The Trump Tax

The Republican economic platform primarily contains policies designed to benefit business and the

wealthy. However, Donald Trump broke with Republican tradition by running on a populist platform of

less trade, more manufacturing jobs, lower drug prices, better healthcare, and a promise to make the

wealthy pay more in taxes. Many of these policies—e.g., less trade and lower drug prices—are

expensive for corporations and certainly not a normal part of the Republican platform. Which set of

policies will win? The stock market can tell us.

The election of Trump to the Presidency of the United States was unexpected. Almost all pollsters, like

Nate Silver, and betting markets predicted a Clinton victory. Thus the news shock makes a perfect

experiment with which to examine stock markets. We can learn what Republican economic policies will

be from the movement in stock prices that night.

A stock price encapsulates expectations about future profits of a company. Before the election, those

future profits were forecast assuming Democratic regulatory policies. By Tuesday night, November 8th,

analysts had to rethink the value of each stock under a Republican regime. Many stock prices rose

sharply. In the Appendix we describe the stock market data and the regression model we used to

measure the changes. Below is a table, grouped by industry, of the largest winners from Tuesday to

Wednesday. A full set of company-level abnormal returns is presented in the Appendix.

Why would these particular stocks change sharply in value? There was a big difference between the

profits they expected to earn under a Democratic president and those expected under a Republican one.

Below are some of the policies that increase profits under Republican presidents, which likely drove

stock price increases. They are divided into two groups, those that represent ordinary price increases

and those that represent increased government spending and therefore increased demand for an

industry. Steel could go in either category, as the price increases are likely to be driven by increased

tariffs on foreign steel as well as increases in demand.

Price increases:

0.00% 2.75% 5.50% 8.25% 11.00% 13.75%

Iron & Steel

Biotechnology

Defense

Pharmaceuticals

Financial Services

Infrastructure Construction

Industries with at least a significant 3% stock price increases on Wed Nov 9

Financial Services (banks, asset management, consumer finance, life insurance): 4 percent increase.

Republicans plan to roll back banking regulations so that banks can charge more and higher fees; they

plan to roll back Dodd-Frank so that banks are once again lightly capitalized and can take risks as they

did before the crisis.

Pharmaceuticals (pharmaceutical manufacturers and retailers): 5 percent increase. Democrats had plans

to restrain the levels and increases in the price of pharmaceuticals. Republicans have no policy to

restrain pricing of pharmaceuticals.

Biotechnology (biotech): 6 percent increase. Democrats had plans to restrain the levels and increases in

the price of biologic drugs, many of which are extremely expensive. Republicans have no policies to

restrain price increases.

Demand increases:

Construction (building materials and fixtures, heavy construction, industrial machinery and suppliers): 4

percent increase. An increase in infrastructure construction and building raises demand.

Iron and Steel (the only firm contained in this category is the American firm Nucor): 10 percent increase.

An increase in infrastructure construction plus tariffs on Chinese steel will raise steel prices.

Defense: 5 percent increase. Republicans will spend more money on military kit.

We calculate the total increase in market capitalization caused by the election for the industries in the

ordinary price increases group. Each company had a market capitalization on Tuesday that changed by

Wednesday morning. We add up those gains and losses for the stocks in our pharmaceutical, biotech,

and financial services portfolios and get $175 billion.

The Change in Market Capitalization by Sector on Nov 9*

Sector Abnormal Returns (%)

Market Cap on 11/8 ($ bil.)

Change in Market Cap from 11/8 to 11/9 ($ bil.)

Pharma 4.82 1362.06 65.66

Biotech 6.04 454.58 27.48

Financial Services 3.82 2160.80 82.61

Total Change 175.75

The change in market capitalization was calculated by multiplying the market cap on November 8th by the abnormal returns to the industry as estimated by the model outlined in the Appendix.

We divide this total change by the US population of approximately 323 million people. The change per

person is $544.13. This dollar figure represents the price increases that the market expects each

individual to pay in the future for drugs and financial services. Voters who voted for the Republican

candidate therefore voted to transfer money from the regular worker to the stock-owning elites. An

average four-person household in the United States will pay $2,176 more to banks and drug companies

according to the increases in these stock prices. 1

However, there is good news if you belong to the top 10 percent of the US asset holders. The wealthiest

10 percent of the population owns more than 80 percent of national financial wealth. If the price

increases are spread equally across all consumers, the top decile will pay $544 but receive $4,353 in

return via the stocks they own (less the bonuses paid to top executives). The wealthy are far better off

(financially) under Republican policies. Of course, Trump did not campaign by saying he was going to

take money from workers and give it to corporations—indeed, he said the opposite. But Republican

voters elected a party that normally gives corporations permission to raise prices, and markets expect

those corporations to take advantage of the opportunity.

Which stocks lost ground? For-profit hospitals, as investors realized that they would be treating many

more uninsured patients. Renewable energy, as renewables will have to compete against cheaper dirty

energy. Companies that import or export products from Mexico, on fears of a halt in trade.

The Republican party’s policies—lower wages and more expensive banking, drugs, and other products

(along with cancellation of health insurance and dirtier air)—will add up to more economic pain for

workers. Did regular Republican voters want their social agenda enough to give all this income to elites?

The markets are telling us they did.

1 The KBW Nasdaq Bank Index rose more than 18 percent between November 8th and December 1st. This increase is likely to be due to a combination of fee increases, lending changes, changes in risk, and expectation about future interest rates. In the analysis above we effectively assume 3.8 percent of the total change is due to higher prices paid by consumers.

Appendix:

Data Source and Collection:

Daily stock prices of the S&P 500 firms were collected over the past two years using Datastream. The

industry designations from Datastream were then used to build more informative sector categories.

The average event return in the S&P 500 was 2.55 x 10-12 which is very close to zero.

Empirical Model:

The event study was performed using the usual capital asset pricing model shown below and an event

window of 1 day:

rit = I + irmt + iDt + it

where

rit is the stock price of firm i at time t

rmt is the S&P 500 price index at time t

Dt =

List of Individual Corporate Abnormal Returns:

Firm Name Abnormal Returns Standard Deviation

3M -1.34% 0.72

ABBOTT LABORATORIES -0.62% 0.98

ABBVIE 5.42% 1.61

ACCENTURE CLASS A -3.41% 0.88

ACTIVISION BLIZZARD -3.42% 1.59

ACUITY BRANDS 3.19% 1.42

ADOBE SYSTEMS -1.77% 1.19

ADV.AUTO PARTS 0.95% 1.61

AES -4.56% 1.49

AETNA 3.43% 1.35

AFFILIATED MANAGERS 4.05% 1.29

AFLAC 1.09% 0.68

AGILENT TECHS. -0.67% 0.89

AIR PRDS.& CHEMS. -0.93% 0.91

AKAMAI TECHS. -1.12% 1.91

ALASKA AIR GROUP -0.60% 1.64

ALBEMARLE -4.29% 1.69

ALEXION PHARMS. 5.13% 2.02

ALLEGION 0.39% 0.93

ALLERGAN 7.61% 1.79

ALLIANCE DATA SYSTEMS 1.72% 1.52

ALLIANT ENERGY CORP. -5.07% 1.09

ALLSTATE -0.01% 0.84

ALPHABET 'A' -1.98% 1.26

ALPHABET 'C' -1.85% 1.28

ALTRIA GROUP -3.49% 0.93

AMAZON.COM -3.39% 1.72

AMER.ELEC.PWR. -3.79% 1.05

AMEREN -4.90% 1.07

AMERICAN AIRLINES GROUP 0.30% 2.03

AMERICAN EXPRESS 1.62% 1.22

AMERICAN INTL.GP. 1.17% 0.88

AMERICAN TOWER -6.81% 0.98

AMERICAN WATER WORKS -0.86% 1.06

AMERIPRISE FINL. 10.89% 1.16

AMERISOURCEBERGEN 8.82% 1.34

AMETEK 1.90% 0.83

AMGEN 4.40% 1.21

AMPHENOL 'A' -0.38% 0.80

ANADARKO PETROLEUM 0.70% 2.21

ANALOG DEVICES -1.24% 1.29

ANTHEM 0.47% 1.33

AON CLASS A -2.13% 0.74

APACHE 0.18% 2.47

APARTMENT INV.& MAN.'A' -3.84% 1.19

APPLE -1.37% 1.23

APPLIED MATS. -2.69% 1.40

ARCHER-DANLS.-MIDL. -4.23% 1.29

ARCONIC -0.79% 2.31

ARTHUR J GALLAGHER 1.07% 0.69

ASSURANT 1.39% 1.20

AT&T 0.50% 0.78

AUTODESK -1.56% 1.54

AUTOMATIC DATA PROC. -1.39% 0.68

AUTONATION 1.98% 1.43

AUTOZONE 0.38% 0.95

AVALONBAY COMMNS. -2.87% 1.04

AVERY DENNISON -1.49% 1.00

BAKER HUGHES -1.20% 2.05

BALL -2.42% 1.17

BANK OF AMERICA 4.15% 1.22

BANK OF NEW YORK MELLON 2.39% 0.97

BAXTER INTL. -4.06% 1.01

BB&T 3.16% 0.90

BECTON DICKINSON -3.20% 0.87

BED BATH & BEYOND 2.76% 1.28

BERKSHIRE HATHAWAY 'B' 1.32% 0.54

BEST BUY 0.36% 2.03

BIOGEN 6.82% 2.12

BLACKROCK 1.63% 0.83

BOEING 0.83% 1.06

BORGWARNER -5.26% 1.56

BOSTON PROPERTIES -1.21% 0.97

BOSTON SCIENTIFIC -3.07% 1.38

BRISTOL MYERS SQUIBB 4.94% 1.45

BROADCOM -3.73% 1.81

BROWN-FORMAN 'B' -3.88% 0.92

C R BARD -3.23% 0.98

CA -0.56% 0.87

CABOT OIL & GAS 'A' 6.47% 2.26

CAMPBELL SOUP -1.92% 1.03

CAPITAL ONE FINL. 3.40% 1.21

CARDINAL HEALTH 4.93% 1.15

CARMAX 2.63% 1.58

CARNIVAL -2.16% 1.32

CATERPILLAR 6.46% 1.27

CBRE GROUP CLASS A -0.72% 1.32

CBS 'B' -1.70% 1.21

CELGENE 9.22% 1.63

CENTENE -20.41% 2.10

CENTERPOINT EN. -3.01% 1.17

CENTURYLINK -0.46% 1.60

CERNER -4.53% 1.28

CF INDUSTRIES HDG. 7.67% 2.45

CH ROBINSON WWD. 0.49% 1.14

CHARLES SCHWAB 2.27% 1.38

CHARTER COMMS.CL.A 1.73% 1.45

CHESAPEAKE ENERGY 6.49% 5.35

CHEVRON -0.97% 1.24

CHIPOTLE MEXN.GRILL -2.98% 1.86

CHUBB -0.62% 0.69

CHURCH & DWIGHT CO. -1.43% 0.89

CIGNA 4.54% 1.50

CIMAREX EN. 2.54% 2.07

CINCINNATI FINL. -0.28% 0.69

CINTAS 0.69% 0.89

CISCO SYSTEMS -0.05% 0.99

CITIGROUP 1.72% 1.08

CITIZENS FINANCIAL GROUP 3.33% 1.38

CITRIX SYS. -0.66% 1.36

CLOROX -0.77% 0.85

CME GROUP 5.12% 1.10

CMS ENERGY -4.56% 1.08

COACH -0.30% 1.51

COCA COLA -2.13% 0.72

COGNIZANT TECH.SLTN.'A' -4.80% 1.32

COLGATE-PALM. -2.59% 0.76

COMCAST 'A' 0.47% 0.87

COMERICA 3.69% 1.39

CONAGRA BRANDS -2.63% 1.23

CONCHO RESOURCES -2.77% 2.31

CONOCOPHILLIPS 1.66% 1.92

CONSOLIDATED EDISON -4.53% 1.09

CONSTELLATION BRANDS 'A' -8.63% 1.13

COOPER COS. -1.41% 1.27

CORNING -1.00% 1.13

COSTCO WHOLESALE -0.31% 0.93

COTY CL.A -11.26% 2.11

CROWN CASTLE INTL. -5.34% 0.92

CSRA 2.64% 2.08

CSX 4.32% 1.25

CUMMINS 3.46% 1.30

CVS HEALTH 3.29% 1.07

D R HORTON -2.28% 1.39

DANAHER 0.62% 0.66

DARDEN RESTAURANTS 3.65% 1.23

DAVITA 1.50% 0.93

DEERE 0.29% 1.27

DELPHI AUTOMOTIVE -7.98% 1.38

DELTA AIR LINES 0.29% 1.66

DENTSPLY SIRONA -0.66% 0.96

DEVON ENERGY 1.99% 2.69

DIGITAL REALTY TST. -4.66% 1.21

DISCOVER FINANCIAL SVS. 4.13% 1.06

DISCOVERY COMMS.'A' -1.01% 1.66

DISCOVERY COMMS.'C' -0.80% 1.55

DOLLAR GENERAL 1.80% 1.51

DOLLAR TREE -0.68% 1.52

DOMINION RESOURCES -3.63% 0.95

DOVER 3.97% 1.28

DOW CHEMICAL -0.47% 1.26

DR PEPPER SNAPPLE GROUP -3.69% 0.96

DTE ENERGY -4.60% 1.03

DUKE ENERGY -3.45% 1.06

DUN & BRADSTREET DEL. -2.41% 1.03

E I DU PONT DE NEMOURS 0.42% 1.32

E*TRADE FINANCIAL 2.98% 1.46

EASTMAN CHEMICAL 0.43% 1.27

EATON 3.95% 1.09

EBAY -0.23% 1.50

ECOLAB -0.12% 0.89

EDISON INTL. -3.46% 1.10

EDWARDS LIFESCIENCES -0.08% 1.74

ELECTRONIC ARTS -3.67% 1.69

ELI LILLY 4.91% 1.27

EMERSON ELECTRIC 2.86% 1.02

ENDO INTERNATIONAL 10.75% 3.88

ENTERGY -4.63% 1.11

EOG RES. -1.38% 1.79

EQT 1.76% 1.95

EQUIFAX -4.80% 0.90

EQUINIX -3.47% 1.19

EQUITY RESD.TST.PROPS. SHBI -2.80% 1.17

ESSEX PROPERTY TST. -3.49% 1.10

ESTEE LAUDER COS.'A' -0.91% 1.03

EVERSOURCE ENERGY -3.87% 1.08

EXELON -5.55% 1.32

EXPEDIA -3.19% 1.83

EXPEDITOR INTL.OF WASH. -2.37% 0.97

EXPRESS SCRIPTS HOLDING 6.09% 1.16

EXTRA SPACE STRG. 0.04% 1.28

EXXON MOBIL 0.02% 1.00

F5 NETWORKS 0.75% 1.48

FACEBOOK CLASS A -2.11% 1.38

FASTENAL 6.22% 1.19

FEDERAL REALTY INV.TST. -3.00% 0.94

FEDEX -1.25% 1.05

FIDELITY NAT.INFO.SVS. -0.78% 1.10

FIFTH THIRD BANCORP 4.50% 1.21

FIRST SOLAR -5.78% 2.43

FIRSTENERGY -3.70% 1.32

FISERV -0.84% 0.70

FLIR SYSTEMS 2.48% 1.28

FLOWSERVE 4.29% 1.50

FLUOR 8.82% 1.57

FMC 0.29% 1.57

FMC TECHNOLOGIES 0.35% 1.99

FOOT LOCKER 1.82% 1.52

FORD MOTOR -0.33% 1.09

FORTIVE 0.13% 1.68

FORTUNE BNS.HM.& SCTY. -0.66% 1.18

FRANKLIN RESOURCES 11.00% 1.10

FREEPORT-MCMORAN 5.59% 4.12

FRONTIER COMMUNICATIONS -2.13% 2.19

GAP 2.69% 2.02

GARMIN 0.45% 1.61

GENERAL DYNAMICS 4.38% 0.79

GENERAL ELECTRIC -0.41% 0.85

GENERAL GW.PROPS. -2.48% 1.17

GENERAL MILLS -2.35% 0.82

GENERAL MOTORS -3.59% 1.22

GENUINE PARTS 0.64% 0.83

GILEAD SCIENCES 4.88% 1.58

GLOBAL PAYMENTS -1.19% 1.38

GOLDMAN SACHS GP. 4.45% 0.92

GOODYEAR TIRE & RUB. -2.17% 1.42

H&R BLOCK -4.64% 1.77

HALLIBURTON 0.01% 1.81

HANESBRANDS -0.53% 1.73

HARLEY-DAVIDSON 1.95% 1.80

HARMAN INTL.INDS. -2.44% 2.29

HARRIS 2.69% 1.07

HARTFORD FINL.SVS.GP. 0.99% 1.01

HASBRO -0.86% 1.42

HCA HOLDINGS -11.86% 1.56

HCP -3.72% 1.53

HELMERICH & PAYNE 0.17% 2.38

HENRY SCHEIN -1.08% 0.91

HERSHEY -1.49% 1.33

HESS 1.01% 2.20

HEWLETT PACKARD ENTER. -1.94% 1.93

HOLOGIC -5.31% 1.35

HOME DEPOT 0.33% 0.87

HONEYWELL INTL. 0.42% 0.73

HORMEL FOODS -2.28% 1.22

HOST HOTELS & RESORTS -0.36% 1.36

HP 0.49% 1.64

HUMANA 2.97% 1.75

HUNT JB TRANSPORT SVS. 0.69% 1.02

HUNTINGTON BCSH. 5.06% 1.26

ILLINOIS TOOL WORKS 1.76% 0.67

ILLUMINA -4.71% 2.40

INGERSOLL-RAND 2.09% 0.98

INTEL -1.18% 1.09

INTERCONTINENTAL EX. 3.98% 1.13

INTERNATIONAL BUS.MCHS. -1.31% 0.93

INTERNATIONAL PAPER 0.83% 1.16

INTERPUBLIC GROUP -4.17% 0.96

INTL.FLAVORS & FRAG. -2.76% 1.09

INTUIT -0.35% 1.02

INTUITIVE SURGICAL -5.85% 1.15

INVESCO 4.31% 1.09

IRON MOUNTAIN -3.66% 1.29

J M SMUCKER -1.81% 1.09

JACOBS ENGR. 8.53% 1.29

JOHNSON & JOHNSON 1.96% 0.68

JOHNSON CONTROLS INTL. -1.26% 1.16

JP MORGAN CHASE & CO. 3.14% 0.86

JUNIPER NETWORKS -2.04% 1.56

KANSAS CITY SOUTHERN -12.11% 1.53

KELLOGG -3.42% 0.96

KEYCORP 4.18% 1.25

KIMBERLY-CLARK -0.91% 0.84

KIMCO REALTY -2.94% 1.02

KINDER MORGAN 3.12% 2.21

KLA TENCOR -1.08% 1.69

KOHL'S 3.11% 2.17

KRAFT HEINZ -4.94% 1.11

KROGER 3.75% 1.33

L BRANDS 1.07% 1.43

L3 COMMUNICATIONS HDG. 6.71% 1.03

LABORATORY CORP.OF AM. HDG. -4.43% 1.08

LAM RESEARCH -2.54% 1.27

LEGG MASON 2.14% 1.27

LEGGETT&PLATT -0.39% 0.97

LENNAR 'A' -2.13% 1.27

LEUCADIA NATIONAL 3.20% 1.21

LEVEL 3 COMMS. 0.40% 1.36

LINCOLN NATIONAL 7.45% 1.40

LINEAR TECHNOLOGY -1.09% 1.64

LKQ -0.72% 1.20

LOCKHEED MARTIN 5.14% 0.86

LOEWS 0.37% 0.74

LOWE'S COMPANIES 0.50% 1.03

LYONDELLBASELL INDS.CL.A 1.01% 1.59

M&T BANK 3.86% 1.03

MACERICH -2.04% 1.28

MACY'S 0.50% 1.91

MALLINCKRODT 8.85% 2.90

MARATHON OIL 2.44% 3.04

MARATHON PETROLEUM 2.51% 1.95

MARRIOTT INTL.'A' 0.18% 1.17

MARSH & MCLENNAN 1.29% 0.56

MARTIN MRTA.MATS. 10.13% 1.71

MASCO 0.16% 1.24

MASTERCARD -0.81% 0.80

MATTEL 0.12% 1.73

MCCORMICK & COMPANY NV. -2.10% 0.87

MCDONALDS -0.11% 0.89

MCKESSON 7.61% 1.66

MEAD JOHNSON NUTRITION -0.51% 1.28

MEDTRONIC -2.81% 0.88

MERCK & COMPANY 5.03% 1.04

METLIFE 5.61% 1.27

METTLER TOLEDO INTL. -2.14% 0.94

MICHAEL KORS HOLDINGS -1.16% 2.40

MICROCHIP TECH. -0.82% 1.16

MICRON TECHNOLOGY -2.98% 2.60

MICROSOFT -1.87% 1.16

MOHAWK INDUSTRIES 0.00% 1.14

MOLSON COORS BREWING 'B' -3.59% 1.41

MONDELEZ INTERNATIONAL CL.A -5.54% 1.14

MONSANTO -1.47% 1.23

MONSTER BEVERAGE -3.41% 1.72

MOODY'S -0.34% 0.94

MORGAN STANLEY 5.40% 1.14

MOSAIC 1.09% 2.09

MOTOROLA SOLUTIONS -0.44% 1.11

MURPHY OIL 1.90% 2.89

MYLAN 3.55% 2.28

NASDAQ 1.31% 0.98

NATIONAL OILWELL VARCO 2.07% 2.21

NAVIENT 15.85% 1.98

NETAPP 0.99% 1.61

NETFLIX -3.37% 2.72

NEWELL BRANDS -2.98% 1.15

NEWFIELD EXPLORATION 0.58% 2.62

NEWMONT MINING 2.06% 2.90

NEWS 'A' 1.51% 1.33

NEWS 'B' 0.82% 1.31

NEXTERA ENERGY -6.81% 1.04

NIELSEN -0.02% 1.18

NIKE 'B' -0.95% 1.12

NISOURCE -2.27% 1.20

NOBLE ENERGY -1.15% 2.21

NORDSTROM -0.49% 1.82

NORFOLK SOUTHERN 1.77% 1.41

NORTHERN TRUST 2.84% 1.01

NORTHROP GRUMMAN 4.37% 0.89

NRG ENERGY 3.66% 2.86

NUCOR 10.81% 1.40

NVIDIA -3.34% 2.23

O REILLY AUTOMOTIVE 0.74% 1.15

OCCIDENTAL PTL. -1.20% 1.36

OMNICOM GROUP -1.72% 0.72

ONEOK -1.93% 2.55

ORACLE -0.11% 0.90

OWENS ILLINOIS NEW -3.52% 1.81

PACCAR 3.03% 1.11

PARKER-HANNIFIN 3.14% 1.00

PATTERSON COMPANIES -0.23% 1.01

PAYCHEX 0.79% 0.74

PAYPAL HOLDINGS -2.07% 1.62

PENTAIR 1.11% 1.31

PEOPLES UNITED FINANCIAL 3.94% 0.91

PEPSICO -2.13% 0.67

PERKINELMER -1.10% 0.97

PERRIGO 2.70% 2.11

PFIZER 6.14% 0.94

PG&E -4.87% 1.06

PHILIP MORRIS INTL. -4.42% 0.90

PHILLIPS 66 1.80% 1.28

PINNACLE WEST CAP. -2.94% 1.05

PIONEER NTRL.RES. 0.05% 2.08

PITNEY-BOWES 0.13% 1.48

PNC FINL.SVS.GP. 3.48% 0.85

PPG INDUSTRIES -0.66% 0.89

PPL -4.13% 1.03

PRAXAIR -0.26% 0.79

PRICELINE GROUP -1.86% 1.40

PRINCIPAL FINL.GP. 1.34% 1.03

PROCTER & GAMBLE -2.51% 0.74

PROGRESSIVE OHIO -0.65% 0.75

PROLOGIS -5.91% 1.03

PRUDENTIAL FINL. 3.78% 1.16

PUB.SER.ENTER.GP. -4.12% 1.15

PUBLIC STORAGE -0.28% 1.08

PULTEGROUP -2.78% 1.45

PVH -1.25% 1.72

QORVO -0.18% 2.65

QUALCOMM -1.71% 1.56

QUANTA SERVICES 4.55% 2.05

QUEST DIAGNOSTICS -4.83% 1.04

RALPH LAUREN CL.A 2.22% 1.99

RANGE RES. 3.62% 3.26

RAYTHEON 'B' 6.61% 0.99

REALTY INCOME -6.27% 1.23

RED HAT -1.12% 1.25

REGENERON PHARMS. 12.32% 1.94

REGIONS FINL.NEW 4.38% 1.41

REPUBLIC SVS.'A' 0.18% 0.73

REYNOLDS AMERICAN -2.35% 1.29

ROBERT HALF INTL. 2.16% 1.36

ROCKWELL AUTOMATION 0.16% 1.04

ROCKWELL COLLINS 0.63% 0.88

ROPER TECHNOLOGIES 0.55% 0.85

ROSS STORES -1.10% 1.27

ROYAL CARIBBEAN CRUISES 0.45% 1.92

RYDER SYSTEM 3.17% 1.49

S&P GLOBAL -1.99% 0.99

SALESFORCE.COM -2.27% 1.69

SCANA -5.18% 1.11

SCHLUMBERGER -1.03% 1.32

SCRIPPS NETWORKS INTACT. 'A' -0.46% 1.40

SEAGATE TECH. -0.69% 2.59

SEALED AIR 0.06% 1.31

SEMPRA EN. -5.27% 1.07

SHERWIN-WILLIAMS 1.15% 1.17

SIGNET JEWELERS 3.67% 1.82

SIMON PROPERTY GROUP -2.18% 1.00

SKYWORKS SOLUTIONS -1.39% 1.87

SL GREEN REALTY 0.24% 1.13

SNAP-ON 0.35% 0.88

SOUTHERN -3.53% 0.96

SOUTHWEST AIRLINES -0.16% 1.74

SOUTHWESTERN ENERGY 2.80% 4.18

SPECTRA ENERGY -1.80% 1.57

ST.JUDE MEDICAL -0.69% 1.57

STANLEY BLACK & DECKER 0.50% 0.83

STAPLES 4.41% 2.05

STARBUCKS -1.22% 1.01

STATE STREET 3.01% 1.14

STERICYCLE -1.00% 1.75

STRYKER -4.83% 0.91

SUNTRUST BANKS 4.09% 1.11

SYMANTEC -0.52% 1.48

SYNCHRONY FINANCIAL 4.25% 1.42

SYSCO -0.79% 1.04

T ROWE PRICE GROUP 5.99% 0.81

TARGET 1.84% 1.24

TE CONNECTIVITY -0.33% 0.89

TEGNA 1.31% 1.55

TERADATA 0.62% 1.93

TESORO 2.71% 2.02

TEXAS INSTRUMENTS -1.39% 1.07

TEXTRON 3.91% 1.17

THERMO FISHER SCIENTIFIC -1.60% 0.84

TIFFANY & CO 1.80% 1.42

TIME WARNER -2.45% 1.22

TJX -0.02% 1.04

TORCHMARK 2.12% 0.73

TOTAL SYSTEM SERVICES 0.45% 1.24

TRACTOR SUPPLY 0.82% 1.37

TRANSDIGM GROUP -1.32% 1.30

TRANSOCEAN 2.42% 3.61

TRAVELERS COS. -1.96% 0.75

TRIPADVISOR 'A' -17.93% 2.53

TWENTY-FIRST CENTURY FOX CL.A 0.31% 1.15

TWENTY-FIRST CENTURY FOX CL.B -0.16% 1.13

TYSON FOODS 'A' -1.96% 1.56

UDR -2.65% 1.15

ULTA SALON CO&FRA. 0.38% 1.58

UNDER ARMOUR 'A' -0.51% 2.00

UNDER ARMOUR 'C' -2.04% 2.12

UNION PACIFIC 2.55% 1.19

UNITED CONTINENTAL HDG. 0.03% 2.10

UNITED PARCEL SER.'B' -0.29% 0.75

UNITED RENTALS 15.44% 2.35

UNITED TECHNOLOGIES 0.41% 0.84

UNITEDHEALTH GROUP -1.87% 1.08

UNIVERSAL HEALTH SVS.'B' -8.04% 1.51

UNUM GROUP 6.31% 1.15

URBAN OUTFITTERS 3.54% 2.26

US BANCORP 2.52% 0.75

V F 0.08% 1.23

VALERO ENERGY 5.35% 1.72

VARIAN MEDICAL SYSTEMS -4.55% 0.97

VENTAS -4.79% 1.35

VERISIGN -0.45% 1.14

VERISK ANALYTICS CL.A -0.42% 1.06

VERIZON COMMUNICATIONS -0.30% 0.81

VERTEX PHARMS. 10.29% 2.14

VIACOM 'B' 0.49% 2.11

VISA 'A' -0.81% 0.90

VORNADO REALTY TRUST 0.21% 0.95

VULCAN MATERIALS 8.50% 1.35

WAL MART STORES 1.19% 1.10

WALGREENS BOOTS ALLIANCE 0.69% 1.29

WALT DISNEY -0.72% 0.95

WASTE MANAGEMENT 0.27% 0.77

WATERS -0.24% 1.00

WEC ENERGY GROUP -5.35% 1.11

WELLS FARGO & CO 4.16% 0.86

WELLTOWER -4.13% 1.33

WESTERN DIGITAL -1.18% 2.19

WESTERN UNION -3.95% 1.06

WESTROCK 2.93% 1.92

WEYERHAEUSER -0.07% 1.10

WHIRLPOOL 0.49% 1.50

WHOLE FOODS MARKET 2.12% 1.66

WILLIAMS 0.72% 3.71

WILLIS TOWERS WATSON -1.61% 1.00

WW GRAINGER 3.23% 1.11

WYNDHAM WORLDWIDE 0.03% 1.19

WYNN RESORTS -0.14% 2.91

XCEL ENERGY -5.28% 1.04

XEROX 1.18% 1.36

XILINX -0.90% 1.15

XL GROUP 1.89% 0.99

XYLEM 1.55% 0.85

YAHOO -1.09% 1.55

YUM! BRANDS -1.44% 1.41

ZIMMER BIOMET HDG. -1.20% 1.14

ZIONS BANCORP. 5.29% 1.39

ZOETIS 0.21% 1.38