Charles B. Carlson, CFA

The list below ranks the Dow stocks on 12-month percentage price change, from the worst performer to the best. The 10 worst-performing Dow stocks over the last 12 months are highlighted. My Worst-To-First Strategies focus on creating portfolios from the 10 worst performers over the last 12 months (1-stock, 3-stock, 5-stock, or 10-stock portfolios). For example, if you want a 3-stock portfolio, buy the first three stocks in the list and hold for 12 months. The newest member of the Dow Jones Industrial Average - Dow, Inc. (DOW) - was spun off from DowDuPont on April 2, 2019 and has not been trading for 12 months. Thus, Dow is not currently eligible to be chosen based on the strategy's selection criteria.

12-MONTH % PRICE CHANGE (Data as of: 1/21/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	12Mo % Price Change
Walgreens Boots Alliance	WBA	53.87	-8.6	-24.752
Boeing	BA	313.37	-3.8	-12.442
3M	MMM	179.39	1.7	-6.694
Exxon Mobil	XOM	67.58	-3.2	-5.995
Pfizer	PFE	40.34	3.0	-4.565
Dow	DOW	52.60	-3.9	0.000
Chevron	CVX	113.31	-6.0	0.863
Verizon Communications	VZ	60.32	-1.8	5.843
Cisco Systems	CSCO	48.80	1.8	8.977
Caterpillar	CAT	145.85	-1.2	10.291
UnitedHealth	UNH	300.53	2.2	13.113
IBM	IBM	139.17	3.8	13.589
McDonald's	MCD	211.16	6.9	14.406
Travelers	TRV	140.91	2.9	15.160
Johnson & Johnson	JNJ	149.27	2.3	15.892
Walmart	WMT	115.59	-2.7	18.566
Merck	MRK	89.97	-1.1	18.646
Coca-Cola	KO	57.17	3.3	19.803
Goldman Sachs	GS	245.70	6.9	24.291
Intel	INTC	60.55	1.2	25.440
NIKE	NKE	104.58	3.2	29.510
Disney	DIS	143.56	-0.7	29.801
American Express	AXP	130.53	4.9	30.752
Home Depot	HD	232.95	6.7	31.528
J.P. Morgan Chase	JPM	136.84	-1.8	32.931
United Technologies	UTX	154.47	3.1	39.086
Procter & Gamble	PG	126.09	1.0	39.418
Visa	V	207.29	10.3	50.155
Microsoft	MSFT	166.50	5.6	57.551
Apple	AAPL	316.57	7.8	106.503