07-12-2017: Sherwin-Williams Company (SHW): Eliminating the Competition

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Sherwin-Williams Company

Sherwin Williams is an "old line" paint company that has been steadily building and growing over the last century and a half into a $12 billion in sales company. It has international sales and locations all over the world, but particularly in Latin America outside the U.S. Its stock chart is a nearly "straight up" gradual sextupling in share price over the past ten years, making it a "buy and hold" classification rather than a trading stock.

What jumped out at us first with this company is its acquisition policies with led to the elimination of much of its competition, and leaving few competitors. Most of the brands it absorbed retained their original identification. The multiplicity of focused paint brands controlled by this company is staggering. They include names like Dutch Boy, Dupli-color (car paints), Krylon, DeSoto (a Sears Weatherbeater supplier), Danworth, Cook Paint & Varnish, Old Quaker, Minwax, Duron, Becker Powder Coatings, M.A.B. Paints, Consorcio Comex (a Mexican paint company), Thompson Waterseal, and the list goes on and on. Recently, the acquisition strategy culminated with the acquisition of troubled Valspar, a major competitor, helping to propell optimism for the company's future among stock researchers.

The company also recently developed an "anti-microbial" paint which shows great promise for specific uses. Through acquisitions, the company gained access to major outlets like Home Depot, Lowes, and Sears as well as its own very many paint stores throughout the U.S.

The Zenith Index is somewhat marginal but acceptable due to the great run-up in stock share price. Researchers and analysts are generally favorable, institutions net sellers at this lofty share price. The company controls so much of the paint business that further growth through acquisitions may be limited by FTC regulations, but internal growth remains possible in a strong housing market situation and global economic situation.

The stock pays about a 1% dividend. That dividend has been steadily increasing year after year for the most part as well as free cash from which to pay out the dividends. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

The Sherwin-Williams Company (SHW)                        Exchange: NYSE
101 West Prospect Avenue
Cleveland, OH 44115              Sector: Basic Materials
United States                    Industry:Specialty Chemicals

The Sherwin-Williams Company develops, manufactures, distributes, and
sells paints, coatings, and related products to professional,
industrial, commercial, and retail customers primarily in North and
South America, the Caribbean, Europe, and Asia. The company operates in
four segments: Paint Stores Group, Consumer Group, Global Finishes
Group, and Latin America Coatings Group. It offers architectural paint
and coatings, protective and marine products, automotive finishes and
refinish products, original equipment manufacturer product finishes, and
related items under the Sherwin-Williams brand. The company also
licenses technology and trade names. As of December 31, 2016, its Paint
Stores Group segment operated 4,180 company-operated specialty paint
stores; Global Finishes Group segment operated 288 company-operated
branches; and Latin America Coatings Group segment operated 339
company-operated stores. The company also sells its products through
direct sales staff and outside sales representatives to retailers,
dealers, jobbers, licensees, and other third party distributors. The
Sherwin-Williams Company was founded in 1866 and is headquartered in
Cleveland, Ohio.

Last Trade: 352.64                           52-Week Range: 362.57 - 239.48
Employees: 42,550                            Avg.Volume:     577,538 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 5; Shareholder Rights: 8; Compensation: 3.
         (A lower number means less governance risk.)

EPS: 12.76    Dividend Amount: $ 3.40          Yield:  0.97%
             Ex-Dividend Date: May 17, 2017    Payout Ratio:  26.39

Key Statistics:

    Trailing P/E:  27.50              Forward P/E (est.):  20.32
                                           Target Price: 363.53

Qrtly Stock Price Growth (yoy):  19.68%               Beta:   1.43
Qrtly S&P Index   Growth (yoy):   7.30%        Short Ratio:   2.09%
    Qrtly Revenue Growth (yoy):  15.86%         Shares Out:  93130000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  22.32                    Debt/Equity:  94.62%
    Price/Book Value:  15.73        Operating Profit Margin:  15.26%
         Price/Sales:   2.71                  Profit Margin:  10.02%
         Market Cap:  32,684,000,000       Return on Equity:  78.73%
    Enterprise Value:               0      Return on Assets:  17.63%

    Operating Cash Flow:  1,600,000,000
         Free Cash Flow:  1,260,000,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2016  12/31/2015  12/31/2014

  Total Revenue                             11,855,602  11,339,304  11,129,533
  Cost of Revenue                            5,933,337   5,780,078   5,965,049
  Gross Profit                               5,922,265   5,559,226   5,164,484

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative          4,171,803   3,943,786   3,860,448
  Non-Recurring Expenses                        10,688      10,688      10,688
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                     1,739,774   1,615,440   1,304,036

Income from Continuing Operations:
  Total Other Income/Expenses Net                9,547      -4,683      18,395
  Earnings Before Interest & Taxes           1,749,321   1,610,757   1,322,431
  Interest Expense                             154,088      61,791      64,205
  Income Before Taxes                        1,595,233   1,548,966   1,258,226
  Income Tax Expense                           462,530     495,117     392,339
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s              1,132,703   1,053,849     865,887

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                 1,132,703   1,053,849     865,887
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares            1,132,703   1,053,849     865,887



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2016    12/31/2015    12/31/2014

  Net Income                             1,132,703     1,053,849       865,887

Operating Activities:
  Depreciation                             261,470       201,658       202,169
  Adjustments to Net Income                 87,052       173,957       147,697
  Changes in Accounts Recv'bls            -113,855       -56,873       -80,252
  Changes in Liabilities                   -61,763       170,819        84,702
  Changes in Investories                   -52,577       -40,733      -101,112
  Changes in other Oper'g Acts              55,542       -55,214       -37,563

Total Cash Flow f Operations             1,308,572     1,447,463     1,081,528

Investing Activities:
  Capital Exenditures                     -239,026      -234,340      -200,545
  Investments                             -103,182       -65,593      -111,021
  Other Cash Flows fr Investing             38,434        11,300         1,516

Total Cash Flows from Investing           -303,774      -288,633      -310,050

Financing Activities:
  Dividends Paid                          -312,082      -249,647      -215,263
  Sale of Purchase of Stock                 86,831      -945,301    -1,388,594
  Net Borrowings                           -66,629       167,288        92,236
  Other Cash Flows fr Financing            -15,473       -42,384         1,516

Total Cash Flows from Financing           -307,353      -980,353    -1,467,075

  Effect of Exchange Rate Chg              -13,396       -13,465        -8,560

Change in Cash & Cash Equiv.               684,049       165,012      -704,157



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2016    12/31/2015    12/31/2014
Current Assets:
  Cash & Cash Equivalents                   889,793       205,744        40,732
  Short Term Investments                          0             0             0
  Net Receivables                         1,288,149     1,202,158     1,239,652
  Inventory                               1,068,326     1,018,530     1,033,527
  Other Current Assets                      381,030       230,748       251,655
  Total Current Assets                    3,627,298     2,657,180     2,565,566

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                1,095,888     1,041,862     1,021,030
  Goodwill                                1,126,892     1,143,333     1,158,346
  Intangible Assets                         255,010       255,371       289,127
  Accumulated Amortization                        0             0             0
  Other Assets                              421,904       436,309       415,120
  Deferred LT Asset Charges                 225,529       244,882       250,144

Total Assets                              6,752,521     5,778,937     5,699,333

Current Liabilities:
  Accounts Payable                        2,087,965     2,099,243     1,997,965
  Current Portion LT Debt                   741,214        42,616       682,701
  Other Current Liabilities                       0             0             0
  Total Current Liabilities               2,829,179     2,141,859      2,680,666

  Long Term Debt                          2,087,965     2,099,243     1,997,965
  Other Liabilities                         741,214        42,616       682,701
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                         4,874,080     4,911,027     4,702,863

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                              116,563       115,761       114,525
  Retained Earnings                       4,049,497     3,228,876     2,424,674
  Treasury Stock                         -4,235,832    -4,220,058    -3,150,410
  Capital Surplus                                 0             0             0
  Other Stockhohlder Equity               1,948,213     1,743,331     1,607,681
  Total Stockholder Equity                1,878,441       867,910       996,470

Net Tangible Assets                         496,539      -530,794      -451,003



The Sherwin-Williams Company (SHW)          [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            1.0182          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.3780
Price/Sales Ratio < 2.3?   0.8487          Inventory/Sales < 5%?      0.5549
Sales < $1 Billion?        0.0843          Operating Margin < 7.5%?   0.4915

Balance Sheet Tests:
Debt/Equity < 0.40?        0.4227          Long-Term Debt Service:    1.5507
LTD Being Reduced?         0.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         0.6411          Working Capital >= 1.5?    1.1856
Leverage Ratio < 20%?      0.5989          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.2554
Share Equity Increase:     3.0000          Market Cap.< 1.5 Billion?  0.0459
                                           Intangibles < 3% Assets?   0.1466
Income Tests:
Profit Margin < 7.5%?      1.3360          EPS Annual Growth > 10%?   0.0930
Dividend Yield > 2.0%?     2.0619          EPS 3-yr Growth > 15?      0.1147
Enterprise Value/Revenue   2.7569          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      1.1347
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  0.4717
Stock Performance Tests:
Volatility > 25%?          1.3580          % Held by Insiders < 5%?   0.2875
Beta > 1.25?               1.1440          % Held by Institut. < 50?  0.7310
50 Da MA > 200 Da MA?      0.2577          % Held by Institut. > 30?  2.2800
52-Wk Change vs. S&P 500:  1.2409          Short Ratio > 5?           0.4180
Price/Book Value < 3?      0.1899          Short % of Float > 20?     0.0630
Return on Assets > 17%?    1.0371          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.2698          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  0.8223
                                           Cash Flow / Assets > 10%?  2.8429

SHW    The Sherwin-Williams Company        Overall Zenith Index:      1.2480


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Financial Statements

For all the following statements in this section, USD are in Thousands except for per share data.

SHERWIN-WILLIAMS CO  (SHW)                  INCOME STATEMENT

Fiscal year ends in December. USD in thousan         2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Revenue                                            9,534,462      10,185,532      11,129,533      11,339,304      11,855,602      12,042,965
Cost of revenue                                    5,328,236       5,568,966       5,965,049       5,780,078       5,933,337       6,039,305
Gross profit                                       4,206,226       4,616,566       5,164,484       5,559,226       5,922,265       6,003,660


Operating expenses
Sales, General and administrative                  3,259,648       3,467,681       3,822,966       3,913,518       4,171,803       4,168,381
Other operating expenses                                   0           2,519          37,482               0               0               0
Total operating expenses                           3,259,648       3,470,200       3,860,448       3,913,518       4,171,803       4,168,381

Operating income                                     946,578       1,146,366       1,304,036       1,645,708       1,750,462       1,835,279
Interest Expense                                      42,788          62,714          64,205          61,791         154,088         154,051
Other income (expense)                                 3,519           2,306          18,395         -34,951          -1,141           4,245
Income before taxes                                  907,309       1,085,958       1,258,226       1,548,966       1,595,233       1,685,473
Provision for income taxes                           276,275         333,397         392,339         495,117         462,530         478,494
Net income from continuing operations                631,034         752,561         865,887       1,053,849       1,132,703       1,206,979
Net income                                           631,034         752,561         865,887       1,053,849       1,132,703       1,206,979
Preferred dividend                                         0               0               0           4,462               0               0
Net income available to common shareholders          631,034         752,561         865,887       1,049,387       1,132,703       1,206,979

Earnings per share
Basic                                                   6.15            7.41            8.95           11.38           12.33           13.11 
Diluted                                                 6.02            7.26            8.78           11.16           11.99           12.77 

Weighted average shares outstanding
Basic                                                101,715         100,898          96,190          92,197          91,839          92,107
Diluted                                              103,930         100,898          98,075          94,024          94,488          94,595

____________________________________________________________________________________________________________________________________________


SHERWIN-WILLIAMS CO  (SHW)                  BALANCE SHEET

Fiscal year ends in December. USD in thousan         2012-12         2013-12         2014-12         2015-12         2016-12             

Assets

Current assets

Total cash                                           862,590         744,889          40,732         205,744         889,793

Receivables                                        1,032,508       1,097,751       1,130,565       1,114,275       1,230,987
Inventories                                          920,324         970,815       1,033,527       1,018,530       1,068,326
Deferred income taxes                                126,730         104,496         109,087          87,883          57,162
Other current assets                                 207,086         240,766         252,869         232,442         381,030
Total current assets                               3,149,238       3,158,717       2,566,780       2,658,874       3,627,298

Non-current assets

Property, plant and equipment
Gross property, plant and equipment                2,587,591       2,741,380       2,835,260       2,923,431       3,100,933
Accumulated Depreciation                          -1,621,695      -1,719,997      -1,814,230      -1,881,569      -2,005,045
Net property, plant and equipment                    965,896       1,021,383       1,021,030       1,041,862       1,095,888

Goodwill                                           1,156,005       1,178,687       1,158,346       1,143,333       1,126,892
Intangible assets                                    347,553         313,299         289,127         255,371         255,010
Prepaid pension benefit                              249,911         302,446         250,144         244,882         225,529
Other long-term assets                               366,134         407,975         420,625         447,533         421,904
Total non-current assets                           3,085,499       3,223,790       3,139,272       3,132,981       3,125,223

Total assets                                       6,234,737       6,382,507       5,706,052       5,791,855       6,752,521 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                       72,724         599,499         682,701          42,616         741,214
Accounts payable                                     922,999         998,484       1,042,182       1,157,561       1,034,608
Taxes payable                                         52,104          79,504          86,744          81,146          76,765
Accrued liabilities                                  828,609         851,070         869,039         860,536         976,592
Total current liabilities                          1,876,436       2,528,557       2,680,666       2,141,859       2,829,179

Non-current liabilities
Long-term debt                                     1,632,165       1,122,373       1,122,715       1,920,196       1,211,326
Pensions and other benefits                          320,223         268,874         277,892         248,523         250,397
Other long-term liabilities                          614,109         688,168         628,309         613,367         583,178
Total non-current liabilities                      2,566,497       2,079,415       2,028,916       2,782,086       2,044,901

Total liabilities                                  4,442,933       4,607,972       4,709,582       4,923,945       4,874,080 

Stockholders' equity

Preferred stock                                      101,086          40,406               0               0               0
Common stock                                         111,623         112,902         114,525         115,761         116,563
Other Equity                                        -101,086         -40,406               0               0               0
Additional paid-in capital                         1,673,788       1,847,801       2,079,639       2,330,426       2,488,564
Retained earnings                                  1,226,467       1,774,050       2,424,674       3,228,876       4,049,497
Treasury stock                                      -849,685      -1,639,174      -3,150,410      -4,220,058      -4,235,832
Accumulated other comprehensive income              -370,389        -321,044        -471,958        -587,095        -540,351
Total stockholders' equity                         1,791,804       1,774,535         996,470         867,910       1,878,441
Total liabilities and stockholders' equity         6,234,737       6,382,507       5,706,052       5,791,855       6,752,521

____________________________________________________________________________________________________________________________________________


SHERWIN-WILLIAMS CO  (SHW)                  Statement of CASH FLOW

Fiscal year ends in December. USD in thousan         2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Cash Flows From Operating Activities
Net income                                           631,034         752,561         865,887       1,053,849       1,132,703       1,206,979
Depreciation & amortization                          179,202         187,794         198,945         198,562         197,711         199,811
Amortization of debt discount/premium and is               0               0               0               0          63,759          58,087
Investment/asset impairment charges                    4,086               0               0               0          10,688               0
Deferred income taxes                                -10,422          27,775         -19,038           4,976         -68,241               0
Stock based compensation                              54,348          58,004          64,735          72,342          72,109          73,665
Accounts receivable                                  -33,578         -41,473         -80,252         -56,873        -113,855               0
Inventory                                             19,929          25,031        -101,112         -40,733         -52,577               0
Accounts payable                                     -51,124          34,685          78,603         160,111        -118,893               0
Accrued liabilities                                        0          24,435          29,513         -13,128          60,632               0
Income taxes payable                                -103,231          11,314         -23,414           4,606          -2,159               0
Other working capital                                154,697         -22,952         -20,029          18,275          54,872          67,959
Other non-cash items                                  42,945          26,592          87,690          45,476          71,823          -4,054
Net cash provided by operating activities            887,886       1,083,766       1,081,528       1,447,463       1,308,572       1,602,447

Cash Flows From Investing Activities
Investments in property, plant, and equipmen        -157,112        -166,680        -200,545        -234,340        -239,026        -228,506
Acquisitions, net                                    -99,242         -79,940               0               0               0               0
Purchases of investments                             -95,778         -94,739        -111,021         -65,593        -103,182        -115,850
Other investing activities                             9,677           3,045           1,516          11,300          38,434          72,208
Net cash used for investing activities              -342,455        -338,314        -310,050        -288,633        -303,774        -272,148

Cash Flows From Financing Activities
Debt issued                                          999,697             473           1,474         797,514             500               0
Debt repayment                                       -14,000         -10,932        -500,661               0          -1,111          -1,182
Common stock repurchased                            -557,766        -769,271      -1,488,663      -1,035,291               0               0
Dividend paid                                       -160,939        -204,978        -215,263        -249,647        -312,082        -313,798
Other financing activities                            19,586         131,400         736,038        -492,929           5,340         -28,835
Net cash provided by (used for) financing            286,578        -853,308      -1,467,075        -980,353        -307,353        -343,815

Effect of exchange rate changes                       -2,115          -9,845          -8,560         -13,465         -13,396         -39,224
Net change in cash                                   829,894        -117,701        -704,157         165,012         684,049         947,260
Cash at beginning of period                           32,696         862,590         744,889          40,732         205,744          70,548
Cash at end of period                                862,590         744,889          40,732         205,744         889,793       1,017,808

Free Cash Flow
Operating cash flow                                  887,886       1,083,766       1,081,528       1,447,463       1,308,572       1,602,447
Capital expenditure                                 -157,112        -166,680        -200,545        -234,340        -239,026        -228,506
Free cash flow                                       730,774         917,086         880,983       1,213,123       1,069,546       1,373,941
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (SHW)     Sherwin-Williams Co.

                               2012    2013    2014    2015    2016

          Annual Earnings:     6.02    7.26    8.78   11.15   11.99
Average Price During Year:   124.37  173.60  205.71  270.65  277.96

                P/E Ratio:    20.66   23.91   23.43   24.27   23.18

 Average 5-Year P/E Ratio  =  23.09
             Current Price =  353.27

Previous 5 Quarter Earnings:   1.57    3.99    4.08    2.15    2.53

           Current Annualized (Last Four Quarters) Earnings =  8.76
                                                           ________
                                 Average PE / Current PE =     0.57
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

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Market Grader

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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

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Projected Earnings

Earnings Estimates
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Research Reports

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Analysts' Opinions

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Insider Activity

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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for SHERWIN WILLIAMS CO.:
Symbol? SHW
Total Months Available:  43
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
 312.48  239.48    316.66  242.50    362.57  305.70

RANGE   = 362.57  TO  239.48            Close = 351.93
CHANNEL = 312.48  TO  305.70           Degree =   1
Volatility =   1.93%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

2 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer






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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry + 1
Bond Issue + 1
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E - 1
Ratios + 1
Market Grader + 1
Intrinsic Value DCF - 1
Tangible Book Value - 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest - 1
Sentiment + 1
Standard & Poor's + 1
Moving Average - 1
Right Time Study - 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant + 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 6
Place 85 shares of Sherwin Williams Co. (SHW) on the Active List.