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: 2/20/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	12Mo % Price Change
Walgreens Boots Alliance	WBA	51.87	-12.0	-26.394
3M	MMM	158.56	-10.1	-23.684
Exxon Mobil	XOM	59.86	-14.2	-23.078
Boeing	BA	336.28	3.2	-19.469
Pfizer	PFE	35.85	-8.5	-14.926
Chevron	CVX	109.81	-8.9	-7.831
Cisco Systems	CSCO	46.85	-2.3	-5.181
Caterpillar	CAT	136.93	-7.3	-1.404
Dow	DOW	48.76	-10.9	0.000
Travelers	TRV	133.98	-2.2	3.204
Merck	MRK	82.49	-9.3	3.332
Verizon Communications	VZ	58.09	-5.4	3.455
Johnson & Johnson	JNJ	148.37	1.7	9.562
IBM	IBM	151.22	12.8	9.706
UnitedHealth	UNH	302.13	2.8	13.412
McDonald's	MCD	215.08	8.8	17.652
Walmart	WMT	117.69	-1.0	18.412
Goldman Sachs	GS	232.73	1.2	18.522
United Technologies	UTX	149.90	0.1	18.666
NIKE	NKE	102.53	1.2	22.132
Disney	DIS	140.37	-2.9	22.819
Procter & Gamble	PG	126.58	1.3	26.859
Intel	INTC	65.45	9.4	27.309
American Express	AXP	136.58	9.7	28.111
Home Depot	HD	247.02	13.1	28.776
Coca-Cola	KO	59.72	7.9	30.222
J.P. Morgan Chase	JPM	137.49	-1.4	30.359
Visa	V	211.45	12.5	46.840
Microsoft	MSFT	184.42	16.9	68.558
Apple	AAPL	320.30	9.1	87.244