Banner
Value Week

Equities
The market indices were somewhat mixed for the week with the Dow closing at 30199.87 up 0.1%, the Nasdaq closing at 12804.73, up 0.4%, the S&P 500 closing at 3703.36 down 0.2%, and the Russell 2000 closing at 2003.95, up 1.7%. The VIX ended the week at 21.53 down 0.2%.

For the year the Dow is up 5.8%, the Nasdaq is up 42.7%, the S&P 500 is up 14.6%, and the Russell 2000 is up 20.1%. The VIX is up 0.1% for the year.

Oil and Gas

In the oil patch, WTI closed the week at $48.28, down 1.8%, Brent Crude closed at $51.29, down 1.9%, Natural Gas closed at $2.52, down 6.7%, and the 3-2-1 Crack Spread closed at $11.24 up 0.7%.

For the year WTI is down 21%, Brent Crude is down 22.3%, Natural Gas is up 15.1%, and the 3-2-1 Crack Spread is down 23%.

Bonds
Bonds ended the week with the 5YR Treasury at 0.36, down 5.3%, the 10YR Treasury at 0.92, down 2.1%, the 5YR Muni at 1.02, up 7.4%, the 10YR muni at 1.57 up 6.8%, the 5YR Corporate at 0.53, down 10.2%, and the 10YR Corporate at 1.24, down 15.1%.

For the year the 5YR Treasury is down 79%, the 10YR Treasury is down 52%, the 5YR Muni is down 32%, the 10YR muni is down 30%, the 5YR Corporate is down 74%, and the 10YR Corporate is down 50%.

Valuation WorkSheets

For the week the following fair value worksheets were updated.

Hormel Foods Corporation (NYSE: HRL) – FYE 10/2020 – REDUCE – The stock is currently trading at levels at or above my most recent $41 reduce target, but below my most recent $52 terminate target. Please See Linked PDF Worksheet. Financial statement data obtained from the company’s most recent Annual Report on Form 10-K.

Deere and Company (NYSE: DE) – FYE 10/2020 – OVER VALUED – The stock is currently trading at levels above my most recent $198 terminate target. Please See Linked PDF Worksheet.Financial statement data obtained from the company’s most recent Annual Report on Form 10-K.

Greif, Inc. (NYSE: GEF) – FYE 10/2020 – FAIRLY VALUED – The stock is currently trading at levels above my most recent $32 initiate target, but below my most recent $56 reduce target. Please See Linked PDF Worksheet.Financial statement data obtained from the company’s most recent Annual Report on Form 10-K.

The Toro Company (NYSE: TTC) – FYE 10/2020 – OVER VALUED – The stock is currently trading at levels above my most recent $68 terminate target. Please See Linked PDF Worksheet.
Financial statement data obtained from the company’s most recent Annual Report on Form 10-K.

Sanderson Farms, Inc. (Nasdaq: SAFM) – FYE 10/2020 – OVER VALUED – The stock is currently trading at levels above my most recent $58 terminate target. Please See Linked PDF Worksheet.Financial statement data obtained from the company’s most recent Annual Report on Form 10-K.

Readers are reminded that I am a long-term, buy and hold investor, practicing a value investing philosophy. I am not a licensed or registered investment professional. Unless otherwise noted, I currently have NO investment position in any of the companies mentioned herein.