Barron's - 10.08.2026.pdf

感谢我们的客户，并欢迎新客户。感谢您在投资和财务需求方面对我们的信任。我很难相信，我在 50 多年前创立的公司，如今已增长到超过 4800 万 个客户账户，被委托管理超过 13万亿美元 的资产。仅在过去的六个月里，我们就增加了 260 万 个账户；这些投资者加入了与我们共事多年——在许多情况下是数十年——的数百万人的行列。谢谢！而且这种势头仍在继续。我们计划在未来五年内增加超过 2000 万 个新账户。我希望您以及您的家人和朋友能成为其中一员。

查尔斯·施瓦布 (Charles Schwab) 创始人兼董事长

在 50 年的时间里，我们的能力和服务得到了巨大的扩展，但我们的核心使命始终是成为零售投资者、雇主以及数千名在我们这里托管资产的独立投资顾问最信赖的金融服务公司。我们致力于帮助您实现投资目标。对于我们的零售投资者，我们现在在美国全境拥有超过 400 家分行，以及超过 3,000 名财务顾问为您提供帮助。我们正在聘请更多数以千计的财务顾问，以帮助您以及每年加入我们的数百万新客户。我们欢迎您亲自光临与我们见面，讨论您的财务未来，或访问我们屡获殊荣的数字化平台，如 Schwab.com。

50 多年前，我相信我们可以通过投资帮助更多美国人参与美国公司的增长。我们亲眼见证了当更多人获得这种机会时会发生什么。然而，我依然坚信，我们最大的一些机遇仍在于未来。

谢谢。

（黑色墨水手写签名：'Charles '）

数据截至 2026 年 7 月 21 日。查尔斯·施瓦布公司 (The Charles Corporation) 通过其运营子公司（包括其经纪交易商子公司 Charles & Co., Inc. (SIPC 成员)）及关联公司提供经纪和财务顾问服务。投资涉及风险，包括本金损失。© 2026 Charles & Co., Inc. 保留所有权利。(A0CHA6M) ADP131469-00

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4 BARRON'S 2026 年 8 月 10 日

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这就是豪宅经济。$1万 Million Is Barely Enough。

房地产经纪人在夸张方面从不缺词，因此他们的评论最好持高度怀疑态度。尽管如此，目前对旧金山房地产市场的评估依然引人注目。“一场歇斯底里，”一名经纪人说。“一种淘金热局面，”另一名经纪人说，这或许是在向这座城市的历史致敬。而一名在 X 上的房地产经济学家则评价道：“简直疯了。”但正是《旧金山标准报》（San Francisco Standard）报道的一段话让我惊掉了下巴：“虽然这听起来像玛丽·安托瓦内特那样脱离现实，但高端市场确实存在住房危机——一种豪宅短缺，”苏富比（Sotheby's）经纪人安妮·威廉姆斯（Annie Williams）说道。（斜体为作者标注。）

豪宅短缺！天哪，那我们得住在东湾一座价值 $800 万、10,000 平方英尺的破烂房子里了！撇开讽刺不谈，豪宅短缺竟然成了一种现象，这本身就得被视为某种风向标。当然，这反映了由科技行业在湾区创造的财富爆发式增长，而现在这种增长被 SpaceX 和人工智能热潮进一步加速。而就在三年前，这座城市还被说成是深陷于犯罪横行、远程办公导致空心化的“末日循环”之中。

但在全国范围内，由不断上涨的股市所驱动的奢侈住宅房地产——价格在 $10 到 $100 及以上的房产——正处于繁荣之中，尤其是在洛杉矶、纽约市，以及尤其是南佛罗里达等热门地带。“在过去十年中，超豪华市场的财富规模增长得更为巨大，”资深房地产分析师、住房市场研究公司 Streetmatrix 的市场总监乔纳森·米勒（Jonathan Miller）表示。“我可能会去视察一座 $30 或 $40 豪宅，然后意识到这竟然是这些人拥有的第五套房子。”

米勒说，15 年前，他统计到美国只有 3 笔超过 $50 的房屋交易。去年，这一数字为 45 笔。“现在我们看到了 $100 以及一些 $200 住宅，”他说。“$10 交易已随处可见。”

事实上，根据房地产经纪公司 Compass 的数据，去年全美前 10 大超豪华市场中，售价 $10 或以上的房屋成交量为 1,601 套，销售额约为 286 亿美元 billion。与 2024 年相比，销售数量增长了 31%，销售金额增长了 23%。（顺便提一句，Compass 本周报告了亮眼的业绩，其首席执行官指出该公司在湾区的业务强劲。）

记录这种迅速扩张的豪宅经济已成为一种窥视欲驱动的房地产新闻业。甚至在 Zillow 冲浪流行之前，追踪社区房地产销售就一直是美国的一种绝佳观赏性运动，就像棒球或美式足球一样。但对着 $75 马里布豪宅和其他“房产色情”流口水，感觉更像是在观看一级方程式赛车。

与此同时，我们这些凡人的住房市场则表现平淡。去年美国房屋销售总量为 4.7 units，创 14 年新低。根据圣路易斯联邦储备银行的数据，截至 2026, 第二季度，美国房屋销售的中位价格停留在 $41万,000 左右，与五年前的价格水平基本持平。

住房研究公司 Zelman 的一项研究表明，在现有房屋价格方面，美国住房市场最高的三分之一在连续九个季度中表现优于最低的三分之一，包括过去三个季度，当时最低层级的价格下跌了 0% 到 1%。“所有的活跃度都集中在住房的高端市场，”穆迪分析（Moody's Analytics）首席经济学家马克·赞迪（Mark Zandi）表示。“疲软之处在于劳动力住房。那里才是真正的短缺地带，因为考虑到材料、劳动力、土地和许可的高昂成本，建筑商无法通过这类房屋赚到足够的钱。”

米勒表示，其他因素也在给低端市场带来压力。“我们在疫情之后学到的一件事是，当抵押贷款利率过低且持续时间过长时，实际上会降低住房的可负担性，因为它会让库存彻底消失，”他说。这是因为当资金极其廉价时，消费者会随意借贷并抢购住房库存。而现在，随着利率提高，人们不再搬迁，导致库存匮乏。当然，在高端市场，利率的影响较小。“在过去的十年里，曼哈顿的住房市场有 50% 是现金交易，”米勒说——这意味着 50% 的买家支付现金。“在过去的几年里，这一比例已上升到 65%。净资产越高，购买价格越高，现金买家的概率就越高。”在过去三年中，股市年均上涨超过 23%，且今年以来已上涨 13.5%，谁还在意利率？在缺乏豪宅的旧金山，据报道至少有一名卖家在房源挂牌中寻求以 Anthropic 或 OpenAI 的股票作为支付方式，Realtor.com 的首席经济学家丹妮尔·海尔（Danielle Hale）看到了更多富裕阶层需求缺乏弹性的证据。（Realtor.com 由《巴伦周刊》的母公司新闻集团所有。）“当 2023 年利率飙升时，各地的首付款都随之激增，”海尔说。“这是可以预见的，因为当借贷成本昂贵时，人们借贷会减少。但当利率下降时，旧金山的首付款依然维持在高位。我们认为这反映了来自 AI 行业的现金和股权。”（一些独角兽企业的员工能够通过公司-

旧金山太平洋高地（Pacific Heights）地区的豪宅。Josh Edelson / AFP via Getty Images --- 6 巴伦周刊 2026年8月10, 2026

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华尔街涨跌（续）

（公司赞助的要约收购）。根据 Realtor.com 经济学家 Jiayi Xu 的说法，迈阿密、纽约市和德克萨斯州奥斯汀的首付款已达到或低于 2022 年的水平，而湾区买家在购房时支付的首付款仍高出 6.6 个百分点。对于一套“价格在 300万美元 左右的湾区入门级豪宅”来说，这意味着要额外支付 $19.8万,000 的首付款。而这还仅仅是针对那些小打小闹的人。想象一下顶端市场的资金量。一项《纽约时报》的研究估计，SpaceX、Anthropic 和 OpenAI 的首次公开募股可能会创造 20 位亿万富翁——进而产生多少千万富翁则不得而知。难怪在 2026 年上半年，旧金山的 144 套房屋成交价高出要价 10 亿美元 million。

至于具体交易，最近一名谷歌前高管以 5600万美元 的价格出售了太平洋高地的一座美术学院风格（Beaux Arts-style）豪宅，不过该市最昂贵的住宅是在两年前由 Laurene Powell Jobs 买下的，她为太平洋高地的另一座豪宅支付了 $7万 million。在半岛南端富裕的阿瑟顿（Atherton），根据《洛杉矶时报》报道，这里最近取代了迈阿密的费舍尔岛（Fisher Island），成为美国最昂贵的邮政编码区，今年已有六套房产以超过 3000万美元 的价格成交，其中一套在挂牌仅 72 小时后就被抢购。

提到洛杉矶，Miller 表示，该市场现在已经追上了纽约。那里——事实上是整个加利福尼亚州——的最高房价记录是两年前由 Oakley（太阳镜公司）创始人 James Jannard 以 2.1亿美元 出售的一座马里布豪宅，据报道，他是从 Oaktree Capital Management 的共同主席 Howard Marks 手中买入的该物业。该住宅占地 9.5 英亩，包括 300 英尺的海岸线。Jannard 的住宅略高于 Jay-Z 和 Beyoncé 在 2023 年以 2亿美元 买下的另一座马里布豪宅。

更令人向往的是，考虑一下那套将远超美国所有住宅、成为最贵房产的物业：根据《华尔街日报》报道，那是贝尔艾尔（Bel Air）一套挂牌价 4亿美元 的房产，由一个与卡塔尔统治家族 al-Thani 相关的实体所有。该物业拥有“70,000 平方英尺的居住空间、39 间卧室和三个游泳池”——非常适合举办永不结束的派对。

在纽约市，今年迄今为止最高价的物业是位于 57 街“亿万富翁行”（Billionaire's Row）沿线、高 1,428 英尺的斯坦威大厦（Steinway Tower）内一套 6,500 平方英尺、四卧室复式公寓的购买交易，价格为 4200万美元。《纽约邮报》写道，从地板到天花板的窗户框住了毫无遮挡的中央公园景色，买家是一位“带着家人的欧洲亿万富翁，计划将其作为主要住所”。根据 Sotheby's 的挂牌经纪人 Nikki Field 的说法，由于欧元和英镑兑美元走强，富有的欧洲人正进入美国市场。

但纽约乃至全美国最昂贵的住宅是 Citadel 首席执行官 Ken Griffin 的 $23800 万 公寓（自然地位于“亿万富翁行”），这是一套 2.4万,000 平方英尺的四层公寓（quadplex），购于 2019 年。Griffin 这套近 2.5 亿美元的公寓引起了纽约市市长 Zohran Mamdani 的注意，他效仿 Willie Sutton，将目标对准了高端住宅地产（“因为那里才有钱”）。Mamdani 专门针对 Griffin 的公寓，对数百万美元级别的住宅和公寓中的非主要住所征收所谓的“临时住所税”（pied-à-terre tax）。

民粹主义政治在加利福尼亚州也正在酝酿，第 40 号提案（Proposition 40）：《加州亿万富翁税法案》已列入 11 月的选票，该法案将对超过 10 亿美元的资产征收一次性 5% 的税。一些非进步主义者表示，这可能会杀掉这个“黄金之州”的金鹅。

在某种程度上，这些民粹主义倾向一直在推动佛罗里达州房地产市场的超高端领域。证据 A：马克·扎克伯格最近以 1.7 亿美元在迈阿密印第安溪岛（Indian Creek island）购入的房产，就在杰夫·贝佐斯巨大的新庄园附近。尽管如此，这些超大规模企业的巨头们在拥有佛罗里达州最昂贵房产方面还差得远。据报道，两年前由亿万富翁大卫·霍夫曼（David Hoffman）以 2.25 亿美元买下的房产才是最贵的，而且不在棕榈滩、迈阿密，甚至不在马纳拉潘（Larry Ellison 的 Gemini 庄园所在地），而是在那不勒斯。即便人们一直在谈论亿万富翁们逃离纽约和湾区，但那里的房价并没有真正下跌。而且，这些大佬们——无论是格里芬（Griffin）、谷歌的高管还是扎克伯格——显然在他们曾经活动的蓝色州据点依然拥有巨型豪宅。事实上，在某些情况下，很难确定哪个州才是他们的主要居住地。只有税务局能确定，而也许连税务局也不清楚。豪宅狂热是否是泡沫末日即将来临的另一个迹象？有可能。但更关键的是，这里短缺的似乎与其说是豪宅，不如说是常识。B 电子邮件：andy.serwer@barrons.com --- 2026年8月10日 巴伦周刊 7

街头智慧 Coca-Cola 向轻资产营销模式的转型，及其产品的延续性，有助于解释其对 Pepsi 的主导地位。

百事公司的挑战：似乎无法追上可口可乐

我觉得我更喜欢可口可乐零度（Coke Zero）而不是百事零度（Pepsi Zero）。我不能完全确定，因为我最近又在吃原子火球糖（Atomic Fireball candies），这让我的味觉变得像只垃圾场里的山羊。此外，实时脑扫描研究表明，即使是对那些在盲测中同样喜欢可口可乐和百事的受试者来说，看到可口可乐的标签也能激活感官愉悦区域。因此，除了我的舌头周期性地处于麻痹状态外，我也可能因为半个世纪的可口可乐广告而部分地被“僵尸化”了。我只知道，虽然我不反感百事无糖（Diet Pepsi），但我首先会选择可口可乐的产品，并且在选择无糖苏打水时，会优先选择零度（Zero）而非无糖（Diet）系列。显然，你们中的许多人也是如此。

这在很大程度上解释了为什么可口可乐目前正在击败百事公司（PepsiCo），尽管其中还有其他原因，我将对此进行解释。在过去的十年里，投资者在标准普尔500指数（S&P 500）中的收益远高于在可口可乐或百事公司中的收益。然而，今年以来，可口可乐上涨了26%，几乎是该指数回报率的两倍，而百事公司即使在计入股息后仍略有下跌。上个月下旬，可口可乐提交了一份近乎完美的第二季度财务报告，股价在一天内跳涨5%。该公司在可乐、橙味和柠檬青柠味苏打水市场的份额一直在增加，并且在作为主要增长驱动力的零度（Zero）系列上表现极其出色。有趣的是，无糖可口可乐（Diet Coke）和经典款的份额也在增加，这在很大程度上是以牺牲百事的份额为代价的。

在幕后，可口可乐已经成为一家转型后的公司。就在十多年前，它超过一半的收入来自对区域装瓶业务的持股，这些业务负责将浓缩液制成苏打水并将其装车进行本地配送。如今，可口可乐已经出售或接近出售其几乎所有的装瓶业务。这使其成为一家投资者青睐的轻资产营销公司。这也是可口可乐今年的预测市盈率为26倍的部分原因，而大盘市盈率为22倍，而仍保持垂直一体化模式的百事公司则为16倍。

得益于旗下的弗里托莱（Frito-Lay）和桂格食品（Quaker Foods）部门，百事公司超过一半的业务是食品，尤其是零食。目前，许多大型食品公司都在下滑，GLP-1药物的兴起似乎是一个关键原因。这些药物可以平息驱动人们冲动购买饼干和薯片的“食物噪音”。

回到无糖苏打水，以及一段极其简短的历史：有一位名叫海曼·基尔施（Hyman Kirsch）的苏打水企业家兼慈善家，他在布鲁克林创办了一家名为犹太慢性病疗养院（Jewish Sanitarium for Chronic Disease）的小医院，并决定糖尿病患者需要一种属于他们自己的苏打水。1952年，他和一名科学家调制出了No-Cal，这是第一款无糖苏打水，最初推出的是姜汁艾尔味和黑樱桃味。它使用一种名为环己烷磺酰胺（cyclamate）的物质来增甜，后来由于研究将其与大鼠患癌联系起来而被禁用，尽管这些研究后来被证明不可信，但它在美国仍然被禁用，不过这些都不重要。

No-Cal成为了一个区域性的热门产品，而且不仅仅在糖尿病患者中流行。一张营销海报显示一名看起来身材苗条的女性正费力地拉裙子侧面的最后两英寸拉链，上面写着：“是时候换成No-Cal了”。另一张海报则以当时的一位电影明星穿着泳装为特色，上面写着：“金·诺瓦克（Kim Novak）是No-Cal女孩！No-Cal绝不会让她的腰围增加一英寸，也不会让她的体重增加一盎司。”No-Cal的增长引起了芝加哥一家规模更大的苏打水厂商Royal Crown的注意，后者推出了Diet Rite，且表现如此之好，以至于可口可乐和百事公司被迫做出回应，但两者都不愿在如此具有实验性的产品上冒险使用其同名品牌。可口可乐推出了Tab，百事推出了名为Patio的产品，两者都针对关注体重的女性。最终，这些产品让位于无糖可口可乐（Diet Coke）和无糖百事（Diet Pepsi）。

我一直认为 1982 年首次推出的健怡可口可乐（Diet Coke）只是在拙劣地模仿原味可口可乐的味道。事实上，它被刻意设计得更具柑橘味，以掩盖糖精的金属后味，而糖精后来被阿斯巴甜所取代。还记得新可口可乐（New Coke）吗？健怡可口可乐如此成功，以至于高管们将相同的风味概况与高果糖玉米糖浆相结合。结果失败了。可口可乐零度（Coke Zero），正式名称为 Coca-Cola Zero Sugar，于 2005 年首次亮相，至关重要的是，这比百事可乐进入“零度”领域早了 11 年。其理念是复制经典可口可乐的味道并避开“Diet”（健怡）标签，部分原因是男性已被条件反射地将其视为女性化的产品。可口可乐零度使用阿斯巴甜和一种名为 Ace-K 的物质混合物来增甜，因为两者有助于抵消彼此的后味。我一定是个“中度男子汉”（Moderately Manly Man，该商标目前仍可注册），因为虽然我喝了多年的健怡可口可乐，但现在已经转向了零度。可口可乐正从其在零度领域的先发优势及其连续性中获益。如今的可口可乐零度罐装外观与可口可乐罐几乎完全相同。百事可乐则经历了一段奇怪的弯路，推出了一种名为 Pepsi Max 的产品，其中含有人参、额外的咖啡因以及与可口可乐零度相同的甜味剂。但从名称上看，它并不明显是零糖的。2016 年，百事可乐终于去掉了人参，使咖啡因含量正常化，并将名称改为百事零糖（Pepsi Zero Sugar）。其包装更换的次数多到数不清。希望这有助于解释为什么可口可乐如今在零度产品上更强，尽管零度产品的销量排在经典款和健怡款之后，但增长速度快得多。一家投资银行对可口可乐（其股息率 2.4%）的看涨观点是，投资者应将其视为其他行业中轻资产成功案例的价值——例如，万豪国际（Marriott International）的市盈率为 31 倍。我并不认同。百事可乐的收益率为 4.3%，看起来正处于苏打水业务反转的成熟期，但其零食业务让我犹豫。如果必须选择一个，我会选择可口可乐，但在出现更好的入场点之前，持有大型苏打水公司股票的最佳头寸可能是零。■ 电子邮件：jack.hough@barrons.com

Barron's Streetwise

在《巴伦周刊》的每周播客中，专栏作家 Jack Hough 将为您分析值得关注的公司、人物和趋势。这是您从未听过的华尔街。请在 Spotify、Apple Podcasts 或您喜爱的收听应用中订阅 Barron's Streetwise。

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8 BARRON'S 2026年8月10日

REVIEW & PREVIEW

5.4036万,036.93 道琼斯工业平均指数：+1551.90 864.21 道琼斯全球指数：+25.08 请在 barrons.com / reviewpreview 订阅 Review & Preview 每日时事通讯。

银行引领奖金繁荣

第二季度结束后，华尔街的年终奖金看起来十分强劲，一些幸运儿看到的奖金比 2025 年高出多达 15%。薪酬咨询公司 Johnson Associates 在其最新报告中将其称为“银行之年”，主要投资银行和商业银行的年终激励资金池比 2025 年高出 5% 至 20%。

“一切迹象表明，这将是银行的一个绝佳年份，”该公司董事总经理 Chris Connors 表示，“它们确实在全力运转。”由股票交易、承销和咨询服务驱动的创纪录收益，正推动银行奖金出现丰厚的同比增长。

对冲基金的奖金预计将比去年高出 5% 至 15%，因为它们记录了二十年来最高的一些资金流入，且宏观基金表现出色。资产管理公司可能会因市场升值和主动型交易所交易基金（ETF）的资金流入，使奖金增长 7% 至 11%。财富管理领域的奖金可能增长 5% 至 10%；家族办公室增长 5%；保险公司则持平至 5%。陷入困境的私募市场结果可能不一。

这份报告比 Johnson 在第一季度后、伊朗战争不确定性较高时预测的“持平至略有增长”更为乐观。Connors 警告称，市场目前并不那么关注战争的每日起伏，但这种情况可能会改变。人工智能正在影响招聘，尤其是初级职位，但对于产生收入的高管来说则未必。 – Janet H. Cho

风险业务

支付奖金的投资银行激励资金池自 2021 年以来波动较大。

年份 / 激励资金池同比变化

2021 / 35% 至 50% 或更高 2022 / -30% 至 -40% 2023 / 持平至 -10% 2024 / 15% 至 35% 2025 / 10% 至 15% 2026 (预计) / 10% 至 20% 或更高 来源：Johnson Associates

利润中心

Johnson Associates 的报告按银行职能分解了 2026 年的奖金预测。

职能 / 奖金 股票销售与交易 / 20% 至 30% 股票承销 / 20% 至 30% 公司管理 / 15% 至 20% 咨询 / 15% 至 20% 公司职员 / 5% 至 15% 固定收益销售与交易 / 7.5% 至 12.5% 债券承销 / 5% 至 10% 来源：Johnson Associates

上周 市场： 在威胁要发起二战以来美国最大规模的袭击后，特朗普总统表示将恢复与伊朗的谈判；伊朗对此予以否认。但油价下跌，股市上涨。美国加入日本支持日元，通过抛售欧元买入日元。周三，伊朗接近与阿曼达成协议，以监管霍尔木兹海峡的航运。7月份经济减少了 2.3万,000 个就业岗位，5月和6月的数据被下修，缓解了对利率的担忧。本周，道琼斯工业平均指数上涨 3%；标准普尔500指数上涨 3.6%——创下收盘新高；纳斯达克综合指数上涨 5.2%。 公司： SpaceX 报告的亏损低于预期且营收更强劲，但在埃隆·马斯克透露数据中心支出计划后，股价下跌。马斯克还表示，SpaceX 将仅购买英伟达（Nvidia）的芯片；Advanced Micro Devices 股价随即大跌。银行计划出售 $15 亿美元的 Alphabet 债券，用于租赁给 Anthropic 的德克萨斯州数据中心。OpenAI 和 Anthropic 的模型在英国测试中出现失控。 交易： 《金融时报》报道，阿斯利康（AstraZeneca）和百时美施贵宝（Bristol Myers Squibb）正在就一项 $400 亿美元的合并进行谈判……在与 Banco BPM 的合并破裂后，锡耶纳山银行（Banca Monte dei Paschi di Siena）正在审查方案，这为 Intesa Sanpaolo 的 $35 亿美元收购报价扫清了障碍……管道运营商 Williams Cos. 就 EnCap Flatrock Midstream 旗下的 Momentum Midstream 达成了一项 $5.5 亿美元的交易……Apollo Global Management 同意以 $7.7 亿美元收购 easyJet，超过了 Castlelake 的报价……Prologis 正在以 $18.8 亿美元收购英国竞争对手 Segro。

本周

周二 8 / 11

美国全国房地产经纪人协会（The National Association of Realtors） 将公布 7 月份的现有房屋销售数据。共识预期经季节性调整后的年销售率为 405 万 套，略低于 6 月份。现有房屋的中位价格在 6 月份达到了 $44.06万,600 的历史新高。

周三 8 / 12

美国劳工统计局（The Bureau of Labor Statistics） 将公布 7 月份的消费者价格指数（CPI）。经济学家预测同比上涨 3.4%，比 6 月份低 0.1 个百分点。核心 CPI 预计将上涨 2.5%，而此前为 2.6%。该指标上一次处于或低于美联储 2% 的通胀目标是在 2021 年 3 月。 思科系统（Cisco Systems） 将于周三公布财报，随后是应用材料公司（Applied Materials）在周四公布。

周五 8 / 14

美国普查局（The Census Bureau） 将公布 7 月份的零售和餐饮服务销售额。共识预期环比增长 0.2%，与 6 月份数据持平。 密歇根大学（The University of Michigan） 将公布 8 月份的消费者信心指数。共识预期读数为 54.1，比 7 月份低约 1 点。7 月份消费者对未来一年通胀的预期为 4.2%。

数据

200 预计动用受限捐赠基金以支付账单的私立大学数量，高于 2021 年的 131 所。 55.6 7 月份 ISM 制造业指数，为 2022 年 5 月以来最高，且为连续第七个月扩张。 90°F 过去一周俄罗斯北极地区的温度，部分由超级厄尔尼诺现象和气候变化驱动。 $2.7 T 大型科技公司的长期支出承诺总额，其中 Alphabet 的 $881 亿居首。

插图：Elias Stein

2026 年 8 月 10 日 巴伦周刊 9

在较小型公司中，生物制药公司 Moderna 和 Summit Therapeutics 在测试结果上的赌注最高。

新药或将推动生物技术公司股价再创新高

癌症和心脏病药物临床试验的积极结果可能会使这波上涨行情持续下去。分析默克（Merck）、Moderna、Summit Therapeutics等公司的利害关系。 作者：BILL ALPERT

在药物创新浪潮的推动下，生物技术股票今年重新赢得了投资者的关注，这正刺激着生物制药行业的并购活动以及新一轮的首次公开募股（IPO）。这种热情使State Street SPDR S&P Biotech交易所交易基金今年以来上涨了近 26%，达到了 2021, 年以来的最高水平，而那次是华尔街上一次对药物陷入疯狂的时段。在随后的突破之后，由于利率上升且华尔街对没有利润的公司失去兴趣，市场进入了为期四年的熊市。

这一次，看涨情绪可能会持续下去。“生物技术行业正走出一段漫长的低谷，这在很大程度上是由高利率和宏观不确定性加剧的，”管理 RA Capital Management 的风险投资人 Peter Kolchinsky 表示，“感觉活动节奏正在回归健康。”

这可能还说保守了。由于大型制药公司寻求在现在到 2030, 年期间，替换掉 2000 亿美元 billion to 3000 亿美元 billion 即将到期的品牌药专利，各公司展开了消费热潮，大量收购处于测试阶段、甚至在某些情况下已有上市产品的小型公司。今年到目前为止，已有 33 起价值 5亿美元 或以上的生物技术公司收购案，其中 6 月和 7 月有 3 笔交易每笔均超过 100 亿美元 。

同样，生物技术股票的新股发行窗口再次大开。根据行业网站 Bio-Pharma Dive 的数据，今年已有 17 家公司上市，筹集了 55 亿美元 ，而 2025, 年全年仅有 8 笔交易，筹集了 15 亿美元 。6 月份 Parabilis Medicines 以 6.7亿美元 的价格首次亮相，创下了生物技术 IPO 的历史之最。

如果说生物制药公司是华尔街最新的增长宠儿，那么其股票的长期前景将取决于它们所开发药物的成功与否。治疗癌症和心脏病的药物临床试验关键结果将于今年晚些时候公布，这可能会成为推动股价进一步上涨的催化剂。默克（Merck）、诺华（Novartis）和百时美施贵宝（Bristol Myers Squibb）是面临关键结果公布的最大制药公司。在较小型公司中，生物技术公司 Moderna 和 Summit Therapeutics 对测试结果的依赖程度最高。

投资者被频繁提醒，药物试验的失败率很高。7 月初，当阿斯利康（AstraZeneca）和 Ionis Pharmaceuticals 的药物 Wainua 在一项针对罕见心脏病的 3 期试验中失败时，两家公司的股价纷纷下跌。在本月底，诺和诺德（Novo Nordisk）的股价下跌了 10%，原因是其治疗动脉炎症的药物未能显著减少心脏病发作。

尽管如此，近期的成功正在吸引新的买家，尤其是当投资者开始质疑市场另一位增长宠儿——人工智能股票的前景时。高盛（Goldman Sachs）制药分析师 Asad Haider 表示：“在经历了多年的沉睡之后，我看到通用型投资者开始对制药业产生兴趣。”Haider 补充道，即使有些人购买制药股是为了对冲 AI 股票，近期药物创新带来的潜在价值依然巨大。

双特异性药物的优势

Janus Henderson Investors 的生物技术分析师 Agustin Mohedas 表示，从历史上看，抗癌药物贡献了药物行业约一半的销售额，并且仍然是研究重点。他的公司旗下基金对 Revolution Medicines 进行了明智的押注，在该公司 daraxonrasib 药丸的 3 期临床试验在胰腺癌中产生前所未有的生存率提升后，其股价自 4 月中旬以来已翻了一番。Revolution Medicines 曾被视为可能的收购目标，但鉴于其 400 亿美元 billion 市值，现在已成为一个难以吞下的“大块头”。

高盛生物技术分析师 Salveen Richter 表示，另一款抗癌药物——Summit Therapeutics 的 ivonescimab 的试验结果，可能会成为今年下半年生物制药股票最大的催化剂。这是因为 Summit 几乎将其未来全部押注在所谓的 PDI / VEGF 双特异性抗体上，该抗体将类似于最畅销的 PDI 抑制剂（默克公司的 Keytruda）的免疫增强特性，与类似于 罗氏（Roche） 的 VEGF 抑制剂 Avastin 那样扼杀肿瘤血液供应的能力相结合。这些特性在结合使用时似乎比作为两种独立药物使用效果更好。许多人希望像 这样双特异性药物能成为许多癌症的下一代标准治疗方案，取代目前的化疗药物和免疫疗法的组合。

默克公司在 2025, 销售了 320 亿美元 billion 的 Keytruda，但专利保护将在未来几年内失效。“ 的双特异性抗癌药物旨在取代 ，”Richter 说，“它能击败 吗？我倾向于认为它可以。”

的 Harmoni-3 研究将是首个在全球范围内将 PDI / VEGF 抗体与 进行头对头比较的 3 期临床试验，用于治疗肺癌。在年底前，该研究应能揭示 Adam Glanzman / Bloomberg --- 10 BARRON'S August 10, 2026 的药物在延缓鳞状小细胞肺癌进展方面的效果，以及关于多少患者仍然存活的中期数据。针对更普遍的非鳞状肺癌的结果将于 2027. 公布。Richter 认为，如果该药物比 能多延缓 25% 到 30% 的肺癌进展，那么该研究将被视为成功。

的共同首席执行官 Bob Duggan 和 Maky Zanganeh 已经证明了他们具有敏锐的眼光。2003, 他们将机器人手术公司 Computer Motion 出售给了 Intuitive Surgical。2015, 他们以 210 亿美元 billion 将 Pharmacyclics 出售给了艾伯维（AbbVie）。而且，他们也是首批意识到中国在医学研究领域日益增强实力的美国制药领导者， 在 2022. 从在香港上市的康方生物（Akeso）获得了 ivonescimab 的许可。

华尔街对 的药物试验持乐观态度，因为康方生物在中国已经完成了四次成功的试验。凭借在那里的两项批准，它已经治疗了 7万,000 名中国患者。“关于 ivonescimab 已经产生的数据量是巨大的，” 的战略主管 Dave Gancarz 表示。 拥有该药物在中国以外地区的权利。

对康方生物在中国试验结果的兴奋情绪在过去几年中将 的股价推高至 $33。最近，其交易价格低于 $14。根据 S&P Global 的 Visible Alpha 追踪的分析师共识，治疗肺癌和其他器官癌症的批准可能会将 的销售额从目前的零提升到 2028. 的 8亿美元。在十年内，销售额可能会突破 300 亿美元 billion。这就是为什么 Harmoni-3 试验将成为股票催化剂。Richter 认为，未来一年成功的读数可能会将 的股价推至 $41。如果被收购，她认为该股价格可能超过 $70。

然而， 不会独占 PDI / VEGF 双特异性市场。百时美施贵宝（Bristol）和辉瑞（Pfizer）都有处于临床试验阶段的双特异性药物。甚至 的销售方默克公司也表示，它准备将其自己的 PDI / VEGF 进入 3 期临床试验。

癌症疫苗的证明？

今年另一个关键的读数可能会证明疫苗作为癌症治疗手段的有效性。癌症疫苗一直有着令人失望的历史，直到 6 月，默克和 Moderna 报告了一项随机-

成功的处方

处于后期临床试验阶段的癌症、心脏问题及其他疾病的潜力疗法，为患者和药物股票投资者带来了希望。

公司 / 股票代码 / 最近价格 / 市值 (10亿) / 12个月涨跌幅 / 2027E 市盈率 / 临床试验催化剂

Merck / MRK / $129.30 / $319 / 66% / 13.5 / INTERpath-001：intismeran疫苗，用于黑色素瘤 Novartis / NVS / 154.60 / 282 / 34 / 15.8 / HORIZON：pelacarsen，用于高脂蛋白(a) Bristol Myers Squibb / BMY / 63.80 / 137 / 46 / 9.7 / Librexia：milvexian，用于中风和心房颤动 Moderna / MRNA / 57.00 / 24 / 107 / N / A / INTERpath-001：intismeran疫苗，用于黑色素瘤 Summit Therapeutics / SMMT / 13.55 / 12 / -54 / N / A / Harmoni-3：ivonescimab，用于肺癌* Ionis Pharmaceutical / IONS / 54.33 / 10 / 26 / N / A / HORIZON：pelacarsen，用于高脂蛋白(a)

注：E=预测；N / A=不适用；与强生公司（Johnson & Johnson）合作；*默克公司 Keytruda 的潜在替代品 来源：Factset, Bloomberg

随机化的 intismeran autogene 疫苗 2 期试验报告称，在外科医生切除皮肤癌后，将其与 Keytruda 联合使用可将黑色素瘤复发风险降低一半。在随后的几周内，Moderna 的股价几乎翻了一番，涨至 $85, 以上，尽管此后已回落至 $56. 两家公司将在今年晚些时候公布其黑色素瘤疫苗 3 期试验的中期结果。

的首席开发官 David Berman 表示，癌症疫苗之所以显示出更好的效果，原因之一是医生在肿瘤扩散并形成免疫系统屏蔽之前就使用了它们。成功的另一个关键在于像 这样的信使 RNA（mRNA）技术能够针对每位患者癌症的突变使疫苗个体化。 针对患者肿瘤中多达 34 种异常蛋白。副作用极小。

3 期中期分析结果可能会在 10 月下旬的欧洲内科肿瘤学会（European Society for Medical Oncology）会议上公布。瑞银（UBS）分析师 Michael Yee 认为，尽管他今年对该股持中立态度，但这一消息可能会使 的股价波动高达 25%。强有力的疗效也将对 和默克公司正在开发的肺癌、肾癌、膀胱癌、胰腺癌和胃癌疫苗产生积极影响。

默克公司肿瘤早期临床开发负责人 Jane Healy 表示：“如果这项研究结果积极，对患者而言将具有惊人的意义。”

由于像 intismeran 这样的癌症疫苗是为每位患者定制的，扩大治疗规模是一个挑战。因此，分析师认为该产品对 业务的影响最大。Visible Alpha 的共识预测，癌症疫苗在 销售额中的占比可能从 2028 年的不足 10% 增长到 2035 年其 70 亿美元 billion 销售额的三分之二。

心脏病学复兴

今年还见证了高盛（Goldman Sachs）所称的“心脏病学复兴”的成果。一批新药可能会在减少心脏病发作和中风方面做出自 30 年前他汀类药物开始降低 LDL 胆固醇以来最大的贡献。

心血管疾病仍然是导致死亡的首要原因。进一步的研究将目光锁定在 LDL 之外的其他干扰因素上。其中之一是脂蛋白(a)，这是一种在全球 20% 人口中含量过高的血脂。这种情况是由遗传决定的，无论多少 [...OMITTED...]

生物制药领域的大宗交易

今年迄今为止，生物制药公司的收购总额已超过近年来的总和。

注：2026年数据截至7月27.。来源：BioPharma Dive

饮食或运动可以降低脂蛋白(a) [lipo(a)]。而且，此前从未有过治疗该病症的药物。直到现在。在接下来的几个月里，诺华（Novartis）将公布 pelacarsen 的 Horizon 研究结果，这是一款由诺华与 Ionis Pharmaceuticals 共同开发的可注射药物。这项涉及 8,300 人的 Phase 3 临床试验是首次关键测试，旨在证明降低 lipo(a) 是否能减少心脏病发作、中风或紧急心脏支架手术的数量。Richter 表示，(a) 治疗首次测试的成功在很大程度上已反映在诺华和 Ionis 目前的股价中。但其概念验证可能会给其他正在测试 (a) 疗法的公司带来助力。安进（Amgen）有一款处于 Phase 3 临床试验的 (a) 药物，Richter 认为该产品将比诺华的产品更有效。礼来公司（Eli Lilly）则在进行关于 (a) 注射剂和药丸的 Phase 3 研究。

大约在今年年底，百时美施贵宝（Bristol Myers Squibb）将得知其是否找到了一款比 Eliquis（其主打产品之一）更好的抗凝药。届时，百时美施贵宝应会公布 milvexian 的两项 Phase 3 临床试验之一的结果，这是一款与强生公司（Johnson & Johnson）合作开发的预防血栓药物。患有心房颤动（atrial fibrillation）等不规则心跳的患者通常被开具像 Eliquis 或强生的 Xarelto 这样的抗凝药，以防止可能导致中风的血栓。但多达 40% 的 患者必须减少剂量，因为这类药物会增加出血风险。早期研究表明，milvexian 通过抑制一种名为 Factor XI 的蛋白质来减少血栓，且引起的出血较少。在年底左右，所谓的 Librexia 试验之一将揭示 milvexian 是否能为已经中风过的人群预防进一步的中风。在明年的第一季度，另一项试验将显示该药物在心房颤动患者（美国约有 1000 万 人）中预防中风的效果是否与 一样好。

是百时美施贵宝去年销售额最高的药物，带来了 140 亿美元 billion 的收入。该药在欧洲市场的独占权已于今年早些时候到期。美国的独占权将于 2028, 4月结束，分析师预计 的销售额将在当年下降一半。如果 milvexian 被证明在预防血栓方面同样有效且出血更少，百时美施贵宝就找到了 的继任者。Haider 表示：“百时美施贵宝在 milvexian 的结果上押注很高。”

--- 2026年8月10, 2026 巴伦周刊 11

特殊目的收购公司（SPACs）回归。一只大热股票成了警示录。Dave 在进行 1-for-32 反向拆股前，其价值损失了 97%。如今，这家金融科技公司的股价已大幅反弹。这个故事是对投资者的警告。

作者：NATE WOLF

2022 年 1 月几乎是一家公司上市的最糟糕时机，而对于那些通过曾经热门的特殊目的收购公司（SPACs）首次交易的公司来说，情况更为痛苦。Dave 是一家向消费者提供小额预支资金的金融科技应用公司，它对此深有体会。该公司于 Jan. 6, 2022. 与一家由 Victory Park Capital 赞助的 SPAC 合并。在接下来的 12 个月里，该股价值下跌了 97%，部分原因是俄罗斯入侵乌克兰、快速通货膨胀和利率上升，部分原因是任何与 SPACs 相关的资产在投资者眼中都变得具有毒性。

在首次公开募股一年后，由于股价跌至 29 美分， 的董事会批准了 1-for-32 反向拆股，以避免被纳斯达克（Nasdaq）除名。Citizens 的分析师 Devin Ryan 表示：“这在某种程度上是一场‘完美风暴’。”

后疫情时代 SPAC 热潮中的许多公司都经历了类似的陨落。然而， 实现了罕见的 合并后反弹。该公司在 2024, 转为盈利，2025, 销售额增长 40%，并在今年早些时候攀升至其 合并时的股价之上。即便在周四财报公布后的抛售之后，该股在 2026, 仍上涨了 65%，且大多数分析师将其评级为“买入”。

在后疫情时代 热潮中上市的所有公司中， 的表现是最出色的公司之一，超越了 DraftKings 和 SoFi Technologies 等知名案例。

然而， 的故事对投资者来说是一个警示录，尤其是随着新一波 发行即将到来。SPACs 通常代表进入公开市场的快速通道，但一旦公司抵达目的地，道路可能会非常颠簸。即便在最近的上涨之后，自开始交易以来， 的股价仍落后于标准普尔 500 指数。

当 上市时，合并赞助商 Victory Park Capital 已准备好 2.54亿美元 的股东资金，且双方已获得由 Tiger Global Management 领投的约 2亿美元 私人投资。但实际资本并非保证到位。空白支票公司的投资者可以在合并完成前出售股份。在 的案例中，投资者赎回了 88% 的股份，使得 2.54亿美元 在扣除结项成本后减少至 1000万美元 以下，使刚上市的 失去了预期的收益。

Victory Park 拒绝就本文发表评论，但继续在 的董事会中持有席位。与此同时，Tiger 的股份没有传统的锁定期。证券文件显示，随着大盘开始转向，该公司开始了抛售狂潮，在第三季度末卸掉了其在 的全部持股。Tiger 没有回应《巴伦周刊》的置评请求。

到 6 月， 的股价跌至“细价股”（penny-stock）区间，并且在那里停留了近两年（未计入拆股调整）。由于 没有通过典型的首次公开募股招募（即路演）过程建立深厚的机构投资者基础，因此处于极其困难的境地。

的首席执行官 Jason Wilk 表示：“基本上每个人都告诉我们，这是一个无法解决的问题。即使你想投资这家公司，股票的流动性也太低，以至于你根本无法进场。”

并非孤例。根据佛罗里达大学教授 Jay Ritter 的数据，2021 年和 2022 年通过 上市的 300 家公司，其股价在上市第一年平均下跌 64%，三年内下跌约 70%。

William Blair 的分析师 Andrew Jeffrey 表示：“SPACs 确实都被一概而论地看待，而且是有原因的。它们的设计初衷就是以公开市场投资者的利益为代价，来让初始投资者获利。”

Dave早期的成名得益于亿万富翁投资者马克·库班（Mark Cuban）的种子资金。库班告诉《巴伦周刊》，他曾资助过威尔克（Wilk）之前的一项创业项目，并将其投资滚动至此，因为他欣赏威尔克作为首席执行官的能力。在两人于2023年底会面时，当时股价处于最低点，库班给出了一些建议。威尔克回忆道，库班当时说：“忘掉投资者群体，专注于打造业务。”Dave的核心产品是ExtraCash，公司将其定位为透支、信用卡和发薪日贷款的替代方案。用户绑定其银行账户，申请最高$500的现金，以支付5%的手续费、每月最高$5的订阅费以及一些可选的附加服务。平均预支金额为$215。Dave不收取传统利息，也不进行信用查询。相反，其名为CashAI的承保模型通过分析用户绑定银行账户的现金流来评估信用风险。随后，当用户账户收到存款时，系统会回收这笔资金。分析师解释称，CashAI的预测能力随时间而提高，有助于最大限度地减少损失并最大化现金预支规模。该公司在2023年第四季度首次实现盈亏平衡，随后乘势在2024年第一季度实现了$3.42亿的利润。威尔克解释说，投资者注意到了这一点，空头不得不平仓。到2024年5月，该股已从历史低点飙升1,000%。Dave面临的下一个挑战可能更具生存威胁。在收到联邦贸易委员会的转介后，美国司法部（DOJ）于2024年12月起诉该公司及威尔克，指控Dave通过欺骗性广告误导客户。美国司法部（DOJ）指控称，Dave在未进行适当披露的情况下，将ExtraCash用户纳入了每月订阅计划。在其他指控中，它

新一轮 SPAC 热潮

在疫情期间的激增以及随后的沉寂之后，SPACs 再次开始上市。这些新的空白支票公司目前正在寻找可合并的目标公司。

来源：杰伊·里特（Jay Ritter），佛罗里达大学 插图：卡尔·戈弗雷（Carl Godfrey）

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12 巴伦周刊 2026年8月10日

您全新的每日房地产痴迷

规则很简单：浏览全球最令人惊叹的房产，分析线索，将它们按价格从最高到最低进行排序，并在全球排行榜上占据顶端位置。

现在就前往 mansionglobal.com / homeshuffle 开始排序。 © 2026 道琼斯公司（Dow Jones & Company, Inc.）保留所有权利。 2E6381

一个出色的SPAC

Dave的股票在过去12个月里异常火热。与大多数通过SPAC形式成立的公司一样，该股自开始交易以来仍落后于标准普尔500指数。

公司 / 股票代码 / 过去12个月市场回报率 / 价值（十亿美元） / 首个交易日 / 相对于标准普尔500指数的总回报率

Dave / DAVE / 96% / $5 / 1月6, 2022 / -37% Opendoor Technologies / OPEN / 84 3 / 12月21, 2020 / -216 Rocket Lab / RKLB / 74 45 / 8月25, 2021 / 549 SoFi Technologies / SOFI / -17 23 / 6月1, 2021 / -117 Symbotic / SYM / -24 25 / 6月8, 2022 / 5 QuantumScape / QS / -40 3 / 11月27, 2020 / -215 Hims & Hers Health / HIMS / -41 7 / 1月21, 2021 / -23 DraftKings / DKNG / -52 10 / 4月24, 2020 / -188 Lucid Group / LCID / -68 3 / 7月26, 2021 / -185

来源：FactSet

据称该公司很少提供广告中宣传的$500，并且使用了一种现已取消的支付结构，鼓励客户在每月费用之外支付“小费”。该案件正等待美国加利福尼亚州中区联邦地区法院的审理。Wilk表示，Dave的行为合法，且事实将在法庭上予以证实。Ballard Spahr的高级法律顾问Alan Kaplinsky表示，对于Dave提供的这类透支产品，目前还没有国家层面的监管框架，而Ballard Spahr在当前案件中不承担任何角色。如果被视为传统贷款，ExtraCash的利息将超过许多州、地方以及《军事贷款法》的限制。巴尔的摩市和一群用户去年基于这些理由在不同的案件中起诉了Dave，其中巴尔的摩引用了利率经常超过1,000%的例子，远高于33%的州限制。这些诉讼是在过去二十年里对发薪日贷款进行广泛打击的背景下提出的。Wilk表示，利率上限并非为公司这种短期限融资而设计。

2025年，负责任贷款中心（Center for Responsible Lending）在对Dave以及包括EarnIn和Cleo在内的其他四个直接面向消费者的贷款应用进行分析后发现，重度用户在第一年支付的综合费用平均为$421。作者写道，此类成本“可能会使财务脆弱的工人陷入更深的困境”。Dave认为其费用远低于银行的透支费用，目前每月有300万会员进行交易。根据美国银行研究所的数据，近三分之一的美国人过着月光族的生活。William Blair的分析师Jeffrey表示，经济状态可能对Dave有利。失业率保持在低位，因此用户能获得可预测的工资单，而Dave可以为此提供资金桥接。但低收入家庭同样感受到了杂货和汽油价格上涨的压力——这是会员使用ExtraCash的两种主要方式。这些动态可能促成了Dave的增长。

该公司的营收在2025年增长60%至5.54亿美元，营业利润率从10%扩大到34%。分析师预计2026, 的增长率为31%，营业利润率为38%。Wilk表示，Dave能够适应不同的经济现实。他表示，例如，如果失业率激增，平均信用额度可能会下降，但需要短期现金的人数将会增加。

在经历了新冠时代的繁荣多年后，SPAC发行正悄然回归。根据Ritter的数据，去年有超过140家SPAC公司上市，寻找可供其接管上市地位的目标公司，这是自2021, 以来最高水平。2026. 第一季度又有62家公司上市。但SPAC繁荣期少数成功案例之一深知其中的陷阱。回顾过去，Wilk承认，Dave的SPAC合并使得公司失去了投资者和银行的机构支持，而这些支持本可能在传统的IPO中拯救公司。那个时代的大多数SPAC注定会失败——由投机性融资工具推动投机性业务上市。Dave凭借其基本面生存了下来，但尽管经历了多年的超高速增长，其股价表现依然逊于标准普尔500指数。并且，它相对于Klarna Group、SoFi和Affirm Holdings等同行仍以折扣价交易。■

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8月10, 2026 巴伦周刊

13

这只具有前瞻性的股票看来准备反弹

库珀公司（Cooper Cos.）是全球第二大隐形眼镜制造商，随着该公司寻求出售其手术部门，股价可能会迎来上涨。两家激进投资者正在该股票中采取行动。

作者：ANDREW BARY

视力的长期前景并不乐观。全球青少年在屏幕前花费的时间过多，导致近视症迅速蔓延。据某些估计，到2050.，全球将有一半人口患有近视。这就是库珀公司前景如此良好的原因之一。

库珀公司总部位于加利福尼亚州圣拉蒙，是全球第 2 大隐形眼镜制造商，占据全球近 30% 的市场份额，仅次于Acuvue的制造商强生公司（Johnson & Johnson）。库珀公司拥有一款专门针对青少年的极具前景的产品，以及针对其他年龄段的众多产品。

更直接地看，库珀公司的股价可能会受到一些公司发展的推动。该公司可能很快会公布其手术业务的出售计划，从而打造一家纯粹的隐形眼镜公司，而该公司本身可能会成为被收购的目标。

此外，还有两家持有库珀公司股份的激进投资公司：Jana Partners和Browning West。它们一直在向该公司施压，并已经取得了一些成效。库珀公司在12月任命了一位新任董事长和另一位新董事会成员——这正是Browning West在去年11月的一封公开信中所寻求的。这家西海岸公司认为，由于库珀公司近年来的执行力和利润增长出现下滑，因此需要做出改变。

库珀公司的股价目前约为 $74,，今年下跌了约 8%，但较5月约 $60. 的低点上涨了 25%。激进投资者介入的部分原因是，该股在 2021. 达到 $115 的峰值后，过去五年的表现不佳。

该股目前的交易价格约为其截至10月的财年预计收益 $4.63 的 16 倍，处于合理水平。与隐形眼镜寡头垄断市场中的另外两家公司——爱尔康（Alcon）和博士伦（Bausch + Lomb）相比，这具有一定的折扣。

库珀公司的市值超过 140 亿美元 billion。预计本财年的收益将增长 12%。

“库珀公司是一个特殊情况，目前正处于激进投资者的活动中，且管理团队表示将对公司进行拆分，”瑞穗证券（Mizuho Securities）分析师Anthony Petrone表示，他给予该股“跑赢大盘”评级，目标价为 $85。

Oakmark Global基金经理David Herro在第二季度信函中写道：“库珀公司在隐形眼镜市场份额增长方面拥有令人印象深刻的记录，我们将其归功于其在特种镜片领域的领先地位及其独特的自有品牌战略。”

库珀公司的主要部门CooperVision生产隐形眼镜，这占其 43 亿美元 billion 年销售额的约三分之二，且在收益中的占比更高。这是一个极具吸引力的行业，年销售额增长率为 4% 至 6%，进入门槛高，且客户粘性强——购买镜片或更换品牌需要医生的处方。

日抛硅水凝胶镜片采用率的提高助力了该行业。与需要每日清洗且可能导致眼睛感染的双周抛和月抛镜片相比，日抛镜片更安全。日抛镜片的价格也更高——双眼通常每天需 $2 ——且对制造商而言利润更高。

聚焦眼科

库珀公司的股票定价比竞争对手的镜片制造商更具吸引力。

公司 / 股票代码 / 最近价格 / 年初至今涨跌幅 / 市值（十亿美元） / 2026年预期每股收益 (EPS) / 2026年预期市盈率 (P / E) / 股息率

库珀公司 (Cooper Cos.) / COO* / $74.84 / -8.7% / $14.6 / 40 亿美元.63 / 16.2 / 无 爱尔康 (Alcon) / ALC / 70.57 / -10.5 / 35.3 / 3.46 / 20.4 / 0.5% 博士伦 (Bausch & Lomb) / BLCO / 16.78 / -1.9 / 6.0 / 0.72 / 21.2 / 无

注：E=预期；*指截至2026年10月的财政年度预期。

视力之王 隐形眼镜市场的前三大厂商控制了近 90% 的业务。 强生 (Johnson & Johnson) 36% 库珀公司 (Cooper Cos.) 27% 爱尔康 (Alcon) 25% 其他 12% 来源：公司报告

库珀公司还受益于散光镜片（用于散光患者）和多焦点镜片（用于需要远近距离视力辅助的老年人）的增长。这两种镜片占库珀公司每年约 30 亿美元 十亿美元镜片销售额的一半。截至 2025 年，该公司已连续 18 年获得镜片市场份额的增长。

库珀公司也是儿童镜片领域的领导者。它拥有一款名为 MiSight 的产品，可缓解通常在 10 到 18 岁之间发生的近视进展。目前的销售额仍然较小，年化约为 $1.25 亿美元，但潜力巨大。儿童长时间面对屏幕导致眼球内部被拉伸，进而可能引起近视。在亚洲，这种情况已达到流行病规模。MiSight 有助于缓解这一问题，并支撑未来几年的销售。

该公司的手术业务约占销售额的三分之一，专注于生育和女性健康。库珀公司去年 12 月开始进行战略审查，首席执行官阿尔伯特·怀特（Albert White）在 6 月 4 日的业绩电话会议上表示，公司“目前正积极与多家对 CooperSurgical 提交了重大意向书的各方进行讨论”。手术业务被出售的可能性很大。公告可能会在 9 月 9 日或之前发布，届时公司将公布 7 月季度的业绩。库珀公司未回应置评请求。

尽管今年医疗设备股票疲软且行业市盈率较低，但私募股权对手术和生育领域的兴趣依然浓厚。库珀公司的手术业务可能价值 40 亿美元 十亿美元或更多。怀特在 6 月的电话会议上表示，潜在出售所得资金的“大部分”将用于股票回购。相对于库珀公司 145 亿美元 十亿美元的市值，这可能意味着大规模的回购。

如果手术业务被出售，库珀公司将成为唯一的大型纯隐形眼镜制造商。这可能会吸引像 EssilorLuxottica 这样的公司产生收购兴趣，后者是一家市值 900 亿美元 十亿美元的眼科护理巨头，也是领先的眼镜框制造商。另一个潜在买家是 Hoya，一家拥有庞大视力业务的日本公司。

一些不足之处：隐形眼镜业务的销售增长有所放缓，库珀公司在 6 月将今年的有机销售增长指引从 5% 下调至约 4%。近年来，隐形眼镜竞争对手在库珀公司的市场份额中取得了一些进展。此外，库珀公司不支付股息。这可能是一个错误，因为医疗保健股票的投资者喜欢股息。

但仍有充分的理由保持乐观。看好该股的 Baird 分析师杰夫·约翰逊（Jeff Johnson）预计，库珀公司 2027 财年的自由现金流将达到 10 亿美元 十亿美元，高于今年的 $6.5 亿美元。随着库珀公司的故事变得更加清晰，投资者会对所见之物感到满意。■

Dreamtime --- 14 巴伦周刊 2026年8月10日

新西部

在低税收和轻监管的环境下，德克萨斯州正在蓬勃发展。投资者和居民可能会为此付出沉重代价。

作者：AVI SALZMAN 摄影：Jake Dockins --- 2026年8月10日 巴伦周刊 15

现在，全球经济比以往任何时候都更依赖德克萨斯州。繁荣正发生在该州的南端，SpaceX 在距离墨西哥边境仅几英里的一片海滩上发射火箭。在东部，休斯顿及其他地区的港口正向全球运送创纪录数量的石油和天然气，繁荣景象如在。北部同样在经历一场“淘金热”，达拉斯正将一个银行业的偏远之地转变为真正的金融中心；而在西部，科技公司正在建设其迄今为止最大的人工智能数据中心。

受人口增长、自然资源丰富、无需缴纳个人所得税以及监管宽松的吸引，从甲骨文（Oracle）到特斯拉（Tesla）再到卡特彼勒（Caterpillar）的公司纷纷将总部迁至该州。今年，德克萨斯州以 57. 家 Fortune 500 公司的数量超过加利福尼亚州，成为这些公司聚集地最多的州。连续三年，德克萨斯州增加的就业岗位数量超过任何其他州。它拥有全球第八大经济体，并紧随法国之后争夺第七名。

德克萨斯州还处于有利位置，有望在人工智能驱动的下一阶段经济增长中引领美国。在解决该技术最大的瓶颈——能源方面，它比美国任何其他地区都更接近目标。根据能源数据提供商 Global Energy Monitor 的数据，德克萨斯州建设的天然气发电厂数量比接下来的七个州总和还要多。它也是可再生能源发电的领先州，风能和太阳能阵列的建设速度甚至快于美国东北部等气候政策更友好的地区。

德克萨斯州的电网像一个与邻州断开的孤岛一样运行，这使其在某些天气紧急情况下陷入困境，但也允许实施灵活的监管，从而刺激了激进的私人投资。该州正在实验一种“超资本主义”（hypercapitalism），其影响可能会波及全国。它的创新正在吸引模仿者，这些人将它的成功视为刺激经济增长的蓝图。

但这种模式也引发了抵制。批评者认为，去监管化使局面向有利于企业的方向倾斜，并导致了一场将影响从股东到员工所有人的“竞底竞争”（race to the bottom）。德克萨斯州的增长也触及了物理极限。在该州的部分地区，水资源正在枯竭，而数据中心的繁荣威胁将进一步耗尽水资源。

观察德克萨斯州增长势头的一个地方，是达拉斯市中心一座半成品大楼的底部。这座 30 层高的建筑将于明年完工，届时将入驻美国银行（Bank of America）的区域总部以及最近开业的德克萨斯证券交易所，后者计划在建筑侧面安装一个滚动股票行情显示屏。

“这里没有一条叫‘Y'all Street’（德州方言版华尔街）的街道，”该市经济发展公司负责人、一名城市推广者琳达·麦克马洪（Linda McMahon）说道，“但这里的情况大致就是这样。”

这座建筑俯瞰着一座由石油和天然气资金建设的五英亩公园，这本身就是该市过去十年转型的标志。这里曾经是一条挖掘在深沟里的嘈杂高速公路，将市中心一分为二。在高速公路被覆盖并铺上草坪后，这里变成了一个聚集地，在午休时间接待办公人员，并在世界杯期间接待数千名观看比赛的足球迷。

在过去的一个世纪中，达拉斯的银行一直向石油生产商提供贷款。但长期以来，这座城市在行业中被认为是无关紧要的。迈克尔·刘易斯（Michael Lewis）在其定义时代的金融巨著《说谎者的扑克》（Liar's Poker）中写道：“1985, 年，在工作安置黑板上，你的名字可能会落在许多糟糕的位置，但最糟糕的绝对是标有‘达拉斯股票业务’（Equities in Dallas）的那个槽位。”“达拉斯股票业务”成了职业流放的代名词。

这正是高盛集团（Goldman Sachs Group）达拉斯办公室现任负责人 Aasem Khalil 最初对这座城市的看法。Khalil 在纽约州长岛长大，2016 年时他是该银行纽约总部的资深高管，当时他被叫到时任投资银行主管 David Solomon 的办公室，被告知下一个任职地点。他原以为会是像伦敦那样的高端地点。但 Solomon 有其他想法。“当他说‘我想让你搬到达拉斯’时，我的反应是‘你一定在开玩笑吧。我惹你生气了吗？我做错什么了吗？’” Khalil 后来改变了看法。“‘达拉斯的股票业务’是 80 年代初的陈词滥调，”他在高盛目前的市中心办公室接受采访时说道，这座建筑在 1985. 年建成时被认为是后现代主义风格。现在，高盛正在约一英里外建设一个规模大得多的园区，由一家以设计歌剧院闻名的丹麦建筑事务所设计。在一个充斥着郊区和蔓延的办公园区的州里，达拉斯的市中心显得与众不同。这里遍布高端住宅，其中一些是由 80 年代的办公楼改造而成的。年轻人选择留在这里。达拉斯一些最富有的家族——如 Perot 家族、Warren 家族、Hunt 家族和 Crow 家族——将他们早年积累的石油、科技和房地产资金投入到了文化和公共设施中。高盛已将其达拉斯地区的员工人数从 2017. 年的 900 人增加到 4,500 人以上。其他公司也在大举招聘。在过去十年中，金融业在达拉斯地区增加了 10万,000 名员工，目前总数接近 40万,000. 人。摩根大通（JPMorgan Chase）在德克萨斯州的员工人数甚至超过了在纽约的人数，而后者是其耗资 30 亿美元 billion-plus 新总部的所在地。该州以前的野猫钻井工（wildcatters）现在成了老钱（Old Money）大亨，正在寻找管理资金的顾问。财富管理巨头摩根士丹利（Morgan Stanley）正考虑在该市建设一座耗资 13 亿美元 billion 的办公综合体，就在达拉斯联邦储备银行那座气势磅礴的石灰岩建筑对面。查尔斯·施瓦布（Charles Schwab）在 2021. 年将其总部从旧金山迁至达拉斯地区。他们搬迁不仅仅是为了这里的烤肋排——公司在德克萨斯州可以节省数百万美元的税款。在加利福尼亚州，银行的企业所得税率为 10.8%。而在德克萨斯州，没有企业所得税；该州仅收取相当于银行毛利润 0.75% 的边际税。德克萨斯州正在多方面争取企业。该州的高层政治人物并不满足于公司仅仅将员工迁入该州。他们希望公司将法律注册地从特拉华州等州转移到德克萨斯州，并将股票也在当地上市。绝大多数美国公司在特拉华州注册，特拉华州在裁决商业纠纷方面的悠久历史似乎使其免受竞争影响。但一名特拉华州法官在 2024 年决定否决埃隆·马斯克 560 亿美元 billion 的特斯拉薪酬方案，这激怒了这位特斯拉首席执行官，并促使了一场反弹。马斯克将特斯拉的法律注册地迁至德克萨斯州，后者的规则被认为比特拉华州对企业更友好。在德克萨斯州，公司可以阻止持股比例低于 3% 的投资者提交股东提案并提起某些类型的诉讼。德克萨斯州还通过了限制代理顾问权力的规定，这些顾问有时会建议投资者对公司政策投反对票。此外，根据州长 Greg Abbott 的说法，该州还设立了自己的商业法院，旨在“为复杂的商业纠纷提供经验丰富的法官和更高的确定性”。

一些专家表示，德克萨斯州商业法院的规则明显使竞争环境向公司内部人士倾斜。SpaceX 的证券备案文件也承认了这一点：其章程强制要求争议由德克萨斯州商业法院裁决，该公司称这“可能会抑制针对我们以及我们的董事、高级职员、其他管理官员和其他员工的诉讼”。根据律师事务所 Latham & Watkins 的说法，这些法院“为针对德克萨斯州公司提起衍生诉讼的潜在原告设置了重大障碍”。德克萨斯州“基本上是在说，我们对管理层非常友好，所以快来

德克萨斯州的接管

该州目前已成为大公司聚集地的领头羊。

来源：Fortune --- 16 巴伦周刊 2026年8月10日

“德克萨斯州基本上是在说，我们对管理层非常友好，所以请来这里注册公司，”非营利组织“美国金融改革教育基金”（Americans for Financial Reform Education Fund）公司治理与权力副主任纳塔利娅·伦塔（Natalia Renta）表示。该州关于提起诉讼的股东所有权规则此前从未被尝试过，这引发了人们的担忧，即各州将继续削弱小投资者的权利。伦塔表示，德克萨斯州的举措已经激励其他州降低保护股东的护栏，并赋予公司内部人士更多权力。内华达州和特拉华州都通过了相关规则，使得诉讼当事人更难收集起诉公司所需的证据。“这造成了一场‘竞底’（race to the bottom），”伦塔说。

该州将股票交易视为成为公认的金融中心——与纽约平起平坐甚至超越纽约——的下一步。德克萨斯交易所于7月作为股票交易场所开始运行，尽管它仍在努力争取自己的上市企业。德克萨斯股票交易所首席执行官詹姆斯·李（James Lee）表示，该交易所支持美国企业的“德克萨斯化”。他说，消除浪费的费用和繁琐的规则应该能吸引更多公司进入公开市场。

“股票上市是获得所有这些好处的下一步，德克萨斯股票交易所是其中的一个合作伙伴——这里的小写p是指合作伙伴（partner）——但我们的目标是一致的，”他说。纳斯达克（Nasdaq）和纽约证券交易所（NYSE）也加强了在德克萨斯州的存在——SpaceX在纳斯达克的纽约和德克萨斯交易所双重上市。纳斯达克于3月启动了其交易所。纳斯达克德克萨斯分部总裁瑞秋·拉茨（Rachel Racz）告诉《巴伦周刊》，决定开设德克萨斯场所“更多是对客户的回应，而非针对竞争对手”。

然而，从实际角度来看，纳斯达克德克萨斯分部并没有给该公司的客户带来太大改变，因为他们的交易仍运行在东海岸的线路和技术之上。她说，这“允许公司在德克萨斯州建立上市存在感，同时保留纳斯达克上市的所有优势”。

从流动性角度来看，德克萨斯交易所仍只是一个小点，两者合计占美国股票市场成交量的比例不足1%。伦塔担心德克萨斯交易所正在进行一场自己的“竞底”比赛。在SpaceX上市前后，纳斯达克修改了规则，为大盘股创建了一个“快速通道”流程，使其在仅交易15天后即可进入被广泛持有的纳斯达克-100指数，这引发了人们对普通投资者将承担过高风险的担忧。

“然后突然之间，他们的交易所就获得了上市资格，”伦塔说。

左下及中间：高盛（Goldman Sachs）正在建设一个新的达拉斯园区，因为其在该市的人员增加了五倍。右下：位于达拉斯的新建30层美国银行大厦（Bank of America Tower）将容纳德克萨斯股票交易所。

纳斯达克表示，其快速通道计划旨在使指数更好地反映其追踪的市场。拉茨说：“那个决定是在SpaceX之前很久就做出的。”

德克萨斯州认为自己比纽约具有政治优势，后者的左倾政策有时令商业界感到恼火。德克萨斯交易所不会要求公司列出董事会多样性统计数据，就像纳斯达克在几年前其规则被法院推翻之前短暂执行过的那样。在德克萨斯交易所上市的公司也不必担心股票交易税。选民去年批准了一项宪法修正案，禁止该州对证券交易征税——这是对2020年纽约州议会一项从未推进的税收提案的回应。

德克萨斯州的政治人物迅速采取行动。达拉斯市长埃里克·约翰逊（Eric Johnson）于4月访问纽约市以招揽业务。他告诉《巴伦周刊》，达拉斯“显然在获胜”，因为它是世界上唯一一个拥有三个主要交易所的城市。

“现在由于一个像小丑一样的人担任纽约市市长，这成了不公平竞争，”德克萨斯州参议员坦·帕克（Tan Parker）在最近的一档播客节目中表示，他是该交易所的主要支持者。他指的是纽约市市长佐兰·马姆达尼（Zohran Mamdani），一名主张提高富人税的民主党社会主义者。马姆达尼的办公室则以自己的优势予以回应：纽约依然是全球金融之都，正因如此，纽约从事金融业的人员薪酬更高。根据马姆达尼的一位发言人引用劳动力市场数据服务公司 Lightcast 的数据，纽约金融从业者的平均年薪为 $51.2万,000，而德克萨斯州人的到手年薪为 $16.2万,000。她写道：“纽约市继续吸引该行业中质量更高、薪资更高的职位。”……如果说达拉斯是德克萨斯州的璀璨之星，那么科珀斯克里斯蒂（Corpus Christi）就是其劳动力支柱。科珀斯克里斯蒂位于休斯顿以西的墨西哥湾沿岸。从北方向南驶入，其天际线是一片由炼油塔和化工厂组成的阴霾。但不要被表象所迷惑：就像任何顶级的豪华地产一样，这里的地理位置无可替代。科珀斯克里斯蒂是距离二叠纪盆地（Permian Basin）最近的主要港口，而该盆地产出美国一半以上的石油。而且，它是美国唯一一个水深足以容纳石油工业巨型船舶的港口——这些原油运输船的长度可达三个足球场之久。目前，该港口每天向海外发送约 250 万 桶原油，比十年前增长了十倍。这大约占美国总出货量的一半。这座城市还是一个出口枢纽……

--- August 10, 2026 BARRON'S 17

绿色巨头

长期以来以石油闻名，但德克萨斯州现在也是清洁能源发电量最高的州。德克萨斯州在美国可再生能源生产中的份额 来源：能源信息署（Energy Information Administration）

液化天然气出口业在 10 年前还不存在，而如今已成为美国最具价值的产业之一。可以说，科珀斯（Corpus）改变了美国在世界上的地位，这绝非夸张。就在 2015 年，美国还禁止原油出口以保护国内价格，这是 20 世纪 70 年代石油危机的遗留产物。现在，石油成了美国最大的出口类别。今年原油出口量增长了约 40%，在 4 月份达到了创纪录的每天 560 万桶。哈佛大学教授梅根·欧苏利文（Meghan O'Sullivan）在其关于美国能源出口繁荣地缘政治影响的著作中写道，如果没有美国的额外出口，伊朗战争期间的油价飙升可能会“严重得多”。

在发动战争前不到 10 小时，唐纳德·特朗普总统于 2 月 27 日在科珀斯发表了讲话。“我们正在见证一场前所未有的历史性美国能源繁荣，”他站在一艘巨型油轮前的码头上说道，“而这个港口正处于行动的中心。”

“这里充满了自豪感，”该港口首席执行官肯特·布里顿（Kent Britton）在上个月的一次采访中表示。在他说话时，一艘运载石油焦（一种类似煤炭的炼油副产品）的驳船缓缓驶过。就在驳船前方，一只海豚在水面若隐若现——在一个既是工业强市又是旅游小镇的城市里，这种景象虽然奇怪但很常见。

“从这里出口的几乎所有东西都流向了我们的盟友。每一艘离开 Cheniere Energy [一家液化天然气供应商] 的船只，都能为欧洲 100 万户家庭提供一个月的电力。如果不是因为这里的供应，欧洲的灯火将会熄灭。”

然而，科珀斯的自豪感被一种苦涩的讽刺所冲淡。尽管这座城市在世界舞台上扮演着重要角色，但国内的问题却日益严重。科珀斯克里斯蒂（Corpus Christi）正面临缺水。这座城市的增长已经超过了其资源承载力，而一场旷日持久的干旱暴露了情况的严重程度。面临风险的是 50 万多人最基本的人类生存需求。

到目前为止，水龙头依然在流水，但在供应这些用水的水库中，危机的迹象已清晰可见。位于市北部的乔克峡谷水库（Choke Canyon Reservoir）的水位在上个月一度仅剩 8%。就在几年前，该水库的船坞还吸引了大批为了逃避南德克萨斯州酷暑而寻求娱乐的人群。而现在，码头延伸出去的尽头只有一片干枯的灌木丛。

为了应对危机，市政府开始限制用水。从 2024 年 12 月起，他们对居民实施了“第三阶段”限制，禁止其浇灌草坪和院子。车道出现裂缝，人行道陷进地里。与此同时，企业依然运转如常。到目前为止，工业用户除了被禁止浇灌其物业内的草坪外，尚未受到削减用水的影响。

城市统计数据显示，从 2023 年到 2025 年，居民的用水量减少了 19%。而同期大宗用水者的用水量仅下降了 3%。这种差距引发了紧张局势。一些居民认为大型能源公司应为此负责。在 6 月的一次市议会会议上，有人问道：“我们想被人们记住为一个被埃克森（Exxon）吸干了水的城市吗？”

在市中经营泳池服务业务的迈克·拉莫斯（Mike Ramos）在采访中表示：“你们怎么能削减居民的用水，却不要求炼油厂削减？”“这其中存在很多问题。”拉莫斯表示，他计划与其他泳池企业主会面，以探讨如果市政府对居民实施更严格的限制，他们可以采取哪些法律手段。

市经理彼得·扎诺尼（Peter Zanoni）作为该市最高行政主管，在科珀斯克里斯蒂市政厅的一次采访中表示，将所有责任推给工业用户是不公平的，因为这些用户的用水效率已经提高。他认为，市府对工业用户的相对宽容是合理的：市府优先保障那些“造福人类生命与健康”或“支持产品开发”的用水。大型企业用户则表示他们已尽到职责。埃克森美孚（ExxonMobil）通过一家合资企业在科珀斯克里斯蒂经营一家化工厂，是该市最大的用水户，每天耗水量约 1300 万 加仑。一名埃克森美孚发言人表示，公司“持续回收利用水资源，并始终在寻找减少用水的额外方法”。包括科赫（Koch）旗下的炼油子公司弗林特希尔资源公司（Flint Hills Resources）在内的其他企业表示，即使在提高燃料产量的同时，他们也能削减用水量。尽管如此，扎诺尼理解居民为何感到愤怒。工业厂房消耗了科珀斯克里斯蒂约 60% 的用水量，这一比例远高于普通城市，且这些工厂的所有者在出口繁荣中获利丰厚。炼油厂和化工厂在冷却等方面需要大量用水。扎诺尼说，多年来，居民甚至在补贴大公司的用水。市议会 3 年前将工业水价翻了一番以平衡局面，但现在几家大用户正向州监管机构挑战这一决定。扎诺尼说，当他看到瓦莱罗能源（Valero Energy）的惊人财报时，他简直不敢相信自己的眼睛，这家大型炼油商正是挑战涨价小组的一员。“我们在这里担心多收他们一点钱，而他们仍在抗争，”他说。“在科珀斯克里斯蒂，社区之间存在巨大的分歧：一边是不赚数十亿资金的普通、勤劳的蓝领家庭，另一边则是赚数十亿资金的工业界，”扎诺尼说。“而且人们即使在工业界工作，也讨厌这个行业。”

第 3 阶段的削减措施已开始产生影响。结合近期的一些降雨，这些措施使市府上周能够将限制级别下调至第 2, 阶段，虽然该阶段仍限制许多活动，但允许每两周一次在傍晚或清晨浇灌草坪。尽管如此，市府依然处于紧张状态——持续的干旱状况可能会导致更为严厉的措施。所谓的第 1 级紧急状态将意味着全面削减 25% 的用水量。扎诺尼表示，在 1 级紧急状态下，市府将调整平衡：将不再对住宅客户执行限制，但会要求工业用户遵守。截至今年春季，看来 1 级紧急状态将在 9 月到来。降雨将预计日期推迟到了 2028. 年。市府和大型能源公司一直在为那个日期做准备，建设将废水转化为工业可用水的工厂。这些工厂预计每天可转化约 1600 万 加仑的水，从而为居民和其他用户释放同等数量的淡水。该地区每天用水量约为 1.2 亿 加仑，因此该项目可提供 10% 到 15% 的缓冲空间。市府还在一条流入城市饮用水系统的河流附近钻井，有可能为供水增加数百万加仑。市府正在讨论另一种解决方案——在科珀斯内港建设一座价值 $97800 万 的海水淡化厂，将墨西哥湾的咸水转化为可饮用的淡水。商业团体认为这是一个合理的长期解决方案，但该计划也引发了强烈的反对。海水淡化的成本远高于其他获取水源的方法。

为全球提供燃料

科珀斯克里斯蒂的海外石油运输量约占美国总量的一半。该港口的原油出口

注：2026 is an estimate 来源：科珀斯克里斯蒂港务局 --- 18 巴伦周刊 August 10, 2026

环保人士表示，这还将威胁当地的生态系统，因为在水被净化后，该工艺涉及将盐度更高的水泵回墨西哥湾。在一次异常激烈的会议后，市议会最近搁置了关于该方案的投票。在市中心经营一家汽车贴膜店的史蒂夫·佩雷斯（Steve Perez）表示，他最初反对建设该工厂，但后来改变了看法。“我们迟早会陷入这种境地，”他说，“总得有所妥协。”

科珀斯克里斯蒂并不是唯一一个水资源供应看起来岌岌可危的德克萨斯州城市。该州依赖于有限的地下含水层、在干旱期间会蒸发的人造湖，以及科罗拉多河和格兰德河等河流，而这些资源正面临来自其他州的激烈竞争。根据 Texas Scorecard 的报道，来自拉伯克（Lubbock）的共和党州参议员查尔斯·佩里（Charles Perry）在最近一次关于水资源供应的州听证会上表示：“我们已经用完了廉价的水。”

工业增长无疑将增加压力。耗水量巨大的大型数据中心聚集在西德克萨斯州，那里能源充足但水资源匮乏。根据德克萨斯州水资源开发局的数据，到 2030, 严重的干旱可能会导致该州的水资源供应缺口约为 20%。根据德克萨斯大学的一项研究，去年数据中心的用水量不足该州总用水量的 1%，但到 2030, 这一比例可能会上升到 3.7%。到 2040, 这一比例可能会高达 9.1%，超过目前该州制造业的用水量。

随着对水资源的担忧蔓延，一些居民开始采取行动。德克萨斯州中部的退休人员凯西·桑德斯（Kathy Sanders）在看到相邻县实施用水限制后，感到日益不安。她开始在自己的房产中使用桶收集雨水，现在正考虑像一些邻居那样，花 $3万,000 安装一套雨水收集系统。“雨水是我自己的东西，”她说，“我们需要坚定地表明哪些水属于我们。”

水资源显然可能会减缓德克萨斯州的增长步伐。就在上周，州长阿博特（Gov. Abbott）暂停了新数据中心的审批，要求根据用水量和其他因素对这些项目进行审计。德克萨斯州的自然资源曾帮助其在经济增长方面跃居领先地位。而现在，这些资源也可能产生反向作用。■

证券交易所的“正午决斗”

作者：AVI SALZMAN

自2025年以来，德克萨斯州先后开设了三家竞争激烈的证券交易所，其戏剧性不亚于一场经典的德州决斗。纽约证券交易所（NYSE）德州分所去年将其芝加哥交易所迁至这座“孤星之州”。其亮相仪式在达拉斯牛仔队体育场的50码线上举行，在球队啦啦队的花球挥舞中，州长格雷格·阿博特（Greg Abbott）敲响了收盘钟。纳斯达克（Nasdaq）在3月展开了自己的攻势，在圣安东尼奥的阿拉莫（Alamo）前敲钟，周围簇拥着挥舞牛仔帽和德州小旗的人群。德克萨斯证券交易所（Texas Stock Exchange）则在达拉斯的临时办公室举行了开业仪式，敲钟瞬间喷洒出金色的纸屑。

这些盛大的场面表明，这相当于金融服务业的“超级碗”。阿博特在纳斯达克的活动上表示：“德克萨斯州是金融和资本主义前进的道路。”但现实是，该州要成为美国的交易之都还有很长的路要走。NYSE和纳斯达克的场所旨在实现双重上市，这样公司既能展示其德州根基，又不必与控制东部交易的技术脱节。德克萨斯证券交易所则是一个更本土的德州产品，但目前还没有任何上市企业，交易量也非常少。

毫无疑问，该州拥有地理上的自豪感，但在股票交易方面，地点的重要性正变得越来越低。“这是一门商品化的业务，”Argus Research的分析师凯文·希尔（Kevin Heal）表示，“我不确定他们将如何实现差异化。”在电子交易时代，计算机经常根据头条新闻发起交易，交易所位于何处并不清楚为何重要。“机器并不在乎，”他说。

德克萨斯证券交易所确实拥有强大的政治支持和正确的支持者，这些支持者帮助其筹集了约$300 million的资金。他们包括贝莱德（BlackRock）、高盛集团（Goldman Sachs Group）以及交易巨头城堡投资（Citadel）。德克萨斯证券交易所首席执行官詹姆斯·李（James Lee）告诉《巴伦周刊》，即使股票交易主要在其他平台进行，该公司仍期望在上市方面展开激烈的竞争。他认为，交易与股票上市地日益脱节的事实，反而成为了新交易所的优势。这样，公司可以在不牺牲流动性的情况下转移其上市地。

他说，支持德州交易所的公司明白这一点。他们的支持“是对上市双头垄断需要第三种替代方案的认可”，他表示，“这也反映了德克萨斯州的战略重要性。”

李还将该州日益亲商的转向视为该交易所的一个卖点。德克萨斯州正试图吸引企业将法律注册地从特拉华州迁出，为此它创建了自己的商业法院，并修订了股东规则，以保护公司内部人士免受某些法律威胁。注册地与股票上市地不同，但该州已开始向本地上市股票提供特殊保护。在去年通过的一项法案中，德克萨斯州允许总部位于该州或在本地证券交易所上市的公司限制股东提案。

然而，德克萨斯交易所并不是第一个试图撬动纳斯达克和NYSE市场地位的尝试者。此前已有十几个类似的尝试，但成功有限。“在过去的二十年里，出现了许多交易所和上市场所，”纳斯达克德州分所总裁瑞秋·拉茨（Rachel Racz）说，“但没有一个能获得实质性的进展。”

罗斯柴尔德红本（Rothschild & Co Redburn）负责资本市场的资深研究分析师西蒙·克林奇（Simon Clinch）表示，德州的联系可能会给新交易所带来针对本地公司的品牌优势。但交易量则更难改变。他说，由于流动性优势，“历史支持在位者”。

如果历史可以被改写，德克萨斯州正是发生这一切的地方。还记得阿拉莫吗？■

摄影：Jake Dockins --- 2026年8月10日 BARRON'S 19

菲律宾的 SpaceX Starlink 卫星 Wi-Fi 设备。

SpaceX 不会摧毁电信业，只会重塑它

在 SpaceX 宣布计划于明年推出移动服务后，美国电话电报公司（AT&T）、威瑞森（Verizon）和 T-Mobile (T-移动) 的股价纷纷下跌。但这种下跌是没有道理的。

作者：AL ROOT

电信股的投资者一直对 SpaceX 及其可能给无线行业带来的颠覆感到恐惧，甚至惊恐万分。尽管存在这些担忧，但 AT&T、T-Mobile US 和威瑞森（Verizon Communications）不仅能够生存，而且将蓬勃发展。

虽然这家由埃隆·马斯克领导的公司主要以将火箭发射到太空而闻名，但它雄心勃勃地希望将其基于太空的宽带产品 Starlink 打造成为未来的主导通信公司。

市场正严肃对待这一威胁。自从 SpaceX 总裁格温·肖特韦尔（Gwynne Shotwell）在 6 月 12. 接受 CNBC 采访时表示“Starlink Mobile”的机会“巨大”以来，无线运营商的股价一直波动不定。

随着 SpaceX 在周二举行首次财报电话会议，压力进一步增加。在该公司表示计划于 2027. 年推出移动服务后，AT&T、威瑞森和 T-Mobile 的股价均下跌了 2% 至 2.5%。

肖特韦尔在 SpaceX 的财报电话会议上表示，美国三家无线运营商的年收入为 6000 亿美元 billion，“我预计我们将能够争取到相当一部分他们的客户，因为我认为我们的服务会更好。”（编辑注：合并收入实际上更接近 3600 亿美元 billion。）

它何时会变得更好，以及 SpaceX Mobile 将如何进入市场，仍然是悬而未决的问题。但股价的下跌表明，市场认为有线和无线公司将与颠覆力量进行一场持久战——并且会输掉这场战争。

现在是时候深呼吸了。颠覆确实在到来，但不会像投资者预期的那样快，也不会以他们预期的形式出现。Starlink 将会成长并适应，但未来的通信网络架构将包括传统供应商多年来积累的地面资产和无线频谱资产。

不可避免地，这次抛售反映的是对未来的恐惧，而非对威瑞森、AT&T 和 T-Mobile 的短期影响。摩根士丹利分析师肖恩·迪弗利（Sean Diffley）表示：“人们感知到的 Starlink Mobile 颠覆美国无线行业的风险，要大于未来一到两年内的实际风险。”

市场从未见过像 SpaceX 这样的公司——电信公司也一样。目前，其 Starlink 业务为 1200 万 名订户提供基于卫星的互联网服务，利润率超过 60%。

马斯克的野心远不止于为飞机或远洋船舶提供互联网服务。他计划将 10万,000 颗第三代 Starlink 卫星送入轨道，这得益于其完全可重复使用的星舰（Starship）的低成本。星舰目前仍处于测试阶段，但其设计目标是每次发射可将高达 150 公吨的载荷送入太空，且每公斤成本仅为目前的猎鹰 9 号（Falcon 9）火箭的十分之一。

Starlink V3 卫星的容量是当前型号的 10 倍。随着成本下降和 SpaceX 卫星能力的提升，结论似乎不可避免：SpaceX 就是 Netflix，而无线行业则是 Blockbuster Video。

SpaceX 的出现对于无线巨头来说也正值一个不利的时机。下一代 5G 无线技术本身就是一种颠覆性技术，它实现了支持流媒体传输的数据传输速度。凭借 5G，无线行业意识到它可以将名为“固定无线接入”的家庭互联网作为手机套餐的一部分提供。

随后，有线电视公司不得不提供移动服务，否则将面临失去订户的风险，因为这些订户已经在“剪线”（取消有线电视订阅）。他们可以通过有线网络路由无线通话，并在客户移出 Wi-Fi 范围时从传统无线公司租赁蜂窝容量。

结果是一场略微有利于无线通信公司的僵局。例如，美国电话电报公司（AT&T）预计在未来几年销售额和收益将有所增长，但增长率低于市场水平——这就是为什么其交易价格仅为未来12个月预期收益的9.5倍，低于一年前的13倍。康卡斯特（Comcast）如果能保持销售额和收益持平就算幸运，这就是为什么其交易价格接近7倍。华尔街火上浇油。在关于SpaceX的早期且几乎普遍正面的研究报告中，华尔街一直将这家火箭和人工智能公司称为一种颠覆性力量。分析师对其股票的平均目标价约为$227，这意味着SpaceX的估值约为3万亿美元，大约是美国电话电报公司（AT&T）、威瑞森（Verizon）和T-Mobile（T-移动）三家公司合计市值之和的五倍。三大无线通信公司还将受到其沉重债务负担在运营中的影响。美国电话电报公司（AT&T）、威瑞森（Verizon），

注册 Barrons.com / RetirementNewsletter © 2025 道琼斯公司 (Dow Jones & Co., Inc.) 保留所有权利。3D 10870 和 T-Mobile 拥有约 4200 亿美元的净债务，而 2026 年预计的息税折旧摊销前利润（Ebitda）为 1400 亿美元。Polen Capital 的 Drew Cupps 表示：“如果我拥有[无线电信供应商]所拥有的投资和债务，且埃隆·马斯克正在研发一件针对我业务的‘超级武器’，我一秒钟也无法安睡。”然而，并非华尔街的所有人都愿意认同星链（Starlink）是所有电信业的毁灭者。部分问题在于成本。大和资本市场（Daiwa Capital Markets）分析师 Jonathan Kees 认为，真正颠覆地面运营商所需的投资额被误解了。他估计，使用 V3 卫星构建星链星座的成本将超过 1000 亿美元，且这还不包括 SpaceX 的 AI 雄心。Kees 表示，星链“仅是现有无线基础设施的补充，而非替代品”。由于它是卫星系统，星链在服务人口稠密的城市地区时将面临困难。V3 卫星虽然令人印象深刻，但其覆盖范围宽达数百英里；而一个基站处理的区域仅为几个平方英里。即使是 V3 卫星目前也无法处理所有所需的带宽。基于此原因，美银证券（BofA Securities）的 Michael Funk 同样不认为 SpaceX 是一个巨大的威胁。虽然有些人认为低地球轨道无线网络将占据美国电信市场 15% 到 35% 的份额，但他认为这些估计过于乐观。Funk 表示：“现有的直接到设备（direct-to-device）卫星技术尚不成熟，且在很大程度上是对地面移动网络的补充。”SpaceX 可能会意识到它无法单打独斗，至少目前还不行。相反，它可能会与传统运营商之一达成移动虚拟网络运营商（MVNO）协议——本质上是以批发价格租赁网络容量并将其销售给消费者，就像 EchoStar 旗下的 Boost Mobile 租赁美国电话电报公司（AT&T）的网络那样。为什么美国电话电报公司（AT&T）、威瑞森（Verizon）或 T-Mobile 会将 SpaceX 这匹“特洛伊木马”引入其企业内部？他们可能别无选择。近期几位分析师在探讨无线行业的“囚徒困境”时指出，无线运营商可能更希望将马斯克拒之门外，但第一个与他合作的人将以牺牲他人为代价地创造价值。加拿大皇家银行资本市场（RBC Capital Markets）分析师 Ken Herbert 表示，SpaceX “将不得不与威瑞森或 T-Mobile 这样的移动网络运营商合作”，“他们必须找到与其他公司协作的方法”。由于 T-Mobile 在星链最难服务的稠密城市市场拥有较高的市场份额，因此成为了美银 Funk 的心头好。这两家公司已经建立了空间到手机（space-to-cell）的合作伙伴关系。而威瑞森（Verizon）作为拥有最佳覆盖范围的传统运营商，其增长与固定无线接入（fixed wireless access）挂钩，而这正是 SpaceX 目前正在抢夺的业务。富国银行（Wells Fargo）的 Steven Cahall 表示，威瑞森的损失最大，因此从与 SpaceX 建立 MVNO 关系中获益也最多。如果空间网络和地面网络互需，无线公司的资产价值将会增长而非下降，因为通过空间传输数据的能力已变得更有价值。EchoStar 的股价在过去一年中翻了三倍，这在很大程度上归功于其频谱持有资产的价值，而 SpaceX 和美国电话电报公司（AT&T）正在购买这些资产。所有传统无线运营商都拥有频谱资产，根据近期的销售价格，这些资产的总价值超过 4000 亿美元。这约占它们合计市值 80% 的份额——刚好足以覆盖其债务。仅凭频谱不足以证明购买无线股票的合理性，但它提供了一个有趣的底部支撑。

无线运营商不会出售他们的频谱。他们有业务要经营，且这些业务的估值处于合理水平。美国电话电报公司（AT&T）的股票交易价格约为未来12个月预期收益的9.4倍，低于年初的11.2倍。T-Mobile (T-移动) 的股票交易价格为收益的13.9倍，低于之前的17.6倍；而威瑞森（Verizon）的股票交易价格为收益的9.1倍，这一低倍数在近几个月几乎没有变化。仅仅是回归到SpaceX (太空探索技术公司) 出现之前的估值，就意味着美国电话电报公司（AT&T）将获得20%的涨幅，T-Mobile (T-移动) 将获得30%的涨幅。而这些涨幅尚未计入投资者最终将无线运营商视为合作伙伴而非对手的可能性。从这个角度来看，美国电话电报公司（AT&T）和T-Mobile (T-移动) 的股票看起来不像是幸存者，而更像是一种更有价值的东西——它们看起来像是廉价资产。■ --- 2026年8月10日 巴伦周刊 21

这家支付市场颠覆者有望上涨 35%

国际扩张和盈利能力的激增使 Remitly Global 的股票成为买入选择。其不断增长的用户群体足以证明这一点。

作者：DAN VICTOR

对于全球数百万移民和外派人员来说，向海外汇款是他们的财务生命线。根据世界银行的数据，全球汇款市场每年的规模超过 9000 亿美元 billion，且仍在继续增长。这些跨境转账正迅速从现金代理和零售店转向数字应用程序上的交易。总部位于西雅图的 Remitly Global 市值 50 亿美元 billion，是该领域的一家颠覆者。该公司正产生行业领先的增长，拥有超过 1000 万 名活跃客户，并正在演变为一个更广泛的金融平台。在其国际扩张和盈利能力激增的背景下，其股票是买入选择。

在 8 月 5 日公布的第二季度业绩中，Remitly 的营收和利润均超出预期。营收同比增长 20%，而每股收益从去年同期的 3 美分激增至 93 美分。今年前六个月，2.02亿美元 的自由现金流与 2025. 年同期相比增长了 83%。这些令人印象深刻的结果反映了规模的扩大和成本结构的改善，包括由人工智能驱动的效率提升。该季度 235 亿美元 billion 的交易发送量比去年增长了 27%。折算成年率，这相当于全球年度总汇款市场的约 9%。进入 2027 年的进一步势头应能为该股提供稳定的助力。

Monness Crespi Hardt 的 Gus Galá 是在报告发布前持看涨态度的华尔街分析师之一。他在 7 月的一份报告中写道：“我们认为 Remitly 是一个结构性的市场赢家，凭借相对于传统在位者的产品优势以及围绕数字规模构建的商业模式，有望在 2030, 年前占据消费者交易额的 10% 至 15% 以上。”他重申了“买入”评级，目标价为 $33 ——较周五 $24.42 的收盘价有 35% 的上涨空间，且企业价值与息税折旧摊销前利润（Ebitda）的倍数为 15 倍。

如果 Remitly 继续执行其扩张和产品路线图，该股可能会大幅攀升。在一个高度碎片化的行业中，该公司通过提供更快、更无缝的体验（且汇率点差通常比竞争对手更窄），展现了赢得并留住客户的能力。

Remitly 的核心优势在于将国际汇款视为一个低成本的客户获取引擎。一旦用户入驻，公司就能够交叉销售类银行产品，从而深化参与度并扩大用户的终身价值。这一战略始于金融钱包，让客户无需传统银行账户即可存储、发送、接收和管理资金，并获得信贷。

几项产品创新加速了这一转变。2025, 年推出的 Remitly Flex 为客户提供基于“先发送，后付款”模式的小额、短期现金预支，目前已服务超过 14万,000 名活跃用户。7 月，该公司推出了 Global Card，这是一款品牌借记产品，支持免手续费的国际消费和现金返还奖励。虽然该卡对用户免费，但这两项产品——以及增强的信贷和流动性功能——可以捆绑在每月 $9.99 的 Remitly One 高级订阅服务中。该服务目前正在美国以外地区扩展。

Remitly 还在捕捉更高价值的细分市场，从而进一步提升发送量和抽成率。通过提供专业的支持服务和优惠汇率，它在吸引高额汇款者（定期汇款 50 亿美元,000 或以上的客户）方面取得了成功。

与此同时，该公司正向企业对企业（B2B）领域拓展，推出了大额转账、国际开票和承包商付款等商业功能。这些努力正成为重要的增长驱动力，同时将其可触达市场扩展到了纯消费者汇款之外。Remitly管理层将2026年全年的业绩指引上调至营收增长21%至22%，同时将其调整后Ebitda（息税折旧摊销前利润）的预测上调至$410 million至4.15亿美元；若按中值计算，这将比2025.年大幅增长52%。

最终，看好Remitly股票的理由是，该公司能够利用其在汇款领域的领导地位，转型为一家更广泛的金融科技巨头。考虑到其财务势头和市场份额的增长，Remitly目前的企业价值与Ebitda倍数约为13倍，估值似乎合理。该股的交易价格高于西联汇款（Western Union）和International Money Express等传统参与者，后者的倍数接近5倍。但这两家公司都受到其资本密集型现金代理网络模式的拖累，且在近几个季度的增长疲软。正在收购International Money Express的西联汇款，尤其受到了持续数字化迁移的压力。

Remitly的估值倍数更接近其数字化同行Wise Group。与Remitly一样，Wise也是一个汇款平台，但它更专注于业务的清算基础设施端，而避免扩展到更广泛的金融产品。Remitly的前景令人瞩目，但风险依然存在。跨境支付领域的竞争激烈，更高的营销支出或定价压力可能会减缓盈利能力的提升。随着非托管钱包对钱包转账和加密货币替代方案的广泛采用，传统的手续费和外汇模式随着时间的推移也可能面临挑战。对于相信数字化汇款的多年转型仍有增长空间的投资者来说，Remitly Global看起来是一次值得进行的资金转移。■

Remitly Global 在线资金转账与支付解决方案

注：E=预测 最近价格 $24.07 52周涨幅 47.4% 市值 $5.1B 2027E 市盈率 25.1 来源：FactSet, Bloomberg Gabby Jones / Bloomberg --- 22 BARRON'S 2026年8月10日 # 基金 许多年来，国际股票支付的股息一直高于其美国同行。原因之一是：它们在科技股方面的集中度较低。

为追求收益的投资者推荐的顶级海外股票基金

如果你希望从投资中获得稳定的收益，那么在追踪标准普尔 500 指数的传统美国指数基金中很难实现。这个充斥着科技股的基准指数目前的股息率仅为 1.1%。诚然，美国市场有一些稳健的专注于股息的交易所交易基金（ETF），例如 Vanguard High Dividend Yield Index，其过去 12 个月的滚动收益率为 2.2%，以及收益率为 3.1% 的 Schwab US Dividend Equity。但这两者的收益都低于 Vanguard International High Dividend Yield Index ETF，后者在同一时期的收益率为 3.5%。此外，该基金的五年年化回报率为 14%，而 Vanguard 的美国股息 为 12.2%，Schwab 的为 9.5%，在此期间海外股票的表现优于美国股票。

即便如此，多年来海外股票支付的股息一直高于美国股票。原因之一是行业集中度不同。ALPS International Sector Dividend Dogs 的共同基金经理 Ryan Mischker 表示：“许多美国公司是高增长的科技公司，它们倾向于进行股票回购”而非支付股息。该 拥有 4.2% 的稳健的过去 12 个月滚动收益率以及强劲的长期回报。他补充道：“在国际市场中，你看到的是更多成熟的公司在支付股息。特别是在发达市场，有更多成熟的金融、工业和能源类行业。”

规模达 $191 亿的流行指数基金 iShares Core MSCI EAFE 的科技股权重仅为 11%，而标准普尔 500 指数则为 39%。由 LEWIS BRAHAM 管理的这款 并非战略性地瞄准股息，但仍拥有 3.4% 的收益率。Vanguard 的国际 的科技股权重仅为 5%，而 44% 投资于银行和保险公司等高收益的金融服务公司。这使其成为那些重仓科技股、以美国市场为中心的投资者的良好多元化选择。

尽管如此，过高的行业集中度可能会导致在由增长驱动、且有利于历史上低股息行业的市场环境下表现落后。ALPS 采取的一个聪明做法是对其行业和股票进行等权重配置。Mischker 表示：“我们设有 10 个行业，每个行业包含五家公司，采用等权重配置，并且我们还设有国家上限，每个国家最多 10 个标的。”该 在每年 12 月买入每个行业中股息率最高的五家公司，然后每季度对这 50 只股票的投资组合进行再平衡，以保持等权重。

近期的获利者涵盖了多个领域——挪威能源公司 Equinor、法国银行 BNP Paribas 以及日本制药公司 Astellas Pharma——这些公司在过去一年中均上涨了 40% 以上。然而，追逐收益（买入股息率最高的公司）可能是危险的。有时它们是最弱的公司，且价格低廉是有原因的。虽然 ALPS 的多元化配置有助于防止单一股票崩盘导致基金受损，但一种同时追求股息和高质量公司的策略可能会被证明更具防御性。

可以说，对于保守型投资者而言，最好的国际股息基金是 Franklin International Low Volatility High Dividend Index 。它实现了 17.1% 的五年年化回报率，在晨星（Morningstar）的海外大盘价值类别中击败了 98% 的同行，其 10 年回报率为 11.2%，击败了 92% 的同行。更令人印象深刻的是，它在波动性和下行风险较低的情况下实现了这一目标，过去五年的最大跌幅为 10%，而该类别的平均基金跌幅为 23%。其 3.7% 的滚动收益率虽非最高，但依然具有吸引力。富兰克林邓普顿（Franklin Templeton）美国 产品策略与开发负责人 Todd Mathias 表示，该 的成功在于

采取防御策略取决于三大支柱方法。首先，该ETF在国际股票池中筛选“能够维持分红且有收益支撑以维持该派息水平的可持续高股息公司”。第二根支柱是低股价波动性，第三根则是对冲外汇风险。Mathias解释道，这“并非是对美元或国际货币的看涨或看跌，而是因为货币会增加波动性，通过对其进行对冲，可以降低整体总风险”。该ETF的一个典型持仓是意大利的Banca Monte dei Paschi di Siena。作为全球最古老的银行，它目前的收益率为7.7%。在经历了2010年代意大利银行业动荡的时期后，Banca Monte目前拥有稳定的收益，并承诺在未来五年内支付160亿欧元（184亿美元）的股息。Mathias表示：“金融危机之后，意大利银行受到了大量审查，而它们确实改善了自身的信用状况。它已从一个受损行业转变为一个收益引擎。”注：对于股息股票基金，最好比较其过去12个月的滚动收益率，而非债券基金通常使用的单月“SEC收益率”，因为许多股息基金不像债券那样具有稳定的固定派息率。单月的信息可能会产生误导，因为基金在某些月份的派息可能较多，而其他月份则较少。目前并没有太多主动管理的国际股息ETF或共同基金。Columbia International Equity Income就是其中之一，其费用率相对较低，为0.45%。共同基金经理Henry Hom同样寻求高质量的股息支付者。他说：“核心部分是自由现金流。如果一家公司能够产生健康的现金流，那么它就应该能够支付股息。”高自由现金流还能防止公司为了维持派息而承担过高的杠杆，而这正是导致削减股息的常见原因。Columbia ETF投资组合近期增加的持仓包括法国数字广告公司（也是《巴伦周刊》近期推荐的）Publicis Groupe，收益率为4%，以及丹麦酿酒商Carlsberg，收益率为3%。在美国，拥有此类收益率的蓝筹公司更难找到。■

要理解日元的困境，请关注债券市场

日本和美国为支撑日元而采取的协调干预发生在货币市场，但这些行动主要是由于全球债券市场的压力而导致的。日元贬值至四十年来的最低水平，反映了市场对日本财政路径的担忧——日本在发达国家中债务与国内生产总值（GDP）的比率最高，且尽管通胀在过去四年中一直超过其 2% 的目标，但日本银行在提高政策利率方面进展缓慢且不情愿，仅升至 1%。随着日本长期债券收益率升至历史高点——30年期债券在徘徊于 0% 附近近一代人之后，目前已接近 4%——全球市场的长期政府债券均出现抛售。

Simplify Asset Management 前首席策略师兼投资组合经理 Michael Green 在 Substack 上写道，每个市场都有其局部解释。在美国，存在赤字担忧、对人工智能的巨额支出，以及对新任美联储主席凯文·沃什（Kevin Warsh）不愿提供前瞻性指引的不安。在英国，是财政信誉问题；在德国，是重新武装的成本；而在法国，则是政治问题。但 Green 表示，它们共同点更为重要：它们都由同一个全球长期资本池提供资金。其中最突出的是日本金融机构，例如人寿保险公司，他们被迫将资金转移到海外，以产生足以满足其负债成本的回报。

这一趋势反映了日本将短期和长期利率维持在接近零水平的政策，旨在将国家经济从数十年的低迷中唤醒。但布鲁金斯学会高级研究员、高盛前首席外汇策略师 Robin Brooks 指出，人为压低日本利率实际上将财政压力转移到了货币市场。他在 Substack 的文章中写道，日元下跌是因为日本的高公共债务（超过 GDP 的 230%）阻止该国允许收益率自由上涨。如果日本银行停止购买债券，收益率将至少高出 300 个基点（三个百分点），这将使日本陷入财政危机。

Green 假设，即使在压制日本政府债券收益率的情况下，其涨幅也足以让日本保险公司通过购买国内债券来满足其负债目标。对于日本投资者而言，在扣除对冲汇率风险的成本后，30年期日本国债的 4% 收益率与 30年期美国国债的 5.2% 相比具有竞争力。Green 继续说道，这移除了一个发达国家长期借款人所依赖的主要买家——实际上是为运行赤字的主要政府提供了一项隐形补贴。但随着日本银行使利率正常化并吸引日本机构资金回流，这种情况正在结束。这并不意味着日本投资者在直接抛售美国国债，而是他们越来越不愿意充当决定价格的边际买家。

最近一次货币干预的机制进一步证明了市场对美国债券收益率影响的敏感性。支撑日元兑美元通常意味着卖出美国资产（主要是国债）以换取日元，这往往会推高美国收益率。相反，美国通过卖出欧元换取日元，而日本则从美国的外汇和国际货币当局（Foreign and International Monetary Authorities）机制中借款，以限制对美国国债的抛售。正如 PNC 经济学家 Isfar Munir 在一份客户简报中解释的那样，日本财务省的官方抛售以及日本私营部门从美国国债转向日元资产，给美国债务市场带来了压力。考虑到美国财政赤字运行在 GDP 的 6%，这是一个此前仅在宣布战争或经济衰退期间才出现过的水平，美国财政部希望避免这种情况发生。

与此同时，财政部继续实施限制中期票据和长期债券发行、同时依赖短期国库券（T-bills）来为赤字融资的计划。在宣布上周的季度融资计划时，财政部保留了削减这些计息证券的可能性，这将使其更加依赖国库券。在美联储将联邦基金目标区间维持在 3.50% 至 3.75% 之际，由于国库券（其利率追踪联邦基金利率）的成本低于中期票据和长期债券，财政部在准备下周拍卖 1250 亿美元的新发 3年期、10年期和 30年期证券时，国库券的成本更低。周四，这些期限的未偿发行债券交易利率分别为 4.31%、4.67% 和 5.22%。此外，CME集团首席经济学家埃里克·诺兰（Erik Norland）写道，通过限制长期证券的发行，财政部实际上在促进更宽松的金融环境，从而抵消了市场对美联储未来加息的预期。讽刺的是，为了反转理查德·尼克松时期财政部长约翰·康纳利（John Connally）的一项观察，现在是日元的问题，但也是我们的问题。几十年来，日本人为地压低利率，直到最近仍维持在零或负值，这反过来降低了世界其他地区的借贷成本。这种货币过剩的结果不出所料地导致了日元疲软和持续的通货膨胀，尤其是进口商品（特别是石油）的通胀。随着日本利率上升导致资本外流逆转，而此时世界其他地区的债券市场正需要买家。如前所述，英国和欧洲大陆正感受到财政压力。与此同时，美国的财政赤字没有减轻的迹象，且企业为AI项目提供了大规模资金。压力在货币市场中显现，但其根源在于债务市场。■

平行生活

尽管日本采取了抑制措施，但其债券收益率依然上升。结果导致日元下跌，美国收益率上升。 来源：彭博社

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24 巴伦周刊 2026年8月10日

问答

访谈 Telsey Advisory Group 创始人兼首席执行官 Dana Telsey

零售品牌与股票的光明前景

作者：TERESA RIVAS

一位关注该行业超过 30 年的零售专家在业余时间会买什么？如果你是 Dana ，那么答案是 Bloomingdale's 的袜子。她是 Advisory Group 的创始人，这是一家专注于消费领域的研究、银行和咨询经纪公司。

表示，当今零售业正处于令人兴奋的发展之中。她自 1994 年起就开始关注该行业，并于 2006 年创立了自己的公司。前景乐观的趋势包括传统时尚巨头的复兴，以及人工智能驱动的购物助手的引入。

作为该公司的首席执行官兼首席研究官， 上个月与《巴伦周刊》就消费者支出、返校购物以及她最看好的一些股票（包括 Tapestry、Ralph Lauren 和几家折扣连锁店）进行了交流。以下是对话的编辑版本。

巴伦周刊： 您如何评估消费者的财务健康状况？

Dana ： 消费者的韧性好于预期。尽管经济波动且能源价格不稳定，但今年上半年的销售趋势仍好于预期。我们看到了一些警告信号，无论是高企的通胀、下降的储蓄率，还是房地产市场的持续疲软。但消费者对新鲜感和活动有反应。世界杯为产品营销带来了许多创新。我们看到不同类型的公司在与赛事结合的营销方面取得了成效。我们也看到了新的批发关系，例如 Hollister 与 Target 的合作。Bath & Body Works 正在 Amazon.com 上销售。今年秋天，美妆产品将在 Gap 旗下的 Old Navy 门店推出。Gap 正在推出配饰，并将在今年改造 30 家门店。因此，大量的新鲜感正在驱动消费者对消费品牌和零售商的兴趣。我也在房地产领域看到了这一点，对购物中心的投资正在带动客流量，这使房东和零售商受益。零售业中新开店的数量多于关店数量，且空间需求大于供应。此外，某些类别表现强劲，例如青少年服装，Edikted、Subdued 和 Brandy Melville 等新概念正在吸引 Z 世代购物者。

是什么在驱动购物者的财务韧性？

消费者正在动用储蓄。我们看到储蓄率有所下降。失业率仍然较低，劳动力市场相当稳定。而且 Z 世代客户的需求正在向他们的父母甚至更年轻的人群扩散。

您对……的预期是什么？

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2026年8月10日 巴伦周刊 25

“零售业中新开店的数量多于关店的数量，且对空间的 demand（需求）大于供应。”返校购物季的情况如何？由于消费者继续应对价格上涨，且部分人的预算受到压力，性价比仍然是首要考虑因素。但新颖性和创新能够支撑全价销售，尤其是对于那些符合趋势的品牌。AI 将被用于购物辅助，无论是寻找优惠还是识别趋势。我们将继续看到消费者，尤其是 Gen Z（Z世代），在实体店购物，同时也通过 TikTok 和 Instagram 购物。预计下半年消费类公司的销售额将比上半年增长 5.5%，而上半年的销售额增长了 5.3%。鉴于对消费者行为的关注，下半年的库存水平仍将受到谨慎管理。此外，公司正在为更高的燃料成本做计划。AI 将如何帮助零售业的公司？首先，我们仍处于学习阶段。但随着时间的推移，我们将听到两方面的内容：它如何增强收入以及如何降低成本。在增强收入方面，它提供了策划产品组合的能力，并能从数据中获取洞察，以确定你应该生产什么——或者增加或减少生产什么。在降低成本方面的影响应该是很有趣的。AI 是否会允许员工与客户之间进行更多面向消费者的活动或互动？它是否会帮助加快产品描述的撰写？或者识别应该使用哪些面料来生产商品？让我们转向一些你喜欢的零售股：美国奢侈品牌，例如 Coach 的所有者 Tapestry 和 Ralph Lauren。这些公司的前景如何？Coach 在过去几年中，平均单价 [或 AUR] 实现了强劲增长。Gen Z 客户一直在以全价购买，而非通过折扣。Gen Z 消费者的留存率高于其他群体。Coach 正在投资营销以助力增长。其海外机遇仍处于早期阶段。由于其强大的手袋产品线，它比大多数其他品牌更能抵御时尚风险。皮革制品约占销售额的 80%。这是一个高利润、季节性较低的类别。Tapestry 的股价今年上涨了 20% 以上，达到约 $155，交易价格约为市盈率 20 倍。前景如何？我们的目标价是 $160。Ralph Lauren 同样在经历 AUR 增长，这由四个驱动因素促成。产品组合在风格、质量和价值方面得到了提升。该公司还受益于其在亚洲的布局、能够提升利润的直接面向消费者（DTC）渠道，以及折扣或促销活动的减少，这导致了更多的全价销售。该公司寻求平均单价零售售价实现中个位数的常态化增长。Ralph Lauren 的核心客户保持了韧性。该公司增加了营销投资，今年可能总计占销售额的 8%。其直接面向消费者渠道增加了约 650 万 名新客户。新客户通过全价购买进入该品牌。他们的年龄趋向年轻化，价格敏感度较低，且女性比例更高。在中国的业务也在增长。预计今年将以中双位数（midteens）的速度增长，这令人鼓舞。女性业务约占销售额的 30%，是 Ralph Lauren 的一个巨大机遇。该公司在女性服装和配饰市场的份额仅为 1%。所有这些对收益和股价意味着什么？Ralph Lauren 今年的每股收益可能在 $16.60 左右，明年将升至 $18.21。今年的总销售额很容易实现低双位数的增长。股价可能从近期的 $388 上涨到每股 $460 左右，这将意味着 15 倍的市盈率。对于一家具有如此吸引人的增长概况的公司来说，这并不离谱。转向价格光谱的另一端，你是 Ross Stores 和 TJ Maxx 母公司 TJX 公司的支持者。这些股票的看涨理由是什么？

Ross Stores在2024.年任命了新任首席执行官Jim Conroy。他对商业模式进行了大量增强，包括增加营销投入、增加库存投资以推动销售增长，以及加大对门店的投资。这有助于推动不同收入水平、年龄组和族裔的客户数量增加。Ross第二季度的业绩指引远超预期，且利润率概况稳健。业务的这种势头令人鼓舞。折扣零售商拥有增长机会。Ross和TJX各自计划开设至少约100家新店。Ross在东北地区门店不多，因此那里是一个特别的增长机会。我们预计Ross今年的每股收益为$7.74，高于去年的$6.61。我们的目标股价为$265,，而近期为$238.。TJX拥有出色的长期记录，但股价今年基本持平。什么能推动股价从这里上涨？其市盈率（基于未来12个月收益）为29倍，而五年历史平均值为24倍，如果收益潜力持续上升，股价可以进一步走高。TJX是同类最佳的运营商。该公司在业绩指引方面一直保持保守，并展现了持久的增长。凭借其对价值的关注、有利的折扣采购环境、稳定的同店销售增长以及在现有和新市场的战略性新店开设，TJX正在赢得盈利的市场份额。该公司将从消费者在不同收入水平上对价值的高度关注中受益并捕捉潜在需求。TJX提高了其2026年的营收和利润预期，尽管管理层预计燃料成本将增加。我们预计该公司每股收益为$5.20，高于去年的$4.73，股价将从近期的$155.上涨至每股$185。哪些购物中心常驻品牌正在回归？我喜欢的一个主题是“传统走向现代”。这包括Gap和Victoria’s Secret。两家公司都增强了产品供应并更新了营销方式，使其对当今消费者更具吸引力。Gap已进入“建立势头”阶段，包括通过更好的产品、营销、故事讲述和店内执行来增长核心服装业务，并叠加加速类别，例如在Old Navy门店推出美妆产品，以及扩大Gap品牌的美妆和配饰业务。该公司还在开发一个“时尚娱乐”（fashiontainment）平台。管理层通过利用公司的规模来提高运营效率，同时对技术进行有针对性的投资，以补充这些举措。同样重要的是，Gap正在深化与关键合作伙伴的关系，并开展新的合作，以培养每个品牌适当的文化影响力。我们认为Gap的股价可以从近期的$20左右上涨至每股$34。我们预计Gap今年的每股收益为$2.38。至于Victoria’s Secret，我们看到了势头的改善，包括Pink和Victoria’s Secret核心品牌的表现更好，最近的结果显示内衣类、美妆和Pink实现了低两位数的增长，这主要得益于核心服装和内衣的强势表现、正价销售的改善以及18至24岁人群参与度的提高。此外，该公司增加了品牌活动的频率，通过媒体宣传和活动突出产品的新颖性。我们的目标价为每股$90，2026年的收益目标为每股$4.60。谢谢，Dana。 ■

摄影：Laxmi Kolauk --- 26 BARRON'S 2026年8月10, 2026

技术交易员 广告技术公司 AppLovin 在公布财报后，有 15 位分析师下调了其目标价。这些新目标价的平均值仍比近期水平高出 65%。

技术股波动周带来新叙事，以及 1 只廉价股

对于卷入人工智能交易的公司来说，这又是忙碌的财报周。表现良好还不够，任何微小的下滑都会引发抛售。但正如 Palantir Technologies 在周一下午公布的亮眼财报所证明的那样，给持怀疑态度的投资者留下深刻印象并扭转负面叙事仍然是可能的。以下是我对最新一轮技术股财报的看法：

挥之不去的周期性恐惧

存储芯片制造商 Sandisk 在周三公布了财报，与其前母公司、硬盘存储制造商 Western Digital 的公布时间相同。两家公司的业绩均超出预期，但提供的指引却惊扰了那些对周期性股票天然谨慎的投资者。两种存储产品在数据中心中都是必需的，因此它们处于数千亿美元 AI 资本支出的下游。Sandisk 的数据尤其令人震惊，销售额比去年增长 372%，毛利率上升 58 个百分点，达到近 85%。Western Digital 提供的销售额和利润率增长则较为温和。

虽然这些公司正被 AI 投资热潮推向新高度，但它们似乎无法摆脱周期性的过去。投资者仍在等待靴子落地。一个经验法则告诉我们，买入这些股票的最佳时机是情况从惨淡转为仅仅糟糕之时，而卖出的最佳时机则是销售增长和毛利率达到顶峰之时。

由 ADAM LEVINE 撰写

这导致在情况最理想时，许多人倾向于迅速出手。85% 的毛利率很容易被视为顶峰，因此，维持投资者对增长乐观情绪的责任就落在了业绩指引上。不幸的是，对于 Sandisk 和 Western Digital 来说，其前景并不令人振奋。Sandisk 完全未能达到预期——两只股票都受到了惩罚。Sandisk 股价在周四下跌 7%，而 Western Digital 下跌 13%。这些股票在财报公布前上涨；在财报公布前的五个交易日里，Sandisk 股价上涨 33%，Western Digital 上涨 12%。

良好，但非卓越

Advanced Micro Devices 的股价在周二下午公布财报前的四个交易日内上涨了 21%。其报告或指引完全没有问题，但股价在次日仍下跌 7%。AMD 在收益、营收和利润率方面均有小幅超出预期，且在当前季度的指引中也有更多此类表现。由于股价此前已上涨，“良好而非卓越”成为了部分获利了结的原因。AMD 的营收增长加速预计要到第四季度才会出现，届时其新型 Helios AI 服务器将开始向 Meta Platforms 和 OpenAI 等大客户大规模出货。

空头获胜

广告技术公司 AppLovin 长期以来一直是分析师的宠儿，且有许多值得称道之处。该广告平台的营收增长迅速，即使对于一家软件公司来说，其利润率也高得惊人。但该公司报告了连续第四个季度增长减速，且公司利润率出现波动，指引预测当前季度将进一步下降。

财报结果导致了大规模的估值下调。周四，华尔街分析师发布了 16 份新报告，其中 15 份下调了目标价，平均下调 $127，至 $554。但只有两名分析师将该股评级从“买入”下调，且在股价下跌 20% 后，这 15 个新目标价的平均值仍比周四的收盘价高出 65%。

叙事反转

Palantir 一直受到一种叙事的打击，即认为软件将在 AI 面前败北，导致其股价在公布财报前今年下跌了 29%。去年年底，该股的远期市盈率为 180 倍，这家软件公司与许多其他公司一样，被 AI 颠覆的故事所淹没。但正如我几周前所论证的，Palantir 的软件可以在专有企业数据和 AI 模型之间提供一个重要的中间层。Palantir 用连续第 12 个季度超出营收预期，以及连续第 13 个季度销售额增长（目前增幅达 93%）证明了这一点。在过去的 12 个月里，超过一半的营收转化为自由现金流。这可能是投资者以不同眼光看待 Palantir 及其首席执行官 Alex Karp 的季度——将其视为 AI 的赢家而非输家。财报公布后的次日，该股上涨了 29%，目前今年仅下跌 3%。本周晚些时候，陷入困境的软件公司 Atlassian 在财报中上演了类似的戏码，其销售额和利润轻松超出预期，并在本季度指引中提供了几乎相同的内容。该股在周五飙升 35%。

接下来的走向

科技行业的情绪每周都在变化，因此投资者在从任何一周的业绩中吸取持久教训时应保持谨慎。即便如此，这里仍有一些值得学习的地方。实际情况可以颠覆预期并改变叙事。本周的财报为 Palantir、Atlassian 和 AppLovin 带来的对话转变最为剧烈。即使在增速放缓的环境中，AppLovin 在财报后抛售之后看起来依然具有吸引力。华尔街仍预计其在 2027 和 2028 年的销售增长约为 30%，调整后营业利润率在 80% 左右。周五，该股的交易价格为远期收益的 18 倍，使其在两年内首次低于标准普尔500指数的市盈率倍数。上一次发生这种情况被证明是一个买入机会。自那时起，AppLovin 的股价上涨了 334%。

B

这可能是投资者以不同眼光看待 Palantir 及其首席执行官 Alex Karp 的季度——将其视为 AI 的赢家而非输家。财报公布后的次日，该股上涨了 29%。目前该股今年仅下跌 3%。

David Paul Morris / Bloomberg --- 2026年8月10日 巴伦周刊 27

市场周报

2026年8月3日至8月7日 / 国际交易员 / 第 30 页 / 赢家与输家 / 第 33 页

行权价 / 第 31 页 / 市场观点 / 第 34 页 内部消息 / 第 32 页 / 统计数据 / 第 35 页 13D 文件 / 第 32 页

市场表现仪表盘

道琼斯工业平均指数 5.4036万,036.93 52周: +22.32% 年初至今: +12.43% 周涨幅: +2.96% 标准普尔500指数 7757.64 52周: +21.41% 年初至今: +13.32% 周涨幅: +3.58% 纳斯达克综合指数 2669万,690.62 52周: +24.43% 年初至今: +14.84% 周涨幅: +5.19% SPDR黄金股ETF $398.47 52周: +27.26% 年初至今: +0.55% 周涨幅: +7.25%

来源：巴伦周刊统计数据

交易员

市场再次上涨——且变得更便宜了

在一个“缩减式通胀”（shrinkflation）的世界里，投资者或许应该停下来欣赏一下股市，因为它正以更低的价格提供更多的价值。

美国消费者正陷入苦战。他们必须应对通货膨胀带来的价格上涨所引发的沮丧感。当他们支付相同的价格却买到更少的产品时，他们遭受了“缩减式通胀”带来的屈辱。而且，他们还必须忍受尤为阴险的“偷工减料式通胀”（skimpflation）带来的耻辱——即制造商削减昂贵的原材料（例如花生酱巧克力杯中的巧克力和花生酱），并用“巧克力糖”和“花生酱奶油”等填充物取而代之。

作者：ALEX ROSENBERG

在这种背景下，美国股市脱颖而出，为投资者提供了“花更少钱买更多”。根据彭博（Bloomberg）的数据，虽然标准普尔500指数在过去一年上涨了22%，但估值实际上有所下降，远期市盈率从22.1倍降至20倍。这就像是 Gushers 糖果去掉了多汁的填充物，取而代之的是 1982 年的夏托·玛歌（Chateau Margaux）。

那么，究竟发生了什么？简单来说，就是“E”（盈利）的增长速度快于“P”（价格）。根据 FactSet 的数据，第二季度的财报季堪称史诗级，86% 的公司盈利超出预期，高于 78% 的平均水平，且标准普尔500指数成分公司的盈利较一年前惊人地增长了 50.4%。

不要轻率地认为这完全是人工智能的功劳。正如 Evercore ISI 的 Julian Emanuel 所指出的：“第二季度的报告强化了科技和能源行业的强势，但更大的惊喜在于盈利增长在各行业之间以及行业内部的延伸范围之广。”

重要的是，这种好时光预计将持续下去；分析师通常有下调下一季度盈利预期的恶习，但他们实际上将第三季度的盈利预期上调了 0.3%。

Verdence Capital Advisors 的首席投资官 Megan Horneman 表示，这种对盈利的乐观情绪可能是一个隐忧。“是的，这次财报季令人震惊，”她解释道，“但上调预期的势头似乎没有终点，”这表明“存在某种自满情绪”。

--- 28 巴伦周刊 2026年8月10日

AI 在教育领域的投资

您的影响力在退休后仍能延续。“教育投资”（Investing in Education）是巴伦周刊集团（Barron's Group）推出的一项计划，旨在为学生提供免费访问巴伦周刊（Barron's）和 MarketWatch 数字内容的权限，以及体验式学习资源。我们非常感谢像您这样的捐赠者的贡献，正是因为有了你们，我们的计划自 2018. 以来已在 100 多所学院、大学和高中取得了成功。如果您想了解如何在通过慈善方式支持您选择的学校的同时，与学生分享您的经验，请发送电子邮件至 BarronsEDU@barrons.com 了解更多信息。由 BARRON'S MarketWatch 提供支持。

其他人则担心收益本身的质量。正如《巴伦周刊》的 Randall Forsyth 在几周前指出的，做空者 Jim Chanos 指出，AI 支出的会计处理方式可能会美化收益，因为设备销售商记录收入的速度快于买方确认费用的速度。这可以在一定程度上解释为什么科技板块的市盈率（P / E ratio）跌幅比整体指数更为剧烈。但同样地，收益增长面很广，即使是像消费必需品这样非 AI 的板块，在过去一年中也实现了增长，且并未推高估值。

对某些人来说，收益本身远高于趋势线，以至于扭曲了短期估值。Rosenberg Research 的 David Rosenberg 指出，罗伯特·席勒（Robert Shiller）的 CAPE 倍数（一项将当前 S&P 500 价格与过去 10 年收益进行比较的指标）已处于互联网泡沫时期以来未见之水平。但前瞻市盈率与 CAPE 比率之间的差异告诉我们，公司在未来一年的预期盈利将远高于过去十年，这引发了一个问题：我们真的应该担心在“比莉·艾利什（Billie Eilish）出现之前”那个世界里赚到的钱吗？

这并不是要抛弃所有疑虑。像 亚马逊（Amazon.com） 和 谷歌（Alphabet） 这样的 AI 支出者能够从其云业务中产生巨额收入，这也是科技股从 7 月低点反弹 12% 的原因之一，但这并不意味着他们所有的支出都能获得回报。虽然市场在 7 月意外减少 2.3万,000 个就业岗位后略有上涨（因为这似乎可能阻止美联储加息），但人们希望该报告并不意味着就业形势出现了真正的裂痕。

但底线是，股市在经历了两个月的停顿后，在过去一周恢复了上升轨迹。S&P 500 上涨 3.6%，道琼斯工业平均指数上涨 3%，纳斯达克综合指数上涨 5.2%，其中 S&P 500 和道指均突破至新高。鉴于支撑这些涨幅的强劲基本面，可以公平地说，这次反弹并非建立在沙堆之上。或者说，并非建立在花生酱奶油之上。

道琼斯美国工业指数行业表现，按周百分比变化排序。* 来源：标准普尔道琼斯指数（S&P Dow Jones Indices）数据点除外。投资顾问拉里·斯威德罗（Larry Swedroe）写道，布朗和王（Brown and Wang）的论文“是一个有用的提醒，即即使在数据不支持的情况下，一个流行的叙事也可以生存数十年”。但也许这也是一个关于黄金统治地位的提醒。黄金在投资者心理中的掌控力如此之强，以至于他们愿意认为黄金拥有魔力。而这种能力难道不正是持有黄金的最佳理由吗？

Snap 的两大问题在尖叫着“远离这只股票”

Snap 的股价在公布财报后一度飙升，但很快随着涨幅消失而出现裂痕。最糟糕的情况可能还在后面。

在本周二公布财报后，由于投资者对强于预期的营收和利润表示欢迎， 的股价最初跳涨 15%。随后，投资者重新进行了评估。问题在于其用户群。该公司报告第二季度日活跃用户为 4.95 亿，年增长率为 5%，这是一个不错的数据。但在同一时期，北美日活跃用户下降了 7%，而欧洲用户下降了 2%。所有的增长都来自世界其他地区，但这些用户的价值不高，每用户平均收入（ARPU）仅为 $1, 而北美则为 $10.26。

诚然，北美 ARPU 在过去一年中增长了近两美元，这推动了第二季度营收超出预期。但在核心市场的用户下降并非社交媒体公司成功的秘诀。

用户数量凸显了 和其他社交媒体公司面临的问题。已有数起针对 、TikTok 和 Meta Platforms 的诉讼，指控它们对儿童产生心理影响， 承认这可能会“对我们的业务和财务结果产生重大影响”。

展望后手机时代， 押注美国人希望整天将它的软件戴在鼻子上。这就是 Specs 背后的大胆想法，这款增强现实眼镜于 6 月揭晓，并将于 9 月正式推出。Specs 处于一个有趣的生态位，介于体积庞大到像“帮帮我，有个鱿鱼在吃我的脸”的 Apple Vision Pro，以及外观近乎正常但功能弱得多的 Meta Ray-Bans 之间。不幸的是，这意味着 虽然旨在像眼镜一样佩戴，但明显更大；当首席执行官埃文·斯皮格尔（Evan Spiegel）在 CNBC 上佩戴它们时，他的耳朵在重量压迫下变得像花椰菜一样，瞳孔几乎不可见。

除了时尚方面的顾虑， 作为一家硬件和应用公司与苹果等公司竞争的能力令人怀疑。斯皮格尔在财报电话会议上回避了关于预订的问题，称 的发布“取得了突破”并创造了“巨大的兴趣”。且不论这种兴趣在很大程度上集中在它笨拙的设计和令人瞠目结舌的价格上。他接着说， 的价格为 $2,195，显然是“一项需要高度考虑的购买”，因此“对于广大公众和消费者来说，亲自上手体验将非常重要”。这听起来像是含蓄地承认预售情况不佳。

法国巴黎银行（BNP Paribas）分析师尼克·琼斯（Nick Jones）礼貌地指出：“ 的投资水平和预期回报仍然是一个问号。”

这只长期苦苦挣扎的股票目前价格为 $5.32，较周二收盘价下跌 8%，但在 8 月份仍上涨 14%。现在买入这只股票，你必须生活在 的增强现实之中。

B 电子邮件：alex.rosenberg@barrons.com

走进丹吉尔

想要独家窥视这座古老港口城镇的闭门之秘，请加入 Indagare 创始人梅丽莎·比格斯·布拉德利（Melissa Biggs Bradley）的私人内部之旅，该行程由 Mansion Global 合作创建。在一些最有趣且最具创新精神的当地居民陪伴下，探索丹吉尔的周边环境。

MANSION GLOBAL × Indagare 2026年9月29日 - 10月4日 了解更多：INDAGARE.COM / JOURNEYS / TANGIER-MANSION-GLOBAL-SEPTEMBER-2026 Getty Images © 2026 Dow Jones & Company, Inc. 保留所有权利。 2E6372 --- 30 BARRON'S 2026年8月10日 # 收益投资

电信股股息投资的避风港

作者：AL ROOT

SpaceX 已成为无线通信股票的负累，由于市场担心其 Starlink（星链）空间通信网络将抢走客户和现金流，导致这些股票下跌。对于寻求收益的收益型投资者来说，这反而是一个机会。虽然未来可能会出现一些波动，但目前的派息看起来很安全——而且好到不容错过。

SpaceX 周二公布的第二季度收益好于预期，其中 Starlink 连接业务部门的息税折旧及摊销前利润（Ebitda）为 26 亿美元 billion，高于一年前的 16 亿美元 billion，而订阅用户数达到 1200 万，同比增长 100%。

在 SpaceX 发布收益报告后，AT&T、Verizon Communications 和 T-Mobile US 的股价在周三下跌。无线基础设施公司 American Tower、Crown Castle 和 SBA Communications 的股价同样下跌。

一家资本充足、拥有新技术且由埃隆·马斯克领导的公司听起来确实强大。但《巴伦周刊》认为情况不会那么糟糕。马斯克的公司往往在时间表上过度承诺。Starlink Mobile 可能直到下一个十年才会成为真正的威胁。此外，华尔街认为 SpaceX 需要地面基础设施——其中大部分由三大无线公司控制——才能提供完整的无线服务。

“我们不认为 [SpaceX 的无线计划] 是一个可扩展的解决方案，并认为 SpaceX 仍需要通过合作伙伴或在塔楼上建设来实现覆盖目标，”富国银行分析师 Eric Luebchow 表示，并补充说 SpaceX 实现其目标可能需要“更长的时间”。法国巴黎银行分析师 Sam McHugh 则认为，一个基于卫星和对 Starlink 客户天线进行改装的计划无线网络是“异想天开的”。

但对于那些看到上述六家公司估值比率在过去一年中平均下降 16% 的投资者来说，事实并非如此。三大无线运营商目前的交易价格约为未来 12 个月预期收益的 10.5 倍，低于一年前的约 12.5 倍。塔楼公司的市盈率平均约为 24 倍，低于一年前接近 28 倍的水平。

这些下跌使得股息收益率比一年前上涨了大约一个百分点。AT&T 的股票收益率接近 5%，高于一年前的 4%。T-Mobile 为 2.5%，高于 1.5%。Verizon 仍约为 6%。塔楼公司的平均收益率已升至 4.3%，高于 3.1%。与标准普尔500指数中派息股 2.1% 的平均收益率相比，这些数值具有优势。

但它们安全吗？简单回答是：是的。根据彭博社的数据，Verizon 和 AT&T 在过去 12 个月内用于派息的资金不足其产生现金流的一半，这一水平为它们提供了缓冲。T-Mobile 使用的自由现金流接近 25%。基于对现金流和净收入的前瞻性预测，这些比率预计不会有太大变化。

塔楼公司将更高比例的收入和现金流作为股息发放，但它们被组织为房地产投资信托基金（REITs），这意味着它们必须将至少 90% 的应纳税收入分配给投资者。在这三家公司中，American Tower 和 SBA Communications 从运营资金中支付的比例低于 Crown Castle，后者在 2025. 5 月将其季度派息从每股 $1.57 削减至 $1.06。

受利率上升和无线供应商资本支出放缓的影响，塔楼股票在过去几年中的表现并不强劲。无线通信股的表现较好，但未能跟上大盘，因此投资者应寻找以合理价值买入的机会。在 SpaceX 引发的担忧将其推至 $24. 以下之前，AT&T 的股价接近 $30。Verizon 的股价在 2026 年早些时候曾高于 $51，随后跌至近期的 $47.

SpaceX 带来的担忧需要多久才能消除很难说。目前，投资者可以在等待的同时获得收益。

B # 国际交易员

欧洲在大型科技公司监管方面定调

作者：CRAIG MELLOW

你可能会认为，欧盟已经有足够多的麻烦了，无需在敏感的贸易问题上向美国总统唐纳德·特朗普挥舞红旗。但布鲁塞尔在7月23日正是这么做了，因违反其较新的《数字市场法案》（Digital Markets Act），对谷歌处以8.9 亿 euros（10 亿美元 billion）的罚款。此前，欧洲最高法院维持了一项针对这家总部位于加利福尼亚州的搜索巨头早前被判处€41 亿美元的裁决。

这些案件充满了法律和数字层面的复杂性，但政治信号却很明确。“欧洲正在表明，面对美国的压力，它不再退缩，”欧洲政策分析中心科技政策项目的资深研究员William Echikson表示。

谷歌的母公司Alphabet去年赚了1320 亿美元 billion，可以对这些财务处罚不屑一顾。但特朗普并非如此，他承诺欧盟将为这种“非法且高度不道德的行为” “付出沉重的代价”。

在世界重新向国家主权倾斜的背景下，欧盟与大型科技公司的关系是最高风险的相互依赖关系之一。随着OpenAI和Anthropic等公司主导新兴的人工智能工具，欧洲似乎注定要更加依赖硅谷。而这些公司需要欧盟市场的业务——该市场的规模总计已超过中国，成为全球No. 2经济体——来为其极其昂贵的AI驱动投资提供资金。

“我们的科技巨头近一半的收入来自海外，”战略与国际研究中心经济项目主任Philip Luck表示，“他们需要跨大西洋关系保持某种程度的平静。”

布鲁塞尔似乎在利用其市场规模，旨在成为数字监管的全球趋势引领者。《数字市场法案》（DMA）及其配套的《数字服务法案》（Digital Services Act）已超越了临时的反垄断行动，转向对被指定为“看门人”的平台进行系统性监管。在上个月的一项初步裁决中，Meta Platforms旗下Facebook和Instagram的“成瘾性”设计被认定违反了《数字服务法案》。苹果公司（Apple）的应用商店去年违反了《数字市场法案》中关于“反引导”的限制，导致被处以€5 亿的罚款。

欧洲官员正试图通过6月提交给欧洲议会的《云与AI开发法案》来扩大其影响力。Luck评估认为，布鲁塞尔及其成员在意识形态上致力于控制网络领域，“数字化是一个真正的主权问题”。

Echikson补充道，他们还认为，由于最高法院拒绝了特朗普的“经济紧急状态”关税，且中期选举临近，特朗普政府已有所削弱。“他们认为目前没有立即的报复威胁，”他说。

Kearney Foresight的企业国家战略负责人Drew DeLong对此并不确定。欧盟可能在最糟糕的时机干扰贸易成果。去年，该集团对美国的商品贸易盈余约为€2000 亿美元，而对中国的贸易逆差为€3600 亿美元。到目前为止，它在白宫的关税动荡中与其他主要贸易伙伴处于大致平等的位置。

“假设没有新的301调查，欧洲处于有利位置，”DeLong说。然而，这个假设并不稳固。白宫已转向加速实施“Section 301”关税，这赋予了美国贸易代表广泛的权力，可以惩罚那些具有“不可证明”、“不合理”或“歧视性”行为的合作伙伴。

不出所料，在谷歌因《数字市场法案》被罚款后，美国贸易代表办公室（USTR）威胁要进行301调查。此外，该办公室还在较为低调地关注德国，理由是其对“创新药物产品长期支付不足”。

“有许多热点问题可能会引发冲突，”DeLong说。

投资者——今年已将欧洲股票推高10%——将试图保持冷静。B

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August 10, 2026 巴伦周刊 31

行权价（THE STRIKING PRICE）

该基金的追加保证金压力可能已经结束，但此次事件暴露了威胁股票和期权市场稳定性的问题。

对冲基金的陨落揭示了当前市场的什么问题

作者：STEVEN M. SEARS

到目前为止，每个人都知道利奥波德·阿申布伦纳（Leopold Aschenbrenner）的故事。这位天才投资者将他在人工智能领域的专业知识转化为一家规模庞大且高度杠杆化的对冲基金，但随后陷入了巨大的麻烦。直到7月初，这家讽刺地命名为“情境意识”（Situational Awareness）的基金市值仍高达450 亿美元 billion，但它不得不以低廉的价格将其许多股票出售给肯·格里芬（Ken Griffin）的城堡投资（Citadel）。这位天才少年似乎从未询问过AI如何才能最好地管理他高度集中的股票和期权组合。

他的追加保证金麻烦可能已经结束，但这一事件暴露了威胁股票和期权市场稳定性的结构性和心理性问题。保证金债务处于历史高位。杠杆过于容易获得——这是一个巨大的问题，它以难以追踪且鲜为人知的方式放大了波动性。看涨期权（在股价上涨时价值增加）的需求如此强烈，以至于改变了期权市场的动态。现在定义市场的是投机贪婪，而非套期保值。

经纪商过于轻易地批准期权账户，使得许多缺乏金融常识的人能用极少的资金控制大量股票。购买廉价的看涨期权以押注股市反弹是最受欢迎的交易。显然，没有人质疑阿申布伦纳为了大幅超越基准指数而承担的风险。人们并未注意到，他在名声最盛之时，似乎利用期权和保证金贷款增加了投资组合的杠杆。允许他扩大投注规模的银行直到太晚才采取行动，并且失去了控制。

股票和期权交易商，以及银行和经纪公司，至少会通过审查风险管理模型和保证金贷款协议来保护自己，以免在无法偿还款项的人身上损失过多资金。在阿申布伦纳的案例中，此类协议失效了。美国证券交易委员会（SEC）在基金问题公开之前就已知情。SEC拒绝置评，但这次救助应当促使人们对那些新兴的、改变市场的力量进行审查。

阿申布伦纳才华横溢。他今年24.岁。在基金获救后，他立即与Anthropic的幕僚长结婚。据报道，这对权力夫妇的庆祝活动包括一场讨论宏大构思的研讨会和分组讨论会。即便在现在，金融营销机器和社交媒体的回音室仍在赞美他。许多人希望不费吹灰之力就能快速致富，而这个梦想需要像他这样的海报男孩，来将复杂的、令人上瘾的金融产品人性化。

交易所交易基金（ETF）——其中充斥着放大股价波动的衍生品——让任何人无需任何专业知识就能做阿申布伦纳所做的事。它们极受欢迎。没有人真正知道，如果其中一个基金崩溃，且损害被其他通过股票和衍生品相互关联的基金放大，会发生什么，但一个广泛的大盘下跌是一个合理的猜测。

6月下旬，SEC在没有引起太多关注的情况下，要求华尔街对这些基金发表评论。这可能是更新监管条例，以及更好地理解杠杆如何重塑互联全球市场中枢神经系统的第一步。例如，韩国股票交易所对于规模大得多的美国市场而言，本应在很大程度上无关紧要。但由保证金债务资助的韩国芯片股交易却影响着全球市场。杠杆和波动性像病毒一样跨越洲际传播。

只有少数几家大型交易公司和银行真正理解发生了什么——而这些公司在所有市场中运作，将他们学到的知识输入到昂贵的自营交易技术中，这些技术对市场的了解将超过任何最先进的AI模型所能学到的程度。与此同时，股票和期权市场正在孕育数百万个“小利奥波德”，他们正在承担自己并不理解的风险。他们面对的可能不是一场奢华的婚礼，而是一场可能的离婚——与他们的金钱离婚。

B

股票期权

CBOE波动率指数

杰夫·贝佐斯正出售约40 亿美元 billion的亚马逊股票

作者：MACKENZIE TATANANNI

亚马逊创始人兼前首席执行官杰夫·贝佐斯（Jeff Bezos）正在出售他在1994年获得的1500 万股公司股票。本周一提交给美国证券交易委员会（SEC）的一份Form 144显示，贝佐斯将在本周内抛售这些股票——金额约为40 亿美元.07 billion的亚马逊股票。Form 144预示着即将进行的出售。只有在三个月内的交易量超过5,000股或总价值超过$5万,000时，才需要提交此表。

然而，这并非传统的公开市场交易。相反，贝佐斯是根据他在2025. 11月采用的Rule 10b5-1交易计划出售股票的。这些计划旨在通过在满足价格、成交量和时间等预设条件时自动执行交易，来保护内部人士免受非法交易的指控。

贝佐斯最初是在1994年7月根据创始人股票购买协议获得这些股票的，该协议是初创公司用于向其创始人发行初始股票的合同。作为目前世界上最富有的人之一，贝佐斯在1994创立了亚马逊，最初是一家名为Cadabra的在线书店，几个月后才更名。

当一家公司成立时，其法律章程会创建一组授权股份——即公司法律允许发行的股票单位的最大总数。最初，贝佐斯拥有已发行股份的100%。到1997, 5月亚马逊上市时，他持有亚马逊约41%的普通股。

此次出售规模看似巨大，但仅占亚马逊近108 亿美元股发行在外股票的一小部分。

Albertsons高管在股价触底后买入股票

在令人失望的收益报告和阴郁的年度前景导致这家超市连锁店的股价触及$11.03的历史低点且至今未能回升后，Albertsons Cos.的高层管理人员抢购了公司股票。

买入股票的最高级别人员是首席执行官苏珊·莫里斯（Susan Morris），这是她的首次公开市场购买。之前的文件显示，去年就任该职位的莫里斯通常通过股权激励计划获得限制性股票单位。莫里斯在7月28, 以每股$11.46的价格购买了2.0277万,277股，随后在同一天又以每股$11.38的价格购买了1.9132万,132股。此次交易使其总持股量达到近110 万股，基于周四$12.08. 的收盘价，价值约$1.32亿。

公司负责合并、收购和企业事务的执行副总裁托马斯·莫里亚蒂（Thomas Moriarty）在7月27. 以每股$11.51的价格购买了17.05万,500股。首席财务官莎伦·麦考勒姆（Sharon McCollam）在7月31, 进行了最近的一次购买，以每股$11.48的价格购入9,000股。

尽管与该连锁店4.85 亿股的发行在外股票相比规模较小，但这次高管买入潮发生在7月23公布的第二季度业绩疲软以及下调全年预期之后，后者引发了一系列分析师的评级下调和目标价下调。

亚马逊创始人兼前首席执行官在1994. 启动这家初创公司后不久获得了1500 万股股票。现在他正在抛售这些股票。

持仓增加

Gold Royalty (GROY)

Tether Holdings将其在这家专注于黄金的特许权公司中的持股增加至3329 万股。Tether Holdings是通过在6月22至7月30期间购买200万股Gold Royalty股票实现的，每股价格在$2.60至$2.84. 之间。在最近的购买之后，Tether Holdings持有Gold Royalty发行在外股票的14.4%股份。Gold Royalty的股价在2026价值下跌了约29.2%。

持仓减少

仅包含普通股。所有数据反映最近五个交易日的交易周活动。成交量数据以千股为单位。成交量百分比领先者不包括日均成交量少于 5,000 股或价格低于 $5 的股票。平均成交量基于 65 个交易日。成交量数据不反映盘后交易时段。e-股票不存在或连续 65 个交易日未交易。S-股票拆分或股票股利在 10% 或以上。X-Ev-分红 --- 34 巴伦周刊 2026年8月10日

市场观点

本评论近期由基金经理、研究机构和市场时事通讯作者发布。由《巴伦周刊》编辑。

“虚假”的生产力繁荣

Paulsen Perspectives paulsenperspectives@substack.com 8月6日：美国当代最大的经济问题可能是缺乏足够的美国劳动力增长。在1950年至2000年的50年期间，美国劳动力以年均1.7%的速度增长，但自2000年以来，其增长速度仅为0.9%，而自2020年以来，仅为0.35%。近年来美国劳动力增长几乎停滞不前的原因很多，包括人口老龄化（劳动力退休）、家庭组建时间推迟的文化转变、家庭子女数量减少以及美国净移民速度大幅放缓。这些限制劳动力的因素似乎在短期内都不会有所改善。简单来说，美国现在以及未来几年可能都没有足够的劳动力增长来真正享受一场真实的生产力繁荣。自第二次世界大战以来，去趋势化的实际GDP增长与去趋势化的就业之间一直保持着极其密切的关系。虽然在历史上，去趋势化的生产力与实际经济增长有时会短暂背离，但就业方向与实际GDP增长方向在大多数情况下始终紧密相连。在没有就业增长繁荣的情况下，是否可能实现实际GDP增长的繁荣？也许吧？AI技术的应用是否能仅在不增加就业的情况下提高生产力？有可能。但一个“没有就业创造”的快速增长的实际GDP，是否能真正代表像1960年代或1990年代那样真实的生产力繁荣？不能！这样的结果将被贴上“虚假生产力繁荣”的标签。 —Jim Paulsen

中国的直升机撒钱

特别报告 BCA Research

8月6日：投资失误是中国面临的现实问题，但它是更深层问题的一种症状：储蓄过剩。 - 鉴于中国的贸易顺差占全球GDP.的比例已达到历史最高水平，将这些储蓄引导至世界其他地区将变得越来越困难。 - 由于中国房地产市场的低迷状态，将储蓄回收至住宅投资也不再是一项可行的策略。而将储蓄引导至制造业投资只会增加产能过剩。 - 解决方案是以向家庭转移现金的形式实施“直升机撒钱”，最好采取一种能鼓励夫妇生育更多子女的结构。 - 然而，这样做在政治上可能会面临挑战。这表明，在可预见的未来，中国将遭受增长不佳和通缩压力的困扰。 —Peter Berezin

对黄金的新需求

八月晴雨表 Pictet Asset Management

8月5日：投资者需求已回升，黄金ETF吸引了自伊朗战争以来最大规模的资金流入，而新兴市场央行继续通过稳定购买来重建储备。在此背景下，我们将黄金的评级从“中性”上调至“超配”。我们认为，随着实际利率逐渐下降，持有无息资产的机会成本降低，且地缘政治不确定性依然高企，这种贵金属将有进一步上涨的空间。 —Arun Sai

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制造业复兴 经济更新

Regions Financial regions.com 8月3日：7月份ISM制造业指数升至55.6%，高于我们（54.2%）和市场共识（53.9%）的预期，标志着该主指数连续第七个月高于50%（收缩与扩张的分界线），且为主指数自2022年5月以来的最高读数。“美国当前最大的经济问题可能在于劳动力增长的缺乏……从1950年到2000年，美国劳动力年均增长率为1.7%，但自2000年以来，增长率仅为0.9%，而自2020年以来，仅为0.35%。”——Jim Paulsen。主指数超出预期的最大贡献因素是生产指数的跳升（仅此一项就为主指数贡献了1.4个百分点），以及就业指数较小但值得关注的跳升。供应商交货时间的延长也为主指数带来了增益，尽管交货时间放缓的部分原因可能反映了全球供应链压力再次增加。更重要的是，订单簿保持坚挺，订单积压继续增长，且会员认为客户库存过低，这三者的结合几乎构成了工厂部门增长的“三冠王”。这就是人们认为，尽管企业及其客户面临着明显的挑战——贸易政策的不确定性、投入价格高企——但工厂部门的扩张仍有进一步运行空间的理由。——Richard F. Moody

疲软的就业报告

经济与央行策略 Evercore ISI evercoreisi.mediasterling.com 8月7日：7月份非农就业人数下降2.3万,000人，是一个巨大的下行意外，且前两次数据的负面修正总计约10万,000人，将非农就业人数的三个月移动平均值降低至2万,000人，处于年初估计的盈亏平衡范围内。尽管就业人数为负，但失业率仍一年来首次降至4.1%。虽然较低的失业率通常被视为劳动力市场趋紧的信号，但就业人数和劳动力参与率的下降表明，工人是离开了劳动力市场而非在寻找工作，这显然发出了关于工人情绪和劳动力市场状况的负面信号。市场的初步反应是大幅削减对美联储9月加息的定价，但我们建议不要对7月份的报告反应过度。Warsh似乎对将劳动力市场强度与通胀进行机械性挂钩持怀疑态度，且FOMC的鹰派成员可能会强调7月份报告中的一些异常现象，包括就业人数和失业率同时下降，这在劳动力市场处于走弱轨迹时通常不会发生。——Marco Casiraghi

市场情绪

花旗集团 恐慌 / 狂热模型 最新 +0.96 ● 狂热 ○ 中立 ● 恐慌

恐慌 / 狂热模型是衡量投资者情绪的指标。它识别出“恐慌”和“狂热”水平，这些水平是针对大盘的统计驱动型买入和卖出信号。从历史上看，读数低于恐慌水平时，一年后股价上涨的可能性高于95%，而狂热水平则产生一年后股价下跌高于80%的概率。 来源：花旗投资研究 - 美国股票策略

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2026年8月10日 巴伦周刊 35

数据

纽约证券交易所综合列表

数据

数据

3,95	0,38	GCL Global	GCL	...	dd	...	51	+0.08	...
14,38	9,30	GCMelonsense	GCMS	3.9	28	13,58	+1.92	12	...
42,20	11,20	GDGY	GDGY	...	3	13,48	+1.27	...	...
40,40	26,97	GOLHoldings	GOS	...	22	31,98	+0.76	...	...
89,77	58,75	GEHealthCom	GENC	2	16	71,77	+3.75	015	...
3,71	1,43	GEBReclassnet	GEBK	...	dd	1,96	+0.01	...	...
31,44	11,32	GH Research	GHRS	...	dd	30,27	+2.20	...	...
37,54	23,95	GHAppanel	GHI	1.1	13	35,46	+0.95	10	...
12,00	50,50	GP-AchlAcycle	GPAT	...	36	11,36	+0.14	...	...
18,84	29,95	GRAIL	GRAL	...	dd	69,48	+0.92	...	...
74,75	54,54	GRVATTY	GRVY	...	9	68,32	+6.37	...	...
18,15	2,82	GSTTech	GSTT	...	dd	6,72	+1.11	...	...
20,29	9,96	GSDRAcyn	GSRF	...	75	10,36	+0.07	...	...
9,93	9,84	GSRV Acyn	GSRV	...	...	9,84	+0.01	...	...
6,19	1,32	Galy	GALA	...	dd	1,91	+0.56	...	...
4,34	1,45	GalyTherap	GANX	...	dd	1,82	+0.14	...	...
10,20	7,99	GastaAcynII	LGTA	...	80	10,14	+0.01	...	...
45,92	16,43	GalsatDigital	GLXY	...	dd	20,17	+0.84	...	...
49,95	41,17	GamingLeisure	GLPI	7.4	13	44,14	+0.65	22	...
36,25	12,26	GarystMartian	GTR	1.1	16	29,85	+1.30	08	...
7,08	0,23	Gauzy	GAUZ	...	dd	4,43	+0.16	...	...
10,89	3,74	GeminiSpace	GEMI	...	dd	4,09	+0.19	...	...
32,22	17,76	GenDigital	GEN	1.7	17	29,17	+1.72	129	...
12,40	3,25	GenDigitalR	GEWR	...	3	354	+2.74	...	...
170,87	32,21	GenvDr	WGS	...	dd	77,08	+1.07	...	...
10,22	5,96	GeneralCatalyst	GCGR	...	...	10,15	+0.02	...	...
14,85	6,08	GeneralFusion	GFUZ	...	dd	9,25	+0.84	...	...
10,03	9,86	GeneExpressApp	GPAC	...	...	10,02	+0.01	...	...
18,18	11,00	GeneralGibment	GDIB	...	...	14,25	+0.35	...	...
35,43	21,00	Genmab	GMAB	...	24	31,25	+2.38	...	...
12,79	35,02	GlobalMe	GMIX	2.0	13	24,08	+0.72	12	...
48,35	27,00	GeoPharm	THRM	...	48	41,26	+0.68	...	...
29,89	35,80	GeospecTech	GEOS	...	dd	5,85	+1.46	...	...
52,23	37,19	GermanAmBorg	GABC	2.5	13	50,50	+0.38	31	...
2,01	1,04	Genm	GENN	...	dd	1,48	+0.19	...	...
11,20	9,51	GenBracyn	GSHR	...	50	10,52	+0.03	...	...
75,08	33,56	Gibraltarinds	ROCK	...	dd	50,23	+7.97	...	...
56,27	25,49	GipsCloudTech	GCT	...	13	53,25	+9.51	...	...
0,45	0,25	GipCapitalBR	GWRI	...	...	26	+0.01	...	...
9,89	9,80	GipEagleNP	GIR	...	...	9,97	+0.03	...	...
0,34	0,20	GipCapitalR	GVKR	...	...	29	...	...	...
20,93	5,52	GlaUsLeisler	GALT	...	26	11,21	+0.18	...	...
157,29	108,46	GlausSciences	GILD	2.5	dd	133,21	+1.00	24	...
52,38	30,73	GltLab	GTLB	...	dd	38,97	+4.46	...	...
27,59	16,54	GlaStemCap	GLAD	9.1	10	19,73	+1.06	15	...
13,43	10,33	GlaStemComm	GMDI	9.3	52	12,95	+0.45	10	...
17,14	13,11	GlaStemInstr	GAIN	5.8	4	...	...	...	...

数据

纳斯达克发行情况

读者须知：以下是基于周交易量的前 500 只 ETF。

名称 / 交易代码 / 收益率 / 最新价 / 涨跌 / 分红金额

| Bats | | | | | | ARKGenminElev / ARK6 / ... 43.04 / +4.48 / ... ARKInnovelion / ARK8 / ... 79.43 / +8.19 / ... ARK25StvsBrtcoin / ARK8 / ... 21.54 / +0.69 / ... AlkylukntsV34 / ALK3 / ... 10.75 / +0.05 / ... Corg50Kynio2xDly / SK / ... 17.39 / +1.75 / ... DeFlyt2XLgQND5 / DKL / ... 5.09 / +2.11 / ... DeFlyt2XLgQND5 / DKL / ... 9.19 / +2.87 / ... DeFlyt2XLgSpeck / SPQ / ... 11.11 / +3.29 / ... DeFlyt2X5M4ST5 / 425% / ... 4.00 / -2.45 / ... DeFlyt2X5M2paxX / SPQ / ... 15.80 / -10.75 / ... DimminHSCor2 / DFX2 / 23 39.23 / +1.54 / 4598 / ... DimminHSCor2 / DFX2 / 19 37.24 / +1.38 / 4222 / ... FTTrnSLeBbJFrr / BAR4 / ... 37.33 / +0.56 / ... FdaHlyEthvarum / FETH / ... 78.10 / +0.52 / ... EbWroxETC / ESTC / ... 56.53 / +1.62 / ... GBXUSbHrDwt / FAXE / 35 58.69 / +2.33 / 1027 / ... GS-PlusGold / GAU / ... 62.81 / +2.88 / ... GrSlr2x2sSpaxXRDy / SPAL / ... 13.97 / +4.15 / ... GrSlr2x2sStpaxXRDy / SNK / ... 21.80 / +37.03 / ... iPahS5AP500VIX / VXX / ... 20.32 / -0.93 / ... iShBrd5SDHVcQld / ISMY / ... 36.82 / +0.04 / ... iShGvmMSCKEAFE / IDTA / ... 10.08 / +2.83 / ... iShU5HumeCocstns / ITB / ... 101.54 / +6.80 / ... iShE6ysMSCMkrxSLA / ISMR / ... 50.62 / +2.69 / ... iShE6ysMSCKSAAMm / IIIM / ... 109.12 / +9.73 / ... iShE6yTwlsVthsr / IGV / ... 52.14 / +8.11 / ... iShFIBd / FLOT / ... 50.93 / -0.13 / ... iShMSCIIndia / INBA / ... 50.37 / +0.57 / ... iShMSCIEAFEValur / EFV / ... 82.26 / +1.38 / ... iSh20-HTtBdbzy / TCFR / ... 25.16 / +0.06 / ... iSh10Tehcom / IVZ / ... 43.60 / +2.46 / ... iSh10TehcomyBd / IDVT / ... 22.49 / +0.04 / ... iShJHSbRd / ICSH / ... 50.47 / -0.09 / ... iPMBdA1aIam / IBSP / ... 35.20 / +3.62 / ... Lev2X5h3Khyndrly / SRX2 / ... 13.68 / +0.40 / ... Lev2X5LGAADlly / AXRL / ... 4.51 / +2.20 / ... Lev2XLgAXT5 / AZTL / ... 5.27 / +2.94 / ... Lev2XLgCBRS5ly / CBRL / ... 5.13 / +1.11 / ... Lev2XLgDReynrdly / SRX4 / ... 10.33 / +1.04 / ... Lev2XLgGND0lly / SRX6 / ... 5.63 / +0.17 / ... Lev2XLgDTCdly / SPX4 / ... 5.28 / +2.43 / ... Lev2X5hSPCKDly / SSPC / ... 12.31 / -10.36 / ... NeosS6AP500HI / SPY1 / 11.6 54.18 / +1.32 / 53 / ... -1vShVXXFutures / SVIX / ... 25.25 / +1.04 / ... PanHITCCashCenq / CDK2 / 18 69.24 / +2.33 / 1710 / ... ProSSh5AP500Arist / MDL / 2.0 58.42 / +1.34 / 3037 / ... ProSSh3HVIXST / IXXY / ... 59.36 / +1.30 / ... ProSSh3HVIXST / IXXY / ... 25.62 / +1.65 / ... ProSShVIMTfut / VIXM / ... 14.35 / -0.12 / ... ProSShVIMTfut / IXXY / ... 19.56 / +0.95 / ... ReonMNaSeven / MXG / ... 69.14 / +3.18 / ... ReonM5Mkenzy / RM8 / ... 50.60 / +0.23 / ... ReonMPlatnts / LTTE / ... 26.37 / ... ReonHTrn2X5gDRAM / KAM / ... 10.38 / -0.06 / ... T-REX2XlnvrCRL / CKLD / ... 5.13 / -0.81 / ... T-REX2XlnvrCRWLY / DBB / ... 3.73 / -3.35 / ... T-REX2XLgBMNR / BRBU / ... 11.97 / +1.77 / ... T-REX2XLgCRL / CSIP / ... 3.57 / +0.19 / ... T-REX2XLgRDM / IDDU / ... 10.38 / +6.09 / ... T-REX2XLgFIDM / IMDU / ... 14.56 / -0.46 / ... T-Rex2XlnvrBTC / BTCE / 0 5.32 / -0.34 / 0007

... / T-Rex2XlnvrMSTRDly / MTCE / ... 10.30 / -1.63 / ... / T-Rex2XlnvrRHDln / MBE / 5 9.08 / -2.30 / 0438 / ... / T-Rex2XlnvrTesla / TSLE / 5 15.34 / +1.91 / 0014 / ... / T-Rex2XLgCWWV / DRBU / ... 4.25 / +1.49 / ... / T-Rex2XLgMSTRDly / MTTU / ... 0.00 / -10.24 / ... / T-Rex2XLgMVDVA / MDR / ... 20.61 / +3.95 / ... / T-Rex2XLgTTD / TTDU / ... 1.38 / +1.21 / ... / T-Rex2XLgTesla / TSLE / ... 11.32 / +1.12 / ... / Trae2XLgAAOI / AXIR / ... 20.18 / +9.78 / ... / Trae2XLgopILAB / LAIR / ... 14.73 / +1.46 / ... / Trae2XLgAPLD / APLX / ... 10.93 / +1.18 / ... / Trae2XLgAST5 / ASTX / ... 15.74 / +4.89 / ... / Trae2XLgopATIDly / ASTX / ... 14.88 / +7.54 / ... / Trae2XLgBE / IREX / ... 25.39 / +2.74 / ... / Trae2XLCHR / CDW / ... 45.11 / +22.69 / ... / Trae2XLgCRDO / OBD / ... 17.67 / +5.23 / ... / Trae2XLgCRWY / CRVD / ... 18.34 / +6.37 / ... / Trae2XLgIREN / IREX / ... 15.20 / +2.83 / ... / Trae2XLgLCTE / LITX / ... 12.52 / +11.20 / ... / Trae2XLgNBS / MEIX / ... 20.24 / -1.44 / ... / Trae2XLsorgBTS / QETL / ... 9.75 / +2.11 / ... / Trae2XLgSMR / SMU / ... 7.28 / +1.82 / ... / Trae2XLgS836 / INXX / ... 9.11 / +0.23 / ... / Trae2XLgSpeckRDly / SPUR / ... 14.18 / +4.21 / ... / Trae2XLgIPID / IRDX / ... 16.91 / +10.61 / ... / Trae2X5AA6IDly / AAIZ / ... 10.91 / -18.65 / ... / Trae2X5SHREN / IREZ / ... 10.96 / +4.23 / ... / Trae2X5SHREN / IREZ / ... 12.25 / +4.00 / ... / Trae2X5SLITEDly / LITZ / ... 10.07 / +6.58 / ... / Trae2X5SHRBS / NRIZ / ... 17.53 / -1.48 / ... / Trae2X5SHRNDly / SRIB / ... 29.82 / -2.39 / ... / Trae2X5Shtpaxx / SPOL / ... 21.37 / -17.71 / ... / 2x8Itcoin / BTX2 / 26.2 12.41 / +0.75 / 3043 / ... / 2x8Itvar / ETW / 43 16.40 / +8.08 / 2048 / ... / 2xLonyVIXfut / UVIX / ... 50.55 / -5.17 / ... / VireExHItcoin / MDL / ... 18.35 / +0.57 / ... / VireExHYMuni / HYD / 4.4 50.48 / +0.26 / 1934 / ... / VireExVietnam / VNM / ... 17.44 / +0.46 / ... / 名称 / 股票代码 / 收益率 / 最新价 / 涨跌 / 分红金额 / --- / VampEX5SHtBd / VISB / 4.4 / 49.66 / -0.30 / 2749 / NASDAQ / DefAlkPavlnf / APO / 0 / 30.34 / +1.51 / 0025 / Def2XLgV0N2 / IDRX / ... / 31.39 / +9.76 / ... / DefDlyTyl2xL2 / IBTX / ... / 9.13 / +1.09 / ... / DefTyl2XLgDRLD / DKLL / ... / 3.73 / +1.26 / ... / DefDlyTyl2XLgDRLD / IBEX / ... / 22.16 / +4.62 / ... / DefTyl2XLgRRLB / IRLX / ... / 26.11 / +9.74 / ... / DefDlyTsvpyl2XLg / IXK / 112 / 8.89 / +1.33 / 1105 / Def2XLgSDFI / ISPY / 313 / 10.09 / +2.02 / 13982 / DefTyl2xS5H0N2 / IDRZ / ... / 2.63 / +1.65 / ... / DefTyl2xS5HPLTR / PLTZ / ... / 10.25 / +9.88 / ... / DefTyl2xS5H2BTS / QETZ / ... / 2.98 / +1.43 / ... / DefTyl2xS5HIGTI / BDTZ / ... / 3.03 / +1.75 / ... / DefTyl2xS5HRLB / IRGZ / ... / 2.76 / +2.12 / ... / DirexAARLBrIX / LARQ / 26 / 11.09 / +0.37 / 1035 / DirexAARLBI2X / LARQ / 22 / 40.03 / +1.01 / 1858 / DirexAARLBI2X / ARB / 524 / 29.71 / +0.75 / 15991 / DirexAmznBrIX / JARD / 39 / 7.99 / +0.13 / 0774 / DirexAmznBI2X / JARD / 19 / 42.43 / +0.71 / 25 / DirexAVGDBI1X / AYX / 4.0 / 6.86 / +0.70 / 3307 / DirexGenpBI2x / GILL / 17 / 50.63 / +1.77 / 3441 / DirexMETAB2X / METU / 26 / 21.42 / +2.36 / 209 / DirexMetRbI1X / MSD / 43 / 30.30 / +0.01 / 282 / DirexMetRBI2X / MSIU / 19 / 38.26 / +5.03 / 267 / DirexMtBrIX / MSIU / 466 / 11.54 / +0.83 / 0505 / DirexMtRBI2X / MSIU / 6 / 26.62 / +2.95 / 0189 / DirexORCLB2X / ORCU / 2.0 / 7.94 / +1.66 / 0314 / DirexPLTBRIX / PLTU / 4.3 / 5.34 / +2.91 / 0044 / DirexPLTRBI2X / PLTU / 3.0 / 49.60 / +22.49 / 5578 / DirexTSLAB2x / TSLL / 5.0 / 8.11 / +0.80 / 1322 / ERPrivatn-Puh / JOMI / ...

数据

共同基金

数据由 LIPPER 提供

数据

数据

数据

巴伦周刊50只股票平均指数

该指数是50只领先股票的加权平均值。适用于证券估值。来源：Barron's 50st --- 54 BARRON'S 2026年8月10日

其他声音

促进经济活力和维护国家安全完全合理——但前提是将两者分开考虑。

特朗普政府对使用中国AI模型的限制将损害美国公司。

美国的AI战略如何落入中国之手

在第二任期的初期，唐纳德·特朗普总统采取了一种加速主义的人工智能方法。他的政府不会像前任那样限制美国半导体的传播，而是将促进其广泛出口。一年之后，他政府的官员们开始对中国的AI进展发出警报。他们警告称，中国的AI实验室正在迅速缩小与美国同行之间的差距。他们表示，中国实验室正在窃取美国实验室的知识产权，并利用这些知识产权创建危及我们国家安全的能力。

作者：SAM BRESNICK 作者是乔治城大学安全与新兴技术中心的研究员及安德鲁·W·马歇尔研究员。

政府目前正在考虑禁止中国AI模型。这两种应对AI竞赛的方法在逻辑上都是成立的。促进经济活力和保护国家安全都非常有意义——但前提是将它们孤立地看待。当这两项战略被拼凑在一起时，便产生了复杂、不协调且矛盾的政策。这种不连贯性为中国实验室在前沿AI领域追赶提供了空间。

以政府努力向中国销售英伟达（Nvidia）强大的H200芯片为例。拜登政府曾限制英伟达向北京销售H200。然而，在1月，商务部批准了这些芯片的销售，且特朗普要求将25%的收入上缴国库。到5月，商务部已批准了10家中国买家。其中包括阿里巴巴集团（美国国防部随后将其列入中国军事公司名单）以及字节跳动（TikTok应用的拥有者，该应用带来的国家安全风险如此之大，以至于美国国会强制其将美国业务出售给非中国所有者）。

那些推动向中国销售H200的人表示，我们不必担心，因为该芯片的能力远不及Blackwell和Rubin（英伟达最先进的产品）。这确实如此，但这并非重点。更显著的对比应该是H200与中国公司能够合法购买的其他芯片之间的对比。H200是中国实验室无论是从国际公司还是国内公司能直接获取的最佳训练半导体。而政府竟然觉得把它交给他们没问题。

考虑到中国AI实验室的产品正迅速接近前沿水平，并拥有威胁美国国家安全的能力（包括先进的网络漏洞检测），这显得十分奇怪。

在试图控制中国获取美国芯片的同时，政府正致力于在国际市场上销售这些芯片。其理念是，如果你在进入全球市场方面击败了中国芯片供应商，那么世界上大多数国家将依赖美国的基础设施。因此，尽管存在安全顾虑，商务部仍批准向沙特阿拉伯和阿拉伯联合酋长国销售数万颗Blackwell芯片。

鼓励尖端芯片广泛出口的政策存在降低中国公司获取这些芯片难度的风险。由于出口管制，中国AI实验室可能无法合法购买这些芯片，但他们可以在第三国的数据中心租赁这些芯片。白宫最近指责中国初创公司Moonshot AI在泰国的Blackwell芯片上训练其最新的大语言模型Kimi K3。

政府显然知道这个漏洞，但拒绝堵塞它。（众议院通过的《远程访问安全法》本可以解决这个问题。但由于缺乏总统的支持，该法案在参议院一直停滞不前。）

为什么政府会抵制对哪些公司可以在海外使用美国制造的半导体设定限制？因为这将使条件审核和审计制度化，从而抑制政府正在推动的这些技术本身的需求。白宫既想要巨大的销售额，又想在人工智能（AI）领域超越中国，这可能是一件难以兼顾的事情。白宫对中国AI的安全性感到担忧是正确的，美国政府机构也不应使用它。但在缺乏可行替代方案的情况下，对中国开源权重（open-weight）模型的全面限制将只会损害美国公司。数百家科技公司最近在给政府的一封信中辩称，禁令将提高成本，并使国内AI市场围绕着Anthropic、OpenAI以及Alphabet旗下的谷歌而固化。他们的观点很有道理：禁止中国模型可能会造成危险的市场集中，并将开源权重模型领域拱手让给中国。更好的方法是在美国支持一个充满活力的开源权重和开源生态系统。这是政府在2025年7月提出的AI行动计划的核心原则。该计划鼓励这些模型的传播，认为它们在地理战略上具有重要意义。它呼吁华盛顿通过向初创公司和学术界提供计算能力等举措来支持其增长。不幸的是，在过去的一年里，中国的开源权重模型已经飞速领先。这应该促使白宫加倍推动美国开源权重模型的开发，从而为国内科技公司提供更多选择，并使美国实验室在与中国竞争对手的竞争中更具竞争力。当然，推动经济活力需要面对艰难的国家安全权衡。特朗普越快意识到这一点，就越能迅速制定出一套连贯的AI战略。

B Aaron Schwartz / AFP / Getty Images --- 2026年8月10日 巴伦周刊 55

退休

即将退休？市场正提供便利。

作者：ELIZABETH O'BRIEN

即将退休？恭喜你。现在是将投资组合中的部分风险剔除的好时机。顾问通常建议投资者在进入退休阶段前增加债券配置，而强劲的股票回报和上升的债券收益率为这一举措创造了有利条件。标准普尔500指数今年上涨了13%，而10年期国债收益率已攀升至4.6%，上涨了0.46个百分点。

“对于退休人员来说，这就像是所有情况中最理想的一种，”Hirtle & Co. 首席投资官 Brad Conger 表示。收益率的急剧上升意味着债券持有者的账面损失，因为债券价格与收益率呈反向变动。虽然这对于持有现有债券组合的退休人员来说可能令人不安，但对于那些增加固定收益头寸的人来说，这提供了一个不错的切入点。

丰厚的收益率还应能减轻削减股票收益带来的阵痛。标准普尔500指数在过去三年中回报率接近80%，虽然让获利品种继续持有的诱惑很大，但接近退休的投资者容易受到所谓的“收益顺序风险”的影响——即在市场低迷期退休的风险。从下降的余额中提取资金，比从上升甚至持平的余额中提取资金更快地耗尽你的储蓄。

没有一种万能的配置比例，但经典的60 / 40投资组合是一个很好的起点。如果你有丰厚的养老金，你可能可以承受超过60%的股票配置。如果市场的剧烈波动让你夜不能寐，你可能更倾向于更低的比例。像 iShares Core 60 / 40 Balanced Allocation 这样的交易所交易基金为不愿操心的投资者提供了“一站式购物”的选择。

波动性暂时有所缓解，但并未消失。在7月下旬半导体板块抛售之后，强劲的盈利推动了本月的股票上涨。然而，许多人预计股票和债券市场未来将出现更多波动，一个万亿美元级别的疑问笼罩其中：大型科技公司在人工智能基础设施建设上的巨额资本支出，能否带来足以证明其投资合理性的收益？

“作为一个社会，我们在这个问题能否成功上押上了巨大的赌注，”Conger 说道。像 Amazon.com、Meta Platforms 和 Oracle 这样的超大规模云服务商正利用现金以及日益增加的债务来为其资本支出融资。市场参与者担心这些投资正在侵蚀公司的自由现金流，如果赌注未能奏效，将使它们变得更加脆弱。

看空的情况反而可能对债券有利。如果人工智能建设失败——也就是说，如果它不能为超大规模云服务商赚到足够的钱来回收投资，或者在没有造成大规模失业的情况下无法产生生产力提升——经济可能会陷入衰退。届时，美联储将有充分的理由降低利率，从而推低债券收益率并推高价格。

不过，你不需要预想最坏的情况也能感到安心。在从中长期来看，彭博美国综合债券指数（简称 AGG）的起始收益率是未来总回报的强有力预测指标。根据 Vanguard 的数据，目前该收益率约为 4.9%，比 15 年平均水平高出约两个百分点。诚然，目前的通胀率高于该时期的其他时间，降低了你的实际收益率，但这仍然是一个相当不错的起点。

当前的收益率可以提供保护，防止固定收益投资者在 2022. 年所经历的那种损失。根据 Vanguard 的数据，在目前的 AGG 水平下，未来 12 个月内收益率必须上涨超过 0.81 个百分点，投资者在总回报基础上才会亏损——这比过去二十年中的大多数时间都拥有更大的缓冲空间。■

读者来信

GLP-1s 是新药，请谨慎对待

致编辑：本文中列出的所有疾病都是肥胖症的并发症（见 7 月 31 日封面故事《GLP-1 的下一波浪潮即将到来，它们将治疗除肥胖症之外的更多疾病》）。-1 通过减轻体重来提供帮助，但并非这些疾病的治愈方法。-1 分子是新研发的，我们尚不清楚其长期并发症。一旦出现 1 个严重的副作用，礼来公司的股价可能会减半。 Farid Khan 博士 来自 Barrons.com

致编辑：谁能想到一颗小小的 -1 药片能起到这么大的作用？今天减轻体重，明天保护心脏，也许有一天还能帮助预防癌症、阿尔茨海默症，甚至成瘾。如果这种情况持续下去，它唯一无法治愈的可能就是我的高尔夫挥杆了。 Martin Blumberg 纽约州梅尔维尔

回馈社会

致编辑：一篇出色的文章（见 7 月 31 日“华尔街起伏”专栏《沃伦·巴菲特史上最糟糕的交易让这个地方获益最多》）。在如此多的人（大多在 40 岁以下）认为资本主义是糟糕的、邪恶的、贪婪的等等之时，这篇文章很好地提醒人们，许多成功美国人的巨额财富最终都用于造福大众。在我与妻子考虑我们离世后的慈善捐赠时，我对这个关于成功回馈社会的故事深表感激。 Doug Thompson 来自 Barrons.com

比死亡更可怕

致编辑：“新的长寿工具表明你可能为退休存了太多钱”（7 月 30 日“退休”专栏）指出，调查发现，对大多数人来说，钱花光比死亡更可怕。但长期医疗保健的费用怎么算？退休人员可能会因为这个未知因素而“过度储蓄”，如果不对这种可能性分配足够的资金，其结果在财务上可能是毁灭性的。 Steven R. Martin 伊利诺伊州北布鲁克

拙劣的借口

致编辑：许多通过内部股票交易获利巨大的美国国会议员使用这样一个借口：交易是由其他人操作的（见 7 月 31 日“其他声音”专栏《想成为百万富翁？不要创业，去竞选国会议员吧》）。回想一下，前众议院议长南希·佩洛西否认知道她那些获利丰厚的股票交易，声称是她的丈夫而非她本人进行了交易。现任新泽西州州长 Mikie Sherrill 也是如此。当 Sherrill 在众议院任职时，她的家人在未披露的股票交易中赚了数十万美元。她同样表示这些事务由她的丈夫处理。美国国会提出的任何旨在限制内部股票交易的新法律，都应将国会议员的这些可疑财务交易定为非法。任何新法律都应与管理美国企业领导者的法律一样严格。 J.J. Crovatto 新泽西州拉姆齐

请将信件发送至 Mail@Barrons.com。若要被考虑发表，信件必须附上作者的姓名、地址和电话号码。信件可能会经过编辑。 《巴伦日报》（The Barron's Daily）是我们为您提供的每日早间简报，涵盖您当天需要了解的信息。请在 barrons.com / newsletters 注册。

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56 M W L C N H I 2 H O R P BARRON'S 4 8 3 F 2 D 6 7 9 0 A I August 10, 2026

不仅仅是保管。

更是悉心呵护。

心爱的马匹会被托付给经验丰富的护理人员。财富亦然，严谨的管理与信任是通过数十年而非数日赢得的。

WhittierTrust 投资管理与咨询 / 信托服务家族办公室 / 慈善与家族延续 / 房地产 联系方式* Tim McCarthy (626) 463-2545 whittiertrust.com Whittier Trust 通常要求新闻摊关系至少拥有 1500万美元 的可上市证券。投资与财富管理服务由 Whittier Trust Company 和 The Trust Company of Nevada, Inc.（在此单独或共同称为“ Trust”）提供，这两家公司均为州特许信托公司（由封闭持股的控股公司 Holdings, Inc. (WHIT) 全资拥有）。本文件仅供参考，不旨在且不应被解释为投资、税务或法律建议。过往业绩不能保证未来结果，且没有任何投资或财务规划策略能够保证获利或防止损失。除某些偶然提及外，所有名称、人物和事件均为虚构。与任何真实人物（无论在世或已故）的任何关联纯属巧合。

EARNINGS COULD POWER THE MARKET HIGHER · PAGE 27

BARRON'S

VOL. CVI NO. 32

AUGUST 10, 2026 U.S. EDITION

THE NEW WILD WEST

SIZING UP TEXAS' BRAND OF HYPERCAPITALISM. HOW IT COULD BACKFIRE.

PAGE 14

This edition of BARRON'S was originally published in the United States and reprinted locally for regional distribution.

0 789088 8

DOW JONES

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CONTENTS

14 COVER STORY

Texas Is Betting Big on Business. Will It End Badly?

Abundant natural resources have helped Texas lure companies and supercharge its economy. But with water supplies getting low, a backlash could be brewing.

AVI SALZMAN

FEATURES

• 9 6 Stocks That Could Move the Needle as Biopharma Booms BILL ALPERT
• 11 SPACs Are Back: Lessons From A Survivor of the Last Wave NATE WOLF
• 13 Contact-Lens Leader Cooper Merits a Closer Look ANDREW BARY
• 21 Fintech Remitly Is Raking It In. The Stock Could Pop 55%. DAN VICTOR
• 24 Q&A: Retail Expert Dana Telsey Likes Tapestry, TJX, and More TERESA RIVAS
• 54 Other Voices: How Trump's AI Policy Is Helping China SAM BRESNICK

© 2026 Dow Jones & Company, Inc. All Rights Reserved.

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08.10.26

VOL.CVI NO.32

19 AL ROOT

▼

Telecom Investors Can Dial Back Their SpaceX Anxiety

Elon Musk won't be able to achieve his space-based broadband ambitions without help from traditional wireless operators such as AT&T, T-Mobile, and Verizon.

COLUMNS

• 5 ANDY SERWER – UP & DOWN WALL STREET
• 7 JACK HOUGH – STREETWISE
• 22 LEWIS BRAHAM – FUNDS
• 23 RANDALL W. FORSYTH – ECONOMY
• 26 ADAM LEVINE – TECH TRADER
• 27 ALEX ROSENBERG – THE TRADER
• 30 AL ROOT – INCOME INVESTING
• 30 CRAIG MELLOW – INTERNATIONAL
• 31 STEVEN M. SEARS – STRIKING PRICE
• 55 ELIZABETH O'BRIEN – RETIREMENT

DEPARTMENTS

• 4 INDEX OF COMPANIES
• 8 REVIEW & PREVIEW
• 32 INSIDE SCOOP, 13DS
• 33 WINNERS & LOSERS
• 34 MARKET VIEW
• 55 MAILBAG

ON THE COVER Photographs by Jake Dockins

ON TELEVISION Tune in Saturday and Sunday at 10:30 am to Barron's Roundtable on Fox Business.

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August 10, 2026

BARRON'S

3

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Data as of July 21, 2026. The Charles Schwab Corporation provides brokerage and financial advisory services through operating subsidiaries, including its broker-dealer subsidiary, Charles Schwab & Co., Inc. (Member SIPC), and affiliates. Investing involves risk, including loss of principal. © 2026 Charles Schwab & Co., Inc. All rights reserved. (A0CHA6M) ADP131469-00

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4

BARRON'S

August 10, 2026

INDEX

Our index lists significant companies mentioned in stories and columns, plus Research Reports, and Corrections & Amplifications. The references are to the first page of the item in which the company is mentioned.

For Customer Service, call 1 (800) 544-0422, or go to customercenter.barrons.com. For reprints of articles, call 1 (800) 843-0008, or go to djreprints.com.

A AbbVie ... 10 Advanced Micro Devices ... 8,26 Affirm Holdings ... 12 Akeso ... 10 Albertsons ... 32 Alcon ... 13 Alibaba Group Holding ... 54 Alphabet ... 8,28,30,54 ALPS International Sector Dividend Dogs ... 22 Amazon.com ... 24,28,32,55 American Tower ... 30 Amgen ... 10 Apollo Global Management ... 8 Apple ... 30 Applied Materials ... 8 AppLovin ... 26 Astellas Pharma ... 22 AstraZeneca ... 8,9 AT&T ... 19,30 Atlassian ... 26 B Banca Monte dei Paschi di Siena ... 8,22 Banco BPM ... 8 Bank of America ... 15 Bath & Body Works ... 24 Bausch + Lomb ... 13 BlackRock ... 18 BNP Paribas ... 22 Bristol Myers Squibb ... 8,9 C Carlsberg ... 22 Caterpillar ... 15 Charles Schwab ... 15 Cheniere Energy ... 17 Cisco Systems ... 8 Coca-Cola ... 7 Columbia International Equity Income ... 22 Comcast ... 19 Compass ... 5 Cooper Cos ... 13 Crown Castle ... 30 D Dave ... 11 DraftKings ... 11 E easyJet ... 8 EchoStar ... 20 Eli Lilly ... 10 Equinor ... 22 EssilorLuxottica ... 13 ExxonMobil ... 17 F Fortune Brands Innovations ... 32 Franklin International Low Volatility High Dividend Index ... 22 G Gap ... 24 Goldman Sachs Group ... 15,18 Gold Royalty ... 32 H Hoya ... 13 I International General Insurance Holdings ... 32 International Money Express ... 21 Intesa Sanpaolo ... 8 Intuitive Surgical ... 10 Ionis Pharmaceuticals ... 9 iShares Core 60/40 Balanced Allocation ... 55 iShares Core MSCI EAFE ... 22 J Johnson & Johnson ... 10,13 JPMorgan Chase ... 15 K Klarna Group ... 12

M Marriott International ... 7 Merck ... 9 Meta Platforms ... 26,29,30,55 Moderna ... 9 Morgan Stanley ... 15 N Navigator Holdings ... 32 Novartis ... 9 Novo Nordisk ... 9 Nvidia ... 8,54

O Oracle ... 15,55 P Palantir Technologies ... 26 Parabilis Medicines ... 9 PepsiCo ... 7 Pfizer ... 10 Prologis ... 8 Publicis Groupe ... 22

R Ralph Lauren ... 24 Remitly Global ... 21 Revolution Medicines ... 9 Roche Holding ... 9 Ross Stores ... 25 S Sandisk ... 26 SBA Communications ... 30 Schwab US Dividend Equity ... 22 Segro ... 8 Snap ... 29 SoFi Technologies ... 11 SpaceX ... 5,8,15,19,30 State Street SPDR S&P 500 ETF Trust ... 9 Summit Therapeutics ... 9 T Tapestry ... 24 Target ... 24 Tesla ... 15 TJX Cos ... 25 T-Mobile US ... 19,30 V Valero Energy ... 17 Vanguard High Dividend Yield Index ... 22 Vanguard International High Dividend Yield Index ... 22 Verizon Communications ... 19,30 Victoria's Secret ... 25,32 W Western Digital ... 26 Western Union ... 21 Williams Cos ... 8 Wise Group ... 21

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August 10, 2026

BARRON'S

5

UP & DOWN WALL STREET

Luxury real estate—powered by the ever-rising stock market—is booming across the country, particularly in hot zones like the Bay Area.

It's the Mansion Economy. $10 Million Is Barely Enough.

Real estate agents are never at a loss when it comes to hyperbole, and as such their commentary is best taken with buckets of salt. Nonetheless, current assessments of the San Francisco real estate scene have been eye-catching. "A hysteria," says one broker. "A gold rush situation," says another, perhaps in a nod to the city's history. And from a real estate economist on X: "Absolutely BANANAS."

But it was this quote, as reported by the San Francisco Standard, that had me spitting out my coffee: "As Marie Antoinette as this sounds, there really is a housing crisis at the upper end—a mansion shortage," said Sotheby's agent Annie Williams. (Italics mine.)

A mansion shortage! Why, we'll have to live in an $8 million, 10,000-square-foot fleabag in the East Bay!

Snark aside, the fact that a mansion shortage might even be a thing has to be a barometer of sorts. Sure, it reflects the explosive growth in wealth generated in the Bay Area by tech, now hyper-charged by SpaceX and the artificial-intelligence boom. This in a city that three years ago was said to be in a crime-ridden, hollowed-out-by-remote-work doom loop. But luxury residential real estate—properties priced from $10 million to $100 million and up, powered by the ever-rising stock market—is booming across the country, particularly in hot zones like Los Angeles, New York City, and especially South Florida.

"The scale of wealth has grown far greater in the superluxury end of the

BY ANDY SERWER

market over the past decade," says Jonathan Miller, a veteran real estate analyst and director of markets at Streetmatrix, a housing market research firm. "I'll be inspecting a $30 million or $40 million mansion, and realize it's the fifth house that these people own."

Miller says that 15 years ago he counted three sales of homes over $50 million in the U.S. Last year, there were 45. "Now we're getting $100 million and some $200 million homes," he says. "Ten-million-dollar sales are a dime a dozen."

Actually, there were 1,601 homes sold for $10 million or more in the nation's top 10 ultraluxury markets

last year, according to real estate brokerage Compass, which amounted to some $28.6 billion in sales. That's up 31% in sales and 23% in dollar volume over 2024. (Compass, by the way, reported boffo earnings this week, with its CEO noting the company's strong Bay Area business.)

Chronicling this mushrooming mansion economy is a cottage industry of voyeuristic real estate journalism. Even before Zillow-surfing, tracking neighborhood real estate sales has long been a great American spectator sport, à la baseball or football. But drooling over $75 million Malibu mansions and other property porn feels more like watching Formula One races.

The housing market for us mere mortals, meanwhile, is tepid. U.S. home sales totaled 4.7 million units last year, a 14-year low. And the median sales price of a house sold in the U.S. is stuck around $410,000 as of the second quarter of 2026, about the same price level as five years ago, according to the Federal Reserve Bank of St. Louis.

A study by housing research firm Zelman indicates that the highest third

of the U.S. housing market has outperformed the lowest third in terms of existing-home prices nine quarters in a row, including the past three, when the lowest tier declined 0% to 1%.

"All of the action is on the higher end of housing," says Mark Zandi, chief economist at Moody's Analytics. "The weakness is in workforce housing. That's where you see the real shortages because builders can't make enough money with those types of homes, given the high costs of materials, labor, land, and permitting."

Other elements are putting pressure on the low end, says Miller. "One thing we learned coming out of the pandemic is when mortgage rates are too low for too long, it actually makes housing less affordable because it wipes inventory off the face of the Earth," he says. That's because when money is dirt cheap, consumers borrow willy-nilly and snap up the housing stock. Now, with rates higher, people aren't moving, which makes for a paucity of inventory.

Of course, on the higher end, rates matter less. "For the last decade, the housing market in Manhattan was 50% cash," says Miller—meaning 50% of buyers pay cash. "Over the last couple of years, that has gone up to 65%. The higher the net worth, the higher the purchase price, the higher the probability of a cash buyer." With the stock market up over 23% a year on average over the past three years and 13.5% year to date, who cares about rates?

In mansion-deprived San Francisco, where at least one seller was reportedly seeking Anthropic or OpenAI stock for their listings, Danielle Hale, chief economist at Realtor.com, sees more evidence of inelastic demand by the wealthy. (Realtor.com is owned by News Corp, Barron's parent company.) "When rates shot up in 2023, down payments surged everywhere," Hale says. "You would expect that because when it's expensive to borrow, people borrow less. But when rates fell, down payments remained elevated in San Francisco. We think that reflects the cash and equity from the AI industry." (Some unicorn employees are able to get cash for their stock through com-

Mansions in San Francisco's Pacific Heights district.

Josh Edelson / AFP via Getty Images

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BARRON'S

August 10, 2026

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Up & Down Wall Street (continued)

pany-sponsored tender offers.)

According to Realtor.com economist Jiayi Xu, down payments in Miami, New York City, and Austin, Texas, have met or dropped below their 2022 level, while buyers in the Bay Area continue to put 6.6 percentage points more money down to buy a home. That amounts to an additional $198,000 down on an "entry-level Bay Area luxury home priced around $3 million."

And that's just for pikers. Imagine the money on the highest end. A New York Times study estimates that the SpaceX, Anthropic, and OpenAI initial public offerings could create 20 billionaires—and by extension who knows how many centimillionaires. No wonder some 144 homes in San Francisco went for $1 million over the asking price in the first half of 2026. As for specific deals, there's the recent $56 million sale of a Beaux Arts-style mansion in Pacific Heights by a former Google exec, though the city's most expensive home was bought two years ago by Laurene Powell Jobs, who paid $70 million for another mansion in Pacific Heights.

Down the peninsula in tony Atherton, which recently supplanted Miami's Fisher Island for the honor of having America's most expensive ZIP Code, six homes have sold for more than $30 million this year, with one recently snapped up only 72 hours after being listed, according to the Los Angeles Times.

Speaking of L.A., that market has now caught up with New York, according to Miller. The record price for a home there—indeed all of California—is the $210 million sale two years ago of a Malibu mansion by Oakley (sunglasses company) founder James Jannard, who reportedly bought the property from Howard Marks, co-chairman of Oaktree Capital Management. The house sits on 9.5 acres and includes 300 feet of ocean frontage. The Jannard house edges out another Malibu mansion bought by Jay-Z and Beyoncé for $200 million in 2023.

Even more aspirationally, consider what would be far and away America's most expensive home: a $400 million listing in Bel Air, owned by an entity tied to Qatar's ruling al-Thani family, according to The Wall Street Journal. The property has '70,000 square feet of living space, 39 bedrooms, and three swimming pools"—perfect for a never-ending party.

In New York City, the top property year to date is the purchase of a 6,500-square-feet, four-bedroom duplex in the 1,428-foot Steinway Tower on 57th Street, along Billionaire's Row, for $42 million. Floor-to-ceiling

ing windows frame unobstructed Central Park views that will be peered through by the buyer, a "European billionaire with a family in tow, who plans to make it his primary residence," writes the New York Post. According to listing broker Nikki Field of Sotheby's, wealthy Europeans are coming into the U.S. market, drawn by the strength of the euro and pound against the dollar.

But the most expensive home in New York—and in all of America—is Citadel CEO Ken Griffin's $238 million apartment (naturally on Billionaire's Row), a 24,000-square-foot quadplex, bought back in 2019. Griffin's nearly quarter-billion-dollar apartment caught the eye of New York City Mayor Zohran Mamdani, who, following Willie Sutton's lead, is going after high-end residential real estate ("because that's where the money is"). Mamdani, singling out Griffin's apartment, has imposed a so-called pied-à-terre tax on nonprimary residences for multimillion-dollar homes and apartments.

Populist politics are bubbling forth in California, too, where Proposition 40: The California Billionaire Tax Act, which would impose a one-time 5% tax on assets over $1 billion, is on the November ballot. Some nonprogressives say that might kill the Golden State's golden goose.

Those populist strains, to a degree, have been revving up the ultrahigh end of the Florida real estate market. Exhibit A: Mark Zuckerberg's recent $170 million purchase on Miami's Indian Creek island, down the road from Jeff Bezos' massive new compound. Still, the hyperscaler dudes don't come close to owning the most expensive property in Florida, which was reportedly bought for $225 million two years ago by billionaire David Hoffman, not in Palm Beach, Miami, or even Manalapan (home to Larry Ellison's Gemini compound), but over in Naples.

Still, with all the talk of billionaires fleeing New York and the Bay Area, prices haven't exactly softened there. And most of these bros, be they Griffin or top Google execs or Zuck, still apparently own megamansions in their old blue state stamping grounds. Indeed in some instances, it's unclear which state is their primary residence. Only the taxman knows for sure, and maybe not even him.

Is mansion mania another sign that the bubble apocalypse is upon us? Could be. But more to the point, it seems the shortage here may not be so much in mansions as it is in common sense. B

email: andy.serwer@barrons.com

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August 10, 2026

BARRON'S

7

STREETWISE

Coca-Cola's transition to an asset-light marketing model, along with its product continuity, helps explain its dominance over Pepsi.

Pepsi's Challenge: It Can't Seem to Keep Up With Coke

I think I like Coke Zero more than Pepsi Zero. I can't say for certain, because I've been hitting the Atomic Fireball candies again, and they leave me with the palate of a trash dump goat. Also, studies with real-time brain scans show that the sight of a Coke label can light up the sensory pleasure region, even for subjects who like Coke and Pepsi equally in blind tests. So, in addition to me being periodically tongue-anesthetized, I might also be partially zombified from a half-century of Coke ads.

All I know is that although I don't mind Diet Pepsi, I reach first for Coke products, and for Zero sodas before Diet ones. So, apparently, do many of you. That goes a long way toward explaining why Coca-Cola is clobbering PepsiCo right now, although there's more to it, which I'll explain.

Over the past decade, investors have done much better in the S&P 500 index than in Coke or Pepsi. Year to date, however, Coke has made 26%, almost double the index's return, while Pepsi is down a little, even after dividends. Late last month, Coke delivered a near-perfect second-quarter financial report, and shares jumped 5% in a day. The company has been gaining share in cola, orange, and lemon-lime soda flavors, and killing it with Zero, a major growth driver. What's interesting is that Diet Coke and the classic stuff have been gaining share, too, largely at the expense of Pepsi.

Behind the scenes, Coke is a transformed company. Just over a decade ago, it collected more than half of revenue from stakes in regional bottling

BY JACK HOUGH

operations, which manufacture soda from concentrate and put it on trucks for local delivery. Today, Coke has sold, or is close to selling, nearly all of its bottling operations. That makes it an asset-light marketing company, which investors like. It's part of the reason that Coke trades at 26 times this year's projected earnings, versus 22 times for the broad market, and 16 times for Pepsi, which remains vertically integrated.

Pepsi is also more than half food, especially snacks, thanks to its Frito-Lay and Quaker Foods divisions. At the moment, much of Big Food is slumping, and the rise of GLP-1 drugs appears to be a key reason. These drugs can quiet the "food noise" that drives impulse purchases of cookies and chips.

Back to diet soda, and the briefest of histories: There was a soda entrepreneur and philanthropist named Hyman Kirsch, who founded a small hospital in Brooklyn called the Jewish Sanitarium for Chronic Disease, and decided that diabetics needed a soda of their own. In 1952, he and a scientist concocted No-Cal, the first diet soda, in ginger ale and black cherry flavors to

start. It was sweetened with something called cyclamate, which would later be banned after studies linked it to cancer in rats, and it remains banned in the U.S. even though the studies have been discredited, but never mind all of that. No-Cal became a regional hit, and not just with diabetics. One marketing poster showed a fit-looking woman struggling with the last two inches of her skirt's side zipper. "Time to switch to No Cal," it read. Another featured a movie star of the day in a bathing suit. "Kim Novak is a No-Cal girl!" it said. "No-Cal never adds an inch to her waist or an ounce to her weight."

No-Cal's growth caught the attention of a larger soda player in Chicago called Royal Crown, which launched Diet Rite, and that did so well that Coke and Pepsi were forced to respond, only neither wanted to risk its namesake brand on something so experimental. Coke launched Tab, and Pepsi, something called Patio, with both aimed at weight-conscious women. Eventually, these gave way to Diet Coke and Diet Pepsi.

I've always assumed that Diet Coke, which made its debut in 1982, was just a bad attempt to mimic the taste of regular Coke. In fact, it was intentionally made more citrusy to mask the metallic aftertaste of saccharin, which was later replaced with aspartame. Remember New Coke? Diet Coke was such a success that executives combined the same flavor profile with high-fructose corn syrup. It flopped.

Coke Zero, officially called Coca-Cola Zero Sugar, made its debut in 2005, and crucially, this was 11 years

before Pepsi got into the Zero game. The idea was to copy Classic Coke's taste and to avoid the "Diet" label, in part because men had been conditioned to view it as feminine. Coke Zero is sweetened with a blend of aspartame and something called Ace-K, because the two help cancel each other's aftertaste.

I must be a Moderately Manly Man (trademark still available), because although I drank Diet Coke for years, I've now switched to Zero. Coke is benefiting from its head start in Zero, and its continuity. Coke Zero cans today look almost identical to Coke cans. Pepsi went through a weird detour with something called Pepsi Max, which had ginseng, extra caffeine, and the same sweeteners as Coke Zero. But it wasn't obvious from the name that it had zero sugar. In 2016, Pepsi finally dropped the ginseng, normalized the caffeine, and changed the name to Pepsi Zero Sugar. The packaging has changed too many times to count.

Hopefully, that helps explain why Coke today is stronger in Zero, which ranks behind Classic and Diet in sales but is growing much faster. One investment bank's bull case on Coke, with its 2.4% dividend yield, is that investors should value it like asset-light success stories in other industries—for example, Marriott International, at 31 times earnings. I'm not feeling it. Pepsi, yielding 4.3%, looks ripe for a soda turnaround, but the snacks give me pause. If I had to choose one, I'd choose Coke, but until there's a better entry point, the best Big Soda stake might be zero. ■

email: jack.hough@barrons.com

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REVIEW & PREVIEW

54,036.93

Dow Industrials: +1551.90

864.21

Dow Global Index: +25.08

Sign up for the Review & Preview daily newsletter at barrons.com/reviewpreview.

Banks Lead a Bonus Boom

Wall Street's year-end bonuses are looking robust after the second quarter, with some lucky souls seeing as much as 15% above 2025. Compensation consultant Johnson Associates dubs it the "Year of the Bank" in its latest report, with year-end incentive pools 5% to 20% higher than in 2025 at major investment and commercial banks. "Everything is shaping up to be a fantastic year for the banks," says the firm's managing director, Chris Connors. "They really are firing on all cylinders."

Record earnings driven by equity trading, underwriting, and advisory services are fueling the bountiful year-over-year increases in bank bonuses.

Hedge fund bonuses are projected to be 5% to 15% higher than last year, as they record some of the highest inflows in two decades and as macro funds outperform. Asset-management firms could see bonuses rise by 7% to 11% on market appreciation and active exchange-traded fund inflows. Wealth management could see bonuses grow 5% to 10%; family offices, 5%; and insurers, flat to 5%. Struggling private markets could see results vary.

This report is more optimistic than Johnson's "flat to slightly higher" projections after the first quarter, with Iran war uncertainties high. Markets aren't as focused on the daily ups and downs in the war, though that could change, warns Connors. Artificial intelligence is affecting hiring, especially for junior jobs but not necessarily among revenue-generating execs. – Janet H. Cho

Risky Business

Investment banking incentive pools, which pay out bonuses, have swung quite a bit since 2021.

Year	Y/Y Change in Incentive Pools
2021	35% to 50% or higher
2022	-30% to -40%
2023	Flat to -10%
2024	15% to 35%
2025	10% to 15%
2026 (projected)	10% to 20% or higher

Source: Johnson Associates

Profit Centers

Johnson Associates' report breaks down its 2026 bonus projections by banking functions.

Function	Bonus
Equity Sales and Trading	20% to 30%
Equity Underwriting	20% to 30%
Firm Mangement	15% to 20%
Advisory	15% to 20%
Corporate Staff	5% to 15%
Fixed Income Sales and Trading	7.5% to 12.5%
Debt Underwriting	5% to 10%

Source: Johnson Associates

LAST WEEK

Markets: After threatening the largest U.S. attack since World War II, President Trump said talks with Iran would resume; Iran denied it. But oil prices fell and stocks rose. The U.S. joined Japan in supporting the yen, selling euros to buy yen. On Wednesday, Iran neared a deal with Oman to regulate Strait of Hormuz shipping. The economy lost 23,000 jobs in July, and May and June were revised down, easing rate fears. On the week, the Dow industrials rose 3%; the S&P 500, 3.6%—a new closing high—and the Nasdaq Composite, 5.2%.

Companies: SpaceX reported a lower loss than expected and stronger revenue, but shares fell after Elon Musk aired spending plans on data centers. Musk also said that SpaceX would only buy Nvidia chips; Advanced Micro Devices shares sank. Banks plan to sell $15 billion in Alphabet debt for a Texas data center leased to Anthropic. Models from OpenAI and Anthropic went rogue in United Kingdom testing.

Deals: The Financial Times reported that AstraZeneca and Bristol Myers Squibb were in talks on a $400 billion merger...Banca Monte dei Paschi di Siena is reviewing options after a merger with Banco BPM collapsed, clearing the way for Intesa Sanpaolo's $35 billion bid...Pipeline operator Williams Cos. struck a $5.5 billion deal for EnCap Flatrock Midstream-owned Momentum Midstream...Apollo Global Management agreed to buy easyJet for $7.7 billion, topping a Castlelake bid...Prologis is buying U.K. rival Segro for $18.8 billion.

THIS WEEK

Tuesday 8/11

The National Association of Realtors reports existing-home sales for July. Consensus estimate is for a seasonally adjusted annual rate of 4.05 million homes sold, slightly less than in June. The median price of an existing home hit a record high of $440,600 in June.

Wednesday 8/12

The Bureau of Labor Statistics releases the consumer price index for July. Economists forecast a 3.4% year-over-year increase, one-tenth of a percentage point less than in June. The core CPI is expected to rise 2.5%, compared with 2.6% previously. It was last at or below the Federal Reserve's 2% inflation target in March of 2021.

Cisco Systems announces earnings on Wednesday, followed by Applied Materials on Thursday.

Friday 8/14

The Census Bureau reports retail and food service sales for July. The Consensus call is for a 0.2% month-over-month increase, matching the June figure.

The University of Michigan releases its Consumer Sentiment index for August. Consensus estimate is for a 54.1 reading, about one point less than in July. Consumer expectations for the year ahead inflation was 4.2% in July.

THE NUMBERS

200

Estimate of how many private colleges tapped restricted endowments to pay bills, up from 131 in 2021.

55.6

ISM's manufacturing index in July, the highest since May 2022, and the seventh straight month of expansion.

90°F

Temperatures this past week in the Russian Arctic, driven in part by a super El Niño and climate change.

$2.7 T

The amount of long-term spending commitments by Big Tech companies, led by Alphabet's $881 billion.

Illustration by Elias Stein

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August 10, 2026

BARRON'S

9

Among smaller companies, biotechs Moderna and Summit Therapeutics have the most riding on test results.

New Drugs Could Fuel Fresh Highs for Biotechs

Positive readouts in cancer and cardiac drug trials could keep the rally going. Sizing up the stakes for Merck, Moderna, Summit Therapeutics, and more.

BY BILL ALPERT

Biotech stocks have recaptured investors' attention this year amid a wave of drug innovation, which is spurring merger-and-acquisition activity in the biopharma industry and a fresh round of initial public offerings. The enthusiasm has lifted the State Street SPDR S&P Biotech exchange-traded fund nearly 26% year to date, to levels not seen since 2021, when Wall Street last went crazy for drugs. A four-year bear market followed that breakout as interest rates rose and Wall Street cooled to companies without profits. This time, the bullish sentiment is likely to last.

"Biotech is coming off a protracted downturn, largely exacerbated by high interest rates and macro uncertainty," says venture investor Peter Kolchinsky, who runs RA Capital Management. "It feels like a return to a healthy pace of activity."

That may be an understatement. As Big Pharma looks to replace $200 billion to $300 billion in branded drugs coming off patent from now to 2030, companies have gone on a spending spree, snapping up smaller outfits with drugs in testing and, in some cases, marketed products. So far this year, there have been 33 buyouts of biotech firms worth $500 million or more, with three deals in June and July exceeding $10 billion each.

Likewise, the new issue window

for biotech stocks is wide open again. Seventeen companies have come public this year, raising $5.5 billion, according to industry website Bio-Pharma Dive, compared with just eight deals in all of 2025, which raised $1.5 billion. June's $670 million debut of Parabilis Medicines was the largest biotech IPO ever.

If biopharma companies are Wall Street's latest growth darlings, the longer-term outlook for their shares will depend on the success of the drugs they develop. Pivotal readouts from clinical trials for drugs to treat cancer and heart disease are coming later this year, and could be catalysts for further gains in the stocks.

Merck, Novartis, and Bristol Myers Squibb are the biggest pharmaceutical companies with critical readouts ahead. Among smaller companies, biotechs Moderna and Summit Therapeutics have the most riding on test results.

Drug trials have high failure rates, as investors are reminded all too frequently. Shares of AstraZeneca and Ionis Pharmaceuticals sold off in early July when the companies' drug Wainua failed a Phase 3 trial for a rare heart disease. At the end of the month, Novo Nordisk stock dropped 10% on news that its treatment for artery inflammation didn't meaningfully reduce heart attacks.

Still, recent successes are attracting new buyers, especially as investors question the outlook for the market's other growth darling: artificial-intelligence stocks. "I'm seeing generalist investors interested in pharmaceuticals, after a multiyear slumber," says Goldman Sachs pharma analyst Asad Haider.

Even if some are buying pharma stocks as a hedge against AI shares, there is a lot of potential value from recent drug innovations, Haider adds.

Bispecific Benefits

Cancer drugs historically have contributed about half of the drug industry's sales, and they remain a research focus, says Agustin Mohedas, a biotech analyst at Janus Henderson Investors. His firm's funds made a smart bet on Revolution Medicines, whose stock has doubled since mid-April, after a Phase 3 trial of its daraxonrasib pill produced unprecedented survival gains in pancreatic cancer.

Once seen as a likely acquisition candidate, Revolution Medicines is now a big swallow, given its $40 billion market cap.

Trial results for Summit Therapeutics' ivonescimab, another cancer drug, could prove the biggest biopharma stock catalyst of the year's second half, says Goldman Sachs biotech analyst Salveen Richter. That's because Summit has practically bet its future on the so-called PDI/VEGF bispecific antibody that combines an immune-boosting feature, like that of the top-selling PDI-inhibitor, Merck's Keytruda, with the power to choke a tumor's blood supply, like Roche's VEGF inhibitor, Avastin. Those features seem to work better in combination than administered as two separate drugs.

Many hope that bispecifics like Summit's will become part of the next standard of care for many cancers, replacing today's combination of chemo drugs and immunotherapy. Merck sold $32 billion worth of Keytruda in 2025, but patent protections peel off in the next few years.

"Summit's bispecific cancer drug is looking to unseat Keytruda," Richter says. "Is it going to beat Keytruda? I'm more optimistic than not that it should."

Summit's Harmoni-3 study will be the first global Phase 3 trial that compares a PDI/VEGF antibody head-to-head against Keytruda, for the treatment of lung cancer. Before year end, the study should reveal how well

Adam Glanzman/Bloomberg

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Summit's drug stalled the progression of squamous small-cell lung cancer, with interim data on how many patients remain alive. Results for the more prevalent non-squamous lung cancer will come in 2027.

Richter believes that the study will be deemed a success if it stalls lung cancer progression by 25% to 30% more than Keytruda.

Summit's co-CEOs, Bob Duggan and Maky Zanganeh, have shown they know a good thing when they see it. In 2003, they sold the robot surgery firm Computer Motion to Intuitive Surgical. In 2015, they sold Pharmacyclics to AbbVie, for $21 billion. And they were among the first U.S. pharma leaders to recognize China's growing prowess in medical research, when Summit licensed ivonescimab from Hong Kong-listed Akeso in 2022.

Wall Street is optimistic about Summit's drug trial because Akeso has done four successful trials in China. With two approvals there already, it has treated 70,000 Chinese patients. "The amount of data already generated on ivonescimab is tremendous," says Summit's strategy chief, Dave Gancarz.

Summit has rights to the drug outside of China. Excitement over Akeso's trial results in China lifted Summit stock as high as $33 in the past couple of years. Lately, it has traded below $14.

The consensus among analysts tracked by S&P Global's Visible Alpha is that approvals for treating cancers of the lung and other organs could lift Summit sales from nothing today to $800 million in 2028. In a decade, sales could top $30 billion.

That's why the Harmoni-3 trial will be a stock catalyst. Richter thinks successful readouts over the next year could vault Summit stock to $41. In a buyout, she thinks the stock could fetch above $70.

Summit won't have the PDI/VEGF bispecific market to itself, however. Bristol and Pfizer have bispecifics in clinical trials. Even Keytruda seller Merck says it is ready to put its own PDI/VEGF into Phase 3 trials.

Vindication for Cancer Vaccines?

Another key readout this year could vindicate vaccines as a cancer treatment.

Cancer vaccines had a history of disappointment until June, when Merck and Moderna reported that a random-

Prescription for Success

Promising treatments in late-stage trials for cancer, cardiac issues, and other diseases offer hope for patients and drug-stock investors.

Company / Ticker	Recent Price	Market Value (billion)	12-Month Change	2027E P/E	Clinical Trial Catalyst
Merck / MRK	$129.30	$319	66%	13.5	INTERpath-001: intismeran vaccine, for melanoma
Novartis / NVS	154.60	282	34	15.8	HORIZON: pelacarsen, for elevated lipoprotein(a)
Bristol Myers Squibb / BMY	63.80	137	46	9.7	Librexia: milvexian, for stroke and atrial fibrillation*
Moderna / MRNA	57.00	24	107	N/A	INTERpath-001: intismeran vaccine, for melanoma
Summit Therapeutics / SMMT	13.55	12	-54	N/A	Harmoni-3: ivonescimab, for lung cancer**
Ionis Pharmaceutical / IONS	54.33	10	26	N/A	HORIZON: pelacarsen, for elevated lipoprotein(a)

Note: E=estimate; N/A=not applicable.; in partnership with Johnson & Johnson; *potential replacement for Merck's Keytruda Sources: Factset, Bloomberg

ized Phase 2 trial of their intismeran autogene vaccine cut the risk of melanoma relapse in half, when used with Keytruda after surgeons removed the skin cancer. Moderna stock nearly doubled in the subsequent weeks to more than $85, although it has since fallen back to $56.

The companies will report interim results later this year from the Phase 3 trial of their melanoma vaccine.

One reason cancer vaccines are showing better results is that doctors are using them before tumors have spread and insulated themselves against the immune system, says Moderna's chief development officer, David Berman. Another key to their success is the way messenger-RNA technology like Moderna's can individualize the vaccine for the mutations of each patient's cancer. Moderna targets as many as 34 abnormal proteins in a patient's tumor. Side effects are minimal.

The Phase 3 interim analysis could be shared at the European Society for Medical Oncology conference in late October. UBS analyst Michael Yee thinks the news might move Moderna stock as much as 25%, even though he has been neutral on it this year. A strong benefit would also bode well for vaccines that Moderna and Merck are developing for cancers of the lungs, kidneys, bladder, pancreas, and stomach.

"If this study is positive, what it will mean for patients is amazing," says Jane Healy, who heads Merck's early clinical development for oncology.

Because cancer vaccines like intismeran are customized for each

patient, it's a challenge to scale up treatment volumes. So, analysts think the product will matter most for Moderna's business. The Visible Alpha consensus predicts that cancer vaccines could rise from less than 10% of Moderna's sales in 2028 to two-thirds of its $7 billion in sales by 2035.

Cardiology Renaissance

This year is also delivering the fruits of what Goldman Sachs calls the cardiology renaissance. A crop of new drugs could make the biggest contribution to reducing heart attacks and strokes since statins began lowering LDL cholesterol 30 years ago.

Cardiovascular disease remains the leading cause of death. Further research has zeroed in on other troublemakers besides LDL. One is lipoprotein(a), a blood fat that is too high in 20% of the world's population. The condition is genetic, and no amount

Big Deals in Biotech

The acquisition of biotech companies so far this year exceeds the totals of recent years.

Note: 2026 data through July 27.

Source: BioPharma Dive

of dieting or exercise can lower lipo(a). There has never been a drug to treat it, either.

Until now. In the next few months, Novartis will report the results from the Horizon study of pelacarsen, an injectable drug that it developed with Ionis Pharmaceuticals. The 8,300-person Phase 3 trial is the first pivotal test that will show whether reducing lipo(a) leads to fewer heart attacks, strokes, or emergency heart stents.

Success in this first test of a lipo(a) treatment is mostly discounted in the current stock prices of Novartis and Ionis, says Richter. But their proof of concept could bring a boost to other firms testing lipo(a) treatments. Amgen has a lipo(a) drug in Phase 3 trials that Richter thinks will prove more potent than the Novartis product. Eli Lilly has Phase 3 studies on a lipo(a) injection and a pill.

Around the end of this year, Bristol Myers Squibb will learn if it has found a blood-thinning drug that is better than Eliquis, one of its big sellers. That's when Bristol should report on one of two Phase 3 trials of milvexian, a clot-preventing drug it developed in partnership with Johnson & Johnson.

Patients with irregular heartbeats known as atrial fibrillation are often prescribed blood thinners like Eliquis or J&J's Xarelto to ward off clots that can precipitate a stroke. But as many as 40% of patients on Eliquis have to reduce their dose because such drugs increase bleeding. Early studies showed that milvexian caused less bleeding as it reduced clots by inhibiting a protein called Factor XI.

Around year end, one of the so-called Librexia trials will tell whether milvexian prevents additional strokes among people who've already had one. In next year's first quarter, the other trial will show if the drug prevents strokes as well as Eliquis in people with atrial fibrillation—who number some 10 million in the U.S.

Eliquis was Bristol's biggest-selling drug last year, bringing in $14 billion. European market exclusivity for the drug expired earlier this year. U.S. exclusivity ends in April 2028, and analysts see Eliquis sales falling by half that year.

If milvexian proves as potent in preventing clots with less bleeding, Bristol will have found its Eliquis successor.

"Bristol Myers is highly levered to this," says Haider, of the milvexian outcomes.

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SPACs Are Back. A Red-Hot Stock Is a Cautionary Tale.

Dave lost 97% of its value before a 1-for-32 reverse split. Now the fintech stock has surged back. The story is a warning to investors.

BY NATE WOLF

January of 2022 was just about the worst time for a company to go public, and it was all the more painful for companies that made their trading debuts through once-hot special-purpose acquisition companies, or SPACs.

Dave, a fintech app that issues small-dollar advances to consumers, learned the hard way. It merged with a SPAC sponsored by Victory Park Capital on Jan. 6, 2022. The stock proceeded to lose 97% of its value over the next 12 months, partly due to Russia's invasion of Ukraine, rapid inflation, and rising interest rates—and partly because anything touched by SPACs became toxic to investors. A year after its initial public offering, with the stock trading at 29 cents, Dave's board approved a 1-for-32 reverse stock split to avoid getting delisted from Nasdaq.

"It was kind of the perfect storm," says Devin Ryan, a Citizens analyst.

Plenty of companies from the post-pandemic SPAC boom had similar falls from grace. Dave, however, has engineered a rare post-SPAC merger comeback. The company turned profitable in 2024, grew sales 40% in 2025, and climbed above its SPAC merger share price earlier this year. Even after a post-earnings selloff on Thursday, the stock is up 65% in 2026, and most analysts rate it a Buy.

Dave has had one of the best runs of any company that went public during the post-Covid SPAC boom, outperforming prominent examples like DraftKings and SoFi Technologies.

Yet the Dave story is a cautionary tale for investors, especially with a new wave of SPAC offerings on the horizon. SPACs often represent a quick ramp onto public markets, but they can make for a bumpy road once the company gets there.

Even after the recent rally, Dave shares have trailed the S&P 500 since they began trading.

When Dave went public, merger sponsor Victory Park Capital had $254 million in shareholder funds lined up, and the parties had secured around $200 million in private investment led by Tiger Global Management.

But the actual capital wasn't guaranteed. Investors in a blank-check company can sell shares before a merger is completed. In Dave's case, investors redeemed 88% of shares, cutting that $254 million to less than $10 million after closing costs and depriving newly public Dave of its expected proceeds.

Victory Park, which declined to comment for this article, continues to hold a seat on Dave's board.

Tiger's shares, meanwhile, had no traditional lockup period. The firm went on a selling spree as the broad market started to turn, unloading its entire Dave stake by the end of the third quarter, securities filings show. Tiger didn't respond to Barron's requests for comment.

Dave shares dipped to penny-stock territory by June and stayed there—not adjusting for the stock split—for almost two years. Dave was in particularly troubled territory since it hadn't developed a deep bench of institutional investors through the typical initial-public-offering recruitment, or roadshow, process.

"We were being told by basically every person that it wasn't a solvable problem," says Jason Wilk, Dave's CEO. "Even if you wanted to invest in the business, there was so little liquidity in the stock that you couldn't even come in."

Dave wasn't alone. The shares of the 300 companies that went public via SPACs in 2021 and 2022 dropped an average of 64% in the stock's first year and about 70% over three years, according to data from University of Florida professor Jay Ritter.

"SPACs certainly all got painted with the same brush, for good reason," says Andrew Jeffrey, an analyst at William Blair. "They're designed to enrich the initial investors at the expense of public market investors."

Dave's early claim to fame was seed funding from billionaire investor Mark Cuban. Cuban told Barron's he had funded one of Wilk's previous ventures and rolled over the investment because he likes Wilk as a CEO. He had some

advice when the pair met in late 2023, with the stock at its nadir: "Forget about the investor base, just build the business," Wilk recalls Cuban saying.

Dave's core product is ExtraCash, which the company positions as an alternative to overdrafts, credit cards, and payday loans. Users link their bank account and apply for up to $500 in cash in exchange for a 5% fee, a monthly subscription of up to $5, and some optional add-ons. The average advance size is $215.

Dave doesn't charge traditional interest or do credit pulls. Instead, its underwriting model, dubbed CashAI, analyzes cash flows from the user's linked bank account to assess credit risk. It then recoups the money when a deposit hits the user's account.

CashAI's predictive power improved over time, analysts explain, helping to minimize losses and maximize cash-advance sizes. The company broke even for the first time in the fourth quarter of 2023, then built on that momentum with a $34.2 million profit in the first quarter of 2024.

Investors took notice and short sellers had to cover their positions, Wilk explains. By May 2024, the stock had soared 1,000% from its all-time low.

Dave's next challenge could be more existential. After a referral from the Federal Trade Commission, the Justice Department sued the company and Wilk in December 2024, alleging Dave misled customers through deceptive advertising.

Dave enrolled ExtraCash users in a monthly subscription without proper disclosure, the Justice Department has alleged. Among other allegations, it

A New SPAC Boom

After a pandemic surge and subsequent lull, SPACs are once again going public. Those new blank-check companies are now on the hunt for companies to merge with.

Source: Jay Ritter, University of Florida

Illustration by Carl Godfrey

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Your New Daily Real Estate Obsession

The rules are simple: view the world's most stunning properties, analyze clues, shuffle them from priciest to least pricey and claim your spot at the top of the global leaderboard.

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A Standout SPAC

Shares of Dave have been red hot in the last 12 months. Like most SPAC-formed companies, the stock has still trailed the S&P 500 since it began trading.

Company / Ticker	Past 12-Month Market Return Value (billion)	First Trading Day	Total Return Relative to S&P 500
Dave / DAVE	96% $5	Jan. 6, 2022	-37%
Opendoor Technologies / OPEN	84 3	Dec. 21, 2020	-216
Rocket Lab / RKLB	74 45	Aug. 25, 2021	549
SoFi Technologies / SOFI	-17 23	June 1, 2021	-117
Symbotic / SYM	-24 25	June 8, 2022	5
QuantumScape / QS	-40 3	Nov. 27, 2020	-215
Hims & Hers Health / HIMS	-41 7	Jan. 21, 2021	-23
DraftKings / DKNG	-52 10	April 24, 2020	-188
Lucid Group / LCID	-68 3	July 26, 2021	-185

Source: FactSet

says the company rarely offered the advertised $500 and used a since-eliminated payment structure that encouraged customers to pay "tips" on top of their monthly fee. The case is awaiting trial in the U.S. District Court for the Central District of California.

Wilk says Dave acted lawfully and that the facts would bear that out in court.

There is no national regulatory framework for the kind of overdraft product Dave provides, says Alan Kaplinsky, senior counsel at Ballard Spahr, which has no role in the ongoing case.

If deemed a traditional loan, ExtraCash's interest would exceed many state, local, and Military Lending Act limits. The city of Baltimore and a class of users sued Dave in separate cases on those grounds last year, with Baltimore citing examples of rates that routinely exceed 1,000%, well above the state limit of 33%. The lawsuits follow a widespread crackdown on payday loans over the past two decades.

Wilk says interest caps aren't designed for the company's short-duration financing.

In 2025, the Center for Responsible Lending found in an analysis of Dave and four other direct-to-consumer loan apps, including EarnIn and Cleo, that heavy users paid an average of $421 in combined fees in their first year.

Such costs, the authors wrote, "can push financially vulnerable workers even further behind."

Dave, which argues its fees are much lower than overdraft charges from banks, now has three million members making transactions every month. Nearly a third of Americans live paycheck to paycheck, according to the Bank of America Institute.

The state of the economy probably

helps Dave, says Jeffrey, the William Blair analyst. Unemployment remains low, so users get predictable paychecks that Dave can bridge. But lower-income families are also feeling the crush of grocery and gas prices—two primary ways members use ExtraCash.

Those dynamics may be contributing to Dave's growth. The company's revenue grew 60% in 2025 to $554 million, and its operating margin expanded to 34% from 10%. Analysts expect growth of 31% in 2026, with a 38% operating margin.

Wilk says Dave can adapt to different economic realities. If unemployment balloons, for example, average credit amounts may fall, but more people will need short-term cash, he says.

Years after their Covid-era boom, SPAC offerings are creeping back. More than 140 SPACs went public last year in search of a target company to take over their listing, the most since 2021, according to Ritter. Another 62 went public in the first quarter of 2026.

But one of the SPAC boom's few success stories knows all about the pitfalls. In hindsight, Wilk acknowledges that Dave's SPAC merger left the company without the institutional backing from investors and banks that may have saved a traditional IPO.

Most SPACs of that era were destined for failure—speculative businesses taken public by speculative financing vehicles. Dave survived because of its fundamentals, but the stock has still underperformed the S&P 500 despite years of hypergrowth. And it continues to trade at a discount to peers like Klarna Group, SoFi, and Affirm Holdings. ■

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August 10, 2026

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This Visionary Stock Looks Ready to Rally

Cooper Cos., the No. 2 maker of contact lenses, could get a pop as it looks to sell a surgical unit. What two activists are up to in the stock.

BY ANDREW BARY

The long-term outlook for eyesight isn't good. Teenagers around the world are spending so much time on screens that nearsightedness is spreading fast. By some estimates, half of the world will be myopic by 2050.

That's one reason that the outlook for Cooper Cos. is so good. Based in San Ramon, Calif., Cooper is the No. 2 maker of contact lenses, with nearly 30% of the global market, trailing only Johnson & Johnson, the maker of Acuvue. Cooper has a promising product just for teens, and plenty else for other age groups.

More immediately, Cooper's stock could get a lift from some corporate developments. The company may soon unveil a sale of its surgical business, creating a pure-play contact-lens company that itself could become a takeover target. Then there are the two activist investment firms with stakes in Cooper, Jana Partners and Browning West. They have been putting heat on the company and already have had some success.

Cooper got a new chairman and another new board member in December—something sought by Browning West in a public letter last November. The West Coast firm argued that changes were needed because Cooper's execution and profit growth flagged in recent years.

Cooper stock, at about $74, is down around 8% this year but up 25% from a May low of about $60. The activists got involved in part because the stock performed poorly over the past five years after peaking at $115 in 2021.

The shares trade for a reasonable 16 times projected earnings of $4.63 for the company's fiscal year, ending in October. That's a discount to peers

Alcon and Bausch + Lomb, the two other companies in the contact-lens oligopoly. Cooper has a market value of more than $14 billion. Earnings are expected to climb 12% in the current fiscal year.

"Cooper is a special situation with an activist campaign going on and a management team that says it will disentangle" the company, says Anthony Petrone, a Mizuho Securities analyst with an Outperform rating and $85 price target.

"Cooper has an impressive track record of contact-lens market share gains, which we attribute to its leading position in specialty lenses and its unique private-label strategy," wrote Oakmark Global manager David Herro in his second-quarter letter.

Cooper's main division, CooperVision, makes contact lenses, which account for about two-thirds of its $4.3 billion in annual sales and an even higher share of earnings. It's an attractive industry, with 4% to 6% annual sales growth, high barriers to entry, and sticky customers—you need a doctor's prescription to get lenses or change brands.

The industry has been helped by increased adoption of one-day silicone hydrogel lenses. These are safer than two-week and monthly lenses that require daily cleaning and can lead to eye infections. The dailies are also more expensive—often $2 a day for both eyes—and more profitable for manufacturers.

The Eyes Have It

Cooper's stock is priced more attractively than that of rival lens makers.

Company / Ticker	Recent Price	YTD Change	Market Value (billion)	2026E EPS	2026E P/E	Dividend Yield
Cooper Cos. / COO*	$74.84	-8.7%	$14.6	$4.63	16.2	None
Alcon / ALC	70.57	-10.5	35.3	3.46	20.4	0.5%
Bausch & Lomb / BLCO	16.78	-1.9	6.0	0.72	21.2	None

Note: E=estimate; *estimates for fiscal year ending October, 2026.

Vision Kings The top three players in contact lenses control nearly 90% of the business.

Johnson & Johnson

36%

Cooper Cos.

27%

Alcon

25%

Other

12%

Source: company reports

Cooper also has benefited from the growth of toric lenses, used by those with an astigmatism, and multifocal lenses, for older people who need help with both distance and reading. These two lenses account for half of Cooper's lens sales of about $3 billion annually. The company has gained market share in lenses for 18 straight years ending in 2025.

Cooper is also the leader in lenses for children. It has a product called MiSight that mitigates the progression of nearsightedness that usually occurs from about age 10 to 18. Sales are still small, about $125 million on an annualized basis, but the potential is big.

Kids' heavy screen time is stretching the inside of their eyes, which in turn can cause nearsightedness. In Asia, this is reaching epidemic proportions. MiSight could help ease the problem and support sales for years to come.

The company's surgical business, accounting for about a third of sales, is geared toward fertility and women's health. Cooper began a strategic review last December, and CEO Albert White said on the earnings conference call on June 4 that the company is "now actively advancing discussions with multiple parties that have submitted significant indications of interest in CooperSurgical."

It's a good bet that the surgical

business gets sold. An announcement could come on and before Sept. 9, when the company reports July-quarter earnings. Cooper didn't respond to a request for comment.

Despite weakness in medical-device stocks this year and lower industry price/earnings ratios, there is strong interest from private equity in the surgical and fertility sectors.

Cooper's surgical business could fetch $4 billion or more. White said on the June call that a "majority" of the proceeds from a potential sale would go to stock buybacks. That could mean large repurchases relative to Cooper's $14.5 billion market value.

If the surgical business is sold, Cooper would become the only big pure-play contact-lens manufacturer. That could attract takeover interest from the likes of EssilorLuxottica, a $90 billion market value eye-care giant that is the leading maker of eye-glass frames. Another potential buyer is Hoya, a Japanese company with a large vision business.

Some drawbacks: Sales growth in the contact-lens business is slowing somewhat, with Cooper cutting organic sales-growth guidance for the current year to about 4% from 5% in June. Contact-lens rivals have made some inroads against Cooper in recent years. Also, Cooper doesn't pay a dividend. That's probably a mistake, since investors in healthcare stocks like them.

But there's still plenty of reason for optimism. Jeff Johnson, a bullish Baird analyst, sees $1 billion of free cash flow in Cooper's 2027 fiscal year, up from $650 million in the current year. As the Cooper story comes into greater focus, investors should like what they see. ■

Dreamtime

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THE

NEW WILD WEST

WITH LOW TAXES AND LIGHT REGULATION, TEXAS IS BOOMING. INVESTORS AND RESIDENTS COULD PAY A STEEP PRICE.

BY AVI SALZMAN

Photographs by Jake Dockins

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N

Now more than ever, the global economy runs through Texas. The boom is happening down at the state's southern tip, where SpaceX launches rockets from a beach just miles from the Mexico border. It's in full swing in the east, where ports in Houston and elsewhere are shipping a record amount of oil and natural gas to the world. There's a gold rush in the north, too, as Dallas transforms a banking backwater into a bona fide financial hub, and in the west, where tech companies are building their biggest artificial-intelligence data centers yet.

Beckoned by a growing population, abundant natural resources, non-existent income taxes, and light regulation, companies from Oracle to Tesla to Caterpillar have relocated their headquarters to the state. Texas passed California this year as the home of the most Fortune 500 companies, with 57. For three years running, Texas has added more jobs than any other state. It has the eighth-largest economy in the world and is hot on the heels of France for seventh place.

Texas is also well positioned to lead the U.S. in the next phase of economic growth, driven by AI. It's closer than any other part of the country to solving the technology's biggest bottleneck: energy.

Texas is building more natural-gas power plants than the next seven states combined, according to energy data provider Global Energy Monitor. It's the leading state for renewable-energy generation, too, with wind and solar arrays going up much faster than even in climate-friendlier jurisdictions like the Northeast. Texas' power grid operates as an island disconnected from its neighbors, which has left it stranded during some weather emergencies but also allowed for flexible regulations that have spurred aggressive private investment.

The state is experimenting with a

kind of hypercapitalism, one whose impacts are likely to be felt around the country. Its innovations are attracting imitators, who see its success as a blueprint for how to spur economic growth. But the model has also drawn a backlash. Deregulation, critics say, has stacked the deck in favor of corporations, and led to a "race to the bottom" that will affect everyone from shareholders to employees. Texas' growth is also hitting physical limits. In parts of the state, water supplies are running out. The data-center boom threatens to sap them even more.

One place to see Texas' growth spurt is at the base of a half-built tower rising at the center of downtown Dallas. When the 30-story building is completed next year, it will house Bank of America's regional headquarters and the recently opened Texas Stock Exchange, which plans to install a rolling stock ticker on the side of the building. "There's no street called Y'all Street," said Linda McMahon, the head of the city's Economic Development Corporation, a civic booster. "But this is kind of what it is."

The building overlooks a five-acre park built with oil and gas money that is itself a sign of the city's transformation over the past decade. It was once a noisy freeway dug into a trench that split the downtown in two. After the freeway was covered and grass installed, it became a gathering place, hosting office workers on their lunch breaks and thousands of soccer fans for watch parties during the World Cup.

Dallas banks have been lending money to oil producers for much of the past century. But the city was long considered an afterthought in the industry. "There were many bad places your name could land on the job placement blackboard in 1985, but the absolute worst was in the slot marked 'Equities in Dallas,' " wrote Michael Lewis in Liar's Poker, his era-defining book about high finance. "Equities in Dallas" became shorthand for career exile.

That's certainly what Aasem Khalil, the current head of Goldman Sachs Group's Dallas office, thought of the city at first. Khalil, who was raised on Long Island, N.Y., was a rising Goldman executive at the bank's New York headquarters in 2016 when he was called into the office of David Solomon, then head of investment banking, to learn about his next posting. He figured it would be some highflying lo-

cale like London. Solomon had other ideas. "When he said, 'I want you to move to Dallas,' I was like, 'You've got to be kidding me. Did I upset you? Did I do something wrong?' "

Khalil has since come around.

"'Equities in Dallas' is a relic of the early '80s," he said in an interview at Goldman's current downtown offices, a building that was considered post-modern when it was constructed in 1985. Now, Goldman is building a much bigger campus about a mile away, designed by a Danish architecture firm known for its opera halls.

In a state filled with exurbs and sprawling office parks, Dallas' downtown looks different. It's filled with upscale housing, some of it converted from 1980s office stock. Young people are staying. Some of Dallas' wealthiest families—like the Perots, Warrens, Hunts, and Crows—have plowed their old oil, tech, and real estate money into culture and public amenities.

Goldman has increased its Dallas-area workforce to more than 4,500 from 900 in 2017. Others have been on a hiring spree, too. In the past decade, the financial industry added more than 100,000 employees in the Dallas area and now has nearly 400,000. JPMorgan Chase has more employees in Texas than in New York, home to its new $3 billion-plus headquarters.

The state's former wildcatters are now Old Money barons, looking for advisors to manage their cash. Morgan Stanley, the wealth management giant, is considering building a $1.3 billion office complex in the city, just down the street from the Federal Reserve Bank of Dallas' imposing limestone edifice. Charles Schwab moved its headquarters from San Francisco to the Dallas area in 2021.

They're not just moving for the barbecued ribs—companies can save millions in taxes in Texas. In California, the corporate income-tax rate on banks is 10.8%. In Texas, there are no corporate income taxes; the state does charge a margin tax worth 0.75% of a bank's gross profit.

Texas is making a play for business on multiple fronts. The state's top politicians aren't content with companies just moving employees to the state. They want them to shift their legal incorporation to Texas from states like Delaware, and list their stocks there, too.

The vast majority of U.S. companies are incorporated in Delaware,

whose long history in adjudicating business disputes seemed to insulate it from competition. But a Delaware judge's 2024 decision to deny Elon Musk's $56 billion Tesla pay package upset the Tesla CEO and helped spur a backlash. Musk moved Tesla's legal incorporation to Texas, whose rules are considered friendlier to corporations than Delaware's.

In Texas, companies can block investors who own less than 3% of their shares from submitting shareholder proposals and filing certain kinds of lawsuits. Texas has also passed rules to curb the power of proxy advisors, which sometimes tell investors to vote against corporate policies. The state has also set up its own business courts that "deliver experienced judges and greater certainty for complex commercial disputes," according to Gov. Greg Abbott.

The rules for Texas' business courts tilt the playing field decidedly in favor of corporate insiders, some experts say. SpaceX's securities filings acknowledge as much: Its bylaws force disputes to be decided by the Texas Business Court, which the company says "may discourage lawsuits against us and our directors, officers, other managerial officials, and other employees." The courts "impose significant hurdles on prospective plaintiffs bringing derivative lawsuits against Texas corporations," according to law firm Latham & Watkins.

Texas is "basically saying, we're very friendly to management, so come

Texas Takeover

The state now leads as home to big companies.

Source: Fortune

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incorporate here,” says Natalia Renta, associate director of corporate governance and power at the nonprofit Americans for Financial Reform Education Fund. The state’s shareholder ownership rules for filing lawsuits have never been attempted before and raise the specter that states will keep chipping away at the rights of small investors. Renta says Texas’ moves have already inspired other states to lower guardrails protecting shareholders and give more power to corporate insiders. Both Nevada and Delaware have passed rules that make it harder for litigants to gather the evidence they need to go after corporations. “It has created a race to the bottom,” Renta says.

The state sees stock trading as the next step for it to become a certified financial capital, on par with or even above New York. The Texas exchange got up and running as a stock trading venue in July, though it’s still working on procuring its own listings. The exchange is on board with the Texasization of corporate America, says James Lee, CEO of the Texas Stock Exchange. Removing wasteful fees and onerous rules should draw more companies to public markets, he says. A stock listing is the next step to getting all of the benefits of Texas’

Stock Exchange is a partner in this—lowercase p—but we have similar goals,” he says.

Nasdaq and the New York Stock Exchange have ramped up their own presence in Texas, too—SpaceX was dual-listed on Nasdaq’s New York and Texas exchanges. Nasdaq launched its exchange in March. Nasdaq Texas President Rachel Racz tells Barron’s the decision to open the Texas venue was “more a response to our clients than a competitor.” From a practical perspective, however, Nasdaq Texas doesn’t change much for the firm’s clients, whose trades run on East Coast wires and technology. It “allows companies to establish a listings presence in Texas while maintaining all of the benefits of their Nasdaq listing,” she says. From a liquidity perspective, the Texas exchanges are still a blip, accounting together for less than 1% of U.S. equity market volume.

Renta worries that the Texas exchanges are engaged in their own race to the bottom. Around the time of SpaceX’s listing, Nasdaq changed its rules to create a “fast track” process for large stocks to make it into the widely held Nasdaq-100 index after just 15 trading days, raising concerns that average investors would take on inordinate risks. “And then all of a sudden, their exchange gets the listing,”

Below left and center: Goldman Sachs is building a new Dallas campus after its staff in the city increased fivefold. Below right: The new 30-story Bank of America Tower in Dallas will house the Texas Stock Exchange.

Renta says. Nasdaq says its fast-track program was designed to make the index better reflect the market it tracks. Racz says, “That decision was made way before SpaceX.”

Texas thinks it has a political edge over New York, whose left-leaning policies have sometimes rankled the business world. The Texas exchange won’t ask companies to list board diversity statistics, like the Nasdaq briefly did a few years ago before its rules were struck down by a court. Texas companies listed on the exchange also don’t have to worry about taxes on trades of their stock. Voters approved a constitutional amendment last year forbidding the state from levying taxes on securities transactions—a response to a 2020 tax proposal in the New York assembly that never moved forward.

Texas politicians have pounced. Dallas Mayor Eric Johnson visited New York City in April to drum up business. He told Barron’s that Dallas is “clearly winning” because it’s the only city in the world with three major exchanges.

“It’s unfair competition now with a clown being the mayor of New York City,” said Texas State Sen. Tan Parker, a leading proponent of the exchange, on a recent podcast. He was referring to New York City Mayor Zohran Mamdani, a Democratic So-

Socialist whose platform includes raising taxes on the rich. Mamdani’s office responded with its own boast: New York remains the capital of global finance, and New Yorkers in finance are paid better because of it. On average they make $512,000, compared with the $162,000 that Texans take home, according to a Mamdani spokeswoman, citing numbers from labor market data service Lightcast. “New York City continues to attract the higher-quality, higher-paying jobs in the industry,” she wrote.

...

If Dallas is Texas’ shining star, Corpus Christi is its workhorse. Corpus sits on the Gulf of Mexico, west of Houston. Driving in from the north, its skyline is a haze of refinery towers and chemical plants. But don’t be fooled: Like any great piece of luxury real estate, you can’t beat the location. Corpus is the closest major port to the Permian Basin, which pumps out more than half of America’s oil. And it’s the only port in the country deep enough to accommodate the oil industry’s monster ships—crude carriers as long as three football fields. It now sends about 2.5 million barrels of crude oil overseas every day, up tenfold from a decade ago. That’s roughly half of America’s total shipments.

The city is also an export hub for

Photographs by Jake Dockins

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Big Green

Long known for oil, Texas is now the top state for clean-energy generation, too.

Texas' share of U.S. renewable-energy production

Source: Energy Information Administration

liquefied-natural-gas exports, which went from a nonexistent industry 10 years ago to one of America's most valuable today.

It's no exaggeration to say that Corpus has changed America's place in the world. As recently as 2015, the U.S. banned crude-oil exports to protect prices at home, a vestige of the 1970s oil crisis. Now, oil is America's largest export category. Crude exports have ramped up about 40% this year, to a record 5.6 million barrels a day in April. Without America's extra exports, the oil price spike during the Iran war would probably be "significantly more severe," writes Meghan O'Sullivan, a Harvard University professor who wrote a book on the geopolitical impacts of America's energy export boom.

Less than 10 hours before he started the war, President Donald Trump spoke at Corpus on Feb. 27. "We're witnessing a historic American energy boom like we've never seen," he said, standing on the dock in front of a massive oil tanker. "And this port is right at the center of the action."

"There's a lot of pride here," said Kent Britton, CEO of the port, in an interview last month. As he spoke, a barge drifted by carrying pet coke, a coal-like byproduct of oil refining. Just in front of it, a dolphin dove in and out of the water, a strange but common sight in a city that's both an industrial powerhouse and a tourist town. "Almost everything that goes out of here goes to our allies. Every ship that leaves Cheniere Energy [an LNG provider] powers a million homes in Europe for a month. Had it not been for the supply coming out of here, the lights go out in Europe."

The pride in Corpus has been tempered by a bitter irony, however. Even as the city takes a major role on the world stage, there has been growing trouble at home. Corpus Christi is running out of water.

The city has grown beyond its resources, and an extended drought exposed just how bad things have gotten. At risk: the basic human needs of over 500,000 people.

Water taps have kept flowing so far, but the signs of crisis are visible at the reservoirs that serve them. The water level at Choke Canyon Reservoir, a lake just north of the city, was just 8% full at one point last month. Just a couple of years ago, a boat launch at the reservoir drew crowds of fun-seekers fleeing South Texas' oppressive heat. Now, the pier extends out into fields of dry scrub brush.

To manage the crisis, city officials began restricting water use. Starting in December 2024, they imposed "Stage 3' limits on residents, forbidding them from watering their lawns and yards. Driveways cracked, and sidewalks sunk into the ground. At the same time, businesses kept humming along. Industrial users have been spared the cuts so far, beyond restrictions on watering lawns on their property. City statistics show that residents cut their water use by 19% from 2023 to 2025. Large-volume users have seen a 3% drop over that same period. The disparity has caused tension.

Some residents say that big energy companies are to blame. "Do we want to be known as the city sucked dry by Exxon?" one asked at a June city council meeting.

"How are you going to take away from the residents and not make the

refineries cut?" said Mike Ramos, who runs a pool-servicing business in town, in an interview. "There's a lot of problems with that." Ramos said he was planning to meet with other pool business owners to figure out their legal options if the city imposes stiffer restrictions on residents.

City Manager Peter Zanoni, the top city administrator, said in an interview at Corpus City Hall that it's unfair to put all of the blame on industrial users, which have gotten more efficient about water use. And he argues that the city's relative lenience on industrial users is justified: It is prioritizing water that "benefits human life and health" or "supports the development of a product."

Big corporate users say they're doing their part. ExxonMobil, which runs a chemical plant in Corpus Christi through a joint venture, is the city's biggest water user, consuming about 13 million gallons a day. An Exxon spokeswoman said the company "continuously recycles water and is always looking for additional ways to reduce its water use." Others, including Flint Hills Resources, a refining subsidiary of Koch, say they've been able to cut water use even as they ramp up fuel production.

Nonetheless, Zanoni understands why residents are upset. Industrial plants use about 60% of Corpus' water, a much higher percentage than in the average city, and their owners are thriving amid the export boom. Refineries and chemical plants need a lot of water for cooling, among other purposes.

For years, residents even subsidized water use by big companies, Zanoni says. The city council doubled

industrial rates three years ago to even things out, but now several big users are challenging the decision with state regulators. Zanoni says he did a double take when he saw the blockbuster earnings report for Valero Energy, a large refiner in the city that's part of the group challenging the rate hike. "We're here worried about charging them a little bit more, and they're still fighting," he says.

"Here in Corpus Christi, there's a huge divide in the community of just regular, hardworking blue-collar families that don't make billions, and then the industry that makes billions," Zanoni says. "And people, even if they work in the industry, they hate the industry."

The Stage 3 cuts have begun to have an impact. Along with some recent rainfall, they allowed the city last week to move up to Stage 2, which still restricts many activities but allows for lawn-watering once every two weeks, in the evening or early morning. Nonetheless, the city remains on edge—and continued drought conditions could lead to much more draconian measures. A so-called Level 1 emergency would entail 25% usage cuts across the board.

Zanoni says that in a Level 1 situation, the city will adjust the balance: It won't enforce restrictions against residential customers, but will expect industrial users to comply. As of this spring, it looked like the Level 1 emergency would come in September. Rainfall pushed the expected date back to 2028.

The city and big energy companies have been preparing for that date, building plants to convert wastewater into useful water for industrial sites. The plants are expected to convert about 16 million gallons a day, freeing up that much freshwater for residents and others. The region uses about 120 million gallons a day, so the project could provide a 10% to 15% cushion. The city has also been drilling wells near a river that feeds into the city's drinking water system, with the potential to add millions of gallons to the water supply.

The city is debating another fix—a $978 million desalination plant in Corpus' inner harbor, to turn salty Gulf water into drinkable fresh water. Business groups argue that it's a sensible long-term fix, but the plan has sparked strong opposition, too. Desalination is considerably more expensive than other methods of obtaining water.

Fueling the Globe

Corpus Christi's overseas oil shipments account for about half of the U.S. total.

The port's crude-oil exports

Note: 2026 is an estimate

Source: Port of Corpus Christi Authority

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Environmentalists say it would also threaten the local ecosystem, because the process involves pumping even saltier water back into the Gulf once the water is purified. The City Council recently tabled a vote on the idea after a particularly heated meeting. Steve Perez, who owns an automobile window-tint shop in the city, says he was initially against the plant but has since come around. “We’re going to end up in this situation sooner or later,” he says. “Something’s got to give.”

Corpus isn’t the only Texas city whose water supplies look precarious. The state is dependent on finite underground aquifers, man-made lakes that evaporate during droughts, and rivers like the Colorado and Rio Grande, whose resources are subject to aggressive competition from other states. “We have run out of the cheap water,” said State Sen. Charles Perry, a Republican from Lubbock, in a recent state hearing on water supplies, according to the Texas Scorecard. Industrial growth will undoubtedly add to the stress. Large, water-hungry data centers have clustered in West Texas, where energy is abundant but water isn’t. By 2030, a severe drought could leave the state about 20% short of meeting water demand, according to the Texas Water Development Board.

Data centers accounted for less than 1% of the state’s water use last year, but by 2030, they could consume 3.7%, according to a University of Texas study. By 2040, it could be as much as 9.1%, more than the state’s manufacturing sector uses today.

As water worries spread, some residents are taking things into their own hands. Kathy Sanders, a retiree in central Texas, has watched with growing unease as adjacent counties have imposed water restrictions. She has taken to capturing rainwater in barrels on her property, and is now considering springing for a $30,000 rainwater catchment system, like some of her neighbors. “The rainwater is something that’s mine,” she says. “We need to put our foot down to say what water belongs to us.”

Water clearly could slow the pace of Texas’ growth. This past week, Gov. Abbott halted new data-center approvals, demanding an audit of the projects based on their water use and other factors. Texas’ natural resources have helped vault it into the lead when it comes to economic growth. They could work in the reverse, too. ■

For the Stock Exchanges, A High-Noon Showdown

BY AVI SALZMAN

Three competing stock exchanges have opened in Texas since 2025, with all of the drama of a classic Texas showdown.

NYSE Texas moved its Chicago exchange to the Lone Star state last year. It staged its debut on the 50-yard line of the Dallas Cowboys stadium, as the team’s cheerleaders waved pompoms and Gov. Greg Abbott rang the closing bell. Nasdaq made its own stand in March, ringing the bell in front of the Alamo in San Antonio, backed by a crowd waving cowboy hats and tiny Texas flags. The Texas Stock Exchange held its opening at temporary offices in Dallas; the bell-ringing set off a spray of gold confetti.

The pageantry suggests that this is the equivalent of a financial-services Super Bowl. “Texas is the pathway forward for finance, for capitalism,”

Abbott said at the Nasdaq event. But the reality is that the state has a long way to go to be the trading capital of America. The NYSE and Nasdaq venues are meant for dual listings, so companies can show off their Texas roots without disconnecting from the technology that controls trading back east. The Texas Stock Exchange is a more homegrown Texas product, but one that doesn’t have any listings yet, and sees very little trading.

No doubt, the state has pride of place, but place matters less and less when it comes to trading stocks.

“It’s a commoditized business,” says Kevin Heal, an analyst at Argus Research. “I’m not quite sure how they’re gonna separate themselves.” In an era of electronic trading, where computers often initiate trades based on headlines, it isn’t clear why it matters where an exchange is located.

“The machines don’t care,” he says.

What the Texas Stock Exchange does have is strong political support, and the right backers, who have helped it raise about $300 million in financing. They include BlackRock, Goldman Sachs Group, and trading giant Citadel. Texas Stock Exchange CEO James Lee tells Barron’s that the business expects to compete aggressively on listings, even if stock trading mostly happens on other platforms. The fact that trading is increasingly disconnected from where a stock is listed is an advantage for new exchanges, he argues. That way, companies can shift their listings without sacrificing liquidity.

The companies backing the Texas exchange understand this, he says. Their support “is a recognition there needs to be a third alternative to the listings duopoly,” he says. “It’s also a reflection of the strategic importance of Texas.”

Lee sees the state’s increasingly business-friendly turn as a selling point for the exchange, too. Texas is making a play to get businesses to change their legal incorporation from Delaware, by creating its own business court and revising shareholder rules to shield corporate insiders from some legal threats.

Incorporation is different from where a stock is listed, but the state has started to extend special protections to locally listed stocks, too. In one bill passed last year, Texas allowed companies whose headquarters are in the state—or that list on a local stock exchange—to limit shareholder proposals.

The Texas exchange isn’t the first, however, to try to pry back Nasdaq and NYSE’s hold on the market. A dozen or so others have made a play before, with limited success. “There have been a lot of exchanges and listings venues that have popped up over the past two decades,” says Rachel Racz, president of Nasdaq Texas. “None of them have gained traction.”

Simon Clinch, senior research analyst covering capital markets at Rothschild & Co Redburn, says the Texas connection could give the new exchange a branding advantage for local companies. But trading volume will be harder to change. “History backs the incumbents” because of their liquidity advantage, he says.

If history can be rewritten, Texas is the place for it to happen. Remember the Alamo? ■

Photograph by Jake Dockins

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SpaceX Starlink satellite Wi-Fi devices in the Philippines.

SpaceX Won't Destroy Telecom, Just Reinvent It

AT&T, Verizon, and T-Mobile shares fell after SpaceX announced plans to launch a mobile offering next year. The drop isn't warranted.

BY AL ROOT

Investors in telecom stocks have been afraid, even petrified, by SpaceX and the potential disruption it will bring to the wireless industry. Despite the worries, AT&T, T-Mobile US, and Verizon Communications won't only survive; they will thrive. Though known primarily for launching rockets into space, the Elon Musk-led company has ambi-

tions to turn Starlink, its space-based broadband product, into the dominant communications company of the future. The market is taking the threat seriously. Shares of wireless providers have been shaky ever since SpaceX President Gwynne Shotwell said the opportunity for "Starlink Mobile" was "huge," in a CNBC interview on June 12.

The pressure continued with SpaceX's first earnings call on Tuesday. Shares of AT&T, Verizon, and T-Mobile all fell 2% to 2.5% after the

company said it planned to launch a mobile offering in 2027.

Revenue of the three wireless carriers in the U.S. is $600 billion a year, Shotwell said on SpaceX's earnings call, "and I anticipate us to be able to acquire quite a few of their customers because I think our service will be better." (Editor's note: Combined revenue is actually closer to $360 billion.)

When it will be better, and how SpaceX Mobile will go to market, remain open questions. But the declines suggest the market believes cable and wireless companies will be fighting a long battle against disruption—and losing.

It's time to take a deep breath. Disruption is coming, but not as soon as—or in the way—investors expect. Starlink will grow and adapt, but the communications network architecture of the future will include the ground-based assets and the wireless spectrum assets amassed over the years by the traditional providers. Inevitably, the selloff reflects fears of the future, rather than the near-term impact on Verizon, AT&T, and T-Mobile.

"The perceived risk of Starlink Mobile disrupting the U.S. wireless industry is greater than the actual risk in the next one to two years," says Morgan Stanley analyst Sean Diffley.

The market has never seen anything like SpaceX before—and neither have telecom companies. Right now, its Starlink business provides satellite-based internet service to 12 million subscribers and has profit margins north of 60%. Musk's ambitions are far bigger than internet service for planes or oceangoing ships. He plans to put 100,000 third-generation Starlink satellites into orbit, aided by the low costs of his fully reusable Starship, which is still in the test phase but is designed to put up to 150 metric tons into space with each

launch at a tenth the per-kilogram cost of the current Falcon 9 rocket. Starlink V3 satellites have 10 times the capacity of current models.

With costs going down and the capabilities of SpaceX satellites increasing, the conclusion seems inevitable: SpaceX is Netflix and the wireless industry is Blockbuster Video.

SpaceX also arrives at an inopportune moment for the wireless titans. Next-gen 5G wireless was its own disruptive technology, enabling data transfer speeds that enabled streaming. With 5G, the wireless industry realized it could offer home internet, called "fixed wireless access," as part of a bundle with mobile phones. Cable companies then had to offer mobile service or risk losing their subscribers, who were already cutting the cord. They can route wireless calls over their wired networks and rent cellular capacity from traditional wireless companies when customers move out of Wi-Fi range.

The result has been a stalemate that slightly favors wireless companies. AT&T, for instance, is expected to grow sales and earnings over the next few years but at below-market rates—a big reason it trades at 9.5 times expected earnings over the next 12 months, down from 13 times a year ago. Comcast will be lucky to keep sales and earnings flat, which is why it trades closer to seven times.

Wall Street has fed the fire. In early and almost universally positive research reports on SpaceX, it has consistently called the rocket and artificial-intelligence company a disruptive force. The average analyst price target for its stock is about $227, valuing SpaceX at about $3 trillion, or roughly five times the combined market value of AT&T, Verizon, and T-Mobile.

The Big Three wireless companies will also suffer from operating under their large debt loads. AT&T, Verizon,

Elon Is Calling

SpaceX plans to enter the telecom business. That's hit the stock of the Big Three U.S. companies.

Company / Ticker	Recent Price	YTD Change	Market Value (trillion)	2027E P/E	Subscribers (million)
SpaceX / SPCX	$108.27	-19.8%+	$1.40	91.4	12.0
AT&T / T	23.06	-7.2	0.16	9.0	125.3
T-Mobile US / TMUS	173.46	-14.6	0.19	12.4	144.8
Verizon Communications / VZ	46.47	3.3	0.19	8.8	147.0

Note: E=estimate; * price change since June 11 initial public offering.

Sources: Bloomberg, FactSet, company reports

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20

BARRON'S

August 10, 2026

BARRON'S

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and T-Mobile have roughly $420 billion in net debt against $140 billion in expected 2026 earnings before interest, taxes, depreciation, and amortization, or Ebitda. "I would not for a second sleep easily if I had the investments that [wireless telecom providers] have, and the debt that they have, and Elon Musk working on a superweapon as it pertains to my business," says Drew Cupps of Polen Capital.

Yet not everyone on Wall Street is willing to buy into Starlink as the destroyer of all telecom. Part of the issue is cost. Daiwa Capital Markets analyst Jonathan Kees argues that the amount of investment needed to truly disrupt terrestrial players is misunderstood. He puts the cost of building out the Starlink constellation with V3 satellites at north of $100 billion, and that doesn't include SpaceX's AI ambitions. Starlink is "only a complement, not a substitute" for existing wireless infrastructure, says Kees.

Because it's a satellite system, Starlink will have a tough time serving densely packed urban areas. V3 satellites are impressive, but they cover an area hundreds of miles wide; a cell tower deals with an area of a few square miles. Even V3 satellites can't handle all the bandwidth required—yet. For that reason, BofA Securities' Michael Funk also doesn't consider SpaceX a big threat. While some see low-earth-orbit wireless taking 15% to 35% of the U.S. telecom market, he thinks those estimates are too optimistic.

"Existing direct-to-device satellite technology [is] underdeveloped and largely complementary to terrestrial mobile networks," Funk says.

SpaceX might decide it can't go it alone, at least not yet. Instead, it might set up a mobile virtual network operator, or MVNO, agreement with one of the legacy carriers—essentially renting network capacity at wholesale rates and selling it to consumers, the way EchoStar's Boost Mobile rents AT&T's network.

Why would AT&T, Verizon, or T-Mobile roll the SpaceX Trojan horse into their corporate walls? They might not have a choice. Several analysts have recently written about the wireless industry's "prisoner's dilemma," noting that wireless operators might prefer to keep Musk on the outside, but the first to partner

with him will generate value at the expense of the others.

SpaceX is "going to have to partner with one of the mobile network operators like a Verizon or T-Mobile," says RBC Capital Markets analyst Ken Herbert. "They're going to have to find ways to work with other companies."

T-Mobile is a favorite of BofA's Funk for its higher market share in the dense urban markets that Starlink will have the most trouble serving. The two companies already have a space-to-cell partnership. Verizon, as the traditional carrier boasting the best coverage, has its growth tied to fixed wireless access, which is the business SpaceX is stealing now. It has the most to lose, and therefore the most to gain from an MVNO relationship with SpaceX, says Wells Fargo's Steven Cahall.

If space and terrestrial networks need each other, the value of wireless companies' assets will grow, not decline, because the ability to move bits through space has become more valuable. EchoStar stock has tripled over the past year, largely due to the value of its spectrum holdings, which SpaceX and AT&T are buying.

All the traditional wireless carriers have spectrum assets, which, based on recent sales prices, are worth a combined $400 billion-plus. That's about 80% of their combined market value—just about enough to cover their debt. Spectrum alone isn't enough to justify purchasing the wireless stocks, but it provides an interesting floor.

The wireless carriers aren't going to sell their spectrum. They have businesses to run, and those businesses are reasonably valued. AT&T stock trades for about 9.4 times expected earnings over the next 12 months, down from 11.2 times at the start of the year. T-Mobile stock trades for 13.9 times earnings, down from 17.6 times, while Verizon shares trade for 9.1 times earnings, a low multiple that is little changed over recent months.

Simply moving back to pre-SpaceX valuations implies a 20% gain for AT&T and a 30% gain for T-Mobile. Those moves assign no probability to investors eventually viewing wireless operators as partners rather than adversaries.

From that angle, shares of AT&T and T-Mobile look less like survivors and more like something even more valuable—they look like bargains. ■

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August 10, 2026

BARRON'S

21

This Payments Market Disrupter Could Pop 35%

International expansion and surging profitability help make Remitly Global stock a buy. Just ask its growing base of users.

BY DAN VICTOR

For millions of immigrants and expats worldwide, sending money abroad is a financial lifeline. The global remittance market exceeds $900 billion a year and continues to grow, according to World Bank data. These cross-border transfers are rapidly shifting away from cash agents and retail storefronts to transactions on digital applications.

Seattle-based Remitly Global, with a $5 billion market capitalization, is a disrupter in the field. The company is generating industry-leading growth, with more than 10 million active customers, and evolving into a broader financial platform. Its stock is a buy amid its international expansion and surging profitability.

In its second-quarter results posted on Aug. 5, Remitly beat expectations

on the top and bottom lines. Revenue was up 20% year over year, while earnings of 93 cents per share surged from three cents compared with the same quarter a year ago. Through the first six months of the year, free cash flow of $202 million is up 83% compared with the same period in 2025.

The impressive results reflect a growing scale and improved cost structure, including efficiencies driven by artificial intelligence. The $23.5 billion in transaction send volume in the quarter increased by 27% from the prior year. Annualized, that corresponds to about 9% of the total annual global remittance market. Further momentum into 2027 should support a steady tailwind for the stock.

Gus Galá of Monness Crespi Hardt was among the Wall Street analysts who were bullish heading into the report. “We view Remitly as a structural market winner poised to capture 10%

Remitly Global is generating industry-leading growth, with more than 10 million active customers.

to 15%-plus of consumer transactions by 2030, driven by a product superiority vs. legacy incumbents and a business model built around digital scale,” he wrote in a July note, reiterating a Buy rating with a $33 price target—35% upside from Friday’s closing price of $24.42 and a multiple of 15 times enterprise value to earnings before interest, taxes, depreciation, and amortization, or Ebitda.

The stock could climb meaningfully higher if Remitly continues executing on its expansion and product road map. In a highly fragmented industry, the company has shown an ability to win and keep customers by delivering a faster, more seamless experience, often at a narrower exchange rate spread than competitors.

Remitly’s core strength lies in treating international money transfers as a low-cost customer-acquisition engine. Once users are onboarded, the company is able to cross-sell banking-like products that deepen engagement and expand lifetime user value.

The strategy starts with financial wallets that let customers store, send, receive, and manage funds with access to credit without needing a traditional bank account. Several product innovations have accelerated this shift.

Remitly Flex, launched in 2025, offers customers small-value, short-term cash advances on a “send now, pay later” basis and already serves more than 140,000 active users. In July, the company rolled out the Global Card, a branded debit product that enables no-fee international spending and cash-back rewards. While the card alone is free to users, both offerings—along with enhanced credit and liquidity features—can be bundled into the premium Remitly One subscription for $9.99 a month. It’s currently expanding

beyond the U.S.

Remitly is also capturing higher-value segments that further boost send volume and take rates. It has been successful in attracting high-dollar senders—customers who regularly remit $5,000 or more—by providing specialized support services and preferential exchange rates.

At the same time, the company is pushing into the business-to-business segment with commercial features such as bulk transfers, international invoicing, and contractor payouts. These efforts are emerging as important growth drivers while broadening its addressable market beyond pure consumer remittances.

Remitly management raised its full-year 2026 guidance to revenue growth of 21% to 22%, while raising its forecast for adjusted Ebitda of $410 million to $415 million, which would represent an impressive 52% increase in Ebitda at the midpoint from 2025. Ultimately, the bullish case for Remitly stock is that the company leverages its remittance leadership and transforms into a broader financial technology giant.

At roughly 13 times enterprise value to Ebitda, Remitly’s valuation seems reasonable given its financial momentum and market share gains. The stock trades at a premium to legacy players like Western Union and International Money Express, which sit closer to five times Ebitda. But both of those companies have been weighed down by their capital-intensive, cash-agent network model, and have posted weak growth in recent quarters. Western Union—which is in the process of acquiring International Money Express—has been especially pressured by the ongoing digital migration.

Remitly’s valuation multiple is closer to that of digital peer Wise Group. Like Remitly, Wise is a remittance platform, but it has focused more on the clearing infrastructure side of the business while avoiding an expansion into broader financial products.

The outlook for Remitly is compelling, but risks remain. Competition in cross-border payments is intense, and higher marketing spend or pricing pressure could slow profitability gains. Wider adoption of noncustodial wallet-to-wallet transfers and crypto alternatives may also challenge traditional fee and foreign-exchange models over time.

For investors who believe that the multiyear shift to digital remittances still has room to run, Remitly Global looks like a transfer worth making. ■

Remitly Global

Online money transfer and payment solutions

Note: E=estimate

Recent Price $24.07 52-Week Change 47.4% Market Value $5.1B 2027E P/E 25.1

Sources: FactSet, Bloomberg

Gabby Jones/Bloomberg

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22

BARRON'S

August 10, 2026

FUNDS

International stocks have paid higher dividends than their U.S. counterparts for many years. One reason: They are less concentrated in tech.

Top Foreign Stock Funds for Income-Hungry Investors

If you're seeking steady income from your investments, good luck finding it in traditional U.S. index funds tracking the S&P 500. The current dividend yield on that tech-stock-laden benchmark is only 1.1%.

Yes, there are solid U.S. stock dividend-focused exchange-traded funds like Vanguard High Dividend Yield Index, which has a 2.2% trailing 12-month yield, and Schwab US Dividend Equity, which yields 3.1%. But both pay less income than the Vanguard International High Dividend Yield Index ETF, which yields 3.5% over the same period. It also sports a 14% five-year annualized return versus the Vanguard's U.S. dividend ETF's 12.2% and Schwab's 9.5%, with international stocks beating U.S. ones over that period.

That said, international stocks have paid higher dividends than their U.S. counterparts for many years. One reason: different sector concentrations. "A lot of U.S. companies are high-growth tech companies where they're doing share buybacks" instead of paying dividends, says Ryan Mischker, co-manager of the ALPS International Sector Dividend Dogs ETF, which has a healthy 4.2% trailing 12-month yield and strong long-term returns. "In international markets, you're looking at more seasoned companies paying dividends. Especially in developed markets, there are more mature financial, industrial, energy type of sectors."

The $191 billion iShares Core MSCI EAFE ETF, a popular index fund, has only a 11% tech weighting versus the S&P 500's 39%. The ETF

BY LEWIS BRAHAM

doesn't strategically target dividends yet still has a 3.4% yield. The Vanguard International ETF has only a 5% tech weighting, with 44% in higher-yielding financial-services companies such as banks and insurers. This makes it a good diversifier for U.S.-centric investors heavily invested in tech stocks.

Still, having too much sector concentration can lead to lagging performance in growth-led market environments favoring historically low-dividend-paying sectors. One smart thing the ALPS ETF does is equal-weight its sectors and stocks. "We have 10 sectors, each with five companies, equal-weighted, and we also have a country cap of a maximum of 10 names per country," Mischker says. The ETF buys the five companies in each sector with the highest dividend yields every December, then rebalances that portfolio

lio of 50 stocks every quarter to stay equal-weighted. Recent winners are a diverse lot—Norwegian energy company Equinor, French bank BNP Paribas, and Japanese drug company Astellas Pharma—all up more than 40% in the past year.

Yet yield-chasing—buying companies with the highest dividend yields—can be dangerous. Sometimes they're the weakest companies and cheap for good reason. While it helps that the ALPS ETF is diversified so that no single stock blowup can take the fund down, a strategy that seeks both dividends and high-quality companies can prove more defensive.

Arguably, the best international dividend fund for conservative investors is the Franklin International Low Volatility High Dividend Index ETF. It has produced a 17.1% five-year annualized return, besting 98% of its peers in Morningstar's foreign large value category, and an 11.2% 10-year return, besting 92% of them. Even more impressive, it has done this with much less volatility and downside risk, having a maximum drop of 10% in the past five years versus 23% for the average category fund. Its 3.7% trailing yield isn't the highest, but it's still attractive.

Todd Mathias, Franklin Templeton's head of U.S. ETF product strategy and development, says the ETF's success at

playing defense depends on a three-pillar approach. First, the ETF screens the international stock universe for "sustainable high dividends from companies that can maintain that dividend payout and have support of earnings to maintain that payout." The second pillar is low stock-price volatility, and the third is hedging foreign currency exposure. It "isn't a call on the dollar or on international currencies; it's that currency adds volatility, and by hedging that out, you reduce overall total risk," Mathias explains.

A typical holding for this ETF is Italy's Banca Monte dei Paschi di Siena. The world's oldest bank, it currently yields 7.7%. After a tumultuous period in Italy's banking sector in the 2010s, Banca Monte now has stable earnings and has pledged to pay out 16 billion euros ($18.4 billion) in dividends in the next five years. "After the financial crisis, there was a lot of scrutiny on Italian banks, and they've really turned around what their credit looks like," Mathias says. "It has gone from an impaired sector to an income engine."

Note: With dividend stock funds, it's better to compare their trailing 12-month yields than the one-month "SEC yields" typically used for bond funds, as many dividend funds don't have steady fixed payout rates like bonds. One month's worth of information can be misleading, as a fund can pay more some months and not others.

There aren't many actively managed international dividend ETFs or mutual funds. Columbia International Equity Income is one, with a relatively low 0.45% expense ratio. Co-manager Henry Hom also seeks high-quality dividend payers. "The main part is free cash flow," he says. "If a company can generate a healthy cash flow, then it should be able to pay its dividend."

High free cash flow also keeps companies from taking on too much leverage to sustain their payouts, a common cause of dividend cuts. Some recent additions to the Columbia ETF's portfolio are French digital-advertising company (and recent Barron's pick) Publicis Groupe, yielding 4%, and Danish brewer Carlsberg, at 3%.

Blue-chip companies with yields like that are harder to find in the U.S. ■

World Beaters

These four foreign stock dividend funds offer higher yields and have beaten U.S. dividend funds in the past five years.

Fund / Ticker	Morningstar Category	12-Month Yield	YTD Return	5-Yr Return	Expense Ratio
Franklin International Low Volatility High Dividend Index / LVHI	Foreign Large Value	3.7%	18.2%	17.1%	0.40%
ALPS International Sector Dividend Dogs / IDOG	Foreign Large Value	4.2	16.1	14.3	0.50
Vanguard International High Dividend Yield Index / VYMI	Foreign Large Value	3.5	17.4	14.0	0.07
Columbia International Equity Income / INEQ	Foreign Large Value	2.7	12.7	13.6	0.45
U.S. Fund / Ticker
Vanguard S&P 500 / VOO	Large Blend	1.1%	10.1%	12.8	0.03%
Vanguard High Dividend Yield / VYM	Large Value	2.2	14.2	12.2	0.04
Schwab US Dividend Equity / SCHD	Large Value	3.1	23.9	9.5	0.06

Note: Funds are ranked by five-year returns, which are annualized as of July 31.

Source: Morningstar

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August 10, 2026

BARRON'S

23

THE ECONOMY

The mechanics of the latest currency intervention further attest to sensitivity about the impact on U.S. bond yields.

To Understand the Yen's Plight, Look to The Bond Markets

The coordinated intervention by Japan and the U.S. to prop up the yen took place in the currency markets, but the actions mainly resulted from pressures from global bond markets.

The weakening of the Japanese currency to its lowest levels in four decades reflects markets' concerns about Japan's fiscal path, with the highest ratio of debt to gross domestic product in the developed world, and the Bank of Japan's slow, grudging rise in its policy interest rate to just 1%, despite inflation exceeding its 2% target for the past four years.

As Japan's long-term bond yields have moved to record levels—with 30-year maturities nearing 4% after having hovered around 0% for nearly a generation—long-term government bonds across global markets have sold off.

Each market has a local explanation, writes Michael Green, former chief strategist and portfolio manager for Simplify Asset Management, on Substack. In the U.S., there are deficit concerns, massive spending on artificial intelligence, and disquiet over new Federal Reserve Chairman Kevin Warsh's reticence about offering forward guidance. In the United Kingdom, it's fiscal credibility; in Germany, it's the cost of rearmament; and in France, it's politics.

But what they share is more important: They are funded from the same global pool of long-term capital, says Green. Prominent among them have been Japanese financial institutions,

BY RANDALL W. FORSYTH

such as life insurers, who have been forced to move money overseas to generate returns to meet the cost of their liabilities. That trend reflected Japanese policies of holding short- and long-term interest rates near zero to stir the nation's economy out of its multidecade torpor.

But artificially capping Japanese interest rates effectively shifted the fiscal stress to the currency market, notes Robin Brooks, a senior fellow at the Brookings Institution and former chief foreign-exchange strategist at Goldman Sachs.

The yen is falling because Japan's high public debt—over 230% of GDP—prevents the country from allowing yields to rise freely, he writes in his Substack post. If the BOJ were to stop buying bonds, the yield would be at least 300 basis points (three percentage points) higher, putting Japan

into a fiscal crisis.

Even with repression of Japanese government bond yields, Green posits they have risen enough for Japan's insurance companies to buy domestic bonds to satisfy their liability targets. After the cost of hedging exchange-rate risks, the 4% on 30-year JGBs compares favorably with 5.2% on 30-year U.S. Treasuries for a Japanese investor.

This removes a major buyer on which the developed world's long-term borrowers have depended upon—and effectively provide an invisible subsidy to deficit-running major governments, Green continues. But that is ending as the BOJ normalizes interest rates and draws Japanese institutions back home. This doesn't mean Japanese investors are selling Treasuries outright, but that they are becoming less willing to act as marginal buyers, which set prices.

The mechanics of the latest currency intervention further attest to sensitivity about the impact on U.S. bond yields. Shoring up the yen against the dollar would typically mean selling U.S. assets—mostly Treasury securities—for the Japanese currency, which would tend to push up U.S. yields. Instead, the U.S. sold euros for yen while Japan borrowed from the U.S. Foreign and International Monetary Authorities facility to limit selling of Treasuries.

As PNC economist Isfar Munir explained in a client note, official sales by

the Ministry of Finance and Japanese private sector rotating out of U.S. Treasuries into yen assets puts pressure on the U.S. debt market. That is something the Treasury wants to avoid, given the U.S. fiscal deficit running at 6% of GDP, a level previously seen only in declared wars or recessions.

At the same time, the Treasury continued its program to limit note and bond issuance while leaning on short-term T-bills to fund the deficit. In announcing its quarterly financing plans this past week, the Treasury left open the possibility of cutting back those coupon-bearing securities, leaving it even more dependent on T-bills.

While the Fed keeps its federal-funds target range at 3.50% to 3.75%, T-bills (which track the funds rate) cost the Treasury less than notes and bonds as it prepares to auction $125 billion in fresh three-, 10-, and 30-year securities this coming week.

Outstanding issues of those maturities on Thursday traded 4.31%, 4.67%, and 5.22%, respectively. Moreover, by limiting issuance of longer-term securities, the Treasury is effectively promoting easier financial conditions, offsetting expectations of future Fed rate hikes, writes Erik Norland, chief economist of the CME Group.

The irony is that, to reverse an observation from Treasury Secretary John Connally under Richard Nixon, it's Japan's yen but it's also our problem. Japan has artificially held down its interest rates, until recently to zero or less, for decades, which in turn lowered borrowing costs for the rest of the world. The result of this monetary excess predictably has been a weak yen and persistent inflation, especially for imports, notably oil.

A reversal of capital outflows from Japan as interest rates there rise comes at a time when bond markets in the rest of the world need buyers. As noted, fiscal pressures are being felt in the U.K. and continental Europe. At the same time, the U.S. fiscal deficit shows no sign of abating, along with massive corporate funding for AI projects.

The visible signs of stress appear in currency markets but emanate from debt markets. ■

Parallel Lives

Bond yields in Japan have risen despite efforts to suppress them. The yen has fallen and U.S. yields have risen as a result.

Source: Bloomberg

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24

BARRON'S

August 10, 2026

Q&A

An Interview With Dana Telsey, Founder and Chief Executive, Telsey Advisory Group

Brighter Days for Retail Brands And Stocks

BY TERESA RIVAS

What does a retailing expert who has followed the industry for more than three decades buy for fun? Socks from Bloomingdale's, if you're Dana Telsey, founder of Telsey Advisory Group, a research, banking, and consulting brokerage firm focused on the consumer sector.

There are exciting developments afoot in retailing today, says Telsey, who has covered the industry since 1994 and hung out her shingle in 2006. Promising trends include the revival of old fashion stalwarts and the introduction of artificial-intelligence-powered shopping assistants.

Telsey, the firm's chief executive and chief research officer, spoke with Barron's last month about consumer spending, back-to-school shopping, and some of her favorite stocks, including Tapestry, Ralph Lauren, and several off-price chains. An edited version of the conversation follows.

Barron's: How would you assess the consumer's financial health? Dana Telsey: Consumer resilience has been better than expected. Sales trends were better than expected in the first half of the year, even with economic volatility and volatile energy prices. We see some warning signs, whether elevated inflation, a falling savings rate, or continued softness in

housing. But consumers are responding to newness and events.

The World Cup brought a lot of innovation in product marketing. We saw different types of companies use marketing effectively in connection with the games. We have seen new wholesale relationships, as well, such as Hollister partnering with Target. Bath & Body Works is selling on Amazon.com. In the fall, beauty will be rolled out at Gap's Old Navy stores. Gap is launching accessories and remodeling 30 stores this year.

So, a lot of newness is driving interest in both consumer brands and retailers. I'm also seeing it in real estate, where investment in shopping centers is driving traffic, which benefits landlords and retailers. There are more store openings than closings occurring in retailing, and more demand for space than supply. And there is strength in certain categories, such as juniors apparel, where new concepts such as Edikted, Subdued, and Brandy Melville are attracting the Gen Z shopper.

What is driving shoppers' financial resilience?

Consumers are drawing from savings. We have seen the savings rate come down. Unemployment is still low, and the labor market is pretty stable. And demand by Gen Z customers is filtering out to their parents and even younger people, too.

What are your expectations for

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August 10, 2026

BARRON'S

25

“There are more store openings than closings occurring in retailing, and more demand for space than supply.”

the back-to-school shopping season?

Value remains top of mind as consumers continue to navigate elevated prices and some have pressured budgets. But newness and innovation command full prices, particularly for on-trend brands.

AI will be leveraged for shopping assistance, whether to find deals or identify trends. We will continue to see consumers, especially Gen Z, shop in-store, but also via TikTok and Instagram.

Consumer companies are expected to grow sales by 5.5% in the second half of the year compared with the first half, when sales grew by 5.3%. Inventory levels remain carefully managed for the second half, given the focus on consumer behavior. Also, companies are planning for higher fuel costs.

How will AI help companies in the retail sector?

First, we are still in the learning phase. But over time, we will hear two things: how it’s a revenue enhancer and how it’s an expense reducer.

On the revenue enhancement front, it provides the ability to curate product assortments and glean insights from data as to what you should produce—or produce more or less of.

The impact on expense reduction should be interesting. Will AI allow for more consumer-facing events or interactions to take place between employees and customers? Will it help speed up the writing of product descriptions? Or identify which fabrics should be used to produce goods?

Let’s turn to some retail stocks you like: American luxury brands such as Tapestry, the owner of Coach, and Ralph Lauren. What lies ahead for these companies?

Coach has seen strong growth in average unit revenue [or AUR] for the past several years. Gen Z customers have been buying at full price, not through discounting. Gen Z consumers have higher retention rates than the balance of other cohorts.

Coach is investing in marketing to help drive growth. Its overseas oppor-

tunity is in the early innings. It is more insulated from fashion risk than most other brands due to its robust handbag offering. Leather goods account for around 80% of sales. This is a high-margin, less-seasonal category.

Tapestry’s stock is up more than 20% this year, to about $155, and trades for about 20 times earnings. What is the outlook?

Our price target is $160.

Ralph Lauren also is seeing AUR growth, due to four drivers. The product mix has been elevated in style, quality, and value.

The company is also benefiting from its exposure to Asia, its margin-enhancing direct-to-consumer channel, and a pullback in discounting or promotional activity, which has led to more full-price selling. It is looking for normalized growth in average unit retail selling prices in the mid-single digits.

The core Ralph Lauren customer has remained resilient. The company has raised its investment in marketing, which could total 8% of sales this year. It has added around 6.5 million new customers to its direct-to-consumer channel. New customers are coming to the brand through full-price purchases. They are skewing younger, they’re less price sensitive, and more are female.

Business in China is also growing. It is expected to grow at a midteens rate this year, and that is encouraging

The women’s business, which accounts for about 30% of sales, is a big opportunity for Ralph Lauren. The company has only a 1% market share in women’s apparel and accessories.

What does all this mean for earnings, and the stock?

Ralph Lauren could earn around $16.60 a share this year, rising to $18.21 next year. Total sales could easily grow by low-double digits this year. The stock could trade up to around $460 a share from a recent $388, which would imply a multiple of 15 times earnings. That isn’t egregious for a company with such a compelling growth profile.

Turning to the other end of the price spectrum, you’re a fan of Ross Stores and TJX Cos., parent of TJ Maxx. What is the bullish case for these stocks?

Ross Stores named a new CEO, Jim Conroy, in 2024. He has unleashed a lot of enhancements to the business model, including increased marketing, increased investment in inventories that is driving higher sales, and more investment in the stores. This is helping drive increases in customer counts across income levels, age groups, and ethnicities.

Ross’ second-quarter guidance came in way ahead of expectations, with a solid margin profile. The momentum in the business is encouraging to see.

The off-price retailers have opportunities to grow. Ross and TJX are each opening at least about 100 new stores. Ross doesn’t have a lot of stores in the Northeast, so that is a particular opportunity to grow.

We expect Ross to earn $7.74 a share this year, up from $6.61 last year. Our stock-price target is $265, compared with a recent $238.

TJX has a great long-term record, but the stock is roughly flat this year. What could lift the shares from here?

With a premium multiple of 29 times the next 12 months’ earnings versus a five-year historical average of 24 times, the stock can move higher with continued upside earnings potential. TJX is a best-in-class operator. The company has a history of being conservative in its guidance and has demonstrated durable growth.

TJX is gaining profitable market share given its value focus, a favorable off-price buying landscape, steady comparable-store sales growth, and strategic new-store openings in existing and new markets. The company stands to benefit and capture upside demand from consumers’ heightened focus on value across income levels.

TJX raised its 2026 revenue and profit outlook, even though management is anticipating higher fuel

costs. We expect the company to earn $5.20 a share, up from $4.73 last year, and the stock to trade up to $185 a share from a recent $155.

Which mall staples are coming back?

One theme I like is legacy becoming modern. That includes Gap and Victoria’s Secret. Both have enhanced their product offerings and updated their marketing, and have become more relevant to today’s consumer.

Gap has entered its “building momentum” phase, which includes growing the core apparel business with better product, marketing, storytelling, and in-store execution by layering on accelerant categories such as the rollout of beauty to the Old Navy fleet and expanding in beauty and accessories at the Gap brand. The company is also developing a “fashiontainment” platform.

Management is complementing these initiatives by leveraging the company’s scale to enhance operational efficiency, while making targeted investments in technology. Not least, Gap is deepening its relationship with key partners, and engaging in new collaborations to foster the appropriate cultural presence for each brand.

We think Gap could trade up to $34 a share from a recent $20 or so. We expect Gap to earn $2.38 a share this year.

As for Victoria’s Secret, we see improved momentum, including better performance at Pink and the core Victoria’s Secret brand, with the most recent results showing low-double digit growth in the bra category, beauty, and Pink, driven by strength in core apparel and intimates, improved regular-price selling, and increased engagement from the 18- to 24-year-old demographic. Plus, the company has increased the frequency of its brand activations, highlighting product newness with media campaigns and events.

Our price target is $90 a share, and our 2026 earnings target is $4.60 a share.

Thanks, Dana. ■

Photograph by Laxmi Kolauk

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26

BARRON'S

August 10, 2026

TECH TRADER

Adtech firm AppLovin had its price target lowered by 15 analysts after earnings. The average of those new targets is still 65% above recent levels.

Tech's Volatile Week Offers New Narratives, And 1 Bargain Stock

It was another busy week of earnings for companies caught up in the artificial-intelligence trade. Good wasn't good enough, and any slippage was met with a selloff. But as Palantir Technologies showed with its Monday afternoon earnings blowout, it's still possible to impress skeptical investors and flip a negative narrative.

Here are my takeaways from the latest round of tech earnings:

Sticky Cyclical Fears

Storage chip maker Sandisk reported earnings on Wednesday, at the same time as its former parent, hard-drive storage maker Western Digital. Both companies had earnings beats but offered guidance that spooked investors who are naturally cautious around cyclical stocks.

Both kinds of storage are needed in data centers, so they are downwind of hundreds of billions of dollars in AI capital expenditure. Sandisk had especially mind-blowing numbers with sales up 372% from last year and a gross margin that rose 58 percentage points to almost 85%. Western Digital provided a more modest version of that sales and margin growth.

While these companies are being taken to new heights by the AI investment boom, they can't seem to shed their cyclical past. Investors are still waiting for the other shoe to drop. It's an old rule of thumb that the best time to get into these names is when things go from bleak to merely awful, and the best time to get out is when sales growth and gross margins are peaking.

BY ADAM LEVINE

This leads to a lot of itchy trigger fingers when things are at their best.

An 85% gross margin could easily look like the peak, so the onus falls on guidance to keep investors optimistic about growth. Unfortunately, for Sandisk and Western Digital, their outlooks were uninspiring. Sandisk missed expectations altogether—and both stocks were punished. Sandisk shares fell 7% on Thursday while Western Digital shed 13%.

The stocks rallied into earnings; in the five trading days leading up to earnings, Sandisk stock had risen 33% and Western Digital was up 12%.

Good, Not Great

Advanced Micro Devices stock was up 21% in the four trading days before it reported earnings on Tuesday afternoon. There was absolutely nothing wrong with its report or guidance, but the stock still dropped 7% the following day.

AMD posted small beats on earnings, revenue, and profit margins, and there was more of that in its guidance for the current quarter. With the stock

having rallied, good-not-great was a cause for some profit-taking. AMD's revenue growth acceleration isn't expected until the fourth quarter when shipments of its new Helios AI servers begin ramping to large customers like Meta Platforms and OpenAI.

The Bears Won

Adtech company AppLovin has long been a darling among analysts, and there has been a lot to like. The ad platform grows revenue quickly and has astoundingly high profit margins, even for a software company.

But the company reported its fourth straight quarter of decelerating growth, and the company's profit margin wavered, with guidance predicting another decline in the current quarter.

The earnings results led to a massive derating. There were 16 new notes from Wall Street analysts on Thursday, and 15 of them lowered their price target, by an average of $127, to $554. But only two of the analysts downgraded the stock from a Buy, and the average of those 15 new price targets is still 65% higher than Thursday's closing price, after the stock dropped 20%.

Narrative Flipped

Palantir has been hammered by the narrative that sees software losing out to AI, with shares down 29% this year headed into earnings. The stock had a 180 forward P/E at the end of last year, and the software company, like so many others, got swamped by stories of AI disruption.

But as I argued a few weeks ago, Palantir software can provide an important layer sitting between proprietary enterprise data and AI models.

Palantir backed this up with a 12th consecutive quarter that exceeded revenue projections, and the 13th quarter in a row of increasing sales growth, now up to 93%. In the past 12 months, more than half of revenue converted into free cash flow. This may be the quarter when investors look at Palantir and CEO Alex Karp in a different light—as AI winners, not losers. The stock rose 29% on the day after earnings and is now down just 3% this year.

Later in the week, the beleaguered software company, Atlassian performed a similar act with its earnings, handily beating expectations for sales and profit, and offering much the same in current-quarter guidance. The stock surged 35% on Friday.

What's Next

Sentiment in tech is changing week to week, so investors should be careful in taking lasting lessons from any week's worth of results. That said, there are some things to be learned here. The facts on the ground can upend expectations and change the story. This week's earnings shifted the conversation the most for Palantir, Atlassian, and AppLovin.

Even in an environment of deceleration, AppLovin looks compelling after the postearnings selloff. Wall Street still expects sales growth of roughly 30% in 2027 and 2028, with adjusted operating margins around 80%. On Friday, the stock was trading at 18 times forward earnings, putting it below the S&P 500 index's P/E multiple for the first time in two years. The last time that happened proved to be a buying opportunity. AppLovin stock is up 334% since then. B

This may be the quarter when investors look at Palantir and CEO Alex Karp in a different light—as AI winners, not losers. The stock rose 29% on the day after earnings. It's now down just 3% on the year.

David Paul Morris/Bloomberg

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August 10, 2026

BARRON'S

27

MARKET WEEK

August 3 through August 7, 2026

International Trader	P. 30	Winners & Losers	P. 33
Striking Price	P. 31	Market View	P. 34
Inside Scoop	P. 32	Statistics	P. 35
13D Filings	P. 32

MARKET PERFORMANCE DASHBOARD

Dow Jones Industrials

54,036.93

52-wk: +22.32% YTD: +12.43% Wkly: +2.96%

S&P 500

7757.64

52-wk: +21.41% YTD: +13.32% Wkly: +3.58%

Nasdaq Composite

26,690.62

52-wk: +24.43% YTD: +14.84% Wkly: +5.19%

SPDR Gold Shares ETF

$398.47

52-wk: +27.26% YTD: +0.55% Wkly: +7.25%

Source: Barron's Statistics

THE TRADER

The Market Is Rising Again—and Getting Cheaper, Too

In a “shrinkflation” world, investors might want to stop and appreciate the stock market, which is giving them more for less.

American shoppers are struggling. They have to cope with the frustration of higher prices brought by inflation. They suffer the indignity of shrinkflation when they pay the same price for less product. And they must endure the humiliation of the particularly insidious “skimpflation,” when manufacturers stint on costly ingredients, such as the chocolate and peanut butter in a peanut butter cup, and replace them with fillers like “chocolate candy” and “peanut butter cream.”

BY ALEX ROSENBERG

Against that backdrop, U.S. stocks stand out by offering investors more for less. While the S&P 500 index is up 22% in the past year, valuations have actually come down, with the forward price/earnings ratio falling from 22.1 times to 20 times, per Bloomberg data. It’s as if Gushers got rid of the juicy filling and replaced it with 1982 Chateau Margaux.

So what’s going on? Simply put, the “E” is rising faster than the “P.” Second-quarter earnings season has been one for the ages, with 86% of companies beating earnings estimates, above the average of 78%, and S&P 500 companies growing earnings by a startling 50.4% from a year ago, per FactSet.

Be careful scoffing that it’s all just a play on artificial intelligence. As Ever-

core ISI’s Julian Emanuel points out, “Second-quarter reports have reinforced the strength in Tech and Energy, but the bigger surprise has been how widely earnings strength has extended across and within sectors.” Importantly, the good times are expected to last; analysts have an infamous tendency to cut earnings estimates for the coming quarter, but they’ve actually upped their expectations for third-quarter earnings by 0.3%.

That earnings optimism might be a worry, says Megan Horneman, chief investment officer of Verdence Capital Advisors. “Yes, this earnings season has been mind-blowing,” she explains. “But there’s been no end in sight to the upgrades,” suggesting “there’s some complacency.”

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28

BARRON'S

August 10, 2026

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MarketWatch

Others worry about the quality of the earnings themselves. As Barron's Randall Forsyth noted a few weeks ago, short seller Jim Chanos points out that the accounting treatment of AI spending may be flattering earnings, since equipment sellers log the revenue faster than the buyers recognize the expenses.

This could partially explain why the P/E ratio for the tech sector has fallen more sharply than for the overall index. But again, the earnings growth has been broad, and even non-AI sectors like consumer staples have risen over the past year without boosting valuations.

To some, the earnings themselves are so far above trend that they distort short-term valuations. David Rosenberg of Rosenberg Research notes that Robert Shiller's CAPE multiple—a measure that compares the current S&P 500 price to earnings from the past 10 years—is at levels not seen since the dot-com bubble.

But what the disparity between the forward P/E ratio and the CAPE ratio tells us is that companies are expected to make a heck of a lot more money in the next year than they've made in the past decade, raising the question: Should we really be concerned about the amount of money made in a pre-Billie Eilish world?

That's not to cast aside all doubts. AI spenders like Amazon.com and Alphabet are able to generate serious revenue from their cloud businesses, which is one reason for tech's 12% rally from the July lows, but that doesn't mean all of their spending will pay off. And while the market rose a bit on the surprise loss of 23,000 jobs in July, given that it seems likely to forestall Federal Reserve interest-rate hikes, the hope is that the report doesn't indicate real cracks in the employment picture.

But the bottom line is that the stock market resumed its upward trajectory this past week after a two-month pause. The S&P 500 rose 3.6%, the Dow Jones Indus-

trial Average advanced 3%, and the Nasdaq Composite gained 5.2%, with the S&P 500 and Dow breaking out to new highs. And given the strong fundamentals underpinning the gains, it's fair to say that the rally isn't built on sand.

Or peanut butter cream, for that matter.

If You Buy Gold to Protect Against Inflation, You're Doing It Wrong

If you're worried about inflation, well-worn investing wisdom suggests buying gold. And according to a paper recently published in the Journal of Investing, it's completely wrong.

"Gold is a terrible inflation mitigant... no matter the size of the allocation, the level that inflation must reach before gold is added, or the accuracy of the investor's inflation forecast," authors Rob Brown and Bo Wang report.

Since Brown and Wang work for Julex Capital Management, which runs funds designed to outrun inflation, they aren't exactly disinterested parties. But the evidence they marshal is convincing.

Not only do they find that the correlation between gold and inflation is just 0.07, they also show that adding gold to a portfolio composed mostly of stocks and bonds doesn't help block inflation's bite.

Their argument isn't new. It was most memorably made by former Federal Reserve Chairman Ben Bernanke, who told a Senate committee in 2013 that "the movements of gold don't predict inflation very well," and in fact, "nobody really understands gold prices, and I don't pretend to understand them, either."

So, why the persistent belief in gold's value as an inflation hedge?

Brown and Wang blame a veritable DSM of investor behavioral biases, including herding, anchoring, and confirmation bias. Investors believe that gold is an inflation hedge, so they remember times when it seemed to work as such and cast other

Vital Signs

	Friday's Close	Week's Change	Week's % Chg.		Friday's Close	Week's Change	Week's % Chg.
DJ Industrials	54036.93	+1551.90	+2.96	Barron's Next 50	4120.28	+191.85	+4.88
DJ Transportation	21506.09	+466.79	+2.22	Barron's 400	1665.57	+46.67	+2.88
DJ Utilities	1098.78	-22.86	-2.04
DJ 65 Stocks	17023.69	+372.18	+2.24
DJ US Market	1886.52	+67.17	+3.69
NYSE Comp.	24595.24	+487.70	+2.02
NYSE Amer Comp.	8524.65	+76.51	+0.91
S&P 500	7757.64	+267.92	+3.58
S&P MidCap	3885.57	+126.93	+3.38
S&P SmallCap	1811.16	+42.60	+2.41
Nasdaq	26690.62	+1316.76	+5.19
Value Line (arith.)	14431.77	+448.45	+3.21
Russell 2000	3034.49	+103.16	+3.52
DJ US TSM Float	76854.08	+2747.25	+3.71

	Friday's Close	Week's Change	Week's % Chg.
Barron's Next 50	4120.28	+191.85	+4.88
Barron's 400	1665.57	+46.67	+2.88

	Last Week	Week Earlier
NYSE Advances	1,772	1,533
Declines	1,072	1,282
Unchanged	28	56
New Highs	312	286
New Lows	160	189
Av Daily Vol (mil)	5,415.0	5,490.2
Dollar (Pinex spot index)	99.92	99.91
T-Bond (CBT nearby futures)	109-12	108-10
Crude Oil (NYM light sweet crude)	78.18	84.67
Inflation KR-CRB (Futures Price Index)	380.83	385.10
Gold (CMX nearby futures)	4340.70	4049.10

© 2026 Dow Jones & Company, Inc. All rights reserved. 2E8E6401

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August 10, 2026

BARRON'S

29

Industry Action

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

Source: S&P Dow Jones Indices

data points aside.

Brown and Wang's paper "is a useful reminder that a popular narrative can survive for decades even when the data do not support it," writes investment consultant Larry Swedroe.

But maybe it's also a reminder of gold's dominion. So strong is its hold on investors' psyches that they are willing to credit gold with magical powers.

And isn't that ability really the best reason to own gold?

Snap's 2 Big Problems That Scream 'Stay Away From This Stock'

Snap stock popped after it reported earnings, but soon crackled as the gains disappeared. The worst could still be ahead.

Shares of Snap initially jumped 15% this past Tuesday following its earnings release, as investors cheered stronger-than-expected revenue and earnings. Then they reconsidered. The problem was its user base.

The company reported 495 million daily active users in the second quarter, representing annual growth of 5%, a decent number. But North American daily users fell 7% in that time, while European users were down 2%. All of the growth is coming from the rest of the world, but those users aren't very valuable, with average revenue per user, or ARPU, of just $1, versus $10.26 in North America.

Granted, North American ARPU is up by nearly two bucks in the past year, which drove the second-quarter revenue beat. But user declines in the core market isn't exactly a recipe for social-media company success.

The user numbers highlight the problems facing Snap and other social-media names. There have been several lawsuits against Snap, TikTok, and Meta Platforms over their psychic impact on children, which Snap acknowledges could

"materially impact our business and financial results."

Looking to a post-phone future, Snap is betting that Americans will want its software on their noses all day. That's the bold idea behind Snap Specs, the augmented-reality glasses it unveiled in June and will officially launch in September.

Specs sit in an interesting niche between the help-a-squid-is-eating-my-face bulk of the Apple Vision Pro and the nearly normal-looking but far-less-capable Meta Ray-Bans. Unfortunately, this means the Specs are meant to be worn like glasses but are notably bigger; when CEO Evan Spiegel wore them on CNBC, his ears cauliflowered beneath their weight, and his pupils were barely visible. Beyond the fashion qualms, Snap's ability to compete with the likes of Apple as a hardware and app company is doubtful.

Spiegel sidestepped a question about preorders on the earnings call, saying that the Specs announcement "broke through" and created a "huge amount of interest." Never mind that this interest was largely focused on its clunky design and eye-watering price. He went on to say that Specs are "obviously a high-consideration purchase" at $2,195, so "for the broader public and consumers, it's going to be really important for folks to go hands-on." That sounds like a tacit acknowledgment that the presale isn't going well.

"The level of investment and expected return on Specs is still a question mark," BNP Paribas analyst Nick Jones politely points out.

The long-struggling stock, at $5.32, is down 8% from Tuesday's close, but is still up 14% in August. To buy the stock here, you'd have to be living in Snap's augmented reality. B

email: alex.rosenberg@barrons.com

Inside Tangier

For an exclusive look behind the closed doors of this ancient port town, join Indagare founder Melissa Biggs Bradley on an intimate Insider Journey, created in partnership with Mansion Global.

Explore Tangier's environs in the company of some of its most interesting and innovative inhabitants.

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SEPTEMBER 29 - OCTOBER 4, 2026

LEARN MORE: INDAGARE.COM/JOURNEYS/ TANGIER-MANSION-GLOBAL-SEPTEMBER-2026

Getty Images © 2026 Dow Jones & Company, Inc. All rights reserved. 2E6372

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30

BARRON'S

August 10, 2026

INCOME INVESTING

Where to Find Safety in Telecom Dividend Stocks

BY AL ROOT

SpaceX has become a liability for wireless stocks, sending them lower on fears that its Starlink space-based communications network will steal customers and cash flow. That's an opportunity for income-seeking investors looking for yield. Some volatility might be ahead, but today's payouts look safe—and too good to pass up.

SpaceX reported better-than-expected second-quarter earnings on Tuesday, including $2.6 billion in earnings before interest, taxes, depreciation, and amortization, or Ebitda, from its Starlink connectivity business segment, up from $1.6 billion a year ago, while subscribers hit 12 million, up 100% year over year.

Shares of AT&T, Verizon Communications, and T-Mobile US dropped on Wednesday after SpaceX's earnings report. So did shares of wireless infrastructure companies American Tower, Crown Castle, and SBA Communications.

A well-capitalized company with new technology—and Elon Musk—sounds formidable. Barron's doesn't believe it will be that bad. Musk's companies tend to over-promise on timelines. Starlink Mobile might not be a legitimate threat until the next decade. What's more, Wall Street sees SpaceX needing terrestrial infrastructure—much of which is controlled by the three wireless companies—to offer full wireless services.

"We don't view [SpaceX's wireless plan] as a scalable solution and believe SpaceX will still need to partner or build on towers to achieve coverage goals," says Wells Fargo analyst Eric Luebchow, adding that it will probably take "much longer" for SpaceX to achieve its goals. BNP Paribas analyst Sam McHugh argues that a planned SpaceX wireless network based on satellites and modifications to Starlink customer dishes was "far-fetched."

Tell that to investors who have seen valuation ratios for the six above-named companies drop by an average of 16% over the past

year. The three wireless carriers now trade at about 10.5 times expected earnings over the coming 12 months, down from about 12.5 times a year ago. The tower price/earnings ratio averages about 24 times, down from closer to 28 times a year ago.

The declines have left dividend yields up by roughly one percentage point from a year ago. AT&T stock yields almost 5%, up from 4% a year ago. T-Mobile yields 2.5%, up from 1.5%. Verizon still yields about 6%. The tower yields have risen to an average of 4.3%, up from 3.1%.

Those yields compare favorably to the 2.1% average yield of dividend payers in the S&P 500 index. But are they safe?

The short answer is yes. Verizon and AT&T spent less than half of the cash flow generated over the past 12 months on dividends, per Bloomberg, a level that gives them some cushion. T-Mobile spent closer to 25% of free cash flow. Those ratios aren't expected to change much, based on forward projections for cash flow and net income.

The tower companies pay out a higher percentage of income and cash flow as dividends, but they are organized as real estate investment trusts, which means they must distribute at least 90% of their taxable income to investors. Of the three, American Tower and SBA Communications pay less of their funds from operations than Crown Castle, which cut its quarterly payout to $1.06 a share from $1.57 in May 2025.

The tower stocks, battered by rising interest rates and slowing capital spending from the wireless providers, haven't been strong performers over the past few years. The wireless stocks have performed better but haven't kept up with the market, so investors should look for opportunities to buy them at good value.

AT&T stock was nearly $30 before fears of SpaceX sent it below $24. Verizon shares were north of $51 earlier in 2026 before dropping to a recent $47.

How long it will take for SpaceX fears to clear is hard to say. For now, investors can get paid to wait. B

INTERNATIONAL TRADER

Europe Sets the Tone on Big Tech Regulation

BY CRAIG MELLOW

You might think the European Union has enough problems without waving a red flag in front of U.S. President Donald Trump on a hot-button trade issue.

Brussels did just that on July 23, fining Google 890 million euros ($1 billion) for violating its newish Digital Markets Act. That followed Europe's top court upholding an earlier €4.1 billion judgment against the California-based search colossus. The cases are steeped in legal and digital intricacies.

The political message is clear. "Europe is showing that it's not standing down faced with U.S. pressure anymore," says William Echikson, a senior fellow at the Center for European Policy Analysis' tech policy program.

Google parent Alphabet, which earned $132 billion last year, can shrug off the financial penalties. Trump didn't, promising the EU will "pay a very big price for this illegal and highly unethical conduct."

The EU-Big Tech relationship is one of the highest-stakes interdependencies in a world gravitating back toward national sovereignty. Europe seems fated to rely even more on Silicon Valley as the likes of OpenAI and Anthropic dominate the emerging tools of artificial intelligence.

The companies need their business in the EU—which collectively surpasses China as the No. 2 global economy—to fund their outlandish AI-driven investments.

"Almost half the revenue for our tech giants comes from abroad," says Philip Luck, director of the Center for Strategic and International Studies' economics program. "They need some calmness in the trans-Atlantic relationship."

Brussels seems to be leveraging its market size to become the global trendsetter on digital regulation. The DMA and its companion Digital Services Act move beyond ad hoc antitrust actions to systemic oversight of platforms designated as

"gatekeepers."

Meta Platforms' "addictive" designs for Facebook and Instagram were deemed to violate the DSA in a preliminary ruling last month. Apple's app store ran afoul of the DMA's "anti-steering" strictures last year, provoking a €500 million fine. Eurocrats are looking to extend their reach with the Cloud and AI Development Act, submitted to the European Parliament in June.

Brussels and its constituents are ideologically committed to controlling the online sphere, Luck assesses. "Digital is a real sovereignty concern."

They also see a Trump administration weakened by the Supreme Court's rejection of his "economic emergency" tariffs and looming midterm elections, Echikson adds. "They don't see an immediate threat of retaliation," he says.

Drew DeLong, head of corporate statecraft at Kearney Foresight, isn't so sure about that. The EU could be messing with trade success at the worst possible time.

The bloc achieved a goods trade surplus of around €200 billion with the U.S. last year, while incurring a €360 billion deficit with China. It has emerged from White House tariff turmoil on a more-or-less equal footing with other big trade partners, so far. "Assuming no new 301 investigations, Europe is in a good spot," DeLong says.

That assumption is shaky, though. The White House has pivoted to accelerated "Section 301' tariffs, which give the United States Trade Representative wide latitude to punish partners for "unjustifiable," "unreasonable," or "discriminatory" behavior. USTR predictably threatened a 301 investigation following the Google DMA fine. It's also more quietly looking at Germany for "persistent underpayment for innovative pharmaceutical products."

"There are a number of hot items that could set things off," DeLong says.

Investors—who have bid up European stocks 10% this year—will try to keep cool. B

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August 10, 2026

BARRON'S

31

THE STRIKING PRICE

The fund's margin-call troubles may be over, but the event has exposed problems that threaten the stability of the stock and options markets.

What a Hedge Fund's Fall Says About This Market

BY STEVEN M. SEARS

By now everyone knows the story of Leopold Aschenbrenner, the wunderkind investor who parlayed his artificial-intelligence expertise into a huge—and highly leveraged—hedge fund that ran into huge trouble.

Worth $45 billion as recently as early July, the ironically named Situational Awareness fund had to sell off many of its stocks to Ken Griffin's Citadel at a bargain price. The boy wonder never seems to have asked AI how to best manage his concentrated stock and options portfolio.

His margin-call troubles may be over, but the event has exposed structural and psychological problems that threaten the stability of the stock and options markets.

Margin debt is at record highs. Leverage is too easily available—a big problem that multiplies volatility in ways that are hard to track and little understood.

The demand for bullish call options, which increase in value when stocks rise, is so intense that it has changed the options market's dynamic. Speculative greed, not hedging, now defines the market. Brokers too readily approve options accounts, enabling often financially illiterate people to control lots of stock for little money. Buying cheap bullish call options to bet on stock rallies is the most popular trade.

No one apparently questioned the risks Aschenbrenner took to dramatically outperform his benchmark indexes. It has gone unremarked that he seemingly increased portfolio leverage with options and margin loans at the height of his celebrity. The banks that let him supersize his bets waited until it was too late, and they lost control.

Stock and options dealers, as well as banks and brokerage firms, will, at minimum, protect themselves by reviewing risk management models and margin loan protocols so they don't lose too much money to people who cannot pay them back. In Aschenbrenner's case, such protocols failed.

The Securities and Exchange Commission

sion knew of the fund's troubles before they were public. The SEC declined to comment, but the bailout should prompt reviews of nascent market-changing forces.

Aschenbrenner is intellectually gifted. He's 24. He married Anthropic's chief of staff right after his fund was rescued. The power couple's celebrations reportedly included a colloquium and breakout sessions to discuss big ideas.

Even now, the financial marketing machine and social-media echo chamber celebrate him. Many people want quick riches without much effort, and that dream needs poster boys to humanize complexities and addictive financial products.

Exchange-traded funds—packed with derivatives that amplify stock moves—let anyone do what Aschenbrenner did without any special knowledge. They are wildly popular. No one really knows what happens if one implodes and the damage is amplified by other funds interconnected by stocks and derivatives, but a big broad market decline is a good guess.

In late June, with little fanfare, the SEC asked Wall Street to comment on those funds. It could be the first step in updating regulations and better understanding how leverage has rewired the central nervous system of interconnected global markets.

The Korean stock exchange, for instance, should be largely immaterial to the much larger U.S. market. But Korean chip stock trading, financed with margin debt, influences global markets. Leverage and volatility hop continents like a virus.

Only a few major trading firms and banks really understand what is happening—and those firms operate in all markets, feeding what they learn into expensive proprietary trading technologies that know more about markets than the most sophisticated AI model will ever learn.

Meanwhile, the stock and options markets are breeding millions of little Leopolds who are taking risks they don't understand. Instead of a splashy wedding, they face a likely divorce—from their money. B

Equity Options

CBOE Volatility Index

The Equity-Only Put-Call Ratio

SPX Skew

NDX Skew

Skew indicates whether the options market expects a stock-market advance or decline. It measures the difference between the implied volatility of puts and calls that are 10% out of the money and expire in three months. Higher readings are bearish.

Week's Most Active - Source: McMillan Analysis Corp.

Company	Symbol	Tot Vol	Calls	Puts	Avg Tot Vol	IV %ile	Ratio
ATN International	HVT	3114	3094	20	12	8	259.5
Myers Industries	ATNI	4264	4234	30	40	0	106.6
Graphic Packaging	MYE	4274	4260	14	64	18	66.8
Liquidity Services	GPK	31278	30954	324	804	79	38.9
Hartford Insurance	LQDT	3822	3764	58	100	95	38.2
Elanco Animal Health	HIG	37057	36522	535	1004	16	36.9
Perliga	ELAN	18333	4899	13434	944	76	19.4
Acacia Research	PRGO	28644	17900	10744	1524	61	18.8
Copart Biosciences	ACTG	3850	3786	64	244	56	15.8
Six Flags	COGT	8550	7982	568	556	35	15.4
Gran Tierra Energy	FUN	48052	25607	22445	3504	69	13.7
VASSAT Inc.	GTE	5264	5916	2348	640	71	12.9
The Honest Company	VSAT	63522	52559	10963	5420	85	11.7
Halozyme Therapeutics	HNST	14356	12376	1980	1316	7	10.9
Aspen Aerogels	HALO	7095	4003	3092	692	72	10.3
Bleom Brands	ASPN	6269	3902	2367	632	78	9.9
Mercury Systems	BLMN	16417	7300	9117	1736	66	9.5
Medline Inc.	MRCY	19840	18829	1011	2220	99	8.9
Medline	MDLN	20327	9726	10601	2320	12	8.8
Medfast	MED	7328	5639	1689	860	12	8.5

This table of the most active options this week, as compared to average weekly activity—not just one volume. The idea is that the unusually heavy trading in these options might be a predictor of corporate activity—takeovers, earnings surprises, earnings pre-announcements, biotech FDA hearings or drug trial result announcements, and so forth. Dividend arbitrage has been eliminated. In short, this list attempts to identify where heavy speculation is taking place. These options are likely to be expensive in comparison to their usual pricing levels. Furthermore, many of these situations may be rumor-driven. Most rumors do not prove to be true, so one should be aware of those increased risks if trading in these names.

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32

BARRON'S

August 10, 2026

INSIDE SCOOP

Jeff Bezos Is Selling Some $4 Billion in Amazon Stock

BY MACKENZIE TATANANNI

Amazon founder and former CEO Jeff Bezos is selling 15 million shares of company stock that he acquired back in 1994. A Form 144 filed with the Securities and Exchange Commission this past Monday shows Bezos would off-load the shares—amounting to roughly $4.07 billion of Amazon stock—during the week.

A Form 144 signals an impending sale. It is only required if transactions exceed 5,000 shares or have an aggregate value exceeding $50,000 within a three-month period.

This isn't a conventional open-market transaction, however. Rather, Bezos is selling the shares under a Rule 10b5-1 trading plan he adopted in November 2025. These plans are meant to shield insiders from accusations of illegal trading by automatically execut-

ing trades when preset conditions such as price, volume, and timing are met.

Bezos originally acquired the shares in July 1994 under a founder stock purchase agreement, a contract start-ups use to issue initial shares to their founders.

Now one of the wealthiest people in the world, Bezos formed Amazon in 1994 as an online bookstore called Cadabra before renaming it months later. When a corporation is formed, its legal charter creates a pool of authorized shares—the total maximum number of stock units the company is legally allowed to issue. Initially, Bezos owned 100% of the issued shares. By the time Amazon went public in May 1997, he held around 41% of Amazon's common stock.

The recent sale may seem massive, but it represents only a tiny fraction of Amazon's nearly 10.8 billion shares outstanding. H

Albertsons Executives Make Stock Purchases After Shares Hit Lowse

Top leadership at Albertsons Cos. snapped up company stock after a disappointing earnings report and a grim outlook for the year sent shares of the supermarket chain hit a record low of $11.03 and have not recovered since.

The highest-ranking individual to buy shares was CEO Susan Morris, marking her first open-market purchase. Past filings show Morris, who assumed the job last year, typically receives restricted stock units through an equity incentive plan.

Morris bought 20,277 shares for $11.46 apiece on July 28, followed by a

purchase of 19,132 shares for $11.38 each on the same day. The transaction brought her total holdings to nearly 1.1 million shares, valued at about $13.2 million based on Thursday's closing price of $12.08.

Thomas Moriarty, the company's executive vice president of mergers, acquisitions, and corporate affairs, purchased 170,500 shares at $11.51 apiece on July 27. Chief Financial Officer Sharon McCollam made the most recent purchase on July 31, picking up 9,000 shares for $11.48 each.

Though small compared with the chain's 485 million outstanding shares, this flurry of executive buying followed weak second-quarter results and a reduced full-year outlook on July 23 that sparked a string of analyst downgrades and reductions in price targets. H

The Amazon founder and former CEO received 15 million shares soon after he launched the start-up in 1994. Now he's unloading the stock.

Increases in Holdings

Gold Royalty (GROY)

Tether Holdings raised its stake in the gold-focused royalty company to 33.3 million shares. Tether Holdings did so through the purchase of two million Gold Royalty shares from June 22 through July 30 at per share prices ranging from $2.60 to $2.84.

Following the latest purchases, Tether Holdings owns a 14.4% stake in Gold Royalty's outstanding stock. Shares of Gold Royalty have lost approximately 29.2% of their value in 2026.

Decreases in Holdings

Fortune Brands Innovations (FBIN)

Pictet Asset Management reduced its stake in the home security, plumbing, and building products company to 6,357,492 shares. Pictet Asset Management did so through the sale of 1,751,962 Fortune Brands shares from June 5 through July 31 at per share prices ranging from $39.06 to $54.01, then slightly offset those sales through the purchase of 57,643 shares over that same period at $39.16 to $54.55.

Following the latest sales, Pictet Asset Management continues to own a 5.3% stake in Fortune Brands Innovations' outstanding stock. Shares of Fortune Brands Innovations have gained just 2.7% in value in 2026.

Navigator Holdings (NVGS)

BW Group lowered its stake in the liquefied-gas shipping company to 4,759,078 shares. BW Group did so through the sale of 688,500 Navigator Holdings shares from July 21 through July 29 at per share prices

ranging from $21 to $22.10.

Following the latest sales, BW Group continues to own a 7.7% stake in Navigator Holdings' outstanding stock. Shares of Navigator Holdings have gained roughly 18.6% in value since the beginning of this year.

International General Insurance Holdings (IGIC)

Oman International Development & Investment lowered its stake in the specialty insurance and reinsurance company to 9,115,138 shares. Oman International did so through the sale of 420,000 International General Insurance shares from May 26 through June 30 at per share prices ranging from $25 to $26.06.

Following the latest sales, Oman International continues to own a 21.4% stake in International General Insurance Holdings' outstanding stock. Shares of International General Insurance have gained approximately 8.1% in value since the beginning of this year.

Victoria's Secret (VSXY)

BBRC International lowered its stake in the lingerie, apparel, and beauty products retailer to 7,810,631 shares. BBRC International did so through the sale of 1,364,570 Victoria's Secret shares from June 26 through July 28 at per share prices ranging from $88.50 to $90.69.

Following the latest sales, BBRC International continues to own a 9.8% stake in Victoria's Secret's outstanding stock. Shares of Victoria's Secret have gained roughly 68.4% in value since the beginning of this year.

These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity's attaining more than 5% in any class of a company's securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from July 30 through Aug. 5, 2026. Source: VerityData (verityplatform.com)

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August 10, 2026

BARRON'S

33

WINNERS & LOSERS

Saturday Inbox: Sign up for the Market Lab Newsletter every Saturday at Barrons.com/newsletters

NYSE Biggest % Movers

Winners	Volume	Close	Change	%Chg.
VoyagerTech(VOYG)	12945	41.85	+17.32	+70.6
BlueLine(BXC)	1429	89.88	+35.66	+65.8
Botta(IBTA)	3274	38.42	+14.42	+60.1
Redwire(RDW)	125150	13.59	+4.97	+57.7
FlotokIndustries(FTK)	4391	35.42	+11.88	+50.5
INNOVATE(VATE)	16634	12.11	+3.99	+49.1
Mativ(MATV)	4286	12.89	+4.16	+47.7
Coherent(COHR)	36924	379.13	+116.24	+44.2

Losers	Volume	Close	Change	%Chg.
EmergentBiosel(EBS)	9049	4.84	-2.38	-33.0
UsanaHealth(USNA)	1722	15.47	-6.64	-30.0
UmiTechInst(GITI)	11435	28.95	-10.36	-26.4
VishayPrecision(VPG)	4777	68.59	-23.46	-25.5
DaVita(DVA)	10836	183.77	-56.32	-23.5
PayPacific(PARR)	7196	66.29	-19.74	-22.9
XponentialFit(XPOF)	12088	5.03	-1.49	-22.9
YorkSpace(YSS)	17147	11.41	-3.32	-22.5

NYSE American Biggest % Movers

Winners	Volume	Close	Change	%Chg.
SMJ Intl(SMJF)	4920	8.35	+2.67	+47.0
IMCRareEarths(IMC)	1308	7.68	+2.31	+43.0
InfoSystem(INFU)	1646	12.49	+3.35	+36.7
NewPacificMetals(NEWP)	3086	6.33	+1.69	+36.4
B2Gold(BTG)	176117	5.03	+1.28	+34.1
DakotaGold(DC)	6944	6.00	+1.46	+32.2
AmerGold&Silver(USAS)	27746	5.01	+1.19	+31.2
NovaGoldRscs(NG)	28396	7.59	+1.76	+30.2

Losers	Volume	Close	Change	%Chg.
PicardMedical(PMI)	911	3.43	-0.96	-21.9
Envela(ELA)	865	17.18	-4.50	-20.8
ApimedsPharm(APUS)	74	4.23	-0.92	-17.9
Cohen(COHN)	235	11.26	-1.99	-15.0
NFT(MI)	463	7.41	-1.04	-12.3
NineEnergySvc(NINE)	447	10.16	-1.19	-10.5
NatlHealthcare(NHC)	644	215.54	-10.49	-4.6
Seaboard(SEB)	65	4240.64	-172.62	-3.9

Nasdaq Biggest % Movers

Winners	Volume	Close	Change	%Chg.
YXT.COM(YXT)	65076	5.98	+3.00	+100.7
Telesat(TSAT)	2420	58.92	+21.66	+58.1
lovanceBistherap(IOVA)	143613	6.34	+2.27	+55.8
EthosTech(LIFE)	15110	31.61	+11.19	+54.8
AevaTech(AEVA)	15175	26.62	+9.08	+51.8
Exapon(XGN)	5010	6.87	+2.34	+51.7
Uniologistics(ULH)	339	20.07	+6.69	+50.0
Honest(HNST)	30808	5.46	+1.81	+49.6

Losers	Volume	Close	Change	%Chg.
CVRx(CVRX)	15644	2.39	-2.79	-53.8
InfluctionP(A(IPCX)	913	6.44	-4.25	-48.9
ThredUp(TDUP)	34771	3.21	-2.57	-44.5
SojaLife(SUJA)	5908	6.26	-4.33	-40.9
Bixte(BTMB)	1330	1.48	-0.77	-34.2
BetterHome&Fin(BETR)	7276	15.46	-8.04	-34.2
BillionToOne(BLLN)	7698	93.39	-45.21	-32.6
Commerce.com(CMRC)	11046	2.22	-0.91	-29.1

NYSE Most Active

Winners	Volume	%Chg.	Close	Change
INNOVATE(VATE)	14634	3078.5	12.11	+3.99
SilverBowlVA(SBXD)	1212	1250.9	10.82	-0.05
Trancet(Rlty(TCI)	639	1172.2	36.77	-4.02
FergusonEnts(FERG)	64706	843.2	256.69	+22.36
Atkore(ATKR)	18770	781.0	93.71	+20.75
IntepeHaldings(ITGR)	21090	632.5	125.27	+4.06
ColombierAcqnIII(CLBR)	651	468.6	10.26	-0.01
Bowhead(BOW)	4992	399.0	33.45	+2.86
Doolmity(DOCS)	97511	386.7	27.40	+6.49
XponentialFit(XPOF)	12088	269.2	5.03	-1.49
Ibotta(IBTA)	3274	257.2	38.42	+14.42
BrightView(BV)	13255	244.1	11.45	-1.59
AstraZeneca(AZN)	37485	227.2	161.42	-8.22
DoubleVerify(DV)	49268	225.8	13.21	+1.96
Axel(AZUL)	1261	220.5	8.51	-0.49
UsanaHealth(USNA)	1722	212.7	15.47	-6.64
KnifeRiver(KNF)	7850	186.4	66.80	-6.37
Innovestntl(INVX)	6051	185.7	28.10	+0.02
ChainBridgeBlncp(CBNA)	187	175.1	46.66	+1.12
FlotokIndustries(FTK)	4391	174.8	35.42	+11.88

By Share Volume	Volume	Close	Change	%Chg.
UiPath(PATH)	330798	15.05	+2.29	+17.9
Snap(SNAP)	329710	5.33	+0.64	+13.6
Nokia(NOK)	325683	9.36	+0.22	+2.4
T1Energy(TE)	269452	5.85	+1.68	+40.3
AT&T(T)	258561	23.79	+0.54	+2.3
NuHoldings(NU)	251146	13.84	-0.49	-3.4
Pfizer(PFE)	243346	26.76	+1.75	+7.0
FordMotor(F)	231817	13.98	-0.70	-4.8
ComarMining(CDE)	231761	17.39	+2.48	+16.6
UWM(UWMC)	207683	1.28	-0.54	-29.7
Ambev(ABEV)	194089	3.00	-0.11	-3.5
Figme(FG)	191826	23.29	-1.03	-4.2
HeclaMining(HL)	174945	16.85	+2.73	+19.3
AMC Ent(AMC)	173951	2.59	-0.23	-8.2
Transocean(RIG)	172458	5.26	-0.06	-1.1
JobyAviation(JOBY)	169929	8.64	+1.49	+20.8
Oracle(ORCL)	162021	147.02	+17.15	+13.2
PG&E(PFG)	156261	17.46	+0.08	+0.5
NuScalePower(SMR)	149127	9.82	+1.40	+16.6
Uber(UBER)	147114	75.02	+4.66	+6.6

By Dollar Volume	$ Volume	Close	Change	%Chg.
TaiwanSemi(TSM)	20014116	420.04	+15.79	+3.9
Oracle(ORCL)	19477940	147.02	+17.15	+13.2
EliLilly(LLY)	18357823	1185.71	+36.87	+3.2
FergusonEnts(FERG)	15780130	256.69	+22.36	+9.5
BloomEnergy(BE)	14589561	219.34	+13.53	+6.6
Caterpillar(CAT)	12968410	842.19	+27.38	+3.4
DellTechC(IDELL)	11049687	453.77	+48.40	+11.9
Coherent(COHR)	10352943	379.13	+116.24	+44.2
ServiceNow(NOW)	9946964	124.88	+13.65	+12.3
AristaNetworks(ANET)	9543265	188.67	+8.32	+4.6
Visa(V)	8871846	362.50	-3.63	-1.0
JPMorganChase(JPM)	8771574	357.52	+5.73	+1.6
ExxonMobil(XOM)	8759346	153.04	-2.40	-1.5
BenMathwy B(BRK.B)	8427784	521.80	+10.26	+2.0
GE Vernova(GEV)	8151180	990.32	+0.03	+0.0
Uber(UBER)	8085599	75.02	+4.66	+6.6
Coming(GLW)	7955083	165.68	+27.43	+19.8
GoldmanSachs(GS)	7661906	1039.61	+21.23	+2.1
Snowflake(SNOW)	7616207	330.49	+37.21	+12.7
Salesforce(CKM)	7607003	192.74	+8.72	+4.7

NYSE American Most Active

Volume	Volume	%Chg.	Close	Change
GranTierraEner(GTE)	26070	1491.6	8.96	+1.47
NFT(MI)	463	770.2	7.41	-1.04
OptimumBank(OPHC)	1329	454.6	9.11	+1.51
PelthosTherap(PTHS)	685	244.2	28.36	-0.30
Flanigans(BDL)	251	169.5	46.12	+4.38
MooseEnergy(MAC)	130	162.4	9.31	+0.63
EV1Industries(EVI)	696	125.0	13.99	-0.08
CompX Intl(CIX)	55	108.7	30.09	+1.78
Cohen(COHN)	235	104.7	11.26	-1.99
EquinoxGold(EQX)	120210	93.7	11.58	+2.63
Seaboard(SEB)	65	61.7	4240.64	+172.62
BudsJuice(BUDA)	128	59.5	8.10	-0.32
InfoSystem(INFU)	1646	49.1	12.49	+3.35
AcmeUnited(ACU)	158	47.5	55.99	-0.87
CollectiveMining(CNL)	432	44.3	14.13	+1.81
NineEnergySvc(NINE)	447	38.3	10.16	-1.19
NovaGoldRscs(NG)	28396	36.8	7.59	+1.76
SMJ Intl(SMJF)	4920	35.7	8.35	+2.67
Envela(ELA)	865	34.0	17.18	-4.50
TrekorMetals(TGB)	34478	30.9	8.32	+1.55

By Share Volume	Volume	Close	Change	%Chg.
HealthyChoice(HCWC)	653982	0.30	+0.12	+67.6
B2Gold(BTG)	176117	5.03	+1.28	+34.1
HyperscaleData(GPUS)	162571	0.12	+0.00	+0.1
EquinoxGold(EQX)	120210	11.58	+2.63	+29.4
WestwaterRscs(WWR)	119771	0.77	+0.35	+86.0
DenisonMines(DNN)	116724	3.22	+0.41	+14.6
i-BOGold(IAUX)	60994	1.62	+0.33	+25.6
EnergyFuels(UUUU)	45251	14.14	+2.70	+23.6
UraniumEner(UBC)	42751	11.26	+1.66	+17.3
TrekorMetals(TGB)	34478	8.32	+1.55	+22.9
Ur-Energy(URG)	32673	1.40	+0.18	+14.8
VizslaSilver(VZLA)	31630	3.74	+0.60	+19.1
CatheterPrec(VTAK)	31107	0.28	+0.03	+12.0
NovaGoldRscs(NG)	28396	7.59	+1.76	+30.2
AmerGold&Silver(USAS)	27746	5.01	+1.19	+31.2
Amaze(AMZE)	26556	0.20	-0.00	-0.9
GranTierraEner(GTE)	26070	8.96	+1.47	+19.6
OceanPerTech(OPTT)	25548	0.18	+0.00	+2.0
BattalionOil(BATL)	25147	1.31	-0.14	-9.7
NorthernDynasty(NAX)	22095	1.71	+0.31	+22.1

By Dollar Volume	$ Volume	Close	Change	%Chg.
EquinoxGold(EQX)	924124	11.58	+2.63	+29.4
B2Gold(BTG)	624794	5.03	+1.28	+34.1
EnergyFuels(UUUU)	477095	14.14	+2.70	+23.6
UnusualMachines(UMAC)	406408	26.11	+4.95	+23.4
UraniumEner(UBC)	380189	11.26	+1.66	+17.3
DenisonMines(DNN)	276670	3.22	+0.41	+14.6
HealthyChoice(HCWC)	246824	0.30	+0.12	+67.6
ImperialOil(IMO)	232749	124.95	-4.62	-3.6
GranTierraEner(GTE)	218904	8.96	+1.47	+19.6
Seaboard(SEB)	214302	4240.64	+172.62	-3.9
TrekorMetals(TGB)	189015	8.32	+1.55	+22.9
NovaGoldRscs(NG)	154926	7.59	+1.76	+30.2
NatlHealthcare(NHC)	116648	215.54	-10.49	-4.6
IvanhoeElectric(IE)	111594	11.02	+1.87	+20.4
SilvercorpMetals(SVM)	110934	11.45	+2.09	+22.3
AvineSilver(ASM)	106586	6.88	+1.55	+29.1
AmerGold&Silver(USAS)	101566	5.01	+1.19	+31.2
VizslaSilver(VZLA)	98234	3.74	+0.60	+19.1
ParkNational(PRK)	89374	203.40	-4.75	-2.3
WestwaterRscs(WWR)	88337	0.77	+0.35	+86.0

Nasdaq Most Active

Volume	%Chg.	Close	Change	%Chg.
BluerockAcqnA(BLRK)	534	1157.2	10.08	-0.04
C&F Fin(CFFI)	381	1142.6	87.94	+5.35
CVRx(CVRX)	15644	910.9	2.39	-2.79
GipCapital9(GIX)	1017	878.8	9.97	+0.03
GoresX A(GTEN)	1380	624.4	10.57	+0.09
TwelveSeasult(TVLY)	333	570.0	10.02	+0.01
CalisaAcqn(ALS)	596	462.1	10.19	+0.02
EthosTech(LIFE)	15110	440.0	31.61	+11.19
Apric&MatSpInsA(ANSC)	1103	421.1	11.45	-0.01
ApollomicsA(APLM)	440	417.5	16.90	-0.34
CO2EnTransition(NOEM)	133	335.8	10.69	-1.11
Aldabra4Liquid(ALOV)	111	333.5	10.00	+0.05
HelixAcqnIII(HLXC)	298	329.2	10.68	+0.17
Lantheus(LNTH)	19839	288.5	100.95	+1.31
BetterHome&Fin(BETR)	7276	276.5	15.46	-8.04
FidelityD&D(FDBC)	189	265.7	54.52	+1.92
SophiaGenetics(SOPH)	4110	252.3	7.71	+2.04
ChevybeAcqnIII(CHEC)	164	240.3	10.23	+0.03
Criteo(CRTD)	6387	237.7	18.38	-3.44
ThredUp(TDUP)	34771	234.1	3.21	-2.57

By Share Volume	Volume	Close	Change	%Chg.
SpaceX(SPCX)	917148	133.11	+24.74	+22.8
NVIDIA(NVDA)	640621	223.96	+23.21	+11.6
HertzGlobal(HTZ)	472702	2.27	+0.69	+43.2
Intel(INTC)	458740	101.65	+11.45	+12.7
PalantirTech(PLTR)	434080	172.01	+48.95	+39.8
Grab(GRAB)	309430	3.66	+0.16	+4.6
SoFiTech(SOFI)	298789	18.38	+2.07	+12.7
TradeDesk(TTD)	278043	13.80	-4.24	-23.5
Apple(AAPL)	272949	313.33	+4.42	+1.4
Amazon.com(AMZN)	269153	274.48	+2.90	+1.1
AmerAirlines(AAL)	256548	15.94	+0.67	+4.4
Goozy(GAUZ)	238849	0.43	+0.16	+57.8
SoundHoundAI(SOUN)	238659	8.02	+1.89	+30.8
OpendoorTech(OPEN)	230116	3.48	-0.28	-7.6
BeyondMeet(BYND)	221855	0.54	-0.03	-5.0
Microsoft(MSFT)	214946	499.99	+35.27	+7.6
CipherDigital(CIFR)	208361	17.18	-5.14	-23.0
MicroxTech(MU)	184592	877.57	+54.54	+6.6
IREN(IREN)	181898	41.23	+4.43	+12.0
SuperMicroComp(SMCI)	173744	31.13	+2.73	+9.6

By Dollar Volume	$ Volume	Close	Change	%Chg.
MicroxTech(MU)	127388650	877.57	+54.54	+6.6
NVIDIA(NVDA)	111744488	223.96	+23.21	+11.6
Microsoft(MSFT)	86923834	499.99	+35.27	+7.6
SpaceX(SPCX)	76838639	133.11	+24.74	+22.8
Sandisk(SNDK)	76145237	1212.21	-2.62	-0.2
AdvMicroDevices(AMD)	71035337	483.36	+7.21	+1.5
Apple(AAPL)	69314400	313.33	+4.42	+1.4
Amazon.com(AMZN)	66162475	274.48	+2.90	+1.1
PalantirTech(PLTR)	58742942	172.01	+48.95	+39.8
Alphabet A(GODGL)	51679511	354.30	-1.83	-0.5
Tesla(TSLA)	44571108	328.58	+17.37	+5.6
MetaPlatforms(META)	40680337	592.10	+35.39	+6.4
Intel(INTC)	36574908	101.65	+11.45	+12.7
Alphabet C(GODG)	33043695	353.47	-3.18	-0.9
Broadcom(AVGO)	31962915	427.76	+38.48	+9.9
MarvelITech(MRVL)	18878487	218.72	+31.16	+16.6
WesternDigital(WDC)	18511047	434.30	-110.54	-20.3
Nebius(NBIS)	18393153	187.97	-2.44	-1.3
Seagate(STX)	16994443	812.76	-43.37	-5.1
SK hynix(SKHY)	16748605	137.91	-5.82	-4.0

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

---

34

BARRON'S

August 10, 2026

MARKET VIEW

This commentary was issued recently by money managers, research firms, and market newsletter writers. Edited by Barron's staff.

"False" Productivity Boom

Paulsen Perspectives

paulsenperspectives@substack.com

Aug. 6: America's biggest contemporary economic problem is probably a lack of sufficient U.S. labor force growth. During the 50-year period from 1950 to 2000, the U.S. labor force grew at an average annualized pace of 1.7%, but since 2000, it has only risen at a 0.9% pace, and since 2020, at only a 0.35% pace. There is a host of reasons why U.S. labor force growth has nearly flatlined in recent years including aging demographics (a retiring workforce), a cultural shift toward later family formations, families having fewer children, and much slower net U.S. immigration. None of these limiting labor force factors appears to be improving anytime soon.

Simply put, the U.S. does not now, nor will it in the coming years, likely have sufficient labor force growth to actually enjoy a real productivity boom. Since World War II, the relationship between de-trended real GDP growth and de-trended employment has been extremely close. While de-trended productivity and real economic growth have sometimes briefly diverged throughout history, the direction of employment and real GDP growth has mostly remained joined at the hip.

Is it possible to have booming real GDP growth without booming employment growth? Maybe? Could the application of AI technologies simply boost productivity without improving job creation? Possibly. But would a faster-growing real GDP “without job creation” truly represent a real productivity boom like that experienced during the 1960s or the 1990s? No! Such an outcome would be labeled a false productivity boom.

—Jim Paulsen

Helicopter Money in China

Special Report

BCA Research

bcaresearch.com

Aug. 6: Malinvestment is a real problem in China, but it is a symptom of a deeper

To be considered for this section, material, with the author's name and address, should be sent to MarketWatch@barrons.com.

problem: excess savings.

• Funneling those savings to the rest of the world will become increasingly difficult, given that China's trade surplus has reached record-high levels as a share of global GDP.

• Recycling the savings into residential investment is no longer a viable strategy, either, due to the depressed state of China's housing market. And channeling the savings into manufacturing investment will only increase excess capacity.

• The solution is helicopter money in the form of cash transfers to households, preferably structured in a way that encourages couples to have more children.

• Doing so is likely to be politically challenging, however. This suggests that China will suffer from subpar growth and deflationary pressures for the foreseeable future.

—Peter Berezin

Fresh Demand for Gold

August Barometer

Pictet Asset Management

am.pictet.com

Aug. 5: Investor demand has rebounded, with gold ETFs attracting their largest inflows since the Iran war, while emerging market central banks continue to rebuild reserves through steady purchases.

Against this backdrop, we upgrade gold to Overweight from Neutral. We see further upside for the precious metal as real interest rates gradually ease, eroding the opportunity cost of holding a nonyielding asset, and as geopolitical uncertainty remains elevated.

—Arun Sai

Manufacturing Renaissance

Economic Update

Regions Financial

regions.com

Aug. 3: The ISM Manufacturing Index rose to 55.6% in July, better than we (54.2%) and the consensus (53.9%) expected, marking a seventh straight month with the headline index above the 50% break between contraction and expansion and the highest read on the headline index since May 2022.

The biggest contributors to the beat on

"America's biggest contemporary economic problem is probably a lack of U.S. labor force growth...From 1950 to 2000, the U.S. labor force grew at an average annualized pace of 1.7%, but since 2000, it has only risen at a 0.9% pace, and since 2020, at only a 0.35% pace."

Jim Paulsen

the headline index were a jump in the production index, which alone added 1.4 percentage points to the headline index, and a smaller but noteworthy jump in the employment index. Longer supplier delivery times also added to the headline index, although part of the slowdown in delivery times could reflect renewed stresses on global supply chains. More importantly, order books remain firm, order backlogs continue to grow, and members continue to assess customer inventories as being too low, a combination which is pretty much the growth trifecta for the factory sector. This is one reason to think that despite the obvious challenges confronting firms and their customers—uncertainty around trade policy, elevated input prices—the expansion in the factory sector has further to run.

—Richard F. Moody

A Weak Employment Report

Economics and Central Bank Strategy

Evercore ISI

evercoreisi.mediasterling.com

Aug. 7: The 23,000 payroll decline in July

was a large downside surprise, and negative revisions to the two previous prints totaled about 100,000, lowering the three-month moving average of payrolls to 20,000, within the break-even range estimated at the beginning of the year. Despite negative payrolls, the unemployment rate still fell to 4.1% for the first time in a year.

While a lower unemployment rate is typically seen as pointing to a tighter labor market, the decline in employment and labor-force participation rates suggests workers left the labor force instead of looking for a job, which clearly sends a bad signal about worker sentiment and labor market conditions.

The initial market response was to significantly pare back pricing for a September Fed hike, but we would caution against overreacting to the July report. Warsh seems skeptical of mechanically linking labor market strength to inflation, and hawkish FOMC members may highlight some anomalies in the July report, including the fall in both employment an unemployment, which is not what typically happens when the labor market is on a weakening trajectory.

—Marco Casiraghi

Market Sentiment

Citigroup Panic/Euphoria Model Last +0.96 ● Euphoria ○ Neutral ● Panic

The panic/euphoria model is a gauge of investor sentiment. It identifies "Panic" and "Euphoria" levels which are statistically driven buy and sell signals for the broader market. Historically, a reading below panic supports a better than 95% likelihood that stock prices will be higher one year later, while euphoria levels generate a better than 80% probability of stock prices being lower one year later.

Source: Citigroup Investment Research - US Equity Strategy

---

August 10, 2026

BARRON'S

35

DATA

Statistics from August 3-7, 2026

Barron's 50-Stock Average	53	Dow Jones Per Share Values	50	Mutual Funds	45
Cash Track	45	Exchange Traded Portfolios	44	N.Y. Stock Exchange	35
Coming Earnings	51	Federal Reserve Data Bank	52	Nasdaq National Market	39
Conference Call Calendar	51	Foreign Exchange	51	New Corporate Listings	50
Consensus Estimate	51	Gold & Silver Prices	52	New Highs & Lows	53
Delta Tactical Sentiment	51	Gold Moving Index	52	NYSE Half-Hourly Volume	50
Distributions & Offerings	53	Indexes P/Es & Yields	50	Other Market Indexes	49
Dividend Boosts - Reductions	52	Initial Public Offerings	50	Pulse of the Economy	51
Dividend Ex-Payment Dates	52	Investor Sentiment Readings	50	Stock Splits - Special Dividends	52
DJ Averages	49	Key Foreign Market Indexes	43	Stock Volume	50
DJ U.S. Total Market Industry Groups	51	Market Lab	49	Trading Diary	49
Dow Jones Averages	49	Money Rates, U.S. & Foreign	51	Vital Signs	28

Week In Stocks	50
Weekly Bond Statistics	52
Winners & Losers Stocks	33

Contact Us For queries, email us at editors@barrons.com

NEW YORK STOCK EXCHANGE COMPOSITE LIST - NEW HIGHS - NEW LOWS

-52-Week-		Tick		Tick		Div
High	Low	Name	Sym	Vol	P/E	Last	Chp. Amt.
A
54.00	71.57	AAR	AIR	...	29	143.06	+3.02
50.13	36.96	ABR/Industries	ABM	2.4	19	48.54	+0.63
4.56	2.21	ACCO Brands	ACCO	6.8	7	4.41	+0.19
24.64	34.50	Acres/CmCRity	ACR	...	dd	15.13	-2.37
14.65	4.07	ACV/Auctions	ACVA	...	dd	7.46	-0.08
4.95	0.75	ABC/Thorap	ABC T	...	dd	1.15	-0.56
27.46	19.90	ADIG/BDistr	ADIG	...	...	27.03	+6.91
8.94	6.24	ADT	ADT	2.9	11	7.64	...093
135.52	66.23	AECOM	ACM	1.6	16	75.84	+3.45
17.65	12.33	AES	AES	4.8	6	14.73	...176
42.34	13.07	AEVEX	AVEX	...	57	22.17	+5.54
110.22	101.49	Affac	AFL	2.0	13	124.61	-2.87
143.75	99.21	AEICO	AGCO	1.2	14	102.03	+0.67
12.21	6.07	AGI	AGEK	...	...	6.20	-0.90
7.71	5.13	AH/Equity	AHET	5.1	dd	6.93	-0.03
10.25	9.85	Adm/FAcgn	AHA	...	92	10.25	+0.05
0.65	0.17	Adm/AcgnR	AXAT	...	...	25	-0.03
16.38	8.42	AAJ,Bonds	AKA	...	dd	10.99	-0.43
3.26	0.93	AMC Ent	AMC	...	dd	2.59	-0.23
36.85	14.57	AMR/Healthcare	AMN	...	13	36.00	-2.37
5.47	1.26	AMTD/Digital	HKD	...	10	1.70	+0.09
1.65	0.75	AMTD/DIEA	AMTD	...	...	27	-0.01
10.04	9.85	APEX/TechAcgn	TRAD	...	...	10.04	+0.08
0.32	0.16	APEX/TechAcgnR	TRDT	...	...	27	-0.03
45.52	9.52	ASK Tech	ASX	8	44	37.39	+2.24
29.79	19.89	AT&T	T	4.7	8	23.79	+0.54
256.98	70.42	ATI	ATI	...	67	227.84	+8.40
35.82	19.14	ATS	ATS	...	61	21.13	+6.11
38.49	16.52	ATO/Network	ATEN	9	46	26.84	-2.73
119.99	88.07	AXIS/Capital	AXS	1.7	7	103.49	-1.83
162.20	92.90	AZZ	AZZ	6	23	150.92	+6.20
12.44	5.00	Absco/GM/Mgmt	ABX	2.1	33	9.52	-0.79
127.49	81.97	Abbott Labs	ABT	2.3	35	107.81	+2.11
267.47	190.75	AbbVie	ABBV	2.8	70	246.04	-4.90
133.11	65.45	Abkrom/An&Fitch	ANF	...	11	112.62	+1.08
23.03	18.14	Acadia/Equity	AKR	3.9	61	20.65	-1.82
93.61	41.47	AcadianAsset	AAMI	4	32	89.85	+3.36
14.00	9.55	AccelEnt	ACEL	...	18	12.16	-0.14
30.48	9.18	Accelerant	ARX	...	dd	12.46	+0.58
7.70	1.84	Accum&Health	ACH	...	dd	2.80	-0.29
291.09	118.15	Accenture	ACN	3.7	14	175.72	+9.80
380.17	257.04	Acuity	AYI	2	24	359.58	+11.19
119.65	73.59	Accsheet	GOLF	1.1	25	93.29	-7.96
15.89	6.89	Admcoapn	AGRO	3.7	cc	9.45	-0.52
27.32	17.66	Adient	ADNT	...	52	19.42	-1.62
65.21	37.89	AdvanceAuto	AAP	1.7	80	57.80	+2.26
119.32	125.76	Adv/Adv/Keyes	WMS	6	25	143.95	+5.47
26.75	14.10	AdvanSix	ASIX	3.9	44	16.48	-3.58
9.61	6.75	Aegun	AEG	3.9	13	9.53	+0.09
158.81	108.70	AerCap	AER	1.0	7	151.72	+0.42
192.92	208.14	Affiliates/Mfgrs	AMG	0	13	169.70	+2.97
160.27	108.35	Agilent/Techn	A	7	29	145.97	+7.60
133.04	7.48	agllon/health	AGL	...	dd	95.31	+3.90
255.24	130.54	Agno/Equity/Mines	ASM	1.0	15	178.02	+3.55
82.08	69.56	Agnew/Equity	ADC	4.2	41	75.63	-2.17
314.07	229.11	AirPoducts	ADC	2.4	dd	303.64	+3.51
233.29	145.76	AlamoGroup	ALG	8	20	168.74	+9.66
55.41	25.31	Alamo/Gold	AGI	5	12	33.15	+5.32
65.88	33.03	AlaskaAir	ALK	...	dd	49.96	+2.51
77.00	41.15	AlburyIntl	AIN	1.8	dd	62.71	-1.80
225.00	69.81	Albemarle	ALB	1.3	dd	131.11	-13.47
20.02	10.86	Albertsons	ACI	5.7	cc	12.01	-0.43
84.38	28.92	Alcoa	AA	8	18	50.17	+4.91
90.41	61.84	Alcon	ALC	5	43	71.81	+2.87
209.43	201.28	Alexander's	ALX	6.5	3	276.39	+2.89
88.24	39.41	Alexandri&R&Eit	ARE	5.8	dd	49.74	-1.71
7.11	5.32	AljapanianPower	AGN	4.5	28	5.74	-0.10
192.67	91.99	Alibaba	BABA	8	21	128.41	+6.16
89.00	9.58	Alight	ALIT	0	dd	15.12	-1.86
183.11	125.00	Allegion	ALLE	1.3	22	168.94	+11.54
28.23	18.64	AllianceLaundry	ALH	...	44	27.77	+1.40
44.11	34.92	AllianceBenshire	AB	5.3	11	37.12	+0.36
32.20	11.40	AlliedGold	AAUC	...	dd	21.78	+3.55
137.62	76.01	AlibanTransm	ALSH	1.0	19	118.88	+4.34
277.22	188.08	Allstate	ALL	1.6	3	267.00	+2.92
47.29	35.92	AllyFinancial	ALLY	2.7	10	43.72	+0.39
253.82	121.78	AllynaMoral	AMR	...	dd	151.99	+3.79
21.99	13.10	AllynaImunProg	PINE	6.0	cc	19.98	-0.20
8.88	4.16	AltaEquipment	ALTG	...	dd	7.50	+0.92

-52-Week-		Tick		Tick		Div
High	Low	Name	Sym	Vol	P/E	Last	Chp. Amt.
29.49	3.02	AlfaMurosoci	AMGI	...	dd	28.67	+1.60
77.06	54.70	Alfria	MO	6.2	14	68.35	+0.02 1.06
10.12	9.90	AlcosaEnerItA	ALIIR	...	dd	10.11	+0.01
3.45	2.10	Ambev	ABEV	...	15	3.00	-0.31
91.61	22.12	AmleqoMicro	AMRJ	...	dd	67.49	+3.90
50.94	36.25	Amcor	AMCR	5.4	33	47.86	+2.98
38.11	19.80	Amnetum	AMTM	...	41	24.77	+2.57
42.76	28.92	AmreSports	AS	...	46	36.84	+1.33
30.60	15.62	AmreamTBNp	AMTB	1.2	21	28.91	-0.69
103.32	96.57	Ameren	AEE	2.8	19	108.84	-0.27
44.93	18.38	Ameresco	AMRC	...	49	25.65	+4.58
28.46	18.18	AmericaMswll	AMX	2.4	14	23.75	+16.30
25.97	17.72	AmericasAssets	AAT	6.0	82	22.83	-0.76
28.46	12.05	AmerEagle	AED	2.8	11	17.97	+0.79
11.99	10.49	AmExceptInnolism	AEXA	...	...	11.59	+0.30
387.49	290.63	AmerExpress	AXP	1.1	21	340.91	+4.66
150.02	123.09	AmericanFin	AFS	2.4	13	145.59	+3.87
58.70	39.31	AmerHhtocREIT	AMR	1.8	84	56.74	+1.14
35.85	27.22	AmHomes4Red	AMH	1.8	27	34.63	+1.21
26.36	16.19	AmerInhngtrlses	AH	0	5	21.00	+0.71
87.29	77.25	ANL	AGG	2.5	14	78.70	+0.20
24.64	12.42	AmRityInv	ANL	...	30	15.36	-0.34
90.11	69.45	AmerStWater	AWR	2.5	24	87.39	+1.75
13.97	7.00	AmerStratnsnt	NYC	...	dd	8.72	-0.29
214.79	160.06	AmerTowerREIT	AMT	4.0	24	172.54	-0.82
5.92	2.05	AmerVanguard	AVD	...	dd	2.41	+0.02
147.87	120.57	AmerWaterWorks	AWK	2.6	23	135.31	+1.14
14.19	3.71	AmericanWall	AWIL	...	dd	13.52	+2.77
16.88	10.10	AmericoiReality	CCLO	6.1	dd	14.96	-0.87
565.05	422.37	Ameriprtse	AMP	1.2	13	551.98	+6.14
93.22	65.91	AmerisBancrry	ARCB	9	16	87.73	+0.52
237.95	179.24	Amotak	AME	5	37	253.66	+11.95
12.21	1.75	Ampoe+Pitt	AP	...	dd	9.51	+1.47
178.52	104.71	Amphanol	APH	6	42	169.18	+8.48
6.79	3.41	AmplifyEnergy	AMPY	...	18	4.08	+0.12
24.23	6.36	AmprasTech	AMPX	...	dd	11.85	+2.25
29.01	17.61	Amrop	AXR	...	12	22.35	-0.89
65.94	44.12	Amrox	AMRZ	0	21	46.64	+2.27
50.48	18.12	Andersen	AMDG	...	48	49.68	+2.35
10.14	7.96	AngioBuildingsRAT	ADNB1A	2.14	9.00	+0.15	22
60.00	2.05	AngiStadios	AMGX	...	dd	4.29	+0.23
129.14	52.05	AngioGoldAsh	AV	1.7	13	96.22	+8.90
86.60	57.79	AB Indev	BHD	1.1	18	83.76	-2.72
24.52	20.00	AnnalyCap	NLY	13.0	6	23.04	+0.32
5.50	1.54	AnnoviBio	ANVS	...	8	1.88	+0.33
23.84	16.96	AnteroMtdstream	AM	4.2	26	21.27	-0.70
45.75	29.10	AnteroResources	AR	...	10	34.71	+1.43
382.34	104.59	Azn	AON	9	20	358.30	+2.25
8.82	2.59	ApartmInv	AIY	61.7	dd	2.66	-0.03 1.30

---

36

BARRON'S

August 10, 2026

DATA

NEW YORK STOCK EXCHANGE COMPOSITE LIST

BARRONS.COM/DATA

-52-Week-High	Line	Name	Tick Item	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick Item	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick Item	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick Item	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick Item	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick Item	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick Item	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line	Name	Tick	W	NT	Last	Chg.	Dir. Amt.	-52-Week-High	Line

---

August 10, 2026

BARRON'S

37

DATA

NEW YORK STOCK EXCHANGE COMPOSITE LIST

BARRONS.COM/DATA

-52-Week-				Tick				Div
High	Low	Name	Turn	Yld	PrT	Lot	Chg	Ant
15.33	5.50	GrayMediaA	CTN.A	5.4	dd	5.88	-0.92	.08
83.18	60.44	GreenBriXIPIt's	GRBK	..	11	72.90	+2.17	..
15.41	9.31	GreenDot	GDOT	..	dd	13.15	+0.04	..
59.19	38.23	Greenbrier	GBX	2.9	14	47.22	-2.03	.34
7.02	3.69	GreenBriResauna	GFR	..	dd	6.15	-0.19	..
7.57	1.30	GreenTree	GWL	4.6	..	1.12	-0.03	.04
113.89	57.63	GriffiR	GEF.B	3.4	29	111.00	+2.52	.93
90.57	35.79	GriffiA	GGF	2.2	22	88.68	+2.13	.62
11.12	4.71	GraystoneHousing	GHI	9.7	dd	5.75	-0.01	.14
108.57	65.01	GriffiIn	GIF	8	24	107.22	+2.05	.22
18.69	9.73	Grindr	GRID	..	22	16.58	-0.76	..
488.39	264.02	Group1Auto	GPI	8	11	266.47	-18.30	.55
1.60	1.01	GriseCeSub	GRIW	..	dd	1.08	-0.02	..
23.05	12.26	GrassAerome浅	AEHO	..	11	15.90	-0.50	..
300.41	206.91	GAF	PAC	3.5	21	222.70	+5.354	.05
381.52	259.01	ASUR	ASR	7.2	15	276.68	+1.065	.02
6.20	2.80	GooAvailAcc	AVAL	3.0	14	5.96	-0.12	.22
94.21	45.19	GrupoCbest	CIB	7.4	45	88.85	-3.671	.38
13.55	4.54	GooSupervieile	SUPV	..	dd	8.60	-0.86	..
3.49	2.27	GrupoFibieria	TV	..	dd	2.83	-0.03	..
47.02	19.30	GuardianPharm	GRIM	..	42	43.83	+4.30	..
27.24	102.30	Guidowire	GHRE	..	42	170.53	-18.59	..
225.70	149.18	GulfportEnergy	GPOR	..	7	162.76	+1.39	..

H

44.13	24.18	MS5s01htfCap	HASI	4.2	75	40.68	-2.81	.427
556.52	353.99	MCALHealthcare	HCA	8	14	431.36	+10.77	.71
210.50	136.37	HC1 Group	HCI	8	8	108.69	+11.68	.40
38.29	22.66	HSFC Bank	HBB	1.5	14	23.63	-0.352	.76
94.22	42.82	HF Sinclair	DHIO	2.6	8	81.41	-10.6	.525
4.77	28.91	HHI	HHI	2.8	..	49.55	+4.69	.35
50.06	17.56	HP	HPQ	4.0	11	30.05	+2.78	.30
107.92	62.71	HSBC	HSBC	3.6	15	103.73	-2.69	.20
4.91	2.15	HEYA	HEYA	..	dd	2.43	-0.02	.135
88.59	47.32	Hammertics	HAE	..	43	87.84	+2.30	..
9.54	5.17	Hohua	HAVN	9.7	8	7.51	-0.18	.237
14.00	8.81	Happyly	HGY	..	cc	1.63	+2.08	..
11.25	8.65	Habee	HLM	1.9	21	10.83	+0.14	.660
43.59	20.39	HuBBurton	HAL	2.1	17	31.89	-0.36	.37
33.16	12.72	HumBiteBeach	HBB	1.6	7	31.42	+3.43	.125
37.33	22.58	HumBiteIn	HG	..	0	6.29	-0.052	.10
250.07	165.55	Hanoverles	THG	1.7	11	229.08	-3.55	.95
31.25	17.09	Hichey-Govistan	HOG	2.9	16	26.69	+1.473	.075
26.86	152.58	HarmonyGold	HMY	1.7	14	19.70	-3.95	.312
146.07	120.33	Hartfordbio	HIG	1.7	9	142.28	+1.37	.60
44.99	20.25	HovertyFurnA	HVTA	3.8	24	32.50	+2.30	.31
29.66	19.89	HovertyFurn	HVT	4.5	21	29.09	+4.45	.33
17.38	10.60	HeavalanElec	HE	..	17	12.40	-0.52	..
35.73	17.02	Heavlbyc360	HARR	..	dd	25.99	+3.99	..
17.73	12.91	Heimar4	HAVN	..	22	15.82	+2.69	..
22.04	16.23	HealthCareRealty	HR	4.8	dd	19.97	-1.04	.24
22.95	15.70	HealthpeakProp	QVC	5.7	61	31.62	-0.42	.107
34.17	6.94	HeclaMining	HL	1	22	16.85	+2.71	.007
176.86	256.11	Heice	HID	1	66	367.58	-11.22	.33
279.66	199.35	HeiceA	HELA	1	48	266.31	+5.03	.13
95.09	47.01	HeleoTech	HL00	4	66	83.39	+5.48	.12
10.75	5.56	Heleabnerp	HLA	..	16	9.60	-0.09	..
41.82	15.51	Hehn&Pepno	HP	2.7	dd	37.10	+2.53	.25
20.40	7.76	Herbalife	HLF	..	8	12.35	-0.07	..
188.35	88.45	Herchislings	HRI	1.7	cc	167.90	-17.76	.70
19.67	13.70	HerculenCapital	HTGC	9.3	9	17.25	-0.83	.07
36.50	18.77	Herbipubnurance	HRTG	..	5	32.74	+3.37	..
229.40	161.43	Herchop	HSV	3.2	23	102.39	+1.77	.662
42.22	31.63	HessMidstream	HESM	7.9	14	39.80	-0.83	.088
64.25	19.84	HeveleffPackard	HPE	1.1	50	53.22	+5.32	.167
113.74	59.79	Heveit	HXL	..	7	52.90	+3.45	.18
5.08	1.88	HighTempleTech	HTT	..	4	2.52	-0.08	..
16.54	20.45	HishwondroPrep	HHW	6.4	21	19.45	-1.68	.50
40.41	30.25	Hilftop	HTH	2.3	14	39.04	-0.40	.22
54.50	36.79	HiltfordComNist	HGV	..	26	48.46	-0.48	..
358.00	203.14	Hilton	HLT	2	47	317.60	-2.89	.15
16.69	7.12	HimohyoShopping	HSHP	..	25	15.37	-0.36	.22
65.30	13.74	Hims&HorsHealth	HIMS	..	dd	31.59	+3.82	..
91.50	30.08	HingeHealth	HKEE	..	69	89.33	+14.62	..
38.98	24.08	Hipes	HPPD	..	7	32.62	+1.37	..
4.48	2.33	Hofley	HLLY	..	38	3.17	-0.50	..
31.70	25.50	HomeBareShare	HSHR	3.0	10	30.65	-0.26	.23
426.75	209.10	HomeDepot	HD	2.6	25	355.62	+13.66	.233
52.50	37.35	HomeFirstBooks	HTB	1.2	15	58.00	-0.39	.15
34.89	23.25	HondaMotor	HMC	3.4	dd	31.82	+1.71	.654
55.56	41.29	HomoMann	HMN	2.8	12	52.22	+0.11	.36
29.35	19.70	HomeHerds	HRL	4.7	30	25.02	+0.01	.293
184.55	113.75	OH Horton	OHI	1.2	14	151.00	+8.02	.45
217.78	112.83	HealthMcAdey	HU	2.2	22	129.00	+3.51	.70
162.06	91.52	Humanian	HOV	..	39	137.70	+1.88	..
18.87	42.01	HumanMughes	HHH	..	14	67.48	+1.56	..
350.00	169.45	HyemetAeropara	HHM	..	2	61.18	-8.18	.14
66.54	403.01	Hubball	HUBB	1.1	30	510.99	+11.64	1.62
525.31	169.63	HubSpot	HUBS	..	74	210.45	-38.91	..
32.15	9.24	HudbayMinerals	HRM	1.1	16	27.61	+4.86	.007
21.70	5.26	HudsonProPrep	HPP	..	dd	14.36	-0.19	..
28.88	163.11	Humana	HUM	9	36	185.00	+11.14	.885
460.00	259.00	Huehngingalls	HH	1.7	19	324.48	-1.97	1.18
16.09	7.30	Huntonun	HUN	3.5	dd	10.12	+0.14	.007
204.86	134.00	HuntHillMints	..	..	..	177.71	+1.69	.03
41.30	26.41	Hystler-Yale	HY	3.9	dd	37.09	+3.66	.365

I

33.39	25.08	ICIO Bank	IIIN	7	18	30.22	+0.23	.2491
6.97	4.76	ICL Group	ICL	3.5	22	5.31	+0.25	.002

NYSE Cumulative Daily Breadth vs DJIA

Scenic Pastures: NYSE Composite breadth rose a second week. The S&P 500 had a record close on strong earnings from Palantir, Caterpillar, and others. Winning NYSE stocks outpaced losing ones by 5 to 3.

In generating this chart, we subtract each day's NYSE composite declines from that day's advances. The resultant total is added to the next day's total, and so on. When all five days' numbers are added together, this produces the weekly figure we plot. Dec. 31, 1985=1000.

-52-Week-				Tick				Div
High	Low	Name	Turn	Yld	PrT	Lot	Chg	Ant.
154.91	122.10	IDAACORP	IDA	2.5	23	141.84	-1.07	.88
243.00	157.25	IDEX	IDX	1.2	24	124.46	+4.01	.73
69.15	45.72	IDT	IDT	..	20	65.08	-0.78	..
8.95	5.71	IHS Holding	IHS	..	15	8.35	+0.15	..
36.24	23.63	IHS Group	JHG	3.1	13	35.68	+0.75	.002
21.30	3.75	INNOVATE	VATE	0	dd	12.11	+3.99	.78
32.35	20.41	Innovat	IVZ	2.7	dd	15.58	+1.98	.255
251.36	154.50	IQVIA	IQV	..	30	218.70	+3.68	..
19.14	10.37	IISLA	IIS	..	4	14.94	-0.20	.091
250.32	164.00	ITT	ITT	7	42	213.13	+7.75	.006
24.87	7.11	JamGold	JAG	..	11	18.32	+4.13	..
60.49	19.10	Jopita	JETA	..	dd	38.42	+3.42	..
3.16	1.28	Human	IH	0	7	1.33	-0.02	.10
202.5	28.52	IllionsTotalWisc	ITW	2.2	27	256.66	+9.71	1.61
51.60	24.20	Imax	IMAX	..	66	48.49	+0.65	..
18.18	14.60	IndepRealty	IRT	4.2	94	17.26	+0.62	.38
39.59	11.13	InfinityNetOffocs	INR	..	5	12.98	-0.18	..
27.50	8.52	InfingGen	INFQ	..	dd	11.91	+2.08	..
30.00	10.30	Infosys	INFY	3.5	15	12.53	+0.50	.047
100.96	68.07	IngressillRand	IR	1	36	86.97	+3.59	.02
79.29	45.30	Ingevity	NGVT	..	52	77.82	+4.71	..
31.69	18.09	IngramMicro	INGM	1.2	15	28.40	+0.19	.006
110.48	94.44	Ingreddin	INGR	3.1	10	104.32	+4.07	.82
65.38	44.58	InnovallieHoffing	IPIR	12.8	13	59.16	+0.35	.190
33.71	15.76	Innovelord	INVA	..	32	28.50	-0.02	..
57.22	18.57	Inspurity	NSP	4.6	dd	52.52	+1.91	.60
147.03	38.91	InspireMedical	INSP	..	13	60.16	+9.95	..
149.00	193.11	InjvalledBldg	ISP	4	26	244.05	+2.11	.02
39.91	24.35	InjvelledIns	IIIN	4	17	32.29	+1.64	.03
126.54	62.00	IntrepereHollong	ITGR	..	24	125.37	+4.06	..
109.35	121.79	ICE	ICE	1.4	21	150.80	-2.18	.32
31.28	10.21	InterContHItIs	IHG	1.1	32	157.15	-4.77	.729
61.38	36.22	IntercorpFacSens	IFS	3.1	11	58.94	+0.61	.80
102.04	199.19	IIBA	IIBAI	2.8	21	137.28	+11.63	1.69
89.32	59.14	IntFlavers	IFF	1.9	80	85.89	+6.67	.40
50.25	29.26	IntFPaper	IP	4.4	dd	45.58	+0.75	.4027
98.23	41.20	ItSeaways	INDH	3	9	92.41	-1.77	4.43
50.34	22.55	IntrepidPhtash	IPI	..	35	34.85	-0.89	..
37.22	24.31	InnmtTrust	IVT	2.9	cc	33.23	-2.18	.25
9.50	7.70	InvoocMltp	IVR	19.3	5	7.48	-0.07	.12
21.38	24.25	InnrltHomes	INVH	4.0	54	10.37	-0.65	.10
84.64	25.89	IonQ	IONQ	..	dd	44.43	+7.99	..
134.68	77.77	IronMountain	IRM	2.9	86	121.15	-1.17	.004
9.60	6.39	IttaOrdinano	ITNB	..	10	7.94	-0.52	..

---

38

BARRON'S

August 10, 2026

DATA

BARRONS.COM/DATA

-52-Blank-High	Low	Name	Tick Item	Wt	Nº	List	Chg.	Dir. Amt.
10.49	4.90	NoliumOil	NRT	11.5	9	8.81	-0.70	24
31.17	17.18	NorthernOilGas	NDG	8.3	dd	23.65	-0.45	28
19.71	14.49	NorthroniteBcsb	NPR	6	7	17.11	-0.39	025
73.03	69.02	Northronite	NOC	1.7	18	97.58	-19.52	47
55.99	39.63	Northronite	NVN	3.9	17	50.47	+1.55	0925
27.18	16.51	NorwayCrude	NCJ	4	12	39.25	-0.13	—
6.06	1.26	NorwayMonde	NMG	—	dd	1.38	+0.08	—
170.46	114.38	NovaTis	NVS	2.6	24	156.33	+0.18	1024
64.16	20.12	NovaMonite	NVQ	2.7	12	47.26	+0.18	2704
18.98	11.20	Nukleldopa	NU	—	21	18.84	-0.49	—
14.62	6.39	NuklelaEsta	NUS	4.4	5	5.49	-0.30	06
230.11	131.32	Nucor	NUE	8	22	272.63	+3.14	56
57.42	7.21	NuklelaProvar	SNW	—	dd	9.52	+1.40	—
85.36	53.03	Nutrion	NTR	3.4	13	64.42	-4.65	59
9.75	2.18	NuxolianBio	NUIB	—	dd	6.60	-0.27	—
16.37	11.97	NuxOsmStOvert	NUS1	11.2	14	12.82	-0.75	02
184.64	85.72	nVentElectric	NVT	5	45	164.69	+10.06	21

0

53.82	35.71	OFGEancorp	OFG	2.7	10	52.38	-0.56	35
50.59	41.70	OGE Energy	OGE	3.6	21	47.02	-0.33	425
16.91	7.01	O+Glass	OI	—	dd	7.03	-0.12	—
90.78	71.91	OHG Gas	OGG	3.4	17	80.22	+2.57	68
96.07	64.02	ONEOK	OKE	5.0	15	86.42	+4.39	107
42.90	24.32	Openlane	OPLB	—	dd	16.98	-2.39	—
48.06	27.54	OR Royalites	OR	5	22	33.08	+1.32	068
34.96	16.64	OroPortHealth	OPT	4.2	22	37.21	-0.64	28
67.45	38.80	OccidentalPetrst	OKY	2.0	17	55.91	-1.16	28
9.92	9.75	OceanCapAcap	OCAC	—	dd	9.92	—	—
0.98	0.30	OceanCapAcqnB	OCAT	—	—	35	—	—
43.33	15.06	OceanaGold	OGC	1.3	7	28.11	+1.98	09
53.98	21.01	OceanenIngsnt	OI	—	14	67.97	-0.81	—
10.38	3.88	OctaneSpecialty	OSG	—	dd	4.93	-0.47	—
63.50	2.89	OTHome	OTHO	—	dd	4.79	-0.96	—
107.00	45.61	Oil-Dri	ODC	1.0	24	92.79	-6.42	225
14.50	4.88	OISSalesMkt	OIS	—	dd	8.14	+0.03	—
64.26	23.42	Okeastch(Tedam	ECO	15.4	6	63.86	+1.53	525
193.34	36.61	Oleo	OILD	—	dd	44.42	+5.59	—
46.76	36.69	OHRopulkit	OR	2.9	9	43.03	-0.38	315
30.46	17.73	Olie	OLN	4.3	dd	18.59	-0.08	20
52.29	39.26	OmegaHealthcare	OHN	5.6	17	40.46	-2.17	48
87.41	66.33	Omnivem	OMC	3.8	73	85.24	+6.54	80
52.20	31.41	OnHolding	ONIN	—	40	37.55	+1.31	—
27.00	14.00	OnonViporaFarm	OTHO	—	dd	17.93	+2.74	—
25.88	19.62	OneLiberty	OLP	7.5	15	24.16	-0.15	45
71.93	45.78	OneMute	OMF	6.5	10	64.95	+2.17	105
54.10	33.00	Onihy	ONIT	—	2	39.39	+2.75	—
12.00	12.68	OnInvis	ONT	—	dd	16.51	-4.48	—
316.46	91.62	OntoInnovation	ONTG	—	cc	108.30	+8.12	—
22.72	9.79	Ooma	ODAL	—	67	21.97	-0.22	—
123.24	63.81	Openheimer A	OPY	7	13	111.64	+5.00	20
12.45	7.36	Oppff	OPFL	—	13	9.40	+0.03	—
2.79	0.58	OptimumComms	OPTU	—	dd	7.70	0.01	—
345.72	114.50	Oracle	ORCL	1.4	25	147.02	+7.15	50
5.40	6.03	OnHoldsland	ORC	18.3	4	6.56	+0.07	10
13.61	5.69	Ongaran	OGN	6	17	13.60	+0.15	02
55.57	32.13	OngarBansery	OBN	1.9	17	13.54	-0.09	25
17.40	6.44	OrionGroup	ORN	—	cc	10.31	+0.53	—
3.05	1.89	OrionProperties	OML	2.8	dd	2.82	+0.18	02
51.21	6.35	Orion	OCL	1.1	dd	7.24	+0.49	207
42.39	24.19	Orix	IX	2.0	1	40.09	-0.22	891
146.19	164.69	PinnetTech	ODA	4	53	100.09	+10.11	12
33.10	10.69	OscarHealth	OSCB	—	20	27.90	-3.32	—
180.49	156.77	Oshkosh	OSB	1.5	18	155.26	+2.08	57
4.80	2.18	OsskoshGold	OGG	—	dd	2.80	+0.41	—
94.57	69.36	OttoWorldwide	OTIS	2.4	19	73.99	+2.04	64
64.61	35.47	Overtro	OTV	2.0	17	59.36	+1.18	30
159.91	97.53	OwensCarning	OC	2.0	dd	157.10	+13.28	79
36.94	4.79	Owlite	OMLT	—	dd	5.50	+0.36	—
51.61	30.57	OxfordIndustries	OXIM	7.6	dd	36.99	-0.93	70

PQ

49.49	7.50	PACS Group	PACS	—	29	48.64	+2.43	—
74.74	21.46	PBF Energy	PBF	1.8	5	63.71	-0.57	275
19.36	14.30	PG&E	PGG	1.1	13	17.46	+0.08	05
66.94	50.28	PHHBA	PHHA	1.6	25	74.91	+1.52	20
195.62	127.73	PST Partners	PIT	—	6	36.17	+3.14	103.2
24.51	17.05	REZF	PHF	5.6	9	20.03	+0.34	1907
258.13	126.88	PNCFinl	PNC	3.2	14	252.56	+2.69	2,00
42.40	44.99	POSCO	PKX	2.2	30	57.77	+4.60	3207
133.43	91.29	PPN,Ind	PPN	2.5	17	159.72	+5.20	74
40.10	33.17	PPL	PPL	1.2	22	35.46	+0.25	285
67.73	25.80	PrepHoldings	PPG	1.3	12	42.85	-1.17	28
42.60	2.95	PSQ	PSQH	—	dd	4.36	+0.23	—
300.75	194.68	PSH	PSH	2	28	87.58	+0.56	1023
258.81	191.50	PackagingCpAm	PKG	2.3	33	256.04	+12.28	1.50
17.29	5.70	PaperDuty	PD	—	6	11.69	+1.11	—
12.32	6.35	PaySugarcDiy	PKG	4.4	7	9.16	+0.50	26
14.43	9.34	PalmarSquCayBDC	PSBD	13.8	dd	10.45	+0.91	16
94.50	54.95	PampasEnergy	PAM	—	10	82.36	-5.96	—
69.99	29.76	PamAmorSilver	PAAS	1.4	16	51.22	+8.11	18
87.03	26.88	PanPacific	PAM	—	4	66.29	-9.74	—
60.42	11.59	PatTechnology	PAR	—	dd	17.81	+0.86	—
39.86	17.25	ParkAerospace	PKE	1.8	41	37.67	+3.77	325
15.48	9.84	ParkMetals	PK	6.8	dd	14.76	+0.38	20
189.96	708.18	ParkorHamilton	PH	7.8	38	1073.87	+17.34	2,00
69.50	36.26	Parsons	PSN	—	33	67.05	+3.34	—
248.95	104.90	PaycomSoftware	PAYC	7	23	214.94	+10.98	275
45.31	20.11	Paymentus	PAY	—	59	38.57	+4.47	—

-52-Blank-High	Low	Name	Tick Item	Wt	Nº	List	Chg.	Dir. Amt.
15.02	5.95	Paysafe	PSFE	—	dd	7.32	-0.76	—
41.14	15.67	PoulandEnergy	BTU	1.3	dd	23.81	+2.49	075
77.75	12.02	Pearson	PSO	2.1	25	16.46	-0.48	1707
19.93	9.30	PoblishdroskMetal	PER	2	dd	18.18	-0.92	01
27.94	14.04	PoulatrixMedical	MD	—	13	27.08	-0.37	—
26.34	15.94	PolepetiteCapital	PLGO	2.4	7	23.03	-0.26	22
51.58	35.45	PembisaPipeline	PEA	4.3	23	47.50	-1.43	3244
10.60	6.83	PennantParkFR	PTL	15.6	12	7.52	-0.56	1803
7.53	5.95	PennantPark	PNBT	26.0	17	3.69	-0.69	04
160.36	75.68	PennyMacFin	PFSI	1.6	11	17.41	+2.00	30
13.81	9.05	PennafedMity	PNT	16.6	7	9.60	-0.22	40
227.00	140.12	PendeAetio	PAG	2.6	16	216.41	-0.90	1,44
133.95	57.65	Pentior	PNR	1.6	17	68.89	+3.49	27
362.47	221.26	Penumbra	PEN	—	80	324.66	+3.47	—
2.16	1.24	Perfect	PERF	—	29	1.92	—	—
117.48	80.82	PerformanceFood	PFGC	—	55	114.90	+0.51	—
38.17	16.00	PrimatorSolutions	PRM	—	dd	35.26	+4.65	—
35.62	14.85	PremiumCasin	PRT	1.0	cc	32.29	+2.40	616
22.68	11.92	PremiumFlocs	PR	3.2	13	20.35	-1.16	38
2.04	1.58	PremiumFiloRT	PCL	12.0	12	1.71	—	205
4.12	1.82	PermRock	PRT	13.5	7	2.23	+0.66	026
24.65	9.23	Perrige	PRGO	9.0	dd	12.84	+2.71	20
54.94	22.01	PershingSquare	PS	1.3	—	37.88	+4.60	122
22.24	11.43	PetroleoBrasil	PBR	—	6	57.96	-1.44	—
20.05	10.76	PetroleoBrasilA	PEA	—	5	16.06	-1.09	—
28.75	23.58	Pfizer	PFE	6.4	35	26.76	+1.75	43
207.76	142.71	PhilipMorris	PM	3.1	27	109.57	+1.25	1,47
216.08	118.07	Philipsid	PSX	2.5	12	203.91	+7.77	1,27
67.08	23.52	PleasantDocPtns	PSD	2.9	13	28.03	+0.16	21
3.65	1.39	PleasantNonMedia	FFNG	—	10	1.50	-0.02	—
32.76	7.77	Pleasant	PHB	—	dd	12.51	+1.35	—
10.13	6.32	PiedmontHealth	POM	—	dd	9.48	-0.21	—
193.33	81.08	PinnacleToiPtns	PNPT	1.9	14	104.68	-0.35	50
110.16	65.12	PinnacleWest	PNW	3.6	19	101.03	+0.04	91
39.83	13.84	Pinterest	PINS	—	69	23.68	-0.13	—
95.07	68.70	PiperSandler	PIPR	1.0	17	74.79	-1.01	20
19.07	8.95	PiperBowes	PRI	2.3	14	17.42	-0.11	10
104.26	37.03	PiperDintec	PLMT	—	17	50.03	+5.95	10
51.76	6.30	PlanetLabs	PL	—	dd	23.93	+3.45	—
10.02	9.94	PlatmanAcqntB	PLUN	—	cc	9.98	-0.01	—
3.25	0.16	PlatmanAcqntB	PLNT	—	—	17	—	—
77.98	47.34	Polaris	PH	1.8	dd	37.57	+4.49	60
54.62	6.94	PortlandsonElec	POE	4.5	22	49.05	-0.24	593
117.28	77.60	PostHoldings	POST	—	14	78.69	-12.72	—
25.22	14.21	PostalMacity	PTL	4.2	40	23.11	+0.02	200
103.80	52.53	PrecisionDrilling	POS	—	dd	75.75	-1.98	—
17.20	9.50	PresidioPtns	FTW	0	74	11.39	—	2075
72.89	42.62	PrestigeCousHtth	PDH	—	15	54.85	+4.63	—
127.28	120.19	PrimeBrands	PRI	1.5	13	32.18	+1.42	120
26.21	14.36	PrimeBrands	PRMB	2.0	86	23.57	+0.57	22
205.50	65.00	PrimeInIsocs	PRIM	4	33	82.63	+1.75	08
62.32	38.03	ProconFtob	POW	—	dd	57.06	+3.29	—
167.25	127.62	Procter&Gamble	PG	3.0	22	145.79	+1.30	1,005
254.81	189.20	PowerMire	POB	2.1	11	215.33	+5.91	10
153.35	103.41	Prologits	PLD	3.1	31	140.16	+4.15	107
18.50	4.93	ProPops	PUMP	—	dd	10.59	-0.12	—
77.20	61.07	ProgenipBcshs	PB	3.2	13	75.95	-0.92	60
91.98	45.00	Protrials	PRLB	—	71	18.89	+1.06	—
25.49	17.69	PresidentInsSecs	PFS	3.9	10	24.46	+0.32	24
127.72	91.89	PrudentialFinl	PIHJ	4.6	11	121.28	-0.80	1,040
34.03	24.14	Prudential	PIK	—	dd	4.34	-0.40	62,044
110.00	69.32	Royers	POG	—	77	114.49	+11.02	—
66.14	36.35	Rollins	PIKS	1.9	26	37.74	+1.28	1,923
218.57	112.10	PropilBicCanada	RY	2.0	19	211.08	+1.37	1,285
366.50	232.10	PropisCaribbean	RICL	1.6	20	320.00	+1.70	1,500
99.75	42.25	Ruplab	RIEM	—	dd	90.03	+0.71	—
24.53	15.51	RushStroutIntl	RSI	—	84	24.88	-2.08	—
61.05	29.28	RushSpecialty	RTSH	1.2	42	42.34	+1.12	22
284.25	157.67	RydocSystem	R	1.5	22	262.19	+5.77	1,01
32.80	19.34	RyecomHolding	RYZ	2.7	dd	28.28	-0.29	1,975
137.46	88.82	RymonHospital	RYHP	3.9	30	120.84	-12.81	1,20

---

August 10, 2026

BARRON'S

39

DATA

NYSE

NASDAQ ISSUES

BARRONS.COM/DATA

-52-Week-				Tick				Div.
High	Low	Name	Sym	Yld	PrT	Last	Chg.	Amt.
7.10	5.29	Turkoeffettsum	TWC	2.9	11	5.50	+0.12	0.04
146.90	65.80	TurkingPoint	TPR	4	10	86.86	+12.05	.08
102.81	53.83	TutorPerini	TPC	4	43	99.11	+15.36	.29
2.88	1.61	Topa	TUYA	...	18	1.80	+0.12	...
31.20	4.15	TwentyOneCap	XXI	...	dd	4.55	+0.28	...
154.59	91.54	Twilby	TWLD	...	34	241.28	+14.91	...
14.17	8.78	TwoHarbors	TWO	0	dd	12.12	+2.03	.34
615.25	270.71	TylerTech	TYC	...	41	152.45	+2.85	...
69.48	50.56	TysonFoods	TSM	3.5	35	58.04	+0.08	.21

U

55.15	36.30	UBS Group	UBS	1.3	18	53.76	+1.02	1.10
42.00	32.94	UGR	UGR	4.5	26	36.41	+0.25	345
41.34	31.62	UGI	UGI	4.4	11	34.18	-1.94	.375
76.45	41.95	U-Haul	UHAL	...	cc	75.27	+4.36	...
66.90	39.62	U-Haul N	UHLS	3	cc	66.02	+3.64	.05
107.54	61.64	UL Solutions	ULS	7	32	78.21	-13.43	.345
76.95	13.93	UMH Prop	UMH	5.7	cc	35.90	+0.39	.225
57.26	44.61	Uniril	UTL	3.5	17	53.73	-0.21	.475
30.55	27.55	USA Compressin	USAC	8.1	26	25.82	-0.34	.325
32.32	14.35	UsanaHealth	USNA	...	dd	15.47	+6.64	...
9.21	5.42	USATODAY	TDAY	...	dd	7.25	-1.44	...
100.89	69.88	US Foods	USFD	...	34	108.88	+8.29	...
93.50	58.19	US PhysTherapy	USPH	2.3	cc	80.05	+0.99	.66
7.34	0.98	UMM	UMM21.3	dd	1.28	-0.54	.10	...
101.99	65.41	Uber	UBER	...	16	75.02	+4.66	...
109.99	103.03	Ubepath	UI	4	36	166.27	+9.75	.30
99.84	9.20	UIPath	PATH	...	25	15.05	+2.29	...
6.59	3.00	UltraparPart	UGP	4.5	12	6.12	+0.18	10.76
8.15	4.13	Undeafromox A	UAA	...	dd	6.11	-0.54	...
7.91	3.95	Undeafromox C	UA	...	dd	5.91	-0.56	...
7.38	2.96	Unifi	URI	...	dd	7.79	-0.79	...
106.67	147.66	Unifirst	UNF	5	46	290.37	+2.61	.365
74.59	54.79	Uniboxe	UL	3.6	21	62.96	-0.45	5303
315.99	210.34	UnionPacific	UNP	1.9	24	293.13	+1.00	1.42
4.98	1.97	Unicos	UUS	...	dd	2.97	+0.10	...
37.18	28.66	UtuScinyliks	UCB	2.8	12	35.51	+0.07	.25
28.96	6.56	UnifoldMicro	UMC	1.6	18	18.72	+1.1	.1035
57.02	24.88	UnifoldSoftFoods	UNFI	...	dd	47.06	-5.77	...
122.41	82.00	UPS B	UPS	6.3	19	104.50	-2.31	.1.64
56.95	20.77	UHPAnitaRoberts	PRKS	...	18	45.83	-0.40	...
179.18	701.59	UnitedRentals	URI	7	28	162.84	+1.88	1.97
19.71	3.41	US Autonomy	UAMF	...	dd	6.05	+1.78	...
65.02	43.96	US Bancorp	USB	3.3	13	63.94	+0.93	.32
461.62	259.50	UnitedHealth	UNH	2.3	26	407.08	-7.32	2.32
52.15	16.75	UnitySoftware	U	...	dd	43.00	+1.29	...
59.38	49.19	Universal	UVV	6.5	68	50.84	-1.85	.41
46.30	35.26	UniversalHealth	UHF	7.0	31	42.72	-0.70	.75
246.33	340.03	UniversalHealthB	UHS	5	7	173.54	+5.90	.20
45.15	22.87	UnivInsurance	UVE	1.4	6	44.15	+0.44	.16
51.34	21.29	UnviTechInst	UTI	...	47	28.95	+0.36	...
93.22	68.28	UnumGroup	UNM	2.2	21	90.56	+4.45	.505
24.11	10.46	UrbanEdgeProp	UE	3.9	25	21.63	-1.03	.27
14.19	6.78	UtzBrands	UTZ	1.8	dd	14.11	-0.01	.063

V

22.27	11.65	VF	VFC	2.4	22	14.99	+0.67	.09
33.92	25.82	WGI Prop	VFC	6.7	10	26.74	+0.39	.45
3.84	2.60	VOC Energy	VOC	18.9	7	3.05	+0.07	.28
5.99	2.24	VTEX	VTEX	...	cc	4.18	-0.13	...
93.98	49.59	YZX	YXX	...	29	84.41	+5.83	...
6.72	3.36	YoshuEnergy	EGY	4.5	dd	5.55	+0.12	.62
165.50	118.51	VaillResorts	MTN	6.0	34	148.08	-0.55	2.22
151.52	43.53	Valaris	VAL	...	6	78.78	-0.43	...
17.94	9.67	Yale	YALE	6.2	31	14.71	-0.15	.88
3.71	1.10	ValensSeminis	VUH	...	dd	1.74	+0.17	...
120.24	100.75	ValensEnergy	VLO	1.6	12	298.21	+0.59	1.20
17.67	11.44	Valhi	VHI	2.0	dd	15.89	+2.45	.04
505.71	365.41	Valmontinds	VMO	4	19	493.64	+15.44	.27
43.33	28.50	Valvoline	VVV	...	45	35.34	-3.07	...
135.50	100.05	ViewSystems	VETS	...	41	205.47	+3.69	...
21.40	16.27	VelocityFinl	VEL	...	7	18.46	+0.92	...
101.60	66.38	Ventas	VTR	2.2	cc	93.96	-0.15	.52
17.62	5.72	VentureGlobal	VG	5	14	13.26	-0.12	.018
131.24	32.00	Veradermics	MAIE	...	...	114.39	+9.39	...
150.31	80.03	Veraltis	VLTG	5	25	98.34	+4.17	.33
55.68	38.39	Verizon	VZ	6.0	12	47.06	+0.25	.707
34.82	7.00	VeronlineEnergy	VET	2.4	dd	10.56	-1.95	.08
11.01	9.87	VernaCapAcqn	VECA	...	...	9.98	-0.01	...
10.38	0.18	VernaCapAcqnIR	VISUF	...	...	37	+0.02	...
50.89	26.34	Verspent	VENT	1.2	6	44.10	+1.75	.22
7.33	1.19	VerticalAerospace	EVTL	...	dd	1.36	+0.12	...
379.94	110.70	Veritya	VRT	1	62	272.40	+18.63	0.57
16.90	3.98	Veslis	VSTS	...	dd	14.21	-0.25	...
96.75	12.95	VisTransport	VIA	...	47	21.21	+1.87	...
99.33	20.48	VictoriaTisecret	VSXY	...	40	98.54	+9.86	...
10.49	9.86	ViRineAcqnt	VACU	...	...	10.14	+0.01	...
9.90	9.30	ViRineAcqntI	VH	...	...	9.81	-0.04	...
100.09	55.55	ViRing	VIK	...	39	105.79	+1.44	...
21.00	12.65	ViRphap	VIPS	3.8	7	15.68	+0.34	.62
8.90	2.13	VirginGalactic	SPCE	...	dd	3.10	+0.55	...
68.83	31.55	VirtualFinancial	VIRT	1.7	9	55.05	-2.88	.28
203.61	121.61	VirtualNetPtrs	VRT5	5.8	9	165.56	+5.81	2.40
373.97	295.09	Visa	V	7	31	182.50	-3.63	.67
69.47	11.77	Vishay	VSH	1.1	cc	35.41	+1.19	.10
151.78	26.13	VishayPrecision	VPG	...	cc	6.99	-3.36	...
81.44	31.63	VistaEnergy	VSST	...	9	65.96	+4.49	...
219.82	132.66	Vistaa	VST	7	23	140.97	-7.60	.23
27.15	15.00	VitesseEnergy	VTS	11.1	dd	15.80	+0.24	475

-52-Week-				Tick				Div.
High	Low	Name	Sym	Yld	PrT	Last	Chg.	Amt.
48.20	27.25	Vanitier	VNT	3	15	35.09	+2.96	.025
43.37	24.57	VyanaShRealty	VNO	1.9	cc	39.90	+0.31	.74
103.85	64.50	VyavFinancial	VOYA	19	17	101.40	+1.97	.42
51.60	17.41	VisyapntTech	VIPG	...	dd	41.85	+17.32	...
331.09	252.35	VulcanWatts	VMC	7	34	284.69	+16.12	.52

W

---

40

BARRON'S

August 10, 2026

DATA

NASDAQ ISSUES

52-Mark		Name	Toll				Div
High	Low		None	Vol	NY	List		Chg.
183.90	139.17	Balcham	BCPC	.5	35	129.43	-11.18
34.79	70.88	Balcharmourance	BMR	...	dd	29.54	-13.80
6.57	1.70	BallardPower	BLDP	...	dd	2.62	-0.05
130.27	101.48	BandFirst	BANF	1.7	15	113.01	-10.39
79.08	12.50	Bandewith	BAND	...	dd	69.96	-10.82
53.66	62.17	BankDZK	OZK	3.6	3	55.45	-10.11
30.92	21.77	BankofMarinBorp	BMR1	3.5	dd	28.37	-0.79
53.00	38.29	Bank7	ZIPB	2.5	12	50.57	-0.29
69.59	38.89	BankwellFinl	BWFG	1.2	12	66.90	-1.25
72.65	57.05	Banner	BANB	2.9	12	70.67	-0.26
4.88	2.07	Brazian	BZRN	...	dd	2.96	-0.09
49.65	25.33	BarrettBiss	BBS1	10	25	33.18	-5.86
22.26	10.17	BassoffBrochure	BSBT	3.9	12	20.35	-1.38
34.98	26.72	BayCom	BCBL	3.9	25	30.52	-0.34
38.26	50.65	BeamTherap	BEdd	...	dd	27.48	-1.96
293.51	107.51	Belfcase A	BELA	.1	61	233.55	-10.42
131.29	124.42	Belfcase B	BELB	.1	76	295.59	-10.42
48.25	30.11	BandingsSpons	BSP	...	...	44.45	-9.25
57.25	28.08	BandingsSystems	BSV	.8	39	35.21	-2.02
103.22	25.95	BallardMed	OMC	...	61	348.27	-10.26
10.65	10.11	BerltaAcqn	TAOJ	...	39	50.44	-10.01
10.09	9.95	BerltaAcqnH	GOAC	...	...	9.95	-0.03
32.71	8.80	BetalBionics	BBBA	...	dd	15.90	-13.07
94.06	52.74	BetalHomesMTH	BETM	...	dd	15.46	-0.38
7.69	0.50	BeyondMeat	BYND	...	dd	5.4	-0.03
6.50	1.46	ByndBioschum	BDAN	...	dd	1.70	-0.09
30.99	9.57	BicarlaTherap	BCAJ	...	dd	28.06	-0.96
9.16	3.75	BecycleTherap	BCYC	...	dd	4.37	-0.31
36.40	15.79	BillBell	BBL1	...	dd	18.74	-0.36
150.44	61.96	BillionTicOne	BLLN	...	cc	53.39	-14.21
3.44	1.35	BeastCapital	BCL	...	11	1.35	-0.10
4.45	2.04	BingEx	FLX	...	14	2.08	-0.14
72.36	61.25	Bin TicOne	TCFA	4	cc	72.29	-0.28
25.96	4.25	BioApyLabs	BIOA	...	dd	11.72	-2.68
3.42	0.55	BiesexCorp	BIOA	...	dd	3.4	-0.02
11.22	6.00	BioCryst	BCKX	...	dd	9.38	-0.40
25.00	5.26	BioBosis	BDSA	...	dd	23.50	-2.30
119.72	127.00	Bingex	BIIB	...	27	207.94	-4.99
12.80	1.82	BiWinevestSci	BHST	...	dd	2.56	-0.40
66.28	49.26	BiWineWPharm	BHIN	...	67	63.81	-3.79
2.99	0.87	BiWineFission	BHKA	...	dd	1.26	-0.08
124.00	79.52	BiWITech	BHTA	...	dd	93.67	-3.09
3.62	1.27	Bixta	BTMB	...	12	1.48	-0.77
15.89	6.26	Biwomtus	BYS	...	18	14.33	-0.96
10.04	9.80	BitcointehAcqn	BIXI	...	...	10.04	-0.02
4.94	1.60	BlackDiamond	BDTA	...	dd	1.95	-0.26
13.10	10.93	BlackHawkAcqn	BRHA	...	cc	11.78	...
2.06	0.86	BlackHawkAcqnR	BRHA	...	...	1.45	-0.39
30.40	6.11	BlackRockCoffee	BREB	...	...	7.35	-0.71
70.71	25.58	Blackbaud	BLXB	...	14	45.87	-13.07
59.57	24.70	BlackLine	BL	...	53	29.55	-1.85
7.28	3.08	BlkRSTCPCap	TCPC16.5	dd	...	4.11	-0.36
6.76	1.76	BlkJst	BEJM	...	dd	5.18	-0.31
11.26	9.91	Blkishrandetll	BECQ	...	...	10.17	-0.03
10.00	9.75	Blkishrandetll	BCCQ	...	...	9.90	...
12.63	5.79	Blksever Brands	BSMB	0	33	50.95	-12.29
16.05	15.25	BlassonHillTherap	BLIM	...	...	16.00	...
11.10	9.95	Bluxfield	BACC	...	79	10.49	...
0.92	0.13	BluxAcqnR	BACR	...	...	4.3	-0.08
83.39	66.14	BluxBird	BLBD	...	8	60.76	-5.63
14.77	0.18	BluxGold	BGL	...	3	19	-0.02
10.41	9.94	BluxWateHill A	BLHB	...	47	10.38	-0.02
10.68	9.87	BluxrockAcqnA	BLIM	...	...	10.08	-0.04
10.95	10.34	BlxEagleAcqnA	BLAG	...	35	10.70	-0.03
0.48	0.18	BlxEagleAcqnR	BLGA	...	...	33	-0.03
231.00	100.14	BlxGling	BRDG	8	24	214.42	-15.52
42.00	10.25	BlxGillion	BRDG	...	cc	18.20	-1.06
2.92	0.96	BlxIndibossBlx	BOLD	...	dd	2.89	-0.39
45.81	20.07	BlxHometConsult	BRHN	...	dd	27.23	-0.38
4.22	1.42	BragogGaming	BRAG	...	dd	1.68	-0.04
33.00	4.59	Brains	BRAU	...	...	5.67	-0.53
17.35	5.81	Brainsway	BWAY	...	69	15.50	-10.27
32.00	25.47	BlxenheartBio	BRVE	...	...	10.00	...
27.33	15.26	Bruce	BRLB	...	dd	26.54	-1.62
0.30	0.18	BruceAcqnRR1	BRLB	...	...	23	-0.04
14.27	7.00	BringBiDockclsg	BRST	...	dd	9.33	-1.24
93.42	44.10	BridgeBioPharm	BBIO	...	dd	64.48	-4.39
3.44	3.32	BridgeHerroque	BAEB	...	dd	1.26	-0.40
8.62	6.12	BridgfordFoods	BRID	...	dd	6.22	-0.13
66.00	62.37	BridgthouseFin	BHF	...	5	60.80	-1.11
73.75	20.08	BridgTSpring	BTSG	...	47	62.43	-2.72
3.10	1.00	BrillsonElectRA	BRL178.1	dd	...	1.28	-0.22
495.00	207.30	Brucecom	AVGO	6	75	427.76	-10.48
65.30	28.53	Bruker	BRXB	4	dd	53.41	-9.43
7.37	2.54	Burnble	BRBL	...	dd	2.83	-0.02
41.72	6.00	BurnbleRockBio	BRR	...	dd	8.81	-0.09
32.39	22.56	BanFirstBucks	BFST	1.9	11	31.66	-0.36
C
6.96	2.87	Cadix	CDZI	...	dd	3.46	-0.47
7.75	1.32	CAMATherapouts	CAMF	...	dd	4.24	-0.79
89.76	62.52	CAF Fin	CFFI	2.2	10	57.94	-9.35	.48
38.86	80.00	CBThisSecs	CBFV 3.0	29	37.95	-1.32	.28
10.14	4.08	CCC Intellispent	CCC	...	98	6.92	-0.83
171.53	97.12	Cohen	CPW 1.9	16	135.37	-11.81	.42
51.60	17.02	CEVA	CEVA	...	dd	38.67	-6.02
5.17	1.69	CA Tharap	CCCC	...	dd	3.73	-0.25
77.00	12.00	Chowalspg	COGN	...	dd	75.10	-3.91
210.33	115.71	CH Robinson	CHRH	1.7	28	149.35	-1.62
133.43	0.60	ChilmaintEx	DAAC	...	dd	27	-0.11
1.88	0.80	CLPS	CLPS	...	dd	.86	...
329.16	218.31	CMK Group	CMK	1.9	22	263.66	-4.13	1.80

52-Mark		Name	Toll				Div
High	Low		None	Vol	NY	List
36.17	22.36	CNB Fin Pk	CCNL	2.2	11	34.81	...19
12.62	10.08	COZEnTransillan	ROEM	...	66	10.69	-1.11
8.36	0.15	COZInTransillanB	ROEBB	...	...	35	-0.05
28.00	10.81	CPC Card	PMTS	...	27	27.72	-6.65
227.29	123.77	CBK Unit	CBAL	1.3	24	169.31	-9.72
78.48	44.12	CritprTherap	CRSP	...	dd	53.52	-5.53
30.22	9.95	CLBSI Digital IR	CRPN	...	...	10.22	-0.05
15.00	7.45	CSP	CSFI	1.5	dd	8.15	-0.24
53.60	31.80	CSX	CSX	1.1	29	50.27	-10.13
23.37	17.97	CTB Fin	CTBP	3.5	16	22.66	-0.29
4.23	1.26	ColubrittaBio	CABA	...	dd	2.79	-0.18
416.69	263.75	ColonexDesign	CBNG	...	67	339.24	-0.78
34.24	22.76	CAE	CAE	...	39	27.19	-1.37
30.88	17.86	CanaraEch	CCB	...	dd	30.70	-0.40
2.62	0.56	Canarasture	CSTE	...	dd	2.30	-0.21
112.45	19.92	CoA MainwInstc	CoA19.5	7	13	20.05	-2.70
0.35	0.11	GaRedesedAcqnR	GEGR	...	...	21	...
10.25	9.85	GallicaAcqn	ALIS	...	cc	10.59	-0.02
8.07	0.15	GallicaAcqnR	ALIM	...	...	4.40	-0.01
45.20	12.94	Calumet	CLMT	...	dd	39.48	-4.71
10.50	9.82	CambridgeAcqn	CAE	...	...	9.96	-0.04
60.59	35.00	CamdenNational	CAC	2.9	11	57.79	-0.10
34.17	19.54	Campbell's	CPB	6.8	11	23.00	-1.03
215.99	75.75	Cambik	CAMT	...	cc	55.35	-12.19
24.59	9.41	CambardColor	CSID	...	dd	19.19	-0.03
11.26	4.35	CandellTherap	CADL	...	dd	10.59	-0.58
2.38	0.84	CampyGrowth	CGC	...	dd	97	-0.05
185.00	14.39	CarterNeuroPark	CPNC	1.8	dd	15.55	-0.24
10.99	8.22	CenterEpiPrisl	CEPG	...	dd	10.67	-0.01
10.67	10.09	CenterEpiPrislA	CEPP	...	dd	10.29	-0.02
10.17	10.05	CenterEpiPrislB	CAES	...	...	10.07	-0.01
50.50	10.06	CenterEpiPrislF	CEPG	...	97	50.46	...
38.83	26.40	CapitalBaracnp	CBIM	1.3	11	17.78	-0.45
58.60	28.06	CapitalCityBank	CEIG	2.1	16	52.19	-0.14
24.00	16.77	CapCleanEx	CCCC	2.7	12	2.22	-0.09
25.28	19.27	CapitalSumboard	CEKC 9.2	1.6	25.13	-1.54	.06
9.26	5.74	CapitalFreeFin	CFFN	3.8	14	8.88	-0.04
40.37	2.96	CapcomTherap	CAPR	...	dd	4.09	-0.24
14.20	1.09	CapitalSpringRes	CERL	...	dd	8.59	-0.86
96.40	21.90	CentralDelhi	CDNL	...	47	64.00	-2.31
12.00	2.09	CardyIncs	CDLK	...	dd	5.60	-0.09
4.01	2.03	CreedGod	CCLD	...	26	2.63	-0.19
19.96	11.02	ColubritsID	CLBT	...	56	16.01	-1.26
5.48	2.28	Collucits	CLLS	...	dd	2.84	-0.09
33.82	9.80	CentralBanco	CRC	1.4	19	33.31	-10.71
46.97	22.77	CentralBurden	CBST	...	17	44.74	-1.65
40.80	25.97	CentralGardenA	CEUS	...	15	39.06	-1.15
10.99	10.45	CentralInnAcqnA	ALI	...	34	10.81	-0.06
70.43	20.91	CentralValurom	CEUIC	...	55	20.10	-0.04
3.29	1.83	Scragon	CRNT	...	dd	2.21	-0.04
306.36	160.81	CentersSystems	CEBS	...	cc	226.73	-10.02
13.74	5.85	Cerenex	CRNC	...	dd	9.15	-0.63
24.33	10.05	Cardbell	CDLL	...	dd	18.10	-1.12
13.88	4.45	Cortara	CEBT	...	dd	2.20	-0.10
2.47	1.15	Covis	CEBS	...	dd	2.25	-0.20
23.90	8.90	Coagree	CHA	0	14	10.18	-10.17
36.77	2.60	ChannelDigital	CD	...	dd	2.65	-0.14
10.44	10.01	ChampionsGatta	CHPG	...	56	10.44	-0.02
0.20	0.13	ChampionsGataIR	OPGR	...	...	13	-0.02
11.00	10.30	ChurchonAsia	CHAR	...	44	10.91	-0.01
0.29	0.03	ChurthomAsia	CHUR	...	...	10	-0.02
205.02	115.55	CharterComms	CHTR	...	4	152.57	-7.59
210.66	112.23	ChurchPoint	CHKP	...	13	127.82	-0.69
107.95	43.07	ChaosucabaFct	CAKLE	1.1	29	107.05	-5.63
117.33	53.20	ChefsChevchance	CHEF	...	52	110.20	-5.15
85.00	49.95	CheeseprilInt	CHRG	1.7	12	81.24	-0.23
10.56	9.91	ChempheAcqnR	CHEC	...	81	10.23	-0.03
11.44	8.92	ChicagoAtlantic	LEEN	14.3	6	9.50	-0.26
14.57	9.49	ChungatillGall	REEF	18.3	7	10.27	-0.10
9.56	2.29	Children'sPlace	PLCE	...	dd	2.69	-0.25
33.99	15.80	ChimeFile	CHPM	...	dd	29.10	-6.71
78.35	15.06	ChipMDSTech	IMDS	1.4	69	52.54	-15.34
151.95	84.25	ChurchGroup	CHRD	4.0	9	133.35	-0.10
19.69	10.07	ChurchillCapbl	CCIG	...	cc	56.61	-12.76
30.90	10.05	ChurchillCapcl	CRG	...	...	10.73	-0.12
118.35	79.40	ChurchillDooms	CHDM	5	15	87.86	-13.56
106.58	54.34	Cimpersis	CMPR	...	54	45.35	-3.35
194.81	149.25	ChurchillFlot	CMR	2.1	5	176.66	-6.63
226.75	161.16	Cintus	CTS	5.0	4	120.03	-15.18
10.14	4.51	CitesecDigital	CPR	...	dd	17.58	-5.34
5.25	0.41	CircIntl	CRC	...	dd	2.72	-0.01
180.42	98.67	CircusLeqic	CRUS	...	15	124.92	-4.43
110.37	65.75	CiscoSystems	CSCO	1.4	40	121.43	-5.44
73.39	29.20	CitiTrands	CTRM	...	52	72.69	-6.02

---

August 10, 2026

BARRON'S

41

DATA

NASDAQ ISSUES

BARRONS.COM/DATA

S3-Week				Tick		Tick		Div.
High	Low	Name	Type	Yld	P/T	Last	Chg.	And.
66,00	46,45	Freshpet	FRPT	...	18	46,19	+3.37	...
14,06	6,79	Freshworks	FRSH	...	18	11,84	+0.48	...
45,88	11,13	Friedmaninds	FRD	4	16	43,99	+10.66	04
99,43	48,47	Frontstar	FTDR	...	24	90,83	+8.20	...
8,40	3,02	Frontstar	ULCC	...	dd	7,38	+0.63	...
37,88	3,75	FullCell	FCEL	...	24	20,43	+1.38	...
15,74	2,83	FulcrumTherap	FULC	...	dd	3,89	+0.31	...
31,04	13,46	FilgrattGentles	FUGT	...	dd	19,14	+2.59	...
25,23	16,60	FultonPro	FULT	3.1	12	24,24	+0.09	19
7,04	2,22	Flake	FMOD	...	dd	5,38	+0.05	...
25,00	0,75	Fusemachines	FUSE	...	10	86	+0.07	...
202,53	50,50	Fully	FUTU	...	12	199,02	+3.90	...
10,33	9,95	FutureMoney	FNUCI	...	...	10,36	...	...
0,20	0,16	FutureMoneyR	FNUIR	...	...	99	+0.02	...
50,08	9,90	FutureMoney	FNAIC	...	...	10,04	+0.01	...

G

3,95	0,38	GCL Global	GCL	...	dd	...	51	+0.08	...
14,38	9,30	GCMelonsense	GCMS	3.9	28	13,58	+1.92	12	...
42,20	11,20	GDGY	GDGY	...	3	13,48	+1.27	...	...
40,40	26,97	GOLHoldings	GOS	...	22	31,98	+0.76	...	...
89,77	58,75	GEHealthCom	GENC	2	16	71,77	+3.75	015	...
3,71	1,43	GEBReclassnet	GEBK	...	dd	1,96	+0.01	...	...
31,44	11,32	GH Research	GHRS	...	dd	30,27	+2.20	...	...
37,54	23,95	GHAppanel	GHI	1.1	13	35,46	+0.95	10	...
12,00	50,50	GP-AchlAcycle	GPAT	...	36	11,36	+0.14	...	...
18,84	29,95	GRAIL	GRAL	...	dd	69,48	+0.92	...	...
74,75	54,54	GRVATTY	GRVY	...	9	68,32	+6.37	...	...
18,15	2,82	GSTTech	GSTT	...	dd	6,72	+1.11	...	...
20,29	9,96	GSDRAcyn	GSRF	...	75	10,36	+0.07	...	...
9,93	9,84	GSRV Acyn	GSRV	...	...	9,84	+0.01	...	...
6,19	1,32	Galy	GALA	...	dd	1,91	+0.56	...	...
4,34	1,45	GalyTherap	GANX	...	dd	1,82	+0.14	...	...
10,20	7,99	GastaAcynII	LGTA	...	80	10,14	+0.01	...	...
45,92	16,43	GalsatDigital	GLXY	...	dd	20,17	+0.84	...	...
49,95	41,17	GamingLeisure	GLPI	7.4	13	44,14	+0.65	22	...
36,25	12,26	GarystMartian	GTR	1.1	16	29,85	+1.30	08	...
7,08	0,23	Gauzy	GAUZ	...	dd	4,43	+0.16	...	...
10,89	3,74	GeminiSpace	GEMI	...	dd	4,09	+0.19	...	...
32,22	17,76	GenDigital	GEN	1.7	17	29,17	+1.72	129	...
12,40	3,25	GenDigitalR	GEWR	...	3	354	+2.74	...	...
170,87	32,21	GenvDr	WGS	...	dd	77,08	+1.07	...	...
10,22	5,96	GeneralCatalyst	GCGR	...	...	10,15	+0.02	...	...
14,85	6,08	GeneralFusion	GFUZ	...	dd	9,25	+0.84	...	...
10,03	9,86	GeneExpressApp	GPAC	...	...	10,02	+0.01	...	...
18,18	11,00	GeneralGibment	GDIB	...	...	14,25	+0.35	...	...
35,43	21,00	Genmab	GMAB	...	24	31,25	+2.38	...	...
12,79	35,02	GlobalMe	GMIX	2.0	13	24,08	+0.72	12	...
48,35	27,00	GeoPharm	THRM	...	48	41,26	+0.68	...	...
29,89	35,80	GeospecTech	GEOS	...	dd	5,85	+1.46	...	...
52,23	37,19	GermanAmBorg	GABC	2.5	13	50,50	+0.38	31	...
2,01	1,04	Genm	GENN	...	dd	1,48	+0.19	...	...
11,20	9,51	GenBracyn	GSHR	...	50	10,52	+0.03	...	...
75,08	33,56	Gibraltarinds	ROCK	...	dd	50,23	+7.97	...	...
56,27	25,49	GipsCloudTech	GCT	...	13	53,25	+9.51	...	...
0,45	0,25	GipCapitalBR	GWRI	...	...	26	+0.01	...	...
9,89	9,80	GipEagleNP	GIR	...	...	9,97	+0.03	...	...
0,34	0,20	GipCapitalR	GVKR	...	...	29	...	...	...
20,93	5,52	GlaUsLeisler	GALT	...	26	11,21	+0.18	...	...
157,29	108,46	GlausSciences	GILD	2.5	dd	133,21	+1.00	24	...
52,38	30,73	GltLab	GTLB	...	dd	38,97	+4.46	...	...
27,59	16,54	GlaStemCap	GLAD	9.1	10	19,73	+1.06	15	...
13,43	10,33	GlaStemComm	GMDI	9.3	52	12,95	+0.45	10	...
17,14	13,11	GlaStemInstr	GAIN	5.8	4	16,59	+0.44	08	...
11,00	7,92	GlaStemLand	LAND	6.7	dd	8,34	+0.23	0467	...
10,39	9,94	GlaStemVox	GTTIA	...	...	10,39	+0.02	...	...
2,25	0,07	GlaStemTert	GTBR	...	...	08	...	...	...
42,55	26,35	GlaStemEarline	GLRE	...	64	42,32	+5.07	...	...
50,52	24,25	GlaStemHermity	GBLI	5.0	12	27,97	+0.47	35	...
11,17	6,55	GlaStemEarles	GRRS	4.0	4	7,60	+0.44	0252	...
92,55	31,51	GlaStemFondries	GFS	9	42	53,91	+3.94	22	...
84,85	24,37	GlaStemter	GSAT	...	dd	83,40	+0.02	...	...
9,98	2,94	Glos	GLOD	...	dd	3,59	+0.36	...	...
15,11	3,32	Gogo	GOGI	...	dd	3,64	+0.55	...	...
27,79	35,02	GobtCMC	GLNG	2.0	79	50,43	+1.28	25	...
14,93	11,77	GobtCapitol	GBDCI	0.8	20	13,17	+0.34	23	...
5,81	1,77	GoodBo	GOKL	...	79	3,68	+0.61	...	...
10,62	5,43	Godyear	GT	...	dd	6,44	+0.51	...	...
90,79	33,46	GoschowdInc	GSHD	...	dd	65,20	+1.20	...	...
3,05	0,59	GolPro	GPBO	...	dd	7,5	+0.02	...	...
10,72	10,32	GoscoCA	GTBN	...	79	10,57	+0.09	...	...
3,87	0,11	GossamerBio	GOSS	...	dd	38	+0.01	...	...
6,62	3,18	Grab	GRAB	...	26	3,66	+0.16	...	...
220,04	134,27	GoodCanyonElas	LOPE	...	18	152,53	+7.19	...	...
10,82	1,63	Grandstand	GRSD	...	dd	1,90	+0.03	...	...
11,46	4,63	GrandSticky	GECCDT	...	8	5,88	+0.14	24	...
3,51	1,00	GreatElm	GEG	...	dd	2,21	+0.06	...	...
82,99	53,76	GeolStemhmBorg	GSBC	2.1	13	80,60	+0.34	43	...
19,65	7,08	GreenPoints	GPBE	...	10	14,65	+2.20	...	...
23,00	1,32	GreenHerdInst	GLRD	...	36	2,34	+0.07	...	...
19,39	11,37	GreenlightCap	GLRE	...	7	15,51	+1.14	...	...
10,04	6,46	Grifols	GRFS	2.8	10	7,94	+0.07	1463	...
19,41	5,66	GrisveryOutlet	GO	...	dd	9,91	+0.72	...	...
43,08	9,17	Grisupon	GRPN	...	dd	25,03	+2.55	...	...
114,99	95,69	Gr&herportsure	GMAR	4.3	18	110,44	+3.42	88	...
176,58	48,25	GuardantHealth	GH	...	dd	168,48	+6.49	...	...

36,83	22,36	HBT File	HBT	2.8	16	36,35	+0.51	25
30,49	10,03	HCMMIRcap	HCMA	...	89	10,28	+0.01	...
24,50	16,12	HBM	HMM	...	22	19,63	+1.14	...
67,09	43,75	H2DAmerica	HTD	2.8	22	62,66	+1.33	44
18,30	9,77	Hutchmed	HCM	...	cc	12,51	+1.38	...

S3-Week		Tick		Tick		Div.		Div.
High	Low	Name	Type	Yld	P/T	Last	Chg.	And.
56,64	31,75	HYbirid	HTHT	4.9	19	42,37	-0.32	1,10
21,40	9,15	HackettGroup	HEKT	4.2	18	11,53	+0.81	22
2,17	0,48	HairiCelestial	HARN	...	dd	60	+0.10	...
50,08	9,91	HalthChelwockA	HCAC	...	...	10,08	+0.01	...
0,35	0,20	HallChalwickR	HCAD	...	...	23	-0.02	...
103,38	61,23	HallasymThong	HALE	...	71	103,12	+0.53	...
161,13	71,88	HamiltonLean	HLNE	2.4	15	107,03	+1.12	60
79,26	64,05	HarvardWhitney	HRC	2.6	15	97,00	+0.60	28
33,10	22,58	HammFinancial	HAFC	3.5	11	31,91	...	28
27,50	19,91	HarvardBancorp	HRIR	1.5	21	26,95	+0.70	10
21,67	13,05	Haypon	HAW	...	12	19,37	+0.23	...
17,68	8,47	Harmonic	HLIT	...	dd	11,84	+0.29	...
60,07	25,52	Hermitophile	HRW	...	75	38,45	...	...
54,85	25,54	Harvior	HRRH	...	dd	40,44	+1.67	...
4,32	2,88	HartveHanks	HHS	...	dd	2,28	+0.09	...
10,37	9,87	HarvardAosA	HAVA	...	cc	10,15	+0.02	...
0,20	0,10	HarvardAvult	HAVA	...	...	15	...
106,98	69,50	Hesbro	HAS	3.0	17	93,52	+2.42	70
156,71	57,98	Hawkins	HMHI	6	34	129,91	+1.88	20
40,58	28,56	HawthornBock	HMKK	2.1	11	40,31	+1.32	21
3,88	0,96	HawthCoJayst	HCAT	...	dd	1,73	+0.36	...
25,75	15,69	HawthCareJvec	HCSG	...	13	22,23	+1.07	...
106,42	72,76	HealthEquity	HQY	...	39	104,63	+4.02	...
31,11	19,20	HealthStream	HCTH	3.4	40	28,72	+0.68	20
41,22	20,13	HeartFlow	HTFL	...	dd	28,82	+3.59	...
4,64	7,00	HeartFlowBug	HTLD	8	43	123,44	+3.51	53
30,68	13,85	HeleneTroy	HELE	...	dd	29,77	+2.14	...
11,80	10,11	HelixAcqill	HTLC	...	...	10,66	+0.17	...
8,59	5,32	HelixGroup	MSHO	0	9	5,86	+0.18	30
13,00	8,90	HemessyAdvers	HRHA	6.0	10	9,93	+0.10	28
0,16	0,16	HemessyCapHR	HRHR	...	...	25	+0.09	...
10,99	10,13	HemessyCapVII	HVIR	...	84	10,52	+0.04	...
20,09	6,05	HemsAriActs	HMIK	1.7	21	14,41	+2.07	215
238,00	238,05	HelphamSvg	HIFS	3	10	301,57	+1.39	63
72,99	49,49	Hemellanscop	HISP	3.8	12	71,88	+0.54	32
5,84	2,07	Hemest	HNSY	...	dd	5,46	+1.81	...
297,50	180,03	HemessyAdvers	HDM	...	...	160,15	+3.21	...
260,15	195,77	HemessyAdvers	HDN	1.1	9	246,21	+3.16	70
18,09	8,62	HealorfUnstrng	HDTT	3.0	dd	15,43	+1.46	15
54,48	9,50	HealorfUnstrng	HDPE	4.0	16	15,99	+0.03	14
21,04	14,84	HorizonBancorp	HBBC	3.1	dd	20,42	+0.03	36
7,76	3,80	Hy咨询TechFor	HICDN5.5	14	4,64	+0.32	2,82
25,71	15,37	HitchHole	HST	3.4	56	23,29	+1.84	92
53,26	32,70	HoltGroup	HEKG	5.0	28	47,80	+1.27	129
4,53	1,04	HoltAnlndng	HAJZ	...	1	1,66	+0.51	...
2,76	0,55	Humacytra	HDNL	...	dd	72	+0.06	...
299,76	100,12	JBHant	JBHT	7	38	268,52	+3.23	45
19,45	14,89	HoltInlyInlndBcds	HBAN	3.5	14	17,55	+0.51	159
23,75	14,50	Hjarra	HIHC	...	dd	22,58	+1.22	...
186,78	84,88	HjarraConsulting	HIHN	...	23	152,05	+0.28	...
140,88	18,68	HJHE	HJIT	...	dd	88,09	+9.04	...
2,22	0,85	Hyperfine	HYPR	...	dd	96	+0.02	...

---

42

BARRON'S

August 10, 2026

DATA

NASDAQ ISSUES

BARRONS.COM/DATA

52-Mark		Name	Tish					Div. Aret.
High	Low		Name	NA	NY	NY	Last
15.29	10.39	MobileMedical	MOIB	...	...	12.24	+1.06	...
4.07	1.29	MobileInfo	BEISP	...	dd	2.48	+0.65	...
15.81	6.47	Mobileeye	MBLY	...	dd	8.73	+0.79	...
85.60	22.23	Mobilema	MMM	...	dd	59.37	+4.35	...
5.36	1.46	Mobilecaps/Prs	MULN	...	dd	4.05	+0.12	...
135.55	88.13	MobileofKcsisins	MOUI	1.0	20	124.59	+1.64	30
264.00	57.50	monolys.com	MMVI	...	41	93.13	+5.98	...
66.65	31.25	Monolotaz	MILL2	2.2	23	62.63	+0.30	50
2.40	0.78	MoneyHero	MNVI	...	dd	.92	+0.05	...
444.72	195.47	MonopDB	MDB	...	dd	100.10	+0.12	...
174.05	151.02	MonobiththPower	MWW	6	16	60.16	+16.42	00
23.91	12.36	Monro	MMIO	8.8	61	12.73	+0.48	28
503.14	39.80	MonctonBav	MNTI	...	42	90.36	+6.02	...
25.77	4.12	MontellousTherap	GLUE	...	dd	15.88	+0.64	...
266.05	141.49	Monobopclat	MMMO	1.0	79	100.66	+0.89	50
18.12	9.29	MontcorPartts	MPAA	...	24	16.63	+0.23	...
8.74	2.65	MountClupnCap	MLCL	4.0	dd	3.03	+0.02	03
9.97	9.92	MontalCrcsLloyds	MCMI	...	...	9.95	+0.01	...
0.27	0.24	MontalCrcsCloyds	MCMI	...	...	.27	...	...
11.20	9.40	MountinLukoff	MLLA	...	...	9.96	...	...
9.99	9.78	MuzeraAcqn	MUZI	...	...	9.96	+0.01	...
8.59	2.74	MyriadGenetics	MYGN	...	dd	3.26	+0.40	...

N
48.12	29.27	Napco Security	NSSC	1.5	40	41.36	+4.28	.15
64.50	39.20	NMT Bancorp	NMTB	2.0	13	52.66	+0.02	...
156.17	83.10	NICE	NICE	...	15	101.85	+3.06	...
67.50	4.20	NIP	NIPC	...	dd	9.07	+1.10	...
46.74	34.84	NMI Holdings	NMIN	...	9	44.63	+0.33	...
30.34	9.90	NMP Acqn	NMP	...	dd	10.33	+0.10	...
0.35	0.14	NMPAcqnRt	NMNE	...	...	.37	...	...
36.88	1.10	NM	NMBC	...	dd	3.77	...	...
23.60	11.01	NRC Health	NRC	3.1	82	20.34	+0.33	.16
52.02	43.73	NMPR Info	NMPL	...	24	119.72	+1.36	...
339.95	183.00	NXP Semicon	NXPN	1.7	20	219.71	+10.55	1.014
7.42	0.91	NamibMinerals	NMM	...	dd	1.35	+0.02	...
6.30	1.50	Nam民族	NA	...	2	1.06	+0.07	...
4.88	0.73	NancSchnuping	NNOK	...	dd	1.06	+0.08	...
57.14	6.97	Nanobinfor	NETA	...	dd	10.22	+0.36	...
101.79	76.55	Nasdaq	NDAD	1.3	28	94.59	+0.40	.31
128.88	16.71	Nation	NTNA	...	dd	122.10	+9.34	...
113.86	88.67	Nothart's	NATN	2.0	20	98.01	+0.10	.50
46.99	30.03	NationBancscrap	PTCE	0.0	16	32.53	+0.49	2.25
5.03	2.78	NatlCineMedia	NCMB	3.0	dd	4.03	+0.02	.03
17.66	11.25	NatlMthcProp	NMP	1.8	dd	16.95	+1.66	.075
10.02	14.75	NationalVision	PTU	...	39	22.95	+0.51	...
4.96	2.09	NaturaAIR	NAII	...	dd	2.37	+0.08	...
39.42	8.11	Navao	NATN	...	dd	29.00	+2.46	...
13.87	7.33	Navient	NAVR	7.0	dd	9.08	+0.69	.16
34.17	5.44	NavitasSemi	NVT5	...	dd	13.89	+1.03	...
76.86	39.17	Nayax	NYAX	...	88	69.06	+0.79	...
13.92	12.80	eCinc	NCMC	...	cc	19.17	+0.71	...
299.66	62.01	Nebius	NBSL	...	63	107.97	+2.44	...
10.85	4.79	Nexpos	NEXG	...	dd	11.47	+0.51	...
12.99	3.01	NoOncTech	NTNE	...	dd	3.50	+0.01	...
14.98	8.11	NeocstallacCap	NLLSR10.4	2	9	6.60	+0.55	.25
36.24	7.23	NewBValint	NBBS	...	11	9.91	+0.91	...
195.20	93.69	NetApp	NTAP	1.1	30	189.52	+11.02	.52
199.55	106.16	NetEase	NTLS	2.2	18	132.22	+1.05	1.16
126.71	65.08	NetFile	NFLA	...	23	74.16	+2.43	...
36.86	19.08	Netgear	NTGR	...	dd	23.67	+0.49	...
45.28	20.39	NetScout	NTCT	...	23	38.44	+2.32	...
27.99	7.47	NetAdequ	NTSE	...	dd	6.65	+2.28	...
3.65	0.83	NeumoraTherap	NNRA	...	dd	1.63	+0.02	...
21.40	3.19	NeuptheiaTherap	NEUP	...	3	3.82	+0.06	...
106.12	12.14	Neurocrise	NEUK	...	24	163.41	+3.39	...
43.66	15.93	Neuropene	NGNL	...	dd	35.69	+2.80	...
4.42	0.80	Neuronetics	STNE	...	dd	2.38	+0.40	...
19.60	7.56	NeuroPace	NPCE	...	dd	18.83	+1.94	...
39.24	23.87	Neutron	LMCE	...	...	18.23	+0.74	...
9.45	0.32	NewEraEner	NGAL	...	dd	5.28	+0.62	...
3.38	0.32	NewEraTransEn	NPK	...	...	26	+0.03	...
10.71	6.73	NewREnFin	NMTC12.9	dd	7.75	+0.36	.25	...
30.51	10.07	NewGenesite	MPAC	...	dd	10.41	+0.01	...
42.21	22.26	NewAmstPharma	NARS	...	dd	27.96	+0.17	...
10.74	10.29	NewArmy.500A	NTMO	...	41	10.72	+0.01	...
7.13	3.07	NewHISands	NWIL	4.7	dd	6.01	+1.07	...
11.60	10.36	NewHoldInvtll	NNVC	...	56	10.68	+0.03	...
15.50	9.80	NewHoldInvtll	NNIV	...	...	10.56	+0.06	...
19.84	13.36	Newmark	NNRA	1.6	18	14.81	+0.18	.06
31.61	22.20	NewsCorp.6	NNVA	7	28	28.52	+0.96	.50
35.31	25.49	NewsCorp.8	NNVS	6	32	32.45	+1.18	.30
16.69	9.59	NewHubOne	NEWT	5.6	6	15.53	+1.30	.19
254.30	504.47	NewStarMedia	NXST	3.8	37	193.78	+1.25	1.86
19.74	1.59	NextCore	NXTC	...	dd	5.84	+1.70	...
163.13	52.61	Nextpower	NXT	...	27	103.26	+13.39	...
11.13	5.60	NextumIntl	NEJM	...	36	10.90	+0.62	...
9.48	1.53	NY	JFU	...	1	2.67	+0.44	...
9.34	5.03	900Bovicest	NASS	...	dd	8.88	+0.37	...
5.67	1.91	Neufisch	NHI	...	dd	2.46	+0.13	...
3.72	1.70	Ni改为	NKTA	...	dd	2.41	+0.32	...
86.99	19.83	NEURF	LAUR	...	dd	56.16	+3.10	...
19.00	3.57	Novelles	NEILS	...	dd	17.95	+0.67	...
19.68	10.64	NovEosis	NEON	1.1	33	130.11	+12.13	.82
142.31	80.75	NorthwestBank	NBIN	0.0	10	133.44	+9.27	.01
10.03	7.15	NorthwestTechIntl	NTIC	0.0	8.42	42.40	.01	...
191.60	121.12	NorthwestTech	NTIS	1.9	16	185.50	+1.31	.88
30.82	19.60	NorthVireBacnCo	NNW	2.4	9	26.37	+3.04	16
36.56	15.25	NorthwestBicnCo	NNWB	3.1	15	15.55	+0.39	.20
75.18	54.89	NorthWestmEnr	NNVE	3.7	26	129.49	+1.35	67
35.45	23.82	NorwoodFin	NNVL	3.8	32	33.83	+0.36	32
615.99	232.73	Nova	NVMI	...	49	393.02	+2.15	...
6.79	1.46	NovaBridgeBio	NBP	...	dd	1.75	+0.15	...

52-Mark		Name	Tish					Div.
High	Low		Name	NA	NY	NY	Last
176.38	90.27	Nevanta	NOV1	...	cc	166.37	+13.02	...
11.97	6.20	Nevavax	NVAS	...	dd	7.90	+0.63	...
21.45	9.82	Nevacure	NVCK	...	dd	16.39	+1.55	...
3.86	0.37	Nevastx	NVX	...	...	41	+0.01	...
25.89	8.20	NarisTherap	NRIX	...	dd	25.53	+2.32	...
82.42	34.03	Natacex	NTMX	...	66	62.63	+1.66	...
236.54	164.07	NYDHA	NYDA	4	4	223.96	+23.21	.25
8.59	1.26	Nyesush	NYNN	...	dd	1.47	+0.07	...
O
90.00	5.30	OBOOK	OBLS	...	...	5.38	+0.14	...
64.23	9.25	O&HlyTech	OBD	...	18	54.32	+0.06	...
8.99	2.72	OFS Capital	OFS	17.6	dd	3.87	+0.51	.27
134.92	44.56	ON Semi	ON	...	52	81.17	-0.44	...
36.83	12.10	Off Bancorp	OBW	3.6	6	15.63	+0.05	14
1.73	0.98	OPIO Health	OPK	...	dd	1.37	+0.05	...
108.72	82.59	O'ReillyAuto	OBLY	...	38	93.53	+4.18	...
311.72	197.27	OIS Systems	OSIS	...	27	216.23	+34.84	...
30.21	9.97	OTGAcpt	OTGA	...	78	10.21	+0.04	...
14.31	10.63	OptireSpec	OCS10.8	2	27	12.96	+1.35	.03
18.84	8.28	Optio	OTSY	...	dd	13.72	+1.17	...
20.61	16.29	OceanFirstFin	OOCF	4.1	23	19.42	+0.11	.20
30.00	19.49	OctaveIntal	OSTV	...	...	19.60	+1.64	...
36.44	6.23	OvaloTherapetits	OCAL	...	dd	9.19	+1.02	...
34.48	10.52	Ovalis	OCS	...	dd	12.68	+1.37	...
54.96	12.97	OvalValleyBanc	OVBC	2.3	13	42.56	+1.50	.25
107.00	62.66	Ohto	OKTA	...	cc	168.32	+6.19	...
220.03	126.01	OtdDomFreight	ODFL	5	42	236.36	+4.12	.29
27.36	19.39	OldfieldBmp	OMB	2.2	12	26.56	+0.08	.145
26.04	16.34	OldDeBmp	OBC	1.1	15	25.44	+0.18	.20
36.26	4.47	OlamyPharm	OLMA	...	dd	32.05	+0.60	...
101.00	60.29	OtherLabscam	OLLI	...	28	81.64	+8.17	...
26.92	10.28	OmaidaHealth	OBBA	...	dd	23.67	+3.83	...
37.92	25.58	OmegaFics	OTLA	4.4	23	30.92	+1.46	.34
37.65	1.70	Omness	OBIB	...	15	11.25	+1.41	...
8.12	1.00	OmnAib	OABB	...	dd	3.08	+1.10	...
15.00	29.06	OmnXell	OBCL	...	66	36.81	+1.64	...
7.10	2.89	1-BOO-FLOWERS	FLWS	...	dd	4.02	+0.12	-
10.63	10.11	MT.Alcan	OKCH	...	52	10.26	-0.01	...
6.62	2.35	UnBib.com	OBLS	...	dd	5.09	+0.85	-
17.92	8.12	OneWaterMarine	OBW	...	dd	12.04	-0.21	...
5.38	1.19	OnKureTherap	OKUR	...	dd	4.14	+0.12	-
39.95	19.27	OpenTech	OPEM	...	dd	24.94	+0.26	.28
10.27	1.70	OpenborTech	OPEN	...	dd	3.49	-0.28	...
21.86	11.71	Open	OPEM	3.9	16	19.96	+1.06	.40
8.30	4.03	OpenTonfin	OPET	...	20	8.09	+2.55	...
27.90	4.02	OpticalCable	OCC	...	cc	16.25	+1.39	...
36.80	18.01	OptionCare	OPCW	...	18	23.79	+0.76	...
4.58	2.08	OnStarTechs	OSIR	...	dd	4.05	-	...
5.42	2.20	OrchestrallisMed	OBID	...	dd	4.24	+0.26	...
2.24	0.05	Organigram	OGG	...	dd	.99	+0.05	...
14.93	7.23	OvalPharm	OBIC	...	dd	13.50	+2.43	...
10.38	9.98	Originalmrtlt	OBIQ	...	cc	10.35	+0.01	...
16.99	8.85	OrthaftaMed	OFIA	...	dd	10.28	+1.52	...
23.17	14.42	OrthoPediatrics	IOOS	...	dd	22.77	+2.58	...
100.38	12.64	OvalaTherap	OBEA	...	dd	98.62	+2.31	...
95.00	74.15	OtterTail	OTTB	2.5	20	93.79	+5.73	2275
18.50	10.46	OvalBand	OBAE	...	dd	4.4	-0.09	-
63.79	16.49	PowerPipet	PRPIE	...	dd	8.95	-0.20	...
53.00	18.30	PowerInformat	PRIV	...	dd	8.55	-0.20	...
53.00	18.30	PowerInformat	PRVC	4.8	...	8.95	-0.20	...
53.00	18.30	PowerInformat	PRVC	4.8	...	8.95	-0.20	...
53.00	18.30	PowerInformat	PRVC	4.8	...	8.95	-0.20	...
53.00	18.30	PowerInformat	PRVC	4.8	...	8.8	-0.20	...
53.00	18.30	PowerInformat	PRVC	4.8	...	8.8	-0.20	...
53.00	18.30	PowerInformat	PRVC	4.8	...	8.8	-0.20	...
53.00	18.30	PowerInformat	PRVC	4.8	...	8.8	-0.20	...

PQR

---

August 10, 2026

BARRON'S

43

DATA

NASDAQ ISSUES

FOREIGN MARKETS

S2-Week				Tick		Tick		Dle
High	Low	Name	Type	Yld	P/E	Last	Chg.	And.
1.72	0.70	StdBioTools	LAB	...	dd	20	-0.07	...
29.50	16.72	StarBulkCarriers	SBLK	6.5	11	28.90	-0.15	20
11.99	8.38	StarEquity	STRR	...	dd	11.30	-0.50	...
9.78	7.01	Star	STHO	...	dd	9.64	-0.27	...
109.23	77.99	Starbucks	SBUK	2.3	61	105.58	-0.33	62
12.50	8.40	Storz	STRZ	...	...	24.22	-0.20	...
10.55	6.12	StueBtoGas	GASS	...	5	8.59	-0.33	...
203.74	159.39	StueBtyouris	STLO	8	24	262.45	-19.19	33
30.64	30.21	StellarVCapA	SVCC	...	42	10.63	-0.03	...
77.80	28.35	StopStone	STEP	2.4	dd	46.41	-1.55	22
505.61	263.45	StarlingInfr	STRL	...	39	547.06	-49.71	...
49.70	24.51	StavenMadden	SHDO	17	24	48.58	-2.50	21
5.94	2.95	StitEdFa	SFIK	...	dd	4.20	-0.18	...
89.22	6.51	StockYardsBrog	SYBT	15	17	83.58	-1.52	32
40.22	12.86	StineITmure	STOK	...	dd	32.71	-1.85	...
19.95	9.45	StoneCo	STNE	...	4	10.60	-0.78	...
94.66	36.25	StoneX	SNEX	...	17	65.84	-10.71	...
12.81	7.34	Stratasyx	SSYS	...	dd	8.91	-1.10	...
89.75	49.59	StratageEd	STAX	2.8	14	84.88	-2.18	60
414.36	81.81	Stratogy	MSTR	...	dd	100.01	-6.73	...
92.50	57.07	Stratter	STRT	...	14	86.39	-1.50	...
32.93	15.53	StratusProp	STRS	0	7	19.32	-0.285	01
252.00	7.02	Strive	ASST	...	dd	12.48	-1.41	...
94.90	15.05	StruxtureTherap	GPCR	...	dd	53.14	-5.30	...
18.48	6.10	SupLife	SUJA	...	...	6.26	-4.33	...
14.00	10.35	SummitStateBi	SSBI	...	40	13.42	-1.03	...
30.05	12.25	SummitTherap	SMMT	...	dd	13.96	-0.94	...
25.50	9.20	SummitX	RMIX	...	dd	18.98	-1.24	...
2.27	0.23	SunPower	SPRR	...	dd	27	-0.03	...
22.44	8.60	Sunrise	RUN	...	7	10.20	-0.19	...
21.21	12.00	SuperHidetl	HDL	...	26	12.80	-0.40	...
58.78	19.48	SuperMicroComp	SMCI	...	16	31.11	-2.73	...
14.59	8.30	SuperiorGroup	SGC	4.0	25	14.08	-2.21	24
59.68	40.26	SupermusPharm	SUPN	...	dd	47.64	-1.01	...
24.10	11.41	SurgeryRechners	SGRY	...	dd	19.33	-0.13	...
43.85	7.15	SutroBioph	STRO	...	dd	25.38	-1.21	...
87.88	38.19	Syntdekli	SYM	...	4	40.18	-2.87	...
149.11	58.28	Synaptics	SYNA	...	dd	106.19	-1.13	...
25.59	10.70	SynlowPharm	SNDX	...	dd	20.40	-1.35	...
632.99	366.00	Synopsys	SNPS	...	96	419.99	-27.21	...
4.74	1.79	SyprisSolutions	SYPR	...	dd	2.03	-0.17	...

T

2.14	0.50	TekdBio	TELA	...	dd	87	+0.14	...
39.49	12.54	TF5Finl	TFSL	6.4	49	17.59	-0.622	22
11.35	3.40	TIKChametals	TMC	...	dd	4.57	+1.01	...
261.56	165.66	T-MobileVIS	TMUS	2.3	19	177.79	+4.481	12
70.38	36.95	TPG	TPG	4.6	74	48.99	+5.33	29
10.30	9.82	TRIGatAmAcqn	TRGS	...	...	9.92	...	...
0.24	0.56	TRIGatAmAcqnR	TRGR	...	...	39	-0.50	...
122.00	85.22	TRiewePrice	TRW	4.6	11	114.02	+2.27	130
3.99	1.97	TREC	TREC	...	dd	2.95	-0.06	...
223.83	39.20	TTMToch	TTMI	...	62	137.21	+21.77	...
916.75	3.70	TIBorSense	DFNS	...	dd	37.95	+31.27	...
30.47	16.56	TWFG	TWFG	...	49	29.07	+2.27	...
5.71	2.84	Tapexla	TELA	...	10	4.10	-0.91	...
37.77	11.87	TactActSystems	TCMD	...	33	29.50	+1.33	...
10.14	9.83	TailwindZ.DA	TDWD	...	cc	10.06	-0.02	...
265.94	107.63	Table-TwoSPhar	TTWO	...	dd	246.50	+3.58	...
451.28	301.45	TableEnergy	TLN	...	dd	347.71	+11.61	...
11.30	9.87	TableCapidark	TLNC	...	76	10.23	-0.62	...
29.68	9.98	TandemDiabetes	TNDM	...	dd	22.38	+2.88	...
34.39	6.75	TargetTherap	TNEX	...	dd	27.07	-0.31	...
35.25	44.68	TargetPharm	TARS	...	dd	64.79	+5.75	...
18.39	4.47	Tablitis	TASK	0	6	7.30	+1.253	65
64.50	30.36	TatTechnologies	TATT	...	25	39.64	+0.74	...
11.91	10.27	TavitaAcqn	TAVI	...	49	10.68	-0.02	...
0.27	0.09	TavitaAcqnR	TAVR	...	...	11	-0.02	...
7.30	2.69	TayshaGene	TSHA	...	dd	6.56	-0.70	...
2.27	0.53	Teads	TEAD	...	dd	69	-0.02	...
7.15	3.37	TechTarget	TTGT	...	dd	3.84	-0.65	...
39.53	14.39	TextonicTherap	TECK	...	dd	30.98	+2.95	...
13.77	7.45	Ericsson	ERIC	2.0	13	10.15	-0.341	615
59.12	19.59	Tidecat	TSAT	...	dd	58.92	-2.66	...
12.60	6.28	TeilePharm	TLX	...	dd	11.52	+1.63	...
8.36	2.37	Teles	TLS	...	dd	4.35	-0.34	...
104.32	40.77	TempusAI	TEM	...	dd	52.05	+8.18	...
52.22	11.16	10xGenomics	TXG	...	dd	52.03	+4.76	...
43.67	15.71	Trimble	TENB	...	cc	36.38	+1.74	...
487.91	104.58	TeraDyne	TER	1	52	379.31	+11.62	33
21.91	3.71	TerrainInvatum	NKLR	...	1	5.75	-0.61	...
31.50	4.38	TerrestrialEnst	IMSR	...	dd	5.82	+0.91	...
698.83	297.38	Tesla	TSLA	...	cc	328.58	+17.37	...
43.14	25.81	TeiraTech	TTEX	8	21	35.44	+2.38	472
55.00	3.44	Texogen	TVGN	...	dd	6.47	-0.55	...
108.92	75.41	TexasCapBcsIs	TCBI	8	13	99.33	+0.48	20
334.00	152.73	TexasInstruments	TXIN	2.0	44	216.08	+10.34	142
278.88	151.62	TexasRoadAssys	TXRH	14	33	239.00	+2.56	29
12.27	10.11	TexasVenturesIII	TVA	...	58	10.53	-0.04	...
9.95	9.90	TexasVenturesIV	TVIV	...	...	9.90	...	...
10.39	9.75	ThayerVenturesII	TVAI	...	56	10.39	-0.02	...
0.25	0.13	ThayerVentIIRTI	TVIR	...	...	15	-0.04	...
81.65	50.20	ThiBancorp	TBBK	...	13	69.64	+2.57	...
25.06	24.88	ThirivertineVlessa	THI	...	...	25.06	...	...
2.95	0.99	TherapeuticsMD	TMID	...	cc	2.07	+0.04	...
21.03	11.05	TheravareeBio	TRPH	...	8	16.93	-0.07	...
182.95	76.28	ThomsonReuters	TIB	2.6	27	101.83	+3.70	655
12.28	3.04	ThredUp	TDUP	...	dd	3.21	-2.57	...
23.20	7.67	TriceyBrands	TLRY	...	dd	4.57	-0.03	...
46.29	30.80	TimberlandBrog	TSBK	2.7	11	45.22	+0.39	30
10.59	10.70	TitonAcpsA	TACH	...	29	10.45	-0.01	...
25.00	13.21	TitonMachinery	TITN	...	dd	19.09	+2.10	...
69.97	9.40	TonloPharm	TNAP	...	dd	12.03	+2.02	...

S2-Week				Tick		Tick		Dle
High	Low	Name	Type	Yld	P/E	Last	Chg.	And.
35.33	16.24	Turm	TRND	17.3	9	29.49	-0.82	70
319.94	45.51	TraverSemi	TSEM	...	cc	252.49	+32.82	...
39.03	31.91	TravenBank	TOWN	3.0	11	37.46	-0.45	28
62.89	28.36	TrentonSupply	TSCO	2.8	18	34.56	+5.79	24
91.45	12.83	TradeDesk	TTD	...	16	13.80	-4.24	...
159.31	91.42	Tradeweb	TW	3	24	102.62	+2.12	24
10.37	10.00	TrailMazeerAcqnb	BLZR	...	67	10.16	...	...
6.03	3.06	TrendsATtechs	TACT	...	dd	5.70	-0.52	...
96.60	50.23	Transcat	TRNS	...	cc	93.11	+7.74	...
61.71	40.44	TriCoBancshares	TCBK	2.5	14	57.27	-0.27	36
45.42	30.42	TriMac	TKS	...	2	40.28	-0.31	34
85.42	47.92	Trimble	TRMB	...	31	59.51	+2.93	...
103.20	7.94	TrinityBiotech	TRIB	...	dd	12.43	-0.83	...
70.99	30.34	Trip.com	TIDM	...	7	46.43	-0.07	...
20.16	9.01	Tripadvisor	TRIP	...	cc	10.78	+3.39	...
7.95	2.25	TriSalesLifeSci	TLSI	...	dd	5.63	+1.07	...
5.91	2.59	trivayo	TRVG	...	27	5.62	+0.14	...
18.97	6.96	TransMediaTeds	SLIT	...	dd	10.21	-0.35	...
57.00	21.16	Trupunion	TRUP	...	51	26.99	+2.50	...
58.98	12.32	TrustcoBank	TRST	2.3	15	55.09	+3.89	28
69.00	36.33	Trustmark	TRNK	2.1	12	47.42	-0.03	25
2.57	0.72	TScanTherap	TCRX	...	dd	80	-0.05	...
26.50	2.57	TurnTherap	TTRX	...	dd	10.41	+2.05	...
17.39	9.84	TurfinBrach	TICCH	...	cc	13.95	+1.70	...
10.38	9.84	TwelveSensIII	TMLV	...	cc	10.02	-0.01	...
0.48	0.11	TwelveSensIII	TRI3I	...	...	17	-0.03	...
24.68	8.03	TwinDisc	TRIN	7	13	24.34	+1.33	24
118.32	23.30	TwistBlissci	TRIST	...	dd	175.67	+24.12	...
40.65	9.96	TyraBiosciences	TYRA	...	dd	26.51	-5.37	...

U

118.00	77.89	UFP Inds	UFPI	15	22	94.04	+7.30	36
150.00	103.38	UMB Fin	UMBF	14	12	145.60	-0.13	50
11.55	4.00	UFPintech	TVGR	...	8	4.82	-0.09	...
43.90	11.45	USARandLepts	USAR	...	dd	39.33	-4.38	...
23.74	16.06	USCB Financial	USCB	21	15	22.34	-0.37	125
141.44	96.27	US Lime&Min	USLM	2	26	120.07	+9.77	06
4.19	-0.39	UCoutlink	UCL	3	27	-0.14	...
714.97	443.61	USt.Biearly	ULTA	...	21	565.15	+52.2	...
144.22	25.49	UltraClean	UCCT	...	dd	87.25	-5.94	...
39.89	18.29	UltrogenysPharm	RARE	...	dd	25.91	+1.00	...
8.25	4.90	Ultralife	ULBI	...	dd	6.35	+1.16	...
27.74	20.65	UnionBankshares	UNB	61	9	23.55	+0.52	36
71.50	8.73	unifarm	QURE	...	dd	46.42	-2.79	...
118.77	84.64	UnitedAirlines	UAL	...	12	129.56	+8.23	...
49.62	34.30	UnitedBichrsVIV	URSI	31	13	48.32	-0.13	38
55.82	28.07	UnitedFire	UFCS	15	15	56.47	+1.11	10
8.78	5.58	UnitedGuardian	UG	8.2	14	7.29	-0.24	30
609.35	292.34	UnitedTherap	UTHR	...	19	338.84	-21.11	...
12.94	5.30	Uniti	UNIT	...	4	9.54	-0.18	...
60.06	44.34	UnityBancorp	UNTY	11	10	59.66	-0.77	36
153.38	76.42	UnisDisplay	OLED	2.2	22	91.19	+11.83	30
6.69	2.69	UnisElectronics	UEC	0	dd	4.76	-0.18	24
27.24	11.73	UnisLogistics	ULH	21	dd	20.07	+6.69	103
45.46	28.04	UnisectFin	UVSP	21	12	42.84	-1.40	23
28.03	15.82	Upboard	UPBD	79	13	19.83	+0.44	39
39.10	4.00	UplandStrFware	UPLD	...	dd	5.25	-0.89	...
76.95	23.57	Upstart	UPST	...	64	31.09	+3.65	...
33.68	5.85	UpstreamBio	UPB	...	dd	7.25	-0.94	...
22.84	7.44	Upwork	UPUK	...	12	9.67	-0.53	...
84.35	59.54	UrbanOutfitters	URBN	...	15	76.92	+2.74	...
48.19	15.16	UniGenPharm	URVA	...	dd	46.96	-0.72	...
2.62	1.03	Univ	USIO	...	dd	2.32	-0.19	...
75.75	33.66	UbsM&ProNets	UTNB	18	22	70.83	-0.31	21
3.63	2.00	UTStarcom	UTSI	...	dd	2.50	-0.02	...
4.50	0.90	Univ	UXIN	...	dd	1.25	-0.11	...

V

---

44

BARRON'S

August 10, 2026

DATA

TOP 500 EXCHANGE-TRADED PORTFOLIOS

BARRON'S.COM/DATA

NOTICE TO READERS: Listed are the top 500 ETF's based on weekly volume.

Name	Tick Sym	Yld	Last	Chg.	Div Amt.
Bats
ARKGenminElev	ARK6	... 43.04	+4.48	...	...
ARKInnovelion	ARK8	... 79.43	+8.19	...	...
ARK25StvsBrtcoin	ARK8	... 21.54	+0.69	...	...
AlkylukntsV34	ALK3	... 10.75	+0.05	...	...
Corg50Kynio2xDly	SK	... 17.39	+1.75	...	...
DeFlyt2XLgQND5	DKL	... 5.09	+2.11	...	...
DeFlyt2XLgQND5	DKL	... 9.19	+2.87	...	...
DeFlyt2XLgSpeck	SPQ	... 11.11	+3.29	...	...
DeFlyt2X5M4ST5	425%	... 4.00	-2.45	...	...
DeFlyt2X5M2paxX	SPQ	... 15.80	-10.75	...	...
DimminHSCor2	DFX2	23 39.23	+1.54	4598	...
DimminHSCor2	DFX2	19 37.24	+1.38	4222	...
FTTrnSLeBbJFrr	BAR4	... 37.33	+0.56	...	...
FdaHlyEthvarum	FETH	... 78.10	+0.52	...	...
EbWroxETC	ESTC	... 56.53	+1.62	...	...
GBXUSbHrDwt	FAXE	35 58.69	+2.33	1027	...
GS-PlusGold	GAU	... 62.81	+2.88	...	...
GrSlr2x2sSpaxXRDy	SPAL	... 13.97	+4.15	...	...
GrSlr2x2sStpaxXRDy	SNK	... 21.80	+37.03	...	...
iPahS5AP500VIX	VXX	... 20.32	-0.93	...	...
iShBrd5SDHVcQld	ISMY	... 36.82	+0.04	...	...
iShGvmMSCKEAFE	IDTA	... 10.08	+2.83	...	...
iShU5HumeCocstns	ITB	... 101.54	+6.80	...	...
iShE6ysMSCMkrxSLA	ISMR	... 50.62	+2.69	...	...
iShE6ysMSCKSAAMm	IIIM	... 109.12	+9.73	...	...
iShE6yTwlsVthsr	IGV	... 52.14	+8.11	...	...
iShFIBd	FLOT	... 50.93	-0.13	...	...
iShMSCIIndia	INBA	... 50.37	+0.57	...	...
iShMSCIEAFEValur	EFV	... 82.26	+1.38	...	...
iSh20-HTtBdbzy	TCFR	... 25.16	+0.06	...	...
iSh10Tehcom	IVZ	... 43.60	+2.46	...	...
iSh10TehcomyBd	IDVT	... 22.49	+0.04	...	...
iShJHSbRd	ICSH	... 50.47	-0.09	...	...
iPMBdA1aIam	IBSP	... 35.20	+3.62	...	...
Lev2X5h3Khyndrly	SRX2	... 13.68	+0.40	...	...
Lev2X5LGAADlly	AXRL	... 4.51	+2.20	...	...
Lev2XLgAXT5	AZTL	... 5.27	+2.94	...	...
Lev2XLgCBRS5ly	CBRL	... 5.13	+1.11	...	...
Lev2XLgDReynrdly	SRX4	... 10.33	+1.04	...	...
Lev2XLgGND0lly	SRX6	... 5.63	+0.17	...	...
Lev2XLgDTCdly	SPX4	... 5.28	+2.43	...	...
Lev2X5hSPCKDly	SSPC	... 12.31	-10.36	...	...
NeosS6AP500HI	SPY1	11.6 54.18	+1.32	53	...
-1vShVXXFutures	SVIX	... 25.25	+1.04	...	...
PanHITCCashCenq	CDK2	18 69.24	+2.33	1710	...
ProSSh5AP500Arist	MDL	2.0 58.42	+1.34	3037	...
ProSSh3HVIXST	IXXY	... 59.36	+1.30	...	...
ProSSh3HVIXST	IXXY	... 25.62	+1.65	...	...
ProSShVIMTfut	VIXM	... 14.35	-0.12	...	...
ProSShVIMTfut	IXXY	... 19.56	+0.95	...	...
ReonMNaSeven	MXG	... 69.14	+3.18	...	...
ReonM5Mkenzy	RM8	... 50.60	+0.23	...	...
ReonMPlatnts	LTTE	... 26.37	...	...	...
ReonHTrn2X5gDRAM	KAM	... 10.38	-0.06	...	...
T-REX2XlnvrCRL	CKLD	... 5.13	-0.81	...	...
T-REX2XlnvrCRWLY	DBB	... 3.73	-3.35	...	...
T-REX2XLgBMNR	BRBU	... 11.97	+1.77	...	...
T-REX2XLgCRL	CSIP	... 3.57	+0.19	...	...
T-REX2XLgRDM	IDDU	... 10.38	+6.09	...	...
T-REX2XLgFIDM	IMDU	... 14.56	-0.46	...	...
T-Rex2XlnvrBTC	BTCE	0 5.32	-0.34	0007	...
T-Rex2XlnvrMSTRDly	MTCE	... 10.30	-1.63	...	...
T-Rex2XlnvrRHDln	MBE	5 9.08	-2.30	0438	...
T-Rex2XlnvrTesla	TSLE	5 15.34	+1.91	0014	...
T-Rex2XLgCWWV	DRBU	... 4.25	+1.49	...	...
T-Rex2XLgMSTRDly	MTTU	... 0.00	-10.24	...	...
T-Rex2XLgMVDVA	MDR	... 20.61	+3.95	...	...
T-Rex2XLgTTD	TTDU	... 1.38	+1.21	...	...
T-Rex2XLgTesla	TSLE	... 11.32	+1.12	...	...
Trae2XLgAAOI	AXIR	... 20.18	+9.78	...	...
Trae2XLgopILAB	LAIR	... 14.73	+1.46	...	...
Trae2XLgAPLD	APLX	... 10.93	+1.18	...	...
Trae2XLgAST5	ASTX	... 15.74	+4.89	...	...
Trae2XLgopATIDly	ASTX	... 14.88	+7.54	...	...
Trae2XLgBE	IREX	... 25.39	+2.74	...	...
Trae2XLCHR	CDW	... 45.11	+22.69	...	...
Trae2XLgCRDO	OBD	... 17.67	+5.23	...	...
Trae2XLgCRWY	CRVD	... 18.34	+6.37	...	...
Trae2XLgIREN	IREX	... 15.20	+2.83	...	...
Trae2XLgLCTE	LITX	... 12.52	+11.20	...	...
Trae2XLgNBS	MEIX	... 20.24	-1.44	...	...
Trae2XLsorgBTS	QETL	... 9.75	+2.11	...	...
Trae2XLgSMR	SMU	... 7.28	+1.82	...	...
Trae2XLgS836	INXX	... 9.11	+0.23	...	...
Trae2XLgSpeckRDly	SPUR	... 14.18	+4.21	...	...
Trae2XLgIPID	IRDX	... 16.91	+10.61	...	...
Trae2X5AA6IDly	AAIZ	... 10.91	-18.65	...	...
Trae2X5SHREN	IREZ	... 10.96	+4.23	...	...
Trae2X5SHREN	IREZ	... 12.25	+4.00	...	...
Trae2X5SLITEDly	LITZ	... 10.07	+6.58	...	...
Trae2X5SHRBS	NRIZ	... 17.53	-1.48	...	...
Trae2X5SHRNDly	SRIB	... 29.82	-2.39	...	...
Trae2X5Shtpaxx	SPOL	... 21.37	-17.71	...	...
2x8Itcoin	BTX2	26.2 12.41	+0.75	3043	...
2x8Itvar	ETW	43 16.40	+8.08	2048	...
2xLonyVIXfut	UVIX	... 50.55	-5.17	...	...
VireExHItcoin	MDL	... 18.35	+0.57	...	...
VireExHYMuni	HYD	4.4 50.48	+0.26	1934	...
VireExVietnam	VNM	... 17.44	+0.46	...	...

Name	Tick Sym	Yld	Last	Chg.	Div Amt.
VampEX5SHtBd	VISB	4.4	49.66	-0.30	2749
NASDAQ
DefAlkPavlnf	APO	0	30.34	+1.51	0025
Def2XLgV0N2	IDRX	...	31.39	+9.76	...
DefDlyTyl2xL2	IBTX	...	9.13	+1.09	...
DefTyl2XLgDRLD	DKLL	...	3.73	+1.26	...
DefDlyTyl2XLgDRLD	IBEX	...	22.16	+4.62	...
DefTyl2XLgRRLB	IRLX	...	26.11	+9.74	...
DefDlyTsvpyl2XLg	IXK	112	8.89	+1.33	1105
Def2XLgSDFI	ISPY	313	10.09	+2.02	13982
DefTyl2xS5H0N2	IDRZ	...	2.63	+1.65	...
DefTyl2xS5HPLTR	PLTZ	...	10.25	+9.88	...
DefTyl2xS5H2BTS	QETZ	...	2.98	+1.43	...
DefTyl2xS5HIGTI	BDTZ	...	3.03	+1.75	...
DefTyl2xS5HRLB	IRGZ	...	2.76	+2.12	...
DirexAARLBrIX	LARQ	26	11.09	+0.37	1035
DirexAARLBI2X	LARQ	22	40.03	+1.01	1858
DirexAARLBI2X	ARB	524	29.71	+0.75	15991
DirexAmznBrIX	JARD	39	7.99	+0.13	0774
DirexAmznBI2X	JARD	19	42.43	+0.71	25
DirexAVGDBI1X	AYX	4.0	6.86	+0.70	3307
DirexGenpBI2x	GILL	17	50.63	+1.77	3441
DirexMETAB2X	METU	26	21.42	+2.36	209
DirexMetRbI1X	MSD	43	30.30	+0.01	282
DirexMetRBI2X	MSIU	19	38.26	+5.03	267
DirexMtBrIX	MSIU	466	11.54	+0.83	0505
DirexMtRBI2X	MSIU	6	26.62	+2.95	0189
DirexORCLB2X	ORCU	2.0	7.94	+1.66	0314
DirexPLTBRIX	PLTU	4.3	5.34	+2.91	0044
DirexPLTRBI2X	PLTU	3.0	49.60	+22.49	5578
DirexTSLAB2x	TSLL	5.0	8.11	+0.80	1322
ERPrivatn-Puh	JOMI	...	20.13	+1.53	...
ErinitSTVIM	TBL	37	49.91	+0.03	1472
FTNasOCEiS6nGr	GMD	8	116.43	+7.08	338
FTNasOCEivarus	GMD	4	97.85	+6.02	2058
FTRisinpEvuAch	EDVY	8	83.32	+2.23	1996
FTSMRDCapRssing	SRY	9	44.60	+8.82	1305
GlxAASTech	AVQ	...	63.35	+4.46	...
GlxAChvaras	EKIG	...	45.68	+3.60	...
GlxADatcCtr	DTCR	...	28.31	+0.87	...
GlxNasat100cv	DTQ	11.4	18.14	+0.41	1854
GSNosF500Prem	GPO	9.9	57.29	+1.77	4862
GSSAP500Prem	GPO	8.0	56.38	+1.00	2916
GrSlr2x2gM0D	GRG	...	52.29	+0.56	...
GrSlr2x2gC0IN	GLL	...	4.38	+0.38	...
GrSlr2x2gDCLL	DLLL	...	25.60	+4.88	...
GrSlr2x2gNTC	INTW	...	24.31	+4.90	...
GrSlr2x2gMPCL	INLL	...	27.71	+6.78	...
GrSlr2x2gMSFT	MSFL	...	25.44	+3.33	...
GrSlr2x2gMNI	INLL	...	18.54	+2.06	...
GrSlr2x2gMeta	FBL	...	22.34	+2.45	...
GrSlr2x2gNDS	NIBL	...	19.69	+1.37	...
GrSlr2x2gNOW	IDRL	...	6.53	+1.29	...
GrSlr2x2gNVDA	WDL	...	36.43	+7.01	...
GrSlr2x2gVTR	PTIR	...	18.49	+8.38	...
GrSlr2x2gRDDT	HDTL	...	15.69	+3.57	...
GrSlr2x2gS6Hynix	SKIV	...	17.15	+1.72	...
GrSlr2x2gTSLA	TSLR	...	13.95	+1.39	...
GrSlr2x2SNVDA	MSO	213	3.97	+1.02	8436
GrSlr2x2SNVHynix	SKID	...	15.45	+0.64	...
GrSlr2x2SNVSLLA	TSIH	6.4	10.18	+1.25	651
InvsActMpETC	PDEC	...	17.25	-0.31	...
InvsBS2X2q6r	EKG	4.4	20.36	+0.05	0753
InvsBS2X2q8d	ESCD	4.1	19.55	+0.02	0647
InvsH0H9I6a6	BSHI	19	37.61	+1.54	4729
InvsNasA100	IBBH	4.29	7.75	+14.41	3521
InvsPHLXSemicon	SSNU	3	97.20	+8.15	0773
InvsC0D0	QQQ	4	72.03	+10.04	8135
ISMBitech	BIB	...	197.71	+11.10	...
ISMBitein	IBIT	...	36.80	+1.16	...
ISMBitD0DivcQdb	USIG	...	50.40	+0.08	...
ISNCmRSCITeIntr	INSS	...	97.34	+2.80	...
ISNCmSIntrGSDbl	INSB	...	45.54	+0.09	...
ISNEfImms	ITNA	...	34.47	+8.40	...
ISNFalAogslISDBd	FALN	...	26.99	+0.07	...
ISNS-50YIGQdb	IGIB	...	52.38	+8.09	...
ISNSBCloanEbar	ICLN	...	18.30	+0.75	...
ISN6IIn6	IEF	...	65.95	+8.06	...
ISNJPMS5BEmBd	EMB	...	95.24	+0.58	...
ISNMBS	MBB	...	93.27	+0.35	...
ISNMSCIACWI	AZRI	...	101.44	+5.01	...
ISNMSCIACWinUS	AZRI	...	77.41	+2.16	...
ISNMSCIClna	MOH	...	97.67	+0.77	...
ISNMSCIEAFESC	SCZ	...	86.80	+2.90	...
ISNMSCIEMcClnia	IMIC	...	94.72	+2.60	...
ISN-SYIGQdb	IGSB	...	52.13	+8.03	...
ISN-SYTrndbl	SAFF	36	81.92	+8.08	2584
ISNP6ibIncm	PFF	...	30.64	+0.17	...
ISNSomicsusactor	SDKI	...	540.27	+18.38	...
ISN7-10YTrndbl	IEF	...	93.17	+0.22	...
ISN5yctemAlt	VALY	4	28.90	+0.23	2043
ISN3-7YTrndbl	IEI	...	116.55	+0.07	...
ISN20+YTrndbl	FLT	...	82.76	+8.51	...
JPMNasIEqPrem	JIPQ	10.5	59.74	+1.49	203
Lev2XLgADBEIDly	ADIG	...	4.80	+0.52	...
Lev2XLgARMIDly	ADIG	12	22.35	+5.82	2773
Lev2XLgCRLDly	CKCG	...	9.00	+0.99	...
Lev2XLgCIM	IDRG	...	5.94	+0.48	...
Lev2XLgCRWVDIy	IDRG	9	22.14	+7.65	2008
Lev2XLgGLW	GJRG	...	16.74	+4.89	...
Lev2XLgNBIS	NBIG	...	13.56	+1.02	...
Lev2XLgSND5	IMDG	...	3.60	+1.13	...
Lev2XLgTSLADly	TSLE	152	4.02	+8.40	6102
NossNasJ500HI	QQQ	13.8	55.24	+2.20	4089

NYSE ARCA

---

August 10, 2026

BARRON'S

45

DATA

MUTUAL FUNDS

DATA PROVIDED BY LIPPER

BARRONS.COM/DATA

About Our Funds

The holdings include the top 1250 open-end funds by assets. These funds value their portfolios daily and report net asset values (the dollar amount of their holdings divided by the number of shares outstanding) to the National Association of Securities Dealers. Total returns reflect both price changes and dividends; these figures assume that all distributions are reinvested in the fund. Because Lipper is constantly updating its database, these returns may differ from those previously published or calculated by others. If any returns are cumulative, The NAV is the last reported closing price for the week. Footnotes: NA: not available. NE: performance excluded by Lipper online. NM: fund not tracked. NS: fund not in existence for whole period. n: ex capital gains distributions. F: previous day's quote. m: no front or back-end sales charge. p: fund assets are used to pay marketing and distribution costs (12%+ fees). r: fund losses redemption fee or back-end load. s: stock dividend or split of 25% or more. t: fund charges 12b-1 fees (for marketing and distribution) and a back-end load. S: stock surplus distribution may be a return of capital. x: ex cash dividend.

Net YTD 3-9h. NAV Op. S Bd. S Bd.

A

All Funds:
AllBeGIBreF8OZ	6.85	0.03	0.7	14.3
AllMktBtrsl	11.60	0.13	17.5	50.9
BdhtTbfrl	10.06	-0.05	0.9	14.8
BFlhtStFeEpSCB	19.23	0.37	19.5	99.0
CapVdn (CoGoal)20.18	4.92	6.5	65.9
DiscovValFdl	24.27	0.86	22.9	45.5
InpactMatonStl	9.61	0.07	1.8	15.1
IntIStvEquPCE	19.30	0.37	19.6	100.2
ManInvmChines	15.05	0.08	1.9	17.6
ManIntIStl1	10.79	0.00	1.8	11.8
SmCapGrmht2O93	13.54	5.06	20.4	54.5
TxNtdCeclvsOp	9.80	0.02	1.8	16.9

All Funds - A:

GrowthA	113.49	3.92	8.2	73.7
HighIncrvndA	6.97	0.04	2.7	28.9
LgCapGrA	105.55	4.24	6.3	64.4
MoCA A	10.43	0.07	1.2	12.1
RelstValA	7.76	0.21	20.3	55.7
SmCpStkA	80.01	4.32	20.2	53.0
SmMktCpGriA	12.74	0.77	13.1	48.2
SustGElTremGdA10.52	3.94	4.8	22.5

All Funds - 00W:

StFlfTcwFclnOp	10.55	0.07	1.4	15.3
CAPrf	10.43	0.07	1.3	12.9
GSbEd	6.86	0.03	0.9	14.4
HlHnmAdv	6.98	0.04	2.8	29.9
IntIStvCapFld2V	15.02	0.27	16.0	70.8
IntIStvEpPfld2V	19.26	0.37	19.6	100.3
LgCapGrmA	120.22	4.93	6.4	65.6
ManIdldtfl	10.87	0.00	1.9	12.2
RelImaxIPfT	9.60	0.06	1.5	13.1
SalstlStSlgGlsrt	15.44	0.29	7.0	43.6
SmCapGrmht2V	14.52	0.54	24.4	53.2
SmMktCpGri	14.78	0.09	13.3	49.2
SmMktCpValdV	25.70	0.91	22.9	45.5
SustGElTremAdV10sA1	4.40	4.9	23.5
SutIdldtlTtram2	23.57	0.53	5.2	23.7
TxNyMhlsApde2	29.59	0.91	15.0	74.0
ValveAdv	22.36	0.41	23.7	73.9
WltNApgrStl	27.14	0.83	15.3	75.6

All Funds - B

GSbEd	6.85	0.03	0.7	14.1
LgCapGal	119.02	4.88	6.4	65.4

AllenlensIVde:

EmMktEply Inst 20.92	0.30	24.2	70.5
SlIStManInvInst	10.03	0.00	1.5

Acadian Emerging Markets:

AcadeEm Invn	34.11	0.78	23.1	88.9

Advisors Inv Tnts:

Balanced n	105.15	2.65	11.7	55.6
Growth n	151.74	4.86	15.7	75.1
Maniv n	8.11	0.05	0.4	10.7

AdvisorsInvarCtr:

LSVValgA	21.44	0.66	21.8	69.7
AmplsValueFdl
AmplsValueFdl	71.24	2.72	21.7	112.8

Alger Funds A:

CapAppr	45.16	1.81	12.9	140.9
SpectruW	37.42	1.73	9.6	125.7

Alger Funds B:

CapAppr-2	146.03	6.17	13.3	142.3
GrowthV2	123.51	5.24	19.7	135.4

Alger Funds Inst:

CapApprl	61.81	2.50	14.2	144.9
FecceEquity1	118.54	4.97	14.9	164.0

Amauna Income:
Amanalvnm	81.50	1.89	15.5	59.2
AmanuGrowth:
AmanuGrowth+100.19	5.30	17.2	74.6
Amer Bason Instl:
LgCapitst	30.74	0.79	14.1	57.2
SmCplist	30.56	0.97	30.7	92.1
Amer Bason Inv:
LgCapitvA	25.74	0.66	13.9	55.8
American Century A:
EglncA	9.58	NA	NA	NA
American Century B:
FscsDyranSoxth	90.25	5.74	6.5	98.4
GIBand	8.66	NA	NA	NA
IntNABId	10.46	0.03	1.0	13.0
SDIPB	10.60	0.01	2.0	16.7
SustsleEquity	53.91	1.93	12.3	61.2
American Century I:
CalVMu	9.58	0.06	1.8	14.0
DivBnd	9.02	NA	NA	NA
EmpMkt	19.03	0.26	24.9	89.7
Eglnc	9.60	NA	NA	NA
FscsDyranSoxth	84.29	5.35	6.1	94.6
Growth	64.52	3.37	8.2	73.7
IntTT	10.70	0.06	1.0	12.0
MdCapVal	17.28	0.34	17.8	42.9
SlrDbrStVtnr	8.96	NA	NA	NA
SmCapGrowth	27.94	1.56	21.6	58.3
SmCapVal	31.09	0.35	22.7	33.2
Ultra	108.19	5.34	7.0	70.1

American Century Inv:

Avantis tSCV	19.19	NA	NA	NA
Avantis EMtKtp	17.44	NA	NA	NA
Avantis tS SCV	21.68	NA	NA	NA
CAlntTT	11.15	0.07	0.8	11.1
IntTEplyInstl	17.79	NA	NA	NA

American Century Inv:

Balanced n	22.43	NA	NA	NA
CalVMu n	9.59	0.06	1.5	13.4
CAlntTT n	11.14	0.06	0.6	10.3
DisnContValn	45.61	1.15	19.1	60.4
DivBnd n	9.01	NA	NA	NA
Eglnc n	40.46	1.57	13.8	80.3
Eglnc n	9.58	NA	NA	NA
FscSycpValn	12.09	0.22	17.0	54.8
FscsDramGrowth	82.33	5.22	6.0	93.4
GGddn	29.96	NA	NA	NA
Growth n	63.59	3.22	8.1	72.7
Heritayen	22.49	1.11	8.2	50.5
InfABEdn	10.47	0.03	0.8	11.5
Intl Grn	14.43	0.29	4.9	25.0
IntTT n	10.70	0.06	0.9	11.4
MdCapVal n	17.25	0.34	17.6	42.0
OncChap n	18.80	NA	NA	NA
OncChCon n	14.32	NA	NA	NA
OncChMde n	17.29	NA	NA	NA
OncCneics03S n	17.21	NA	NA	NA
OncCneics04S n	19.20	NA	NA	NA
OncCneicsRat n	13.20	NA	NA	NA
Salact n	116.47	6.25	5.9	66.6
SmCapGrowth n	26.39	1.47	23.5	57.4
SmCplVal n	10.91	0.15	23.4	32.3
SustsleEquity n	53.38	1.91	11.8	57.5
Ultra n	100.61	4.95	6.9	69.1
Valua n	8.62	0.16	19.7	36.4

American Century R6:

AmComlthvEldInlStl	11.543	7.1	70.9
Growth	65.08	3.40	8.3
IntNABIdYAGV16s	10.44	0.02	0.8
MdCapVal	16.82	0.34	17.8
SmCapGrowth	28.69	1.61	21.8
SmCplVal	31.09	0.15	23.6

American Century Y:

Eglnc	9.62	NA	NA	NA
IntTT	10.69	0.06	0.9	12.1

American Funds Cl A:

2010TarRetA	12.87	0.13	5.1	33.1
2015TarRetA	13.58	0.16	5.7	34.7
2020TarRetA	15.03	0.19	6.1	37.2
2025TarRetA	17.08	0.23	6.4	38.5
2030TarRetA	20.02	0.33	7.2	43.6
2035TarRetA	22.66	0.66	8.6	50.1

2040TarRetA 25.41 0.60 10.6 59.2

2045TarRetA	26.68	0.68	10.8	62.8
2050TarRetA	26.39	0.71	12.1	61.8
AmcpA	46.52	1.79	9.0	67.1

AMutlA 66.37 1.56 12.4 16.4

BondA	11.11	0.06	-0.4	12.2
BalA	41.11	0.71	10.3	58.3

CapIBA 84.85 0.90 11.6 54.8

CapWA	15.95	0.13	-0.9	9.0
CapWGrA	83.16	2.19	17.1	75.9
ExparA	64.35	1.46	12.5	55.7
FdInvA	104.87	2.70	16.2	90.5
GBaIA	43.42	0.76	8.8	42.7
GovtA	11.75	0.07	-0.9	10.6

GoeNAs	88.54	3.57	10.0	84.0
HiTrA	9.77	0.06	2.3	28.8
HlmManiA	15.30	0.09	2.1	18.6
ICAA	71.01	2.75	14.2	85.9
IncsA	28.18	0.24	9.3	48.6
IntNlaA	12.46	0.04	0.0	13.3
IntNchInA	50.00	0.88	14.7	66.1
IntTEDblA	15.54	0.08	0.8	15.5
NProA	76.35	2.33	8.1	61.2
NEcoA	85.83	1.96	18.1	104.9
NatNhtA	107.35	1.18	15.1	60.3
SmCpA	85.07	4.20	16.1	41.6
STBFA	9.49	0.02	0.7	13.0
STTxExBldA	10.04	0.03	1.2	11.2
TECAA	16.68	0.12	1.1	12.6
TxExA	12.41	0.08	1.3	12.4
WihA	69.57	1.59	15.5	65.6
AMG Funds:
RRSmCapVal	16.48	0.06	9.5	34.5
TrnSqtMdCpGwi	18.38	0.88	10.5	44.5
AMG Managers Funds:
Brandywina1	53.20	1.64	14.9	46.7
GWMMbl1	11.44	0.09	0.5	11.0
GWKSmCpCr1	39.44	1.83	18.9	47.9
TSSmCapGrFiz2	18.54	0.89	10.5	44.7
YashImunFizFd12A	24.36	0.31	27.6	68.8
YashIFiorEd Nn	24.48	0.31	27.4	68.0
YashImunFizI	27.26	0.39	20.2	58.2
Angel Oak Funds Trst:
AgKMItlStlFcl3n	8.70	NA	NA	NA

AOB Funds:

ArBtGslPrsmla1	16.72	-0.14	21.7	81.4
DiAfRe	13.27	0.02	3.6	18.4
DivArId	13.27	0.02	3.5	18.1
DivStrl	14.18	0.04	6.0	45.4
EgMltNleod1	11.74	-0.01	-6.0	59.5
EgMltNleod R6	11.82	-0.02	-6.0	59.8
GlddEgY	14.50	0.49	17.6	102.1
IntNReItlStlA R1S	14.58	0.57	15.8	84.5
LgCapSeT63yln1	19.55	0.46	10.8	40.2
LgCapReItlStyln1	24.72	0.81	22.9	99.2
LgClReItlStylnR2A	16.68	0.81	22.9	99.8
LnSTrnEiz1	21.70	0.34	2.6	94.2
LnSTrnEizN	21.05	0.33	2.4	92.8
MacOpPcd R6	9.75	-0.02	-0.5	5.4
MpflrlstStrl	10.66	-0.12	9.3	36.9
MpflrlstStrlNl1	10.96	-0.15	11.3	48.3
MpflrlstStrlV R6	11.01	-0.15	11.3	48.8
Mutlt+Assst R6	13.32	0.33	11.7	52.8
RskBlaComF1	10.59	0.25	16.6	52.8
StylnPrsmlA1	9.98	-0.23	15.4	68.9
StylnPrsmlA1 R	10.05	-0.23	15.4	69.4
WltwdeAtStyln	15.77	0.34	21.2	88.5

Arbitrayel :

Arbitrayel	14.34	0.06	2.3	19.4
Arbitranscomments:
Apprvclvvn	46.55	1.68	20.7	44.3
Arbitlvn	86.84	3.43	17.7	55.0

Aristotle:

Invest Mgr Ssr T	17.73	NA	NA
Aristotle All Series:

FrelpVbnSagCl4p 14.68 NA NA NA

BassVal:
CorrBdrlt	8.15	0.04	-0.2	12.6
CorrBdrl	8.18	0.05	0.0	12.8
CrcStrakiv Inst	8.95	0.03	0.7	22.1
HiYBlk	7.12	0.04	2.5	30.0
HiYInvA	7.11	0.03	2.2	28.2
HiYblBld Inst	7.12	0.04	2.6	29.6
IntIPretBdInst	9.53	0.03	0.7	11.6
LDurBlk	9.06	0.02	1.4	17.2
LowDurBlk	9.07	0.02	1.3	16.3
LowDurI Inst	9.07	0.02	1.5	17.0

BlackRock Funds:

BandA	12.36	0.07	2.6	18.3
Growth n	57.60	1.86	18.6	61.7
WisleglVvdn	22.72	0.49	6.3	27.6
Valua n	31.09	0.22	13.9	42.0

B

Baird Funds:
AppBdlnst	9.71	0.05	0.0	14.6
CorrBlnst	10.08	0.06	0.2	15.7
IntBldnst	10.37	0.04	0.5	15.3

GushrMeddInst 11.03 0.05 0.7 10.7

---

46

BARRON'S

August 10, 2026

DATA

MUTUAL FUNDS

	Ref. TTB 3-9a, NAV Oq. S.Bot. S.Bot.
IntFVal	33.33 0.46 18.1 90.4
IntFUnIntFEx	20.57 0.61 15.6 74.8
IntLtrpCylFinFtr	21.77 0.86 12.0 51.3
IntSmCry	28.49 0.98 12.6 66.4
IntSmVla	35.00 1.42 15.6 98.8
IntTunvMuni	10.00 0.00 0.9 10.2
IntValli	28.56 0.39 18.1 90.5
ITExOpal	9.58 0.06 0.3 18.6
LyEx	51.47 1.73 14.1 75.4
LyCylIntl	39.53 1.04 15.4 69.8
SolCrlcplust	21.74 0.79 15.1 75.6
SolHdpGIFsel	9.41 0.02 1.8 15.6
STExOpal	10.41 0.04 2.0 15.7
STSmc	9.97 0.02 2.0 14.1
STMunBld	10.17 0.01 1.4 9.0
US CoreEpi	57.19 1.79 16.0 72.0
US CoreEpi	51.09 1.61 16.1 71.1
US Mice	39.66 1.56 26.7 NA
US Small	63.07 1.85 21.3 53.9
US SmcCylVal	62.98 0.82 22.9 56.1
US TipFVal	44.76 0.75 22.0 54.7
USLCPiV	47.49 1.39 11.5 66.1
USLyVla	68.03 1.49 23.8 65.8
USLyValli	43.71 0.91 21.9 66.3
USSmcCylV	35.12 1.23 16.3 46.0
USSolCoxEpi	20.34 1.41 17.2 76.7
USSustCoxel	58.71 2.12 12.6 71.2
USTetmEfti	35.90 0.96 17.4 60.6
WenUSGov	8.43 0.04 0.8 13.8
InrB3DTSHSTht	22.21 0.90 16.4 79.5
DeJip & Cos:
BalancolA	14.24 0.14 7.5 39.8
DeJip & Cos v	11.22 0.09 1.4 20.8
GlxStknA	18.04 0.22 14.1 55.4
InrJmnA	12.57 0.09 4.1 16.2
IntlStkn	19.11 0.20 16.1 71.7
Stackn	18.34 0.40 12.4 33.6
Dermbi Funds:
IntlEcplustit	12.98 0.40 15.1 77.9
US EpiJrnJrn	61.42 1.40 12.9 64.5
DoubleLine Funds:
CoreFaltmcnf	9.06 NA NA NA
FlexMetIncmnt	8.67 NA NA NA
LowOutBdB	9.57 NA NA NA
LowOutBdBln	9.56 NA NA NA
ShiferEmCAFlt	15.85 NA NA NA
TwNetBld	8.65 NA NA NA
TwNetBdBln	8.64 NA NA NA
Driabass Funds:
EndiAtStkn	56.96 1.12 21.1 74.0
Dupree Mutual Fds:
KYTFr	7.15 0.04 1.0 9.8
E
Exton Vance Class A:
AtitCpSMD	32.67 NA NA NA
Balancet	13.10 0.29 6.0 49.3
DivBldA	17.58 0.24 12.5 46.5
FlitpRtAdvg	9.40 0.01 1.2 20.4
GlxTskNblVnm	22.24 NA NA NA
InrBns	5.19 NA NA NA
LyCylVal	32.09 0.63 20.4 54.9
NatMuniInc	9.84 NA NA NA
ShDsrStnStnCfr	6.80 NA NA NA
TMEAk	43.88 NA NA NA
TMGLtln	10.58 NA NA NA
TMGLt	147.18 NA NA NA
TMGLt	66.90 NA NA NA
TxMsmVal	51.62 1.19 23.0 65.0
HRWHRsCsmn	11.32 NA NA NA
Exton Vance Class C:
ShDsrStnStnCfr	6.41 NA NA NA
Exton Vance Class A:
AtitCpSMD	39.81 NA NA NA
FlitpRt	7.90 0.01 1.5 19.0
GlxMacAAR	9.04 NA NA NA
InrBns	5.19 NA NA NA
LyCylVal	32.28 0.63 20.6 56.0
NatMuniInc	9.04 NA NA NA
Exton Vance Funds:
PaTldtpEnplMth	54.29 1.15 11.8 52.3
Edgewood Growth Institute:
EdgewoodGifnst	4.58 0.26 4.3 32.4
F
Fairbalene:
Fairbalene	42.76 2.58 12.0 17.4
FAM Dividend Focus:
FDAShtFseFse	58.57 2.43 6.7 24.8
FAM Value:
FAMValuev	112.31 4.38 13.1 45.3
Federated Hermes:
FedHerMDTGrn	45.96 2.05 8.5 93.6
FedHerMTststFr	8.36 0.06 0.6 15.6

	Ref. TTB 3-9a, NAV Oq. S.Bot. S.Bot.
FedHerUltBen	9.28 0.01 2.3 17.7
Federated Hermes A:
CaptReA	9.89 0.20 7.5 39.6
EqReA	12.41 0.22 12.1 51.0
GovUltRaA	9.77 0.01 2.1 15.7
KaufmanA	6.34 0.29 13.8 55.9
KaufmaLCs	16.64 0.67 15.6 65.5
KaufmaSCA	51.64 3.41 18.5 46.0
MDTcyEik	41.47 1.84 8.1 92.0
MidDrStA	63.27 0.10 4.9 67.3
MusStStAlds	16.96 NA NA NA
SttoRtTA	42.02 NA NA NA
StVstDivAp	7.15 NA NA NA
StVstDivArA	9.28 0.01 2.1 17.1
Federated Hermes Int:
GalVst	17.25 NA NA NA
InsHFrId	8.89 0.06 2.0 25.2
MDTAitCS	59.94 2.05 13.5 94.6
MDTSmClt	34.42 1.02 21.2 73.0
TRlTbBld	9.34 0.05 0.0 13.8
Federated Hermes I:
CorpBonPdlS	8.29 0.05 0.1 15.9
GovUltra	9.82 0.01 2.2 16.2
InstSttrVlt	4.98 NA NA NA
KaufmeLCS	19.40 0.77 15.7 89.9
KaufmeSCI	54.41 3.60 18.8 48.0
MDTMeMtG	23.15 0.07 5.4 43.8
MidDrStI	60.44 3.28 5.1 68.8
MusStStAlds	16.96 NA NA NA
StKlnStS	8.47 0.01 1.6 17.5
SttoRtTS	12.06 NA NA NA
StVstUltStS	7.21 NA NA NA
UltraStwrt	9.28 0.01 2.3 17.7
FedMuniUtA	10.01 NA NA NA
Federated Hermes B:
KaufmnR	6.36 0.29 13.8 56.0
Federated Hermes Re:
FedIntlPflSmR	8.39 0.05 2.0 25.3
GrStstf	58.13 2.79 5.1 68.9
MDTAitCR	58.20 1.99 13.5 94.6
StVstk	7.21 NA NA NA
TRlTbBld	9.33 0.05 0.0 13.8
Fidelity:
StObiotlProm	269.71 9.34 1.41 78.7
AdvFreeDSGCC	76.86 0.49 14.6 69.2
AdvFreeBen204	19.95 0.52 12.8 63.2
BalancetKit	19.33 0.45 12.4 60.2
Contrafund Kq	17.92 1.65 11.5 98.1
EnplMtdshtFns	16.49 0.29 20.5 74.7
EquifstImmeKldSt2	0.34 15.7 66.6 12.1
EnlMtdshtFns	119.57 5.44 18.8 66.4
FlAtkAtslnIrfQ	16.08 0.31 6.1 38.6
FlAtkAtsset	16.84 0.11 4.6 25.7
FlAtkAtssat	13.43 0.14 6.3 31.3
FlAtkAtsstf	10.07 0.23 8.2 37.6
FlAtkEtn	59.33 0.85 18.1 69.9
FlAtkEtnpn	25.20 1.36 27.9 87.1
FlAtkSemi	194.96 13.97 60.9 254.2
FlBllImelD25s	13.23 0.25 8.9 42.6
FlBrmdllImel	12.52 0.21 7.2 38.8
FlBrmdllImel	13.31 0.25 9.0 43.6
FlBrmdllImel	11.07 0.29 10.1 47.9
FlBrmdllImel	14.99 0.34 11.4 54.5
FlBrmdllImel	17.10 0.50 15.5 70.8
FlBrmdllImel	16.42 0.44 14.0 65.0
FlBrmdllImel	17.15 0.52 16.0 70.8
FlBrmdllImel	17.10 0.51 16.2 71.6
FlBrmdllImel	17.49 0.53 16.3 71.7
FlBrmdllImel	16.99 0.50 15.8 69.9
FlBrmdllImel	17.71 0.55 16.3 73.4
FlBrmdllImel	19.19 0.60 14.1 66.8
FlBrmdllImel	15.90 0.26 12.5 81.7
FlBmtlValueZ	15.91 0.26 12.7 82.5
FlBStk	9.49 0.06 3.9 33.2
FlBStkEtnerg	21.38 0.17 27.0 101.6
FlBStkInmn	16.16 0.52 14.1 63.6
FlBSevS	7.47 0.04 0.0 8.8
FlBSevS	9.91 0.01 2.0 16.0
FlBStetEmplMkt	14.59 0.25 24.3 86.2
FlBStetM	8.42 0.04 0.7 11.1
FlBSttMStkInt25	0.40 0.91 14.6 76.9
FlBSttMStkIntA	9.95 0.00 2.1 14.7
FlBSttMStkIntA	14.81 0.67 21.7 63.9
FlBSttMStkIntA	17.11 0.99 14.7 77.5
FlBSttMStkIntA	20.10 0.54 16.1 68.5
FlBSttMStkIntA	10.32 0.05 0.0 13.2
FlBSttMStk	34.84 1.29 14.3 103.1
Fidelity Adv Focus A:
MtPccA	63.47 2.48 11.0 38.2
Fidelity Advisor:
FlAdtSTtIntl2	17.21 0.44 15.2 71.5
EnplDeNtrAdtA1A1P	0.49 15.7 NS
EnplDeNtrAdtA1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A
EnplDeNtrAdtA1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A
EnplDeNtrAdtA1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A
EnplDeNtrAdtA1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A1A

	Ref. TTB 3-9a, NAV Oq. S.Bot. S.Bot.
IntPItBtdInsFns	9.07 0.02 0.9 12.1
IntIItIsLevrpKit	18.90 0.60 15.0 71.4
IntIItIdnIIdnCs	9.11 0.04 0.7 11.0
IntIItIdnIItPnm	69.82 1.89 14.8 65.1
IntIItInIns	17.25 0.45 17.1 72.1
IntIItIntIIdFst	17.07 0.36 15.9 59.0
IntIItIdNIIPnm	9.59 0.05 0.5 11.2
LgCleUltstPnm	48.87 2.48 5.7 82.6
LgCleUltstPnm	25.50 0.59 22.4 69.2
LTItItBldshtPns	8.86 0.08 2.3 1.3
MtICapKit	19.94 0.66 15.6 76.1
MtICpIntNtds	36.99 1.81 5.5 51.2
MtICpIntNtds	17.10 0.50 15.5 70.8
FlBTrndllImel	16.42 0.44 14.0 65.0
FlBTrndllImel	17.15 0.52 16.0 70.8
FlBTrndllImel	17.10 0.51 16.2 71.6
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	16.99 0.50 15.8 69.9
FlBTrndllImel	17.71 0.55 16.3 73.4
FlBTrndllImel	19.19 0.60 14.1 66.8
FlBTrndllImel	15.90 0.26 12.5 81.7
FlBTrndllImel	15.91 0.26 12.7 82.5
FlBTrndllImel	17.18 0.17 27.0 101.6
FlBTrndllImel	16.16 0.52 14.1 63.6
FlBTrndllImel	17.47 0.04 0.0 8.8
FlBTrndllImel	17.10 0.51 16.2 71.6
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	17.49 0.53 16.3 71.7
FlBTrndllImel	17.49 0.53 16.3 71.7

	Ref. TTB 3-9a, NAV Oq. S.Bot. S.Bot.
DivIntl	32.78 0.97 15.3 62.0
EnplMtdSIsLevrp	23.72 1.10 23.3 66.1
EqErl	30.03 1.48 12.9 82.4
FAEnplMtd	32.50 1.09 20.5 92.9
FAIntIItIsI	65.24 2.06 14.9 68.0
FAInnGrd	7.15 0.04 0.1 13.7
Fidelity Invest	58.66 0.84 18.0 69.1
FlItIatel	9.00 0.01 2.8 23.1
GrGppI	60.50 13.20 14.3 150.4
HIncAdvt	12.31 0.16 7.2 39.6
HItICat	73.06 2.36 13.2 29.3
IntIIt	25.23 0.88 11.3 46.8
IntIItInCp	48.66 1.52 9.7 45.2
LmItITrmBIFd	11.50 0.03 1.2 17.1
MtIgCplStIntl	36.10 1.10 15.4 95.3
MtIItScIntlne	16.07 0.30 6.0 38.1
ManIncl	10.15 0.06 0.4 10.8
ManIncemc	12.29 0.08 0.9 11.8
NwInsyhtl	54.86 2.33 12.8 101.4
MtIncnInst	12.47 0.05 4.3 27.0
SmallCap	44.81 1.68 25.1 64.8
SmCapGrwl	44.47 2.41 26.9 81.0
StkSstMC	16.89 1.97 23.0 59.5
StkStlScp	52.75 1.81 23.9 71.1
StkStlScp	12.37 0.09 3.0 25.1
Total Bd	9.44 0.05 0.2 15.5
Fidelity Advisor R:
EqEr	24.03 1.18 12.5 79.6
GrGppM	232.19 11.46 14.0 107.3
NwInsyhtM	47.12 2.17 12.4 98.5
SmnsmktCat	164.31 11.64 60.2 247.7
SmllCapM	32.34 1.21 24.7 62.3
StkSstMC	52.91 1.83 22.6 56.7
StntdM	11.99 0.50 2.8 24.2
Fidelity Advisor Z:
AdvtstStmCpZ	40.61 1.52 9.7 43.7
AssstMaraprStl	23.69 0.43 9.9 43.8
AssstMarprStl	34.78 0.94 11.8 66.3
AssstMarprStl	33.97 0.75 13.2 56.1
ChinaRejoin	71.97 2.89 33.5 126.3
ChimeRejoin	72.97 2.89 33.5 126.3
ChimeRejoin	52.91 1.83 22.6 56.7
StntdM	11.99 0.50 2.8 24.2
Fidelity Advisor Z:
AdvtstStmCpZ	40.61 1.52 9.7 43.7
AssstMaraprStl	23.69 0.43 9.9 43.8
AssstMarprStl	34.78 0.94 11.8 66.3
AssstMarprStl	33.97 0.75 13.2 56.1
ChinaRejoin	71.97 2.89 33.5 126.3
ChimeRejoin	72.97 2.89 33.5 126.3
ChimeRejoin	52.91 1.83 22.6 56.7
StntdM	11.99 0.50 2.8 24.2
Fidelity Advisor Z:
AdvtstStmCpZ	40.61 1.52 9.7 43.7
AssstMaraprStl	23.69 0.43 9.9 43.8
AssstMarprStl	34.78 0.94 11.8 66.3
AssstMarprStl	33.97 0.75 13.2 56.1
ChinaRejoin	71.97 2.89 33.5 126.3
ChimeRejoin	52.91 1.83 22.6 56.7
StntdM	11.99 0.50 2.8 24.2
Fidelity Advisor Z:
AdvtstStmCpZ	40.61 1.52 9.7 43.7
AssstMaraprStl	23.69 0.43 9.9 43.8
AssstMarprStl	34.78 0.94 11.8 66.3
AssstMarprStl	33.97 0.75 13.2 56.1
ChinaRejoin	71.97 2.89 33.5 126.3
ChimeRejoin	52.91 1.83 22.6 56.7
StntdM	11.99 0.50 2.8 24.2
Fidelity Advisor Z:
AdvtstStmCpZ	40.61 1.52 9.7 43.7
AssstMaraprStl	23.69 0.43 9.9 43.8
AssstMarprStl	34.78 0.94 11.8 66.3
AssstMarprStl	33.97 0.75 13.2 56.1
ChinaRejoin	71.97 2.89 33.5 126.3
ChimeRejoin	52.91 1.83 22.6 56.7
StntdM	11.99 0.50 2.8 24.2
Fidelity Advisor Z:
AdvtstStmCpZ	40.61 1.52 9.7 43.7
AssstMaraprStl	23.69 0.43 9.9 43.8
AssstMarprStl	34.78 0.94 11.8 66.3
AssstMarprStl	33.97 0.75 13.2 56.1
ChinaRejoin	71.97 2.89 33.5 126.3
ChimeRejoin	52.91 1.83 22.6 56.7
StntdM	11.99 0.50 2.8 24.2
Fidelity Advisor I:
AdvtstStmCpZ	40.61 1.52 9.7 43.7
AssstMaraprStl	23.69 0.43 9.9 43.8
AssstMarprStl	34.78 0.94 11.8 66.3
AssstMarprStl	33.97 0.75 13.2 56.1
ChinaRejoin	71.97 2.89 33.5 126.3
ChimeRejoin	52.91 1.83 22.6 56.7
StntdM	11.99 0.50 2.8 24.2
StntdM	34.78 0.94 11.8 66.3
AssstMarprStl	33.97 0.75 13.2 56.1
AssstMarprStl	33.97 0.75 13.2 56.1
AssstMarprStl	33.97 0.75 13.2 56.1
AssstMarprStl	33.97 0.75 13.2 56.1
AssstMarprStl	33.97 0.75 13.2 56.1

	Ref. TTB 3-9a, NAV Oq. S.Bot. S.Bot.
Free2060Investrs24.6	0.74 14.2 66.8
Free20602010K	15.45 0.21 5.8 29.4
Free20602015K	12.45 0.19 6.6 34.1
Free20602015K	12.45 0.19 6.6 34.1
Free20602015K	12.45 0.19 6.6 34.1
Free20602020K	16.09 0.28 7.8 39.2
Free20602020K	15.99 0.27 7.9 40.0
Free20602025K	15.78 0.31 9.0 44.2
Free20602025K	15.78 0.31 9.0 44.2
Free20602020K	20.79 0.44 10.2 49.6
Free20602020K	20.79 0.44 10.2 49.6
Free20602025K	19.15 0.45 15.4 55.4
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6
Free20602030K	19.07 0.44 14.1 55.6

---

August 10, 2026

BARRON'S

47

DATA

MUTUAL FUNDS

	BAY	TO	TO	3-1b
	BAY	Ong.	3-Bot.	5-Bot.
GMO Trust Class VI:
EmplsIrD1	24.59	NA	NA	NA
IntIEq	41.18	NA	NA	NA
Quality	37.93	1.23	11.0	67.1
GMO Trust Class VI:
Quality	37.79	1.23	11.0	67.4
Goldman Sachs A:
CapGr	37.92	NA	NA	NA
HYMuni	9.00	NA	NA	NA
IndEuMde	28.07	0.36	8.0	38.3
Muni	15.15	NA	NA	NA
Goldman Sachs Inst:
CoreiTa	9.11	0.05	-0.1	14.0
EmplMKEq	36.95	NA	NA	NA
HYMuni	9.00	NA	NA	NA
IntIE	20.92	NA	NA	NA
IntIEqESG Inst	35.67	NA	NA	NA
Muni	15.14	NA	NA	NA
StAbTFF	10.38	NA	NA	NA
Gotham:
AbsR1 Inst	24.18	NA	NA	NA
AbsR2	17.20	NA	NA	NA
GothamdsR Inst	37.05	NA	NA	NA
Goppenheim Funds Tru:
MocOpqFECInst124.48	NA	NA	NA	NA
ToRthdBFCInst 23.43	NA	NA	NA	NA
ToRthdBFCInst 23.43	NA	NA	NA	NA
GoldMiller Funds:
CoCoCoTum A	15.76	1.27	12.9	69.2
GoldsStone Funds:
ApprARGS4A	16.42	NA	NA	NA
BadMKS4A	12.65	NA	NA	NA
EqIndsGS2	75.80	NA	NA	NA
EqIndsGS4A	75.73	NA	NA	NA
GrAIMSS4A	34.74	NA	NA	NA
GrEqGS2	27.42	NA	NA	NA
GrEqGS4A	26.34	NA	NA	NA
IntIEqGS2	17.64	NA	NA	NA
LowBunGS2	12.87	NA	NA	NA
MedBunGS2	12.60	NA	NA	NA
MedBunGS4A	12.59	NA	NA	NA
SmCapGS2	20.56	NA	NA	NA
ValEqGS2	20.35	NA	NA	NA

H

Harbor Funds:
Band	50.03	0.07	0.4	15.3
CapAplnst	127.88	6.14	9.7	80.8
CapAplnw	114.26	5.47	9.4	78.9
IntIInst	62.09	1.49	13.2	57.4
SmCpGmtl	17.89	0.70	16.2	51.6
SmCpValInst	56.45	1.52	12.2	57.1
Harding Leonsar:
IntIEq	21.93	0.61	17.6	58.5
Hartford Funds A:
Ballnck	15.17	0.20	6.0	30.2
CapAppA	48.65	1.70	10.6	54.6
ChksABid	11.21	0.25	8.8	42.1
StUpqEqA	60.13	2.07	11.5	70.1
DivChhA	39.76	0.93	15.9	60.1
EqInc	22.72	0.45	13.3	46.2
GrlOpHy	70.01	4.74	10.8	92.1
GrswAIIA	17.32	0.46	11.9	58.7
HlthLsm	41.77	1.05	7.6	29.1
IntOpqA	24.13	0.23	10.7	60.6
MdCapA	21.21	1.22	8.2	38.3
MdHplsuk	38.24	0.40	17.8	40.3
MdH-AstIncGw	20.65	0.33	6.6	34.0
StHbr	9.79	0.02	1.4	17.9
ToRBtA	9.05	0.05	-0.1	14.1
Hartford Funds C:
BallnCC	14.87	0.20	5.7	27.3
Hartford Funds I:
BallnsI	15.18	0.20	6.2	31.1
CapAppl	49.17	1.81	10.8	55.8
DivChhI	39.44	0.93	16.1	61.2
EmplMKEqkw	28.56	0.58	24.4	88.7
EqIncI	22.46	0.44	11.4	47.2
GrswOppl	78.80	5.34	11.0	93.5
InterValue	28.78	0.55	19.3	87.4
IntIdApbalm	24.33	0.37	12.5	58.7
MdCapA	23.37	1.34	8.4	19.2
MedOpylI	8.33	0.05	1.1	13.2
StHbr	9.68	0.01	1.6	18.7
StrInc	7.88	0.06	1.7	27.1
NovStBind	9.97	0.03	1.7	15.9
Hartford Funds Y:
GrwHApylF	89.75	6.08	11.0	93.6
GrwHApyl	29.61	0.56	19.3	87.4
IntOpylF	25.74	0.25	10.9	61.9
Hartford HKS Fds I:
Balanced	31.27	0.85	6.8	40.6
CapApp	58.76	2.21	10.4	60.3
DivCpai	25.85	0.88	11.5	69.9

	BAY	TO	TO	3-1b
	BAY	Ong.	3-Bot.	5-Bot.
DivGGrath	26.56	0.62	16.1	62.2
IntIOpp	22.79	0.22	10.8	62.0
MdCap	25.15	1.44	8.4	19.8
Stash	100.50	2.68	7.7	33.5
ToRAtBd	9.60	0.07	0.1	15.1
Hartford Submarine:
USMdQolp I	23.18	0.89	21.9	58.0
Heartland Funds:
ValInv n	63.93	NA	NA	NA
Hennessy Funds:
CeMdCapStInc	28.39	0.53	17.0	68.8
CoreMdQolIns	26.89	0.51	16.8	66.2
GasStIthrdInv	28.51	-0.61	8.9	52.8
Hammond Funds:
Value n	59.74	1.56	15.0	59.4
Hitchhills and Willoy:
HXYd	92.54	0.07	2.6	24.8
SmCpVal	96.44	2.49	28.9	44.7
ValOppI	47.17	2.01	17.5	61.3
IFP US Equity Fund:
IFP US Equity Fd	21.75	0.33	-0.4	59.2
Inv Myrs Sor Trst II:
Inv-Myrs Sor Trst	24.29	0.16	2.8	22.1
Invesco Fds Investor:
DivrsDr n	20.10	0.33	10.7	50.4
GlMICr n	46.45	0.98	4.4	29.5
Tech n	75.59	4.68	29.8	129.9
Invesco Funds A:
500InsA	81.66	2.82	13.7	75.8
ActiveAllA	16.82	-0.41	12.9	48.6
AMTFrNFr	10.07	0.08	2.2	10.4
BalancsRtdsAIIA	9.78	0.17	19.9	37.1
CapAppA p	92.78	3.34	5.2	78.2
Chart	23.40	0.68	9.6	65.5
ConsA	34.98	0.47	14.5	60.1
CoreBdA p	5.56	0.02	-0.2	13.2
CpBdA	6.11	0.04	-0.3	17.0
DevMkt	47.77	1.16	16.6	74.3
DevMktA	41.25	NA	NA	NA
DivsFdA p	124.72	3.27	26.1	87.4
DisMdCpGri A	32.37	0.79	20.4	61.8
DivIncm p	29.10	0.44	11.5	48.0
DivrsDr p	20.11	0.13	10.6	50.0
EqIncA	12.03	0.28	10.4	45.6
EqInvA	37.97	0.47	14.7	53.5
EqMfdA p	83.25	1.96	15.6	50.1
Flhplshr p	6.28	0.00	1.4	18.7
GlcAIIocA	22.58	0.46	10.4	36.9
GlcStItncml A p	3.14	0.02	-1.3	39.5
GlcOppA p	57.77	1.48	14.9	14.7
Glcereep	18.55	0.42	13.5	62.5
GlMICr	40.44	0.98	4.4	29.5
GrIncA	25.83	0.82	14.3	61.2
GrswAIIac p	18.88	0.46	10.1	48.8
Hyld	17.82	0.03	2.4	24.3
HYMul A	8.22	0.05	2.4	14.6
IntIItvA	15.22	0.24	14.4	39.8
IntIItvav	23.68	0.64	13.1	37.6
IntIItvmsA p	27.58	0.67	6.6	27.7
IntISmCoA	38.71	1.04	9.0	24.6
IntTMtA p	10.37	0.05	1.3	12.6
InvescoFds	42.32	10.13	5.5	179.3
InvGlcMfdA	93.10	3.82	7.9	55.1
LeitIfrndMunlc p	10.91	0.03	1.3	10.6
MdStFndA	68.85	1.96	10.1	64.9
MdStOpA p	33.65	1.12	11.1	76.7
MdGSmCpA p	32.77	0.98	14.0	49.7
MedInvA	13.35	0.27	10.9	41.3
MushA	11.64	0.07	2.1	11.5
RcMHYldMunA	6.54	0.04	2.5	14.3
RadB3d p	18.36	-0.10	16.8	26.1
RisinqDruA	29.35	0.78	10.6	60.5
RadbMFFrMuni	6.69	0.04	1.8	10.8
RadbCAMuni	7.85	0.06	2.2	12.3
RadbMTRlMuni	2.76	0.01	1.5	11.2
RadbFldMuni	9.92	0.06	1.2	10.9
RoMoA p	14.27	0.11	1.8	9.6
SawfTRtA	6.23	0.00	1.4	20.8
ShortTerm p	8.06	0.02	1.2	16.2
SmCpEq p	17.10	0.58	18.8	55.8
SmCpGr	32.81	1.14	16.1	47.6
SmCpValA t	32.62	1.51	28.9	102.2
SP-AblnsA	9.74	-0.22	20.3	88.4
SP-IncomeA	6.96	-0.13	23.0	79.6
SPAlrA	10.73	-0.27	23.6	91.2
Tech p	75.50	4.68	29.7	129.1
ConvStSol	36.06	0.38	11.9	51.9
Invesco Funds I:
500IncC	77.21	2.65	13.2	71.9
RcMHYldMunC	6.52	0.04	2.3	12.3
StIpltMt2AplA t	5.35	-0.11	22.5	75.3
Invesco Funds InstI:
SmCpGr	43.89	1.54	16.3	49.1

	BAY	TO	TO	3-1b
	BAY	Ong.	3-Bot.	5-Bot.
RetLix2035	12.14	0.29	11.2	51.8
RetLix2040	12.75	0.34	12.6	57.1
RetLix2045	12.90	0.37	13.8	61.9
RetLix2050	15.67	0.67	14.7	64.9
John Hancock Funds A:
Baik	32.86	0.65	12.8	56.5
BandA p	33.35	0.07	0.0	34.2
InvGrBdA	8.98	0.05	-0.3	13.3
IntIGrw	38.80	0.72	11.4	62.0
LifhApyr	17.06	0.51	14.7	59.2
LifhBal	15.04	0.32	9.7	41.9
LifhConv	12.61	0.14	3.7	24.4
LifhGrw	16.23	0.42	12.6	51.8
LifhMed	13.49	0.22	4.2	32.6
TFBiiA	8.96	0.06	1.1	12.7
U2GGMJds	33.12	1.63	0.4	30.4
John Hancock Funds B:
IntIEqdsrI	28.58	0.67	16.4	68.1
John Hancock InstI:
Balancsd	32.82	0.65	12.9	58.0
StIpltIncrOpst	10.25	NA	NA	NA
JPMorgan A Class:
CoreBmd	10.18	0.06	-0.2	13.0
CorePlusBd p	7.15	0.04	0.4	15.3
EmdMktSpt	50.71	0.53	24.9	79.8
EqInc p	28.52	0.59	18.9	56.6
EqInds p	116.09	4.02	13.8	76.1
GrsInc p	98.40	1.83	18.0	58.6
DevMtdAp	40.22	1.85	3.7	70.2
HipMfdp	6.46	0.04	2.5	27.4
IntIEq	24.10	0.52	12.1	50.1
IntValt	23.34	0.28	17.8	101.8
InvBal p	17.54	0.33	6.4	38.2
InvComp	13.37	0.18	4.1	28.2
InvGal p	22.67	0.51	8.1	45.7
InvGrat p	35.45	0.87	10.5	56.0
LgCpGwtb p	81.44	3.60	3.2	69.1
MdCpGrw p	40.90	2.22	7.7	41.8
MdCpVal p	35.34	0.28	16.1	44.4
ShrtDurBd p	10.80	0.02	1.2	15.1
SimCpGlim A p	12.40	1.08	24.6	45.7
SR2030 p	21.17	0.41	7.4	40.6
SR2040 A p	26.00	0.64	10.3	52.1
USCpHy	28.75	1.06	7.5	61.3
ValAdv t	42.37	0.93	17.2	55.3
JPMorgan C Class:
USEq t	26.90	0.99	7.2	58.9
JPMorgan I Class:
CoreBmd	10.17	0.06	0.0	13.9
CorePlusBd	7.14	0.04	0.6	16.6
EmdMktSpt	52.06	0.54	25.1	81.1
EqInc	29.24	0.60	19.1	57.8
EqInds	116.29	4.03	14.0	77.7
GrAdv r	43.43	2.05	3.8	71.4
GrBd	9.33	0.06	-0.1	12.1
HipMfd	6.52	0.04	2.6	28.3
IntIEq	24.66	0.54	12.3	51.2
IntValt	24.34	0.29	18.0	103.5
InvConDev	13.48	0.17	4.2	29.1
InvGrwB	32.52	0.91	10.6	57.1
LgCpVal	24.04	0.60	14.8	59.5
LgCpGwtb	84.54	3.75	3.3	70.4
MdCpGrw	53.48	2.90	7.8	42.9
MdCpVal	36.12	0.86	16.2	49.5
MdCapEq	72.26	2.36	13.8	45.1
ShrtDurBrd	10.82	0.03	1.3	15.9
SmCap	51.79	2.09	15.2	28.2
SimCapGrw	26.29	1.17	25.8	31.6
USCpHy	28.90	1.06	7.7	62.5
USCpCpGrw	26.31	0.90	11.0	76.1
USRachEnEqs	53.84	1.82	12.6	74.1
ValAdv	42.89	0.94	17.4	56.4
JPMorgan Inst Class:
ValAdv L	42.98	0.94	17.5	57.1
JPMorgan I Class:
FEEmMktEq L	52.47	0.56	25.1	81.7
MdCpVal L	37.12	0.89	16.3	46.1
JPMorgan R Class:
CoreBmd	10.18	0.05	0.0	14.3
CorePlusBd	7.15	0.04	0.6	16.8
HipMfdp	6.33	0.04	2.8	29.0
ShtDurBrd	10.82	0.03	1.3	16.1
SmCpVal	39.32	0.77	24.7	59.0
USEqlB s	29.01	1.07	7.8	63.2
USRachEnEqs	57.75	1.82	12.6	74.7
JPMorgan RS Class:
SR2030 RS	21.39	0.42	7.6	42.1
SR2040 RS	26.31	0.66	10.5	53.7
JPMorgPrm:
USEqlHy	28.99	1.07	7.7	63.2
K:
Kinetics Funds:
PrIm n	117.41	-12.64	11.0	74.2

---

48

BARRON'S

August 10, 2026

DATA

MUTUAL FUNDS

	BAY	YTD	3-1%
	BAY	Obj.	S.Bot.
StbUPLSTR	13.43	NA	NA
TrdSrdA	8.63	NA	NA
PBRCO Funds C:
IncomuFul	10.75	NA	NA
PBRCO Funds (2):
CommvHyRR	16.08	NA	NA
DivyMktSt	9.01	NA	NA
GNMAGAstSec	9.33	NA	NA
MTV984aBd	8.34	NA	NA
Incme	10.75	NA	NA
IntBdiISH	9.72	NA	NA
InvsGclCfd	8.92	NA	NA
ComOurInc	8.22	NA	NA
LaKbrr	9.23	0.03	1.0
MursRd	9.34	0.06	1.3
ReaIRto	10.07	NA	NA
ShtTm	9.72	0.01	2.9
TwMt	8.63	NA	NA
PBRCO Funds (n=1):
DynamvBd	10.18	NA	NA
GNMAGAstSec	9.33	NA	NA
IncmeFul	10.75	NA	NA
IntBssgMaAsust	9.27	NA	NA
Plessner Funds A:
BondA	8.33	0.04	0.0
ComEqA	28.22	0.73	78.8
DivsGrA	24.42	1.39	15.0
EqIncA	28.25	0.52	16.3
MidCapV	28.91	0.20	19.5
PlsFulA	49.12	1.55	11.8
SaMKSGrA	58.35	1.97	22.2
StrattincApp	9.66	0.07	2.7
Plessner Funds Y:
BondY	8.25	0.05	0.2
PlanFdtY	50.54	1.60	12.0
StrattincYpp	9.66	0.06	0.8
ShortTermIncrY	8.71	0.02	1.5
Price Funds:
2050RbrFd n	24.77	0.73	14.5
Balsamndn	30.50	0.74	8.9
BdEVAthn	9.48	0.05	4.2
BIChkpn	217.34	10.88	3.3
CommAsiaTech	129.77	5.68	1.4
DivGrn	91.95	2.03	13.3
DivsTMIGn	49.87	2.37	6.7
EmMktSn	54.95	0.69	23.0
EqIncn	45.94	0.77	19.7
EdIndecn	201.41	6.97	13.9
FinStvs n	52.18	0.66	10.2
StSStkn	84.64	2.97	20.9
GBTechn	35.31	2.10	33.0
GM5-6dn	9.97	0.01	1.9
Growthn	112.10	5.43	4.4
HuStcln	92.59	2.92	10.8
MTVold n	5.90	0.03	2.3
InstEmMEq	49.75	0.63	22.9
InsFEIRFr	9.26	0.03	2.3
InsHIVYld	7.84	0.05	2.4
LyCapOpnr	90.23	4.55	6.2
InstLCCmrdn	71.61	3.65	3.3
LgCylvl	28.35	0.57	23.8
InstSmCap	28.47	0.06	16.8
IntBln	85.80	4.10	14.2
IntEpldNr	22.91	0.61	14.7
IntSStln	23.82	0.70	13.1
IntVallEqn	28.07	0.54	18.0
MCapVsmn	39.47	0.52	22.7
MCEqSr	55.27	2.05	6.7
MidOpvll	10.05	0.06	1.7
MidCapn	103.43	3.85	6.4
NAdcnn	25.42	0.37	20.7
NIncn	7.82	0.04	-0.3
NAmurn	82.07	3.24	1.9
NevsEcns	47.02	0.80	18.0
Nhvrcn	59.21	2.30	14.5
Over5-5Fr	18.33	0.68	14.5
QNVSSmQicEqn	54.04	2.41	21.0
SportConsAldn	21.67	0.32	7.1
SportWidvrAldn	27.21	0.57	9.5
SpctWidvrAldn	47.74	1.25	12.0
R2005N	13.43	0.79	6.4
R2010n	17.12	0.27	7.0
R2015N	14.32	0.23	7.3
R2020n	21.28	0.37	7.8
R2025n	19.10	0.35	6.3
R2030n	30.40	0.62	9.5
R2035n	26.04	0.62	11.4
R2040n	28.02	1.03	12.8
Ret2025k p	18.90	0.34	8.1
Ret2045n	28.99	0.83	14.0
Ret2045R	28.02	0.80	13.7
Ret2055n	26.08	0.77	14.7
Ret2055r	25.72	0.76	14.3
RetBalInc n	14.73	0.20	6.3
SoITecn n	73.12	4.07	26.8
Sht-Bdn	4.60	0.01	1.2
SmCap n	62.35	0.92	21.3

	BAY	YTD	3-1%
	BAY	Obj.	S.Bot.
SmCapStln	66.42	2.00	16.6
Spcdrn	28.47	0.94	12.2
Spcdrcn	11.21	0.05	1.5
Spcdreltn	10.29	0.50	16.2
SuMAdnc	11.16	0.07	1.9
SuMAdntn	11.35	0.06	0.9
TwEIRdprnr	94.96	4.47	8.8
TFIncom	11.14	0.06	2.9
TFIncom n	9.35	0.06	1.9
TFSIn	5.51	0.03	1.2
TaNtdocn	81.58	2.37	14.7
U.S.EqRscnhn	76.59	2.67	13.9
USLnyCpCen	49.58	1.77	15.0
VAEondn	11.14	0.07	1.6
Valwn	68.24	1.23	12.7
Price Funds - Adv/CF:
BIChkpn	208.80	10.45	3.2
CapAppAp	88.20	0.84	8.9
Growthp	106.51	3.14	4.2
R2020Ap	20.99	0.36	7.6
R2020Ap	29.90	0.62	9.4
R2035	25.77	0.61	11.2
R2040Ap	22.01	1.01	12.7
Rat2045Ap	28.62	0.82	13.9
Rat2050Ap	24.35	0.72	14.3
Price Funds - R/CF:
BIChkpn	193.16	9.66	1.0
ExHVAhrnr	41.64	1.06	18.8
GrowthRp	98.93	4.77	4.1
R2020Rp	20.57	0.35	7.4
R2030Rp	29.30	0.61	9.3
R2040Rp	37.64	0.99	12.5
Rat2035Rp	18.49	0.33	7.9
Rat2035R	25.23	0.59	11.0
Rat2050R	29.54	0.95	14.1
PRINECAP Odyssey Fds:
AppGrowthnr	42.26	3.49	26.4
Growthnr	47.03	2.12	23.1
Stocknr	41.14	1.40	24.0
Principal Investments:
CapAppAp	92.44	2.93	12.1
ComEidAp	13.33	NA	NA
ExHVAAp	66.50	0.05	14.6
FilmcAp	13.02	NA	NA
IntProIR	7.73	0.02	0.8
LgCylStAp	36.86	1.28	13.9
LyBrd	36.91	1.28	14.0
LyBrdLrtn	36.30	1.25	13.9
LT2020In	12.72	NA	NA
LT2020In	12.59	NA	NA
LT2030In	15.23	NA	NA
LT2030In	15.14	NA	NA
LT2040I	18.12	NA	NA
LT2040IIn	17.82	NA	NA
LT2050I	20.04	NA	NA
LTStreII	12.10	NA	NA
MtVIdIn	18.20	0.38	18.4
MtV2dIIA	40.32	1.46	-1.0
ProSocI	9.22	0.05	1.6
ProLVIn	20.48	0.49	18.1
RealErtSecI	31.90	-0.05	16.2
SaMByaAp	17.93	NA	NA
SAMOrAp	21.63	NA	NA
SmCapRitR	36.92	1.46	18.6
StrGravAp	26.21	NA	NA
ProFunds Inv Class:
SmcecMktschns	89.62	11.15	61.3
UHM2000-100	163.74	15.14	30.6
Pleasant Funds:
GrGpp-Rd	87.46	4.26	5.6
Pleasant Funds Class A:
DevPrp	5.00	0.04	1.9
DynAABsA	18.27	0.42	8.8
DynAAGsA	24.15	0.60	12.2
PoEcnyCap	49.61	0.69	16.7
PetTechEg	21.22	0.31	14.6
GeenpyPstBal	29.47	0.73	10.2
GlbHRtScnrp	66.40	1.07	5.2
GrGpp-p	79.17	3.85	5.4
HiYldAp	5.39	0.05	3.3
IntIEpp	35.15	0.94	14.8
Resuarchp	60.70	2.30	16.5
SmCapGrp	96.47	4.41	21.0
StSutInc	10.11	0.01	2.1
SoxtAnlchFdp	131.88	5.01	8.0
Pleasant Funds C:
PoEcnyCap	44.70	0.68	16.2
Pleasant Funds Class H:
DynAABsA	21.35	0.43	9.0
DynAAGr	24.63	0.70	12.4
FolkAboIR	8.08	0.05	0.0
SecCplFstBal	29.65	0.73	10.3
GrGpp-Y	86.10	4.19	5.5
Incm	5.57	0.04	0.8
PoEcnyCap	45.63	0.71	16.9
RotBdy2030Y	17.48	0.23	3.6

	BAY	YTD	3-1%
	BAY	Obj.	S.Bot.
RotBdy2030Y	27.38	0.42	3.9
ShtDurRd	9.92	0.02	1.3
SmCapGr	102.91	4.71	21.1
StDurInc	30.12	0.00	2.2
SustainLdrSfd	152.11	5.79	8.2
R
RBB Fund:
BPSmV4i2IncI	31.25	0.69	20.1
RBC Funds:
AccCpCommInnl	7.65	NA	NA
RiverNorth Funds:
BBZExIncmr	8.60	NA	NA
RiverPort:
OrityOrcnFrdm	8.51	0.02	3.6
Royce Funds:
OpptJnr	20.68	1.01	30.4
PrkMaTrm	11.39	0.35	23.3
PremierIer	12.51	0.28	21.5
TpEktCnr	8.37	0.05	17.6
Russell Funds S:
EmatMkts	25.27	NA	NA
GSfE	12.64	NA	NA
IntDivMkt	55.40	NA	NA
InvdnRfd	17.77	NA	NA
Stratfld	8.95	NA	NA
TaoExBd	21.69	0.05	1.1
TMK1SMdSmOp	51.39	NA	NA
TxMnglSlLgCp	107.89	NA	NA
UESmCplq	21.65	NA	NA
Ry&ex Dynamic Fds:
NasdaqStratfrn	81.23	70.37	29.1
Ry&ex Inermvr Class:
NasdaqInvr	109.33	NA	NA
S
Schnab Funds:
1000Invrnr	16.65	0.60	14.4
Bialamdt	79.36	NA	NA
CATsFrBdn	10.96	0.07	0.5
ComEqn	27.09	1.02	9.0
DivEgSeln	20.25	0.39	13.9
FunIntEgInstnr	16.96	0.30	22.1
FunStScplnstnr	38.37	0.70	19.6
HHSCenrn	26.97	0.51	5.7
IntPitpSeln	10.19	0.02	0.8
IntI SatInr	32.99	0.87	14.9
IntIMstnrnr	27.41	0.59	14.0
LgCylsFdaIrnr	46.88	2.26	10.3
MT AKEqn	29.99	NA	NA
MTBdrn	21.48	NA	NA
MTGrrn	29.79	NA	NA
SalYskrn	28.00	0.69	14.0
SmCp Satnr	49.01	1.67	23.1
SmCplq&Selnr	26.20	0.71	27.6
Trp2030Inr	18.32	NA	NA
Trp2040Inr	21.73	NA	NA
TSM SatInr	18.78	0.67	14.6
TsFrBd n	10.81	0.06	0.8
UESmCpldnrnr	22.96	0.64	21.8
TIAA-CREF/RetraCl:
EpIdr	54.64	1.95	14.2
GrsAInc	30.84	NA	NA
LgCpGrn	30.58	1.45	6.1
MpIAAInc	14.20	0.28	7.8
SecCplq	27.03	0.89	15.9
TIAA-CREF Funds:
Bitktcknst	9.56	0.05	0.0
EpIdrInst	55.65	1.92	14.4
EpIdrBut	54.48	1.95	14.3
Gr&Incknst	16.34	NA	NA
Gr&IncRat	37.10	NA	NA
HylVldmt	8.86	0.05	3.3
UnlStdthrlst	10.63	0.02	1.6
IntIbSpdInst	31.98	0.84	14.8
IntIbSpIdrlst	12.82	0.86	14.7
IntIbSpInst	17.39	NA	NA
LC2025Rnr	16.19	0.25	6.4
LC2030Rnr	17.62	0.32	7.4
LC2035Rst	19.34	0.39	8.3
LC2040Rnr	13.03	0.31	9.9
LC2040Rnr	21.28	0.49	9.7
LC2045Rnr	16.89	0.43	10.8
LC4bc2010Inst	18.31	0.26	5.7
LC4bc2020Inst	21.37	0.35	7.1
LC4bc2025Inst	24.62	0.45	7.8
LC4bc2035Inst	33.23	0.75	10.0
LC4bc2040Inst	37.43	0.94	11.7
LC4bc2045Inst	40.57	1.11	13.0
LPkSStlds	59.26	NA	NA
LyCplGrshtlnst	80.43	4.08	5.8
LyCplGrshtlnst	81.41	4.11	5.7
LyCplGrInst	88.91	1.66	6.8
LyCplVldsInst	54.54	0.79	23.4
LyCplVldsInst	35.21	0.81	23.2
LyCplVllnst	28.92	0.69	21.3
LyCplVllnr	28.74	0.69	21.1
MtCplVlnst	21.92	NA	NA
MtCplVllnst	21.65	NA	NA
QuenSmCp&plr	23.99	NA	NA
QuenSmCp&plr	22.73	NA	NA
RevsScrlst	20.22	-0.05	15.8
RevsScrlst	21.35	-0.05	15.6
SAP500BdsInst	84.14	2.91	14.1
SAP500BdsInst	83.33	2.88	13.9
ShTrnBdInst	10.10	0.01	1.4
SmCplB IdsInst	31.81	1.09	23.1

---

August 10, 2026

BARRON'S

49

DATA

MARKET LABORATORY

BARRONS.COM/DATA

The Dow Jones Averages

Industrials

Transportation

Utilities

Note: Theoretical highs and lows are shown. A red chart indicates a lower price than the starting period. Green means it's higher than the starting period.

DJ Half-Hourly Averages

Dow Jones 30 Industrial (dishon: 0.1682481652830)

Daily	Aug 3	4	5	6	7
Open (t)	53011.40	53835.48	54371.89	54440.45	53949.47
Open (a)	52759.06	53641.21	54266.12	54426.85	53849.26
10:00	53120.31	53719.75	54730.68	54305.63	53955.95
10:30	53113.15	53717.68	54666.29	54249.81	54086.13
11:00	53053.03	53984.43	54650.61	54172.45	54031.08
11:30	53031.54	53972.63	54532.23	54039.52	54010.01
12:00	53028.96	54048.80	54499.83	53994.46	53955.76
12:30	53030.32	54117.50	54548.17	54013.37	53919.60
1:00	52949.00	54146.50	54542.76	54026.79	53954.26
1:30	52986.92	54170.43	54521.68	53886.07	53982.20
2:00	53084.73	54173.22	54552.90	53935.00	53976.84
2:30	53134.00	54190.61	54528.08	53951.57	53927.94
3:00	53138.52	54187.89	54487.06	53926.77	53965.84
3:30	53189.61	54187.69	54477.50	53893.87	54061.58
Close	53105.41	54085.88	54349.12	53885.10	54036.95
High (t)	53798.68	54775.43	55245.42	54867.73	54511.26
Low (t)	52320.15	53121.14	53772.38	53497.61	53454.37
High (a)	53230.08	54272.60	54744.33	54502.87	54094.65
Low (a)	52759.06	53641.21	54266.12	53835.02	53807.94
Change	+693.38	+907.47	+263.24	-464.02	+151.83

Theoretical (t): High 55245.42 Low 52320.15

Actual (a): High 54744.33 Low 52759.06

Dow Jones 20 Transport (dishon: 0.1570196629494)

Open (t)	21071.20	21481.48	21758.13	21975.03	21388.05
Open (a)	21084.88	21372.36	21803.67	21581.40	21444.67
10:00	21077.80	21405.98	21766.12	21472.16	21526.35
10:30	21229.12	21444.84	21771.40	21482.48	21449.16
11:00	21242.83	21531.28	21658.86	21477.50	21421.93
11:30	21219.58	21595.06	21637.76	21473.74	21490.11
12:00	21189.67	21675.56	21639.84	21449.25	21520.04
12:30	21197.48	21686.55	21603.24	21448.84	21580.35
1:00	21150.53	21735.17	21596.18	21494.38	21637.76
1:30	21105.79	21765.64	21633.42	21489.15	21666.59
2:00	21163.97	21782.92	21604.38	21515.10	21598.29
2:30	21182.85	21734.95	21579.82	21510.02	21530.83
3:00	21163.16	21697.60	21587.93	21533.00	21503.23
3:30	21195.88	21715.37	21593.88	21474.25	21535.52
Close	21231.19	21779.91	21577.33	21424.10	21506.09
High (t)	21488.58	21957.41	21903.21	21759.79	21747.50
Low (t)	20947.91	21219.60	21452.91	21246.57	21240.14
High (a)	21289.59	21811.31	21854.11	21633.88	21682.33
Low (a)	21071.31	21315.89	21559.46	21401.14	21326.45
Change	+191.89	+548.72	-202.58	-153.23	+81.99

Theoretical (t): High 21957.41 Low 20947.91

Actual (a): High 21854.11 Low 21071.31

Dow Jones 15 Utilities (dishon: 1.3184475319683)

Open (t)	1119.67	1113.51	1110.53	1110.87	1088.28
Open (a)	1118.74	1116.72	1112.21	1106.17	1091.04
10:00	1117.29	1101.59	1099.70	1101.48	1090.08
10:30	1129.86	1101.55	1102.31	1098.42	1092.36
11:00	1124.59	1103.26	1097.87	1102.25	1099.67
11:30	1125.03	1107.90	1096.33	1101.75	1098.82
12:00	1122.47	1110.27	1094.72	1100.23	1101.68
12:30	1123.03	1109.30	1101.78	1098.29	1103.68
1:00	1120.26	1113.48	1096.80	1094.82	1104.98
1:30	1119.51	1112.36	1098.84	1093.40	1104.70
2:00	1119.04	1114.54	1096.74	1094.09	1104.34
2:30	1118.76	1113.31	1096.98	1095.00	1103.61
3:00	1117.31	1111.99	1098.40	1099.97	1101.10
3:30	1118.13	1116.01	1098.70	1098.41	1101.32
Close	1119.86	1111.97	1105.01	1097.40	1098.78
High (t)	1135.98	1127.99	1113.28	1113.71	1107.70
Low (t)	1105.95	1093.51	1089.19	1088.92	1080.82
High (a)	1129.95	1117.83	1112.21	1111.16	1105.20
Low (a)	1111.41	1098.49	1092.03	1091.11	1082.40
Change	-1.78	-7.89	-10.96	-3.61	+1.38

Theoretical (t): High 1135.98 Low 1080.82

Actual (a): High 1129.95 Low 1082.40

Dow Jones 65 Composite (dishon: 0.8175186394287)

Open (t)	16781.98	17001.25	17159.98	17139.46	16966.07
Open (a)	16712.06	16945.44	17149.66	17130.31	16960.77
10:00	16801.73	16954.49	17237.34	17063.69	16987.44
10:30	16829.65	16948.33	17209.44	17061.36	17018.65
11:00	16814.87	17041.45	17161.62	17045.42	17022.95
11:30	16792.99	17041.20	17135.69	17031.17	17023.24
12:00	16800.33	17084.25	17133.40	17000.46	17020.04
12:30	16790.05	17104.98	17146.16	17011.24	17024.52
1:00	16768.83	17114.12	17150.09	17007.30	17045.68
1:30	16770.86	17125.14	17138.78	16980.68	17044.62
2:00	16796.21	17120.66	17137.96	16992.79	17026.69
2:30	16805.89	17119.79	17119.38	17004.40	17014.01
3:00	16802.07	17117.33	17132.01	17001.65	17010.22
3:30	16816.14	17130.69	17131.04	16981.62	17044.35
Close	16828.19	17107.61	17105.20	16974.46	17023.69
High (t)	17025.51	17309.45	17372.04	17267.46	17182.04
Low (t)	16574.71	16771.68	16943.55	16846.94	16823.74
High (a)	16853.91	17151.95	17246.95	17153.77	17056.55
Low (a)	16712.06	16925.12	17102.47	16962.05	16918.55
Change	+176.68	+279.42	-2.41	-130.74	+49.23

Theoretical (t): High 17372.04 Low 16574.71

Actual (a): High 17246.95 Low 16712.06

Trading Diary

Market Advance/Decline Volumes

Daily	Aug 3	4	5	6	7
NY Up	881,256	973,945	577,472	462,399	755,006
NY Off	379,623	437,496	714,105	784,076	385,700
NY Up- Comp.	3,678,053	4,052,833	2,485,017	2,022,756	3,405,180
NY Off- Comp.	1,482,946	1,792,858	1,085,396	1,263,704	1,569,356
NYSE Amer UP	15,983	17,410	13,783	10,883	26,516
NYSE Amer Off	1,881	2,631	6,082	6,051	1,970
NASD Up	8,890,739	7,939,334	4,184,050	4,400,807	5,526,038
NASD Off	1,674,397	1,684,143	4,854,608	4,469,846	2,519,772
NYSE Acca UP	242,060	254,369	162,732	89,002	226,131
NYSE Acca Off	87,585	105,700	191,227	203,614	66,294
% (QCAHA)	+1.05	+1.05	-.20	-.34	+.78
% (QACH)	+1.64	+1.89	+1.19	+.27	+1.89
% (QCHAQ)	+2.12	+2.01	-.34	+.01	+1.27

Market Advance/Decline Totals

Weekly Comp.	NYSE	NYSE Amer	Nasdaq	NYSE Acca
Total Issues	2,672	303	5,324	2,632
Advances	1,772	207	3,712	2,202
Declines	1,072	89	1,442	414
Unchanged	28	7	170	16
New Highs	312	12	669	707
New Laws	160	21	411	184

Week ended last Friday compared to previous Friday

NYSE Composite Daily Breadth

Daily	Aug 3	4	5	6	7
Issues Traded	2,839	2,840	2,833	2,841	2,828
Advances	1,915	1,859	1,141	1,064	1,807
Declines	847	905	1,609	1,691	949
Unchanged	77	76	83	86	72
New Highs	100	132	147	103	81
New Laws	39	32	55	72	45
Blocks - primary	4,304	4,345	4,185	4,109	4,320
Total (000) - primary	1,269,102	1,426,327	1,302,137	1,256,362	1,154,035
Total (000)	5,201,475	5,106,943	5,615,648	5,330,807	5,019,979

NYSE American Composite

Daily	Aug 3	4	5	6	7
Issues Traded	297	297	297	293	296
Advances	210	194	164	143	190
Declines	82	94	141	112	102
Unchanged	5	9	12	18	4
New Highs	3	6	5	2	2
New Laws	6	4	6	10	5
Blocks - primary	153	192	193	163	228
Total (000) - primary	17,995	20,381	20,562	17,566	28,521
Total (000)	239,898	327,451	349,220	271,908	1,107,584

Nasdaq

Daily	Aug 3	4	5	6	7
Issues Traded	5,025	5,057	5,021	5,024	5,026
Advances	3,598	3,659	2,336	2,035	3,245
Declines	1,253	1,249	2,723	2,821	1,628
Unchanged	174	149	162	168	153
New Highs	174	295	288	169	229
New Laws	168	83	92	114	107
Blocks - primary	80,821	53,000	60,471	50,409	46,014
Total (000)	11,118,462	9,717,928	9,116,077	8,936,852	8,183,977

NYSE Acca Composite

Daily	Aug 3	4	5	6	7
Issues Traded	2,659	2,662	2,664	2,662	2,495
Advances	2,182	2,323	1,178	696	2,339
Declines	461	312	1,426	1,925	301
Unchanged	16	27	60	41	35
New Highs	225	589	535	130	281
New Laws	113	39	41	22	21
Blocks - primary	1,499	1,576	1,871	1,462	1,310
Total (000) - primary	330,899	363,261	360,357	295,579	294,150
Total (000)	1,911,121	2,045,592	1,949,602	1,708,953	1,673,619

Other Market Indexes

Daily	8/03	8/04	8/05	8/06	8/07
NYSE Amer Comp	8359.73	8461.25	8441.62	8487.60	8524.65
BNY ADR Mix	270.53	272.85	272.33	273.59	275.67
Europe	241.44	242.27	241.56	242.66	244.78
Latin Am	278.96	276.54	275.61	274.75	271.89
Asia	357.55	363.25	362.72	364.73	367.39
Emery M	595.59	606.09	601.97	605.09	608.08
BJ US TSM FInst	75232.21	76623.37	76437.21	76207.08	76854.08
Nasdaq Cmp	29913.90	26584.99	26363.44	26348.35	26690.62
100 Index	28776.80	29733.16	29487.79	29373.33	29722.30
Index.	13023.69	13027.31	12945.92	12897.15	13044.12
Insur.	16667.82	16730.51	16647.22	16761.38	16698.57
Banks	5467.65	5512.69	5489.51	5443.40	5421.67
Computer	26750.40	27663.25	27493.58	27476.97	27744.27
Tolocem	481.25	512.59	476.32	491.79	528.48
NYSE Comp.-z	24255.53	24462.07	24513.81	24484.06	24595.24
Financial-z	11650.45	15703.46	15757.73	15694.58	15675.46
Health Caco	22189.75	23015.26	23458.71	23498.07	23732.02
Energy-z	18772.99	18613.04	18226.72	18527.37	18329.19
Baseeff 1000	4318.42	4213.69	4204.36	4196.80	4227.99
2000	2981.91	3036.98	3019.19	3001.55	3034.49
3000	4321.32	4399.97	4389.55	4380.92	4414.12
Value-v	2498.25	2522.29	2518.14	2517.05	2513.49
Growth-v	4867.81	5003.78	4989.50	4972.93	5019.31
MidCap	4424.51	4498.39	4475.08	4453.29	4507.47
S&P 100 Index	2751.99	3820.67	3814.48	3815.19	3839.04
500	7600.50	7736.52	7723.55	7709.96	7757.64
Ind.	11152.80	11378.97	11356.10	11342.70	11428.97
MidCap	3880.42	3868.47	3847.33	3834.39	3885.57
SmallCap	1798.18	1828.54	1811.84	1797.50	1811.16
Value Line(A)	14595.61	14446.03	14368.25	14272.37	14431.77
Value Line(E)	688.10	699.79	695.58	690.31	697.58
BJ US Small TSM(3)	31260.01	20775.11	20567.12	20408.12	20638.78

(A)-Arithmetic Index, (E)-Geometric Index.

(c)-Value 1000 and Growth 1000. (y)-Dec. 31,1949=50. (z)-Dec. 31,2002=3000.

---

50

BARRON'S

August 10, 2026

DATA

MARKET LABORATORY

BARRONS.COM/DATA

The Week In Stocks For the Major Indexes

12-Month			Weekly		Friday		Weekly	12-Month		Change From
High	Low		High	Low	Clear	Chg.	% Chg.	Chg.	% Chg.	12/31	% Chg.
Deve Jones Indexes
54349.12	43975.09	30 Indus	54349.12	53178.41	54036.93	1551.90	2.96	9861.32	22.32	5973.64	12.43
23933.14	15067.87	20? Group	21779.91	21231.19	27506.09	466.79	2.22	6365.68	40.19	4148.90	23.90
1190.23	1048.33	15 Utilities	1119.86	1097.40	1098.78	-22.86	-2.04	-14.69	-1.32	30.71	2.88
17107.61	13757.92	65 Comp	17107.61	16828.19	17023.69	372.18	2.24	3189.63	23.06	2080.43	13.92
Deve Jones Indexes
76854.08	62750.36	US TSM Float	76854.08	75233.21	76854.08	2747.25	3.71	13799.75	21.89	9352.57	13.86
1886.52	1541.87	US Market	1886.52	1846.60	1886.52	67.17	3.69	331.70	21.33	225.10	13.55
1328.33	1035.49	Internet	1326.97	1296.60	1326.97	67.96	5.40	87.22	7.03	94.00	7.62
New York Stock Exchange
24595.24	20483.16	Comp-z	24595.24	24255.53	24595.24	487.70	2.02	4071.00	19.84	2591.31	11.78
15757.73	12671.92	Financial-z	15757.73	15650.45	15675.46	134.39	0.86	2493.41	18.24	1555.30	9.45
29237.20	22656.30	Health Care-z	28723.02	28095.26	28723.02	347.62	1.23	6066.72	26.78	1861.45	6.93
19774.57	13387.77	Energy-z	18772.99	18226.72	18329.19	-74.67	-3.75	4867.83	36.16	4165.16	29.22
NYSE American Stock Exchange
9270.24	6098.20	NYSE Amer Comp	8524.65	8359.73	8524.65	76.51	0.91	2333.51	37.69	1657.86	24.14
Standard & Poor's Indexes
3839.04	3087.62	100 Index	3839.04	3751.99	3839.04	148.06	4.01	668.36	21.08	406.70	11.85
7757.64	6343.72	500 Index	7757.64	7600.50	7757.64	267.92	3.58	1568.19	21.41	912.14	13.32
11428.97	9757.54	Indus	11428.97	11552.80	11428.97	458.84	4.18	2207.77	23.94	1488.78	14.98
3885.57	3109.89	MidCap	3885.57	3800.42	3885.57	126.95	3.38	763.53	24.38	580.43	17.56
1828.54	1350.24	SmallCap	1828.54	1797.50	1811.16	42.60	2.41	459.11	33.96	343.40	23.40
Nasdaq Stock Market
27093.90	20794.64	Comp	26690.62	25913.90	26690.62	1316.76	5.19	5240.59	24.43	3448.62	14.84
30660.60	22953.38	100 Index	29733.16	28776.80	29722.30	1448.10	5.12	6111.03	25.88	4472.46	17.71
13418.96	11677.63	Indus	13044.12	12897.15	13044.12	289.24	2.27	877.44	7.21	534.52	4.27
16761.38	13606.76	Insur	16761.38	16647.22	16698.57	218.43	1.33	1397.05	9.33	1142.39	7.34
5515.39	4101.39	Banks	5512.69	5421.67	5421.67	17.33	0.32	1146.92	26.83	828.73	18.04
28369.17	19748.69	Computer	27744.27	26750.40	27744.27	1578.43	6.03	7089.74	34.33	4953.98	21.75
679.71	465.09	Telecom	528.48	476.32	528.48	63.39	13.63	26.55	5.29	19.27	3.78
Russell Indexes
4227.99	3464.50	1000	4227.99	4138.42	4227.99	151.61	3.72	736.03	21.08	495.12	13.26
3036.98	2216.51	2000	3036.98	2981.91	3034.49	103.16	3.52	816.08	36.79	552.59	22.26
4414.12	3611.24	3000	4414.12	4321.32	4414.12	157.94	3.71	788.88	21.76	531.35	13.68
2531.49	1917.72	Value-v	2531.49	2498.25	2531.49	57.16	2.31	608.30	31.63	459.92	22.20
5182.00	4137.29	Growth-v	5019.31	4867.81	5019.31	254.49	5.34	529.78	31.80	254.79	5.35
4507.47	3654.57	MidCap	4507.47	4424.51	4507.47	138.22	3.16	801.85	21.64	662.39	17.23
Others
14446.03	11384.92	Value Line-a	14446.03	14195.61	14431.77	448.45	3.21	3005.91	26.31	2217.20	18.15
699.79	590.50	Value Line-p	699.79	688.10	697.58	19.52	2.88	94.52	15.67	69.27	11.02
21436.69	15255.82	D/U/S Small TSM	20775.11	20260.01	20638.78	758.82	3.82	5339.45	34.90	3713.47	21.94
4590.01	3592.31	Barron's Next 50	4120.28	4004.74	4120.28	191.85	4.88	-8.93	-0.22	-40.90	-0.98
1672.23	1318.70	Barron's 400	1672.23	1640.47	1665.57	46.67	2.88	335.91	25.26	252.64	17.88

High/Low's are based upon the daily closing index. p-Atthemetics Index. G-Genometric Index. V-Value 1000 and Growth 1000 p-Dec. 31,1965=50 p-Dec. 31,2002=5000

U.S. Dollar Index vs Euro and Yen

Dollars and Yen: Weak jobs data made a rate hike less likely, and the dollar a less appealing currency. The yen held its value, after the previous week's interventions by the governments of Japan and the U.S. Measuring the dollar against six currencies, the ICE U.S. Dollar Index slipped 0.3% on the week.

Coming U.S. Auctions

Monday	Yields (%)
		When Issued*	Last Auction
$92.0 bil	3-month	3.806	3.750
$79.0 bil	6-month	3.921	3.855
Tuesday
$58.0 bil	3-year	4.264	4.179
Wednesday
$42.0 bil	10-year	4.653	4.580
Thursday
$25.0 bil	30-year	5.205	5.058
* As of Friday afternoon.

144 Filings

SEC Form 144 must be filed by holders of restricted securities (also called letter stock) who intend to sell shares. Shares indicated: the number to be sold. Sales Units: the approximate date of the sale. (Sometimes shares aren't sold, even though their owner has filed a Form 144.) Source: LSEG Data and Analytics

Company	Shares			Sale Date	Seller	Title
	Sym	Indicated	$ Value
Swap	SNAP	2,000,000	10,909,710	8/5/26	Murphy, Robert	OD
Butterfly Network	BFLY	1,876,292	13,340,436	7/31/26	Hobkins, Larry	D
Caribline Properties	CURB	1,500,000	45,375,000	8/4/26	Ottis, Alexander	D
Moderna	MINA	499,246	28,956,268	8/5/26	Kanozi, Stephane	OD
Life Time Group	LTH	479,240	21,552,450	7/31/26	Buss, Eric	O
Pet Energy	PEF	468,139	32,555,660	8/3/26	Nimbley, Thomas	D
Maja Investment	MTG	445,601	13,653,231	8/3/26	Culver, Curt	D
Life Time Group	LTH	438,257	19,765,391	7/31/26	Akradi, Bahram	O
Oklo	OKLO	400,000	15,532,000	8/3/26	Dowiths, Jacob	CEO
Oklo	OKLO	400,000	15,532,000	8/3/26	Cochran, Caroline	CO

Indexes' P/Es & Yields

DJ latest 52-week earnings and dividends adjusted by Dow Divisions of Friday's close. SAP Doc. 6-quarter's GAAP earnings as reported and indicated dividends based on Friday close. SAP 500 P/E ratios based on GAAP earnings as reported. For additional earnings, series, shares refer to items, controls.com. DJ latest available book values for FY 2024 and 2023, and SAP latest for 2023 and 2022. r- Revised data

	Last Week	Prev. Week	Last Year
DJ Ind Avg	54036.93	52485.03	64175.61
P/E Ratio	23.01	22.43	24.47
Earns Yield %	4.35	4.46	4.09
Earns $	2348.14	2340.17	1805.65
Divs Yield %	1.41	1.45	1.65
Divs $	760.78	760.78	726.81
Mkt to Book	6.77	6.58	5.55
Book Value/$	7981.11	7931.11	7964.47
DJ Trans Avg	21506.09	21039.30	15340.41
P/E Ratio	30.85	30.80	32.47
Earns Yield %	3.24	3.25	3.08
Earns $	697.05	653.04	472.47
Divs Yield %	1.15	1.17	1.59
Divs $	247.04	246.98	244.61
Mkt to Book	5.35	5.23	3.92
Book Value/$	4022.00	4022.00	3914.65
DJ Utility Avg	1098.78	1121.64	1113.47
P/E Ratio	17.68	18.84	20.54
Earns Yield %	5.66	5.31	4.87
Earns $	62.14	59.54	54.22
Divs Yield %	2.91	2.85	2.74
Divs $	31.98	31.97	30.50
Mkt to Book	2.41	2.46	2.36
Book Value/$	455.54	455.54	472.26
SAP 500 Index	7757.64	7459.72	6389.45
P/E Ratio	NA	NA	29.49
Earns Yield %	NA	NA	3.39
Earns $	NA	NA	216.69
Divs Yield %	NA	NA	1.23
Divs $	NA	NA	78.59
Mkt to Book	NA	NA	5.42
Book Value/$	NA	NA	1178.57
SAP Ind Index	11428.97	10970.10	9221.20
P/E Ratio	NA	NA	33.31
Earns Yield %	NA	NA	3.00
Earns $	NA	NA	276.86
Divs Yield %	NA	NA	1.07
Divs $	NA	NA	98.67
Mkt to Book	NA	NA	7.25
Book Value/$	NA	NA	1272.56

Per Share Values of Stocks

In the Dow Jones Averages

This is a list of the Dow Jones trading 52-week diluted share earnings, dividends and book values as reported by the company. Bolded numbers indicate new values. Sources Barron's Stats and FactSet.

Industrial Units

	Earns	Book Shrs. Value		Earns	Book Shrs. Value
Am Exp	16.48	3.54	43.11	McDonalds	12.31
Ampers	16.09	9.80	90.95	Merrick Co	1.25
Apple	8.72	1.05	3.77	Microsoft	16.26
Bowley	(5.44)	180	(5.22)	NYODIA	6.53
Caterpillar	23.24	6.16	40.78	Nike Inc	2.09
Chevron Corp	50.43	6.98	86.90	Proc Gum	6.52
Cisco Sys	2.08	1.66	11.34	3M Co	5.63
Coca-Cola	3.33	2.08	5.78	Sanfer.com	8.64
Disney Melt	4.85	1.50	55.57	Stone Oil	10.42
Coltman Sands	64.79	17.00	158.00	Travdoc Cos	27.34
Home Depot	14.08	9.26	6.68	UnidHealth	15.54
Hollywood	22.44	4.70	28.65	Alphabet	19.91
IBM	11.37	6.73	29.48	Visa	11.76
Jason Linton	8.63	5.24	29.70	Amazon	12.43
J-WinzeCase	23.34	6.00	116.07	Wal-mart	2.85

Transportation Stocks

AlabiaX Insq	(1.57)	Nil	35.51	Kirby Corp	6.50	Nil	54.54
FedEx Freight				Landstar Sys	3.86	1.60	27.54
ArkAdap (Ex)	(18.17)	Nil	(66.49)	Matson Inc	14.96	1.46	80.36
CIA Nabisco	5.24	2.51	14.51	Nat'l Sutton	11.72	5.40	63.21
CITA Corp	1.73	0.54	6.58	Old Dominion	5.19	1.14	19.93
DeltaX (Jax)	6.03	0.78	23.66	Rydor Sys	12.29	3.64	74.07
Equifax (eIF)	6.87	1.58	16.11	Southern Oil	1.63	0.72	17.44
FedEx	18.51	5.57	117.96	Uni Pacific	12.35	5.52	27.95
Hawk (JB)	6.46	1.79	39.92	UPS	5.38	6.56	19.58
UbrTobin (e)	4.01	Nil	10.23	UniteOil (ms)	10.22	Nil	38.66

Utility Stocks

Anisicilla Ins	5.83	3.78	50.56	First Energy	2.45	1.82	21.60
JonesMkt Res	5.77	3.38	53.01	HerEx Energy	4.45	2.38	24.36
Almac Energy	10.86	3.87	78.31	Pub Ex Eert	6.07	2.60	32.36
CassEd	7.83	3.48	63.29	Swiss Energy	3.45	2.61	46.62
Domesticorp	2.67	2.67	50.82	Southern Co	4.28	2.98	30.27
Duke Energy	6.66	4.24	63.34	Visita	7.26	0.91	9.11
EdExex Eert	9.73	3.46	36.18	Xial Energy	3.65	2.33	33.99
Exelon	2.73	1.64	26.79

Stock Volume

	Last Week	Prev. Week	Year Ago	YOI % Chg
NYSE(a)	6,407,762	6,481,152	5,659,689	13.22
30 Dow Inds (b)	2,508,126	2,928,691	2,450,338	2.36
20 Dow Trans (b)	373,119	386,116	701,526	-46.81
15 Dow Ohls (b)	377,143	351,642	324,085	16.37
65 Dow Stks (b)	3,256,387	3,666,451	3,475,950	-6.26
NYSE American(a)	104,624	92,192	97,701	7.09
Nasdaq(d)	47,073,296	45,650,229	41,567,349	13.25
NYSE 15-Most Active
Average Price	12.24	19.25	13.48	-9.20
% Tot Val	13.25	13.52	14.40	-7.99
Stock Offerings $(c,v)	10,172,870	2,188,940	5,323,000	91.11
Daily Stock Volume	8/3	8/4	8/5	8/6
NYSE(a)	1,269,102	1,426,327	1,303,137	1,256,162
30 Inds (b)	604,868.7	588,352.0	524,200.9	420,811.5
20 Trans (b)	65,125.8	70,147.8	92,204.9	77,064.1
15 Mth (b)	69,984.2	87,563.5	76,386.7	76,339.7
85 Stks (b)	759,970.7	738,064.9	692,469.2	575,435.2
NYSE Amer(a)	17,995	20,381	20,562	17,166
Nas(d)	11,118,462	9,717,928	9,116,077	8,936,852

NYSE 15-Most Active Avg. Price 21.15 41.02 19.21 18.39 13.79 % Tot Val 13.78 13.93 14.52 15.44 13.50

NYSE HALF-HOURLY VOLUME

Daily	8/03	8/04	8/05	8/06	8/07
9:30-10:00	121,668	117,481	120,220	116,626	109,056
10:00-10:30	44,920	47,321	50,672	47,612	47,613
10:30-11:00	39,199	42,015	43,327	41,749	39,129
11:00-11:30	35,080	37,665	37,442	36,474	37,280
11:30-12:00	29,327	36,382	32,716	32,743	31,330
12:00-12:30	27,594	30,759	29,494	29,885	28,823
12:30-1:00	23,711	30,965	24,569	27,429	23,614
1:00-1:30	22,012	29,911	23,748	24,368	23,089
1:30-2:00	23,134	29,670	27,010	23,443	22,534
2:00-2:30	26,337	31,379	27,614	28,231	25,780
2:30-3:00	28,355	32,506	29,068	26,050	27,503
3:00-3:30	39,901	46,557	40,320	39,646	40,640
3:30-4:00	807,864	913,717	815,938	782,106	697,644

Selected IPOs

	Ticker	Initial Offer Price	IPO Date	Recent Price	%Chg
Attovia Therapeutics	ATTO	17.00	8/5	20.17	18.6%
Braveheart Bio	BRVE	18.00	8/6	30.00	66.7%
Latipo Biotherapeutics	LTGO	18.00	8/7	18.25	1.4%
River City Bank	RCBC	45.00	8/6	47.00	4.4%

Investor Sentiment Readings

High bullish readings in the Consensus stock index or in the Market Vane stock index usually are signs of Market tops; low ones, market bottoms.

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August 10, 2026

BARRON'S

51

DATA

MARKET LABORATORY

BARRONS.COM/DATA

Dow Jones U.S. Total Market Industry Groups

Top 20 Weekly Ranked	IG-Sym	Net Change				% Change and Ranking					52 Week
		Close	Wkly	YTD	Week	Rank	Yr Ago	Rank	YTD	Rank	3 Yr	High
Business Training	D.USBE	129.53	+22.30	30.60	+20.80	(1)	+38.03	(52)	+30.93	(16)	-5.63	130.28
Mining	D.USMG	249.21	+42.14	25.78	+20.35	(2)	+56.00	(15)	+11.54	(59)	+41.24	300.11
Gold Mining	D.USPM	290.39	+48.86	31.09	+20.23	(3)	+61.47	(7)	+11.99	(55)	+44.48	350.21
Durable-Hold Pitts	D.USMD	160.04	+20.64	34.53	+14.81	(4)	+20.90	(49)	+27.51	(19)	-1.17	160.04
Electronic Equipment	D.USAE	2787.93	+327.59	949.79	+13.31	(5)	+81.43	(2)	+51.67	(1)	+45.89	3,178.46
Basic Resources	D.USBS	696.28	+75.47	134.32	+12.99	(6)	+64.83	(6)	+25.73	(24)	+26.11	664.67
Nonferrous Metals	D.USNF	931.30	+93.50	251.89	+11.16	(7)	+70.64	(4)	+37.07	(11)	+18.08	959.39
Recessional Products	D.USRP	250.80	+25.04	-27.28	+11.09	(8)	-31.79	(132)	-9.81	(118)	-23.68	407.68
Aluminum	D.USAL	171.39	+16.77	-10.15	+10.85	(9)	+66.68	(5)	-5.59	(115)	+13.78	286.24
Travel & Tourism	D.USTT	1368.11	+118.99	43.61	+9.53	(10)	+2.43	(91)	+3.29	(85)	+17.50	1,413.48
Semiconductor	D.USCC	40563.04	+3499.82	12,223.12	+9.44	(11)	+61.00	(9)	+43.13	(5)	+59.00	43,218.32
Software	D.USSW	7910.45	+656.77	-31.24	+9.05	(12)	-7.12	(112)	-39	(106)	+13.57	8,909.64
Industrial Metals & Mining	D.USIM	850.52	+63.10	243.19	+8.01	(13)	+76.38	(3)	+40.04	(7)	+19.64	883.69
Home Improvement/ETFs	D.USNE	796.53	+57.31	16.84	+7.75	(14)	-5.56	(109)	+2.16	(91)	+2.95	932.98
Electronic & Electrical Equip	D.USEE	1725.47	+122.76	508.91	+7.66	(15)	+53.87	(19)	+41.83	(6)	+38.55	1,907.59
Telecom Equipment	D.USCT	4020.93	+285.49	1,308.69	+7.64	(16)	+59.87	(10)	+48.25	(3)	+37.98	4,352.62
Technology Hardware & Equip	D.USTQ	14056.03	+881.24	3,860.62	+6.69	(17)	+59.53	(12)	+37.87	(8)	+44.00	14,854.55
Direct & Entertainment	D.USBE	1192.94	+70.47	-50.05	+6.28	(18)	+3.98	(88)	-4.03	(114)	+31	1,251.00
Computer Services	D.USDV	228.76	+13.44	-67.43	+6.24	(19)	-9.29	(117)	-22.77	(129)	+6.94	309.57
Airlines	D.USAR	294.22	+16.60	37.54	+5.98	(20)	+39.90	(25)	+14.62	(47)	+18.90	309.24

Top 20 Yr Ago Ranked	IG-Sym	Net Change				% Change and Ranking					52 Week
		Close	Wkly	YTD	Week	Rank	Yr Ago	Rank	YTD	Rank	3 Yr	High
Steel	D.USST	1013.41	+53.08	335.33	+5.53	(25)	+82.15	(1)	+49.45	(2)	+21.26	1,028.00
Electronic Equipment	D.USAE	2787.93	+327.59	949.79	+13.31	(5)	+81.43	(2)	+51.67	(1)	+45.89	3,178.46
Industrial Metals & Mining	D.USIM	850.52	+63.10	243.19	+8.01	(13)	+76.38	(3)	+40.04	(7)	+19.64	883.69
Nonferrous Metals	D.USNF	931.30	+93.50	251.89	+11.16	(7)	+70.64	(4)	+37.07	(11)	+18.08	959.39
Aluminum	D.USAL	171.39	+16.77	-10.15	+10.85	(9)	+66.68	(5)	-5.59	(115)	+13.78	286.24
Basic Resources	D.USBS	696.28	+75.47	134.32	+12.99	(6)	+64.83	(6)	+25.73	(24)	+26.11	664.67
Gold Mining	D.USPM	290.39	+48.86	31.09	+20.23	(3)	+61.47	(7)	+11.99	(55)	+44.48	350.21
Commercial Vehicles	D.USNR	8583.68	+258.34	2,310.70	+3.10	(47)	+61.06	(8)	+36.84	(12)	+28.37	9,727.72
Semiconductor	D.USSC	40563.04	+3499.82	12,223.12	+9.44	(11)	+61.00	(9)	+43.13	(5)	+59.00	43,218.32
Telecom Equipment	D.USCT	4020.93	+285.49	1,308.69	+7.64	(16)	+59.87	(10)	+48.25	(3)	+37.98	4,352.62
Trushing	D.USTX	2153.15	+33.74	584.44	+1.59	(75)	+59.56	(11)	+37.26	(9)	+7.23	2,512.78
Technology Hardware & Equip	D.USTQ	14056.03	+881.24	3,860.62	+6.69	(17)	+59.53	(12)	+37.87	(8)	+44.00	14,854.55
Hotel & Lodging (EETs)	D.USNE	127.61	-10.08	33.27	-7.32	(134)	+57.06	(13)	+35.27	(14)	+13.09	139.94
Oil Equipment & Svcs	D.USDI	367.85	+2.20	90.73	+60	(101)	+56.13	(14)	+32.74	(15)	+4.37	422.51
Mining	D.USMG	249.21	+42.14	25.78	+20.35	(2)	+56.00	(15)	+11.54	(59)	+41.24	300.11
Computer Hardware	D.USCR	17886.74	+1491.4	3,536.05	+88	(93)	+55.94	(16)	+25.90	(21)	+24.56	18,285.02
Pharmaceuticals	D.USPR	1239.85	+19.23	563.09	+1.58	(78)	+55.66	(17)	+15.15	(44)	+35.14	1,366.94
Heavy Construction	D.USHV	3089.97	+39.20	953.33	+1.28	(88)	+55.65	(18)	+44.62	(4)	+41.16	3,638.48
Electronic & Electrical Equip	D.USEE	1725.47	+122.76	508.91	+7.66	(15)	+53.87	(19)	+41.83	(6)	+38.55	1,907.59
Pharmaceuticals & Biotech	D.USPN	1491.10	+34.52	156.96	+2.37	(57)	+42.76	(20)	+11.76	(56)	+12.60	1,503.01

Groups are weighted by capitalization. 52-week highs and lows are based on daily closes. Dec. 31, 1991=100. In the U.S. listings, % val chg column shows the change from previous 65-day moving average. Volume figures do not reflect extended trading hours.

Delta Market

Sentiment Indicator

The Delta MSI measures the position of unrepresentative set of stocks relative to an intermediate-term moving average crossover (MAC) point. When greater than 50% of the stocks are above this MAC point, the market is bullish. When the indicator is below 50%, the market is bearish and risk is elevated. Manager uses discretion on asset allocation when MSI is at 50% +/- 3%.

Bullish

Current Sentiment

68.2%

Last Week

66.2%

2 Weeks ago

63.0%

3 Weeks ago

Current Market Exposure: 100% Equities, 0% Bonds, 0% Hedged Equity, 0% Cash Source: Delta Investment Management www.billish.com, (415) 249-6337

Pulse of the Economy

Daily includes new reports.Economic Growth and Investment	Latest Date	Latest Data	Preceding Period	Year Ago	Yrs/Yr % Chg
No Activity for this Week
Production
Electric power, (mil. boches) (EB)	Aug 1	100,254	98,077	99,367	0.89
Petroleum, related capacity, %	July 31	96.5	97.2	96.9	-0.41
Rotary rips running, U.S. & Can., (Hoglers)	Aug 7	804	807	719	11.82
Steel, (thous. tons)	Aug 1	1,070	1,858	1,792	4.94
Steel, rated capacity, % (AISI)	Aug 1	81.0	80.5	78.7	2.92
Consumption and Distribution
Factory shipments, (bil. $)	June	652.14	653.19	602.99	8.15
Instant Research Redback Avg. (monthly %)	Aug 1	-1.42	1.20	1.53	...
Ratio Dry Index	Aug 7	3,057	2,732	2,051	49.05
Wholesale sales, (mil. $)	June	794,101	818,652	696,018	14.09
Inventories
Domestic crude oil, (Trans. bbls) Comm. (Ext. Loose Stal)	July 31	406,987	404,508	425,662	-3.94
Factory inventories, (bil. $)	June	962.92	962.04	946.20	1.77
Gasoline, (thous. bbls)	July 31	391,658	211,301	227,082	-7.67
Wholesale inventories, (mil. $)	June	944,710	943,113	916,639	4.20
Orders
Factory orders, backlog (bil. $)	June	1,983.6	1,580.99	1,669.11	8.26
New factory orders, (bil. $)	June	656.55	658.84	631.47	7.37
Nondurable goods orders, (bil. $)	June	321.13	324.99	299.71	7.15
Purchasing management index	July	55.6	53.3	48.4	14.88
Trade
Merchandise trade balance (bil $)	June	-102.11	-105.97	-85.64	19.23
Inflation

American Debt and Deficits

	Latest Report	Preceding Report	Year Ago Report	Yr over Yr % Chg
Federal Budget Deficit (bil. $)-a	2,000FY'28	2,025FY'27	2,065FY'26
Budget Surplus/Deficit (bil. $)-b, June	-120.31	-292.65	+27.01	-545.43
Trade Deficit (bil. $ -a) -b, June	-73.26	+77.65	-58.70	24.80
Treasury Gross Public Debt, (bil. $)-d	39,829.7	39,799.6	36,838.9	8.12
Treasury Statutory Debt Limit (bil. $)-d	41,104.0	41,104.0	41,104.0	0.00
Consumer Installment Debt (bil. $)-e, June	5,166.9	5,152.7	5,044.1	2.43

Sources: a-Office of Management and Budget, b-Monthly Treasury Statement, c-Monthly Commerce Dept. Report, d-Daily Treasury Statement, e-Monthly Federal Reserve Release.

Adjustable Mortgage Rates

	Aug 7	Jul 31	Yr. Ago	Y01% Chg
1 Year Treas Bills	4.08	4.10	4.05	0.74
2 Year Treas Notes	4.26	4.30	3.87	10.08
3 Year Treas Notes	4.32	4.33	3.83	12.79
5 Year Treas Notes	4.39	4.40	3.91	12.28
10 Year Treas Notes	4.67	4.66	4.35	7.36
20 Year Treas Bills	5.19	5.16	4.88	6.35
FHFA PMMS+ July	6.35	6.35	6.80	-6.62

CBOE Put / Call Ratio vs. S&P 100

Readings in the CBOE equity put-call ratio of 60:100 and in the S&P 100 of 125:100 are considered bullish, for instance, Bearish signals flash when the equity put-call level reaches the vicinity of 60:100 and the index ratio hits 75:100.

Coming Earnings

	Consensus Estimate	Year ago
M
Hims & Hors Health (Q2)	$-0.05	$0.17
Y
Aramark (Q3)	0.48	0.40
Cardinal Health (Q4)	2.42	2.08
W
Virgin Galactic (Q2)	-0.64	-1.47
TH
Applied Materials (Q3)	3.39	2.48

Consensus Estimate

Day		Consensus Est	Last Period
W	July CPI	0.10%	-0.40%
TH	July PPI	0.10%	-0.30%
F	July Retail Sales	0.30%	0.20%
	June Business Inventories	0.20%	0.30%

Unless otherwise indicated, times are Eastern. a-Annonced.

F-Final; p-Proliminary; r-Raviourl Source: FactSet

For more information about coming economic reports

• excluded they mean - go to Barron's free Economic

Calendar at www.barrons.com

Conference Call Calendar

Company	Date	Time	Earnings-Related Period
Amcor PLC	August 12	8:00AM	Q4
Cardinal Health	August 11	8:30AM	Q4
Cisco Systems	August 12	4:30PM	Q4
Coharant	August 12	4:30PM	Q4
Ferguson Enterprises	August 10	8:30AM	Q2
Lamuntam	August 11	5:00PM	Q4
Simon Property	August 10	5:00PM	Q2
Super Micro Computer	August 11	5:00PM	Q4
Tapestry...	August 13	8:00AM	Q4
Trimble	August 12	8:00AM	Q2
Source: LSBS

Yearly Hi/Lo Barron's Gold Mining Index

The yearly Barron's Gold Mining Index price; with a high/low range based on the weekly close.

Year	High	Date	Low	Date
2026	2770.71	Feb 26	1914.51	July 16
2025	2147.74	Dec 24	934.66	Jan 02
2024	1108.41	Sept. 26	751.77	Feb 29
2023	983.45	Jan 26	744.74	Nov 09
2022	1228.34	Mar 24	684.61	Sept 29

Foreign Exchange

Country	Foreign Currency in U.S.$ Fri.	Foreign Currency in U.S.$ Last Fri.	U.S. $ in Foreign Currency Fri.	U.S. $ in Foreign Currency Last Fri.
Argentina (Pesa)-y	.0007	.0007	1498.9292	1486.2253
Australia (Dollar)	.7068	.7021	1.4148	1.4243
Bahrain (Dinar)	2.6520	2.6520	.3771	.3771
Brazil (Real)	.1962	.1966	5.0976	5.0876
Canada (Dollar)	.7172	.7131	1.3943	1.4021
Chile (Pesa)	.001095	.001075	913.56	910.40
China (Rominids)	.1482	.1481	6.7471	6.7575
Colombia (Pesa)	.0003167	.0003158	1157.16	1166.44
Denmark (Krone)	.1546	.1542	6.4680	6.4837
EcuadorUS Dollar	1.0000	1.0000	1.0000	1.0000
Egypt (Pound)-y	.0201	.0195	49.7961	51.5559
Hong Kong (Dollar)	.1275	.1275	7.8450	7.8422
Hungary (Twist)	.003181	.003159	314.18	316.57
Iceland (Krone)	.008500	.000221	123.34	123.14
India (Rupee)	.01051	.01048	95.138	95.403
Indonesia (Rupiah)	.0000562	.0000555	17801	18029
Israel (Shekel)	.3335	.3270	2.9985	3.0581
Japan (Yen)	.006337	.006354	157.80	157.38
Kazakhstan (Tanya)	.002135	.002509	468.48	474.22
Kuwait (Dinar)	3.2395	3.2348	.3087	.3091
Macau (Poteca)	.1237	.1238	8.0821	8.0804
Malaysia (Ringgit)-b	.2445	.2448	4.0901	4.0852
New Zealand (Dollar)	.5695	.5879	1.6964	1.7010
Norway (Krone)	.1051	.1056	9.5113	9.4797
Oman (Rail)	2.6007	2.6007	.3845	.3845
Pakistan (Rupee)	.00360	.00360	277.830	277.867
Philippines (Pesa)	.01645	.01634	60.786	61.182
Poland (Zlaty)	.2689	.2675	3.7783	3.7788
Qatar (Rial)	.2744	.2734	3.6445	3.6571
Saudi Arabia (Riyal)	.2663	.2666	3.7548	3.7515
Singapore (Dollar)	.7824	.7797	1.2782	1.2825
South Africa (Rand)	.0620	.0604	16.1420	16.5574
South Korea (Wee)	.0007103	.0006930	1407.90	1442.93
Sri Lanka (Rupee)	.0030	.0030	315.3800	315.3700
Sweden (Krone)	.1054	.1050	9.4877	9.5261
Switzerland (Franc)	1.2375	1.2382	.8081	.8076
Taiwan (Dollar)	.03101	.03095	32.251	32.311
Thailand (Baht)	.03027	.02992	33.040	33.420
Turkey (New Lira)-d	.0290	.0310	47.6991	47.9327
Ukraine (Hryvnia)	.0223	.0223	44.8500	44.7500
U.K. (Pound)	1.3491	1.3482	.7412	.7417
Euro	1.5559	1.5529	.8651	.8674

Special Drawing Rights (SDR) are based on exchange rates for the U.S., British, and Japanese currencies. Source: International Monetary Fund. a-Russian Central Bank rate. b-Government rate. d-released as of Jan. 1, 2005. p-floating rate.

Money Rates

	Latest Week	Prev. Week	Yr Ago
Discount Rate (NY)	3.75	3.75	4.50
Prime Rate (base)	6.75	6.75	7.50
Fed Funds Rate
Avg effective offer	3.64	3.64	4.33
Avg weekly auction-c	3.63	3.63	4.33

T-Bills Rate

13 weeks, Coupon Yield	3.838	3.906	4.268
13 weeks, Auction Rate	3.750	3.915	4.165
26 weeks, Coupon Yield	3.986	4.081	4.118
26 weeks, Auction Rate	3.855	3.945	3.980
Avg weekly auction-c	3.73	3.77	4.23
Drake/ Call Rate	5.50	5.50	6.25

Bankers Acceptances

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52

BARRON'S

August 10, 2026

DATA

MARKET LABORATORY

BARRONS.COM/DATA

Barron's Gold Mining Index

12-Month High	Low	R/G	7/10	Year Ago	Week % Chg.
27/10.71	10/6.53	Gold mining	2/68.90	20/3.14	10/36.50

Gold & Silver Prices

DJ Energy	8/7	7/11	Year Ago
Gold, top pace (rst month future) price	4340.70	4049.10	3439.10
Silver, troy ounce	63.33	57.59	38.42
Base for pricing gold and silver contents of shipments and for making refining settlement.

Coins	Price	Premium %	Premium %
Krogerand	4502.93	173.42	4.00
Maple Leaf	4552.29	216.78	5.00
Mexican Pesa	4255.32	3.00	-0.15
Austria Crown	4252.67	3.00	0.07
Austria Phil	4552.29	216.78	5.00
U.S. Eagles	4552.29	216.78	5.00

Premium is the amount over the value of the gold content in the coin. Source: Manfro, Tordella & Brookes, Inc. Bullion spot gold price €335.51

Gold Performance

Deflating: Poor job numbers and an oil pullback lifted gold 7%, to $4,341 an ounce.

Federal Reserve Data Bank

One week ended Aug 5:

Member Bank Reserve Opn. (Mkt.5)	Latest Week	Prev. Week Change	Year Ago Change
U.S. Gov't securities:
Bought outright	6,458,111	-2,509	+130,710
Federal agency water:
Bought outright	2,347	...	...
Reserve bank credit:
Primary Credit	6,253	+597	+713
Secondary Credit	...	...	...
Seasonal Credit	45	+2	+1
Float	-219	+12	+165
Other F.R. Assets	44,652	-570	+1,209
Total Fed Credit II	6,696,248	-2,955	+103,532
Gold stock	11,041	...	...
SDR Certif. Accounts	15,200	...	...
Traxx. Curr. Outst.	53,312	+14	+728
Total	6,793,087	-2,513	+104,160
Currency in circ	2,473,058	+2,088	+70,919
Traxx. Cash Hldgs	324	+4	-88
Traxx. Fed Deposits	907,324	-3,452	+486,281
Foreign Fed Deposits	9,458	-11	+24
Other Fed Deposits	245,627	-11,147	+22,280
Other FR liab/cap	-176,778	+2,447	+6,899
Total factors	3,801,739	-11,291	+443,104
Reserves F.R. banks	2,993,349	+8,779	-339,143
For hold U.S. debt	2,926,045	+8,289	-299,334

Reserve Ago (Mkt.5) Month Ended: June	Latest Month	Prev. Month	Month % Chg.	Year Ago
Total Reserves:	3,018,800	3,078,800	-1.95	3,356,000
Nonborrowed Res	3,012,000	3,072,700	-1.98	3,349,800
Borrowed Reserves	6,842	6,117	11.85	6,201
Monetary Base	5,488,400	5,538,900	-0.91	5,748,200

Weekly Bond Statistics

New Offerings, (mil $) (c)	Last Week	Prev. Week	Yr Ago
Corporate (z)	62,717	14,172	10,229
Municipal (z)	14,761	7,431	5,357

Best Grade Bonds-y

(Barron's index of 10 high-grade corporate bonds.)
	4.67	4.74	4.44

Interim-Grade Bonds-y

(Barron's index of 10 medium-grade corporate bonds.)
	5.30	5.38	5.10

Confidence Index

(High-grade index divided by intermediate-grade index; decline in letter vs. former generally indicates rising confidence, pointing to higher stocks.)
	88.1	88.0	87.1

Other Confidence Indicators:

Bloomberg Barclays US Long Treasury*

(This index measures the performance of fixed-rate, nominal US Treasuries with at least 10 years to maturity. Jan. 1, 1973=100.)
	3127.25	3096.09	3131.40

Bloomberg Barclays US Credit

(This index includes all publicly issued, fixed-rate, non-convertible, investment-grade, dollar-denominated, SEC-repistered corporate debt.)
	3368.78	3358.97	3290.84

Band Buyer 20 Bond Index

(Index of yields of 20 general obligation municipal bonds.)
	4.70	4.71	5.20

Band Buyer Municipal Bond Index

(Index of all actively-funded tax-exempt bonds; component issues are changed regularly to keep the index a current picture of the market. Source: The Bond Buyer
	4.78	4.77	5.04

Stock/Bond Yield Gap-s

(Difference between yield on highest-grade corporate bonds and yield on stocks on the O.H.A.)
	-3.26	-3.29	-2.79

Yield on 20 Equal Weight US Corp Bond Ids:

Corp Bonds, (y)	5.72	5.72	5.11

v-Week ended Thursday, y-Yield to maturity, week ended Thursday, z-Source: LSEG. *Barclays T-Bond Index discontinued by firm.

Dividend Payment Boosts

Company Name-Title Symbol (Exchange)	Adjusted Yield	Period	To	From	% Increase	Record Date	Ex-Div Date	Payment Date
BP ADR-BP (NYSE)	4.9	Q	.5196	.4992	4.1	8-14	8-14	9-18
Broadridge Finl Solutions-BR (NYSE)	2.4	Q	1.09	.975	11.8	9-03	9-03	10-05
Clearway Energy CIC-CWEN (NYSE)	5.6	U	.475	.4676	1.6	9-01	9-01	9-15
Corso-CLX (NYSE)	4.7	Q	1.25	1.24	0.8	8-12	8-12	8-28
Equinox Gold-EQX (NYSE AMER.)	0.6	U	.0225	.015	50.0	8-19	8-19	9-02
Federal Realty Invt Trust-FRT (NYSE)	3.9	Q	1.16	1.13	2.7	10-01	10-01	10-15
Genco Shipping & Trading-GNK (NYSE)	5.6	U	.80	.35	128.6	8-17	8-17	8-24
Gerdau ADR-GAB (NYSE)	2.0	U	.037864	.034751	9.0	8-21	8-21	9-18
ICL Group-ICL (NYSE)	3.6	Q	.05811	.047065	23.5	9-02	9-02	9-16
Ingram Micro-IMSM (NYSE)	1.2	Q	.086	.084	2.4	8-11	8-11	8-25
Karat Packaging-KRT (Nasdaq)	4.3	U	.47	.45	4.4	8-21	8-21	8-28
Altera Realty-KIM (NYSE)	4.6	Q	.28	.26	7.7	9-04	9-04	9-17
Midland States Bancorp-MSBI (Nasdaq)	3.9	Q	.33	.32	3.1	8-14	8-14	8-21
Occidental Petroleum-OXY (NYSE)	1.9	U	.28	.26	7.7	9-10	9-10	10-15
Okanios Eco Tankers-ECO (NYSE)	15.0	Q	5.25	2.00	162.5	8-14	8-14	8-21
OUTFRONT Media-OUT (NYSE)	3.9	U	.33	.30	10.0	9-04	9-04	9-30
Star Bulk Carriers-SBLK (Nasdaq)	3.6	U	.90	.50	80.0	8-21	8-21	9-03
Terrena Realty-TENO (NYSE)	3.1	U	.57	.52	9.6	9-30	9-30	10-09
TXO Partners-TXO (NYSE)	11.9	Q	.40	.36	11.1	8-14	8-14	8-21
Vale ADR-VALE (NYSE)	6.2	S	.308842	.150352	105.4	8-13	8-13	9-10
Warner Music Group-WMG (Nasdaq)	2.9	U	.20	.19	5.3	8-20	8-20	9-01

Dividend Payment Reductions

Company Name-Title Symbol (Exchange)	Adjusted Yield	Period	To	From	% Decrease	Record Date	Ex-Div Date	Payment Date
AngloGold Ashanti-AU (NYSE)	4.1	Q	.72	1.16	-37.9%	8-21	8-21	9-04
BlueOral Capital-OBDC (NYSE)	11.0	U	.02	.31	-93.5%	8-31	8-31	9-15
G. Will-Food Intl-WILC (NCM)	5.0	Q	.47	.51	-7.8%	8-18	8-18	9-03
Lloyds Banking Group ADR-LYG (NYSE)	2.7	S	.083967	.100052	-35.4%	8-10	8-10	9-25
Manulife Financial-MFC (NYSE)	2.7	U	.346164	.352074	-1.7%	8-21	8-21	9-21
NatWest Group ADR-NWG (NYSE)	4.5	S	.3222	.62071	-48.1%	8-14	8-14	9-18
Novo Nordisk ADR-NVO (NYSE)	2.8	U	.407362	1.217376	-66.5%	8-17	8-17	8-25
Pearson ADR-PSO (NYSE)	2.1	S	.110273	.234639	-53.0%	8-14	8-14	9-21
Rentskill Initial ADR-RTO (NYSE)	2.2	S	.224	.412	-45.6%	8-14	8-14	9-22
Smith & Nephew ADR-SNN (NYSE)	2.6	S	.312	.482	-35.3%	10-02	10-02	11-06
Suncor Energy-SU (NYSE)	2.6	Q	.426612	.43181	-1.2%	9-04	9-04	9-25
TriplePoint Venture Grw-TPVG (NYSE)	17.6	U	.06	.23	-73.9%	12-16	12-16	12-30

Stock Splits/Dividends

Company Name-Title Symbol (Exchange)	Amount	Record Date	Ex-Div Date	Pay Date
IES Holdings-IESC (Nasdaq)	2-for-1	8-14	8-24	8-21

Special Dividends

Company Name-Title Symbol (Exchange)	Amount	Record Date	Ex-Div Date	Pay Date
NONE

Week's Dividend Payment

This list includes payouts on common stocks.

NASDAQ

Nasdaq (August 10)
Five Star Bancorp .25
Ohio Valley Banc .25
Old Second Bancorp .07
Sierra Bancorp .27
South Plains Financial .18

Tuesday (August 11)

RRB Bancorp .16
Texas Instruments 1.42
Wednesday (August 12)
Cracker Barrel .25
Hingham Institution Savs .63
Lake Shore Bancorp .09
Smart Sand .10

Thursday (August 13)

Apple .27
Bank of Marin Bancorp .25
Cap Clean Energy Carriers .76
Dorchester Minerals 1.273
Hanover Bancorp .10
TriMax .04

Friday (August 14)

1st Source .45
Alliance Resource Ptrs .60
Banner .52
Casey's General Stores .65
Donegal Group CLA .192
Donegal Group CIB .175
First Interstate Banc .47
GE HealthCare Teds .035
Home Bancorp .32
Independent 8th Michigan .28
Kaiser Aluminum .77
Lifetime Bonds .043
Martin Midstream Ptrs .009
Mid Penn Bancorp .23
Park-Ohio Holdings .125
PCB Bancorp .22
Plains All Amer Pipeline .417
Plains Of Holdings .417
Westamerica Bancorp .48

Saturday (August 15)

NONE
Sunday (August 16)
NONE

Week's Dividend Payment

NYSE

Nasdaq (August 10)
Air Products & Chemicals 1.81
American Express .95
Blackstone 1.29
Carrier Global .24
Citavers .03
Deere 1.62
Delek Logistics Partners 1.135
Delek US Holdings .255
Ennis .25
Equitable Holdings .30
Grape Avail Assinters ADR .014
Wels Markets .34

Tuesday (August 11)

Archerck .23
Metropolitan Bank .35
Neuro Businesses .152
Nokia ADR .046
Nocer .56
Suburban Propane .325

Wednesday (August 12)

Antlers Midstream .225
Derian LPG 1.00
Las Vegas Sands .30

Thursday (August 13)

Bancs-Bradness Ord ADR .003
Bancs-Bradness Ord ADR .002
Black Stone Minerals .32
Citizens Financial Group .46
Constellation Brands A 1.03
Cross America Partners .525
DR Herion .45
H.R. Fuller .245
Kabush .36
Kraft Offshore Partners .075
Marine Maritime Ptrs .06

Friday (August 14)

AMVife .173
Accenture CIA 1.63
AES .176
Ally Financial .30
Aon .02
Cadre Holdings .10
Cheniere Energy Pter .02
Chunghwa Telecom ADR 1.603
Colgate-Palmolive .51

CSW Industrials .30
Enterprise Phts Partners .56
Federated Hermes .38
Genesis Energy .20
Global Partners .76
Hess Midstream .789
Lazard .50
Marsh .99
Merpart Stanley 1.15

MPLX 1.077

Northwest Natural .493
OneMain Holdings 1.05
Onerk 1.07
PennRock Royalty Trust .023
Phoenix Educ Partners .21
RepealTrak .02
SouthState Bank .66
Targa Resources 1.25
TXNM Energy .423
Unam Group .505
Virtus Inst Partners 2.40

Saturday (August 15)

Week's Dividend Payment

NYSE American

Monday (August 16)

NONE
Tuesday (August 11)
NONE
Wednesday (August 12)
Briley Explorations Premn .40
Thursday (August 13)
NONE

Friday (August 14)

Templeco Financial .70
Saturday (August 15)
NONE
Sunday (August 16)
NONE

Week's Ex-

Dividend Dates

NYSE

Tuesday (August 11)
Alcoa .30
American Water Works .095
Delby Laboratories CIA .16
Essential Utilities .160
FB Financial .21
Ford Motor .31
HF Sinclair .525
Ingram Micro .086
Kensamatal .20
Nemad Foods .17
Ryan Specialty Holdings .13
Southern Copper .130
Tusca .17
Visa CIA .67

Wednesday (August 12)

AerCap Holdings .40
AllianceBernstein .82
Bank of Butterfield .50
Brown & Brown .165
Clarca .125
Del Monte .30
Employers Holdings .34
Ethan Allen .39
Ethan Allen .25
Home BancShares .23
Konvax .21
Peabody Energy .075
Sonata Technologies .12
Target .136
United Rentals .137
WisdomTrea .03

Thursday (August 13)

Blue Owl Capital .23
CoastalSouth Bancshares .05
Comfort Systems USA .90
Entergy .64
HomeTrust Bancshares .15
Imperial Rand .02
Oshkosh .57
Salt Bulkers .075
TJK Cos .48
Vale ADR .309
ValiantMaterials .52
Western Alliance Bancorp .42
Westside Chem Partners .471

Friday (August 14)

AGCO .30
Amurant Bancorp .09
Applied Indl Tacks .51
Beacon Financial .322
Boss Allen Hamilton .59

Top 5 Insider Purchases by Company in 2026

Company	Number of Spro Insiders	Number of Shares	% Value	Avg. Price
Townshank	TOWN 55	58,196	1,982,895	$34.07
EW Scripps	SSP 19	1,706,522	7,378,893	$4.32
Columbia Financial	CLERK 16	477,874	4,778,740	$50.00
Asap	ASAN 15	16,375	1,671,881	$19.42
Quantinuum	QNT 10	161,032	9,661,920	$60.00

Top 5 Insider Sales by Company in 2026

Coreineuve	CRINV 64	8,578,023	804,367,336	$93.77
Doladog	DDOG 42	2,165,607	668,901,071	$212.33
Ions Pharmaceuticals	IONS 33	1,065,472	82,432,357	$77.37
Vicor	VICR 32	986,684	231,927,653	$235.06
Liquidia	LQDA 31	1,490,052	79,139,082	$53.11

Week's Ex-

Dividend Dates

NYSE American

Tuesday (August 11, 12, 13)

NONE
Friday (August 14)
Seaboard .2.25
Int. Sec. Mon (August 11, 16, 17)
NONE

BP ADR .515
Biotron Group .125
CF Industries Holdings .60
CDI CA .121
Calvary & Group .42
Church & Dwight .308
Coneford & Co B .08
Crawford CIA .08
CRN .39

---

August 10, 2026

BARRON'S

53

DATA

MARKET LABORATORY

BARRONS.COM/DATA

Week's

New Highs and Lows

NYSE

312

New Highs

160

New Lows

Nasdaq

669

New Highs

411

New Lows

NYSE American

12

New Highs

21

New Lows

Only includes COMMON and REIT stocks

NYSE American

NEW HIGHS

BarHarborBkshs
GretTerraEner
IMCareEarths
InfoSystem
LegatoMergerIV
NewPacificMetals
OptimumBank
ParkNational
SifcoInd
SMJ Intl
Ticketplus

NEW LOWS

AbundiaGibi
ActiniumPharm
BiomX
Birks
DDCEnterprise
Intellinetics
KNOREX
MegaMatrix
NFT
PicardMedical
Reed's
StablecoinDevt
Ticketplus
Toppoint
TrioPetroleum
Vantage
Verve

Nasdaq

NEW HIGHS

10xGenomics
AcadiaPharm
AclarisTherap
ACNB
Adamas
AdaptiveBiotech
AeonAcqnl
Agonus
Airbnb
AirT
Aldabra4Liquid
AtenutFinancial
Allient
Amazon.com
AMCGlobalMedia
AmeriServFin
Amgen
AmylyxPharm
AngioDynamics
AnikaTherap
ApertureAC
ApogenTherap
Archimedell
ArmadaAcqnlII
Arxis
AsiaBockley
Atlanticus
ATN Intl
AttoriaTherap
AudioCodes
AvitaMedical
Avnet
AyaGold&Silver
Backblaze
BankFirst
BankwellFinl
BendingSpoons
BHXVAcqn
BillionToOne
Biodexix

BioFrontera

BioLifeSolns
Bioventus
BitcoinInfrAcqn
BiotchroederIII
Bloomin'Brands
BlossomHillTherap
BlueportAcqnA
BogotaFinl
BOK Fin
BoundlessBio
BraveheartBio
BroadwayFin
BurkeHerbert
BIJBU
C&F Fin
CamdenNational
CapitalCityBank
CapitalFedFin
CareDx
CarGurus
CarterBkshrs
CassInfoSys
CathayGenBncp
CelldexTherap
Central Banco
CentralGarden
CentralGardenA
ChampionsGateA
CheesecakeFct
ChefsWarehouse
ChemungFinl
ChurchillCapC.XII
CitiTrends
CitizensFinlSvc
CityHolding
CivistaBcshrs
ClimbBio
CmclBancorp
CmmyTrfGcp
CNB Fin PA
CollectiveAcqnlI
CorsairGaming
CPCCard
CrimticsPharm
Crocs
CrowdStrike
CrownReservel
CSLM Digital III
CumberlandPharm
CVD Equipment
Cybin
Datadog
DefneumTherap
DelcathSystems
DevCom
Diamondrock
Digilintl
DigitalTurbine
DistributionSoln
Dropox
DrugyModelsAm
DXP Ents
DyncTherap
EDAP TMS
EloxxPharm
EmmisAcqn
Enact
EncoreCapital
EnlivemTherap
ePlus
Escalade
EstablishLabs
EuroDry
Euroseas
Expedia

Expensity
FarmersNatlBanc
Fastenal
FennecPharm
FidelityD&D
FinestOutInns
FinwardBancorp
FirstAdvantage
FirstBancorp
FirstBusey
FirstBusFinSvcs
FirstCitizBcsha
FirstCommBkshs
FirstFinancial
FirstInternetBncp
FirstNatIVA
FirstSeacoastBncp
FirstTracksBio
Five9
Flexsteel
Fluent
ForresterRes
Fortinet
Fossil
FreedomMtsAcqnA
FriedmanInds
Frontdoor
Funke
FutureMoney
FutureVisionII
FVCBankcorp
G-IIIApparel
GH Research
GigaCloudTech
GigCapital9
Global-GOnline
Globalstar
GlobaTerra
GlobusMaritime
GoexxA
GreatSouthernBncp
HalfChadwickA
HalozymeTherap
HanoverBancorp
HarvardAveA
HavthornBcsh
HealthEquity
HealthStream
HenrySchein
HomeBancorp
Honest
HopeBancorp
ICU Medical
IdeaAcqn
IES Holdings
Illumina
IndepBMI
IndigoAcqn
InflectionPIV
Innospec
InsightEnt
Interface
IovanceBiotherap
ITHAXAcqnlII
JABAcqnIA
JakksPacific
JATTIACqn
JazzPharm
JetBlue
JohnMarshallBncp
K&F Growthll
Kaltura
KaratPkg
Karoooo
KearnyFinancial
KellyServices A
Kingstone
KocharDefense
KY FirstFedBncp
LakeSuperiorA
LatigoBiotherap
LaunchTwoAcqnA
LB Pharm
LeapfrogAcqn
LegacyHousing
LibertyLatAmA
LibertyLatAmC
LifetimeBrands
LindbladExped
Liquidia
LiquiditySvcs
LivaNova
MagyarBancorp
MalpMining
MarketWise
MasterBeef
MatchGroup
MBX Biosci
McKinleyAcqnA
MechanicsBncp
MidlandStBncp
MillerKnoll
MillicomIntl
MonoparTherap
MountainCrestAcqnA
Natera
NatlBankshares
NatlHthcrProp
Navan
NB Bancorp
Neogen
NeoGenomics

NetApp
Neutron
NewBridgeAcqn
NewsCorp B
NexxonIntl
NMP Acqn
NN
Noodles
Nordson
NorwoodFin
Novanta
NurixTherap
ObsidianTherap
OdysseyTherap
Old2ndBcp
OldNatBncp
OmniAb
OneSpan
OP Bancorp
OpertunFin
OrionEnergySys
OristownFinSvcs
OrthoPediatrics
OrukaTherap
OTGAcqnl
OxleyBridgeAcqn
PaciraBioSci
PaloAltoNtxvks
PalomaAcqnI
PAMI
ParalilisMedicines
Park-Ohio
ParkeBancorp
Paysign
PioneerAcqnIA
PonceFinl
Popular
PraxisPrecision
Precigen
PreformedLine
PrincipalFinl
PrivateBncpAmerica
ProtagonistTherap
ProvidentFin
PubMatic
PulseBiosciences
PumaBiotech
PyxisTankers
QCR Holdings
Qualys
Quantumsphere
QuinStreet
RapportTherap
RedRobin
RedViolet
RemitiyGlobal
Replimune
RepublicBcpKYA
RevolutionMed
RiminiStreet
RockyBrands
Roku
RomanDBDR II
RossStores
RRE Ventures
RsrchAllianceIII
RsrchAllianceIVA
RushEnt A
RushEnt B
Sabre
SafetyInsurance
SAIHEAT
ScanSource
ScienceApplicat
ScribeTherapInc
SeacoastBkgFL
SeanergyMaritime
SEI Investments
Septerna
ShoreBancshares
SilenceTherap
SimmonsFirstNat
SionnaTherap
SkywardSpecIns
SnowRothschild
SolarusCapA
SoMO Bancorp
SophiaGenetics
SoundFinBancorp
SouthernCrossI
SouthernFirstBcsh
SPACSphereAcqn
SpyreTherapeutics
Stagwell
Star
StarBullCarriers
StarlingOncology
StarrySeaAcqn
StellarVCapA
StevenMadden
StoneBridgeAcqnII
TCGAcqnIA
TexasRoadhouse
TF5 Finl
ThayerVenturesII
ThelInvestmentHouse
TimberlandBncp
Transcat
TranslationalDev
TravereTherap
trivago
Trustmark

TwinDisc
TwistBiesci
UPP Tech
UMB Fin
UnitedBkshrsWV
UnitedFine
UroGenPharma
Viatris
VictoryCapital
VirginiaNatBksh
WashTrBcp
WaterstoneFinl
WenAcqnA
WesBanco
WestBancorp
WeycoGroup
WF
WingYipFood
WintergreenAcqn
WSFS Financial
Xencor
XMAX
Yunji
YXT.COM
ZebraTech
Zenta
ZiffDavis
NEW LOWS
ActuateTherap
AdaptHealth
AddexTherap
AIAl
AIRWA
Algorhythm
AlphaTech
ALPS
AmerCoastalIns
AmericanBitcoin
Angi
AntalphaPlatfm
AntelopeEnterprise
AppLovin
AquaMetals
Ardelyx
ARS Pharm
AtlanticAmerican
AtlasCriticalBsh
AttoriaTherap
Auddia
AutozInternet
AvalancheTreasury
AvaxOneTech
BarfreshFood
BeyondSpring
BicycleTherap
BinahCapital
BingEx
bioAffinityTech
Biomerica
BioStemTechs
BioVie
BioichroederIII
BlossomHillTherap
BlueGold
BonNaturalLife
BraveheartBio
BRBI BR Ptts
BrennillerEner
BridgeAerospace
BridylfordFoods
BTC Digital
Clns
CaliberCos
Canace
Cardlytics
Carecloud
CCH
Cellectis
CelsiusHldg
ChainscDigital
ChampionsOncology
Chancoblntl
ChinaSXTPharm
CleanEverFuels
Cloudastructure
CogentComm
CollegiumPharm
ColumbusCircell
Commerce.com
ContextTherap
CoreAI
CreativeMedTech
CVRx
Darktris
DataMedsAI
Defvec Tech
DermataTherap
DLH Holdings
DragonflyEnergy
E-Power
EasternIntl
EdibleGarden
ElectraBatteryMts
ElongPower
enCorEnergy
ErgcalPwr
Estrellaimmuno
EvokctionMts
Exicare
ExynTech
FastTrack
Femasys

FigureTechSolns
FingerMotion
FlashSports&Media
ForemostCleanEner
Founder
FranklinWireless
FreedomMtsAcqnA
FTAI Infra
FusionFuelGreen
FutureFinTech
GameYourGame
Genprex
GeospaceTech
GladstoneLand
GMEXRobotics
GreenproCap
Gyrodyne
HaoulHItbTech
Harte-Hanks
HealthcTriaangle
Heartbeam
HeritageGlobal
HertzGlobal
HitekGlobal
HoneywellAero
HuadiIntl
HubCyberSecurity
JIVerticals
JNBbio
InflectionPtA
InnovizTech
Inseego
InstinctBioTechnCo
Insulet
IntelligentGrp
iPower
IPStrategy
IQM Quantum
ISpecimen
JABAcqnIA
JIADE
JinMedicalIntl
JupiterNeurosci
KaryopharmTherap
KerosTherap
KeystoneAcqn
KIDZAI
KorulMedSys
KWaveMedia
LakefrontBiotherap
LaRosa
LatigoBiotherap
LeMaitreVascular
LexariaBioscience
LexosTherap
LiBangIntl
LibertyDefense
Limbach
LinkersIndustries
LionGroup
LiqTechIntl
Locafy
LogInIndustries
LZ Technology
MaisonSolutions
Masonglory
MedivomHther
MicroVision
MiraPharm
ModularMed
MoleculinBiotech
MyriadGenetics
NaturalHthTrends
NeuroOneMed
NeuroSense
NewGenivf
NexeraTech
NexGel
NextTechnology
NextTrip
NiagenBio
Nomadar
NutriBand
Nuwellis
OFA Group
Ohmyhome
Olenoxinds
Onfolio
Organogenesis
OriginAgritech
PapaJohn's
ParkHaBio
PhathomPharm
Pilgrim'sPride
PlanetTherap
PowerComposite
Primech
PurpleBiotech
RadiopharmTher
RainExhTech
RamacoRscsA
RamacoRscsB
ReconTech
RedHillBio
ReinTherap
Ridgetech
RMGMLSports
RadcyMtnChoc
SagtecGlobal
SanuwaweHealth
SenesTech
Sentage

Cactus
CardinalHealth
CenterraGold
CentralPacFin
ChainBridgeBncp
CharlesRiverLabs
Chemed
Cinemark
ClearChannelOutdr
ClearSecure
ClearwaterPaper
Cloudflare
CoastalSouth
Cohen&Steers
ColonyBankcorp
Concentra
CoreCivic
Corpay
CostamareBulkers
CrawfordA
Crawford B
Crown Holdings
Cullen/Frnst
CustomTruck
CustomersBancorp
DHI Group
DPC
Danaos
DaVita
DellTech
DigitalBridge
DimeCinclBcs
Ducommun
Dynatrace
Eaton
EdgewellPersonal
ElancoAnimal
EnergyTransfer
Ennis
Enovalntl
Enviri
EquityBcs
ErmenepIsbZegna
EssentGroup
Elsy
ExpeditorsIntl
FB Financial
FedAprIMtg C
FedAprIMtg C
FederatedHermes
FirstBanCorp
FlotelIndustries
Floor
ForumEnergyTech
FranklinRscs
FutureFuel
GE Aerospace
Garmin
GatesIndustrial
Gerdau
GlobalIndl
GlobalPayments
Greif B
Greif A
Griffin
GuardianPharm
HP
HSBC
Haemometics
HamiltonBeach
HanoverIns
HavertyFurn
Heics
HeritageInsurance
HomeTrustBcsha
HowmetAerospace
Hyster-Yale
ING Group
Invesco
ITT
Imax
InnovexIntl
IntegerHoldings
IntlFlavors
IntlSeaways
J.Jill
JPMorganChase
JacksonFinl
JamesHardie
JerseyMike's
JohnsonControls
JonesLane
KB Financial
Koppers

KronosWorldwide	U-Haul N
Labcorp	USA TODAY
LincolnNational	US Foods
LiveOvalBcshs	Unifi
MPLX	UnitedRentals
MSC Industrial	US Bancorp
Macy's	V2X
Magnalntl	Victoria'sSecret
Manitowoc	Viking
Manpower	WEP
ManulifeFinl	WebsterFin
Marcus	WescIntl
MarriottVVacations	WestEnclave
Materion	Wiley B
MetalLife	Williams-Sonoma
MillerIndustries	WisdomTree
MizuhinFin	Yeti
MotorolaSol	Youdao
Movado	ZetaGlobal
Muellerinds
MyersIndustries	NEW LOWS
NatWest	AcresCmcIRity
NewMarket	AGI
NexPointRealEst	AMTD IDEA
NicoletBankhares	ATS
Nucor	Aptiv
OFGBancorp	B&G Foods
OceanCapAcqn	BlackstoneMtg
OceansCoaTankers	Braskem
Ooma	BrightView
Organon	CanadaGoose
Orix	Capri
PACS Group	CarriageSvcs
PNC Finl	Chimeralnvt
ParkerHannifin	Citizens
Paymentus	ClarysMtg
PinoucleFinPrs	ClaSiderurgica
PlutonianAcqnll	CrownCastle
Primrica	Liquare
PrimoBrands	EmergentBiosol
ProtoLabs	EmpireStateRealty
ProvidentFinSvcs	FlutterEnt
PrudentialFinl	FutureCorpSpaceA
Pyrophyta II A	GameStop
QuadGraphics	GettyImages
QuantumLeapAcqn	GranitePointMtg
RLJ1Lodging	GrayMediaA
RTX	Group1Auto
RaymondJames	GroveCollab
Reformation	Human
ReinsGrp	JGG SMITHProp
Reliance	LadderCapital
Renasant	LincolnIntl
RingCentral	LocalBountl
RobertHalf	LumentFinance
SeacerMarine	MBIA
Schwalc	NRG Energy
SeaportEnt	Natuzzi
SelectWater	NerdyA
SensientTech	NoahHoldings
SentineOne	StudioCity
ServisFirst	Telus
SharkNinja	TIM
ShinhanFin	Telephone&Data
Sinda	UsanaHealth
SkyHarbour	UWM
SmartFinancial	VernalCapAcqn
Snap-On	VerticalAerospace
Snowflake	Walker&Dunlop
Solventum	Waterdrop
SouthStateBk	Waterdrop
SpectrumBrands	Waterdrop
StanleyB&D	Waterdrop
SunCokeEnergy	WhiteHawkMlnls
Ternium	XPeng
Tapetry	YorkSpace
Target
TeledyneTech
Teleflex
TenetHealthcare
ThirdCoastBcshs
TrinityCapital
TrueBlue
TutorPerini
Twilio
U-Haul

Barron's 50-Stock Average

This index is a weighted average of 50 leading issues. Useful in security valuation. Source: Barron's 50st

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54

BARRON'S

August 10, 2026

OTHER VOICES

Promoting economic dynamism and protecting national security make perfect sense—but only when considered in isolation.

The Trump administration's restrictions on the use of Chinese AI models will harm U.S. companies.

How America's AI Strategy Plays Into China's Hands

Early in his second term, President Donald Trump staked out an accelerationist approach to artificial intelligence. Instead of restricting the spread of U.S. semiconductors, as his predecessor did, his administration would promote their export far and wide.

Fast-forward a year, and officials in his administration are sounding the alarm about China's AI advancements. They warn that China's AI labs are quickly closing the gap with their U.S. counterparts. Chinese labs, they say, are stealing intellectual property from

BY SAM BRESNICK The writer is a research fellow and an Andrew W. Marshall fellow at Georgetown University's Center for Security and Emerging Technology.

U.S. labs and using it to create capabilities that endanger our national security. The administration is now considering banning Chinese AI models.

Both of these approaches to the AI race are logical. Promoting economic dynamism and protecting national security make perfect sense—but only when considered in isolation. When patchworked together, these two strategies produce convoluted, discordant, and contradictory policies. Such incoherence is giving Chinese labs a runway to catch up in frontier AI.

Take, for example, the administration's efforts to sell Nvidia's powerful H2O0 chip to China. The Biden ad-

ministration restricted Nvidia from selling H2O0s to Beijing. In January, however, the Commerce Department cleared those chips for sale, and Trump mandated that 25% of the revenue would go into the government's coffers. By May, Commerce had approved 10 Chinese buyers. Among them were Alibaba Group, which the Defense Department subsequently added to its list of Chinese military companies, and ByteDance, the owner of an app, TikTok, that posed such concerning national security risks that Congress forced the sale of its U.S. operations to non-Chinese owners.

Those pushing for the H2O0 sales to China say we shouldn't be concerned because the chip has nowhere near the capabilities of Blackwells and Rubins, Nvidia's most advanced offerings. This is true, but it is also beside the point. The more salient comparison is between the H2O0 and the other chips that Chinese firms can legally purchase. The H2O0 is the best training semiconductor that Chinese labs can directly acquire, either from international or domestic companies. And the administration is fine giving it to them. That's strange, considering Chinese AI labs' offerings are rapidly approaching the frontier and have capabilities that threaten U.S. national security, including advanced cyber vulnerability detection.

While trying to control China's access to U.S. chips, the administration is working to sell them internationally. The idea is if you beat Chinese chip providers to global markets, the majority of the world will rely on U.S. infrastructure. So, despite security concerns, Commerce approved the sale of tens of thousands of Blackwells to Saudi Arabia and the United Arab Emirates.

Policies that encourage widespread exports of cutting-edge chips run the risk of easing Chinese companies' access to them. Chinese AI labs may not be able to legally buy these chips due to export controls, but they can rent them in third-country data centers. The White House recently accused the Chinese start-up Moonshot AI of training its latest large language model, Kimi K3, on Blackwell chips in Thailand.

The administration clearly knows about this loophole. It declines to close it. (The House-passed Remote Access Security Act would solve the problem. But, lacking the president's support, the bill has languished in the Senate.)

Why would the administration resist putting limits on which companies can access American-made semiconductors abroad? Because that would institutionalize conditions and audits that would dampen demand for the very technologies the administration is pushing. The White House wants massive sales volumes while outpacing China in AI, a needle that may prove impossible to thread.

The White House is right to be concerned about the security of Chinese AI, and U.S. government agencies shouldn't use it. But blanket restrictions on open-weight Chinese models in the absence of viable alternatives, will only harm U.S. companies. Hundreds of tech firms recently argued in a letter to the administration that a ban would raise costs and consolidate the domestic AI market around Anthropic, OpenAI, and Alphabet's Google. They make a good point: A prohibition on Chinese models could create risky market concentration and cede the open-weight model space to China.

A better approach is to support a vibrant open-weight and open-source ecosystem in the U.S. That was a central tenet of the AI Action Plan the administration set forth in July 2025. The plan encouraged the spread of these models, arguing that they are geostrategically important. It called for Washington to support their growth by making compute capacity available to start-ups and academics, among other initiatives. Unfortunately, in the year since, Chinese open-weight models have sprinted ahead. This should push the White House to double down on promoting the development of U.S. open-weight models that would give domestic tech companies more options and make U.S. labs more competitive with Chinese rivals.

Pushing for economic dynamism, of course, requires difficult national security trade-offs. The faster Trump realizes this, the quicker he can formulate a coherent AI strategy. B

Aaron Schwartz / AFP / Getty Images

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August 10, 2026

BARRON'S

55

RETIREMENT

About to Retire? The Market Is Cooperating.

BY ELIZABETH O'BRIEN

Retiring soon? Congratulations. It's a good time to take some risk out of your portfolio.

Advisors typically recommend that investors boost their bond allocation heading into retirement, and strong stock returns and rising bond yields have created attractive conditions for the move. The S&P 500 index is up 13% this year, while the yield on the 10-year Treasury note has climbed to 4.6%, up 0.46 percentage point.

"This is like the best of all worlds for retirees," says Brad Conger, chief investment officer at Hirtle & Co.

The sharp uptick in yields means paper losses for bondholders, since bond prices move inversely to yields. While that might be unsettling for retirees with existing bond portfolios, it presents a nice entry point for those adding to their fixed-income position.

Plump yields should also ease the sting of paring stock gains. The S&P 500 returned nearly 80% over the past three years, and while it might be tempting to let your winners continue to ride, investors nearing retirement are vulnerable to so-called sequence of returns risk—the risk of retiring into a downturn. Withdrawing money from a declining balance can deplete your savings much quicker than withdrawing from a rising or even flat balance.

There's no one-size-fits-all mix, but the classic 60/40 portfolio is a good place to start. If you have a generous pension, you can probably afford to have more than 60% in stocks. If market gyrations keep you up at night, you might prefer less. Exchange-traded funds like iShares Core 60/40 Balanced Allocation offer one-stop shopping for hands-off investors.

Volatility has abated for the moment, but it hasn't gone away. Strong earnings have propelled stock gains this month after a semiconductor selloff in late July.

Yet many expect more choppiness to come in both the equity and bond markets, where a trillion-dollar question looms: Will the massive capital expenditure that mega tech companies are making in their artificial-intelligence buildouts result in gains that justify their investment?

"As a society, we've made a gigantic bet on this working out," Conger says.

Hyperscalers like Amazon.com, Meta Platforms, and Oracle are financing their capital expenditure with cash and, increasingly, debt. Market participants have worried that these investments are eating into companies' free cash flow, leaving them more vulnerable if their bets don't pan out.

The bear case could be positive for bonds. If the AI buildout is a bust—that is, if it doesn't earn hyperscalers enough to recoup their investment or produce productivity gains without widespread unemployment—the economy could tip into a recession. The Federal Reserve would then have a clear case for lowering interest rates, pushing bond yields down and prices up.

Yet you don't have to expect the worst to feel comfortable. Over intermediate to longer horizons, the starting yield of the Bloomberg U.S. Aggregate Bond Index, known as AGG, is a strong predictor of your future total return. Right now, it stands around 4.9%, about two percentage points above the 15-year average, according to Vanguard. To be sure, inflation is higher than at other times during that period, reducing your real yield, but it's still a respectable starting point.

Current yields can provide protection against the kind of losses that fixed-income investors saw in 2022. At today's AGG levels, yields would have to rise more than 0.81 percentage point over the next 12 months before an investor loses money on a total-return basis, according to Vanguard—and that's a bigger cushion than most of the time in the past couple of decades. ■

MAILBAG

GLP-1s Are New. Proceed Cautiously.

To the Editor:

All of the diseases listed in this article are complications of obesity ("Here Comes the Next Wave of GLP-1s. They'll Treat a Lot More Than Obesity," Cover Story, July 31). GLP-1s help by reducing weight, but not as a cure for these disorders. GLP-1 molecules are new, and we don't know their long-term complications. One serious side effect and Eli Lilly stock could be halved.

Dr. Farid Khan On Barrons.com

To the Editor:

Who knew that one little GLP-1 pill might do so much? Lose weight today, protect your heart tomorrow, and maybe someday help prevent cancer, Alzheimer's, and even addiction. If this keeps up, the only thing it won't cure is my golf swing.

Martin Blumberg Melville N.Y.

Giving Back

To the Editor:

An outstanding article ("Warren Buffett's Worst-Ever Deal Benefits This Place the Most," Up & Down Wall Street, July 31). With so many people (mostly under 40) thinking that capitalism is bad, evil, greedy, etc., what a great way to be reminded that many of the great fortunes of successful Americans have found their way to doing good for many. As my wife and I consider the charitable gifts that will happen once we're gone, I'm grateful for this story of successfully giving back.

Doug Thompson On Barrons.com

Scarier Than Death

To the Editor:

"New Longevity Tools Show You May Be Saving Too Much for Retirement" (Retirement, July 30) states that surveys have

found that running out of money is scarier to most people than death. But what about the expense of long-term healthcare? Retirees may "oversave" because of this unknown, which can be financially devastating if sufficient funds aren't allocated for this possibility.

Steven R. Martin Northbrook, Ill.

Poor Excuse

To the Editor:

Many members of Congress who make huge profits from insider stock trading use the excuse that someone else is doing the trading ("Want to Be a Millionaire? Don't Start a Business. Run for Congress," Other Voices, July 31). Recall that former House Speaker Nancy Pelosi denied knowing about her lucrative stock trades, claiming that it was her husband who made the trades, not her. Ditto for current New Jersey Gov. Mikie Sherrill. When Sherrill was serving in the House of Representatives, her family made hundreds of thousands of dollars in undisclosed stock trades. She, too, said her husband handles these matters. Any new laws proposed by Congress to limit insider stock trading should outlaw these suspicious financial transactions by members of Congress. Any new laws should be just as strict as those governing the leaders of American businesses.

J.J. Crovatto Ramsey, N.J.

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M W L C N H I 2 H O R P

BARRON'S

4 8 3 F 2 D 6 7 9 0 A I

August 10, 2026

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