A6 WEEK OF JUNE 15, 2020 INVESTORS.

INVES TORS.COM
TORS. COM
INVESTORS.COM

AFTER MARKET IBD New Issues Index Leadin

Lea ding
din
Leadingg New
New Issues
Issue
Issue
suess
Palantir’s IPO Said To Be In The Works Offering
Offering Offering
Of g Current
Current EPS
EPS Industry
Industry Lead
Lead
Companyny Symbol
Symbol Date
Date price
price price
price %Chg
%Chg Rtg group
group underwriter
uunderw
nderwriter
nderw riter
The long-awaited initial public offering of Pal- I G M Biosciences Inc IGMS 9/18/19 16.00 62.54 290.9 3 Medical-Biomed/Biotech Jefferies Llc
antir Technologies could happen as early as the Bill.com Holdings Inc BILL 12/12/19 22.00 78.35 256.1 3 Computer Sftwr-Financial Goldman Sachs & Co
fall, as reports say the software company is pre- Schrodinger Inc SDGR 2/ 6/20 17.00 60.51 255.9 6 Medical-Research Eqp/Svc Morgan Stanley
paring an IPO. Palantir, a specialist in data ana- Biontech Se Ads BNTX 10/10/19 15.00 48.58 223.9 8 Medical-Biomed/Biotech J P Morgan
lytics, expects revenue of $1 billion this year. Datadog Inc Cl A DDOG 9/19/19 27.00 78.05 189.1 76 Computer Sftwr-Enterprse Morgan Stanley
The company was last valued at $20 billion, Imara Inc IMRA 3/12/20 16.00 45.75 185.9 5 Medical-Biomed/Biotech Morgan Stanley
based on a round of funding in 2015. Palantir Sitime Corporation SITM 11/21/19 13.00 35.75 175.0 53 Elec-Semicondctor Fablss Barclays Capital
has been a top IPO candidate for years. Phathom Pharma PHAT 10/25/19 19.00 49.44 160.2 1 Medical-Biomed/Biotech Goldman Sachs & Co

THE NEW AMERICA

QORVO Greensboro, North Carolina

Back On Its Feet, Chipmaker Riding A 5G Wireless Wave

BY PATRICK SEITZ
INVESTOR’S BUSINESS DAILY
After facing disruptions from the
U.S. trade ban with China’s Hua-
wei and the coronavirus pandemic,
chipmaker QorvoQRVO is forecast-
ing an improving business for the
second half of 2020 thanks to 5G
wireless adoption. Qorvo stock is
up as a result.
“Things continue to improve on
the supply and the demand sides,”
Chief Executive Bob Bruggeworth
said June 4 at the Bank of America
Securities 2020 Global Technolo-
gy Virtual Conference. “We’re
starting to get more clarity each
and every day, so (we have) more
confidence in the second half.”
Qorvo’s supply chain is returning
to normal after factories shut down
during the Covid-19 pandemic,
Bruggeworth said.
On the demand front, Qorvo is
seeing strong orders for chips for
fifth-generation cellular infrastruc-
ture, he said. Meanwhile, chips for
5G handsets have been soft lately
but should ramp in the back half of
2020. “We see the deployment of
5G as a multiyear trend for infra-
structure and handsets,” he said.
China Drives 5G Adoption
Right now, China is driving 5G
adoption. But the U.S. and the rest
of the world will follow suit.
“5G infrastructure represents a
great opportunity for the compa-
ny,” James Klein, president of
Qorvo’s infrastructure and defense
products unit, said at the BofA con-
ference.
“Last year there were just over
300,000 5G base stations de-
ployed, predominantly in Asia,”
Klein said. “In 2020, that number
will over double to approximately
700,000 base stations. And then
the following year, we expect that
number to continue to increase to
just over 1 million base stations de-
Qorvo’s supply chain is returning to normal after factories that help in
the making of its chips were shut down earlier due to Covid-19.
The Coming 5G Onslaught
As 5G phones start to proliferate this year, they’ll take up a greater share
of the smartphone market, and Qorvo sales should soar as a result
Global 5G smartphone shipments
200
In millions of units,
with percentage
150
total of smartphone
shipments
100
50
0 +1%
’19
Sources: Strategy Analytics, company reports, O’Neil Data
ployed.”
Greensboro, N.C.-based Qorvo is
best known for radio-frequency
chips for wireless communica-
tions. Its integrated circuits serve
the telecom, cloud computing, de-
fense and aerospace industries.
Qorvo did not respond to a re-
quest for comment.
On June 2, Qorvo stock broke out
of a cup-with-handle base at a buy
Qorvo
www.qorvo.com
Ticker QRVO
Share price Near 107
12-month sales $3.24 bil
5-year profit growth rate 7%
IBD SmartSelect Corporate Ratings
Composite Rating
Earnings Per Share
Relative Price Strength
Industry Group Rank
Rank Within Industry Group
Sales+Profit Margins+ROE
Accumulation/Distribution
See Investors.com for more details
its fiscal fourth quarter ended
March 28. Analysts predicted earn-
ings of $1.33 a share on sales of
$761.3 million.
For the current quarter, Qorvo es-
timated adjusted earnings of $1.13 a
share on sales of $730 million. That
would translate to year-over-year
declines of 17% in earnings and 6%
in sales. Still, Wall Street had been
modeling earnings of $1.07 a share
Qorvo sales on sales of $707.8 million in the
$3.25 June quarter.
+15% In billions
3.00 Less From Huawei
Before the U.S. Department of
2.75
Commerce added Huawei to its re-
2.50 stricted list in May 2019, Qorvo got
about 15% of its revenue from the
2.25
Chinese telecom giant. Last quar-
ter, its sales to Huawei amounted
2.00 to less than 5% of sales.
’20e ’16 ’17 ’18 ’19 ’20e With Huawei cut off from ad-
vanced semiconductor products,
other companies will take advan-
point of 108.88, according to IBD tage of the opportunity, Brugge-
MarketSmith charts. Three days worth said. For instance, handset
later, it rose out of the 5% chase business could shift from Huawei
zone. It remains extended. Qorvo to China’s Vivo, Oppo and Xiaomi
stock dipped 0.6% to 114.87 on as well as South Korea’s Samsung
Wednesday. and U.S.-based AppleAAPL, he said.
On May 7, Qorvo delivered a beat- “If they can’t source premium
and-raise March-quarter report. products, whether that’s base-
It earned an adjusted $1.57 a bands or RF (radio frequency), it’s
share, up 29% year over year, on our expectation that they will lose
sales of $787.8 million, up 16%, in share to Vivo, Oppo, Xiaomi, Sam-
sung and even potentially Apple.
We’re extremely well represented
across all of those manufacturers.
They want to beat Huawei. And if
Huawei isn’t using best-in-class
components, this is their chance.”
The move to 5G wireless will
allow RF chipmakers to increase
96 their content in handsets and base-
79 bands. The addition of new fre-
90 quency bands means more anten-
51 nas, tuners, filters and other tech-
4 nologies in compact modules.
A “What we do is very difficult,”
A Bruggeworth said. “These are high-
ly complex integrated modules
with multiple technologies.”
Peers Getting Benefits
Qorvo will benefit from the trend
along with peers BroadcomAVGO,
Skyworks SolutionsSWKS and Qual-
commQCOM, CFRA Research analyst
Angelo Zino told Investor’s Busi-
ness Daily.
Smartphone chip sales will be
soft in the June quarter largely be-
cause Apple has delayed the pro-
duction of its 5G iPhones by four to
six weeks, Zino said.
Still, the outlook for 5G handset
adoption, especially for 2021, looks
bright, he said. “The number of 5G
phones relative to total phones
being made is probably going to ac-
celerate quicker than most people
expect,” Zino said.
Qorvo is tied for third place out of
31 stocks in IBD’s Electronics-
Semiconductor Manufacturing in-
dustry group. The stock has an IBD
Composite Rating of 96 out of a pos-
sible 99, the same as Power Inte-
grationsPOWI, according to the IBD
Stock Checkup tool. IBD’s Compos-
ite Rating combines five separate
proprietary ratings into one rating.
The best growth stocks have a Com-
posite Rating of 90 or better.
IntelINTC and Taiwan Semicon-
ductor ManufacturingTSM are the
top stocks in the chip manufactur-
ing group.

IPO Filings Soon To Be Priced

Microsoft, Amazon Diverging Company
Symbol/
Exchange
Shares Estimated Mkt Value
(000) Price ($Mil) Industry Group
P/E Ratios:
Co / Grp Lead Underwriter

In Cybersecurity Market Plans Royalty Pharma plc Cl A RPRX/NDQ 74,713 25.0– 28.0 17082.7 Finance–Property Reit 8/ 49 J P Morgan.
New York, NY. REIT that acquires pharmaceutical royalties and invests in life science and biotechnological industries.
F5 Finishes Inc FLRZ/NDQ 5,750 7.0– 8.0 79.3 Bldg–Constr Prds/Misc 47/ 24 Maxim Group Llc.
mation and event management, Livermore. Provides commercial flooring solutions, installation and maintenance services
CYBERSECURITY FROM A5 also known as SIEM, vs. Splunk, Hylete Inc Cl A HYLT/NSE 1,917 8.0– 10.0 60.9 Apparel–Clothing Mfg n.a./ 62 Maxim Group Llc.
other purchase could be coming. startup Exabeam and others. Solana Beach, CA. Designs, manufactures and distributespremium performance apparel, footwear and gear for men and women.
Microsoft reportedly is in talks to AWS, meanwhile, typically show-
buy CyberX, a security startup fo- cases products and services for
cused on the Internet of Things. large companies at its annual re:In- Prices Of Recent IPOs
These are web-connected digital vent conference in December.
devices in telemedicine, factories, While AWS is the biggest cloud High % Chg % Chg
energy, smart cities and a number computing service, competition in Symbol/ Offer Filing Offer From Current From
Company Exchange Date Price Price Filing Price Offer Industry Group Lead Underwriter
of other industries. the enterprise market has intensi-
If Microsoft pushes into IoT secu- fied vs. Microsoft and Alpha- Lantern PharmaInc LTRN/NDQ 6/11 17.0 15.0 –11.8 14.8 –1.7 Medical–Biomed/Biotech ThinkequityPartners
rity, it would square off vs. Palo bet’sGOOGL Google. UcloudlinkGrp ClAADS UCL/NDQ 6/10 20.5 18.0 –12.2 16.5 –8.2 TelecomSvcs–foreign I–bankerSecurities
Alto NetworksPANW and others. VroomInc VRM/NDQ 6/9 17.0 22.0 29.4 43.0 95.6 Retail/Whlsle–Automobile GoldmanSachs& Co
Morgan Stanley’s Weiss does not AWS Builds Its Own LegendBiotechCorp Ads LEGN/NDQ 6/5 20.0 23.0 15.0 38.0 65.4 Medical–Biomed/Biotech MorganStanley
expect Microsoft to buy a large cy- AWS has been developing its DadaNexusLtd Ads DADA/NDQ 6/5 17.0 16.0 –5.9 14.8 –7.8 Transportation–Logistics GoldmanSachs& Co
bersecurity incumbent. own database, security and other CalliditasTherptcsAds CALT/NDQ 6/5 19.8 19.5 –1.4 19.5 0.0 Medical–Biomed/Biotech Citigroup
“Microsoft will likely continue to enterprise software. AppliedMolecular Trans AMTI/NDQ 6/5 14.0 14.0 0.0 25.7 83.7 Medical–Biomed/Biotech BofaSecurities Inc
invest in security tech tuck-ins, Analysts say that by adding plug- Shift4Payments Inc ClA FOUR/NSE 6/5 21.0 23.0 9.5 34.8 51.1 Finance–Crdtcard/Pmtpr Citigroup
rather than mature security busi- in software to its core cloud com-
ZoominfoTechs Cl A ZI/NDQ 6/4 18.0 21.0 16.7 51.2 143.9 ComputerSftwr–Enterprse JP Morgan
nesses,” he wrote. puting services, AWS aims to be a PliantTherapeutics Inc PLRX/NDQ 6/3 16.0 16.0 0.0 22.9 42.8 Medical–Biomed/Biotech Citigroup
Weiss noted that most Microsoft one-stop shop for large companies. InariMedicalInc NARI/NDQ 5/22 16.0 19.0 18.8 49.2 158.9 Medical–Products BofaSecurities Inc
security revenue comes from email AWS also aims to provide self-ser- SelectquoteInc SLQT/NSE 5/21 19.0 20.0 5.3 27.5 37.3 Insurance–Brokers CreditSuisse
and endpoint security. While basic vice cybersecurity tools for cloud
Office 365 plans offer anti-spam customers to avoid data breaches. ADCTherapeutics SA ADCT/NSE 5/15 26.0 19.0 –26.9 40.3 112.2 Medical–Biomed/Biotech MorganStanley
AyalaPharmaceuticals AYLA/NDQ 5/8 16.0 15.0 –6.3 14.0 –6.8 Medical–Biomed/Biotech Citigroup
and malware protection, Microsoft Capital One FinancialCOF, an AWS KingsoftCloudHldgs Ads KC/NDQ 5/8 18.0 17.0 –5.6 20.4 20.2 ComputerSftwr–Enterprse JP Morgan
upsells advanced anti-phishing customer, in July 2019 reported a ChinaLiberalEdu Hldgs CLEU/NDQ 5/8 6.0 6.0 0.0 5.0 –16.5 ConsumerSvcs–Education BousteadSecurities Llc
and threat prevention tools. large data breach. Analysts say
AWS has added fewer financial ser- LyraTherapeutics Inc LYRA/NDQ 5/1 16.0 16.0 0.0 14.0 –12.5 Medical–Biomed/Biotech BofaSecurities Inc
Endpoint Market Rivals vices customers since then. OR ICPharmaceuticals ORIC/NDQ 4/24 16.0 16.0 0.0 33.5 109.6 Medical–Biomed/Biotech JP Morgan
KerosTherapeutics Inc KROS/NDQ 4/8 16.0 16.0 0.0 34.3 114.4 Medical–Biomed/Biotech JefferiesLlc
In the endpoint market, Mi- One question is whether Amazon
ZentalisPharmaceuticals ZNTL/NDQ 4/3 18.0 18.0 0.0 42.0 133.1 Medical–Biomed/Biotech MorganStanley
crosoft competes against Syman- or Microsoft will be more open to
tec, CrowdStrike and many others. integrating third-party security WimiHologram Cloud Ads WIMI/NDQ 4/1 7.5 5.5 –26.7 3.5 –36.0 Internet–Content BenchmarkCompany
Endpoint security tools detect mal- tools into their cloud computing ImaraInc IMRA/NDQ 3/12 18.0 16.0 –11.1 45.8 185.9 Medical–Biomed/Biotech MorganStanley
ware on laptops, mobile phones platforms. GFL EnvironmentalInc GFL/NSE 3/3 21.0 19.0 –9.5 18.1 –4.7 Pollution Control JP Morgan
and other devices that access corpo- AWS has taken an unusual tactic. PassageBioInc PASG/NDQ 2/28 18.0 18.0 0.0 24.6 36.7 Medical–Biomed/Biotech JP Morgan
rate networks. It makes cybersecurity tools from ZhongchaoInc ClA ZCMD/NDQ 2/24 4.5 4.0 –11.1 2.2 –44.0 Internet–Content Network1Fin Sec
Weiss says Microsoft has also outside vendors available at its MuscleMakerInc GRIL/NDQ 2/13 5.0 5.0 0.0 2.2 –56.6 Retail–Restaurants AlexanderCapitalLp
gained traction in identity and ac- cloud marketplace, says Ho. RevolutionMedicines Inc RVMD/NDQ 2/13 17.0 17.0 0.0 36.1 112.2 Medical–Biomed/Biotech JP Morgan
cess management vs. Okta, Ping “Amazon is a competitor but they HuizeHldgLtdCl AAds HUIZ/NDQ 2/12 11.4 10.5 –7.9 7.1 –32.4 Insurance–Life Citigroup
IdentityPING and others. IAM soft- also want the security vendors to NexpointRealEstate Fin NREF/NSE 2/7 21.0 19.0 –9.5 15.2 –20.0 Finance–MortgageReit RaymondJames& Asso
ware verifies the identity of com- be there,” said Ho. “If you’re add- OnewaterMarine Inc ClA ONEW/NDQ 2/7 14.0 12.0 –14.3 20.8 73.6 Retail–LeisureProducts RaymondJames& Asso
puter network users. The tools ing value, if you’re innovating, if BeamTherapeutics Inc BEAM/NDQ 2/6 17.0 17.0 0.0 24.9 46.7 Medical–Biomed/Biotech JP Morgan
manage the usernames, passwords you’re making the cloud safer — CasperSleep Inc CSPR/NSE 2/6 19.0 12.0 –36.8 8.1 –32.2 Retail–HomeFurnishings MorganStanley
and access policies of employees, and giving people more reason to PpdInc PPD/NDQ 2/6 27.0 27.0 0.0 25.6 –5.0 Medical–Research Eqp/Svc BarclaysCapital
customers and partners. move to the cloud, then Amazon Schrodinger Inc SDGR/NDQ 2/6 16.0 17.0 6.3 60.5 255.9 Medical–Research Eqp/Svc MorganStanley
The new cloud-based Sentinel doesn’t want to drive you out. It’s a 1LifeHealthcare Inc ONEM/NDQ 1/31 16.0 14.0 –12.5 29.5 110.8 Medical–ManagedCare JP Morgan
service competes in security infor- ‘coopetition’ model.” ArcutisBiotherapeutics ARQT/NDQ 1/31 17.0 17.0 0.0 25.5 50.2 Medical–Biomed/Biotech GoldmanSachs& Co
ReynoldsConsumerPrdcts REYN/NDQ 1/31 28.0 26.0 –7.1 31.4 20.8 Containers/Packaging CreditSuisse
AnpacBio–Med SciClA ANPC/NDQ 1/30 14.0 12.0 –14.3 7.0 –41.3 Medical–Services WestparkCapital Inc
Black DiamondTherptcs BDTX/NDQ 1/30 18.0 19.0 5.6 34.6 82.0 Medical–Biomed/Biotech JP Morgan
Annovis BioInc ANVS/NSE 1/29 8.0 6.0 –25.0 4.5 –25.0 Medical–Biomed/Biotech ThinkequityPartners
AddexTherapeutics Ads ADXN/NDQ 1/29 10.2 10.2 0.0 7.3 –28.6 Medical–Biomed/Biotech Citigroup
VelocityFinancial Inc VEL/NSE 1/17 16.0 13.0 –18.8 4.7 –64.2 Finance–Mrtg&RelSvc WellsFargoSecurities
We invite you to take a complimentary two-week trial. I–MabAds IMAB/NDQ 1/17 15.0 14.0 –6.7 24.0 71.5 Medical–Biomed/Biotech JefferiesLlc
Call 1.800.831.2525 or go to www.investors.com/LB1 LizhiInc ClAAds LIZI/NDQ 1/17 13.0 11.0 –15.4 5.4 –50.9 Internet–Content Citigroup

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INVESTOR'S BUSINESS DAILY WEEK OF
O F JUNE 15, 2020
20 20 A7
TOP
OFF THE
DOWNCHARTS Average annual account fees as a percent of
managed assets Median
an asset
assetss per
sset
assets per adviso
advisorr
viso
advisor Median
Median revenues
reven
reven
evenues
ues per advisor
advisor
Fee Rates Keep Declining 1.18% For clients with assets of $1 million to $1.5 million $120 millions
In million
millionss
llion $800 In thousan
thousands
th ousands
ousands
Advisors reached record levels of assets 1.14 98 640
and revenues in 2019, which should help 1.10 76 480
advisors survive the coronavirus
1.06 54 320
pandemic and its aftermath. Still, the
average fee rate on assets under 1.02 32 160
management continues to decline. 0.98 10 0
Source: McKinsey & Co. ‘15 ‘16 ‘17 ‘18 ‘19 ‘15 ‘19 ‘15 ‘19

FINANCIAL ADVISOR BRIEFING

Go The Extra Mile For Isolated Clients
Advisors reach out
as pandemic heightens
feelings of loneliness
BY MOREY STETTNER
FOR INVESTOR’S BUSINESS DAILY
People who live alone face chal-
lenges during the pandemic. Cut
off from family and friends, these
individuals may fight feelings of iso-
lation.
Advisors are reaching out and
stepping up to stay in touch.
Before March, many planners
who work with single clients, wid-
ows and others living on their own
made an extra effort to maintain
contact. In these difficult times,
they’re increasing their outreach
more than ever.
Not every one-person household
requires special attention. For
those single clients who keep busy
and socialize often, advisors may
feel less compelled to check in fre-
quently. But if someone has no fam-
ily nearby and few social outlets —
and lacks a support network — advi-
sors play an important role beyond
just financial planning and portfo-
lio management.
“People living alone are already
struggling with loneliness and now
they’re more lonely,” said Sharon
Duncan, a Houston-based certified
financial planner. “When you’re
lonely, you want reminders that
you’re not alone.”
Duncan estimates that about 10%
of her clients are lonely. She seeks
to forge a stronger bond with them.
When calling them, for example,
she often stands and looks out the
window or sits in a different chair.
Moving to a different spot in her of-
fice reinforces her intent to con-
nect with them more fully.
“You have to process loneliness
all the time when you live alone,”
she said. “So I want to remind my-
self to be more human about the
conversation.”
Support Clients In Need
To show their appreciation, some
advisors send gifts to clients on spe-
cial occasions. In the current envi-
ronment, a surprise present can
make an even greater impact on a
lonely recipient.
For instance, Duncan recently
sent a client a monogrammed
beach bag. She wrote on the card,
“Looking forward to the day you
can use this.”
She emphasizes that customizing
your message makes all the differ-
ence. Choose a gift tailored to that
client’s interests. And express real
emotion in your card.
“You have to make it personal,
not generic,” she said. “And don’t
use a typed mailing label. Every-
thing should be written by hand.”
Newly widowed clients may
need more support. While you
don’t want to get too involved in
their travails, attentiveness to the
condition can prove a lifesaver.
Duncan cites a client in her 50s
whose husband died unexpected-
ly. She lapsed into a prolonged
phase of mourning.
“I checked in with her regularly
and got a sense she was slipping
Because the
pandemic
has intensi-
fied feelings
of loneliness
among some
people,
advisors
keep close
tabs on
lonely cli-
ents.
into depression,” Duncan said. “So
I asked her to come in for a face-to-
face meeting. She did, and it took
two seconds to see we needed a
major medical intervention.”
Alarmed at her uncharacteristi-
cally gaunt appearance, Duncan
urged her to go directly to the hos-
pital emergency room. The client
agreed and received the proper
treatment.
“Today, she’s thriving,” Duncan
said. “Did I cross a boundary? Yes.
But crossing a boundary is some-
times necessary and may have
saved her life.”
Some clients are not bashful
about discussing the challenges of
living alone. When shopping for an
advisor, they may signal their eager-
ness to have someone to lean on.
Eran Goudes, a certified financial
planner in Potomac, Md., recalls
meeting with a woman in her
mid-70s who was looking to hire
an advisor. When vetting Goudes,
she asked, “If I get stuck in a bad
part of town at 2 a.m., can I call you
and will you pick me up?”
“Absolutely,” Goudes replied
without hesitation. She wound up
hiring him.
“I wasn’t taken aback by her ques-
tion,” he said. “I laughed, because
she wasn’t really going to call at
that hour. But I understood what
she was getting at, that she wanted
to count on me being there for her.”
Retain What Clients Say
Building a lasting relationship
with lonely individuals requires
rapt listening — and the ability to re-
tain what you hear. Clients may be
particularly appreciative if you
show ongoing interest in their lives.
For instance, a client told Goudes
that she set a goal of taking 10,000
steps a day. When he checked in
with her months later, he asked
about her pursuit of that goal.
“With Covid-19, it’s harder to ex-
ercise so that becomes relevant,”
he said. “In the course of our con-
versation, we didn’t talk about her
portfolio at all.”
Advisors with lonely clients de-
velop a heightened sense of how
and when to communicate with
them.
“It’s trial and error,” Goudes said.
“Over time, I get to know how they
respond to my communication.
Some prefer more communication.
Another might sound annoyed if I
call too much. So you have to adjust
as you go.”

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