Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<h3>KEY HIGHLIGHTS</h3>
<div></div>
<ul>
<li>WTR-CMI last week.&nbsp;The sell-off continued last week, with the S&amp;P 500 losing 5.8% and the broader Russell 2000 Index giving up 7.5%. Our WTR-CMI index of 30 chemicals and materials technology companies underperformed the broader market by declining 9.9%, with all the stocks in the index posting W/W losses. ECVT (down 2.1%) and PKE (down 2.3%) outperformed relative to other names, as the raw material cost pressure they are experiencing is more moderate compared with companies heavily reliant on pet-chem-based inputs. PPG also outperformed by declining 5.1%, likely bolstered by its recent investor day. KOP, CMP, and LTHM were the worst performers, as concerns over construction markets grew and investors became more concerned over the impact on inflation on economic growth, including consumers’ ability to purchase more expensive EVs, especially as several manufacturers had to raise prices to offset higher metal and graphite costs.</li>
<li>Farmer concerns grow.&nbsp;The&nbsp;Rural Mainstreet Index (RMI) from Creighton University&nbsp;reading for June dropped to 49.8 from May’s 57.7, with 50 being a growth-neutral reading, implying US farmers’ growing concerns over the economy, the impact of rising intertest rates, and ongoing supply chain bottlenecks. Nearly 93% of rural banks surveyed now put the likelihood of a recession at more than 50%.</li>
<li>Efforts to domesticate lithium supply continue.&nbsp;Cypress Development Corp. (OTC: CYDVF), an advanced lithium development company focused on commercializing lithium projects in Nevada, provided an update on the ongoing&nbsp;feasibility study&nbsp;for the company’s Clayton Valley lithium project in Nevada, as well as&nbsp;progress on its pilot plant operations, which have delivered samples to two laboratories in Canada for further testing.</li>
<li>Coatings markets growing above GDP rates.&nbsp;According to a recent report, the&nbsp;waterborne coatings market&nbsp;is expected to grow at a 3.5% CAGR over the next five years, while&nbsp;the low volatile organic compounds (VOC) segment&nbsp;of the coatings industry is expected to post an even faster 6.2% CAGR through 2026, driven by tighter emission regulations and consumers’ growing awareness of VOC’s health and environmental impact. Over the mid-term, this should be a positive for SHW, PPG, AXTA, and RPM.</li>
</ul>
<h3>WTR-CMI WEEKLY PERFORMANCE</h3>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/282/497/original/image_22915513821656025927561.png?1656025930" class="editor-image img-responsive" data-smartkarma-image-id="282497"></figure>
<p>Source: YCharts; June 19 close</p>
<h2>Automotive &amp; Transportation Market</h2>
<p>Automotive doldrums continue.&nbsp;ASEA’s May report on new car registrations in the EU&nbsp;showed an 11.2% drop in May, the 11th&nbsp;straight month of Y/Y declines, bringing the YTD decline to 13.7%. We expect June numbers to continue to comp negatively versus the year-ago period, with 2H22 comps easing, which may allow the European market to finally break what would be a year-long string of declines. However, we caution that while comps will get easier in July and beyond, higher auto prices, higher interest rates, and souring consumer sentiment, exacerbated by the continuing war in Ukraine, may constrain whatever recovery may take place. Meanwhile, on a more positive note,&nbsp;auto production lost to semiconductor chip shortages&nbsp;appears to be slowing down, with less than 28,000 added to the tally of losses last week, mostly in APAC region outside of China. Nonetheless, 2.26 million vehicles have already been removed from production expectations for 2022.</p>
<h2>EVs &amp; Battery Ecosystem</h2>
<p>As EV growth continues, solutions are sought to combat high battery metal prices.&nbsp;While China’s overall new vehicle sales continue to decline, the&nbsp;NEV segment is still posting strong Y/Y growth, with May sales of new energy vehicles (NEVs) rising 111.5% and YTD sales increasing 117.4%. However, both investors’ and consumers’ concerns are shifting from availability of materials for EV batteries to the costs of said materials, at least in the near to mid-term. Consequently, it is not surprising to see ongoing efforts to find and develop alternate battery chemistries, or whole new technologies to address both concerns. One company leading these efforts is Michigan-based privately held battery start-up Our Next Energy (ONE), which&nbsp;will supply an early prototype of its Gemini “Dual-Chemistry” battery to BMW&nbsp;(whose investment arm was part of the latest funding round of ONE) for testing under real world conditions. The testing is expected to start by the end of 2022 and will focus on proving ONE’s claim of doubling the typical lithium battery range, while also prolonging battery life, all while using cheaper and more plentiful iron and manganese to reduce the need for higher-cost cobalt and nickel in battery cathodes. Meanwhile, Alsym Energy, a Massachusetts-based start-up, is working on battery chemistry and a design that would further reduce, if not&nbsp;eliminate lithium and cobalt from EV battery cathodes, making them both safer and about 50% cheaper versus current designs. And in Europe, work continues on developing solid-state batteries for the EV market, with a consortium of Spanish companies launching the&nbsp;Basquevolt initiative, with the Basque government researching, developing, and producing solid-state batteries, with pilot plant operations targeted to begin in 2025 and ramp up to a 10 GWh annual production rate by 2027.</p>
<h2>Ag-Chem and Ag-Tech</h2>
<p>With planting progress on track, weather concerns rise.&nbsp;Better conditions allowed US farmers to essentially catch up to five-year averages when it comes to&nbsp;corn and soybean plantings. However, while current crop conditions are rated mostly good to excellent, recent scorching weather across the farm belt regions may raise the possibility of less than optimal yields and we will watch these developments over the next several weeks. One thing to keep in mind is the lessons from Brazil, where drought conditions led to angst over yield expectations. However,&nbsp;the country’s second corn crop, also known as safrinha, is now expected to be up 45% Y/Y, driven by higher planted acreage and higher yield expectations versus the drought affected 2021-22 second crop season. This may help alleviate the production shortfall experienced during the first crop period earlier in the year. The news could not come at a better time, as the world is getting increasingly pessimistic regarding&nbsp;the impact of the Russian invasion of Ukraine on the global food market, not just in 2022-23, but also longer term.</p>
<p>Doing their part to ensure adequate supply.&nbsp;Against this backdrop of food security concerns, crop input companies are stepping up efforts to ensure their products are made available and at an affordable price to help offset expected declines in Russian, Belorussian, and Ukrainian supply. Nutrien (NYSE: NTR) followed up its recent announcement of production capacity expansion with even more aggressive plans to&nbsp;ramp up production of phosphate and nitrogen fertilizers, both through brownfield expansions and new capacity addition projects expected to come online through 2025 and 2027, respectively.</p>
<h2>In Other News</h2>
<p>Expanding markets served to cushion expected declines.&nbsp;One company in our WTR-CMI index—Valvoline (NYSE: VVV)—has been fielding questions and fighting investor perception of a sun-setting business for several years now, as EVs continue to grow their share of annual car sales and investors grow concerned over the company’s ability to continue to deliver superior growth in what many are seeing as a sun-setting market (lube oil for ICE passenger vehicles). However, the company is not taking these expectations lying down. Earlier, VVV announced its intentions to monetize its bulk and industrial lubes business and concentrate on growing its company-owned and franchised Valvoline Instant Oil Change (VIOC) network. More recently, the company announced that it has opened its first&nbsp;company-owned heavy-duty fleet service center&nbsp;to provide the same high-touch customer service as it currently does through its VIOC network to service to Class 5-8 vehicles that can weigh more than 30,000 pounds. We believe this move will significantly expand VVV’s addressable market in the near to mid-term, while providing a longer tail over the long term, which may ease investor concerns over the stock’s valuation levels.</p>
<p>M&amp;A deal flow continues.&nbsp;The chemicals and materials technology industry has been characterized by considerable M&amp;A activity over the last two to three decades and despite, or perhaps because of the slowing economic outlook and inflationary pressures, portfolio optimization efforts are continuing. Recently,&nbsp;PPG announced&nbsp;that it has completed the divestiture of Eberle Design, Inc. (EDI) to Vance Street Capital. Terms of the transaction were not disclosed. Meanwhile, global chemical and plastic distributor Brenntag (OTC: BNTGY) recently&nbsp;announced that it has entered a partnership&nbsp;with Saudi Al-Azzaz Chemicals Co. via a 75/25 joint venture. Looking to expand its geographic footprint and keep up with the M&amp;A-driven growth of SHW and PPG, AkzoNobel (OTC: AKZOY) recently&nbsp;announced that it reached an agreement&nbsp;with Kansai Paint to acquire the latter’s paints &amp; coatings business in Africa, which generates approximately $300 million in annual sales, with completion expected in 2023, subject to regulatory approvals.</p>
<h2>Rating and Price Target Changes</h2>
<p>EMN –&nbsp;Jefferies downgraded the stock to Hold from Buy and reduced its price target (PT) to $87 from $150.</p>
<p>FMC –&nbsp;CFRA upgraded the stock to Hold from Sell, maintaining its $126 PT.</p>
<p>SHW –&nbsp;UBS lowered its PT to $265 from $279 and maintained its Neutral rating.</p>
<p>VVV –&nbsp;Jefferies lowered its PT to $40 from $44 and reiterated its Buy rating.</p>
<h2>Recent WTR Publications and Upcoming Events</h2>
<p>Management Series Report – Marrone Bio Innovations CEO Kevin Helash</p>
<p>Management Series Report – Westwater Resources Executive Chairman Terence Cryan and CAO Steven Cates</p>
<h2>DISCLOSURES</h2>
<div></div>
<p>Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.<br><br>WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities.<br><br>Dmitry Silversteyn, who is the writer of this report, covers the Chemicals &amp; Materials Technology and BioEconomy sectors for WTR. Mr. Silversteyn and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer.<br><br>Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered.<br><br>In certain instances, including this report, WTR will write research covering non-clients. Readers should assume that WTR may seek to turn these non-paying companies into paying clients. Likewise, WTR may seek to transform these non-clients into paying clients of it or of its affiliate, which provides services such as presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services of WTR or an affiliate might offer to clients.<br><br>The manner of WTR’s potential research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly written compliance guidelines.<br><br>The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors or agents shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs.<br><br>All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.</p>

KEY HIGHLIGHTS


WTR-CMI last week.&nbsp;The sell-off continued last week, with the S&amp;P 500 losing 5.8% and the broader Russell 2000 Index giving up 7.5%. Our WTR-CMI index of 30 chemicals and materials technology companies underperformed the broader market by declining 9.9%, with all the stocks in the index posting W/W losses. ECVT (down 2.1%) and PKE (down 2.3%) outperformed relative to other names, as the raw material cost pressure they are experiencing is more moderate compared with companies heavily reliant on pet-chem-based inputs. PPG also outperformed by declining 5.1%, likely bolstered by its recent investor day. KOP, CMP, and LTHM were the worst performers, as concerns over construction markets grew and investors became more concerned over the impact on inflation on economic growth, including consumers’ ability to purchase more expensive EVs, especially as several manufacturers had to raise prices to offset higher metal and graphite costs.
Farmer concerns grow.&nbsp;The&nbsp;Rural Mainstreet Index (RMI) from Creighton University&nbsp;reading for June dropped to 49.8 from May’s 57.7, with 50 being a growth-neutral reading, implying US farmers’ growing concerns over the economy, the impact of rising intertest rates, and ongoing supply chain bottlenecks. Nearly 93% of rural banks surveyed now put the likelihood of a recession at more than 50%.
Efforts to domesticate lithium supply continue.&nbsp;Cypress Development Corp. (OTC: CYDVF), an advanced lithium development company focused on commercializing lithium projects in Nevada, provided an update on the ongoing&nbsp;feasibility study&nbsp;for the company’s Clayton Valley lithium project in Nevada, as well as&nbsp;progress on its pilot plant operations, which have delivered samples to two laboratories in Canada for further testing.
Coatings markets growing above GDP rates.&nbsp;According to a recent report, the&nbsp;waterborne coatings market&nbsp;is expected to grow at a 3.5% CAGR over the next five years, while&nbsp;the low volatile organic compounds (VOC) segment&nbsp;of the coatings industry is expected to post an even faster 6.2% CAGR through 2026, driven by tighter emission regulations and consumers’ growing awareness of VOC’s health and environmental impact. Over the mid-term, this should be a positive for SHW, PPG, AXTA, and RPM.

WTR-CMI WEEKLY PERFORMANCE

Source: YCharts; June 19 close
Automotive &amp; Transportation Market
Automotive doldrums continue.&nbsp;ASEA’s May report on new car registrations in the EU&nbsp;showed an 11.2% drop in May, the 11th&nbsp;straight month of Y/Y declines, bringing the YTD decline to 13.7%. We expect June numbers to continue to comp negatively versus the year-ago period, with 2H22 comps easing, which may allow the European market to finally break what would be a year-long string of declines. However, we caution that while comps will get easier in July and beyond, higher auto prices, higher interest rates, and souring consumer sentiment, exacerbated by the continuing war in Ukraine, may constrain whatever recovery may take place. Meanwhile, on a more positive note,&nbsp;auto production lost to semiconductor chip shortages&nbsp;appears to be slowing down, with less than 28,000 added to the tally of losses last week, mostly in APAC region outside of China. Nonetheless, 2.26 million vehicles have already been removed from production expectations for 2022.
EVs &amp; Battery Ecosystem
As EV growth continues, solutions are sought to combat high battery metal prices.&nbsp;While China’s overall new vehicle sales continue to decline, the&nbsp;NEV segment is still posting strong Y/Y growth, with May sales of new energy vehicles (NEVs) rising 111.5% and YTD sales increasing 117.4%. However, both investors’ and consumers’ concerns are shifting from availability of materials for EV batteries to the costs of said materials, at least in the near to mid-term. Consequently, it is not surprising to see ongoing efforts to find and develop alternate battery chemistries, or whole new technologies to address both concerns. One company leading these efforts is Michigan-based privately held battery start-up Our Next Energy (ONE), which&nbsp;will supply an early prototype of its Gemini “Dual-Chemistry” battery to BMW&nbsp;(whose investment arm was part of the latest funding round of ONE) for testing under real world conditions. The testing is expected to start by the end of 2022 and will focus on proving ONE’s claim of doubling the typical lithium battery range, while also prolonging battery life, all while using cheaper and more plentiful iron and manganese to reduce the need for higher-cost cobalt and nickel in battery cathodes. Meanwhile, Alsym Energy, a Massachusetts-based start-up, is working on battery chemistry and a design that would further reduce, if not&nbsp;eliminate lithium and cobalt from EV battery cathodes, making them both safer and about 50% cheaper versus current designs. And in Europe, work continues on developing solid-state batteries for the EV market, with a consortium of Spanish companies launching the&nbsp;Basquevolt initiative, with the Basque government researching, developing, and producing solid-state batteries, with pilot plant operations targeted to begin in 2025 and ramp up to a 10 GWh annual production rate by 2027.
Ag-Chem and Ag-Tech
With planting progress on track, weather concerns rise.&nbsp;Better conditions allowed US farmers to essentially catch up to five-year averages when it comes to&nbsp;corn and soybean plantings. However, while current crop conditions are rated mostly good to excellent, recent scorching weather across the farm belt regions may raise the possibility of less than optimal yields and we will watch these developments over the next several weeks. One thing to keep in mind is the lessons from Brazil, where drought conditions led to angst over yield expectations. However,&nbsp;the country’s second corn crop, also known as safrinha, is now expected to be up 45% Y/Y, driven by higher planted acreage and higher yield expectations versus the drought affected 2021-22 second crop season. This may help alleviate the production shortfall experienced during the first crop period earlier in the year. The news could not come at a better time, as the world is getting increasingly pessimistic regarding&nbsp;the impact of the Russian invasion of Ukraine on the global food market, not just in 2022-23, but also longer term.
Doing their part to ensure adequate supply.&nbsp;Against this backdrop of food security concerns, crop input companies are stepping up efforts to ensure their products are made available and at an affordable price to help offset expected declines in Russian, Belorussian, and Ukrainian supply. Nutrien (NYSE: NTR) followed up its recent announcement of production capacity expansion with even more aggressive plans to&nbsp;ramp up production of phosphate and nitrogen fertilizers, both through brownfield expansions and new capacity addition projects expected to come online through 2025 and 2027, respectively.
In Other News
Expanding markets served to cushion expected declines.&nbsp;One company in our WTR-CMI index—Valvoline (NYSE: VVV)—has been fielding questions and fighting investor perception of a sun-setting business for several years now, as EVs continue to grow their share of annual car sales and investors grow concerned over the company’s ability to continue to deliver superior growth in what many are seeing as a sun-setting market (lube oil for ICE passenger vehicles). However, the company is not taking these expectations lying down. Earlier, VVV announced its intentions to monetize its bulk and industrial lubes business and concentrate on growing its company-owned and franchised Valvoline Instant Oil Change (VIOC) network. More recently, the company announced that it has opened its first&nbsp;company-owned heavy-duty fleet service center&nbsp;to provide the same high-touch customer service as it currently does through its VIOC network to service to Class 5-8 vehicles that can weigh more than 30,000 pounds. We believe this move will significantly expand VVV’s addressable market in the near to mid-term, while providing a longer tail over the long term, which may ease investor concerns over the stock’s valuation levels.
M&amp;A deal flow continues.&nbsp;The chemicals and materials technology industry has been characterized by considerable M&amp;A activity over the last two to three decades and despite, or perhaps because of the slowing economic outlook and inflationary pressures, portfolio optimization efforts are continuing. Recently,&nbsp;PPG announced&nbsp;that it has completed the divestiture of Eberle Design, Inc. (EDI) to Vance Street Capital. Terms of the transaction were not disclosed. Meanwhile, global chemical and plastic distributor Brenntag (OTC: BNTGY) recently&nbsp;announced that it has entered a partnership&nbsp;with Saudi Al-Azzaz Chemicals Co. via a 75/25 joint venture. Looking to expand its geographic footprint and keep up with the M&amp;A-driven growth of SHW and PPG, AkzoNobel (OTC: AKZOY) recently&nbsp;announced that it reached an agreement&nbsp;with Kansai Paint to acquire the latter’s paints &amp; coatings business in Africa, which generates approximately $300 million in annual sales, with completion expected in 2023, subject to regulatory approvals.
Rating and Price Target Changes
EMN –&nbsp;Jefferies downgraded the stock to Hold from Buy and reduced its price target (PT) to $87 from $150.
FMC –&nbsp;CFRA upgraded the stock to Hold from Sell, maintaining its $126 PT.
SHW –&nbsp;UBS lowered its PT to $265 from $279 and maintained its Neutral rating.
VVV –&nbsp;Jefferies lowered its PT to $40 from $44 and reiterated its Buy rating.
Recent WTR Publications and Upcoming Events
Management Series Report – Marrone Bio Innovations CEO Kevin Helash
Management Series Report – Westwater Resources Executive Chairman Terence Cryan and CAO Steven Cates
DISCLOSURES

Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.  WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities.  Dmitry Silversteyn, who is the writer of this report, covers the Chemicals &amp; Materials Technology and BioEconomy sectors for WTR. Mr. Silversteyn and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer.  Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered.  In certain instances, including this report, WTR will write research covering non-clients. Readers should assume that WTR may seek to turn these non-paying companies into paying clients. Likewise, WTR may seek to transform these non-clients into paying clients of it or of its affiliate, which provides services such as presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services of WTR or an affiliate might offer to clients.  The manner of WTR’s potential research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly written compliance guidelines.  The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors or agents shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs.  All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.

Mat-Chem Notes for the Week Ended June 19, 2022

United States

The Russell 2000 Index is comprised of the smallest 2000 companies in the Russell 3000 Index, representing approximately 8% of the Russell 3000 total market capitalization. The index was developed with a base value of 135.00 as of December 31, 1986.

Russell 2000 Index (RTY INDEX)

Mat-Chem Notes for the Week Ended June 19, 2022

KEY HIGHLIGHTS WTR-CMI last week. The sell-off continued last week, with the S&P 500 losing 5.8% and the broader Russell 2000 Index giving up...

Water Tower Research