 dd 7.45 6. . 129.. 18.99 10.35 +0.54 Tenneco TEN 1..25 -4. 20..59 16.00 +2.80 -0.145 56.21 35..8 39 64.92 .63 64.64 .05 Ardelyx ARDX dd 6..55 SCCO 2.45Cowen 175.35 1.00 +0.58-0.96 AT A ATAI .45 .90 +3.01 38.55 +1.63 -1.9 4 17. 22.03 +3.01 -8.6 dd 5..80 CityHolding CHCO 2.40 -0.25 —0. dd 10.99 AvidTechnologyAVID AVNW A VGR CAR 5 8. 41..17 94....20 AntheraPharm ANTH dd 1.65 +2.22 +0.68 +0.4 dd 41.7 46 20.71 .97 -0.60 .25 0.06 +0..67 31. dd 4.. CommunityHlthRt 16.90 -0.45 ChinaTechFaithCNTF . bb +1.68 ..03 -0.5 dd 82.88 -1.38 99.....42 25.b 21 168.2 18 10.60 +0. 35 70..22 -0.60 50.30 18..1282.39 0.82 SSD 1.26TaylorMorrison TMHC .18150.25 0.08Control4 CTRL .55 37.89 9.79 6.30 1.99 QualityCareProp i QCP dd 14 69 -010 10. 107.90 +3... 58. dd 35..44 41.70 59.11 -0.10 . 74.55 . 89..67 Procter&Gamble! PG 3 1 24 90 36 +1 91 6896 3« /1 ?/% SuncorEnergyg SU 2 9 21 3J» 10-0 '?4 m 118.72 -0.04141.6 29 76.30 e 17.2814 64..70 .5625 26.15 -1.07 16.39 TaiwanSemi TSM 2.07 285...29 +0.60 AcordaTherap ACOR dd 20.48 +1..81 AOSL 29 17.16 .30 +0.35 33..0313 10. .95 Arc Best ARCB 40 36.01 15.85 1.05 3.21 .80 9.05 55.0745 52 75.15 13.303.08 18..86 48..40 25. .. dd 70.56 2...43 BeiGene BGNE ..40 CalumetSpecialty CLMT dd 8.16 .7 41 110.31 +7..25 157. 55.54 +3. dd 38..75 BrighthouseFin BHF .95 CommScope COMM .85 ChinaXDPIastics 3. High Low Sym Yld P/E Last Chg..50 16.11 23. 93. dd 122.82 5.42 48.6 13 83.17 26.99-8..05 -0.85 BlackBox BBOX 13..4 30 69.68 66.79 SE 12.81 +2.80 AngioDynamicsANGO cc 17.03 +0.6335.66 +3.73 .025 dd 5.42 .46 BoingoWireless WIFI .17 -0.58 .17 .01 +1.66-5..22 +1.3 2b 86...70 6.37 CathayGenBncpWtCATYW .81 W&T Offshore WTI ..20 TE Connectivity TEL 1. dd 61..6 5 11..90 18.10 WestmorelandRes WMLP 16.17 +1. 168.20 15.5 cc 271...19 34.FVI .70 VectorGroup 69.71 Ctrip..1 cc 6.6 22 27.8 15 56.07 XPO Logistics XPO .4 68.20 . 16.35 .Ï b2 28. 16.61 +5..22 55.19 +10.43 CRM cc 103.91 +2.11 .10 22.35 CenturyBancorpACNBKA .20 Valmontlnds 135..76 -1..42 Telecomltalia Tl .00 2.60 5. 200.55 ApoîloEnd APEN .0983 72 59.65 AVHomes AVHI ...45 +1.35 +0... 24.8 17 95.55 JÜ 21..0 69 133.66 +0.12 -0.1 26 86..75 CogentComm CCOI 4..93 -0.93 -0.. High Low Name Sym YId P/E Last Chg.92 +1.19 +1.85 ..45 .WS....80 -0..46 28.18 BostonPrvtFnl Wt BPFHW .05 Unilever UN . .06 .09 SB dd 3..75 24..60-0.64 8.40Transmoritaigne TLP 7. .82 14.9 27 241.67 Xylem XYL 1.9 21 172.26 +1..7 16 57. 23 43.65 BelFuse B BELFB 1.. .1 59 67..20 -0. Monday Tuesday Wednesday Thursday Friday 41. 69.12 21. 43 55.51 CypressSemi CY 2.80 SFS 94 9.52 +0..3874 -0.A . 13 23..73 . 17.08 18..04 AtlanticAmerican A AME 26 3.9081.38 51. 11 124. 22 157.80 .23 Tefusg TU 4. 7.25 -0.1 23 19.63 15.30 AmRailcarlnd ARII 4.44 .. m rp 7.11 SPB 1..60 11.33 FLOW 87 4b.60 +0.91 -0.30 +0.40 Praxair PX 2 1 '?( 151 8/ -1 01 /H/h 45.56 -10.3 38.01 Cerner CERN .81 AegleaBioTherap AGLE .29 22.03 31.40 TailoredBrandsTLRD 4.22 .095 WhitestoneREIT 1.92 WesternGasEquity WGP 5.10 jias 48.10 AlliedMotionTech 6.85 5.70 11.80 AltralndlMotion AIMC 1. dd 22.62 CareerEducation CECO ..34 .355 164. .10 1. 2.80 +2.24 ..58 .45 102...40 Bsquare BSQR ..00WWEnt WWE 1.7 38 36.35 128.35 CWBC 1.30 TrueBlue TBI . dd 25...76 14.22 co Fo 5.76 45. 7..50 22.2352 55.11 .17 ...93 .20 AquinoxPharm AQXP dd 10.42 18.55 +0.77 VailResorts 155.58 23..15 .25 Zymeworks ZYME ..66 42.33 arGEN-X ARGX .1215 52.05 37.55Zoetis ZTS .. .08 .85 -0..83 SPA dd 23.3 14 57.36 52.87 SITE 70 75. dd 17.70 .35 8.26 +1.25 6.65 1..44 SKM H 27. +2.05 .50 .45 .4 19 35..03 .33 -0.85 +0.00 CSII ...32 .06 Autodesk ADSK dd 107.86 -0.70 4.14 ComputerTask CTG .05 ClementiaPharm CMTA .70 46. 9.. 8.045 74.3798.65 71.10 -0.20 CBTX CBTX .91 38.A 4...25 10..21+0...97 +49..37 Tidewater ThermoFisherSci 3M TMO ..65 AllianceResource 34. 30 88.28 +0.10 10....43 0. 40.09 2.5 18 70.005 37.10 16 3.15 123.30 31. 119. 14.56 -1.71 AllianceHldgsGP 25.24 30.51 +0.20 Transocean RIG .27CME Group CME 1.. 9 13.10 34..16 -1..00 +0..05 23.00 Towerfntl TOWR 1. Coherent 31.65 AmNtlBcsh AMNB 2.25 5.35 26.06 +7.95 VitaminShoppe VSI .71 -8.50 5.79 POL 1 5 16 45 65 +0 ?? . 31 183.51 SWX 2. 40 47.40 33..01 TrinitylndustriesTRN 1.25 Chiasma CHMA .81 CyrusOne CONE 2.87 -0.4288 36.80 +0.15 20...70134..70 18.02 28...05 CSW IndustrialsCSWI .0 25 55.54 US Bancorp USB 2.73140.075 -0.21 0.05 .20 2.53 .42 +1. 62.75 +1.05 0.10 VishayPrecision VPG ..60 .02 .30 +1.44 +0.75 ...90 WageWorks WAGE .09 . 38.78 .61 TPG RETRTXFin .25 7.17 -0. 21 36.50 SALT dd 7.86 Amyris AMRS ..83 19.8 10 10.. Amt.10 —2.40 -3.3 dd 24.32 41.09 +0.61 22.5 dd 1.97 AratanaTherap PETX dd 5.86 BFS 3.51 1..34 35...62 12.58 Alphatec ATEC dd 2.33 1.72 ChemungFinl CHMG 2.05 SBH 11 16.22 51..73 . 20. 55.00 89.66 ArchCapital ACGL 31 94.40UnderArmourA UAA ..81 Weyerhaeuser WY 3..20+7.03 Comcast A CMCSA 1. 25 8..80 7.04 .1491..97 TataMotors TTM .91 TriNet TNET .48 +3.91 16.35 UDR UDR 3. 13 25.SW.17 15..14 .20 .60 18.40 +0.5 b 1.. 60.8 34 150.08 Weatherfordlntl WFT .33 78.94 1.33 . 10.73 ConatusPharm CNAT .55 +0.CT..64 -1. 10.. 57. 11.70 32. 14 12.82 +0.4 cc 16.345 63.2 36 32.65 35.00 SWP 4.10 +1. dd 3.40 BlueHillsBncp BHBK 2.13 CoBizFin COBZ 1..00 .1 19 37.95 1.02 .665 36.90 -0. 25..48 Uniţii UTL 2.85 43.. P.92 .29 6..70 2.26 +0..70 . 23.35 +0.87 AmerOutdoor AOBC .. dd 2. dd 4.92 ArQule ARQL dd 1.. 123..36 22.10 11.21 CliftonBancorp CSBK 1.13 .94 1.01 .39 27.20 . 5..09 54.775 160 6?111^ Stryker SYK 1 1 33 1 hh 8/+1 20 42b 33.40 10.45 -0. dd 12.2975 65.50 VeevaSvstems VEEV .U .83 17..945 61.25 ..62 CaraTherap CARA ..06 51.65 SHW . 26 43.86 NationRiskBasedUS RBUS ... dd 24.51.63 -0.82 29.8748.75 35.27 .29Unit UNT .9 15 41.57 Trex TREX .14 2.25 +0.85 .6690.17 17.40 26.00 11.85 .9017.86 18.98 21.72 ChinaCache HGSH .10 -0.48 15..90 VornadoRealty VNO 3.40 30.. dd 3.. 34 43.59 0.07 .91 -6.07 +0.02 AuriniaPharm AUPH dd 5.13 -2.13 ChemoCentiyx CCXI .14 26.00 19..08 11.99 74.52 .03 48.05 12.SC.08 BlueprintMed BPMC .30 . 6 23.30 2.37 TeekayTankers TNK 7.79 .15 Winnebago WGO .18 Welbilt WBT ..50 26 83.43 .70+6.22 49.54AllegiantTravel ALGT 1.77 +0..43 WideOpenWestWOW .20 57..1375 XYZ dd 15.1 29 23.33 1.8 16 14. dd 8. 64 126..14 948.9 16 29.69 Triton Inti TRTN 4.00 Wiley A JW. 21.1572 W bO 1830 SummitMidstream SMLP 118 13 19 bb +0 4b b/b 136.. 21 80.10Alphabete GOOG 34 1010..39 6. 4.5 14 44.46 1.45 15.44 BOKFin BOKF 2.47 Vale VALE 5.00 Transalta g TAC 2.35 .57 ANGIHomesvcsANGI dd 11.34 Cheesecake CAKE 2.57 .32 +0.90 WashingtonREITWRE 3.49 12..17 .85 SSTK 61 42.75 11.095 20.com ALRM ..70 . CXDC .1 32 99.02 .84 WasteMgt WM 2... dd 2..29 3.47 .9 21 27.28 Wal-Mart WMT 2.17TIM Part TSU .50 21.58 +0.03 20.29 . dd 33.30 2.15 -0.48 5.52 30..32 35.85 -2. 87.02 .03 . 27 3.7 20 73.14 87.10 33. 26. 19 70..98 TelecomltaliaA TI.82 49.59Tegna TGNA 2.01 123.3 25 25.32 ADDvantage AEY dd 1.45. 15.9085. PFS 29 18 '?! 4b +0 60 1b 1.4 9 51.52 +0.45 2.50 Wipro WIT .08 25.95 13. 22. VNTR ...80 WSR 7. 13 27.44 34.79+8.35 .6225 156.55 Al 3.07 21..99 -3.19 55.40 6.13 4.3 25 67. 9.39 .63 23.6 16 126.32 2.37 WLH .75 +0. 59 19.65 5.. 48.20 -0.95 -3.06 ... 35 279.35 4. .WO 41..905 42.51 ..2 26 41..25 20.79 29.0 dd 31. 56.76 +0.25 67...81 -0..9 68 124.35 ....59 US Foods USFD .79 -0.20 .40 . dd 19.89 19..96 ..20 +3.33 4. 50.73 .15 WattsWater WTS 1.27 Wyndham WYN 2. 10 1..00 8.65 TeekayOffshore TOO 1.63 . cc 43..7 19 44.50 AeriePharm AERI .22 1...21 9.54 30.79 +4.05 +0.89 3.05 37.39 22..79 41.26 .19 .67 .86 21. 16 15.46 +2.00 -0. 8 21.18 +1.0675 Motion Picl^Rocúlntl 25.14 +0.2 69 7.79 -0.50+9.285 77..65 .6% for the week.22 21.5 12 44.78 +0..30 +0.65 AdvEmissions ADES 11 2 8.32 .02 +0.90 16.53 . dd 13.0 23 68.07 .88 -0.05 68 80 448» SturmRuger RGR 1 H 16 b4 Oh +410 21 295.74Thermon .6560.1365. 8.08 1..72 .11 .59 +0.19 I.3375 127.92 +0.55 .34 YuMe 18. 6815 — 68. no +0.. .11 .12 +3.35 .78 ...28 ..005 8.64 28.20 12.34 -0.03 .82 -0.20 AsiaPacificWireAPWC 9 2.15 AstaFunding ASFI dd 7.60 20.44 +1. 6 16.04 19.85 +0..89 Ansys ANSS 46 146.65 .00 -6.50 10.05 39..20 47.54 26.97 .63 12..15 CadenceDesignCDNS 47 43.67 +0..06 ApplMaterials AMAT 104.50 +0.35 ..39 44.66 13..58 +0.46 .10 VeriFoneSystemsPAY .60 CidaraTherap CDTX ....80 10..68 11.49 7.165 120.60 1. 39 20. 20.03 1....46 TotalSystem TSS .94 -0.32 AmkorTech AMKR .17 .88 -0.88 ColumbusMcKinn CMCO ..83 11.29 45.67 TeledyneTech TDY .66 2.10 . 61 22.94 Vectren 35.30 3.16 22.24 CincinnatiFin CINF 2.63 20.44 VEREIT VER 7.10 Caesarstone CSTE 18 24.39 .30 +1..48 +0..3 67 30..23 ..50 ...90 6.13 Valhi VHI 1..35 ClovisOncologyCLVS ..125 38. 10.06 +0. 34 153.45 80.95 BioSpecif icsT ech BSTC .43 +0.18 .12 SHAK 71 40. MMM 1..59 31.1 dd 44.44 24.30 58. dd 2. 36 36..12 +0.2*0!!! 14.73 12. dd 1.52 SERV 28 49. 58.39 22.13 .85 -0.22 37..71 WashingtonPrime WPG 14..39 8..64 AmkaTherap ANIK 26 54.3 17 28.04 QuadGrapnics.66 -1. 56..17 .5 15 10.90 Timelnc.50 +0..33 +0.92 VC .54 High Low Name Sym YId P/E Last Chg.45 ..10 24. 66.31 161. dd 1.09 9.69 +0.20 Checkpoint 80..2 23 35.70 +0..76 20.4 13 b.20 Amerisafe AMSF 1..78 39.00 .. 38.13 -0...98 AeviGenomic GNMX .88 -0.15 CapellaEducation CPLA 1. dd 10. dd 1.90 +1.58 -0.50 6'î> 91S1 81SunTrustBanks STI '? H 1b 61 9/ +4 m 40 45.36 +0.83 58.15 .42 -0.50 0...47 AclarisTherap ACRS dd 22.29 1.57 Ventas VTR 4.48 BellerophonTherap BLPH .25 34..0449 18 94 9 86 SunTrustBanksWtB STI.18 .6 41 72. 15.60 Andersons ANDE 2.. dd 26..03+1.32 -1.96 -0. 69 22.10 0.68 Bio-Techne TECH 1.61 .10 -0. dd 14..39 47. 26.50 +0.33 CmntyTrBcp CTBI 2.41 56.60 Codexis CDXS .00 3.80 ..70 PzenalnvtMgmt : PZN 1 1 16 11 20 +0 {)'? 03 74. TEO .7 18 38.66 ..05 13.. dd 2.1 46 405.45 CEVA CEVA ..09 37.29 13.03 Unifi UFI .11 31.1 28 65.25 12. 24 102.64 74.005 4.90 +0.6 23 74..64 24.21S&P Global SPGI 1.. 6.20 IPOA.52 25.36 +0.99 17.50 +0. Lam Research and Nvidia.44 11.04 JZSl 17.67 CDK Global CDK ..05 2.90 58. 55 46.46 QuorumHealthi QHC dd 4 60 +0 06 4.04 74... 21 28.52 STON 18.06 7 18.69 +0.39 SJW Group SJW 1.31 +2. dd 2..8 22 51.98139.07 11.94 .1068.12 26.95 8.82 Camtek CAMT 16 5.41 .15 .075 42.8 26.78 US NatGas UNG .04 WebsterFin WBS 1.02 -0.. 29. dd 40.53 36. 52.96 Welltower HCN 5.90 15.83 3...52 24.09 -0...02 .90 7.32 -0.53 . 22.24 BobEvansFarms BOBE 1.70 +1.46 -3.25 21.28 38.48113. 35.34 +0.75 sex b.43 11.13 6.79 16.9 21 46.73 Vectrus 21.22 Thomson Reuters TRI 3..83 39.22 CSGP .32 Cellectis CLLS . . 77 21.56.85 Actua ACTA dd 15.53 PretiumResources ¡ PVG dd 10 14 -0 34 3.30 -0.15 SDRL dd ..65 16. Composite CM K BG.B 2.22 ..13 15.92 +0.38 Total TOT 5..92 29.81 59..41 21.69 -0.2 dd 5.41 TableauSftwr DATA .92 +4.05 Triple-SMgmt GTS .. 22 104.24 ..00 15.9258.86 +2..14 4. .00 Celgene Rt CELGZ .65 11.18 34. 44 32.15+0.70 44.8 15 20.15 48.77 12.25 17.50 11..43 -13..30 .04 ChartlndustriesGTLS ...71 .32 -0..87 128..10138.67 -0.98 1.05 Bandwidth BAND ..45 5.48 8.75 +1.88 13.35 SA dd 10.4 YUMC .2 26 69.95 +1.17 USShortOilFd DNO . 14 72.31 15.32 .28 ..34 11. dd 10.35 -0..15 ..72 SNE 2b 45..79 1..14 14..90 15.48 6.63 WNC 1...46 19..33 2.59+14... 16.32 ChinaFinance JRJC .16 .39 18.3 CC 30.66 ..47 +0.0 24 166.00 22.65 SFE dd 12.75 -0.. 17.80 +0. 3.1 19 33.55 +2.0 11 71.00 .25 9.. .31 67.59 92...36 58.07 +2.54 +0..25 6.75 +3.2 26 10.61 -0...18 58.11 3.48 +2.40 . 15..24 .10 +0. 53 44.5 50 10.99 -0.30 USGasolineFd UGA .58 -0..' 11...41 10.8225 10.6 53 23.50..73179.22 -10. High Low Sym YId P/E Last Chg.60 BlackhawkNtwkHAWK ..96 +0.. 35 289.80 AtaraBiotherapATRA dd 14.2b +0.26 6004 213.04 .0 26 27.73CommerceHubC CHUBK . 2.4 dd 13.55 AltairEngg ALTR ..66 TPGPaceEnergyA TPGE . CCIH ...775 27.6744 70.8 18 35.01. 94. 15 9.. 25.22 29.55 25.80 33.56 AlignTech ALGN .65 -0....3 19 34.6412. dd 36.70 57.12Yext YEXT .73 .59 J55 20..32 13.51 46 107.83 -0..91 .16 -3.34 CyberArkSoftware 16.82 AgileTherap AGRX .00 +0.SL.05 1....00 +0.85 +1.99 TransUnion TRU .34 30.53 21.14 .45 .18 ilSZ 55.36 -0.90 +0..3677.05 93 98 n ?i SunComms SUI 2 9 cc 93 /tt -01 fi 6/ 16. 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CreditAcceptance 16 304.51 44..25 8.07 -0.96 23.96 5.03 .01 -0.03 1610 1300 SutherlandAsset SLD 92 9 16 10 +0.43 -0.015 67.09UnitedHealth UNH 1. 10 62.075 156.25 +1.44 1.48 1.78 Altimmune ALT 1 1.9Ö 6.09 3.00 CapStarFin CSTR .23 PrincipalFin PFG '? H 12 /() W +1 8/ 49 20.86CovenantTransptCVTI .90 ..72 . dd 2.56 SAR 8.03 ..42 40.95 6. 29 198...45 39..30 .. VAR ...1966 37.81 +0.01 .65 .48 +0. /II. dd 171.79106.01 .66 TPGPace TPGH . dd 32.59 8..87 60.21+6.25 -1. .93 QuakerChemicalI KWR 9 4b 16043 -1 1/ 3bb 89.45 STT 1.80 .3 31 65.95 -0.30USA CompressionUSAC 12.73 -1.WB.42 .89 +0..11 BloominBrandsBLMN 1. 17....67 .30ZayoGroup YRD .47 +0.4 57 17.00 58. w 22.31 .05 .04 27..5 33 45.93 AMAG Pharm AMAG ..55 +0.40 Brightcove BCOV .93 +0. 57 10. 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High Low Name Sym YId P/E Last Chg..38 22.SA.5071..24 +0.65 42.61 13..84 42. 30.24 COLM 1.2b +1....64 ...2 11 10.00 +5.86 +0.7641.20 13.. 68.20 82.63 1. 15.50 Cresud CRESY 2.13 -0..49 CDW CDW 1.60 Bofl BOFI .32 23.12 9.045 100..32 AspenTech AZPN 31 67.26 UniversalHealthB UHS .74 5.20 .2 56 58.97 WestPharmSvcsWST .43 33.99 49.6 VEC .10 +5.63 . dd 12.27 -1.CP.20 51.20 26.05 .13 .30124....7 23 58.94832..28 24.20 35.53 .3125 17.87 +0.12 181.93 +0. 25.20 Baldwin&LyonsB BWINB 4...17 WestpacBanking WBK 6.19 +3.73 ArrayBioPharmaARRY dd 11.00 SOGO cc 11.77 1.8 24 29.97 160.78 +0.90 8.84 .15 SPG 4.64 .A 2. 5.76 ..60 +1.58 25.60 14.2 29 6.57 Telephone&Data TDS 2..44 TJX TJX 1.26 .26 24. 24 21.20 Wabtec WAB .08 ...41 BellicumPharmBLCM .77 Cimpress 78.835 +0.5 22 23.55 .80 +1.19 .93 .735 5 18.20 19.. dd 5.09 2.15 28.055 17.13 10.65 38.61 1.46 .0 19 151.2 dd 11.78 7.14 .50 13.88 -0.68 VaalcoEnergy EGY .48 +1.43 Alkermes ALKS .6 31 35.78 AkebiaTherap AKBA .. 29. dd 1.43 .27 11..98 56.83 2Q -0.25 186. dd 26.84 +0.84 56.82 +0.35-23.11 .03 +5..80 93.10 CarrizoOil CRZO .8 dd 7.2 VNTV .20 -0..62Broadcom AVGO 1.4 30 60.8 17 59.95 BostonPrivFin BPFH 2.9857.00 TownsquareMedia TSQ .44 ..38 .50 BioMarinPharmBMRN .98 0.1466 V 71.70 42..75 1..13 24.50 .80 CMPR .10 23..525 76.7 42 33.95 43. dd 13..5 20 40.5 23 21.b 93 51..09 .49 +0.3 dd 27.Ï 29 23. .45 . dd 2.. dd 35.90 13.48 1.61 ..50 -0.65 +0.95 +1. dd 1.01 116. dd 21.15 -0.21 -1.38 TravelportWorldwd TVPT 2..41 88.9 22 36.62 +6.70 ..43 AmericanNatllnsANAT 2...15 -0.03 6850 — 51.5 40 24. dd 20.24 .1095.90 9..80 Acxiom ACXM dd 27.65 VistraEnergy VST .4 49 37. 28..95 30..68 WesternGasPtrsWES 7.99XO Group XOXO ..19 -0.99 -0./b -0.15 SCG 5.05 +0.50 SEND dd 21.15 Validus VR 3.41 11.05 .75 1.10 7.39 .50 .84 +0.04 15.35 .69 31.23 7.61 49.50 6.58 19.. 9 3.82 +0.45 32..15 96. 65.54 .0899..05 .36 1.20 +2.91 +0.3425 60.02 .81 Amarin AMRN dd 3. 0 18.06 7.35 CallidusSoftware CALD dd 28..25 16 51.00 Amedisys AMED 42 52.48 .19 +0.06UnionPacific UNP 2.83 CharterComms 265..36 2.12 +0.15 67.95 9.59 .6 ARLP 11..22 21.78 .50 10.9 33 68..05 Universal UVV 4..70 12..03 ..5375 24.40 12..80 BridgeBancorp BDGE 2..78 1.07 19.31 5. 155..EE..4 22 65.06 A3.90 21.3 70 33.21 50.83 WestlakeChem WLK .53 5. 3.05 -0.00 -0..94 7.00 40.09 30.60 -0.60 4.35 Q2Holdings QTWO dd 41 40 -1 3b 49.DN. dd 13.02 +3.9438.45 60.55 +0.07 3.14 10.45 .83 -0...00203..97 AimmuneTherapAIMT . 12 7.93 SF .7 33 73.06 -0.87 23.25 34.34 .51 46. 64.03 47.90 +3.46 +0.53 10..24 +0.56 dd 94.78 CPI Card PMTS 21. 200. WilliamLyonHomes 6.19 2.7 14 14.39 -2.25 -0.92 .68 18.4 b3 89.36 -0.0512. 33.83 Advaxis ADXS .46 AppFolio APPF cc 41.75 ConnecticutWater 14.. 47.12 ActivisionBliz ATVI cc 61..9898..88 86.65 -0. : " ■ PN. 35 22.33 Vonage 5.38 -0.00 Cytokinetics CYTK .55 0.. 19 57.58 ArchrockPtrs APLP 9.49 20.54 2.15 +0.95 49.13 26.09 . dd 7.75 -0.06 -0..12 ...10UBS Group UBS 3.38 +1. 54 41...59 JS22 133.20 5. 21.90Cutera CUTR .12 +0.59 -0.23 WestRock WRK 2.45 13.28 .33 .25+8.3 25 226.34 2.78 CHTR .43 .28 28.21 19.15 .10 Whirlpool 5.75 .06 -22.14 33.01 .93 -3.07 AcceleronPharma XLRN dd 35.99158.10 69...51 -0.50 COWN .85 -6.14113.01 21.25 .69 Shopify SHOP dd 103. dd 5. dd 6.17 48..7 18 36..89 .5 22 66..65 STOR 4.6125 13/80 10148Synnex SNX 9 18 134.74 .51 .95 ProtoLabs PRLB S4 94 SO +^ Oh 1..21 26.17 1.27 83.85 Carlyle CG 11..7 23 115.1146 24.1 26 81.55 32.12 SC .42 170.37 .18 18..53 13.04 PostHoldings POST CO /M M> +011 40.15 15.7 18 58. 20.1 21 81.12 61..62 CirrusLogic CRUS .65 TriumphGroup TGI .70 +0. 23.68 17.64 30...14 Teekay TK 2.52 -4.63 ConcurrentComp CCUR .99 41.00 52. 41 13.15 3.61 SDLP 108 1 3.11 19.43 100.WS .58 Criteo CRTO .06 WabashNational Close) 96.50 -5..88 TimeWarner TWX 1.90 23.16 8.75 CalavoGrowersCVGW 1. 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YUM 1..93 2.24 +0.00 AdobeSystemsADBE 56 179.05 60.95 29..62 41... 28 32. 33.65 +0.21 -0. 82.75 1.15 24..31 ValeantPharm VRX .23 2..40 -0.90 58..52+1.06 .3 18 84..05 59.65 -0.61 +2.61 Banner BANR 1.50 20.20 139.21 28.93 -0.87 67.48 .22 .5528.65 .74 -0. 133.86 28.83 WM 9911 SuburbanPropane SPH 100 39 FA 99 -0 (B> 60 49./b 6808 27.^>130 47. 118.8 9 5.31 .30 +0. 55 64..98 8..92 66.01 32.2 cc 39...59 14...70 +0.65 +1.65 CitizensHolding CIZN 4.89 +0.50 122.96 53..WS . 29..30 -0.05 WescoAircraft WAIR .70Amazon.9 30 14.18 JÛ5 4.20 SXE dd 1.35 .77 39.46 +0.24 .77 5.10 .22 38..1 19 18. 26 57.2 39 60.65Teladoc TDOC .125 13.24 6.13 12..33 1.95 15.34 43.73 22.65 2.00 CraftBrewAlliance 19 155.0 24 25..65 152.6 32 49.0158 J .38 26.00 12.43 +0.35 4..78 ....0072.65 14.40 .04 7. 18.89 13..79 4.3061 41. 18 17.79 1.25 +4.05 Viad VVI ....7 20 75.20 AtlCapitalBcshsACBI 32 16.32 17.79 -0.35 20.05 -0.91 25.7 25 74.50 +0.80 BrynMawrBankBMTC 2..08 Prudential PUK 1 6 18 49 42 -0 8/ 389 50.25 I PDS dd '? 96 +0 28 28...30 74.27 +4.09 +3..86 14..59Teion Ranch TRC ..89 32.88 11.4 18 48.55 +2. Amt.39WesternUnion WU 3.48 Arsanis ASNS .22 13.. 86.00 16.50 UnvlTechlnst UTI .82 ValleyNatlBncp 10.11 103.08 54.86 -0.31 76.02 .4 13 16.85Unifirst UNF .97 25..14-2.92 UGI UGI 2.15 17.99 12..46 22.30 . 23.21 Zapped were Applied Materials.00 30.47 -2.58 47.3 19 120. dd 33.05 CaesarsEnt CZR dd 13.57 -0.30 42.85 .20 22. trading volume.25 156.77 .73 22.5 9 32..80 50.54 1..80 -0.46-0.. 19.80 -0.30 42..6 29 162.15 .11 23. ZÖ.35+9.71 CB FinSvcs CBFV 2... VEDL 12.EU.31 3.48 +0.10ColonyBankcorp CBAN .45 +1.45 +2.80 19.50 SCS 3.0 18 12. 17 45.01 80.01 30 40. 74.10 2.21 YamanaGold AUY . 15.30 4..92 SLG 3.1 26 97. cc 15. ly 117. dd 85.32 33.8 dd 2.. 182. dd 18.48 CSG Systems CSGS 1.0 dd 9.25 ..27 64.03 34. .35 71.8 14 31.95 .00 20.40 21.50 .. .57 SJM 2. 133.. dd 3.7 19 88.80 26.38 .08 13. 40 155.50 19. +0.31 +4.52 CognizantTechCTSH .6 22 56.DL.70 Vishav VSH 1.76 9..10 53.9 28 120.75 5.22 . 28.73 1.25 11.05 22..80 .2 16 60.60 88.09 30.48 TimkenSteel TMST .1 41 85.47 ...53 -0.DM.35 229.20 TerraNitrogen TNH 6..05 6.75 +1.0833 99.05 2.70 12. 21..06 .. 23. 51. 249..20 CelldexTherap CLDX .55 +0. .02 .. dd 36. 23.16 +2.37 dd 15. dd 13.13 .63 CRISPRTherap CRSP .24 SO 4.50 +5.08 48..69 BankwellFin BWFG .95 Astronics ATRO 35 41.10 AmerFirstMultifam ATAX 8..85 -0.91 +0.65 3.99 +0..60 +2.71 ....99110.90+8.65 +0..81 18.42 TPR 3.74 CommerceHubA CHUBA . dd 7.13 BankFinancial BFIN 1.15 .06 6.55 .04 Carbonite CARB .21 3.68160.13 Changyou.85 .8675. dd 59.12 73...7 cc 32.85UnitedTech UTX 2.17 1.24 Altaba AABA dd 70.66 -0..9 14 23. cc 29.30 +0..99 11.32 70.1 22 18.75 29.55 5.26 -0.4694.12 -0..18 49..86 15..90 22.86 .58 2347 1416 Stoneridge SRI 8 ?1 88 -0 59 51.45 0625 67.61 7.95 PLCE 1.39 23. 6.13 39.36 -1.02 44.29 36.23 31..21 76. dd 81.17 Toll Bros TOL .85 -0. 1...58 ACI Worldwide ACIW . 31.07 29.68 .90 +0. 81 46.94 WolverineWwide WWW .37 .34 AlmostFamily AFAM 147.0 20 44.53 +1.29 71.18 9. 53.09 2691 38.55 SJR 4.68 AveXis 24.91 .10 -0. 62.00 -0.7 19 40.85 CarGurus CARG .66 BearStateFin BSF 1. .16 +0.8 36 61.265 38.6561.00 10.385 7.69 87.53 +3.0 15 40.75 -0.TU.40 25.32YumBrands 43..56 .15 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 19.055 43.33 18.6 19 35...20 -2. 127.80 ConsldWater CWCO 2.83 CapitalProduct CPLP 10.84 BID 26 50.51 +0.05 .65 ComtechTel CMTL 1.99 AmtechSystemsASYS .1 VVC 2. dd 24..39 3.71 NationwideMaxDivUS MXDU ..60 35.21 7.1 30 24.53 7.84 61.44 +0.40 33.00 WhiteMtnlns 5. 6.39 SJI 3.91 6..66 8. 13.23 +0. 16. .99 10.9 13 21..70 +2.49 26.48 14. dd 1.45 16.21 Athenex ATNX dd 17..4 14 4.51 Conifer CNFR .09 .70 ChurchillDowns 141.80 NOW dd 122.40 AdverumBiotech ADVM ....08 .6b +1.3 8 6.72 3.50 14.17 9.70 9...40 .53 YumChina 6.9526.16 8 30 6 93 SumitomoMits SMFG 9 8 1b +011 16.05 -10.33 1..79 Curis CRIS ..45 .35 (Prev Fri's 77. 29 130.20 .. 64..385 -6.5104 36.69 SNDR ..7 20 93.16 19.20 .44 73..4 23 84..95 3..25 694.83 42.50 41.02 +0.17 25.1 dd .21 5. BREW .49 SRG 2..62 +1.1 38 18.96 51.33 39.2 37 58.75+3.08 12.10 +0.8 36 114.55 AmericanPubEdu 10.41 cc 1162.96 -4.75 +0.2 32 21.5 18 20.93 18. 14.25 -0.11 Willbros WG . 1080.80 29.00 Progressive PGR 1 3 W S3 60 +1.. 31.77 STM 1.7215 186..93 +12.26 XinyuanRealEst XIN 6..45 .17 . dd 7.83 43.05 .60 AlderBioPharmALDR .50 9.36 25.6 54 23.19 24.95 .42 SEP 7 A 1b 41..2798.65 -0.45 -1.90 17.14 27.13 -0.18 78.2 40 64..87 2.. 17.3 95 64.00 2.80 -1.91 +0..83 19.2 21 6. bO+3..60 21.h1 43 17. 9.07 17.22 +0..60 47.19 7.01 51.50 ATN Inti ATNI 1.16 CitizensFirst CZFC .83 SNA 1.42 SEAS dd 12.43 +1..60 AxovantSciences AXON dd 5.2 22 37. PWR 3/ 39 +1 M 102.38 .70 AxcelisTechs ACLS 26 31.20 cc 19...06 84..85 +0.095 i>/4b 139b Superiorlndslnil SUP dd 16 60 +0 9b 09 14.10 -0.56 SMP 1.4b +0.48 .74 +1...00 36.. 54.51 BlueBuffaloPet BUFF .41 -0.63 .00 17.53 +0..72 .24 -0.00 AlcentraCapitalABDC 11 dd 8.11 0.95 SAH :9 14 21.40 9.7 18 10...05 30.30 30.21 Avinger 42.5179.94 16..18 +0..00 44.82 186.57 +1.60 +0..68 SSNI dd 16.86 INCUIUI InlolVDaofcillRBIN III ..24 45.68 0. 115.60 Appian APPN dd 20.70 .59 +0. 81.01 .71 -1.76 CASY . 55.55 TCPipeLines TCP 7.7 32 233.01 . dd 21..16 99.33 . .88 31.18 40. +1. 18 20.06 ..53 8.92 AcadiaHealthcareACHC 16 32.21 75.81 +0.78 17.05 ..1 11 26..49 15..35 1. dd 85.oi -0 /? 23. dd 11.59ZimmerBiomet ZBH .30 -0..90 6..59 Torchmark TMK .88 AppliedOptoelecAAOI 10 43.18 dd 38. dd 23.00 COST 1..25 C&FFin CFFI 2.WS. dd 13.92 +2.47 UnumGroup UNM 1.61 BallardPower BLDP .32 +0.2 20 2.67 UniversalHealth UHT 3.WS .82 Williams WMB 4..6 16 47.89 -3.85 .25 6885 Q- 15.48 3. 19 12..50+9. 58...20 24..09 .75 22..55 AcelRxPharm ACRX dd 2.35 -0.92 .38 +0..90 7.17 V .7 23 11.31 -0.39 1.28103.RM.90 Cavium CAVM .89 9.3 11 19. dd 2.91 27. 33 32..25 +0.99 +0..30 5.40 +0. 20 .ML.0721 1/1S 141b SunstoneHotellnv SHO 1 26 16 49 -0 X? Oh 43.85 4.07CrossCtyHlthcrCCRN .96 +1....11 ConcertPharm CNCE .4 36 16..65 +1..18 +1. 143.27 ..5 21 56.28 .10150.6 13 51.52 10.37 +0...45 14.61 .11103..96 20. dd .40 Cal-MaineFoodsCALM dd 49..68 Williams-SonomaWSM 3..6 4Ï 54.91 CNBFinPA CCNE 2. dd 4.26 TreeHouseFoodsTHS . 10.33 55.20+3.27 CorvusPharm CRVS .54 +0.85 +0.175 28.96 29.WE 27.65 +1.10 Atrion ATRI 37 662.7 64 28..00 11.07 +1.49 +0.. 24.75 TribuneMediaATRCO 2.76 M 9b mo SunCokeEnerPtrs SXCP 138 dd 1/20 -0 Oh S94 90.14 WLKP 6.05 .35 .58 20.44 -3.KC.07 .0873.35 .44 AOS ]9 31 62.bb +1.45 SNY 3.08 +1.81 VMW .15 ..07 109.33 +0.39 WPX Energy WPX .30 1.22 22..3 31 47..90 .60 +0...495 5.69 SHG 7 43.35 .87UMHProp UMH 4.XA CL.15 Telefonica TEF 4.61 voxeliet VJET .36 85.17 11.86 CanadianSolar CSIQ 46 17...57 +0..45 +0.48 0.15 .20 ArrowheadPharm ARWR dd 3.0 19 88.45 .80 25.00 23.3 17 10.10 -0.84 +1.90 11.95 21. dd .17 15.3 18 13...71 +0.HO.88 +2.62 Visa75. 23.70+31.06 13.89 +1.95 -0.21 WellCareHealthWCG ...80 -0.49 29. 90.00 TidewaterWtSeriesATDW.23 .26 WEX WEX .36 15.. -1.50 US PhysTherapyUSPH 1.4999.17 AmbacFin AMBC dd 15.30 Wayfair W .02 -0.31 TopBuild BLD .08 SDT 15.80 +1.04 +0.40 22.28 -2..21 17.70 Trinseo TSE 2.49 -0.75 -0.72 -1.30 WalterlnvMgmt WAC .85 1.30 .30 .05 61.40 +1.25 +0.13 .4 23 14.23 +1.98 68.25 3.42 12.28 .....44 .55 VivintSolar VSLR .80 52..85 9.35 20.14 55. 11.7 12 22.10 +0..30 43.12 26.00 BJsRestaurants BJRI 1.0 23 21.30 .31 35.29 .77Zoe'sKitchen ZOES .. 6780 —i 165.00 2.15 BankofOzarks OZRK 1.. 33 16..74 -0.19 71.20 50. 37 113.10 10.50 23.4 dd 3.23 88.68 .. ZAYO .73 . 70..79 122... 5.4 1b 14. dd 4. 16.85 .88 3.04 5.90 12.23 15.70 7.70 XeriumTech XRM .5081.33 .72 49.15 39..2 11 8.86 56.02 -0.62 +0.B .55 2.99 -0.81 -0. 17.52 .57 Valvoline 76.20 +2.35 .48+1.71133.05 VF VFC 2.3 18 15.36 . dd 24.97 Tltanintl TWI ...75 3.54 -0.78 -4. 17.89 AMC Networks AMCX .10 Amdocs DOX 1. 93.44 TurquoiseHill TRQ ...22XcelEnergy XEL 2.35 +0.05 .00 39. 8.3 51 138..30 8.32 +1.10 26.45 39.81 Tanger SKT 5.59 TargaResources TRGP 8.34 +2.43 5.35 AXT AXTI .1 87 7.32 Tupperware TUP 4.01 .8 dd 5.20 3.61 BrookfieldProp BPY 5.56TeckRscsBg TECK .33 ..18 11.29 +1.40 51.74 United Micro UMC 3.15 +0. 4.4025 11.40 158.. 18. 76.8 25 45.10 .81 .43 SCI 1.60 22.19 . 21 27.55 +0.2 12 59.85 .318 48.15 13.71 21..42 CYBR .51 UnitedContinental UAL .25 csp CRAI 1.17 4 4.80 ..00Alphabet A GOOGL 34 1025. 20..06 . 11..00 51.02 -0.78 6.02 ...75 51.07 .09 .80 .67 Coriumlntl CORI .98 -0.92 ProvidentFinSvcs .28 .58 SN dd b.05 CYHHZ . i +0.25 16.35 -0.0 19 40.52 -1. cc 336..57 Beacon Roof BECN .33 +0.53 Profogis PLD / 'A) 66 19 -0 8/ 44 8..88 -0..89 +2. Cracked Chips: After a dazzling two-year run.02 SSW 8.15 +0.20 +0.15 12.58 AileronTherap ALRN . 73 14.25 14.4 29 56. +0.68 SRT 70 9.54 -0..1 cc 64.48 .31 . 35.06 STNG 1.36 AccessNationalANCX 2.30 .89 AmerSupercondAMSC . 9.BP.12 27.90 Unisys UIS ..28 13..22 SEE 1...39 40..45 +1.43 CommerceBcshrs CBSH 1.24 1..65 SQNS dd 1.2744.60 38.44 WPP WPP 3. dd 10.40 55..14 BlackLine BL .63 PrestigeBrands.30 41. dd 4.80 AmTrustFinSvcsAFSI 7...25 TenetHealthcare THC .04 99. 53..3 ZTO .. .00 4... dd 5..88 19.63 52.85 HealthInsInnov HIIQ .36 –5.40 9.54 +0.09 ...7 16 33.11 12. 20.45 32.40 .17 HorizonBancorp HBNC 1.3 48 27 122. 18..99 DiscovComm A DISCA .85 .4 20 39.10 80.12 . .80 –0.82 +0...26 Echelon ELON .60 –1. 44. .94 Funko FNKO ..33 .24 33...54 +1..48 7.20 ..09 28. 5.50 8. 22.07 –0.10 17... dd 16. dd 5..68 HalozymeTherap HALO ..45 0.0425 22.14 –0..3 5 52.59 54. 14.65 –2...15 .... 56.92 10.93 .25 MBT Fin MBTF 2.5 28 25... .20 18..85 Intra-Cellular ITCI .73 Macom Tech MTSI ...35 16.16 18..29 14.07 . 23. 18 35.30 +0.10 76. 26 42.40 FateTherap FATE ...50 DiamondHillInvt DHIL ..66 LHC Group LHCG .21 34.45 12...84 InsightEnt NSIT .13 .08 29.30 180.85 +1. 8..79 . 65. 18 18.31 28.96 –0.46 12.86 4..33 ..57 4. dd 13..88 79.15 62..12 .70 HoustonWire HWCC ... 4.. 33..54 Ferroglobe GSM 2.. 14.22 –0.. dd 1.06 22.9 33 44.30 +4. 24 91.1 23 40....55 .15 . dd 3.00 Intersections INTX ..55 InterDigital IDCC 1..19 ...50 4.. 18....64 .70 –6..8 18 203.80 –0..90 LeapTherap LPTX .80 5. 21. 29..26 lululemon LULU .10 +0..70 ..90 182. 30. 20.35 ..20 10..01 .175 28.05 +0.30 +0. 25.90 DorchesterMnls DMLP 7.25 51job JOBS ..56 +0...38 .72 0..54 –1..41 +1.48 FirstInternetBncp INBK . dd 23. 24 50. 24.73 106.10 ..19 29..35 18.. dd 5.48 –0..02 HinghamSvg HIFS .80 31....24 2.93 –0.67 –0.22 4.7 55 67.00 24.11 19. 12. 20.03 ..0 37 28. 43...01 74. 110. 53.. 26 42..41 FivePrimeTherap FPRX .65 –5... 104.48 –1.08 LigandPharm LGND ...15 17.00 +0. 35.....59 75.29 3. 11.02 +2..15 +0.88 ForwardAir FWRD 1.00 0. 17.60 GreenPlains GPRE 2.05 .66 –1.20 GemphireTherap GEMP .56 Gogo GOGO . dd 40.. 215..46 LaureateEduc LAUR .55 Ezcorp EZPW ..19 –0. dd 1.75 Kamada KMDA ...68 FlexPharma FLKS .41 +0. 15 40.89 JackintheBox JACK 1.17 .15 +0. 7.075 40...65 .09 HanwhaQCELLS HQCL .78 +1.12 61..21 +1..00 KinsaleCapital KNSL .. 20.73 +0.10 19.93 19.10 32..29 10. H 17. 20 78..40 +0.40 –0.55 –0.64 –1.09 12..00 ..50 5.. 24..91 .9 cc 9.12 37.35 +0..23 +1...08 GladstoneInvt GAIN 7. 12..99 17.0 18 29.40 FirstBank FRBA .35 LogMeIn LOGM .125 12..6 22 21.90 +0. 56 42. 11 36..18 +3.32 . I 13.40 48..22 16.60 Inovalon INOV ..45 ..12 1.. .76 Immersion IMMR ...15 –0.27 –0.66 . 39. dd 5.53 34.65 . 13..70 LawsonProducts LAWS .52 –0... 10 18..63 34..46 .35 –4.36 FirstMerchants FRME 1.44 +0.58 10..83 FirstFinNW FFNW 1.05 ...40 32.. ..15 ..87 +4.65 . cc 16.00 7.5476 52.22 .95 –5.50 6.23 20.57 FirstBusFinSvcs FBIZ 2.90 .80 –0.. 26..3225 ci on 33. 9..6 21 24.99 JackHenry JKHY 1..12 8.63 .20 +0..40 .34 .03 ElectroSci ESIO .53 20.. 41.03 . 39.. dd 16...00 –1.50 +0..37 ..68 Luminex LMNX 1.59 9.. 22...25 23..01 –1.62 HutchisonChina HCM .45 6.7 45 46.15 .82 19. 52 19....10 114. 18 20.95 –0.60 –0.50 +0..90 Freshpet FRPT .95 +0.. dd . 56. dd 4.78 FederatedNatl FNHC 2..10 33.50 FirstMidwestBncp FMBI 1.29 .39 118.34 36.22 Exelixis EXEL .50 . 16. . 23 11. 40.50 HeritageFin HFWA 1.50 +1...20 –0.425 62.51 EuronetWorldwide EEFT .32 .8 64 14......66 –0..50 .11 ..3 .65 0.. .00 1.65 .53 Immunogen IMGN ..... 2.72 ExOne XONE .10 8..75 +0.30 +0.05 –0.28 1.51 KalaPharm KALA .05 –0.39 +0....77 EndoIntl ENDP . dd 12.99 15. dd 7..65 EnphaseEnergy ENPH .00 0.00 4..8 15 53..00 65. 46. dd 37.05 ...23 0.73 +0. 3....90 Intricon IIN ..92 36.05 28. 218.35 37..07 .24 ..38 11.90 HelenofTroy HELE .96 .75 21.5 33 16.48 FirstNWBncp FNWB .59 .77 17.03 .115 29. 52.59 9.12 .25 –8.....31 ..03 28.01 ESSA Bancorp ESSA 2..43 .. 3. 4. dd 7.. cc 10.....94 KEYW KEYW .50 33. 161.85 +0. . 35.35 Dermira DERM . 10 20. 3 2.50 32..02 ..50 IntlBcshs IBOC 1..43 33.66 HorizonTechFin HRZN 11...19 ..35 67.90 +0. dd 8. 27.. 38... 5.15 . dd 122.75 .47 38. cc 211. 2. 20 132.35 KearnyFinancial KRNY .3 26 14.31 EsperionTherap ESPR .25 LoralSpace LoxoOncology LORL LOXO ..62 .25 ..40 149..35 +0.14 13. 8 7. 14.80 +0. 9....25 –0.01 LPL Financial LPLA 1.80 LincolnElectric LECO 1.21 102..05 FarmersCapBk FFKT 1.30 LibertyBraves A BATRA .59 –0...83 +0.96 11.......16 ...50 . 31.39 n- 3..97 Impinj PI .90 +2.. 31 29.86 Hexindai HX .11 +0..61 .34 42..99 32.25 ..40 17..31 –1..05 48.65 18. 15.. dd 6. 12.40 –3. 67.20 Landec LNDC .47 .. . 14.85 15..7 29 201.90 Groupon GRPN .99 13.63 1.64 DormanProducts DORM .10 InVivoTherap NVIV ...76 Hologic HOLX .11 +0.. 2..83 1.03 .2 23 107. 13. dd 4. .. 31.44 IconixBrand ICON ..96 ..91 45.17 LibertyGlobal A LBTYA .. dd 8.8 dd 24 97...75 34.51 90.40 12. 12.22 32. 20...05 +0..0 dd 16.25 HarvardBioSci HBIO .74 1.09 62.82 23.95 13.01 .36 LibertyGlobal C LBTYK .. 40 9.76 Icon ICLR .9 21 51.51 –0.19 ..80 6..70 IturanLocation ITRN ....33 +0.61 ...5 18 18.01 . 44.1 17 48...50 –0. 9.21 12.00 6.30 ..86 KLX KLXI .... cc 12..11 INTL FCStone INTL .40 +0. 30 45.1 . 59.40 +0. 109..66 50.50 KellyServices A KELYA 1.52 .9 ..15 1.43 65. 31 124. dd 8..80 24.45 .9 25 43.79 Essendant ESND 6.43 LivePerson LPSN .35 327.90 .66 4..065 37..09 +0. dd 37..24 .26 Dunkin' DNKN 2.68 LakelandFin LKFN 1. 19.03 –0.01 HainCelestial HAIN .0 dd 9...05 .00 .87 +0. dd 6.10 9.75 37.88 –0..21 +0.19 33... .93 –0.45 +1.07 7..45 –0.61 18..07 DISH Network DISH .....95 InfoSvcsGrp III ..75 –1.95 +3.17 0.30 6.2 26 58.. 91.88 –0..75 –1. 74.73 EXFO EXFO ..00 EchoGlobalLog ECHO . 30....50 18.90 4..71 IdexxLab IDXX ..88 19.96 –0.50 Gentex Gentherm GNTX THRM 1. 17 13. on 5.60 79.19 . 22 19..23 K2MGroup KTWO . 39..20 14..62 .08 FidelitySouthern LION 2.28 –0.37 13..17 Kirkland's KIRK ...72 +0.85 +0.87 GolubCapital GBDC 6. dd .18 52. 0 7.70 98..51 37.13 Ericsson ERIC 1..24 23... 24.06 . dd 7.90 15.02 26.49 HeritageCommerce HTBK 2.. 16.52 41.. 29. dd 30. 12.1112 50.21 Fred's FRED 4.. 30. dd 17..30 20.12 73. 17. dd 11.06 16..80 Finisar FNSR ..50 IAC/InterActive IAC .95 42.35 –0. 7.5775 21.97 –0.30 67.2 39 74.30 8x8 EGHT .50 KonaGrill KONA . 33 18.55 –0.63 .61 4.08 ..29 7. dd 4....05 –0..06 33.15 . 31 11.54 2.50 FiestaRestaurant FRGI ..65 .31 ..58 ......31 Escalade ESCA 3.37 EV Energy EVEP .0 17 14...13 18. 23.56 6.00 HighpowerIntl HPJ .55 . 55.3575 21..19 +0.22 ..92 5..86 24.70 17..50 .66 +0.85 ...85 +0. dd 1.83 +0.32 +0. Amt.. 26.40 25.15 . 52. 2 1..33 +0.25 9..03 Garmin GRMN 3.. 88.10 68. dd 25..80 5...03 29....99 43..15 10.28 ..31 DepoMed DEPO .9 .10 –0.. 4.. dd 24..95 +1.50 ....62 +1. 18.1 35 18. 14 13..75 .19 .70 –2. 1.02 41...08 +2.54 .30 Epizyme EPZM ...85 +0....5 22 14...05 +0.09 –0.90 19.40 JAKKS Pacific JAKK .. 16 18... 6. –0.68 5..43 6.17 +0. 17.83 –0.27 –1.29 15.42 JA Solar JASO ..4 22 37.06 8.. dd 3...59 ErytechPharma ERYP .20 ICF Intl ICFI .14 ...63 DollarTree DLTR .32 +0.40 0.20 .01 .. 15 24..68 2. dd 30. 59..90 –0.89 +4.20 32.45 47.89 7.38 .07 . 39.. cc 7. 18..96 4.10 Innospec IOSP 1.19 6. 1 3.28 ..87 10..1905 7.00 3..57 IntuitiveSurgical ISRG .14 +0.00 GibraltarInds GIIIApparel ROCK GIII .. 17.12 GilatSatellite GILT ....9 10 74.. dd 3. .20 ..6 22 68. 13...... 84 10.15 +0.80 34.40 13.05 .69 –0..20 25.78 . 15 43. 11 dd 64..20 11.. 57.00 –1.84 InnerWorkings INWK .00 +1.48 ..25 Flexsteel FLXS 1..2 11 40. dd 9.50 14. 58..90 –0.. 77. 43 41.38 28..98 83..09 . 24.0 30 65. 36 44 33.. dd 62. 18. 39.70 14...60 .56 +2..06 +3...20 .17 .25 +1.06 Diodes DIOD .71 15.41 –4.24 +0...75 FarmerBros FARM ..82 EchoStar SATS ..4 19 13.5 22 24.20 7..35 .05 –1...55 FirstFinIN THFF 2... 21.23 ..92 34. 42 225.48 –4.. 2017 Nasdaq Issues 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div High Low Name Sym Yld P/E Last Chg..0 .....37 ..30 94.25 .75 –0..15 ...67 7.70 +0.24 HackettGroup HCKT 1.03 –1..19 +0. 230.30 EntegraFin ENFC .65 25.92 ..00 GuarantyBcshrs GNTY 1. 33.39 .08 18.08 .20 19..50 +0..9 21 23.66 8.80 –0...80 Intermolecular IMI .. dd 14.13 .05 10.82 GlycoMimetics GLYC . 81 27.08 –0. dd 5..80 ..51 30..27 ..64 6.00 +1...75 –0.75 Kforce KFRC 1..15 47.60 HealthStream HSTM .65 GreenPlainsPtrs GPP 9..38 FamousDave's DAVE .45 0.55 +1. . 60 15.80 FuelCell FCEL .10 19. dd 9.90 2. 45 29. 27.55 Iberiabank IBKC 1.5 20 37.90 +0.. . 20.10 FirstGuarBcshs FGBI 2.84 1.90 14..45 EmpireResorts NYNY . 11.25 FibroGen FGEN . dd 10..56 .25 36.07 52.18 +0.69 39.70 IndependentBank IBTX .18 –0.57 Expedia ExpeditorsIntl EXPE EXPD 1.18 19...20 13.. dd 1..37 .60 24.02 DestMaternity DEST .82 LincolnEduc LINC ..15 76.84 +2.03 +0.95 4.20 InsteelInds IIIN .98 InterceptPharm ICPT ..2721 9.10 63.4 12 27..50 7.30 ..87 1stSource SRCE 1.84 .50 20.90 7. 11.18 Innoviva INVA ... M 65.05 –0.18 –0.35 33.94 .20 . dd 2.12 57.89 EVINE Live EVLV .20 .35 9. 18.48 4.85 102. 97. dd 15.61 3..19 ..3 38 22.52 Fluidigm FLDM .74 2.48 79.16 .9 17 50.62 LibertyQVC B QVCB ... 97.30 FirstHawaiian FHB 3.19 . dd 18..10 +2.75 –0.35 19.57 ..19 50. 20.51 .64 1.1075 33.67 –0. 14...01 –0.18 5.. dd 9..23 93..35 –0.51 .. dd 2.85 EldoradoResorts ERI . dd 18.35 .05 HoughtonMifflin HMHC .6 17 39.25 16.35 –1.47 –2.75 +1.12 +2.99 3. 52.45 1. 10.27 63.17 .50 20.33 Francesca's FRAN .75 . 40.71 Daktronics Dave&Buster's DAKT PLAY 3.66 21.4 25 77.98 .15 .8 17 93.20 Incyte IndependentBank INCY INDB .31 +1..64 ..0236 24.08 . dd 9.30 +0.. dd dd 20.05 +0. 10 24. . 65 21.17 –0.85 –0..125 16.48 KalVistaPharm KALV ..60 9..70 47.13 –17.00 27. dd 10.21 –1.. 10 24. 62.11 6.92 .95 +0.85 InotekPharm ITEK ..00 22..85 +1.2 21 46.03 8...98 11.76 .04 .10 .02 –1.68 4.10 HopeBancorp HOPE 2.75 54.09 +0. 38..3 21 31..85 +2.65 –1.11 . 47 44.51 111. 55.7825 22.99 –2..00 .....71 IntegraLifeSci IART .8 cc 13.15 GoPro GPRO .10 InvestorsTitle ITIC .. 46..12 EditasMedicine EDIT ..05 60...28 JazzPharma JAZZ ..85 17.88 51..8 16 18.41 111..45 .68 +0.08 ..45 +0.99 17.99 29...12 .05 –0...75 LoopIndustries LOOP ...95 –0. .39 149.07 FreightCarAmer RAIL . 24 39.083 35...00 7.30 KCAPFinancial KCAP 14.52 JunoTherap JUNO . 20.. 34..20 10..10 57...44 .96 +2.. 53.06 35..40 .0375 12...86 0.24 26.60 21..02 .20 LendingTree TREE .78 57.. 39. dd 5.91 24..20 LifewayFoods LWAY ..18 . dd 5.25 DiscovComm B DISCB ...20 Hawkins HWKN 2.57 GriffinIndlRealty GRIF 1.0 41 156.07 14.. 113.07 ...08 24.39 –0.70 –0...93 –0.50 114...2 20 41..30 +1... 47... dd 2..07 22. dd 4. 1 45.05 FirstBancshares FBMS . 21 53..44 2.57 .54 1...22 .42 –0.97 +0...5 17 27... 25. 24 7.31 65.18 . 11 21.64 HospitalityProp HPT 7.22 –0...82 HomeBancShares HOMB 1... dd dd 10...86 .50 18. dd 6..40 –0.23 +1.47 84...01 Everbridge EVBG .66 .. 13.70 +1. 62.10 .25 –0... 3.15 –1.90 10.25 +0.93 InfinityPharm INFI ..30 ..02 3.68 .85 .45 3..50 .5 33 dd 14...67 ..16 .05 .23 .. 28..76 Ichor ICHR ...30 .06 . cc 23.04 –0..07 30.85 +0..83 IntelliaTherap NTLA .09 –3. dd 7..20 –0...10 5.8 9 75.53 +0. dd 53. 20 70.03 3.92 25.91 .28 27. 60..25 –0. 48.15 .63 .07 25.34 57.59 29. 31.75 –0.7 19 16...6 16 28.00 14.37 27.63 17.... 5.98 +1. dd 4.20 . 6.69 . 63.71 Jamba JMBA . 110.98 43.10 8.36 +0..12 71..0 19 49...42 13. 77.. 28 65.41 +2. dd 8..41 +2.35 Descartes DSGX . 7.02 Forterra FRTA . 8.90 Digirad DRAD 9.05 .75 –0..55 29.81 –29.05 .18 14...075 88. 22.65 ... dd 4.. 21 221...05 +0.05 10.61 1.87 –1.75 –0.12 .03 .8 20 46.. dd 14.15 .62 ElevenBiotherap EBIO .11 .02 15.123 27. 31 130.75 +0.05 .09 j2Global JCOM 2...96 24...05 17.64 +0..90 Hydrogenics HYGS . 88 42...05 JounceTherap JNCE .0 36 34..32 +1.99 5...45 IovanceBiotherap IOVA .59 7. 18...35 5..10 HookerFurniture HOFT 1.66 –0.44 .11 27..91 2.25 Hurco HURC .36 14.35 LamResearch LRCX 1.90 –0. 9 19.0425 17.76 GreatElmCap GECC 10.38 GlacierBancorp GBCI 2.32 ...80 FirstFinBncpOH FFBC 2.14 ..35 –0...91 .32 12. dd 25..06 3.33 25. 38.05 4. ...83 .10 ...80 ...15 Lumentum LITE .58 +1. dd 22.. 34 24.92 HarborOneBncp HONE .62 HealthEquity HQY ..44 1..30 +0.96 LibertyExpediaA LEXEA .81 J&JSnackFoods JJSF 1.14 41.68 1..70 +0.39 1. 17.04 +0..80 GuarantyBncp GBNK 1..51 130.02 .14 27. 49.27 FlushingFin FFIC 2.25 9.00 ICU Medical ICUI .86 22.80 .00 DAVIDsTEA DTEA .20 –0.3 19 37. dd 24..76 ErieIndemnity A ERIE 2. dd 7. dd 4...8 16 22.63 –0.75 30.5 36 43.38 4..64 –0.89 +0.12 23.11 .80 11. 22.0441 44.37 Equinix EQIX 1...88 27..05 203.35 . 14... 14.20 37.. 20 67.. 8. 13.80 FRP Holdings FRPH .37 52. 103. dd 3.01 .02 . 53..65 GWPharm GWPH .31 37...21 119.. 23.14 HuntingtonBcshs HBAN 3.0 22 29.....37 GenomicHealth GHDX ..02 .05 .1 17 187.37 237. dd 8.58 LakeShoreBancorp LSBK 1.88 ..20 ..10 18.. dd 8.58 LibertyLiLAC C LILAK .45 –0.70 –2.50 +1..27 .05 . 124...95 8.4 20 14. dd 8.14 LibertyBroadbandC LBRDK ..55 +0.50 46.40 20. 18 dd 46.. 51 25..9 34 16.63 14.51 .02 .28 MB Fin MBFI 1....35 +0... 24.2 17 10.85 15. 32 18.1 28 28.55 ElPolloLoco LOCO ...85 .10 .54 EFII EFII . dd 56..8 22 16..03 29.99 74. dd 11.71 +0..43 .33 FirstInterBanc FIBK 2..40 .32 35.14 65.30 FutureFinTech FTFT .49 ..48 InvestorsBancorp ISBC 2.40 GrandCanyonEduc LOPE . 80 49.68 37.63 FoxFactory FOXF . 86. 54. 41... High Low Name Sym Yld P/E Last Chg. 63.37 LibertyBroadbandA LBRDA .50 65. 35.41 .25 no 46.25 3. 31 65....80 Harmonic HLIT .32 ..83 +0.11 .79 Fastenal FAST 2.00 LibertyExpediaB LEXEB . 53.45 21...31 +0.52 HomeBancorp HBCP 1..07 70.25 . cc 130.50 13. 19 17.73 6. 48..20 . 153.02 ..38 .3 18 18.99 DiscovComm C DISCK ..92 ..95 LandstarSystem Lantheus LSTR LNTH .85 HabitRestaurants HABT .. 17.50 er rs 2.95 57.60 ....62 DexCom DXCM .90 LibertyTripAdvA LTRPA .24 . 26 93.3 29 46.15 FormFactor FORM .40 +1.7 cc 469.7 .21 .49 16.63 –1. dd 4.03 –0. 9 5.75 9..02 28. 15.03 .06 Immunomedics IMMU ..25 +1..50 FirstConnBncp FBNK 2..84 –2.11 6.07 .. 16 11. 44. 20 22..90 ..71 15.. 93.69 13.50 23...10 HeartlandFinUSA HTLF .1 dd 24..89 FirstBancorpNC FBNC .16 –4.72 31.12 +1..08 LegacyReserves LGCY .45 +0...80 19.27 .20 6..10 InsysTherap INSY .69 .1 28 74.80 1..10 .95 92.. dd 1.30 ..50 DigiIntl DGII ..10 –1.65 LibertyLiLAC A LILA ... ..4 18 28.98 Flex FLEX .94 13.51 –0. 46...69 . ...94 .75 MSB Fin MSBF . 62....7 41 21..16 .10 ..12 7..35 ...65 10.05 .11 13..95 –0. dd 5. 18.8 13 18..13 10.00 10.50 .65 18...91 +0. 248.25 ExtremeNetworks EXTR .45 2.055 25.25 . ..50 1..00 144.90 –1.10 ..25 DixieGroup DXYN ...72 5.50 8.45 13.71 GermanAmerBncp GABC 1...83 +1.28 +0..80 .05 GrAeroportuario OMAB 15.08 ..10 4..24 135..56 ILG ILG 2.5 29 33. us l.73 1.21 ..10 FoundationMed FMI . 33.40 ... 31 33.01 .65 –0.60 Evogene EVGN ...20 Digimarc DMRC ..64 +1. High Low Name Sym Yld P/E Last Chg.57 12. 21..23 .05 .02 24.63 +13..05 .93 6..09 . 64. 15.. 7.80 IntegratedDevice IDTI ..49 2.90 11....34 –1.15 19. dd 4.. 10. .40 FirstCitizBcshA FCNCA ..26 –1.05 .14 97.78 –0...17 .13 98.22 .99 2.....99 15.88 +5.91 ..00 HudsonGlobal HSON ...98 .50 49..34 LancasterColony LANC 1.12 +0.12 3.. 405.64 +1.. dd 17.10 ...65 +0.9 17 18.59 35.05 .90 32..27 .04 .00 ..91 –0.88 Gaia GAIA .12 122.26 0.20 LiquiditySvcs LQDT .75 +0.76 LandmarkBncp LARK 2.55 GreenBancorp GNBC .. dd 12. 30..52 10.55 +1..22 18...45 9.14 1. dd 5.28 .19 25.33 +0. 1.85 GluMobile GLUU .. dd 13. 36 11..60 .69 28.7 dd 5.76 8. ....3225 5..20 .51 +1.1 27 56.02 EnterpriseBncp EBTC 1.10 58. .70 21.06 16..00 .68 40. dd 58. 35.42 +1.22 3. 56 49. 10. 5. 28.32 Gaming&Leisure GLPI 7...60 GreatLakesDredge GLDD . dd 1. dd 1.45 . dd 60.. 29 18.57 –3.25 –2..06 –2.2 31 17.00 8. 34 175.41 11.20 20.75 –0..39 Limoneira LMNR .13 .55 14...1225 11..13 .65 KVH Inds KVHI . 15 39.51 .45 17.30 12.90 GulfIslandFab GIFI .135 231..30 FogodeChao FOGO .1 20 97.. 23 48.74 ..24 JamesRiver JRVR 3.69 . dd 63.30 ...10 ....1 32 21. 108. 10..64 +1.. dd 7.15 22.09 43.13 24.62 .. dd 16.30 .22 .09 . 219.8 24 16. 24.59 LogitechIntl LOGI 1.34 10.80 Enzymotec ENZY .22 37. 32 39.86 64...70 +0.80 DMC Global DSP Group BOOM DSPG . 8. 149.33 ..13 .47 +0.2334 10.45 .. dd 1.25 –0.70 iKangHealthcare KANG .. dd 4.89 +0.71 +9. dd .15 .44 ... cc 56.85 HeritageCrystal HCCI .85 –0.55 .01 . 54.65 .. 26.25 JohnsonOutdoors JOUT .15 6..12 41...50 +1. dd 36.50 7.... 64..70 ID Systems IDSY ..45 HorizonPharma HZNP . 91.22 –0....38 10.43 39..24 –2.48 Intuit INTU 1.14 ..18 20.60 –0. 37 55.61 ..13 2..7 8 32.67 +0..97 HaynesIntl HAYN 2. dd 6.60 7.33 FirstBusey BUSE 2....87 –1..09 +0.70 52..65 15.80 10.90 3...74 –1.30 +0..85 –0.. 15.45 InterParfums IPAR 1..60 –0.76 +0.90 .40 35.25 +0.7 22 29.98 6.25 +0....30 113.59 .10 EigerBioPharma EIGR ..35 2..01 .125 30..14 16.40 MTGEInvestment MTGE 9..00 +1.80 .43 –4... 46.73 .30 .48 16.50 +0..5 43 51..82 LeMaitreVascular LMAT ...32 HamiltonLane HLNE 2.50 17.. 18.41 +2.. dd 6. 24... 87 56.99 –1..70 GreenlightCapRe GLRE .70 +0.6 22 72.97 HD Supply HDS ..0 24 45.. 27 110.. m e 31.16 –0.95 –0. dd 7.44 .50 +0.2725 18.5 15 11...10 –7.47 23...55 LandmarkInfrPtrs LMRK 8...04 .. 10 19. 11 18.66 Innophos IPHS 4.55 27.30 +0. co Fo 63..16 MGPIngredients MGPI .15 25. cc 34. dd 5.92 21. dd 9....74 ElectronicArts EA .57 –2.70 Deswell DSWL 10..80 –0..4 22 36.43 ..20 –0. dd 12..35 GladstoneLand LAND 3. 26.00 24...50 6.08 –3.05 2...68 –0.28 ePlus PLUS . 47.9 19 30. K 42. 42 30..4 19 41.0 1.51 EnsignGroup ENSG .51 ..60 Fiserv FISV .40 HawaiianHoldings HA 1.1 19 70...08 +1.50 11...66 69.03 . dd 10.27 +0.57 –0. 6.90 FARO Tech FARO .65 FinInstitutions FISI 2.85 LakelandInd LAKE . dd 18. 22.12 +1.10 +0. 29.08 Endologix ELGX .25 EDAPTMS EDAP ..89 39....20 . 13 13.. dd 1.61 .2 20 22. 0 5.17 FlexionTherap FLXN . dd 9.82 .58 . 30.13 33.90 52... 43..1 37 74.08 29.40 +2.. 2.. 19..94 +3.75 2.92 .04 43.. 10.12 +0. 24.66 .75 7.7 10 18.12 iRobot IRBT .20 –0.55 +1.4 15 20..30 .15 .14 28. 26. 29.52 8...90 12.75 66..70 –0.70 . 76.69 . 29 60.10 . 37...25 +2..02 HailiangEduc HLG .35 .15 56.. dd 3.78 –0. 49.25 .. 30.15 56.27 +3.. 25 7. dd 11...60 3. dd 4.60 .74 Geron GERN .08 +3.25 iRhythmTechs IRTC .... dd 2.. 12.90 GDSHoldings GDS .51 Hardinge HDNG .67 12..40 17..22 +0.09 +0.70 .55 –2.2 19 46..67 11.72 ...85 .. dd 7..7 16 50.91 HallmarkFin HALL .07 –1.82 +1...34 +2.... Amt.40 MCBCHoldings MCFT .10 3.28 HenrySchein HSIC .36 GovtPropIncoTr GOV 9.11 +0. . dd 40..80 HopFedBancorp HFBC 1...21 101.37 Illumina ILMN .04 .25 II-VI IIVI .6 23 28.25 ..35 35.65 +1.09 +1. 11..43 IronwoodPharm IRWD .04 .45 –0..57 34... 20..7 22 90...6 15 15..10 .5 20 91. 46.5 27 13. 1...10 +0.90 .32 –0.03 21..22 41.65 34... cc 7. 14 8.20 . cc 42. 19. 22. 50 155...85 +1..80 LifetimeBrands LCUT .68 . 96..56 KaiserAlum KALU 2..02 .81 Goodyear GT 1.. dd 23.85 –1.95 GoldenOcean GOGL .30 –1....13 .75 +0.055 12. dd .....47 –4.....10 ... 1. 3.85 FirstFinBkshs FFIN 1..00 2.30 33.91 +0.37 28. 33.. 25 103....40 .3 10 17 59.65 ..75 .20 +0.30 –0...25 ..80 6.41 . 47....69 20.60 +0. 5 7.51 .70 FidelityD&D FDBC 2.08 FrontierComm FTR 28.30 EncoreWire WIRE ....9 42 25. 18.70 59. 37..40 2.70 .25 .77 75.14 +1.75 FlirSystems FLIR 1..45 FinancialEngines FNGN 1. 104......17 HubGroup HUBG . dd 26.80 16..05 IES Holdings IESC .65 .01 HMS Holdings HMSY .35 +4.03 .35 ... 1 45..80 Interface TILE 1.06 .94 71.35 28.23 FstCmntyBcsh FCBC 2.00 9.47 0.13 +0..95 HancockHolding HBHC 1.63 LibertyFormOne A FWONA .56 –1.92 .09 +0. dd 1.58 FirstService FSV ....76 45..70 –0.51 . dd 29..46 DestinationXL DXLG . 28 27 102.. 8. 2.47 .70 .15 .20 IHSMarkit INFO ..59 25.35 Gulf Resources GURE .6 20 43. dd 27...44 ...10 .45 LamarAdv LAMR 4.28 +1.33 23. 72.10 +1.06 .com JD .. 24 22..77 1.0 dd 9. dd 32..81 +0.85 +0...00 –0.00 6....85 9.. 31 13.84 .35 40... 18 26.5 24 23.45 . 46.80 +0...27 Infinera INFN ..97 15. 13 45..60 GoldenEnt GDEN .02 ...69 +0.30 .59 +0.63 EverspinTech MRAM .05 .02 ForescoutTechs FSCT ...51 +1..30 EdgeTherap EDGE .44 H&E Equipment HEES 3. 51.90 –2. cc 87. 13.92 +2..41 36.87 .24 +2. 48 29...51 DonegalGroup A DGICA 3.19 55....30 .65 +0.95 LiveOakBcshs LOB .01 InteractiveBrkrs IBKR .54 DelFrisco's DentsplySirona DFRG XRAY ..58 .0875 F 46.31 .20 ...95 3.4 15 55. dd 10..35 GlbBloodTherap GBT ..68 ..89 –0.33 ..83 ...56 ..13 4.07 6.30 EncoreCapital ECPG .0 29 24... ly 184.85 36.70 .09 . 32. 495.37 19..61 +0.. 49.03 +7.67 7...41 15.73 16.35 13. dd 17.60 32.10 ...63 7...84 +1...40 HibbettSports HIBB .57 LibertyBraves C BATRK ..50 +0.00 17.35 –0.80 Egalet EGLT ..80 FosterLB FSTR ...29 38.24 FirstDefiance FDEF 1.05 30.08 . 5 35.81 12.12 11.02 11.75 8.00 +0.86 InternetGold IGLD .12 .35 ..11 .85 25.30 90.51 Immutep IMMP .1 27 40.1 28 36. 27 16..27 +0..10 –0.55 40.80 22...30 +1.70 +3.05 .84 InnovSolSuprt ISSC .55 5.. 47..52 19.. 26.83 KratosDefense KTOS .31 GladstoneCap GLAD 8. dd 4..95 +0.50 IndepBankMI IBCP 2...25 ExlService EXLS .20 –0.90 +1.58 –0.83 20. 30.90 . 13..24 11.35 . 1.03 .85 +1.13 EquityBcshs EQBK .01 .72 +0.75 –0.90 111.. 31.48 KaryopharmTherap KPTI .90 13.8 33 134.36 3.49 44.15 .88 Innodata INOD . dd 87.80 .20 .02 ForwardPharma FWP .0 19 44.7 50 58.37 7.02 . 66.69 2..20 Hasbro HAS 2. 14. 33.25 29..78 ImmuneDesign IMDZ .08 +0..30 ..24 153. dd 70.58 Five9 FIVN .05 48.05 +0...46 –0.79 11. 60.08 HollysysAuto HOLI .10 ..43 26.60 53.10 78...25 .50 16...1 dd 8.. 16. 16.19 15.79 +1. dd 52. dd 30.75 –0.09 18.00 FirstBancorp FNLC 3.5 28 52.18 4.07 ...30 KY FirstFedBncp KFFB 4.10 13..91 34.72 –0. dd 11.45 24.89 .02 . dd 2.45 76.6 30 121. dd 4.85 19.33 +2...20 +4.20 –1. 53.49 .7 17 39....80 28.22 116..11 J 51.. 26.. 2.18 31.15 2...20 InterNAP INAP ....3 16 421.05 JetBlue JBLU .10 .85 +0..06 IcahnEnterprises IEP 11.20 28.97 –0. dd 10.51 +2..10 25..33 Grifols GRFS 1.. dd 4.44 +0..26 5.70 7..68 –0..09 9.29 .1 12 30..94 27......75 InglesMarkets IMKTA 2.20 . cc 304.18 37.15 12.20 35. 40 61.85 ..17 8.30 . 42... dd 61.66 KLA Tencor KLAC 2.85 LKQ LKQ ..15 ......11 .20 36... 219..4 dd 13. 24.56 .23 Intel INTC 2. High Low Name Sym Yld P/E Last Chg.20 ..23 –0.87 +1..03 GenMarkDiagn GenoceaBiosci GNMK GNCA .55 FirstUnited FUNC .07 +4.35 5..35 72..77 12...98 +0..60 +0.6 19 227.29 ..50 62.. .46 .47 26..67 –1.62 +0.01 113.23 –0..08 . dd 8...10 ..75 Ecology&Envt EEI 3.7 15 10...32 .48 14.19 +0..65 Littelfuse LFUS .80 Itron ITRI .065 61.79 73..95 JMU JMU ..95 6. cc 122..75 26.96 InventureFoods SNAK .15 FirstMidILBcsh FMBH 1.6 19 41. 26 10..21 ...75 18.70 FuelTech FTEK ..45 Imperva IMPV .45 .60 +1. 22..41 +0.. 11.90 .95 KewauneeSci KEQU 2.40 ..66 ..50 EnstarGroup ESGR . 4. 28...75 Exponent EXPO 1.. dd 23.4 23 27..2 12 10..45 51.13 ..77 EnergyXXIGulfCoast EXXI ... 25 34.45 +0.85 Eastern EML 1.23 +0.73 ElbitSystems ESLT .35 +0.91 +0.50 7.68 –0.56 ..4 18 40.395 22.20 77. 44..20 +4.29 –11.20 10. 29. 18.60 +0.36 22. . 24...13 203.90 –0.2 24 16. 31.11 17.32 .50 Fossil FOSL ..30 +1..79 Fanhua FANH 3.35 JBHunt JBHT .27 14. dd 25.00 +0.27 .. 12.39 +0. 3..00 GlobalIndemnity GBLI .. .43 Kopin KOPN .99 25.10 +1.75 95.75 .20 IntersectENT XENT .27 4. 158.90 ..01 23..85 –0.90 GlobalWaterRscs GWRS 2.31 .07 ..9 23 52..86 Galapagos GLPG ..56 0.47 +0..80 –0.35 .90 .02 12.. dd 4.93 +2.34 11.08 +1.25 . .71 HeartlandExp HTLD . 14... 13. 27..94 11.47 FTD FTD ..95 ForresterResearch FORR 1....... dd 2..20 +1.40 +1.15 14.10 .2 19 10..99 .33 +0.80 42.40 31..11 .54 .23 GeneralComm A GNCMA .15 8.15 ..12 .60 .43 +0.60 .1 36 114..52 23.44 –0...17 2..78 .8 18 54..48 71.91 ... 13.90 HawthornBcsh HWBK 1.39 . dd 14.. 35 12.75 +1.95 Ever-Glory EVK .75 .55 +1.74 0..73 28.44 –0.65 .45 .41 12... 16 20 20.90 HMN Fin HMNF . 55 16. 25.39 16.00 +1.85 .78 16.01 +4..24 +2.25 GreatSouthernBncp GSBC 1.02 . 14.70 +2.85 –3..24 9.10 –0.24 +0..13 EnergyRecovery ERII .50 KandiTech KNDI ..16 14.84 45..53 . 23 30..93 .13 +0...20 EnduranceIntl EIGI .75 .61 –0.49 0.. 18 43. dd 2.77 –2.70 DawsonGeophys DWSN .85 –0... 32.. 60...0 36 36..65 42.39 ...85 .45 FulgentGenetics FultonFin FLGT FULT . 10.. 26...9 cc 116.68 9.18 32...51 –0.89 +7. 23 29...32 +0.97 +0.78 27.00 17.87 1.90 . High Low Name Sym Yld P/E Last Chg..51 9...6 23 32.68 26.20 27...07 .00 . 35. 1.99 .47 ..60 +0.11 .41 .40 +0.24 19.26 ..7 43 32.7 22 50.45 –12....85 2.9 18 25.30 13. 9.70 . 44. dd 1... .72 119.60 .10 .13 152.055 13.25 .98 MDC Partners MDCA ....80 IridiumComm IRDM ..47 ...90 9.74 1...75 4.46 +1.53 +1..27 –0.11 24.99 LSI Inds LYTS 3.74 Durect DRRX . 32 67..91 +0. 37 27..10 +0... dd 15...69 –0..28 ..... 52..18 EagleBulkShip EGLE . 9.53 ..70 .01 DuluthHoldings DLTH .47 ..85 –1.01 .10 +0.19 Insulet PODD . 45.275 3..35 DonegalGroup B DGICB 3. 19 22.51 ...94 31.79 6...30 .. 35.27 .3 dd 12. dd 30.40 +1.15 30.95 Investar ISTR . cc 4..34 –2.48 3.0 dd 6.82 18.27 –1.1 25 81.39 6..33 +0... 18 3. 42.4 dd 2.50 9. 36.3 17 42..15 55...06 FRONTEO FTEO .11 DecipheraPharm DCPH .61 31..57 –0.12 40.04 EdgewaterTech EDGW ..25 24. dd 41. 19.38 IPG Photonics IPGP . 6.05 –0..99 –0.26 +0..45 ..63 83..60 +13. 77.78 52.10 58. .22 GSI Tech GSIT .86 DXP Ents DXPE .0 18 40.45 +0..85 31. dd 20.47 EntellusMedical ENTL .45 . 7.20 .08 –0...16 9.96 eHealth EHTH ...89 5...80 +0.01 ..53 HuronConsulting HURN .15 3..7 17 21.44 –0.01 . 68..55 FirstFoundation FFWM ..00 9.30 +0.00 MGE Energy MGEE 2.61 –1..30 –0. dd 14.80 8.10 .20 FifthThirdBncp FITB 2.14 LibertySirius C LSXMK .80 25..15 Emcore EMKR . 46.40 .05 –0.12 +1.01 74.23 –0.95 GreatElmCap GEC .98 DovaPharm DOVA .13 137..8 .02 22..61 .94 3. 5.32 GolarLNG GLNG .55 LibertyFormOne C FWONK . 39...21 3..05 ..00 FranklinElectric FELE 1.18 2.95 16.... 8.29 FirsthandTechVal SVVC .40 HomeTrustBcshs HTBI .90 GulfportEnergy GPOR . dd 15. 7....12 8.05 IXYS IXYS ..20 ..50 .10 ..21 104.10 117... 4..50 . Amt.20 45. dd 14. 60.51 7. 18.67 ... dd 11..9 19 20. 37... 16 69... 20.75 24.35 –0..9 22 78..09 48.10 +2.27 ...54 HealthcareSvcs HCSG 1.. .. 5 4.30 Exactech EXAC .65 JuniperPharm JNP . 14 211.60 6. 26.27 .56 FirstSolar FSLR .01 .03 . 307.80 LibertyTax TAX 5.6 18 31...41 .05 . 10 3..93 82. dd 4.41 FirstFinBncpWt FFBCW .. 29 47. dd dd 4. . 21.40 Ebix EBIX . 28 12. 18.51 MKS Instrum MKSI .32 29.16 2.73 –0. dd 19...36 55.15 +1.15 Intevac IVAC . 47 10.03 FoamixPharm FOMX .35 .75 +2.43 Iridex IRIX ..2 17 23.70 +1. dd 19.08 .60 +2..6 83 8.26 IonisPharma IONS .81 .15 –6.53 FNBBancorp FNBG 1..39 –0.00 +1.34 4.. dd 26..16 47.08 1....55 1.35 2..70 64.75 7..30 11..37 9.6318 39. dd 26.12 .25 JD.33 GencorIndustries GENC ..95 +5.. 28 9. 26 34.8 dd 6.3 21 26.35 +0. dd 9.06 36.90 10.15 +1. G 15.40 +1..2 14 22. 66 21.55 +0.08 3. dd 2.51 8Point3Energy CAFD 7.95 20.55 +0..20 4.6 28 46...12 23. 28 106.75 54. 11.43 LonestarRscs LONE .... 19.47 InflaRx IFRX ..92 EnantaPharma ENTA .00 m rp 28.00 InfinityPropCas IPCC 2..10 Entegris ENTG .30 ..32 L 37. 3 17.5 34 16.85 +4.5 6 20.49 iPass IPAS . 4. 22.14 EmmisComm EMMS .05 KimballElec KE .46 47.01 .85 ...94 32. 99. 131..25 –4. 51.19 ..71 ... 14.40 KimballIntl B KBAL 1.9 cc 13.. 77 51. cc 15.70 5.95 +2.69 +2.43 20..4 16 44.12 +1.90 ...05 3.15 .45 127.69 KeyTronic KTCC ..84 0.00 26.79 LibertySirius A LSXMA .82 LGI Homes LGIH .4 ..47 5..25 –0..07 EaglePharm EastWestBncp EGRX EWBC ..39 6..21 25.55 .13 17..90 –5..15 –0.7 30 28.2 17 30.32 +1.53 22.50 LegacyTexasFin LTXB 1. Amt.5 21 51..90 .. 30.07 LexiconPharm LXRX .41 . 102.90 HSN HSNI 3. 2 12. .20 InovioPharma INO ..40 +1.20 HawaiianTelcom HCOM .52 IRSA Prop IRCP 4.08 KeyTechnology KTEC .34 –0. dd 8.35 EagleBncpMT EBMT 1.. 7...56 LivaNova LIVN .03 33..30 +3....68 +0.70 InternetInitiat IIJI ..49 Insmed INSM .. 129.69 eBay EBAY .67 .... 13.. 21 18.52 . 34.4 . .6 15 9.48 73.01 +25..2 36 150. dd 47.85 6.95 8..70 13..00 15..31 95. 17.. 49 60...25 IntlSpeedwayA ISCA 1. 57 28.40 ..53 .70 .05 .8 27 34..05 +1..75 1stConstBncp FCCY 1.02 LimelightNetworks LLNW . dd 1....76 GileadSciences GILD 2.05 ..19 9.52 +2.69 –0.. 27.44 +2...14 .5 20 41.58 –0... dd 22.05 .91 14.05 LatticeSemi LSCC . 15 44. 33.98 LayneChristensen LAYN ..50 LifePointHealth LPNT .06 LakelandBcp LBAI 1..76 3.25 .04 G1Therapeutics GTHX ...6 cc 22.95 . 97 31.5 21 16.56 DianaContainer DCIX .7 26 23..25 24.. 22.49 ..25 –1.02 4. 23.15 15. cc 88.10 –0.45 –2.60 ..30 .03 ..30 .4 24 75...45 .25 114.50 ..25 EducDev EDUC . 7.70 Invuity IVTY .18 ...69 10. 11 46.50 7. 23 116.43 –0.94 ....34 –0. 23 138.70 24.3 18 28.25 E 32....50 .00 148....3 16 103. dd 1.75 –0....87 Inseego INSG .91 –0. dd 31.5 23 14.. dd 16. 25 138.55 .75 ImpaxLabs IPXL .48 –0..35 +0.20 .89 GuarFedBcsh GFED 1.21 48.9 20 27.63 F5Networks FFIV .8 22 37..10 .53 –0.05 –0. 33 224.19 6. dd 4..02 –1.38 +0.28 . cc 41.2 10 2...35 .41 8..84 13. 38 64....45 15.90 FiveBelow FIVE . dd 1.17 Endocyte ECYT .32 +1....3 17 61.. 37 21 9.75 13.1225 58.. 13...45 .02 Inogen INGN ..29 . Amt..37 . 70.04 5.11 .53 ..41 Etsy ETSY .01 +4. 436.29 .02 Hortonworks HDP .99 +1. . 129...24 +10.34 .00 319.31 ExpressScripts ExtractionOil ESRX XOG .76 Gridsum GSUM .10 15.80 35.87 2. 12...09 .96 10.20 6.06 ..84 3..07 .16 .25 15.70 –0.17 188430 1.76 +0.. 136. 42..45 +0.8 dd 31. 95 30.37 ...11 29. 93 9....14 45.0 20 36.24 21. 19 7.4 19 30.17 GladstoneComm GOOD 6.. 28 9. 48....40 . 75 88.46 70.40 110... e 88. 9....94 +0.30 ..45 ..M22 BARRON’S December 4...77 GolarLNGPartners GMLP 11..27 ..20 10.2847 al a 36.86 +0.16 .77 DiamondbkEner FANG .50 .07 Kulicke&Soffa KLIC ...23 +1.. 15.2 54 3.74 . 40.12 12. dd 23.15 –0.70 –0.30 KornitDigital KRNT . 163.45 KemPharm KMPH . 59.88 HimaxTechs HIMX 1. 12.08 GeospaceTech GEOS .. 18.50 +1. 68.25 . 51 396.95 .77 4..2121 22. dd 5... 31.. 25. 34 17.63 2.20 .65 EnterpriseFinSvcs EFSC 1.60 +0...65 HemisphereMedia HMTV . dd 1.90 8...60 2.34 ..53 FrequencyElec FEIM .02 .35 FinishLine FireEye FINL FEYE 4.165 52.43 ..56 +0.42 DicernaPharma DRNA .94 +3.. 30.19 +0.23 29.76 +1.42 37.0 15 28.51 Fortinet FTNT .60 INC Research INCR .85 96.00 +0...45 –1.26 +0.90 2.625 105..08 .29 11. 29 28. 22 23.53 .05 +0.88 –2... 24 57....58 LibertyVenturesA LVNTA .75 99..49 39.47 +0.85 –0.95 KuraOncology KURA .97 EMC Insurance EMCI 2.15 11.70 16.00 DimeComBcshrs DCOM 2...45 HanmiFinancial HAFC 2..70 1..12 ... 15.24 LibertyQVC A QVCA .5 24 105.05 ..8 29 109...6 11 19.42 17...99 44..90 Heidrick&Strug HSII 2. 14 12. 173. dd 17.13 GamingPartners GPIC .4 18 40.30 +2.66 +0.08 –0. dd 6. 32.25 ..33 24.25 E*TRADE ETFC ..12 ElbitImaging EMITF .92 .10 ... 20. 19.25 ..49 43..87 –1.24 19.94 6..75 24. 20.18 9.94 .21 KraftHeinz KHC 3.16 –0.80 68.00 HomeStreet HMST .69 +0.10 +0. 23 88...30 Facebook FB .90 33..06 44. .97 +0.95 StaarSurgical STAA .39 –0. 46 81. dd 11.00 17. 11..68 28. dd 8.75 .16 Noodles NDLS ..38 116. 88.0 dd 27. 70 83.. dd 18.29 32.04 Prothena PRTA .65 8.09 21. 2017 BARRON’S M23 Nasdaq Issues 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div High Low Name Sym Yld P/E Last Chg.40 .20 ..90 +1.97 OfficeDepot ODP 3.84 +2. 286. 33..8 18 16...31 +0.10 7.45 NxstageMed NXTM .. 18 30.. 21 34.10 PhibroAnimal PAHC 1..55 .20 .52 .. dd 7..40 .70 .. 48 32. dd 2...35 –2.66 ....47 NovaMeasuring NVMI . dd 5.19 4. 42.6 dd 50. 4.00 ....85 21....39 92..65 SLM SLM ...20 ..4 .75 –0..84 .6 14 6..12 .60 11...16 .. 29..53 ..62 +2..25 63. .21 .18 7.59 8.40 .. dd 25.40 MediciNova MNOV .57 +0.10 ... 94...73 Novavax NVAX .0 dd 13.68 Renasant RNST 1..66 17.... 50...18 –0.60 +2... 6.. dd 5.50 MazorRobotics MZOR .77 SykesEnterprises SYKE .39 .00 61..47 +0. cc 45.95 SiliconLab SLAB .11 .05 +3.20 +0..02 –4.10 211.52 +0... dd 73....15 MyriadGenetics MYGN ..22 +0. 52..95 29.. 41 47.40 +1.15 .22 16... dd 1.10 +0.31 ...90 +0..09 ...15 .84 0.98 +1..68 +0..55 Photronics PLAB .2238 33.43 .05 .66 32.54 39.41 ..64 +0.50 Netgear NTGR .... dd 13.20 MobileIron MOBL ..65 NatusMedical BABY ..45 –0.7 50 195..91 –1. 368.15 10.30 RepublicFirstBncp FRBK .14 .75 Overstock OSTK .19 +0.. dd 20....16 .65 ..10 +0.11 21. 88.21 5.... dd 1.25 4.3 24 17.. dd 1..65 NMI Holdings NMIH .36 .27 –0.84 ..94 79..85 ..70 SinclairBroadcast SBGI 2.1 23 27.... ..51 .15 +1. 94..86 33..45 ScanSource SCSC .14 MerrimackPharm MACK ..28 OvidTherap OVID .31 NorthrimBanCorp NRIM 2.02 36..00 NXP Semi NXPI ... 51. 13..3 20 63. 21.0 19 27...08 .00 49.0 36 45. 22.85 63..125 61.2 20 33.39 +0.17 SunHydraulics SNHY .. 18.82 PennNational PENN .60 Savara SVRA .17 23.02 .06 MustangBio MBIO .75 +6..75 39..96 32.71 MersanaTherap MRSN .21 +0.66 80..15 4.76 –0.45 PilgrimPride PPC ..95 5. dd 14. 6.60 .79 Sina SINA . 40.1 dd 6. dd 8..55 +4.. 81.00 8..95 OhioValleyBanc OVBC 2..25 –1...71 Synchronoss SNCR . .19 +0.36 Nasdaq NDAQ 1.02 OncobiologicsWtB ONSIZ . 15... dd 8.40 13.82 –8..38 +0.25 +0.4 21 32.28 –0.88 5. dd 7...95 –0.35 67..45 +0.70 MobileMini MINI 2..85 –0..10 PatrickIndustries PATK .01 OptiNose OPTN .6 53 5.15 ..73 +4...95 SummitTherap SMMT ..70 5.1875 297.69 55...1 17 34.00 +1.69 Paylocity PCTY .65 MagellanHealth MagicSoftware MGLN MGIC .80 2.. 99.16 .. 30.32 .36 .99 –3.. 32 65.55 +0..85 52.06 .43 .38 ...45 13... er rs 15. dd 4.. 43 dd 27. 77.70 SSR Mining SSRM .25 3. .95 9.00 45..60 ObalonTherap OBLN .28 Saia SAIA .50 4...90 .07 ... 23.10 .41 ..5 45 51. 40. 19. dd 2.38 SproutsFarmersMkt SFM .15 ..36 118.96 .45 64.. .15 23.76 .4 25 56...00 –3. .. cc 49. dd 19..21 OraSureTechs OSUR .09 . dd 14..89 0.95 1.75 5. 5. 8...3 31 127. 37.25 +0.95 32.56 MidWestOneFin MOFG 1.01 ... 128...62 ...60 61.70 +0.2 91 272. 15. 7..08 .55 magicJackVocal CALL .56 .0 24 92.30 8.05 22.92 13.. 192.25 +0.30 OcularTherapeutix OCUL .94 41...4 42 26. 40.20 15.47 .13 –0.1725 9...86 +0.. dd 9..39 38.60 +0.91 . 20.95 5.96 0..21 14..80 25.88 129. cc 16. Amt.8 31 70.71 17.90 –0..02 9.72 .10 27.75 22.60 SouthState SSB 1. dd .80 .. dd 19..37 78.16 ..4 34 72... .10 14.64 +0.9 52 43.19 NationalVision EYE ... 13 17.50 50.6 cc 28..15 3..75 17.64 .. 6....61 SundanceEnergy SNDE .5 29 17. dd 46.. dd 9.68 . us l.10 ..20 9...72 –4..15 49.07 .03 Snyders-Lance LNCE 1....79 Marriott MAR 1.25 Park-Ohio PKOH 1.23 –0.79 +0..35 NabrivaTherap NBRV ... 100.32 16.3 49 197. 44. dd 3..95 26..79 –0..56 +0..91 OncoMedPharm OMED .50 19.. dd 2. 2.14 84.21 19.31 ModusLink MLNK .68 ..55 18.50 –0.25 0..20 3..08 54.05 .18 +0.. 27.96 ON Semi ON . 24 49. 55. 48.85 –0.76 +0.50 –1.36 RestorationRob HAIR ..75 Roku ROKU .20 1.90 THL Credit TCRD 11... 43..32 37..92 17.20 +5.25 MidPennBancorp MPB 1..37 .20 +0.7 dd 38.52 PCConnection CNXN .64 NuCana NCNA .09 .57 . 53 12.05 14.30 SucampoPharm SCMP .41 .01 .26 8..20 30.75 . 30.27 .91 MicroStrategy MSTR . 22.74 3..52 .21 –0.36 .01 ci on 7.94 –0.31 +2.33 +3...87 ScrippsNetworks SNI 1.65 35.70 6.51 NatlInstruments NATI 1.03 .95 .00 32...39 –0.20 14.95 +1...14 ..13 16...00 78.05 ..50 +0.25 2.90 5.20 SigmaDesigns SIGM . 24..13 Merus MRUS .49 19.44 15.... 2.05 6. 101. dd 9.49 29..6 32 35. 58 75. dd 1. .88 ..20 +0.07 .89 NICE NICE .31 Rapid7 RPD .. m e 21.5 49 15..81 8. 37. 17 54.96 +3.30 .38 18.20 12.56 8.22 .. dd 53..05 .00 NatlResearch A NRCIA 1.. 24 126.12 PTC Therap PTCT ..68 ShilohIndustries SHLO .89 14.65 +0... 12..17 ..64 .05 79..7 22 97.95 –0..06 Plexus PLXS .08 ... 131..10 SMTC SMTX ...7 25 11. .com STMP .90 RTI Surgical RTIX .54 –2.20 .58 1.33 . dd 52..72 .. 15. dd 1.15 10. 25.. dd 1.87 –0.87 +2..60 +0..75 Synalloy SYNL 1.67 0.66 NorwegCruise NCLH .54 +0.75 .87 52...35 .45 SotherlyHotels SOHO 6.38 +0... 27...70 –0. 20.90 28.58 . dd 43........5 dd 2.68 SignatureBank SBNY .59 +8.65 .34 +0..80 12.40 .90 MartinMidstream MMLP 14.20 4.37 +1. dd dd 2.75 +2...8 24 75.52 .66 –0.7 40 77.70 SelectaBiosci SELB .74 12.02 .22 Quotient QTNT ..05 . 40.60 2.28 ..01 +0. .80 –0..62 SearsHoldings SHLD .95 +0..9 21 14.22 –0.90 SoMO Bancorp SMBC 1.72 PRA Group PRAA .50 PreformedLine PLPC 1...21 MitelNetworks MITL . 28.95 +1.83 –4. 3 28.90 .. . 20..07 18.. dd 15.93 –0.. dd 1.50 .50 . 6.70 1..51 Mannatech MTEX 3..95 +0. 21 135..97 RepublicBcpKYA RBCAA 2...25 .40 +0...51 . m rp 54..15 +2...90 .91 +0...65 .28 . dd 12.18 96.47 ..85 Omnicell OMCL .58 +2.43 11.85 1.06 172. 17. 34.66 +3.. 20 42.13 ..39 StudentTransprt STB 7. dd 7. 31.88 30.88 .81 113..15 16.. 7.25 –1.20 7.83 PrimorisSvcs PRIM .44 PowerIntegrations POWI . 22 41.45 NIC EGOV 1.14 39.99 8. 41.. 50.. dd 3..0 8 7.4 24 56.97 –0.95 2.28 1. . .. 24 1735.52 –0.80 –0.81 SmartSand SND .08 .71 60.10 +1. 15 25. 25.14 73... 17.89 MelcoResorts MLCO 1.00 4.10 5..20 –0.13 . dd 6. 40.04 +0.25 ...87 –0.72 –0. 16.10 PRGXGlobal PRGX .85 34.90 ProQR Therap PRQR . ...00 Semtech SMTC .18 –1.54 ServisFirstBcshs SFBS . 19 31.. dd 55.81 +0..8 23 20.38 51.. dd 6.30 –0.89 QuickLogic QUIK ..04 3.62 +0.. 16 2. 28 8.4 dd 14.30 18.60 –2. 20 234...40 7.113 30.15 +0.80 .70 25.60 NantHealth NH . 21 12... 18 120.04 31.60 8.68 PatternEnergy PEGI 7.6 18 34.36 +2.20 Paychex PAYX 3.03 . 51.74 .29 SBA Comm SBAC .45 2.43 SS&C Tech SSNC .59 15...35 38.65 +2.. cc 2.88 PerionNetwork PERI .61 +1.25 26.05 24.81 RamacoRscs METC ...10 +0.3 7 1.46 15.01 .00 Strattec STRT 1. ..24 26. dd 13.70 24.15 ...19 +1. 3.40 ..30 –0.60 P&FIndustries PFIN 2. 25.63 .38 . 23 51.85 NeosTherap NEOS . 51..55 1.90 +0.81 28..01 ...69 ..10 23.25 11..0367 6...17 . 10.15 12.51 SelectIncomeREIT SIR 8.4 dd 21.46 –4.71 Mattel MAT ..80 –4.27 –0..99 –7.53 43..38 1.40 SportsmansWrhs SPWH ..83 OlympicSteel ZEUS . 23. 25 44.. 49...57 12.19 Mondelez MDLZ 2..54 .86 –1.26 Sanofi Rt GCVRZ .33 ..8 26 68...75 SandersonFarms SAFM ...05 Potlatch PCH 3. dd 1. 30 46.23 39. dd 3.75 –0.. al a 65. 18 22.. 35..18 ..55 +0.. 97.6 18 49. 18.125 3..50 +0.1 24 51.44 +0.95 +0.26 +1.57 MesaLab MLAB .87 Net1UEPS UEPS .32 MaximIntProducts MXIM 2.28 14.06 +0.00 PacificMercBncp PMBC .99 4. 46 62..32 17.31 ... dd 4.36 8..08 85.95 10..70 . 12. 19.51 RCM Tech RCMT .41 NorthwestPipe NWPX .5 17 53.. 30 21.75 SimmonsFirstNat SFNC 1.. 2.71 NantKwest NK ..16 27. on 20.2 21 39.77 +0..56 OldDomFreight ODFL .93 5... 20 39. 17 11.94 ShoreBancshares SHBI 1...80 .3 17 13.89 SpectrumPharm SPPI .14 .80 12.8 dd 11...65 –0.95 ....78 –0.65 .40 6..40 .48 23.04 . 42.69 .96 +0...5201 46. 31 10..80 28. .95 14.41 +0.... 14..7 24 14..50 78. 1. dd 6..00 +1.30 .2 15 17.09 .82 .80 MatrixService MTRX . 23. 15. 18.11 –1.1 18 41. 61. 44. 42 27.39 .07 .. 78 35. 57..88 50.06 .82 7.55 .14 74.61 .. 60 51.9 22 27.. dd 1.38 Nutanix NTNX . dd 4.18 .43 .35 +0..92 47.85 . 23 10..05 28.40 .95 15.52 .67 MannKind MNKD .30 +1. 2.60 13..05 .89 7...35 +0.26 +2. 41..87 RetailOppor ROIC 3.45 1.26 –0.20 23.04 .05 20.......38 0.06 .. 22.34 Symantec SYMC 1..2 8 25..86 –1. 2.44 .96 15.95 –0. 25.82 Syntel SYNT .....48 14..01 Orbotech ORBK .20 ..80 –0. dd 9.81 .19 6. dd 20.30 375...83 OmegaFlex OFLX 1..04 5...2 44 38.23 ...47 1.71 Omeros OMER .35 +0.12 20.... 34 37...98 . 164. 17....92 10.95 11.01 48.57 1. 23. 86..19 OxfordImmunotec OXFD ...05 2.76 –0.11 60.82 .2 54 82..16 –0.6 19 13. 11..55 .41 .60 +0.20 –2..25 +0..00 8...23 116..85 Novanta NOVT .20 52.17 MalibuBoats MBUU .99 2.225 31. 233.16 43.99 1459.65 +0. 34.93 41.. 45 131.05 . 21. dd 2.14 1..93 .34 33. 119.55 NorthernTechsIntl NTIC 2.90 RealNetworks RNWK . 65.20 +0..96 QuinStreet QNST ...0 11 17...35 Neurocrine NBIX . 48 9...80 1-800-FLOWERS FLWS .40 SkyWest SKYW .50 ManTechIntl MANT 1. 2.77 –0.10 –0.49 +1..6 16 39. 45.52 PartnerComms PTNR . 35 10.70 –0..20 .22 2...2 19 26.65 38....60 ...17 NorwoodFin NWFL 2.88 .12 TD Ameritrade AMTD 1...30 .....97 .41 .30 PinnacleEnt PNK .8 dd 28.12 45.075 11.48 Repligen RGEN .29 +0.. dd 21.. 16 22.55 PCM PCMI .00 6.10 S 28.42 .40 11...95 14.5 33 20.7 dd 7.. 17.74 +0. dd 17.71 +1.10 MarketAxess MKTX .43 OReillyAuto ORLY .. 56.58 +1..58 5..88 –0.15 21.20 12.56 .. 204. cc 12. 15 27.00 27..20 49.31 +1. 20.06 .30 Sabre SABR 2..54 +0..89 14. 49.78 +0.81 –0. 54 84.32 . 74.90 Nathan's NATH .05 Pegasystems PEGA .25 .87 29.10 MarlinBusSvcs MRLN 2..67 1.16 .00 97..89 SteinMart SMRT 24..52 .2 32 126. 96 67. 12 9.14 +0.10 +0.. 37..13 MotorcarParts MPAA .75 QCR Holdings QCRH ...60 NatlWesternLife NWLI .30 ...15 –0.47 –0..17 SolarCapital SLRC 7. dd 4.29 ..25 –0..52 .18 75..12 .19 16..49 +1.. 55 91..25 Pool POOL 1. 22 2.30 9.21 NatlGeneral NGHC .11 2.00 7.80 .1813 18.58 OpenText OTEX 1...05 .57 26.35 8. dd 47..29 Redfin RDFN . 211. e 18.08 16....01 12. 62.88 54.86 Presbia LENS .. 81. 34...69 16.03 +0..30 68.10 . dd 2.. dd 10.71 59.. 53.5 54 14.70 6..99 16.. dd 13.50 7. dd .00 SussexBancorp SBBX .21 SunRun RUN . 16.55 –0..28 11.. 11 5. 18.20 58. cc 14.00 31.52 –0.00 PennVirginia PVAC .. dd 1. dd 4.25 .10 18.50 Mindbody MB .06 –0.6 dd 1.21 PetMedExpress PETS 2...33 +0.095 62.11 Sonic SONC 2.11 +0.38 . 18 23.14 26.4 29 32.83 RBC Bearings ROLL . 7.50 .28 .31 RGC Resources RGCO 2.05 139...35 17...20 ..51 19...35 .96 Synacor SYNC .65 OtterTail OTTR 2. . dd 11.35 .61 PeoplesBncpNC PEBK 1..26 44.10 .00 13.. 10.76 Rent-A-Center RCII 2.. dd 11. 20.46 6.8 18 35..95 7.10 .3 20 51.80 46. 3.01 PHI PHII ..25 1.04 +10.20 SEI Investments SEIC . dd dd 1..4 dd 41. 16 35.30 . High Low Name Sym Yld P/E Last Chg. 33..60 +4.55 –9.36 .05 . dd 5..64 21...16 .14 ..38 –1.December 4..1 15 17. dd 4.71 +0.80 5.20 +0.0 34 16.25 19. 11 21.92 +0.78 12.05 ..75 SafetyInsurance SAFT 3.. 3... 16.7 58 87.13 OpticalCable OCC .30 15.07 .49 103.1 29 57.01 0..13 19.74 40.80 NavigatorsGroup NAVG . 17.57 –0. .01 –0.50 27.30 5..10 6..15 53.05 –2. 31.65 .51 OrthofixIntl OFIX .75 RoyalBcshsPA A RBPAA ..44 –0..9 18 29.55 31. ....33 13...065 11.10 .80 ..16 45...44 +2..7 35 87.75 Mimecast MIME .10 ....68 –6.65 16.68 37.1 19 36..16 +1..65 .23 .48 RushEnt B RUSHB .25 Ovascience OVAS ..92 23. .62 +4.. 35.71 .20 RaPharm RARX .025 85.6 dd 6. 16.25 –0..24 48.21 +0..21 RoyalGold RGLD 1. cc 17.10 5.50 SandySpringBncp SASR 2...98 ..72 7.40 .16 ..48 Navient NAVI 4.10 31. cc 62. 15..10 7. 4. 23..95 Reis REIS 3.00 SouthernFirstBcsh SFST .1 69 35.67 PennantPark PNNT 10..65 27.72 –2.01 . 45. dd 6.. dd 24.60 Nutrisystem NTRI 1. dd 16.05 SPPlus SP .17 . 12. ....02 MonsterBev MNST .00 9...34 +0.16 .90 8.. dd 5.0 29 66.65 .92 Qualcomm QCOM 3.28 +0....24 –3.. 34 46..75 –0.5 48 133.45 3.23 –1.05 . dd 1..30 ..05 .... dd 19.87 Macatawa MCBC 2.49 Priceline PCLN .32 +1.49 .50 SI Financial SIFI 1. 79 38..00 21....95 .54 ..9 20 16. 17. dd 3...0 36 19.6 20 17. 10.84 SunPower SPWR . dd 45.70 MidlandStBncp MSBI 2... 22.. 1..40 6. dd 5.08 ShoeCarnival SCVL 1.4 18 69.77 Medicines MDCO .45 –1. dd 1.80 15.12 84.40 30..85 –0. 14 42... 33 17.72 2.59 +1.86 7.62 –0.20 Sientra SIEN .81 MartenTransport MRTN ..22 .75 Presidio PSDO .55 TCP Capital TCPC 9..82 1.90 3.52 +0.19 –0..42 .25 .87 Oclaro OCLR . 45.71 –0..65 Skyworks SWKS 1..96 0.60 NortheastBancorp NBN .40 4.01 8.89 4.35 .31 .09 –0. dd 30..88 +0. 93.....75 ManhattanAssoc MANH .42 +0.17 5..08 4.. dd 15. 26.05 –6. 42.25 Nuvasive NUVA .1 20 11.42 218..5 dd 5..36 MoneyGram MGI .62 4...00 20...60 +0.82 1..20 +0.63 StarBulkCarriers SBLK .....63 .22 OceanRigUDW ORIG .3 31 26..15 19.60 .09 RegenPharm REGN .53 –1.99 7..15 1.73 Synaptics SYNA .15 +0.78 2.15 PortolaPharm PTLA . 38 35..19 +0.83 SPIEnergy SPI .24 SVB Fin SIVB .24 +6.. 29.55 Stamps.50 +1. 70..22 RPX RPXC 1.. T 17.50 Pulmatrix PULM .92 –0.06 –0. dd 3.05 MakeMyTrip MMYT . 81 31.65 ..06 145..45 –1...30 27.23 9..75 NN NNBR 1..40 PinnacleFinPtrs PNFP ...45 O2MicroIntl OIIM ...33 Radware RDWR .....03 –0..55 –0..4 15 39.1 20 15. 84.30 +0.23 4. 21..88 60.82 MarinusPharma MRNS .88 36. dd 66...025 67. 33 14..89 +0..95 –0.50 46.69 +1.28 ..75 15.20 6.12 3.42 MatchGroup MTCH .6 17 33.63 –0.93 61.61 Qualys QLYS .51 +0..45 .38 +0.32 OrganovoHoldings ONVO . dd 70. 53 6.. 38 7. 18.11 .11 Netease NTES .55 10.89 +1.90 –0.00 3.8 25 51. 24..07 .37 1.50 57..76 Nordson NDSN ..02 8. ...06 NovaLifestyle NVFY ...42 11..30 .... dd 16.92 MercantileBank MBWM 2.41 .6 57 32.00 55.94 RigelPharm RIGL ..04 49.30 SparkEnergy SPKE 5.075 24.48 11. dd 2.67 . 40.93 14.85 1..10 +0..20 .15 41..50 . 27.85 SierraWireless SWIR ..11 ..3 19 102.....06 +0.85 2..93 +3. 15. dd 4. 12.65 +2.25 . dd 39.90 +2.18 .88 1.08 ..04 .80 22.62 –0.35 .78 3..15 .84 .86 MainSourceFncl MSFG 1.12 41. 10 5.44 .08 55. 13 8.422 46.. dd 10.87 15.. 84. 41..10 .50 +1. 16.40 28..20 0. 30 37...10 19.43 .25 Stericycle SRCL ... 31. Amt.51 .. 1.16 PRA HealthSci PRAH .80 Otonomy OTIC .50 24.56 –0..65 NicholasFin NICK . 14. cc 90.66 SorrentoTech ROKA .39 60.95 150. 18..72 . dd 4.. 11.97 2. 20.37 .60 ...38 19..06 SelectBancorp SLCT .205 49.17 +0.81 .19 +1.65 Monro MNRO 1. 14 25..12 ...03 Synopsys SNPS ..44 Pixelworks PXLW .80 ..14 .68 106.04 . dd 5...75 PowellIndustries POWL 3. 64. 20..18 .11 45.13 ..32 2.30 SpartanMotors SPAR ..67 ... 97 15.37 .61 MagyarBancorp MGYR ..42 0..12 ...95 0..26 +1.16 ProgressSoftware PRGS 1.00 +0.89 ProvidenceService PRSC ..125 3.08 .70 29..85 . 5...96 Perceptron PRCP .1 19 36.227 11.45 SunBancorpNJ SNBC ...11 .65 ..96 29..95 1.25 +1.41 –0.30 24. 57..44 SouthsideBcshs SBSI 3..96 –0.. 38..42 SeacoastBkgFL SBCF . 31 14. dd 16..03 .25 4.97 +0. 24 31.50 –0.99 16...5 20 94.52 13..67 .25 23.65 .35 +0.00 26.11 12.. 9.0 21 9. dd 16.05 +0..05 Multi-Color LABL . 16. dd 19.2 dd 16.9 20 27.1 22 39.43 –0.35 .80 .05 Siliconware SPIL 3. 32. 12.91 +2...68 . dd 2. 13..65 .70 .45 .74 21. dd 17.10 . High Low Name Sym Yld P/E Last Chg.51 . .23 1. 84..81 –0.2 20 61...77 23.....90 12. 29. 49. . 8 7.66 +1.00 –0..18 46.76 7.. 9.. 59.25 17. 5.18 ..47 23.15 137.14 1. dd 28...02 173.10 Sanmina SANM ...05 Popular BPOP 2.86 –0...63 +0. dd 3..42 ..63 Radisys RSYS .22 SiennaBiopharm SNNA .65 +0.05 –0.15 2..44 +3..57 +1..60 31.20 .. dd 4.41 +0.15 ..35 Natera NTRA ......32 NanoStringTech NSTG .. dd .1 18 39...81 ..99 –0. High Low Name Sym Yld P/E Last Chg.40 –0... dd 9. 10.72 +0..31 RichardsonElec RELL 3.10 +1..40 . dd 2. dd 3.15 .13 100.85 .01 0.60 .. ..90 15...14 3. 31.12 59.01 3. 37.06 +0....50 SMART Global SGH .com SOHU .53 Qorvo QRVO .30 11.94 14.2 25 46.03 .09 –0..7 14 172.17 31.34 –1.90 +0. 38 5..38 QAD B QADB .8 39 17.06 50.10 117.83 PernixTherap PTX .79 +0.50 PQ R 1.03 .. dd 2.50 RISE Education REDU . dd 3. .. 11..44 47.16 19.0 19 10.12 .73 –0.25 Materialise MTLS .55 +0. 10 41... 32.74 +0.5 21 25. 9.95 +1.35 ..4 42 63.05 .50 1347 Property PIH ..23 Nanometrics NANO .07 .0098 26.05 45. dd 7.2 42 55... dd 15.20 23.25 +3. 47.20 30.09 8. dd 5.15 26. dd 28.05 ..05 .55 SageTherap SAGE .63 44.21 3.10 ......27 9. dd 7.35 78.88 18.38 10..98 –0..28 NBT Bancorp NBTB 2....51 Neogen NEOG .85 MicrochipTech MCHP 1...98 17.18 .. dd 5.03 16.65 MTS Systems MTSC 2.95 –0... ..24 .05 .5 18 31.05 –0..2 29 148. 29..85 58..45 2. 14 88..23 MeritMedical MMSI .87 +0.00 PriceSmart PSMT ..00 SchulmanA SHLM 2.08 .8 22 21.54 RandgoldRscs GOLD 1.125 30.4 23 91.03 NewStarFinancial NEWS ..5 36 13.51 ProspectCapital PSEC 10.20 ..80 34....85 31.20 RedRobin RRGB .86 Silicom SILC 1..48 28.95 NorthwestBcshs NWBI 3.87 –0.60 –2...02 SPS Commerce SPSC . .. 104.49 ..71 .34 +0...16 11. 19 61.62 –0.90 StealthGas GASS ..33 . 45.06 24..55 18.52 +0.32 +0.. 29.85 +0.34 +0.50 PerformantFin PFMT .17 +15.30 32.. 21.75 Ollie'sBargain OLLI ..26 RBB Bancorp RBB .80 +2.22 +0.36 .22 150..55 +1.20 1.64 36.60 MedallionFin MFIN ...26 . 14 24. dd 45...25 +0.. 543.. 12..43 27.46 SierraBancorp BSRR 2.14 . 10.. dd 53. 54 95. dd 31.53 Middleby MIDD .29 MercadoLibre MELI .80 .67 85.83 PattersonUTIEn PTEN .91 3.55 Old2ndBcp OSBC . 10.00 16...35 +0.02 ..15 4.04 8.43 Morningstar MORN 1.36 NorthfieldBanc NFBK 2.13 ..90 ...60 SalemMedia SALM 5.40 7.13 16.30 +1.15 .94 20. 34 373.25 .95 82.87 RedRockResorts RRR 1.95 .53 OrexigenTherap OREX .60 QIWI QIWI 5..71 +5.66 ..91 .71 15.15 +1.67 15.07 6. 62 30..08 44.155 53..80 36.55 –1.05 .... dd 19. 15 10.30 RigNet RNET . 11. 2..55 MyoKardia MYOK .02 . 6..36 90..94 2. 23 33.30 .77 MedidataSolutions MDSO .07 +0...56 SpartanNash SPTN 2..5 21 59. dd 7.49 55.30 –23..25 Quidel QDEL . 11.85 RossStores ROST .10 30.88 3.89 18..25 PatriotNatBncp PNBK .. 22..90 StockYardsBncp SYBT 2.09 Microsemi MSCC . dd 85.93 . dd 59......8 31 5..13 ....20 .90 12.31 –0. 22 167..08 –4.33 –0.97 . 40..4 19 20.. 42.52 ..26 Quarterhill g QTRH 2. 22.55 Retrophin RTRX ..30 6...93 PDL Biopharm PDLI ..90 ..25 7.58 Starbucks SBUX 2.06 . dd 11. 24 30 89.29 +0.26 73.86 +1.. 2 3. dd 1.55 .05 18.. 49..22 29..85 25..155 46.25 15..95 .02 .3 21 23.5 30 13.85 OHAInvestment OHAI 7.38 NumereX NMRX .09 .50 OPKOHealth OPK .23 17..35 +0.7 23 21..80 32. . dd 10.60 –4.88 +0.13 +0.. 13..50 PapaMurphy's FRSH .20 55.00 StrongbridgeBio SBBP ..55 40.69 .....42 67.. ..65 .16 PeapackGladFinl PGC .15 ... dd 106.60 PershingGold PGLC .70 ..78 –0...71 . 5..2 16 47.80 MinervaNeurosci NERV ..25 .35 .14 .7 cc 37..05 26....20 Perficient PRFT ..65 11.79 .50 PDLCommBncp PDLB ..74 +1..45 8.81 PlayaHotels PLYA .84 +5..30 Rambus RMBS . 37. cc 33....132 64. dd 4.35 –0.30 207. dd 4.92 –0..03 ..60 18..00 SolarEdgeTech SEDG .15 36. 95. 67.75 9. 12 4..26 SareptaTherap SRPT .21 233. 43. 75 33.80 15. 48..5 dd 6.75 +0. 17..97 102. 18.69 +1. 10.97 46.41 –2.87 3.40 –3. 127..95 19.28 88.05 9. .12 PennsWoodsBncp PWOD 3..90 5...64 Splunk SPLK ...35 +0.00 –2.60 ProgenicsPharm PGNX .00 +0.... 38.45 7.84 –0.1 26 19..66 PacBiosciCA PACB . 25 48..75 MonotypeImaging TYPE 1...65 +2. 29..98 +0.45 –0.16 3.. 6 2.63 13....85 SoNtlBcpVA SONA 1.50 StevenMadden SHOO .90 .6 21 18.73 21.88 12..76 +0..52 MongoDB MDB .74 PDC Energy PDCE . cc 12. 94.03 OrthoPediatrics KIDS .99 39.30 +2. 10.94 +3.25 .46 158.. 6. 8. dd 53.02 17..03 . 5..52 .29 67.....86 –3.48 38.00 ..00 11..47 . 30...75 NewsCorp B NWS 1.15 +0...12 SummitStateBk SSBI 3.00 ObsEva OBSV ..22 SyrosPharm SYRS .1 13 33.47 ..35 ..40 10.23 –7.10 0.43 . dd 43 1.84 11.. 39..35 +6. dd 4. 68 9.10 +4.65 +1.... 28.19 .6 39 16.27 .37 .45 +0.36 RandolphBancorp RNDB . no 13..35 41.14 +0.40 2..45 . 39.50 +0.73 +1.52 17...00 .64 69. 64.95 RockyMtnChoc RMCF 4..50 +2.83 SyprisSolutions SYPR .45 10.89 2.80 ..90 12.06 PayPal PYPL . 18 33.15 +1. 9.75 PacificPremBncp PPBI .92 60.20 .17 . dd 1... 34.02 OncobiologicsWtA ONSIW . dd 27.32 .08 PacWestBancorp PACW 4... 5 7..60 8...00 .36 +3.58 .52 ...83 .00 MYR Group MYRG ..46 15.9 22 323.03 .35 PumaBiotech PBYI . 14. 92 7..9 20 82. 136..88 16.35 17..5 25 65...21 +0.44 28..90 –20.55 340.30 MicronTech MU ..75 Netflix NFLX ... 44 10.. 25....20 .91 .50 –4.25 MeridianBank MRBK .05 +1.00 ProtagonistTherap PTGX .22 8.. 51.21 20.05 .93 Paccar PCAR 1.. cc 53.00 PeoplesFinSvcs PFIS 2.07 15.68 +0. 22.79 .37 Stratasys SSYS .25 +0..03 .21 .50 Marchex MCHX .86 9..02 OceanFirstFin OCFC 2.26 40.45 SpokHoldings SPOK 2. 21.09 29.30 +1.1 dd 1.... N 3.00 9.18 .05 .35 StratusProp STRS .33 55..6 18 28.86 32..055 36.39 Mylan MYL .46 +0..55 8.14 2.8 57 19.7 dd 21...28 +0.70 MetaFinancial CASH ..65 –1..20 .00 +1. 22.00 .55 –0.90 52..12 ...70 5. 15 37.39 Mesoblast MESO .10 +0.... 32.50 –2.. dd 23.23 +0.80 +0.44 ...31 7...02 NuanceComms NUAN .36 .40 38. 9.18 +0.05 16.. 24 70.67 –0.98 4. 49 34.. 8...9 29 19.175 9.63 34..75 SenecaFoods A SENEA .. 24.8 22 39.33 39..80 Microsoft MSFT 2..16 SeaChange SEAC .69 .90 14.79 3.30 .06 42.... 35 52.54 .....42 .10 16. 32.16 15.64 .17 +0.49 .71 –0. 5.95 +0..70 6.3 22 74.00 +1.84 +2.63 +0..00 –0.1 31 91. dd 10.072 27.13 15.. 2.38 RhythmPharm RYTM ..80 +0.45 MtnProvDiamonds MPVD .60 ..75 ..06 RockwellMedical RMTI .50 22.76 Medpace MEDP ..40 .16 –0.0 29 84. .47 .07 ..74 +2.. 9 11.75 SterlingCnstr STRL ..00 +1..76 .09 .8 16 33....10 +0. 30. 20..1175 8.075 12.12 –0.06 .48 14.68 6..71 .55 MillerHerman MLHR 2..84 –0.33 +0. 60 35.65 71.24 .30 40. 45..2 14 24.08 8..40 +18.97 27..25 30..17 ..48 27.. 71 43.. dd dd 1... 62...06 0. 45.06 .4 27 49.15 +1..54 33.25 12.10 17.15 10. 42..09 +0.22 6. 20.00 –2.25 StarsGroup TSG .80 SecurityNatFin SNFCA .35 .68 8.49 –3. 6 5.85 .68 –0. 4. 77..6 18 38.23 MiddlesexWater MSEX 2. dd 3.08 1.67 8.. 23.00 +0.5 17 25.80 –2.25 PremierFinBncp PFBI 3.60 SinovacBiotech SVA ..55 . dd 9.23 –2. 27 26. 38. 126. dd 8..90 16.28 .48 SabraHealthcare SBRA 10..95 –0...10 52.55 11.30 –0.94 .55 .71 –0.65 SangamoTherap SGMO .20 +0.30 81. 12 25..50 –3..75 47.61 QualitySystems QSII .011 25....25 StateAutoFin SteadyMed STFC STDY 1. .50 44.05 26...33 . 8.15 SteelDynamics STLD 1.95 27.45 SilganHoldings SLGN 1.9 47 19.20 2....84 0.25 ...00 PeakResorts SKIS 5.21 –6.00 +1. dd 3.57 PTC PTC ..18 43.. High Low Name Sym Yld P/E Last Chg...06 88. 6..50 64.62 .60 .. 48. dd 1.03 SparkTherap ONCE ..55 +0.74 –0.....49 25. ..87 +0. 2.04 QAD A QADA . dd 17....32 45..72 S&T Bancorp STBA 2..55 +0..67 .50 +0.6 32 51.50 24. dd 18..44 14..58 44.45 +2.63 15..80 –1.42 NewsCorp A NWSA 1. 40...4 37 37.7 39 40.02 .32 7....52 Okta OKTA .40 Napco Security NSSC . 63. 11 10.08 .....25 13....5 18 82.78 +1. 15.50 13.25 NaturalAlt NAII . 19 136.12 NVIDIA NVDA .53 NatlSecurity NSEC 1.62 . 26.20 –0..03 PetIQ PETQ .4 27 50.0225 57..0 dd 29...18 2.69 . 26.50 .10 12..87 –0.65 +0..21 38..03 pSivida PSDV .67 .67 .20 ..07 54..27 +0..06 75. 7.84 1..90 5. 6... 100..03 .74 2. 26 228. 33.1 59 18...00 10..10 Sanfilippo JBSS .. .95 31..40 +0.77 .11 MercurySystems MRCY ..97 ..90 –0.... O 40.16 .. 56.83 SperoTherap SPRO ..88 +0... 10. 58.0 26 39.68 –19..00 44.18 180DegreeCap TURN . cc 169..4 18 44.34 27.. dd 14...50 SelectiveIns SIGI 1.24 +1.. ..67 +2.. ly 3.76 .45 .74 +1.80 +0.65 +3.45 NatlResearch B NRCIB 4.57 24.52 Novan NOVN ..7 13 21.42 1.65 ScientificGames SGMS .10 ....10 +1...99 3.92 PC-Tel PCTI 2.69 .10 .75 15.. 29.22 SiriusXM SIRI .00 12..02 –0.10 ProteonTherap PRTO .02 –0..73 Momo MOMO ...52 +0.50 11... 27 9.25 –0.. .80 20.75 +1.10 +4... 16.11 .10 1. 15 25...55 10.45 .00 40..75 MeridianBiosci VIVO 3. 24 46.91 .44 .29 MaxwellTechs MXWL .48 Methanex MEOH 2..00 +0..63 17....8 18 56.40 33...55 ..85 –1.45 .59 ...2 10 2.87 –0.12 NatlCineMedia NCMI 14.31 SeattleGenetics SGEN .98 5. 12.90 11..9 20 37.. 30...29 +0..12 .26 61. 70.33 37.35 ShenandoahTel SHEN .40 .03 TESARO TSRO .16 RiverviewBncp RVSB 1.30 –3.45 1.40 +0.85 SilvercrestAsset SAMG 3..70 .26 0.72 71.9 7 13.79 .05 +0.46 ..21 36.55 MaidenHoldings MHLD 9.90 ..50 Potbelly PBPB ...30 9..49 . 21 42.10 .97 –8.55 +0..93 .31 3.05 ...01 .32 SpiritAirlines SAVE ..35 Ryanair RYAAY ..18 4..90 +0.14 . dd 27...45 OpusBank OPB .56 18.4 29 14..35 –0. 8..70 .00 11..46 .18 –0.10 .70 PeoplesBncpOH PEBO 2. Amt. .51 Scholastic SCHL 1.0 34 126.90 NewLinkGenetics NLNK . 192. 25 39.80 Qumu QUMU .75 .68 49. 28..37 SiliconMotion SIMO 2.22 n- 25.61 0. 94.35 39.95 30.63 –0.26 –1.65 SuperiorUniform SGC 1.50 SchnitzerSteel SCHN 2.0 19 6.20 +0. 6.60 8...51 Qiagen QGEN . dd 4. 4.. dd 1.66 5.88 –0. 24 38. 29.60 +2..35 ....1 30 42..55 29.41 .. 169.37 13.. .93 +0.07 26.. 53 94.95 –0.92 69.76 14..60 Seagate STX 6.60 . 57.45 . dd 93.50 PAM Transport PTSI .01 100. 60.65 .40 .5 12 6.73 32.46 +0. 42..35 30..38 33.20 .17 Shire SHPG .72 +0.97 People'sUtdFin PBCT 3. dd 90. dd 39..89 ..02 ..19 Proofpoint PFPT .86 80.3 71 31.07 .72 +0.85 RevanceTherap RVNC .1 11 15.9 17 35.39 27..6 33 50.9 26 128....98 ..58 .90 22..81 +0.36 –6.29 ...80 3.10 SurgeryPartners SGRY . ..87 107.6 50 59. 31..33 29.84 .54 10. dd 27. 14...9 ..85 MatthewsIntl MATW 1.20 17..40 .20 +0.11 61.. 38.01 –0.18 .82 +1.84 –0.72 NetApp NTAP 1.38 17.9 52 79.10 ..39 21. .00 4.25 .35 34..90 5. dd 8. . 12 34...00 65...90 NY Mortgage NYMT 12.1 19 44.1 13 343..4 20 38..10 Mattersight MATR .40 .60 +2. .7 16 19.52 SCYNEXIS SCYX .8 ..35 23. 8..13 9.00 22... dd 3..92 +0. 127.32 –0...22 NII Holdings NIHD .38 OldNatlBncp ONB 2. dd 15. 23 99. dd 10.13 ..17 32...05 37.10 .. co Fo 35..00 RealPage RP .90 ParatekPharma PRTK ...41 +4. dd .80 +1.10 27..80 +0.11 PDF Solutions PDFS .13 20.... 49 58.41 4..24 Ophthotech OPHT ..8 19 42.55 –0. 14..05 34.50 +1.. 71.80 47.8 28 84...94 +3. dd 13.90 OaktreeSpec OCSL .25 .40 8.25 SecureWorks SCWX ..15 MediWound MDWD ... 64. 9 1.. 7.2 90 50.84 –1.. 33..20 11..36 16......01 47..56 ... dd 1.. 3.85 4.51 +0..45 29.89 RibbonComms RBBN .79 22.07 ...4 16 36..82 +0.45 –0. 18.25 RockyBrands RCKY 2. .15 –0.25 9.50 .05 ..5 23 8.98 +0.9 55 17.58 ..90 ..20 96.39 7.. 19 28..81 21.81 PaciraPharm PCRX . 32. 24.20 +2.7 73 116.10 MonarchCasino MCRI .59 13.56 .10 ..92 NorthernTrust NTRS 1. 6.75 5.43 37. 77.05 .38 –0. dd 5..09 .60 NovelionTherap NVLN ..65 PICO PICO . .96 30.57 169.8 17 18.60 –8....32 3..80 +0.25 .00 .99 16.40 31.1 17 41.70 +1.90 –0.38 –0..65 RavenIndustries RAVN 1.56 .. 31.98 0.44 –0...30 7.27 Mind CTI MNDO 12.89 SolarSeniorCap SUNS 8..45 .10 .09 18.26 .05 7...2 dd 16.08 ..11 .. dd 2. .64 .29 .92 MicroVision MidConEnergy MVIS MCEP ...44 –0.45 +1. 37..3625 67.12 –5.18 OriginAgritech SEED ... 42..80 56. dd 28.0 15 19.95 –1..71 5.03 33.....07 Patterson PDCO 2..67 +0...28 +1..23 –0.39 0..40 ..15 .81 –0. 28..00 44.45 .26 .05 ResourcesConnect RECN 3. cc 186.69 6...6 dd 25.61 SecooHolding SECO .. 12.74 32.30 REGENXBIO RGNX .00 2. 86.29 .00 4.. 16 8..90 .17 71..06 +1. 66.76 Shutterfly SFLY .37 PatriotTransport PATI ..90 60.35 17.10 PainTherap PTIE .36 Macrogenics MGNX .35 PerryEllis PERY .20 –0.00 16..02 +0....90 +0.. dd 28.47 15. 26 23.28 .5 24 41.80 +1. 36.5 15 13..00 SunOpta STKL ..85 Senomyx SeresTherap SNMX MCRB .... 2..20 +0.74 27.14 .40 RF Industries RFIL 3. dd 31...37 ..5 53 41..05 Misonix MSON ..02 –0..35 ...85 MeridianBancorp EBSB . dd 12. 43.05 PapaJohn's PZZA 1.32 +0.61 ..05 PanAmerSilver PAAS ..25 NationalCommerce NCOM ....82 –4.02 33.30 .06 . 16 26.57 +2.76 ..70 +0..10 SierraOncology SRRA .30 –21.95 .31 Masimo MASI . 20..08 .10 .16 4..95 +0.. 22 19.72 4.21 30.. 36.57 .40 Optibase OBAS . 6......75 –3.16 9.25 RadNet RDNT .90 19..61 4.00 28..14 –1.79 –0..64 21.91 +1...29 .16 Premier PINC . dd 57.95 +0. 57.045 1. dd 12.05 6.08 MonolithicPower MPWR .14 . 7.05 +0. 41 19.14 SeniorHousing SNH 8.75 2.75 .32 5.. 13.66 .11 29.98 +1.48 4.47 PrimoWater PRMW . 15.68 2..56 .76 StanleyFurniture STLY .41 NektarTherap NKTR ..78 +0... 31.48 0..13 .10 Perma-PipeIntl PPIH .47 –11.68 61...15 –0. 17. 25 35. 17..77 –0.20 .27 . 25.. 25.2 18 54...05 31...14 43. dd 4.75 34.55 .. dd 36.18 . dd 9. .82 MitchamIndustries MIND .97 .00 261.25 –0.60 Sohu..025 74.27 .18 –2. 70.. 36..45 9.31 StrayerEd STRA 1.33 MercerIntl MERC 3..77 Orbcomm ORBC . 67..85 MomentaPharm MNTA .95 –1.29 +0..25 .20 9. cc 31.71 .64 –0..85 +0.01 –0.68 SORL AutoParts SORL ..8 21 68.35 17.84 –0.95 NexstarMedia NXST 1.45 .63 1...10 5.80 1..... dd 16...8 19 61..61 –0.71 .95 34...28 ..80 PrudentialBancorp PBIP 1..55 .20 96.. 24.12 19.07 .52 63.22 13. 11 59.01 +0...08 OSI Systems OSIS .61 ServiceSource SREV .3 14 15.. 39.29 14..41 ProteostasisTher PTI ..30 ..41 6.25 –3.90 2.00 SodaStream SODA .78 15.68 +0..39 .90 Surmodics SRDX . 31 17. 52 48..07 .32 +0.80 –0.01 ......09 .61 –2.03 .34 OxfordLane OXLC 15...68 .56 –9.8 dd 36.55 . dd 38.00 15.48 StitchFix SFIX ..50 .45 +0.26 2.01 .0 28 97...90 Nuvectra NVTR .... 50.13 . 53 58.59 MarvellTech MRVL 1.60 14.25 ..22 14.35 PreferredBankLA PFBC 1.58 10. dd 8.. 24. 55.17 –0....30 OritaniFinancial ORIT 4.14 12. 28 34..45 +1..87 –0..00 38.23 3.01 .09 PHI NV PHIIK ..12 +0..69 . 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GSAccessIGCpBd GIGB 2.0313 VicShUSDiscEnhVol CSF .50 .71 –0.47 +2.0478 DBCrudeOilShortETN SZO . ElemntsRogrTr RJI .7 33.4728 GuggDefEqty DEF 1.64 +2.62 –0.13 ..2 31.07 –0.97 –0.. iShMSCIGlbImpact MPCT 2. HartfordMultiDvxUS RODM 2..75 –0.69 –0.20 +0.1272 ARKIndlInnovation ARKQ .066 GuggChinaTech CQQQ 1.70 +0. 28..01 ..5 36.90 –0..9 50.84 ...80 +0.7 110.2 77..32 +3..2 25..69 .10 .66 –0.. 32.30 +0. 26.71 –2.49 –1. 32.29 +0.78 –0.162 IQRealReturn CPI .0181 iSh7-10YTreasuryBd IEF 1.0 29..31 –4. DirexAeroBl3 DFEN .7 46.41 –0. FT EnergyAlpDx FXN 1.62 +0..02 ...66 –0.1492 DirexFTSEEurBull3x EURL ...10 .14 .0952 iShUSConsumerSvcs IYC 1.8 121.106 DirexHlthcrBull3 CURE .37 .26 +0.3 56.19 .74 . 30...1848 VicShUSSCVolWtd CSA .54 +0....9365 iShMSCITurkeyETF TUR 5.0 30.6 29.76 +0..4279 iShS&PTotlUSStkMkt ITOT 1.2005 AlerianMLPETF AMLP 7. 32..96 .02 +0.09 . DirexTransportBl3 TPOR .03 ..15 –0.91 .91 +0.12 .87 –4. 13. GlbX GuruIndex GURU .0755 E-TRACS CMCI UCI .7 49.1 175. 12.245 DirexDevMktBl3 DZK ..53 ..27 –4.7447 iPathBloomNatGasTR GAZ .24 –0.. 114.90 .0917 GuggBull2022CpBd BSCM 2.29 ..90 +0..71 –30..04 +0.8 162.63 .52 +0.78 –0.69 .1294 PwrShDWA Tact DWIN 4.3034 DirexRgBanksBull3X DPST ...28 .18 ...68 ..26 +0.57 +0.123 GuggBRIC EEB 1.....8 26. Direx7-10TreaBr1 TYNS .75 2. 28.1 59. IQHedgeMktNeut QMN 1.12 .35 –0...0 57.04 .28 –1. ALPSEmgDivDogs EDOG 4...479 ColumbiaSustUSEqu ESGS 2.49 .0 98.2 25..0591 FidelityHiDiv FDVV 3...55 –0.20 .67 +2..1416 FT UtilAlpha FXU 2.8 43.14 .23 ..2 46..2 24.35 .. iSh20+YTreasuryBd TLT 2. FT NA Energy Infra EMLP 3.22 +0.05 –0.. 24.6 154..37 .64 –1.. Entrepreneur30Fund ENTR . 2017 BARRON’S M25 Exchange-Traded Portfolios Tick Div Tick Div Tick Div Tick Div Tick Div Tick Div Name Sym Yld Last Chg..04 ..1962 FrankMuniBd FLMB 2. 29.2125 GuggS&P500EWFin RYF 1.6341 PwrShDynHlthcr PTH .4 34.51 +0.24 ..7 72..2338 VangdTotalCpBd VTC 3.221 ColumbiaEMConsumer ECON ..33 –0.02 .54 –1.37 1.0 33.767 iShModAllocation AOM 1.45 –0. 97..9 25..3 13..36 . 52.14 +1.212 GuggBull2018CpBd BSCI 1.00 –4..7 31.55 –0...00 –1.. 41.2 8. 26.4 25.15 –0. 70.. 25.34 –0.57 +0..11 +0.5 48.11 .62 .93 +0.0548 iShJPMUSDEmgBd EMB 4.83 +1.30 +1.09 .5 50..0473 DBGoldShortETN DGZ .31 . DirexKRBull3 KORU .32 +3..5 32.03 ..80 –0. 32.1024 GuggGlbTimber CUT 1.1065 iShCommOptimized CMDT .87 ..4 80.3254 ElemntsRogrEngy RJN .8 43.2 45..51 .December 4. GlbXSciBetaUS SCIU 1.01 .00 –0.40 .177 GraniteGold BAR .31 +0. FidelityMSCIUtils FUTY 2.13 . 75..2191 iShU..2 52.6 13.42 .38 –0.9 21.6 33..1158 iSh13YearIntlTBd ISHG .84 –0.8 34.5 21. ..0344 iPathPBSugar SGAR .74 –0. iShMSCIEuropeFinls EUFN 4...78 +0.6 31. CambriaGlbValue GVAL 1.16 . 20.01 +0.85 ..06 ..40 +1. 37. e iShRuss1000PureUS AMCA ..53 .43 –0..83 .86 .88 +0.08 ...93 –0.. GuggUltraShrtDur GSY 1.75 –0.95 –0.51 +0..59 2..05 .23 –0.2 26.25 .0479 GuggS&P500EW RSP 1.61 ..2 14. iShMSCI EAFE SC SCZ 2. FinSelSectorSPDR XLF 1..21 –0.098 GuggS&P500EWUtil RYU 3..94 +0...3 33.39 .07 .1 49...132 GraniteS&P Comm COMG .346 ETRACS2xMLvAlerian MLPQ 17.70 .22 .21 ...21 +0.55 .70 –0.15 ..17 ..69 –0..60 .32 ..16 +0.27 DirexEM Bear3 EDZ .81 .0 30..015 DirexEnergyBr3 ERY .77 .0535 VidentCoreUSBdStr VBND .0195 BarclaysETN+Select ATMP 5.9 19.69 ... HartfordMultiUSEqu ROUS 1.196 FranklinGlbEquity FLQG 2.4394 iShCurHdgMSCISpain HEWP 2.02 .. 42.075 iShEdgeMSCIIntlMom IMTM 2.. 54. 25.. 24.96 –0.95 +0.. iShGlobalREITETF REET 3.65 +0. 43.8 13. 214.16 .88 .22 .18 .22 +1.7 44.92 .22 +0.3 36.1 23.1649 PwrShDWASCMom DWAS .2374 VangdRuss1000 VONE 1.55 +0...6 77.3 60.07 .9 45. 36..0384 iPathGSCrudeOil OIL .94 +0...7 16.4027 iShConsAllocat AOK 1.99 +0.3547 BarclaysETN FI Enh FLEU . E-TRACS Silvr USV .9 31.3 8.63 –0.36 +1. ETFS PlldmShr PALL ...23 . 33.35 .9 21.38 +0.5 30.03 –0.2 73.1813 DirexGoldMinBl3 NUGT ..28 –0.68 –0.....0969 iShEdgeMSCIIntSize ISZE 4.83 –0.2 37..01 .66 –0.06 +0.81 .8423 FlexGlbQualRealEst GQRE 2.. 26.5 67. 18..54 . DirexJrGoldMinBl3 JNUG .00 –0..47 . Amt.04 ..0245 iShUSCreditBdETF CRED 3.0536 CTracksETN2026 MLPE 6.60 .35 .0 29.55 –0. 25.42 +0.0919 DirexNasd100EW QQQE .0775 DirexCSI300CnA CHAD .38 .80 . 25....0 72. FT HlthCareAlpha FXH .0171 iPathBlmIndMetalTR JJM .5 31. FidelityMSCIMatls FMAT 1..2926 iShEdgeMSCIMultif ACWF 1.16 +3.2702 VangdGlblxUS RE VNQI 1. 25.28 .8654 GlbXSciBetaJapan SCIJ 2..76 –0.221 CurrShEuro FXE .31 –0..78 +0..9496 PwrShS&P ScHealth PSCH .0 55. 25..1191 ARKWebx.2125 IQ50%HdgFTSEJapan HFXJ 1. WisdTrUSQltyDiv DGRW .20 –0. GuggBull2024CpBd BSCO 2.47 8.31 . CurrShSEK FXS .43 .5 99.24 –0..73 ...18 .3 89.29 .62 +3.40 .... EqCompassTactical TERM .2476 al a iPathLXS&P500 SFLA .69 –2..20 .88 –5.71 +0.0 157...30 ... 19.90 +3.61 +1.2 29.59 .3 50....1919 VSInverseVIXSTerm XIV .1 41.17 CnsStapleSelSector XLP 2.91 ..11 .2 30..148 NYSE ARCA DirexIndlsBl3 DUSL .. 11.0 31.86 .0942 GuggSolar TAN 3. VicShUS500EnhVol CFO .16 .103 FT MngstrDiv FDL 2.33 .54 +0.25 LLSC 1..43 .53 +0.26 –0..1 49.. 18.88 .0598 FrankFTSEBrazil FLBR .01 .52 iShGlbCleanEnergy ICLN 3.05 .0314 GuggS&P400PrGrwth RFG .3267 iPathPBNickel NINI ..83 +1.33 .4816 iPathBloomGrainsTR JJG .36 .82 –0.3 25.8 32. .0 44. 7.49 ..1084 DirexSCBull2 SMLL .18 .05 .01 ..06 ..32 .99 +0.5 56. 24.35 .11 .1989 IQMergerArbitrage MNA .05 +0.44 –2. ETRACSUBSBloomberg UCIB .77 –2.18 ..19 . DirexTechBull3 TECL .4701 iShUSConsumerGoods IYK 1.9 26.0 70. Amt.67 +0.8475 iShGrwthAllocation AOR 1.04 .8 16..25 .05 –0..... 33.3475 GuggTR Bond GTO 1.44 . 25.00 +0.7 17.98 +0.39 .. FlexShIntQuDivDyn IQDY 3.27 .285 DirexESTOXX50Bl3x EUXL .4 25.01 .0048 ElemntsDJSelct DOD .09 .1 30.61 . VidentIntlEquityFd VIDI ..3174 ETRACS2xLevxEn LMLP 4.3429 on iShMSCIEuropeSmCp IEUS 2.2 28.07 +0.55 –0.88 –0.18 +0.1 24.1611 VangdMBS VMBS 2...44 +2.37 .7183 IQ US RealEstSC ROOF 4..05 . 23..1 24..30 +1..91 –0.21 +1.71 –0.52 ..3179 ETRACSMnly2xLevISE HOML ..6 42.99 –0.13 .0413 PwrShDWANasdMom DWAQ .25 +2.3 45.0574 iPathS&P500VIXST VXX .4548 PwrShQQQ 1 QQQ ...12 GuggBull2020HY BSJK 4. FT Dow30EW EDOW ..9 18.8 31.1872 PwrShIntlBuyBack IPKW .96 +0.02 .86 +0.1153 iShCalifMuniBd CMF 2. 32. 59.90 –0. FTHeitmanPrmRlEst PRME 1.5195 iPathBloomCopperTR JJC ..0 22.1 36.18 . 60.089 WisdTrJapanHdgSC DXJS .. 33..03 ...7 21.02 –0..6 36.1351 SPDRDorseyWrightFx DWFI 3..1914 DirexS&POil&GasBr3 DRIP .3446 PrincipalUSMega USMC .37 .0155 iPathS&P500DynVIX XVZ . 53.4 28. 167..5 46. 46..0614 AdvShRangerEqBear HDGE ..16 –2. GlbX MSCINorway NORW 2. iShShortTreasuryBd SHV 1.33 ..55 .5 29.1015 iShCurHdgMSCIUS HAWX 2.87 .3 32..96 –0.52 . 47.3 44.30 +0.04 –0.27 .2457 iShEdgeMSCIMnVlEur EUMV 3.3 35..35 .49 –1..91 .31 .46 .2627 ROBOGlblRobotics ROBO .27 .8243 VanEckPharm PPH 1.0658 GuggDJIA Div DJD 2..2972 PwrShGoldDragon PGJ 1...24 .4111 iPathPBCrudeOil OLEM ..117 Barrons400ETF BFOR . FrankFTSEEurope FLEE .16 . 74.39 .8 99.4 176.61 .1 77.68 +0.16 +5. FidelityMSCIFinls FNCL 1.20 +0.14 –0.0 69. 52.0192 BarcETN+FIEnhGlHY FIGY .61 +0.47 –1.79 –0.1163 GuggS&P400PureVal RFV 1.3754 PwrShIntlDivAch PID 3.80 –3.61 –0. iShMSCIUSAESGOpt ESGU 1..1816 iShCoreHiDividend HDV 3..35 +0.17 –0.66 –1.4 49. ETFS SilvTr SIVR ..5 56..35 +0.1889 ALPSSectorDivDogs SDOG 3.47 .45 +1.64 . 2...14 1.214 iPathPBAluminum FOIL ..70 +1.08 ....71 –5..68 +1..3 40.87 +0.05 –0.47 +1.038 FT USEquityOpp FPX .00 –0.7 41..20 ...2866 VS2xVIXMedTerm TVIZ ..8 154..35 .83 –0.03 .78 .99 +0.455 DirexChinaBl3 YINN .5 42.86 ...82 . .18 .21 –0. FidelityMSCIIT FTEC 1.. 23.0 110.60 +0.99 –3.0 72.67 +0..0012 DirexEM Bull3 EDC .06 .21 –0...47 . GlbXMSCIPakistan PAK 3.79 –2.91 –14.87 ..76 .15 +0.0668 JanusSGGlbQualIncm SGQI 4.446 IQGlobalResources GRES .6791 iPathBlmLivestkTR COW .9023 VanEckGenDrugs GNRX ..37 –1.6 58.0 38.16 ..65 –0.26 +0..22 +3.98 –0.65 .83 –1..9 34..63 .93 ..08 .4 64..1 77. 109.15 .3589 GuggMC Core CZA 1..60 ..4 42.1693 IQ HedMultStra QAI . GuggS&P500EWHlthcr RYH . DirexS&PBiotechBr3 LABD . FT S&P REIT FRI 2.15 . 23.17 1.26 ..84 –0. 45.80 . iShMSCIQatarCap QAT 9.3048 iShEdgeMSCIIntVal IVLU 2. FlexMrnUSMktFtrTlt TILT 1.53 ..47 –2.07 +1.8 46. 22.0469 DeepValueETF DVP 1.0892 CSOPChinaCSI300AH HAHA .6 106..176 ColumbiaIndiaInfr INXX 2.37 +0.16 +0.. 25.30 –1. CurrShCHF FXF .08 .2536 iShCoreS&P MC IJH 1.05 . 9.01 .0 69..10 .08 –0.127 iShIntlDevRealEst IFGL 2.0944 ETRACSMortgageREIT MORL 7..3 32.74 . FIEnhancedEur50ETN FIEU ..32 ..25 .048 CurrShJPY FXY .. iShMSCI ACWI ACWI 2. 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FTHorizonMgdVolDom HUSV 1..51 –0.. 9.12 –0.49 –0.11 .231 CSX WTICrude OIIL ...75 +1..211 GSTreasury0-1Y GBIL 1.90 +0..85 ....2377 iShMornMCValue JKI 2.71 .5543 PwrSh1-30LadTrsr PLW 2..70 –0.6 21.08 ...50 ..4008 n- PwrShS&P SC ConStp PSCC 1.22 .07 +3. 33. GlbXSuperIncPfd SPFF 7.4 34. FT DJ Internet FDN ..0058 E-TRACS Lvstk UBC .29 +1..0735 iPathBloomSugarTR SGG ..48 –0. 24.3222 iPathBloomCommTR DJP .4 31.73 +0.4547 GlbX FTSE SE Asia ASEA 2...50 +0.316 GuggS&PSC600EW EWSC . DirexRealEstBr3 DRV .9 28.6 108. WisdTrUK Hdg DXPS 7.5 66.1 31.084 iPathBloomAgriTR JJA .05 +0.8 39.97 .36 +0.54 +0..25 –0.50 –0.8 23.0713 CSOPFTSEChinaA50 AFTY .81 +0. 22. 13.3 25.57 –1.8 30.3 26.63 .55 .. 2.7 96.5 24.095 DirexCSIChinaInt CWEB .3 189.84 .04 .04 .2286 DirexS&P500Bull2X SPUU ..10 .153 CurrShGBP FXB .389 CSX MultiAsstHi MLTI 3.26 . 130.6 27.131 GS Active US SC GSSC .0486 ObesityETF SLIM .81 +0.89 –0.8 170.0765 AIPoweredEquity AIEQ .31 .. 25.9 266.4985 VS3XInvrsGold DGLD .01 . Direx20+YrTrBull TMF ... HartfordQualBd HQBD 2.11 ..90 –0.14 –0. 18. 47.72 ..2835 FidelityDivRising FDRR 2.0 130.7 20..06 . FlexShQualityDiv QDF 2.0156 iShCurHdgMSCIMex HEWW 2.33 +0.56 ..24 .6365 iShMSCIIntlDev IDEV . 35.. CSOPMSCIChinaAInt CNHX ..4 34..77 –0..25 .37 .72 +1.51 . 102.9 28.16 ...25 +0.29 –0.75 –0...8 51.02 ..7 24.3 36.6 34.2 19....4 9...44 +1..6 65. ETFS GoldTr SGOL . 30.75 –0.30 –0.30 +0. 82.20 .40 –0.0 29... 28.6 42..1714 FrankFTSEChina FLCH .47 +2.95 –6. iSh$HYxOil&Gas HYXE 5. 18. 2.29 –0.38 +0..25 –0.. 66..8 143..253 AdvShNewTech FNG .12 +0.26 . GlbXSciBetaAsiaXJ SCIX 3.27 . DBAgricDoubleLgETN DAG ..05 ....8 27..70 +0. ClaymoreIdxLnk GCE 6...0185 DBBaseMtlsDoubleLg BDD .59 +0.42 .65 –0.9 50. iShMSCIEmMkAsia EEMA ..69 –11.05 GuggBS2027CorpBd BSCR .9 65..4919 PwrShS&P SC CD PSCD 1...0521 GuggBull2024HY BSJO 4..147 GuggBull2020CpBd BSCK 1.0279 FrankFTSEAustralia FLAU .2 32.26 –0.24 .4573 iShGlobal100 IOO 2.1 111.10 –0.24 .... 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HullTacticalUS HTUS .....13 .40 .68 +6.2 28.46 –0...2811 DJ 2xSelect Div DVYL 2.07 .84 .3063 IQEnhCorePlusBdUS AGGP 1.01 .25 . 14.337 GuggBull2018HY BSJI 3..Utilities IDU 2..90 ..6389 co Fo PwrShDynConsStp PSL .82 +0.003 iPathShortTmFturs XXV .. 31.04 ..S.0603 VSVIXShortTerm VIIX .8 26..6 125.2243 OrganicsETF ORG . ..2 52.2999 FrankInvGradeCp FLCO 3.09 –1.3 25..2 16.3032 DirexFinlBear3 FAZ .476 CurrShAUD FXA .2 21.57 .2855 iPathPBGrains WEET ..0 15.70 +0..85 .80 +0.44 +0.. .298 CurrShSGD FXSG ..73 +1.9 20.63 –0. 5.34 +0.39 +0.42 –0.46 .7 63.07 .0835 GS ConnS&PGSCI GSC .1073 VangdRuss1000Val VONV 2.07 ..19 .62 +0.3 122.28 . GlbXMSCIColombia GXG 1.42 +1.4 16..32 –0.11 .1141 iShEdgeMSCIUSASize SIZE 2. GlbXMSCINigeria NGE .1 50.00 –0.01 .05 +2..14 .33 .. 8. 10..6 23.. FidelityMSCICnDisc FDIS 1.2 12.68 –0...2 35. 25..3 67.02 ..14 . WisdTrMEDiv GULF .2736 Direx iBillionaire IBLN ..5 16.7 60. 28.30 .3 15. 35.16 .03 . iShMSCIBrazilSC EWZS 2...6 51.4 20.1227 iPathBlPrecMetalTR JJP .. Amt. JanusSCGrwAlpha JSML ...1 35.....35 ..0138 ALPS EqSecWgh EQL 2. 34.25 –0.2096 AlphaCloneAltAlpha ALFA .12 1.3 38.119 GSHedgeIndVIP GVIP .01 ...84 +0..5 31.14 .75 .08 –0.02 ..34 –0..0906 ETFMG VideoGame GAMR . VicShUSLCHiDivVol CDL 1. 36.84 +1...88 +6..71 .2 60..63 +1.99 .2755 S&PVEQTOR VQT .1 43.0768 DirexHmbldrBull3 NAIL .2399 DirexMexicoBl3 MEXX .0 30..... iShMSCIGlblGoldMin RING .. GlbXISuperDivEM SDEM 5...1242 DirexJapanBl3 JPNL .3 34.1428 VangdRuss3000 VTHR 1. FT GlbWindEner FAN 1.86 +0.70 +0.9 20.. 10.12 .2748 ETRACS Alerian MLP AMU 7.1872 iPathCBOE S&P500BW BWV .5986 ProShEquRising EQRR . 43.20 –0. Name Sym Yld Last Chg.5415 iShAggrAllocation AOA 1.1096 iShEdgeMSCIIntQual IQLT 3.85 +2.19 . FT DJ GlbSelDiv FGD 3.0909 er rs LeggMasonEMDivCore EDBI .43 .26 +0.47 .24 ..14 –0. 24.41 –0.07 ..04 .30 .91 –1. 8..28 .2107 GuggBull2023HY BSJN 5.11 +0..71 ..07 –0. DirexAuspiceBroad COM .1068 FrankShtDurUSGovt FTSD 2.1 26...15 .36 –0.4439 PwrShKBW Banks KBWB 1.19 –1..57 .5 63..0554 GuggChinaRE TAO 1..04 . 25.4 62. FlexGlbUpstmNatRsc GUNR 2.98 +0.. 24. 34.70 –0.3809 iShEmgMktDividend DVYE 8.80 –0...98 ..14 .39 .81 .36 +0.. 17.26 –0.28 +1.86 .1593 iShCurrHdgMSCIUK HEWU 4..95 –1.03 –0.5 15.. .97 +0..0237 AGFiQ US NeutAB BTAL .5 110.095 ColumbiaSustGlb ESGW 2..45 . DirexSilverMinBl2 SHNY ..121 FIEnhancedGlbHiYd FIEG .55 .2052 Direx7-10TreaBull TYD .61 .65 +0..5 36.0139 GuggS&P500EWIndl RGI 1. iShPHLXSemicond SOXX 1..6 28.. Name Sym Yld Last Chg.02 .8 25.45 ..72 –0.32 1.20 +0.1204 ETFSBloomAllCmdty BCD .. 31..5 75. 23.10 –3.... 25. 11.. 25.50 . 74.20 –0. 27..8 10.S. GlbX GoldExplorers GOEX 37..4 30..3198 PwrShKBWHiDiv KBWD 8.6741 iShCoreUSAggBd AGG 2.. DirexPharmBl3X PILL .2 38..21 –1.00 +2.31 –0.02 . iShMSCIACWIexUSETF ACWX 2. 133.29 .4 32.702 iShUS Energy IYE 4.14 –0.1187 LeggMasonUSDivCore UDBI .92 .0 22. 35. ..69 +0.01 .3 27..42 +0...053 IQ50%HdgFTSEIntl HFXI 2.2 16.....8 64.. 14..19 –1. 108.37 ..0661 BarclaysETNShiller CAPE .52 ...18 +2..04 –0. 49.2 58. 10. . 24.8 52.0542 InfraCapREITPfd PFFR 17.08 ..6 179.84 –0.6 30.06 . FlexiBx3YDurTIPS TDTT 6.02 .57 +1.57 +0.06 –3..... FidelityRealEst FREL 3.61 –2.6 29..49 .50 –0..8 29.....19 .09 .0 34.1586 NuvShrtDurCrOppFd JSD 7.0788 ETRACSMthlyPay2x SMHD 8. FT IndlsAlpDx FXR .4 26.08 –0.3724 iShGlbTimber WOOD 2. 18...69 .1 46.12 1. 32.5 31.14 +0.08 .52 .24 .0712 IQ50%HdgFTSEEur HFXE 1.9513 FT MornMgdFut FMF .21 ... GlbX ChinaIndls CHII 1.5 19.01 .0419 LeggMasonSCQualVal SQLV .90 +0.. 222.3314 DirexIndiaBull3 INDL .32 . 28..67 +0.11 .7 23.1 64. 15..3 12.2 49.75 +0. Name Sym Yld Last Chg. GlbX MLP&Energy MLPX 4.0 48.24 +0.3562 IndSelSectorSPDR XLI 1..10 . FlexShCurrHdgEM TLEH 4.0474 DeltaShS&P400Mgd DMRM ..0 15.77 +0. 23...0293 DBCommodityDblLong DYY .68 +0...31 .1077 iShEdgeMSCIUSASC SMLF ..05 .8 27. 32.82 +0..3 30. iShEurDevRealEst IFEU 1.76 –0...0503 GuggMSCIEMEq EWEM 2. .2 55...41 3.76 .77 +0.57 +0.64 –0. FT NYSE ArcaBiotch FBT .75 WisdTrUSSCQltyDiv DGRS .67 –0.21 .3 21.25 –0....41 .16 ..65 . 16. GuggChinaSC HAO 2..84 +0..7 51..5 57.44 .4 49.25 ..95 ..1712 IQGlbAgribusSC CROP 1.4 30.0729 iPathBlmPlatinumTR PGM . GSAccessHYCorpBd GHYB 4..97 –0. 24.1543 ETFMG DroneEcon IFLY .92 .1797 E-TRACS Agri UAG ...06 .74 .8 10.18 .5 24.1118 AdvShPacAsEnFR FLRT 3.71 .7 73.91 –0.0 29. 15. FidelityTotalBdETF FBND 2.06 . iPathPBBroadCmod BCM .80 .37 +0..6 29..7277 VangdIntlHiDiv VYMI 2.097 ColumbiaEMQualDiv HILO 2.0791 FTSTOXXEurSel Div FDD 1.3478 iShGoldTr IAU ..40 –0.20 .3609 PwrShDivAch PFM 2...0967 iShResidentRealEst REZ 3..8 105.6 48.7358 WisdTrChinaxSOE CXSE .5 27...4 26.77 . 114.25 . 33.22 –0.17 –0.40 –1..3 25.3 14.92 ..122 iShU..17 .23 +2.12 .11 .01 ..0674 iPathBloomEnergyTR JJE .40 . FlexShQualDivDyn QDYN 2.7 25.1387 DirexS&P500Bl3 SPXL ..88 +1.6 24. 23. 28..675 CSX2xAlerianMLPETN AMJL 11..8 27....8 60. 30...29 .02 .42 –0.. HartfordMultiEM ROAM 1.8 32.7553 iShCoreDivGrowth DGRO 1. FidelityMSCITelSvs FCOM 4. 30.0ETF ARKW .3159 iShGNMABondETF GNMA 2.4 11.1732 iShUSHealthcare IYH 1.2309 PwrShUS1500 PRFZ 1.66 –0..43 –0.3 57.7 92..14 ..1597 iPathPBCopper CUPM ..50 +1..9 41.06 . ETRACS2xMLevS&PMLP MLPZ 17..6 117.5 36.S..2276 iShCurHdgMSCIACWI HACW 2...91 .7 113. FlexShMDevMktxUS TLTD 1.04 .6 48..63 +0.37 ..0 16..6 14..00 . 140.39 .5685 PwrShNasdInternet PNQI ..48 –0.34 +1..79 .25 ...88 +1.6 54.0154 FrankFTSEItaly FLIY .02 ..1 25.0597 GuggIntlMltAst HGI 3.2293 iShUSMedDevices IHI .293 ColumbiaIndiaCnsmr INCO ..2442 GuggS&PHiIncmInfr GHII 5.01 +0..6 21.39 .53 .4 20..52 –0.1081 AdvShWilshireBuybk TTFS 1.38 . DirexSemiBear3 SOXS ..52 .27 –0..9 iSh0-5YTIPSBd STIP 5..4 51..13 –3..22 –1.6 100. 25..26 +4. DirexTechBear3 TECS .0481 BluStrTABIGIIsrael ITEQ ...11 +0.0001 DBBaseMtlsDblShr BOM .. .24 +0.41 +3.38 ..00 1...23 .23 .53 .08 .28 .74 . GlbXSciBetaEurope SCID 2.4433 PwrShGlblAgricult PAGG .77 +0.54 –0..05 –0.21 .07 .0 17..1477 DirexMcBull3 MIDU ...94 +0.34 +3.48 .36 ..02 +1. ETRACSAlerianMLP AMUB 7.68 +1. ETRACSWFBusDev BDCZ 8..66 +0..20 +0.3 27. ElemntsGrain GRU .01 .66 .6484 iPathBloomNickelTR JJN .7 30..0785 WisdTrEM CpBd EMCB 4. 25.87 +0...13 –0..407 PwrShS&P InfTech PSCT . DirexSCBull3 TNA .. 31.1 18.61 ...69 .3 68.47 –0.0505 AGFiQHdgDivIncm DIVA 3.31 .26 –0..01 ..63 –0.14 +1.50 +0.3 28.7321 VangdTotIntlBd BNDX 1.1343 FrankFTSEGermany FLGR ...02 ..93 –0.01 . VicShEMVolWtd CEZ .27 +0..70 +0.70 . GlbXMSCIPortugal PGAL 3.9 64.92 +2.04 .42 –0.93 ..8 24...4 24.02 +1.4 11..4 29..17 –0. ETFS PltnmShr PPLT .1187 DirexScBear3 TZA . iShAAA-ARtdCorpBd QLTA 2. Name Sym Yld Last Chg.02 DirexChinaBr3 YANG .1195 IQS&PHYLowVolBd HYLV 3.49 .31 .1319 ARKGenomicRev ARKG .18 .08 –1. 4.28 –0.9 25. 17.5 41.37 –0.66 –0.38 –0..14 –0.1276 GlbX ChinaEner CHIE 1.9 25. First Tr Instl Pfd FPEI 5.6 34. 25.02 ..50 +3.70 –0.37 . FT Water FIW .77 +0..13 –4...19 +0..68 +0.16 .04 .71 .00 –0. 44...00 –0. WisdTrEMConGrwth EMCG 2.97 –0. iSh1-3YTreasuryBd SHY 1..3742 iShUSFinlServices IYG 1.8349 iShUSHealthcarePrv IHF .3 29... VicShIntlVolWtd CIL .00 +0..07 –0...64 +0.25 LLSP 1.14 DirexCSI300CnABl2 CHAU ..2232 ColumbiaDivFixed DIAL ..82 –0.65 +0.67 .1407 CTrksETNsMillerHwd MLPC 6.06 .01 .4 48.52 +0. 96.05 .. FidelityLowVol FDLO 1.0 17..0275 GuggInsider NFO 1..22 ...67 +0.05 +0.03 ...27 +1.1 15.3024 iShCurrHdgIntlHY HHYX .2261 iShCurrHdgMSCISK HEWY ..2243 DirexS&PBiotechBl3 LABU . GlbXSuperDivUS DIV 5...2279 GuggS&PGlbl LVL 3.54 ..50 +0.06 +0.6 24. 29.0845 FidelityCorpBd FCOR 3.04 ..1 23. 25...37 .4 38.96 –0.73 –0.27 .60 +0.88 .29 +0.4229 GuggMltiAstIncm CVY 4..88 +0.063 FrankFTSE HK FLHK .21 +0.46 .57 .50 +0.0324 iShEdgeMSCIMlIntSC ISCF 1.4 31.05 .38 –0.06 .7317 PwrShDWA Util PUI 2.. DirexUtilBl3X UTSL .7 35.80 +1.1 24..02 ..53 .3 31.63 +0. 5..214 GSActiveBetaIntlEq GSIE 1.63 +0...38 –0...9 20.7 134.32 –0.7644 FlexShSelBdFd BNDC 2.38 +4.12 .314 CnsmrDiscSelSector XLY 1.06 ...557 CSX Mthly2xLvMtg REML 6..2083 PwrShFTSEIntlLow IDLB 1.0613 iShESGUSDCorpBd SUSC 2.18 .07 +0..38 .38 ..87 +0.0 59.0847 AdvShFocusedEqu CWS .2806 PwrShS&PSC Util PSCU .98 .80 . 19.25 .03 .10 –0. 12...57 +0.0142 DBCrudeOilDblShrt DTO .80 –0.31 –4.164 S&P2xDivAristoETN SDYL 4.01 –0.1233 GuggS&P500EWRlEst EWRE 2.1 55.64 .30 +1.. 46.1925 WisdTrBarUSAggBd AGZD 2..1629 PwrShGlbWater PIO . 71..08 .6 40. FT GlbEngg FLM ..59 +0..41 +1.31 .05 .4 30.. GlbXLithium&Batt LIT 1...8 57.35 .5 28..06 ....77 ..4273 GuggS&P100EW OEW 1.29 –0.6 27..09 +1.3803 iShCoreMSCIEurope IEUR 3.0206 DBCrudeOilLongETN OLO .17 .99 .5 10.90 –0.02 .87 +0.58 +0..... 23.1465 iShCoreS&P500 IVV 1.06 ...62 –0.28 . 73.15 DirexDevMktBear3 DPK ..2 15..37 ...59 +2.6 49.3 87. 8.06 .8 105.. HartfordMultiREIT RORE 1.3 35. 17.2 33...39 –0..00 +0.2433 ProShUltProShQQQ SQQQ .35 .43 +0..24 –0.. FidelityLtdTermBd FLTB 1..75 +0. 22.29 .36 –0.3 20..04 .53 .84 –2.7892 FidelityQualFactor FQAL 1.78 +1.23 –0.81 .4 25..449 VangdShtTmInfltn VTIP .22 ....2252 GuggS&P500Top50 XLG 2. iShMSCIEMxChina EMXC .7 31.28 .7 17. 12. EqCompassRiskMgr ERM 1..2 28..00 –2. 72.0946 LeggMasonLVHD LVHD 3.2 37.9 21..27 ...5 24..4769 VicShDivAccel VSDA .1 84.12 1.042 LoncarCancerETF CNCR .08 +0.30 –0.1 28.555 CSAxela3xLgBrent UBRT ...0498 AdvShSageCore HOLD 1..95 +0.30 .31 ...87 +0.6902 VangdRuss2000 VTWO 1.12 .9 65.0494 GuggBS2025HYCpBd BSJP .3461 iShUSRegionalBanks IAT 1... 6. 47.257 GuggBull2019CpBd BSCJ 1.36 .10 .46 .61 ... FlexShQualDivDef QDEF 2. iPathPBCoffee CAFE ..58 +0.Technology IYW .03 +0.94 . 7.0 187. FlexShEM FactTilt TLTE 4. FT Chindia FNI 1.14 –0.0223 DiamondHillVal DHVW ..2185 AGFiQ US Neutral SIZ .0925 DirexEMBdBull3X EMBU .01 1... 14.5 49.32 .5 13.7 12.3 128. FT TechAlphaDEX FXL .08 .02 .50 –0.0997 ETFSBloomAllCmdty BCI .97 –0.0643 ALPSMedBreak SBIO ..32 . 156.98 –6.0 26..72 . 16.17 .79 –0.5434 InspireCpBdImp IBD 1.65 –0.1901 PrincipalPriceSet PSET .77 –0.168 VS2xVIXShortTerm TVIX ..48 –0.1 16.09 .1295 GuggRayJamesSB1 RYJ 1. BuzzUSSentLdrs BUZ .05 ..4 48. 31.13 .64 –0.30 GuggS&PSpinOff CSD 1..7 71.10 +11.0 83.52 .03 .143 ColumbiaSustIntl ESGN 1.8 121.5 18.2 18..1347 ARKInnovationETF ARKK ..2 136.41 +1.24 –0...12 ..216 GraniteBloomComm COMB .40 .19 .4 25. FT Long/Short FTLS .5 27.0005 iShCurrHdMSCIGrmny HEWG 3.....48 .38 ...97 +0.19 ...01 +0.61 .0495 GuggBull2025CpBd BSCP 2.36 .0 94.1793 VangdSTCpBd VCSH 2..13 +4.15 ..59 . NYSE DirexFinlBull3 FAS ... 112..00 .4 17.42 .60 ...1613 PwrShDWATact DWTR .52 –0.5 27.88 –0.01 .5589 VangdIntlDivApp VIGI ..8 20..07 –0..05 .40 +0.24 .15 +0..1469 E-TRACS Engy UBN .86 .16 .54 +0. 135..77 +0.S.6 27.08 –0. Amt. FlexShIntlQualDiv IQDF 3.. 5. 18.80 +0.66 +0.09 +0.2 170.1349 iPathBloomAlumTR JJU . E-TRACS IndMtl UBM .00 –0..37 . 114.93 –0..18 .02 .70 +1.3557 ETFMG PrimeJrSilver SILJ .40 –0.38 . EnSelectSectorSPDR XLE 5.14 –1.07 .08 .6 45.68 ..24 .. GlblXSuperDividend SDIV 6.52 –1.9 21. 10.97 –0.7997 GuggCreditAlloc GGM 9.1069 iPathCurrCarry ICI .78 –0.64 .09 . 26.1 15..46 .90 –1. 36. DirexJrGoldMinBr3 JDST . WisdTrIntRtHYBd HYZD 4.2 153. 29. 29.07 –0.38 .49 .28 +0.7 115.09 .17 .44 . 57. 56. 172. iShCoreTotalUSDBd IUSB 2.4 29..03 .9 25.0398 VangdRuss2000Val VTWV 1.89 –0. CambriaShareholder SYLD 1.6775 PwrShDynConDis PEZ 1.41 +0.5947 iShCurHdgMSCISwitz HEWL 4..2159 iShCoreUS REIT USRT 3.2591 iShUSOilEquip&Svcs IEZ 11..69 +1.27 –0.56 +0.21 +0.51 +1..74 . 7..82 –1.54 .1 32.3 20.23 .0406 ArrowDJGlobalYd GYLD 8.5953 iShCore5-10YUSDBd IMTB 3. ArrowQVMEquityFact QVM 1.89 +0...95 –0.5 49. Amt...48 –0...83 –0.35 .0 42..5 63.88 –0. DirexZacksMLPHiIn ZMLP 10..09 .1 27.4218 PwrShDBOptYdDiv PDBC .2884 InfraCapMLPETF AMZA 25. 7.. ETracsLngPlat PTM .13 .00 –1....42 –0..14 –0.99 –0..8 26.94 +0..4682 VicShUSSCHiDiv CSB 1. iShUSPfdStk PFF 6.0948 iShS&PSC600Growth IJT .44 .25 –0.7 24..374 CurrShCNY FXCH ...85 –0.9 52.152 iPathBloomCocoaTR NIB ... 70.57 .67 –0.30 52.82 –2.3 25.1779 VangdRuss1000Grw VONG 1.79 –0...35 .256 GSActiveBetaJapan GSJY .147 BarcETNFIEnhEur50 FEEU .25 .2 21..0481 iShAgencyBond AGZ 1.07 ..97 –0. 24..0257 iPathPBLivestock LSTK .98 +0.67 .7 82.0715 ETRACSMthPay2xLev DVHL 6.20 .30 +1. GlbXMSCIArgentina ARGT .98 +0.0 49.3 82.1938 GuggBull2023CpBd BSCN 2..23 –0.4 38..34 –0.86 . ElemntsRogrMrngstr WMW ..123 GuggBull2017HY BSJH 1.10 +0..15 .05 –0.146 iShCurHdMSCIEurozn HEZU 3.....93 +0.26 –0.0614 iShESG1-5YCpBd SUSB 2...58 .1183 FrankUSLowVol FLLV 2.90 +0.82 .17 .. 125.02 ..37 .6 9.04 .08 –1.0 130.07 . AlphaCloneIntl ALFI .4779 ETF Exposure TETF .27 .0 21..0088 DirexRetailBull3 RETL .4 17.1 33.79 +0. 74.0 26.5 21. 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Amt.72 .1 74.93 +0.11 +0.76 ..33 .05 .6023 PwrShDBGold DGL ..67 +2.069 HancockMultFinls JHMF .299 NewfleetMultiUnBd NFLT 4..7 132.2715 SPDRS&P500Buyback SPYB 1.59 .1548 iShYdOptimizedBd BYLD 3. 106..81 .43 XtrkrsMSCIBrazil DBBR 2. 27.39 +0.4741 PwrShRussMC EW EQWM 1.33 –0..07 iShMSCISpainCapped EWP 1.25 +0.4575 PwrShUsRealEst PSR .52 iShRussell1000Gwth IWF 1.5 18.3 113.44 .298 XtrkrsMSCISKorea DBKO .37 +0.. 63.70 .25 .10 .39 .98 .9426 PwrShEuropeCurr FXEU 1.34 .1666 ProShrUSTech REW .13 .80 +0.88 .7127 Wlshr US REIT WREI 3.13 iShMSCIWorldETF URTH 1.09 ..4 24.3 91.5835 OppGlbESGRevenue ESGF 2.97 .15 +0.11 –0..1 39.48 –0.515 XtrkrsMuniInfra RVNU 2. 87.3 153..99 .30 ...60 –0.1 36.5 40.3019 ProShShXinhuaCh25 YXI .2 17.14 –0.8 28. SPDRS&PTelecom XTL 2.4884 VanEckUranium NLR 3.63 –0.43 .269 MadronaGlobalBond FWDB 3.04 .33 .05 –0.3416 iShGlblConStaples KXI 2..3 177.26 ..06 +0.2 27. 35.46 .57 –0. 28..00 +2.22 .54 +0.69 +0.59 . 26.00 .1963 PwrShDB USDBull UUP .92 .08 ..8 33. 26.6 84.06 .. 25.57 –0.. 9.2002 VanEckShHYMuni SHYD 3.33 . SPDRRuss1000Mom ONEO 1. Amt.71 –0.40 +1.35 –0..76 ..79 +0.51 –0.0 19.8327 PIMCOShrtTrmMuniBd SMMU 1.6 27..07 +0.7 27.60 +0.77 .. iShJPX-Nikkei400 JPXN 1. 17..37 .67 .60 .7 9..19 .1 70.19 . VirtusEnhShrtUS VESH .49 .25 –0.75 –0...33 –0. SPDR DJRlEst RWX 4.07 .80 .. 23.05 –0.77 –0.84 –1.5 47.1267 iShRussellTop200Gr IWY 1.. 38..2 31.54 –0..44 .5639 VanEckRussiaSC RSXJ 1..4 68.85 .8 34. 19.05 –2.9 16.3443 2xLevLgETRACSWF LBDC 17.33 –0..4976 ProShSh7-10YrTr TBX .0276 SPDRPtfIntermCpBd SPIB 2.9 25.76 –0.49 –0.47 .353 iShiBondsDec2019Cp IBDK 1. 9.96 –0.90 1..3 23.71 ..084 RenaissanceIPOETF IPO .8 30.7 75.39 +0..2 154. SPDRSSgAIncmAllctn INKM 2..4172 OppenheimFclsSect RWW 1.18 .81 +2.1 67.94 –0.05 ..56 –0.68 –0.55 .1402 ProShrUlShtRus TWM . 134.45 –0..04 –0..9 43.19 +0.05 .0518 ProShXinhuaChina25 FXP .1 87. 29.1367 PwrShRussTop200 EQWL 1.75 +1.66 +0.30 .8 26.42 +0.0314 HancockUtils JHMU 2.0 32.9 25.7 44..3096 KraneEMCnsTech KEMQ .9 87.81 . 73.0697 ProShRAFI L/S RALS 1..675 iShMSCISwitzerland EWL 4.066 WisdTrGlbxUSQual DNL 3.39 .4 54.0617 ProShShortEuro EUFX .53 .2 25.95 +2.87 +0.24 +0.1 124.2092 VelocityShares3xLg UGAZ .91 –0.1075 SPDRMFSSysGrowth SYG .7 91.M26 BARRON’S December 4..23 ..02 .5796 ProShrUltShFTSEEur EPV .4 31.9 45.8 50.0764 SPDR SP EmAsPac GMF .21 –1.1283 SPDR Aero Dfns XAR 1. SPDR US LC Low Vol LGLV 1.75 .3 58.11 –0.2 36.18 +0.58 +0.69 .19 . SchwabFundUSLrgCo FNDX 2.2173 PwrShPfdETF PGX 5.17 +2.73 +6.2557 VangdFTSEDevMk VEA 1...73 +0.47 . SitRisingRateETF RISE .3588 VirtusGlovistaEM EMEM .0266 SpinFieldUVAUncons FFIU 2.096 JanusHenShrtDur VNLA 2. m rp iShMSCISouthAfrica EZA 1..83 .0601 iShMSCIGloblEnProd FILL 2.1822 VangdSC VB 1..29 XtrkrsMSCIJapan DBJP 4..5991 VangdTotalBd BND 2.45 .4 49.045 iShRussell2000Gwth IWO .60 –0.89 ..06 .2527 UBSProSh3xInvCrd WTID .60 –0.13 –0..96 .5 47.. 18.01 .32 .0 25.0587 SPDRMSCIDEStrat QDEU 3.8 76.35 –0.5423 VanEckIsrael ISRA 1..71 .44 .16 +1.94 –0.0 72.0049 iShRussell2000Val IWN 1.26 .465 WisdTrJapanSC DFJ .73 –0.6 24.18 .43 +0. 34.45 –0.1763 PwrShS&P500LoVol SPLV 2.05 .1025 SPDRBloomBarMtgBd MBG 3.44 .34 .16 –0.1593 VangdMCGrowth VOT .23 ..2655 WBITacticalSMQ WBID .2 122. SPDRGenderDivers SHE 1..56 .01 ..3 30.34 +1...06 .1833 ProShUltShGold GLL . 12.23 +1.43 –0..22 +0...027 WisdTrUSHiDiv DHS 1. 40.03 .4 59.50 +3.14 ..66 .. SPDRShtTermTrea SPTS 1.63 .85 –0.6 22.277 ProShrUltraInd UXI .21 .1267 iShGloblFinancials IXG 2.4746 PwrShFTSERAFIDevMk PDN .65 ..2931 SPDRS&P1500ValTilt VLU 2.9315 OppESGRevenue ESGL 2.15 +1.1796 XtrkrsUSDHYCorpBd HYLB 5.47 +0..21 –0.0644 VanEckMerkGoldTr OUNZ .12 .9 31.7603 PwrShFTSE US1000 PRF 2.0681 ProShrUSSemi SSG .83 .47 –0.53 .01 .0295 NuShESGUSAggBd NUBD 2. ProShDJBrkGlIn TOLZ 4.38 iShMornLCValue JKF 2.08 .75 .0988 SummitWaterETF WTRX .07 iShMSCIThailandCap THD 3..2 32.17 –4.09 ...17 .5 33..3 67.04 +0.90 +3.03 .02 +0.3439 VangdFTSE EM VWO 4. 30.32 ..51 –0.01 .65 +0.2 154.09 1.0321 VanEckCSI300 PEK .7 16.. 89.30 . 12.59 –0..35 .13 .1575 VirtusNewDynCredit BLHY 5.17 +2.8 62. iShMSCIPolandCap EPOL .1431 PwrShFTSE EM PXH 6. 26.5347 MadronaDomestic FWDD . 16. 39.24 –0.01 .40 .4576 SPDRBloomBarcTIPS IPE 6...2621 ProShShtMC400 MYY .19 +1..05 . 34. SPDR MSCI exUS CWI 2.80 +0.42 –4.49 .68 ...41 .35 +3.. us l.52 +1.0388 iShMSCIGermanyETF EWG 3. 29.9 158.69 –0.354 iShIntRtHdgCorpBd LQDH 2.12 . SPDRS&PBank KBE 1.9 37.0852 ProShUltShtS&P500 SDS .19 +0.0623 WisdTrUSTotalEarn EXT 1.46 .. 22.45 +1.103 SPDR S&P Retail XRT 1.3 32..12 +1.1 87.79 +0..602 XtrkrsRussell1000 DEUS 1.0 54.6 32.42 +0..11 .50 ..9 31. 25.10 +2.394 WisdTrUSMCEarn EZM 1.92 –1.0245 WisdTrUSLCDivFd DLN 1.312 ProShInflationExp RINF 3.90 –0.25 .6 36.89 –0.24 .1047 WisdTrIntDivxFin DOO 2..69 .19 ..56 –0.45 +0.39 +0.2565 iShMSCIEmgMarkets EEM ..7 96.88 .16 . ProShrUMdCp400 MVV ..64 .03 .6 57.8 133.05 –1. Amt..28 –0.50 –0.1159 OppenheimerSmCpRev RWJ .97 .0049 HancockDevIntl JHMD ..5 46.1204 VanEckSemiconduc SMH .96 +2.02 ..7 34.13 .72 –0.6176 PwrShDevMkt xUS PXF 1.46 .24 –0.0348 ProShUltProShS&P SPXU .37 +0.55 –4. iShMSCIAustralia EWA 4.42 +1.1433 VangdHiDiv VYM 2.0263 PwrShDynRetail PMR 1. 23.14 +0.719 XtrkrsFTSEDevXus DEEF 3.9 43. 12.179 XtrkrsMSCIEurope DBEU 2.4034 VanEckGlblSpinoff SPUN 1. SPDRS&PSft&Svs XSW .84 .07 ...61 ... 50.. 25.8 31.5 24.74 +0.90 +0.8 43.4 45.29 +2.00 +0.01 +1. Name Sym Yld Last Chg...06 –1.0458 HancockConsDisc JHMC .57 .2 37.40 .3 25.0568 SPDRS&PCapitalMkts KCE 1.19 .21 +2.7 64.83 .61 +0.01 .6 27.23 .91 +0.10 . 17. 21.04 –0.643 WisdTrUSDom WUSA 2.02 iShRussell1000Val IWD 2.425 iShiBondsDec2022Cp IBDN 2.53 +2.09 .2 34..11 +0...68 +1.2 34.0883 PwrShInvGrdCpBd PFIG 2.06 .06 –0.8 64.06 .36 . .1103 VangdMatrls VAW 1.18 +0.36 .53 –0.20 –2..58 . VelocityShLIBOR DLBR ...27 . 58.17 .8 45..60 .00 .11 +0.57 –2.75 –0.7563 PIMCOIntermMuniBd MUNI 2.7 43.03 .96 +7.46 –0.. KraneCSIChInt KWEB ..49 –0.0 38. SPDR S&PMdCpTr MDY 1.4 53.037 VangdS&P500 Grw VOOG 1.84 +1.0452 US3xShrtOilFd USOD .4 47.79 .3999 ProShShortQQQ PSQ .2581 TierraXPLatAmRlEst LARE 21.43 1.53 ..59 –0.34 –0.33 ... 64.62 .37 .10 .4 36.2153 VangdFTSE Pac VPL 1.19 .03 .09 ....87 .7 121..28 +0.2153 MkVctrDbShtEur DRR .2 83.85 +3.24 –0. SchwabUS REIT SCHH 2.1 76.4 25.47 –0..3475 MadronaIntl FWDI 1. E-TRACS DJ Cmd DJCI .33 ..8 24.00 ..06 .75 –0..88 2. VirtusLifeSciBio BBP ..89 .13 –1. 15.0564 SPDRS&PHlthCareEqp XHE .89 –0.4 55.7 24.1653 VanEckHYMuni HYD 4..1275 PwrShS&PEMLowVol EELV 4..66 .4 21.4 23.0686 VanEckAfrica AFK 2. ProShUltRus2000 URTY .62 .4 39. 24.553 iShiBoxx$HYCpBd HYG 5. 18.3 25..16 SPDRS&POilGasExpl XOP .49 –0.15 .0223 HancockEnergy JHME 1.405 iShMSCIUSAEqWeight EUSA 1.37 . 28.48 .44 –0.1926 VangdExtMkt VXF 1..4 59.1269 TeucriumAgricFd TAGS .80 +2.0 22..06 –0.0 58.20 .3365 VangdLC VV 1.77 –1.02 –0. Name Sym Yld Last Chg.0412 WisdTrJpnCapGds DXJC .99 ..0317 VangdTelecom VOX 3.71 ..586 XtrkrsRussell2000 DESC 1..356 iShiBdsMar23CpxFin IBCE 2. iShMSCIBrazilCap EWZ 1.11 .6 147.854 iShiBdsDec2021Muni IBMJ 1.05 .14 .0173 ProShUltSilver AGQ .675 iShIntRtHdgHiYdBd HYGH 4.16 .20 .3741 WisdTrChineseYuan CYB .2 120.50 +2.48 –0. SPDRBloomBarc1-10Y TIPX 6.91 .10 .3 68.67 .97 .0275 HancockLC JHML 1.87 –1.5109 SPDR Gold GLD .8 31.3 53..1422 ProShrUltraS&P SSO .0745 WisdTrEurQualDiv EUDG .12 +0.59 –0.04 +0.50 .0 56.6 44..13 –0.22 +0..06 –0.08 .24 –4..1887 SPDRPtfEM SPEM 1.0679 ProShUltShtQQQ QID . SerenityShImpact ICAN .46 ..0439 m e iShMSCIPhilippines EPHE .1 51.6 30.01 –0.34 .90 –0.56 +0.6996 ProShS&P500xTech SPXT 2. 40.06 –0..0253 iShMSCIIrelandCap EIRL 1.9 36.94 –0...06 .0 25.19 –0.963 iShIntRateHdgEM EMBH 4.07 ...0 26.59 –0..55 –0.52 +2..45 –0.. 32.08 iShMorningstarMC JKG 1. 119.4 15..04 .105 n- iShGlobalEnergyETF IXC 3.2 60.9 37.11 .95 –0.40 +1.44 .1759 PwrShNatAMTFrMuni PZA 3.1684 iShiBdsSep2019Muni IBMH 1.53 –0.1 94.37 +0..0376 SPDRBloomBar1-3MTB BIL .1812 RealityDIVS DIVY .18 .3 25.90 –0.41 .145 iShMornSCGrowth JKK .57 .3308 ProShShtFinls SEF ..06 .08 . 6.7 113.23 +1..28 +3.13 +0..52 .88 +0.. Schwab US TIPs SCHP 3.... VelocityLgLIBOR ULBR .01 . 24.01 .1 16.142 PwrShS&P500Down PHDG 2..85 +0...49 1.65 –0.7007 PIMCO1-5USTIPSIdx STPZ 5...7 23.1 34.31 iShMornMCGrowth JKH .04 +2.76 +0..59 –5.60 +2.17 –0..14 .1308 SPDR S&P Pharm XPH .1 25.4 47.7 57.55 .3509 ProShUltBlmCrude UCO .241 iShMSCISaudiArabia KSA 2...0617 SPDR S&P400MidVl MDYV 1.45 +0.9 26.93 +1.38 .18 ..1917 MeidellTactical MATH .5621 VangdValue VTV 2.0543 VangdExDurTreas EDV 2.1 36. 19.70 –0.22 +1.05 .48 –0.46 +1.87 –0.3645 KnowldgLdrDevWrld KLDW .17 ..3 29..23 –0..43 +1..71 +0.78 –0.55 +0.96 +0..1056 SPDR IntlSC GWX .48 –0.0268 VanEckMornWideMoat MOAT 1. TeucriumSugarFund CANE ..38 –1.0 23.05 +0.09 ..32 +0.96 +0..96 .49 . 29.31 +0....39 ..7 30..52 +0.09 +0..3 50.03 .06 –0.8 25.12 .10 .23 –1.60 ...3 72.24 .48 1.49 .2 30. iShJPM EM LC Bd LEMB ..3894 VangdMegaCap MGC 2.1 48..2 48...10 .6 27. 8.07 .39 –0.14 –0..9 20.37 .01 +0.01 .74 .0 51..368 PIMCO1-3USTreaIdx TUZ 1..55 –0.29 .12 .21 ..1281 VangdIndls VIS 1.04 iShGlobalHealthcr IXJ 1.9 216.4547 WBITacticalIncome WBII 2.59 +1.7 26. USAACoreST USTB ..45 .56 .6 100.1 62..0 111. iShMSCIRussiaCpd ERUS 1.3 131.4 41..15 .65 .5 33.21 ..3 19.10 +0.68 –0.49 .07 .74 +1.68 –1.1 47.07 VangdS&P400Val IVOV 1.2762 iShGlobalConsDiscr RXI 1.36 1.1036 VanEckRareEarth REMX 1.13 +0..97 +0.3 37.38 –0.4448 SPDRPtfSC SPSM 3.36 .0294 iShMSCIFrontier100 FM 1.17 +0.0151 SPDRS&PHlthCareSvs XHS .65 . Name Sym Yld Last Chg.005 WisdTrUSSCDiv DES 1..1693 ProShUltShtSilver ZSL .67 .21 ...08 +0.87 –2.001 VanEckMornIntlMoat MOTI 1..52 +0.08 .4699 KraneZacksNewChina KFYP .6 27.0599 SPDRNuveenMuniBd TFI 2.30 . 15.22 .1089 JPM AlerianMLP AMJ 7.3859 VanEckGoldMiner GDX .56 +0. 26. 33.42 –0.47 +1.7 65..23 .35 .64 +0.93 –0.1 34.2887 TeucriumSoybeanFd SOYB . ProShUlt20YrTr UBT 1.2945 VanEckMtgREIT MORT 7..26 .05 . SPDRS&PTransport XTN ..64 +1.26 .4 29.794 VelocityShVIXTail BSWN .86 –0.50 +1.3546 PwrShS&P500xRate XRLV 1.6 156.2 24..38 –4.0496 VanEckChinaBond CBON 3.0118 iShMSCIIndonesia EIDO 2.89 –1.8 61.07 ..1 56.3195 VanEckRetail RTH 1.57 –0.16 +0. 19.158 iShiBdsDec2022Muni IBMK 1.2 30.6 28.26 +0..08 .11 .4027 iShMSCIJapanSC SCJ 1.27 1..34 –0.1873 SPDRBlackstoneSrLn SRLN 4.1949 RivFrStratIncm RIGS 4.8 140.1281 VangdFTSEAWxUS VEU 2..... 24.34 +0.1 72. 17.0774 VanEckAgribus MOO 1.27 ProShrUltraFnl UYG ..7 50.5 63.0665 SprottJrGoldMiners SGDJ 1..08 –0.41 +0.75 +0...02 .9 29.52 –0...7044 VanEckBDCIncome BIZD 8.1 34.09 .91 .16 iShMSCIKLD400Soc DSI 1.29 –0.09 .62 +2.04 .5368 PwrShDynMedia PBS ..5 84. SPDRSSgAGlbAll GAL 1.6 47.15 –0..7 55..95 +0..96 +0.14 .07 .04 ..2784 VangdFTSE Europe VGK 1. 39.3112 PIMCO15+USTIPSIdx LTPZ 5.19 .70 . iShIRHdg10+ CLYH 3.09 .4981 PwrShS&P400LowVol XMLV 1.4575 iShS&P500Value IVE 2. 25.10 .55 +0..50 +0.0 44..115 iShRussellTop200Vl IWX 2.061 ProShrUlOilGas DIG 3.98 +3.91 +0.53 –14..49 –0..2457 PwrShFundHYCpBd PHB 4.5 25.2943 RenaissanceIntlIPO IPOS 1.7 31.41 +0..78 .6 94.2 11. 79. SchwabUS LC SCHX 1.94 –1.04 ..32 .533 iShiBondsMar2023Cp IBDD 2..84 –3.12 +0.9 42.7 45....9 33.318 XtrkrsFTSEEmgComp DEMG 6.46 –0..28 +1...66 –0.18 1.0586 SPDR SP China GXC .5 36.8 49..07 –2.42 –0.676 WisdTrContComm GCC .65 +0..5011 PwrShPrivateEqty PSP 14.. 37.09 .0 59.42 .42 +0..4136 PwrShZacksMicro PZI 1.23 .29 .13 .19 +0.81 .9 24.08 .495 iShiBondsDec2026Cp IBDR 3.035 iShS&P500Growth IVW 1.03 ..0 28.06 .13 .247 WisdTrIntlMC Div DIM 2.33 +0. 0 72.28+10.00 47. +123.70 364.21+16.05 50.5 -2.83 Europe (Nordic) 961.S.34 +5.16 South Korea 920.92 15.8 287. -2.04 394.9– 1141.76 808.66 s2017 S&P Dow Jones Indices.65 36.07 — 1.41 337.14 20.45 — 0.55 –0.25 +47.94 Sao Paulo Bovespa 72264 –2. Dollars1 China Swoons: The country’s high-flying mar- than 0.47 Belgium 416. 1.85 Kuala Lumpur Composite 1717.95+22.49 21.27 Norway Malaysia 0.97 0.84+17.79 166.21 — 1.18 — 1.43 81.22 56.56 0.3 1693.9 129. Index Week's % Chg.48 +478.3 2057.89 South Korea Base Jan.28 262. ¥112.72 +1307.5 3422.04 13.53 15.3– 2410.36 37.17 449. 1.31 18.9– 1630.1 1235.1 91.1– 52.30 18.K.3 676.16 Moscow RTS 1133.66 LISBON PSI 2970.19 +344.38 New Zealand 277.81 217.4– 1323.5– 803.8407.40 — 1.15 STOXX Europe 600 SXXP 383.4 4143.47 +157.8 8678.49 that of the week of publication.01 41.25 11.54 –1.71+10.45 Taiwan Sweden –1.81 –19.9– 880.84 27. was a winner.61 Bombay Sensex 32832 –2.90 Madrid IBEX 35 10085 +0.0– 597.00 –1.80 +0. 2Europe.8 1917.14 Singapore FTSE STI 3449.32 301.90 +10023+59.2 Ireland –1.89 n- Hong Kong Hang Seng 29074 –2.51 +6206.54 — 0.18 101.3 3244.80 — 0.63 Greece 20.57 –0.27 18.61 — 2.5 837.2 Spain 0.72 — 4.8 1243.7 –0.49 798.58 41.91 101.55 48.84 72.89 — 2.58 604.98 2.04 392.8 0.09 — 1.88 South Africa 996.18 299.45 Netherlands Switzerland –0.9– 1508.7– 1960. 12/01/17 % Chg.4 ly -0.42 Shenzhen B Share Idx 1139.43+12.4– 2044.67 30.86 352.06 — 0.51 16.85 Mexico City IPC 47265 –1.50 0.6 59.73 1359.6 Greece 4.68 401.08 — 3.3 2194.56 — 0.59 +1.46 — 2.93 — 1.14 418.38+19.79 526.9 1063.76 177.43 21.92 79.46+17.35 352.99 +4.2 17254. % Chg.9– 4388.18 1260.03 27.69 459.35 Austria 342.0 8316.67+27. $ on From From Country 12/01/17 % Chg.03 Europe Developed (ex U.04 428.87 Austria 0 664.87 Toronto S&P/TSX 16038 –0.87 154.77 Indonesia U.92 — 0.8 7752.17 Seoul Composite 2475. GLOBAL DOW 3003.66 125.0 –0.5 483.8 558.45 114.7– 12932.96 12.5 1146.21 Vienna ATX 3328.66+19.15 Hong Kong –1.87 EURO STOXX 50 SXSE 3527.83 29. 1970=1001Adjusted for foreign exchange fluctuations relative to the U.8– 1091.61 +0.90 40.December 4.65 Mexico 788.73 Finland -4.0 –0.35 340.8– 55. .3– 79.96 221.K.36 427.69 0.17 Denmark 1.02+16.19 251.) 507.86 49.87+14.96 43.46 192.81 25.5 1757.45 552.22 — 1.17 Germany –1.2– 2347.94 +52.08 London FTSE .5 8341.10 177.64 Tokyo Nikkei-225 22819 +1.87 — 2.46 Colombo All Share 6411.4 2515.23 25.52 67.84 Wellington S&P/NZX 50 8188.1– 130.8 –1.100 7300.98 — 2.12 +35.4 –0.14 125.4 France –1. 12/01 52-wk Range ket sank 4.41 +3.98 +6.A.39 493.40 0.12 153.8 us l.67 Malaysia 268.90 1.3 781.17 216. $. Finland –1.65 Canada –0.01 India Norway –0.44 +3.4 9947.55 Americas 295..8– 1905.3 New Zealand 0.55 +6.5 -1.54 21.20 50.6 –1.3– 1484.14 Manila Composite 8144.2 1213.86 World (ex US) 211.49 –1.7– 1452.6 on -1. the most recent close is not necessarily S&P Global Broad Market Indices 251.4 4143.5 1626.45 10.86 170.7 2022.9– 942.4– 11316.9– 6829.1 0.1– 1337.54 –1.39 3.25.85 0.87 44.S.72 .00 20. $ Wkly U.84 144.3Base: Jan.35 252.28 — 2.31 +732.27 409.34 +1346.0 31.02 113.58 China Source: Morgan Stanley Capital International Perspective. Chg.04 France Australia 0.36 — 1.6 1234.40+10.36 — 1.9 2328.85 12.25 +3505.43 23276. Because of various holidays and other market closings.01 626.0 1093.74 Portugal 64.68+12. Indexes based on S&P Global Broad Market Indices KEY FOREIGN STOCK MARKET INDEXES er rs Source: S&P DJ Indices Indexes based on S&P Global Broad Market Indices S&P Global Broad Market Indices S&P Global S&P Global SP Global Source: S&P DJ Indices Point m e Most Recent Week’s Year-to-Date Most Recent Week’s Year-to-Date Indexes.27 41.00 25.08 — 2.29 Stockholm OMXS 570.55 –1.4 1951.58 +9.1 969.92 106.21 — 4.93 4.40 +0.13 50.43 +751.52 190.53 Sydney S&P/ASX 200 5989.14 Dublin ISEQ 6862.4 1189.83 41.53 China 501. -1.99 224.54 +6.31 1167.4 2520.A.71 Bangkok SET 1699.94 +25420+32.07 Norway 584.67 Copenhagen OMX 20 1004.58 Jakarta Composite 5952.32 Milan FTSE All Share 24441 –1.2– 590.69 +22.51 472.36 174.64 +1303.39 923.56 Hong Kong 506.72 Australia 423.53 +357.80 U.2 –0.6 242.52 +105.40 co Fo Europe 398. Japan) 325.10 0.3 3399.21 Brussels Bel-20 3964.88 16.30 64.28 232.7– 173.87 — 1.68 — 2. Region/ Local Curr.88 24.09 234. up 5%.99 Finland 1380.04 19.5 5467.4– 3158.63 0.5 -2.57 412.3 13247.38 +4.1 -2.48+23.03 Netherlands 560.3– 1034.46 Germany U.6 202.8 –2.31 Oslo Composite 887.37 United Kingdom 293.08 +213.50 Indexes are based on local currencies. All Rights Reserved.71 EURO STOXX SXXE 385.93 21.30 40.8 –1.3 1814.58 808.5 –2.27 Belgium Japan 0.24 .27 13.6 2381.45 — 1.6– 9260.4– 6363.58 Athens General 748.78 — 2.11 260.51 92.59 — 2.21 +568.71 +448. Australasia.73 Philippines 418.9 2003. 12/31/16 12/31/16 12/31/16 m rp Amsterdam AEX 535.29 –2.79 Istanbul IMKB 103558 –0.1 5388.7– 20.6 1976.92 — 3..8– 1033.2 Singapore 0.83 +0. Far East Index.9– 1756.65 +7073.68+32.91 0.34 Philippines al a Singapore 0.23 331.6 New Zealand 0.58 +2.79 — 1. -1. Indexes.7 –0.10 –0.55 +12037+19.3– 987.05 210.3 817.11 22.66 446.28 –0.36 17.58 Switzerland Greece 7. % Chg.7 –2.03% S&P Pan Asia BMI E.44+18.S.36 57.34 331.74 51.02 Frankfurt DAX 12861 –1.57 — 1.13 +4.4– 206.36 +454.52 +1380.10 –1.3 521.02 Sweden 1091.0– 7340.60 — 1.86 28.4 0.1– 728.25 no Johannesburg All Share 59449 –1.33 –2.9 Thailand 0.22 +156.78+19.3 Denmark 0.28 Italy Portugal3 0.6 2517.53 — 1.73 4099.0 26.67 +450.54 — 0.42 368.51 — 0.01 +127.90 +655.6 1747.9 -1.46 496.65 Spain 456.60 426.15 559.37 214.94 24.28 220.0 153.20 Russia 1706.15 Germany 503.65 120.7419 Europe GLOBAL STOCK MARKETS Asia Europe Slumps: The region’s stocks fell more In Local Currencies In U.37 25. Greece.45 0.87 — 1.33 46.38 India 1029.93 Australia 0 1205.61 — 2.91 0.7 12276.21 +35.92 +9.6 137.89 –1.21 Brazil 754.4– 360.97 Pacific (ex.62 313.34 2531. Close %Chg.65 502. Wkly U.91 +120.43+12.8 –0.6 2621.3– 2783.7– 125.45 41.64% S&P Europe BMI The World 0.9 1170.94 — 1.48 18.6 -0.0 1922. 27375.41 Helsinki OMHX 9379.29 127.6– 1545.13 0.34 4.55 — 1.38 — 3.41 –2.03 +183.14 — 2.89 Ireland 642.95 +5.3 1505.81 +1.35 458.3 10254.55 29.9– 1611.00 Euro Zone 150. % Chg.50 +237.86 — 1.43 27375.60 100. Chg.68 18. –1.66 +3.77 1625.01 +709.4 2077.25 Switzerland 544.06 29. Chg.4 2515.6 1489.61+19.4 1078.6 1566. Indexes.5%.02 — 0.00 +5.0 3148.5 1.08 466.25 Santiago Selective 3808.K.9 508.99 123.10 682.4 0.3 –2.91 Singapore 189.30 418.70 Japan 139.2 749.6 3003.15 28.90 1.17 172.65 370. 12/01 52-wk Range Week's % Chg.3 1058.53 21.92 — 2.78 17.54 +0.12 +324.65 +0.62 –1.0 296.41 +1622.5 135. £0.4 2926.6 –1.36 Tel Aviv 125 Index 1329.7 12067.4– 467.97 –0.24 Pacific Region 240.05 Zurich Swiss 9274.37 Taipel Weighted 10600 –2.16 Denmark 1625.8 734.81 69.33 23.4 1319.20 25.19 +3704.7 –1.03 95.45 +8795.4– 873.S.1 Japan 0.9 2065.80 — 2.44+13.9 –1.7 12547.7 1817.09 Latin America 275.74 Canada 494.64 Chile 386.7 -2.53 19.9 –0.17 17.77 Belgium –1.29 Italy 223.99 — 1.4 93.55 +1054.1– 417.40 0.87 Thailand 378.27 328.13 16.34 — 1. Close %Chg.86 +0. 2017 BARRON’S M27 Complete FOREIGN EXCHANGE LIST: Page M38 Foreign Markets Key Cross Rates $1=€0.32 Buenos Aires Merval 26941 –1.5 71.96 28.1 –1.7 662.5– 2085.14 –1.2 1911.5– 2085.4 2520.73 STOXX Europe 50 SXSP 3138.04 0.98 1018.S.2 74. 1.04 +76.F.03 +7.5 1814. -0.87 — 1.9– 209.73 — 0.65 Hong Kong Netherlands –1.40 — 2.61 –0.8 e -1.34 18. Geneva.29 — 2.3 ci on -1.01 22.5% as tech finally weakened.10 Taiwan 105.35 — 0.02 –2.3 1570.86 –1.4 1219.0 223.94 4.66 286.4– 1708.S.61 0.3 1049.7 16966.58 0.E.3 -1.3 -1.90 +7.89 1436.92 — 1.5 2069.08 Italy –1.84 –0.20 633.92 Paris CAC 5316.32 +585.28 U.08 0.8 –0.68 15.06+16.83 — 1.6 7.22 Shanghai Composite 3317.27 491.24 229.66 +2.13 — 1.95 France 398.3 206.1 -1.32 1.11 +11.57 0.59 — 0.4 2115.39 Sweden Spain 0.19 –0.81 258. 1988=100. 20 0.7 EmgMkt nr 12.27 NA NA NA HlthScOp p 55.7 11.5 MgdFutStr R 9.24 31.03 2.00 4.29 0.01 5.8 33.95 NA NA NA Credit Suisse Common: CapApprI 34.04 0.04 -0.96 25.27 13.0 53.0 50.76 0.6 37.49 -0.61 0.6 InflProtBdInst 10. % Ret.65 NA NA NA Val&Incm n 17.44 21.11 NA NA NA funds took in $5.1 27.7 CapApr 26.00 8.37 12.2 34.4 GlobTech 42.00 0.04 2.0 35. NAV Chg.0 SmallCo n 16.99 NA NA NA Asset n 69.62 18.20 -0.87 0.94 -0.02 4.1 DividendStratI 25.8 AmanaGrowth n: IntBdA p 13.87 NA NA NA MdCapVal 18.33 NA NA NA Cullen Funds: RCMTechI 79.4 Ariel Inv pn 70.5 31.01 5.16 0.64 0.57 0.6 20. % Ret.27 22.01 0.5 EmergingMktsInst 14.1 44.02 5.3 RealEstateInst 29.23 0.9 26.02 6.16 9. s: stock dividend or split of 25% or more.1 22.22 NA NA NA DiscFd n 25. The NAV is the last online at www.04 0.95 0.2 Ultra n 45.77 NA NA NA AQR Funds: Ashmore Funds: NY Mun n 13.10 3.1 24.53 0.35 -0.18 0.8 LargeCapValueI 33.5 NEcoA p 47.3 7.02 19.1 OneChoice2040 n 13.0 BondFd 12.01 3.25 NA NA NA USGrw 28.26 30.01 NA NA NA OneChoice2035 16.59 NA NA NA GrowthA p 36.5 LgCapY 27.07 -0.5 MgdMuniS n 9.04 16.35 36.1 Columbia Funds: er rs AkreFocusInst 33.54 19.62 0.97 -0.04 -0.5 ArbitrageI n 13.02 5.8 35.46 0.3 ComdtyRet r 5.3 9.44 11.0 24.0 IntmMunBd I n 10.12 NA NA NA Baird Funds: AdvLgCapCore p 21.04 3.05 -0.28 0.20 22.47 19.7 HlthScOp 58.03 3.5 ContCoreA p 26.00 0.30 15.77 30.20 0.85 0.00 5.82 0.0 36.6 CoreBond 10.83 0.0 OneChCon n 14.7 24.02 19.0 23.06 NA NA NA Oct Nov Oct Nov SmCpGrA p 63.09 0.02 20.67 36.03 20.03 -0.0 FDivStII t 19. p: fund assets are used to pay marketing and distribution costs (12b-1 asset va lues (the dollar amount of their holdings divided by the number of shares outstanding) to the National fees). AllCpGr n 35.34 30.3 BlackRock Funds III: IntlFd 13.71 0. CASH TRACK NAV Chg.34 10.2 IntmBdFd 12.21 -0.19 -0.5 24.54 15.29 NA NA NA OneChoice2045 17.58 NA NA NA MidCap I nr 20.8 5.7 15.27 17.21 24.62 9.11 22. according to researchers at Lipper.7 27.37 NA NA NA IntlEqInv r 28. % Ret.9 IntlEq n 12.95 -0.03 12.0 DivrEqInc A 15.28 0.2 79.30 NA NA NA LgCpMultiStyle R 17.86 0.7 Intl Eq 11.3 51.9 10. Because Lipper is constantly updating its database.59 NA NA NS TSSmCapGrFd Z 21.04 11.30 NA NA NA NYVen A 34.01 1.5 LgCapI 27.4 BerwynIncm n 13.51 NA NA NA October.4 EupacA p 56.43 0.68 NA NA NA BlackRock Funds C: IntTxFY n 11.6 8.0 6.4 GblValInv n 18.02 0.2 Heritage n 24.52 14.8 35.50 NA NA NA About our Funds reported closing price for the week.2 NS MidCapGthA t 28.94 NA NA NA DivBnd n 10.01 7.79 NA NA NA BrownSmCoInv n: Columbia Class C: AB Funds .2 29.01 7.60 0.01 4.2 42.82 NA NA NA Allianz Funds A: GBalA p 32.16 0.13 10.8 DividendStratA 24.7 billion.85 -1.3 PrefSecIncnI 14.71 -0.64 0.84 NA NA NA NFJDivVal 19.9 24.00 3.74 NA NS NS CausewayInv n 17.45 0.04 9.34 15.2 9.8 19.70 16.3 36.69 0.6 9.0 NwWrldA 66.6 39.6 AppreciationIS 24.5 28.ADV: OneChAgg n 17.8 8.6 8.06 10.0 GrowthA p 80.54 15.5 32.90 0.85 -0.77 0.52 -0.5 LgComVal n 10.00 3.09 20. these returns may capital. NAV Chg.55 30.8 11.4 14.91 0.6 9.01 3.0 6.7 MidCapI 38.91 NA NA NA Fincl A 52.4 SMIDCapGrA p 21.6 IncomeStk 9.9 CapGrth n 83.86 NA NA NA m e Allianz Fds Admin: CapIBA p 63.6 StratInc I n 6.4 Columbia Class I3: AdvisorTwo: 2015TarRetA p 11.03 4.2 22.05 13.09 25.19 -3.5 38.8 13.64 0.barrons.6 13.96 NA NA NA CorePlBd I n 31.3 31.73 0.8 Artisan Funds: PartnersInst 50.35 15.09 NA NA NS LiGoBalA p 13.79 NA NA NA WshA p 46.0 22.06 25.5 no IntTF 11.55 2.0 MidCapIndx 17.2 4.6 iShMSCIIntldx 14.13 11.5 DividendStrat1 n 24.89 -0.41 NA NA NA S/MCapValue 12.02 20.8 EqInc n 9.1 6.01 4.49 11.05 -0.5 MdCpVal I pn 15.21 NA NA NA IntBdInst 11.68 -0.2 MultiAstIncome 11.57 NA NA NA Angel Oak Funds Trst: MidCapInv n 38.19 0.4 GlblAlloc p 20.7 25.0 PrefSecIncmC 14.58 0.43 NA NA NA -3700 50 Carillon Eagle: MidCapGth I n 30.60 NA NA NA TotRet 11.98 0.6 EqtyDivd 23.7 9.63 0.3 21.3 NS MdCpIndxA pn 17.57 NA NA NA SouthSunUSEq I 14.12 -0.88 0.39 19.9 SmCpV A Alpine Funds: 26. NN: fund not tracked.20 22.7 31.9 15.11 0.5 30.24 18.13 24.5 29.62 18.7 25.7 23.42 24.9 IntlSmCapPtADV 12.1 38.83 NA NA NA BroadviewOpp n: TaxEA 13.1 BalWlthStrA p 14.15 0.5 Growth 36.21 29.72 0.5 34.05 0.54 18.05 3. Cohen & Steers: MondrianIntlEq 15.7 BNY Mellon Funds: DivIncA t 22.30 0.52 36.08 NA NA NA StratMuniOpp 11. Net YTD 3-Yr.7 34.49 NA NA NA AT Disciplined Equity Ins: BerwynFd: CoreBd 9.8 39.7 12.4 18. % Ret.97 0.K: Growth 36.6 StratMuniOppI 11.1 SmCpA p 57.1 10.05 10.43 NA NA NA IncGro n 41.1 AggressGrowthA 212.8 29.4 EmgMkt 29.3 40.12 20.9 LongShortI 26.01 5.9 4.80 -0.9 32.6 25.9 IntlPort n 18.83 0.5 36.8 40.80 20.6 2030TarRetA p 14.8 AcadnEm Inv 21.6 30.3 10.2 24.4 77.7 29.60 NA NA NA IntlGrIncA p 34.8 37.08 13.93 0.17 25.3 7.52 -0.6 ClearBridge: Community Capital Tr: SpectraN 21.54 19.0 10.59 NA NA NA GWKMBd I 11.21 24.5 23.8 37.44 0.94 -0.3 30.or back-end sales charge.1 American Century A: TxExA p 12.27 8.7 8.21 -0.1 30.03 2.43 -0.4 8.02 3.8 34.20 0.08 0.9 2.3% in cash at the end of BrownSmCoInv n 95.0 36.0 Intl Inv n 32.13 7.6 LgCpVal Inst 29.1 LgCapinst 31.5 Del-Pooled Trust: SmCpInst 30.11 24.0 Equity Funds Municipal Bond Funds .36 0.1 NTHeritage 14.86 NA NA NA Ave Maria Funds: BlackRock Funds A: FloRateIncPorIns 10.6 FloRateIncPortA 10.39 -0.6 21. % Ret.5 3.02 19.64 NA NA NA American Century Inv: MgdFutStrN 9.9 MidCapA 35.6 CapGrth p 82.6 Net YTD 3-Yr. These funds value their portfolios daily and report net quote.27 0.7 AkreFocusRtl 32.55 -0.14 0.80 24.3 IntTF 11.99 0.41 0.00 4.53 -1.09 -0.7 Ca Mu n 14.7 35.9 ContCore p 27.00 7.34 26.1 Balanced 41.4 35.1 GovtA p 13.44 21.8 LgCpIdx I n 50.6 9.51 -0.0 21.40 -0.35 0.63 NA NA NA pany Institute’s most recent update of figures.01 8. WlthApprStr 17.05 NA NA NA MktNeutI 13.59 -0.1 HiInMuniA 15.11 35.07 NA NA NA EqtyDivd t 22.9 DivBnd 10.56 0.47 0.9 al a e GlbBd 8.4 CorSelN n 23.2 SmallCapGrowthIS 36.86 -0.32 16.1 LargeCapGrowthI 46.44 NA NA NA $685 million on the same basis. % Ret.1 IntlVal Inv n 37.10 6.2 42. % Ret.60 6.4 29. Full mutual-fund listings.4 8.01 2.48 -0.41 0.2 15. Net YTD 3-Yr.48 NA NA NA IntTF n 11.70 NA NA NA EmgMktTRInst 8.5 -3700 2600 CGM Funds: STBond 9.48 0.1 27.07 -0.25 21.60 0.93 0.01 3.8 6. % Ret.20 -0.1 HiIncmAdv 8.37 0.4 NtlShTMuni 12.18 0.68 NA NA NA Buffalo Funds: SelComunInfo t 57.09 21.9 36.7 IntrTaxFree I 11. n: no front.35 -0.01 10.2 DisplCoreA p 12.1 InfAdjBd 11. unchanged from their September level cash.1 GlblAlloc 19.76 -0.03 2.60 0.2 40.4 GlobalBondA p 8.3 Cont 28.95 NA NA NA BruceFund n: ContCore p 24.21 29.4 AcornA t 15.72 6.4 21.45 12.A: GinnieMae n 10.7 IntTaxAMT n 11.6 NTIntlVal 10.29 NA NA NA Calvert Investments: LgCpGrow I n 43.05 26. Total returns reflect both price changes and dividends.06 4.1 36.01 3.8 28. All data supplied by Lipper. NAV Chg.72 7.62 -0.3 DivIncom 22.46 NA NA NA TSSmCpGrFd Z 18.02 NA NA NA 6 3.00 3.26 21.99 -0.19 11.7 Amer Beacon Inv: STBFA p 9.89 -1.01 3.03 7.62 0.5 Realty n 37.47 19.3 21.3 13.2 9.0 8.84 -0.60 20.4 9.02 1.00 6.70 -0.8 15.0 22.8 BBH Funds: GlblAlloc t 18.5 LargeCapValue 12.5 62.05 0.12 24.5 22.8 CorePlBdI 11.40 20.00 5.29 13.5 50.61 -0.6 IntlInst 33.2 35.0 -22 3.34 17.6 28.38 18.76 NA NA NA CRAQualInvFd 10.61 0.0 InstlRlty 45.41 0.5 30.3 32.57 -0.05 0.01 7.35 30.1 Partners n 49.2 SmMidCpValAdv 24.0 N D J F M A M J J A S O N D J F M A M J J A S O co Fo AmanaGrowth n 38.4 NTLgVal 12.76 NA NA NA -800 250 InvEq p 45.7 SelectUSLgShrt 13.93 NA NA NA LgCapDefStyle I 19.2 3.3 2TGlFxd 9.9 American Century G: Brandywine I n 46. BuffBal n 15. NAV Chg.74 -0.92 -0.3 8.5 38.1 13.2 2.8 ci on EmMktEqty Inst 15.7 IntmDur n 13.88 NA NA NA LoomisSaylesBd I 27.24 0.02 2.3 Akre Funds: 2035TarRetA p 14.7 3.14 0.65 NA NA NA LowDurBdA 9.56 -1.6 Allianz Fds Instl: CapWGrA 52.30 0.45 15.1 39.2 16.47 19.01 -0.33 0.81 -0.4 EmgMktSoCoEq 14.7 39.8 13. according to the Investment Com.01 0.8 35.41 28.57 0.9 IntlInst 21. now appear free differ from those previously published or calculated by others.03 3.40 24. NE: performance excluded by Lipper editor. Bond 19.5 15. v: capital-gains distribution may be a return of all distributions are reinvested in the fund.7 16.70 0.40 16.1 EmgMkts 11.6 16.91 NA NA NA NYVenY 35.9 NS OneChoice2020 n 12.4 IntlStraEquPtADV 13.29 0.1 DivBnd 10.6 Columbia Class I: LgCpGrA p 49.3 5.8 DivOpptyA 10.00 4.03 1. 3 year returns are cumulative.6 42.46 10.80 NA NA NA YacktmanFd I n 24.9 Bridge Builder Trust: LgCpGrowA t 42.98 NA NA NA OneChoice2030 13.44 0.3 54.5 30.9 4.01 5.01 6.18 0.27 NA NA NA LngShrtEq R 15.23 -0.4 1.91 0.19 -0.57 0.02 0.93 NA NA NA 2100 450 MktNeutA p 13.97 NA NA NA Value 9.47 19.09 26. taxable-bond funds received $3 billion and muni-bond funds GrowEqInv n 22.69 1. % Ret.26 NA NA NA Carillon Reams: SmCpIdx I n 26.09 21.2 32.61 11.19 7.96 0.23 -0.5 AggressGrowthI 233.6 HighIncomeC p 8.1 AppreciationA 24.03 2.5 17.5 33.03 2.08 29.0 Monthly Equity Cash Flow ($bils) Equity Portfolio Cash as % of Assets AggressGrowthC 172.1 8.9 20.36 13. % Ret.00 NA NA NS OneChoice2025 n 14.7 ApprecInv pn 47.00 4.17 11.0 14.6 35.22 -0.10 20.8 20.3 Gbl Stgic Eq A p 15.1 MultiStrAltI 9.1 ChamplainSmCo pn: Commerce Funds: Alger Funds A: 2050TarRetA p 15.00 1. .62 29.62 0.01 NA NA NS EqGro n 35.com/listings.7 20.93 0.71 -0. t: fund charges Association of Securities Dealers.01 24.8 AB Funds: CAIntTF n 11.00 7.76 NA NA NA ContCore I n 26.5 34.03 24.26 -4.5 AB Funds .02 1.4 8.47 -0.0 24.8 20.95 NA NA NA PictetIntl I 11.72 0.12 19.7 iShUSAggBdIdxK 10.35 0.28 14.1 33.3 ChamplainSmCo pn 21.8 Acorn I n 18.4 11.35 0.15 NA NA NS MidCpValA 15.7 ContCore I3 p 27.66 0.26 18.38 -0.69 NA NA NA BlackRock Funds Blrk: BMO Funds: BalancedA t 41.67 27.04 4.54 9.24 NA NA NA IncoA p 23.52 0.33 16.8 32.8 GlBond 10.9 AllMktRtrn1 8.21 NA NA NA CapAppr 28.9 8.65 -0.8 22.3 MunicipalBond 10.20 17.6 GlblAlloc 20.9 BldrAggrsv 13.59 0.93 NA NA NA CorpBdI 5. % Ret.3 RltyIncA p 14.02 NA NA NA EmergingMkts n 14.47 17.4 23.73 0.6 Alger Funds Inst: BalA p 27.2 15.2 PrefSecIncmA 14.8 SmCapI 38.72 NA NA NA Real n 29.6 GrowthInst 69.03 20.35 4.33 14.2 37.00 2.8 American Century C: RRDivAcValI 13.10 9.5 NtlMuA p 10.54 NA NA NA 7900 850 C Balanced I n 41.63 -0.71 NA NA NA CoreBd 9.3 SmCapCorePortADV 12.4 16.86 1.48 36.28 -0.6 18.9 GlbBd 8.0 NTCoreEquityPlus 16.81 0.3 IntDurInstl 15.2 MCMultiStrM 17. Equity-fund portfolios held 3.1 41.1 76.7 19.6 12.3 LgCpGrAdv 53.3 STTxExBdA 10.63 -0.4 11.62 10.58 -0.03 4.1 AcornIntl I n 48.59 NA NA NA EqMktNeut I 12.95 -0.46 11.59 1.8 Clipper: Value 21.57 0.01 NA NA NA 5000 650 Gr&IncA p 33.including dividend and capital-gains data.5 StratIncOpptyIns 9. Investment Company Institute SmallCapGrowthI 35.28 0.8 n- NT IntlGr 12.4 10.29 13.7 22.8 SmCpValA p 66.0 2.16 18.5 28.4 7.0 AmcpA p 32.5 OneChoiceRet n 13.6 32.00 7.31 -0.7 31.80 -0.27 0. % Ret.19 0.8 IntlVal Inst 38.5 BARRON'S • Lipper FMI.54 -0.26 NA NA NA Cambiar Funds: MdCpIdx I n 17.27 -0. NAV Chg.26 31.78 NA NA NA CausewayInst : Columbia Class I2: Aberdeen Fds: American Century Y: 9300 6400 CausewayInst 17.2 InfProBd n 10.38 NA NA NA M&C Growth I 21.53 0.5 21.8 7.4 StratIncOpptyInv 9.6 DivIncom I n 22.1 AdvLCGrwA 15.01 5.42 24.1 14.1 40.00 NA NA NA Brown Advisory Funds: Columbia Class Adv: IntlStraEquPtZ 13.6 45.4 HiYldBd 7.3 AB Balanced n CaHYMu n 19.1 6.93 0.3 Diver Inc p 8. these figures assume that 12b-1 fees (for marketing and distribution) and a back-end load.M28 BARRON’S December 4.76 1.1 2.95 6.01 21.35 -0.01 33.60 0.8 6.81 -0.5 Oct Nov Oct Nov Focus n 52.3 10. Net YTD 3-Yr.05 6.8 25.52 14.42 11.2 3.16 30.7 ContCore I2 27.73 0.3 MuniIncmShares 11.39 0.46 15.4 DFARlEst 35.4 GblIncBldA 10.03 4.00 1.52 0.75 NA NA NA LngShrtEq I 15.9 TotReBd I n 9.1 20.56 NA NA NS SelgComuInfoA 79.43 -0.56 -0.10 0.1 27.94 NA NA NA Money Market Funds Taxable Bond Funds UnconstrndBd I n 11.08 0.22 12.8 HiIncA 4.11 18.77 NA NA NA AMG Managers Funds: Aquila Funds: Growth n 67.79 -4.8 SmMidCapI 23.7 HYMuni I n 10.63 NA NS NS FairpteMCpN 44.7 21.03 8.3 4.3 ColoradoBdShs 9.07 27.37 -0.80 -5.5 14. % Ret.42 18.13 33.92 25.67 0.16 30.5 GwthA p 52.01 12.2 34.61 NA NA NA Baron Funds: HiYInvA 7.29 0.4 37.20 NA NA NA AggBdInst 10.2 6.29 NA NA NA 15800 8300 Carillon Scout: TaxEZ n 13. e: ex capital gains distributions.85 -0.00 6.35 -0.42 24.9 40.01 3.1 TotRet 11.8 2800 4500 CoreFxIcm n 8.61 0.1 GNMA S n 13.6 31.7 44.0 26.01 3.00 7.6 30.57 0.54 0.5 12.16 NA NA NA BlackRock Funds Inst: NtlIntmMuni 13.99 0.1 AMTTEBd 4.7 OneChMod n 16.10 0.4 27.4 45.78 0.02 6.3 22.53 0.01 21.4 The charts above show four-week moving averages of net cash flow in millions of dollars.1 TechA 22.31 0.0 16.41 9.8 2.49 0.23 NA NA NA Davis Funds C & Y: AmanaIncm n 53.1 1.1 CapWA p 20.50 19.29 NA NA NA TxMgdIntl n 18.5 USSmCapEq Inst 38.72 NA NA NA LoomisSaylesBd N n 27.76 NA NA NA ShtTBdInst 9.02 1.61 0.18 0.3 32.10 27.68 -0.63 18.5 18. NS: fund not in existence for whole period.74 NA NA NA QualIntMunBdInst 11.91 -0.8 TxOptInc 10.8 Ariel Investments: AssetInst 71.33 NA NA NA Calamos Funds: CorpIncm I n 10.C: SmCpVal n 9.39 NA NA NA HiDivEqI r 19.7 RltyIncI 15.58 0.1 29.1 10.26 0.01 7.35 NA NA NA NatlMuni p 10.0 SmCpMultiStyle R 16.68 -2.28 NA NS NS CausewayInv n: DivIncom 22.5 GlobLg/ShrtCrIns 10.7 MdCapVal 18.1 36.06 -0.9 31.0 FrTRInst 10.28 -0.2 HI TF A 11.1 19.13 23.74 NA NA NA based on the latest four-week moving averages.89 0.3 7.7 4.4 34.02 3.68 NA NA NA Davenport: NFJDivVal t 18.7 4.06 18.57 NA NA NA NA NA NA Moving Back to Cash: Money-market funds enjoyed nearly $15 billion in net inflows Bridgeway Funds: BChip35 n 15.2 Bernstein Fds: MultiAstIncome 11.03 13.52 17.46 19.6 Dimensional Fds: OneChoice2025 14.6 23. % Ret.9 41.3 HlthScOp 49.2 SmallCapInst 29.69 0.42 0.5 4.16 -0.60 NA NA NA MdCapVal n 18.2 13.5 ArbitrageI n: SmallCap n 28.00 4.78 14.90 0.0 NTGrwth 18.1 38.48 NA NA NA ATDispEqInst n 19.30 0.95 -0.86 0.9 46.14 -0.3 13.04 8.9 Delaware Invest A: LgCapInv 29.07 20.1 20.46 -0.01 -0.01 1.0 10.7 19.1 23.09 24.21 -0.12 33.9 16.0 12.4 4.8 StrAlloc StratIncA 13.55 0.90 -0.9 9.00 3.1 7.37 24.72 NA NA NA AMG Funds: StylePremAlt I 10.42 0.10 26.09 1.7 6.34 19.8 SmCpValII I n 18.38 0.15 7.6 SmMdCpGr 12.33 0.94 NA NA NA SkylineSpcEqFd N n 47.36 1.1 S&P500S n 31.7 37.28 NA NA NA AltBeta I n 9.01 8.15 0.1 37.33 36.82 0.5 HighIncomeA p 8. Equity BroadviewOpp n 38.84 0.1 MultiStratAlt R 9.8 LgCapGr n 17.25 14.6 5GlbFxdInc 11.02 0.8 NatlMuni 10.37 1.61 -0.1 33.56 -0.79 0.04 11.54 15.36 0.6 37.8 TECAA p 17.0 17.0 EqIncA p 9.0 UltShortBd 9.9 RltyShs n 68.9 9.91 -0.16 NA NA NA LgCpIdx pn 50.1 6.42 NA NS NS FairpointeMdCpI 45.25 20.0 15.01 6.09 -0.7 0.8 ly SustGlblThemGrA p 116.06 10.1 28.8 EqValA 14.6 BasicVal 26.7 NT MdCapVal 14.3 BldrMod p 11.8 27.8 24.6 FocEqA w/ t 18.7 CASTMuniBd 10.3 TxMgdWlthAppAdv 18.3 EqtyDivd p 23.0 FdInvA p 64.96 0.34 15.5 20.04 12.01 17.30 0.1 LgCapA p 27.6 NS OneChoice2030 n 13.0 6.05 NA NA NA LgCapMomStyle I 23.1 BasicVal 27.88 16.02 4.73 NA NA NA D m rp SmCpVl 28.4 22.5 NS OneChoice2045 n 17.6 9.08 NA NA NA Gr&IncC t 33.67 0.45 12.62 0.2 8.6 SelComunInfo tn 86.04 0.0 4.45 0.31 NA NA NA NYVenC 31. 2017 Mutual Funds Data provided by Net YTD 3-Yr.3 AggressGrowthIS 236.88 0.2 36.4 MidCapInst 41.2 LowDurI 9.11 -0.3 2010TarRetA p 11.79 19.I: Value n 9.81 0.66 17.25 0.4 34.99 0.3 30.1 14.5 2045TarRetA p 15.1 72.0 32. Net YTD 3-Yr.3 33.74 NA NA NA YacktFocFd N n 23.02 2.43 0.74 0. x: ex cash dividend. Footnotes: NA: not available.08 NA NA NA RisingDivd n 19.2 Colorado BondShares: CoreEq n 28.8 N PerA p 45.83 NA NA NA MultiAstIncome 11.07 24.49 8.94 0.72 -0.48 -0.07 11.3 22.00 14.30 -0.56 29.54 19.14 20.9 S/MCapGrowth 12.80 NA NA NA SmCap n 19.2 21.13 47.08 NA NA NS SmCpIdxA pn 26.33 29.38 18.9 33.8 UltrShtTxFrI 10.1 15.57 -0.9 35.6 GblOppInst 25.93 0.02 1. NAV Chg.29 12.01 4.05 6.12 33.3 OneChoice2035 n 16.9 BondA p 12.4 SelLgCpGr t 17.2 OneChoice2020 12.9 on IntmedDivMuni 14.3 LargeCapGrowthA 41.31 NA NA NA MgdFutStrI 9.4 2020TarRetA p 12.1 LargeCapGrowth 12.1 36.03 20.8 AIG Funds: 2025TarRetA p 13.37 12.8 40.06 -0.00 3.8 NTDvBnd 10.78 8.6 21.38 19.1 28.00 1.0 8.04 3.9 28.9 32.0 45.07 NA NA NA CorBdInst 11. % Ret.9 31.3 20.6 BlackRock Funds R: Columbia Class A: EqDivA 57.2 American Century R6: Intl I n 25.64 -0.71 -0.1 22.0 12.22 -0.5 Sm-MdCapEq n 21.15 28.77 -0.0 Amana Income: ICAA p 42.3 17.59 8.00 0.37 -0.29 -0.8 DivrMuni n 14.03 1.1 15.3 41.03 2.4 34.04 4.40 0.04 0.2 25.54 13.66 0.23 30.8 22.11 -0.45 0.7 3.29 10.49 0.9 AllCapValueA 16.63 29.5 29.61 1.60 0.9 6.1 USGvtMtg tn 5.07 29.04 -0. BruceFund n 548.2 AllMktRlRtnPtZ 8.01 3.2 57.26 NA NA NA Davis Funds A: HI TrA p 10.14 29.67 0.7 MidCapVal Inv n 22.27 17.4 17.63 0.93 0.7 DivOppty tn 10.67 -0.03 11.56 0.41 0.8 InfAdjBd n 11.25 0. RelatValA p 6.3 6.8 EmMkts n 32.60 -0.71 -0.02 23.03 7.3 25.7 6.45 14.9 11.90 0.3 MgdMuniA p 9.04 -0.7 2040TarRetA p 15. NAV Chg.33 0.06 0.3 AMutlA p 42.43 21.86 1.4 DivInc t 21.7 22.7 36. Net YTD 3-Yr.4 NS SmMdCpGrA p 11.3 HiYldTx n 12.26 15.01 24.2 25.72 NA NA NS MdCpVlOpp p 11.25 NA NA NA OneChoice2040 13.0 -8 3.02 2.78 5.71 0.87 0.7 ClipperFd n 122.3 AppreciationI 24.3 19. r: fund levies redemption fee or back-end load.55 0.22 12.5 Select n 74.00 3.7 -36 2.48 NA NA NA Baron Instl Shares: StrtIncOpptyInvA 9.34 NA NA NA HiYBlk 7.3 SmallCapGrowthA 33.13 NA NA NA iShS&P500IdxK 316.3 37.73 14.25 15.2 StylePremAlt R 11.2 SmCapInv 29.82 NA NA NA Del Invest Instl: Amer Beacon Insti: LtdTEBdA 15.14 0.7 Acadian Emerging Markets: American Funds Cl A: CG Cap Mkt Fnds: SelLgCpGr t 17.7 24.1 36.6 Deutsche Funds: MdCapVal p 18.81 0.01 3.70 22.29 NA NA NA AglOkMtiStFdClIn 11. Net YTD 3-Yr.73 -0.06 17.4 AB Funds .00 6.9 Equity Div p 23.7 3.00 6.6 15.04 NA NA NA CROCIIntrFdS n 49.7 14. Those below are for last month.40 22.28 15.8 26. f: previous day’s The listings include the top 2500 open-end funds by assets.0 EqInc 9.6 NTEqGrp 14.6 Diamond Hill Funds: American Century I: YachtmanFocFd I 23.30 -0.72 0.4 AB Funds . % Ret.7 24.41 0.98 NA NA NA Grwth n 35.5 HiYldBd 2.5 GblOppInv n 25.3 Intl Gr n 13.7 CorePlusBond 10.4 3.13 25.01 5.66 -0.42 -0.90 0.2 IncmBldr t 12.6 CAInsMun 12.04 31.3 24.52 0.78 -0.03 12.65 -0.18 1.8 EqIncC p 9.00 6.0 LgCapEq n 20.89 0.1 AB Funds .01 1.91 -0.7 us l.00 0.3 TotReBdA t 9.14 27. 11 -0.23 9.9 HiIncAdvI 10.02 -2.5 20.00 1.67 28.2 FSmCoSer r 25.11 0.02 26.5 IntSmCo 21.63 -0.1 CvtScAdv 20.9 14.01 32.2 19.0 FltRateHi nr 9.10 22.46 10.3 36.9 35.02 8.5 al a FedMuniUl A 9.6 TtlRtnBdI 10.77 21.42 0.01 4.4 BioTech 24.02 30.4 17.6 26.02 19.3 16.13 9.00 25.01 7.3 14.2 TMktIdxPrem n 76.9 GlTech T nr 31.01 0.76 NA NA NA JensenQualGrJ n 47.27 25.64 NA NA NA NA NA NA TotRetBdI 10.4 CA HY Adv t 10.3 MacOppFdClA 26.19 0.01 4.9 -4.2 StrInc Adv p 9.28 50.9 Contra n 128.24 NA NA NA LgCpVal 20.76 -0.1 HiYield 6.16 NA NA NA AbRetCurI 10.74 0.8 22.6 SmCpGrAdv p 23.86 NA NA NA GloFinI 36.1 RetCho2040R4 15.8 GasUtilIndInv 30.9 SmallCo 20.55 -0.96 -0.3 Invesco Fds Investor: Discp n 39.0 6.03 13.4 14.69 32.3 HY TF Adv 10.86 0.2 28.4 Hartford Funds A: IVA Funds: John Hancock Instl: WW Hlth Science p 10.01 25.71 -2.4 RetCho2025 13.90 -0.7 24.5 6.6 DivGth n 35.73 0.4 MidCap A p 31.34 0.5 14.8 FF2010 n 16.13 20.53 -0.01 9.08 20.95 -0.0 2.2 E NwInsghtA p SmllCapA p 33.23 NA NA NA Asset pn 62.5 8.57 18.75 1.31 0.02 3.0 26.11 0.3 10.99 0.34 0.36 35.9 26.7 IntlGrRet n 13.98 -0.86 0.9 19.08 36.4 30.3 69.90 39.37 -2.10 34.01 4.09 22.1 Glcoreeq p 16.5 8.62 20.01 1.8 33.9 FMI Funds: FrankTemp/Temp B&C: DivGthI 28.03 19.9 GlbEqIncA 7.17 24.01 12.41 -0.89 NA NA NA EqWtdY n 61.88 -0.54 -0.5 28.1 14.15 0.3 15.62 25.6 NS CAHY A p 10.27 0.52 NA NA NA ClassicVal I 33.21 27.0 ly IntVaIII 17.9 EmgMktEqFdI 21.4 0.6 John Hancock Class 1: GblRESecY 9.62 1.01 15.7 23.38 24.30 NA NA NA VolGrw1 14.4 EqGrI 132.04 NA NA NA NA NA NA IntlIdxInst 43.00 0.5 IntlDisc n 47.6 FF2045 n 12.33 22.5 IntlScOpps nr 19.49 13.06 9.02 2.33 -0.01 5.9 FrkGrthR6 93.8 28.3 FournOne n 44.3 35.0 23.57 0.69 1.0 n 1127.9 FloRaStraFdInst 26.61 62.83 0.79 1.7 19.62 0.42 NA NA NA MidCpVal 39.51 -0.01 6.45 19.0 Fidelity Freedom: MagIn n 103.44 -0.7 USLCpGr 19.1 StrDivIncI 15.2 37.1 Income K 11.06 20.03 17.6 10.3 USBdIdxInst 11.06 0.1 Chem nr 184.18 24.3 3.1 FidSAIIntlIndxFd 12.29 0.6 Quality 26.64 16.9 KaufmnLCIS 24.54 24.95 NA NA NA TMG1.27 -0.06 13.9 HiInc A 1.95 -0.01 4.7 18.2 20.80 -0.4 RSPIncm n 11.72 -0.6 52.00 1.6 24.06 NA NA NA Fairholme: Balanced p 21.6 21.3 34.2 Hartford Funds Y: Balanced S 33.08 -0.39 24.56 33.0 Grw&Inc T n 55.5 34.8 HiYBdInst nr 10.9 18.10 -0.83 0.30 -0.33 31.49 0.0 9.2 34.01 1.10 9.15 1.0 CpBdA 7.21 15.30 -0.6 11.18 29.1 33.1 19.7 9.98 0.6 15.7 26.42 -0.11 0.3 5.65 18.4 GrEqGS2 27.5 13.31 -0.14 0.2 37.4 6.5 MuniInc n 13.13 19.3 20.83 0.79 16.78 19.5 20.25 NA NA NA GblShrhYldI 11.53 -0.8 STBF n 8.4 22.5 6.6 5.2 Int 13.7 34.5 USMomentumIdx 12.5 -1.0 StrgVal I 43.7 36.54 12.7 CoreEqA t 14.00 3.14 19.5 DfAero nr 167.76 0.53 0.24 34.7 18.3 17.87 2.0 40.80 0.0 31.4 IntlEnhIdx n 10.8 RisDv A p 60.1 41.70 0.16 0.3 LowDurGS2 13.0 FF2030 n 18.48 13.7 USBdIdxF 11.05 14.21 0.72 31.8 4.10 1.4 9.9 41.80 -0.06 0.03 4.9 27.98 0.7 GwthDiscovery n 33.27 13.19 0.9 OverseasK r 50.19 -0.25 -0.64 36.51 NA NA NA Homestead Funds: John Hancock: ExtMktIdxInstPre 64.62 -0.37 -0.08 4.2 25.62 NA NA NA WorldwideI r 19.24 NA NA NA NA NA NA Eaton Vance Class A: StrInA 12.8 58.9 RetCho2050R4 14.82 14.06 4.7 30.75 0.4 GlHltCr pn 38.0 Freedom2040 K 10.92 -0.5 Europ nr 42.16 -0.06 23.69 -0.00 -0.77 -0.89 -19.11 0.9 e TMUSEq 28.9 AilSectEq 13.35 NA NA NA FunLgCpCorI 55.8 48.16 10.0 4.12 -2.1 44.01 11.21 NA NA NA Free2055 n 13.56 16.3 IntlSmCap nr 30.6 34.00 3.85 0.17 -0.14 10.19 18.79 0.47 NA NA NA MunBd nr 11.73 NA NA NA RealEst p 22.8 11.2 45.02 -0.02 3.9 22.6 1.30 24.7 FoundFAlC p 14.7 Freedom2025 K 14.90 -0.16 0.46 25.35 0.6 12.95 -0.12 20.0 BalA 20.19 5.1 5.23 -0.9 44.35 17.78 16.4 28.31 15.18 24.31 -0.5 LSBalncd 16.99 0.4 5.28 -0.00 8.7 37.73 0.1 BalancedA p 25.5 14.0 6.1 TotalStkMktIdxI 22.9 41.86 12.90 34.41 -0.8 4.7 36.0 SrsAdvIntlCapApp 20.0 EqGrA t 121.4 5.60 0.7 29.18 35.8 40.9 FAFree2025I 14.35 33.1 7.7 IntlGrw 27.83 -1.03 13.1 33.54 28.3 LCapCrEIdx n LCapGrEIdx n 14.5 JensenQualGrJ n: Contrafund K6 11.5 Bal IncC 14.51 14.3 18.01 3.32 17.24 NA NA NA SmCpValA t 22.17 24.94 0.41 0.64 17.9 EmgCntryDt r 30.01 14.14 0.6 US Val A t 21.46 0.4 USCoreEq 16.29 22.00 6.1 32.06 4.5 EqDivIncm n EqIncK 29.64 0.88 0.71 31.26 NA NA NA UltraShortI 9.9 33.12 9.34 0.7 2.6 CA TF C t 7.23 NA NA NA ShDurStratIncFd 7.S.15 6.9 45.91 1.7 Dr500In tn 58.2 HY TF A p 10.53 0.5 FF2040 n 10.3 30.0 81.2 28.05 -0.9 34.1 6.2 GMO Trust Class IV: Income n 13.80 LifeBal 16.39 23.01 4.9 30.20 0.96 NA NA NA DynTotRetI 16.17 34.95 NA NA NA InflPrBdIndInsPr 9.22 0.8 40.6 15.05 9.2 8.43 15.0 2.2 32.1 41.41 NA NA NA DivBldrA 15.88 0.10 18.77 0.31 -2.19 31.52 20.51 -0.8 14.01 3.6 NwInsghtI 33.49 -0.7 FltRatel 9.7 InvGB n 7.90 1.22 -0.18 26.22 NA NA NA RSPUSEq n 59.06 8.68 17.7 7.7 NS SCEnhIdx n 14.1 Harding Loevner: Invesco Funds Y: John Hancock Funds C: NatlMuniInc 9.8 EqIn A p 25.3 Guggenheim Funds Tru: FltgRate p 7.3 GroCo n 184.59 26.00 1.4 Canada 10.1 27.1 FrankTemp/Temp A: Hlthcare 35.3 31.1 23.72 0.01 12.23 34.01 4.1 4.24 0.92 0.6 46.8 Eq Inc n 62.51 0.58 -0.3 32.28 -0.9 RisDv Adv r 60.4 26.41 21.68 42.24 -0. % Ret.41 NA NA NA LgCpVal 20.23 0.2 24.6 IntlValY 18.07 12.6 BalInv p 42.8 H Invesco Funds C: BalancedRiskAllC 10.5 11.39 NA NA NA InstS&PStkIdx I n 53.16 17.3 HYld 4.5 25.01 -0.0 Intl I r 18.9 26.04 4.1 30.5 AZ TF A p 10.0 ValueDisc n 28. Net YTD 3-Yr.67 0.45 0.4 MidCapEnIdx nr 16.9 17.1 6.70 0.11 21.81 0.37 17.76 -0.9 13.1 DvMk A p 21.46 NA NA NA IntlSmCpY 16.1 US Micro 23.01 7.52 NA NA NA HiYld T nr 8.3 17.4 McpVl n 28.98 0.08 27.0 GoldPrM A p 14.23 35.70 0.32 0.42 -0.87 12.2 Growth Adv t 93.6 TxExIncmA 9.57 -0.18 24.09 12.52 -2.79 -0.56 -0.00 6.8 US Val I r 22.7 8.8 29.40 0.1 40.02 -0.3 30.9 2.52 0.9 IntlEq 24.02 4.03 6.5 5.2 33.67 0.20 NA NA NA SmCpIdxInst 20.8 InterValue 18.01 5.8 14.9 FlRtDAAdv t 8.0 J SclCrEqInst 13.91 27.10 21.87 0.01 0.16 NA NA NA MunStkAdvA p 13.6 15.6 TMktIdxInv n 76.3 Idx2045InsPre Idx2050InsPre 19.3 20.1 6.31 17.33 0.98 NA NA NA IntlGrow 36.33 0.9 Freedom2030 K 18.0 4.6 Utils C t 19.54 14.02 0.3 27.1 Fidelity Series: Beacn A 16.26 27.4 40.7 JamesBalGR A n 25.56 13.47 NA NA NA FltgRtAdvg p 10.69 NA NA NA StrInI 12.25 25.0 WorldBond 10.11 16.48 7.95 0.5 MIInsTF A p 11.0 31.44 -0.7 GuideStone Funds: HYMuA 10.0 US Equity Inv pn 49.59 0.85 0.1 3.47 -0.8 14.01 0.49 23.11 19.0 17.4 TAWldexUSCr 11.69 0.22 19.05 14.9 33.05 23.8 23.02 1.7 TtlRtnBdL 10.89 18.56 1.12 2.43 0.3 OHMun n 12.01 4.4 44.4 29.72 -0.89 39.0 Frgn A p 7.7 22.58 0.9 22.01 -0.12 -0.5 EmgMkts r 34.84 16.51 0.80 NA NA NA IntlStkI 18.9 OTC n 109.78 0.8 TotBdFdClZ 10.8 10.69 NA NA NA DevMkt 36.0 MidCpIdxPrem n 21.8 EmgCntrDt 30. % Ret. NAV Chg.0 37.2 LgCo 20.7 15.1 17.2 39.01 17.63 40.0 REIncmInst 12.3 5.56 -1.02 18.8 USGovAdv p 6.0 31.00 4.24 -0.94 0.9 GNMA n 11.11 18.9 LSGwth 17.36 0.6 LowPriStkK r 54.2 9.08 15.53 16.2 20.50 NA NA NA IFP US EquityFd 18.1 48.49 NA NA NA MdCpVal T n 18.2 StratInc n 11.53 0.02 20.78 0.9 EqInc t 21.65 16.3 CapAppI 42.7 FL TF A p 10.2 LifeConsv 13.1 9.2 22.15 0.4 FrkUSGvtSecR6 6.8 BalancedC t 25.00 NS NS PcBas nr 35.00 4.96 0.00 3.25 17.35 0.5 25.92 0.20 14.26 -2.25 NA NA NA n- SelMgrSmCpVaY 26.3 IntMu n 10.13 19.34 12.01 2.96 0.9 21.2 9.71 0.30 0.24 -0.46 0.74 0.01 1.7 40.05 3.8 9.04 0.8 4.9 54.87 19.7 25.6 16.22 20.08 NA NA NA SmCoStk n 46.15 -0.2 Trend n 106.00 13. % Ret.0 MAMun n 12.55 1.4 23.63 23.01 NS NS PuritanK 23.9 4.55 15.6 IntGvFxdInc 12.3 FF2020A p 14.24 -0.6 SrsIntlSmCp 18.5 IntBd n 10.7 11.2 37.06 12.01 2.07 11.87 0.5 35.55 0.2 First Eagle Funds: Shares C t 28.7 93.22 34.9 USBdIdxPrem n 11.6 GrStrt nr 40.3 7.64 17.13 7.40 27.1 5.08 0.7 27.10 15.57 -0.12 21.85 13.6 NS SAIUSQtyIdx 13.7 22.62 NA NA NA IntlIdxPrem nr 43.99 -0.6 6.30 24.7 NS US Gov A p 6.49 28.58 23.0 Jensen I : Balanced n 111.10 17.5 14.51 -0.0 22.26 23.01 1.4 13.2 EqGr p 119.8 GlBond A p 12.26 NA 34.72 23.86 36.09 0.01 0.74 -2.8 EmgMktsAdv 57.31 0.13 19.60 0.43 11.1 AssetStr I r 24.46 -0.0 46.5 26.04 1.0 GblStock n 14.06 9.59 -1.07 24.4 19.09 22.4 44.3 Fidelity Adv Focus C: CnvSc n 28.65 0.7 HYMuni 9.84 0.9 36.61 -1.68 0.3 15.78 0.3 11.9 17.66 0.85 NA NA NA NY Tax nr 14.76 NA NA NA DiscEqui 15.00 3.65 0.54 0.6 30.02 20.59 -0.6 USVectorEq 19.4 45.02 NS NS REEq 13.1 31.21 -0.7 IntlValNAV 17.9 30.19 0.53 0.51 26.6 NY TF A p 11.84 20.2 32.78 10.1 31.7 GlSmCo A p 10.7 TMktIdxInst 76.11 0.1 28.4 19.75 -0.45 12.82 29.48 7.9 21.88 0.1 22.14 -0.44 NA NA NA EdgewoodGrInst 29.07 -0.2 NS Gr 32.11 11.38 1.24 -0.7 27.05 3.3 AdvMdCpIIA p 21.82 0.43 0.1 28.4 TM IntVa 16.10 0.4 SmCapG n 57.92 -0.8 StkSelMC 39.2 NewMill n 42.43 -0.19 0.6 BluChpGrK 88.8 5.01 0.76 0.7 Canad nr 55.56 -0.2 20.9 NS CvtSc A p 20.8 GE Elfun/S&S: MidCap 40.69 NA NA NA SmCpGr 40.96 -0.58 0.1 GlRESec 11.25 17.23 0.52 20.05 0.2 57.08 0.96 0.2 MacOppFdClInstl 26.00 6.88 -0.91 -0.2 DispValMdCpR6 24.5 NS FrankTemp/Mutual C&R: GlbCapAppr 18.71 0. % Ret.9 37.01 14.7 LowPriStkK6 11.79 -0.21 15.0 Energy nr FinSvc nr 42.6 Utility n 26.0 m rp CoreFxdIncmI 10.7 36.7 34.7 Banking nr 35.4 TotalBond n 10.67 NA NA NA Eaton Vance Class C: FAIntDiscI r 46.8 35.02 NS NS Europ A p 20.1 9.20 9.9 30.9 RetLiv2020 11.8 5.14 NA NA NA CorFxdIncN n 10. 2017 BARRON’S M29 Mutual Funds Data provided by Net YTD 3-Yr.03 7.05 0.82 1.2 34.35 0.8 500InxA p 28.2 41. Net YTD 3-Yr.8 36.84 0.28 58.89 1.11 17.10 18.3 Emerg Asia nr 43.16 1.90 NA NA NA Dupree Mutual Fds: KYTF n 7.8 47.04 24.9 Dreyfus Premier: BalancA t 21.7 CALmtTrmTFB n 10.01 1.35 0.02 24.40 9.7 Invesco Funds A: DreyMid Inv nr 40.2 29.73 0.3 RetCho2035 15.12 0.71 22.6 26.6 24.00 4.06 23.02 10.3 5.1 26.03 10.03 0. NAV Chg.01 3.11 11.57 34.26 NA NA NA EqWtdA p 60.3 TechA t 58.29 0.11 11.4 LSConserv 13.13 -0.27 25.34 4.6 33.83 0.9 GlAll25 75Inst 13.31 0.41 21.6 80.8 5.8 NS SAISm-MidCap500I 12.03 19.21 -0.6 NY TF C t RisDv C t 10.8 STCrFd 9.30 20.2 23.1 TETONWstMMFdI 28.00 5.5 BondA p 15.1 IntOppA p 17.01 4.0 36.9 28.87 0.04 4.0 Chart 18.2 7.46 20.9 FocInv 87.11 24.40 27.01 7.5 4.5 ConDis nr ConStap nr 42.05 0.00 7.0 500IdxInv n 92.9 Value n 56.55 33.75 0.4 20.2 36.6 FrkDynTchR6 67.5 Frng Adv 7.79 NA NA NA Fairholme n 18.46 20.20 1.09 0.4 us l.7 35.8 HiIncA p 7.5 27.3 FrankTemp/Franklin A: CorMidCap30Inst 23.8 7.0 AMgr70% n 22.21 0.30 14.2 TotRtnBondFdClA 27.4 FrankTemp/Frank Adv: IntOppY 18.3 36.13 NA NA NA ABCAdv 10.60 NA NA NA Gateway: IntlOpp 17.2 7.60 8.73 35.74 0.7 Utils Adv 19.4 22.8 28.6 14.18 24.02 NS NS Puritn n 23.22 20.8 LeveCoSt I 43.7 Tax Ex n 11.1 CapAppr 19.26 -0.6 FrkIncR6 2.44 NA NA NA EmMktCorEq 22.01 13.0 27.41 1.12 8.1 29.7 16.1 StkSelLCVl n 20. IntSmVa IntTermMuni 10.6 Fidelity Advisor C: Export n 21.02 16.04 11.85 18.4 11.0 ShtTmBd T n 3.32 -0.2 TgtModA p 16.16 -3.0 NS CA TF A p 7.6 CapDevO n 17.89 0.6 0.0 39.03 21.89 0.40 1.73 5.4 50.02 -0.77 -1.1 7.78 0.23 10.7 GblAll60 40Inst 18.01 1.21 -0.48 -0.03 19.00 1.18 -0.62 0.3 SmCpStk Inv nr 33.6 Retail nr 133.2 8.0 IntlGrwI 27.1 9.5 NS CoreAll A p 19.18 15.8 29.1 LargeCap n 32.17 23.5 IncomeA p 2.54 14.5 14.19 22.9 8.11 9.3 29.24 -0.87 NA NA NA GlFxIncI 21.5 SmMCpGrA p 38.9 -1.0 13.2 Japan 29. % Ret.15 NA NA NA HYldI 6.64 0.7 8.01 6.4 NwInsghtC t 29.00 1.0 1.07 7.12 0.0 3.6 42.36 18.90 -0.1 36.2 19.0 12.1 47.54 24.0 35.5 5.00 14.3 26.12 NA NA NA Dodge & Cox: Freedom2020 K 16.9 41.92 NA NA NA DoubleLine Funds: GlbexUSIdxPrem n 13.03 11.70 34.5 GrOp B p 39.01 7.0 WorldwideA t 19.6 21.91 0.90 20.01 26.4 TMMktwdVa 31.4 18.07 0.0 36.42 0.14 20.5 Pharm n 18.3 35.0 SrsGroCoRetail 18.2 27.32 0.0 DivrsDiv n 20.84 -0.8 InvGrBd 11.3 LgCpVHIdx n 13.4 12. NAV Chg.5 21.0 21.6 32.9 17.01 6.7 STGov 10.97 -0.9 55.0 MidCap n 39.3 41.91 NA NA NA HiYldI 12.2 Goldman Sachs Inst: IFP US Equity Fund: Aprec pn 38.71 0.3 NwInc n 10.0 3.16 -0.31 37.5 6.72 -0.0 LifeMod 14.82 0.14 9.03 NS NS RealEstInc nr 12.2 Gabelli Funds: MidCap 31.01 1.7 22.01 3.4 25.2 42.1 24.8 ComStkInvst n 29.3 Freedom2035 K 15.9 EqIncI 21.49 0.9 Indepndnc n 41.96 -0.8 25.8 26.92 0.9 SmllCapM p 27.1 9.7 13.7 -3.63 76.42 17.46 26.6 19.85 NA NA NA AtlCpSMID 34.6 FrankTemp/Mutual A&B: DiscpEqA p 29.2 FF2040A p 16.50 -5.65 1.01 4.02 0.8 39.6 28.01 5.52 0.6 IntlCoreEq 14.19 28.8 27.1 DivIncm p 25.2 InProBnd n 12.34 0.26 29.93 1.5 33.57 -0.64 0.39 21. % Ret.39 -1. Net YTD 3-Yr.4 RetLiv2030 12.5 GlLifeSci T nr 54.60 NA NA NA TMktIdxF r 76.02 19.13 30.71 0.8 HiQtyFltRte 8.3 FocInst 90.3 27.9 23.0 19.64 -2.28 17.8 9.60 0.7 CapGr 30.1 22.29 23.29 10.44 23.9 AggrAllGS4 12.03 0.37 30.6 StrInc C p 9.37 35.00 5.21 1.02 20.9 18.11 -0.7 GovUltra 9.53 0.00 2.03 0.1 27.00 25.00 0.1 52.5 11.8 FF2030A p FltRateA r 15.94 1.25 14.03 19.0 Value n 124.9 23.00 5.02 NS NS SAIIntlMinVolInd 10.13 NA NA NA Edgewood Growth Instituti: SmallCapI 31.5 27.29 37.3 33.15 23.3 Mat nr 92.63 0.3 LatinAm nr 24.7 AssetStrC t 22.02 15.6 40.5 MegaCpStk n 17.83 -0.31 0.57 0.21 0.98 0.59 0.7 35.23 13.87 1.5 31.2 28.5 Softwr nr 171.27 0.4 Idx2025InsPre 16.72 1.79 NA NA NA NatlMuniInc 9.2 40.6 FrankTemp/Temp Adv: FltRateC t 8.95 NA NA NA FF2035A t 15.3 18.79 NA NA NA EmMktsGr n 38.81 -0.00 4.90 NA NA NA MdCpISvc n 28.3 12.9 Fed TF A p FedInt p 11.7 TotRtnBdFdClInst 27.1 21.4 11.8 38.05 4.10 18.6 CapApInv pn 73.2 14.9 28.4 4.1 36.98 -0.7 15.95 0.16 18.4 24.10 18.9 ci on US Small 37.9 NS SAIUSMinVolIndFd 12.20 28.9 19.9 EmrgMktK r 31.1 HlthCareSrvPt r nr 97.02 NS NS SAILTTreBdIdx 10.6 10.2 USBdIdxInstPrem 11. % Ret.13 NA NA NA Trusts n 66.74 32.89 -0.62 NA NA NA InsHiYld r 10.4 StkSelSmCp n 29.0 19.5 CapApprNAV 19.6 20.1 29.1 GrAllGS4 12.24 0.4 Driehaus Funds: DivIntlA 23.5 22.79 -0.38 -0.95 NA NA NA IncomeI 6.3 RetCho2030 14.6 6.33 4.5 Gartmore Funds: GlbEqIncC 7.38 12.1 FrankTemp/Franklin R: IntlInv tn 69.2 ScTechI r 75.16 0.00 9.00 1.8 9.3 DynTotRetY 16.7 34.04 0.05 -2.37 17.6 7.68 NA NA NA CapIncC t 8.56 17.84 0.5 GrowCoK 184.98 -0.63 -0.2 CmstA 26.2 USTreas 24.81 NA NA NA FedMunULA p 9.83 0.01 18.4 15.0 TmpGlbTotRtnR6 12.02 17.8 31.24 16.8 AstMgr30R n 11.28 26.5 18.7 TM USTgtVal 39.5 25.70 1.9 32.00 3.1 IncomeAdv 2.6 BluCh n 88.99 0.6 MdEqSys n 47.4 24.2 25.00 0.39 0.55 17.5 10.7 Idx2020InsPre 15.52 0.08 22.23 0.30 -1.1 IntSmCoGr r 21.0 2.3 IntlCorEqI r 20.0 28.2 NS SmCpEqAdv 33.7 EqInA 34.46 NA NA NA .16 2.25 0.93 0.9 MidCapI ScTechA p 26.99 59.01 3.22 18.1 NS AMgr50% n 18.6 33.4 GlEqInst 23.7 32. % Ret.07 22.67 NA NA NA InflProBdIdxPrem n 9.7 2.0 15.35 12.8 MO TF A p 11.26 17.3 6.6 Stock n 207.3 GrwthOpp 38.03 2.8 9.32 0.2 36.18 -0.97 -0.5 44.38 22.45 0.42 -0.1 9.5 SmlCpGrth nr 24.13 NA NA NA HthCarI r 46.01 5.9 NS NS SmCapDisc n SmlCapO 29.87 0.8 Fidelity Advisor: ContraK 128.4 FF2005 n 12.5 TMktIdxInstPrem 76.1 16.3 -2.40 30.35 0.14 11.2 DivGth A p 28.04 23.1 SmCpGr A p 22.21 27.02 6.8 SrsCommStrt 5.9 Janus Henderson: STMuniBd 10.98 0.0 Multimedia nr 81.72 NA NA NA Federated A: NwInsghtM p 32.05 4.9 FltRateI 8.37 17.01 0.20 22.7 LtdTrmI r 10.88 1.44 0.22 68. % Ret.1 25.01 2.9 SrsEmrgMkt 21.5 USLgVa 40.7 Federated Instl: FF2015 n 13.95 0.76 20.50 0.0 Shares A 29.5 FF2020 n 16.66 NA NA NA FAMValue n 76.29 -0.2 Manager60 n 12.8 43.5 27.88 2.09 19.31 17.10 96.6 FAFree2035I 15.01 5.92 -0.72 0.66 -0.65 -2.78 0.55 26.02 19.68 28.1 US Gov C t 6.7 AmValA 41.7 SmCapVa 67.0 48.01 7.31 0.2 21.4 37.2 FoundFAlA p 14.9 BiotechI 26.1 4.2 Goldman Sachs A: I DispValR6 DispVal I 22.7 7.9 34.9 GroInc n 37.3 SmCpVal 63.89 -1.10 29.8 GroInA p 24.00 3.48 0.30 16.00 14.52 NA NA NA Eaton Vance Class I: FF2040 16.47 -0.01 4.00 3.28 0.6 11.40 0. NAV Chg.8 TMMttVa2 29.99 22. NAV Chg.04 0.2 m e Domini Funds: Freedom2050 K 12.0 GatewayA 33.34 12.8 32.1 17.64 16.7 EnhInc 9.1 32.8 GrOppI 73.85 0.01 10.7 30.3 5.78 0.1 26.0 21.06 NA NA NA Hartford HLS Fds IB: Overseas T nr 32.1 19.10 NA NA NA FltgRt 9.01 6.1 CA TF Adv t 7.02 18. Net YTD 3-Yr.7 500IdxPrem n 92.01 0.8 18.26 0.4 NS TtlRtn A p 9.15 NA NA NA Dreyf n 11.01 4.51 0.41 33.2 HiIncC t 7.00 NS NS SmlCpVal nr 20.8 28.7 36.96 19.2 SmCpGrwth 31.56 0.08 19.39 32.05 0.03 19.23 -0.83 -0.3 39.1 DivGrowK 35.41 IntlIdxInstPrem 43.78 1.2 John Hancock Funds A: no DriehausAcInc n 9.21 9.88 -0.34 -0.21 13.13 0.37 8.96 NA NA NA Idx2030InsPre 17. Net YTD 3-Yr.73 -1.9 KaufmnR r 6.27 25.7 3.14 7.02 3.9 Franklin Templeton: ABC pn 10.19 18.01 8.7 CAMun n 12.8 7.11 NA NA NA IncBos 5.00 3.37 0.3 NS Utils A p 19.4 ValueK 124.22 34.2 Health nr 231.9 PA TF A p 9.9 500Index1 31.4 LtdTmBdFd n 11.46 NA NA NA DivIntl 23.01 5.9 SmCpGr 45.0 38.03 20.1 NS CpInc nr 10.2 Bond n CapApInst n 11.9 Wrldw n 27.81 -0.5 24.75 0.01 2.72 0.4 SrsIntlVal 10.45 0.9 -25.7 GlbA 61.03 NA NA NA Stock 79.53 1.67 46.48 0.79 25.72 11.45 -0.84 0.94 49.52 0.2 Tech nr 178.2 ITExQual 10.18 -0.0 30.0 20.3 43.07 8.4 co Fo CA AMTMuBdZ nr 15.6 TmpFrgnR6 7.1 45.7 LSAggr 17.7 LgCpGwthl r 23.3 DivStkO n 27.26 0.75 0.37 -2.3 TmpGrthR6 27.70 NA NA NA SAIUSLgCpIndxFd 14.11 0.38 0.6 BAL A t 12.77 15.7 31.7 U.01 2.42 -0.22 0.53 -0.89 -0.28 -18.6 OR TF A p 11.9 29.08 0.3 3.9 MidCpInxInstl 21.3 3.7 18.15 29.70 12.2 ShIntDurMuInst 10.94 0.35 11.00 24.24 5.6 BalancedK 23.7 FPACres n 35.7 14.0 RealEstIdxPrem n 15.13 0.00 6.86 -0.6 .64 0.6 TempGlbBndR6 12.7 20.01 5.3 46.28 23.7 Enterprise Inst 70.7 11.4 7.09 -0.41 NA NA NA Hartford HLS Fds IA: Enterprise S 116.1 9.4 5.93 0.68 0.1 20.5 Growth C t HY TF C t 85.3 IntlOppsA p 30.9 31.80 0.02 13.0 46.05 5.36 0. % Ret.6 LowDurBdI LowDurBdN n 10.00 0.25 0.4 100Index 17.15 NA NA NA FloRtIncY 12.10 11.68 0.22 34.4 JamesBalGR A n: STExQual 10.6 6.7 25.14 0.86 0.01 6.12 17.3 AmericaI 39.85 NA NA NA ExtMktIdxInv n 64.5 24.December 4.9 USSoCoreEq2 16.7 SerLTTreBdIdx 8.64 NA NA NA EqIncA p 25.7 14.01 3.47 1.8 31.8 MidCapVal p 40.1 60.59 0.68 NA NA NA BalancedRiskAllY n 11.01 4.01 14.45 0.4 BalanA 23.42 6.01 27.3 IntlREst 5.3 6.3 HighInc nr 8.2 11.50 0.01 3.1 50.0 16.6 31.6 ScTechY t 72.01 15.0 FlxBnd T n 10.41 NA NA NA ParEmMktsFdInst 15.92 -4.97 -0.53 0.1 LmtTrmMuniIncm n 10.9 13.62 18.11 0.4 AssetStrA p 24.67 0.8 34.03 16.64 0.7 MdCpIdxI 22.5 US SmCpVal 39.1 NS CAInt A p 11.3 RetLiv2045 12.6 SrsIntlGrw 16.23 -0.82 0.2 38.9 17.2 36.8 7.89 0.52 -0.5 ScTechC t 59.3 20.01 2.16 14.29 0.8 4.91 12.35 NA NA NA Eaton Vance Funds: MunIncI 13.38 -0.2 31.6 IntlEq 22.02 1.02 20.0 SrsGlobal 13.63 -0.0 14.55 12.0 NYMun n 13.63 0.4 15.0 Growth C p 26.01 4.9 OppA p TotRtA p 43.24 0.06 -0.80 NA NA NA CapIncA 8.88 -0.3 46.75 0.6 FAInvGrdI 7.18 0.8 RetCho2045 16.8 TRNAV 13.04 19.97 -0.80 0.6 16.1 39.19 18.41 -0.14 5.3 IncomeA p 2.1 12.63 17.26 0.3 SrsSmCapDiscRet 12.47 0.90 0.01 4.7 EqIncA 11.25 NA NA NA ParTxMgdEmgMktIn 51.0 15.8 Enterprise T n 118.09 -4.3 23.9 27.67 0.05 NS NS CorePlusBd 21.3 Invesco Funds P: StrIncA p 6.74 -1.1 36.4 27.0 GlbInc 12.96 -0.3 AggrInt n 21.89 0.11 9.2 23.8 DynaTech A p 65.66 1.3 8.14 -0.02 NS NS RealE n 42.62 -0.5 First Investors A: Growth A p 27.68 0.18 0.0 19.46 NA NA NA IntTrBdIdxPrem n 10.6 MagellanK 102.01 4.6 MidCapStkK r 39.8 StrInc A p 9.5 Science&TechI 30.9 28.4 47.4 Fidelity Advisor I: FocsdStk n 23.66 15.87 0.6 Gold nr 19.00 5.0 24.32 NA -1.4 4. EmgMktVa 30.38 NA NA NA DispValMCI 24.80 -1.0 Fidelity Selects: Bal C t 12.3 TotRetBd 11.5 31.TreBdIdx 9.34 NA NA NA FF2015A 13.6 FASeriesEqGroFd 15.00 0.32 10.9 22.3 35.4 59.6 RetLiv2035 12.98 0.6 StkSelMC 41.73 0.55 3.9 EmrgMktEqInv r 16.64 -0.8 World A p 17.36 0.10 28.6 Biotech nr 216.7 21.06 -0.97 35.03 29.0 Freedom2055 K 13.19 0.09 16.0 DivIntlK r 41.1 27.9 35.37 0.45 -2.9 28.1 AMgr20% n 13.02 4.02 2.21 33.85 0.47 NA NA NA Inc Bos 5.49 25.23 -0.7 11.14 -0.21 0.01 NA NA NA StraValDivIS 6.6 ShDuTF 10.99 0.1 19.34 -0.27 30.14 0.8 31.3 IntlStkY 18.08 14.08 0.5 LgCapInvst n 23.04 5.1 36.2 9.5 5.96 0.0 MedDurGS2 14.9 26.5 GrowAlloc p 16.92 NA NA NA GlexUSIdxInstPre 13.4 11.6 37.46 3.35 8.03 NA NA NA Intl Equity Inv tn 8.50 0.51 -0.5 7.9 InfProtSec 11.2 37.3 6.1 FltRateA t 8.01 4.1 ChinaReg n 34.04 16.80 0.48 29.00 18.5 IntlSustCore1 10.5 Div&Grwth 24.2 MdCpVal Inst n 24.01 7.4 Quality 26.85 116.39 19.0 15.84 -0.47 -0.34 -0.00 4.6 FlRtDA A p 8.14 -1.22 16.18 30.11 0.02 2.90 0.8 Balanced T n 33.03 -3.5 LmtdTrmBdFd 11.22 16.01 0.1 20.7 SmCpValInst n 37.29 24.70 -0.75 20.2 14.01 31.76 12.7 GovtInc n 10.1 17.79 NA NA NA Idx2040InsPre 18.1 Fidelity Advisor A: DisEq n 39.23 26.94 0.89 0.5 12.45 16.6 13.1 IntlIdxInv n 43.6 51.0 26.30 0.19 4.53 11.7 AdvSrsGroOpport 13.02 NS NS FrankTemp/Franklin C: IntEqGS2 16.88 -0.1 TgtMod C p 16.8 FAFree2020I p 14.65 -0.65 0.25 24.49 1.4 VolBalSrs1 13.6 Fixd 10.9 35.25 12.9 39.5 22.35 22.6 40.9 21.5 23.05 20.0 11.5 24.7 Glenmede Funds: USSustCoreI 21.03 7.23 -1.16 19.3 28.25 0.4 0.07 -0.7 US CoreEq1 22.2 11.6 ITSvs n 54.63 NA NA NA Income n 11.35 0.8 LgCpIntl 23.9 SmCpGrwI 58.7 NA 47.61 NA NA NA MdCpCEq 24.2 3.5 34.0 19.01 3.24 -0.3 BalancedRiskAllA 11.02 1.04 17.16 -0.90 29.4 21.5 JpnSmCo nr 19.2 9.20 0.94 39.1 9.2 27.53 NA NA NA NA NA NA F Total Bd Fidelity Advisor M: 10.43 13.9 EmergMkt 34.09 4.2 13.0 23.8 StratValA r 43.5 22.5 25.89 14.60 13.79 0.86 0.3 29. % Ret.24 0.4 TAUSCoreEq2 18.29 -0.6 34. Net YTD 3-Yr.84 0.6 RgBkA 28.45 -8.7 Intl Stk n 45.00 7.0 EmMkSC Adv p 14.01 2. % Ret.4 18.46 20.08 22.6 16.02 NA NA NA BalAllGS4 12.3 AdvStrDivInA p 15.00 1.3 12.15 0.9 Hartford Funds I: BalIncI 15.8 20.1 23.66 2.1 IntlGr 13.6 31.2 34.31 0.52 -0.6 MNInsTF A p 12.00 2.3 IntlVectorEq 13.8 SmCpVal A p 60.13 32.07 0.27 11.01 7.0 6.2 MuniIncI r 10.7 Invesco Funds Instl: LifeGrw 17.3 5.88 NA NA NA GrInc n 22.8 12.3 3.20 0.72 15.78 0.02 17.55 NA NA NA MidCpGwth p 40.5 18.0 1.89 -0.62 -0.36 NA NA NA FF2025A p 14.03 8.6 SmCap 62.7 24.11 14.44 0.5 Fidel n 46.80 -0.21 NA NA NA FltgRtAdvg p 10.01 3.03 1.02 0.5 Summit P pn 20.8 4.1 IntlInvst n 34.1 MtgSec n 11.5 Idx2035InsPre 18.2 Chks&Bal p 10.21 0.37 14.4 IntlVal 20.4 Balanc n 23.99 -0.21 13.1 65.12 5.8 39.01 23.26 0.5 USGlobLdrs 48.34 27.5 32.8 LevCoSt n 32.0 24.9 OverseasA 25.02 -0.01 1.71 0.08 23.30 16.02 3.25 -0.45 -0.55 -0.90 -0.9 26.04 0. Federated C: GabelliAsstFdClI 62.1 23.8 28.5 32.1 SrsBlChGroRetail 13.49 -0.0 24.46 20.7 MutShrR6 29.33 15.7 1.18 0.7 18.50 -0.6 500IdxInstPrem 92.2 CorpBd n 11.3 32.02 2.28 9.2 US CoreEq2 21.61 0.5 Util C t 6.62 28.5 NASDAQ nr 90.18 -0.0 MidCapC t 23.1 TEHYC 10.7 Income C t 2.08 14.6 12.8 16.56 -1.3 GrEqGS4 27.1 1.96 0.03 NA NA NA FloatRt t 8.1 LowP nr 54.39 37.00 NA NA NA SelMgrSmCpGroY 28.05 41.76 0.03 3.79 18.9 27.8 EmMktIncI r 13.01 1.0 Ind n 36.1 AMgr85% n 19.3 31.7 14.50 23.3 EqIncmA 11.2 49.7 28.00 8.84 -0.29 23.22 0.2 2.82 18.2 TotRBdA p 10.01 0.0 Fed TF Adv 11.89 NA NA NA LmtdTrmMunInc p 11.01 3.2 37.9 40.59 -0.70 -0.00 4.01 2.01 2.41 -0.5 GlbResch T nr 77.08 0.60 -0.71 1.89 18.26 NA NA NA NA NA NA LevCoStA p 42.5 36.53 0.1 NS HthCarA r 43.01 10.1 IntlGrow 37.1 CoreFix 10.45 2.91 -0.8 DivIntl n 41.9 47.65 0.0 Freedom2015 K 13.08 0.63 0.03 25.44 7.01 2.78 10.1 Quality 26.91 -3.4 22.6 5.14 -0.72 -0.68 -0.1 33. NAV Chg.53 -0.4 37.0 13.34 19.5 CapApp 50.46 20.36 -0.2 4.5 GrOppty t 46.4 Harbor Funds: DivrsDiv t 20.77 NA NA NA Fidelity: Freedom2010 K 16.6 BalIncA 15.6 13.7 30.0 Semiconductors r nr 112.36 13.36 14.7 24.83 NA NA NA NewtonIntlEqY 22.3 42. % Ret.82 0.70 32.5 59.8 15.7 NewMkt nr 16.8 21.7 Federated R6: FF2050 n 12.20 -3.30 NA NA NA AtlCpSMID p 31.7 2.4 31.4 35. % Ret. NAV Chg.4 71.2 ShDuGov 9.4 60.18 -0.3 41.7 TtlRtnAdv 9.4 8.2 37.3 42.01 7.91 -0.1 12.7 37.87 GlBondAdv p 12.44 -5.4 FF2035 n 15.90 NA NA NA ModeAlloc p 13.5 NationwideInstSv 26.30 0.87 12.1 RetCho2020 12.72 0.24 0.91 10.26 -0.11 -0.7 Hartford Funds C: HiIncI r 7.18 0.48 NA NA NA IntlBdI 16.61 -0.3 24.1 2.46 12.1 NatRec nr 28.0 Growth A p 93.3 31.01 -0.41 -0.01 3.02 19.12 7.7 22.7 41.99 0.0 9.22 9.8 9.3 32.56 NA NA NA KaufmannA p 6.6 13.3 9. % Ret.00 4.94 -2.4 17.02 NS NS REInc 11.13 19.98 0.5 FidSAIEmgMktIndx 14.25 -0.37 NA NA NA IntTMIA p 11.56 0.3 MidCapVa 40.8 EmgMEq 22.9 28.0 14.82 11.41 20.23 0.28 NA NA NA Interm n 13.05 4.82 0.85 -2.11 -0.7 Resh T n 48.3 6.09 14.5 29.01 0.2 24.5 6.8 NS SmallCap r nr 19.3 Fed TF C t 11.07 20.36 0.27 22.6 29.95 0.47 -0.8 50.7 CapAppC 34.06 19.88 -0.8 -0.82 -1.01 4.60 -2.56 0.52 25.41 21.6 DivGthY 28.01 2.4 2.43 0.4 IntlInst nr 70.55 17.08 13.3 20.4 ExtMktIdxPrem nr 64.32 -0.91 -0. NAV Chg.44 -0.8 26.9 FedL T TF 10.44 0.26 22.7 16.00 NS NS Ovrse n 50.4 5.3 Hotchkis and Wiley: BondI 15.29 0.44 11.7 20.02 0.52 -0.63 16.53 NA NA NA Balanced C 33.25 -0. % Ret.0 FrkRisDivR6 60.55 NA NA NA GblMacAbR 9.5 27.3 34.91 1.38 11.3 40.31 -1.6 10.6 MidCapY 36.11 15.14 -0.46 0.1 TM US Sm 45.38 -0.1 5.1 27.4 NJ TF A p 11.55 -0.01 8.02 18.0 AssetAllBd 22.6 36.2 STTrBdIdxPrem n 10.87 19.90 34.98 16.6 1.01 0.01 43.9 24.8 GrOppM p 67.80 -0.69 0.1 StratDivInc n 16.4 GlBond C p 12.9 LifeBal 16.27 18.97 0.3 Fidelity Adv Focus A: CapApprK 38.01 6.9 LifestyleGrw 17.4 23.00 -0.1 57.7 54.71 0.05 14.28 NA NA NA FloatRtHiInc 8.6 Ivy Funds: EmMktSmCp 23.00 7.61 36.3 EmgMktIncmI 10.6 CA IntAdv 11.2 10.7 Eq IncC EqWtdC 11.11 0.7 SCVal T n 24.4 18.6 Muni 15.0 OHInsTF A p 12.30 -0.01 17.1 GblAbRStratI 10.27 13.00 -0.13 0.36 0.30 0.0 OTC K 110.4 LTTrBdIdxPrem n 13.6 25.10 0.2 FunLgCpCorA p 52.21 NS NS FPA Funds: G GrowOppI t 48.9 Util A p 9.01 10.6 DispVal DispValMdCp 23.9 StkSlcACap n 45.2 24.9 GblRealRtY 14.7 56.0 StrInC 12.83 15.5 7.55 1.15 10.3 500IdxInst 92.1 SmCpValAdv t 63.85 0.2 28.14 18.07 0.5 Fidelity SAI: TgtCon A p 15.24 20.01 6.27 19.1 16.51 NA NA NA FloatRt 9.6 NC TF A p 11.07 8.04 0.87 25.44 10.0 33.61 NA NA NA StrValDivA p 6.29 -13.01 6.55 -0.02 3.45 16.25 0.01 -0.01 3.81 0.11 15.39 NA NA NA MunInA 13.7 TgtGroA p 20.02 2.21 0.0 RetLiv2025 12.03 7.8 19.06 19.22 27.28 0.71 1.33 -0.02 NA NA NA StraValDivC p 6.7 10.54 12.18 1.03 2.6 24.31 -0.45 NA NA NA Dreyfus: Fidelity Invest: Srs1000ValIndRet 13.28 0.4 2.9 HthCarC p 34.6 32.32 -0.60 NA NA NA GblAbRStratR6 10.00 1.4 FF2025 n 14.55 0.1 38.05 25.42 NA NA NA BlueChipGrw 42.95 25.4 Manager40 n 11.03 25.27 NA NA NA GMO Trust Class III: Val Inv n 44.93 0.68 22.10 0.5 42.8 EmgMktIdxPrem n 11.7 CapAppA p 42.4 ValEqGS2 23.2 EmrgMktsDebt EmrMkt nr 10.7 23.52 0.5 34.90 NA NA NA GblexUSIdxInst 13.44 -1.02 0.23 19.9 6.04 -0.0 LwDuToRt A 9.3 WorldwideC t 18.07 30.51 32.79 -0.27 16.47 -0.29 9.34 0.93 0.34 23.6 GMO Trust Class VI: BondR6 15.01 4.01 7.2 UtilGr nr 82.98 0.64 17.22 NA NA NA ICM Small Company: TotRetBdN n 10.9 13.96 -0.2 10.56 NA NA NA LSModer 14.91 19.13 NA NA NA KaufmnLCA p 23.45 0.18 -0.0 24.5 9.01 6.9 14.7 USLgVaIII 28.42 0.28 13.44 -0.27 NA NA NA FAM Value: EqIn p 35.6 2.79 0.86 0.97 -0.42 0.00 0.9 26.79 NA NA NA EqInc pn 23.1 NewInsights Z 33.7 USSmMdCpOpInv r 15.65 -0.1 32.43 17.2 GlHltCr 38.6 IntlValA 19.6 StrInM p 12.51 14.31 15.3 -2.4 46.3 6.9 1.47 0.1 20.43 6.5 17.04 30.52 13.90 0.0 RetLiv2040 13.8 Heartland Funds: er rs WexUSGov 10.34 32.2 3.41 -0.59 -0.9 24.23 -0.03 20.7 FF2030 15.4 37.62 -0.50 0.7 CapApprec p 49.6 SmMCpGrAv t 41.13 7.4 35.94 0.01 3.08 16.8 7.03 2.67 0.61 0.49 7.3 BioDis A p 148.9 16. Net YTD 3-Yr.20 0.2 36.54 NA NA NA FAFree2045A 12.6 ConsvIncmMuni I 10.3 27.5 TGlTotRAdv 12.45 0.01 3.8 5.1 Freedom2045 K 12.57 0.7 GrowIncK 37.89 0.9 DivrsDiv p 20.8 CapAp n 38.05 -0.4 US TgdVal 25.3 8.1 Contrarian T n 20.3 29.4 53.33 NA NA NA TMG1.1 31.4 21.4 13.4 ICMSmCo 36.9 Hennessy Funds: Venture T n 79.4 3.01 7.46 -0.03 15.1 MIMun n 12.7 14.30 -0.87 0.86 5.79 0.6 30.03 0.50 -2.03 NA NA NA GlbStkI 21.3 23.6 FrkSmCpGrR6 23.89 1.4 GrIncA 29.4 14.2 10.9 FedIntAdv 12.41 15.06 -0.76 23.6 33.8 23.7 on SelHdgGlFxd 9.0 Balanced 31.00 27.2 23.05 14.19 0.31 17.02 15.0 TaxFrB nr 11.3 15.16 0.3 10.0 23.4 GrOpps 29.71 1.86 -0.07 22.0 AdvMdCpII I 22.08 25.56 -0.01 1.3 EmrgMktsNAV 11.00 3.04 -1.0 Jensen I 47.09 18. 23 26.2 16.35 19.5 IntrepidEurL r 27.6 4.71 NA NA NA MFS Funds Class C: LmtTrmR 10.2 4.0 32.49 22.00 1.7 SpecIntl n 14.6 2.00 1.044 SR2040 R5 23.5 SuMuInt n 11.6 11.3 GlbREIdx nr 10.36 NA NA NA StratOpp n 8.0 44.9 13.67 0.70 0.86 -0.43 -0.702 r4.6 SmCapVal p 51.5 14.54 28.279 16.25 -0.02 16.1 R2040R p 27.00 7.1 -4.385 271.365.40 15.9 9.7 Ret2050-R 15.01 6.28 27.213 278.97 -0.4 LtdMat n 9.91 -0.2 34.3 3.7 Putnam Funds Class A: IntlSmCp nr 17.712 SmartR2020 20.981 MnStFndA p 54.31 NA NA NA PIMCO Funds C: Ret2055 n 16.1 23.5 47.42 -0.01 7.57 NA NA NA EqInc 15.26 0.85 0.9 2.500 972 837 ShtDurBnd 10.59 NA NA NA PortOptModClA r 14.0 InvGrdCorp 10.45 NA NA NA InstlCapG 40.68 NA NA NA R2020A p 23.36 -0.5 StrGrw A p 21.92 0.79 NA NA NA ValueA p 41.76 -0.44 0.347 44.86 0.4 InflRespMulAsset 8.157 11.03 4.52 38.31 15.91 0.47 19.9 9.827 2.4 ModDur 10.9 4.27 0.26 17. Oakmark Funds Invest: Prudential Cl A: TRBdZ 14.46 -0.57 -0.47 -0.27 35.945 3.00 -1.21 NA NA NA Sales Common Stock 306.63 NA NA NA EpochUSAllCpI 31.56 -0.0 38.1 4.7 RealRtnA 11.74 NA NA NA Taxable Bond 3. % Ret.6 7.72 0.227 19.9 29. LSStrIncC t 14.697 19.05 10.13 12.5 52.2 26.8 ValAdv t 35.4 FloatRt p 9.1 16.32 -0.00 NA NA NA m e SR2040 I 23.9 55.18 NA NA NA ISX Fd 14.719.79 NA NA NA RealRtn n 11.59 NA NA NA InstLCCoreGr 37.14 0.477 7.86 -0.442 1.89 NA NA NA Ret2045 n 19.9 25.5 LgGrEqty P 27.33 13.0 RAEFndmlPLUSIntl 10.405 13.02 NA NA NA TxAwEq 35.23 NA NA NA TFSI n 5.03 4.99 NA NA NA MassMutual Select: MnStFndC 51.14 NA NA NA EpochGlb r 20.73 -1.05 0.01 0.9 BlendA 22.5 36.3 7.77 0.9 23.3 LowDur 9.7 6.1 EqInvA 18.00 -0.2 28.6 11.46 0.656 Laudus Funds: JapanInv nr 24.9 18.93 NA NA NA TotRtP 10.18 NA NA NA HelSci n 75.2 17.2 6.6 16.01 2.414 EqInc 17.00 39.63 NA NA NA Money Market Funds -9.24 15.86 0. NAV Chg.0 50.61 0.5 9.11 24.01 5.39 0.1 18.01 5.82 18.083.99 0.0 TxExpt n 10.418 ValOpps 20.012 Loomis Sayles Fds: IntTxExpt n 10.07 NA NA NA WldOppS n 8.77 1.06 22.1 Liquid Assets 795.02 0.4 HiYld 8.52 NA NA NA MFS Funds Class I: EqtyInc nr 34.46 0.72 -0.2 StraFxd P 13.67 0.05 -8.18 NA NA NA Morgan Stanley Inst: CapApprA p 63.93 -0.7 Genes n 37.4 14.0 29.11 26.01 1.50 -0.0 20.0 6.4 Total Long-Term Sales 292.4 20.94 0.03 NA NA NA Marsico Funds: EqIncC t 25.398 3.2 6.455 4.34 0.68 15.19 NA NA NA IncomeA p 2.39 21.1 36.58 19.12 20.39 24. % 5.5 34.0 Nch II I n 30.9 41.7 GlbOppA p 69.663 1.7 InvBal p 15.06 0.9 38.458 8.06 NA NA NA IntrTxFr 10.36 NA NA NA IntNwDI 35.4 14.99 0.7 15.83 NA NA NA HiYldZ 5.60 47.49 7.7 22.5 Ret2025A p 18.2 9.96 NA NA NA BdIdx n 10.730 r33.82 0.68 11.865.17 NA NA NA M MndrMdCpCGroA t 41.7 RealEst n 29.08 28.27 NA NA NA CoEqyA 32.983 CMOpporTrC r 22.1 1.42 10.620.06 31.690 15.11 25.13 0.7 35.2 StPlTRInst r 12.24 0.0 RchHiYldMunC 6.02 1.64 -0.4 Litman Gregory Funds: ConAllA p 15.1 Partners n 26.01 7.01 4.5 31.53 -0.64 0.1 Sm&MdCapStrategi n 17.1 LgGrIN 11.88 0.021 4.70 -0.25 NA NA NA GloFranI t 25.606 USLgCpCorPls 33.099 MdCpGrw 35.60 -2.7 36.08 26.04 NA NA NA ShtDurInc p 4.3 EqIndx p 40.8 SuMuInc n 11.92 0.85 -0. Net YTD 3-Yr.98 0.44 NA NA NA HiYld IN 9.09 14.95 NA NA NA Total Muni Bond Funds 15.2 9.52 NA NA NA MLP&EnrgyIncmI 8.972 DiscEqL 28.7 19.49 -0.990 r46.424 SmCpVal 27.19 0.1 HiIncBdClR6 8.77 -0.5 16.670 22.4 19.00 1. % 3.648 Asian G&I Inv nr 17.24 31.67 NA NA NA High-Yield Bond 9.63 12.06 19.5 EmgMktB n 12.36 NA NA NA ValAdv 36.23 11.6 Treas & Agency Money Market 982.21 NA NA NA MairsPwrBal n 95.4 6.4 .0 CMValueTrI 94.20 0.22 NA NA NA MidCapStk 30.9 19.074 r51.0 FrgnBd 10.13 9.3 28.023 m rp ModInvA 12.2 34.7 12.03 4.740 11.9 TF Incom n 10. % Ret.35 NA NA NA InstLCV 24.58 12.43 0.8 8.1 LT2040J tn 16.9 -21.2 38.9 28.49 NA NA NA Sm Cap p 52.7 40.70 0.86 -0.4 42.24 0.292 1.86 NA NA NA MnStFndY 54.50 23.52 NA NA NA OverS SF nr 11.7 18.56 16.Adv Cl: USEqOppsA 37.43 NA NA NA SpecInc n 12.68 21.67 0.4 DevMktsC t 39.08 NA NA NA ValueC t 40.4 39.6 PACE Funds Cl P: Total Net Assets (Bil.5 TotRetBdI 10.43 NA NA NA USTLg n 12.7 TotRetA 10.89 NA NA NA HighYld p 7.76 0.6 LSGrowthY 15.4 6.26 NA NA NA Hybrid Mutual Funds -2.73 NA NA NA SpecGr n 26.7 9.892 r-21.00 6.13 NA NA NA HiYldBdC t 5.0 TRtn n 10.07 0.9 28. Net YTD 3-Yr.86 NA NA NA Growth C t 74.17 NA NA NA ValueI 41.7 Permanent n 41.01 2.86 28.5 GlblOppY 70.06 -0.8 EMFdIndPLSARStr 10.71 NA NA NA Taxable Money Mkt 2.11 25.0 35.5 IncomeFd 12.6 Prime Money Market 125.42 0.9 4.14 16.10 0.00 1.3% 3.03 15.8 31.3 38.72 NA NA NA Munder Funds Cl A: IntrepidVal 39.2 SmCpEqR5 60.74 NA NA NA CapGrI 49.4 HiYldMuBd p 17.33 0.2 SmCpVal 32.25 -0.7 10.22 NA NA NA Redemptions All Funds TotRetBd n 10.733 16.22 0.1 24.2 EmMktS n 43.18 1.46 NA NA NA AssetAllAuthP 8.04 NA NA NA DevGt p 22.4 17.70 -0.6 16.8 6.867 r7.86 NA NA NA Global Bond-Short-Term 1.89 NA NA NA GNMA n 9.2 5.12 -0.44 NA NA NA TRBd 14.53 0.3 EmgLocBdFd 7.0 Short-Term 7.32 8.4 IntGrowY IntlBdY 43.M30 BARRON’S December 4.7 R2020R p 23.22 0.45 -0.8 29.0 LowDur n 10.6 AMTFrNY p 10.54 -0.56 NA NA NA FundlEq p 12.5 20.3 Select n 49.7 15.46 0.00 4.30 25.8 8.11 21.5 LCVal n 33.01 4.39 -0.93 0.46 NA NA NA HlthSci 45.6 33.4 SmCapIdx n 14.5 13.00 3.75 15.09 23. Net YTD 3-Yr.45 NA NA NA PSGrow n 35.79 16.9 47.29 NA NA NA RschI 46.34 -0.665 2.72 0.00 3.91 -0.98 0.50 NA NA NA IntlSmCoY 49.4 30.39 0.35 0.0 e CoreBond 11.21 NA NA NA Growth p 69.86 -0.01 1.210 S&P500IdxR6 16.1 MCpValA p 23.55 0.0 NS Neuberger Berman Tr: IntlStrEq n 15. 2017 Mutual Funds Data provided by Net YTD 3-Yr.16 -0.9 34.72 0.05 28.3 10.77 37.0 Gov't Bond-Intermediate 689 458 589 SR2030 R5 21.00 6.59 12.7 7.50 -0.13 0.9 35.6 11.4 31.00 -0.15 -0.01 3.8 MidCapIdxR6 20.03 12.1 63.11 NA NA NA N Inc n 9.7 GenesInst 65.0 EmMktsEqIdx nr 12.539 EqIndx 41.389 12.22 11.53 -0.49 -0.6 3.33 21.53 NA NA NA Taxable Bond Funds 27.93 NA NA NA IncomeFd InvstGrCorBd 10.9 11.00 7.03 -0.00 NA NA NA MLPFocusC 6.43 0.9 PacTigerInv nr 30.6 33.5 28.62 13.01 22.01 0.2 StlpathMLPAlphFd 6.95 -0.4 Parnsus n 48.00 4.3 R2030R p 26.37 NA NA NA MAPI 46.9 r3.685 MtgBckd 11.35 19.521 9.8 31.02 6.72 -0.15 -9.7 10.15 NA NA NA ShtDurBnd 10.9 CAMunBd 11.8 8.08 NA NA NA N Asia n 20.72 NA NA NA Total Sales Equity Funds 158.2 10.83 NA NA NA JPMorgan Select Cls: Matthews Asian Funds: DevMktY 41.8 EmMktsBd 10.8 MdGrIII Inst 12. Net YTD 3-Yr.47 30.98 CommodtyRR 6.46 0.50 33.087 LSBondR pn 14.5 IntlVA t 43.85 NA NA NA HiYld 7.01 6.50 NA NA NA CoreBdA p 6.68 0.0 HYMunBd t 17.6 660.93 0.97 14.3 6.01 7.87 NA NA NA TaxFr p 11.477 r787.00 1.3 25.7 CorpInc n 9.0 14.8 MnStSmCpA p 29.3 Neuberger Berman Fds: UnconstrndBdFd 11.73 0.3 42.235 8.5 GloblA p 100.33 0.2 33.10 0.5 39.034 12.10 11.7 StlpathMLPAlphFd 7.89 0.00 24.9 42.2 15.7 PtrLV In 17.724 r284.58 1.46 NA NA NA ShDurTxFr 15.6 24.00 3.45 NA NA NA IntlValEq n 15.9 3.8 IntlEqIdx nr 13.3 33.78 -0.1 DevMktA 42.2 31.12 NA NA NA R2010 n R2015 n 19.0 19.2 LgShInst 14.272 1.49 -0.0 ActMIntlEq nr 11.11 NA NA NA GloblC p 92.4 MIGA p 29.96 14.49 NA NA NA LSVValEq : IntlEqP p 17.3 EqIncInv n 17.13 0.9 BeacnZ n 16.26 NA NA NA RschA p 45.00 3.7 GblStrIncmC 3.96 0.2 World Bond Funds 13.5 Intl Inst 17.1 BondA 9.1 RERRStg 8.7 PtrLGI In 15.61 NA NA NA HighYld r 7.29 21.9 MCpGrEqIIS 22.0 33.92 18.35 32.76 0. % Ret.9 OakmrkInt n 28.50 -0.0 37.49 -0.9 7.32 NA NA NA CapGrP p 47.98 NA NA NA InstFLRfd r 10.4 33.69 29.52 NA NA NA Net New Csh Flow (Mil $) IntlDvFdA t 19.071. NAV Chg.4 Optimum Funds Inst: CoreEqA 20.2 Principal Investors: Stock Funds 10.5 6.89 -0.4 -23.801 4.8 50.06 19.30 NA NA NA StcksPLUSIntUnh 7.371 245.50 15.5 2.74 0.9 7.938 r4.11 0.18 NA NA NA HYMuniBd p 11.45 19.00 -6.59 28.887 r1.02 6.0 21.00 7.2 EqIncA 35.55 5.1 ForeignVal I r 21.88 NA NA NA HiInc 7.91 0.2 SciTec n Sht-Bd n 51.39 21.89 NA NA NA TotRA p 19.25 -0.30 NA NA NA Value n 39.3 22.00 3.4 21.98 NA NA NA IndxEqR5 22.6 28.367 EmMktEq I 28.16 JPMorgan Inst Class: NA NA NA TRBd Mairs&Power: 10.02 0.75 0.8 IntlOppInst 13.76 -0.71 NA NA NA HiYld 8.46 23.02 5.20 NA NA NA MCGrEqIII 22.05 10.630 5.224 -8.84 NA NA NA International Bond 5.4 52.4 Nuveen Cl C: Pear Tree: EqInc n 35.00 7.8 StratIncA p p 10.7 48.211 461.2 FrgnBd n 10.97 NA NA NA InstHiYld 9.79 -0.4 7.47 NA NA NA Blend 49.5 LT2050I 16.58 NA NA NA Hybrid Funds 20.93 0.139 r255.782 SmCap 60.767 3.09 -0.0 27.00 -3.0 31.85 -0.4 12.4 39.98 0.65 NA NA NA HiYldBdA 5.26 NA NA NA MLP & Energy Income I: MuniBd pn 11.48 18.01 5.1 PIMCO Funds P: CapAppA p 29.71 0.52 0.88 NA NA NA MainStay Fds I: LtdTermMuA p 4.25 -0.001 r1.9 CorePlusBd p 8.5 SenFltRtA 8.6 RealEstSecI 24.7 SAMBalA p 16.7 EqIndex n 71. NAV Chg.705 1.5 LT2030In 15.5 2.11 16.665 2.9 InfPro IN 8.3 GrAdv r 21.04 0.35 -1.42 -0.1 4.9 30.9 Gov't Bond-Long-Term 489 1.00 2.537.4 14.611.1 InvGradeBdC 11.51 0.15 0.93 1.5 46.0 MndrSCVClY p 42.53 NA NA NA Inv Bal p 16.24 -0.832 4.3% 3.4 Ret2050-A p 15.0 28.62 0.5 30.8 42.9 ShtAssetInv 10.5 RealRtnI 11.01 1.01 3.59 NA NA NA ShortT 9.10 19.0 EqIncA p 32.9 All Asset 12.02 4.38 -0.0 -20.87 NA NA NA Merger Fd pn: MnStSmCapY 32.01 1.7 StratInvP 10.362 14.R Cl: Tax-Exempt Money Market 18.74 NA NA NA SmallCoZ 28.0 56.8 40.02 7.06 16.1 20.5 3.31 17.3 7.755 USRechEnhEq 28.0 17.39 NA NA NA PSBal n 25.7 35.3 34.5 Capital Appreciation 36.1 2.17 23.22 0.712 5.39 NA NA NA FundVlZ 13.01 NA NA NA CommdtyRR 6.76 39.2 13.4 TotRtAd p 10.861 EmgMktEqO n 19.1 MidCpBldA 27.51 0.107 r437 -33.6 16.13 6.721 r157.50 -0.0 InvGrwt p 22.2 r18.44 0.11 -0.39 20.731 LimDurBd 10.03 5.45 -0.5 Income Mixed 4.00 3.37 NA NA NA TotRetIV 10.76 NA NA NA GlbRealEstZ 24.30 NA NA NA Growth I 96.264 61.8 7.1 Prudential Funds: ly GlbSel nr 20. % Ret.257 7.68 NA NA NA PIMCO Funds A: R2025 n 18.0 N RisingDivA 20.8 12.25 -0.83 0.09 NA NA NA 2050RetFd n 15.3 29.8 IntlOpp tn 27.248 us l.63 NA NA NA Total Taxable Bond Funds 97.53 0.922 ValAdv L 36.12 0.22 NA NA NA StcksPLUSIntlHdg r 8.854 2.01 -2.23 NA NA NA NA NA NA MultiAstBalOppty MultiAstGro 12.89 16.8 O AllAssetAuth r 8.3 13.72 0.10 NA NA NA IntlEqI 17.2 18.7 LgCpGrwth 21.24 15.51 1.00 0.5 Price Funds .52 8.92 0.7 GlbTech n 19.26 NA NA NA FloatRt 9.5 7.42 0.11 24.92 NA NA NA Price Funds .14 25.7 Lat Am n 24.99 NA NA NA AllAssetAuth 8.106 USEQ Concen Inst 16.7 Balanced n 25.9 RoMu C p 14.03 3.843 16.3 43.328 2.3 Redemptions 268.31 8.3 Balanced Funds 6.10 24. NAV Chg.5 GloblY 101.746 InvGradeBdA p 11.67 NA NA NA ShtDurIncmC t 4.0 15.12 12.88 NA NA NA SmCpGI 28.272 IntlBdA p 5.4 Intl n 16.53 22.503.15 NA NA NA MultiAstInc 15.19 NA NA NA MCapVal n 32.00 10.10 -0.32 25.7 ci on MidCapStk 30.63 -0.67 0.0 33.62 NA NA NA New Era n 36.7 BdMtgIn 10.1 31.47 22.93 NA NA NA Global Bond-Multi-Term 7.3 Metropolitan West: Guard n 18.568 116.3 28.331.60 NA NA NA Lord Abbett A: MuLtA 8.5 InvstGrCorBd 10.6 MultCpOptyInst 20.99 NA NA NA HighYldA p 7.2 38.57 -0.1% BondA p 14.09 7.15 NA NA NA Taxable Money Market 1.59 NA NA NA BdDeb p 8.66 NA NA NA ModAllC p 17.6 34.045.30 11.034 13.5 7.2 HYMunBd 17.04 0.1 Long-Term Intermediate-Term 3. StratIncmOppI 10.00 -0.1 Intl Eqty 14.14 11.61 23.832 r9.03 4.79 -0.00 3.02 22.76 0. NAV Chg.0 54.06 -8.1 10.8 19.8 Growth 37.8 R2020 n 23.41 0.2 10.27 20.80 18.4 -2.6 43.47 14.1 IntlDivA 18.01 1.54 -0.02 NA NA NA Investment Grade Bond 49.05 11.4 FixIn n 10.60 NA NA NA Manning & Napier Fds: RochLmtTrNYMuni p 2.41 0.059 504 IntlEqIndx 19. Net YTD 3-Yr.1 SharesZ n 29.70 34.723 r12. % Ret.01 4.5 MidCpIdx n 20.4 15.52 22.937 r21.525 GrowFdClA 18.55 NA NA NA NA NA NA HlthSciZ MdCpGrZ 50.70 NA NA NA ConAllC p 15.0 7.88 0.267 7.2 1.5 IncomeFd n 12.18 15.866 420 InvGradeBdY 11.0 Alternative Strategies 4.5 37.362.1 IntDMunBd 9.02 3.1 51.75 NA NA NA IntlEq 25.42 NA NA NA NA NA NA TotRC t UtilC t 19.05 0.878 Intl Eq R6 19.72 11.7 30.8 IncomeFd 12.690.01 3.20 24. NAV Chg.25 19.0 13.01 0. $) 18.25 -0.1% 4.38 0.99 NA NA NA MCapGro p 91.16 NA NA NA LgCpGrA p 10.275 SRIncome R5 18.1 20.004 2.04 0.20 0.2 53.7 Focus n 28.20 NA NA NA ShtDurTxF p 15.9 36.00 7.73 NA NA NA IntDis n 71.177 CorePlusBd 8.5 49.66 0.18 NA NA NA MLPFocusI 7.2 SR2020 R5 20.02 6.50 NA NA NA Prudential Cl Z & I: InvCon p 13.12 20.5 31.67 NA NA NA Purch Other Securities 541.4 46.6 GblAllocA GblStrIncmA p 3.79 -0.7 R2040A p 27.7 IntlSmCoA 49.51 NA NA NA AsiaDivInv nr 20.07 16.36 0.59 0.1 (Mil.8 StratIncY p p 10.34 NA NA NA Muni Bond Funds 2.1 Gov't Bond Funds 7.04 11.70 NA NA NA MFS Funds Instl: AlCpCore n 16.37 0.519 28.02 5.07 16.2 PIMCO Funds D: SmCapVal n 51.19 19.2 3.61 0.714 r23.59 -0.225 5.8 42.1 SmCapVal n 23.1 HighYld 7.01 4.16 20.02 3.4 Growth A p 91.77 -0.80 NA NA NA Inflation Protected 1. % Ret.19 -0.5 LgCpGwth p MdCpGrw p 37.85 NA NA NA IncBldr 20.0 MdValI In 15.9 1.98 0.17 22.54 0.01 4.1 30.7 Nuveen Cl R: PolForegValOrd tn 21.987 EmgMktEq 19.2 Oakmark n 86.92 -0.58 0.40 32.81 0.5 37.44 NA NA NA DiscovA p 87.08 0.8 21.245 n- Lazard Open: IntmBdI 10.39 15.419 r6.1 29.62 -0.00 6.5 28.16 0.5 Pax World Fds: CapApp n 30.21 0.29 -0.714.52 1.5 26.3 Fixed Inc 9.03 5.31 -0.3 FrgnBdUnd r 10.06 0.307.71 12.43 NA NA NA NA NA NA R2030A p R2035A 26.10 NA NA NA Global-Equity 10.59 NA NA NA ShtDurIncm 4.04 NA NA NA SR2030 p 21.36 33.18 14.34 -0.0 9.425.28 -0.1 r2.7 LgIndxI 18.02 NA NA NA UnconstrBdI 11.4 3.1 9.2 Pacific Life Funds: Price Funds: FlIncA p 12.3 13.95 NA NA NA AllAsset 12.3 23.83 NA NA NA Source: Investment Company Institute Research Dept.70 0.36 20.75 26.64 NA NA NA ReInA p 19.7 8.255 USEquity 17.2 Oppenheimer N: SeniorFloRate 9.00 3.7 GrAllA p 21.00 3.8 49.02 3.59 NA NA NA IntrTxFr 10.98 -0.4 15.26 -0.7 PQ StratIncC Pioneer Funds Y: 10.0 IDAggr p 11.5 CoreBond 11.313 Legg Mason A: TRBdPlan 10.54 NA NA NA EqInc p 17.25 0.61 0.65 1.02 NA NA NA IntEqIdx nr 14.05 0.48 -0.18 15.7 35.62 -0.441 19.6 MITA p 33.3 SR2020 p 20.20 -0.4 0.1 87.90 NA NA NA Multi-Term 18.4 41.727 -5.07 14.87 -0.69 0.1 DivInc 10.71 0.6 14.7 3.59 NA NA NA Tax-Free Money Mkt 128.1 50.65 NA NA NA InvstGrCor 10.7 11.7 29.5 42.235 1.24 0.9 JPMorgan A Class: Affiltd p 15.18 NA NA NA Oberweis Funds: MUTUAL FUND INDICATORS on CoreBond p 11.1 FixInc pn 11.26 NA NA NA BondI 14.014 1.9 8.764 21.782 LSCorBndA p 12.29 0.8 31.2 28.57 0.89 -0.026 no Legg Mason C: UnconstrBdM n 11.60 31.4 21.27 NA NA NA UStdI p 28.740 r7.9 47.414 GLIP Open n 16.2 21.23 -0.11 0.0 10.2 MuInA p 8.58 0.15 NA NA NA Ultrashort-Term 3.14 0.80 NA NA NA Purch Common Stock 284.36 23.4 38.198 LSSmCpVal 38.01 6.5 15.3 SmCapStk n 51.65 12.08 NA NA NA CorePlusBd 8.8 35.41 19.12 0.823 18.6 USEquity 17.9 PSInc n 19. % Ret.1 18.1 Sm-Cap n 27.1 5. Dvrsified L 18.82 NA NA NA SmCpVal 27.323 3.8 43.5 ShIntTaxFr n 10.7 15.836 r22.26 NA NA NA CalibrDivGr 16.5 GvScA p 9.64 -0.4 EmrgMktCur 9.7 Europe n 20.02 7.24 -0.2 8.8 32.73 0.5 14.42 4.0 Parnassus Fds: BdEnhIdx nr 11.04 22.74 0. % Ret.91 NA NA NA r-Revised.58 6.5 6.6 34.56 0.08 4.30 17.53 0.2 17.7 15.0 Global n 34.00 0.02 16.1 11.7 23.697 1.6 21.72 22.73 NA NA NA Gov't Bond-Short-Term 834 865 1.6 Ret2045R 18.76 0.6 19.0 Nicholas Group: OsterweisStrInc n 11.8 17.673 42.3 28.26 30.1 HiYldAd p 8.01 6.7 DevMktsN t 40.539 10.421.2 5.41 NA NA NA MdCpGrA 40.153 7.94 NA NA NA Hybrid Funds 1.05 12.4 55.52 -0.16 -0.3 IntlEqInst r 13.5 39.0 16.86 0.86 -0.75 0.7 National 15.2 LrgCpStr n 15.5 2.7 23.95 -0.536 274.4 Total Sales All Funds 1.60 NA NA NA FloatRt p 9.1 127.98 NA NA NA Soc Resp n 39.01 1.3 HiIncBdInst 8.42 NA NA NA UnconBdClS n 10.444.01 9.04 0.914 9.3 GlTotA p 18.6 IntEqI p 24.9% TotRet 10.368 6.457 r90.97 NA NA NA NA NA NA Total Return Value 70.015 2.3 USLgCpCorePlA p 33.909 974.63 -0.35 23.9 40.97 NA NA NA Prudential Cl C: GwthAdv p 20.001 r424.21 0.2 EuropZ n 20.01 3.23 1.71 38.0 USSmCo L 20.68 NA NA NA LgVEqty P 25.15 NA NA NA ShtDurIncmA p 4.337 Lazard Instl: SocRespInst 39.4 35.7 9.64 NA NA NA 1.0 LgValIN 13. % Ret.11 5.90 1. % Ret.75 33.92 NA NA NA Munder Funds Cl Y: TotRet 10.8 48.694 GvBd 10.1 1.381.49 NA NA NA SmallCoA p 26.7 46.8 RealEst 22.5 38.1% 5.945 652.2 LowDurA 9.666.6 IntlBond n 9.32 NA NA NA Growth 40.12 10.4 Stock nr 32.7 LtdMnBd p 10.44 7.51 0.0 Oppenheimer C & M: InvstGrCorBd n 10.573 2.95 NA NA NA NA NA NA FrgnBdUSH IncomeP 10.04 8.92 NA NA NA LmtTermBd p 4.30 7.6 Legg Mason I: ActMEmgMktEq nr 21.43 NA -0.886 r29.6 Emerging Markets 7.33 0.08 5.9 2.13 23.1 Gr&In n 30.495 r494.4 24.96 34.410 265.6 Growth n 43.35 NA NA NA STCorpBd 10.25 23.14 0.8 DvsfMCGr n 30.74 0.68 -0.301 2.8 World Equity 51. % Ret.00 7.71 -0.82 -0.7 Osterweis Strat Income: SelMCGrA 41.3 37.39 NA NA NA MLP Focus C: Liquid Assets Ratio.7 Balanced n 22.01 3.2 LowDurBd n 8.6 19.9 MuHiA 8.9 ShtTmA 9.5 PreSecI 10.00 7.41 14.53 0.161 JPMorgan R Class: BdIdxR6 11.103 15.2 128.9 ExtdDur 7.03 4.44 NA NA NA TRII 9.12 18.29 NA NA NA Nuveen Cl A: CoreBd n 10.1 36.69 NA NA NA StkPlsLgDur 8.00 3.84 0.8 7.72 -0.4 MCapA 17.5 9.080 LSBondI 14.0 12.02 3.29 NA NA NA Lord Abbett C: MITI 32.873 al a Lord Abbett I: ActiveAllA 14.2 35.35 0.8 19.59 -0.7 17.27 -0.97 NA NA NA Regional-Equity 1.3 6.840 r-2.42 1.0 14.5 42.86 15.97 NA NA NA RetBal Inc n 15.57 -0. NAV Chg.50 0.8 LT2010In 14.5 QuestA t 15.49 23.55 21.203 r7.44 NA NA NA NA NA NA Natl Muni-Multi-Term Natl Muni-Short-Term 9.24 NA NA NA IndxEqR4 n 22.28 NA NA NA ResBdA t 10.8 Oppenheimer Y: Mortgage-Backed 3.4 r9.8 PIMCO Funds Instl: TFHY n 12.54 22.00 7.78 NA NA NA TxFrBdA 10.8 RealRtnP 11.6 LngDurTotRtrn 11.16 NA NA NA Japan n 15.04 10.0 36.176 286.9 Total Money Market 1.072 r55.3 3.24 -3.8 FinSvcs n 29.8 Nationwide Fds Serv: LowDur n 9.27 NA NA NA ProBConsS n 14.01 17.00 5.02 0.211 IntlEq 19.47 34.8 13.81 NA NA NA 11.4 3.05 18.4 IDMod p 10.26 31.094.38 0.4 R2040 n 28.6 27.19 18.16 NA NA NA Focus pn 20.5 14.0 MdCpVal p 40.2 HiYldA 5.14 24.78 NA NA NA IDModAggr p 11. % Ret.85 15.50 0.00 3.30 42.56 -0.1 49. % Ret.109 36.8 -20.9 38.698.9 26.7 State 3.01 8.28 23.72 0.57 NA NA NA CapIncA p 10. Net YTD 3-Yr.00 4.442 USLgCpGr nr 21.0 47.0 -17.7 33.5 GlblBdII 10.96 NA NA NA Meridian Funds: Neuberger Berman Inv: RchHiYldMuniA 6.89 NA NA NA BdDeb 8.5 14.06 0.403.411 405.854 84.19 NA NA NA R2030 n 26.58 NA NA NA DevlpGro 26.4 JPMorgan C Class: ResBdI 10.9 PIMCO Fds Instl: Growth n 70.27 -0.4 3.31 24.0 LT2020J tn 14.08 25.57 NA NA NA N Horiz n 56.09 NA NA NA USEqR5 17.6 ParnEqFd n 42.5 8.4 Genes n 69.73 12.7 MortgageOppty 11.9 DivIntlInst 13.65 0.0 3.008.0 LT2040I 16.8 AMTFreeMuniA p p 14.379.17 -9.9 LTUSG 6.71 10.1 36.2 29.4 26.5 AggGrowth nr 44.25 0.4 6.690 r72.03 7.03 4.8 28.00 3.7 Mass Mutual: GlbOppC p 61.07 NA NA NA AMTFreeMuniY 14.05 NA NA NA Asset Allocation Funds 622 709 684 IntlGrowA p 43.4 Value n 46.01 4.2 Mutual Series: AllAssetAuth 8.70 NA NA NA NA NA NA HiYield n InstEmMEq 6.700 1.3 NA NA NA MFS Funds Class A: AgGrAlA p 23. Net YTD 3-Yr.73 35.00 5.02 4.38 NA NA NA HiYldA t 7.85 -0.71 36.95 NA NA NA AllAsset 12.43 NA NA NA RealAssets nr 11.525 SR2030 I 21.112 L ChinaInv n IndiaInv nr 23.06 0.02 NA NA NA LowDurBdI 8.50 0.0 USEquity L 17.1 19.0 IntlStk n 19.1 5.607.3 IntNwDA p 34.32 NA NA NA ValOpps p 20.3 8.2 24.20 24.418 JPMorgan R5 Class: IndxEqAdmin 22.07 27.03 4.27 -0.636 MdCpVal L 41.3 CA Bond n 11.138 IntStrtEq r 15.39 32.660 7.4 Pioneer Funds C: PRIMECAP Odyssey Fds: Sales Other Securities 472.5 JPMorgan Funds: HiYld p 7.93 NA NA NA GlbDiscz n 33.04 24.6 11.3 SmCpVal n 26.2 9.7 25.01 7.11 NA NA NA LSStrIncA p 14.01 2.0 Longleaf Partners: GlEqA 43.04 5.703 1.00 4.5 38.45 0. % Ret.31 21.03 31.4 31.34 NA NA NA SelBluChipGroClI 21.45 NA NA NA MediaTel n 97.93 NA NA NA InstSmCap 25.9 HiYldSpec 10.2 AAMunBd p 11.313.01 2.13 NA NA NA er rs MdCpVal 40.3 31.2 20.07 NA NA NA TotRet p 10.87 19.32 -0.5 2020FcA 17.4 6.11 32.53 0.1 GlbLstInfr 16.0 CoreBond 11.21 0.2 27. % Ret.2 Sector Funds 7.7 LwDurP 9.50 2.0 Flexible Portfolio 3.928 127.11 5.9 29.62 34.83 0.3 21.03 24.35 13.02 4.6 34.44 24.51 NA NA NA MainStay Fds A: MndrMdCpCGroY r 43.15 12.66 34.04 20.84 16.12 21.6 Ret2035-R 19.4 Liquid Asset Ratio.75 NA NA NA MkExpEnhIdx 12.3 Ret2025-R p 17.00 0.095 r3.6 Ret2015A p 15.92 0.40 0.49 14.4 Ret2045-A p 18.54 -0.4 10.2 10.8 Munder Funds: TotRt 10.13 -0.02 1. $) Month Month Month ValAdv t 35.8 DvsfSmGr n 34.9 PIMCO Fds Admin: GlbStk n 37.8 Gov't Bond-Multi-Term 2.710 IntIdxR6 8.3 32.42 NA NA NA LSVValEq 30.05 31.7 7.25 -0.3 3.72 IntrinsicValInst 17.98 NA NA NA R2035 n 19.3 38.36 23.03 4.27 NA NA NA National Muni Bond Funds 12.8 29.44 NA NA NA Int'l-Equity 30.81 0.75 NA NA NA GrAllC p 20.60 -0.6 38.52 0.10 -0.999 -38.4 Old Westbury Fds: LgTrmCrdtFd 12.3 8.61 -0.49 1.57 0.03 5.51 0.01 1.17 0.18 NA NA NA UtilA p 20.3 3.77 0.80 15.51 0.6 USGlbLdrsGrwI 51.03 NA NA NA MCpValI 24.89 NA NA NA SciTec p 50.01 6.30 NA NA NA ReInT t 19.00 -0.7 LT2030J tn 15.83 0.372 r19.97 0.57 -0.2 42.7 4.6 SR2040A p 23.33 NA NA NA HiYFxInc n 6.37 NA NA NA Alternative Strategies 4.6 GenesisFdR6 65.5 8.07 33.7 34.06 0.8 CATx p 8.483 3.06 0.08 31.14 NA NA NA Alternate Strategies 616 598 253 IntmdTFBd 10.9 SenFltRtC 8.42 NA NA NA Oppenheimer A: JPMorgan I Class: MLP Focus I: Growth Funds 25.78 NA NA NA Nich n Northern Funds: 65.3 LT2020 In 14.00 3.1 8.75 0.01 3.2 Paydenfunds: DivGro n 43.7 47.714 1.39 -0.8 29.9 48.126 r14.48 0.65 NA NA NA FndAltFdB 27.05 12.58 NA NA NA Utility 15.2 12.22 -0.4 DiscGrA 18.8 RoMu A p p 14.0 SAMBalC t SAMGrA p 16.1 8.83 NA NA NA Treas & Repo Money Market 294.86 -0.06 0.4 67.63 -0.04 15.73 0.01 -0.881 29.38 30.2 38.547 co Fo MtgBckd 11.732 3.01 1.00 3.5 7.2 RochAMTFrMuni 6.6 660.95 -1.489.412 2.342 LgCpGwth 37.48 -5.7 EqIncIA p 32.3 GlbDiscC t 31.45 11.02 22.03 8.0 12.3 IntlEqty P 17.65 29.84 NA NA NA SmCpI r 26.35 32.8 66.12 26.27 0.74 -0.1 ShortTrmAd p 9.00 4.11 NA NA NA MndrIntlSmCpInv r 14.4 BondY 9.4 2.17 0.2 StkIdx n 31.63 -0.6 3.65 15.98 NA NA NA FloatRt p 9.41 24.3 ModAllA p 18.8 28.89 NA NA NA N Amer n 53.11 NA NA NA OppenheimerRochester: ShtTm 9.6 BlChip n 98.59 NA NA NA NA NA NA TotRetESG PIMCO Funds: 9.05 26.6 Nationwide Fds R6: RochCAMuni 8.84 1.73 0.9 31.23 0.20 NA NA NA LgIndxJ tn 18.54 -1.0 GrowthR p 67.14 NA NA NA MCEqGr 57.527 r1. NAV Chg.22 ValueTrC 78.15 0.2 11.093 r301.0 Perm Port Funds: ExtIndex nr 29.05 NA NA NA PortOptModAggClA p 16.18 22.45 NA NA NA StcksPLUSShort 8.26 21.1 Merger Fd pn 15.6 InvG&I p 18.97 0.63 -0.26 25.88 -0.4 October 2017 Latest Preceding Year Ago InvConsvGr t 13.14 19.03 5.44 14.19 NA NA NA MCapGro n 93. % Ret.6 MD Bond n 10.870 6.347 Natixis Funds: ComPLUSStrtgyFd 6.9 2.01 1.9 10.22 NA NA NA MainStay Fds C: GlbDiscA 32.79 0.83 0.34 17.01 5.373 LSFixIncl 14.05 0.58 0.3 MairsPwrGr n 130.6 BlChip p 96.72 35.82 20.595 1.92 NA NA NA Muni Bond 662.14 27.09 33.0 5.01 NA NA NA TotIndex n 30.0 MnStOpA p 20.71 NA NA NA NWQSmCpR 55.27 37.2 State Muni Bond Funds 2.7 R2005 n 14.53 0.89 -0.10 -10.3 BlChipR p 93.4 36.75 NA NA NA TotRetIncC 10.21 5.298 r285.90 NA NA NA Pioneer Funds A: TF Incom p 10.67 NA NA NA S&P500Idx 55.5 PioFdA 28.4 17.4 QuestZ n 16.62 NA NA NA Stock Mutual Funds -15.4 16.31 NA NA NA TRBd p 14.02 0.18 27.01 NA NA 6.722 130.56 37.95 NA NA NA EmgMktInst 20.51 20.17 Growth nr 37.2 51.8 MdCapVa 24.25 -0.1 11.41 0.2 16.56 -0.24 36.89 NA NA NA VABond n 11.10 32.13 NA NA NA BdDeb 8.55 0.5 PNC Funds: CapApprA p 65.92 NA NA NA Lord Abbett F: TotRI 19.49 0. .92 NA NA NA StrIncInst 11.62 -0.01 7.98 0.72 -0.760 EqIncInst 13.0 36.94 19.8 MidCpValA 60.67 0.00 5.3 5.5 21.17 51.4 LgCpVal 17. 75 0.1 31.3 HilncY p 6.8 20.0 NS EmgMktInstPl 93.1 26.57 0.9 24.85 18.31 NA NA NA SmeadValueInstl 47.20 NA NA NA NA NA NA PMCDiversfdEqty n 28.1 TotRetBdN pn 10.8 WdsrllAdml n WellsIAdml n 70.35 0.80 NA NA NA Royce Funds: Gwth n 80.00 1.0 18.15 0.98 0.12 13.6 TSM Sel nr 47.07 12.08 22.0 DivrIncPlus 7.82 0.6 Welltn n 43.62 -0.5 44.98 0.6 Transamerica A: CAITAdml n 11.94 0.57 15.4 6.8 35.9 GlobEq 9.01 3.8 23.73 -0.2 10.69 -0.7 16.3 13.5 U HYCorAdml nr 5.27 0.67 0.61 NA NA NA BalStrat p 11.1 InstTStIdx 59.79 0.38 0.98 -0.7 al a AccCpCommInvI 8.5 CeredexMdCpVlEqI 13.0 STCorpIxInst p 26.6 16.57 0.4 40.99 19.06 2.02 7.32 0.95 NA NA NA LrgCpVl IdxInst 20.7 STsryAdml n 10.11 19.01 3.37 23.6 21.7 7.05 27.27 30.5 AsAlMod p 12.78 11.3 35.4 23.57 NA NA NA Short Interest n- NYSE Short Interest Rises 1.66 0.9 TxFrBd n 11.02 3.7 MuSht n 15.69 10.29 1.43 1.4 3.95 -0.33 -0.7 26.4 36.4 12.3 26.07 14.57 NA NA NA GblEq n 12.1 33.6 26.61 0.5 EmMkInst r 28.81 0.3 SpSmCpValA p p 36.6 LC2030Ret 14.4 34.58 11.64 0.54 34.39 -0.02 0.5 25.02 4.49 -0.98 13.44 11.8 2.08 14.08 13. % Ret. Net YTD 3-Yr.3 19.8 23.01 5.2 11.4 9.6 27.1 LTsryAdml n 12.00 4.42 18.6 8.73 0.5 HighYld n 9.09 5.29 19.7 36.49 0.41 0.29 0.8 ci on Oppty I nr 15.64 -0. On the Nasdaq Global Markets.7 30.6 -21.8%.5 CorePlusBdI CorePlusBdIS 11.34 0.9 RealSecInst 16. Net YTD 3-Yr.02 0.01 27.3 SciTech n 28.3 15.29 -0.51 0.9 5.42 0.6 35.87 0.43 20.0 21.7 43.07 0.7 37.4 13.10 13.6 TotStInst 66.73 -0.9 5.1 STIPSIxAdm n 24.85 0.26 1.2 FTAlWldIn nr 21.02 1.7 VANGUARD ADMIRAL: EqInc n 37.5 STCorpIx 21.29 10.1 SmCapA p 18.74 0.39 0.2 CoreBd 11.10 19.3 9.48 0.28 NA NA NA MdCpVl Inst 25.9 Balanced n 34.7 DevMktsIndInv n 11.4 6.88 NA NA NA IntVal I 24.26 12.9 28.00 8.S.0 WCM Focus Funds: us l.7 5.7 REVal Inst nr 35.2 ManagedMuniA 16.96 NA NA NA SmCpBl IdxInst 22.0 IntlDvMkt n 41.83 0.14 0.74 -0.0 45.0 33.4 55.2 33.69 18.2 32.5 11.4 ly USGv p 12.33 2.01 26.4 SmCoA p 5.4 LtdTIncI 13.35 0. 31.9 21.51 27.4 20.06 -9.6 TotItlInstPlId r 120.76 NA NA NA EqIn p 24.80 -0.17 24.16 0.4 OmegaGwth 53.7 37.41 0.1 e RiverNorth Funds: State Farm Associate: IntlEqInst 13.1 FTAlWldInAdml n 33.93 0.8 CoreEqVIP 53.27 NA NA NA TR V.95 14.1 11.0 3.10 -0.6 SmCapAdml n 70.5 ValUltra 16. NAV Chg.02 6. NAV Chg.6 27.5 Primcp nr 133.90 20.8 22.39 NA NA NA Trust for Professional Ma: ExplrAdml n 97.0 51.499.0 40.13 19.05 -0.53 0.48 -0.21 0.33 0.8% no S A HORT INTEREST ON THE NEW YORK Short interest on the NYSE American S OF NOV.8 14.63 NA NA NA TotRetBdI 10.5 48.14 -0.7 13.54 NA NA NA DivAppIdxAdm n 27.08 13.29 NA NA NA R SoundShoreInv n: Gr&IncInst 14.2 TgtRe2040 n 35.0 SmVal n 31.9 TotBdInstPl 10.24 24.0 IntMuni F 11.39 1.10 days.48 16.8 10.1 36.43 NA NA NA EuropeAdml n 72. to Exchange rose by 0.0 MuIntAdml n 14.19 22. with 8.05 0.24 7.16 32.8 LifeCon n 20.18 21.85 0.4 12.3 32.5 SmCoOppI 49.22 2.03 6.1 Wasatch: Incm 7. to 850.6 IntlGthI r 31.08 19.01 4.0 PALTAdml n 11.49 -0.26 1.41 15.02 5.9 WCMFocIntlGrwIns 15.67 0.0 EXPValFd n 37.63 -0. versus 15.04 14.9 days on 4.33 0.46 NA NA NA LCIdx2040Inst 19.12 81.0 1.1 50.5 23.00 9.8 TotIntBdIdxInst 33.06 28.42 0.07 2.5 TIAA/CREF Funds: UM Funds: ITBondAdml n 11.0 13.73 0.99 19.6 20.79 0.67 40.17 24.40 -0.47 19.68 0.76 -0.7 HiDvdYld n 33.93 0.97 0.5 20.68 NA NA NA SmGthInst 45.4 38.78 NA NA NA IncomeY 6.4 3.02 -0.0 29.38 0. NAV Chg.89 -0.41 IntermTermMuniC 6.1 Ultimus: InfTechIdx n 84.2 SmMidI r 25.0 17.9 IntlSmCpEq 20.05 0.9 INSTTRF2035 23.00 3.50 NA NA NA LP2030Premier p 16.09 -0.3 MdCpVlIn n 43.18 0.7 RS Funds: LPRetrPremier p 13.80 3.13 24.5 23.8 3.6 MdCpValAdm 39.14 31.01 5.8 27.9 32.67 0.08 -0. NAV Chg.84 0. The 4. % Ret.01 1.40 -0.2 33.01 4.8 IncomeOppI 15. in the preceding reporting period.7 BalAdml n 34.0 20.0 TaxMgdLC F 25.04 0.9 35.4 26.60 -0.8 MidCpIdx 29.24 NA NA NA SmCapInst 70.7 19.6 27.4 19.7 18.38 -0.9 44.6 USSmCpEq n 35.73 1.62 136.4 TgtRe2045 n 22.5 GeorgePutBal 19.61 0.74 NA NA NA IntlMstr S r nr 27.60 17.58 0.72 0.2 11.5 INSTTRF2045 23.84 NA NA NA ShtTBndA n 9.6 6.00 4.0 5.36 17.7 25.68 0.51 0.9 LC2040Ret 15.7 CmStkA p p 25.50 0.9 21.75 0.6 SmCpVal 15.48 -0.92 1.0 26.4 Schroder Funds: EmMktInc n 8.6 ITCorpIxInst 29.26 24.8 15.51 30.0 36.35 30.0 STIGradeInst 10.17 -0.8 PlusBd n 10.47 -0.64 -0.02 17.5 33.6 ITsryAdml n 11.5 30.0 MdCpVal 39.27 -0.2 33.74 NA NA NA REITAdml nr 119.9 23.98 -0.09 10.4 9.9 CoreBondIS 12.7 DivCapBldr 10. SoundShoreInv n 50.01 5.8 Wells Fargo Adv Cl C: TR V.0 Russ3000Idx 235.0 400MCpIdxInst 254.76 10.63 -0.1 NS TotSt n 66.6 NS VANGUARD INSTL FDS: Hi IncA 6.83 -0.6 PrecMtlsMing nr 10.7 16.0 36.40 10.11 5.6 DivInc t 6.02 0.42 -0.39 24.2 8.0 7.5 21.1 22. to 7.7 36.50 -0.50 17.9 1.7 16.5 39.72 0.24 14.1 LCIdx2020Inst 16.80 20.29 32.01 16.01 10.06 1.02 14.6 27.9 29.73 1.2 32.0 MdCpVlAdml n 57.8 SmValInst 31.: LCIdx2045Inst 20.5 AmShS pn 41.4 RESec n 35.1 -19.02 1.84 0.4 22.84 1.40 19.29 -0.7 TotStAdml n 66.02 7.46 -0.11 22.9 ValueInst Victory Funds: 41.00 12.8 SP500 n 38.8 2.1 32.0 24.5 IntmTerm n 13.05 -0.1 31. NAV Chg.21 0.40 36.6 EqInc 24.0 GrOpp p 31.04 16.01 2.4 WXYZ Inv p 28. Cl 1 20.067.06 0.8 2.26 24.30 19.4 33.0 USGroAdml n 98.4 22.76 0.03 6.42 30.5 4.68 21.3 EmMktA 11.5 Inco n 13.3 CoreVal 13.1 7.06 24.8 26. % Ret.6 42.47 -0.2 16.8 19.5 12.1 33.4 -0.9 INSTTRF2030 23.7 Trgt2040 nr 17.65 0.1 48.5 44.1 GrwthInst 71.60 0.8 VirtusFunds: Westwood: FunUSLgInst nr 17.85 -0.16 28.11 -0.03 21.22 1.8 DivGwth n 18.4 SEI Portfolios: Thornburg Fds Cl C: AsAlGrow t 16.0 36.42 -0.07 19. from a revised 15.10 19.01 3.89 19.64 0.3 3.86 20.10 0.41 -0.0 2.8 28. NAV Chg.9 Gr&IncRet 14.8 RUSS2000IdxInst 234.6 NS DevMktsInxInst 22.63 19.81 0.295.2 33.01 3.37 0.53 NA NA NA StDurInc 10.63 28.43 14.29 NA NA NA SmCpEqRet 20.09 17.7 38.708 short interest climbed 2.3 38.5 35.67 -0.03 14.3 37.1 38.1 TarRet2040 n 14.09 5.6 1.35 NA NA NA LCIdx2025Inst 17. Net YTD 3-Yr.6 36.27 NA NA NA CoreEq n 24.03 10.10 6. versus 4.17 0.7 39.9 IntlGrAdml n 94.82 14.4 5.9 28.4 41.6 17.6 NS BalInst 34.5 12.5 35.2 VALIC: TxMIn nr 14.25 NA NA NA Gold tn 35.06 10.85 -0.88 -0.15 -1.6 INSTTRF2020 22.6 CorePlusBdA 11.13 22.2 18.5 LC2035Ret 14.01 0.22 34.7 RBC Funds: SSgA Funds: IntlEqIdxInst 20.00 4.74 26.40 10.50 33.4 24.5 Growth 48.29 -0.63 0.01 3.02 5.6 39.1 AstAllA p p 14.01 1.5 8.99 0.0 VANGUARD INDEX FDS: SmCoOppA 49.517 shares.20 in the previous pe.01 5.6 ShortDurMuniC 5.01 4.2 MidCpIstPl 207.1 13.6 LagCapFoc A p 48.07 23.5 ExtndIstPl 208.5 4.30 -0.54 241.98 3.01 2.19 NA NA NA 500IdxPremier 20.6 .5 HYCor nr 5.343.5 Tortoise Capital: SocResp 21.91 15.6 InflLkdBdInst 11.9 41.44 0.74 1.0 CeredexLgCpVlEqI 17.57 NA NA NA PremierI nr 19.7 LTIGrade n 10.1 ShtDurIncInst n 12.04 10.85 0.5 StckIdx 40.34 -0.01 1.55 0.3 3.7 39. CapSpec 34.25 NA NA NA 1000 Inv nr 64.61 NA NA NA SelEqtyI n 31.9 35.20 9.01 10.2 24.5 40.69 0.51 28.5 ManagedMuniI 16.30 0.48 16.90 NA NA NA Sterling Capital Fds: MdCpGrInst 24.3 FTAIWdInPl 112.14 0.69 15.9 CapOp nr 68.05 0.7 2.95 0.02 1.79 0.1 OpptyA 48.01 2.54 0.39 16.25 17.32 -0.98 1.0 22.0 HlthCare n 25.01 2.9 10.7 Putnam Funds Class Y: Sentinel Group: BdIdxInst 10.3 MuLtdAdml n 10. % Ret.16 33.9 SmCapGr n 48.41 -0.98 0.3 19.9 StratgcEq n 36.06 0.12 0.59 0.7 16.6 STIGrade n 10.7 Transamerica C: EnergyAd nr 47.3 EstValR p 40.7 DivEqSel n 17.052.5 30.43 -0. calculated by dividing the number of shares securities.8 VirtusFunds Cl C: EmgMktGth 16.7 Balanced 28.24 24.52 -0. number of shares sold short by the average visit barrons.34 0.4 6.46 -0.7 26.6 IntermTermMuniA 6.00 1.01 4.1 ITBdInstPI 11.10 -0.18 0.1 GloMinVolFdAdm n 27.12 0.1 OHLTte n 12.45 NA NA NA Balan n 68.6 EqIdxInst 19.9 22.54 0.87 0.29 5.4 SmCap Grwth p 82.3 -7.I.4 1.60 1.68 0.0 Con IncA 10.2 IntlEmg F IntlEq F 12.57 NA NA NA GblValue n 28.6 16.72 -0.00 6.79 -0.5 AWxUSSCInv nr 44.4 InvQBdVIP 12.20 31. % Ret.8 16. OVERALL NASDAQ in 2. shares.21 13.6 38.24 11.5 2.2 18.12 28.46 0.8 14. Net YTD 3-Yr.0 GrwthAdml n 71.55 -0.5 20.33 -0.8 29.01 0.02 3. please sold by the average total traded each day.3 InPrSeIn InstIdx 10.5 HiIncm n 8.1 19.8 Thornburg Fds: SandsCapGrY 17.9 6.1 11.57 -0.7 36.8 31.29 0.01 -0.2 LgCpVal 23.4 34.1 AsAlMod t 12.30 39.06 16.2 4.63 0.02 -0.3 SpecEqI nr 23.85 21.3 S&PIdx n 37.9 GNMA n 10.84 17.7 35.0 INSTTRF2025 23.91 21.9 Muni n 8.08 14.2 46.12 23.3 DivdGro n 27.0 LrgCpGrInst 20.4 MATxEx n 10.8 29.66 19.31 -1.97 days for the previous reporting period.5 18.4 33.2 7.8 17.02 14.04 28.42 0.41 0.4 Grwth n 31.41 -1.3 VA Bd n 11. to 7.6 EnLCVal IdxInst 10.3 NCcptA p 11.81 NA NA NA NA NA NA S TCW Funds: CoreFxInc n 10.10 19.3 62.85 0.9 2.5 HlthCareAdml nr 90.8 FocEqY 46.5 IdxITB n 11.12 10. versus 4.14 29.55 10.7 MidCpValTr 19.9 SelValu nr 33. as of Nov.2 EmMktI 11.5 -19.8 PrmcpAdml nr 138.3 RBB Fund: Spirit of America: HgYldInst 9.72 -0.62 0.37 24.1 Wm Blair Funds Cl I: InflProSel n 11.1 WilshireGlAll A p 9.02 5.55 0.4 Waddell&Reed Advsrs: MultiCpGr p 93.1 STFed n 10.7 6.07 -8.58 0. as of Nov.8 35.12 21.59 NA NA NA CapOpAdml nr 158.8 HlthCare nr 214.39 0.8 CapSpec 33.03 1. 31. % Ret.57 0.90 0.7 9.43 28.08 16.1 21.878.56 -0.89 15.5 BehavVal 72.1 -12. riod.5 LifeInc n 15.05 2.11 5.65 -0.5 14.65 20.85 NA NA NA AlphaY 8.060.1 SelGrwth 17.4 TGlTotRA 12.9 Trgt2030 nr 16.5 16.01 1.01 1.5 29.34 0.19 41.4 12.66 -0.8 ITBdInst 11.3 MdCpVlRet 25.47 -0.7 4.23 3.19 15.41 0.9 2.2 LgCpStk MidCapStk 29.78 -0.2 15.63 0.03 1.7 USGro n USValue n 37.94 NA NA NA State Farm Retail: LC2025Ret 13.01 26.3 22.32 0.0 32.3 41.7 19.8 18.03 1.72 -0.9 43.4 TotBdInst TotBdInst2 10.5 Wells Fargo Adv Admi: RNDLIncomeI 10.79 -0.39 -0.21 0.6 TgtRe2015 n 16.3 15.01 7.8 4. 31.59 27.0 SandsCapGrI 24.0 8.6 TgtRe2025 n 18.6 26.3 -21.93 0.60 0.10 28.09 10.53 12.2 ValAdml n 41.5 15.0 TotRet I nr 15.1 IntlExplr n 21.8 8.10 19.67 0.15 5.02 5.90 0.70 0.85 0.0 8.14 21.3 33.7 7.7 WldGr n 33.8 AsAIGrow p 16.1 TaxExBd n 22.07 5.76 11. 31.4 LarCapAd 61.7 AR700 12.4 MgdPayFdInv n 18.5 MidCp n 41.0 EstValI 41.00 4.4 38.6 UlStMuInc Westcore: 9.84 NA NA NA Energy Fund 4.6 9.12 23.02 1.32 19.1 18.17 0.24 14.6 MulSStI 4.0 9.6 28.01 2.4 36.3 IntTerBd n 10.3 3.57 0.27 -6.20 0.842.01 14.85 6.80 14.2 GvSecUltShtBdI 10.19 15.09 -0.14 17.48 -0.7 10.29 0.9 m e TxMngUSLgCp n 40.1 LTTsry n 12.8 Wndsr n 24.4 Rs1000GrwIdxInst 262.08 26.26 0.7 WndsrII n 39.02 -0.7 ExtndInst 84.4 25.1 2.5 25.88 33.00 0.6 25.17 0.5 36.07 0.9 6.07 0.1 25.4 1.3 46.2 NJLTAdml n 12.6 Convrt n 13.01 0.04 0.75 3.82 -0.03 2.2 37.67 0.82 NA NA NA IntlGth 18.4 12.00 8.84 0.54 3.41 1.65 0.0 26.86 Russell LifePoints A: NA NA NA SP AlphaA SP IncomeA 7.84 40.0 23.4 22.87 0.6 Templeton Instit: TorMLPPipInsCl 13.38 28.05 NA NA NA EnergyAdml nr 100.3 27.06 NA NA NA Energy nr 53.677 shares porting period.S.32 22.0 36.52 20.6 12.50 19. The short-interest ratio increased to short-interest ratio was 3.11 -0.36 33.80 0.55 0.4 8.3 38.5 MorgAdml n 97.4 3.8 TgtRetInc n 13.74 -0.0 CAIT n 11.675.8 46.86 0.58 14.2 TarRet2030 n 14.31 11.10 1.1 21.01 6.59 0.02 2.4 29.0 NS TotBd2 n 10.0 22.8 11.39 -0.08 17.06 4.16 0.4 28.94 0.71 0.0 CapGr n 12.05 -0.00 4.2 27.34 1.1 9.19 24.29 17.05 2.11 19.5 CeredexSmCpVal I 12.31 24.11 19.5 35. TFHY 12.8 23.15 19.4 6.02 2.36 10.0 MuHY n 11.23 22.60 18.0 15.3 S&PReward n 37.8 INSTTRF2055 23.2 37.15 33.8 31.December 4.6 IntlGthN n 30.6 SmCapIstPl 204.74 NA NA NA LCIdx2035Inst 19.61 16.69 0.78 -0.8 6.3 Voya Fds: GlbHlthCare p 58.6 38.85 20.9 29. The Nov.60 0.02 4.1 33.36 NA NA NA S&P Sel n 41.6 GroInc n 48.66 TotIntBdIxInv n 11.73 NA NA NA ITGovIX 21.0 INSTTRFINC 21.19 14.6 VirtusFunds Cl I: DvrIn p 7.89 NA NA NA CoStIxAd nr 71.11 25.1 REITInstl r 18.43 23.02 3.8 MuLong n 11.26 30.7 LTCorplxinst 31.19 14.03 7.00 2.5 IncStk n 21.54 17.9 TxMSC nr 61.1 47.8 NYLTAdml n 11.8 MgdAlloc n 13.86 0.9 9.0 38.5 41.4 ITTsry n 11.3 EMktDbt F 10.82 0.2 3.8 MuniBd 11.3 State Street Institu: LC2045Ret 12.01 0.8 15.71 0.1 37.5 TotIntBdIdxAdm n 22.2 MulSStC p 4.6 Thrivent Funds A: AsAlModGr t 14.81 0.8 Growth 51.348 securities on Oct.S.01 15.79 NA NA NA EqIncAdml n 78.00 22.27 0.39 NA NA NA US Gov n 10.08 0.3 TgtRe2030 n TgtRe2035 n 33.3 35.3 8.35 0.9 NYTx p 8.7 22.8 34.27 0.4 LgTerm n 13.60 0.2 Russ1000IdxInst 235.8 ScTechY r 20.9 IntermTermMuniI 6.69 11.9 2.02 0.0 14.4 500 n 244.7 NAmerEqInv n 17.14 0.5 15.84 17.2 12.960 on Oct.43 0.I.5 MgdVol F 19.8 IntlEqSer Primar 22.30 0.22 18.01 12.360.91 15.7 V TxMBal nr TxMCapAdml n 30. The ratio is calculated by dividing the For more short interest data.0 22.41 -0.6 10.06 -1.81 13.0 FrgnVal 10.1 5.08 -5.4 CapValue n 13.3 15.88 NA NA NA Sel40Y 8.6 500Adml n 244.4 4.0 NS Value n 41.83 NA NA NA LP2020Premier 15.4 IncBuildC p 21.94 25.37 33.41 -0.8 MidCpGro pn 27.45 NA NA NA LtdTIn 13.19 0.6 Intl n 33.0 LC2040Inst 11.7 42.92 -0.32 19.84 days.85 -1.5 17.9 LtdTMuC t 14.05 -0.17 0.02 3.23 0.11 21.8 32.1 6.01 7.7 36.2 21.3 IntlGr n 29.6 MktNeuInv nr 11.6 STIGradeAdml n 10.00 -0.9 28.67 -0.67 1.28 12. % Ret.7 45.6 36.05 12.21 NA NA NA Thompson IM Fds.7 DivAppIn n 40.6 37.14 32.10 5.6 EstValA 41. 15 short-interest ratio was 2.07 0.92 15.51 NA NA NA SmCpEqInst 21.91 0.49 -0.2 Morg n 31.75 NA NA NA Wm Blair Funds Inst: SmCp Sel nr 32.29 14.7 FTSESoc n 17.78 -2.81 0.8 CoreFxIn F 11.21 0.08 9.33 0.01 4.6 -26.59 NA NA NA ITCorpIx 23.81 11.35 18.2 30.2 32.80 -0.06 2.24 0.2 25.7 GlbEq n 31.94 -0.7 2.35 0.7 ForOppI 34. 15. % Ret.16 25.33 0.27 14.5 29.39 NA NA NA EMAdmr n 36.1 -14.5 62.5 29.68 13.68 0.1 MidCpVal 22.8 36.3 12.92 19.44 -0.54 11.1 73.71 -0.51 17.6 13.01 4.22 34.03 19.66 0.99 1.4 27.2 FTScinst 17.00 2.60 9.28 0.00 14.6 LTGradeAdml n 10.4 34.80 0.93 0. % Ret.4 20.5 23.03 19.80 0.5 25.55 SmCpBl IdxRet 22.39 0.21 9.01 3.76 0.75 -0.17 24.7 CrnstModAggr n 27.1 MuLtd n 10.1 35.2 SmCap n 70.01 1.13 22.1 BehavValA t 70.02 1.9 37.5 -0.00 0.5 NS TtlWldIxInv nr 29.3 TarRet2050 n 15.5 SmCpIdx 22.03 -6.6 VANGUARD FDS: WellsI n 27.5 29.87 0.7 22.3 m rp GwthStrat p 13.3 SmValAdml n 56.4% Nasdaq Short Interest Increases 2.2 AsAlCnsrv p 11.93 0.9 MidCpAdml n 190.32 15.2 Extnd n 84.4 21.5 38.1 TotalRetUnconI 10.2 36.278 in 2. 16.5 41.44 5.29 0.50 0.43 0.7 36.3 PremLgCoGrthA 16.3 26.47 33.14 0.38 0.8 30.4 27.8 8.0 STIPSixInv n 24.7 9.00 1.74 NA NA NA FunIntlLgInst nr 9.17 0.3 42.03 13.8 IdxAstAllA 32.3 19. versus 4.7 REIT nr 28.78 -0.01 0.62 0.74 -0. compared The short-interest ratio was 4. 31.87 9.25 0.16 13.61 0.7 23.5 TIAA-CREF/Retail Cl: Value n 23.9 PacifAdml n 89.0 ValueInv n 43.18 19.1 33.40 9.41 0.31 10.67 -0.08 22.9 7.99 19.31 13.4 19. short in.65 -0.5 AccmA 10. % Ret.00 4.76 -0.0 24.3 16.8 11.0 FTAlWldIst r 106.1 SmGthAdml n 56.01 11.52 0.80 0.3 MuInt n 14.51 -0.18 0.16 16. % Ret.00 1.1 6.15 15.19 -0.4 Gr&Inc n 25.23 24.568.2 34.97 0.39 14.38 17.91 0.9 32.7 11.48 12.2 13.88 0.2 29.5 LTBdInstPl 14.7 9.00 9.39 -0.1 SmCapSusI 26.19 30.3 6.78 0.7 SmCapValI 22.7 30.05 10.07 -5.8 Russell Funds S: SmCapEq (ICL) 21.2 0.5 RealEstI 20.48 0.59 0.89 -0.2 6.80 2.0 27.00 3.73 0.25 14.02 5.94 NA NA NA SocChEqInst 19.3 LTBdInst 14.57 NA NA NA LrgCpGrIdxInst 29.1 TarRet2020 n 13.8 TgtRet2055 n 39.Inc: MdCpY 32.5 DivrEq n 36.76 0.00 5.5 45.6 14.31 12.5 TxEx p 8.8 TgtRe2020 n 31.6 TgtRe2060 n 34.13 -0.1 49.02 5.2 Incm p IntlEq p 6.1 CoreGr n 72.00 3.09 12. % Ret.0 36.03 9.8 InmdBdI 10.4 CoreBd 12.42 11.63 13.7 STBDInst 10.2 9.16 PerfTrstStratBdF n 22.6 30. as of Oct. % Ret.0 35.3 2.10 27.52 days.01 2.64 0. from a revised 8.8 4.0 31.7 T S&P500IdxRet 29.02 0.72 -0.4 32.0 6.02 0.63 66.85 0.04%.00 0.4 HighYdBd HlthSci 7.7 MuHYAdml n 11.4 6.4 20. versus 821.17 32.1 UtilIxAd nr 62.5 DynAABalA 15.79 0.34 25.6 33.94 20.11 -9.4 9.7 16.08 0.04 0. to 527.97 26. Net YTD 3-Yr.7 17.2 AstAllC p/r t 14.57 -0.6 EqIdx n 20.84 20.47 0.3 Rs1000Vl IdxInst 210.0 GNMAAdml n 10.353 securities.117.4 InfProAd 25.7 Weitz Funds: BPL SEqInst 21.4 LtdTMuA 14.9 35.7 STBondAdml n 10.48 days.18 -0.29 -1.3 LtdTMu I 14.5 LifeMod n 27.6 36.1 ManagedMuniC 16.22 -2.4 41.28 8.4 15.78 33.50 16.1 36.278.00 1.12 21.2 VirtusFunds Cl A: Wm Blair Funds Cl N: MT Gro n 23.0 13.0 35.51 0.31 13.02 6.12 0.03 0.7%.6 38.4 34.07 14.28 20.51 -0.0 IntlVal n INSTTRF2015 22.92 0.65 15.72 -0. compared with 2.3 er rs EmerMkts n 20.65 -0.3 25.7 MulSStA p 4.35 0.04 2.5 AgvGt n 47.2 HiYld F 7.4 EnItlEqIdxInst 8.39 -0.9 34.04 1.8 8.08 21.0 20.5%.06 13.7 STTsry n 10.41 30.96 20.6 days.24 NA NA NA co Fo Schwab Funds: TotRetBondI n 9.2 TotRetBd I 10.01 6.01 0.65 -0.54 NA NA NA IntlEqIdxRet 20.15 NA NA NA IntI Sel nr 21.70 19.88 19.01 6.40 0.2 LyricalUSVlEqI n 18. Cl 3 20.8 33.28 6.4 17.90 4.01 5.80 NA NA NA NasdaqInv n 35.82 0.11 15.13 NA NA NA SmCpEqSel nr 24.2 3.10 17.48 3.3 9.66 0.19 0.137.0 VangA 11.2 16.4 6. —DARREN CHIMA . —DARREN CHIMA terest increased 2.89 0.258.0 40.5 TtlWrldIxInst p 149.5 19.6 TotIntlAdmIdx nr 30.0 IntlEq (ICL) 13.3 Sit Funds: EnLCGrIdxInst 14. on Oct.71 0.3 STFedAdml n 10.0 InflaPro n 13.70 days in the previous re- total traded each day. NAV Chg.02 5.9 -8.2 5.72 0.7 32.01 19.20 0.09 0.64 0.45 -0.3 Explr n 104.8 6.3 Putnam Funds Class C: Selected Funds: LrgCpGro n 20.8 AmShD n 41. 15.1 3.4%.8 34.33 -0.89 0.0 7.82 -0.61 NA NA NA LrgCpGrIdxRet 29. % Ret.9 PIIIOpp n 14.3 22.3 11.01 4.1 29.19 11.08 -0.53 0.10 6.4 14.3 19.6 Wells Fargo Adv Inst: SteelPath MLP Fds: STBdIdxInstPl 10.1 UlStInc 8. Net YTD 3-Yr.7 18.18 0.6 16.6 0.03 21.08 -6.01 11.70 -0.45 0.85 NA NA NA StratBd n 10.99 0.3 26.3 on CapSpec 35.09 -0.87 4.7 TRPGrEqI 92.14 NA NA NA State Street V.64 21.62 NA NA NA Rydex Investor Class: S&P500IdxInst 29.1 STIPSIxins 24.14 29.6 45.9 18.0 1.8 4.1 ExtndAdml n FinIxdAd nr 84.5 21.28 0.7 30.8 4.23 0.9 23.5 28.7 NS TotIntl n 17.85 0.02 -0.47 0. The short-interest ratio de.06 0.22 27.4 20.82 0.52 0.5 20.34 0.00 1.4 10.5 Nasdaq100 n 18.2 1.5 2.34 19.3 35.492.476 shares in 869 Oct.39 0.9 CoreBondI 12.01 2.11 18.00 3.1 5.97 -0.682 in 863 on Oct.25 3.6 Trgt2020 nr 14.40 0.22 26. The ratio is kets gained 3.05 0.37 0.1 1.6 AsAlModGr p 14.92 0.46 0.7 14.42 1.7 Touchstone Family Fd: StraBd 11.4 29.4 4.76 NA NA NA S&PSC600Idx 282.01 6.64 NA NA NA CALTAdml n 12.8 LrgCpVl IdxRet 20.01 1.08 28.0 LTBond n 14.1 LaCapInst 252.5 27.1 17.08 0.9 24.39 0.05 2.21 1.34 NA NA NA IntValA p 24.67 -0.9 Wells Fargo Adv Cl A: PAMut I nr 12.32 0.6 19.77 16.3 44.02 4.3 WilshireGlAl Y r 9.03 0.14 13.0 INSTTRF2040 23.40 0.7 15.09 24.7 Van Eck Funds: EmgMktSelStk n 22.7 ValueFd n 22.32 0.24 15.34 7.2 11.com/mktlab.3 6.8 42.2 34.46 26.90 0.79 0.11 21.29 14.8 InflPro IntlEq 11.0 22.03 21.20 -0.02 0.30 21.6 InstPlus 241.89 0.3 -1.05 24.8 22.1 CA Bd n 11.9 SmCpStk n 19.02 NA NA NA InvGrdBd n 21.6 LrgCpVl Inst LrgCpVlRet 20.1 2.4 17.3 STAR n 27.3 2.63 0.3 TaxMgdSmMdCp F 23.49 0.0 27.03 2.5 InstTStPlus 59.85 0.6 CrnrsMod n 15.00 1.01 2.10 27.47 20.63 0.8 Sequoia: BondInst 10.52 0.5 36.153.90 0.04 1.7 NS STBond n TotBd n 10.3 PrmcpCor n 27.11 4.6 INSTTRF2050 23.04 5.7 32.02 1.42 14. NAV Chg.53 0.79 14. 2017 BARRON’S M31 Mutual Funds Data provided by Net YTD 3-Yr.8 38.56 0.00 1.83 -0.58 Short interest on the Nasdaq Capital Mar- creased to 4.9 21.03 14.0 IncBuildA t 21.63 19.48 0.7 6.2 4.63 2.6 HiYld A p 5.01 7.5 20.08 0.25 -0.62 0.64 ShTrmBdInst 10.8 INSTTRF2060 23.78 TxMCaInst r 67.06 0.14 24.2 7.08 16.5 LC2015Ret 12.22 -0.3 30.5 42.80 26.3 ShtT n 10.51 0.882 527.8 Templeton Class A: IntlVal pn 17.99 20.75 26.57 -1.6 36.8 31.0 StrSmCpEqInv n 37.15 19.5 IntlEqRet 13.40 -0.0 DynAAGthA 18.80 2.04 8.3 19.41 23.6 MdCpGrAdml n 54.97 0. % Ret.03 14.39 13.41 13.19 -0.8 Sc TechA 18.3 LgCVal F 25.8 Europe n 31.14 8.94 NA NA NA Bond n 11.04 20.54 0.3 7.1 25.42 0.93 0.8 31.09 -0.42 12.12 -0.01 1.1 36.2 36.02 5.7 2.44 10.8 3.3 ShtGov F 10.7 TCW Funds N: Tocqueville Funds: SciTech 29.5 23.41 13.01 -0.5 35.00 3.92 0.63 21.2 EuroInst 31.77 1.1 TgtRe2050 n 36.49 14.5 22.82 0.43 19.88 NA NA NA MT AllEq n 19.2 HltClxAd nr 77.07 0.8 ITIGrade n 9.52 0.27 14.9 EmgMktsY 18.2 TotBdAdml n 10.50 29.1 34.95 0.28 0.3 BdPlsInst 10.0 5.85 -0.07 -0.31 5.5 LifeGro n 33.54 -0.76 -0.4 Gro&Inc n 19.01 14.01 3.69 19. % Ret.01 4.5 Thrivent Funds S: Tweedy Browne Fds: GroIncAdml n 79. Net YTD 3-Yr. 31.83 36.4 UlStMuIncA 9.7 38.76 -0.11 0.8 WelltnAdml n WndsrAdml n 75.02 12.37 0.01 4.23 0.5 -3.0 29.57 NA NA NA BalStrat p 11.02 15.I.2 1.40 -0.19 22.68 0.9 43.2 MunHiA 4.23 22.09 -0.23 0.6 ValueInst n 57.9 SequoiaFd n 167.04 4.5 USSmCoIdx nr 15.12 28.38 0.7 TotIntlInstIdx r 120.7 29.91 0.3 5.03 21.6 26.0 MuShtAdml n 15.04 14.3 StDurInc 10.02 6.8 Growth n 71.5 IntlGr n 34.39 -0.6 45.6 NS DevMktsIndInst 14.53 NA NA NA LC2020Ret 13.8 Western Asset: Russell LifePoints C: SmCap n 95.52 0.06 0.44 0.09 24.0 10.75 0.40 14.2 EmerMkt nr 28.8 GlblEqty p 15.21 0.62 0.45 10.01 2.06 -0.5 19.63 -0.37 19.51 -0.6 ExDurTrsInst 36.3 37.01 -0.85 0.82 0. That compares with Stock Exchange jumped 1.2 4.12 13.00 9.6 11.01 12.74 -0.2 Third Avenue: FlexIncY 11.01 26.6 StrInv (ICL) 10.19 15.9 39.40 -0.7 ExtMktIn n 20.00 6.93 0.88 36.8 MidCpInst 41.4 LgCapGr F 36.153 shares.50 17.16 19.3 21.70 19.2 21.04 17.7 USAA Group: ITIGradeAdml n 9.11 19.3 MuLTAdml n 11.1 44.52 27.3 SmGth n 45.5 32.00 1.30 -0. .. N 16...... N 11..21 – 6.............41 13.39 13....91 (800) 622-3863 Vanguard Prime MMF/Investor 1..... CohenStrsLtdDurPref&Inc (LDP) .4 Gab Gl Util & Inc (GLU)-h ......85 – 14..6 – 11.3 PIMGlbStkPI (PGP) ..9 Closed-End FirstTr Dyn Euro Eq Inc (FDEU)-a .....8 data not yet adjusted.. N 18....... l-NAV as of previous day..29 – 0..46 26...... N 26....1 JHancockTaxAdvDiv (HTD) ..2 33100 37300 FirstTrAbEmergOp (FEO) ........ N 10....58 39..81 0.14 – 9.1 AllianzGI Con & Inc 2024 (CBH) ..41 6. Miami....22 (800) 480-4111 Vanguard NY Muni MMF 0........8 Salient Midstream & MLP (SMM) ..75 12.. N 26.......3 17....... N NA 22...32 17.57 18...6 28...9 18...0 Source Capital (SOR) ..42 8........ j-Rights offering has expired.7 Librty AllStr Eq (USA) ..20 1....... A 8.1 Aberdeen EM SmCo Opptys (ABE) ........8 Tri-Continental (TY) .5 28.6 Aberdeen Japan Equity (JEQ) .....10 9.59 – 9.....4 22..73 11...10 – 12.7 Income & Preferred Stock Funds Aberdeen Indonesia (IF) ....0 J Han Income (JHS) ..........35 – 2... N 18... A 28.... N 28.7 Apollo Senior Floating (AFT) ...96 23....8 14....... N 15...2 ClearBridge Energy MLP (CEM) ...1 19.....61 6...0 Principal Real Est Inc (PGZ) ... N 16..7 General Equity Funds ‘Tis the Season for Tax Reform: The Herzfeld Closed-End Average and the Dow AsiaPacFd (APB) ...5 20.. N 6..81 (800) 595-9111 BMO Prime MMF/Premier k h 1........6 – 15....0 17... N 10. 10..1 Aberdeen Latin Amer Eq (LAQ) ......... N 21..........8 26.9 36... A 34.6 ThaiFd (TTF) .....21 – 4..34 NA N 13....1 AberdeenGreaterChina (GCH) ........ N 6.63 25.... 10..7 United Corps Ltd (UNC....4 30.......... N 21....4 34.53 NA 10.7 4..12 + 0...7 18..70 7..5 AbrdnAusEq (IAF) ..81 (800) 331-1792 Northern US Govt Select MMF k 0....29 9.13 17...37 – 1... N 16. A 13.43 7... N 15.. N 13..63 NA – 9..28 NA 38..8 RMRRealEstInc (RIF) . N 10.......9 First Tr Enhanced Eq (FFA) ...4 Resource RE Div Inc:U (N/A) ......3 DNP Select Income (DNP)-a ....3 AGI Eqty & Conv Inc (NIE) ......28 – 9...............35 7........69 9. A N 32....5 BlackRock Utl Inf & Pwr (BUI) ..... 2017 AlpineTotalDynDivFun (AOD) ........ N 6..8 9.1 11......... N 25...0 36. Inc.72 – 34.... N 18. N 19..65 + 1.... A 9... N 11.. N 5...............1 19......5 -6 J Han Hdgd Ety & Inc (HEQ) ....... N 21...74 – 6..67 – 6....6 FlrtyPfd Income (PFD) ..55 – 2...9 Resource RE Div Inc:T (N/A) .18 9...91 8...4 Nuv Real Est (JRS) .... f-Rights offering CalamosStratTot (CSQ) .... N 15..44 – 8.50% and Calamos GloDynInc (CHW) ...27 14..1 EV SenFlRtTr (EFR) ..85 + 4...3 Central Secs (CET)-c ..8 Blackstone/GSO LS Cr Inc (BGX) ..... N NA NA NS BR Enhcd Govt (EGF) . N NA 13.......... On the Web at http:// and maturity may vary among funds..... N 17...... that invest principally in e BlackRock Enh Glbl Div (BOE) ........ A 22..63 – 9..4 co Fo Tekla Health Inv (HQH)-a ... A 13.. Source: Thomas J.........0 BR Debt Strategy (DSU) ..6 Aberdeen Singapore (SGF) ......76 10.3 47.4 J Han Prm (PDT) .2 NubrgrRlEstSec (NRO) .2 22600 -9 LazardGlbTotRetInc (LGI) ...... A 24..4 30. EV TxAdvGlbDivInc (ETG) ..14 7.36 8... N 13.26 – 10...1 41.... N 16.99 – 2..4 EVTxMnGblDvEqInc (EXG) .53 – 8..30 – 11. N 9.......46 NA 43.39 – 1..98 13.5 ChnStrGlbIncBldr (INB) .74 NA NA NA 36600 41500 Delaware Enh Gl Div & In (DEX) ..6 Macquarie/FirstTr Gl (MFD) ....3 Columbia Sel Prm Tech Gr (STK) ...................... N 49...8 -7 Japan Smaller Cap (JOF) ..........28 – 1...69 7....imoneynet..8 40...5 Gabelli Go Anywhere Tr (GGO) ... O N 3......84 NA – 11.73% 0..........6 7..........39 – 3......72 – 9. N 13..84 – 6..94 26..... N 25... N 7.4 13.........2 MS Income Secs (ICB) ....81 (800) 595-9111 Schwab Value Adv MF/Ultra k h 1.8 30............81 0.45 11...........63 – 8...0 5..50% 0.72 15.2 Foxby Corp (FXBY) ..9 – 0............74 – 8..93 22.....5 -8 Korea (KF) .....96 18...4 6......... N 40........ N 5................. N 14.........3 Resource RE Div Inc:D (N/A) ............ N 5...7 Duff&Ph Sel Engy MLP Fd (DSE) ......69 – 17.1 5.... N 11..5 7.58 12...92 21........9 26.. N 11..S.....83 – 2.57 5... N 11..56 – 0..87 13. N 7..81 10.9 Equus II (EQS) .5 EVRskMnDvsEqInc (ETJ) .95 + 1.37 NA 13....7 Tortoise Pwr & Engy Infr (TPZ) .. GabelliDiv&IncTr (GDV) .....17 – 12..11 16..... N 8.9 CLEARBRIDGE ENGY MLP OPP (EMO) N 10.59 – 4.......24 – N 12....21 (800) 441-7762 Deutsche T-E/Deutsche T-E Cash Prem k h 0..... N 30....9 NuvCorEqAlpha (JCE) ......6 10..97 – 8.7 1Q 2Q 3Q 4Q Librty AllStr Gr (ASG) ......28 – 6....76 26.... N 9.....65 13.......55 – 2. N NA 15..80 (800) 236-3863 iMoneyNet MONEY FUND iMoneyNet MONEY FUND iMoneyNet MONEY FUND AVERAGETM/GOVT 0.75 11....5 NA 21...15 – 7..47 – 7.8 40..07 NA NA NA COHEN & STEERS MLP INC&E (MIE) N 10..2 14..........88% (800) 341-7400 Vanguard Federal MMF 1..3 17...04 8....9 The Herzfeld Closed-End Average measures 15 equally-weighted closed-end funds based in the U... N 15..............68 24......54 25. Mortgage Bond Funds m e Cushing Energy Income (SRF) ..3 Nuveen Pref & Inc Term (JPI) ... www...03 9.7 6... N 19. N 15..80 0... A 13.. N 23.26 NA NA NA Vivaldi Opportunities (XVAMX) .7 12 mos Nuv Dow 30 Dyn Overwrite (DIAX) .7 NuvTaxAdvTRStrat (JTA) ..4 Wells Fargo Gl Div Oppty (EOD) ..... CohenStrsCEOppFd (FOF) .....83 0.2 34.....7 39.. A 5.38 5...............77 – 3. N 15..27 25...6 Aberdeen Chile (CH) .18 14...88 – 4.6 23..62 9.84 (800) 662-7447 Deutsche Gov&Agy/Deutsche G&A MF k 0.. N 16..34 – 9.. T 9....50 – 0.........1 GI NFJ DivInt&PremStr (NFJ) ...46 17.... N 14.....26 10..... A 22.23 NA 1.96 24..10 – 12.. N 6..96 12......23 11....3 43600 CloughGlobalEquity (GLQ) ..2 Flrty&CrmneDynPfd&Inc (DFP) .....10 16..72 12..9 BlackRock Floatng Rt Inc (BGT) . N 17.37 – 3.53 17. N 6.33 17.7 22..5 25........84 0. N 11.........73 12..8 42..51 14....71 20......9 7...... N 17.9 Fund Name (Symbol) Exch NAV Price /Disc 10/31/17 Cohen&Steers TotRet (RFI) .....34 – 9..64 10.....93 – 12...8 Fund Name (Symbol) Exch NAV Price /Disc Return Fund Name (Symbol) Exch NAV Price /Disc Return Templeton Em Mkt (EMF) ...17 1....16 11...6 Nuv AC Engy MLP Opps (JMLP) .7 Tortoise Energy Ind (NDP) ....2 LatAmDiscy (LDF) ..8 GI Conv & Inc (NCV) .. O 8...44 25...2 13.72 21............. N 21.....67 6..67 – 6.......0 Herzfeld Caribb (CUBA) ........3 ChnStrInfr (UTF) .8 27.... N 9.......1 36........8 Advent Clay Conv Secs (AGC) .0 Goldman Sachs MLP&En Ren (GER) N 5.....10 – 2.. N 6.........44 13....09 1...39 NA 24..8 NA 34.... Wells Fargo Ut & Hi Inc (ERH) ......1 Virtus Global Div & Inc (ZTR) ...........4 1......8 Westn Asst Mtge Def Opp (DMO) ........ N 12.. a service of seven days.0 19100 -12 Miller/Howard High Inc E (HIE) .......00 + 2.39 – 7.....7 26100 on JHancockTaxAdv Gl Sh Yld (HTY) .. N 10.1 Adams Diversified Equity (ADX) ........ A 15..1 J Han Finl Opptys (BTO) ....89 12. N 13.....50% AVERAGETM/TAXABLE 0.. N NA 11.....6 Gabelli Healthcare (GRX)-h .24 7. N 36.. N 6.22 – 4..3 BlRck Core Bond (BHK) ...0 0.1 GAMCO NR GLD & INC TR (GNT) ......61 21.48 – 5..6 18........ Source: Lipper Dividend & Income (DNI) .......7 21.......7 38...1 14. N 14..50% 0..4 23....36 – 3..9 29600 GDL Fund (GDL) ......20 9.2 15.. N 17..5 Ellsworth G&I Fund Ltd (ECF) .97 – 4..2 5..56 – 1... N 14..5 ASA Gold & Prec Met Ltd (ASA) . A 1.2 23..3 -11 us l.5 1...5 5......15 1..08 19..... N 24..7 305-271-1900/www........ Table excludes funds iMoneyNet.86 0...........00 17.76 + 1.92 (800) 622-3863 Invesco Premier Portfolio/Inst k 1.4 20.. N 14.......06 7.. 2017) Government Money Funds Prime Money Funds Tax-Free Money Funds 7-Day Yields 7-Day Yields 7-Day Yields Simple Compound Telephone # Simple Compound Telephone # Simple Compound Telephone # no Vanguard Treasury MMF h 1..9 2..1 HnckJPfdInco III (HPS) ...3 3.14 – N 27.......98 – 2....2 44.84 – 12....10 (800) 236-3863 BMO Tax Free MMF/Premier k h 0...........29 21. N 12...37 + 11.....16 13...27 NA – 0...9 5.. N 12....02 31.....4 61... Central and Eastern Euro (CEE) .. N 7. N 27......6 MacquarieGlbIInfraTR (MGU) ..83 – 14.......1 – 6...7 ClearBridge Amer Engy ML (CBA) ......... but Lipper CohenStrsSelPref&Income (PSF) ...78 NA 6..........59 – 16...57 15..6 – 7.09 8......77 – 10......3 16..4 Cornerstone Str Val (CLM) ... N 37. N N 14..7 Westn Asst IG Def Opp Tr (IGI) .82 22....12 – 13....4 BR Enh C&I (CII) .......34 – 16..........00 NA 31..2 26.9 5....96 22.0 31..05 13..8 20.......5 19.. N 19..2 53....19 1........60 10....... N 10..85 (800) 426-0107 First Amer Retail Prime Obligs/ClZ k h 1..45 NA – 5.11 – T 31.08 – 6..05 NA 4.10 – 15.. N NA 4.. O 7.6 18..95 – 11...9 5...........8 9.............10 24....... N 27..04 1....7 5. N 10...63 NA 3.........6 in process.......22 NA 30.0 11.......3 15.END FUNDS Stock Market Prem Market Fund Name (Symbol) Exch NAV Price /Disc Return Fund Name (Symbol) Exch NAV Price /Disc Return Friday....... N 12... Cdn Genl Inv (CGI)-ay ...............4 21..6 55...... N 10.. N 2..... Special Opportunities (SPE) .....9 First Trust Mtge Inc (FMY)-a ....4 Tortoise Enrgy Infra Crp (TYG) ............41 – 7. N 28..... N 20.... N 9...02 6... N 8...28 – 5...5 28......... 10...32 26..6 3.....15 – 1.......69 + 1....92 – 3..4 CBRE ClrnGlbRlEst (IGR) ... N 11. A 10.... N 9.......5 CohenStrsREITPref (RNP) .38 20.......................... N 16.. N 5.... N 13.....51 12.. Funds Insight Select Income (INSI) ........43 – 5... N 11.3 22.....10 – 8.........12 – 8......2 First Trust Energy Inc G (FEN) ...35 16...7 NS BlckRk Income (BKT) .3 20...9 EtnVncTxAdvOpp (ETO) ......69 37.15 – 8....3 30.........18 (800) 677-3863 Schwab Municipal MF/Ultra k h 0.97 0....0 – 3..1 10.......9 3.........71 9...96 – 5......97 (800) 730-1313 BlackRock MMP/Instit Cl k h 1..88 – – 17.9 Blackstone/GSO Sr Flt Rt (BSL) . N 9.. N 12....74 17.1 Nuveen Rl Asst Inc & Gro (JRI) .21 1.... N 20.4 Voya Gl Eq Div & Prem Op (IGD)-a .....96 Bancroft Fund Ltd (BCV) ....62 – 8.9 6...6 EtnVncTxMgdBuyWrtOpp (ETV) .40 19..0 MFS Intmdt (MIN) . The net assest value is a weighted average of the funds' NAVs.....35 + 6...5 40100 CloughGlobDivandInc (GLV) .05 (800) 422-3554 JPMorgan Liquid Assets MMF/Capitalk h 1.........8 Nuveen TxAdvDivGr (JTD) .53 17.50 – 11.26 + 0....16 14..........29 – 8.8 Tortoise Pipelne & Enrgy (TTP) .. N 16......... N 14..... N 12.........0 22....57 – 9....................47 – 9.77 8.08 – 13..9 FiducClayMLPOppty (FMO) ..81 0..8 28..01 + 0.......85 NA NA NA RiverNorth Opportunities (RIV) ..25 7.16 NA 9...94 – 12.59 NA – 4.........6 21.000 or more...... N 16..............37 10....92 0.5 19....58 17.. N 9..18 – 8...4 28...50 – 7.......6 Cornerstone Total Return (CRF) . N 11... N 14..... N 15...60 – 9...22 11.99 19....94 – N 18..49 21.....4 er rs MdsnStrSectPrem (MSP) ..... December 01...12 33.93 15....5 Adams Natural Resources (PEO) ...5 InfLnkOpp&Income (WIW) ...08% 1..... N 14. N 8....M32 BARRON’S December 4..... A 22..28 8.35 – 15...86 7.28 – 7....9 Dow Industrials Mexico (MXF) ... A 6................5 NuveenDiversDiv&Inc (JDD) ......39 – 10........ 2017 Weekly Closed-End Funds Data provided by 52 Week 52 Week Stock Market Prem Market TRACKING CLOSED ...56 14.2 21.38 11..18 15... Asia Tigers (GRR) ...62 18............... Voya Nat Res Eq Inc (IRR) ...77 10..20 (800) 662-7447 Vanguard NJ Muni MMF 0...53 100..28% 1.68 6.. N 12.... N 23....35 + 1.......... N 13....72 + 1....1 19....57 – 8.45 + 2.8 23.......... d-NAV is as of Wednesday’s close.. Westborough...25 NA – 5.......3 Tekla World Healthcare (THW) ....91 0..60 – 10.. ...21 – 8.. N 10....87 + 0...72 – 4...........2 EVTxAdvDivIncm (EVT) . N 22.8 Voya Em Mkts Hi Div Eqty (IHD) ........ N 12..43 – 5.45 16...4 17........3 CalmosConvOp (CHI) ........37 – 5.0 World Equity Funds BR F/R Inc Str (FRA) ....82 (800) 341-7400 PNC Treasury MMF/Cl A k 0...... N 19..32 – 12.... New Germany (GF) ..72 11..21 – 5. O 8.... N 23..1 23.21 – 4..4 Duff&Ph Glbl Util Inc Fd (DPG) .... N 18....17 1........85 NA 7......0 Nuveen Nasdaq 100 Dyn Ov (QQQX) N 22.T)-cy .8 31....3 4....27 20. A 13.5 Western Asset Income (PAI) ...03 10........57 – 9..T)-cy .....76 – 8.....16 NA 0. Herzfeld Advisors Inc..25 NA 5........ N 13...33 NA 21. N 15....18 (800) 242-2224 Fidelity Inv Tax-Exempt/Cl I k h 0....1 40.. N 9...........81 0..98 20...30 18.4 NS e-NAV assumes rights offering is fully subscribed.. N 13......32 NA 3.17%.......2 21........7 41......8 EvTxMnDvsEqInc (ETY) ..5 25..08 NA – 5...51 14.46 – 2.......6 37.........7 31................3 11..01 6..7 FirstTrIntDurPref&Inc (FPF)-a ....55 12.....0 EtnVncEqtyInc (EOI) ......16 (800) 435-4000 Western Asset Select T-F Rsv/Select k h 0. N 19...83 – 1...82 0.5 Flrty&CrmnePfdSec (FFC) .9 17...9 33.....99 – 14. N 19................ A 11..................23 – 4.......54 – 2..53 – 18.herzfeld.. for the week ended Thursday...... N 17........8 0...33 – 4..6 19.37 11. N 23........8 TCW Strat Income (TSI) .4 al a BlackRock Eq Enh Div (BDJ) ....5 AdvntClymrEnhG&I (LCM) ...6 Blackstone / GSO Strat (BGB) .............05 11.16 NA – 6.6 VirtusTotalRetFd (ZF) ...CWF)-y .09 + 25..com..........1 CalamosConvHi (CHY) ..8 New Ireland (IRL) ..........81 0.80 13.4 ci on Royce Global Value Trust (RGT) ...83 + 2....2 39....... Investment quality (h) Fund requires a minimum initial investment of $50...............6 Nuveen Multi-Market Inc (JMM)-c . A 8..21 8..... A 23. N 15......... N 16..9 52 Week 52 Week Stock Market Prem Market Stock Market Prem Market Taiwan (TWN) ............9 5........44 18... N 22.85 0.39 6... N 15.....73 15....63 7... N 17......09 – 9.....2 16......4 Sprott Focus Trust (FUND) .08 43..7 9.8 27..39 14.9 Royce Value Trust (RVT) ... N 11... N 7.2 Madison CovCall & Eq Str (MCN) ..90 17.... N 25..59 – NA 8.2 16....45 24.03 + 10...8 6... T 150...3 Eagle Point Credit (ECC) .....45 NA – 12.....0 12..93 NA 19........ N 21.....70 – 8.....82 – 5...03 – 9.07 (800) 662-7447 Federated Prime Cash Oblig/Wealthk h 1.76 6....20 + 3.32 26........70 15....83 13.4 31..8 process.1 32......2 EtnVncTxMgdGlbB (ETW) .7 5............04 – 11..90 NA 37...2 Swiss Helvetia (SWZ) ...60 – 4..92 14.99 – 4....0 21.94 24....... N 20.....22 11.27 + 7...0 25...55 – 6.02 – 3..1 EtnVncFltRteIncPlus (EFF) .....72 – 5.64 5....5 32.57 – 7........43 12.51 9.10 10..82 – 1..86 – 7.31 – 1.4 37..07 NA 34..60 – 9.3 Tekla Life Sciences Inv (HQL)-a ...31 + 0.90 – 10..05 21..08 NA NA NA Convertible Sec's..3 29...8 39400 Economic Inv Tr (EVT. N 7...46 + 1........ N 35.. A 13.38 – 8.5 25..77 – 8...73% AVERAGETM/TAX-FREE 0.6 Gabelli Conv Sec (GCV) .....9 11....... N 6....38 – 11......81 (800) 544-6666 PIMCO Govt MMF/Cl A 0..01 6...9 NA 31...82 (800) 662-7447 Ivy Govt MMF/Cl A k 0.55 – 1.8 Nuveen Engy MLP Tot Rtn (JMF) .99 – 14...2 28.......5 LMP CapInco (SCD) .3 Center Coast MLP & Infra (CEN) .2 23...4 8..61 NA 8. N NA 11........ N 19...6 – 0.22 NA 36....83 11............ c..74 11..9 InvescoBond (VBF) ........9 22. T 139... N 17..33 12......... N 19.... N 17.......58 19.....3 16..... MexicoEqandIncmFd (MXE) ..0 Voya Itl Hi Div Eqty Inc (IID)-a ....... g-Rights offering announced.7 Voya Asia Pac Hi Div Eq (IAE) .5 RiverNorth DL Str Oppty (OPP) .5 17.8 14........80 17...7 m rp NuvSP500BuyIncFd (BXMX) ... N 16.9 20.....56 10...91 – 7...... N 12...4 % Disc/Prem From Net Asset Value India Fund (IFN) ...40 NA 25...25 21.....2 Tortoise MLP (NTG) .1 ISL (ISL) .29% (800) 544-6666 Federated Muni Oblig Fund/Wealth kh 0...01 – 9...... N 12.......8 Goldman Sachs MLP IncOpp (GMZ) N 8.........73 19..3 Net Asset Value China (CHN) .....3 ETnVncTxMgdBuyWrtInc (ETB) .48 14....6 Templeton Dragon (TDF) .......... N 23. Royce Micro-Cap Tr (RMT) ..........69 9..5 GAMCOGlGold&NatRes (GGN) .83 26....6 BR Credit Alloc Inc (BTZ) .5 5.........18 23... N NA 4....4 Nuveen Mtge Oppty Term (JLS) .4 5....1 28....1 FFlrtyPfdIncomeOp (PFO) ....34 – 0...61 9.......8 23..77 5.79 – 7..99 18..... N 9.81 + 12.....56 11....9 34.... N 22..52 – 17.81 (800) 435-4000 Northern US Govt MMF k 0..92 – 10...0 19......59 – 27....... N 14.........93 9....86 (888) 923-3355 Dreyfus Prime MMF/Cl A h 1.8 PREDEX (PRDEX) .. N 18..35 13....4 First Tr Specialty Fn (FGB) .5 Dreyfus Alcntr GCI 2024 (DCF) ....95 – 3...14 – 7..55 13..8 23. N 13.0 31......8 Nuveen Fd (JPS) ......19 15.......87 – 9.80 – 4...4 BlackRock Energy & Res (BGR) ....... N 17...81 NA NA NS justed for rights offering........ with restricted access...09 13.34 – 20.....2 ly GuggenhEnhEq (GPM) .....34 8.. Specialized Equity Funds N 29.1 37...9 AGI Conv & Inc II (NCZ) .0 Centrl Fd Canada (CEF) ...8 WesternAssetPremBd (WEA) .. 01581..01 – 6. Mass.....93 – 8...6 Nuveen Mtge Oppty Term 2 (JMT) ...5 Cushing Renaissance (SZC) ..... Reprinted in condensed form with permission from MONEY FUND REPORT.........92 – 10. Past returns are not necessarily indicative of future yields... N 5........ b-NAV is fully diluted. (508) 616-6600..65 5........... N 15.....3 27.8 – 9..... N 19..88% 0....3 Brookfield Gl Lsd Infr (INF) . N 12....5 35....6 U....56 NA 12....... N 26.5 – 4.. N 9..68 17.. N 12.2 27..2 18.12 36..........3 Eaton Vance F-R 2022 TT (XEFLX) ..8 21...24 19...2 ........ N 14.. N 19.5 a-NAV and market price are ex dividend...9 40.21 1.. N 11..com RENN Fund (RCG) .... N 10........2 26...11 + 1..43 – 10....15 12...1 17..10 – 11......05 23.. N NA 16.......5 JHanPrefInc (HPI) ......... N 14......01 – 2.19 1. N 25. N 26..50% Yield column represents compounded (effective) rate of return to shareholders for the past (k) All or a portion of fund's expenses are currently being waived or reimbursed..........0 29.6 Nuveen Pref & Inc Opp (JPC) .12 7...78 – 0..3 FirstTrEnergyInfra (FIF)-a ..............56 15..53 15..35 15.. N 21......01 – 3......5 6......3 24. A 10........40 NA NA NA European Equity Fund Inc (EEA) .96 25...74 NA 26........84 – 2.6 16.....53 NA 35...51 – 7....29 – 8.86 – 7.. N 9..2 BlackRock Sci&Tech Trust (BST) .....74 – 0.85 – 2.........7 *Herzfeld GeneralAmer (GAM) ......1 – 3.48 6.....27 – 7.....4 BlackRock Res & Comm (BCX) .35 NA 24........4 6.....0 23...1 Flrty&CrmneTotRet (FLC) ..42 13. A 8.2 17.1 ReavesUtilityIncome (UTG) ...3 28....6 24...7 5..40 9.8 – 5..61 + 1.60 10...22 – 11. N 20. N NA 18......02 NA 30...20 (800) 525-8085 Federated T-F Oblig Fund/Wealth kh 0....2 34...................4 Boulder Growth & Income (BIF) ........07 – 11...54 22.... N 20............8 MS India (IIF) ..................87 12..70 + 7..........1 MS EmgMkt (MSF) .......1 19.......06 1..99 16.2 30. N 8.6 31..6 9.83 (800) 730-1313 PNC Government MMF/Cl A k 0.25 21...S....94 27.........9 34.4 PutnamHiIncBd (PCF) . N 6.......5 TurkishFd (TKF) ....83 – 11.74 – 4..37 – 0. N 27....0 19.99 15.09 – 12. N 9...53 24.. N 8....37 – NA 9.22 (800) 245-0242 Vanguard Municipal MMF/Investor 0..69 NA – 7....... N 24. h-Lipper data has been ad........... o-Tender offer in Del Div & Inc (DDF) .2 Stock Market Prem Yield Cohen&SteersQualInc (RQI) .... N 14..6 30..4 InfLnkSec&Income (WIA) .3 NAV is as of Thursday’s close. N 17.3 7.....7 FirstTrMLPEner&Inc (FEI)-a .1 8...19 14.12 NA NA NA AdvntClymrFd (AVK) ........... N 13...31 6...6 31..3 Engex (EXGI) . N 9....34 13....8 – 17.9 Nuveen Pref & I 2022 Trm (JPT) . N 18.6 Average 35200 Gabelli Multimedia (GGT)-h ..76 – 9..85 (800) 662-7447 Gabelli US Treasury MMF/Cl AAA 1.9 43...3 1Q 17 2Q 17 3Q 17 4Q 17 1Q 17 2Q 17 3Q 17 4Q 17 MS ChinaShrFd (CAF)-J ...... A 5.88 – 10...4 3...8 27.3 26.5 Investment Grade Bond Funds EtnVncEqtyIncoII (EOS) .........................6 10..3 Eagle Gr and Inc Opps (EGIF) . N N 44.........31 9..7 Tekla Healthcare Opps (THQ) .8 26..19 – 2..87 15..8 BlackRock Enh Intl Div (BGY) ....... N 20.............33 11..4 16...4 26..94 13...2 AGI Dvs Inc & Conv (ACV) ...65 – 10..2 CLEARBRIDGE ENGY MLP TR (CTR) N 11........1 CushingMLPTotRet (SRV)-d ..8 – 1....44 + 7.....40 6.09% (800) 662-7447 Fidelity Inv Money Market/Instit kh 1..2 Neuberger Berman MLP Inc (NML) .....6 NA 16........9 MS Asia (APF) .. N 21.... N 10.62 9..7 26...69 NA 22... N 13....95 15..07 + 5.3 CloughGlobalOpprty (GLO) ....98 28........7 EtnVncFltRteInc (EFT) ....67 8. N 24.........53 NA 4.... N 19..7 American equities..... respectively..... N 26. N 12....... N 12...92 12... N 11...... A 13..4 27.5 Loan Participation Funds Gab Utility (GUT)-h .....9 JHPrefIncII (HPF) ......3 Voya Gl Adv & Prem Opp (IGA) ...9 16.8 -10 LazardWorldDiv&IncFd (LOR) ............ N 16........2 Voya Infr Indus & Matr (IDE) .........82 – 11.50 15........9 31.6 NuvS&P500DynOvFd (SPXX) ...4 AlpineGlobDynamicDiv (AGD) .....8 27......76 NA 15......82 0..28 – 1.....85 0.9 15.... N 13.72 – 4.....6 17. AlpineGlbPremProp (AWP) . N 10...7 Gabelli Gl Sm&Mid Cp Val (GGZ) ..13 – 1. N 9.......1 NA 32..00 NA 19.38 10.75 – 16.. Cdn Wrld Fd Ltd (T....02 – 3......4 reacted positively to the prospect of tax cuts as the indexes rallied 1......8 Eagle Capital Growth (GRF)-c .6 NS MFS Govt Mkts (MGF) ........1 TOP RETAIL MONEY FUND YIELDS n- (10 Highest 7-Day Compound Yields for Period Ended November 28. N 21. Gabelli Equity Tr (GAB)-h .69 – 1..3 BlackRock Hlth Sciences (BME) ...3 27.... 28 – 11.. z 27.39 – 6.. z NA NA NA NS Wells Fargo Multi-Sector (ERC) ......3 5....5 Tot Inc+ RE:I (N/A) .........32 – 9....47 NA NA 5........... N 15.83 4... statement savings....4 PioneerHilncAdv (MAV) .3 Nuveen Crdt Opps 2022 TT (JCO) ........21 12..47 NA NA – 1.01 13.... A 2.88 NA NA 3. z NA NA NA NA PionrFltRate Tr (PHD) ....11 NA NA 6..3 5...3 Nuveen NY AMT/Fr Qual MI (NRK) .03 + 1..0 9.22 – 4..... N 17..9 5..0 InvescoMuOppTr (VMO) .... Calabasas....9 5.30 – 8...30 Capital One 360 Wilmingtn....10 – 6.........7 Eaton Vance MI Muni Bd (MIW) ....3 DoubleLine:Oppor Crdt Fd (DBL) .61 12....5 Nuveen NJ Muni Value (NJV) .93 NA 8...16 – 9..........71 13..7 Stock Market Prem Yield Prudential Sht Dur HY (ISD) ..........60 11.....3 5..1 m rp EVLmtDurIncm (EVV) ......45 + 0......0 NuvFloatRteIncOppty (JRO) ..2 BR MH CA Qly Fd Inc (MUC) ...5 Eaton Vance NJ Muni Bd (EMJ) ...43 12....62 – 1....8 Garrison Capital Inc (N/A) ...37 15.99 NA 9.....3 PIMCO Income Opportunity (PKO) ....11 – 1....59 (CM) 1...........10 NA NA 6..0 5..8 EV OH Muni Inc (EVO) .71 – 6....8 6....65 Barclays Bank Wilmingtn.. any form without express written consent of Informa Research Services. N 15.3 4.... A 13.....9 The Relative Value:CIA (VFLEX) .......5 MultiStrat Gro & Inc:I (N/A)-a ..59 3.03 + 2...86 NA NA 6.32 14......4 2.16 6.....9 Nuveen HI Dec 2019 Tgt (JHD) .1 al a New Amer Hi Inc (HYB) ..82 6.. N 8. N NA 10... z 28.4 6........ N 13.........80 14... z NA NA NA NA Nuveen Credit Strat Inc (JQC) ..........2 Griffin Inst Access Cd:A (N/A) . (SI) simple interest......... A 13..31 – 13.....2 Nuveen VA Qlty Mun Inc (NPV) .5 Invesco HI 2023 Tgt Term (IHIT) . N 5. Deposit % Rate % Yield Institution Location No.7 BR MH Qly (MUS) .....7 Resource RE Div Inc:W (N/A) .. N NA 12........01 NA 7... A NA 11....93 – 12.7 4... z NA NA NA NS Abrdn AP IncFd (FAX) ....2 Nuveen Enh Muni Val (NEV) ...82 12. N 14...5 8...64 (CM) 1........11 NA 8...2 5.7 Westn Asst Mu Def Opp Tr (MTT) ...1 BlackRock Muni II (BLE) ....79 12..8 4........6 3..12 11... z NA NA NA NA Voya Prime Rate Trust (PPR) ....2 Versus Cap MMgr RE Inc:F (N/A) .0 5....31 – 7.... N 12.9 4....4 Nuveen Sel TF 2 (NXQ) . z NA NA NA 5......74 + 2. N 12..2 PIMCO IncmStrFd (PFL) .... Telephone Min...24 (CM) 1...0 High Yield Bond Funds AllBerNatlMunInc (AFB) . N NA 16..03 15.. A 15... A NA 9...86 15.0 Resource RE Div Inc:D (N/A) .11 11..9 BlckRk NY Muni Inc Qly (BSE) ..... A 15...93 12.....44 14.64 NA NA NS First Tr Hi Inc Lng/Shrt (FSD)-a ....09 13......9 5......28 8...1 12..33 – 2.. A 14..4 5......83 (CM) 1..... N 17...... N 15.....38 – 4...31 – 7........ N 14.. N 15....67 – 4....7 5. N 15.......... N 18... N 10..0 4...89 NA 5..... N NA 15.. A 5..4 6...0 5.7 Brookfield Real Asst Inc (RA) ... N 14...75 21... N 15..2 9..35 (CM) 2..........1 Nuveen CA Val (NCA) . A 12.80 14.32 14..1 Tot Inc+ RE:A (N/A) ......1 Putnam Mgd Inc (PMM) ...1 Invesco Sr Loan IC (N/A)-a .......7 9.. A 15.9 Nuveen OH Qual Muni Inc (NUO) ..77 14...65 15...98 13.32 (CD) 2.9 PIMCO Stratg Inc (RCS) .. N 7..35 Six-Month CDs2 2½-Year CDs 90-Day Jumbo CDs Telephone Min...4 4........ z 11.MA (877)463-6287 250 1. z NA NA NA 4...81 13.....2 FedProj&TrFinanceTender (N/A) . Deposit % Rate % Yield Dollar Savings Direct Ossining..9 Dreyfus Muni Bd Infra (DMB) .. N 16.9 EVNYMuniIncm (EVY) ..... N 3.....11 NA 5.3 5.1 PIMCO MuniInc (PMF) ....40 no Capital One 360 Wilmingtn.. N 15..35 NA 4.7 BR MuniYld Invest Qly (MFT) .3 Resource Credit Inc:I (N/A) ...4 4..6 7..... Recent Effect...7 8...51 NA NA 5.. N NA 16...93 – 7.... A 14... N 13....US (888)710-8756 1 2..0 NexPointRlEstStrat..74 – 11.5 Voya Senior Income:W (N/A)-a .......3 5.......42 4.64 NA NA 11........ N NA 5.....4 BR MuniVest 2 (MVT) ...97 – 8..3 EVHiInc2021 (EHT) .7 5...... A 9... N NA 22.25 Discover Bank Greenwood....5 Single State Muni Bond NexPointRlEstStrat.... N 14......69 – 3....8 WA Middle Mkt Dbt (N/A) ..... N 9.......2 4.... z NA NA NA NA THL Credit Senior Loan (TSLF) .14 15.7 8. Recent Effect.5 Pimco Muni III (PMX) ....58 12... z NA NA NA NS Putnam Prem Inc (PPT) .9 4..44 – 1.. N NA 10.......9 InvTrInvGrMu (VGM) ..........16 – 1.........8 SharesPost 100:I (N/A) ...97 – 14..65 13..91 – 2......22 14.....00 – 0......08 NA NA 6...77 13.......6 4.......57 14..30 12......93 – 1.71 Popular Direct Pleasantn.........76 – 3.......06 – 2......16 NA NA 7.......96 – 6....21 Ameriprise Ntl Trust Bk Minneapolis.....41 – 6..6 5....12 14. N NA 6...54 NA 9... N 14.3 GL Beyond Income (N/A) ..... Institution Location No...03 NA NA 7.1 NeubrgrBrmCA (NBW)-a .1 Griffin Inst Access Cd:F (N/A) .....63 14...... N NA 18.....79 9......3 5........3 Resource Credit Inc:W (N/A) ...9 Nuveen MI Qual Muni Inc (NUM) .68 + 0..... 10..3 5..8 BlckRk Muni Inc Qly (BYM) ....2 Nuveen EM Dbt 2022 Tg Tr (JEMD) .... N 23.....40 21....91 23. N 14. Deposit % Rate % Yield Dollar Savings Direct Ossining.. N 14..... A 12....7 Del CO Muni Inc (VCF) ..2 5.3 5..................60 (CD) 1.12 23... N NA 6.....0 BR Corporate HY (HYT) . N 9..........33 NA NA 5.10 + 9..09 (CM) 1.............83 14. z 11.......76 NA 10.... N 13.......7 PIMCO Flexible Cr I...11 14..5 BlckRk Inv Q Mun (BKN) .8 4..3 NuvNJ Qual Muni Inc (NXJ) ........... N 7......7 PionrDivHiIncTr (HNW) ....9 25.....5 3.........50 10.... N 15. A 17.....5 NuvGA Qual Muni Inc (NKG) .....7 4. (CD) compounded daily. Deposit % Rate % Yield Institution Location No.......1 Other Domestic Taxable Bond Funds PIMCO IncmStrFd II (PFN) .... N 15..49 (CD) 1.....24 – 12...3 Guggenheim Credit Alloc (GGM) ...2 Resource RE Div Inc:T (N/A) ............... N 14............91 12...6 InvescoMuTr (VKQ) .........30 13.. z 12........64 – 1....0 NS BR MuniYield Fd (MYD) . A 13.6 Nuveen AMT-Fr Qlty Mun I (NEA) ......3 6..... z NA NA NA NA FT/Sr Fltg Rte 2022 TgTr (FIV)-a ..43 – 11...76 – 1.14 NA 10. N NA 9. All rights reserved....78 2..93 9.... z 26....8 BlackRock Ltd Dur Inc (BLW) ...60 – 10..C (N/A)-a ....66 14.34 15...95 13.US (888)882-3837 5000 2..70 – 9.34 13.... A 13.... N 14....6 CrSuisHighYld (DHY) .1 9................ z 15...........39 – 6.8 5..2 10.3 BR MuniYld CA (MYC) ....3 Wildermuth Endwmnt S:C (N/A) .76 – 4..92 NA 8...9 NuvFloatRateIncFd (JFR) ..... A 14........ A 13..81 + 1. N 21.......... A 14....... N NA 9...... N 16......9 MFS Muni Inco (MFM) ....11 14.....68 NA 7. N 14.9 4.43 13.1 BR MuniYld Qlty2 (MQT) ...25 NA NA 6....95 16......... N 15.. N 9..... N 15..60 – 10........07 – 9.96 7....7 5.DE (877)469-0232 1 1...64 13.55 14.....8 Eaton Vance MA Muni Bd (MAB) ..... 2017 BARRON’S M33 Weekly Closed-End Funds Data provided by 12 mos 12 mos 12 mos Continuously Offered Stock Market Prem Yield Stock Market Prem Yield Stock Market Prem Yield 52 Week Fund Name (Symbol) Exch NAV Price /Disc 10/31/17 Fund Name (Symbol) Exch NAV Price /Disc 10/31/17 Fund Name (Symbol) Exch NAV Price /Disc 10/31/17 Stock Market Prem Market Fund Name (Symbol) Exch NAV Price /Disc Return EVSnrIncm (EVF) .77 11... N 15.. N NA 7.5 J Han Investors (JHI) ....... A NA 12..... z 11. A 15...9 4. N NA 11............00 (CD) 1....3 4............ N 18. z 20.........35 First Internet Bank Indianapolis.........18 13...5 5.76 – 4...79 – 6.3 5........0 Invesco Sr Loan B (N/A)-a .........67 8........8 RiverNorth MP Lending (RMPLX)-a ..86 14.2 BR MH Qly 2 (MUE) . N NA 11.20 Middlesex Savings Bk Middlesex..3 5.. A 12..0 CION Ares Dvsfd Crdt... z NA NA NA NA Highland Flt Rt Opp (HFRO)-a ..... N NA 23.. Recent Effect.1 4..34 (CD) 1...22 NA NA 6.54 3...52 14.....8 4......05 (CM) 1...68 – 10..10 – 1..47 – 6...7 NeubrgeBrmNY (NBO)-a ..4 Nuveen AMT-Fr Mu Val (NUW) .9 4.. N 15.72 14.. N 16.......... z NA NA NA 4.43 6.... N NA 30...24 – 5...08 13..........6 Nuveen AMT-Fr Mu CI (NVG) ..12 – 1...7 Ms EmMktDebtFd (MSD) ...9 Nuveen Sel TF (NXP) .....7 U....69 – 3....8 Voya Senior Income:A (N/A)-a .. A 14...... z NA NA NA NS PCM Fund (PCM) ...9 Deutsche Strat Mun (KSM) .......... N 11..48 – 6......97 13............US (888)882-3837 5000 1... A 14.55 12.65 – 8.........2 Tot Inc+ RE:C (N/A) .... N 10.55 1Including passbook.........7 BlckRk NY 2018 (BLH) ...8 Nuveen NY Qual Muni Inc (NAN) .......... N NA 18.....00 NA NA 6.4 Nuveen PA Qual Muni Inc (NQP) ............5 Western Asset Mgd Muni (MMU) ..... A 15......21 NA NA 4.. N 14........ N 10. N 13...38 – 7.11 NA NA NS ly Barings Glb SD HY Bd (BGH) ..21 NA 5.. N 10.4 CUSHING MLP INFRA I (N/A) ...08 13...35 – 2...79 – 2.........76 11.0 World Equity Funds Nuveen HI Nov 2021 Tgt (JHB) .....43 22....48 11.... A 13...8 Alternative Strategies:C (N/A) .. z 27....5 7.7 Tot Inc+ RE:L (N/A) ...54 16...76 – 8.............57 13. N 14....9 BlckRk Mun Inc Inv (BBF) .....8 5...........55 NA NA NS Nuveen Hi Inc 2020 Trgt (JHY) ..5 6.....9 Eaton Vance OH Muni Bd (EIO) .16 NA 8. N 19. z 24...........66 – 11.....95 – 6..58 – 14.......3 Palmer Square Opp Income (N/A) ..07 14.............97 – 4..8 3.....6 Legg Mason BW Gl Inc Opp (BWG) ......... N 14.....3 Resource Credit Inc:L (N/A) ..........82 – 7. A 14......0 Resource RE Div Inc:U (N/A) .....14 – 5...3 PIMCOHilnco (PHK) ...50 Capital One 360 Wilmingtn..99 22.DE (877)469-0232 1 2.........43 NA 5. N 11.84 – 8......90 – 9..US (800)274-5696 10000 2......35 15........47 NA 12..7 5...6 Nuveen Minn Qual Mun Inc (NMS) .........82 + 0..1 8......5 Eaton Vance CA Muni Bd 2 (EIA) ...........8 Alternative Strategies:A (N/A) ..5 PIMCOCAMuniII (PCK) .......... N 8........NJ (855)462-2652 1 1..15 8........A (N/A) .....73 – 7.....9 EVMuniBd (EIM) ...2 USQ Core Real Estate:IS (USQSX) .1 4........... N 15..US (888)873-3424 1000 2.1 BR MuniYield Qlty (MQY) ........ z 9..41 17.....85 11. N NA 11....5 8.....6 3.1 PioneerMunHiIcmT (MHI) ..99 – 8..1 7..99 NA NA 3...7 4.....6 7. N 12.. NA NA NA NS BlckRk Str Muni (BSD) .0 Fund Name (Symbol) Exch NAV Price /Disc 10/31/17 Wells Fargo Income Oppty (EAD) .........94 NA 5... z NA NA NA 4...33 13...32 (CD) 2.....26 NA NA 6. A 15....4 CNR Select Strategies (N/A) .71 – 5....07 – 1........3 1..64 + 1....4 AllCAMuniInc (AKP) ....47 NA NA NS CSAM Income Fd (CIK) ......75 14.5 Vertical Capital Income (N/A)-a ..2 6.24 – 8.....7 5..5 BR Mu InDur (MUI) .37 14.. N 9.6 Nuveen NC Qual Muni Inc (NNC) ..........2 4.........7 Nuveen MD Qual Muni Inc (NMY) .....8 BR MH NJ Qly (MUJ) .4 WA Middle Mkt Inc (WMF) . N 9..7 4.......05 – 5.US (888)882-3837 5000 1.. N 15....71 NA 10. pounded quarterly ..1 7...4 4.. z NA NA NA 9.......58 + 8...41 14.42 10..8 PIMCO CA (PCQ) ..4 BlackRock Tax Muni Bd (BBN) .3 Resource Credit Inc:C (N/A) .... 10..21 + 5.. z 3...... N NA 8...70 (CM) 1.5 BlackRock NY Mun (BNY) ..29 14...7 InvHighIncTrII (VLT) ...75 (CD) 0...60 NA NA 10...0 7..6 Nuveen Global High Inc (JGH) ..2 DTF Tax-Free Income (DTF) .........4 Versus Cap MMgr RE Inc:I (N/A) ............US (888)873-3424 1000 1....7 4.......81 13....... N 9...8 WstAstGlHiInco (EHI) ..... N 13......45 NA 13........3 5..28 – 5............91 – 9...........95 – 8....16 NA 7.. A NA 8.........17 – 5.......75 – 12............8 CION Ares Dvsfd Crdt.8 InvAdvMuIncTrII (VKI) .75 Nationwide Bank Columbus....12 – 1........ N 13...8 5... z NA NA NA NS MFS Multimkt (MMT) .......9 MultiStrat Gro & Inc:A (N/A)-a ................5 4.........74 NA 4. N 14.. Institution Location No.82 – 0.. N 17..... N NA 13.....8 General Equity Funds FT/Sr Fltg Rte Inc 2 (FCT)-a . N 14.92 14.......5 EVNJMuniIncm (EVJ) .9 14..... N 15....7 PIMCO NY (PNF) .. 10....... N 14.....3 5...6 5....57 13..12 – 13..............08 15.3 5...85 NA 8. Yields are based on the stated rate and compounding method in effect Friday and are subject Source: (c) 2017.....9 Eaton Vance Tx-Ad Bd&Opt (EXD) .07 NA 5.. (CQ) com- savings associations nationwide....5 Nuveen MA Qual Muni Inc (NMT) ..............2 Nuveen Sht Dur Crdt Opp (JSD) ... N 16.0 USQ Core Real Estate:I (USQIX) .41 12.3 5..55 – 7.71 NA NA 6..........5 5....63 NA 7.....41 11..24 10........ Recent Effect..37 14. N 18....9 WstAstVarRte (GFY) .......1 Griffin Inst Access Cd:L (N/A) . N 2....09 9......02 4.......... N 10..07 NA 1..41 – 1..92 – 8......29 10. N 11......64 – 13..4 Nuv Enh Muni Cr Inc (NZF) ...7 5...........21 NA NA NS MS EmMktDomDebt (EDD) ....7 BlackRock VA Mun (BHV) ..1 4.61 EverBank Jackson........2 Barings Corporate Inv (MCI) ...8 2...Inst (N/A)-a ...7 5..5 Griffin Inst Access RE:I (N/A) ..75 – 5..96 18.. A 13.... A 14.....3 7.07 8. N 15.42 15.... A 13..55 (CD) 0.78 NA NA 3...72 – 8...5 6...38 11.....6 BlackRock Muni 2030 Tgt (BTT) ..4 Nuveen NY Val (NNY) .44 – 6....8 7.7 Nuveen NY Muni Value 2 (NYV) . z NA NA NA 4. N NA NA NA NA PIMCO Dynamic Income (PDI) .26 NA 6.......80 22.87 NA NA NS MFS Special Value (MFV) ........47 NA 6.....9 Nuveen CA Muni Value 2 (NCB) .24 – 1.7 PioneerHilncmTr (PHT) .97 – 10...........6 NuvMuni2021TgtTerm (NHA) .. N NA 10.36 + 1.....2 4...........2 on Dryfs Hi Yld Str (DHF) ...91 10. N 9...... z 27.8 AllianceBernGlHiIncm (AWF) .5 PIMCO Corp & Inc Strat (PCN) .95 13.....35 12...3 Loan Participation Funds Western Asset Hi Yld D O (HYI) ....4 5... 91302-1942 818-880-8877..23 11..................2 NexPointRlEstStrat.......5 Griffin Inst Access RE:A (N/A) .73 NA 7.... N 15.20 – 9.69 (CD) 1......75 – 4... N 15.12 NA NA 6...33 8...1 3.......65 NA NA 18.. N 14.... z 12....00 – 7... z 12.1 6.....8 5......29 – 8.....31 – 4........59 12..0 Western Asset Hi Inc Opp (HIO) .............94 – 6.. z 13..8 5.64 NA NA 6.3 BlckRk Muni Inc Inv Qly (BAF) .....95 13. z 15... z NA NA NA NS Nuveen Bld Amer Bd Oppty (NBD) .........9 EV MA Muni Inc (MMV) ......57 5....81 – 13.US (877)422-6569 500 1.. z 26.1 7....76 – 9..24 – 9...71 (CD) 1. (SA) compounded semiannually.....US (888)882-3837 5000 1.......25 NA 10...3 BR MH NY Qly (MHN) .....8 Resource RE Div Inc:I (N/A) ...76 11..38 NA 5..5 BlackRock MA Tax-Exempt (MHE) .1 10...9 EVCAMuniBd (EVM) .........0 3..8 5....3 InvDYCrOpp (VTA) ......S.7 5.....60 – 4... N 12.26 13.95 NA 5......... N 14..7 5..5 MFS HgIncMuniTr (CXE) ....1 Pimco CA Muni III (PZC) .........6 4...5 Virtus Gl MSec Inc (VGI) ..... N 14.........3 Nuveen MO Qual Mun Inc (NOM) ...14 – 10...0 BR MuniHoldng2 (MUH) ...5 Putnam Mas Int (PIM) .....50 EverBank Jackson.4 MFS HgYldMuniTr (CMU) ..4 NuveenCAQtyMuInc (NAC) . N 22......CA (877)541-2634 1000 0..52 – 2... Aberdeen Inc Credit Str (ACP) . A 14............25 10.. N NA 8.8 BlckRk Muni 2018 (BPK) .......9 504 Fund (N/A) ...... N 16..29 – 4..08 14. z NA NA NA 3....5 5.....3 4... N NA 6. z NA NA NA NS co Fo Nuveen Build Amer Bond (NBB) ...5 Eaton Vance NY Muni Bd 2 (NYH) .81 14..... 26565 Agoura Road #300.......42 (CM) 2. N NA 14.21 – 8..... z NA NA NA NA MFS Charter (MCR) .. z 26.......... A 14..... A 16.US (888)882-3837 5000 1.......72 Capital One 360 Wilmingtn.2 4.97 – 7..1 4.. N 14. N 13........DE (877)469-0232 1 1.......55 NA NA 5...8 Mgd Dur Inv Grade Muni (MZF) ..... N 14. N NA 17.......... N 9. N 13.4 5.......1 Nuveen Sel Mat (NIM) .....3 NS PIMCOMuniIncII (PML) ....35 12.3 6.......73 NA 10....4 5....6 Resource Credit Inc:A (N/A) ..5 2..... N NA 13..08 NA NA NS Apollo Tactical Income (AIF) .... N NA 7......... N NA 11.7 5.......10 First Internet Bank Indianapolis.......... N 5.52 14...9 EVNatMuniOpp (EOT) ......5 NS BlackRock Muni 2020 (BKK) ..8 Nuveen AZ Qual Muni Inc (NAZ) .15 13.....0 Nuveen CT Qual Muni Inc (NTC) ..9 4..... N NA 9.12 – 3.21 14. N 14..1 4..40 NA 8...07 – 6.5 9..47 11....08 – 2.22 NA NA 6. A 12.18 15..97 – 0.31 NA 7..0 BlackRock 2022 Gl Inc Op (BGIO) ..21 – 6.06 – 9.7 Versus Capital Real Asst (VCRRX) .... N NA 15......34 – 10.....1 5......... N 14....06 Ameriprise Ntl Trust Bk Minneapolis.....25 11...94 – 1.....8 BlckRk L-T Muni Adv (BTA) ...... (CC) Compounded continuously.... z NA NA NA NA Ares Dynamic Crdt Alloc (ARDC) .....48 15....79 2....89 12.......3 BR MuniYld NY Qly (MYN) .......51 10.... N NA 22.12 – 9...........1 FS Global Crdt Opptys D (N/A)-a ...........21 14......9 FedPremMuInc (FMN) ..76 15..29 – 12......79 NA 10. z 10.NY (866)395-8693 1000 1....94 9....... A 15...84 13. Informa Research Services.......54 NA 5..49 – 11.. N 11. A 15......... z 10..82 20......77 + 7.41 EverBank Jackson..1 Del Inv Natl Muni Income (VFL) .........2 4..92 – 5......... N 17...... z 11. N 12....... N NA 20....1 Calmos Dyn Conv and Inc (CCD) .4 BR MuniYld PA Qly (MPA) ...26 – 9..49 14. N 8.02 14..4 6..........98 11.6 5...................3 Voya Senior Income:I (N/A)-a .49 NA NA 4.69 NA NA NE Aberdeen Global Income (FCO) .31 – 9.8 5...... A 15. N NA 11....9 5. N NA 12..54 NA NA 6..66 NA NA 3. Mortgage Bond Funds er rs WstAstHIF II (HIX) ..09 19..A (N/A)-a ... A 15..57 – 3...2 Invesco Sr Loan A (N/A)-a ........ A 3............. z 25.....35 American Express Salt Lake City...51 15..90 19.. NA NA NA NS PIMCO Corp & Inc Oppty (PTY) .............43 12...... z 10.3 4..3 CION Ares Dvsfd Crdt..94 NA 5......51 NA 7. CA 2Six-month CD yields assume reinvestment of principal and interest at the same rate for an to change..2 6....4 5.... z 25..1 5..2 4... N 5. Phone to verify before investing or sending money...07 15.......46 NA 13..90 + 0.......98 16. N NA 26..8 Nuveen PA Muni Value (NPN) ...0 Wildermuth Endwmnt Str (N/A) .........3 10...00 12..9 PionrILSInterval (N/A) ..11 – 1..........25 – 7.83 – 0.....3 6.....80 – 11.... A 13........04 9.5 Invesco Sr Loan IB (N/A)-a .............50 14.... N NA 11.5 3... N NA 14....5 NS Nuveen Quality Muni Inc (NAD) .. A 15..46 NA 9...83 13.........A (N/A)-a ... N 14..24 + 11.87 – 3..44 – 10..US (888)873-3424 1000 1.40 (CM) 1............3 Resource RE Div Inc:A (N/A) .85 + 1....01 EverBank Jackson. N 12.......... (CM) compounded monthly.....40 – 13..8 18. z 10.4 StoneHarbor Emg Mkts Inc (EDF) .....6 Nuveen Sel TF 3 (NXR) .... N 15......55 21......79 – 1...7 3.....4 EtnVncStDivInc (EVG) . z 27.2 Griffin Inst Access RE:C (N/A) ....2 Resource RE Div Inc:C (N/A) ........5 BlackRock MD Mun Bd (BZM) ...0 4...........25 17....8 Dreyfus Income (DMF) ........US (888)873-3424 1000 1.. N 14.27 – 9. z 11.41 14......08 – 9....59 – 9... z 26...12 – 6..52 + 1..21 13.3 BlckRk FL Muni 20 (BFO) ...... N 14........74 – 8. N 10..0 6.2 PIMCO Flexible Cr I..87 – 0.28 NA NA NS Franklin Univ (FT) ..53 NA 7..9 Invesco Sr Loan Y (N/A)-a .30 Ally Bank Philadelphia. N 16....72 17..5 3.. A NA 13.0 4.......0 Western Asset Mun Hi Inc (MHF) ..........2 5.48 12.75 23.......86 14..0 BlackRock Mun Bd (BBK) .....79 NA 5......07 9.......0 5.6 EV MI Muni Inc (EMI) .96 11. N 15..10 – 4.7 Other Domestic Taxable Bond Funds EVMuniBdII (EIV) ...... N 22..37 – 12..0 12 mos Prudential Gl Sht Dur HY (GHY) .... z 9.1 3..7 StoneHarbor EM Tot Inc (EDI) ......US (800)446-6307 1 1..31 – 7....0 Nuveen Int Dur Qlty Mun (NIQ) ........4 InvPAValMuIncTr (VPV) .NY (866)395-8693 1 1. N 10.........58 14...........7 BR MuniYld CA Qly (MCA) .25 PenFed Credit Union Alexandria.8 Voya Senior Income:C (N/A)-a ......7 5.42 15......1 5.4 BlackRock Mlt-Sctr Inc (BIT) ....49 NA 8...5 Sierra Total Return:T (SRNTX) .6 First Tr/Ab Glbl Inc (FAM)-a .9 BlackRock Muni (BFK) .. N 7.......... N NA 6.. z 26...67 14..........9 5. Deposit % Rate % Yield Institution Location No..03 14..0 5.7 BlackRock NY Mun Bd (BQH) ..........98 – 9..35 – 6....86 – 5......32 12.35 14.80 – 3....8 Guggenheim Tx Mun Mgd Dr (GBAB) N 23..36 14. Funds Nuveen HI Dec 2018 Tgt (JHA) . N 15.2 WstAstMuniPrtnrs (MNP) ...63 – 5..1 4..3 5..5 PIMCONYMuniII (PNI) ....9 Del MN II (VMM) .....5 4..65 First Internet Bank Indianapolis.. Telephone Min...60 Bank of Internet USA San Diego..5 5.64 14...3 TOP SAVINGS DEPOSIT YIELDS n- Money Market Account1 One-Year CDs Five-Year CDs Telephone Min.. Recent Effect..60 NA 1........ z NA NA NA NS NeubrgrBrm (NBH)-a ...... N NA 16..8 Templeton Em Inc (TEI) ............4 5..........1 5..9 Dreyfus St Munis (LEO) ....71 – 2...88 16..46 12. N NA 15.5 4..69 NA NA 7..US (800)274-5696 10000 0.....6 4.19 – 3.......90 12...65 Popular Direct Pleasantn......1 BR MuniYld MI Qly (MIY) .09 15......9 Wildermuth Endwmnt S:I (N/A) ...2 Griffin Inst Access RE:M (N/A) ...1 MultiStrat Gro & Inc:C (N/A)-a .......3 Griffin Inst Access RE:L (N/A) .........8 5.....................6 Griffin Inst Access Cd:I (N/A) .2 ....0 DoubleLine Inc Sol (DSL) ..... z 30..2 5..55 NA 11..85 12...72 – 4..1 MFS CA Muni (CCA) ...6 BlckRk CA 2018 (BJZ) ....5 Nuveen Int Dur Mun Term (NID) . A NA 11.1 BR MuniNY IntDu (MNE) ...........0 MFS Inv Gr (CXH) .......... N 20....88 – 10..38 – 11...88 – 4........ A 13... A 15.. z 29... N 15..78 NA 7..3 3...55 8.....3 4.0 BR MuniYldInv (MYF) ..1 6..........28 NA 4..51 – 11....68 – 10.....5 4..8 National Muni Bond Funds BlackRock CA Mun (BFZ) ...3 5.......36 12.49 (CD) 1..7 Nuveen NY Sel Tx-Free (NXN) . N 11..7 5...77 15.2 m e Barings Part Inv (MPV) ....... N NA 9..PA (877)247-2559 25000 1..............4 Griffin Inst Access Cd:C (N/A) ....03 + 1.....04 – 13...0 Eaton Vance PA Muni Bd (EIP) ..........44 15..99 + 5..9 Nuveen TX Qual Mun Inc (NTX) .....0 Western Asset Int Muni (SBI) .....1 Putnam Muni Opp (PMO) .........97 – 1..US (888)356-1006 1000 1.. z 14......... N 16....... z NA NA NA 11.57 14..........3 5.. N 14.4 ci on Convertible Sec's...US (888)356-1006 100000 1.4 Templtn Glbl Inc (GIM) ..2 3........64 – 5....61 14...... z 12.........December 4..3 CalamosGlbTotRet (CGO) ..... N 11.......47 + 0.68 16.86 12.. A 16. N 19..41 12..2 6.5 Pimco NY Muni III (PYN) .......19 13...3 4.0 4.. N 15. z 10....64 – 9.... N 23....72 14..6 5....81 12.87 14.12 9...37 (CD) 2.34 13.US (877)422-6569 10000 1... N 15...5 5....... N 15.......8 Invesco MuniOp (OIA) .45 NA 9..1 BR MuniEnhanced (MEN) .0 4............ z 12...... N 16............ z 25.50 NA 10....9 Eaton Vance NY Muni Bd (ENX) ........29 (CM) 1.......96 – 4.35 – 5... A 15.. N 14. N 15... z 12..7 EV PA Muni Inc (EVP) .. IVY HIGH INCOME OPP (IVH) .......65 – 0. N 15. N 15..... A 13... z NA NA NA 11.7 Dreyfus Str Muni (DSM) ..6 7.....42 – 11.16 NA 7. N 15.60 – 5.80 NA 5..........3 8...27 + 6..73 – 9. N 15.38 Nationwide Bank Columbus. z NA NA NA 4.79 – 0. N 10.45 CIT Bank Livingstn......14 NA NA NS us l.........6 Income & Preferred Stock Funds BR MuniHoldngs (MHD) ...66 5.........55 14...02 13.................73 – 5....8 9.3 5........8 Nuveen CA Sel Tx-Free (NXC) ...74 NA 5.. Rates are the highest yields on six types of accounts offered by federally-insured banks and (CA) compounded annually....................2 BR MuniAssets Fd (MUA) ....72 First Internet Bank Indianapolis..3 Western Asset Gl Cr D Op (GDO) ......48 13.. N 10....... N 13...9 BR MuniYld NJ (MYJ) ......79 – 10......3 1...5 Nuveen Muni Inc (NMI) .24 NA 5.9 BMO LGM Front ME (N/A) ..68 + 3.....4 Duff&Ph Util Cor (DUC) ..... N 15.4 8................ Telephone Min. z 14.81 9....0 5....6 BlackRock NJ Muni Bond (BLJ) ......VA (800)247-5626 1000 1.......24 (CD) 1......... N 16...1 4...91 – 4.3 WstAstEmergDebt (EMD) .7 5...1 5...85 – 5.... N NA 4. N 14..........0 Specialized Equity Funds InvSnrIncTr (VVR) .... N NA 15.1 Nuveen CA AMT-F Qual MI (NKX) ......US (888)356-1006 1000 1. z 10.39 16...6 5......6 4....0 Capstone Church Capital (N/A) .... N NA 10..1 MFS IntmdHgInc (CIF) .8 BR MuniYld Qly 3 (MYI) ....Inst (N/A)-a .59 – 11.............35 7.......86 NA NA NS Franklin Ltd Dur Income (FTF) ...7 MAINSTAY:DEFTERM MUNIOPP (MMD) N 20...0 BR MuniHoldings Qly (MFL) .......41 – 9..6 8.90 NA NA 6....9 EVMuniIncm (EVN) ..40 15......57 – 10.2 Deutsche Muni Inc (KTF) .49 – 7....95 InvescoValMunInc (IIM) .04 12...98 NA NA NS Nuveen Senior Income (NSL) . N 15. Telephone Min...... A 13.50 + 7.97 + 0...80 + 0... N 15...... N NA 16. N NA 5.. N 13...9 5..4 5... N 14.......8 NeubHgYldStrt (NHS) .....56 – 11.........3 InvTrInvGrNYMu (VTN) . z 12........9 7............. N 13.............4 InvCaValMuIncTr (VCV) .62 NA 9. N NA 12.. z 10...71 (CD) 1..93 + 0.7 BR MuniVest Fd (MVF) ...5 Resource RE Div Inc:L (N/A) ........54 + 2. N 4.0 SharesPost 100.2 5..3 e NexPointCreditStrat (NHF) ............... N NA 15..........18 – 10..US (800)347-7000 2500 1......1 4.......76 11.64 (CM) 1...... A 9......19 (CD) 1.34 13.....28 NA NA NS FirstTrStrHiInc2 (FHY)-a .... Deposit % Rate % Yield Institution Location No..59 7.......... N 10....58 11.51 – 11.1 BlkRkMunyldAZ (MZA) ....4 9. z 25....... N NA 21.....74 NA 11....88 7.....27 NA NA 6...3 10.......74 + 1. z 11......7 BlackRock NY Mun II (BFY) ...5 4.2 4.0 4.9 NS PIMCO Dyn Crd & Mrt Inc (PCI) .. A 15.64 – 10.85 Ameriprise Ntl Trust Bk Minneapolis..............DE (877)469-0232 10000 1.08 – 10.82 NA NA 12.3 5.. N 13......9 5........ N 9....... N 7...75 9.......69 15..58 + 9.0 High Yield Bond Funds KKR Income Opportunities (KIO) ...........1 5.. N 15...1 9...20 (CD) 1.......70 9...........93 – 13.62 – 1.... N 14......14 – 12........64 (CD) 1......32 NA 5.73 – 6..... z NA NA NA NS World Income Funds NuvMuniHiIncOpp (NMZ) ........ N 23..... N 6.07 10.....4 Nuveen Muni Val (NUV) ..63 13....58 – 7... N 11.....2 4... and bank-offered liquid asset accounts. z 12...24 13......1 MultiStrat Gro & Inc:L (N/A)-a ...Z (N/A)-a .....8 WA Corporate Loan (TLI) .....59 9........45 NA NA 1...........34 12....39 + 0......05 + 6....... N 13.70 NA 4...6 EVCAMuniIncm (CEV) ... N 15...83 – 1..... N 25.....9 4....6 Invesco Sr Loan C (N/A)-a .72 – 3...38 15.......I (N/A)-a ..0 7..29 (CD) 1. Recent Effect... N 12. N 13.6 8.47 – 7.........01 12.... N 15.........05 – 2... N 14...70 EverBank Jackson.... N 13.47 – 7..... z 29.6 BlackRock NJ Muni Income (BNJ) ............43 10... May not be reproduced or retransmitted in additional six months.40 NA NA 4.C (N/A)-a . N 8...........3 InvescoQual Inc (IQI) ... N 14...9 5..........4 Guggeneheim Strat Opps (GOF) ..52 NA NA 5. 60 140.57 23533.37 7954.04 2626.24 +.21 9.94 72.54 High (t) 7974.00 Wal-Mart Stores 0.522.381 32.207.02 23617.07 2647.26 23892.169 49.86 23625. Titans 50 (GBP) 291.849 UTILITIES 805 US Small Cap 10379.921 28.21 NYSE Amer(a) 16.16416809180007) Disney 2.42 766.43 8277. 2017 Market Laboratory DJ AVERAGES THE DOW JONES AVERAGES TRADING DIARY Dow Jones 30 Industrial (divisor: 0.44 1.10 118.589.S.56 2000 1513.83 24.156 5.048 88.5 43.75161599556883) United Technologies 3.70 24403.35 +198.02 144.97 6847.64 9425 Stock Offerings $(z.98 6020.77 10186.44 23.59 Change +4.42 2:00-2:30 25.73 volume.92 139.43 9615.14 US Large Value 5109.14 1. Nasdaq(d) 10.89 767.76 4038.42 2627.436 23775 Advances 1.823.37 TRANSPORTATION m e 10475 3000 1542.32 12627.72 556. 31.43 Low 7892.19 Low (t) 757.66 762.12 760.88 761.418 NiSource 0. 5379.24 8848.23 44.13 22.29 1207.37 9075 US Large Growth 7070.86 100 Index 6405.21 Computer 4156.06 +93.42 1467.380.05 24.72 30 Inds (b) 273.02 1343.89 McDonald's 3.80 2.76 14.717.7 64.756 46.99 Exelon 0.07 U.408 302.97 (v)-Value 1000 and Growth 1000.57 1455.59 8024.76 –2.72 8132.956 -14.56 Nasdaq Cmp 6878. Year YOY CSX 5.76 Chevron 3.0 US Mid Growth 10636. (z)-Dec.39 4067.23 9754.17 5436.18 Islamic Emerging 2580.416.83 9768.79 Boeing 5.19 CH Robinson Worldwide 6.546 1.27 –0.S.95 Home Depot 8.27 Open (t) 7926.47 (A)-Arithmetic Index.674.20 DJ Islamic Market 3579.59 24013.883 36.97 +331.51 10011.43 20.08 Russell 1000 1442.38 770.25 3492.708 969.13 –.81 –2.93 5423.959.301 300.19 NYSE American (a) 70.46 0.83 Change +3.56 2.91 21650 Indus.1 60.45 149.00 116.132 13.52 763.73 Energy-z 10742.92 9. (d) as of 4:10 pm.912 2.09 10061.996.67 8089.978 2.05 150.13 Open (a) 23552.35 1:00-1:30 22.27 23688.89 Expeditors Intl of Wash 4.65 2063. NYSE 15 Most Active Kirby Corp 3.44 20.86 6039.79 1166.27 26.97 9757.37 6365.03 1.63 Open (a) 759.57 Cisco Systems 1.339 27.45 20.71 5397.96 12:00-12:30 24.22 Last Prev.469 1.621 Southern -0.75 no Dominion Energy 1.12 7.35 24231.02 764.32 8873.61 JB Hunt Transport 4.47 Europe 139.04 139.63 1.599 708 Actual (a): High 24327.53 43.83 American Airlines Group 0.68 13.746 338.375 14.51 –2.970 9.52 6912.25 9.065.56 771.04 Numbers in thousands save price and percentages.3 47.56 7.10 Actual (a): High 10347.38 768.74 8.65 9.11 8229.-z 12390.42 1464.339 64.85 0.66 0.12 Low 7922.46 Insur.927 1.50 1:30-2:00 21.176 33.98 –0.55 24417.298 79.92 Open (t) 760.09 2063.56 –9.37 10082.82 27375.25 1167.452.46 9749.246 US Mid Value 8740.656 30.672 66.S.287 48.27 20800 Low (a) 7922.571 30.71 23905.55 –21.20 –32.02 8.09 S&P DOW JONES INDEXES Norfolk Southern 7.27 2607.05 NYSE Comp.3 517.91 27433.63 Open (a) 7927.70 316.06 UnitedHealth Group 14.47 26.91 8120.69 55.13 Week ended last Friday compared to previous Friday Low (a) 23545.13 326.18 –95.39 4153.79 24.25 6.50 24200 Market Advance/Decline Totals High (a) 23638.05 24318.77 Daily 11/27 11/28 11/29 11/30 12/01 Edison Intl 0.27 21225 Telecom 331.76 NYSE(a) 764.14523396877348) See barrons.51 10264.354 Sustainability 1494.744 US Large Cap 6201.34 2614.70 1569.92 1200.80 12614.0 42.159.143.19 176.80 14.95 10.156 35.36 5.93 Low 9565.617 36.47 319.577.26 1888.746 43.57 1.82 2430.37 10344.818.693.428 35.36 15.22 8141. (G)-Geometric Index.840 30.70 –4.12 8238.52 6.05 9250 Close Chg Week 1 Year 3 Year Daily 11/27 11/28 11/29 11/30 12/1 Southwest Airlines 4.55 Travelers Cos 6.754.74 10379.93 +103.97 7948. 4718.63 –1. (r) Revised.564 32.17 US Mid Cap 10744.35 8.56 Verizon Communications 4.9 398.637 -8.0 510.86 10082.072 2.17 Matson Inc.58 2642.611 42.396 Note: Theoretical highs and lows are shown.34 15.88 9622.92 US TMI 660.42 14.98 335.210 6.99 7.24 Low (t) 7892.09 152.36 +.40 American Express 4.67 25.57 –8.04 High (t) 9672.97 Alaska Air Group 1.61 American Elec Power 0.67 8108.76 Latin Am 242.88 334.32 333. Dow Jones 15 Utilities (divisor: 1.59 % (QCHAQ) –.48 DJ U.48 3M 9.676 31.45 1.60 8236.4 449.189 38.58 NYSE(a) 4.02 –5. .35 8.32 178.63 773.92 Theoretical (t): High 10362.23 180.615.45 9766.61 Low 9534.08 9762.62 2:30-3:00 28. Coca-Cola 0.31 Low (t) 9534.53 21.71 774.85 2049.02 US Small Growth 9359.509 6.76 21.21 –4.11 1158.80 23921.70 8110. (a) Primary American Water Works 2.87 500 2601.00 1.07 AmMajorMkt 2377.76 24327.18 8279.77 US Small Value 10291.367.56 –0.69 5424.51 10103.2 81.25 38.258 33.079.92 23849. (v) CenterPoint Energy 0.09 22925 Change –24.47 18.65 Landstar System 4.687 132 1.47 8239.00 23638.v) 5.52 e High (t) 764.41 –.53 8036.00 28.919 36.02 Theoretical (t): High 8279.63 10415.950.51 762.38 Banks 3880.435.55 General Electric -0.57 1158.34 18.92 Low (t) 23477.31 8196.11 24120.38 % (QACH) +.971 920.90 17.30 1544.607 39.33 23888.10 942.85 co Fo 65 Dow Stks (b) 2.70 +.44 Islamic Technology 5893.88 Actual (a): High 8256.61 FedEx 13.2002=5000.926 37.22 10.98 12:30-1:00 23.54 18.15 3475.61 10333.6 47.63 770.292 114.590 Islamic Titans 100 4005.53 16.143 126.26 Dow Jones 65 Composite (divisor: 0.24 er rs Close 7934.00 DJ US TSM Float 26963.191.27 10003.88 Low 758.020 2.05 Global Titans 50 296.76 317.38 142.36 9775 DJ US Small TSM 10201.17 High (t) 23688.600 r709.726 FirstEnergy -0.15 New Highs 547 19 551 505 Open (a) 9611.25 –21.90 High (a) 763.03 10076.80 24305.44 9591.24 1329.44 20.33 –3.58 0.46 8032.24 1207.13 7949.36 5.28 8900.20 +.10 –24.89 25.71 23940.32 +.86 4058.336 Jun Jul Aug Sep Oct Nov Dec Internet Comp 486.7 308.90 Change +22.51 –35.750.19 235.61 23959.61 Unchanged 59 16 81 8 ly Open (t) 9603.68 24272.29 715 Islamic U.14 Daily 11/27 11/28 11/29 11/30 12/01 IBM 2.22 10:30-11:00 33.774 5.380 73.01 7985.18 937.49 Friday % Chg Daily Stock Volume Ryder System 5.31 2.07 –0.44 Growth-v 1333.50 14331.83 High (a) 7942.93 32.35 Average Price 32.65 38.36 Select Microcap 2642.92 15.84 Value Line(G) 547.44 Intel -0.37 Johnson & Johnson 1.86 2592.50 8900 65 Stks (b) 346.18 237.63 Microcap 13374.429 8.86 88.68 20 Trans (b) 35.200 1.61 8031.02 .50 DJ U.39 10:00-10:30 43.156 35.26 6.93 10292.67 1.49 +2.S.44 –2.87 Theoretical (t): High 774.59 ci on Low (a) 758.12 24034.27 15.797 343.383 201 1.21 –2.00 10362.385 12.484.77 944.75 Financial-z 7908.88 15 Utils (b) 37.04 Low (a) 9565.392.41 NYSE Amer Comp 2585.78 DJ U.21 15.70 4033.58 2436.95 10834.32 STOCK VOLUME 10300 MidCap 2024.69 761.282 970.945 56.60 % Tot Vol 15.51 8169.55 10263.62 Microsoft 1.68 Low 757.56 34.79 767.09 +.596 NextEra Energy 1.854 39.36 4067.14 15 Dow Utils (b) 230.26 2402.77 140.08 DowDuPont -0.52 764.36 1.27 3:00-3:30 34.59 9756.47 8020.56 6337. 8778.06 767.78 772.33 9. 775 Consolidated Edison 1.52 +1.24 3:30-4:00 346.520 720 Dow Jones 20 Transport (divisor: 0.509.15 33.05 8024.46 3999.67 178.003 E*commerce 954.15 27236.68 8132.125 42.602 Public Service Enterprise 1.68 767.23 Pfizer 0.40 14303.662 37.238.16 JetBlue Airways 1.764 14.21 % Tot Vol 15.46 1.54 2411.83 7.079 14.942 831.com/mktlab for complete table Week's Daily Nov 27 28 29 30 Dec 1 COMPONENTS Change INDUSTRIALS Daily Nov 27 28 29 30 Dec 1 24625 Open (t) 23552.00 20.500 3.41 VISA Cl A -1.42 –215.14 333.269 685 Comp REIT -a 1500.68 22075 Emerg M 326.55 al a Merck 1.19 23883.90 1467.96 –11.39 –88.18 9600 31.29 19.04 10.22 10.528.99 244.78 23836.18 1894.43 11:30-12:00 31.69 3506.67 US Select Dividend -a 1957.03 –0.K.63 ExxonMobil 2. Internet Svcs 216.60 8098.1965=50.53 15.29 16.36 6824.54 766.54 7.00 +112.028.369 44.39 –3.43 10133.970 53.09 Declines 1.27 n- Avg.17 771.09 2058.46 4118.48 10347.090 41.24 2.66 NYSE HALF-HOURLY VOLUME Duke Energy -0.643 269.41 9562.4 United Continental Hldgs 3.0 United Parcel Service B 7.539 PG&E 0. 3466.00 Weekly Comp.509 32.22 1569.10 8256.05 557.02 10.M34 BARRON’S December 4.301.089.70 28.00 OTHER MARKET INDEXES on High (a) 9640.29 1557.269.099 1.32 11088.28 16.34 9:30-10:00 94.88 8041.39 20 Dow Trans (b) 313.8 399.39 27232.83 –0.601 63.83 31.38 10274.90 1899.525 122.94 6.67 –40.246.26341348266030) BNY ADR Idx 151. Select RESI -a 1026.24 10125 Ind.97 6422.05 14251.66 559.46 763.90 385.298 41.11 8117.39 767.598.11 Total Issues 3.07 6012.46 21.22 S&P 100 Index 1147.23 12561.99 92.08 7.75 11:00-11:30 35.662 53.36 +.64 m rp Avis Budget Group 5.61 –0.37 7917.388 3.97 22500 us l.026 58.88 Nike Cl B 0.75 23904.06 Caterpillar 4.70 W/E Thursday.68 763.95 MidCap 1856.59 9950 Value Line(A) 5912.28 3496.50 Apple -3.66 10388.31 –.21 8.51 Value-v 1174.08 NYSE 15 Most Active AES -0.30 Nasd(d) 1.22 1565.14 1537.31 1536.9 593. 1.290 27.56 –4. Price 18.04 8868.89 SmallCap 922.03 16.77 +90.56 6311.16 Asia 180.51 DJ India (INR) 217.295 a-total return.10 2595.47 Close 762.80 +322.44 34.129 349 3. 3 Year % Chg is annualized.198 92.6 392.964 27.024 55.04 –2.58 5990.59 –.63 –3.94 937.03 +.51 Procter & Gamble 1.78 12520.800 2. (y)-Dec. Select REIT -a 9762.36 Close 23580.66 0.82 Low 23545.15 764.19 139.21 10994.11 23872. (b) Composite volume.43 1542.47 +3.97 +158.422.40 8100. NYSE NYSE Amer Nasdaq NYSE Arca Theoretical (t): High 24417.79 +255.800 39.3 84.31 30 Dow Inds (b) 1. Total Stock Market 27375.55 770.773.293 123.644 48.84 Week Week Ago % Chg Delta Air 1.82 24322.28 Equity REIT -a 1794.639.39 6873.87 Health Care-z 14089.26 24013.01 Goldman Sachs 13.80 8081.12 205.66 10846.84 –3.47 773.21 745 Asian Titans 50 176.434 892.55 240.60 Actual (a): High 773.91 23350 New Lows 151 28 137 91 Close 9595.65 10090.655 112.79 33. (z) Source: Thomson Reuters.6 Union Pacific 6.79 10.76 150.04 11.29 1207.02 1337.319 39.77 % (QCHA) –.11 1880.41 JPMorgan Chase 6.62 554.50 Low 23477. Kansas City Southern 3.64 4.84 1343.41 14192. 98 768.026.37 10379.37 6337.43 5.63 8.091 916.26 18.34 –2.18 7027 18.30 24.) See barrons. Value Earns Divs.03 3.12 Transportation Stocks DJ Utility Avg 767.24 Exelon 2.31 7934.38 1130.000 2436.000 Last 2 Weeks 3 Weeks 11769.88 5.39 3448. 2017 BARRON’S M35 Market Laboratory INDEXES' P/ES & YIELDS PER SHARE VALUES OF STOCKS IN THE DOW BARRON'S 50-STOCK AVERAGE JONES AVERAGES DJ latest 52-week earnings and dividends adjusted by Dow Divisors at Friday's close.74 20 Transp 10274.70 17.72 34.000 $28.036 10.373.26 Earns Yield % 4.53 American Airlines 3.89 13.25 3496.647 1.79 21.20 Best grade bond yields.38 Pfizer 1.62 4.72 22.78 US Market 661.95 179.213 Snap SNAP 389.74 5818.84 3467.24 Nil 27.94 3.11 0.05 497.36 1.000.00 206.60 234.52 Bats Y 1.777 136.38 0.28 3466.18 517.76 46.82 11.00 Cerner CERN 530.79 431.576 408.00 14. % 4.02 104.46 1.17 3.00 22.29 1565.93 5424.55 Coca Cola 1. 4. even though their owner Utility Stocks Boston 678.795 Calatlantic Group CAA 178.885.39 4033.200.16 4.000 $87.42 30 Indus 24272.41 s 559. For additional This is a list of the Dow Jones trailing 52-week diluted Useful in security valuation.19 1.98 Earns $ 507.13 12.32 0.91 Mkt to Book 3.82 2377.60 Verizon 3.67 199.32 8778.78 10.91 Earns $ 104.73 al a e Delta Air Lines 5.18 937. r-Revised data Nov 30 Nov 22 Nov.19 Earns Yield % 3.875 40.31 20.50 4.75 1.25 20.000 11/13/17 Burkland.241.98 16.89 1137.74 7.02 86.04 25.73 1474.18 Home Depot 7.11 1166.35 38.95 Microsoft 2.68 3.57 –0.48 0.36 5255.79 5.02 2.19 139.760.07 -10 708.83 215.58 1049.31 3M Co 8.405 11/6/17 Noviello.40 34.29 Gen Elec 0.53 38.22 1303.28 6.55 1775.285 NYSE Arca 1.64 63. 4-quarter's GAAP earnings as This index is an weighted average of 50 leading issues.93 3.43 298.77 26.63 1.61 2.97 0.156 5.93 DJ Trans Avg 10186.40 4468.73 12.26 1569.02 1033.99 2.94 Nil 11.76 0.417 1.79 1147.009 15.H.97 Chevron Corp 3.36 1415.98 3.32 26.442.39 1. When Gray Television 15.96 –11.44 796.20 23.05 20.09 12.58 2601.43 thousands) Week Week Ago Hunt (JB) 3.33 1354.89) 10415.26 Earns Yield % 4.S&P 500 P/E ratios based on GAAP earnings as reported.80 38.58 C.73 Book Value $ 768.26 BULLISH 69.224.07 134.60 2.78 83.682 11/14/17 Nicholson.88 17.63 9620.56 45.84 10.37 1.69 11.38 15 Utilities 770.69 0.018.91 11. 12/30 % Chg.69 4374.00 3.418 21.668 4.000 11.11 9.60 1.349 11/21/17 Easterbrook.23 1.98 333.015 16.739 7. JetBlue Air 1.37 Divs $ 49. 0% Bonds.60 $69.22 476.64 Current Market Exposure: 100% Equities.13 1.54 767.60 31.07 8.76 20.680 13.30 1.53 450.21 1.27 20.36 4038.300.95 1.82 0.77 16.37 1.93 30.34 EURO in $ 4162.43 2.000 greater than 50% of the stocks followed are above this MAC point.24 23.22 2561.20 2.80 12390.38 2.00 Wal-mart 3.42 1442.90 Matson Inc 1.34 intermediate-term moving average crossover (MAC) point.99 22.93 52. 31.17 26.66 100.10 809.81 Year-end earn 371.55 1899.98 740.44 14. Chg.36 6824.657 944.37 1453.55 125.0 bil 3-month 1.30 25.14 1314.485 10274.42 Divs Yield % 3.94 105.56 27.710.56 192.41 14303.27 3.December 4.32 4.64 Nike Inc 2.13 16.16 17.99 16.48 486. Stephen OD Issued* Auction NYSE 4.55 1343.080.72 –414.77 333.86 515.56 4739.62 Southn Co.092 146.61 Actual year-end divs 190.76 17.88 14.3%.93 –3.577 28.82 1959.43 20.19 3.73 Russell Indexes 10 1467.79 1199.79 1.000 $4.44 DJ US Small TSM10415.91 Book Value $ 777.76 3.80 1. Larry UT Day When Last Mcdonald's MCD 171.26 1112. dividends and book values as reported 2015.035 23.22 2602.90 385.38 FirstEnergy (11.35 20.62 29.89 from 92.94 0.752 383.18 222.39 131.56 1294.000 Current Sentiment Week Ago Ago NYSE American Stock Exchange Myomo 4.76 12.76 last 6422.97 10.13 0.04 64.90 192.30 –2.000 11/14/17 Plueger. 2017 2017 2016 % Chg Last Prev.56 3. Michael AF Duke Energy 3.361 5.19 777. Nicholas UT Coca-Cola KO 338.95 4.38 12.83 30.140.93 371.84 24.65 Financial-z 8110. When the indicator is 12627.06 40.35 1.52 Book Value $ 2561.61 0.36 2.47 8110.84 29. % 3. the New York Stock Exchange Independent Bank 2.97 WEEKLY VOLUME BY MARKETS Earns $ 22.200 12-Month Weekly Friday Weekly 12-Month Change From 6-month 1.514 49.50 $217. Source: Thomson Reuters AES Corp.03 22.92 2.02 1329.34 15.42 2191.69 5379. DJ latest available book values for FY 2015 and 2014.156 551.67 14.98 5.000 $31.50 $50.102 11/8/17 Douglas.69) Annualized projected P/E 20. S&P Dec.86 Energy-z 11088.64 29.48 24.579.71 2896.70 1.000 27433.33 175.677 1.07 DXY (92.10 922.467 1.66 20.39 Five-year average P/E 23.38 Divs $ 63.81 US TSM Float 27433.63 0.31 us l.19 19.000 $3.46 4058.7% US Foods Holding 29.45 2.86 U.69 1.70 26.35 Nil 2.643 NYSE American 15.25 30.98 –194.com for complete table and for more detail on Titles.93 0 2063.51 548.00 1.80 0.03 JPMorgChase 6. (Sometimes shares aren't sold.0 bil Phila.60 1591.67 UnitedHealth Grp 9.575.67 12.860.44 3.47 27.51 650.83 10742.86 1.58 2191.73 16.98 5154. Year Expeditors Int'l 2.0775 14.75 Ardmore Shipping 5.76 2.99 1219.209.000. Shares Indi.26 Pub Sv Ent 1.19 754.000 499.11 Mkt to Book 3.31 10.41 –1.28 100 Index 1167.48 21. 0.284.2002=5000 Source: Tullett Prebon .22 1542.15 2.91 205.27 2.25 134.000 12.290.53 Bond yields/stock ylds.188 11/23/17 Martindale.30 NextEra Energy 9.58 Comp-z 12627.82 26963.03 415.234 Rite Aid RAD 3.63 www.35 2.18 Indus 3506.740.56 583. Bolded numbers indicate new values.86 1.29 DowDuPont 2.14 1513.95 500 Index 2647.86 20. (212) 577-4400.80 0.60 Con Ed 3.38 14.50 $398.01 Five9 FIVN 600.90 19.16 8.580.47 Bats 1.69 1.54 1000 1467.60 Earns Divs.08 Divs $ 521.49 P/E Ratio 27.037.156.94 0.15 27375.22 Divs Yield % 1.23 54.57 1142.74 10201.763 2.37 100 Index 6422.57 1464.59 21.325 44.05 3.65 17.09 below 50%.47 631. 31.70 UPS 4.84 Avis Budget Grp 1.27 8.380.58 Banks 4118.35 303.02 3506.996.12 Limelight Networks 15.59 9.020. (415) 249-6337 Source: Dealogic LLC.90 2.28 9.74 8963. 89.09 1759.03 144 FILINGS FedEx 10.21 –2.55 16.43 4.20 2.10 1.17 129.20 2.63 566.21 3.17 20 no 4118.57 Landstar Sys 3.880.58 2597.76 24.06 1. Robinson 3.96 65 Comp 8229.86 5061.32 McDonalds 6.08 3.86 Mkt to Book 2.670.81 IBM 11.com. 0% Cash Standard & Poor's Indexes Source: Delta Investment Management Venator Materials plc 21.160.35 11.27 –124.04 35.55 4.500.22 39.35 0.70 2.180.44 3.66 21.07 13.58 3000 1569.184 m e Green Dot GDOT 223.30 470.69 174.40 342.65 3. V-Value 1000 and Growth 1000 y-Dec.97 46.50 Manager uses discretion on asset allocation when MSI is 50% +/.42 Growth-v 1343.61 Medpace Holdings 4.spglobal.685.35 19170.25 $766. Source: Barron's Stats earnings series.74 2.16 Barron's 400 708.23 1.61 128.39 18.50 –9.02 17.000.88 22.17 on Divs Yield % 1.57 Book Book P/E Ratio 21. % 0.30 99.75 15.2% 63.06 1. P/E Ratio 34.09 Alaska Air Group 6.951 2.61 661.46 24.55 2.08 127.401 Air Lease AL 300. 2647.000 8110.40 7.81 Ryder Sys 3.83 Earns $ 1130.76 3.46 3.02 s 335.1 6.29 11.18 1.44 42.00 $136.93 332.89 1.451 11/16/17 Streit.96 15.45 43.18 1856.1 –1.19 Actual yr-end divs yld.16 .000 11/16/17 Illig.39 93.000 Dow Jones Indexes DELTA MARKET SENTIMENT INDICATOR Atmos Energy 4.39 222.23 2.10 2614. Year Week Week Ago Week Week Ago Sources Barron's Stats and FactSet.16 28.52 11.7383 21.75 15.46 DJ Ind Avg 24231.11 CBOE 0 0 0 Shares Sale American Water Works 2.96 486.31 6742.523 566.90 29.822 11/16/17 Khan.04 week.23 10186.07 3.31 27.45 111. James EVP Coming U.50 $126.57 Industrial Stocks Barron's 50 Index 8359.47 2678.09 1.35 SmallCap 944.26 Value Line-a 6039.85 2058.42 1216.39 Edge A 262.63 4.88 331.10 $45.54 184.77 400.95 11607.86 MidCap 2063.14 3.000 34.99 IN NYSE-LISTED STOCKS CSX Corp 1.484.000 $22.38 930.46 Intel 2.16 759.22 2376.94 1.000 $64.74 5799. DOLLAR INDEX vs EURO and YEN Nasdaq Stock Market 6912.66 2.08 2162.16 4099.68 1.80 36.46 60.91 2.22 Five-year average earn 360.65 Earns $ 127.30 18.17 17.06 Divs Yield % 2.80 20.262 $36.94 21.232 565.93 1. co Fo 774.19 83.30 22.07 18.80 Utd Tech 6.40 $10.54 7908.90 269.38 364.10 9.45 248.66 4.84 1337.500.000 2666.05 Telecom 335.10 S&P Ind Index 3496.34 Travelers Cos 8.47 3.11 Nil 44.09 2024.96 8.40 P/E Ratio 25.89 2249.83 (2.771 er rs Dominion Energy 3.58 1207.20 9048.82 1.57 19.57 866.43 Internet 499.641.58 Mkt to Book 4. S&P 500 Index 2647. a-Arithmetic Index.31 Secondary Distributions of common stocks 8229.31 Earns Yield % 3.68 Johnson&John 5.62 1.62 557. % 2.000 market is bullish and equities are attractive.302 1.960.21 306.92 Cisco Sys 1.423 7.96 ExxonMobil 3.33 Goldman Sachs 19.50 $489.000 $102.21 9. 0.98 274.695 has filed a Form144.80 758.40 14089.96 Divs $ 24.80 10838.348.57 2818.93 0.30 20.09 1.000 $8.027.82 Book Value $ 344.43 262.06 1148.94 17. though the former national security advisor’s guilty plea muted gains.05 Year-end earns yield.80 4.94 2.33 9.26 Apple 9.91 20.65 Comp 6912.82 The Delta MSI measures the position of ~2.19 100.77 8783.45 4.95 11088.79 345.23 J F M A M J J A S O N High/Low's are based upon the daily closing index.35 23580.54 403.10 21.7 –5.91 120.22 Year-end P/E 22.71 3.0 bil 24272.05 Value Line-g 559.05 1.13 P/E Ratio 20.20 1.05 547.82 IEX 525.09 50.17 36. Imran UT ISE 0 0 0 Symantec SYMC 375.071 545.77 KC Southern 5.70) 1.94 4.39 3. 14363.88 PG&E Corp.01 Value-v 1207. Auctions NASDAQ Mkt Cntr 1.03 NiSource Inc.41 283.40 360.81 99.969.10 2585.84 20.S.34 107. Caterpillar 1.79 16. Yr-to-Yr by the company.18 Insur 8900.000. Clifford CEO Edison Int'l 4.07 6.S.31 22.05 8196.56 6311.64 DISTRIBUTIONS & OFFERINGS * As of Friday afternoon.61 1-year 1.97 Health Care-z 14331.39 762.420 44.000 stocks relative to an Catalyst Pharmaceutical 14.59 552.40 25.000 $2.39 1557.96 Am Elec 3.29 1464.30 $847.82 Computer 4156.59 23557. Sales Date: the approximate date of the sale.776.40 Merck Co 1.37 NYSE Amer Comp 2614.08 3.69 Disney Walt 5.48 60.69 2.83 2.58 13.41 Am Exp 5.13 ly Book Value $ 5818. Year Last Prev.49 58.48 5. Steven AF National 0 0 1.11 1598.92 United Continental 7.58 Norf So 6.92 1207.39 6847.02 Annualized projected earn 400.17) 0.1965=50 z-Dec.04 2395.560.39 35.01 189.59 –41.98 5912.25 2000 1544.deltaim. Value Projected quarterly earn 100.03 25.46 Kirby Corp 2.37 54.97 5.435 High Low High Low Close Chg.00 979.24 8868.12 234.02 25.26 185.79 344.39 3880.83 1079.3% 61.80 8.74 Earns Yield % 2.000.000 1167.78 16. reported and indicated dividends based on Friday close.70 12.80 59. please refer to www.342 9.21 660. Kenneth FO Edge X 1.11 1894.31 5436. 9074.53 –1. risk is elevated and stock exposures should be reduced.46 38.11 20.94 49.83 2.810 T Dow Jones Indexes $20.20 Flynn Halts Rise: The Federal Reserve’s Dollar Index rose to 92.29 Visa 2.26 2430.92 12.5 13.35 2.160.02 1.79 MidCap 1899.982 3.83 Divs $ 132.62 9782.49 S&P 500 Index 2642.94 Mkt to Book 4.58 6020.67 1.420.75 267.67 1.78 24231.26 Southwest Air 3.59 673.3225 5.73 0. Total 19.50 33. IQVIA Holdings 7.23 1.672 592.74 547.09 n- 944.25 122.58 35.42 2642.893 309.36 705.39 27.589.250 Company Sym Indicated $ Value Date Seller Title CenterPt Energy 1. and S&P latest for 2016 and share earnings.78 12614. G-Geometric Index.95 Boeing 10.768.09 20.48 4. New York City.59 507.07 632.77 9595.84 600.579 ci on SEC Form 144 must be filed by holders of restricted securities (also called letter stock) who intend to sell shares.82 22782.87 –71.83 1174.45 13.40 s Others YEN in $ 6039.03 1.10 22.89 20.96 Divs Yield % 1.com.99 19170.66 127.03 1.32 76.95 16.000 15. % Chg. % Chg.000 $14.86 1.466 1.39 (Shares in Last Prev.48 352.000.44 20.53 Major Mkt 2436.84 Indus 5436.79 966.18 1624.992 0 m rp M THE WEEK IN STOCKS FOR THE MAJOR INDEXES $42.89 8055.01 Chicago 48. John AF Yields (%) Finra/NASDAQ TRF 6.56 694.94 103.43 4593.09 24.95 1544.92 Un Pacific 5.72 5.95 2.14 8.585 cated: the number to be sold.31 1537. (1.28 2896.88 279.20 22.04 Proc Gam 5.21 8062.54 6755.136 489. ...22 Negative accounting definitions.....25 [5] +17...........18 [8] +48.... Dec 1 1.......65 Pennantpark Invest PNNT 3Q 0.22 [3] +45. (monthly %) .57 2.00 11/29 8... (bil..54 +7.....03 – 1.......24 Boeing 10.04 -0..27 13..46 +6... 3rd Qtr 11.98 4. Oct 1.......915 2.......151 1...5 r1.745 1...82 0.468 476.........0 5.46 – 49.224.93 [130] –3.........10 Halcon Resources HK 17-Dec 0.244. Fri.........................02 17. % (AISI).8 Negative IBM 13.......97 [9] +22....18 co Fo column shows the change from previous 65-day moving average..6 2....46 [6] +12..19 Industrial Suppliers DJUSDS 273.15 Caterpillar 6.....54 [4] +28.93 [1] +20.........69 14.....99 10....29 Tsakos Energy Navigation TNP 17-Dec 0......18 Home Depot 7.54 0....56 71......8 Pfizer 2...4 18.09 SELECTED INITIAL PUBLIC OFFERINGS m rp Descartes Systems Grp DSGX 18-Jan 0...........................01 er rs Origin Energy OGFGF 18-Jun 0.....83– 184.....273.37 844..753 3...61 Other Indicators Inventories Consumer confidence (Conference Board) .05 [71] +15........24 3...3 3..60 0....659 491.07 989.50 0.34 7...... Nov 118.99 4..55 9.75 6.2 Visa 3.02 Leisure Acquisition LACQU 10..808.458 1. Oct 432..00 0....89 Industrial Transportation DJUSIT 982.....72 Home Price Index S&P Case–Shiller – Comp.45 6...951....4 Thor Industries THO 1Q 1..42 [53] +6..83 10...94 [91] +44............76 Jack In The Box JACK 4Q 0........ (Excl..77 Construction Consumer spending..19 0..) ..20 Chevron 3....83 0...65 2........50 1....2 Synopsys SNPS 4Q 0...16 [8] +20.06 29.3 4...19 27.16 1359...09 11.43 COMTECH TELEComm (1Q) –0.......517....) Mortgage Finance DJUSMF 8.2 r428..25 13...19 2.....5 AEROVIRONMENT (2Q) –0.58 Autos...50 0...71 [134] –.. Nov 25 69....32 –1..82 –5.36 Semiconductor DJUSSC 3224.. import units...17 Alimentation Couche-Tard ANCUF 2Q 0..42 206........ domestic units sold ....08 JOHN WILEY & SONS (2Q) 0...... Steel........63 0...72 –0......4 8.....24 26.....37 Rotary rigs running...85 3...95 0..............7 Company Ticker Period Est...75 1.2 109.61 18.....206..93 [48] +21...... as compiled FRED'S (3Q) –0... 1991=100.. (mil... Source: Thomson Reuters...00 Company Ticker End Cons..1 McDonalds 6... (bil....12 JOC–ECRI Industrial Price Index f .2 Kroger KR 3Q 0..60 [15] +13.54 CIENA (4Q) 0........89 5..44 [128] –......00 11/30 6..5 3...40 – .25 210...51 7.... % ....057 –6.0 12..12 2.......06+ 108...11 Personal Savings Rate....93 -0.8 9..73 Residential spending..409.....63 9.33 +5... SA (bil.47 Apparel Retailers DJUSRA 787....31 + 25..........32 GREIF (4Q) 0.86 17.54 Ambarella AMBA 3Q 0.... see barrons.03 +1...00 7...7 DJ Industrials 1233......38 193.0 11........15 0....02 6.7 Five Below FIVE 3Q 0...9 r521..3 2.. 3rd Qtr 2... $) ..43 0.4 4..99 89..693 135.30 Orders Personal income...16 + 9..9 67......1 11.233 372..6 2...35 [131] +44....47 Positive Th ci on Railroads DJUSRR 1765.......4 6.24 606...49 UNITED NATURAL FOODS (1Q) 0.26 Nuance Comm NUAN 4Q 0.. related capacity...6 Positive T Apple 9..27 us l.. as compiled Boxlight BOXL 7.....19 0...04 [137] +49..33 –0...28 19.....86 Net Change % Change and Ranking 52 Week Halozyme Therapeutics HALO 17-Dec 0...22 -0.78 [3] +17..Louis Fed .....59 + 10...1 Morgan (J..95 [139] +43.........68 358.. American Express 5..com 1Latest consensus estimate among industry analysts......98 5.........60 44......73 Pennantpark Floating Rate PFLT 3Q 0.......43 Fixed Line Telecom DJUSFC 171...2 Nomad Foods G-III APPAREL (3Q) 1.73 0..... Oct 3.1 2......6 r280.9 W Wesco Aircraft Hldgs WAIR 3Q 0.....01 [2] +12...85 5.....com Latest Latest Preceding Year YroYr Latest Latest Preceding Year YroYr Economic Growth and Investment Date Data Period Ago % Chg Date Data Period Ago % Chg Gross domestic product .24 Coca–Cola 1...300......48 11.... 3rd Qtr 586.70 Golar Lng GLNG 17-Dec -1....503 72....39 9.36 6. f-1996 equals 100...17 0..88 -1. (bil......21 ….0 4...67 1Earnings estimates are for calendar years.. tons) .64 13.66 153.4 594.....3 7..3 4........78 Light trucks...............15 [9] +35.....76 2....S....30 3...787... (thous........145....76 Scorpio Tankers STNG 17-Dec -0.898..07 13..224...37 385......17 10.46 121..85 7..71 Helmerich And Payne HP 18-Sep -0......89 Instinet Research Redbook Avg.......77 +6.22 -0........54 Signet Jewelers SIG 18-Jan 6.79 +1.........31 [35] +6.35 Light trucks..... units)...42 + 14....24 4....915......29 16.....76 [18] +1.....8 Nike 2...61 6..... & Can...4 r13......0 74...2 3...... Oct 523..193..07 1......87 -2.01 -0.....72 128......88 [5] +40.2 Johnson & Johnson 7.....08 60.69 Toll Brothers (4Q) 1..44 COSTCO WHOLESALE (1Q) 1..23 –1.75 [6] +35.475 226.. $) ..53 6..0 Microsoft 3......1 579.....23 -0...93 3....38 0....40 22.34 Public spending.05 Citi Research Panic–Euphoria Reading .138 797 44.......96 –18..........7 286....64 121........78 –2....051 –12......1 –1...55 14....957 r1.47 15...31 298..0 1... ... bbls) ..0 20.00 24..61 Thor Industries THO 18-Jul 8.0 4...48 [102] +52..21 8.60 31.......32 a-1997 equals 100.91 6....80 + 65...59 14.27 [7] +19...05 Computer Hardware DJUSCR 2361... (bil..00 18.91 –..22 22. c-1982 equals 100.......84 17.8 489.50 [16] +18.03 …....76 3...80 11.697 10..42 21.....89 0..47 METHODE ELECTRONICS (2Q) 0.38 203.31 8..89 1.9 Verizon 3..00 22.. Oct 13...33 Ticker Offer IPO Recent % Aluminum DJUSAL 133......2 13............96 -0.0 United Technologies 6.....57 -0.82 [3] –2. (bil.1 UnitedHealth 9.86 6...2 9.98 310...198 35..0 2..... DowDuPont 3...47 1......57 0......8 2..37 –3..57 215......17 0.......12 13.........16 no Consumption and Distribution Continuing claims (mil.. (Hughes) ....P) 6...6 3.192.1 2........ Nov 25 73.....27 +6.....51 3............37 4...40 All fixed investment.34 1. Nov 24 92..88 Specialty Finance DJUSSP 203................. Nov 413..71 Pdc Energy PDCE 17-Dec -2...18 CANTEL MEDICAL (1Q) 0..50 Top 10 Weekly Ranked IG-Sym Close Wkly YTD Week Rank Yr Ago Rank YTD Rank 3 Yr High Low Last Week's Major Estimate Changes Prev. 3rd Qtr 2.19 Workday WDAY 18-Jan 0..48 24.28 [6] –4..102 210.581 396............. Net Change % Change and Ranking 52 Week BROWN-FORMAN (2Q) 0.....82 Trade Non–residential investment.....853....80 Goldman Sachs 19. listings.... $) .9 2...21 Tarena Int'l TEDU 17-Dec 4.........25 2.39 2....19 1..50 NOMD 3Q 0....54 –2....32 400... 52-week highs and lows are based on daily closes.7 17.89 66...3 4.1 Median 20..49 3........1 2..39 Distillers & Vintners DJUSVN 448.....................72 Construction spending...70 Personal consumption ........... Sept 217.11 309..63 4...93 11..82 43...09 9.31 401.55 [79] +41.13 0. $) .7 53.......19 449.2 58...54 1.063 114.04 22.7 Travelers 7..35 [8] +22...00 1. $)...78 +1.084 –6..207 1..5 16.145 –7.. Nov 492.93 13.618...14 2.83 1..44 ly Exxon Mobil 3...08 on Intel 3....89 TORO CO (4Q) 0.6 Workday WDAY 3Q 0.......68 Guidewire Software Initial Most GWRE 18-Jul 0....0 Mts Sys MTSC 4Q 0...21 171.....73 [10] +19....2 6.....1 7. r-Revised..8 2..............S.......... St.29 4.36 0.. ANALOGIC (1Q) 0...69 . (thous. Net Per 3M 9... Nov 18 1.. Oct 685 r645 577 18.........39 0..2 r3....1 7.7 Merck 3.........86 + 67....181.... kw hrs) (EEI) .3 2.4 438.. import units sold..52 14..40 [89] +9..75 CASEYS GENERAL STORES (2Q) 1.. bbls) Comm..38 [84] +64... 3rd Qtr 2..2 11........61 12........18 FRANCESCA'S HOLDINGS (3Q) 0..76 13......41 1..98 1..42 Gross domestic product deflator..29 –0.......86 13.) .14 New home sales. TOTAL MARKET INDUSTRY GROUPS 1Latest consensus estimate among industry analysts..24 3.. 3rd Qtr 2. Oct 291............51 3..8 Momo MOMO 3Q 0....6 r16..040 385....32 r0......626 1..21 [2] +49...13 0....... $)..........80 [1] +13. 2Based on latest earnings estimate..04 0.28 7...92 [10] +34.. See barrons........39 1233. $) ..... All fore- casts and historical numbers exclude extraordinary items by Home Construction DJUSHB 937..509..1 1.....85 1..69 Code Price Date Price Chg Technology Hardware & Equip DJUSTQ 1472...............7 6.S....27 Banks DJUSBK 463.44 OXFORD INDUSTRIES (3Q) 0..142 488...07 26...248 363...07 19.11 0.....32 12...46 3...M36 BARRON’S December 4.91 24..........13 703........43 22..14 Exports ..71 Wesco Aircraft Hldgs WAIR 18-Sep 0.....83 21.....523......98 23.8 3.61 [90] +5.............678 68...... Nov 25 238 r240 262 –9.97 248..04 Hotels DJUSLG 1945....9 11...04 [76] +13.64 7.....22 +6.14 864.......75 18.46 24......65 Residential investment....15 1......794...88 4........ 2017 Market Laboratory CONSENSUS OPERATING EARNINGS ESTIMATES FOR DOW INDUSTRIALS EARNINGS SCOREBOARD Coming Earnings 2017 EPS1 2018 EPS1 2017 EPS1 2018 EPS1 Last Week's Major Surprises 4 Wks 2017 4 Wks 2018 4 Wks 2017 4 Wks 2018 Day Consensus Year Company Ago Cur P/E2 Ago Cur P/E2 Company Ago Cur P/E2 Ago Cur P/E2 Actual Estimate Ago Cons........33 [104] +12....2 4.51 (Earnings are diluted and report dates are tentative..6 1......327...123 –5..53 26.......0% Groups are weighted by capitalization..00 12/1 10.85 16....11 Cisco Systems 2.09 Autos.....26 – 44....04 4...... (thous......0 1........ (bil...46 0.....5 2.86 Purchasing management index .73 United Therapeutics UTHR 17-Dec 11..96 + 18..35 20.. 3rd Qtr 2..37 Domestic crude oil. Gasoline..14 136.......00 12/1 9.. For complete table..3 89.......1 1. (bil..0 4..86 949...54 651...20 al a Food Retailers & Whlslrs DJUSFD 358...48 2..45 + 53. 31..30 Titan Machinery TITN 18-Jan -0.14 0..4 8........... Oct 16.18 –9...07 4....18 Delivery Svcs DJUSAF 1082.....8 3.....82 + 16..35 Regalwood Global Energy RWGEU 10...7 –43..15 Source: Thomson First Call m e Frontline FRO 17-Dec -0............702.54 -0..57 1.....4 2...41 [142] +45.3 Wal–Mart Stores 4.67 0.........80 [39] +29.703 1... Nov 25 –0.....58 +6... $) . Non–residential spending.946..72 Baozun BZUN 17-Dec 4. Descartes Systems Grp DSGX 3Q 0.. % vol chg Mallinckrodt Plc MNK 17-Dec 7............13 Production Inflation Electric power... Nov 58. rated capacity........53 0.......34 0.. Nov 25 1.........90 904...... Lease Stck) .29 21. by Thomson Reuters before actual earnings were reported.28 0.. e BROADCOM LTD (4Q) 4.12 –0.....82 Baltic Dry Index .41 15....232.32 [98] +5..4 ….....5 1....64 0...59 23.. Dec 1 1...01 [65] +17..0 7..415..12 Copart Incorporated CPRT 18-Jul 1. Last VERA BRADLEY (3Q) 0.....7% for complete table..43 Top 10 Yr Ago Ranked IG-Sym Close Wkly YTD Week Rank Yr Ago Rank YTD Rank 3 Yr High Low Autodesk ADSK 18-Jan -0.27 r216. Nov 369.14 + 1.16 [112] +45.......07 17....3 3..7 1356....66 Pure Storage PSTG 18-Jan -0...52 23..........23 205.39 [54] +15.82 [64] +9....57 COOPER Co (4Q) 2..55 5.75 943..............28 0.80 13..........921....27 [2] –5....32 17......08 H & R BLOCK (2Q) –0..8 1....42 37....5 r126.1 General Electric 1......18 KORN/FERRY Int'l (2Q) 0.80 FY Fri........45 [5] +10.74 386..18 159.48 19...14 20...... Volume figures do not reflect extended trading hours........... (bil...241...24 + 25.57 Steel....58 Reinsurance DJUSIU 248.44 Nutanix NTNX 18-Jul -0.84 2. Dec......77 7.33 7..69 [127] –9. by Thomson Reuters.....31 Employment Initial jobless claims (thous.95 -2.49 4.09 25.........63 25.53 +7..99 [64] +79.. Nov 24 214.71 + 2.....6 2...60 +. domestic units....13 –0....... Dec 1 0.....779..07 +6...24 22..33 1.47 + .....598 6.. 10 (SA) .73 0. 3rd Qtr 3.....92 30...........6 91...01 19. b-1982-84 equals 100..94 DOLLAR GENERAL (3Q) 0.31 806......557.....03 + 57..8 10.47 6....2% PULSE OF THE ECONOMY Only includes new reports..81 18.089........91 173.....89 0. In the U..8 2....49 2......85 101....56 +5.....19 0...94 0...14 8........29 [4] –2..574..61 17..07 Disney 5.40 1......28 Investment Svcs DJUSSB 1193.3 2.9 Elekta Ab EKTAF 3Q 0.47 5.38 24.26 463......48 [1] +74.. Nov 24 453...56 [4] +42..9 Oaktree Specialty Lending OCSL 3Q 0....036.....94 14..2 3.. U....10 4.....88 3.4% Real Estate Services DJUSES 170.90 n- Petroleum.68 [131] –........45 107..1 Share Continued from page 13 of the main section. (thous..581..4 9..... Cons.....350.60 3.42 1.68 20..........45 POWELL INDS (4Q) –0.. ReTo Eco-Solutions RETO 5.1 Procter & Gamble 4... Nov 129........99 522..5 2.. $) ........10 0.06 –0.. Dec 1 107..713 457........59 DOW JONES U.45 [123] –1.0 7........02 +..22 Imports..40 0..75 13..25 26...33 [7] +48..15 0......94 [66] +21.....92 15.. 695 136.390 55/100 59/100 no Cal-MaineFoods FT MegaCap Nutanix TowerSemi Cenveo HaymakerAcqnUn PatriotTransport WestmorelandCoal Brown-Forman A HoeghLNG PfdA PNC Fin Vantiv CalavoGrowers FT MuCValAlpha NuvNasd100Dyn TriCoBancshares Check-Cap HaymakerAcqWt PAVmedWt Yield10Bioscience Brown-Forman B HollyFrontier PNC Fin Wt VarianMed Investors rely on the equity put-call ratio.670 132.295 152.43 9.ccbn. AdamasPharm EastWestBncp iShCoreS&PUSGrowth PyxisTankers CivistaBcshrs GreenBrickPtrs PreformedLine VicShDivAccel Allergan Duff&PhelpsSelEn KayneAnMLPInv SocialCapHedWt AdobeSystems Ebix iShCoreS&PUSValue Qualys AEP DriveShackPfdC MGIC Investment SouthernNts77 ClearBr AC Grw Groupon PRGXGlobal VicShIntlVolWtd AmEqtyLf EPAM Systems MI Homes SpecialOpFd AllianzGIConv24 EP Energy KayneAnMidstrEner Sogou Aegion EditasMedicine iShEurDevRealEst QuinStreet ClearBrLCGrw GTx PrincipalPriceSet VicShUS500EnhVol AlticeUSA EQT Midstream KinderMorgan SouthernNts77 AimmuneTherap eGain iShExponentialTech Radware AmerExpress ESCO Tech MSA Safety Spire AmiraNatureFoods EXCO Res KingswayFin SpectraEnerPtrs CliftonBancorp H&E Equipment PrincipalUSSCMulti VicShUS500Vol AmRltyInv EagleMaterials MSCI SpiritAeroSys al a AirT EldoradoResorts iShIntlDevRealEst RavenIndustries CME Group HamiltonLane PrincplMillennials VicShUSDiscEnhVol AnadarkoPeteUn EastmanKodak KnotOffshore SummitMidstream e AlignTech ElectroSci iShMornMCValue RBB Bancorp AmerStWater EatonVance MagnaIntl SpiritRealtyPfdA AndeavorLog EastmanKodakWt LegacyAcqnUn Switch CmntyTrBcp HancockHolding ProShEquRising VicShUSEQIncmEnh AmerWaterWorks EtnVncTxMgdEqu ManchesterUnited StanleyBlackDck AllegianceBcshs EMC Insurance iShMSCI ACWI RBC Bearings CoBizFin HawaiianTelcom ProShUltPrQQQ VicShUSLCHiDivVol AnteroMidstream EastmanKodakWt LegacyAcqnWt TC PipeLines AllenaPharm EmpireResorts iShMSCI EAFE SC RCI Hospitality Ameriprise Ecolab Manpower StateStreetPfdD Argan EtnVncFRIncmPlus MFS GvMkTr TPGPaceEnergyA CollectorsUniv HeritageCommerce ProvidenceService VicShUSSCHiDiv Ametek ElPasoElectric Marcus&Millichap StateStreetPfdG ci on AlliedHealthcare ENDRA LifeSci iShMSCIEAFEESGOpt Reading B ColliersIntl HeritageFin PwrShBuybackAch VicShUSSCVolWtd AzurePowerGlbl EtnVncFR2022 MaidenHldgsPfdC TPGPaceEnergyWt AllotComms ENDRA LifeWt iShMSCIEMESGOpt RealPage Amphenol EmployersHldgs Markel SteelPtrsPfdA BEST EtnVncSrFltRte MaidenNts46 TPGPaceWt ColumbiaBanking HeronTherap PwrShDivAch VidentCoreUSEquity Anthem EmpresaDisCom Marsh&McLen StifelFinancial AllscriptsHlthcr EnphaseEnergy iShMSCIUSAESGOpt RecroPharma ColumbiaSportswr HimaxTechs PwrShDWA Mom ViewRay BarrickGold EldoradoGold MaidenHldgsPfdA TPG Pace Alphabet A EntegraFin iShRuss1000PureUS RedRockResorts AnthemUn Ennis Masco StifelFinNts47 BellatrixExplor EnbridgeEnergy MolsonCoors B TPG RE Fin CommVehicle HinghamSvg PwrShDWA Util ViperEnergyPtrs AquaAmerica EnPro Mastercard Stoneridge Alphabet C EnterpriseFinSvcs iShS&PSC600Growth Resonant ConcertPharm HomeTrustBcshs PwrShDWAMom VSInverseVIXSTerm BlkRkFL Muni20 EnbridgeEnPtrs MolsonCoors A TallgrassEnerGP AlphaMarkActiveMgd EsperionTherap iShSelectDividend ReToEcoSol Aquantia Entergy1stMtgBd MatadorResources SunComms BlkRkMuni20 EnergyTransfer MosaicAcqnUn TallgrassEnPtrs Conmed HookerFurniture PwrShDWANasdMom WAVE LifeSci ArcelorMittal EntergyLA Bd MaxarTech SunTrustBanks ALPS/DorseyMom EsquireFinancial J&JSnackFoods RiverviewBncp ConnecticutWater HowardBancorp PwrShDWASCMom WD-40 BlkrkMuni2018 EsterlineTechs NewYorkREIT TortoiseEnerInf ArmadaHoffler EntergyMS Bds Maximus SunTrustBanksWtA BoardwalkPipe FidcryClymrOppFd NordicAmerTankers TortoiseMLPFund Amazon. Source: CCBN.67 9. CabotOil IRSA PerformanceFood WEX Company Date Time Earnings-Related Period CalAtlantic ITT PerkinElmer WNS Rampart Time Premium Index Autozone Inc December 5 10:00AM Q1 CalWtrSvc IDEX Phillips66 WasteMgt CampingWorld IllinoisToolWks PlanetFitness Watsco The Composite Call Index (of time premiums on near-the- Brown-Forman Corp December 6 10:00AM Q2 CanadaGoose IndependenceHldg PolarisIndustries WattsWater money six-months calls on 2346 optionable stocks) was 11. which tends to track CallidusSoftware FT Nasd100 EW OakValleyBncp TrilliumTherap Check-Cap Wt HudsonTech PennantPark ZealandPharma BurlingtonStrs HomeDepot PNM Resources VectorGroup individual trades.38aweekearlier.998.308 87.14 14.versus10.com JustEnergy Sea Ablynx EagleBancorp iRhythmTechs PwrShWaterRscs CitrixSystems GreatElmCap Pool ViaSat AllerganPfdA DeutscheMuniIncmTr JustEnergyPfdA SocialCapHed Ameresco DriveShackPfdB MFS HiIncoMuni Sony us l.574 7.89 aweekearlier.ascontrarysentiment CamdenNational FT NasdaqTrans OconeeFederalFin tronc CitizensHolding CBRE Group HoraceMannEdu PVH Verso indicators. S&P 500 Index BostonOmaha FT LC GrwthAlpha NektarTherap Synopsys BlackRidgeAcqnWt ForescoutTechs MustangBio TremontMortgage BluegreenVac HartfordFinSvcsWt OM AssetMgmt UnitedHealth (SPX)putsandcallsinthetwofrontmonths.420. 2017 BARRON’S M37 Market Laboratory WEEK’S NEW HIGHS AND LOWS WEEK’S NEW HIGHS AND LOWS WEEK’S NEW HIGHS AND LOWS WEEK’S NEW HIGHS AND LOWS Weekly Comp.825 97/100 96/100 C&F Fin FT MCGrAlpDX NorthrimBanCorp TitanMachinery CECO Env HaymakerAcqn PapaJohn's VSVIXShortTerm Brown&Brown Hilton PGT Innovations ValmontInds CBOE Equity 2. for instance.Thehighertheputtrading.776 BellerophonTherap FranklinElectric MeridianBancorp SPAR Group ApellisPharm Curis iSh1-3YTreasuryBd SalemMedia ArcadiaBiosci CytoriTherapWt JasonIndustriesWt SecurityNatFin BarracudaNtwks GeorgiaPwrNt77 NomadFoods TriNet Declines 132. Bearish signals flash when the equity put- CTS HyattHotels PennyMacFinS Vonage call level reaches the vicinity of 30:100 and the index ratio hits Earnings . CapitolInvIV A InstalledBldg Progressive WellsFargoPfdV . Readings in the CBOE equity put-call CIT Group HoulihanLokey PeabodyEnergy Visteon ratio of 60:100 and in the S&P 100 of 125:100 are considered CONFERENCE CALL CALENDAR CNO Financial Hubbell PebblebrookHotel VMware bullish.532 5.Related CVR Energy IDACORP Pentair VoyaFinancial 75:100.December 4.374 38.597 129. and the index put-call ratio. which reflects CambridgeBncp FT Nasd100xTech ObesityETF TriumphBancorp CheckpointTherap Ikonics PICO Zix BylineBancorp Honeywell PSBusParksPfdX Vectren professionalandinstitutionalstrategies. 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Month Year BerkHathwy B Group1Auto Northwestern US BancorpPfdA BlueBuffaloPet FT DorseyFoc5 MonsterBev StitchFix BigRockPtrsAcqnUn ElbitImaging Medicines Sunworks BigLots GrubHub NuSkinEnts USG Week Week Ago Ago BlueHillsBncp FT GerAlpha Nasdaq SunshineBancorp BIO-key EssaPharma Medigus SVB Cap II Pfd Bio-RadLab A GuggStratOpps NuvBuildAmBdOpp Unifirst Bio-Path FederalStrAcqn MidConEnergy TDH VIX Index 11. www.07 at Thursday's Close. 2713 ..3084 .12 –. b-government rate. Reserves F...328 2 months 1.291 on the week. 1.3454 567. .475 1. week ended Thursday.S.40 0.04 declining stocks.7615 1. 1.20 2.3125 .74 SIX Financial Information.4 Saudi Arabia (Riyal) .$ in U. Fri.329 -0.75 0 Borrowed Reserves 68 79 -13.6399 Ukraine (Hryvnia) . reported by Reserve Chgs.3019 High bullish readings in the Consensus stock index or in the Macau ( Pataca) .0566 ..S.0565 17.27 1.74 265.6 29.553.S.610 U.497 Bahrain (Dinar) 2.85 a-Russian Central Bank rate.313 0.3092 3.1197 . % Year Treasuries with at least 10 years to maturity.00 Municipal (z) 9.102 Reserve bank credit: Krugerrand 1330.445 0.898 -4. y-Yield to maturity. Source: The Bond Buyer Total 4.25 1..307 0. Inc.. -9 n- mediate-grade index.55 2.0009211 1083. Price Premium Premium co Fo Federal agency secur: Coins $ % WEEKLY BOND STATISTICS Bought outright 4.00 Primary Credit 6 -11 -2 Week Week Week Week Week Week Mexican Peso 1551.06 4.294. .10 4.61 m e 12-Month Certif-z 0.50 0.403.3851 .2 13.19 4.466 1.3482 Switzerland (Franc) 1.17 3.05 8.99 0.79 63.64 Avg effective offer 1 /53 9 1 /53 9 /50 21 S&P 100 CBOE Country Fri.2561 6. decline in latter vs.0728 .2430 3.111 -200. y-floating rate.078 headlines. Indicator 49.303 + 15.966 ment-grade.$ Currency Currency South Korea (Won) .931 r5.00 634. The New York foreign exchange mid-range rates are quoted at 5 Currency Currency Foreign Foreign p.0000 2005.10 0.0900 4. …… .703. Free reserves are shorthand method J F M A M J J A S O N M1 3. Yr Ago Maple Leaf 1343.683 to $1..0000 1.9941 8. troy ounce 16.98 3.342 33. Coupon Yield 1.65 1.2 Russia (Ruble)-a .272 -0.401.185 Source: Consensus Inc.0424 compositevolumeofadvancingstocksdividedbythecompositevolumeof 12 months 1.61 of determining the degree of ease of Fed policy. $ seas.00 0.22 1.347 1.35 0.11 3.34 0.3851 Nasdaq .660 13 weeks.4 13. 31..6881 1.47 0.2430 er rs Other Money Rates Philippines (Peso) .912 20 Other Confidence Indicators: v-Week ended Thursday..51 4.. Auction Rate 1. 3.6098 1.977 10.155.75 0.422 -1. and Japanese currencies. fixed-rate..R.04652 . dollar-denominated.46 Currency in circ 1. . (Koruna) …… .398 -655 + 2. Year Year TIM Group Market Sentiment Member Bank Latest Week Ago Handy & Harman 12/1 11/24 Ago c-Annualized yields.640.86 # Fed supply of permanent reserves provided.23 3516.90 Argentina (Peso)-y .82 Bullish Consensus 71% 70% 70% FEDERAL RESERVE DATA BANK GOLD & SILVER PRICES m rp U.80 Brazil (Real) .307 1.476 + 9.033 + 260.774. Accounts 5.1280 NYSE American .099934 .9135 3.0000 1.218 us l.599.01713 58.1896 1. also known as the short term trading index.79 63. indicates rising confidence.2702 .22 1.550 Indonesia (Rupiah) .. Gov't securities: Base for pricing gold and silver contents of shipments and for Bought outright 4.38 1.8120 7. (y) 3.S.001543 . 1996=100.2835 3.55 2.3557 8. NY 10019 (844) 207-1445.7505 3. Ago YOY % Chg Required Res ## 183. Savings EE Bonds: Source: Market Vane.210.096 79.1243 7. Assets 23.S.326 -0.$ in U.2760 2.276 from $1.M38 BARRON’S December 4.96 1. Ill.235. $ in U.22 0.25 102.41 0.341.5275 BARRON'S GOLD MINING INDEX 30-Year Fixed Conv 3.197.6134 6.188 -0.003037 .31 625 N.895 -45.23 Total factors 2. Eastern time by Tullet.3084 3.80 corporate bonds.40 Hungary (Forint) .0539 18.) 3.2575 3.0000740 13533 13505 The Arms index. (Mil.m.09 0. Jan.49 Market Vane 5-Year Certificates-z 0..89 2.03406 29. Austria Crown 1257.. …… .034 coin.014 -4.261.14 0.1516 6. Commercial rate .3 r13. adjusted for constant maturity.00 New Zealand (Dollar) .50 Sources: Tullett Prebon information.01 16.505 Bloomberg Barclays US Long Treasury*(This by firm.3132 Taiwan (Dollar) .3137 1. Bullion spot gold price 1279.65 Denmark (Krone) .48 Venezuela (Bolivar) .99 –1.) Two Wks Ended Nov 22: Wk.008909 .008963 112. 2017 Foreign Foreign U.89 .271 -0. The numerator in 1 month 1.4 r3.03067 . Prev.7377 13.00 Last Prev. …… . Source: International Monetary Fund. P.. Jan. CA 91109 (626) 395-7436.4841 3.. Coupon Yield 1. troy ounce 1275. Last Fri.63 D J F M A M J J A S O N Iceland (Krona) .009685 .58 0.6500 153.com.) rowings other than extended credit.62 –2. Source: TIM Group.. Chicago.60 1. Mo.01550 . Week Chg.0370 . Barron's Gold Mining Index (460.02 . Mexico (Peso) …… .89 2.5 7.933 -1.99 5.99 5.25 Pakistan (Rupee) .48 3009.3458 1.285 0.7612 .64 .003790 .10 Pasadena.24 0.41 17.45 0. $ in Week Week and in the S&P 100 of 125:100 are considered bullish.50 1290.1932 .8083 3 months -0.475 Consensus Index Norway (Krone) . Yr.95 INVESTOR SENTIMENT READINGS Kazakhstan (Tenge) . non-convertible.09 0.34 ---- Bankers Acceptances 1.0003323 .92 38 debt.2555 .6% 52.530 + 40..27 Croatia (Kuna) . P..K. 2017 Market Laboratory MONEY RATES CBOE PUT/CALL RATIO vs S&P 100 FOREIGN EXCHANGE Latest Prev.9798 T-Bills Rate CBOE s Australia (Dollar) . $ in South Africa (Rand) .970 13 weeks. debt 3.03 Other F.594.35 2568.341.S.90 3245.19 1.99 51. Cash Hldgs 203 -2 + 37 Gold Falls: With the Dow’s rise snaring highest-grade corporate bonds and yield on stocks on the DJIA.7505 High Low 11/30 11/22 Ago Chg.0070 26..3070 .41 Sweden (Krona) .423 4.1208 8. $) Week Change Change the Federal Reserve on a weekly average basis.003822 263.21 1085.097334 10. Sri Lanka (Rupee) .0065 153..2110 17.59 3.) Yield on DJ Equal Weight US Corp Bond Idx: Other FR liab/cap 48.044. 1973=100. Fed Deposits 172.61 472.490 1.2431 4.65 Japan (Yen) .336 + 16.67 1.) Float -447 -125 + 160 U.94 1. z-Bankrate.096 -5.500 3.0245 1.71 .475 1.50 0.08 .03333 .6730 17.0 13. Michigan Ave. All issues have at least one year to maturity and outstand.96 1.900 -2.7884 .00951 105. Suite 1592 One week ended Nov 29: Silver. on 3 months 1. Last Fri.6514 2.19 3. Foreign Prime Rates ones.19 Source: American Association of Individual Investors.041 .210.58 0.9 4.O.25 0.2 3. Box 520526.2857 8.00949 .0581 . nominal US Reserve Aggr (Mil.3016 .1281 7..9 Corp Bonds.137.0206 .52 Switzerland 0.com Peru (new Sol) . $ in U.5553 Week Ago Ago Germany 0.435 1...84 Japan 1.7501 Avg weekly auction-c 1.70 Floating rate ..7 3. …… .1 3.. December 1.S. adj.6187 Bank money market-z 0.99 5.50 0. …… .S. 12 months -0. 49. Bond Buyer Municipal Bond Index (Index of 40 Gold stock 11. .393 making refining settlement.01988 .2536 3.7419 . …… .7010 3.200 .50 1173. Ago 10 3522.0003323 3009. Curr.25 111. tightness.52 Secondary Credit .5 3.. Source Manfra.01549 64. Fri.287 + 14 + 809 Interm-Grade Bonds-y (Barron's index of 10 market.782 -3.081 general obligation municipal bonds.930.01698 .360 Broker Call Rate 3 3 2 1/4 Colombia (Peso) .6270 18.84 ARMS INDEX 6 months -0.928 186.64 Market Vane stock index usually are signs of Market tops.16 1.415 0. invest.211 Handy & Harman Gold Price s z-Source: Thomson Reuters. pointing to higher stocks. 6-Month Certif-z 0.96 4.378 2.700 GOLD PERFORMANCE medium-grade corporate bonds.6890 .2850 3.285 1.1603 6.886 + 41.03062 32. …… .23 Egypt (Pound)-y .4 35.41 0.53 1.9% Gold. Tordella & Brookes.615.78 .923 0.8284 Canada (Dollar) . low ci on Malaysia (Ringgit)-b . Long-Term (5yrs+) 0.50 Consensus Bullish Sentiment 76% 76% 77% Oman (Rial) 2.06 Gold mining 460. Historical data available at (800) 383-1441..000 29.65 Bullish 36. Louis Fed) 0.003030 329. put-call level reaches the vicinity of 30:100 and the units of foreign currency per dollar.044. Foreign Foreign U.2445 .O.3332 .0720 13. As of 3/14/11.4% Qatar (Rial) . Yr Ago Readings in the CBOE equity put-call ratio of 60:100 Friday.394 12-Month Year Week % Interest Checking-z 0.60 MONEY SUPPLY Total Reserves: 2.374 2.49 3.$ Currency Currency Discount Rate (NY) 13/4 13/4 1 for instance. or when they are negative 272.
[email protected] 0.com U.09 Other Fed Deposits 94.10 0..5% 29.7433 1.5970 . 30 Month Accounts-z 0.6% 51.3154 3. Eagles 1343. Prime Rate (base) 41/4 41/4 31/2 index ratio hits 75:100.6 6.493 Nonborrowed Res # 2.. the denominator in the index is now the 6 months 1. Ltd.75 2750.35 6.001577 648.4533 NYSE 1.03 M2 13.8407 .533 2.009724 103.928 ing par value of at least $250 million.282 + 8.24 0. market bottoms.620 Bulgaria (Lev) . Singapore (Dollar) .45 Special Drawing Rights (SDR) are based on exchange rates for the U.634 Fannie Mae Home Loan: AAII Index Poland (Zloty) .2684 1.46 3.R.87 Free Reserves ### 2..166 .38 443.24 New Offerings.49 1.S.15 0.35 1.S. 1.007 29.492. (mil $) (v) Bond Buyer 20 Bond Index (Index of yields of 20 Seasonal Credit 44 -6 + 14 Austria Phil 1343.778. Bearish signals flash when the equity Country Fri.217.6081 .5426 3.600 32.0009232 .670 + 104. component issues are SDR Certif. 26 weeks.7431 ..5082 derived by dividing one quotient into another quotient. ### Free reserves equal excess reserves minus discount window bor- -10 Month ended October active Treasury notes and bonds.2666 3.375 105. 3 Columbus Circle.2382 British.5983 Financial .S.57 al a the index is the number of advancing stocks divided by the number of e 3 months 1.1574109 .03448 .747.46 3.0065 . Outst. former generally –1.8381 1 month 1.70 ly China (Renminbi) .50 0.1280 .340.977 3.) (v) Two Weeks ended November 22 Monetary Base 3.27 3.155.7866 1.391 -338 -14.2666 .10 0.00 0.03337 30.16 0. Euro 1. .1251 .1512 .1137 declining stocks. editor@consensus-inc. Last 2 Weeks 3 Weeks Daily 11/27 11/28 11/29 11/30 12/1 Canada 3.186 -0.50 Ecuador (US Dollar) 1.24 0.9437 26 weeks.9761 . SEC-registered corporate M1 3.0000 1..1577859 6.1207 . 1.703 -237...7 73. 60611 (312) 280-0170. d-rebased as of Jan..Independence.217. the precious metal dropped Confidence Index (High-grade index divided by inter. 0.00 Corporate (z) 12.78 274. Last Fri.3772 .64 net borrowed reserves.921 0.87 Britain 0.70 3.20 3.0373 27.65 . Dec. Week ended November 20 Excess Reserves: 2. M2 13.0576 17.07 2739. 1973=0.612 2.0537 .11 Bearish 31.S.446 2. Rep.076 Source: CBOE India (Rupee) .00 0.48 Chile (Peso) .889 58.2823 .*Barclays T-Bond Index discontinued no Fgn hold U.29 Kuwait (Dinar) 3.6466 .84 Stock/Bond Yield Gap-s (Difference between yield on Treas. Auction Rate 1.111 2.57 . New York.012 + 198.6 78.2870 .405.6445 1.10 Uruguay (Peso) …… .61) Monthly Money Supply Ryan Labs Treasury Index (Index of total return from ## Demand for reserves to back deposits. banks 2. (Pound) 1.2341 Turkey (New Lira)-d .1598 .60 Czech.25 330.4514 1.80 0.01 10.527 includes all publicly issued.8866 Currency Currency Foreign Foreign Fed Funds Rate in U.07 Neutral 32.1230 8.7600 Avg weekly auction-c 1.309 + 923 + 88 Premium is the amount over the value of the gold content in the Best Grade Bonds-y (Barron's index of 10 high-grade Total Fed Credit # 4. Foreign Fed Deposits 5.00 0.) Latest Prev. Last Fri.79 63.0000739 .94 475.307 2.455 Bloomberg Barclays US Credit (This index Money Supply (Bil..) actively-traded tax-exempt bonds..) Treas. is a number Libor Interbank Rate Israel (Shekel) .633.S.290 50.496 21.387. …… .401.. 6 months 1. $ sa) Latest Prev. index measures the performance of fixed-rate.865.5 35.215 + 4.85 261.34 165.746 r6.370 s M1 Multiplier (St.3779 Thailand (Baht) . …… .58 changed regularly to keep the index a current picture of the Treas.2763 3.04689 21.508 64.6890 s Euribor Interbank Rate S&P 100 Hong Kong (Dollar) . Wk. Box 90490.0 35.53 1.0% 35.190 2.5970 2.01975 50.14 0.3478 1. Yr Ago Last Prev. Retail transactions provide fewer in U. 47 9536..07 Kronos Worldwide .....5 1-02 12-29 1-16 Greenbrier Cos ...54 28 23888.3 M ..386505 10.09 Bunge Ltd ..63 WesBanco .76 9620. 1..471 377......33 Crawford & Co B ....07 Friday TE Connectivity ..774 379.39 790...10 Fanhua ADR .6 Q ..28 Matson Inc.76 23557..........05 Genuine Parts ...12 Stock Yards Bancorp ...509.05 12-08 12-07 12-29 Rockwell Collins ......06 (December 8) Innophos Holdings ...15 None Federal Signal .94 NONE Monthly Dow Comparison 30 Industrials 20 Transport Cos 15 Utilities Sales Corp November October November High Low Close High Low Close High Low Close –000– Bonds 2017 2017 2016 1 23612.09 .26 9862.....512 379...1 12-13 12-12 1-04 NASDAQ Forrester Research ...45 3 23669..35 Enbridge Inc-ENB (NYSE).V (NYSE).40 UMB Financial ...17 Flushing Financial .502 Sunday American Intl Group ...87 934.35 Plantronics ...53 Wednesday Newmont Mining ...12 ManTech Intl Cl A ..48 ..32 (December 7) State Auto Financial .49 Resources (CNXC) Ribbon Communications (RBBN).23 764.2 Q ..1 Q .66 760..95 911..97 9438..20 15 23445......18 MSA Safety .79 755.......75 23298.....21 Sociedad Quimica ADR-SQM (NYSE)......38 FedEx ..18 Kforce ..15 MutualFirst Financial .....97 ly United-Guardian-UG (Nasdaq) .23 Regions Financial ..49 746.68 WPP (WPPGY) (a) 000 omitted.27 Calavo Growers ......92 753..35 CONSOL Coal Resources (CCR).12 m e (December 5) Allegiant Travel .315 CenterPoint Energy .....33 9553..10 Dover Motorsports .10 Heartland Express ..85 (December 6) Outfront Media .....775 Tailored Brands ...50 Coca-Cola European Ptrs ... 1..10 Provident Fincl Hldgs ....81 756..33 3.68 23409..0 Q .....33 .09 767..39 1....89 23458.. 0.55 9489..47 840.....77 8622.07 362........35 CME Group Cl A ..034....22 9778.16 DHT Holdings ....36 9696...612 Culp-CULP (NYSE) .43 9463.22 General Motors .....22 HSN Inc ..155 . 11.61 6 23688.06 Gaming Partners Intl-GPIC (Nasdaq) ..0 1-08 1-05 1-15 (December 5) Auburn National Bancorp.427.15 Ferrellgas ....62 Sunday NYSE American (December 6) Fidelity D & D Bancorp ..50 2........62 DIVIDEND PAYMENT BOOSTS Nordic American Tankers.......18 SPECIAL DIVIDENDS AmerisourceBergen .3175 ..085 .014 379..41 9614.......52 759....5 Q .. formerly Double Low 23271...21 Thursday Landstar System ....075 TELUS Corp....29 23461. 2...2614 18. 17 23508..853 Avery Dennison ..275 First Financial Indiana-THFF (Nasdaq) ..41 9595.52 .....7 Q .34 er rs (December 4) County Bancorp ...3 Q .20 Halliburton .02 ...31 7848..40 Phibro Animal Health ..59 879..03 La-Z-Boy-LZB (NYSE) ..97 747...18 9683..942 380...315 INVESCO .30 MKS Instruments ...27 10274..... 1.....61 10061.1 12-15 12-14 12-27 (December 6) NONE Baldwin & Lyons Cl A .02 Telefonica ADR-TEF (NYSE) .23 23358.788 Unifirst ....82 Best Buy ..128 Rogers Commun .....12 9689.09 764.038 (December 10) Ormat Technologies .20 762.46 us l............08 Barnes Group ..52 Target Corp .75 NYSE Price of 15 Util 760..97 827.78 7.075 Westar Energy . Adjusted % Record Ex-Div Payment Tribune Media Cl A ..005 US Steel .66 Friday Home BancShares ....18 (December 4) (December 7) (December 5) Gerdau ADR .96 764.45 .......20 740.....3025 5.040604 .6 12-29 12-28 1-16 Cogent Communications ..70 23688..02 (December 10) co Fo NYSE American WPP (WPP) Adv Emissions Solutions ..19 Sunday STRATS Tr Allstate 2006-3-GJT (NYSE) ..........982.. 10% 12-08 12-07 12-14 NYSE NYSE Summit Materials Cl A-SUM (NYSE)..25 Cable One 1..21 Pacific Coast Oil Trust-ROYT (NYSE).4 11-30 11-29 12-01 ...15 (December 8) US Physical Therapy ..26 741...05 Oritani Financial ... 5....68 9901....11 Kearny Financial ..1 12-08 12-07 12-18 Xylem ...39 759..84 Chemed .15 First Connecticut Bncp ...68 9720.....989 376.....26 CB Financial Services ..20 BJ's Restaurants .33 .338 Nielsen Holdings .25 Tractor Supply .....03 Minerals Technologies ..362 Patterson-UTI Energy ...10 Meta Financial Group ....0 Q ..47 760.07 Sunday Vulcan Materials .32 23590. 8...6 S ....10 9783.01 Barrett Business Svcs Otter Tail .45 ...002 Lear Corp ..24 Scripps Networks Inter A . 6...21 Sonoco Products ...48 765..12 Franco-Nevada ..18 Evercore Cl A .96 731.. 2....51 Company Name-Ticker Symbol (Exchange) Yield Period To From Increase Date Date Date VISA Cl A .12 .43 9562....00 757..03 768..198 Public Service Enterprise ..13 Kimberly-Clark .57 23580....85 757.08 Navios Marit Acq ..40 United Technologies ...89 23516....18 ci on Disney-DIS (NYSE) .21 Snap-On ...322 First Hawaiian ...038896 4..38 757.115 McCormick Vtg-MKC..55 23905.....32 758.20 Valhi Inc ......75 Braskem ADR .1 Q ......14 Discover Finl Svcs .28 Aramark . 0...78 9672..068 Westwood ..73 23526......05 OCI Partners .. 5..68 757...45 Monday United-Guardian-UG (Nasdaq) ..21 3.......45 23269..3 Q .34 American Elec Power .26 24272.47 2..926 379.45 Record Ex-Dividend Payment Haverty Furniture ..11 Xilinx ....02 D & B ...30 Tuesday Thursday Saturday (December 5) (December 7) (December 9) NONE None Nasdaq CompX IntlA .142 First American Financial ...84 ..29 24 23646.77 773......53 751...860 380.10 RCI Hospitality Holdings .....98 756.395 Littelfuse .42879 ..19 9844.18 China Distance Educ ADR-DL (NYSE)..11 Old DominionFreightLine..36 761... 4.95 Low 376..15 NAME CHANGES 22 23678..47 9731.72 Wheaton PreciousMetals.30 NONE Southwest Airlines .....01264 27..09 10076..37 Northrim Bancorp .562 MiX Telematics ADR ...48 23248..971 380.......539 Greenhill .385 Universal Insurance ..95 23415.328 Fresh Del Monte Produce....15 (December 7) Friday Gannett ..398 (December 5) Sherwin-Williams .02 23389..51 762.198 Provident Finl Svcs .....05 NONE Sunday NYSE American Friday NYSE Boxlight (BOXL) Wednesday (December 10) NONE Leisure Acquisition (LACQU) Monday Thursday Saturday (December 8) Monday CNX Resources (CNX) (December 4) NONE (December 7) (December 9) (December 6) Gold Resource ...429 VF Corp ..91 746...009 CR Bard .71 9768..00 758.62 NASDAQ First Connecticut Bncp-FBNK (Nasdaq) ...3094 ...41 Eagle Acquisition (EAGL) None ...203 379...32 Donaldson Co .......14 (a)Shares 9 23616. 2...67 774... First Guaranty Bcshs-FGBI (Nasdaq) ...47 748.83 Real Industry (RELY) 65 Stocks 8229.32 (December 8) Scana Corp ..35 10362..8 no 14 23526...73 767...72 761.18 775......03 9630.69 12-21 12-20 1-10 Neenah Paper .19 774....4 12-21 12-20 12-29 Paccar .....23 Delta Air .075 Netease ADR .675 La-Z-Boy .19 Automatic Data ..30 Autoliv .08 12.68 10133.30 Capital Southwest-CSWC (Nasdaq) ..35 Forward Air ..34 PPL Corp .68 (December 11) Wednesday Thursday al a IBM 1...048 378....98 NYSE Nasdaq 27 23688.35 High 10274.....03 Reis ....18 Tapestry ......36 753.....14 9422.......72 Wednesday Lancaster Colony .......36 23484.....22 Kite Realty Group Trust-KRG (NYSE)..01 9517..025 TEGNA .187 380.....70 9554....708 378.28 6....55 9581.075 13...34 McCormick & Co-MKC (NYSE) ...03 Banco Bradesco Ord .125 Mercantile Bank ...00 23563.27 LeMaitre Vascular ....73 9662.18 Huntington Ingalls Inds .21 9565....53 757..........34 Fidelity & Guaranty Life (FGL) 7 23695.02 9602...92 903..27 Kelly Services Cl B ..56 9433.42 9826.........5 S .47 10.25 Cementos Pacasmayo . 2..68 767.17 749.6 13 23544..28 9537.......40 Monday C&F Financial-CFFI (Nasdaq) .......305 (December 10) Becton Dickinson .....24 9598.11 ProAssurance-PRA (NYSE) .......7 Q .95 862.25 Praxair ...4% 12-08 12-07 12-22 Monday Thursday Exelon .828.53 23407.4 Q ....... 6..14 (December 8) Prudential Bancorp .97 909... 2..50 Williams Cos ..045 DIVIDEND PAYMENT REDUCTIONS Tuesday Panhandle Oil & Gas ......12 Magna Intl .22 848......546 379.26 CBS Cl B .58 23130.60 n- Patriot National (PN) Monthly Range of Averages 8 23665.22 9483.49 ..15 ..05 Spire ......09 Adjusted % Record Ex-Div Payment Dean Foods .63 23422..20 Diebold Nixdorf .0 12-11 12-08 12-18 RPX ...73 667....23 9442.70 Kelly Services Cl A ..09 NONE Hanesbrands .83 9639.10 Territorial Bancorp .77 763.97 9653...3 1-03 1-02 1-31 (December 6) Curtiss-Wright .71 9431..165 (December 11) Sun Bancorp .14 9671.35 23271..36 DST Systems .51 .6 S ..45 Natl Oilwell Varco ......70 Tuesday American Railcar Inds ....50 .06 831.28 Low 9440..38 770.43 9575..72 EnPro .....47 23435....35 Radian Group .....268 Saturday Travelport Worldwide .15 PJT Partners .823 378.238344 ..01614 ....60 DXC Technology ..0 1-05 1-04 1-12 Monday Dunkin' Brands Group ...21 3.01 765....05 Kohl's Corp ..06 (December 9) Vishay Intertech ..87 Low 748........7 12-11 12-08 12-26 Tuesday (December 7) MGP Ingredients ..228 377.713 376.....43 (December 9) Tower International ...745 General Cable ..24 8.36 Travelers Cos ..48 2..........7 12-11 12-08 1-11 Medley Management Cl A...88 770.63 762.15 (December 9) Thursday SpartanNash ....60 (December 9) Saratoga Investment-SAR (NYSE) ..75 9518..42 7...11 (December 11) NONE (December 5) NONE Wednesday Friday Sunday THE STATISTICAL RECORD DOW JONES AVERAGES-November 2017 (December 6) (December 8) (December 10) Chase Corp ..002 Regalwood Global Energy (RWGEU) ReTo Eco-Solutions (RETO) Tuesday Unique Fabricating .87 779..48 Griffin Industrial Realty .98 9755.95 847........39 Brown-Forman Cl A . This list includes payouts on common stocks... Crawford & Co A ...1 12-11 12-08 12-20 First Mid-Illinois Bcsh .. 2...34 747.2 16 23579.27 23836.08 Nu Skin Enterprises Cl A ...95 FGL Holdings (FG).....86 23557..223124 6.05 Mosaic ..86 756......8 12-13 12-12 12-27 Prudential Bancorp .37 Compania de Minas ADR .....46 9754....93 23036.....125 Ametek ..50 Bob Evans Farms .9 1-16 1-12 2-01 Expedia ....93 23458.5 Q ...55 920...52 ..1 12-15 12-14 1-08 National Instruments ..47 NYSE American (f)High (f)Low traded 10 23551....84 23539...45 1-12 1-11 1-18 Carpenter Technology ..69 760....40 23276...25 850.33 754..94 642....04 Scotts Miracle-Gro ...13 21 23689...38 Ladder Capital Cl A .88 750.41 23258.8 FieldPoint Petroleum (FPP) 20 Trans 10274..14 Sociedad Quimica ADR ..84 767..33 23548...08 754.275 MGM Resorts Intl ..14 7.11 23533......075 Rocky Mountain Choc ...41 30 Indus 24272.... 2.24 18697.50 12-11 12-08 12-18 Universal Insurance .766 378. formerly Sonus Networks 30 24403.7 S .54 748.15 Occidental Petroleum .69 9506..33 e Canadian Natural Res . 2..50 762.....15 NONE NONE Southwest Ga Fincl .........15 Escalade .30 Gorman-Rupp .34 J&J Snack Foods-JJSF (Nasdaq) ....33 9359.75 TRADING SUSPENDED Price of 30 Indus 23557.....23 United Bankshares WV .. 4.58 Eli Lilly ...01 9871....33 2 23621.77 United Bancorp-UBCP (NCM ) ..195 Cabot Corp ..05 ITT .215 Consolidated Water-CWCO (Nasdaq).......23 20 23532...33 758.272 379.......55 Ingersoll-Rand .29 L Brands .06 Deluxe Corp .26 . 0...055 Spok Holdings ...24 23430. formerly CNX Coal Immutep (IMMP).02 Reliance Steel .95 NEW LISTINGS Wednesday Cintas 1.77 High 774.09 WR Grace ...395 Company Name-Ticker Symbol (Exchange) Yield Period To From Decrease Date Date Date Saturday on Extended Stay America .6 Q .....0 % 12-15 12-14 1-01 Cott Cp .71 763.874..22 m rp j2 Global Utd Community Bancorp ...18 GAIN Capital Holdings .....10 Disney .. 2017 BARRON’S M39 Market Laboratory STOCK SPLITS/DIVIDENDS WEEK'S DIVIDEND PAYMENT WEEK'S EX-DIVIDEND DATES Record Ex-Dividend Payment Company Name-Ticker Symbol (Exchange) Amount Date Date Date This list includes payouts on common stocks..14 753..83 9534....2 Q .........04 TiVo ...93 23439.....18 Infinity Prprty & Caslty .15 Lam Research .36 759...0 2-15 2-14 3-01 Southern .42 19.38 Alaska Air Group ..05 Ship Fin Intl ..13 9521.18 Honeywell Intl .40 8...00 9749.105 Avnet Inc ...9 12-07 12-06 Baldwin & Lyons Cl B ....71 23940.79 Nasdaq 15 Util 774.. 3.99 759...18 Company Name-Ticker Symbol (Exchange) Amount Date Date Date Haverty Furniture A ..23 9812.48 Flir Systems ...54 NYSE American WillScot (WSC).15 Tuesday Brinker International Canadian Natl Railway ...466827 10..94 9636.125 Mannatech ..77 Best-Grade Bond Yield 3.12 766.08 868... .....93 9436.92 23294...09 Price of 20 Trans 9665.1 S ..61 9440...24 23304.99 9688..04 23399....92 9626....50 753.......95 760...12 12-08 12-07 12-22 LSC Communications .75 YUM! Brands .78 9501. formerly CF (CFCO) (SONS) High 24272. 4.....40 Brown-Forman Cl B .58 Saturday RGC Resources-RGCO (Nasdaq)...December 4....43 811.......50 South Jersey Indus ..36 9625.54 764.11 9.6 12-29 12-28 1-16 American Software Cl A ...47 880..24 Archer Daniels Midland .38 Cato Cl A CBS Cl A .05 Amgen 1.518 379.34 ....25 Friday Saturday Northern Technologies ..30 23271..49 758....77 9440.3 12-15 12-14 1-02 Crane Co ..46 9593..... 1.. 0.. 1....62 755..09 Dick's Sporting Goods .79 760..........18 Merck-MRK (NYSE)..43 9526......18 23211..30 Gaming Partners Intl ..55 23289.. 1.337..18 NONE Tri-Continental-TY (NYSE) .... formerly Prima Biomed (PBMD) 29 24120........47 High 380...80 Park National .25 Fidelity D & D Bancorp ...........13 (December 10) Microchip Technology ...125 Wal-Mart Stores .17 CNO Financial Group ..46 AnheuserBusch InBev 1.116 377.47 10.33 23457.....33 23477.... .....527827 ...60 Genpact ......5 M ..145 6....... (f) High and low for month of daily closing averages.... ly on us l. al a e ci on er rs m e m rp co Fo n- no .M40 X W L C 10 11 12 H G B P BARRON’S 4 8 3 F A M 6 7 9 0 I December 4. 2017 .