After the US Big 3 States (TX, CA and NY), the Next 12 Largest US States Very Largest Companies With Stock Market Caps Above $10 Bil Earnings Results Are In For the March 2018 Quarter, the First Full Quarter of the Trump Tax Cuts Act, and Only 2 of These 12 Had Very Robust, High Quality Pretax Income Increases ........................................................................................ #1 Washington States 10 Largest Companies With Stock Market Caps Above $10 Bil Generated March 2018 Quarter Total Pretax Income of $16.403 Bil, Up a Very Robust 29% From That of Their March 2017 Quarter and Their After-Tax Net Income Increased By a Much Higher 42%. The State of Washington's Economy is Operating Very Well, Firing on All Cylinders. ........................................................................................ #2 Illinois 29 Largest Companies (All Now HQed in the Chicago Area) With Stock Market Caps Above $10 Bil Generated March 2018 Quarter Total Pretax Income of $17.261 Bil, Up a Very Robust 24% From That of Their March 2017 Quarter and Their After-Tax Net Income Increased By a Much Higher 41%. Caterpillar Had a Blowout Quarter With Pretax Income Increasing By an Off-the-Charts 653% and Its US Workforce Increasing By 5,000. Excluding Caterpillar, the Remaining 28 Chicago Area Companies Generated Total Pretax Income Growth of a Still Robust 11%. These 29 Companies Had a Combined Effective Income Tax Rate of 16.8% in the March 2018 Quarter, a Decline of a Huge 10.1% From the 26.9% in the March 2017 Quarter, But With McDonald's Notably Underperforming Here. It is Unfortunate That So Little of These Chicago Area Largest Corp Fantastic Earnings Have Trickled Down To Benefit the Many Still Struggling Illinois Citizens. ........................................................................................ #3 Connecticut (CT) 18 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of a Seemingly Very Robust 42% Above That in the March 2017 Quarter. However, Included in These 18 CT Companies Was Aetna, Whose March 2017 Quarter Included a Handful of One-Time Earnings Charges, Including a $1 Bil Merger Termination Fee Paid To Humana. Excluding Aetna, the Remaining CT Companies Generated Total Pretax Income in the March 2018 Quarter Which Was a Much Lower 10% Above That in the March 2017 Quarter and an After-Tax Net Income Increase of 14%. ........................................................................................ #4 North Carolina (NC) 11 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of a Seemingly Robust 12% Above That in the March 2017 Quarter. However, Included in These 11 NC Companies Were 2 Banks, Whose March 2018 Quarter Total Pretax Income Increased By 19%. More Than Half of the Giant Bank of America Increase in Pretax Income was Due To Higher Net Interest Income, Predominately Due To the US Fed Increasing Short-Term Interest Rates and Bank of America Electing To Pass On To Their Customers Very Little of Its Benefit From the Resultant Much Higher Interest Revenues. Also, Nearly All of NC Bank BB&T's Pretax Income Increase Was the Result of a $392 Mil Loss on Debt Extinguishment Recorded in the March 2017 Quarter. The 9 NC Non-Bank Companies Posted March 2018 Quarter Total Pretax Income Which Declined By a Very Disappointing 9%. ........................................................................................ #5 Virginia (VA) 13 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of 9% Above That in the March 2017 Quarter. However, the Largest of These 13 VA Companies is Altria Group, Whose Reported March 2018 Quarter Earnings Increased By 18% With 85% of This Increase Being the Increase in the Earnings From Altria Group's 10% Ownership Share in AB InBev, Which Altria Group Reports on a One-Month Lag. So, Altria's March 2018 Quarter Includes Its Share of AB InBev's December 2017 Quarter's Earnings Which Was Bolstered By a Significant Amount of Earnings From the US Trump Tax Cuts Act. In Other Words, How Credible is Altria's Reported Pretax Income Increase in the March 2018 Quarter? Absolutely Not Credible! The 12 VA Companies Other Than Altria Posted a Total Pretax Income Increase in the March 2018 Quarter of a Lower 6%, All Due To Capital One Financial's 50% Pretax Income Increase. Capital One Financial Benefited Much From the US Feds' Increase in Short-term Interest Rates and Its Deciding To Pass On Very Little of Their Benefit To Their Many Still-Struggling Customers. These Movie Stars and Other Celebrities Pushing Capital One Financial Credit Cards in TV Commercials Should Think More Clearly of Just What They Are Peddling ...... A Huge Increase in Income Inequality Expansion ........................................................................................ #6 Georgia 16 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of 6%, Significantly Underperforming the 12% Earnings Growth For the 457 Largest US Companies in the Entire Country. Georgia Companies Consistently Outperformed By a Large Margin the Earnings Growth of the Companies in the Entire US During the 8 Years of the Obama Administration. This Very Positive Georgia Company Relative Earnings Growth Trend Has Reversed Since the Trump Administration Has Taken Office. ....................................................................................... #7 Ohio 19 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of 6%, Significantly Underperforming the 12% Earnings Growth For the 457 Largest US Companies in the Entire Country. But When I Mine the Ohio Company Data, It Gets Even Much Worse. Ohio's 8 Financial Companies Total Pretax Income Increased By 18% in the March 2018 Quarter, But That Included Fifth Third Bancorp's 111% Earnings Growth Nearly All of Which Came From a March 2018 Quarter $414 Mil One-Time Step-Up Gain From the Vantiv Merger With WorldPay. Excluding This Step-Up Gain, the 8 Financial Companies Posted a March 2018 Quarter Total Pretax Income Increase of a Very Modest 2%. Also, the 11 Ohio Non-Financial Companies Reported a Total Pretax Income Increase of Only 1% Over the March 2017 Quarter. Led Mainly By the US Auto Recovery From Its Disastrous Meltdown, Ohio Companies Consistently Outperformed the Earnings Growth of the Companies in the Entire US During the 8 Years of the Obama Administration. This Very Positive Ohio Company Relative Earnings Growth Trend Has Reversed Since the Trump Administration Has Taken Office. ....................................................................................... #8 Minnesota 11 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of Only 1%, Substantially Below the 12% Earnings Growth For the 457 Largest US Companies in the Entire Country. When I Mine the Minnesota Company Data, UnitedHealth Group Dominates the Minnesota Earnings Scene and Reported a Pretax Income of $3.724 Bil in the March 2018 Quarter, Up a Very Robust 19% Over the March 2017 Quarter. On the Other Hand, All Other 10 Minnesota Companies Posted March 2018 Quarter Total Pretax Income of $5.714 Bil, a Very Disappointing Decline of 7% From the March 2017 Quarter. ....................................................................................... Now For the 4 US Largest States Whose Companies Real Total Pretax Income Were Disasters ....................................................................................... #9 New Jersey 18 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of 7%, Which Seems Not Too Bad But It is a Tad Below the 12% Earnings Growth For the 457 Largest US Companies in the Entire Country. But When I Mine the New Jersey Company Earnings Data, I Get a Totally Different Picture. Allergan plc Was Included in the 18 New Jersey Companies. It is Legally Headquartered in Ireland and Its Administrative Office is in Madison, New Jersey. Allergan Reported a Pretax Loss of $966 Mil in the March 2018 Quarter, a Pretax Earnings Improvement of $2.127 Bil From the Reported March 2017 Pretax Loss of $3.093 Bil . However, $1.978 Bil, or 93% of This Reported Earnings Improvement Came From a One-Time Asset Impairment Charge on Allergan's Investment in Teva Pharmaceuticals Recorded in the March 2017 Quarter. When Allergan is Excluded, the Remaining 17 Largest New Jersey Companies Generated Total Pretax Income in the March 2018 Quarter of $15.299 Bil, a Decline of 7% From the March 2017 Quarter. Health Care Companies Rule the Earnings Scene in New Jersey, Comprised 56% of These Total New Jersey Companies Pretax Income in the March 2018 Quarter. The 6 Largest New Jersey Health Care Companies Posted Total Pretax Income of $8.520 Bil in the March 2018 Quarter, a Very Disappointing Decline of 11% From Their March 2017 Quarter. And the 11 Largest New Jersey Non-Health Care Companies Reported a Total Pretax Income of $6.779 Bil in the March 2018 Quarter, Down 2% From the March 2017 Quarter. ....................................................................................... #10 Massachusetts 16 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Decline of a Disappointing 5% From the March 2017 Quarter. When I Think Massachusetts Companies, I Quickly Think of Exceptional Research and of Harvard and MIT. Thus Logically It Makes Sense That Health Care and Tech Companies Rule in Massachusetts and the 11 MA Largest Health Care and Technology Companies Comprised 63% of the Total Pretax Income in the March 2018 Quarter of All 16 Largest MA Companies. However, These 11 MA Largest Health Care and Technology Companies Experienced a Total Pretax Income Decline of a Whopping 20% in the March 2018 Quarter. Where's Deval Patrick? ....................................................................................... #11 Pennsylvania 20 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income of $10.815 Bil, a Decline of a Massive 11% From the March 2017 Quarter. This Compares With the 12% Pretax Income Increase For All of the 457 Largest Companies Combined All Across the USA. There is No Way That Pennsylvania Citizens Can Be Happy With the US Federal Government Environment That Results in Such an Economic Disaster For Pennsylvania Businesses. No Wonder Why Some of the Pennsylvania Republicans in the US House Are Retiring From Office. ....................................................................................... #12 Michigan 16 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Decline of a Very Disappointing 14% From the March 2017 Quarter. This Compares With the 12% Pretax Income Increase For All of the 457 Largest Companies Combined All Across the USA. When I Think Michigan Companies, I Quickly Think of the Auto Industry. Thus Logically It Makes Sense That the Auto Industry Companies Rule in Michigan and the 6 Largest Auto Industry Companies Comprised 54% of the Total Pretax Income in the March 2018 Quarter of All 16 Largest Michigan Companies. However, These 6 Michigan Largest Auto Industry Companies Experienced a Total Pretax Income Decline of a Clearly Disastrous 29% in the March 2018 Quarter From the March 2017 Quarter. Michigan Companies Consistently Outperformed the Earnings Growth of the Companies in Every Other US State During the 8 Years of the Obama Administration, Due To the US Auto Industry Revival From the Dead After the 2008 Financial Meltdown. This Very Positive Michigan Company Relative Earnings Growth Trend Has Reversed Since the Trump Administration Has Taken Office. There is No Way That Michigan Citizens Can Be Happy With the US Federal Government Environment That Results in Such an Economic Disaster For Michigan Businesses. I Think You Are Going To See Only a Couple of Michigan Republican US House Incumbents Get Reelected in November 2018.

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March 2018 and 2017 Quarters for all US Companies including both Partnerships and REITs which are Headquartered in the 12 largest US States after Texas, California and New York, which have at least 10 Companies in the State with a stock market cap of more than $10 bil as of April, 30, 2018 as well as a real Total Pretax Income of more than $5 bil for the March 2018 Quarter, with March 2018 Quarter Ends  and which have released their March 2018 Quarter Earnings by May 18, 2018.  There is one Virginia Corp which hasn't released its March 2018 Quarter Earnings yet.

I will update these quarterly earnings charts later for like Companies with April 2018 and May 2018 Quarter Earnings.   And hopefully I will have the time necessary to later also include Companies with Stock Market Caps somewhat below $10 bil, especially for the smaller US States other than the largest 15.

									US GAAP	US GAAP		US GAAP	US GAAP
		US GAAP				US GAAP			Effective	Effective		Pretax	Net
	US GAAP	Income	US GAAP		US GAAP	Income	US GAAP		Income	Income		Income	Income
Companies With Stock	Pretax	Tax	Net		Pretax	Tax	Net		Tax	Tax		% Change	% Change
Market Caps Above $10 Bil	Income	Expense	Income		Income	Expense	Income		Rate	Rate		March Qtr	March Qtr
Releasing March 2018	March Qtr	March Qtr	March Qtr		March Qtr	March Qtr	March Qtr		March Qtr	March Qtr		2018	2018
Qtr Earnings Thru 5-18-18	2018	2018	2018		2017	2017	2017		2018	2017		vs 2017	vs 2017
	mils $	mils $	mils $		mils $	mils $	mils $
Washington State
Microsoft	8,641	1,217	7,424		7,094	1,608	5,486		14.1%	22.7%		22%	35%
Boeing	2,839	362	2,477		2,145	566	1,579		12.8%	26.4%		32%	57%
Amazon	1,916	287	1,629		953	229	724		15.0%	24.0%		101%	125%
T-Mobile US	881	210	671		607	(91)	698		23.8%	-15.0%		45%	-4%
Starbucks	816	156	660		981	328	653		19.1%	33.4%		-17%	1%
Paccar	669	157	512		448	138	310		23.5%	30.8%		49%	65%
Fortive Corp	313	52	261		272	73	199		16.6%	26.8%		15%	31%
Weyerhaeuser	299	30	269		181	24	157		10.0%	13.3%		65%	71%
Expeditors Intl Washington	198	62	136		149	55	94		31.3%	36.9%		33%	45%
Expedia	(169)	(20)	(149)		(131)	(47)	(84)		11.8%	35.9%		-29%	-77%
Total all 10 Washington Cos	16,403	2,513	13,890		12,699	2,883	9,816		15.3%	22.7%		29%	42%
Illinois
AbbVie	2,797	14	2,783		2,086	375	1,711		0.5%	18.0%		34%	63%
Caterpillar	2,139	472	1,667		284	90	194		22.1%	31.7%		653%	759%
McDonalds	1,888	513	1,375		1,808	593	1,215		27.2%	32.8%		4%	13%
Mondelez Intl	1,251	307	944		787	154	633		24.5%	19.6%		59%	49%
Allstate	1,224	249	975		1,012	317	695		20.3%	31.3%		21%	40%
Discover Financial Services	856	190	666		868	304	564		22.2%	35.0%		-1%	18%
Illinois Tool Works	849	197	652		749	213	536		23.2%	28.4%		13%	22%
CME Group	789	190	599		707	307	400		24.1%	43.4%		12%	50%
Exelon	695	59	636		1,182	211	971		8.5%	17.9%		-41%	-35%
Northern Trust	484	102	382		391	115	276		21.1%	29.4%		24%	38%
Archer Daniels Midland	464	68	396		458	118	340		14.7%	25.8%		1%	16%
Baxter Intl	438	49	389		328	55	273		11.2%	16.8%		34%	42%
Abbott Labs	431	22	409		736	350	386		5.1%	47.6%		-41%	6%
CNA Financial	346	55	291		343	83	260		15.9%	24.2%		1%	12%
WW Grainger	307	66	241		271	88	183		21.5%	32.5%		13%	32%
CNH Industrial NV	265	63	202		97	51	46		23.8%	52.6%		173%	339%
Arthur J Gallagher & Co	242	(44)	286		200	(42)	242		-18.2%	-21.0%		21%	18%
Equity Residential	221	-	221		150	-	150		0.0%	0.0%		47%	47%
LKQ Corp	202	50	152		213	72	141		24.8%	33.8%		-5%	8%
Packaging Corp of America	187	47	140		179	62	117		25.1%	34.6%		4%	20%
United Continental Holdings	184	37	147		150	51	99		20.1%	34.0%		23%	48%
CDW Corp	166	39	127		74	16	58		23.5%	21.6%		124%	119%
Dover	161	29	132		232	60	172		18.0%	25.9%		-31%	-23%
Cboe Global Markets	159	41	118		18	3	15		25.8%	16.7%		783%	687%
Motorola Solutions	140	23	117		120	42	78		16.4%	35.0%		17%	50%
Idex Corp	130	31	99		104	29	75		23.8%	27.9%		25%	32%
TransUnion	103	28	75		76	12	64		27.2%	15.8%		36%	17%
Ventas	77	(3)	80		153	(3)	156		-3.9%	-2.0%		-50%	-49%
GGP Inc	66	-	66		115	5	110		0.0%	4.3%		-43%	-40%
Total all 29 Illinois Cos	17,261	2,894	14,367		13,891	3,731	10,160		16.8%	26.9%		24%	41%
Connecticutt
Aetna	1,465	246	1,219		(628)	(249)	(379)		16.8%	39.6%		333%	422%
All Other Connecticut Cos
United Technologies	1,890	522	1,368		2,054	586	1,468		27.6%	28.5%		-8%	-7%
Cigna	1,218	301	917		890	297	593		24.7%	33.4%		37%	55%
Synchrony Financial	847	207	640		782	283	499		24.4%	36.2%		8%	28%
Booking Holdings	753	146	607		528	72	456		19.4%	13.6%		43%	33%
Praxair	620	148	472		553	149	404		23.9%	26.9%		12%	17%
Hartford Financial Services	519	91	428		401	98	303		17.5%	24.4%		29%	41%
Amphenol	355	86	269		298	71	227		24.2%	23.8%		19%	19%
Alexion Pharma	352	103	249		194	24	170		29.3%	12.4%		81%	46%
Interactive Brokers Group	340	21	319		213	18	195		6.2%	8.5%		60%	64%
Avangrid	310	72	238		342	103	239		23.2%	30.1%		-9%	0%
Stanley Black & Decker	252	82	170		473	80	393		32.5%	16.9%		-47%	-57%
Charter Communications	251	28	223		236	25	211		11.2%	10.6%		6%	6%
United Rentals	232	49	183		161	52	109		21.1%	32.3%		44%	68%
XL Group Ltd	193	32	161		227	13	214		16.6%	5.7%		-15%	-25%
XPO Logistics	79	-	79		15	(10)	25		0.0%	-66.7%		427%	216%
SS&C Technologies	62	11	51		58	10	48		17.7%	17.2%		7%	6%
Gartner	(43)	(23)	(20)		48	12	36		53.5%	25.0%		-190%	-156%
Total all 17 Other CT Cos	8,230	1,876	6,354		7,473	1,883	5,590		22.8%	25.2%		10%	14%
Total all 18 Connecicut Cos	9,695	2,122	7,573		6,845	1,634	5,211		21.9%	23.9%		42%	45%
North Carolina
Banks
Bank of America	8,394	1,476	6,918		7,320	1,983	5,337		17.6%	27.1%		15%	30%
BB&T Corp	977	186	791		530	104	426		19.0%	19.6%		84%	86%
Total Both NC Banks	9,371	1,662	7,709		7,850	2,087	5,763		17.7%	26.6%		19%	34%
All Non-Banks
Duke Energy	803	181	622		1,061	344	717		22.5%	32.4%		-24%	-13%
Nucor Corp	516	136	380		549	171	378		26.4%	31.1%		-6%	1%
V F Corp	294	33	261		269	56	213		11.2%	20.8%		9%	23%
Laboratory Corp of America	242	69	173		265	82	183		28.5%	30.9%		-9%	-5%
Ingersoll Rand plc	167	33	134		156	29	127		19.8%	18.6%		7%	6%
Albemarle	159	20	139		75	12	63		12.6%	16.0%		112%	121%
Old Dominion Freight Line	147	38	109		107	41	66		25.9%	38.3%		37%	65%
IQVIA Holdings	92	19	73		126	24	102		20.7%	19.0%		-27%	-28%
Martin Marietta Materials	12	2	10		57	15	42		16.7%	26.3%		-79%	-76%
Total all 9 NC Non-Banks	2,432	531	1,901		2,665	774	1,891		21.8%	29.0%		-9%	1%
Total all 11 North Carolina Cos	11,803	2,193	9,610		10,515	2,861	7,654		18.6%	27.2%		12%	26%
Virginia
Altria Group	2,466	571	1,895		2,091	689	1,402		23.2%	33.0%		18%	35%
All Other VA Companies
Capital One Financial	1,662	319	1,343		1,109	314	795		19.2%	28.3%		50%	69%
General Dynamics	960	161	799		1,010	247	763		16.8%	24.5%		-5%	5%
Northop Grumman	871	132	739		788	138	650		15.2%	17.5%		11%	14%
Norfolk Southern	707	155	552		655	222	433		21.9%	33.9%		8%	27%
Dominion Energy	661	135	526		949	275	674		20.4%	29.0%		-30%	-22%
Willis Towers Watson	264	43	221		398	46	352		16.3%	11.6%		-34%	-37%
Hilton Worldwide	221	58	163		66	18	48		26.2%	27.3%		235%	240%
Huntington Ingalls Industries	195	39	156		147	28	119		20.0%	19.0%		33%	31%
NVR Inc	191	25	166		132	29	103		13.1%	22.0%		45%	61%
Verisign	152	18	134		148	31	117		11.8%	20.9%		3%	15%
AvalonBay Community	142	-	142		236	-	236		0.0%	0.0%		-40%	-40%
Markel	43	108	(65)		94	23	71		251.2%	24.5%		-54%	-192%
Total all 12 Other VA Cos	6,069	1,193	4,876		5,732	1,371	4,361		19.7%	23.9%		6%	12%
Total all 13 Virginia Cos	8,535	1,764	6,771		7,823	2,060	5,763		20.7%	26.3%		9%	17%
Georgia
Coca-Cola	1,833	506	1,327		1,507	323	1,184		27.6%	21.4%		22%	12%
United Parcel Services	1,661	316	1,345		1,710	544	1,166		19.0%	31.8%		-3%	15%
Southern Co	1,049	113	936		980	315	665		10.8%	32.1%		7%	41%
AFLAC	982	265	717		898	306	592		27.0%	34.1%		9%	21%
SunTrust Banks	792	147	645		629	159	470		18.6%	25.3%		26%	37%
Delta Air Lines	718	171	547		849	288	561		23.8%	33.9%		-15%	-2%
IntercontinentalExchange	617	143	474		725	214	511		23.2%	29.5%		-15%	-7%
Invesco Ltd	334	68	266		290	76	214		20.4%	26.2%		15%	24%
Mohawk Industries	257	48	209		269	68	201		18.7%	25.3%		-4%	4%
WestRock	243	19	224		142	44	98		7.8%	31.0%		71%	129%
Fleetcor Technologies	229	54	175		167	44	123		23.6%	26.3%		37%	42%
Genuine Parts	229	53	176		244	84	160		23.1%	34.4%		-6%	10%
Total Systems Services	161	18	143		150	43	107		11.2%	28.7%		7%	34%
Equifax	123	29	94		196	40	156		23.6%	20.4%		-37%	-40%
Global Payments	122	25	97		65	12	53		20.5%	18.5%		88%	83%
Rollins Inc	59	11	48		57	17	40		18.6%	29.8%		4%	20%
Total all 16 Georgia Cos	9,409	1,986	7,423		8,878	2,577	6,301		21.1%	29.0%		6%	18%
Ohio
Financial Cos
Progressive Corp	911	181	730		641	211	430		19.9%	32.9%		42%	70%
Fifth Third Bancorp	836	132	704		396	91	305		15.8%	23.0%		111%	131%
KeyCorp	478	62	416		419	94	325		13.0%	22.4%		14%	28%
Welltower	454	-	454		338	-	338		0.0%	0.0%		34%	34%
Huntington Bancorp	385	59	326		267	59	208		15.3%	22.1%		44%	57%
American Financial Group	174	33	141		223	68	155		19.0%	30.5%		-22%	-9%
Cincinnati Financial	(50)	(19)	(31)		276	75	201		38.0%	27.2%		-118%	-115%
Worldpay	(111)	(13)	(98)		40	5	35		11.7%	12.5%		-378%	-380%
Total all 8 Financial Cos	3,077	435	2,642		2,600	603	1,997		14.1%	23.2%		18%	32%
Non-Financial Cos
Cardinal Health	464	209	255		564	182	382		45.0%	32.3%		-18%	-33%
Procter & Gamble	3,253	713	2,540		3,336	780	2,556		21.9%	23.4%		-2%	-1%
Eaton Corp plc	565	78	487		467	33	434		13.8%	7.1%		21%	12%
Parker Hannifin	470	104	366		315	76	239		22.1%	24.1%		49%	53%
TransDigm Group	247	45	202		215	60	155		18.2%	27.9%		15%	30%
Mettler-Toledo	117	24	93		114	21	93		20.5%	18.4%		3%	0%
MPLX LP	427	4	423		187	-	187		0.9%	0.0%		128%	126%
Marathon Petroleum Corp	257	22	235		142	41	101		8.6%	28.9%		81%	133%
Sherwin-Williams	303	53	250		307	68	239		17.5%	22.1%		-1%	5%
American Electric Power	559	102	457		937	343	594		18.2%	36.6%		-40%	-23%
FirstEnergy	429	252	177		409	152	257		58.7%	37.2%		5%	-31%
Total all 11 Financial Cos	7,091	1,606	5,485		6,993	1,756	5,237		22.6%	25.1%		1%	5%
Total all 19 Ohio Companies	10,168	2,041	8,127		9,593	2,359	7,234		20.1%	24.6%		6%	12%
Minnesota
UnitedHealth Group	3,724	800	2,924		3,130	939	2,191		21.5%	30.0%		19%	33%
All Other Minnesota Cos
US Bancorp	2,073	391	1,682		2,035	549	1,486		18.9%	27.0%		2%	13%
3M	965	359	606		1,737	411	1,326		37.2%	23.7%		-44%	-54%
Travelers Companies	778	109	669		760	143	617		14.0%	18.8%		2%	8%
Ameriprise Financial	696	102	594		475	72	403		14.7%	15.2%		47%	47%
XCEL Energy	350	59	291		356	117	239		16.9%	32.9%		-2%	22%
Ecolab	317	69	248		311	54	257		21.8%	17.4%		2%	-4%
Fastenal	232	58	174		211	77	134		25.0%	36.5%		10%	30%
CH Robinson Worldwide	181	39	142		179	57	122		21.5%	31.8%		1%	16%
Pentair plc	132	28	104		104	23	81		21.2%	22.1%		27%	28%
Mosaic	(10)	(50)	40		9	10	(1)		500.0%	111.1%		-211%	-4100%
Total all 10 Other MN Cos	5,714	1,164	4,550		6,177	1,513	4,664		20.4%	24.5%		-7%	-2%
Total all 11 Minnesota Cos	9,438	1,964	7,474		9,307	2,452	6,855		20.8%	26.3%		1%	9%
New Jersey
Ireland Company Legally
Allergan plc	(966)	(682)	(284)		(3,093)	(532)	(2,561)		70.6%	17.2%		69%	89%
Health Care Cos Except Allergan
Johnson & Johnson	5,481	1,114	4,367		5,575	1,153	4,422		20.3%	20.7%		-2%	-1%
Merck	1,345	604	741		2,003	447	1,556		44.9%	22.3%		-33%	-52%
Celgene	1,030	184	846		1,014	82	932		17.9%	8.1%		2%	-9%
Zoetis	417	67	350		337	98	239		16.1%	29.1%		24%	46%
Quest Diagnostics	241	52	189		253	78	175		21.6%	30.8%		-5%	8%
Becton Dickinson	6	18	(12)		362	18	344		300.0%	5.0%		-98%	-103%
Total all 6 Health Care	8,520	2,039	6,481		9,544	1,876	7,668		23.9%	19.7%		-11%	-15%
Non-Health Care Companies
Honeywell	1,909	458	1,451		1,724	392	1,332		24.0%	22.7%		11%	9%
Prudential Financial	1,716	352	1,364		1,767	395	1,372		20.5%	22.4%		-3%	-1%
Automatic Data Processing	853	210	643		828	240	588		24.6%	29.0%		3%	9%
Public Service Enterprise	760	202	558		143	29	114		26.6%	20.3%		431%	389%
Cognizant Technology	697	177	520		649	92	557		25.4%	14.2%		7%	-7%
Everest Re Group Ltd	218	7	211		338	47	291		3.2%	13.9%		-36%	-27%
Church & Dwight	201	43	158		190	59	131		21.4%	31.1%		6%	21%
Verisk Analytics	162	29	133		161	52	109		17.9%	32.3%		1%	22%
American Water Works	140	34	106		145	52	93		24.3%	35.9%		-3%	14%
Wyndham Worldwide	121	40	81		153	26	127		33.1%	17.0%		-21%	-36%
Newell Brands	2	(51)	53		790	152	638		-2550.0%	19.2%		-100%	-92%
Total all 11 Non-Health Care Cos	6,779	1,501	5,278		6,888	1,536	5,352		22.1%	22.3%		-2%	-1%
Total all 17 NJ Cos & No Allergan	15,299	3,540	11,759		16,432	3,412	13,020		23.1%	20.8%		-7%	-10%
Total all 18 New Jersey Cos	14,333	2,858	11,475		13,339	2,880	10,459		19.9%	21.6%		7%	10%
Massachusetts
Health Care and Technology
Biogen	1,494	323	1,171		987	239	748		21.6%	24.2%		51%	57%
Raytheon	757	133	624		695	198	497		17.6%	28.5%		9%	26%
Thermo Fisher Scientific	634	55	579		503	(48)	551		8.7%	-9.5%		26%	5%
Boston Scientific	323	26	297		305	15	290		8.0%	4.9%		6%	2%
Skyworks Solutions	292	16	276		281	56	225		5.5%	19.9%		4%	23%
Vertex Pharmaceutical	215	(13)	228		254	4	250		-6.0%	1.6%		-15%	-9%
IPG Photonics	142	36	106		101	26	75		25.4%	25.7%		41%	41%
Waters Corp	141	29	112		113	8	105		20.6%	7.1%		25%	7%
Akamai Technologies	68	14	54		32	5	27		20.6%	15.6%		113%	100%
Abiomed	49	12	37		29	14	15		24.5%	48.3%		69%	147%
Hologic	(691)	(10)	(681)		968	441	527		1.4%	45.6%		-171%	-229%
Total all 11 Health Care and Tech	3,424	621	2,803		4,268	958	3,310		18.1%	22.4%		-20%	-15%
State Street Corp	763	102	661		584	82	502		13.4%	14.0%		31%	32%
General Electric	413	(27)	440		(53)	(105)	52		-6.5%	198.1%		-879%	746%
Eversource Energy	355	84	271		419	158	261		23.7%	37.7%		-15%	4%
American Tower	249	(31)	280		334	27	307		-12.4%	8.1%		-25%	-9%
Boston Properties	216	-	216		132	-	132		0.0%	0.0%		64%	64%
Total all 16 Massachusetts Cos	5,420	749	4,671		5,684	1,120	4,564		13.8%	19.7%		-5%	2%
Pennsylvania
Comcast Corp	3,994	818	3,176		3,917	1,262	2,655		20.5%	32.2%		2%	20%
PNC Financial Services	1,492	253	1,239		1,394	320	1,074		17.0%	23.0%		7%	15%
Kraft-Heinz	1,254	261	993		1,250	359	891		20.8%	28.7%		0%	11%
Chubb	1,217	135	1,082		1,221	128	1,093		11.1%	10.5%		0%	-1%
TE Connectivitity Ltd	600	108	492		445	39	406		18.0%	8.8%		35%	21%
PPL Corp	569	117	452		532	129	403		20.6%	24.2%		7%	12%
Air Products & Chemicals	480	56	424		405	95	310		11.7%	23.5%		19%	37%
PPG Industries	462	109	353		440	107	333		23.6%	24.3%		5%	6%
Hershey	449	99	350		168	70	98		22.0%	41.7%		167%	257%
Lincoln National	435	68	367		475	40	435		15.6%	8.4%		-8%	-16%
AmerisourceBergen	361	79	282		593	181	412		21.9%	30.5%		-39%	-32%
FMC Corp	332	69	263		54	9	45		20.8%	16.7%		515%	484%
Universal Health Services	296	68	228		318	108	210		23.0%	34.0%		-7%	9%
Ametek	236	55	181		191	52	139		23.3%	27.2%		24%	30%
SEI Investments	159	19	140		129	40	89		11.9%	31.0%		23%	57%
Ansys	97	13	84		85	22	63		13.4%	25.9%		14%	33%
Dentsply Sirona	95	14	81		77	17	60		14.7%	22.1%		23%	35%
Teleflex	61	6	55		38	(3)	41		9.8%	-7.9%		61%	34%
Mylan NV	10	(77)	87		71	5	66		-770.0%	7.0%		-86%	32%
EQT Corp	(1,784)	(339)	(1,445)		351	101	250		19.0%	28.8%		-608%	-678%
Total all 20	10,815	1,931	8,884		12,154	3,081	9,073		17.9%	25.3%		-11%	-2%
Michigan
Auto Industry Companies
Ford Motor	1,919	174	1,745		2,251	652	1,599		9.1%	29.0%		-15%	9%
General Motors	1,576	466	1,110		3,473	787	2,686		29.6%	22.7%		-55%	-59%
Lear Corp	452	78	374		408	89	319		17.3%	21.8%		11%	17%
Aptiv plc	375	59	316		248	19	229		15.7%	7.7%		51%	38%
BorgWarner	332	95	237		286	86	200		28.6%	30.1%		16%	19%
Autoliv	197	75	122		194	52	142		38.1%	26.8%		2%	-14%
Total all 6 Auto Industry Cos	4,851	947	3,904		6,860	1,685	5,175		19.5%	24.6%		-29%	-25%
DowDupont	1,542	389	1,153		1,128	213	915		25.2%	18.9%		37%	26%
Stryker	542	99	443		499	55	444		18.3%	11.0%		9%	0%
Kellogg	511	67	444		309	43	266		13.1%	13.9%		65%	67%
DTE Energy	419	68	351		504	110	394		16.2%	21.8%		-17%	-11%
Ally Financial	328	76	252		326	113	213		23.2%	34.7%		1%	18%
CMS Energy	281	40	241		295	96	199		14.2%	32.5%		-5%	21%
Masco	200	39	161		210	62	148		19.5%	29.5%		-5%	9%
Perrigo Co plc	111	30	81		96	24	72		27.0%	25.0%		16%	13%
Whirlpool	109	15	94		198	40	158		13.8%	20.2%		-45%	-41%
Domino's Pizza	104	15	89		91	28	63		14.4%	30.8%		14%	41%
Total all 16 Michigan Cos	8,998	1,785	7,213		10,516	2,469	8,047		19.8%	23.5%		-14%	-10%
As a Perspective,
Total all 457 US Companies	343,388	63,875	279,513		306,178	77,187	228,991		18.6%	25.2%		12%	22%