For personal, non-commercial use only. Do not edit, alter or reproduce.

For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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LSU Beats Clemson 42-25 to Win National Championship Barr Calls

What’s
News On Apple
To Unlock
Suspect’s
Business & Finance

he U.S. dropped its

T designation of China
as a currency manipulator,
two days before negotia-
tors are set to sign a
iPhones
phase-one trade deal. A8 Shooting at military
 Visa is buying Plaid for base in Florida was an
$5.3 billion, part of a bid by
the card giant to tap into act of terrorism, U.S.
growing use of fintech apps attorney general says
and noncard payments. B1
 Albertsons is again pre- Attorney General William
paring to go public as the Barr called the December at-
grocery chain’s backers look tack by a Saudi aviation stu-
to cash out of an investment dent that killed three people at
that dates nearly 15 years. B1 a Florida Navy base an act of
terrorism, escalating pressure
DAVID J. PHILLIP/ASSOCIATED PRESS

 Americans bought less

on Apple Inc. to help unlock a
wine last year, the first
pair of the gunman’s iPhones
such decline in a quarter of
that could provide more infor-
a century, as millennials opt
mation about his radicaliza-
for alternative beverages. A1
 The S&P 500 and Nas- By Sadie Gurman,
daq hit records, rising Dustin Volz
0.7% and 1%, respectively. and Nancy Youssef
The Dow gained 0.3%. B9
TIGERS TAKE TIGERS: Louisiana State University, led by Heisman-winning quarterback Joe Burrow, hoisting the trophy, tion.
 China’s auto market is
defeated Clemson University in college football’s title game Monday night in New Orleans, completing a 15-0 season. A12 Mr. Barr called on Apple to

.
struggling after decades of
find a way to crack the en-
blistering growth, undergo-

ly
crypted phones in a high-pro-
ing a sales slump partly in-
file request that ramped up a
duced by policy changes. B1

Drugmakers Test New Models

long-simmering fight between
 Former Nissan executive on tech firms and the government
Greg Kelly said in an inter- over how to best balance digi-
view that his trial in Japan tal security with the impera-
will be adversely affected tives of criminal investigations.
by Ghosn’s absence. B1

To Pay for Costly Treatments Second Lt. Mohammed

us l,

Alshamrani, a member of the

 The Treasury unveiled
Saudi air force who was train-
rules clarifying and expand-
al a
e
ing with the U.S. military,
ing instances of foreign in-
posted anti-U.S. messages on
vestment in the U.S. that
BY JARED S. HOPKINS a patient. For years, pharma- insulin. Novartis AG—which Meanwhile, health plans are social media about two hours
ci on

will need Cfius clearance. A2

ceutical companies would typ- sells a gene therapy at $2.1 controlling costs by restricting before he opened fire in a
 The U.S. budget gap Drugmakers are experi- ically set a price for a drug million, the most expensive prescriptions for certain high- classroom at Naval Air Station
continued to widen last menting with new ways to get and then get paid per pill sold drug in the world—is giving price medicines to a narrow Pensacola on Dec. 6, Mr. Barr
year, with the federal defi- paid for their most expensive at that price, after any negoti- insurers the opportunity to set of patients. said Monday. The gunfire
cit exceeding $1 trillion for medicines, as resistance to es- ated rebates. pay over five years. Drugmakers “understand lasted about 15 minutes before
er rs

the first time since 2012. A2 calating prices builds and the Alnylam Pharmaceuticals The drug-reimbursement that if they come to the mar- Lt. Alshamrani was killed by
collection and analysis of pa- Inc. now will charge full value innovation comes as cries for ket with super-high-cost drugs sheriff’s deputies.
 Lululemon raised its fi-
tient data improve. for a nearly $600,000 new relief mount. Congress is con- and aren’t willing to share the During the attack, Lt.
nancial forecast as it re-
Now that six-figure price rare-disease drug only if a pa- sidering plans to lower drug risk, then they are going to Alshamrani made statements
ported strong customer de-
m e

tags are common, drug compa- tient gets a benefit akin to costs, while the Trump admin- face pushback,” said Michael critical of U.S. military actions
mand over the holidays. B3
nies are finding creative ways what was seen in clinical test- istration has proposed import- Sherman, chief medical officer overseas and fired shots at a
to get reimbursed, from in- ing. It will also make the drug ing drugs from Canada. Earlier of insurer Harvard Pilgrim picture of President Trump, of-
m rp

World-Wide stallment plans and subscrip- cheaper for insurers if they this month, drugmakers raised Health Care. ficials said. In the weeks be-
tions to more complex value- cover more patients than ex- prices of hundreds of prescrip- It remains to be seen how forehand, the gunman used so-
based contracts that tie pected. Sanofi SA is offering tion medicines, The Wall widely the reimbursement cial media to blame the U.S. for
 Barr called the December payment to when a drug helps $99-a-month subscriptions for Street Journal reported. Please turn to page A6 Please turn to page A2
attack by a Saudi aviation
co Fo

student that killed three

people at a Navy base in
Warning Booker Ends Presidential Pursuit
Florida an act of terrorism,
escalating pressure on Ap-
ple to help unlock a pair of
Why U.S., China
the gunman’s iPhones. A1
 Iranian authorities warned
For Wine Paused Trade War
protesters not to stage fur-
ther antigovernment dem-
onstrations, as Tehran faces
As Habits
The two are set to sign uneasy compromise
a backlash over the downing
of a Ukrainian airliner. A6 Change Wednesday, one that neither side wanted
 Top U.S. lawmakers con- BY SAABIRA CHAUDHURI
n-

tinued to trade barbs over U.S. talks with China to

JACK KURTZ/ZUMA PRESS

introducing new witnesses America’s love affair with complete a first-stage trade Edging Ahead
in the coming impeachment wine is waning. deal had hit an impasse  U.S. drops China’s label as
trial of the president. A3 Americans bought less wine around Thanksgiving, raising currency manipulator.... A8
no

 Hackers believed to be af- last year, the first such drop in fears a nascent accord would  Foreign investors face
filiated with Russia’s military a quarter of a century, as mil- collapse again—and with it, security scrutiny............. A2
lennials opt for alternatives hope for a halt to the nearly
breached a Ukrainian gas
like hard seltzers, cocktails U.S. Sen. Cory Booker of New Jersey ended his campaign on two-year-old trade war.
firm as it became a focus of
and nonalcoholic beer. Monday, after failing to qualify for two primary debates. A4 Looking for a direct route in Chinese imports, including
the impeachment inquiry. A3
The volume of wine pur- to the president, Chinese smartphones and toys. “Don’t
 Queen Elizabeth gave her chased in the U.S. declined think in terms of tariff reduc-
blessing for Prince Harry and 0.9% in 2019, the first time it By Bob Davis in tion,” he advised. “Think in
Meghan Markle to step back has fallen since 1994, accord- Washington and terms of what will happen if
from royal duties but said a
transition period is needed. A7
ing to industry tracker IWSR.
The trend was ascribed to a
Ross? Rachel? Panicked ‘Friends’ Lingling Wei in Beijing you don’t make a deal.”
To Chinese negotiators
 The Boy Scouts have drawn
generational shift as the num-
ber of millennials surpasses
Fans Improvise as Hit Leaves Netflix Ambassador Cui Tiankai
spoke with President
dealing with a president they
considered erratic, Mr. Kush-
up a strategy that aims to pro-
baby boomers. i i i Trump’s son-in-law and ad- ner’s words at least offered
tect local scouting councils
“Millennials are just not viser, Jared Kushner, say certainty, say the people fa-
and the billions in assets they
hold from sex-abuse claims. A3
embracing wine with open The show isn’t back until May. For now, people familiar with the epi- miliar with episode. They
arms compared to previous sode. The U.S. offer didn’t also recognized an opportu-
 The Trump administra- generations,” said Brandy diehards dust off DVDs, hack foreign feeds. roll back enough tariffs, he nity: The agreement wouldn’t
tion is planning to shift an Rand, IWSR’s chief operating told Mr. Kushner. force them to make eco-
additional $7.2 billion out officer for the Americas. “With BY JOANNA STERN inserted carefully in the tray,” It was time to settle, Mr. nomic-policy changes Wash-
of military coffers for bor- the rise in low and no-alcohol the 25-year-old marketing man- Kushner responded. If not, ington had long insisted on.
der-wall construction. A3 products and general con- There was no way Doug and ager said. (The show premiered on Dec. 15 the president was About two weeks later,
sumer trends toward health Lydia Hanna were going to be one month before he was born, ready to proceed with new both sides announced the
 Retired Pope Benedict
and wellness, wine is in a caught unprepared when the yet it’s become an obsession tariffs on about $156 billion Please turn to page A8
is publicly defending the
traditional rule of priestly tough place.” calendar flipped to Jan. 1, 2020. among millennials and Gen Z.)
Sales of wine under $10 a For much of 2018, the couple So, over several months, Mr.
celibacy, as Pope Francis
considers an exception. A5
 A Pakistani court re-
bottle have recently made up
most of the category—but
have fallen in recent years,
journeyed from thrift store to
thrift store in Louisville,
Ky., carefully scouring
Hanna ripped the DVDs—a pro-
cess of copying the video
files from the disc to a
INSIDE
voked a treason verdict offsetting a rise in more ex- the aisles for the computer hard
NIKO TAVERNISE/WARNER BROS. PICTURES

and death sentence against pensive bottles. Lower-priced colorful DVD drive—and put
DAVID GOLDMAN/ASSOCIATED PRESS

former leader Musharraf. A7 wines are more likely to be boxes featuring them on a home
drunk more quickly rather their favorite media server.
than stored, one reason IWRS sitcom buddies. The Hannas
CONTENTS Markets..................... B11 believes its data show a drop- A few months can now stream
Business News...... B3 Opinion.............. A13-15
Capital Journal...... A4 Sports........................ A12 off in consumption. and just $47 “Friends” in any
Crossword.............. A10 Technology............... B4 Overall, U.S. wine sales by later, the couple room of their
Equities....................... B5 U.S. News............. A2-4 value rose 1.1% from a year had stacked up all 10 home—no longer
Heard on Street. B12 Weather.................. A10
Life & Arts......... A9-11 World News........ A5-7
earlier to $38.3 billion. seasons—all 40 discs, thanks to Netflix.
The figures highlight how all 236 episodes—of what Mrs. After a rights battle with
changing demographics and Hanna calls, “the best show to AT&T’s WarnerMedia, Netflix,
> tastes are affecting the alcohol rewatch—over and over again.” once the exclusive streaming SPORTS LIFE & ARTS
industry. Americans have Yes, the hit 1990s television home of “Friends,” stopped of- Astros take big hit for ‘Joker’ leads Oscar
drunk less alcohol in recent show, “Friends.” fering the show in the U.S. at
years amid rising concerns But Mr. Hanna’s plan wasn’t the end of 2019. The streaming
sign stealing in 2017 nominations, Netflix
about health and competition yet complete. “DVDs are unreli- wars had begun. during their run to the makes strong
s 2020 Dow Jones & Company, Inc.
All Rights Reserved from other beverages such as able. They break. They get lost. Now the show—which Niel- World Series. A12 showing. A9
Please turn to page A6 You have to make sure they are Please turn to page A2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Tuesday, January 14, 2020 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
U.S. Unveils Rules for Foreign Investors
BY KATY STECH FEREK Cfius—before they can put be required for some deals in- The rules will enable inves- “[It’s] the safest most nar- Cfius lacked the power to re-
their money into a U.S. busi- volving critical technology, tors in Australia, Canada and row selection they could have view some real-estate deals,
WASHINGTON—The Trea- ness that handles personal which the Commerce Depart- the U.K. to avoid scrutiny of made,” she said. including those located near
sury Department unveiled data or American technology ment has yet to define and some deals, because those That list of countries could U.S. military bases. The new
rules on Monday designed to used by the U.S. military. will set rules for later. countries boast “robust intelli- grow, a senior Treasury offi- rules expand the committee’s
increase scrutiny of foreign in- Those could include trans- “The committee appears to gence-sharing and defense in- cial said. review of some of those deals.
vestors whose potential stakes actions in which a foreign gov- have sought to balance en- dustrial base integration The new rules marked one Investors whose deals fall
in U.S. businesses could pose a ernment’s stake in an investor couragement of an open in- mechanisms with the United of the last steps in the imple- outside of Cfius’s scope of
national security threat. could give the government ac- vestment environment while States,” according to the Trea- mentation of tougher restric- mandatory reviews may still
The rules, which take effect cess to businesses that either targeting critical areas of na- sury statement. tions under a 2018 law passed voluntarily disclose the deal to
in February, clarify and ex- operate in the telecom, energy tional security concern,” said Judith Alison Lee, an inter- by lawmakers concerned that avoid regulatory scrutiny later.
pand the instances where or transportation industries— Anne Salladin, a lawyer at Ho- national trade lawyer at Gib- the acquisition of U.S. Under the law, failing to dis-
overseas investors will need or handle sensitive personal gan Lovells. son, Dunn & Crutcher LLP in companies by Chinese inter- close investments could trig-
clearance from a panel of na- data, such as health, genetic The final regulations are Washington, D.C., said that ex- ests could pose risks to na- ger fines.
tional-security experts—called testing or geolocation infor- similar to an earlier proposal cluding countries such as tional security. “It remains largely a volun-
the Committee on Foreign In- mation. floated in September for pub- France and Germany was puz- In recent years, lawmakers tary process,” the senior offi-
vestment in the U.S., or Investor disclosure will also lic comment. zling. have also been concerned that cial said.

U.S. WATCH
Barr Seeks investigators couldn’t access,
the spokesman said, adding
that “early outreach is critical

Apple Help to accessing information and

finding additional options.”
The Justice Department un-

On iPhones der Mr. Barr has increasingly

highlighted the difficulties in-
vestigators face in accessing
encrypted communications for
Continued from Page One suspects ranging from terror-
crimes against Muslims, offi- ists to child predators. Apple
cials said, issuing a warning on and other tech firms have said
the anniversary of the Sept. 11, they help authorities wherever
2001, attacks that “the count- possible, but that creating vul-
down has started.” nerabilities in their encrypted
Investigators have found no products would jeopardize
evidence that Lt. Alshamrani broader internet security and
had co-conspirators in the U.S. make users less safe from cy-
or that he was inspired by one bercriminals.
GARY COSBY JR./THE TUSCALOOSA NEWS/ASSOCIATED PRESS

specific terrorist group, Federal New details about the gun-

Bureau of Investigation Deputy man’s views came as the U.S.
Director David Bowdich said. said it was expelling 21 Saudi

.
The FBI interviewed more than military students from a train-

ly
500 of his friends, classmates ing program and immediately
and other associates, and ana- sending them back to Saudi
lyzed more than 42 terabytes Arabia. The probe found no
on of digital information, he said. evidence that the students
But Justice Department of- helped plan the attack, but
ficials said only a look at many of them had contact
data and communications on with child pornography and al-
the gunman’s phones could most all of them possessed ji-
us l,

help them say for certain hadist or anti-U.S. material,

whether he discussed his Mr. Barr said.
al a
e
plans with others. The attorney general’s pub-
Mr. Barr, stepping up a lic call came a week after the
DEADLY TORNADO: Volunteers cleared debris Monday near Carrollton, Ala., after a weekend storm hit Pickens County, killing three long-running fight between FBI’s general counsel sent a let-
ci on

people. Eight other weekend deaths were tied to severe weather around the country. law-enforcement agencies and ter to Apple asking for assis-
Silicon Valley over access to tance in accessing material on
TREASURY FEDERAL RESERVE TREASURY WISCONSIN encrypted data, said: “This Lt. Alshamrani’s phones.
situation perfectly illustrates Officials said investigators
Budget Deficit Hit Paper Warns of Bank Ex-Official Pleads Judge Fines Board why it is critical that the pub- secured a court order within a
er rs

$1.02 Trillion in 2019 Cyberattack Damage Guilty to Leaks Over Voter Purge lic be able to get access to day of the shooting but waited
digital evidence.” He said that a month to contact Apple be-
The U.S. budget gap continued A well-planned cyberattack on A former senior U.S. Treasury A Wisconsin judge held the Apple had provided no “sub- cause they were trying to ex-
to widen in 2019, but not as the U.S. banking system could Department official pleaded state elections board in con- stantive assistance” getting haust other options to attempt
m e

much as the previous year when have a devastating effect on U.S. guilty Monday to conspiring to tempt for not following his order into the two phones, which to get into the phones, which
Republican tax cuts reduced reve- financial stability, according to give a reporter sensitive financial to remove thousands of people are locked with unknown pass the gunman had damaged, fir-
nue and a bipartisan budget deal new research from the Federal information about former Trump from voter rolls. codes and encrypted. ing a shot into one of them.
m rp

boosted government spending. Reserve Bank of New York. campaign manager Paul Ozaukee County Circuit Judge Apple, in a statement late A Justice Department offi-
The federal deficit totaled In a paper termed a “pre-mor- Manafort and others connected Paul Malloy ordered the Wiscon- Monday, said it always cial said Monday that Apple
$1.02 trillion over the 12 months tem analysis” that was released to the president. sin Elections Commission and worked cooperatively with hadn’t yet told the department
that ended in December, accord- Monday, bank analysts Thomas Natalie Mayflower Sours Ed- some of its members to begin law enforcement to help in in- whether company employees
ing to data the U.S. Treasury re- Eisenbach, Anna Kovner, and Mi- wards, a former employee at the paying a daily fine for refusing vestigations and that it re- were able to get into the
co Fo

leased Monday. That marked the chael Junho Lee looked at how Treasury’s Financial Crimes En- to comply with a previous order jected Mr. Barr’s characteriza- phones themselves. But senior
first calendar year the deficit banks would react to cyberattacks forcement Network, or FinCEN, to cull people from voting rolls tion that it hadn’t provided Justice and FBI officials told
has exceeded $1 trillion since that impaired their ability to pro- was arrested in October 2018. who appear to no longer live at substantial assistance. congressional staff on Monday
2012, when the U.S. was still ex- cess payments between banks. Federal prosecutors charged her the addresses listed on their “Our responses to their morning that there was noth-
periencing anemic economic “If a cyber attack were to with one count of unauthorized registrations. many requests since the attack ing Apple could do to unlock
growth. The deficit grew 17.1% compromise the integrity of disclosure of “suspicious activity The commission must pay have been timely, thorough and the iPhones in question, ac-
in 2019, compared with a 28.2% banks’ systems, the reconciliation reports,” known as SARs, filed to $50 a day, while individual com- are ongoing,” an Apple spokes- cording to two congressional
increase in 2018. and recuperation process would FinCEN by banks, and one count missioners who voted not to act man said. aides familiar with the call. The
The smaller increase in the be an unprecedented task,” the of conspiracy. must pay $250 a day. In response to several legal officials criticized Apple for
deficit was due in large part to a authors wrote. “This could have Prosecutors in New York said The contempt order follows a requests, the company quickly not having created a method
rebound in corporate tax reve- severe implications on the stabil- the reports pertained to Mr. vote by the commission to take provided a “wide variety of in- for doing so, the aides said.
nue, which shrank more than ex- ity of the broader financial sys- Manafort, who was chairman of no action in response to his ear- formation” when first con- The news conference was
pected after the tax cuts. Total tem vis-à-vis spillovers to inves- President Trump’s 2016 cam- lier order and instead wait for a tacted by law enforcement last Mr. Barr’s latest attempt to ap-
receipts grew 5% in 2019, com- tors, creditors, and other financial paign for several months that court of appeals or the state Su- month, “including iCloud back- ply pressure on technology
n-

pared with a 0.4% decline the market participants.” year. The documents were also preme Court to issue a decision. ups, account information and companies for widely adopting
previous year. Over the past 12 The paper examined what related to ex-Trump campaign The state was a linchpin in transactional data for multiple encryption standards that law-
months, deficits as a share of would happen if there was an aide Richard Gates and the Rus- the 2016 presidential election, accounts,” the spokesman said. enforcement officials have long
the U.S. economy totaled 4.7%, attack that affected the five big- sian Embassy in Washington, where the vote for Donald Only last week did the FBI complained make it difficult for
no

compared with 4.2% the previ- gest banks involved in the pay- among other topics, according to Trump was decided by just un- notify Apple that more assis- them to unlock digital data be-
ous 12 months. ments system. prosecutors. der 23,000 votes. tance was required and alerted longing to a criminal suspect,
—Kate Davidson —Michael S. Derby —Corinne Ramey —Ben Kesling the company of a second phone even with a warrant.

Desperately in their pockets. It also has

some realizing that going back
to the tech of yesteryear—
changes from one episode to
the next.”
Nicole Zeigler, 39, upgraded
by about five minutes. The
video quality is terrible and
there are commercials.”
“You just download a VPN
app, change your location to
the U.K., log in to Netflix and
been circulating on the social
video network TikTok. The use
of a VPN to watch “Friends”

Seeking DVDS, DVRs and even VCRs—

might be simpler and cheaper.
Kristen Massaro, a 37-year-
to Blu-ray discs on Jan. 1 and
immediately put her old ones
up for sale via Facebook Mar-
TBS airs 50 episodes of
“Friends” a week on its cable
station and also provides
search for ‘Friends.’ You can
watch any show that is on in
other countries,” says the Texas
can be hit or miss, according to
The Wall Street Journal’s own
tests.

Rachel old “Friends” diehard who fell

asleep to the show on Netflix
every night for years, began
ketplace for $50. Within a few
hours, she had nine people in-
terested in buying, most citing
streaming options in its iPhone
and Android apps. Since New
Year’s Eve, the TBS app has
State sophomore.
Netflix still has the rights to
stream “Friends” in other coun-
“Virtually crossing borders
to use Netflix is a violation of
our terms of use,” a Netflix
collecting the DVDs 18 years complications related to the seen seven times the amount of tries, including the United spokeswoman said.
Continued from Page One ago. The problem is, she didn’t Netflix-Friends Apocalypse. streaming of “Friends,” says Kingdom. A VPN, or virtual pri- What will Ms. Escobedo—
sen said was Netflix’s second- have anything to watch them Amazon sales of the Mr. Reilly, who is also president vate network, is software that who has already watched at
most watched in 2018 by the on—her last DVD player broke. “Friends” DVD and Blu-ray box- of TBS, TNT and truTV. routes your Internet traffic least 15 episodes on her iPhone
amount of time spent view- A trip to Target and she was sets hit an all-time high in late And yet 18-year-old Natalia through a more secure net- 11 Pro since the start of the
ing—will head to WarnerMe- the owner of a $30 Sony model. December and January, accord- Escobedo, who is among the work. They often allow you to year—do if the Netflix-Friends
dia’s HBO Max service, set to “One thing that I had forgot- ing to the retailer’s best-seller generation of rabid “Friends” pick the location of that net- Apocalypse spans the entire
launch in May. The result is the ten is that you have to get up rankings. Warner Bros. would fans who discovered the show work, tricking apps into think- globe?
greatest problem of our time: a and change the DVD every four not share sales numbers but a through Netflix, is still happily ing you’re located there. Videos “Probably buy a DVD
five-month “Friends” streaming or five episodes,” said Ms. Mas- company spokeswoman said watching on Netflix. showing the VPN process have player,” she said.
drought—aka the Great Netflix- saro, a marketing freelancer there has been a spike in sales
Friends Apocalypse. based in Queens. “I’d rather get of “Friends” DVDs and Blu-rays
HBO Max Chief Content Offi-
cer Kevin Reilly isn’t handing
my lazy butt off the couch than
pay for HBO Max every month.”
since the announcement the
show was moving.
CORRECTIONS  THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
out tissues. “Netflix did have
the right to leave the show on
HBO Max will cost $14.99 a
month. She already has Netflix,
When the DVD hunters were
asked why they didn’t opt to
AMPLIFICATIONS (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036

its air until the spring,” said Published daily except Sundays and general legal holidays.
Hulu, Amazon Prime Video and buy digital versions of the sea- Periodicals postage paid at New York, N.Y., and other mailing offices.
Mr. Reilly, who as president of cable subscriptions. sons through Apple’s iTunes or Comedian John Mulaney’s
Postmaster: Send address changes to The Wall Street Journal,
NBC oversaw the final season Americans are willing to Amazon’s Prime Video, some dog Petunia is a French bull- 200 Burnett Rd., Chicopee, MA 01020.
of “Friends” in 2004. “This is spend an average of $44 said they didn’t want to be tied dog. The Weekend Confiden- All Advertising published in The Wall Street Journal is subject to the applicable rate card,
not, ‘HBO Max has pulled the monthly on streaming video to specific services or plat- tial profile in Saturday’s Re- copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc.,
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accept an advertiser’s order. Only publication of an advertisement shall constitute final
A Netflix spokeswoman said 3.6 services, according to a sur- Lexi Solorio from Florence, Petunia is a pug. acceptance of the advertiser’s order.
that the company “disagreed vey conducted by The Wall Calif., has opted to un-cut the Letters to the Editor: Fax: 212-416-2891; email: [email protected]
with that characterization” of Street Journal and the Harris cord. She and her family moved The Bullet Journal Com- Need assistance with your subscription?
the rights battle. She said no Poll. to a new area where cable was panion app costs $5. An Off By web: customercenter.wsj.com; By email: [email protected]
one show “represents more Jocelyn Brown, 37, also cheaper and she was in need of Duty article Saturday about By phone: 1-800-JOURNAL (1-800-568-7625)
than low single digits of our bought a DVD player—$19.95 at her “Friends” fix. comedian Rob Corddry’s tech Reprints & licensing:
By email: [email protected]
viewing.” Walmart on Jan. 1—to play her “We’ve set our DVR to re- essentials incorrectly said the By phone: 1-800-843-0008
The crowded world of older discs. “The resolution on cord every episode on TBS,” app is free.
WSJ back issues and framed pages: wsjshop.com
streaming services has left con- the video is terrible and the said Ms. Solorio, 49. “Then we
Readers can alert The Wall Street Our newspapers are 100% sourced from sustainably certified mills.
sumers with a dizzying array of picture isn’t widescreen,” she realized TBS starts the show
Journal to any errors in news articles
choices, an uncertainty of said. “It also makes noise. five minute later in the hour by emailing [email protected] or GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
where to watch and less money There are these clicks when it and so every episode is cut off by calling 888-410-2667.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Tuesday, January 14, 2020 | A3

U.S. NEWS

Boy Scouts
Aim to
Shield
Assets in
Chapter 11
The Boy Scouts of America
has drawn up a strategy that
aims to protect its local scout-
ing councils and the billions of
dollars in assets they hold from

ARIANA DREHSLER FOR THE WALL STREET JOURNAL

sexual-abuse claims, said people
familiar with the matter.

By Andrew Scurria,
Andrea Fuller
and Peg Brickley

Facing roughly 300 lawsuits

alleging sexual misconduct by
employees and volunteers, the
Boy Scouts are considering a
bankruptcy filing covering the
national governing body but ex-
cluding 261 local councils, these A second wall under construction at the border, near California's Otay Mountain. Migrants have shown they are able to climb over some new sections of border fencing.

Wall or No, Policies Slow Migrants

people said. Councils operate lo-
cal troops and own assets in-
cluding land in many states.
A bankruptcy filing would
represent a dramatic step by
the Boy Scouts, founded in 1910,
to protect their financial where- BY MICHELLE HACKMAN southern border, a humanitar- Mr. Wolf said in an inter-
withal and compensate alleged ian crisis that quickly spun More Funds to Shift counternarcotics efforts. The view that the administration
victims of abuse as the group YUMA, Ariz.—The Trump into a political one. The administration extracted $6.7 views the wall as one tool
faces declining membership. administration’s hard-line im- Trump administration re- For Construction billion from the two funding among many. “We are trying
The Wall Street Journal re- migration policies have dra- sponded with a series of poli- sources last year after Presi- to drive that illegal crossing to
ported in 2018 the Boy Scouts matically slowed migration cies that have helped cut bor- dent Trump declared a state of areas that the Border Patrol
were considering bankruptcy. across the southern border. der crossings more than 75% The Trump administration emergency allowing his admin- can better position Border Pa-
While the organization hasn’t But as President Trump’s re- from their peak in May. is planning to shift an addi- istration to make the transfer. trol officers in,” he said.

.
decided whether to begin chap- election campaign ramps up, Many experts on both sides tional $7.2 billion out of mili- The larger pot would permit Meanwhile, the administra-

ly
ter 11 proceedings, it said on an the highest-profile immigra- of the political divide agree tary coffers for border-wall the government to construct as tion’s patchwork of invisible
internal conference call Monday tion policy remains the border that the new sections of bor- construction, according to two many as 885 miles of its pre- barriers—policies designed to
that a committee of local coun- wall, which many experts say der wall weren’t chiefly re- people familiar with the plans. ferred style of border fencing, deter or prevent migrants
cils would be formed to repre- has contributed little to the on sponsible for the decline. The Pentagon funds would though a significant portion of from seeking asylum at all—
sent their interests in a poten- recent slowdown. The wall, they say, can help come from two primary pots that would likely replace existing has had far-reaching impact
tial bankruptcy, the people said. Immigration officials, in- slow migrants who hope to of money: $3.7 billion from a border barriers. Administration on life at the border.
Membership is declining, and cluding acting Homeland Secu- evade capture. But asylum fund for military construction officials cautioned that the final Today, a migrant who
some of the Boy Scouts’ efforts rity Secretary Chad Wolf, seekers—who make up the and $3.5 billion from a fund for totals were subject to change. crosses the border seeking hu-
us l,

to broaden their appeal, such as gathered here Friday to cele- majority of crossers for the manitarian protection will
opening their doors to girls, brate the 100th mile of border past half-decade—are looking most likely be assigned an im-
al a
e
transgender youth and gay vol- barrier—30-foot steel bollards to surrender to the first bor- barbed wire or 3-foot vehicle toms and Border Protection migration court date months
unteers, have backfired. placed a few inches apart— der agent they spot. barriers it is often replacing. showed three people climbing in the future and returned to
States including California built by the administration. “The question of the wall, for But the administration has the 30-foot bollards using a Mexico, where he or she must
ci on

and New York have extended The officials looked on as a both sides, is no longer a ques- limited construction primarily rope ladder and sliding down wait months in border cities so
the statutes of limitation for representative of the Army tion of what works or doesn’t to public land—where it faces the other side. Border-crossers dangerous that the U.S. State
sexual-abuse claimants, opening Corps of Engineers affixed to work to prevent people from the fewest legal hurdles—plac- can also alter routes slightly to Department has restricted
the courthouse doors for former the fencing a metal plaque crossing the southern border,” ing the newer wall structures find areas where taller struc- travel to the region. Other mi-
scouts claiming they were sexu- that bore the presidential seal said Raphael Cohen, a senior po- in remote areas with relatively tures haven’t yet been erected. grants are sent to Guatemala,
er rs

and Mr. Trump’s name. litical scientist at the nonprofit few border crossers. It has “The idea that a wall pre- where they are told to apply
“This is a milestone think tank Rand Corp. “It’s taken also put up almost no new vents asylum seekers is incor- for asylum instead.
achievement for the presi- on symbolic significance.” barriers in places where ones rect. It would simply redirect Still others are put in an ex-
Membership is dent…and more importantly, The new fencing, at about didn’t already exist. them,” said Doris Meissner, perimental program giving
m e

declining, and efforts for our country,” Mr. Wolf said. $1 million per mile, is perhaps In the sections where new who headed the Immigration them just seven days to find a
Last year, a surge of Central the administration’s most ex- fencing has gone up, migrants and Naturalization Service, the lawyer and apply for asylum, a
to broaden appeal American families seeking asy- pensive immigration-enforce- can still scale it. A video re- then-parent agency of the Bor- process that normally stretches
m rp

have backfired. lum drove the largest spike in ment tool. It does pose a more cently circulated on social me- der Patrol, in the Clinton ad- months or years. If they lose
illegal migration across the significant obstacle than the dia and verified by U.S. Cus- ministration. their claims, they are deported.

Lawmakers Tangle Over Witnesses Rates of

ally abused, regardless of when
co Fo

the alleged misconduct oc-

curred.
The extended deadlines have
fueled a wave of lawsuits,
stressing the Boy Scouts’ fi-
BY SIOBHAN HUGHES
AND REBECCA BALLHAUS
Cancer
nances. The national organiza-
tion historically has picked up
the cost of defending and set-
WASHINGTON—Top law-
makers continued to trade
Higher in
tling claims against local coun-
cils when they too are named as
defendants, people familiar with
barbs over introducing new
witnesses in the coming im-
peachment trial of President
9/11 Crews
the matter said. Trump, as House Democrats BY MELANIE GRAYCE WEST
By placing the national or- prepared to send the case to
ganization but not the local the Senate. Researchers found an ele-
n-

councils into bankruptcy and Senate Majority Leader vated incidence of leukemia in
funneling sexual-abuse claims to Mitch McConnell (R., Ky.) said first responders and other work-
a compensation trust, the Boy Monday that Democrats’ call ers at the World Trade Center
TOM BRENNER/REUTERS

Scouts are following a strategy for guarantees of new wit- site after the Sept. 11, 2001, ter-
no

of religious nonprofits that nesses and fresh documenta- rorist attacks compared with the
moved through bankruptcy over tion during the coming Senate general population.
the past 15 years and limited trial showed that their case The study, by New York re-
the assets available to creditors for removing President Trump searchers, is the first to show
using trusts, separately incorpo- from office was weak and an increase in the incidence of
rated entities and other finan- rushed. House Speaker Nancy Pelosi tweeted Monday that ‘the Senate must #EndTheCoverUp.’ the blood cancer, which can oc-
cial devices. Catholic dioceses “Think about the message cur years after exposure to car-
were successful in keeping par- it sends when the prosecutors Lev Parnas, an associate of he had pressured Ukraine to rity adviser John Bolton. cinogens.
ishes out of bankruptcy and lim- are this desperate to get the Trump lawyer Rudy Giuliani launch investigations to bene- Some Senate Republicans, The findings also suggest
iting the exposure of their prop- judge and jury to redo their who was arrested in October fit him politically, including by including Sen. Mitt Romney that, as more time passes, re-
erties to sexual abuse claimants. homework for them,” Mr. on campaign-finance charges. withholding almost $400 mil- (R., Utah), have said they searchers may discover in-
Lawyers for former scouts McConnell said. “They wanted The messages include ex- lion in aid to help the country would like to hear from wit- creased rates of other cancers
who allege sexual abuse say senators to pre-commit our- changes between Mr. Parnas combat Russian aggression. nesses such as Mr. Bolton, and in first responders and recovery
there isn’t enough money to selves to not only judge the and Mr. Giuliani, according to The aid was eventually re- on Friday, Sen. Susan Collins workers, said Henry Sacks, a
fund the trust properly without case that House Democrats people familiar with the mat- leased. (R., Maine) said that she was co-author of the study and pro-
dipping into the assets of the lo- are actually going to send ter. Mr. Trump has called the reaching out to a small group fessor of environmental medi-
cal councils, which are separate over, but also to re-open the House Speaker Nancy Pelosi impeachment a hoax, but has of Republicans in order to cine and public health at the
nonprofits with their own investigatory stage.” (D., Calif.) tweeted Monday: wavered over the terms of a reach an agreement that Icahn School of Medicine at
boards, properties, investments Democrats say that they “Trump was too afraid to let trial, at times indicating sup- would allow witnesses re- Mount Sinai in Manhattan. “La-
and endowments. were blocked from calling sev- any of his top aides testify & port for a quick trial but at quested by both the House tency varies and can be quite
These regional groups hold eral witnesses during the covered up every single docu- other times indicating his and the White House to tes- long,” said Dr. Sacks. “This
roughly 70% of the Boy Scouts’ House probe, and that new in- ment. The Senate must preference for a trial that tify. shows us that even after many
wealth, according to a Journal formation has emerged since #EndTheCoverUp.” could vindicate him, not On Monday, Sen. Lamar Al- years that the number of can-
analysis. A bankruptcy filing by Mr. Trump was impeached in The Democratic-led House merely acquit him. exander (R., Tenn.) indicated cers is still increasing.”
only the national council could the House last month. Among last month voted to impeach Heading into the Senate he might be one of the Repub- The findings were reported in
erect legal barriers to victims the new documents lawmakers Mr. Trump on charges of trial, Democrats are pushing licans willing to join Demo- the journal JNCI Cancer Spec-
trying to collect from local have received in recent days is abuse of power and obstruc- to hear from four people, in- crats in voting for fresh evi- trum.
councils. Some councils facing a trove of text messages from tion of Congress after alleging cluding former national secu- dence and testimony. There are 76,904 responders
significant abuse claims still enrolled in the World Trade
could contribute to the victims’ Center Health Program, accord-
trust, but their participation
would be voluntary, according
to people familiar with the mat-
Russian Hack Seen at Firm Tied to Biden’s Son ing to the latest data available.
Cancers have been reported in
10,649 responders, including
ter. BY DUSTIN VOLZ ing hearings into whether Mr. Democratic emails during the that allowed them access into 362 cases of leukemia. More
Tim Kosnoff, an attorney Trump abused his office by 2016 presidential election, one of Burisma’s servers, the than 2,270 responders have died
representing hundreds of al- Hackers believed to be af- pressuring his Ukrainian coun- Area 1 said. company said. Area 1’s find- from cancer and other illnesses
leged victims, said “there is an filiated with Russia’s military terpart to work with his per- The Russian Embassy in ings were earlier reported by caused by exposure to the 9/11
extremely compelling argu- breached the Ukrainian gas sonal lawyer, Rudy Giuliani, to Washington didn’t respond to the New York Times. attacks, according to the data.
ment” that local council assets company where former Vice investigate Mr. Biden and his a request for comment. Russia Messrs. Trump and Giuliani An estimated 400,000 New
can’t be placed off limits from President Joe Biden’s son had son, Hunter, according to re- has denied hacking into U.S. have argued, without evi- Yorkers were exposed to caustic
alleged victims. served on the board as it be- search published Monday by elections. dence, that Mr. Biden’s anti- dust and toxic pollutants in the
“The bankruptcy court is go- came a focus of the impeach- Area 1, a California-based It wasn’t known what infor- corruption push in Ukraine 9/11 dust and debris cloud, ac-
ing to have to resolve this issue, ment inquiry into President company. mation the hackers were seek- was designed to head off any cording to the Centers for Dis-
which is, are those assets avail- Trump, according to a U.S. cy- The hacking attempts are ing or what they obtained, the investigation of Burisma. Both ease Control and Prevention.
able to pay the claims of credi- bersecurity firm. ongoing and linked to the firm said. In at least one in- Bidens have denied wrongdo- The new study includes some
tors?” he said. “I feel more con- Attempts to hack into Bu- Russian military intelligence stance, the hackers tricked the ing and said they never dis- 28,000 general responders,
fident in our argument than in risma Holdings began last No- unit previously known as the recipient of a phishing email cussed Hunter’s business in mostly men, with an average age
theirs.” vember, as Congress was hold- GRU, which hacked and leaked into sharing login credentials Ukraine. of 38 on Sept. 11, 2001.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Tuesday, January 14, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Reckoning Comes for Trump’s Global Policy point. Is the president about Iran’s downing of a Ukrai- against Islamic State forces. against the emergence of a sociated with the Chinese
to complete a decisive turn nian airliner. Mr. Trump is justifiably coherent plan. government underscored the
in the direction of U.S. pol- In sum, the uneasy status proud that Islamic State’s Meanwhile, Mr. Trump this limits of the deal Monday by
icy? Or is the effort about to quo in U.S.-Iranian relations self-proclaimed caliphate has week will oversee the signing noting that the “trade war is
collapse into failure and dis- has been shattered. But been smashed on his watch. of a “phase one” trade agree- not over yet.” The second
order? where do things go from Yet the gains on that front ment with China, which is an phase will be harder than
The answer depends on here? The Trump adminis- are in jeopardy. important achievement. The the first.
whether Mr. Trump, who en- tration says that it wants the The president has pulled deal stopped the imposition Finally, lurking just
CAPITAL JOURNAL visions himself as master of pressure to push Iran into back U.S. troops in Syria, of new U.S. tariffs on China around the corner is North
By Gerald F. Seib the art of the deal, can actu- talks on a new nuclear deal, compelling Kurdish fight- in return for Chinese pur- Korean leader Kim Jong Un.
ally close the deal—or, more and that it isn’t trying to ers—the most effective war- chases of more U.S. agricul- At the moment Mr. Kim is
precisely, whether he can force a regime change. riors against Islamic State tural products and some new acting a bit like the Glenn
A moment of truth has ar- close the deal on multiple Yet right now the opposite there—to pull back as well. protection of American firms’ Close character in the movie
rived for President Trump’s fronts, where events hang in is happening on the nuclear In Iraq, Iranian-backed Shiite intellectual property, among “Fatal Attraction,” who de-
foreign policy. the balance simultaneously. front—Iran promises to begin militias, who had been tac- other things. clares: “I’m not going to be
The president has so thor- stepping up nuclear activ- itly cooperating with the U.S. ignored.” Out of friendship

T Y
oughly disrupted political life he testing starts with ity—and the Trump approach in fighting Islamic State, et the deal hardly with the president, Mr. Kim
in the U.S. that it is easy to Iran. The U.S. and Iran certainly looks to Iran’s lead- now are more focused on closes the book on has agreed to slow-walk his
forget that he set out to be have stepped back ers like a regime-change trying to force out American trade tensions. China nuclear and missile pro-
just as disrup- from a war neither side strategy. The current ten- troops. If American forces has never actually commit- grams in hopes of getting
tive in foreign wants. Iran may still find sions don’t seem sustainable do, in fact, leave Iraq, and a ted publicly to the levels of economic relief from the U.S.
affairs. He ar- ways to strike back indi- without more dangerous vacuum forms next door in agricultural purchases that But the Korean strongman
rived in office rectly in revenge for the flare-ups, so both sides need Syria, the field will be open U.S. officials have advertised, hasn’t thrown in the towel
promising a American killing of Maj. Gen. an exit ramp. There is no for Islamic State to reconsti- many tariffs remain in place on his nuclear ambitions,
turn toward a Qassem Soleimani, but it shortage of potential brokers tute its power. on both sides, and, most im- and is signaling that his pa-
new, national- also is reeling internally. U.S. to help start new U.S.-Iranian What is needed is a com- portant, the deal doesn’t re- tience is running out.
ist approach. He called it an economic pressure is taking diplomacy, but Mr. Trump prehensive and sustainable ally dismantle the structural President Trump’s theory of
America-first strategy; critics a deep toll, and dissatisfac- dislikes intermediaries, and strategy to keep Islamic elements of China’s centrally the world is that he can disen-
decried it as a neo-isolation- tion with the clerical regime, Iran seems unlikely to simply State down. Yet the confron- controlled economy that U.S. gage on some fronts, strike
ist, go-it-alone impulse. temporarily hidden by the walk to a negotiating table on tation with Iran, and Mr. officials say provide Beijing out on his own on others, and
Today, three years into his angry public response to the its own. So what is the plan? Trump’s instinct to withdraw its biggest and most unfair still control events when nec-
term, the grand experiment Soleimani killing, has re- Tensions with Iran are, in American forces from the re- trading advantages. essary. The testing time for
has reached an inflection emerged in protests over turn, complicating the fight gion, both are working A social-media account as- that theory has arrived.

Warren Recounts
Sanders Clash

.
BY JOSHUA JAMERSON sociates that Mr. Sanders, an

ly
independent from Vermont,
WASHINGTON—Sen. Eliza- had made the comment about
beth Warren said that Sen. a woman being unable to be
Bernie Sanders, one of her ri- elected president. Mr. Sanders on
vals for the Democratic presi- denied that notion in a lengthy
dential nomination, told her statement of his own.
during a private 2018 meeting “It is ludicrous to believe
that a woman couldn’t win the that at the same meeting
us l,

U.S. presidency—a statement where Elizabeth Warren told

Mr. Sanders denies. me she was going to run for
al a
e
Ms. Warren, in a statement president, I would tell her that
distributed by her campaign a woman couldn’t win,” Mr.
Monday evening, said that she Sanders said, adding that Ms.
ci on

and Mr. Sanders met for more Warren’s staff were “lying
than two hours just over a about what happened” to re-
year ago when each senator porters.
was laying the groundwork for At that time on Monday,

SCOTT OLSON/GETTY IMAGES (2)

a White House bid. Ms. Warren herself hadn’t di-
er rs

“Among the topics that rectly weighed in. A represen-

came up was what would hap- tative for the Sanders cam-
pen if Democrats nominated a paign said Monday night that
female candidate. I thought a Mr. Sanders stood by his ear-
m e

woman could win; he dis- lier comment.

agreed,” Ms. Warren said. “I Though he rejected that he
have no interest in discussing said a woman couldn’t win the
m rp

this private meeting any fur- presidency, Mr. Sanders in his Sen. Elizabeth Warren campaigned Sunday at an Iowa school and Pete Buttigieg appeared Monday at the state’s Madison County
ther because Bernie and I have statement did allow that gen- Fairgrounds. The two candidates along with Joe Biden and Sen. Bernie Sanders are locked in a tight race for first place in the caucuses.
far more in common than our der would play a role in the
differences on punditry.”
The Massachusetts Demo-
election if a woman won the
2020 Democratic nomination.
Rivals to Debate Amid Fluid Iowa Race
co Fo

crat added: “We have been “What I did say that night
friends and allies in this fight was that Donald Trump is a
for a long time, and I have no sexist, a racist and a liar who BY KEN THOMAS especially combative.
doubt we will continue to work would weaponize whatever he AND JOHN MCCORMICK But the candidates are being
together to defeat Donald could. Do I believe a woman can careful not to rile up supporters
Trump and put our government win in 2020? Of course! After DES MOINES, Iowa—With of lower-polling contenders, in
on the side of the people.” all, Hillary Clinton beat Donald three weeks remaining until part because of the caucus rules:
The statement drives a Trump by 3 million votes in Iowa’s leadoff presidential cau- Any candidate who doesn’t re-
wedge into what largely had 2016,” Mr. Sanders said. cuses, four Democrats are ceive at least 15% on the first
been a friendly rivalry be- Mrs. Clinton won the popu- locked in a tight race for the top round of voting isn’t considered
tween the two most liberal re- lar vote in the last presidential spot in a contest that is notori- viable, and their supporters can
maining contenders in the election, while Mr. Trump won ously difficult to predict and then back a candidate who
2020 primary. Ms. Warren’s more electoral votes. known for late surges. cleared the bar. That means sec-
remarks came hours after CNN —Eliza Collins The jump-ball situation has ond choices can be important,
n-

reported that she had told as- contributed to this article. yielded a fluid competition in unlike in a primary.
which candidates are trying to It would be unusual for four
win over undecided voters as candidates to each secure at
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as soon as this week and take Vice President Joe Biden at 15%. are leaning somewhere, but may the most wide-open since 2004,
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be decisive enough to anoint a heavily investing time and re- beat President Trump. Her final- mont Gov. Howard Dean, who
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nomination if someone doesn’t All others were at 5% or less in and Ms. Warren. fall.
break out of the pack soon. the poll, which had a margin of “It will probably end up just This year’s winner of the cau-
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chair of the Democratic Party in Jersey Sen. Cory Booker, who can beat Trump.” total of votes from the balloting
Poweshiek County. had built an extensive ground A critical moment comes along with the traditional share
A poll released over the game in the state, said Monday Tuesday when six of the candi- of delegates won. That could
weekend had Sen. Bernie Sand- he was suspending his campaign dates meet for a debate here, give candidates multiple ways to
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Most hearing devices use one microphone. But VB25s use a
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 14, 2020 | A5

WORLD NEWS
Ex-Pope Pushes to Keep Priestly Celibacy
New book by Benedict
backs abstinence, as Benedict Is Frail, but
Pope Francis mulls a His Mind Is Sharp
new clerical exception
Pope Benedict XVI, who
BY FRANCIS X. ROCCA became the first pope to re-
sign in almost six centuries
ROME—Retired Pope Bene- when he stepped down in
dict XVI is publicly defending 2013, said at the time that
the Catholic Church’s tradi- he would remain “hidden
tional rule of priestly celibacy, from the world” and live a
the former pontiff’s most ex- “life dedicated to prayer.”
plicit effort so far to influence On resigning, he said his
a decision by his successor “strengths, due to an ad-
Pope Francis, who is consider- vanced age,” were no longer
ing a proposal to routinely or- adequate to his duties.
dain married men as Roman Seven years later, he has
Catholic priests for the first grown visibly thin and frail,
time in almost a millennium. and has used a walker for
The move poses the latest some time.
test of a historically unique ar- Recent footage from Ger-
rangement: the coexistence of man television shows him
two popes in the Vatican, made speaking softly with appar-
especially complex by the theo- ent effort. But people who
VATICAN MEDIA/EPA/SHUTTERSTOCK

logical differences between the have seen him lately say he

two men, whom many observ- remains mentally acute.
ers see as representing conser- He continues to receive
vative and progressive wings of visitors at his residence, a
a polarized church. former convent on a hill in
Pope Benedict, who retired the Vatican gardens.
in 2013 and holds the title pope Photos of the encounters
emeritus, has long frustrated frequently appear on social
the desires of conservatives media.
that he weigh in on the internal Francis, left, with Benedict at the Vatican in December. The two men hold different views on divorce, homosexuality and contraception.
church battles of the current
pontificate, remaining largely earlier reported by French daily to the celibacy requirement for to be impressed by the special crisis on the sexual revolution precisely what the pope has re-
silent as his successor deviated Le Figaro. Catholic priests in sparsely pleading, the theatrics, the dia- of the 1960s. quested,” Mr. Allen said.
from his own course. But more It has already intensified a populated areas with a short- bolical lies, the fashionable er- That stood in contrast with The Rev. Thomas Reese, se-
recently he has delved into ma- debate over the proper place of age of clergy, such as remote rors that would devalue Pope Francis’ statements on sex nior analyst for Religion News
jor controversies, writing an a former pope in the Catholic islands in the Pacific. In Octo- priestly celibacy,” the retired abuse, which have emphasized Service, agreed but said new

.
essay on clerical sex abuse last Church. ber, a meeting of bishops at the pope and Cardinal Sarah write a mind-set of privilege and im- rules were necessary “to make

ly
year. “Of course it is his right to Vatican recommended that the in a jointly written chapter. punity for clergy as a root clear that he no longer speaks
Now he is publishing a book say whatever he wants,” the pope make such an exception The retired pope has made cause of the abuse crisis. as pope.” He suggested that a
in support of clerical celibacy Rev. James Martin, a prominent for the Amazon. Pope Benedict said at the retired pope return to the sta-
just as Pope Francis is expected American commentator on on The church currently makes time that he had received per- tus of cardinal, go by his origi-
to decide early this year church affairs, wrote on Twit- individual exceptions for mar- mission from Pope Francis to nal name and live wherever his
whether to allow the ordination ter. “But given his unique role, ried Protestant ministers who
The two are seen publish the article. successor decides.
of married men in South Amer- some may see this as a ‘parallel convert to Catholicism. The rel- as representing The Vatican didn’t respond The recent movie “The Two
ica’s Amazon region to alleviate magisterium,’ which can lead to atively small Eastern Catholic to an inquiry as to whether Popes,” which recounts a series
us l,

a priest shortage there. disunity.” Churches, who follow the pope

conservative and Pope Francis had approved the of fictional meetings between
“From the Depth of Our Pope Francis has taken a but observe Orthodox practices, progressive wings. new book’s publication. the two men before Benedict’s
al a
e
Hearts” is co-written by Pope markedly different approach also have married clergy. It was unrealistic to expect resignation, imagines the past
Benedict and Guinean Cardinal from his predecessor to a num- In the new book, Pope Bene- that a former pope who is also and present pontiffs bonding
Robert Sarah, head of the Vati- ber of controversial issues, pur- dict writes that even married a significant theologian would over pizza and televised soccer
ci on

can’s office for liturgy, an out- suing a more lenient line on di- priests in the early church were occasional public statements remain silent until death, said matches.
spoken conservative whom vorce, homosexuality and always required to be sexually over the years, including giving John Allen, president of Crux Few Vatican observers find
Pope Francis has previously re- contraception, to the alarm of abstinent as a sign of their a lengthy interview to a Ger- Catholic Media. that plausible, but Pope Fran-
buked for championing tradi- conservatives. marriage to the church, accord- man journalist. His most con- “One should also remember cis, 83, has spoken of his prede-
tional styles of worship. News The current pope has ing to an excerpt in Le Figaro. troversial statement until now that Francis has invited robust cessor, who is 92, with respect
er rs

of the book, due to be pub- praised clerical celibacy as a “It is urgent, necessary, that has been the publication of a debate in the church, so it’s a and affection as a “wise grand-
lished in French on Wednesday “gift to the church” but said everyone, bishops, priests and long article in April blaming little disingenuous to blame father,” saying that he is grate-
and in English next month, was that he is open to an exception laypeople, not allow themselves the church’s clerical sex-abuse someone for contributing to ful for his support and counsel.
m e

In South Sudan, U.S. Shifts

m rp

From Support to Sanctions If you’d

co Fo

BY NICHOLAS BARIYO The U.S. has been South The most imminent concern
AND JULIA STEERS Sudan's No. 1 donor since is the prospect of famine.
independence in 2011. Half of the population of 11

describe your
In the years since South Su- million is facing a potential
dan declared independence in Top South Sudan famine early this year because
2011, the U.S. has been its prin- humanitarian donors of drought, flooding and politi-
cipal backer, supporting the $ million cal uncertainty that hampers
world’s newest nation despite aid efforts and farming, accord-
its wars, rights abuses and cor-  ing to the U.N. World Food Pro-

sales tax
U.S.
ruption.  gram.
With the threat of famine The displacement of millions
looming after a series of missed 4 of people by the conflict has
deadlines for the country’s fac- heightened the threat of ex-
n-

3
tions to form a unity govern- treme food shortages, acute
ment, Washington has signaled
its patience has run out.
The U.S. imposed sanctions

 U.K.
malnutrition and deaths, ac-
cording to the U.N., which in
2017, in parts of South Sudan, compliance
no

on South Sudan’s first vice  Germany declared what was the world’s
president last week, after add- EU first famine since 2012.
2015 ’16 ’17 ’18 ’19
ing two government ministers “It is much worse than we
to its blacklist in December, ac-
cusing them of perpetuating the
conflict.
“The people of South Su-
Source: United Nations Office for the
Coordination of Humanitarian Affairs
had anticipated, we are literally
talking about famine in the next
few months,” said World Food
Program Executive Director Da-
confidence as
dan have suffered enough while pitting Mr. Kiir’s Dinka tribe vid Beasley.
their leaders delay the imple-
mentation of a sustainable
peace,” Secretary of State Mike
Pompeo said last month.
In November the State De-
against Mr. Machar’s Nuer.
The two sides reached a
truce in September 2018 under
pressure from the U.S. and the
United Nations.
Despite the truce, opposition
and government forces con-
tinue to break in to humanitar-
ian facilities and demand pay-
ment from aid convoys at
‘sort of mostly,’
partment temporarily recalled But the leaders have missed checkpoints, according to the
the U.S. ambassador and said
President Salva Kiir’s govern-
ment was no longer suitable to
lead the peace process.
a series of deadlines to form a
government. When Messrs. Kiir
and Machar met in Juba in De-
cember for the latest power-
United Nations.
Rival factions have recruited
thousands more fighters to bol-
ster their positions in power-
it’s time.
“The U.S. has gone sharing talks, they failed to sharing talks and prepare for
from South Sudan’s chief backer strike a deal on important is- more fighting. Seven cease-fires
to its main naysayer,” said Alan sues, including how to integrate have collapsed since 2013. Refu- With tax compliance rules and regulations
Boswell, an analyst with the In- rebel forces in the national gee camps built with American
ternational Crisis Group. “It’s a army and the composition of aid have been emptied as men changing so fast, find out where you’re
remarkable shift.” regional states. joined the militias, humanitar-
The U.S., far outpacing other South Sudan’s government ian agencies reported. on the hook. Try our free sales tax risk
donors, has spent $11 billion on said it is addressing Washing- Aid agencies have been re-
the largely Christian East Afri- ton’s concerns and accused the peatedly targeted, making the assessment tool at www.avalara.com/WSJ
can nation since it claimed in- Trump administration of push- country the most dangerous
dependence from majority ing for regime change. place to deliver humanitarian
Muslim Sudan, according to the “Every time we are close to aid, according to the U.N.’s
Congressional Research Service. forming a unity government, 2019 Aid Worker Security Re-
The aid was intended to help Americans sanction our peo- port. Since the conflict began in
build a stable government for a ple,” said Michael Makuei Lu- 2013, the U.N. says, 115 aid
fledgling nation with sub-Saha- eth, the information minister, workers have been killed.
ran Africa’s third-largest oil re- who is one of the government A bipartisan group of six U.S.
serves. ministers under U.S. sanctions. senators wrote to Mr. Pompeo
Money and diplomatic pres- “The Americans are confusing in November calling for the ap-
sure have failed to bring about the peace process. It’s now pointment of a special envoy to
a deal between Mr. Kiir and his clear they don’t want us to coordinate oversight of aid
former deputy, Riek Machar, form a unity government.” money spent on South Sudan.
whose forces began fighting a The government has been “More focused, diplomatic Tax compliance done right
civil war in 2013 that has killed encouraging families to leave leadership to address the un-
400,000 people and uprooted U.N. camps and return home, derlying drivers of the conflict
more than four million. but aid officials in oil-rich Unity can help provide accountability
The conflict erupted after State said that mothers are re- to the American taxpayers and
Mr. Kiir accused Mr. Machar of fusing to send their children ensure that U.S. assistance is
plotting a coup. Clashes split back because they don’t trust as effective as possible,” the
South Sudan along ethnic lines, the peace will hold. letter said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Tuesday, January 14, 2020 * * THE WALL STREET JOURNAL.

WORLD NEWS

Missile Attack
Shook Troops
At Iraq Base
BY ISABEL COLES located to other bases to limit
exposure based on information
AL ASAD AIR BASE, Iraq— that suggested an attack was
More than two hours before likely imminent. They have
Iran fired its first salvo of mis- largely returned to the base.
siles at the large base here in The U.S. military, which
western Iraq last week, Ameri- maintains a world-wide net-
can soldiers took cover in con- work of sensors and radar sys-
crete bunkers that once be- tems, said its detection tech-
longed to Saddam Hussein’s nology and defensive
military. measures alerted U.S. forces to

JOHN DAVISON/REUTERS
Air Force Capt. Nate Brown, the impending Iranian attack
a 34-year-old from Alabama, and allowed at least an hour
said he had sent his wife a for American forces to prepare
message telling her he loved and take cover.
her before seeking shelter in U.S. officers at Al Asad said
one of the bunkers, where they had information Iran was
there were no phone or radio poised to retaliate for the tar- U.S. troops on Monday inspected a structure at Al Asad air base in western Iraq that was hit by an Iranian missile during an attack.
connections. Some soldiers geted killing of Maj. Gen. Qas-
said they played the card sem Soleimani on Jan. 3. The attack on a base hosting coali- one of the missiles would land. two hours. Col. Chase said the up the mangled metal struc-
game Uno and even dozed off strike that killed the Iranian tion troops in northern Iraq Lt. Col. Antoinette Chase, missiles were able to be de- tures of huge tents that usually
as they waited. commander has unleashed a that killed an American con- who was in charge of coordi- tected four to five minutes be- house aircraft, he acknowl-
The missiles started slam- tide of anti-American senti- tractor. nating emergency response fore they hit their targets. edged Iran’s capabilities. “It’s
ming into the base—which ment, raising questions about There were no casualties in when the Iranian attack took Most of the missiles hit an impressive. The accuracy is not
hosts the largest number of the future of the U.S. presence Iran’s attack on Al Asad, and place, said she had issued in- airfield, blasting craters about out of the realm of abilities.”
U.S. troops of any single facil- in Iraq and the fight against Chief Warrant Officer Michael structions for the base to go 20 feet in diameter and 4 to 5 Iran said it didn’t intend to
ity in Iraq—around 1:30 a.m. Islamic State. Pridgeon, 33, who is responsi- on lockdown at 11 p.m. on feet deep in the ground. The kill anybody with the strikes,
on Wednesday, gouging cra- Immediately after the at- ble for securing the base’s Tuesday. impact blew the walls off though some soldiers disputed
ters in the surface of the air- tack, Iranian Foreign Minister Reaper drones, which are used “We actually received some nearby portable buildings. the claim.
field and torching metal con- Javad Zarif indicated in a for air surveillance, said there things earlier in the day that As soldiers hunkered down, “You’re in a region that is
tainers. tweet that Al Asad had been had been no damage to any as- kind of let us know that we unable to communicate with full of conflict,” said First Sgt.
“We could feel the shock targeted because it served as sets. needed to reposition our troops at the surface, they Larry Jackson, 42, who like
wave and when the impact hit, the launchpad for the strike But soldiers who lived forces,” Col. Chase said. feared someone might have many of the older servicemen

.
the bunker doors sunk in,” that killed Gen. Soleimani. through the attack described At 11:30 p.m., she issued the been killed. has been deployed in Iraq be-

ly
said Air Force Lt. Col. Staci Days before the strike hit Al fearful moments as they came command for everyone to go “That was a big part of the fore.
Coleman. “My personal opin- Asad, supporters of the Iran- under fire. down into the bunkers. People uncertainty,” Capt. Brown said. At least one of the missiles
ion is that they really wanted backed Kataib Hezbollah mili- Col. Coleman said she had guarding the perimeter of the Around sunrise, they landed in an area that had been
to target our [air] assets and tia had attempted to storm the onbeen informed around 9 p.m. of base stayed on duty in case emerged after a knock on the used as living quarters. A blaze
if they so happened to kill American Embassy in Bagh- the expected missile attack and the missile strike was the pre- door of the bunker signaled had charred and melted metal
Americans in the process, that dad. began evacuating around half cursor to an attack by land. the danger had passed. containers that serve as bed-
was OK with them.” That was after the U.S. of the 200 people under her The first barrage of missiles “My nerves were shot,” he rooms and the force of the blast
The day before, some of the struck the group’s bases along command by 10 p.m. She then struck the base at around 1:30 said. toppled four-ton blast walls.
us l,

roughly 1,500 U.S. troops sta- the Syrian border, having sought shelter in a bunker a.m. on Wednesday and con- Surveying the damage on “We were in real danger
tioned at Al Asad had been re- blamed the militia for a rocket around 300 yards from the spot tinued at intervals for the next Monday, as bulldozers scooped here,” Col. Chase said.
al a
e

Iran, Facing Backlash Over Crash, Warns Protesters

ci on

BY ARESU EQBALI ing and incompetence by the news agency reported. forming the Iranian people, Ukrainian officials have said
AND SUNE ENGEL RASMUSSEN country’s leadership. A vigil planned by families saying it had only received the Iran’s admission came only af-
Video appears to
er rs

Tehran’s metropolitan po- of the plane-crash victims at investigation results on Friday ter Ukrainian investigators
TEHRAN—Iranian authori- lice chief, Hossein Rahimi, on Sharif University in Tehran, show tear gas and evening, more than two days found evidence that forced
ties warned protesters not to Monday warned “abusers of where 15 of those who were after the plane went down. Tehran to admit it accidentally
stage further antigovernment the situation” that the secu- killed in the crash studied, was
demonstrators with “We didn’t lie. Lying is con- shot down the jet.
m e

demonstrations, as a video ap- rity forces would defend the canceled Monday because of gunshot injuries. sciously and intentionally fak- The commander responsible
peared to show security forces security of the Iranian people. security concerns, a notice on ing something to hide the for the Revolutionary Guard’s
using tear gas to contain pro- Video shared by the U.S.- the university’s website said. truth,” government spokesman missile arsenal, Brig. Gen. Amir
m rp

tests over the weekend. based Center for Human Rights While the latest protests Ali Rabiei was quoted as say- Ali Hajizadeh, said over the
The demonstrations broke in Iran and verified by the As- have remained small, Tehran is nances during a deep economic ing by the IRNA state news weekend that the operator who
out after the military on Sat- sociated Press appeared to facing a combustible mix of po- crisis, exacerbated by U.S. sanc- agency. Any comments by the fired the missile mistook the
urday said it unintentionally show gunshot injuries and tear litical and economic grievances tions. Authorities responded government were made, he Boeing 737-800 for an incom-
shot down a Ukrainian passen- gas being used against protest- as it braces for more demon- with force, killing hundreds of said, based on “the informa- ing cruise missile.
co Fo

ger airliner last week, killing ers. Mr. Rahimi denied his strations. Protests erupted people, rights groups and Iran- tion that was assumed reliable At the time, Iran’s air de-
all 176 people on board, after forces had opened fire to quell across the country in Novem- based reformist media say. at the moment.” fenses were on high alert for a
denying for days it was re- the weekend protests, saying ber against austerity measures President Hassan Rouhani’s The military has said it U.S. attack, hours after Iran had
sponsible. The protesters de- they had acted with self-re- that raised fuel prices, aimed at government on Monday took three days to find out struck bases in Iraq housing
nounced what they called ly- straint, the semiofficial Fars shoring up government fi- faulted the military for misin- what happened. American forces.

FROM PAGE ONE

Drug Firms “a great lever to pull, but it’s

just one more tool in our tool-
box,” he said. “It’s definitely
Public and private health
insurers that agree to partici-
pate in the program will pay
John Maraganore said. The
company also will charge less
if more patients than expected
ment from health plans that
otherwise might recoil at such
a high price tag, while maxi-
five years and are “perfect
candidates” for value-based
contracts, according to a soon-

Try Models not going to revolutionize the full value only if patients show take the therapy. mizing prescriptions, Dr. to-publish research report by
n-

system to make it more af- a benefit similar to clinical tri- The concessions could help Maraganore said. “We can CVS Health that was shared
fordable.” als, Alnylam Chief Executive Alnylam secure reimburse- work together without creat- with the Journal.

Of Payment A big factor driving drug

companies to explore new pay- Annual spending on prescription drugs in the U.S.
ing misaligned incentives
around the cost of a new med-
Such contracts—previously
used sparingly in part because
no

ment mechanisms, industry icine,” he said. of problems assessing how a

officials said, is rising pres- $3 billion $335 billion Sanofi expanded in June its patient fared on a drug—are
Continued from Page One sure to control health spend- $99-a-month subscription pro- becoming more popular, in-
programs will be adopted. Dr. ing, with some prescription 3 gram for insulins Admelog, dustry officials said. Digitized
Sherman and other health-in- drugs costing hundreds of Apidra, Lantus and Toujeo. medical records, combined
surance officials worry the thousands of dollars a year. Without the program, unin- with technology to analyze

new efforts might give drug- Health plans are caught in sured patients taking Lantus data and assess how patients
makers cover to keep raising the middle as they try to keep might face annual bills exceed- respond to a drug, is making it
prices, limiting the overall im- a lid on drug spending for em-  ing $4,000 apiece. Sanofi said easier for health plans and
pact on costs. ployers without angering the program was used more drugmakers to agree on met-
Insurer Cigna Corp.’s most members by denying coverage.  than 52,000 times in 2019. rics for setting payments.
popular version of value-based In November, Alnylam said Novartis launched its gene Eli Lilly & Co. signed 15
contracts refunds two-thirds it would calibrate the  therapy Zolgensma with an such agreements with eight
of the cost to employers if a $575,000-a-year price of Giv- option for insurers to pay over payers last year, according to
patient ends up taking a dif- laari depending on how pa- five years in equal annual in- Frank Cunningham, who leads
ferent anti-inflammatory ther- tients respond to the drug and  stallments. Zolgensma treats the company’s managed
apy within the first 90 days— how many take it. Givlaari an inherited disease called spi- health-care services. He said
which happens in 25% of treats acute hepatic porphyria,  nal muscular atrophy. some agreements are linked to
patients, said Steve Miller, an inherited liver condition in 1998 2000 ’05 ’10 ’15 ’18
Gene therapies treating just whether medicines success-
Cigna’s chief clinical officer. an estimated 3,000 patients in 11 conditions are projected to fully lead to patients showing
Value-based contracting is the U.S. and Europe. Source: Centers for Medicare & Medicaid Services cost $45 billion over the next up for work.

Warning for volumes grew last year. IWSR

said its data show consump-
tion and not shipments to dis-
egories, sticking mainly to
wine or beer, but millennials
tend to drink across catego-
for big domestic brands such as
Budweiser. Craft beer volumes
increased 4.1%, while low and
Robert Mondavi wines, the
Prisoner Wine Co. and
Ruffino—is selling a string of
by wine, which has fewer
state-level restrictions than
other drinks. San Francisco-

Wine as tributors, which the Wine In-

stitute measures.
For decades, wine benefited
ries, said IWSR’s Ms. Rand.
The industry tracker’s data
show a U.S. preference for
no-alcohol beer climbed 6.6%.
Wine could be further hit
by U.S. tariffs on European im-
its low-margin wine brands so
it can focus more on its pre-
mium products. Last year it
based online wine retailer
Wine.com said its revenue
rose about 16% last year and

Trend Shifts from the theory that drinking

in moderation—particularly red
wine—was good for the heart.
strong, smoky and sometimes
spicy flavors, a trend illus-
trated by the popularity of
ports. The U.S. last year levied
a 25% tariff on bottled table
wines from France, Germany,
said virtually all growth came
from products priced $11 and
higher. Diageo PLC has also
that millennials are about a
third of its customers.
“The old way of buying
More recently, studies have mezcal, volumes of which Spain and the U.K., and has sold most of its wine brands. wine where you’re standing in
Continued from Page One disputed that finding, suggest- grew 40% last year. The flavor threatened further measures. Winemakers are also selling front of a wall at retail with
ready-to-drink tea, sparkling ing any amount of alcohol can choice offered by wine, com- Staci Garcia, a 47-year-old more in cans and cartons. Tra- nothing to go on but labels,
water and coffee. In 2019, the raise cancer risks and that the pared with spirits and craft Realtor based in Boca Raton, ditional wine bottles don’t that’s not good enough for this
nation drank 0.3% more alco- benefits of drinking are more beer, has remained “relatively Fla., recently stopped buying lend themselves to casual out- generation,” said Rich Berg-
holic drinks, after two years of limited than once thought. stagnant,” Ms. Rand said. wine after noticing she felt un- door drinking, or consumers sund, Wine.com’s chief execu-
annual declines. And baby boomers are For 2019, volumes of ready- well after drinking it. “I’m go- wanting a single glass—a tive. The site allows customers
The Wine Institute, a Cali- drinking less because of lower to-drink products consumed ing to stay away from wine problem given more Americans to chat with sommeliers and
fornia trade body, said while disposable income, smaller rose 50%, driven by hard selt- while I attempt to lose weight,” live alone than in the past, ac- watch videos before they buy.
consumption has fallen off in homes—making wine harder zers and canned cocktails, ac- Ms. Garcia said. “I don’t miss cording to Census Bureau data. Mr. Bergsund said millen-
recent years, it expects millen- to store—and health concerns, cording to IWSR. Spirits vol- wine like I thought I would.” Wine could see a boost nial customers currently buy
nials to start drinking more said IWSR. umes grew 2.3%, helped by Some big companies are from online shopping. IWSR less often, which he expects to
wine as they get older, just Many baby boomers, typi- mezcal, tequila, cognac, bour- selling off mass-market wine forecasts U.S. online alcohol change over time. “It’s a very
like baby boomers did. It said cally considered people born bon and other whiskey. Beer brands and doubling down on sales to rise from $3 billion in predictable pattern, spend
its own figures don’t align between 1946 and 1964, are continued to decline, falling high-growth areas. Constella- 2019 to $13.4 billion by 2024. more on wine as you go
with IWSR’s and show wine loyal to specific brands or cat- 2.3%, as demand keeps ebbing tion Brands Inc.—which owns Sales have so far been driven through life.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 14, 2020 | A7

WORLD WATCH WORLD NEWS

Royals’ Finances Move to Fore

PHILIPPINES ing the December ruling, wrote
that when Mr. Musharraf dies,
Volcanic Eruption his body should be dragged
Enters Second Day through the streets and hanged
in the central square of Islam-
A volcano to the south of the abad for three days, words that BY MAX COLCHESTER
Philippine capital Manila spewed drew a rebuke from the military.
ash and steam for a second day The special court’s trial was LONDON—Prince Harry and
and pushed out fountains of lava, held without the attendance of Meghan Markle’s surprise deci-
with authorities warning a larger Mr. Musharraf, who lives in self- sion to quit front-line royal du-
eruption could occur and send imposed exile in Dubai. While it ties has resurfaced an awkward
deadly clouds surging over land at was unlikely he would ever come question that Queen Elizabeth II
high speeds. home to be punished, the ruling has spent years working to
More than 13,000 people have had symbolic resonance for many. smooth over: How is Britain’s
been evacuated from the area The reversal of the decision extended royal clan financed?
surrounding Taal Volcano, said “shows that even in a case as At a summit at the mon-
Mark Timbal, a spokesman for the straightforward as this, convicting arch’s Sandringham Estate on
National Disaster Risk Reduction a former chief of army staff for Monday, the 93-year-
and Management Council. subversion of the constitution re- old queen presided over a

HOLLIE ADAMS/BLOOMBERG NEWS

In some places, the falling ash mains a challenge,” said Reema meeting to determine how the
was so severe that vehicles carry- Omer, a legal adviser based in duke and duchess of Sussex can
ing locals out of the high-risk zone Pakistan to the International both leave the monarchy while
had to halt temporarily because of Commission of Jurists, a human- retaining a royal status of sorts
near-zero visibility, Mr. Timbal said. rights organization. after their decision plunged the
The volcano, which is about 65 — Saeed Shah House of Windsor into confu-
miles from Manila, “entered a pe- sion.
riod of intense unrest” Sunday, ac- VENEZUELA The queen said in a state-
cording to the Philippine Institute ment following the gather-
of Volcanology and Seismology. U.S. Blacklists Seven ing that she was “supportive” Buckingham Palace on Monday. Prince Harry and Meghan Markle’s shift has sparked royal confusion.
Strong winds carried ash to the Pro-Maduro Officials of the couple and gave her
capital city, where flights were blessing for them to step back that mold. On their website as the U.K.’s special envoy for Royal Paychecks
disrupted, the stock market was The Trump administration from royal duties to divide they speak of their desire for a trade but that ended after he Taxpayers cover a big portion
closed and schools were sus- blacklisted seven Venezuelan offi- their time between the U.K. and “new working model.” They struck up a friendship with of the monarchy’s cost.
pended. cials involved in a play for control Canada. But she added a transi- have already applied to trade- convicted sex offender Jeffrey
Income by source
—Niharika Mandhana of the legislature aimed at ce- tion period was needed. “These mark “Sussex Royal,” covering a Epstein. Last year, he an-
menting President Nicolás Ma- are complex matters for my host of items including socks nounced he would no longer 2019 £20.7 million
PAKISTAN duro’s hold on all levers of power. family to resolve,” the state- and greeting cards. carry out his trade duties.
The Treasury Department lev- ment added. However, on their website Prince Harry and Duchess Duchy of
Ex-Leader’s Treason ied sanctions against the lawmak- The couple say they want to they state that they expect to Meghan benefit from having Lancaster
Verdict Overturned ers it said helped Mr. Maduro try become financially indepen- keep state-funded security and more star power than the other Portfolio of land, Queen
to take control of the legislature dent. But given the web of tax, continue to live in a cottage royals. One reason palace offi- property and assets Elizabeth
A Pakistani court revoked a from the Washington-backed security implications, royal pro- owned by the queen and refur- cials were so upset by the an- held in trust
guilty verdict and death sentence leader, Juan Guaidó, on Jan. 5. tocol and the political sensitiv- bished at a £2.4 million ($3.1 nouncement is that the couple 21.6
for the country’s last military The action is meant to dis- ity of royal finances, it is un- were seen as an asset the fam-
ruler, suggesting the powerful suade other government officials clear whether that is ily could have used. Duchy of
Cornwall
army is reasserting itself after a
brief period of judicial opposition.
from aiding the longtime ruler,
whom Washington is trying to
possible. Minor members of the
royal family have struggled in
‘How rich the family Britain’s royals are rich, but
not extremely so, said David Portfolio of land, Prince
Pervez Musharraf had been coerce with a comprehensive the past to monetize their links exactly is remains McClure, an author who has property and assets Charles

.
held in trust
found guilty of treason by a spe- sanctions campaign into handing to the monarchy without get-
subject to conjecture,’ written about royal finances.

ly
cial court last year after a six- over power to Mr. Guaidó. ting embroiled in scandal or “They are millionaires, not bil- 82.2
year trial. As army chief, Mr. Mu- Monday’s blacklisting freezes cheapening the royal brand. an expert says. lionaires,” he said. How rich the
Payments
sharraf had seized power in 1999 any assets the officials, including Over the past three decades, family exactly is remains sub- from taxpayers
and ruled until 2008. the group’s alleged leader, Luis on the queen has undertaken a ject to conjecture. Their private
Money provided by
The overturning of the verdict Parra, might have in a U.S. juris- balancing act to ensure the investments are largely government to the
Prince
on Monday by the Lahore High diction. It also blocks them from monarchy both maintains pomp million) cost to taxpayers. They shielded from public view. WIlliam
Royal Household in
Court hinged on technicalities traveling to the U.S. and prevents while avoiding alienating tax- also want to split time be- Much of the British monar- support of queen’s
over the formation of that special any U.S.-based entity from doing payers who help bankroll the tween Canada and the U.K., chy’s wealth is concentrated in
us l,

official duties
court and came after the govern- business with them. franchise. raising logistical questions in- the hands of the queen and
ment of Prime Minister Imran Mr. Parra didn’t respond to She has trimmed excess ex- cluding whether Prince Harry Prince Charles, much of whose Personal wealth
al a
e
Khan denounced the court’s find- phone calls seeking comment. pense and excess royals, includ- would have to pay income tax diverse land holdings are held and income*
ing of treason. The case could Mr. Guaidó and other opposi- ing her younger sons Prince on his earnings. in trust and help bankroll an Personal income,
end up in the Supreme Court if tion lawmakers who make up the Andrew and Prince Edward, It isn’t easy outside the royal extended royal family.
ci on

derived from their Prince

activists bring a petition. legislature’s majority were barred who since the early 1990s ha- fold. The queen’s youngest son, Prince Harry, for instance, is personal investment Harry
Last month’s verdict was the from entering the National As- ven’t received annual taxpayer Prince Edward, ran a television largely funded by his father portfolio, private estates
first time a leader behind a coup sembly on Jan. 5 as Mr. Maduro’s grants. They remain, however, production company that has Prince Charles through the and companies
had been convicted in Pakistan, allies in the body—along with new still largely under the royal since closed. Prince Edward Duchy of Cornwall, the estate *Most figures unknown: Note: £1 =$1.30
where democratic institutions converts who had previously op- wing and receive funding from continues to take part in royal of the first in line to the throne. Source: The Royal Household
er rs

have struggled to assert control posed the regime—chose Mr. the queen’s private income. engagements and receives He also inherited money from Photos: PA Wire/Zuma Press
(the queen); Reuters (Prince Charles);
over the army. Parra as the new president. The duke and duchess of funds from his mother. his mother, the late Princess Di- Agence France-Presse/Getty Images
One of the judges, in deliver- —Ian Talley Sussex say they want to break Prince Andrew was restyled ana, and the queen’s mother. (Princes William and Harry)
m e
m rp
co Fo
n-
no

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A8 | Tuesday, January 14, 2020 * *** THE WALL STREET JOURNAL.

FROM PAGE ONE

U.S. Drops China’s Label as Currency Manipulator

BY JOSHUA ZUMBRUN and accountability,” Treasury August. As part of the agree- said it was one of the trade The law governing currency negotiations with China.
AND KATE DAVIDSON Secretary Steven Mnuchin said ment, China will commit not deal’s most significant parts. manipulation also directs the “It was such an obvious
Monday. to depress its exchange rate No new countries were Treasury Department to ask misstatement of reality that I
WASHINGTON—The U.S. Mr. Mnuchin’s statement and will make additional dis- slapped with the designation the International Monetary think it did not create any
Treasury Department dropped accompanied the Treasury’s closures about its foreign-ex- on Monday. Fund for assistance addressing pressure,” said Mr. Bergsten,
its designation of China as a foreign-exchange report, change practices. U.S. lawmakers, economists currency manipulation. who is now director of the Pe-
currency manipulator just two which addresses the currency The Treasury also noted and industry representatives IMF research, however, terson Institute for Interna-
days before negotiators from practices and macroeconomic that the Chinese currency had have long accused China of didn’t support the conclusion tional Economics.
Beijing and Washington are policies of major U.S. trading strengthened in recent undervaluing its currency to that China had manipulated its Although the U.S. removed
set to sign the first phase of a partners. months, a development that make its exports more com- currency. China’s “manipulator” label, it
trade deal between the two The report said the trade helps address U.S. concerns petitive, with some saying U.S. Fred Bergsten, who was a put the country back on a for-
countries. agreement’s chapter on Chi- that the yuan is too weak. jobs were lost as a result. top Treasury official in the mal monitoring list reserved
“China has made enforce- nese currency practices ad- The currency component Even so, the concern had Carter administration, said the for countries that “merit close
able commitments to refrain dresses many of the concerns has been a focus of Mr. faded in recent years because designation was largely sym- attention to their currency
from competitive devaluation, raised when the U.S. applied Mnuchin in talks with China, Beijing wasn’t highly active in bolic and was therefore inef- practices and macroeconomic
while promoting transparency the manipulator designation in and the administration has its currency markets. fective as a pressure tactic in policies.”

Two Powers
Pause Their
Trade War
Continued from Page One
compromise set to be signed
at a White House ceremony
Wednesday. “This is an at-
tempt to work together and
solve problems,” says Clete
Willems, a former Trump
White House trade negotiator
who had worked on China is-
sues. “It’s not everything the
U.S. set out to do.”
Adds a Beijing regulator with
knowledge of the negotiations:
“Hopefully, this deal can help
prevent the bilateral relation-

.
ship from getting much worse.”

ly
The accord promises in-
creased purchases of U.S. goods
and services, greater access for
American firms to China’s bank- on
ing, insurance and other finan-
cial sectors, an end to tariff
threats—and a chance to reset
relations between the world’s
us l,

largest economies. The two

sides also have agreed to semi-
al a
e
annual meetings to discuss
trade and economic issues.
Even so, the deal isn’t what
ci on

either side said it had wanted.

The U.S. doesn’t get the funda-

WIN MCNAMEE/GETTY IMAGES

mental reforms in Chinese eco-
nomic policy it sought to help
American businesses. And levies
er rs

remain on about $370 billion of

China’s exports.
Two days before Christmas,
Chinese leader Xi Jinping dined
m e

with Japanese Prime Minister

Shinzo Abe at the Great Hall of President Trump with Vice Premier Liu He in the Oval Office on Oct. 11. Mr. Trump announced a ‘tremendous’ deal. Mr. Liu didn’t contradict him but didn’t confirm the claim.
the People, where Mr. Abe said
m rp

he hoped the so-called phase- declined to comment. In the past, Mr. Lighthizer had taliate against tariffs, hitting his seen as caving to foreign pres- any domestic criticism China
one deal would encourage China Beijing, which worried about urged him to increase rates to supporters in farm states. sure. To that end, enforcement made too many concessions.
to liberalize its economy further, the trade war’s impact on its pressure China. Now, he joined Beijing also offered compro- provisions were relabeled “bilat- Near midnight Dec. 13 in Bei-
say people familiar with the ex- economy, also signaled through the other two to persuade the mises on the deal’s enforcement, eral assessment and dispute set- jing, about 90 minutes after Mr.
change. U.S. business representatives president to threaten just a 5- a priority for Mr. Lighthizer, and tlement,” according to Xinhua, Trump tweeted the sides had
co Fo

China has already opened up that it wanted to negotiate. For percentage-point increase—as a financial liberalization, an issue the Chinese state news agency. reached “an amazing deal,” a
significantly, replied Mr. Xi, China’s leaders, 2019 was sup- warning to Beijing but small for Mr. Mnuchin. That put the emphasis on half dozen vice ministers held a
trumpeting a World Bank sur- posed to focus on celebrating on enough it wouldn’t disrupt ne- When Mr. Kudlow sketched planned consultations to settle rare press conference. They con-
vey showing China’s improved Oct. 1, the 70th anniversary of gotiations. The president later out a possible deal for Mr. disputes rather than U.S. insis- firmed the deal but didn’t give
business environment. “It’s good Communist Party rule and its delayed putting the increase Trump in early October, the tence it could impose tariffs if details. Negotiations continued,
to have the phase-one agree- success in lifting hundreds of into effect. president responded, “I could be unsatisfied. Beijing also wanted particularly over how to trans-
ment,” he said, but added many millions from poverty. “Bob Lighthizer isn’t an ideo- for that,” though he wanted to the U.S. to roll back tariffs late the text into Chinese, which
issues remained unresolved and Instead, the trade war threat- logue. He is a realist,” says for- see what the Chinese offered. sharply. Again, Chinese negotia- could give Beijing wiggle room
a deal “can’t solve everything.” ened to tank the economy, as mer Trump strategist Stephen The two teams of negotiators tors divided U.S. demands into on commitments. China’s state
unrest in Hong Kong and other Bannon. “His client wanted a met Oct. 10 at Washington’s hundreds of items and calcu- media has stayed largely quiet
challenges highlighted Mr. Xi’s deal, as good a deal as you Metropolitan Club, a Lighthizer lated their offer covered 72% of about the deal.
Trump on a warpath domestic problems. Premier Li could get to close.” haunt, going over the outline of the demands, which they argued “Because of the remaining
This account of how the lim- Keqiang and other top officials Negotiators on both sides a deal. The next day, the presi- should be matched by commen- uncertainty, we’re being told to
ited deal came together is based stressed to visiting American started exploring a settlement dent invited Mr. Liu into the surate tariff reduction. be standing by,” said a senior
n-

on interviews with policy mak- executives the importance of en- with different phases, the first Oval Office and with television No way, Mr. Lighthizer re- editor at a state-owned news
ers in both capitals and people gagement to help prevent ten- focused on agriculture pur- sponded, the Chinese offer was agency in Beijing. “But no news
who have been consulted on the sions from spinning out of con- chases and other less conten- worth maybe half that. On Oct. is good news,” the editor added.
negotiations, and reveals the lit- trol, figuring they would relay tious issues. That had long been
The U.S. is counting 31, the president tweeted their “It shows the top leader here
no

tle-seen pragmatic side of a those views to the White House. China’s strategy. Since 2018, Chi- offer covered 60%. wants to get it done.”
publicly fraught relationship. By mid-September, China nese negotiators had pushed on remaining tariffs Back and forth went the ar- Before heading to a New
As Washington and Beijing
sweltered last summer, Mr.
was cracking down on ship-
ments of the addictive drug fen-
what they called a 40-40-20
plan: They said 40% of American
to compel Beijing to gument over percentages. Mr.
Lighthizer offered to cut 15%
Year’s Eve celebration at Mar-a-
Lago, Mr. Trump told reporters
Trump was losing patience. Out- tanyl, a Trump priority. It also demands were doable because continue negotiating. tariffs on $120 billion of Chinese he would head to Beijing in
raged that Beijing hadn’t come said it would exempt some U.S. they involved reforms China imports to 10% and drop plans 2020 for talks on a second-
through with what he claimed soybeans and pork from tariffs. planned anyway, 40% were ne- to impose new tariffs. That rep- phase deal and hinted Mr. Xi
were promised purchases of The U.S. responded by delaying gotiable and 20% were off-limits, resented the first U.S. offer to might travel to the U.S.—a sug-
soybeans and other commodi- tariff increases. impinging on national security. cameras present announced scale back tariffs since the trade gestion the president had made
ties, he threatened in August to Mr. Lighthizer and other ne- what he called a “tremendous” battle started. But it left 25% before. Beijing didn’t confirm
raise tariffs on half of what gotiators had earlier privately deal. “I’d suggest the farmers tariffs on $250 billion of Chinese any travel plans. Chinese diplo-
China sells the U.S. and impose Best deal available derided the effort because Bei- have to go and immediately buy imports, about half what China mats say their priority is pre-
new tariffs on the other half. Behind the scenes, the U.S. jing categorized as off-limits is- more land and get bigger trac- sold to the U.S. Mr. Xi wanted all paring for Mr. Xi’s planned state
China, denying it made a pur- also was debating how to com- sues the U.S. considered priori- tors,” he said. Beijing would buy tariffs eliminated or at least a visit to Japan this spring.
chase promise, retaliated by promise. Mr. Trump had long ties. That included further $40 billion to $50 billion annu- schedule to reach zero tariffs. The U.S. is counting on re-
suspending buying U.S. farm instructed his chief negotiator, opening China’s cloud-comput- ally in agricultural products, he The Chinese ambassador re- maining tariffs to compel Bei-
products. U.S. Trade Representative Rob- ing market. Now the U.S. essen- said, about twice what it has lied on Mr. Kushner for a better jing to continue negotiating and
Mr. Trump took to Twitter on ert Lighthizer, to get a “great tially was ready to accept ever bought from the U.S. Mr. read on what Mr. Trump agree to economic-policy
Aug. 23 and “hereby ordered” deal.” Now, Mr. Lighthizer was China’s framework. Liu didn’t contradict him but wanted. To Beijing, Mr. Kushner changes. Failing that, Washing-
U.S. firms “to start immediately after the best deal available. Chinese negotiators focused didn’t confirm the claim. was a trusted intermediary who ton could use other pressure
looking for an alternative to In May, the U.S. and China on three areas important to the Both sides wrangled over had helped arrange a Mar-a- points, such as limiting the abil-
China, including bringing…your had been close to a comprehen- U.S. team, starting with in- deal details during videoconfer- Lago summit between Messrs. ity of Chinese firms to list
companies HOME.” sive agreement. But it would creased purchases of U.S. farm ences over the next two months. Xi and Trump a few months af- shares in U.S. markets.
By September, both sides have required China to change goods—a priority of Mr. Chinese negotiators continued ter the president’s inauguration. Still, Chinese officials feel
wanted to pull back from the as many as 60 laws and regula- Trump’s. China had largely to insist on what they called a After listening to Mr. Kush- they have little to gain from a
brink. In Washington, a succes- tions covering intellectual prop- stopped buying U.S. crops to re- balanced deal, not wanting to be ner’s counsel, the Chinese side phase-two deal forcing Beijing
sion of CEOs paid calls on Mr. erty, regulatory review panels, was ready to settle if Mr. Light- to ease state control of the econ-
Trump and his economic advis- financial services and other ar- Step by Step hizer approved one more com- omy, and Mr. Trump recently
ers, warning of the tariff battle’s eas. It fell apart when China’s promise—reduce the 15% tariffs said a phase-two agreement
dangers. After the president’s lead negotiator, Vice Premier New tariffs imposed by Tariffs cut by to 7.5% instead of 10%. Both probably wouldn’t conclude un-
tweet, Sheldon Adelson, the Las Liu He, couldn’t get the top China U.S. China U.S. sides could live with that and til after the Nov. 3 election. Bei-
Vegas Sands Corp. CEO who leadership approval. worked to clear remaining is- jing continues to plan for a fu-
contributed $20 million to Mr. Mr. Lighthizer, White House 25% sues. The U.S. side was exultant ture where the economies would
Trump’s presidential campaign economic adviser Larry Kudlow and started providing deal de- be less intertwined and China
and whose Macau casinos de- and Treasury Secretary Steven 20 tails on Dec. 12. would develop technology
pend on Chinese goodwill, Mnuchin now sought to “pocket rather than rely on U.S. imports.
warned the president new tar- the gains,” as they called it, China's tariff rate When Mr. Xi met with a
iffs would hurt the economy and from prior negotiations even if 15 on U.S. exports Beijing’s silence group of foreign luminaries in-
Mr. Trump’s re-election chances that meant jettisoning for now The Chinese side was silent. cluding former Secretary of
by increasing consumer prices. demands for China to eliminate 10 The following workday in Bei- State Henry Kissinger and for-
Mr. Trump had long claimed subsidies and revamp state- jing, none of China’s state- mer Treasury Secretary Hank
China was paying the cost of owned firms. U.S. tariff rate on Chinese exports owned media outlets or govern- Paulson in a November forum in
5
tariffs. Executives from Best Buy They counseled Mr. Trump to ment agencies commented on Beijing, say attendees, he told
Co. were among those pointing show restraint. During Oval Of- the negotiations. them: “We did not start the
out the burden falls on U.S. fice meetings in August, the 0 First, Mr. Xi had to approve trade war, but we won’t flinch
businesses and customers. A president had threatened to 2018 ’19 ’20 the deal, which he did. Then, from confrontation….Why
spokesman for Mr. Adelson con- double to 50% the tariffs on Note: U.S. expected to cut tariffs in February; trade-weighted average tariffs Beijing had to decide how to should we change policies that
firmed his lobbying. Best Buy $250 billion of Chinese goods. Source: Chad Bown of the Peterson Institute for International Economics spin the agreement to fend off are working?”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * NY Tuesday, January 14, 2020 | A8A

GREATER NEW YORK

Jersey City Shooters Planned for Months
Officials say attackers in early December, law-en- store twice in the days leading dents in New Jersey in 2019, a day of the shooting after they also referenced a time stamp
forcement officials said for up to their Dec. 10 attack that 65% jump from the previous were confronted by Jersey of 34:35. At that point in the
made a powerful the first time at a news con- left four people dead, includ- year and the single largest City Police Detective Joseph film, a member of the Black
bomb, researched ference on Monday. ing two Jewish people. Police year-over-year increase in the Seals in a cemetery about a Panther Party is speaking and
The driver reported the in- killed the assailants after an state’s history, Mr. Grewal mile from the kosher grocery makes statements against po-
Jewish centers cident after the grocery store hourslong standoff where the said. Many of those involved store, officials said. A notice lice, officials said.
shooting, and law-enforce- shooters fired hundreds of anti-Semitic incidents, he had been issued alerting po- While investigators said the
BY JOSEPH DE AVILA ment officials recovered a bul- rounds. said. lice officers to be on the look- shooters expressed interest in
let from the vehicle that “We now know they planned “These are more than trou- out for a white U-Haul van fol- the Black Hebrew Israelites,
The two assailants who matched those used by the as- greater acts,” said Craig bling,” Mr. Grewal said. “They lowing the killing of Mr. they didn’t find formal links
shot up a Jersey City kosher sailants, officials said. Carpenito, U.S. attorney for the are unacceptable.” Rumberger. to the religious group.
grocery cased the shop for Days before the grocery district of New Jersey at the The shooters have also The shooters rented the Gregory Ehrie, special
months ahead of the attack, store shooting, the assailants news conference. “This was in been identified as prime sus- van and had been living out of agent in charge of the Federal
made a bomb strong enough practiced at a firing range in fact a hate crime and an epi- pects in the killing of Michael it, officials said. Bureau of Investigation’s New-
to injure and kill people up to Ohio, officials said. There was sode of domestic terrorism.” Rumberger, 34 years old, of Detective Seals may have ark office, said that despite
five football fields away and no evidence that the assail- New Jersey Attorney Gen- Jersey City. The assailants noticed the van in the ceme- the shooters’ months of plan-
researched other Jewish cen- ants targeted the yeshiva next eral Gurbir Grewal said the at- made online searches for tery and approached it before ning, there were no red flags
ters, officials said. door to the grocery, officials tack on the Jersey City gro- news of the killing of the liv- the assailants shot and killed that would have raised any
The two attackers, David said, but investigators found cery store coincided with a ery driver, but investigators him, officials said. alarms with law enforcement.
Anderson and Francine Gra- that the shooters made online surge in bias incidents in the haven’t found a prior connec- One of the shooters was “Up until this attack, there
ham, also shot out the back searches for a Jewish commu- state, which he described as a tion between the shooters and found with a note that read is nothing that would have
window of a vehicle driven by nity center in Bayonne. “rising tide of hate and intol- the driver, officials said. “The FBI’s war on black Amer- put these two individuals on
a Hasidic Jewish person in the Video footage also shows erance.” The shooters may have ica,” which is the name of a anybody’s radar,” Mr. Ehrie
area of Newark and Elizabeth that the assailants cased the There were 944 bias inci- rushed their attack plans the documentary film. The note said.

Man Accused in Water-Main Break Floods Streets, Hampers Subway Service

Hanukkah Attack
Pleads Not Guilty
BY BEN CHAPMAN the court.
“I’ve had from the beginning
The man accused of stab- the sense, from speaking to the
bing five people during a Ha- gentleman and otherwise, that

.
nukkah celebration in Monsey, there are real issues as to his

ly
N.Y., pleaded not guilty Monday competency,” said Mr. Suss-
to federal hate-crime charges. man, who has retained a psy-
Grafton E. Thomas, 37 years chiatrist to produce a report
old, is accused in the machete on Mr. Thomas’s mental health. on
attack at a Dec. 28 holiday The case has pushed officials
party in a rabbi’s home that be- in New York to increase spend-

RICHARD DREW/ASSOCIATED PRESS

came a flashpoint in a national ing on security in and around
conversation on anti-Semitism. Jewish facilities and neighbor-
us l,

Mr. Thomas, who remains hoods. On Monday, Gov. An-

in custody, appeared in federal drew Cuomo said the state
al a
e
court in White Plains, N.Y., to would direct up to $680,000 to
face charges of willfully caus- pay for license-plate readers
ing bodily injury because of and cameras around the vil-
ci on

lages of Monsey and New

Square, both in the Rockland
County town of Ramapo. ALL WET: Workers waded past Lincoln Center after a 3-foot-wide water main ruptured Monday morning on Manhattan’s Upper West
The defendant is “They are the highest tech Side, flooding streets, parking garages and basements. Service was suspended for hours on parts of the 1, 2 and 3 subway lines.
mentally ill, his that we have,” Mr. Cuomo
er rs

said, noting that Mr. Thomas

lawyer told reporters was located after the attack
outside the court. with help from a license-plate
scanner at the George Wash-
Shelter Residents Stuck as Cities Feud
m e

ington Bridge.
Prosecutors said Monday
the victims’ religion and ob- they had a trove of evidence BY TYLER BLINT-WELSH the rent,” he said. “The ordi-
m rp

structing the free exercise of against Mr. Thomas, including nance passed in Newark treats
religion in an attempt to kill. video surveillance of his leav- New York City officials said our clients differently than I’m
If convicted, he faces life in ing the rabbi’s house and a Newark’s opposition to its pro- treated, and that doesn’t seem
prison. He previously pleaded second machete believed to be- gram to relocate homeless- possible in the United States
not guilty in state court to five long to him. U.S. District Judge shelter residents has endan- for that to happen.”
ANNA WATTS FOR THE WALL STREET JOURNAL
co Fo

counts of attempted murder. Cathy Seibel, who is handling gered the safety of at least one A spokesman for Newark
Federal prosecutors have the case, set Mr. Thomas’s next shelter resident and has vio- said that New York shouldn’t
said Mr. Thomas wore what ap- court appearance for March. lated the constitutional rights rely on neighboring cities to
peared to be a scarf to cover his The attack in Monsey was of potentially dozens of others. house homeless-shelter resi-
face and said, “No one is leav- the latest in a string of violent The program, which started dents. “The logic that there is
ing,” when he entered Rabbi acts against Jewish communi- in August 2017 and is called no place in New York City to
Chaim Rottenberg’s home, lo- ties in the New York metropol- Special One Time Assistance, keep these vulnerable people
cated in a heavily Orthodox itan area, including a shooting relocates New York City shel- safe escapes me,” he said.
Jewish community, and attacked that killed three people at a ter residents to apartments in “The idea that New York City
five people with a machete. kosher grocery store in Jersey and outside the city, and it can’t find safe housing for
One victim suffered a skull City, N.J., in December. The provides a year’s rent. New- abuse victims anywhere but
fracture and remains in a two attackers in that shooting, ark, New Jersey’s largest city, New Jersey doesn’t make
coma, according to a spokes- who police said also killed a is the most common place out- A New York City domestic-violence survivor’s next move is in limbo. sense to me.”
woman for his family. Other Jersey City police detective, side of New York City to relo- New York City’s homeless
n-

victims suffered slash wounds. supported anti-Semitic groups cate to under the program. ark’s opposition to SOTA has her family, while also reducing population has ballooned in
Mr. Thomas’s family has online, according to authori- In November, Newark passed meant remaining in New York her commute to her security recent years and now totals
said he is mentally ill and has ties. New York City saw a 26% an ordinance that blocked the City and living in constant fear job in Midtown Manhattan. nearly 80,000, according to
a long history of hospitaliza- rise in anti-Semitic crimes in program. Days later, in New of being found by her abuser, The woman is one of at federal data. City officials say
no

tions. Mr. Thomas’s lawyer, 2019, according to the New Jersey federal court, Newark according to an anonymous af- least a dozen New York City solving the crisis requires buy-
Michael Sussman, repeated York Police Department. filed a lawsuit against New fidavit filed in New Jersey fed- shelter residents whom New- in from the city’s regional
those assertions Monday when —Jimmy Vielkind York City Mayor Bill de Blasio, eral court last month. ark won’t allow to move there, partners, like Newark.
addressing reporters outside contributed to this article. a Democrat, over the program. “Being that I’m a domestic- according to Steven Banks, the SOTA has relocated more
In court documents, Newark violence victim, me being out commissioner of the Depart- than 5,000 families since it
said the program was a “public of the city is perfect for me,” ment of Social Services, the started, at a cost of $89 mil-
nuisance,” and it accused New the woman said in an inter- New York City agency that lion in rental payments from
York City of using it to coerce view last week. “I’m fearing oversees the program. There the city. Most tenants leave
about 1,100 homeless families for my life here every day. I are potentially dozens more the city but about 1,800 fami-
to leave shelters in New York don’t know what day he’s who have been forced to look lies have remained.
to live in illegal apartments in gonna come and hurt me.” at moving to alternative mu- Advocates for the homeless
Newark that had no heat or The woman was scheduled nicipalities, Mr. Banks said in also criticized Newark, calling
electricity and were rodent-in- to move to Newark in early an interview last week. the lawsuit shortsighted and
fested. December. However, she is still He called Newark’s opposi- unfair to shelter residents.
A number of people have in a New York City shelter be- tion a violation of shelter resi- “It’s continuing the narra-
described being relocated to cause of Newark’s opposition. dents’ constitutional rights tive that demonizes and ste-
squalid conditions, the lawsuit She said she fled her previ- and said the woman should reotypes homeless people,”
JANE ROSENBERG/REUTERS

says. And a Dec. 5 report by ous living situation for the have the same right to relo- said Giselle Routhier, policy
New York City’s Department of shelter after her ex-boyfriend cate as anyone else. director for Coalition for the
Investigation found that city threatened her with a gun and “I and any of my colleagues Homeless. “In this particular
employees failed to properly gave her a black eye for the could move to Newark without case, this woman has a safe
inspect some apartments be- second time. telling the government how place to go that she feels is
fore placing residents in them. Living in Newark, she said, we plan to pay the rent when appropriate to her, and that is
But for one woman, a do- would put her farther away our lease is up, and what will in New Jersey, and that option
Grafton E. Thomas appeared in federal court in White Plains, N.Y. mestic-violence survivor, New- from her abuser and closer to be our source of income to pay should be available to her.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8B | Tuesday, January 14, 2020 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK GREATER NEW YORK WATCH

Flavored Vape Ban Passes in N.J.

STATEN ISLAND “talked about forever” at the
Capitol and a bill still isn’t ready
Rep. Rose Endorses for a vote. Mr. Lamont and sup-
Bloomberg Run portive legislative Democrats are
BY JOSEPH DE AVILA hoping to finally pass a trans-
AND MELANIE GRAYCE WEST Rep. Max Rose of Staten Is- portation plan with truck-only
land announced his endorsement bridge tolls before the General
New Jersey lawmakers ap- of Michael Bloomberg’s presiden- Assembly convenes its regular
proved a legislative package tial bid, making Mr. Rose the session on Feb. 5.
strengthening regulations on e- first member of Congress to Democrats took issue with
cigarettes, including a ban on back the former New York City Mr. Fasano’s claims there aren’t
flavored vaping products, in a mayor’s campaign. enough votes to pass a trans-
growing campaign to fight to- Mr. Rose, a Democrat, specifi- portation bill that includes tolls.
bacco use among young people. cally cited Mr. Bloomberg’s man- —Associated Press
One measure stiffens penal- agement of the city in the wake
ties for retailers selling to- of the Sept. 11, 2001, terrorist NEW JERSEY
EDUARDO MUNOZ ALVAREZ/GETTY IMAGES

bacco and vaping products to attacks. Mr. Bloomberg was

people under the age of 21, elected to the first of his three Teen Is Indicted in
while another forbids the use terms as mayor that year. Killings of His Family
of coupons or discounts to “Mayor Bloomberg’s even-
purchase tobacco and vaping keeled and visionary leadership A grand jury has returned an
products. The sale of vaping is what we need to reduce the indictment against a teenager
liquid that contains nicotine in chaos, partisanship and hyper- charged earlier in the shooting
a concentration of more than vitriol that has overtaken Wash- deaths of his parents, sister and
2% will also be prohibited. ington,” Mr. Rose said Monday. a family friend two years ago in
“By banning flavored vaping Assemblywoman Nicole Mall- Long Branch, prosecutors said
products, we can discourage iotakis, a Staten Island Republi- Monday.
our youth from taking up this A worker organizes flavors for e-cigarettes and vaping devices in a Jersey City store. can who is challenging Mr. Rose, The Monmouth County prose-
dangerous habit and reduce its said the congressman was try- cutor’s office said now-18-year-
prevalence in our homes and ceptions, including menthol September. Lab tests show the state Senate will take up ing to run away from his sup- old Scott Kologi is charged with
schools,” said state Sen. Shir- flavors. The Trump adminis- that vitamin E acetate, an ad- the package on Tuesday. port for House Speaker Nancy four counts of first-degree mur-
ley Turner, a Democrat. tration delayed issuing the ditive in some vaping products “It’s time that we ban all fla- Pelosi and his vote to impeach der and a weapons offense in
New Jersey Gov. Phil Mur- new regulations in November containing THC, the psychoac- vors of e-cigarettes and all President Trump. the slayings at the Long Branch
phy, a Democrat, hasn’t indi- after facing pushback from the tive ingredient in marijuana, is other flavored tobacco prod- —Jimmy Vielkind home on the last day of 2017.
cated if he will sign the legis- industry and from users. closely associated with the ucts, including menthol ciga- Mr. Kologi was 16 when 42-
lation into law. A spokesperson The new regulations have disease, according to the CDC. rettes, and protect the next gen- HARTFORD year-old Steven Kologi and 44-
didn’t immediately return a re- come in response to 2,500 Meanwhile, New York state eration of New Yorkers from year-old Linda Kologi were killed
quest for comment. cases of lung injuries con- legislators and advocates on nicotine and these deadly prod- GOP Leader Doubts in their Long Branch home along
The state’s crackdown fol- nected to vaping that were re- Monday called for the passage ucts,” said state Sen. Brad Hoyl- Toll Bill Will Pass with their 18-year-old daughter,
lows the Trump administra- ported to the Centers for Dis- of several bills, including one man, a Manhattan Democrat Brittany, and 70-year-old Mary
tion’s new federal policy that ease Control and Prevention in that eliminates the sale of fla- and a sponsor of legislation that The Republican leader of the Schulz.
limits flavored vaping prod- 2019. Those numbers have vored e-liquids for use in e- would prohibit the sale and dis- Connecticut Senate said Monday Authorities haven’t disclosed
ucts but also makes some ex- been falling since a peak in cigarettes. Two committees of tribution of flavored e-liquids. he doubts a transportation bill a possible motive for the slay-
that includes tolls can be passed ings.
in the General Assembly, despite Defense attorney Richard Lo-

NYPD Probed Over Fare-Evasion Enforcement optimism expressed by Demo-

cratic Gov. Ned Lamont.
Senate Minority Leader Len
murro said Monday he plans to
enter a not guilty plea at the
Jan. 27 arraignment.

.
BY BEN CHAPMAN eral’s office said in a state- half of New York City’s popu- tate to take legal action,” Ms. Fasano said tolls have been —Associated Press

ly
ment Monday. lation. James said.

CORRECTIONS  AMPLIFICATIONS
New York state Attorney NYPD spokeswoman Devora During that same period, The Metropolitan Transpor-
General Letitia James has Kaye said that officers don’t black and Hispanic New York- tation Authority has spent the
launched an investigation into consider racial demographics oners made up nearly 90% of ar- past year trying to reduce fare
whether the New York Police in enforcing the law. rests for fare evasion, accord- evasion, with hundreds of offi-
Department has been illegally “The NYPD’s transit officers ing to Ms. James’s office. cers policing the subway. But One year after the death of died not in the 1940s, but in
targeting people of color in its patrol day and night to keep Current and former NYPD offi- fare-evasion rates have contin- Faith Hope Consolo, the New 2012. Her birth certificate says
enforcement of fare-evasion six million daily riders safe cers have also recently alleged ued to rise. York Times reported that a her mother lived in Maple
us l,

laws in the New York City sub- and enforce the law fairly and in sworn statements that MTA officials estimate the childhood friend had come Heights, Ohio, when Ms. Con-
way. equally without consideration through at least 2015, the po- authority lost about $300 mil- forward to say the commercial solo was born. A Journal obit-
al a
e
Ms. James, a Democrat, of race or ethnicity,” she said. lice department engaged in an lion in 2019 to fare evasion on real-estate broker had in- uary published Dec. 31, 2018,
sent a letter to NYPD Commis- In its statement Monday, “unofficial policy” of targeting the subway and buses, roughly vented parts of her life story. incorrectly reported that her
sioner Dermot Shea asking for the attorney general’s office blacks and Hispanics in its en- double the estimated $150 mil- Subsequently, some of the in- parents lived in Shaker
ci on

fare-evasion and summons cited data published by the forcement of fare evasion and lion in lost revenue in 2017. formation in her obituaries in Heights, Ohio. Ms. Consolo
data, documents regarding po- NYPD that showed black and other low-level violations in “We are committed to as- this and other papers was grew up in Brooklyn. The obit-
lice directives on enforcement Hispanic people received the subway, Ms. James’s office sisting the attorney general found to be incorrect, includ- uary incorrectly reported that
and other information that nearly 70% of all civil sum- said. with her inquiry in any way ing when her father died and she had grown up in Connecti-
would help determine whether monses for fare evasion be- “If groups of New Yorkers we can,” said MTA spokesman where she grew up. Her father cut.
er rs

NYPD officers exhibited a ra- tween October 2017 and June have been unfairly targeted Ken Lovett.
cial bias in their policing of 2019, even though they only because of the color of their —Jimmy Vielkind Readers can alert The Wall Street Journal to any errors in news articles by
the subway, the attorney gen- account for slightly more than skin, my office will not hesi- contributed to this article. emailing [email protected] or by calling 888-410-2667.
m e
m rp
co Fo

All the Power

n-

Without the Pinch

no

Healthcare Starts with Healthy Food.

Since 1985, we’ve been cooking and home-delivering nutritious, individually tailored meals
to people living with serious illness in the NYC metropolitan area.
Being sick and hungry is a crisis. You can help.
Donate, volunteer, or just learn more at glwd.org

godslovewedeliver @godslovenyc God’s Love We Deliver is a member of the Food is Medicine Coalition (FIMC).
To learn more about FIMC’s work around the country, visit fimcoalition.org
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 14, 2020 | A9

LIFE&ARTS

CLOCKWISE FROM TOP RIGHT: WARNER BROS. PICTURES; TWENTIETH CENTURY FOX; NEON; SONY PICTURES (2)
‘Joker’ Leads Oscar
Among films in the spotlight as
Oscar nominations were announced
on Monday were (clockwise from top
left): ‘Once Upon a Time...in
Hollywood’; ‘Joker’; ‘Jojo Rabbit’;

.
Nods Amid Surprises
‘Parasite’; and ‘Little Women.’

ly
Dark Knight.”
on Also a contender for the best-
actor Oscar: “Marriage Story” star
Netflix scores big, as ‘Little Women’ director Greta Gerwig is snubbed Adam Driver, who plays a self-ab-
sorbed stage director grasping for
a relationship with his son.
us l,

BY ELLEN GAMERMAN Farewell,” didn’t receive a nod. One big non-surprise: a best ac-
Jennifer Lopez, who played a New tress nomination for Renée Zell-
al a

THE SUPERVILLAIN origin story

e
York stripper in “Hustlers” also weger, who many believe will win
“Joker” took the lead in the Oscars went unrecognized. that trophy for playing the spiral-
race with 11 nominations—includ- Other films and stars that had ing Hollywood legend Judy Gar-
ci on

ing for best picture, best director generated buzz but went unno- land in “Judy.” Others in conten-
and best actor—as the Academy of ticed: Adam Sandler as a compul- tion include Charlize Theron in
Motion Picture Arts and Sciences sive gambler and jewelry dealer in “Bombshell.” Unlike Ms. Zellweger
announced its awards contenders “Uncut Gems,” Eddie Murphy as a and Ms. Theron, who have won Os-
Monday morning. self-made acting star in “Dolemite cars before, newcomer Ms. Johans-
er rs

Close behind it: Sam Mendes’s Is My Name,” and Lupita Nyong’o son could gain traction since she
World War I movie “1917,” Quentin for her powerful double role in the has never won the gold statuette.
Tarantino’s show-business saga horror movie “Us.” Laura Dern, whose previous win
“Once Upon a Time...in Hollywood” “Frozen II” wasn’t nominated at the Golden Globes marked the
m e

and Martin Scorsese’s mob epic for best animated movie, though only film victory for Netflix at that
“The Irishman” nabbed 10 nods “Into the Unknown,” the high ceremony, is seen as the one to
each, including for directing and pitched anthem that wormed its beat for the supporting-actress Os-
m rp

best picture. way into the ears of many parents, car for her turn as a killer divorce
Netflix made a strong showing did receive a nod for best original attorney in “Marriage Story.” Also
with two dozen nominations for song. The Elton John biopic “Rock- in the race for supporting actress:
films including its divorce drama film has ever won the Academy biopic “Harriet.” etman” was recognized just once Kathy Bates for her performance
“Marriage Story,” “The Irishman” Award for best picture, though the As has been the pattern this in the Oscar nominations, for best in the Olympic bombing drama
co Fo

and a documentary, “American genre has shown increasing awards awards season, all the nominees original song. “Richard Jewell,” Margot Robbie in
Factory,” the streamer’s project strength along with its box-office for directing were men, including The race for best original song “Bombshell” and rising star Flor-
from Michelle and Barack Obama. muscle in recent years. Last year, Hollywood veterans like Mr. Scors- will be shed of some glamour. Be- ence Pugh for her nuanced take on
Netflix returns to the Oscars after “Black Panther” won three Oscars ese and Mr. Tarantino. yoncé, who had the usually
a weak performance at the Golden and was nominated for seven, in- Greta Gerwig’s “Little Women” earned a Golden bratty Amy in
Globes, where its films won just cluding best picture. racked up six nominations including Globe nomina- “Little Women.”
one trophy despite 17 nominations. The South Korean satirical one for best picture. In that cate- tion for her col-
South Korean thriller Supporting
Monday’s announcement raised thriller “Parasite” came on strong gory she will compete against long- laboration on a ‘Parasite’ lands six actor front-run-
debate about racial and gender di- with six nominations, including time boyfriend Noah Baumbach,
versity among Oscar nominees in best director, best picture and best nominated for “Marriage Story.”
song in “The
Lion King,”
nominations, including ners include
Brad Pitt, whose
high-profile categories, along with international feature film. “Jojo Though it hadn’t gained much wasn’t named. best picture charismatic turn
questions about the dominance of Rabbit,” the story of a boy whose awards chatter to this point, the Joaquin Phoe- in “Once Upon a
streaming giants vs. studios and the imaginary friend is Adolf Hitler, story of a racecar duel in “Ford v nix’s nomination Time...in Holly-
inevitable parsing of snubs. With a emerged as a stealth contender Ferrari” emerged with four nomi- for best actor as wood” drew
n-

shortened campaign period, con- with six nods, including adapted nations including one for best pic- the deranged Joker and his recent critical raves. Other nominees in-
tenders will put on an intense pub- screenplay and best picture. ture. Christian Bale, considered win for best actor in a drama at clude Joe Pesci as a bloodthirsty
licity blitz ahead of the awards Scarlett Johansson, who has strong competition for best actor, the Golden Globes makes him a mobster and Al Pacino as Jimmy
show, a hostless ceremony set to air never before been nominated for didn’t receive a nomination. front-runner in that category. Hoffa in “The Irishman,” along
no

earlier than ever on Feb. 9 on ABC. an Oscar, is in contention for two Robert De Niro, snubbed by the Should he win for his emotionally with Tom Hanks as Mister Rogers
“Joker,” which made headlines trophies: best actress for “Mar- Golden Globes, also was passed and physically demanding perfor- in the otherwise overlooked “A
for its extreme violence, becomes riage Story” and best supporting over for a best actor nomination mance (he shed more than 50 Beautiful Day in the Neighbor-
the most nominated comic-book actress for “Jojo Rabbit.” The act- for his portrayal of a mob hitman pounds for the role), he would hood.” Netflix’s tale of papal ad-
movie in Oscar history, beating out ing categories largely excluded in “The Irishman.” Awkwafina, make the Joker a double winner. versaries, “The Two Popes,” scored
eight nominations for the 2008 film people of color with the notable who took home a Golden Globe for That character earned the late a best supporting actor nod for
also featuring the Joker character, exception of Cynthia Erivo, up for her performance in the Chinese- Heath Ledger a supporting-actor Anthony Hopkins, and a best actor
“The Dark Knight.” No comic-book best actress in the Harriet Tubman American cross-cultural story “The trophy for his turn in “The nomination for Jonathan Pryce.

What Men in Their 80s Can Teach Us About Aging

BY CLARE ANSBERRY these men and why their perspec- maintain their middle-age strength want to die, but I’m not afraid of
tives matter. and potency. In the Fourth Age, for dying. I’m ready.” I was heartened
THOMAS COLE, a gerontologist the most part, they are no longer because I think fear of death is a
and professor of medical humani- You selected accomplished people interested in manhood as a defining problem for all of us. The possibil-
ties, had two hip replacements, like Paul Volcker, former head of the category. If their capacity for sexual ity of that fear dissipating is a testi-
two back surgeries and a bad case Federal Reserve, Ram Dass, a intercourse was gone, so be it. They mony to the importance of a well-
of pneumonia in his 60s. He be- teacher of Eastern spirituality—both have other ways to keep their rela- lived life. They would say, “I’ve had
came depressed and wondered of whom have since died—and tionships strong. There’s no a good life. In some way, I’ve left
what the future held. journalist Hugh Downs. sense of failure. the world a better place. I’m loved.”
“I wanted to know what was Why not a broader
ahead of me,” says Dr. Cole, right, cross-section? Were there any ex- Do you think men and women age
co-editor of “The Oxford Book on I picked these peo- ceptions to this? differently?
Aging” and author of “The Journey ple because I ad- One refused to I can’t speak with any authority on
of Life: A Cultural History of Aging mired them and say he was old. He this, but I think many stereotypes
in America.” For guidance, he wanted to hear was in his early are valid. Women are more con-
turned to 12 men, all high-profile what they had to 80s and going to nected to friends and family.
and in their 80s or older—a period say. They faced the the gym. He mar- They’ve been caregivers and can to aspire to that. But we still fear
some call the Fourth Age. He same questions all ried a woman 20 let themselves be cared for. Men, the other half of that equation—
wanted to learn how they dealt men do: Am I still a years younger. He especially in that generation, live the “old old.” We don’t take seri-
with decline and whether they man? Do I still matter? died a couple years ago for work. But those traditional ously the importance of lives of
could find meaning in life even as Am I loved? What is the from cancer. I wondered gender scripts aren’t as rigid when people who are frail and dying and
it was nearing its end. meaning of my life? We ask how he would have adapted to people get to be in their 80s. Men suffering dementia.
In his new book “Old Man Coun- those questions throughout life but becoming frail. People do adapt do take up more house chores.
try: My Search for Meaning Among they become more pressing because even if they are terrified. You stop They are better at caregiving and Do you feel more reassured or con-
the Elders,” Dr. Cole, now 70, found the finish line is in sight. trying to hold onto what is gone. express more emotions. cerned about the Fourth Age?
that some issues that consumed You embrace what is. Hugh Downs I’m less afraid. I know that many
him were no longer important to How do they reconcile manhood said he exercises every day to main- How have our attitudes as a soci- of these changes are inevitable and
many of the older men, and that with declining physical abilities? tain his muscle strength, but accepts ety changed? I will have to face them, and that’s
they generally weren’t afraid of dy- The issue of manhood seems to the biological process of old age. Not enough. We have ideals for the a scary thing. At the same time
THOMAS COLE

ing—but were afraid of dementia. evaporate more than I would have “young old,” these useful aging I’m reassured because I see how
In an edited interview, Dr. Cole thought. In the Third Age [65-80], What about fear of death? people who go to classes and exer- old men do face them and how
talks about his conversations with men continue to try really hard to It was common to hear: “I don’t cise, travel and volunteer. It’s fine they continue to flourish.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Tuesday, January 14, 2020 THE WALL STREET JOURNAL.

LIFE & ARTS

Readers Share Work

And Family Challenges
As WSJ columnist Sue Shellenbarger retires, readers recall
the advice that resonated with them the most

AFTER NEARLY 30 years of writing about work and family for The
Wall Street Journal, columnist Sue Shellenbarger is retiring. In her fare-
well piece, “The Challenges That Working Mothers Still Face,” she out-
lined what has—and hasn’t—changed for women seeking to manage of-
fice and home lives.
The article prompted a slew of responses from readers sharing the
ways in which Ms. Shellenbarger’s columns over the years have resonated
in their own lives. Many felt a sense of companionship, using Ms. Shellen-
barger’s column to help navigate the day-to-day challenges they faced
themselves. Here are edited excerpts of some of their comments.

BY TAYLOR NAKAGAWA AND

BRANDON SANCHEZ

I’m grateful to Sue for giving voice

to our continued under-representa-
tion at the highest levels of corpo-
rate America, and the under-appreci-
ation of working mothers’ many
talents and extra efforts.

.
ly
Shelby Olson, Washington, D.C. on
As a career coach, I find almost ev-
erything that Sue has written to be ‘To me, the
extremely relevant and applicable to
issues that my clients deal with in legacy of her
us l,

their careers. “The Challenges That column is

Working Mothers Still Face” ad- that, after
al a
CLOCKWISE FROM TOP LEFT: SHELBY OLSON; VICTORIA KORZEC; TIM MOSHOLDER/MOUNTAIN VIEW PHOTO; LIZ CLAYMAN

e
dressed the evolution of our de-
cades-long career and life struggles Marcia Brauchler, 48, Sally Mott Freeman, 65, wrestling with
in the U.S.—not only for women but Littleton, Colo. Bethesda, Md. her own work
ci on

also for the impact those struggles My daughter is a junior in high Sue Shellenbarger’s insight, re-
have had on families. school and wants to be a journalism search, mini-epiphanies, and strate-
and family
I thought that she conveyed a bal- major in college. Unfortunately, she gies—frequently rendered with hu- conflicts, she
anced perspective between the chal- has lots of fodder for college essays mor—showed over and over that there gave a voice
lenges baby boomer women (like me) on gender disparity. are solid paths through all manner of
to working
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faced in the 1980s versus the prog- Sometimes when I hear what she’s professional and family troughs. This
ress we have made accommodating been told, it takes me back to the working mom’s angst always seemed to moms ventur-
parents in their child-rearing years. stories my mom heard when she was evaporate after taking in her well-con- ing into work-
However, she did not waffle on the one of the first women students in a sidered advice.
places fraught
m e

reality that there is still progress to Master’s of Engineering program in To me, the legacy of her column is
be made. Sue’s column offered per- the 1960s. My daughter may pick that, after wrestling with her own work with unprece-
spectives on important issues that sumé,” each highlighted a specific up Sue’s calling and track women-in- and family conflicts, she gave a voice dented
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supported so many of us in our own piece of the return-to-work story the-workforce issues for the next 30 to working moms venturing into work-
journeys. that has helped normalize this years, as they don’t seem to be going places fraught with unprecedented challenges.’
choice made by growing numbers away anytime soon. challenges.
Carol Fishman Cohen, 60, of professionals focusing on
Greater Boston, Mass. work and family along a longer Leeanne Rebic Hay, 60, Plano, Texas
co Fo

Sue Shellenbarger’s articles on re- continuum. So many times over the years, Sue’s
turning to work after a career break Sue provided us with unmatched work provided support to me. Her col-
are most meaningful to me. perspective and insight, getting in- umns were bellwethers to the business
I returned to work as a financial side a story and making it feel like world, especially men. It was Sue’s
analyst after an 11-year career break, you were hearing it from your voice that carried the realities of
and then started a business that wisest friend. For me personally, women and men into the workplace
helps people do the that 30-year period dovetailed with through the passive, yet pronounced,
same. From the 2009 article “Getting my own evolution from single pro- impact of the printed word. Sue’s leg-
From At-Home to On-the-Job, Even fessional to working parent to stay- acy is the memorialization of the
Now” to the most recent “You Can at-home mom and then back to American family through its workforce
Overcome a Long Gap in Your Ré- working parent. in the late 20th to early 21st century.
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d t
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 13 3 Future atty.’s 34 Milk choice
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10s P
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Albany t
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26 27 28 29 30 31 32 33
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Chicago Ph
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Jacksonville 61 62 63 64 65 Christmas negotiations
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Miami
20s 80s 80s 23 Birthplace of 55 Fraternal order
Ice
30s SMEAR CAMPAIGN | By Michael Schlossberg St. Francis since 1868
24 Grazing 56 Ain’t correct?
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Across 26 Pool workout 50 Common
expanse
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Indian city to unit Christmas 57 Citi Field
Omaha 39 25 pc 29 2 pc Frankfurt 50 43 c 53 39 pc 25 Old PC platform forerunner
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 84 64 pc 83 60 pc Geneva 49 32 pc 51 32 pc visit for a nosh? 28 •Musicians’ present
Today Tomorrow Philadelphia 49 41 c 55 43 pc Havana 86 64 s 85 63 s 6 Auto factory improvisational 51 Praiseful poem 26 “Bleeding Love” 58 Hindu hero
City Hi Lo W Hi Lo W Phoenix 71 45 s 73 55 s Hong Kong 72 62 s 71 66 pc singer Lewis
machine get-together 53 Sheltered at sea 59 Dr. Frankenstein’s
Anchorage 8 -5 pc 4 -6 s Pittsburgh 55 33 c 50 34 pc Istanbul 49 41 pc 52 45 s
Atlanta 72 62 t 73 61 t Portland, Maine 36 29 pc 46 31 pc Jakarta 88 76 pc 87 76 t 11 Take a load off 34 Font flourish 56 “As God is my 27 Ordered assistant
Austin 76 66 c 80 62 c Portland, Ore. 35 28 c 38 33 sn Jerusalem 55 46 pc 59 46 s 36 “What a pity!” witness!” formation
Johannesburg 80 57 t 83 60 pc 14 “Let’s settle 60 Carnival sight
Baltimore 49 42 r 57 45 pc Sacramento 56 34 c 52 41 pc 29 Set upon
Boise 38 19 c 36 33 c St. Louis 55 41 pc 59 24 c London 56 46 r 50 43 pc this!” 37 Attempt 61 •Tentacled sea 62 “Uh-huh”
Boston 45 40 c 52 39 pc Salt Lake City 42 25 sn 40 31 c Madrid 46 35 pc 52 41 pc
38 Divided Asian creature 30 Grieve
Burlington 34 30 pc 39 30 c San Francisco 56 41 pc 54 48 pc Manila 88 74 pc 89 74 s
15 Start of a 63 CBS crime
Charlotte 71 62 sh 70 59 c Santa Fe 49 23 pc 52 29 s Melbourne 89 69 pc 92 64 pc counting-out peninsula 65 “Haste makes 31 Author Calvino drama since
Chicago 43 26 pc 41 15 c Seattle 27 25 sf 37 31 sn Mexico City 76 49 pc 74 50 pc rhyme 39 ___ generis waste,” e.g. 32 Hymn 2018
Cleveland 52 34 c 48 34 pc Sioux Falls 22 14 pc 16 -13 sn Milan 43 36 c 44 31 c 66 Anatomist’s talus accompanier
Dallas 68 60 pc 72 49 t Wash., D.C. 55 44 r 60 47 c Moscow 35 31 c 36 35 c 17 Polynesian 40 Missouri tribe 64 Charged
Denver 54 26 pc 49 21 s Mumbai 82 68 pc 81 67 pc Disney princess 67 Car that’s a 33 No, to Nikita particle
42 Words with
Detroit
Honolulu
44 28 c
80 73 c
42 29 pc
81 71 r
International Paris
Rio de Janeiro
51
82
46 r
73 c
53 40 r
86 76 pc
18 •Caterpillar, after pinch or pickle clunker
Previous Puzzle’s Solution
Houston 75 68 c 78 67 c Today Tomorrow Riyadh 64 42 s 63 43 s metamorphosis 43 Deceitful folks 68 Hwys.
C A R E R A S T A I D E S
City Hi Lo W Hi Lo W
Indianapolis 52 34 pc 53 28 sh Rome 59 37 s 58 36 s 19 Friendly alliances 45 Dropped pudding 69 Ship of 1492 AM E S E DW I N N O A H
Kansas City 47 37 s 43 15 s Amsterdam 52 49 r 51 40 r San Juan 82 74 sh 82 74 sh MA T C H P O I N T T A R O
Las Vegas 60 38 s 59 41 s Athens 55 47 c 55 48 pc Seoul 35 18 pc 35 19 pc 21 Snaky sound 70 Brainy E T A E A R N N O B L E
L I G H T I N G T H EWA Y
Little Rock 60 52 c 70 41 t Baghdad 62 37 s 65 39 c Shanghai 47 35 pc 48 42 c swimmers 46 •Noted Down O U R R E C D V D
Los Angeles 63 45 pc 65 47 s Bangkok 92 76 pc 92 75 s Singapore 89 78 pc 87 77 pc H UM P S P A R K S J O Y
Miami 82 70 s 81 67 s Beijing 36 14 pc 37 19 c Sydney 78 67 pc 81 71 s 22 Senator’s Minnesota 1 Coin with C A N I P A I N E T O T E
Milwaukee 42 25 sf 37 17 sn Berlin 49 46 c 53 38 pc Taipei City 67 61 r 71 61 sh affirmative hospital grooved edges F I R E S A L E S B A B E
Minneapolis 29 12 sf 23 -1 sn Brussels 52 48 r 52 39 r Tokyo 54 42 pc 51 42 r O R E I P O B U N
23 Money for the 49 Harry and 2 School attended B L A Z I N G S A D D L E S
Nashville 65 54 r 70 40 sh Buenos Aires 87 72 t 85 60 pc Toronto 38 32 pc 39 29 c G R A C E L A R D E MU
New Orleans 76 67 c 77 66 c Dubai 71 58 pc 70 57 s Vancouver 25 20 sn 34 28 sn poor Hermione’s pal by British royals R U T H S MO K E Y B E A R
New York City 48 42 c 54 42 pc Dublin 43 36 r 44 39 pc Warsaw 42 36 pc 48 36 pc I S E E E A V E S T R I G
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 60 46 s 58 28 s Edinburgh 43 35 r 44 37 sh Zurich 45 29 pc 45 31 pc P H D S WR E S T WY L E

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 14, 2020 | A11

LIFE & ARTS

CLOCKWISE FROM TOP LEFT: MUSEO NACIONAL DE ESCULTURA, VALLADOLID, SPAIN (2); GALLERIE DEGLI UFFIZI|, FLORENCE
ART REVIEW

Alonso Berruguete
Offers a Taste of Spain
Embodying the ideas that flourished in Renaissance Italy,
he became a sort of Iberian Michelangelo
BY ERIC GIBSON beginning to be displaced by painted and decorated wood,
that of Florentines like Do- of San Benito el Real
Washington menico Ghirlandaio, and he (1526/33) in Valladolid. It
WE GENERALLY associate wanted to go to the source. was worth the wait; San Ben-
the word “Renaissance” with In Italy, Berruguete was ito is his masterpiece.
art produced in Italy from particularly influenced by On display is the Crucifix-
roughly the 15th through 16th Michelangelo, whom he met. ion scene from its top: Christ

.
centuries. But the ideas that This translated into specific on the Cross flanked by the

ly
flowered there spread far borrowings—the crouching Virgin Mary and St. John the
and wide—including to figure of Isaac in “The Sacri- Evangelist. To be visible
Spain, where their greatest fice of Isaac” (1526/33) here from the distance at which it
exponent was Alonso Berru- closely resembles one of the onwould have been seen, Ber-
guete, an electrifying sculp- ignudi on the Sistine Ceil- ruguete had to exaggerate
tor now the subject of a ing—but, more broadly, a the twist of the body, but up Alonso Berruguete’s ‘The Sacrifice of Isaac’ (1526-33)
small show at the National conception of the human fig- close it looks as if a charge
Gallery of Art. ure as a dynamically expres- of electricity has just shot work that my recollection af- was possible was because the at the pictures you are likely
us l,

Organized by C.D. Dicker- through it. In the flanking ter seeing it for the first time San Benito retablo was trans- to feel your fingers itching to
son III of the National Gal- figures, the emotions engen- in the early 1990s was that it ferred to Valladolid’s Na- arrange a marriage with
al a
e
lery, Mark McDonald of the dered by the spectacle are was life-size. Imagine my tional Sculpture Museum in your passport.
Metropolitan Museum of Art,
The museum’s first communicated by the churn surprise, on this viewing, to the 19th century and exists
and Wendy Sepponen of the show devoted only to of monumental draperies find it is only about three today as a partial reconstruc- Alonso Berruguete: First
ci on

Meadows Museum at South- reminiscent of those worn feet tall. tion, making it, to some ex- Sculptor of Renaissance
ern Methodist University,
so-called Golden Age by the Prophets on the Sis- Because the bulk of Berru- tent, a movable feast. Spain
where it travels after closing Spanish sculpture tine Ceiling. guete’s work is in situ in This means that the cata- National Gallery of Art, through
in Washington, “Alonso Ber- But it is “The Sacrifice of churches in Spain or other- log, which illustrates his Feb. 17
ruguete: First Sculptor of Re- Isaac,” from the same reta- wise impossible to move, this other work, is an indispens-
er rs

naissance Spain” brings to- blo, that dominates the exhi- show is at best a sampler. I able part of the exhibition. Mr. Gibson is the Journal’s
gether about three dozen sive entity. This made for a bition. Italian representations suspect the only reason it But be warned: After looking Arts in Review editor.
works in all media, along different kind of Spanish of this subject commonly
with about a dozen more sculpture, one whose emo- showed a stoic Abraham,
m e

works by other artists for tional impact was rooted in knife poised to strike his son,
context, including his painter pose, gesture and facial ex- with the staying hand of an
father, Pedro. pression rather than sangui- arriving angel visible in the
m rp

This is the first National nary hyperrealism. background to telegraph the

Gallery show exclusively de- Berruguete is in many story’s happy outcome. Not
voted to so-called Golden Age ways a curious figure. There here. Berruguete reimagines
Spanish sculpture, and one’s is the stark dichotomy be- this subject in a much darker
reaction after taking in its tween the robust emotional- hue. There is neither an an-
co Fo

rich polychromy, emotional ism of his sculpture and the gel nor stoicism. Instead,
intensity and ability to en- cloying sentimentality of his Abraham is gripped by a cy-
gage with the viewer in a paintings, one of which is on clone of grief and anguish.
way that makes all other Eu- view here. Then there is the His right hand clenches the
ropean sculpture of the pe- fact of his slow start. Sculp- (now missing) knife, but the Our wildly glamorous
riod seem diffident or aloof tors of Berruguete’s caliber arm hangs slackly at his side,
is to say: More, please. usually discern their métier unable to lift and act. His
Byzantine-link lion bracelet
Berruguete (c. 1488-1561) early, going on to produce head is thrown back, his eyes
started life as a painter. important, even break- are fixed heavenward and his Skillfully crafted in Italy with exquisite
Around 1506 he traveled to through work by their late mouth gapes open as if emit-
Italy, where he would spend 20s or early 30s. By contrast ting a cry to God. Berruguete detailing, our lion-themed bracelet
about a decade, first in Berruguete, well, took his here has turbocharged the
Rome, then Florence. Winds time, beginning to model fig- monumentality and restraint
radiates a fierce yet sophisticated
of stylistic change were ures while in Italy but not of Michelangelo and Renais- sense of refinement. This modern
n-

blowing through Spanish art, producing his first truly ma- sance classicism generally
with the influence of North- jor work until his late 30s or into something newly and interpretation of a classic design pairs
ern European painters such early 40s, the retablo mayor, more violently expressive.
as Rogier van der Weyden or high altar made of carved, Such is the power of this brilliantly with our iconic 14kt gold
no

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1.800.556.7376 or visit ross-simons.com/leone

In collaboration with the Italian Trade Agency, the Ministry

THE EXTRAORDINARY of Economic Development and Confindustria-Federorafi
ITALIAN JEWELRY
Berruguete’s ‘Salome’ (c. 1514-1517), above, and ‘Calvary Group: Crucified Christ Flanked by the Virgin
Mary and St. John the Evangelist’ (1526-33) from the retablo mayor of San Benito el Real, top
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Tuesday, January 14, 2020 * ***** THE WALL STREET JOURNAL.

SPORTS
Astros Take Big Hit From Sign Stealing
Jeff Luhnow and A.J. Hinch were fired after an investigation found that Houston used technology to steal signs
BY JARED DIAMOND since baseball’s origins—when ac-

H
complished by players on the field
ouston Astros general with their own ingenuity and
manager Jeff Luhnow wherewithal. Using technology to
and field manager A.J. assist in that sign-stealing is a vio-
Hinch were suspended lation of rules and is considered
by Major League Base- cheating.
ball for the entire 2020 season— While Manfred said that the As-
and then immediately fired by the tros’ sign-stealing efforts didn’t
team—after an investigation found come at the direction of the team’s
that the Astros used technology to top officials, he described the situa-
steal signs during their run to the tion as “a failure by the leaders of
World Series championship in 2017. the baseball operations department
MLB Commissioner Rob Manfred, and the field manager to adequately
who announced the discipline in a manage the employees under their
nine-page report issued Monday af- supervision, to establish a culture
ternoon, also docked the Astros’ In which adherence to the rules is
first- and second-round picks in the ingrained in the fabric of the organ-
2020 and 2021 drafts and fined the ization and to stop bad behavior as
organization $5 million, the highest soon as it occurred.”
allowable under the sport’s consti- Manfred chose to focus his disci-
tution. It all added up to result in pline on Luhnow and Hinch, rather
one of the most severe penalties than individual players, saying that
against an organization in modern the GM and manager “are responsi-
baseball history. ble for ensuring that the players

BOB LEVEY/GETTY IMAGES

In a news conference not long af- both understand the rules and ad-
terward, Astros owner Jim Crane here to them.”
said that he had dismissed both Luhnow denied any knowledge of
Luhnow and Hinch, the men who the Astros’ sign-stealing, and no ev-
oversaw the team’s rise into base- idence emerged that he was aware
ball’s pre-eminent powerhouse. of the scheme. In a statement re-
“Neither one of them started leased Monday, Luhnow said, “I am
this, but neither one did anything Astros general manager Jeff Luhnow, right, and manager A.J. Hinch, left, were suspended by MLB for the 2020 deeply upset that I wasn’t informed
about it,” said Crane, whom Man- season. They were later dismissed by the team. of any misconduct because I would
fred absolved of responsibility. have stopped it.”
Manfred didn’t punish any indi- of the report was Manfred’s broad outburst, coupled with the public- the Astros’ methods in greater de- As for Hinch, Manfred said he “did
vidual players, despite his findings condemnation of the Astros’ base- relations snafu that followed it, was tail, stemming from interviews with not support” the sign-stealing and
that much of the roster knew about ball-operations department, which among the reasons Manfred on 68 witnesses and tens of thousands even physically damaged the monitor
or benefited from the sign-stealing. had a reputation as being perhaps Monday described the culture of of emails, text messages and other outside the Astros’ dugout on two

.
He concluded that it would be im- the game’s smartest—and most the Astros’ baseball operations de- digital communications. Beginning occasions. But Hinch said he didn’t

ly
practical to discipline nearly every ruthless. Upon taking over in De- partment as “very problematic.” in 2017, Astros employees in the stop the behavior or notify players or
player, many of whom now play for cember 2011, Luhnow built the most “The baseball operations depart- team’s video replay review room Cora that he disapproved of it.
other teams. data-driven and technologically ad- ment’s insular culture—one that used a live game feed from a cen- “It is my responsibility to lead
The report also directly impli- vanced front office in baseball, and
on valued and rewarded results over ter-field camera at their home sta- players and staff with integrity that
cates another current major-league the team has won more than 100 other considerations,” Manfred dium to decode catchers’ signals, represents the game in the best pos-
manager: Alex Cora of the Boston games in three consecutive seasons. said, contributed to not only the and a player would relay the find- sible way,” Hinch said. “While the ev-
Red Sox, the Astros’ bench coach in That same group has been criti- Taubman incident, but also the As- ings to the dugout. idence consistently showed I didn’t
2017. Manfred depicted Cora as a cized for lacking humanity in deal- tros’ cheating. (Taubman was even- The scheme stopped after the endorse or participate in the sign
us l,

key figure in the sign-stealing oper- ing with people, a stigma that tually fired and on Monday was 2017 season, but the Astros contin- stealing practices, I failed to stop
ation and signaled that Cora will reached its apex in October. During suspended at least through the ued to steal signs through the re- them and I am deeply sorry.”
al a
e
likely face discipline himself follow- a clubhouse celebration following a 2020 season.) play review room for part of 2018. Beltrán, Cora and Taubman
ing another investigation into the series-clinching win, Brandon Taub- MLB initially launched an investi- Manfred said the investigation re- couldn’t be reached for comment.
Red Sox. Meanwhile, New York man, then Houston’s assistant GM, gation into the Astros in November vealed no violation in 2019, when On Monday, Crane was asked if
ci on

Mets manager Carlos Beltrán, an taunted a group of female reporters following a story published by The the Astros lost to the Nationals in he thought this tainted the Astros’
Astros player in 2017, is also named with a profane defense of Roberto Athletic that revealed the team’s the World Series. 2017 title. He responded, “Abso-
as a participant in the scheme. Osuna, a pitcher previously charged scheme to steal signs. Sign-stealing has been consid- lutely not.” Either way, it came at
Perhaps the most revealing part with domestic abuse. Taubman’s On Monday, Manfred outlined ered a form of gamesmanship an unprecedented cost.
er rs

LSU Wins a Homecoming Championship

m e
m rp

BY JASON GAY

New Orleans
co Fo

This is the way it was always

going to go, right? It had to go like
this. Come on. An undefeated No. 1
LSU team, coached by a beloved
native son, playing for a national
title right here, in its home state,
in the still-groovy Superdome, be-
fore a rowdy purple and gold
crowd that had been pregaming
for this possibly historic moment
since, well, early November?
There was no other option. LSU
had to go—geaux—win this thing.
And that’s exactly what LSU did,
n-

overcoming a bit of a slow start to

roar back and topple defending
champ Clemson 42-25 Monday
night in New Orleans.
no

It’s the Baton Rouge school’s

fourth national title, its first since
2007. In a wise and perhaps confi-
dent bit of planning, the university
has canceled classes for Tuesday.
Meanwhile, in curfew-agnostic
New Orleans, the celebration
promised to rage until morning.
To a casual fan, this pitting of
two southern teams nicknamed
Tigers may be remembered for
its marathon length. College foot-
ball games are starting to feel
longer than college—and LSU-
Clemson wrapped up nearly four
hours, enough time to stroll from
Bourbon Street to the moon and
back.
But here, this game will be
JONATHAN BACHMAN/GETTY IMAGES

warmly remembered as a home-

spun triumph—and something of
an anomaly.
Head coach Ed Orgeron, a bayou
kid from LaRose with a voice that
sounds like deep-fried Elmo, has
reimagined Tiger football from its
defense-first roots into an enter-
taining, pinball machine. Coach O’s
Tigers collected points seemingly Joe Burrow and the LSU Tigers completed a perfect 15-0 season with a 42-25 victory over Clemson in the national championship game on Monday night.
by the dozen, early and often, ver-
sus anyone it played. times, the Tigers faced fourth first loss after 29 straight wins—a leader, an ideal candidate to turn junior tight end—and the son of
It was Clemson which actually downs inside the LSU 40, and brilliant stretch of 742 days—and the Tigers from a smash mouth NFL Hall of Fame Randy Moss,
scored first on Monday, hushing chose to punt on two of those oc- the first college loss of celebrated outfit into a Globetrotters-like de- who was at the game.
the capacity dome crowd, which casions (the other time, B.T. Potter Tigers quarterback Trevor Law- light. The 23-year-old, who is They’ll remember Joe Burrow
included President Trump and kicked an impressive 52-yard field rence’s college career. widely expected to be the No. 1 here forever—but as “Burreaux,”
First Lady Melania Trump. goal.) And it is no shame. No one choice of the Cincinnati Bengals in the Ohio native’s Cajun French
Soon, however, LSU charged In a game that felt destined to could really hang with LSU this this spring’s NFL draft, has now nickname.
back. Quarterback Joe Burrow be- be a shootout, Clemson coach season. completed one of the most aston- There was a lot of folksy talk
gan finding favorite targets like Dabo Swinney was strangely cau- This was a team which put up ishing passing seasons in college about LSU heading into this
Ja’Marr Chase and Thaddeus tious, at least early on. 58 on Ole Miss, 56 on Arkansas, football history. He entered the game—a lot of colorful tales from
Moss, leading the Tigers to 28-17 Clemson tried to keep pace in and whomped its nemesis Alabama game completing more than 77 Coach O’s local past. And it’s in-
advantage at halftime. the second half, narrowing the 46-41 in Tuscaloosa. It scored 63 percent of his passes, threw five deed charming. But this is a thor-
The LSU-heavy audience—many game to 28-25 early in the third points in its playoff semifinal win touchdowns versus Clemson, giv- oughly modern football outfit
of whom have cheerily clogged the quarter. over Oklahoma. Sixty-three points! ing him 60 on the year, a new re- which is changing the look of the
French Quarter for days—revived But LSU and Burrow kept the That’s hard to do even playing by cord. game.
in their seats. pressure on, and Clemson could yourself. Two of Burrow’s TD passes And now it has a national title
Clemson’s first-half conserva- not stop the party. But in Burrow, an Ohio State went to the electric wide receiver to show for it. And whatever else
tism was a tad mysterious: three This defeat to LSU is Clemson’s transfer, LSU had a transformative Chase. Two more went to Moss, a happens in New Orleans tonight.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Tuesday, January 14, 2020 | A13

OPINION
Freedom Stages a Comeback BOOKSHELF | By Matthew Hutson

Pity the
world’s strug-
gling despots.
onstrators but failed to quell
protests in the strongly Shiite
south against political corrup-
is something in human nature
that resists. America’s Found-
ing Fathers weren’t wrong to
ropean allies continued to un-
dermine the foundations of
Soviet power. Messrs. Xi and
Building a Better
Just when ev-
erything
seemed to be
going their
tion and Iranian influence.
Lebanon has seen its own
wave of protests also aimed at
a corrupt political elite and
speak of “unalienable rights.”
The hunger for liberty is in-
nate and indestructible. Given
the least opportunity, people
Putin see and fear the ideas
America exudes, and this
makes it much more difficult
to manage economic and dip-
Bricklayer
GLOBAL
VIEW way, life got
messy.
Iranian influence.
In Iran itself, where author-
will seek the freedom to wor-
ship, speak, pursue happiness
lomatic relations.
At the same time, the U.S.
SAM
By Walter
China ap- ities hoped the American kill- as they see fit, and participate continually debates ideology’s By Jonathan Waldman
Russell Mead
peared poised ing of Qasem Soleimani would in the decisions that affect role in our own policies. (Avid Reader, 266 pages, $28)

S
to tighten its unite ordinary Iranians behind their lives. Should we maintain relation-
grip on Hong Kong last sum- the regime, the opposite has ships with states that trample piders can spin intricate webs. Birds weave branches
mer with the infamous extra- come to pass. Waves of anti- human rights? Are we morally into cozy nests. Bees build hives with near-perfect
dition bill. That hasn’t quite government protests spread Even when officials compelled to protect the liber- hexagons. It should be easy for an advanced robot
panned out. Not only have the across the country as authori- ties of people abroad? Can we complete with lasers and artificial intelligence to lay a
protesters kept their move- ties first launched an awkward push realpolitik, the make alliances with countries simple brick wall. But, as the journalist Jonathan Waldman
ment alive in the face of re- and unconvincing effort to U.S. remains a beacon whose rulers oppress their chronicles in “SAM,” the quest for a bricklaying robot has
lentless hostility from Beijing; cover up Iran’s shooting down citizens? been bumpier than the work of a mason with vertigo.
they humiliated the Chinese a Ukrainian passenger jet— of liberty to the world. From administration to ad- The tale follows Scott Peters, a 30-something engineer in
Communist Party in local elec- killing 176 people—then tar- ministration, Americans an- western New York and co-founder of Construction Robotics,
tions in November by taking dily admitted it. Cities all over swer those questions in differ- as he spends most of the past decade developing SAM
majorities in 17 out of 18 dis- Iran witnessed spontaneous America’s alignment with ent ways and the resulting (Semi-Automated Mason), prodded by the inspiration and
trict councils. Meanwhile in demonstrations with crowds the principles of freedom is oscillation between cynical funding of his architect father-in-law, Nate Podkaminer.
Taiwan, Tsai Ing-wen, whose chanting, “America is not our both a major foreign-policy realpolitik and naive moralism We watch as the two create a company, hire engineers,
re-election prospects seemed enemy,” ripping down posters advantage and a source of confuses allies and adversar- experiment with marketing and finally stack walls, haltingly.
doubtful last summer, swept of Soleimani, and calling for confusion and distress. On the ies alike without necessarily Several themes run through the book. First is the often-
to a landslide victory Saturday death to the supreme leader, positive side, despite Amer- advancing American interests. unsung adaptability of organic intelligence. Engineers have
as voters embraced her Ayatollah Ali Khamenei. ica’s flaws and inconsisten- The Trump administration sought for decades to make devices that build with blocks.
party’s determination to de- Friends of freedom can take cies, people all over the world must now struggle with these “Getting an inanimate machine to do what only hands and
fend Taiwanese freedom from heart that so many ordinary know that the cause of free- questions. Coming to power, it brains could was apparently some kind of universal geek
an increasingly menacing people remain willing to take dom and that of the U.S. are celebrated an “America First” fantasy,” Mr. Waldman writes.
mainland. great risks for liberty, but it is aligned. This association helps realpolitik. Yet the necessities “And while it sounded like
In Venezuela, Nicolás Ma- much too soon to break out legitimate U.S. power around of U.S. foreign policy continue child’s play, it was phenome-
duro’s thuggish regime had the champagne. History tells the world and creates allies in to drive the Trump administra- nally difficult. To put it in
enjoyed some success in re- us that most protest move- the unlikeliest places—as tion toward the advocacy of context: The first machine that
pressing Juan Guaidó, who is ments fail to take power and when Hong Kong protesters human rights in Hong Kong successfully picked up small
recognized as the legitimate that even when despots fall, carried the American flag or and Xinjiang, across the Mid- wooden blocks did so only
president of Venezuela by it’s rarely a constitutional de- Iranian protesters refused to dle East, in Venezuela and eight years before humans
more than 60 countries. But mocracy that emerges. Still, step on it. elsewhere even as much of Mr. landed on the moon.”
last week regime pressure the fight for freedom is hardly Yet that association brings Trump’s electoral base remains The minute adjustments a
failed to keep the National As- doomed. problems as well. Rulers like staunchly noninterventionist. human makes when manipulat-
sembly in line and 100 of its Despots have argued for Mr. Xi and Vladimir Putin Managing these tensions ing objects, especially in messy

.
167 members defied Mr. Ma- centuries that authoritarian- sense that American power effectively in the run-up to environments like construction

ly
duro to support Mr. Guaidó’s ism is more efficient and ef- constitutes a threat to their the November election will sites, result from billions of
re-election as the assembly’s fective than democracy. Xi own security. This remains have a significant effect on years of evolution. We make it
president. Jinping stands in a long line true even when U.S. presi- the president’s campaign. In look easy, until you give instruc-
Tehran’s attempts to gain of rulers stretching back to ondents consciously play down the event of a second Trump tions to a robot and watch it fumble
greater regional hegemony ha- Louis XIV who contended that ideology. Henry Kissinger and term, they will grow more around or freeze up when it gets a little dirt
ven’t gone smoothly either. In absolute power combined with Richard Nixon might have em- acute. There is no simple, ele- on its face. Yann LeCun, Facebook’s chief A.I. scientist, once
Iraq, anti-Iranian protests technocratic planning gives braced détente with the Soviet gant answer. But whatever he told me, “I would declare victory if in my professional life-
shook up the political system the best results. Union, but the ideological chooses, for good or ill the time we could make machines that are as intelligent as a rat.”
us l,

late last year. Iraqi security Yet despite the achieve- struggle continued all the U.S. will remain a beacon of Mr. Peters has laudable motivations. “By creating a brick-
forces and Iranian-backed mi- ments to which some auto- same—and the freedoms em- liberty, if sometimes a flicker- laying robot,” Mr. Waldman writes, “he aimed to eliminate
al a
e
litias killed hundreds of dem- cratic regimes can point, there braced by the U.S. and its Eu- ing one. lifting and bending and repetitive-motion injuries in
humans; to improve the quality of walls; to finish jobs faster
and safer and cheaper; and to ease project scheduling and
ci on

Long Live the Queen estimation. Basically: to modernize the world’s second
oldest and most primitive trade.”
The final SAM design is a 3,000-pound box on wheels that
When the Charles, Prince William and monarch. She keeps above the Britain the crown is one of rolls along a mast-climbing platform. Mortar goes in an
1969 Super Prince Harry met to hash out political fray. She puts on a those enduring institutions— opening on the back, bricks go onto a conveyor belt sticking
er rs

Bowl pitted the details of the Sussexes’ in- good British face to the world, along with church and fam- out of the side and a mortar nozzle protrudes from the
the New York stagrammed abdication. The even to foreign representa- ily—to which liberalism must wall-facing front. A robot arm picks up a brick, runs it under
Jets against queen’s statement suggests tives she might despise, be- look for the social cohesion the nozzle and puts it in place. A human tender feeds the
the Baltimore that she’s prudently rejected a cause that is what her nation and cultural capital it needs to machine bricks and mortar and a mason removes excess
m e

Colts, it hard Megxit (the severing of needs. She happily attends lo- thrive but cannot itself create. mortar from the wall.
MAIN
screamed old all royal ties) for a soft Megxit cal events in the smallest part As British society frag- The robot’s development is an object lesson in debug-
STREET
vs. new: the (some lesser royal role and a of her realm. ments and Merry Old England ging. The engineer who crafts the code for the arm has the
m rp

By William
e s ta b l i s h e d transition period in which the A woke queen could not do gives way to a far more reli- six stages of debugging posted in the office: “1. That can’t
McGurn
National Foot- couple would split their time this. Elizabeth may at times be giously and racially diverse happen. 2. That doesn’t happen on my machine. 3. That
ball League between the U.K. and Canada). mocked for her restraint and United Kingdom, the Crown shouldn’t happen. 4. Why does that happen? 5. Oh, I see.
vs. the upstart American Foot- Much as we Americans may dowdiness, but those qualities offers something to unify peo- 6. How did that ever work?” The team swaps out parts,
ball League, Johnny Unitas vs. follow the royals and ooh and are both reassuring and digni- ple. Some defenders of the rewrites code and reconfigures designs, sometimes in rain or
co Fo

Joe Namath, black high tops aah on tours of Buckingham fied. Indeed, even though the Duchess of Sussex now sug- under a blazing sun. Often the solution is an utterly familiar
and a crew cut vs. white cleats Palace, our history inclines us British elect their politicians, gest that it was British racism one: Switch the damn thing off and on again.
and long hair. Like the young to regard hereditary monarchy that did her in. The truth is
Wordsworth, I was on the side as an aberration in a free and that the diversity Meghan
of revolution. democratic society. Certainly Elizabeth II is more Markle brought the royal fam- Stacking bricks might seem simple, but it
But the intervening half- George III proved an obstacle ily by marrying into it was took a startup years to develop a wall-building
century has brought a shift in back in the day. Seldom do we modern than her woke cheered and celebrated.
sympathies. Once I horrified ask how it is that Britain could granddaughter-in- The duke and duchess make robot known as the Semi-Automated Mason.
my daughters during a family bequeath the world a workable for easy ridicule with their
viewing of “The Sound of Mu- liberalism that didn’t lead to law, Meghan Markle. talk about a “more progres-
sic” by announcing I was root- instability and the guillotine. sive” role while crassly trade- A second theme is that technological advancement
ing for the Baroness. So when Long ago the British royals marking the brand “Sussex requires debugging not only hardware and software but also
it comes to this second Decla- ceded all direct power to Par- almost always they seem to Royal.” But not everyone is cut humans. Some of that problem-solving is simple workflow
ration of Independence—the liament. Precisely in being feel more affection for their out for a life of service and optimization: loading bricks and mortar properly and
n-

announcement by the Duke freed from politics—in leaving monarch than for their prime sacrifice. Their self-indulgence promptly, keeping people out of the way. Some of it requires
and Duchess of Sussex that its dirty work to politicians— minister. And Elizabeth has only underscores the good deeper psychological and sociological renovation. It’s hard to
they intend to trade in ribbon- the queen now serves as a done it without interruption news, which is that the couple smooth relations with workers who don’t want to share a job
cuttings and royal tiaras for brake on democratic excess, since 1952, notwithstanding in line for the throne—Prince with SAM in the first place. Some masons said its work was
no

the New World and celebrity— just as democracy acts as a the private heartache and pub- William and his wife, Kate sub-par (but more colorfully). Some said it threatened to
yours truly finds himself all-in brake on the crown. In a 2010 lic embarrassment she has had Middleton—appear to under- steal their jobs. And some just didn’t like doing things
for Queen Elizabeth II. article for First Things, David to endure, including Prince stand what’s expected of them differently. “The construction industry, the engineers began
In this drama the big ques- Bentley Hart noted the deli- Charles’s disastrous first mar- and accept it. to learn, was as slow to change as baseball,” Mr. Waldman
tion is whether an American cate balance: riage and Prince Andrew’s as- In their yearning to break writes. Similar lessons are emerging from the front lines of
actress can succeed in doing “The ideal king,” he wrote, sociation with Jeffrey Epstein. free, the Sussexes speak for all semiautomation in medicine, manufacturing and other fields.
what Oliver Cromwell, several “would be rather like the king The queen’s service might those forever banging on Within this physically and culturally harsh environment,
popes, Guy Fawkes, the Nazis, in chess: the most useless also inform today’s debate about how the monarchy is Construction Robotics had to invent and reinvent their
Wallis Simpson, modern re- piece on the board, which oc- about liberal democracy. “stuck in the past.” But what if business model on the fly. Should they license their innova-
publicans and others have cupies its square simply to Plainly monarchy is not suited the real lesson from Queen tions? Sell the robots? Rent them? Provide robots and tech-
failed to do over a thousand- prevent any other piece from for the U.S., given our history. Elizabeth II’s nearly seven-de- nicians as a service? Create a full-service masonry shop?
year history: bring down Brit- doing so, but which is some- But liberalism is not one-size- cade reign is about what it Pivot from bricks to cement blocks? Take money from venture
ain’s monarchy. how still the whole game.” fits-all. And against those who takes to hold a free, diverse capitalists, court Google or a Dubai investment fund? Mr.
Probably not. On Monday In this sense Elizabeth has argue that modernity has and modern nation together? Peters follows the philosophy of the book “The Lean Startup”
Queen Elizabeth, Prince been the perfect constitutional overtaken the monarchy, in Write to [email protected]. and aims for an MVP—minimum viable product—to gain
exposure and experience, knowing the risks in the construction
industry. Word of a robot that builds crummy walls will

Let’s Make a Deal on Tech Taxes travel fast, and demolished reputations are hard to rebuild.
The business finally finds its footing in the epilogue,
around 2018. Construction Robotics gets SAM to lay more
By Bruno Le Maire taxation of the digital econ- The proposal on the table is champagnes and kitchen than 3,000 bricks a day (versus 300 to 1,000 for a human
omy. The Organization for Eco- largely based on U.S. propos- ware. These tactics are inef- mason), and they create another machine that helps workers

T
Paris nomic Cooperation and Devel- als. It would allow countries to fective. France won’t with- lift and place concrete blocks, quickly selling dozens. The
he digital economy has opment has been working with tax a small part of the profits draw its national tax because company now looks to be solvent, though it’s unclear how
radically changed the 135 countries on this issue made in their domestic market of sanctions—only an interna- much the construction landscape is poised to change.
way consumers buy since 2015. Italy and Austria by the largest tech companies, tional deal will produce that Mr. Waldman follows all the drama like a fly on a brick
goods and services—and up- introduced similar taxes on even when these companies result. wall, richly reporting scenes and conversations, many on job
ended the principles of mod- Jan. 1, and several other coun- don’t have a physical presence. Trade sanctions are a lose- sites where both circuitry and civility break down. The book
ern taxation. Companies now tries may propose them this This will create more tax cer- lose proposition. The tariffs is reminiscent of a reality-TV show about a scrappy startup,
create economic value without year. This trend is unstoppable. tainty. We don’t doubt that the will affect European busi- complete with backstory segments as we learn the pasts
any physical presence, which U.S. will live up to its responsi- nesses and the U.S. economy and personalities of each new hire. There are also a lot of
leaves government without a bilities and accept this deal. alike. Consumers will be hit by digressions—the history of the bricklayers union, how much
way to tax them. The U.S. can work France has committed to with- higher prices, and thousands pinboys at bowling alleys were tipped, how literal sausages
By introducing a digital tax, with Europe to treat drawing its digital tax once an of Americans could lose their are made, Mr. Peters’s 16th-century ancestors, his high-
France is adapting to this new agreement is reached at the jobs. Starting a trade dispute school swim coach’s career as a famous-in-Japan profes-
reality. It is a matter of fairness digital giants fairly. OECD. would harm both American sional wrestler. None of it is boring, exactly, but the book is
and efficiency. Digital compa- An investigation by the Of- and European interests and not in a hurry to get anywhere.
nies in Europe pay an average fice of the U.S. Trade Repre- help our competitors. Despite its themes of technological advancement, the book
tax rate 14 percentage points National taxes aren’t the an- sentative has determined that There is a simple way out. is above all a human-interest tale. Sure, automation could
lower than companies in other swer. The best solution is an in- the French tax discriminates Our American allies can sus- reduce injury and speed construction, but there’s much to
parts of the economy. This is ternational system that cap- against American tech compa- pend their proceedings and celebrate in quirk and inefficiency. That goes even for bricks.
unfair to businesses and citi- tures the profits created by nies. This is not the case. continue working toward an At one juncture, Construction Robotics commissioned a survey
zens who pay their share. Lost digital activities and allows French, European and Chinese agreement on an international of potential customers. One comment, amid doubts of SAM’s
revenue means reduced bud- countries to tax a reasonable tech companies are also sub- digital tax. potential, was: “Wouldn’t perfectly laid walls look strange?”
gets for education, health and share of those profits. Talks at ject to this tax.
other public priorities. the OECD made tremendous The U.S. threatens to re- Mr. Le Maire is France’s Mr. Hutson is the author of “The 7 Laws of Magical
There is an emerging con- progress in 2019 under France’s spond by imposing tariffs of minister of economy and fi- Thinking: How Irrational Beliefs Keep Us Happy, Healthy,
sensus on the need for a better Group of Seven presidency. up to 100% on French wines, nance. and Sane.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Tuesday, January 14, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Getting Closer to ‘Shovel Ready’ Language Isn’t the Only Block to Parsing Fed

I
f you visit an aging American megaproject— On Thursday the Trump Administration re- While Alan Blinder’s criticism of the remainder involves business
say, the Hoover Dam—you’ll probably see a leased a proposed rule to streamline NEPA re- the Federal Reserve’s cryptic dialect is prices or nonmarket prices. Conceptu-
well taken (“The Fed Should Speak ally correct and statistically accurate
startling statistic about how quickly it was views. One highlight is that the process would
English for a Change,” op-ed, Jan. 7), price measurement is fundamental to
built. Congress authorized the have presumptive limits: two he completely ignores the underlying monetary-policy decisions, yet policy
damming of the Colorado River Environmental impact years and 300 pages for a full reasons the central bank is misunder- makers pin their rate decisions on a
in 1928, construction started in environmental impact state- stood by “John and Jane Q. Public.” price index that only they use. Per-
1931, and the 726-foot concrete
statements shouldn’t ment; or a year and 75 pages for How, for instance, can the “broad pub- haps the real problem with the infla-
wonder opened in 1936. That’s take 13 years and more a smaller environmental as- lic” comprehend a system which tion objective is the gauge, and not
a “shovel ready” job. sessment. Thorny cases could grants unlimited discretion and free- the target itself.
Today even modest public
than 16,000 pages. go longer with written approval dom from oversight to an appointed JOSEPH CARSON
works, including roads, bridges by “a senior agency official of 12-person Federal Open Market Com- Westport, Conn.
and airport runways, can spend the lead agency.” mittee (FOMC) comprised of the Fed Mr. Carson is a former Alliance-
years in limbo, no thanks to the National Environ- Liberals are atwitter because the rule would governors and five Fed bank presi- Bernstein chief economist.
dents? How can a group which is le-
mental Policy Act, or NEPA. That 1970 law requires delete language that requires evaluating a proj-
gally prohibited from dealing with the Prof. Blinder totally glosses over
an environmental study of any major project that ect’s “cumulative impact.” That’s a fuzzy con- Treasury acquire $2.4 trillion in Trea- the Federal Reserve’s failure to hit its
involves federal funding or permitting. NEPA cept—which is why environmentalists love it, sury securities in the “open market” 2% inflation target. What he doesn’t
hasn’t been overhauled in 40 years, which is why since they can claim that a study of an oil pipe- and then use taxpayer money to pay mention and what the Fed will never
the Trump Administration deserves applause for line didn’t account correctly for its contribution the interest on the “excess reserves” state is this: Since the official target
moving last week to modernize it. to the rising sea level in 2100. thereby created? How can a group was set in January 2012, the average
Everybody wants to protect the environment. “Determining the geographic and temporal which claims it does not exist to fi- annual increase in the PCE (personal
But NEPA isn’t doing the job sensibly. No single scope of such effects has been difficult,” the pro- nance government explain the policies consumption expenditures) index has
agency has responsibility for its enforcement, posal says, leading to “encyclopedic documents which have—unintentionally of been just 1.35%, and the core PCE (ex-
unlike the Clean Water Act or the Clean Air Act. that include information that is irrelevant or in- course—reduced the debt service for cluding food and energy) has had an
all levels of government by more than annual increase of 1.6%. This has oc-
There’s no obligation for the feds to keep a spe- consequential to the decision-making process.”
half? How can the “public” understand curred despite very accommodative
cific timeline. Environmental assessments and Instead agencies should focus on effects that are “guidance” which now has bankers of- monetary policies, a steady march to-
impact statements are often monstrously de- “reasonably foreseeable” and “have a reasonably fering less interest on three-year time ward full employment and inflated
tailed, since agencies and sponsors are trying to close causal relationship.” This could still in- deposits than interest offered on one- FOMC projections of 2% inflation in an
make them litigation proof. clude greenhouse emissions. year deposits? How long will it take attempt to bolster inflationary expec-
The result is a regulatory morass. From 2013 i i i for any Fed chairman to discuss the tations.
to 2017, the average final impact statement took Characterizing the Democratic response as collateral damage inflicted on savers? The main cause of this low inflation
more than four years and ran 669 pages, the “knee jerk” would be an insult to knees, or jerks, I would respectfully suggest that has been a cumulative eight-year de-
Council on Environmental Quality said last sum- or both. “This means more polluters will be right “Fedspeak” is, and will continue to be, cline in goods prices of about 5%, led
mer. The longest file was for a contentious 12- there next to the water supply of our children,” an essential ingredient to the mainte- by a decline in durable-goods prices of
mile expansion of Interstate 70 in Denver. The Speaker Nancy Pelosi said. Two things she might nance of the secrecy and sacrosanct 14%. Those who sell goods are subject
“independence” so coveted by the Fed. to import competition, online compe-
final report ran 8,951 pages, plus another 7,307 consider: First, NEPA also slows progressive pri-
Any explanations in “plain English” or, tition and competition from domestic
pages of appendices. The whole rigmarole took orities, like public transit. A study of Maryland’s God forbid, an audit of credit transfers discounters. Monetary policy is largely
13 years. purple light-rail line ran for 9,225 total pages between the Fed and “primary deal- impotent in countering such supply-

.
That kills time, wastes taxpayer money, dis- and 10 years. The American Wind Energy Associ- ers” would pull back a curtain that has side forces. The FOMC appears to con-

ly
courages development, and makes the govern- ation welcomed NEPA reform last week, blaming been closed far too long. sider all this as somewhat of a mys-
ment opaque to people without lawyers on re- the outdated rules for “unreasonable and unnec- “Any group that can get control of tery—perhaps the FOMC should take a
tainer. Even bureaucrats don’t examine all this essary costs and long project delays.” the monetary system,” wrote Friedrich field trip to a nearby Dollar General
stuff. As Interior Secretary David Bernhardt said Second, streamlined permitting means more
on Hayek, “will have totalitarian power store.
on a call with reporters: “When I asked our se- work for organized labor. Standing with Presi- over the lives and fortunes of their EM. PROF. ROBERT F. STAUFFER
nior managers if they were reading these docu- dent Trump on Thursday at the White House was fellows, without any clear recognition Roanoke College
ments that were several thousand pages long, Sean McGarvey, head of North America’s Build- of responsibility.” Salem, Va.
MIKE SMITH
us l,

they said, emphatically, no.” ing Trades Unions. “This proposal does nothing
Sugar Land, Texas Alan Blinder, enjoying his salary
In 2017 Philip Howard’s outfit, Common to take away from the protections for our citi- and Federal Reserve pension, if he
Good, estimated the cost of a blanket six-year zens, for our taxpayers, for our workers, or for
al a
e
Mr. Blinder is correct to call out the gets one, may not mind a loss of 21.9%
delay on big projects. He came up with $3.7 tril- our environment,” he said. Mr. McGarvey added absurdity surrounding the notion that purchasing power over 10 years, but
lion, including environmental losses, injuries to that he’s hoping for thousands of new construc- policy makers are “failing” in their in- those of us living on a pension that is
ci on

health, highway congestion, and so forth. Think tion jobs. flation objective of 2% with the latest not inflation adjustable (thanks to
about it: 13 years of studying I-70 is 13 years of The NEPA rule won’t be finalized for 60 days, inflation reading of 1.7%. Yet Mr. GM) certainly do.
Coloradans cursing traffic while their engines leaving room for public comment. In the interim, Blinder’s criticism does not go far Inflation ravages the lives of people
vaporize gasoline in first gear. here’s a public comment: It’s about time. enough. The Fed’s inflation target is on fixed incomes. We give thanks that
based on a price gauge in which only the target is only 2%. It should be 0%.
er rs

70% of the index is based on prices DON SIEFKES

Another FISA Fiasco that consumers actually experience; San Leandro, Calif.

S
ay you’re a secret federal court that duced by Devin Nunes’s House Intelligence
m e

signed off on wiretaps of a Trump cam- Committee Republicans reporting that the FBI
paign official based on Russian disinfor- had misled the FISA court about the Christo-
Yes, Hate Crimes Are Especially Destructive
m rp

mation financed by the Clin- pher Steele dossier. That was Contrary to Myron Magnet’s claims, crimes. Like workplace antidiscrimi-
ton campaign and midwifed The judges hire an FBI the James Comey-Adam Schiff hate-crime laws punish conduct and nation laws, hate-crime laws send a
through anti-Trump partisans not thought (“‘Hate Crime’ Is Only a clear message to society that violence
at the FBI. The court did noth-
apologist to restore the party line at the time.
Inspector General Michael Step Away From Thoughtcrime,” op-ed, motivated by prejudice or bigotry is
ing about this deception for secret court’s credibility. Horowitz has since confirmed Jan. 2). Hate-crime penalty-enhance- unacceptable.
co Fo

ment statutes apply only when an indi- The decade began with at least 11 in-
three years despite accumu- that Mr. Nunes was right and
vidual commits a crime against some- cidents of anti-Semitic harassment,
lating evidence presented to the FBI had deceived the court. one and intentionally chooses his or vandalism and assault in New York
it. Once this is all publicly exposed, would your Mr. Kris contributed to public confusion by lend- her target based on the victim’s actual City. In the final weeks of 2019 there
response be to hire a former Obama official and ing his supposed authority as a legal intelligence or perceived race, religion, national or- were at least 30 incidents there, as well
media apologist for the FBI to restore the expert to justify the FBI’s actions. igin, gender, gender identity, sexual as the stabbings in Monsey, N.Y., on
court’s credibility? Mr. Nunes, President Trump and others have orientation or disability. Hate-crime Dec. 28. Now more than ever we need
Yet that is exactly what the FISA court has criticized Mr. Kris’s appointment, which proves laws do not punish bigoted ideas or strong hate-crime laws in place to en-
done in appointing David Kris to review changes our point. If the court’s goal is to restore its hateful speech, which are protected by sure that the punishment for targeting
proposed by the FBI to the court’s surveillance public standing, the last person to appoint is the First Amendment. This critical dis- individuals or institutions for violence
application process. Mr. Kris criticized the Bush someone who apologized for the very abuses tinction has been upheld by the U.S. or vandalism for no other reason than
Administration’s warrantless wiretaps on sus- he is now supposed to fix and will have no credi- Supreme Court. their religious affiliation, skin color or
Mr. Magnet’s position that hatred other personal characteristic is fully
pected terrorists in 2006 and later worked in bility with half the country.
and bias remain pervasive problems commensurate with the societal harm
n-

the Obama Justice Department. Then he de- Federal Judge James Boasberg, an Obama in society is absolutely correct, mak- hate crimes cause.
fended the FBI’s unjustified 2016 surveillance appointee for the District of Columbia, became ing his suggestion to do away with JONATHAN A. GREENBLATT
of Trump adviser Carter Page. presiding FISA judge on Jan. 1. That he would hate-crime laws puzzling and wrong. CEO and National Director
At the Lawfare blog on March 1, 2018, Mr. act in such an obtuse fashion is another argu- While we cannot outlaw hate, we cer- Anti-Defamation League
no

Kris attacked as “dishonest” the memo pro- ment for the FISA court’s abolition. tainly can enact laws that punish hate New York

Biden’s Iraq Mess The Blue-Red State Redistribution Isn’t New

D
onald Trump’s military strike against thorization, cited as one reason that an inva- Your editorial “Blue State Redistri- tax-and-spend policies. At this point,
bution” (Jan. 8) notes some blue states they have long since ceased to be ex-
terrorist leader Qasem Soleimani sion would make Saddam more likely to deploy are losing population and the perks of perimental and are looking more like a
hasn’t led to war with Iran but it has chemical or biological weapons. Mr. Biden can political power. Lower taxes are part group suicide pact.
opened up hostilities in the also say that in President of the reason why blue-state residents PAUL MATTEN
Democratic presidential race. Joe needs a better Bush’s second term he was are fleeing to red states. However, it’s Naples, Fla.
Bernie Sanders wants to use response to Bernie’s one of the only Democrats ironic that many of these “antigovern-
the tension in the Middle East working with Republicans to ment” red states feast on the fat of California, with its Proposition 13,
to tar Joe Biden for his 2002 attack on his 2002 vote. wind down the conflict. federal largess. benefits in some ways from tax refu-
vote authorizing war in Iraq, The larger issue is whether New York, New Jersey and Illinois gees leaving. When older, long-term
in contrast to Mr. Sanders’ op- Democrats will abandon their are considered donor states and gener- residents sell their homes, the prop-
position to the use of American military power. foreign-policy internationalism, and here Mr. Bi- ally provide more money to the federal erty tax is elevated to a new, higher
government than they receive. Florida level reflecting the sales price. I sus-
In Tuesday night’s debate, Mr. Biden will need den can go on the offensive. What will Mr. Sand-
receives $2,187 of free money from the pect California welcomes us geezers
better responses. ers do to restrain Tehran’s violent imperialism Treasury per resident, and Arizona fleeing.
This weekend the Sanders campaign called in the Mideast? Why hasn’t he commented on gets a shocking $4,430 per resident. DAVID MCENANY
Mr. Biden’s position on the Iraq war “appalling” this weekend’s Taiwan election, when voters re- Compare that to the negative $4,000 Pasadena, Calif.
and released a video of the former Vice Presi- buked China’s efforts to co-opt the island and per resident that Connecticut pays D.C.
dent expressing support for the war in summer bring it under Beijing’s control? The frost belt has been pouring money
2003. “Some in my own party have said that it Mr. Biden can point out it’s easy for Mr. into the red states’ coffers for decades, Pepper ...
was a mistake to go in to Iraq in the first place Sanders to say he was right about Iraq since he which hasn’t helped the tax burden on
and believe that it’s not worth the cost,” Mr. Bi- has opposed nearly all U.S. interventions, going the more productive states. The Jour-
And Salt
den says in the video. “But the cost of not act- back to his support for Latin American Commu- nal could call out how favorable fed- THE WALL STREET JOURNAL

ing against Saddam I think would have been nists as mayor of Burlington, Vt. He can even eral expenditures enable red states to
achieve a competitive advantage.
much greater.” tie Mr. Sanders’ comments on Fidel Castro and
RYAN SMITH
The video undercuts Mr. Biden’s account other strongmen to President Trump’s rhetori- Highwood, Ill.
that he voted to authorize the war based on cal coddling of Vladimir Putin.
false assurances from the Bush Administration The Democratic Party has changed since the I’m not sure Justice Louis Brandeis
and opposed it once hostilities began in April muscular foreign policies of Harry Truman or would appreciate the perversion of his
2003. Two other Democratic Presidential hope- John F. Kennedy. Yet Mr. Biden can speak to “laboratories of democracy” concept,
fuls—John Kerry in 2004 and Hillary Clinton voters who still recognize that the U.S. faces as the likes of California, Illinois, New
in 2008—tried to blame their similar votes on threats and that more often than not America Jersey and New York doggedly pursue,
the supposed dishonesty of the Bush Adminis- is a force for good. even double down on, self-defeating
tration. Neither made it to the White House. Mr. Mr. Biden has weathered attacks from the
Biden would be better served by abandoning left on race and health care. But Mr. Sanders Letters intended for publication should
his defensiveness. wants to unleash Democratic antiwar passions be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
Mr. Biden can start with the truth, which is that Barack Obama used to topple Mrs. Clinton or emailed to [email protected]. Please
that in 2002 the intelligence was wrong that in 2008. Instead of getting boxed in, Mr. Biden include your city and state. All letters
Saddam Hussein had weapons of mass destruc- can lean on his experience to force a debate on are subject to editing, and unpublished “Think about it. Maybe it’s
tion. Even Mr. Sanders, in his 2002 House of the importance of American engagement for letters can be neither acknowledged nor a good thing the boss
returned.
Representatives speech opposing the war au- avoiding war in a world full of threats. doesn’t know your name.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 14, 2020 | A15

OPINION

Iran Should Give Trump’s Tariffs a Fair Test

Become By Peter Navarro critics overlook the ways the U.S. has

T
suffered under open trade. Research
Another hough the current econ-
omy is among the stron-
by economists like MIT’s David Autor
has illustrated the socioeconomic
gest of the past 50 years, harm caused by expanded trade with
Vietnam critics of President
Trump’s transformational
China in the 2000s, which contrib-
uted to the loss of tens of thousands
trade policies continue to insist that of American factories and millions of
By Tod Lindberg the tariffs are hindering rather than manufacturing jobs and the hollow-

T
helping the boom. Citing forecasts ing out of many Midwest and South-
he U.S. suffered two brutal like the latest from the Federal Open ern communities. What followed was
humiliations during the Market Committee, these critics an associated rise in the rates of di-
1970s—the fall of Saigon to have tarred the Trump tariffs as vorce, drug addiction, crime, depres-
Communist North Vietnam in 1975 price inflators, job killers and growth sion and death, particularly among
and Iran’s invasion of the U.S. Em- destroyers. Yet with each new tar- blue-collar men no longer able to
bassy in Tehran in 1979. The latter iff—on dishwashers, solar panels, support their families at a decent
led to a hostage standoff in which aluminum, steel and more than $300 wage.

DAVID GOTHARD
52 Americans were held for 444 billion of Chinese imports—the econ- The national-security externalities
days—the source of President omy remains robust, wages continue associated with Trump trade policy
Trump’s reference to 52 targets to rise, and inflation stays muted. may be even more consequential. A
inside Iran in case of Iranian re- Why have the gloom-and-doom case in point is the tariffs being used
prisals for the killing of Qasem forecasters been so wrong? The er- as leverage to defend America’s tech-
Soleimani. rors come from flaws in traditional than two million prime-age workers growth and job creation. Higher do- nological crown jewels from being
There’s a lesson for Iran in Viet- economic models. Using a better set have returned to the labor force. mestic production will also help off- forcibly transferred to Chinese com-
nam’s experience. The latter re- of assumptions to assess the econ- This jarring disconnect between set any price hikes from the tariffs— panies—from artificial intelligence,
mains a dictatorship, and Saigon is omy can explain why tariffs have the forecasts and the real Trump steel is cheaper now than when the robotics and autonomous vehicles to
officially known as Ho Chi Minh spurred growth, not hampered it. economy would be comical if the pol- current tariff was imposed. quantum computing and blockchain.
City, named for the Communist rev- Antitariff analysts typically rely icy stakes weren’t so high. What is Here’s an equally important con- These industries comprise the core
olutionary. Hanoi punishes dissent on static “partial equilibrium” mod- sorely missing from these forecasts sideration, this one regarding strat- of the next generation of weapons
with torture and execution. Free- els that predict how short-run price is a “general equilibrium” analysis of egy: President Trump’s imposition of systems needed to repel threats from
dom House rates Vietnam 20 on its hikes from tariffs might ripple tariffs, which would assess the whole actual tariffs has made the threat of rivals like China, Russia and Iran.
100-point scale, little better than through a small number of product economy, with a concomitant “dy- tariffs more credible, and a variety One must ask the antitariff forecast-
Iran’s 18. markets. While a tariff on steel namic scoring” of their effects, to ac- of Trump tariff threats have borne ers: Where are the benefits of a freer
might boost employment in that in- count for the new investment tariffs robust results. These include the and more secure American homeland
dustry, for example, the price of induce. successful renegotiation of two of counted in your models?
Hanoi’s regime is almost steel would rise for car makers the worst trade deals in U.S. history, An honest, modern analysis of the
downstream, which would then suf- the North American Free Trade Trump tariffs would acknowledge
as abusive as Tehran’s, but fer lower production and fewer jobs. Conventional economic Agreement and the deal struck with the widespread market distortions
it has good relations with Each tariff shrinks total employment,
models ignore how they South Korea in 2007. The adminis- that currently disadvantage Ameri-
depresses wages, and increases infla- tration also forged a new pact with can workers, parse the complex ways
the U.S., despite history. tion—or at least that’s how these boost investment and Japan that will boost American elec- tariffs affect trade partners’ behav-
forecasts typically go. tronics along with farmers and ior, appropriately discount short-
Yet these effects are scarcely national security. ranchers. term price impacts, dynamically

.
Yet the U.S. has good relations found in aggregate macroeconomic The president’s threat of auto tar- score the many long-term positive

ly
with Vietnam. Hanoi decided in statistics. The economy has added iffs has likewise drawn billions of effects, and parse the complex ways
1986 to open itself to market eco- more than seven million jobs during Take the steel industry. U.S. Steel dollars of new foreign direct invest- tariffs affect trade partners’ behav-
nomics, and since then has had one the Trump presidency, and more is spending more than $2 billion to ment from the likes of Toyota, Volks- ior.
of the world’s fastest-growing econ- than 2.4 million Americans have
on upgrade its plants, such as its Gary wagen and Mercedes-Benz, and at Americans should welcome this
omies. In 1994, as a step in the risen out of poverty. The unemploy- Works in Indiana and Mon Valley home, Fiat Chrysler, Ford and Gen- analysis warmly—especially in the
broad effort to improve relations, ment rate is as low as it has been in Works in Pennsylvania. Nucor Corp. eral Motors are also spending on heartland, where the ugly predic-
President Clinton lifted a trade em- a half-century, and the rates for Afri- has committed billions to facilities new facilities. Combined with job re- tions of the antitariff forecasters
bargo that dated to 1964. Full nor- can-Americans and Hispanics are from Frostproof, Fla., and Sedalia, patriation from the U.S.-Mexico-Can- seem so out of touch with the beau-
us l,

malization of relations began in lower than ever. Median household Mo., to Marion, Ohio, and Branden- ada Agreement, these investments tiful realities of the Trump economy.
1995. income hit a record $66,000 last burg, Ky. will boost the fortunes of American
al a
e
By 2018 annual trade in goods year, and income inequality dropped Over time this tariff-induced in- auto workers for decades to come. Mr. Navarro is assistant to the
and services between the U.S. and sharply as the lowest earners got the vestment, along with lower taxes In addition to missing the upside president for trade and manufactur-
Vietnam amounted to more than largest proportional gains. More and sensible deregulation, will boost of supporting American industries, ing policy.
ci on

$62 billion—so much that Viet-

nam’s surplus, more than $38 bil-
lion, was large enough to draw Mr.
Trump’s criticism. The U.S. has also
established security cooperation
Roger Scruton: A Conservative for Modern Times
er rs

with its old adversary, starting with By Dominic Green Laffitte, Scruton witnessed the stu- turalism and defended the rooted re- “The real reason people are con-

T
maritime coastal defense. Vietnam dent riots in Paris. The spectacle of alities of family and faith, nation and servatives is that they are attached to
has received tens of millions in se- hey say you should never meet middle-class children tearing up cob- tradition. He denounced architectural the things that they love, and want to
curity assistance from the State your heroes because they al- blestones in working-class neighbor- brutalism and metropolitan elitism as preserve them from abuse and de-
m e

and Defense departments. In 2018 ways disappoint you. But Sir hoods, and justifying their violence assaults on taste and democracy. He cay,” Scruton wrote in 2015. “They
the aircraft carrier USS Carl Vinson Roger Scruton, who died Sunday at 75, with “ludicrous Marxist gobblede- saw through the “oikophobes” who are attached to their family, their
made a port call in Da Nang, the was as gracious, intelligent and gener- gook,” caused Scruton to realize that love every people and country except friends, their religion, and their im-
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first since the war. ous in life as he was on the page. His he “wanted to conserve things rather their own, and he advocated for what mediate environment.” But there was
Geopolitics is an obvious factor humanity and principled candor made than pull them down.” we now call Brexit. In “Green Philoso- nothing provincial about Scruton.
in U.S.-Vietnamese relations. Hanoi him the most influential conservative In 1974 Scruton was one of the phy” (2011), he defined a nonutopian He enlivened English empiricism
has no wish to see China’s regional thinker since Edmund Burke—and one founders of the Conservative Philoso- and conservative environmentalism. with the grandeur of German ideal-
influence grow unchecked. While of the most unfairly slandered writers phy Group, whose meetings were ad- ism and the linguistic intricacies of
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officially neutral, Vietnam has en- in modern times. dressed by Friedrich Hayek and Mil- Wittgenstein. He lived his beliefs,
dorsed the Trump administration’s Conservatism has always been as ton Friedman and attended by The academy rejected him whether working for the anti-Com-
vision of “a free and open Indo-Pa- much a temperament as a philoso- Margaret Thatcher. By the end of the munist “Underground University” be-
cific.” phy—not an ideology, but an antidote decade, Scruton had married and di- in the 1980s. Decades later hind the Iron Curtain, playing the or-
This cooperation has increased to it. Three thinkers defined conser- vorced Ms. Laffitte, and his academic he told me he’d been one gan in his local church, flying back to
notwithstanding the U.S. govern- vatism in the 20th century: Russell career was on a similar path. First a England on weekends while teaching
ment’s candid criticism of Vietnam Kirk, Michael Oakeshott and Scruton. lecturer and later professor of aes- of the first to be ‘canceled.’ at Boston University to ride in the lo-
in its annual human-rights reports. Kirk (1918-94) laid the intellectual thetics at the University of London’s cal hunt, or recording his impressions
Yet in contrast with Iran, Vietnam foundations of modern American con- Birkbeck College, he was the school’s in the seconds between falling off his
has no nuclear weapons or ballistic servatism but is little known outside only conservative apart from the The academy’s loss was the horse and hitting the ground.
missile programs. Hanoi hasn’t the U.S. Oakeshott (1901-90) was an woman who served the professors world’s gain. Lured by the hunting, When I visited his farm in 2017 for
sponsored terrorists or proxy mili- academic philosopher, so he remained dinner. He published a book, “The Scruton settled in the English village the annual Apple Day—a village get-
tias, nor has it threatened to wipe obscure even in his native Britain. Meaning of Conservatism,” in 1980 of Brinkworth, Wiltshire, the first together with philosophical lecture
other countries off the map. Scruton was both academic and and founded the Salisbury Review, a philosopher to live there since and locavore lamb chops—the attend-
n-

Surely the U.S. hopes Vietnam’s thinker—a rare combination these conservative intellectual journal, in Thomas Hobbes. There he and his ees included a Syrian refugee, Czech
economic liberalization will lead to days—and was read across the Eng- 1982. His career in the academy wife, Sophie Jeffreys, an architectural philosophy students and a phalanx of
political liberalization. But the lish-speaking world and beyond. Only ended. historian, created the Scrutopia Sum- local jam makers. Scruton shambled
Communist Party of Vietnam seems William F. Buckley Jr. commanded so Decades later he told me with wry mer School. about in his old tweeds, observer and
no

to understand perfectly well that wide an audience. But none of these amusement that he’d been one of the He wrote more than 50 books and participant. “Having fun?” he asked.
the U.S. isn’t pursuing regime men had both Scruton’s intellectual first people to be “canceled.” Scruton a tide of articles on topics as varied He educated us all and fought for
change there. range and literary style. would be publicly denounced as a as wine and Wagner, fox hunting and truth without forfeiting humor. He
Iran supposedly has grievances Roger Vernon Scruton was the son racist and physically threatened free trade. His reach, like his taste in leaves a generous and lasting bounty
with the U.S. dating back at least to of a working-class teacher of radical when he ventured to speak on a cam- architecture, was liberal, in the origi- of honest words and brave deeds.
1953, when the Central Intelligence opinions and a mother of genteel as- pus. He was entirely undeterred, usu- nal sense of humane interest. He even
Agency helped orchestrate a coup pirations. He was raised west of Lon- ally right and consistently ahead of looked for the good in Jean-Paul Mr. Green is life & arts editor of
that expanded the authority of don at High Wycombe, a few miles his time. Scruton rejected multicul- Sartre. the Spectator (US).
Shah Mohammad Reza Pahlavi. But from Burke’s home at Beaconsfield.
Hanoi could easily compile a long He won a competitive place to a
list of grievances against the U.S.
America’s problem with Iran
isn’t rooted in longstanding enmity
grammar school, and then a place to
study natural sciences at Cambridge.
His father considered that a step too
What I Sing When Nobody’s Listening
with the Iranian people, or even in far and stopped speaking to him. By Lance Morrow My list, mostly profane and ar- song, I turned around, and a woman

I
the clerical dictatorship per se. It’s Upon arrival at Cambridge he chaic, ascends now and then to the I hadn’t noticed on the platform
a security problem: Iran is a revi- switched to philosophy; aesthetics, t used to be embarrassing to be explicitly sacred. I sing “Amazing gave me a satirical pitter-patter of
sionist power and a regional threat. not politics, were always Scruton’s caught talking to yourself. The Grace,” or “Lonesome Valley.” applause.
Vietnam decided to be neither. passion. cellphone changed that: Now it These are American dream songs. I’m fond of the cheatin’ songs,
Iran should make the same choice. Thus far, a mostly typical postwar is common to see people walking The music calls up the past and country tunes that deal with the
biography of upward mobility. But in alone, chattering to someone invisi- gives it a reverent dusting of myth. pleasures of sin and the wages
Mr. Lindberg is a senior fellow May 1968, studying for his doctorate ble. Singing to yourself is different. I sing “Ain’t Gonna Let Nobody Turn thereof (giving equal time to each)—
at the Hudson Institute. and dating a French student, Danielle Those of us who sing to ourselves Me Around,” starting softly and dis- mournful peckerwood fables of folly
do it as a compromise between kara- tantly and then building the volume. and comeuppance. There’s Hank
oke and meditation. Snow’s “Ninety Miles an Hour (Down
On a cold morning, I stood on the a Dead-End Street),” for example,
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch Robert Thomson
platform of a small railroad station With the right tune, you whose story ends, DOA, as it were,
in upstate New York, waiting for a in the emergency room of love.
Executive Chairman, News Corp Chief Executive Officer, News Corp
train. I thought I was alone. I can immerse yourself, for Snow warns us that adultery is “like
Matt Murray William Lewis
Editor in Chief Chief Executive Officer and Publisher started singing in a low voice, giving a moment, in other times a mad motorcycle with the devil in
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: myself up to the song in an ab- the seat / goin’ ninety miles an hour
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; stracted way, half-aware. Singing and other people’s stories. down a dead-end street.”
Natalie Cerny, Chief Communications Officer;
Jason Anders, Chief News Editor; Louise Story, Chief
Kamilah Mitchell-Thomas, Chief People Officer; takes you away from the harassing There’s almost always moralism
News Strategist, Product & Technology Officer
Edward Roussel, Chief Innovation Officer; present. In that, it resembles prayer. in the tale. In “Streets of Laredo,”
Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer Not that my songs are religious. That was how I first heard the song the mortally wounded young man
Features & Special Projects; Andrew Dowell, OPERATING EXECUTIVES:
Asia; Anthony Galloway, Video & Audio; Kenneth Breen, Commercial; The ones I know by heart are mostly one summer evening in 1964 when I accepts his punishment—“For I’m a
Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; secular odds and ends from a long was a young reporter covering a young cowboy and I know I done
Features & Weekend; Emma Moody, Standards; Tracy Corrigan, Chief Strategy Officer; time ago—from memorized record- civil rights march that went from a wrong”—in contrast to Johnny Cash
Shazna Nessa, Visuals; Matthew Rose, Enterprise; Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer; ings of Woody Guthrie, Pete Seeger, church rally on 16th Street North- in “Folsom Prison Blues,” who “shot
Michael Siconolfi, Investigations; Nikki Waller, Live
Journalism; Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales; Paul Robeson, Burl Ives or, less re- west down to Lyndon B. Johnson’s a man in Reno just to watch him
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Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Think Twice, It’s All Right” and “Mr. George Wallace / turn me ’round, Singing—a sentimental sacra-
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Tambourine Man”), Arlo Guthrie turn me ’round, turn me ’round . . .” ment—assuages loneliness. The
Barron’s Group: Almar Latour, Publisher (many selections), Joan Baez, Kris As if repairing an injury, music may songs immerse the singer, for a mo-
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Kristofferson and Janis Joplin. The reconnect the mind, with a surgeon’s ment, in other times, in other peo-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head lefties had the good songs. Sung at precision, to its severed experiences. ple’s stories.
EDITORIAL AND CORPORATE HEADQUARTERS: this distance in time, they are That day on the railway plat-
1211 Avenue of the Americas, New York, N.Y., 10036 cleansed of politics—and therefore form, I sang Dion’s “Abraham, Mar- Mr. Morrow is a senior fellow at
Telephone 1-800-DOWJONES
sweet. tin and John.” When I finished the the Ethics and Public Policy Center.
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A16 | Tuesday, January 14, 2020 THE WALL STREET JOURNAL.

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Grocery Chain Albertsons Readies IPO

Cerberus looks to exit in coming weeks whether to deals dating to 2006. Cerberus eling locations, investing in petition from Amazon.com Inc. WeWork parent We Co. that
proceed with an initial public is resurrecting IPO discussions technology and selling real es- and Walmart Inc.’s push into have spooked investors.
from investment amid offering that could value it in hopes of capitalizing on the tate, outpacing bigger rival grocery delivery, though Cer- Cerberus led an investor
stronger performance; around $19 billion, one of the grocer’s improved perfor- Kroger Co. in growth. The im- berus believes Albertsons’ im- group that bought about 650
people said. Albertsons has mance, strong markets and provements have come under proved profile should out- Albertsons stores in 2006 in a
important market test been updating IPO documents positive economic indicators, Chief Executive Vivek San- weigh that decline, one of the broader breakup of the chain.
that have been filed confiden- one of the people said. karan, who joined from Pep- people familiar with the mat- In 2013, Cerberus bought back
BY JAEWON KANG tially with the Securities and The grocery chain has sub- siCo Inc. last year. ter said. A decision is expected 900 more Albertsons stores. It
AND SHARON TERLEP Exchange Commission, the stantially reduced debt since it A debate has been under in the coming weeks, this per- then struck a 2015 merger
people said. last filed paperwork for an IPO way inside Cerberus and son said. with Safeway Inc. to create the
Albertsons Cos. is again An IPO of Albertsons, which in 2015. It ended November Albertsons over whether it Although the U.S. stock second-largest grocery chain
preparing to go public, said had about $61 billion in sales with about $8.34 billion in net makes more sense to go public markets have been hitting by revenue behind Kroger. The
people familiar with the mat- for the fiscal year ended Feb- debt, excluding operating now or to continue improving highs, disappointing debuts by company operates in 34 states
ter, as the grocery chain’s ruary 2019, would be one of leases, down from $10.52 bil- Albertsons and fetch a higher several high-profile technology and employs about 270,000.
backers look to tap into a the biggest tests of the IPO lion a year earlier. price down the road, the peo- companies have cast a chill Soon after the Safeway
strong stock market to cash market this year. It would The Boise, Idaho, company ple said. Kroger, which had over the IPO market in recent merger, the investors tried to
out of an investment that pave the road of an exit for posted a 2.7% increase in $121 billion in revenue last months. Albertsons, however, take the company public, look-
dates nearly 15 years. private-equity investor Cer- same-store sales when it re- year, sports a market valua- is an established, slow-grow- ing to raise as much as $1.6
The company, which also berus Capital Management ported third-quarter earnings tion of $23 billion. ing business unlike unprofit- billion in an IPO, but then
owns the Safeway and Jewel- LP, which cobbled together the last week. The operator of Multiples in the grocery able tech companies such as pulled the offering amid lack-
Osco chains, expects to decide company through a series of 2,260 stores has been remod- sector have fallen amid com- Uber Technologies Inc. and Please turn to page B2

China’s Once-Booming Car Market Stalls Visa to Pay

BY YOKO KUBOTA $5.3 Billion
TANGSHAN, China—After
decades of blistering growth, For Fintech

.
the world’s largest auto mar-

ly
ket is in the midst of a sales
slump that is resulting in
closed dealerships, idled facto-
Startup
ries and slower economic on BY CARA LOMBARDO
growth. AND ANNAMARIA ANDRIOTIS
In Tangshan, a city of about
7.6 million in the country’s Visa Inc. said it would buy
north known for its steel pro- Plaid Inc. for $5.3 billion, as
us l,

ducers and heavy industry, part of an effort by the card gi-

around five of the 30 dealer- ant to tap into consumers’
al a
e
ships in the Lunan Car Culture growing use of financial-tech-
Industrial Park have closed in nology apps and noncard pay-
the past year, dealers said. ments.
ci on

Abandoned furniture sits in More consumers over the

empty showrooms, while “For past decade have been using fi-
Rent” signs appear behind nancial-services apps to man-
shuttered glass doors. age their savings and spending,
Similar scenes are unfold- and Plaid sits in the middle of
er rs
YOKO KUBOTA/THE WALL STREET JOURNAL

ing across small and midsize those relationships, providing

cities like Tangshan that su- software that gives the apps ac-
percharged China’s auto-mar- cess to financial accounts.
ket expansion in recent years, Venmo, PayPal Holdings Inc.’s
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even as growth was capped in money-transfer service, is one

megalopolises like Beijing and of privately held Plaid’s biggest
Shanghai, where congestion customers.
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and pollution led the govern- Visa is the largest U.S. card
ment to place quotas on li- network, handling $3.4 trillion
cense-plate issuance. of credit, debit and prepaid-
New data on Monday card transactions in the first
showed auto sales in China fell Chinese dealers are turning to sales promotion events, such as this one in Tangshan in December, to lure buyers. nine months of 2019, according
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for a second straight year in to the Nilson Report. Its clients

2019. Last year, 25.8 million Chinese and American automakers lost passenger-vehicle market share, are largely made up of banks
vehicles were sold, an 8.2% de- that issue credit and debit
cline from 2018, according to while the Germans and Japanese gained. cards, but the company is look-
the China Association of Auto- ing to expand its presence in
mobile Manufacturers. Market share in China by manufacturers’ country the burgeoning field of elec-
Auto-industry executives 0 10 20 30 40 50% tronic payments, where tril-
said this year will be tough
again, though some expect a
China 2019 39.2% 2018 lions of dollars are sent by wire
transfer or between bank ac-
rebound later in 2020. Germany 24.2 counts globally each year.
Foreign and domestic auto Annual change in Chinese auto sales On an investor conference
makers, habituated to growth Japan 21.3 call following the Monday an-
in a market where their big- 10% nouncement, Visa Chief Execu-
gest challenge was building U.S. 8.9 tive Al Kelly said the acquisition
n-

factories quickly enough to would help expand the com-

meet demand, are hurting.
S. Korea 4.7 0
pany’s access to financial-tech-
General Motors Co. posted its
biggest-ever China sales drop
France 0.6 –10
nology firms while accelerating
its movement outside of cards.
no

Please turn to page B2 Source: China Association of Automobile Manufacturers 2015 ’19 Please turn to page B8

Hedge Funds Take Advantage of Limits on Stock Research INSIDE

BY JULIE STEINBERG banks to charge fees for stock mation asymmetry, sniffing He and other managers of can become a problem some-
AND PAUL J. DAVIES research that used to be out companies that have be- hedge funds and mutual funds times.”
mostly free. come cheaper due to their lack say the spotty coverage has led Other factors are driving in-
Hedge funds are cashing in Many sell-side outfits have of coverage. to buying opportunities for un- terest in European and U.K. eq-
on an unintended consequence scaled back their research as Fewer companies being cov- dervalued stocks, particularly uities.
of European financial regula- investors have spent less ered and fewer brokers facili- among small and midcap com- The economic uncertainty
tions on investment research: money on it since the rules tating trades in some stocks panies. created by Britain’s decision to
less information about some were implemented. Some in- have led to less liquidity and “It’s made small and midcap leave the European Union and
stocks. vestors have built their own sharper price swings, accord- stocks more volatile,” said subsequent weakness of the
Put in place two years ago, in-house research teams. The ing to Pieter Taselaar, founder Martin Todd, who runs a £600 pound hurt smaller, domesti-
the regulations, known as the knock-on effect is analysts are of Lucerne Capital Manage- million ($784 million) fund at cally focused stocks in recent
European Union’s second Mar- covering some stocks in less ment, which focuses on Euro- U.K.-based Hermes Investment years.
kets in Financial Instruments depth or not at all. Hedge pean stocks valued between $1 Management. “Stocks move But new political leadership
Directive, or Mifid II, require funds are seizing on this infor- billion and $15 billion. more on results, and liquidity Please turn to page B8
BUSINESS
Lululemon raises
Ghosn Colleague Fears Own forecast on robust
demand during
Defense Harmed by Escape holiday stretch. B3
BY SEAN MCLAIN “I don’t know how you can
have a fair trial, when the
Greg Kelly, the man Carlos main witness is gone,” he said
Ghosn left behind to face in his first interview since Mr.
charges of financial crimes Ghosn jumped bail late last
alone, says his own case will month.
suffer without his one-time Mr. Kelly, 63 years old, was
boss. arrested with Mr. Ghosn in No-
SHIHO FUKADA FOR THE WALL STREET JOURNAL

Mr. Kelly had expected Mr. vember 2018 and later re-
Ghosn, the former chairman of leased on bail. He has spent
Nissan Motor Co., to speak in recent months preparing with
his defense against Japanese his attorney for his own trial.
charges he tried to hide tens A date for the trial hasn’t been
of millions of dollars in Mr. set.
Ghosn’s compensation. With Japanese prosecutors have HEARD ON THE
him gone, Mr. Kelly, a former charged the two men with try- STREET
senior executive at the com- ing to hide plans to pay Mr.
pany, says his trial will be ad- Ghosn over $80 million after
Taiwan can keep
versely affected: Mr. Ghosn he retired, in violation of a growing without
was key to corroborating his Japanese law requiring the Beijing’s approval. B10
Greg Kelly and his wife, Dee, in Tokyo. Mr. Kelly is prohibited from leaving Japan as he awaits trial. side of the story, he said. Please turn to page B2
P2JW014000-4-B00200-1--------XA
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B2 | Tuesday, January 14, 2020 * * * * THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A F Nissan Motor..............B1
Albertsons...................B1 Facebook..............B9,B10 Novartis ...................... A1
Alcoa............................B8 Five Below .................. B9 Nvidia..........................B9
Alibaba Group Holding Flipkart Group.............B4 P
.....................................B9 Ford Motor..................B2 Pangda Automobile
AllianceBernstein Freeport-McMoRan.....B9 Trade ......................... B2
Holding......................B8 G PayPal Holdings..........B1
Alnylam Geely Automobile Plaid.............................B1
Pharmaceuticals.......A1 Holdings....................B2 PSA Group...................B2
Alphabet......................B9 General Motors...........B1 R
Amazon.com..........B4,B9 Gizmodo Media GroupB3 Rio Tinto ..................... B9
Andreessen Horowitz.B8 Great Hill Partners.....B3
Apple......................A1,B9 S
H
AXA.............................B8 SAIC Motor.................B2
Hexcel..........................B9 Sanofi..........................A1
B Honda Motor...............B2 Sony...........................B10
Baidu ........................... B9 HP................................B4 Suzuki Motor..............B2
Barrick Gold................B9 Hyundai Motor............B2

KELLY WANG/AGENCE FRANCE-PRESSE/GETTY IMAGES

T
Boeing ......................... B8 I-J
Telecom Italia.............B8
C Infrastrutture Wireless Tesla.......................B2,B9
Caterpillar ................... B8 Italiane......................B8
Toyota Motor..............B2
Cerberus Capital JPMorgan Chase.........B9
Twitter ........................ B9
Management.............B1 K-L U
Cigna ........................... A6 Kleiner Perkins Caufield
Citigroup......................B9 UnitedHealth Group....B8
and Byers..................B8
Constellation Brands..A6 Lenovo Group..............B4 V
D Lululemon ................... B3 Visa..............................B1
Dell Technologies........B4 M-N W
Delta Air Lines......B8,B9 Mastercard..................B8 Walmart......................B4
Diageo.........................A6 Microsoft.....................B4 Wine.com....................A6
DX (Group)..................B8 Netflix.........................B9 Woodward...................B9
A new Ford Escape is displayed at a press event in Shanghai last April. Auto sales in China fell for a second straight year in 2019.

INDEX TO PEOPLE Chinese An expanding middle class

fueled demand for new vehi-
to 1.2 million vehicles, the
China Association of Automo-
Toyota Motor Corp. and
Honda Motor Co. both posted
cles, prompting foreign auto bile Manufacturers said. 9% annual sales growth. And

Auto Firms
A Hainlin, Thomas..........B8 Q makers to create joint ven- China’s economic slowdown as many luxury brands post
Adkerson, Richard ...... B9 Haselden, Stuart ........ B3 Qin, Jingbo..................B2 tures with locals and invest isn’t helping. Investment in solid sales, U.S. luxury elec-
Athey, James..............B9 Hockey, William..........B8 heavily in building new plants. sectors including manufactur- tric-car maker Tesla Inc. built
R
B
Bergsund, Rich ........... A6
Bernstein, Erik............B3
I-J
Iyer, Krish....................B4
Jing, Yang....................B2
Rand, Brandy .............. A1
Reilly, Kevin................A2
Reith, Ryan ................. B4
Struggle The total number of cars
owned by China’s 1.4 billion
citizens reached 260 million
ing and industry is slowing.
Real-estate prices have
climbed in many cities, leaving
a factory last year in Shang-
hai, where it has recently be-
gun assembling Model 3 se-
Besaw, Jim..................B9 K last year. potential car buyers with less dans and later plans to
S Continued from page B1 The mood began to change disposable income. In Tang- manufacture the Model Y com-
Bristow, Mark.............B9 Kelly, Al.......................B1
Buberl, Thomas...........B8 Sankaran, Vivek..........B1 last year and warned of a in early 2018 after a tax rebate shan, consumers and dealers pact sport-utility vehicle.
Kelly, Dee....................B2
Schmidt, Susan...........B9 tough 2020. that had helped fuel sales of say the slowing economy has Many dealers in China are
D Kelly, Greg...................B1
Spanfeller, Jim............B3 Ford Motor Co.’s annual many domestic brands ended, made people more cautious being squeezed. In 2018, 53.5%

.
d'Andlau, Anne-Sophie Kitagawa, Mikako.......B4
Korey, Steph ............... B3 T sales fell for the third year in and the decline began that about splurging on big-ticket of the roughly 1,400 dealer-

ly
.....................................B8 a row, by 26% to 570,000 vehi- summer as U.S.-China trade items like automobiles. ships polled had posted losses,
Davis, Ziff...................B3 M Taselaar, Pieter...........B1
cles—less than half the nearly tensions brewed. Auto makers operated at according to a survey the
G-H McDonald, Calvin........B3 Tipp, Robert................B9
1.3 million vehicles it sold at The rebate, which halved 76.1% of their production ca- China Auto Dealers Chamber
Meidar, Liad................B8 Todd, Martin ............... B1
Garcia, Stacia..............A6
on its peak in 2016. the 10% tax rate before raising pacity in the July-September of Commerce released in April.
Ghosn, Carlos..............B1 P W France’s PSA Group, which it to 7.5%, was first offered in period, down 3.5 percentage Around 1,000 dealerships
Golub, Jonathan..........B8 Pearson, Mark.............B8 Wöllenstein, Stephan.B2 owns Peugeot, exited from a 2015 for small-engine vehicles, points from a year earlier for closed in the first nine months
Gosden, Adrian...........B8 Perret, Zach................B8 Wraith, John...............B8 joint venture with a local part- making new cars more afford- a fifth straight quarter of de- of 2019, said Lang Xuehong,
ner in recent weeks. Tang- able for lower-income consum- cline, data from the National deputy secretary-general of
us l,

shan-based Pangda Automo- ers, many of whom live in China Automobile Dealers As-

Ghosn mately, I had to tell the truth. bile Trade Co., once one of smaller cities. But the policy sociation. For all of 2019 and
al a

My view is we tried, with legal China’s biggest dealership likely also frontloaded de- the first half of 2020, the as-
e
advice, to take appropriate ac- chains, went bankrupt last mand, analysts said, and when
Dealerships and sociation expects 6,000 deal-

Colleague tion to retain Carlos Ghosn. year. the government removed the plants are suffering ers to shut down—represent-
ci on

We didn’t violate any criminal “This is now the new nor- incentive, the appetite for new ing one-fifth of China’s dealers
laws.” mal,” Volkswagen Group China cars diminished.
after 30 years of overall, she said.

Left Behind Mr. Kelly refused to be

drawn to comment on Mr.
Ghosn’s recent actions. “The
Chief Executive Stephan Wöl-
lenstein said in an interview
om in November.
Some analysts say the mar-
ket still has room for growth,
since China’s car ownership
industry growth. The fallout is particularly
pronounced in smaller cities
that once drove market
er rs

difference between Carlos Other major markets typi- rate is much lower than in growth. At a small Tangshan
Continued from page B1 Ghosn and me, right now, is cally see ups and downs in car other major markets. Only 173 Bureau of Statistics show. auto show in November, Qin
disclosure of executive pay. that I’m still in the system,” he demand every few years, but of every 1,000 people own a Those suffering include Chi- Jingbo, a 28-year-old dealer of
Both men say they didn’t com- said. China has known only growth car in China, compared with nese auto makers like SAIC Geely cars waited for potential
m e

mit any crime. Mr. Kelly faces His wife, Dee Kelly, by his for three decades. 837 in the U.S., according to Motor Corp. and Geely Auto- customers. Mr. Qin’s dealer-
up to 10 years in prison if he is side, said Mr. Ghosn “had to The slump, he said, is “a McKinsey & Co. But “it may mobile Holdings Ltd. that sell ship used to sell more than
found guilty. do what was right for him and new phenomenon in China take a few years for the im- lower-price vehicles, as well as 200 vehicles a month but now
m rp

Mr. Ghosn has said Nissan his family. It’s not really for which nobody was really pact of the tax rebate program American, French and South sells around 150, he said,
executives, including Mr. Kelly, me to say. It was probably a aware of—that an automotive to fully dissipate,” said Jing Korean companies. blaming economic uncertainty
tried to find ways to pay him very difficult choice for him to market also could turn down.” Yang, director of corporate re- Hyundai Motor Co. and its for curbing consumer demand.
more money to keep him at make, but he took the choice.” The downturn has been un- search at Fitch Ratings. subsidiary Kia Motors Corp. China’s fight against pollu-
the company. The two defen- Mr. Kelly said work at his folding for the past year and a Policy reversals on govern- said their combined vehicle tion has led many Tangshan
co Fo

dants have said they had dis- attorney’s office wraps up at half. ment subsidies for “new-en- sales globally in 2019 were the steel plants to halt operations
cussed ways to pay Mr. Ghosn around 6 p.m., when he re- Beginning around 1990, ergy vehicles,” including elec- lowest in seven years, partly periodically to control air
additional money without dis- turns to his one-bedroom China’s auto market grew con- tric cars, further upended the because of China. Japan’s Su- quality, hitting workers’ sala-
closing it in regulatory filings, apartment, decorated with tinuously from virtually noth- market. Since the bulk of the zuki Motor Corp. retreated ries and making employment
but maintain the amounts family portraits. He has a large ing, eclipsing the U.S. by 2009 subsidies expired in June, from China in 2018 after sales less certain, dealers said.
didn’t need to be disclosed be- TV, where he and his wife have and posting many years of their sales have declined for soured. —Raffaele Huang, Yin Yijun
cause the discussions were hy- been watching their Tennessee d o u b l e - d i g i t - p e r c e n t a ge six straight months into De- Other Japanese car makers and Bingyan Wang
pothetical and not binding on Titans make a surprise run in growth along the way. cember. In 2019, sales fell 4% have increased market share. contributed to this article.
the company. the playoffs, or video chatting
Mr. Ghosn faces additional with family back home.
charges in Japan, allegations
he has also denied. But the
two were set to stand trial to-
At Mr. Ghosn’s press confer-
ence in Lebanon on Jan. 8, Mr.
Kelly watched his old boss de-
Albertsons The Marketplace
ADVERTISEMENT

gether on the compensation is- fend his decision to flee. Mr.

Readies for
n-

sue. Ghosn praised Mr. Kelly’s re- To advertise: 800-366-3975 or WSJ.com/classifieds

Mr. Kelly, a U.S. citizen, is fusal to cut a deal, calling him
prohibited from leaving Japan,
but has never faced the same
an honorable man, and urged
the world not to forget him. An IPO NOTICE OF SALE BOATING
no

limits on his actions as Mr. “If someone recognizes you <E" J,G=
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Mr. Kelly has eight­ The retired accountant saw it the bulk of drugstore chain
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through this data.” It is the inevitable side ef- –1 Kroger Pg*N eNf*I)N g) J))-*<\\Pg*N*]-+I1NPFN+G]P/1\R(++gcZ0N+Kc` g0O aII` g0c -N+*/0 /+ N0)I)c eI)J g ()''& "$*0#+$0!%*"
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Mr. Kelly isn’t sure pre- fect of getting old, Mr. Kelly ;CD>)A:)D-)> C' VH!Y!D% <C 2!E)Y& V!Y) HD 7F>)-<!CD* 1%U !5GBU #G I%BABU W## H5A9D B# BA'I9U L9I
cisely what he is even looking says. –2 5% #3\I$BA#% B# B#I <59I #% #G 3IH#GI B#I <59I F3\I$BA#% +I5"9A%I A% 5$$#G"5%$I WAB# B#I /A""A%E '%8(>;$@ !,%;()
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for. “A lot of these discussions “I get back up and keep E
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/52, 5$,!06 /-1/2" ,).3'!725
took place five, six, seven running. I don’t want to sound –3 fN /f)gI0NO /0 )JN eNf*I)N /L )JN lNf)/+*2 PFgI1* g0O 0/)IPI0K gKN0) g) J))-*<\\Pg*N*]-+I1NPFN+G]P/1\ &0-*&5 .02-05 7&(-05((+
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years ago,” he said. like I’m complaining. I’m deal- FY2017 ’18 ’19 lNf)/+*2 *N+'IPN gOO+N** I0 )JN*N PJg-)N+ EE Pg*N* I* B@DD@ Qg)I/0gF 8/gO_ 7)] !FgI+*'IFFN_ ;JI/ BC=A[]
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He said he was given the ing with it,” he said.
D

Notes: Fiscal years end in February; )N+1* I0 )JN "IOOI0K :+/PNO(+N* ag* ONh0NO JN+NI0`] 1 #I:4/:.7+F $476 1
opportunity to cut a deal with —Peter Landers excludes fuel sales *377 &2?4- "BC#"90#AD"9
prosecutors, but didn’t. “Ulti- contributed to this article. Sources: the companies
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 14, 2020 | B3

BUSINESS NEWS

Startup CEO, in Lululemon Boosts Forecast

Reversal, Decides After Strong Holiday Stretch
Not to Resign Post BY MICAH MAIDENBERG
BY CHARITY L. SCOTT application, according to the
Verge article. The company said Lululemon Athletica Inc.
A month after she said she it employs about 500 people. said it saw strong customer
would step down as chief exec- The Verge article included demand over the latest holiday
utive of online luggage seller accusations that Ms. Korey reg- shopping season, prompting
Away, Steph Korey now says ularly criticized employees in the activewear retailer to raise
she is keeping her job. public channels. It also said the its financial forecast for its
Ms. Korey, who resigned in company sought to stifle pri- current quarter.
December after an article in the vate communication between The seller of yoga apparel,

CAYCE CLIFFORD FOR THE WALL STREET JOURNAL

Verge criticized her manage- employees, forbidding them running pants and other items
ment style as harsh, said she from sending emails to each designed for workouts said
and her presumptive successor other. Monday that shoppers re-
will be co-CEOs of the New The article elicited strong sponded well to its merchan-
York-based startup. She was criticism of Ms. Korey on social dise during the critical holi-
previously going to become ex- media, including calls for her day-shopping period.
ecutive chairman. firing. Shares of Lululemon rose
In a message Monday to em- After it was published, Ms. 4.4% on Monday, to $245.18,
ployees that was provided by Korey apologized in a Dec. 6 an all-time high.
Away, Ms. Korey, who is in her statement shared on Twitter, Lululemon fueled its busi-
early 30s, said the initial deci- calling her behavior “wrong, ness by selling women rela-
sion to reshuffle the leadership plain and simple.” She also said tively expensive yoga pants
she was working with an execu- and related clothing that could The company said shoppers responded well to its upscale yoga and workout merchandise.
tive coach to “improve as a be worn during workouts and
Steph Korey leader.” outside of the gym. In doing which consumers received company in 2018, wants to now expects to generate be-
told employees Away is demanding unspeci- so, it helped define the “ath- pants or shorts, fitness classes double Lululemon’s men’s tween $1.37 billion and $1.38
she will remain fied corrections and retractions leisure” trend in active wear and free expedited shipping business by the end of 2023. billion in revenue for its fiscal
in charge of to the Verge article, Ms. Korey and spawned competitors. for a $128 annual fee. Revenue for men’s apparel fourth quarter, which ends Feb.
online luggage wrote in Monday’s message to The company has moved to Lululemon has also pushed rose 38% year-over-year in the 2. It previously forecast no
seller Away as employees. The Verge didn’t re- keep shoppers engaged by to offer more apparel for men, company’s third quarter, amid more than $1.33 billion for the
co-chief. spond to a request for comment. sponsoring events like yoga including a $198 jacket and strong sales of outerwear, period. Lululemon now antici-
The Verge told the New York classes in its stores and jog- sweatpants that cost $128. pants and underwear. pates it will earn $2.22 to $2.25
Times it stands by its reporting. ging sessions. It began testing Calvin McDonald, who took The Vancouver, Canada, a share for the quarter, topping
ranks was an attempt to pro- Away already had recruited a loyalty program in 2018 in over as chief executive of the company on Monday said it its prior range for profit.
tect the company after the arti- Stuart Haselden from Lulu-
cle “unleashed a social media lemon Athletica Inc. before the
mob.” She told the New York
Times it was a mistake to “let
Verge article was published.
The company sped up its plans G/O Media Staff Ask Owners to Replace Chief

.
some inaccurate reporting in- as the reaction intensified, say-

ly
fluence the timeline of a transi- ing last month that Mr. BY BENJAMIN MULLIN by The Wall Street Journal. more than 95% of employees in across the company’s websites,
tion plan that we had.” Haselden would become CEO, “We ask for Jim Spanfeller the company’s editorial union— which include tech site Giz-
The episode highlights the and Ms. Korey would shift into Employees in G/O Media’s to be replaced with a CEO that about 125 people—voted to ex- modo, do-it-yourself site Life-
rising power of employees to an executive chairman role, ef- on editorial union urged the com- is committed to excellence and press a lack of confidence in hacker and women-focused site
put pressure on leaders whose fective Jan. 13. pany’s private-equity owners to growth of the company while Mr. Spanfeller’s leadership last Jezebel. It includes the editors-
behavior they don’t like, and Ms. Korey will now share the replace G/O Chief Executive Jim making G/O a place that retains week. in-chief of the sites and its
the potential perils for compa- top role with Mr. Haselden, Lu- Spanfeller in a letter Monday, and attracts the best talent,” Mr. Spanfeller, a longtime writers, along with the com-
nies that respond quickly and lulemon’s former operating saying a change in leadership the letter said. media executive who has pany’s social-media and video
us l,

forcefully to the criticism and chief, but their responsibilities was required to improve the “We are disappointed that worked at Forbes and Mashable producers. It doesn’t include
ensuing backlash. would follow the original plan, performance of the publisher of the Union has chosen to use owner Ziff Davis, became CEO the company’s business or tech-
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“There is that pressure to do she said Monday. Jezebel, Gizmodo and Life- tactics that are designed to di- of G/O Media after Great Hill nology units.
something, but doing some- She said the initial executive hacker. vide and harm both the Com- Partners agreed to acquire the Relations between unionized
thing doesn’t always have to be changes were misinterpreted as The letter, which is ad- pany and their co-workers,” a sites—then known as Gizmodo employees at G/O Media and
ci on

making a final decision,” said her exiting the company. “So, let dressed to G/O Media owner spokesman for Great Hill Part- Media Group—from Univision management have deteriorated
Erik Bernstein, the president of me clear that up: I am not leav- Great Hill Partners, said Mr. ners said. Communications Inc. last year since last October, when writ-
Bernstein Crisis Management. ing the company,” she wrote. Spanfeller’s leadership of the Some 55.1 million people vis- for an undisclosed sum. Mr. ers and editors of the sports
Away is a fast-growing Ms. Korey’s decision to stay company has resulted in de- ited the company’s sites in No- Spanfeller is also a shareholder site Deadspin resigned in a
startup that has touted its trans- in her role was reported earlier creased web traffic and in- vember, a roughly 16% decrease in the company. group to protest Mr. Span-
er rs

parent workplace, where most by the New York Times. creased turnover among em- from the same month a year The company has about 400 feller’s rule that employees of
employee communications were —Rachel Feintzeig ployees, according to the letter, earlier, according to analytics employees. The editorial union the site should “stick to sports”
public on the Slack messaging contributed to this article. a copy of which was reviewed firm Comscore. The letter said represents about 133 employees in their coverage.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Tuesday, January 14, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

India Probes Amazon, Flipkart PC Sales

Antitrust investigation
Post Yearly
is New Delhi’s latest
attempt to curb tech
Gain, First
giants in huge market Since 2011
BY NEWLEY PURNELL BY MICAH MAIDENBERG

NEW DELHI—India’s anti- Personal-computer ship-

trust watchdog ordered a ments rose in the fourth quar-
probe into whether Ama- ter, boosted by businesses that
zon.com Inc. and Walmart moved to snap up devices run-
Inc.’s Flipkart have violated ning a newer version of Micro-
competition laws, New Delhi’s soft Corp.’s Windows operating
latest move to try to rein in system, according to the latest
American tech giants that data from two industry re-
dominate its burgeoning inter- search firms.
net economy. The fourth-quarter gains
The investigation launched helped the market for PCs grow
by the Competition Commis- year over year in 2019 for the
sion of India on Monday said first time since 2011, Interna-
it would focus on allegations tional Data Corp. and Gartner
that the U.S. titans promote Inc. said Monday.
“preferred sellers” of goods on Businesses have raced to buy
DHIRAJ SINGH/BLOOMBERG NEWS

their platforms, which may computers with Windows 10

have hurt smaller rivals. software, replacing those run-
“It has been alleged that ning Windows 7, which Micro-
most of these preferred sellers soft said it would stop support-
are affiliated with or con- ing on Tuesday.
trolled by Flipkart or Amazon, “The PC market experienced
either directly or indirectly,” growth for the first time since
the order said. 2011, driven by vibrant business
A Flipkart spokesman said demand for Windows 10 up-
the company is currently re- The e-commerce giant said it is confident in its compliance and defended its dealings with small business. A company office in Hyderabad. grades,” said Mikako Kitagawa,
viewing the order, and that it Gartner senior principal analyst.
is “fully compliant with all ap- startup, Flipkart. Between Gartner said computer mak-
plicable laws” and foreign di- them, Amazon and Walmart’s Walmart Lays Off ciently, which requires us to re- was needed as the company ers shipped 70.6 million units
rect investment rules. He said Flipkart account for more than view our corporate structure to shifts away from opening more in the fourth quarter, up 2.3%
the company has helped give 80% of all online shopping Managers as It ensure that we are organized stores quickly and building its from the year earlier.
market access to hundreds of sales, according to Morgan Revamps in Nation in the right way.” own logistics chain, and invests Fourth-quarter shipments
thousands of small businesses Stanley. Walmart India has 5,391 more in developing e-com- for desktops, notebooks and
and sellers. After Walmart sealed the employees in the country. merce and delivery technology, other computers increased

.
An Amazon spokesman said acquisition, India changed its NEW DELHI—Walmart Inc. India’s restrictions on for- the person said. 4.8% from the year earlier to

ly
the company welcomes the rules governing how foreign- has laid off more than 50 of eign investment in retail have Walmart’s more than one 71.8 million units, the best
chance to address the allega- owned online retailers—but its managers in India as it piv- kept Walmart from selling di- million member customers in quarterly total since the fourth
tions. “We are confident in our not local companies—sold ots its focus to business-to- rectly to consumers there for India are mostly small busi- quarter of 2015, IDC said.
compliance, and will cooperate goods online, forcing Amazon on business e-commerce to take decades through stores. In- nesses, such as restaurants, IDC and Gartner use differ-
fully” with the commission, he and Walmart to modify their on Amazon.com Inc. and other stead it has set up wholesale hotels and mom-and-pop gro- ent definitions of PCs, resulting
said. The company has in the supply chains. rivals in the South Asian na- stores. Growth has been slow cery stores, called kirana. in different shipment numbers.
past said it has helped small The Competition Commis- tion. but it bought one of India’s “You look at the kirana Lenovo Group Ltd., HP Inc.
businesses and local compa- sion of India in 2018 fined Walmart said Monday that largest e-commerce companies, stores and there is a change of and Dell Technologies Inc.
us l,

nies sell online, boosting the Google 1.36 billion rupees ($19 it has let go of 56 managers— Flipkart Group, for $16 billion focus. Members are going on- continued to dominate the in-
Indian online shopping sector. million) for what it said was eight of whom were senior—as in 2018 to turbocharge its ex- line now and fewer are going dustry, controlling about 66%
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Hoping to match China’s an abuse of its role as the it reorganizes operations of its pansion. to stores,” the person said. of market share between them
success at fostering its own country’s top search engine to more than 25 Best Price The management shake-up “Business is growing very rap- as of the fourth quarter, IDC
homegrown technology com- favor its own services. wholesale outlets in India. is part of Walmart’s plans to idly but the propensity to visit said. Gartner put the three
ci on

panies, Indian policy makers Facebook Inc. and its “Our members are increas- use the know-how, connections stores is less today.” companies’ share at 65%.
have been taking steps to re- WhatsApp messaging service, ingly becoming omnichannel and talent it acquired when it India’s massive retail mar- “The market will still have
strict U.S. players in the along with Netflix Inc. and shoppers,” buying both online bought Flipkart to grow much ket is largely untouched by its challenges ahead, but this
world’s biggest untapped tech Google’s YouTube, are among and offline, Krish Iyer, president faster and better serve its global retailers and tough to year was a clear sign that PC
market. the country’s most used apps. and chief executive of Walmart members online, said one per- crack because it is dominated demand is still there” despite
er rs

Walmart in 2018 signed a —Krishna Pokharel India, said. “We are also looking son familiar with its plans. by millions of tiny shops. competition from mobile de-
$16 billion deal to acquire In- and Rajesh Roy for ways to operate more effi- The change in management —Eric Bellman vices, said Ryan Reith, IDC pro-
dia’s biggest local e-commerce contributed to this article. gram vice president.
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THE WALL STREET JOURNAL. Tuesday, January 14, 2020 | B5

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
28907.05 s 83.28, or 0.29% Trailing P/E ratio 21.52 19.87 3288.13 s 22.78, or 0.70% Trailing P/E ratio * 25.46 20.48 9273.93 s 95.07, or 1.04% Trailing P/E ratio *† 28.05 20.54
High, low, open and close for each P/E estimate * 19.50 15.31 High, low, open and close for each P/E estimate * 19.65 15.15 High, low, open and close for each P/E estimate *† 24.05 17.75
trading day of the past three months. Dividend yield 2.20 2.32 trading day of the past three months. Dividend yield * 1.82 2.10 trading day of the past three months. Dividend yield *† 0.97 1.17
All-time high 28956.90, 01/09/20 All-time high 3288.13, 01/13/20 All-time high: 9273.93, 01/13/20

Current divisor 0.14744568353097

29000 3300 9400

28500 3225 9100

28000 3150 8800

27500 3075 8500

Session high
DOWN UP 27000 3000 8200
t

Session open Close

65-day moving average 65-day moving average
65-day moving average Close Open 7900
t

26500 2925

Bars measure the point change from session's open Session low
26000 2850 7600
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 834,367,726 16,097,618
Industrial Average 28909.91 28819.43 28907.05 83.28 0.29 28956.90 23909.84 20.9 1.3 13.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 554,599,134 6,177,752
Transportation Avg 11065.76 10974.43 11062.74 88.86 0.81 11098.99 9557.70 14.9 1.5 6.3 Most-active issues in late trading Decl. volume* 261,899,345 9,755,082
Utility Average 882.12 873.73 879.69 5.59 0.64 880.50 695.08 26.6 0.1 10.2 Volume After Hours Issues traded 3,008 278
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 33603.05 33383.65 33603.04 243.38 0.73 33603.04 26623.76 26.2 1.7 12.4 Advances 2,053 131
Enphase Energy ENPH 8,147.7 30.92 0.13 0.42 30.98 30.58
Barron's 400 738.21 733.36 738.20 5.04 0.69 738.20 638.79 14.2 0.8 6.6 Declines 864 131
VanEck Vectors Gold Miner GDX 6,953.1 27.74 -0.03 -0.11 27.81 27.71
Unchanged 91 16
Nasdaq Stock Market Finl Select Sector SPDR XLF 6,223.6 30.98 0.08 0.26 30.98 30.90 New highs 243 9
Nasdaq Composite 9274.49 9193.06 9273.93 95.07 1.04 9273.93 6905.92 34.3 3.4 18.5 SPDR S&P 500 SPY 5,329.3 328.11 0.16 0.05 328.16 327.73 New lows 23 2
Nasdaq 100 9071.53 8991.35 9070.65 104.01 1.16 9070.65 6541.04 38.7 3.9 21.5 iShares MSCI Emg Markets EEM 4,533.9 46.39 0.09 0.19 46.43 46.27 Closing Arms† 1.17 1.67
Yamana Gold AUY 4,388.8 3.63 0.04 1.11 3.63 3.59 Block trades* 5,416 149
S&P
Visa Cl A V 4,226.7 195.33 ... unch. 195.99 194.75

.
500 Index 3288.13 3268.43 3288.13 22.78 0.70 3288.13 2582.61 27.3 1.8 13.1 Nasdaq NYSE Arca
Microsoft MSFT 3,747.1 163.30 0.02 0.01 163.55 162.29
2068.42 2049.84 16.76 2068.13 1753.17 0.2

ly
MidCap 400 2068.13 0.82 18.0 7.0 Total volume*2,555,649,016 215,742,276
SmallCap 600 1020.46 1008.29 1020.33 9.49 0.94 1024.69 888.72 14.1 -0.1 6.7 Percentage gainers… Adv. volume*1,696,530,684 134,188,730
RTI Surgical RTIX 357.9 5.45 2.69 97.46 6.37 2.76 Decl. volume* 832,211,320 75,563,815
Other Indexes on Merit Medical Systems MMSI 87.9 37.40 2.75 7.94 40.60 34.36 Issues traded 3,337 1,591
Russell 2000 1669.61 1652.32 1669.61 11.96 0.72 1678.01 1432.81 16.5 0.1 6.8
Advances 2,053 1,207
NYSE Composite 14042.65 13963.87 14042.65 84.68 0.61 14042.65 11799.11 19.0 0.9 7.7 Party City Holdco PRTY 563.7 2.79 0.15 5.68 2.79 2.61
Declines 1,189 357
Value Line 553.49 548.49 553.49 4.19 0.76 553.49 490.20 10.5 0.2 2.5 Matador Resources MTDR 58.6 18.19 0.86 4.96 18.19 17.32
Unchanged 95 27
NYSE Arca Biotech 5181.71 5052.10 5095.04 -105.69 -2.03 5261.79 4098.37 8.7 0.5 16.2
Agios Pharmaceuticals AGIO 67.3 47.40 2.09 4.61 49.99 45.31
New highs 279 366
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NYSE Arca Pharma 657.80 653.78 656.18 1.02 0.16 656.63 552.42 17.4 0.4 10.5 ...And losers New lows 34 41
KBW Bank 111.82 110.77 111.82 0.69 0.62 114.12 89.30 22.0 -1.4 6.3 GameStop Cl A GME 340.4 4.92 -0.51 -9.39 5.44 4.81 Closing Arms† 0.85 1.67
al a
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PHLX§ Gold/Silver 101.88 100.19 100.19 -2.06 -2.01 107.17 66.14 40.8 -6.3 4.8 NantKwest NK 1,775.2 6.30 -0.50 -7.35 8.67 5.45 Block trades* 12,133 1,052
PHLX§ Oil Service 76.95 75.69 76.50 -0.64 -0.83 102.39 59.66 -18.9 -2.3 -25.6 Adaptimmune Therap ADR ADAP 142.2 3.77 -0.22 -5.51 4.03 3.71 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1892.38 1873.71 1890.79 24.44 1.31 1890.79 1185.95 58.3 2.2 26.9 FuelCell Energy FCEL 1,157.8 2.01 -0.04 -1.95 2.07 1.85 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 13.09 12.32 12.32 -0.24 -1.91 24.59 11.54 -35.4 -10.6 3.1 Air Transport Services ATSG 59.1 22.78 -0.43 -1.85 23.21 22.78 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

er rs

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3272.59 12.02 0.37 0.7 NantKwest NK 6.80 3.24 91.01 6.80 0.95 400.0 Acasti Pharma ACST 0.76 -1.42 -65.14 3.08 0.51 -33.9
m e

DJ Global Index 439.71 2.18 0.50 1.3 BioCardia BCDA 5.68 1.79 46.02 17.50 3.15 -62.4 Stage Stores SSI 3.15 -4.17 -56.97 9.50 0.55 298.7
DJ Global ex U.S. 265.59 0.61 0.23 0.8 Primo Water PRMW 13.91 2.82 25.43 16.35 9.54 1.2 Aquestive Therapeutics AQST 4.36 -2.25 -34.04 10.00 2.95 -41.6
Cardlytics CDLX 85.05 16.82 24.65 85.51 13.92 467.0 Ameri Holdings AMRH 1.85 -0.61 -24.71 12.00 1.67 -68.5
m rp

Americas DJ Americas 773.77 5.29 0.69 1.7

Brazil Sao Paulo Bovespa 117325.28 1821.86 1.58 1.5 Liquidia Technologies LQDA 5.55 1.02 22.52 20.16 2.65 -68.7 ViewRay VRAY 2.86 -0.90 -23.87 9.76 2.12 -58.0
Canada S&P/TSX Comp 17293.42 58.93 0.34 1.3 Verona Pharma ADR VRNA 7.23 1.27 21.31 12.89 3.65 3.7 Tilly's TLYS 9.08 -2.60 -22.26 13.11 7.62 -23.8
Mexico S&P/BMV IPC 44847.47 187.14 0.42 3.0 CEL-SCI CVM 9.34 1.56 20.05 9.99 2.37 251.1 Inogen INGN 47.69 -13.48 -22.04 155.75 41.19 -65.9
Chile Santiago IPSA 3541.19 –26.71 –0.75 6.2 Broadvision BVSN 2.96 0.49 19.84 3.58 1.05 99.6 SELLAS Life Sciences SLS 2.95 -0.71 -19.40 82.50 2.90 -96.2
Beyond Meat BYND 114.34 18.27 19.02 239.71 45.00 ... Mediaco Holding MDIAV 4.75 -1.14 -19.32 17.00 1.10 ...
EMEA Stoxx Europe 600 418.39 –0.75 –0.18 0.6
co Fo

La Jolla Pharmaceutical LJPC 7.00 1.00 16.67 13.90 2.30 11.8 SemiLEDS LEDS 1.98 -0.41 -17.15 5.57 1.93 -29.5
Eurozone Euro Stoxx 408.24 –0.74 –0.18 1.1
Belgium Bel-20 3984.58 –25.30 –0.63 0.7 Alpine Immune Sciences ALPN 4.41 0.61 16.05 8.24 2.25 -21.9 Urovant Sciences UROV 11.51 -2.35 -16.96 15.98 6.45 29.6
Denmark OMX Copenhagen 20 1141.15 2.42 0.21 0.5 KBS Fashion Group KBSF 2.55 0.35 15.99 4.93 1.85 -33.7 Salarius Pharmaceuticals SLRX 3.14 -0.64 -16.93 24.45 2.90 -64.9
France CAC 40 6036.14 –0.97 –0.02 1.0 Profound Medical PROF 12.97 1.72 15.30 13.00 5.00 106.8 Cassava Sciences SAVA 6.99 -1.16 -14.23 10.95 0.86 547.2
Germany DAX 13451.52 –31.79 –0.24 1.5 Fulcrum Therapeutics FULC 21.26 2.75 14.86 22.96 4.37 ... Origin Agritech SEED 8.80 -1.44 -14.06 10.73 4.44 47.4
0.08 –0.2 Trans World Entertainment TWMC 2.63 0.34 14.85 20.00 1.68 -79.8 CounterPath CPAH 3.37 -0.55 -14.03 6.00 0.83 140.1
Israel Tel Aviv 1679.29 1.41
Italy FTSE MIB 23896.59 –124.80 –0.52 1.7
Netherlands AEX 608.90 –1.54 –0.25 0.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1619.73 5.04 0.31 4.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 57572.72 87.88 0.15 0.9
Spain IBEX 35 9543.90 –29.70 –0.31 –0.1 iShares MSCI Emg Markets EEM 79,530 38.9 46.30 1.56 46.32 38.72 CSOP FTSE China A50 ETF AFTY 607 5915 17.97 1.74 18.26 13.59
Sweden OMX Stockholm 692.00 2.28 0.33 1.6 General Electric GE 66,062 19.1 12.12 3.86 12.24 7.65 Primo Water PRMW 11,396 4288 13.91 25.43 16.35 9.54
Switzerland Swiss Market 10622.41 –17.08 –0.16 0.1 NIO ADR NIO 59,644 17.2 3.70 5.41 10.64 1.19 Verona Pharma ADR VRNA 4,514 3536 7.23 21.31 12.89 3.65
n-

1.34 5.1 Dare Bioscience DARE 58,719 23197.1 1.65 96.92 3.25 0.69 WisdomTree Japan SC DFJ 527 3174 73.46 0.55 75.89 62.54
Turkey BIST 100 120249.03 1585.33
0.39 1.0
Adaptimmune Therap ADR ADAP 56,041 13477.2 3.99 200.00 5.97 0.71 JPMorgan U.S. Qual Factor JQUA 871 2932 31.88 0.69 31.89 25.46
U.K. FTSE 100 7617.60 29.74
U.K. FTSE 250 21716.76 150.09 0.70 –0.8 Chesapeake Energy CHK 55,229 -31.0 0.68 -6.79 3.57 0.55 iShares MSCI China SC ECNS 158 2662 42.72 2.09 47.83 37.29
Acasti Pharma ACST 53,020 1737.1 0.76 -65.14 3.08 0.51 Hartford Mun Opps ETF HMOP 377 2624 42.09 0.07 44.52 39.96
no

Asia-Pacific
VanEck Vectors Gold Miner GDX 48,673 -4.7 27.77 -2.39 30.96 20.14 Patriot Transportation PATI 142 2142 19.25 -3.25 21.26 16.01
Australia S&P/ASX 200 6903.70 –25.33 –0.37 3.3
Ford Motor F 47,119 28.2 9.24 -0.11 10.56 8.16 Pacer CFRA-Stovall Eq Wt SZNE 710 2070 31.44 0.96 31.44 24.28
China Shanghai Composite 3115.57 23.28 0.75 2.1
Aurora Cannabis ACB 47,086 75.3 1.70 3.03 10.32 1.50 Milestone Pharmaceuticals MIST 288 2069 16.90 2.42 27.95 12.36
Hong Kong Hang Seng 28954.94 316.74 1.11 2.7
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 41859.69 259.97 0.62 1.5 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 23850.57 … Closed 0.8
Singapore Straits Times 3251.07 –4.88 –0.15 0.9 Track the Markets
South Korea Kospi 2229.26 22.87 1.04 1.4 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 12113.42 88.77 0.74 1.0 global stock indexes, bond ETFs,
Thailand SET 1586.16 5.53 0.35 0.4
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Mon YTDchg Mon YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004315 23174 0.01
Americas
Argentina peso .0167 59.9454 0.1 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2411 4.1468 3.2 Czech Rep. koruna .04417 22.640 –0.1

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7658 1.3058 0.5
.001291 774.60 4.8
Denmark krone
Euro area euro
.1490 6.7118 0.7
1.1134 .8982 0.7
notes and bonds major U.S. trading partners Colombiapeso .000306 3270.75 –0.3 Hungary forint .003336 299.72 1.5
A consumer rate against its New car loan
Ecuador US dollar 1 1 unch Iceland krona .008103 123.41 1.9
benchmark over the past year 4.00% Mexico peso .0532 18.7995 –0.7 Norway krone .1124 8.8966 1.3
Bankrate.com avg†: 4.46% 8%
Uruguay peso .02675 37.3900 0.7 Poland zloty .2630 3.8018 0.2
First Command Bank 2.99% Russia ruble .01632 61.263 –1.3
6.00% One year ago 3.00 4 WSJ Dollar index Asia-Pacific
Fort Worth, TX 888-763-7600 t s Sweden krona .1056 9.4654 1.1
Prime rate Australian dollar .6905 1.4482 1.6
Think Mutual Bank 2.99% Switzerland franc 1.0303 .9706 0.3
t 5.50 2.00 China yuan .1451 6.8937 –1.0
0 Turkey lira .1704 5.8676 –1.4
Rochester, MN 800-288-3425 Hong Kong dollar .1287 7.7709 –0.3
Ukraine hryvnia .0417 23.9713 1.3
New car loan India rupee .01414 70.728 –0.9
3.24%
t
5.00 Cambridge Savings Bank 1.00 –4 UK pound 1.2989 .7699 2.1
t s s Indonesia rupiah .0000732 13668 –1.5
Cambridge, MA 888-418-5626 Tradeweb ICE Monday Close Euro Japan yen .009095 109.95 1.2 Middle East/Africa
Yen
4.50 PNC Bank 3.34% 0.00 –8 Kazakhstan tenge .002642 378.46 –0.9 Bahrain dinar 2.6524 .3770 –0.01
Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 710 30 Macau pataca .1249 8.0079 –0.1 Egypt pound .0628 15.9298 –0.7
4.00 2019 2020 Malaysia ringgit .2462 4.0625 –0.7 Israel shekel .2885 3.4667 0.4
First Savings Bank of Hegewisch 3.50% month(s) years
F M A M J J A S O N DJ New Zealand dollar .6632 1.5078 1.5 Kuwait dinar 3.2949 .3035 0.1
Chicago, IL 773-646-4200 maturity Pakistan rupee .00646 154.850 –0.1 Oman sul rial 2.5972 .3850 0.01
2019
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0198 50.425 –0.6 Qatar rial .2746 3.642 –0.05
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7427 1.3465 0.04 Saudi Arabia riyal .2666 3.7516 0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008658 1154.95 –0.01 South Africa rand .0694 14.4060 2.9
Federal-funds rate target 1.50-1.75 1.50-1.75 1.75 l 2.25 1.00 Sri Lanka rupee .0055081 181.55 0.1
Yield (%) 52-Week Total Return (%) Taiwan dollar .03346 29.887 –0.1 Close Net Chg % Chg YTD%Chg
Prime rate* 4.75 4.75 4.75 l 5.50 1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03311 30.200 1.5 WSJ Dollar Index 90.31 0.07 0.08 0.84
Libor, 3-month 1.83 1.87 1.83 l 2.78 0.81
U.S. Treasury, Barclays 2279.360 1.780 1.740 2.710 1.510 7.32 3.31 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.50 0.57 0.50 l 0.78 0.20
2.270 16.58
Five-year CD, annual yield 1.40 1.41 1.40 l 2.07 0.20 U.S. Treasury Long, Barclays 4054.940 2.240 3.090 1.880 6.88
Commodities
30-year mortgage, fixed† 3.70 3.70 3.60 l 4.62 -0.40 Aggregate, Barclays 2133.520 2.270 2.250 3.330 2.060 8.94 4.03 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.28 3.30 3.14 l 3.90 -0.02 Fixed-Rate MBS, Barclays 2151.260 2.450 2.460 3.430 2.200 6.49 3.32
Jumbo mortgages, $510,400-plus† 4.20 4.17 4.02 l 4.71 -0.30 DJ Commodity 636.65 -2.95 -0.46 647.86 586.24 7.09 -0.88
High Yield 100, ICE BofAML 3207.873 4.566 4.647 6.847 4.524 11.10 5.78
Five-year adj mortgage (ARM)† 4.35 4.22 3.46 l 4.78 0.68 TR/CC CRB Index 183.01 -1.12 -0.61 189.66 167.89 2.93 -1.50
Muni Master, ICE BofAML 569.710 1.490 1.534 2.472 1.459 7.33 4.16 Crude oil, $ per barrel 58.08 -0.96 -1.63 66.30 50.51 14.99 -4.88
New-car loan, 48-month 4.46 4.46 4.41 l 4.81 1.42
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 885.802 4.779 4.809 6.835 4.779 12.96 5.72 Natural gas, $/MMBtu 2.182 -0.020 -0.91 3.591 2.070 -39.24 -0.32
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE BofAML Gold, $ per troy oz. 1548.40 -9.10 -0.58 1571.80 1269.30 20.11 1.90

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
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B6 | Tuesday, January 14, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures Cattle-Live (CME)-40,000 lbs.; cents per lb. March .6909 .6930 .6905 .6916 –.0004 144,742 June 3267.50 3291.00 s 3265.00 3290.10 25.10 27,555
Feb 127.350 127.400 126.450 126.550 –.875 107,938 Mexican Peso (CME)-MXN 500,000; $ per MXN Mini S&P Midcap 400 (CME)-$100 x index
Contract Open Jan .05318 .05328 .05306 .05303 –.00017 393
April 127.900 127.950 127.125 127.525 –.425 128,638 March 2052.50 2070.40 2049.20 2069.50 16.70 76,642
Open High hi lo Low Settle Chg interest .05273 .05284 .05254 .05275 .00001 287,775
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March June … 2069.10 2058.60 2075.40 16.40 57
Copper-High (CMX)-25,000 lbs.; $ per lb. Feb 66.975 67.050 t 65.575 65.900 –1.350 80,245 Euro (CME)-€125,000; $ per € Mini Nasdaq 100 (CME)-$20 x index
Jan 2.8620 2.8620 s 2.8555 2.8615 0.0430 1,932 April 73.850 73.925 t 72.725 73.375 –.750 84,596 Jan 1.1128 1.1136 1.1113 1.1125 .0003 1,322 March 8979.00 9095.50 s 8979.00 9088.25 110.00 209,612
March 2.8055 2.8640 s 2.8055 2.8610 0.0475 164,234 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 1.1162 1.1191 1.1157 1.1182 .0016 551,578 June 9017.25 9113.25 s 8998.50 9107.25 110.50 929
Gold (CMX)-100 troy oz.; $ per troy oz. Jan 394.70 395.00 389.00 393.60 1.60 109 Mini Russell 2000 (CME)-$50 x index
Jan 1557.40 1558.00 1548.90 1548.40 –9.10 31 March 415.90 424.40 415.80 422.60 6.40 2,309 Index Futures March 1657.00 1672.20 1652.00 1670.90 11.70 487,932
Feb 1563.00 1563.10 1547.00 1550.60 –9.50 460,509 Milk (CME)-200,000 lbs., cents per lb.
Mini DJ Industrial Average (CBT)-$5 x index June 1660.00 1673.10 1654.20 1672.50 11.70 593
April 1569.50 1569.50 1553.40 1557.00 –9.40 201,731 Jan 17.02 17.03 16.91 17.01 –.02 3,023
June 1575.10 1575.10 1559.00 1562.70 –9.40 68,517 March 28775 28907 28775 28871 94 101,173 Mini Russell 1000 (CME)-$50 x index
Feb 16.98 17.03 16.84 16.90 –.08 2,823 March 1808.80 1817.70 s 1805.20 1817.70 12.50 7,595
Aug 1576.50 1576.50 1566.10 1568.00 –9.50 22,226 Cocoa (ICE-US)-10 metric tons; $ per ton. June 28784 28872 28749 28847 98 148
Dec 1586.80 1586.80 1574.40 1577.50 –9.50 18,646 S&P 500 Index (CME)-$250 x index U.S. Dollar Index (ICE-US)-$1,000 x index
March 2,596 2,600 2,557 2,583 –6 93,826 March 97.10 97.25 97.02 97.06 –.02 34,982
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 2,610 2,614 2,575 2,602 … 55,407 March 3273.80 3290.20 s 3265.20 3289.70 25.00 27,222
Jan … … … 2078.90 6.20 ... June 3246.00 3246.00 3241.00 3290.10 25.10 29 June 96.78 96.83 96.65 96.69 –.02 895
Coffee (ICE-US)-37,500 lbs.; cents per lb.
March 2072.90 2098.50 2063.30 2079.10 6.20 21,683 March 118.55 118.55 t 114.15 114.55 –4.40 105,370 Mini S&P 500 (CME)-$50 x index
June 2071.40 2089.80 2061.00 2074.90 6.80 3,024 May 120.95 120.95 t 116.60 116.90 –4.40 58,320 March 3265.75 3291.00 s 3265.50 3289.70 25.00 2,680,594 Source: FactSet
Sept 2079.60 2079.60 s 2070.50 2066.50 5.80 605 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz. March 14.09 14.24 s 13.98 14.16 .09 397,220
Jan 978.80 978.80 970.10 977.30 –3.90 18 14.06 14.20 s 13.97 14.15 .08 219,807
Bonds | WSJ.com/bonds
May
April 983.60 984.60 969.10 982.10 –3.90 99,787 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 25.76 25.76 t 25.76 25.80 –.05 2,082
Jan 17.970 18.020 17.970 17.926 –0.107 10 July 27.05 27.05 27.05 27.05 –.05 1,625
March 18.130 18.130 17.935 17.996 –0.109
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
178,556 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks
March 71.31 71.96 s 71.18 71.53 .22 127,048
Feb 59.04 59.27 t 57.91 58.08 –0.96 235,115 May 72.25 73.08 s 72.25 72.67 .21 52,702 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
March 59.08 59.21 t 57.93 58.08 –0.91 380,803 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds
April 58.89 59.06 t 57.85 57.99 –0.86 150,000 March 97.10 97.15 t 95.40 95.60 –1.50 15,019 Total Total
May 58.27 58.82 t 57.67 57.82 –0.81 123,445 May 99.70 100.15 t 98.40 98.60 –1.45 1,827 return YTD total Yield (%) return YTD total Yield (%)
June 58.04 58.52 t 57.38 57.56 –0.76 237,955
close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 55.82 55.95 t 54.99 55.19 –0.55 256,079 Interest Rate Futures
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Feb 1.9366 1.9400 t 1.8941 1.8980 –.0304 105,150 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
March 1.9387 1.9407 t 1.8960 1.8999 –.0298 92,895 March 184-210 184-280 183-120 184-010 –20.0 1,247,766 2133.52 0.4 U.S. Aggregate 2.270 2.060 3.330 2151.26 0.3 Mortgage-Backed 2.450 2.200 3.430
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 184-090 185-080 184-070 184-200 –20.0 109
Feb 1.6668 1.6668 1.6383 1.6573 –.0023 113,512 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2102.60 0.2 Ginnie Mae (GNMA) 2.460 2.090 3.390
March 1.6740 1.6748 1.6479 1.6645 –.0035 102,956 March 157-220 157-230 156-280 157-080 –12.0 1,019,884
3153.90 0.4 U.S. Corporate 2.810 2.770 4.170 1268.07 0.3 Fannie mae (FNMA) 2.450 2.250 3.450
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 156-070 156-230 155-310 156-100 –12.0 732
Feb 2.210 2.226 2.163 2.182 –.020 258,288 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2897.67 0.2 Intermediate 2.390 2.360 3.850 1949.31 0.3 Freddie Mac (FHLMC) 2.450 2.230 3.460
March 2.175 2.181 2.125 2.158 –.010 399,457 March 129-035 129-035 128-260 128-295 –5.0 3,677,870
April 2.170 2.173 2.133 2.163 –.001 160,429 June 128-260 128-285 128-205 128-230 –5.5 32,512 4581.07 0.8 Long term 3.560 3.480 4.880 569.71 0.7 Muni Master 1.490 1.459 2.472
May 2.205 2.208 2.175 2.203 .004 118,723 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
June 2.260 2.261 2.232 2.258 .004 62,964 March 118-267 118-272 118-217 118-240 –2.0 4,237,842 639.67 0.4 Double-A-rated 2.350 2.190 3.460 402.09 0.8 7-12 year 1.444 1.386 2.427
Oct 2.337 2.355 2.331 2.353 .007 93,281 June 119-000 119-032 118-310 119-007 –2.2 10,328
835.55 0.5 Triple-B-rated 3.080 3.050 4.550 456.85 0.9 12-22 year 1.797 1.741 2.925
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Agriculture Futures March 107-239 107-240 107-221 107-234 .4 3,589,784 High Yield Bonds ICE Data Services 444.85 0.9 22-plus year 2.300 2.185 3.470
June 107-272 107-277 107-265 107-274 .4 10,358
Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 469.56 0.5 High Yield Constrained 5.267 5.260 7.240 Global Government J.P. Morgan†
March 386.50 389.50 385.50 389.50 3.75 737,141 Jan 98.4500 98.4525 s 98.4475 98.4500 .0025 428,466
July 399.75 402.50 398.75 402.75 3.25 256,098 Feb 98.4250 98.4300 t 98.4200 98.4200 –.0050 443,686 442.17 1.0 Triple-C-rated 11.040 10.558 12.699 584.04 0.2 Global Government 1.040 0.690 1.600
Oats (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
March 308.50 311.50 s 306.00 311.00 2.50 3,857 3207.87 0.4 High Yield 100 4.566 4.524 6.847 807.49 0.5 Canada 1.670 1.260 2.120
March 101-270 101-290 101-235 101-260 –7.0 73,276
May 301.00 305.50 s 301.00 305.00 2.25 449 Eurodollar (CME)-$1,000,000; pts of 100% 399.72 -0.1 EMU§ 0.557 0.109 1.188
Soybeans (CBT)-5,000 bu.; cents per bu. 424.16 0.6 Global High Yield Constrained 5.000 5.000 6.962
Jan 98.1775 98.1800 98.1750 98.1687 –.0113 428,141
Jan 938.50 938.50 929.50 929.25 –5.75 102 March 98.2800 98.2800 98.2600 98.2650 –.0100 1,537,833 329.74 0.3 Europe High Yield Constrained 2.621 2.587 4.527 758.68 -0.03 France 0.340 -0.160 0.830
March 948.00 949.50 938.00 942.25 –3.75 345,579 June 98.3350 98.3400 98.3200 98.3250 –.0100 1,254,672
Soybean Meal (CBT)-100 tons; $ per ton. Dec 98.4250 98.4250 98.3950 98.4050 –.0150 1,204,435
U.S Agency Bloomberg Barclays 534.61 -0.2 Germany -0.050 -0.590 0.310
Jan 299.10 299.10 297.00 299.00 .30 318
March 304.00 304.20 301.20 303.80 .30 224,926 1770.20 0.3 U.S Agency 1.860 1.700 2.860 297.53 -0.2 Japan 0.200 -0.070 0.350
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Currency Futures
1561.05 0.1 10-20 years 1.740 1.620 2.750 595.05 -0.2 Netherlands 0.040 -0.490 0.430
Jan 34.08 t
34.08 33.68 33.64 –.43 427 Japanese Yen (CME)-¥12,500,000; $ per 100¥
March 34.45 t
34.55 33.90 33.95 –.40 247,872 Jan .9110 t .9129
.9097 .9098 –.0032 783 3838.50 0.9 20-plus years 2.380 2.010 3.370 1014.17 0.9 U.K. 1.080 0.730 1.650
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March .9157 t .9161
.9126 .9128 –.0034 164,597

.
Jan 1310.00 1310.00 s 1301.50 1297.00 –10.50 4 Canadian Dollar (CME)-CAD 100,000; $ per CAD 2739.42 0.4 Yankee 2.610 2.470 3.790 885.80 0.5 Emerging Markets ** 4.779 4.779 6.835
March 1330.50 1335.50 1315.50 1322.50 –10.50 10,488 Jan .7659 .7673 .7653 .7665 .0008 594

ly
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Wheat (CBT)-5,000 bu.; cents per bu. March .7660 .7674 .7653 .7665 .0007 191,143
March 565.25 565.75 558.50 562.25 –2.25 217,589 British Pound (CME)-£62,500; $ per £ ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
July 569.00 569.00 562.25 566.75 –1.50 98,472 Jan 1.3037 1.3044 t 1.2963 1.2980 –.0082 2,385
Wheat (KC)-5,000 bu.; cents per bu. March 1.3057 1.3069 t 1.2985 1.3025 –.0060 191,336
March
July
496.50
511.00
496.50
511.00
488.25
503.50
492.75
508.25
–2.00 133,588
–1.50 53,729
Swiss Franc (CME)-CHF 125,000; $ per CHF
on Global Government Bonds: Mapping Yields
March 1.0317 1.0360 1.0316 1.0346 .0017 50,188
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 1.0368 1.0422 1.0383 1.0413 .0017 72 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Jan 147.250 147.250 145.800 146.025 –1.575 4,785 Australian Dollar (CME)-AUD 100,000; $ per AUD
March 147.325 147.425 145.650 145.850 –1.600 23,746 Jan .6909 .6919 .6896 .6904 –.0006 1,278
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
us l,

Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

Cash Prices | WSJ.com/commodities Monday, January 13, 2020

1.625
1.750
U.S. 2 1.580 s
10 1.850 s
l 1.576
1.822
1.610
1.827
2.549
2.704
al a

l
e
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 2.000 Australia 2 0.813 t l 0.831 0.827 1.892 -74.5 -65.7
-76.7
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
2.750 10 1.225 t l 1.267 1.266 2.316 -62.5 -55.6 -38.8
ci on

months.
Monday Monday Monday 0.000 France 2 -0.547 s l -0.568 -0.613 -0.442 -212.7 -214.4 -299.1

Energy Platinum,Engelhard fabricated n.a. Wheat,No.2 soft red,St.Louis-bp,u 6.3000 0.000 10 0.096 s l 0.047 0.003 0.661 -175.4 -177.6 -204.3
Palladium,Engelhard industrial 2140.0 Wheat - Hard - KC (USDA) $ per bu-u 4.9275
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.400 Palladium,Engelhard fabricated n.a. Wheat,No.1soft white,Portld,OR-u 6.1600 0.000 Germany 2 -0.585 s l -0.598 -0.617 -0.588 -216.5 -217.5 -313.7
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Aluminum, LME, $ per metric ton *1771.5 0.000 10 -0.159 s l -0.236 -0.288 0.240 -200.8 -205.8 -246.4
Copper,Comex spot 2.8615
Food
er rs

Metals Iron Ore, 62% Fe CFR China-s 94.0 Beef,carcass equiv. index 1.200 Italy 2 0.067 s l 0.020 -0.213 0.719 -151.3 -155.6 -183.0
Shredded Scrap, US Midwest-s,m 301 choice 1-3,600-900 lbs.-u 193.54 1.350 10 1.379 s l 1.329 1.160 2.863 -49.3 16.0
Gold, per troy oz -47.1
Steel, HRC USA, FOB Midwest Mill-s 605 select 1-3,600-900 lbs.-u 189.41
Engelhard industrial 1554.00
Broilers, National comp wtd. avg.-u,w 0.9146 0.100 Japan 2 -0.133 l -0.133 -0.138 -0.151 -171.3 -170.9 -270.0
Engelhard fabricated n.a. Fibers and Textiles Butter,AA Chicago 1.8700
Handy & Harman base 1549.90 0.100 10 0.000 l 0.000 -0.028 0.014 -185.0 -182.2 -269.0
m e

Handy & Harman fabricated 1720.39 Burlap,10-oz,40-inch NY yd-n,w 0.5350 Cheddar cheese,bbl,Chicago 152.75
LBMA Gold Price AM *1548.80 Cotton,1 1/16 std lw-mdMphs-u 0.6878 Cheddar cheese,blk,Chicago 187.00 0.050 Spain 2 -0.359 s l -0.390 -0.395 -0.130 -194.0 -196.6 -267.9
Cotlook 'A' Index-t *79.20 Milk,Nonfat dry,Chicago lb. 127.25
LBMA Gold Price PM *1553.60 0.600 10 0.479 s l 0.436 0.424 1.441 -137.1 -138.6 -126.3
Hides,hvy native steers piece fob-u n.a. Coffee,Brazilian,Comp 1.1639
m rp

Krugerrand,wholesale-e 1611.84
Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY 1.5288 3.750 U.K. 2 0.491 t l 0.544 0.552 0.809 -108.9 -103.3 -174.0
Maple Leaf-e 1627.34
Eggs,large white,Chicago-u 0.6150
American Eagle-e 1627.34 Grains and Feeds 4.750 10 0.779 s l 0.772 0.794 1.189 -107.1 -105.0 -151.5
Flour,hard winter KC 15.15
Mexican peso-e 1876.65
Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u 0.69 Source: Tullett Prebon
Austria crown-e 1522.16
Bran,wheat middlings, KC-u 115 Hogs,Iowa-So. Minnesota-u 62.51
Austria phil-e 1627.34
Corn,No. 2 yellow,Cent IL-bp,u 3.8500 Pork bellies,12-14 lb MidUS-u n.a.
Silver, troy oz.
18.0500
Corn gluten feed,Midwest-u,w 124.2 Pork loins,13-19 lb MidUS-u 0.8740 Corporate Debt
co Fo

Engelhard industrial Corn gluten meal,Midwest-u,w 418.4 Steers,Tex.-Okla. Choice-u 124.00

Engelhard fabricated n.a. Steers,feeder,Okla. City-u,w 157.63
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
Cottonseed meal-u,w 240
Handy & Harman base 18.0150 Hominy feed,Cent IL-u,w 108 that same company’s share price.
Handy & Harman fabricated 22.5190 n.a.
Fats and Oils
LBMA spot price *£13.7000
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u 3.4700 Corn oil,crude wet/dry mill wtd. avg.-u,w 31.5000
Investment-grade spreads that tightened the most…
(U.S.$ equivalent) *17.9150 Rice, Long Grain Milled, No. 2 AR-u,w 25.63 Grease,choice white,Chicago-h 0.2600 Spread*, in basis points Stock Performance
Coins,wholesale $1,000 face-a 13206 Sorghum,(Milo) No.2 Gulf-u 7.6063 Lard,Chicago-u n.a. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 304.30 Soybean oil,crude;Centl IL-u 0.3383
LBMA Platinum Price PM *969.0 Soybeans,No.1 yllw IL-bp,u 9.2100 Tallow,bleach;Chicago-h 0.2850
Patterson–UTI Energy PTEN 5.150 Nov. 15, ’29 276 –24 288 10.09 0.10
Platinum,Engelhard industrial 980.0 Wheat,Spring14%-pro Mnpls-u 6.8525 Tallow,edible,Chicago-u n.a. Coca–Cola KO 2.125 Sept. 6, ’29 30 –23 n.a. 56.13 1.08
Caterpillar Financial Services CAT 2.850 June 1, ’22 25 –16 n.a. … …
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; Morgan Stanley MS 2.750 May 19, ’22 27 –15 43 52.78 1.09
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 1/10
Source: WSJ Market Data Group Aircastle AYR 4.400 Sept. 25, ’23 90 –13 98 32.07 0.03
Deutsche Bank AG DB 4.875 Dec. 1, ’32 352 –11 375 8.48 –0.47
Borrowing Benchmarks | WSJ.com/bonds CME
General Electric
CME
GE
3.000 Sept. 15, ’22
5.000 Jan. 21, ’49
13
275
–10
–10
27
284
204.14
12.12
–0.46
3.86
n-

Money Rates January 13, 2020

…And spreads that widened the most
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a EQT EQT 3.900 Oct. 1, ’27 370 25 323 8.37 –5.32
guide to general levels but don’t always represent actual transactions. Western Midstream Operating WES 5.450 April 1, ’44 343 15 377 … …
no

Week —52-WEEK— Week —52-WEEK— Enel Finance International ENELIM 4.875 June 14, ’29 140 11 150 ... ...
Inflation Latest ago High Low Latest ago High Low Patterson–UTI Energy PTEN 3.950 Feb. 1, ’28 253 11 n.a. 10.09 0.10
Nov. index Chg From (%)
level Oct. '19 Nov. '18 Switzerland 0.50 0.50 0.50 0.50 Offer 1.5500 1.5600 2.5000 1.4700 Boeing BA 2.950 Feb. 1, ’30 87 10 84 330.22 0.09
Britain 0.75 0.75 0.75 0.75 BMW US Capital BMW 2.250 Sept. 15, ’23 65 9 n.a. ... ...
U.S. consumer price index Australia 0.75 0.75 1.50 0.75
Treasury bill auction
4 weeks 1.490 1.500 2.470 1.490 JPMorgan Chase JPM 4.005 April 23, ’29 82 9 84 137.20 0.83
All items 257.208 –0.05 2.1
Overnight repurchase 13 weeks 1.530 1.520 2.410 1.520 Unicredit SpA* UCGIM 6.572 Jan. 14, ’22 122 9 128 ... ...
Core 265.108 0.02 2.3
U.S. 1.57 1.58 3.40 1.50 26 weeks 1.530 1.520 2.460 1.520
International rates
Secondary market
High-yield issues with the biggest price increases…
U.S. government rates Bond Price as % of face value Stock Performance
Week 52-Week
Latest ago High Low Discount Fannie Mae Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
2.25 2.25 3.00 2.25 30-year mortgage yields
Prime rates TerraForm Pwr Op TERP 4.750 Jan. 15, ’30 106.750 4.50 102.000 … …
30 days 3.212 3.173 4.134 2.871
U.S. 4.75 4.75 5.50 4.75 Federal funds Pacific Gas And Electric PCG 4.600 June 15, ’43 105.000 2.50 101.750 … …
60 days 3.237 3.199 4.152 2.890
Canada 3.95 3.95 3.95 3.95 GTT Communications 7.875 Dec. 31, ’24 84.750 1.75 76.750 12.88 –4.10
Effective rate 1.5500 1.5600 2.4800 1.4700 GTT
Japan 1.475 1.475 1.475 1.475 Other short-term rates
High 1.6000 1.6000 3.0000 1.5200 Plains All American Pipeline PAA 6.700 May 15, ’36 116.971 1.63 n.a. 18.58 0.22
Policy Rates Low 1.4000 1.4000 2.4400 0.5000
Euro zone 0.00 0.00 0.00 0.00 Bid 1.5300 1.5200 2.4400 1.4000
Week 52-Week McGraw–Hill Global Education Holdings MCGHLL 7.875 May 15, ’24 88.000 1.50 86.500 ... ...
Latest ago high low
AMC Entertainment Holdings AMC 5.875 Nov. 15, ’26 89.500 1.38 90.000 6.56 1.39
Call money Rowan RDC 4.875 June 1, ’22 81.063 1.31 79.000 ... ...
Key Interest Rates 3.50 3.50 4.25 3.50 Precision Drilling PDCN 5.250 Nov. 15, ’24 95.240 1.24 93.000 ... ...

Data are annualized on a 360-day basis. Treasury yields are per annum, Commercial paper (AA financial) …And with the biggest price decreases
on actively traded noninflation and inflation-indexed issues that are 90 days 1.61 1.70 2.67 1.61
adjusted to constant maturities. Data are from weekly Federal Reserve Chesapeake Energy CHK 11.500 Jan. 1, ’25 89.000 –4.00 97.500 0.68 –6.79
Libor
release H.15. Gulfport Energy GPOR 6.625 May 1, ’23 79.000 –3.25 84.500 2.15 –7.73
One month 1.67625 1.69213 2.51900 1.67625
Week Ended 52-Week Week Ended 52-Week Valaris VAL 4.500 Oct. 1, ’24 58.250 –1.75 60.500 6.21 –0.32
Three month 1.83125 1.87225 2.78031 1.83125
Jan 10 Jan 3 High Low Jan 10 Jan 3 High Low Whiting Petroleum WLL 6.625 Jan. 15, ’26 68.000 –1.75 73.250 6.25 –6.44
Six month 1.87250 1.89425 2.86163 1.87213
6-month 1.56 1.58 2.53 1.56
Federal funds (effective) 1-year 1.54 1.57 2.59 1.53
One year 1.96200 1.95488 3.03988 1.85313 Oasis Petroleum OAS 6.250 May 1, ’26 83.500 –1.56 90.250 3.13 –3.40
1.55 1.55 2.44 1.55 2-year 1.56 1.57 2.58 1.49 Seagate HDD Cayman STX 4.875 June 1, ’27 107.040 –1.07 106.313 … …
Euro Libor
Commercial paper 3-year 1.58 1.59 2.56 1.42 J. C. Penney JCP 5.875 July 1, ’23 86.250 –1.00 86.380 0.85 –16.27
One month -0.507 -0.523 -0.408 -0.524
5-year 1.64 1.66 2.58 1.38
Nonfinancial Three month -0.424 -0.417 -0.324 -0.482 Frontier Communications FTR 11.000 Sept. 15, ’25 44.813 –0.94 48.250 0.66 –0.56
7-year 1.75 1.79 2.65 1.45
1-month 1.57 1.58 2.49 1.57 Six month -0.361 -0.372 -0.288 -0.474
2-month 1.58 1.60 2.53 1.58 10-year 1.84 1.88 2.75 1.50 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
20-year 2.16 2.19 2.93 1.79 One year -0.273 -0.270 -0.159 -0.428
3-month 1.61 1.61 2.57 1.61 Note: Data are for the most active issue of bonds with maturities of two years or more
Financial Value 52-Week Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
1-month 1.55 1.57 2.47 1.55 Treasury yields (secondary market) Latest Traded High Low
2-month 1.59 1.59 2.56 1.59 1-month 1.49 1.48 2.43 1.48
3-month 1.66 1.74 2.62 1.66 3-month 1.51 1.52 2.41 1.51 DTCC GCF Repo Index
Discount window primary credit
6-month 1.52 1.54 2.46 1.52 Treasury 1.578 23.100 6.007 1.549 Dividend Changes
TIPS MBS 1.612 53.600 6.699 1.568
2.25 2.25 3.00 2.25 Dividend announcements from January 13.
5-year -0.04 -0.03 0.94 -0.04 Notes on data:
Treasury yields at constant 7-year 0.01 0.03 0.95 -0.01 Amount Payable / Amount Payable /
U.S. prime rate is the base rate on corporate
maturities 10-year 0.09 0.10 0.96 -0.06 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
loans posted by at least 70% of the 10 largest
1-month 1.52 1.51 2.48 1.51 20-year 0.32 0.34 1.10 0.12
U.S. banks, and is effective October 31, 2019. Increased Pembina Pipeline PBA 4.7 .1609 M Feb14 /Jan24
3-month 1.54 1.55 2.47 1.54 Long-term avg 0.47 0.48 1.17 0.31
Other prime rates aren’t directly comparable; Safe Bulkers 8% Pfd. C SBpC 8.7 .50 Q Jan30 /Jan23
Bridge Bancorp BDGE 2.8 .24 /.23 Q Jan31 /Jan24
lending practices vary widely by location;
Notes on data: Lennar Cl A LEN 0.3 .125 /.04 Q Feb07 /Jan24 Safe Bulkers Perp. Pfd. D SBpD 8.7 .50 Q Jan30 /Jan23
Discount rate is effective October 31, 2019.
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Lennar Cl B LEN.B 0.3 .125 /.04 Q Feb07 /Jan24
DTCC GCF Repo Index is Depository Trust & Tsakos Energy Pfd C TNPpC 8.6 .5547 Q Jan30 /Jan27
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
Clearing Corp.'s weighted average for overnight
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Initial Tsakos Energy Pfd F TNPpF 9.5 .59375 Q Jan30 /Jan27
trades in applicable CUSIPs. Value traded is in
primary credit rate is charged for discounts made and advances extended under the Federal billions of U.S. dollars. Federal-funds rates are Global Ship Lease Nt 2024 GSLD 7.9 .5556 Feb29 /Jan15
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Special
Tullett Prebon rates as of 5:30 p.m. ET. Foreign
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid NortonLifeLock NLOK 1.9 12.00 Jan31 /Jan23
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Aon PLC AON 0.8 .44 Q Feb14 /Feb03
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Banco Bradesco Ord ADR BBDO 2.1 .00423 Mar09 /Feb05 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Banco Bradesco Pref ADR BBD 2.4 .00465 Mar09 /Feb05 S2:1: stock split and ratio; SO: spin-off.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 14, 2020 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high. s Facebook
ConstBrands B STZ.B 188.16 -5.44 FB 221.91 3.85 s IHS Markit INFO 79.93 1.67 MGM Resorts MGM 33.37 0.16 Oracle ORCL 54.58 0.13 SareptaTherap SRPT 124.63 -4.39 TruistFinl TFC 56.22 0.26
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low.
ConstBrands A STZ 188.44 0.06 FactSet FDS 266.99 2.11 ING Groep ING 11.99 -0.03 MKS Instrum MKSI 109.67 2.01 t Orange ORAN 14.57 0.02 Sasol SSL 21.69 0.12 Twilio TWLO 120.34 4.60
Market listed securities. Prices are composite dd-Indicates loss in the most recent s FairIsaac
ContinentalRscs CLR 33.40 0.06 FICO 408.92 4.91 Invesco IVZ 18.06 0.36 MPLX MPLX 26.80 -0.15 Orix IX 85.45 0.62 Schlumberger SLB 39.23 -0.60 Twitter TWTR 32.69 -0.09
quotations that include primary market trades four quarters. Cooper COO 333.55 -0.10 Fastenal FAST 36.59 0.26 IPG Photonics IPGP 137.08 1.81 s MSCI MSCI 271.99 6.27 Oshkosh OSK 92.13 -0.22 SchwabC SCHW 48.02 0.22 TylerTech TYL 309.62 -0.61
as well as trades reported by Nasdaq BX FD-First day of trading. s Copart CPRT 96.26 0.95 FederalRealty FRT 126.83 0.91 IQVIA IQV 158.15 -1.15 MadisonSquGarden MSG 298.98 1.60 OwensCorning OC 65.07 0.14 ScottsMiracleGro SMG 109.97 2.07 s TysonFoods TSN 93.46 1.54
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Corning GLW 30.40 0.29 FedEx FDX 159.28 2.65 ITT ITT 73.13 1.40 MagellanMid MMP 64.86 0.73 OwlRock ORCC 17.04 0.16 Sea SE 40.02 0.44 UBS Group UBS 13.09 0.11
Cboe, NYSE National and Nasdaq ISE. standards Corteva CTVA 28.58 0.23 Ferrari RACE 174.29 2.98 IcahnEnterprises IEP 64.75 0.47 MagnaIntl MGA 53.06 -0.18 PNC Fin PNC 159.44 0.87 s Seagate STX 60.99 1.01 UDR UDR 46.59 0.54
The list comprises the 1,000 largest lf-Late filing s CoStar CSGP 642.74 -2.39 FiatChrysler FCAU 14.24 0.09 Icon ICLR 168.68 0.40 s ManulifeFin MFC 21.08 -0.06 POSCO PKX 52.20 1.02 SealedAir SEE 38.64 0.15 UGI UGI 44.36 0.26
companies based on market capitalization. q-Temporary exemption from Nasdaq Costco COST 299.87 2.63 FidNatlFin FNF 46.32 0.55 IDEX IEX 173.34 1.27 MarathonOil MRO 13.19 0.01 PPG Ind PPG 129.22 1.13 SeattleGenetics SGEN 105.47 -6.97 US Foods USFD 40.59 -0.80
Underlined quotations are those stocks with requirements. Coty COTY 10.46 -0.14 FidNatlInfo FIS 142.73 0.79 IllinoisToolWks ITW 179.82 1.58 MarathonPetrol MPC 59.62 -0.60 PPL PPL 35.43 -0.01 SempraEnergy SRE 151.17 1.41 Uber UBER 34.14 0.13
large changes in volume compared with the t-NYSE bankruptcy s CoupaSoftware COUP 173.64 4.04 FifthThirdBncp FITB 29.86 0.10 Illumina ILMN323.15-12.38 Markel MKL 1169.17 6.96 PRA HealthSci PRAH 103.11 -0.35 SensataTechs ST 52.03 0.56 Ubiquiti UI 187.85 3.63
issue’s average trading volume. v-Trading halted on primary market. CousinsProperties CUZ 41.31 0.69 58.com WUBA 68.99 1.22 ImperialOil IMO 26.87 0.02 MarketAxess MKTX 368.60 5.53 PTC PTC 77.22 0.47 ServiceCorp SCI 47.70 0.29 UltaBeauty ULTA 275.70 8.42
vj-In bankruptcy or receivership or Credicorp BAP 211.56 0.99 51job JOBS 90.85 0.73 Incyte INCY 77.10 0.63 Marriott MAR 146.80 1.41 PVH PVH 100.25 -0.23 s ServiceNow NOW 303.85 4.97 UltraparPart UGP 6.11 0.02
Boldfaced quotations highlight those issues being reorganized under the CreditAcceptance CACC 441.42 5.79 FirstAmerFin FAF 59.01 0.31 Infosys INFY 10.88 0.23 Marsh&McLen MMC 112.00 0.30 Paccar PCAR 78.06 0.25 ShawComm B SJR 20.23 -0.03 UnderArmour C UA 18.04 0.27
whose price changed by 5% or more if their Bankruptcy Code, or securities CreditSuisse CS 13.92 0.18 FirstRepBank FRC 115.45 1.15 Ingersoll-Rand IR 131.35 0.17 MartinMarietta MLM 272.15 -4.72 PackagingCpAm PKG 107.34 1.66 SherwinWilliams SHW 574.86 7.77 UnderArmour A UAA 20.17 0.40
previous closing price was $2 or higher. assumed by such companies. CrowdStrike CRWD 58.97 1.77 FirstSolar FSLR 57.44 0.94 Ingredion INGR 91.91 0.40 MarvellTech MRVL 27.52 1.02 PagSeguroDig PAGS 36.21 0.21 ShinhanFin SHG 36.08 0.43 Unilever UN 56.25 0.46
CrownCastle CCI 143.29 0.89 FirstEnergy FE 47.77 0.13 Insulet PODD 184.45 1.92 Masco MAS 47.76 0.48 PaloAltoNtwks PANW 240.92 3.05 s Shopify SHOP 440.25 11.08 Unilever UL 56.50 0.26
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CrownHoldings CCK 72.52 1.43 Fiserv FISV 118.53 1.40 Intel INTC 59.59 0.65 s Masimo MASI 165.00 0.54 ParkerHannifin PH 208.08 2.77 Sibanye-Stillwater SBGL 9.59 -0.30 UnionPacific UNP 179.90 1.96
changes in the closing prices from 4 p.m. the previous day. CubeSmart CUBE 31.06 0.01 t FiveBelow FIVE 107.46-13.77 ICE ICE 95.03 0.78 s Mastercard MA 315.21 4.04 Paychex PAYX 86.26 0.99 SignatureBank SBNY 137.64 -0.08 UnitedAirlines UAL 86.89 -0.42
Cullen/Frost CFR 94.98 0.75 FleetCorTech FLT 299.40 7.00 InterContinentl IHG 65.86 0.21 MatchGroup MTCH 89.58 2.45 s PaycomSoftware PAYC 295.43 9.85 SimonProperty SPG 145.29 0.50 UnitedMicro UMC 2.65 0.01
Cummins CMI 172.49 1.06 s Flex FLEX 13.19 0.55 IBM IBM 136.60 -0.09 MaximIntProducts MXIM 61.84 0.38 s Paylocity PCTY 136.19 3.83 SiriusXM SIRI 7.05 0.05 UPS B UPS 116.75 0.88
Monday, January 13, 2020 Net Net CurtissWright CW 145.44 1.71 FlirSystems FLIR 54.54 0.58 IntlFlavors IFF 127.36 1.37 McCormick MKC 165.30 1.07 PayPal PYPL 115.28 2.35 SkechersUSA SKX 42.27 -0.30 UnitedRentals URI 157.44 -2.03
Net Stock Sym Close Chg Stock Sym Close Chg CypressSemi CY 23.37 -0.03 Flowserve FLS 49.89 0.08 IntlPaper IP 44.44 0.45 McCormickVtg MKC.V 165.50 1.30 Pearson PSO 8.10 -0.05 s Skyworks SWKS 124.51 4.43 US Bancorp USB 56.71 0.04
Stock Sym Close Chg Aramark ARMK 45.13 0.23 BurlingtonStrs BURL 231.32 -0.01
CyrusOne CONE 62.66 -4.33 FomentoEconMex FMX 96.32 -0.18 Interpublic IPG 23.36 0.24 McDonalds MCD 206.51 -0.76 s Pegasystems PEGA 82.71 0.94 SlackTech WORK 23.20 0.08 UnitedTech UTX 152.05 0.19
FordMotor F 9.24 -0.01 InterXion INXN 87.45 0.69 McKesson MCK 143.65 -0.16 Peloton PTON 28.53 0.52 SmithAO AOS 48.54 0.92 UnitedHealth UNH 285.85 -9.28
ArcelorMittal MT 16.99 0.57 s CACI Intl CACI 265.49 2.42
D E F
A B C s ArchCapital ACGL 43.69 0.16 CBRE Group CBRE 60.66 0.42
s Fortinet FTNT 116.69 2.37 Intuit INTU 276.04 0.79 s MedicalProp MPW 21.69 0.41 PembinaPipeline PBA 38.45 0.09 Smucker SJM 105.24 0.86 UnivDisplay OLED 218.27 2.22
Fortis FTS 42.12 0.17 IntuitiveSurgical ISRG 603.12 4.40 Medtronic MDT 118.01 -0.63 Pentair PNR 45.95 0.69 Snap SNAP 18.00 0.59 UniversalHealthB UHS 144.88 -1.17
ArcherDaniels ADM 44.42 0.47 CDK Global CDK 56.42 0.79 DISH Network DISH 36.06 0.70
ABB ABB 23.99 0.02 Arconic Fortive FTV 78.80 0.80 InvitatHomes INVH 30.19 0.13 MelcoResorts MLCO 23.84 0.87 People'sUtdFin PBCT 16.43 0.11 SnapOn SNA 167.48 0.93 UnumGroup UNM 29.03 0.31
ARNC 29.45 0.60 CDW CDW 143.35 0.99 DTE Energy DTE 129.59 0.65
s FortBrandsHome FBHS 68.10 1.14 IonisPharma IONS 62.78 0.10 MellanoxTech MLNX 119.20 0.31 PepsiCo s Sony
ACADIA Pharm ACAD 41.80 -3.44 arGEN-X PEP 136.53 2.00 SNE 71.64 0.78 VEREIT VER 9.36 0.10
ARGX 156.75 -6.99 CF Industries CF 45.34 0.57 DXC Tech DXC 35.55 -0.19 s Southern
s AECOM ACM 47.08 0.92 AristaNetworks ANET 211.15 3.69 CGI FoxA FOXA 36.99 0.27 iQIYI IQ 23.98 0.08 MercadoLibre MELI 691.10 21.62 PerformanceFood PFGC 50.59 -1.47 SO 64.54 0.88 VF VFC 95.93 0.87
GIB 86.32 0.69 s Danaher DHR 159.57 1.45 s SoCopper SCCO 44.41 1.42 VICI Prop VICI 25.35
AES AES 20.31 0.13 ArrowElec ARW 84.88 0.41 CH Robinson CHRW 80.46 0.34 Darden FoxB FOX 36.30 0.21 IronMountain IRM 30.84 0.18 Merck MRK 89.51 -0.02 PerkinElmer PKI 100.63 0.29 -0.02
DRI 113.25 -1.30 SouthwestAir LUV 53.99 0.05 s VailResorts MTN 254.78
Aflac AFL 52.50 0.43 AscendisPharma ASND 137.88 0.53 CME Group CME 204.14 -0.95 Datadog Franco-Nevada FNV 101.36 -1.05 IsraelChemicals ICL 4.72 0.06 s MetLife MET 52.58 0.11 Perrigo PRGO 50.54 0.83 3.38
DDOG 40.94 0.78 FranklinRscs BEN 25.51 0.49 ItauUnibanco ITUB 8.47 0.02 MettlerToledo MTD 822.57 4.88 PetroChina PTR 51.68 0.22 t SpiritAeroSys SPR 67.76 -1.94 Vale VALE 13.32 0.35
AGNC Invt AGNC 18.03 0.07 AspenTech AZPN 138.94 0.80 CMS Energy CMS 63.69 0.63 s DaVita DVA 76.92 0.97
s Ansys ANSS 264.05 3.25 Assurant FreeportMcM FCX 13.53 0.63 s MicrochipTech MCHP 111.21 0.38 PetroleoBrasil PBR 15.48 -0.16 s Splunk SPLK 156.46 0.68 ValeroEnergy VLO 96.25 -0.64
AIZ 132.47 0.03 CNA Fin CNA 44.55 0.03 Deere DE 174.74 1.31
ASETech ASX 5.36 0.07 AstraZeneca AZN 49.67 -0.18 CNH Indl CNHI 10.95 0.06 DellTechC DELL 49.83 0.32
FreseniusMed FMS 37.07 0.29 J K L MicronTech MU 57.45 0.78 PetroleoBrasilA PBR.A 14.61 -0.10 Spotify SPOT 150.87 -5.17 VarianMed VAR 146.44 -0.18
ASML ASML 301.45 5.27 s Athene s Microsoft MSFT 163.28 1.94 Pfizer PFE 39.41 -0.08 t Sprint S 4.89 0.01 Vedanta VEDL 9.20 0.23
ATH 47.86 0.28 CNOOC CEO 180.77 6.27 DeltaAir DAL 59.49 0.25 G H I s JD.com JD 40.31 1.20 MidAmApt MAA 133.53 1.18 PhilipMorris PM 87.82
AT&T T 38.10 -0.47 Atlassian 0.36 Square SQ 68.66 0.67 VeevaSystems VEEV 148.66 3.15
TEAM 136.07 2.17 CPFLEnergia CPL 17.25 -0.13 DentsplySirona XRAY 58.11 0.32 JPMorganChase JPM 137.20 1.13 Middleby
s AXA Equitable EQH 26.13 0.34 AtmosEnergy ATO 112.54 1.15 CRH MIDD 109.99 0.89 Phillips66 PSX 105.30 0.43 StanleyBlackDck SWK 165.30 -0.70 Ventas VTR 57.39 0.42
CRH 39.62 0.47 DeutscheBank DB 8.48 -0.04 GCI LibertyA GLIBA 73.43 0.23 Jabil JBL 42.85 0.93 MitsubishiUFJ MUFG 5.31 0.06 PilgrimPride PPC 31.92
AbbottLabs ABT 85.12 -0.24 Autodesk ADSK 192.45 0.09 CSX 0.45 Starbucks SBUX 91.08 0.92 VeriSign VRSN 211.75 2.63
CSX 74.69 1.33 DevonEnergy DVN 25.36 0.26 GDS Holdings GDS 52.43 0.80 JackHenry JKHY 147.19 1.68 MizuhoFin MFG 3.04 -0.02 Pinduoduo PDD 39.35
AbbVie ABBV 88.52 -0.54 Autohome ATHM 91.54 4.25 CVS Health CVS 72.76 0.65 DexCom 0.93 StarsGroup TSG 25.25 -0.56 VeriskAnalytics VRSK 158.02 0.70
DXCM 235.84 -1.46 Galapagos GLPG 208.22 -4.34 JacobsEngg J 91.14 0.51 MobileTeleSys MBT 10.41 0.09 PinnacleWest PNW 91.23 0.67 StarwoodProp STWD 24.88 0.11 Verizon VZ 59.15 0.16
Abiomed ABMD 168.10-20.96 Autoliv ALV 78.34 -0.95 s CableOne CABO 1689.74 74.26 Diageo DEO 167.93 -1.21 Gallagher AJG 95.37 -0.07 s JamesHardie JHX 20.48 0.12 Moderna
Accenture ACN 209.59 1.93 ADP MRNA 20.26 1.12 Pinterest PINS 19.62 -0.16 StateStreet STT 82.08 0.39 VertxPharm VRTX 226.49 -2.46
ADP 172.36 1.27 CabotOil COG 17.19 -0.30 DiamondbkEner FANG 90.48 -1.78 Gaming&Leisure GLPI 44.17 0.41 JazzPharma JAZZ 145.85 -0.83 MohawkInds MHK 129.92 2.92 PioneerNatRscs PXD 146.78 -2.62 SteelDynamics STLD 33.25 0.56 ViacomCBS A VIACA 44.76 -0.13
ActivisionBliz ATVI 59.24 0.29 AutoZone AZO 1128.37 -3.85 CadenceDesign CDNS 73.39 0.36 DigitalRealty DLR 121.97 1.60 Gap GPS 17.98 0.18 JefferiesFin JEF 21.82 0.18 MolinaHealthcare MOH 139.77 -3.58 PlainsAllAmPipe PAA 18.58
s Adobe ADBE 345.63 5.82 Avalara 0.04 Steris STE 151.54 0.53 ViacomCBS B VIAC 40.80 0.49
AVLR 85.40 1.80 s CAE CAE 29.69 0.05 DiscoverFinSvcs DFS 82.88 0.20 GardnerDenver GDI 35.44 0.30 J&J JNJ 145.70 0.64 MolsonCoorsB TAP 55.39 0.32 PlanetFitness PLNT 79.04 1.82 STMicroelec STM 27.87 0.49 Vipshop VIPS 15.26 0.36
AdvanceAuto AAP 145.26 -3.75 Avalonbay AVB 211.02 2.57 CaesarsEnt CZR 13.61 0.07 DiscoveryB DISCB 36.78 -1.62 Garmin GRMN 97.59 1.09 JohnsonControls JCI 41.16 0.18 Momo
AdvMicroDevices AMD 48.75 0.58 Avangrid MOMO 40.64 3.48 Pool POOL 216.61 -0.43 StoneCo STNE 41.68 -1.08 s Visa V 195.33 1.56
AGR 50.76 0.25 CamdenProperty CPT 107.00 0.78 DiscoveryA DISCA 31.79 -0.06 Gartner IT 160.93 1.54 JonesLang JLL 171.27 0.73 Mondelez MDLZ 54.59 0.34 PostHoldings POST 108.83 1.61 Stryker SYK 206.89 -2.76 VistraEnergy VST 22.53 -0.23
Aegon AEG 4.45 0.04 Avantor AVTR 18.18 -0.02 CampbellSoup CPB 47.72 -0.01 DiscoveryC DISCK 29.81 -0.07 Generac GNRC 100.91 2.18 JuniperNetworks JNPR 24.54 0.38 MongoDB MDB 152.91 3.68 PrincipalFin PFG 56.05
AerCap AER 61.29 0.76 AveryDennison AVY 130.95 2.44 CIBC 0.35 SumitomoMits SMFG 7.39 0.07 VMware VMW 152.00 2.13
CM 82.84 0.31 Disney DIS 143.88 -0.74 GeneralDynamics GD 181.13 1.62 KB Fin KB 40.22 0.40 MonolithicPower MPWR 179.31 2.44 Procter&Gamble PG 124.88 SunComms SUI 153.14 3.27 VornadoRealty VNO 67.01 0.58
s AgilentTechs A 87.46 -0.13 AxaltaCoating AXTA 31.22 0.43 CanNtlRlwy CNI 93.41 1.53 DocuSign 0.91
DOCU 74.15 -0.68 GeneralElec GE 12.12 0.45 KKR KKR 30.00 0.02 MonsterBev MNST 65.53 0.19 Progressive PGR 74.92 1.22 SunLifeFinancial SLF 47.93 -0.01 VoyaFinancial VOYA 62.35 0.61
AgnicoEagle AEM 58.13 -1.17 BCE BCE 46.71 0.31 CanNaturalRes CNQ 31.71 -0.05 DolbyLab DLB 69.14 0.66 GeneralMills GIS 53.06 0.81 KLA KLAC 175.10 2.09 s Moody's MCO 251.49 3.46 Prologis PLD 91.80 2.36 SuncorEnergy SU 34.02 -0.26 VulcanMatls VMC 142.22 -0.94
AirProducts APD 236.86 4.86 BHP Group BHP 54.75 0.36 CanPacRlwy CP 262.70 4.62 DollarGeneral DG 154.12 0.90 GeneralMotors GM 34.98 0.33 KSCitySouthern KSU 160.15 1.90 s MorganStanley MS 52.78 0.57 Proofpoint PFPT 121.35
s AkamaiTech AKAM 94.68 1.15 BHP Group BBL 46.97 0.37 Canon -0.49 Suzano SUZ 10.70 0.20
AlaskaAir ALK 65.87 -0.02 BOK Fin
CAJ 28.05 0.15 DollarTree DLTR 90.77 -0.58
BOKF 86.16 0.63 CanopyGrowth CGC 23.11 2.57 DominionEner D 82.05 -0.02
Genmab
Genpact
GMAB 22.65 -0.05 Kellogg
G
K 69.71 0.44 Morningstar MORN 158.08 2.44 ProsperityBcshs PB 71.00
43.71 0.22 KeurigDrPepper KDP 27.80 -0.08 Mosaic
0.35 SynchronyFin SYF 35.41 -0.06 W X Y Z
Albemarle ALB 75.86 3.76 BP MOS 21.05 0.43 PrudentialFin PRU 95.07 0.66 SyneosHealth SYNH 59.81 -0.26
BP 38.80 0.06 CapitalOne COF 101.91 0.36 Domino's DPZ 284.00 -5.09 s Gentex GNTX 30.17 0.10 KeyCorp KEY 19.48 0.03 MotorolaSol MSI 170.87 3.57 Prudential PUK 38.36 -0.15 s Synnex SNX 149.84 4.28 WABCO WBC 135.52 -0.16
Alcon ALC 58.50 1.02 BRF BRFS 8.82 0.02 CardinalHealth CAH 50.44 -0.19 Donaldson DCI 56.08 0.63
AlexandriaRlEst ARE 160.78 2.21 BWX Tech BWXT 65.34 0.53 Carlisle
GenuineParts GPC 99.70 0.80 KeysightTechs KEYS 101.80 1.44 Mylan MYL 20.78 -0.07 PublicServiceEnt PEG 58.25 -0.05 Synopsys SNPS 149.93 1.47 WEC Energy WEC 93.65 1.11
CSL 160.75 0.46 DouglasEmmett DEI 42.16 0.41 GileadSciences GILD 64.31 -0.72 KilroyRealty KRC 81.36 0.41 s NICE NICE 164.30 2.14 PublicStorage PSA 216.78 0.96 Sysco SYY 83.72 -1.20 WEX WEX 220.16 2.73
AlexionPharm ALXN 113.92 4.44 Baidu BIDU 142.26 -2.25 CarMax KMX 91.03 1.94 Dover DOV 117.13 1.36 GSK GSK 46.95 0.16 KimberlyClark KMB 140.90 0.67 NRG Energy NRG 36.92 -0.39 PulteGroup PHM 40.43 W.P.Carey WPC 83.25 1.17
s Alibaba BABA 230.48 6.65 BakerHughes BKR 24.41 -0.45 Carnival 0.44
CCL 49.36 0.51 Dow DOW 52.35 0.85 s GlobalPayments GPN 193.30 2.86 KimcoRealty KIM 19.75 0.35 NVR NVR 3809.51 28.20 Qiagen QGEN 35.12 0.54 T U V WPP WPP 69.31 0.29
AlignTech ALGN 298.07 4.74 Ball BLL 67.50 1.23 Carnival CUK 46.75 0.40 DrReddy'sLab RDY 41.61 0.55 GlobeLife GL 104.09 -0.16 KinderMorgan KMI 21.55 0.04 s NXP Semi NXPI 131.98 2.34 Qorvo Wabtec WAB 78.44 0.75
Alleghany Y 791.70 2.84 BancoBilbaoViz BBVA 5.48 -0.01 CaseysGenStores CASY 168.92 0.91 Dropbox QRVO 115.74 2.32
DBX 17.86 0.04 GoDaddy GDDY 72.66 1.92 KirklandLakeGold KL 43.70 -0.93 Nasdaq NDAQ 107.09 0.25 Qualcomm QCOM 90.97 0.71
s TAL Education TAL 55.10 1.20 WalgreensBoots WBA 54.06 -0.16
Allegion ALLE 124.65 1.22 BancoBradesco BBDO 7.91 -0.05 s Catalent CTLT 59.45 1.76 DukeEnergy DUK 91.24 0.80 s GoldmanSachs GS 245.21 3.10 Knight-Swift KNX 37.45 0.20 NationalGrid NGG 61.11 0.06 QuantaServices PWR 41.04 TC Energy TRP 52.71 0.31 Walmart WMT 115.88 -0.50
Allergan AGN 191.38 -0.45 BancodeChile BCH 22.25 -0.15 Caterpillar CAT 146.82 0.69 DukeRealty DRE 35.37 0.45 -0.03
Graco GGG 53.21 0.69 Kohl's KSS 46.31 -0.05 NatlOilwell NOV 23.58 -0.26 QuestDiag DGX 106.56 0.24 TCF Financial TCF 45.71 0.32 WasteConnections WCN 95.06 1.24
s AlliantEnergy LNT 55.58 0.51 BancSanBrasil BSBR 11.17 0.04 Celanese CE 118.13 1.12 Dunkin' DNKN 78.18 0.85 Grainger GWW 344.44 3.13 KoninklijkePhil PHG 49.49 0.16 NatlRetailProp NNN 53.99 0.47 TD Ameritrade AMTD 50.27 0.27 WasteMgt WM 117.66 1.46
s Allstate ALL 114.48 1.03 BcoSantChile BSAC 23.65 -0.25 CenovusEnergy CVE 9.67 -0.21 t DuPont
AllyFinancial ALLY 30.01 0.06 BancoSantander SAN 4.10 0.01 Centene
DD 60.40 0.69
CNC 63.40 -1.08 Dynatrace DT 28.83 1.07
Grifols GRFS 24.32 -0.44 KoreaElcPwr KEP 11.68 0.17 NetApp
GpoAeroportuar PAC 127.38 0.19 KraftHeinz KHC 31.16 0.46 s Netease
NTAP 64.11 0.98 R S TE Connectivity TEL 97.92 -0.15 Waters
Telus TU 38.58 0.08 Watsco
WAT 228.82
WSO 176.33
-2.06
1.21
AlnylamPharm ALNY 114.65 -4.60 BanColombia CIB 54.50 0.50 CenterPointEner CNP 26.28 -0.02 ENI NTES 349.53 10.62
s Alphabet C GOOG 1439.23 9.50 BankofAmerica BAC 35.06 0.32 CentraisElBras EBR 9.59 -0.11 EOG Rscs EOG 85.52 -0.75
E 31.32 -0.05 GuardantHealth GH 77.54 -0.91 Kroger KR 28.42 0.06 Netflix NFLX 338.92 9.87 s RELX RELX 25.45 0.17 TIM Part TSU 19.73 ... Wayfair W 101.00 5.78
Guidewire GWRE 113.37 0.87 Line LN 48.80 -0.19 Neurocrine NBIX 103.07 -9.41 RPM RPM 74.22 1.18 TJX TJX 62.52 0.18 WellCareHealth WCG 332.46 -3.86
s Alphabet A GOOGL 1440.03 11.07 BankofMontreal BMO 78.24 0.62 CenturyLink CTL 13.09 0.10 s EPAM Systems EPAM 228.56 5.48 T-MobileUS TMUS 79.40 0.40 WellsFargo WFC 52.11
HCA Healthcare HCA 147.16 -0.98 LKQ LKQ 34.13 0.04 NewOrientalEduc EDU 134.71 3.59 RalphLauren RL 119.85 1.89 -0.39
Alteryx AYX 120.91 1.02 BankNY Mellon BK 50.88 0.34 s CeridianHCM CDAY 72.60 1.11 E*TRADE ETFC 46.76 0.46 HDFC Bank HDB 62.85 0.95 s LPL Financial LPLA 98.49 1.43 NewResidInvt NRZ 16.44 0.03 s RaymondJames RJF 93.84 0.96 s TRowePrice TROW 131.03 3.57 Welltower WELL 84.07 1.27
AlticeUSA ATUS 28.97 0.92 BkNovaScotia BNS 55.34 0.19 Cerner CERN 73.07 -0.41 EastWestBncp EWBC 47.39 0.11 HD Supply HDS 40.04 0.08 L3HarrisTech LHX 212.60 2.23 NewellBrands NWL 19.57 0.33 Raytheon RTN 227.15 0.67 s TaiwanSemi TSM 60.06 1.20 s WestPharmSvcs WST 155.94 3.31
Altria MO 50.76 0.54 Barclays BCS 9.42 0.01 CharlesRiverLabs CRL 159.10 1.21 EastmanChem EMN 76.19 1.40 HP HPQ 21.46 0.08 s LabCpAm LH 179.22 1.64 Newmont NEM 42.45 0.18 RealtyIncome O 74.96 1.22 TakeTwoSoftware TTWO 128.45 1.69 WestAllianceBcp WAL 57.49 0.39
Amarin AMRN 19.75 0.80 BarrickGold GOLD 17.45 -0.40 s CharterComms CHTR 510.15 5.12 Eaton ETN 94.86 -0.12 HSBC HSBC 38.52 0.38 LamResearch LRCX 297.29 2.95 NewsCorp B NWS 14.90 0.18 ReataPharm RETA 202.00 -0.56 TakedaPharm TAK 19.95 0.03 s WesternDigital WDC 69.13 1.19
Amazon.com AMZN 1891.30 8.14 BauschHealth BHC 28.12 0.47 CheckPoint CHKP 113.44 0.82 eBay EBAY 34.73 -0.16 Haemonetic HAE 116.62 0.39 s LamarAdv LAMR 90.25 0.50 NewsCorp A NWSA 14.57 0.22 RegencyCtrs REG 62.12 0.20 Tapestry TPR 28.10 0.67 WesternMidstrm WES 21.19 0.16
Ambev ABEV 4.60 -0.01 s BaxterIntl BAX 89.37 3.47 s Chemed CHE 463.50 4.76 Ecolab ECL 191.41 2.48 Halliburton HAL 23.75 -0.33 LambWeston LW 91.23 0.75 s NextEraEnergy NEE 246.40 2.85 RegenPharm REGN 378.93 -2.48 TargaResources TRGP 40.16 0.51 WesternUnion WU 26.50 0.24
Amcor AMCR 10.69 0.24 s BectonDicknsn BDX 276.20 1.74 CheniereEnergy LNG 63.95 0.22 Ecopetrol EC 20.95 0.24 HartfordFinl HIG 59.50 -0.26 s LasVegasSands LVS 72.16 1.25 NielsenHoldings NLSN 19.86 -0.12 RegionsFin RF 16.44 0.09 Target TGT 123.87 -0.86 WestlakeChem WLK 68.92 1.23

.
Amdocs DOX 72.74 0.38 BeiGene BGNE 163.80 0.80 CheniereEnerPtrs CQP 41.08 0.26 EdisonInt TataMotors TTM 13.72 0.11 WestpacBanking WBK 17.00 0.16
Amerco UHAL 381.27 4.09 Berkley
EIX 75.37 -0.13 Hasbro HAS 104.86 3.18 Lear LEA 136.23 -0.18 Nike NKE 102.16 1.26 ReinsGrp RGA 157.33 1.17
WRB 68.11 0.25 Chevron CVX 116.66 0.22 EdwardsLife EW 233.40 0.56 HealthcareAmer HTA 30.57 0.34 Leggett&Platt LEG 50.51 1.06 NiSource 27.86 0.22 RelianceSteel RS 120.52 2.50 TechnipFMC FTI 21.34 0.33 WestRock WRK 42.53 0.37

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Ameren AEE 77.63 0.62 BerkHathwy B BRK.B 228.45 1.83 Chewy NI
CHWY 30.52 1.29 ElancoAnimal ELAN 28.41 -0.32 HealthpeakProp PEAK 35.33 0.40 s Leidos LDOS 101.15 0.13 NobleEnergy NBL 22.26 ... RenaissanceRe RNR 190.24 1.13 TeckRscsB TECK 15.82 -0.02 Weyerhaeuser WY 30.25 0.68
AmericaMovil AMX 15.98 -0.04 BerkHathwy A BRK.A 3428552670.00 s ChinaLifeIns LFC 14.67 0.24 ElbitSystems ESLT 161.88 3.53 s TeladocHealth TDOC 95.97 10.81 WheatonPrecMet WPM 27.46
Heico A HEI.A 97.00 1.99 Lennar B LEN.B 48.39 0.88 Nokia NOK 4.06 0.04 s RepublicSvcs RSG 91.83 0.94 -0.31
AmerAirlines AAL 27.39 0.07 BerryGlobal BERY 45.52 0.76 ChinaMobile CHL 42.47 0.98 ElectronicArts EA 109.82 1.23 Heico HEI 122.13 2.04 Lennar A LEN 60.55 0.83 s NomuraHoldings NMR 5.30 0.02 s ResMed RMD 158.27 1.38 s TeledyneTech TDY 369.88 4.33 Whirlpool WHR 152.78 3.10
AmCampus ACC 45.95 0.20 s BestBuy BBY 91.26 0.61 ChinaPetrol SNP 60.91 0.04 EmersonElec EMR 77.39 0.45 Teleflex TFX 378.18 -0.52 Williams WMB 23.78 0.28
AEP 94.63 0.29 BeyondMeat BYND 114.34 18.27 ChinaUnicom CHU 9.24 0.13 s Enbridge
HenrySchein HSIC 66.22 -0.40 LennoxIntl LII 245.67 -1.84 Nordson NDSN 165.37 1.76 RestaurantBrands QSR 62.81 0.33
AEP ENB 40.27 0.33 Herbalife HLF 46.83 -0.36 LeviStrauss LEVI 18.85 0.20 Nordstrom JWN 41.67 -0.08 s RingCentral RNG 186.69 3.21 Ericsson ERIC 8.91 0.28 WillisTowers WLTW 205.00 ...
AmerExpress AXP 128.54 1.26 Bio-Techne TECH 217.30 1.16 Chipotle CMG 863.00 5.23 s EncompassHealth EHC 76.68 5.71 Hershey HSY 149.69 1.56 LibertyBroadbandA LBRDA 128.89 1.51 NorfolkSouthern NSC 200.28 2.73 RioTinto RIO 59.13 0.68 TelefonicaBras VIV 14.13 0.19 Wipro WIT 3.92 0.05
AmericanFin AFG 109.92 0.24 Bio-RadLab A BIO 384.14 0.62 Chubb
AmHomes4Rent AMH 26.61 0.37 Biogen
AIG
BIIB 293.90 -2.61 ChunghwaTel CHT 36.71 0.50 EnelChile
AIG 52.62 0.59 BioMarinPharm BMRN 88.27 -2.83 Church&Dwight CHD 70.82 0.72 EnergyTransfer ET 13.51 0.24
AmerTowerREIT AMT 235.41 4.61 BioNTech BNTX 37.83 -1.85 Ciena CIEN 42.39 0.75 s Entegris
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CB 150.90 -0.09 EnelAmericas ENIA 11.00 -0.11
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HES 69.30 0.79 LibertyBroadbandC LBRDK 130.21 1.59 NorthernTrust NTRS 108.68 1.69 RobertHalf RHI 62.48
HewlettPackard HPE 15.55 0.08 LibertyGlobal A LBTYA 20.77 0.14 NorthropGrum NOC 376.83 2.44 Rockwell
HXL 79.89 6.98 LibertyGlobal C LBTYK 20.00 0.14 NortonLifeLock NLOK 26.60 0.11 RogersComm B RCI 49.73
HRC 114.85 -0.69 LibertyFormOne A FWONA 43.47 0.12 NorwegCruise NCLH 57.84 -0.12 Roku
ROK 206.58

ROKU 133.93
-0.60
1.49
0.24
5.53
Telefonica TEF 6.76 -0.08 Wix.com
TelekmIndonesia TLK 29.29 0.44 s Woodward WWD127.84
10xGenomics TXG 83.72 3.97 t WooriFin
Tenaris TS 23.09 -0.05 Workday
WIX 142.43

WF 27.54
WDAY 181.92
2.17
5.88
0.39
1.81
AmerWaterWorks AWK 123.74 1.18 s BlackKnight BKI 66.02 1.17 Cigna CI 203.51 -6.77 s Entergy Teradyne TER 69.27 1.34 WynnResorts WYNN 147.21
ETR 121.52 0.91 Hilton HLT 109.29 0.69 LibertyFormOne C FWONK 45.60 -0.05 Novartis NVS 93.71 -0.15 Rollins ROL 34.98 0.25 4.20
AmericoldRealty COLD 34.99 0.41 s BlackRock BLK 523.11 10.93 CincinnatiFin CINF 105.09 0.39 EnterpriseProd EPD 28.93 0.43 HollyFrontier HFC 48.33 -0.36 LibertySirius C LSXMK 48.24 0.49 s NovoNordisk NVO 58.97 0.29 RoperTech ROP 374.09 3.74 s Tesla TSLA 524.86 46.71 XP XP 37.54 -0.05
us l,

s Ameriprise AMP 169.73 0.57 s Blackstone BX 58.43 0.71 s Cintas CTAS 282.85 4.01 s Equifax TevaPharm TEVA 9.17 0.16 XPO Logistics XPO 79.48
EFX 148.59 1.87 Hologic HOLX 52.91 -0.26 LibertySirius A LSXMA 47.91 0.31 Novocure NVCR 81.20 -3.14 RossStores ROST 119.97 -0.75 1.42
AmerisourceBrgn ABC 86.15 -0.89 Boeing BA 330.22 0.30 CiscoSystems CSCO 47.97 0.84 Equinix TexasInstruments TXN 129.95 -0.05 XcelEnergy XEL 63.37
EQIX 594.96 0.96 HomeDepot HD 223.34 -0.88 LibertyProperty LPT 61.86 1.61 Nucor NUE 53.37 0.60 RoyalBkCanada RY 80.23 0.38 0.73
Ametek AME 100.83 0.07 BookingHldgs BKNG 2080.50 -6.40 Citigroup C 80.65 1.40 Equinor TexasPacLand TPL 804.90 -4.38 Xerox XRX 37.04
EQNR 20.49 0.05 HondaMotor HMC 28.04 0.32 s EliLilly LLY 138.94 0.94 Nutanix NTNX 35.01 0.11 RoyalBkScotland RBS 6.09 -0.06 0.39
Amgen AMGN 236.92 -1.34 s BoozAllen BAH 78.41 1.75 CitizensFin CFG 39.86 0.34 EquityLife ELS 71.02 1.21 Textron TXT 45.04 0.75 Xilinx XLNX 98.95
Honeywell HON 181.27 2.59 LincolnElectric LECO 96.73 0.15 Nutrien NTR 47.98 0.77 RoyalCaribbean RCL 133.11 -0.08 -0.52
al a

Amphenol APH 109.11 0.79 BorgWarner BWA 41.38 -0.04 s CitrixSystems CTXS 115.14 1.40 EquityResdntl EQR 82.28 1.02 s HorizonTherap HZNP 38.26 1.66 LincolnNational LNC 59.17 0.19 s NVIDIA s ThermoFisherSci TMO 332.02 3.29 Xylem
e
NVDA 251.98 7.66 RoyalDutchA RDS.A 58.96 -0.05 XYL 81.28 1.34
AnalogDevices ADI 119.06 0.49 BostonProps BXP 136.77 1.69 Clorox CLX 156.20 2.53 ErieIndemnity A ERIE 165.58 1.00 s HormelFoods HRL 45.90 1.00 Linde LIN 211.80 2.72 RoyalDutchB RDS.B 60.16 0.07 s ThomsonReuters TRI 76.19 1.13 Yandex YNDX 44.30 0.24
Anaplan PLAN 57.59 0.83 BostonSci BSX 45.47 -0.20 s Coca-Cola KO 56.13 0.60 EssexProp ESS 305.50 3.10 DR Horton DHI 53.57 -0.20 LiveNationEnt LYV 72.36 1.08 O P Q RoyalGold RGLD 111.18 -2.61 3M MMM 180.92 0.45 YumBrands YUM 100.34 -1.35
AngloGoldAsh AU 20.65 -1.22 BrightHorizons BFAM 163.55 1.23 Coca-Cola Euro CCEP 51.17 0.11 s EsteeLauder EL 213.47 1.85 HostHotels HST 17.67 0.15 LloydsBanking LYG 3.06 -0.07 SAP SAP 138.33 1.35 Tiffany TIF 133.86 0.03 YumChina YUMC 48.13 -0.67
ci on

AB InBev BUD 81.28 -0.21 s Bristol-Myers BMY 66.15 0.92 Cognex CGNX 56.54 1.37 EuronetWorldwide EEFT 163.47 1.48 Huazhu HTHT 38.99 -0.66 s LockheedMartin LMT 419.02 5.19 OGE Energy OGE 44.69 0.48 s S&P Global SPGI 294.24 5.30 Toro TTC 82.91 0.98 s ZTO Express ZTO 23.60 0.60
AnnalyCap NLY 9.57 0.03 BritishAmTob BTI 45.40 0.18 CognizantTech CTSH 61.16 0.52 EverestRe RE 275.96 1.13 Hubbell HUBB 146.02 1.72 Loews L 52.10 0.03 ONEOK OKE 76.24 0.71 SBA Comm SBAC 250.05 5.22 TorontoDomBk TD 56.03 0.15 ZayoGroup ZAYO 34.67 -0.02
Anthem ANTM 296.74-11.00 BrixmorProp BRX 20.52 0.30 ColgatePalm CL 70.14 -0.01 Evergy EVRG 65.23 0.72 HubSpot HUBS 179.42 3.65 LogitechIntl LOGI 47.99 0.48 OReillyAuto ORLY 435.50 -1.35 SEI Investments SEIC 66.17 0.84 Total TOT 55.40 -0.06 ZebraTech ZBRA 248.58 2.31
Aon AON 209.07 1.01 Broadcom AVGO 301.18 1.96 ColumbiaSportswr COLM 97.51 -0.11 EversourceEner ES 85.15 0.74 Humana HUM 356.88 -7.24 Lowe's LOW 121.05 0.05 OccidentalPetrol OXY 46.57 0.67 SK Telecom SKM 22.66 0.49 ToyotaMotor TM 140.56 0.83 Zendesk ZEN 83.79 1.99
Apache APA 32.01 -0.37 BroadridgeFinl BR 128.49 0.90 Comcast A CMCSA 45.80 0.82 ExactSciences EXAS 90.16-14.28 JBHunt JBHT 118.50 -0.58 s lululemon LULU245.18 10.34 Okta OKTA 131.16 1.77 SLGreenRealty SLG 91.92 0.82 TractorSupply TSCO 90.39 -0.88 Zillow C Z 46.58 0.99
ApartmtInv AIV 51.90 0.38 s BrookfieldMgt BAM 59.68 1.32 Comerica CMA 68.75 0.33 Exelon EXC 46.19 -0.07 HuntingtonBcshs HBAN 14.46 0.08 Lumentum LITE 80.60 0.41 s OldDomFreight ODFL 200.61 3.64 SS&C Tech SSNC 62.61 0.42 s TradeDesk TTD 288.17 10.41 Zillow A ZG 46.29 0.96
ApolloGlbMgmt APO 50.11 0.24 BrookfieldInfr BIP 50.68 0.52 CommerceBcshrs CBSH 67.53 0.21 Expedia EXPE 110.59 -0.10 HuntingIngalls HII 274.82 3.88 Lyft LYFT 46.35 0.29 OldRepublic ORI 22.32 0.09 StoreCapital STOR 37.61 0.71 Tradeweb TW 45.75 -0.42 ZimmerBiomet ZBH 149.02 -0.97
s Apple AAPL 316.96 6.63 s Brown&Brown BRO 40.38 -0.02 SABESP SBS 14.40 0.46 ExpeditorsIntl EXPD 77.61 0.41 HyattHotels H 86.56 0.50 LyondellBasell LYB 91.20 1.77 OmegaHealthcare OHI 43.17 0.81 SVB Fin SIVB 253.85 2.12 s TransDigm TDG 604.57 9.10 ZionsBancorp ZION 51.02 0.35
ApplMaterials AMAT 61.81 0.34 Brown-Forman A BF.A 63.36 0.76 ConagraBrands CAG 32.03 0.20 ExtraSpaceSt EXR 108.12 0.35 IAA IAA 46.30 -0.17 Omnicom OMC 79.68 0.43 Sabre SABR 22.48 ... TransUnion TRU 91.18 0.16 s Zoetis ZTS 136.51 0.94
er rs

Aptargroup ATR 116.20 0.41 Brown-Forman B BF.B 68.08 0.80 ConchoRscs CXO 88.80 -0.28 ExxonMobil XOM 69.80 0.66 s IAC/InterActive IAC 271.09 5.92 M N s ON Semi ON 25.32 0.74 s Salesforce.com CRM 183.85 3.65 Travelers TRV 136.26 0.75 ZoomVideo ZM 74.03 0.94
Aptiv APTV 88.87 -0.64 s Bruker BRKR 53.00 1.08 ConocoPhillips COP 65.13 -0.29 F5Networks FFIV 136.20 1.05 ICICI Bank IBN 15.08 0.04 s OneConnectFinTech OCFT 15.68 -0.14 Sanofi SNY 51.41 -0.21 Trimble TRMB 42.77 0.67 Zscaler ZS 59.62 4.62
s AquaAmerica WTR 47.60 0.78 Bunge BG 55.78 0.12 ConEd ED 87.79 0.30 FMC FMC 98.87 0.87 IdexxLab IDXX 282.29 0.65 M&T Bank MTB 166.85 0.86 OpenText OTEX 45.97 0.17 SantanderCons SC 22.68 -0.15 Trip.com TCOM 37.65 0.95 s Zynga ZNGA 6.77 0.15

Exchange-Traded Portfolios | WSJ.com/ETFresearch

m e

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)
m rp

iShMBSETF MBB 108.43 0.04 0.3 iShS&P500Growth IVW 200.08 0.95 3.3 SPDR DJIA Tr DIA 289.02 0.27 1.4 VangdHiDiv VYM 93.75 0.56 0.0
Monday, January 13, 2020 Closing Chg YTD
ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 80.62 0.75 1.7 iShS&P500Value IVE 130.31 0.36 0.2 SPDR S&PMdCpTr MDY 376.43 0.78 0.3 VangdIntermBd BIV 87.65 –0.05 0.5
Closing Chg YTD iShMSCIBrazil EWZ 46.67 0.86 –1.6 iShShortCpBd IGSB 53.74 –0.02 0.2 SPDR S&P 500 SPY 327.95 0.69 1.9 VangdIntrCorpBd VCIT 91.66 –0.12 0.4
ETF Symbol Price (%) (%) iShCoreMSCITotInt IXUS 62.66 0.85 1.2 iShMSCI EAFE EFA 69.81 0.52 0.5 iShShortTreaBd SHV 110.50 0.01 0.0 VangdLC VV 150.76 0.71 2.0
SPDR S&P Div SDY 107.27 0.72 –0.3
CnsmrDiscSelSector XLY 126.74 0.32 1.1 iShCoreS&P500 IVV 329.43 0.70 1.9 iShMSCI EAFE SC SCZ 62.14 0.49 –0.2 iShTIPSBondETF TIP 117.23 –0.02 0.6 TechSelectSector XLK 95.53 1.25 4.2 VangdMC VO 180.71 0.72 1.4
CnsStapleSelSector XLP 63.07 0.65 0.1 iShCoreS&P MC IJH 206.40 0.78 0.3 iShMSCIEmgMarkets EEM 46.30 1.56 3.2 iSh1-3YTreasuryBd SHY 84.69 –0.01 0.1 VangdMC Val VOE 119.31 0.69 0.1
UtilitiesSelSector XLU 64.79 0.61 0.3
EnSelectSectorSPDR XLE 59.83 0.03 –0.3 iShCoreS&P SC IJR 83.76 0.83 –0.1 iShMSCIJapan EWJ 59.86 0.57 1.0 iSh7-10YTreasuryBd IEF 111.12 –0.12 0.8 VangdMBS VMBS 53.32 ... 0.3
VanEckGoldMiner GDX 27.77 –2.39 –5.2
FinSelSectorSPDR XLF 30.90 0.68 0.4 iShS&PTotlUSStkMkt ITOT 74.00 0.72 1.8 iShNatlMuniBd MUB 114.72 –0.03 0.7 iSh20+YTreasuryBd TLT 138.02 –0.30 1.9 VangdRealEst VNQ 93.39 1.20 0.6
VangdInfoTech VGT 255.76 1.34 4.5
co Fo

FT ValDivFd FVD 36.13 0.64 0.3 iShCoreUSAggBd AGG 112.91 –0.06 0.5 iShPfd&Incm PFF 37.97 0.13 1.0 iShRussellMCGrowth IWP 156.92 0.78 2.8 VangdS&P500ETF VOO 301.24 0.66 1.8
VangdSC Val VBR 136.80 0.85 –0.2
HealthCareSelSect XLV 102.44 –0.35 0.6 iShSelectDividend DVY 105.67 0.67 0.0 iShRussell1000Gwth IWF 182.08 0.91 3.5 iShUSTreasuryBdETF GOVT 26.05 –0.10 0.4 VangdST Bond BSV 80.68 –0.05 0.1
iShEdgeMSCIMinEAFE 0.39 VangdSC Grwth VBK 202.69 0.77 2.0
IndSelSectorSPDR XLI 83.43 0.82 2.4 EFAV 74.89 0.5 iShRussell1000 IWB 181.89 0.73 1.9 JPM UltShtIncm JPST 50.46 –0.01 0.1 VangdSTCpBd VCSH 81.13 –0.05 0.1
iShEdgeMSCIMinUSA USMV 66.40 0.61 1.2 iShRussell1000Val 0.57 PIMCOEnhShMaturity 0.03 VangdDivApp VIG 126.29 0.62 1.3 VangdSC 0.82
InvscQQQI QQQ 220.95 1.15 3.9 IWD 136.96 0.4 MINT 101.72 0.1 VB 166.90 0.8
InvscS&P500EW RSP 116.67 0.62 0.8 iShEdgeMSCIUSAQual QUAL 103.27 0.83 2.2 iShRussell2000Gwth IWO 216.77 0.70 1.2 SPDR BlmBarcHYBd JNK 110.17 0.04 0.6 VangdFTSEDevMk VEA 44.31 0.59 0.6 VangdTotalBd BND 84.16 –0.06 0.4
InvscS&P500LowVol SPLV 58.65 0.65 0.5 iShFloatingRateBd FLOT 50.99 0.02 0.1 iShRussell2000 IWM 165.96 0.65 0.2 SPDR Gold GLD 145.82 –0.74 2.0 VangdFTSE EM VWO 45.89 1.37 3.2 VangdTotIntlBd BNDX 56.69 –0.21 0.2
iSh3-7YTreasuryBd IEI 126.13 –0.06 0.3 iShGoldTr IAU 14.80 –0.80 2.1 iShRussell2000Val IWN 127.47 0.74 –0.9 SchwabIntEquity SCHF 33.85 0.59 0.7 VangdFTSE Europe VGK 58.50 0.50 –0.2 VangdTotIntlStk VXUS 56.30 0.75 1.1
iShCoreDivGrowth DGRO 42.37 0.59 0.7 iShiBoxx$InvGrCpBd LQD 128.39 –0.24 0.3 iShRussell3000 IWV 191.89 0.68 1.8 SchwabUS BrdMkt SCHB 78.32 0.76 1.9 VangdFTSEAWxUS VEU 54.44 0.78 1.3 VangdTotalStk VTI 166.59 0.68 1.8
iShCoreMSCIEAFE IEFA 65.61 0.61 0.6 iShiBoxx$HYCpBd HYG 88.39 ... 0.5 iShRussellMid-Cap IWR 60.32 0.67 1.2 SchwabUS Div SCHD 58.42 0.74 0.9 VangdGrowth VUG 189.35 1.07 3.9 VangdTotlWrld VT 82.26 0.71 1.6
iShCoreMSCIEmgMk IEMG 55.44 1.52 3.1 iShJPMUSDEmgBd EMB 114.71 0.10 0.1 iShRussellMCValue IWS 94.93 0.74 0.2 SchwabUS LC SCHX 78.33 0.71 2.0 VangdHlthCr VHT 192.82 –0.41 0.6 VangdValue VTV 120.10 0.42 0.2

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
CommunityBkrs ESXB 9.57 9.4 FormulaSys FORTY 74.98 18.9 KornitDigital KRNT 40.48 4.8 NextEraEnergy NEP 54.74 1.4 S&P Global SPGI 294.26 1.8 Trex TREX 99.64 0.5 CantelMedical CMD 62.66 -1.9
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE COPEL ELP 17.75 2.5 Fortinet FTNT 116.75 2.1 LPL Financial LPLA 98.68 1.5 NomuraHoldings NMR 5.31 0.4 SORL AutoParts SORL 4.62 0.7 TrineAcqn TRNE 10.06 ... CapitalSrLiving CSU 2.95 -8.5
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low CompassPfdA CODIpA 26.25 0.7 FortBrandsHome FBHS 68.13 1.7 LabCpAm LH 179.35 0.9 Novanta NOVT 96.35 3.7 STAG Indl STAG 32.02 0.9 TritonIntlPfdA TRTNpA 28.00 1.0 CarrolsRestr TAST 5.75 -13.3
CompassPfd CODIpB 26.48 0.3 FranklinElec FELE 60.22 3.1 LamarAdv LAMR 90.47 0.6 NovoNordisk NVO 59.27 0.5 SVMK SVMK 19.95 3.0 TsakosEnergyPfdE TNPpE 24.78 0.9 CastorMaritime CTRM 1.75 1.1
in the latest session. % CHG-Daily percentage change from the previous trading session.
CompassPfdC CODIpC 26.05 0.3 Freshpet FRPT 62.75 3.3 LasVegasSands LVS 72.40 1.8 NuanceComms NUAN 19.45 5.2 Salesforce.com CRM 184.45 2.0 TsakosEnergyPfdF TNPpF 25.00 0.6 cbdMD YCBD 0.99 -8.9
ContraFect CFRX 1.34 13.3 FulcrumTherap FULC 22.96 14.9 LatticeSemi LSCC 22.37 4.0 Nuvasive NUVA 80.83 0.8 SapiensInt SPNS 26.44 3.7 TysonFoods TSN 94.24 1.7 Core-Mark CORE 24.84 0.5
n-

Monday, January 13, 2020 Copart CPRT 96.30 1.0 GSAcquisitionWt GSAH.WS 2.69 0.8 Lazard LAZ 44.40 2.2 NVIDIA NVDA 252.99 3.1 SaratogaInvt SAR 27.51 2.9 US BancorpPfdK USBpP 28.27 0.4 DelphiTechs DLPH 10.85 -1.3
52-Wk % 52-Wk % 52-Wk % Corvel CRVL 94.17 0.6 GSXTechedu GSX 28.06 3.0 Leidos LDOS 101.82 0.1 OldDomFreight ODFL 200.75 1.8 ScienceApplicat SAIC 94.89 1.5 US BancorpPfdH USBpO 26.49 0.2 DolphinEntWt DLPNW 0.00 164.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Costamare CMRE 10.68 7.5 GabelliMultiPfdG GGTpG 25.65 0.2 LeMaitreVascular LMAT 38.64 2.9 ON Semi ON 25.34 3.0 Seagate STX 61.00 1.7 VailResorts MTN 255.37 1.3 DoverMotorsports DVD 1.70 0.8
CoStar CSGP 648.91 -0.4 Gentex GNTX 30.32 0.3 EliLilly LLY 139.99 0.7 OneConnectFinTech OCFT 16.60 -0.9 SeaspanPfdE SSWpE 26.42 -0.1 ValueLine VALU 32.81 3.5 DuPont DD 59.31 1.2
ArtisanPtrsAsset APAM 34.31 3.3 CACI Intl CACI 266.52 0.9 CounterPath CPAH 6.00 -14.0 Gerdau GGB 5.27 3.4 LockheedMartin LMT 420.96 1.3 OrionEnergySys OESX 3.97 10.2 SeaWorldEnt SEAS 34.99 0.7 VaronisSystems VRNS 84.71 3.3 EQT EQT 8.00 -5.3
Highs Arvinas
AspenAerogels ASPN
ARVN 47.50
9.59
0.5
8.3
CF FinanceWt CFFAW 0.93
CHS PfdB2 CHSCN 28.94
-5.9
1.7
CoupaSoftware COUP
CrescentAcqn CRSA
174.20 2.4
10.02 0.1
GlobalPayments GPN 193.52 1.5 LongevityAcqn LOAC
LuckinCoffee LK
10.47
47.66
0.5
6.0
OysterPtPharma OYST 31.99 4.7 SelectMedical SEM
ServiceNow NOW
23.67
305.86
1.8
1.7
Veru VERU 4.35 3.5 EksoBionics
electroCore
EKSO
ECOR
0.35 -5.5
1.08 -13.7
GoldmanSachsPfK GSpK 29.19 0.8 PAVmed PAVM 1.69 -7.8 Vicor VICR 53.85 2.0
ACM Research ACMR 26.43 11.2
no

AspenGroup ASPU 8.42 3.3 CSW Industrials CSWI 78.69 0.4 CustomersBncpNt34 CUBB 25.60 0.3 GoldmanSachs GS 246.11 1.3 lululemon LULU 245.35 4.4 PAVmedWtZ PAVMZ 0.80 3.8 ServiceSource SREV 1.97 6.9 VielaBio VIE 34.50 9.9 Entravision EVC 2.21 0.9
AECOM ACM 47.26 2.0 Athene ATH 48.12 0.6 CableOne CABO 1696.83 4.6 CyclacelPharmPfd CYCCP 6.36 24.7 LunaInnov LUNA 8.06 2.0 ShellMidstream SHLX 22.11 1.6 Escalade ESCA 9.00 -3.5
GoresMetrop GMHIU 10.93 1.7 PaycomSoftware PAYC 297.09 3.4 VirginGalacticUn SPCE.U 15.90 6.9
Ansys ANSS 264.52 1.2 AthenePfdA ATHpA 29.06 -0.8 CAE CAE 29.87 0.2 DRDGOLD DRD 6.10 -1.2 MRI Interv MRIC 5.99 7.8 Shopify SHOP 446.75 2.6 Evolus EOLS 10.31 -1.6
GriffinIndlRealty GRIF 41.56 0.8 Paylocity PCTY 136.66 2.9 VirginGalacticWt SPCE.WS 4.78 13.4
ARYA SciencesWt ARYAW 2.05 15.6 AtlanticaYield AY 27.14 0.6 Camtek CAMT 11.48 1.5 Danaher DHR 159.75 0.9 MSA Safety MSA 133.60 1.9 SiliconLab SLAB 120.47 0.7 FiveBelow FIVE 95.52 -11.4
GpoAeroportSur ASR 200.97 1.3 Pegasystems PEGA 82.84 1.1 VirginGalactic SPCE 14.11 6.8
AXA Equitable EQH 26.37 1.3 Atlanticus ATLC 10.98 4.3 Cardlytics CDLX 85.51 24.7 DaqoNewEnergy DQ 60.15 6.0 MSCI MSCI 273.34 2.4 SiliconMotion SIMO 52.95 2.1 GoodrichPetrol GDP 8.40 -0.9
HLAcquisitions HCCH 10.42 0.8 Perficient PRFT 48.76 2.1 VirtusInvtPtrs VRTS 130.34 1.2
AddusHomeCare ADUS 101.22 0.7 AudioCodes AUDC 27.66 6.2 CasellaWaste CWST 48.74 2.9 DaVita DVA 76.98 1.3 HVBancorp HVBC 17.22 1.0 MacquarieInfr MIC 45.75 0.9 PingIdentity PING 26.87 4.3 SiteOneLandscape SITE 92.71 1.2 GossamerBio GOSS 13.12 -1.1
Visa V 195.60 0.8
Adobe ADBE 345.73 1.7 B.RileyPrMerg BRPM.U 10.51 0.1 Catalent CTLT 59.49 3.1 DtscheBkTrII DXB 26.44 0.3 MagicSoftware MGIC 10.64 1.3 Skyworks SWKS 125.23 3.7 GulfportEnergy GPOR 2.10 -7.7
HannonArmstrong HASI 33.26 2.6 PlugPower PLUG 4.42 -1.0 VoyaFinlPfdB VOYApB 27.77 0.3
AdvDrainageSys WMS 40.90 1.4 B.RileyPrincipalA BRPM 10.17 0.3 Cel-Sci CVM 9.99 20.1 DiamondEagleA DEAC 12.64 -3.1 ManulifeFin MFC 21.23 -0.3 SolarEdgeTech SEDG 106.14 -1.4 HeritageInsurance HRTG 12.59 0.9
HlthcrTrAmerPfdA HTIA 25.90 1.0 PowerIntegrations POWI 106.72 1.8 W.R.BerkleyDeb59 WRBpF 25.69 0.3
AerojetRocket AJRD 53.79 2.3 BallardPower BLDP 10.93 8.2 CenturyLinkNts CTBB 26.00 ... Diodes DIOD 59.38 1.5 Masimo MASI 165.48 0.3 Sony SNE 71.70 1.1 HuttigBuilding HBP 1.39 -6.5
HessMidstream HESM 25.25 0.9 ProfoundMed PROF 13.00 15.3 WellsFargoPfdP WFCpP 25.77 0.3
AgilentTechs A 88.32 -0.1 BancorpSthBkPfA BXSpA 25.95 ... CeridianHCM CDAY 73.23 1.6 DuPont pfB CTApB 117.72 -0.8 Mastercard MA 315.64 1.3 Southern SO 64.82 1.4 iMediaBrands IMBI 3.18 -4.5
HighlandIncmPfdA HFROpA 25.63 0.2 PropTechAcqnUn PTACU 10.40 0.6 WestPharmSvcs WST 156.28 2.2
AirLease AL 48.59 2.0 BankofAmPfd4 BMLpJ 24.13 0.4 CharterComms CHTR 512.65 1.0 EPAM Systems EPAM 229.13 2.5 MedallionBkPfdF MBNKP 25.75 1.0 SouthernUnSeriesA SOLN 54.50 0.8 Macerich MAC 24.94 1.0
HighwoodsProp HIW 49.66 1.1 PrudentialNts PJH 26.29 ... WesternDigital WDC 69.68 1.8
AkamaiTech AKAM 95.36 1.2 BNYMellonPfdC BKpC 26.40 0.1 Chemed CHE 463.83 1.0 ESCO Tech ESE 97.68 1.7 MedicalProp MPW 21.71 1.9 SoCopper SCCO 44.48 3.3 Marcus MCS 30.27 -0.2
Hill-Rom HRC 115.87 -0.6 PublicStoragePfE PSApE 26.22 0.4 Williams-Sonoma WSM 75.56 1.5
Alibaba BABA 231.14 3.0 EHang EH 14.31 2.4 MeridaMergerCorp.I MCMJ 9.88 0.8 Splunk SPLK 157.72 0.4 NakedBrand NAKD 1.22 -18.6
BarnesGroup B 63.97 1.9 CherryHillPfdA CHMIpA 26.25 0.4 HinghamSvg HIFS 216.00 1.5 PublicStoragePfK PSApK 26.04 0.6 Woodward WWD 129.06 4.8
AllianceBernstein AB 32.45 1.6 Enbridge ENB 40.28 0.8 Mesoblast MESO 8.16 0.5 Stantec STN 29.66 2.3 Novan NOVN 0.64 -12.8
BaxterIntl BAX 90.30 4.0 ChickenSoupPfdA CSSEP 25.93 0.4 HorizonTechFin HRZN 13.67 1.9 PublicStoragePfX PSApX 25.67 0.2 Youdao DAO 16.50 4.1
AlliantEnergy LNT 55.78 0.9 EncompassHealth EHC 76.77 8.0 MetLife MET 52.76 0.2 StarBulkNts22 SBLKZ 26.66 -0.2 Orange ORAN 14.46 0.1
BectonDicknsn BDX 276.48 0.6 ChimeraPfdC CIMpC 26.38 0.1 HorizonTherap HZNP 38.61 4.5 Quidel QDEL 80.18 1.2 ZTO Express ZTO 23.84 2.6
Allot ALLT 9.57 2.9 EnerTransferPfdE ETPpE 25.96 0.4 MetroCityBkshs MCBS 18.97 3.1 StateStreetPfdC STTpC 26.10 0.3 OrganiGram OGI 1.89 10.4
BectonDickinsonPfA BDXA 66.55 0.6 ChinaDistanceEd DL 9.79 7.2 HormelFoods HRL 45.91 2.2 RELX RELX 25.45 0.7 Zoetis ZTS 136.75 0.7
EnstarPfdD ESGRP 28.84 0.5 MicrochipTech MCHP 111.70 0.3 Stepan SCL 105.54 3.6 Otelco OTEL 8.75 -0.1
Allstate ALL 114.49 0.9 BestBuy BBY 91.28 0.7 ChinaLifeIns LFC 14.70 1.7 HoulihanLokey HLI 50.70 1.2 R1RCM RCM 13.90 6.3
EnstarPfdE ESGRO 27.90 0.3 Microsoft MSFT 163.31 1.2 StifelFinlPfdB SFpB 27.89 0.2 Zynga ZNGA 6.80 2.3 PanhandleOil&Gas PHX 9.41 -0.8
AllstateDeb ALLpB 27.66 0.5 BiondVaxPharm BVXV 11.50 14.5 ChinaOnlineEduc COE 11.88 6.6 HubGroup HUBG 54.31 2.8 RaymondJames RJF 94.10 1.0
Entegris ENTG 53.41 2.5 MilestoneSci MLSS 1.80 4.7 StifelFinancial SF 64.25 1.9 RTW Retail RTW 0.59 -24.4
Alphabet C
Alphabet A
GOOG 1440.52
GOOGL1441.48
0.7
0.8
BlackKnight
BlackRock
BKI
BLK
66.23
523.45
1.8
2.1
ChurchillCapIIA CCX 10.60
ChurchillDowns CHDN 139.81
0.5
2.9
Entergy
Envestnet
ETR
ENV
122.18 0.8
74.20 0.9
HuronConsulting HURN
IAC/InterActive IAC
70.91
275.06
1.1
2.2
MolecularTemp MTEM
MonroeCapNts23 MRCCL
15.05
26.19
4.1
0.5
RedViolet RDVT
RegionsFinPfdC RFpC
19.55
28.69
2.1
-0.1
Synnex
TAL Education TAL
SNX 150.87
55.52
2.9
2.2
Lows SellasLifeSci
SITO Mobile
SLS
SITO
2.90 -19.4
0.23 -14.1
Amedisys AMED 176.64 1.4 Blackstone BX 58.69 1.2 Cintas CTAS 283.30 1.4 Envista NVST 32.95 0.7 ICF Intl ICFI 94.40 1.1 Moody's MCO 251.52 1.4 ReinsuranceGrpDeb RZB 29.85 0.6 TRowePrice TROW 131.07 2.8 AcastiPharma ACST 0.51 -65.1 SalariusPharm SLRX 2.90 -16.9
AmerEqInvPfdA AELpA 26.40 0.1 BoozAllen BAH 78.43 2.3 CitigrpCapXIIIPf CpN 28.42 0.2 Equifax EFX 148.85 1.3 IHS Markit INFO 79.96 2.1 MorganStanley MS 52.78 1.1 Rent-A-Center RCII 29.80 1.9 TaiwanSemi TSM 60.16 2.0 AdvanSix ASIX 15.70 0.9 SenesTech SNES 0.50 -5.2
Ameriprise AMP 170.80 0.3 BrasilAgro LND 4.95 -2.6 CitrixSystems CTXS 115.51 1.2 EsteeLauder EL 213.53 0.9 INTL FCStone INTL 51.11 3.0 MorganStanleyPfdA MSpA 22.95 0.7 Repay RPAY 16.65 -0.1 TeladocHealth TDOC 98.98 12.7 AlterityTherap ATHE 0.67 -9.6 SixFlags SIX 35.06 -1.1
AmtechSystems ASYS 7.50 2.0 BrighthouseDeb58 BHFAL 27.86 0.3 Coca-Cola KO 56.23 1.1 ExlService EXLS 71.80 2.0 ImageSensingSys ISNS 5.50 ... NICE NICE 164.97 1.3 ReplayAcqn RPLA 10.47 0.6 TeledyneTech TDY 371.13 1.2 AmeriHoldings AMRH 1.67 -24.7 SpiritAeroSys SPR 67.50 -2.8
ApolloGlMgmtPfdA APOpA 26.90 0.1 Brink's BCO 97.12 -0.4 CogentComm CCOI 71.19 1.6 FFBW FFBW 12.30 1.8 Inphi IPHI 83.43 2.3 NXP Semi NXPI 132.51 1.8 Repligen RGEN 99.49 1.2 Tennant TNC 83.26 3.5 AmerSupercond AMSC 7.11 2.8 Sprint S 4.76 0.2
AppFolio APPF 122.06 0.9 Bristol-MyersRt BMYr 3.57 -0.8 Coherent COHR 176.66 5.3 Facebook FB 221.97 1.8 InspireMedical INSP 81.20 -1.1 NantKwest NK 6.80 91.0 RepublicSvcs RSG 91.97 1.0 Tesla TSLA 525.63 9.8 AnixaBiosci ANIX 2.74 -3.5 TherapixBiosci TRPX 0.70 -8.5
Apple AAPL 317.07 2.1 Bristol-Myers BMY 66.99 1.4 Cohu COHU 24.18 3.5 FairIsaac FICO 410.43 1.2 Intellicheck IDN 9.86 2.6 NatlGeneralPfdC NGHCN 25.59 -0.2 ResMed RMD 158.58 0.9 ThermoFisherSci TMO 332.09 1.0 AuroraCannabis ACB 1.50 3.0 Unit UNT 0.44 -11.9
AquaAmericaUn WTRU 63.44 1.4 BrookfieldMgt BAM 59.71 2.3 CollegiumPharm COLL 24.08 3.0 FarPointAcqnA FPAC 10.60 1.4 ItamarMedical ITMR 15.98 14.3 NeoGenomics NEO 32.02 5.5 RetractableTechs RVP 1.73 -5.3 ThomsonReuters TRI 76.21 1.5 BlueApron APRN 5.00 -5.8 WooriFin WF 26.96 1.4
AquaAmerica WTR 47.70 1.7 Brown&Brown BRO 40.69 ... CollierCreek CCH.U 10.95 0.4 FennecPharm FENC 8.40 -1.5 JD.com JD 40.99 3.1 Netease NTES 350.98 3.1 RevanceTherap RVNC 21.07 7.7 TowerSemi TSEM 25.80 2.9 Buenaventura BVN 13.38 -3.9 XerisPharm XERS 5.30 -4.4
ArchCapital ACGL 43.78 0.4 Bruker BRKR 53.08 2.1 ColliersIntl CIGI 81.38 1.1 Five9 FIVN 73.70 2.1 JamesHardie JHX 20.50 0.6 NewYorkMtgPfdD NYMTN 25.60 0.6 RingCentral RNG 187.62 1.7 TradeDesk TTD 293.90 3.7 CHP Merger CHPM 9.87 -0.3 YayYo YAYO 1.07 3.4
Ardagh ARD 20.79 2.1 BuildersFirstSrc BLDR 26.94 1.6 Collplant CLGN 9.52 13.2 Flex FLEX 13.22 4.3 KimcoRealtyPfdL KIMpL 26.48 0.6 NextEraEnergy NEE 246.83 1.2 RitchieBros RBA 44.69 1.9 TransDigm TDG 606.10 1.5 CONSOL Energy CEIX 11.24 1.0 YoungevityIntl YGYI 2.54 -5.6

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
USBdIdxInstPrem 11.96 -0.01 0.5 CA TF A1 p 7.72 ... 1.0 Nuveen Cl I PRIMECAP Odyssey Fds STBondAdml 10.58 ... 0.2 TgtRetInc 14.14 +0.02 0.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity Advisor I IncomeA1 p 2.35 +0.01 0.4 HYMunBd 18.15 ... 1.0 AggGrowth r 46.23 +0.13 3.0 STIGradeAdml 10.74 ... 0.2 TotIntBdIxInv 11.34 -0.01 0.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s NwInsghtI 33.87 +0.28 2.9 FrankTemp/Frank Adv Oakmark Funds Invest Growth r 41.75 +0.14 2.0 TotBdAdml 11.09 -0.01 0.4 WellsI 27.48 +0.06 0.6
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- Fidelity Freedom IncomeAdv 2.33 +0.01 0.4 OakmrkInt 24.85 -0.08 -0.4 Stock r 34.88 +0.24 1.1 TotIntBdIdxAdm 22.67 -0.03 0.2 Welltn 43.75 +0.14 0.9
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes FF2020 16.39 +0.05 1.1 FrankTemp/Franklin A Old Westbury Fds Schwab Funds TotIntlAdmIdx r 30.21 +0.22 1.1 WndsrII 37.02 +0.21 1.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete FF2025 14.49 +0.05 1.2 RisDv A p 70.53 +0.50 1.3 LrgCpStr 15.35 +0.08 1.9 1000 Inv r 72.49 +0.53 1.9 TotStAdml 81.11 +0.58 1.8 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not FF2030 18.05 +0.07 1.2 FrankTemp/Franklin C Parnassus Fds S&P Sel 50.30 +0.35 1.8 TxMCapAdml 169.13 +1.21 1.9 MdCpVlAdml 61.82 +0.45 ...
tracked. NS-Fund didn’t exist at start of period. Freedom2020 K 16.37 +0.05 1.0 Income C t 2.38 ... 0.4 ParnEqFd 47.82 +0.38 1.7 TSM Sel r 56.95 +0.42 1.8 TxMIn r 14.23 +0.08 0.6 SmValAdml 58.77 +0.51 -0.2
Freedom2025 K 14.46 +0.05 1.1 FrankTemp/Temp Adv PGIM Funds Cl Z TIAA/CREF Funds USGroAdml 116.32 +1.29 4.4 TotBd2 11.05 -0.01 0.4
Freedom2030 K 18.03 +0.07 1.3 GlBondAdv p 10.60 -0.01 -0.7 TotalReturnBond NA ... NA BdIdxInst 11.15 -0.01 0.4 ValAdml 46.84 +0.19 0.1 TotIntl 18.06 +0.13 1.1
Monday, January 13, 2020 Freedom2035 K 15.29 +0.08 1.5 Guggenheim Funds Tru PIMCO Fds Instl VANGUARD ADMIRAL WdsrllAdml 65.67 +0.36 1.7 TotSt 81.09 +0.59 1.8
Net YTD Net YTD Net YTD Freedom2040 K 10.75 +0.06 1.6 TotRtnBdFdClInst 27.22 -0.02 0.4 AllAsset 11.93 +0.03 0.4 500Adml 303.63 +2.11 1.8 WellsIAdml 66.56 +0.13 0.6 VANGUARD INSTL FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Invest Harbor Funds TotRt 10.38 -0.02 0.5 BalAdml 39.73 +0.16 1.3 WelltnAdml 75.55 +0.25 0.9 BalInst 39.74 +0.17 1.3
Balanc 25.05 +0.12 1.8 CapApInst 79.52 +1.00 5.0 PIMCO Funds A CAITAdml 12.16 ... 0.7 WndsrAdml 72.62 +0.31 0.4 DevMktsIndInst 14.25 +0.08 0.6
American Century Inv HiYldBd Inst 7.79 ... 0.4 US CoreEq2 23.94 +0.18 1.1
... NA CapOpAdml r 161.60 +0.96 DevMktsInxInst 22.27 +0.12 0.6
BluCh 113.08 +1.44 5.0 Harding Loevner 2.4 VANGUARD FDS
Ultra 54.36 +0.53 4.2 BlackRock Funds A US Small 35.03 +0.29 ... IncomeFd NA
Contra 14.21 +0.12 3.6 IntlEq 24.21 +0.18 1.7 PIMCO Funds I2 DivAppIdxAdm 34.28 +0.22 1.3
DivdGro 31.01 +0.18 1.5 ExtndInst 96.98 +0.86 1.4
American Funds Cl A GlblAlloc p 19.34 ... 0.7 US SmCpVal 34.15 +0.23 -0.8
AmcpA p 34.26 +0.17 2.1 BlackRock Funds Inst US TgdVal 23.04 +0.16 -0.6
ContraK 14.23 +0.13 3.6 Invesco Funds A Income NA ... NA EMAdmr 37.99 +0.51 2.8
INSTTRF2020 24.33 +0.08 0.9
GrwthInst 97.44 +0.99 3.8
CpInc r 10.34 +0.03 1.0 EqIncA 10.35 +0.04 0.6 EqIncAdml 79.81 +0.43 0.3 InPrSeIn 10.60 ... 0.6
AMutlA p 43.75 +0.16 0.5 EqtyDivd 21.04 +0.11 0.8 USLgVa 38.69 +0.14 ... PIMCO Funds Instl INSTTRF2025 25.00 +0.10 1.1
GroCo 22.34 +0.27 4.6 Invesco Funds Y ExplrAdml 98.95 +0.83 1.8 InstIdx 295.57 +2.05 1.8
BalA p 28.73 +0.07 0.8 MultiAstIncome 11.04 ... 0.7 Dodge & Cox IncomeFd NA ... NA INSTTRF2030 25.41 +0.12 1.2
GrowCoK 22.37 +0.26 4.6 DevMktY 47.06 +0.46 3.2 ExtndAdml 96.98 +0.86 1.4 InstPlus 295.59 +2.05 1.8
BondA p 13.12 -0.01 0.3 StratIncOpptyIns 10.00 ... 0.4 Balanced 102.98 +0.20 1.4 Price Funds INSTTRF2035 25.81 +0.13 1.2
InvGrBd 11.62 -0.01 0.5 JPMorgan I Class GNMAAdml 10.55 ... 0.1 InstTStPlus 69.89 +0.51 1.8
BlChip 129.58 +1.05 4.2
CapIBA p 63.54 +0.24 0.3 Bridge Builder Trust GblStock 12.93 +0.03 1.7 LowP r 49.95 +0.01 -0.2 EqInc 19.57 +0.12 0.7 GrwthAdml 97.44 +0.99 3.8 INSTTRF2040 26.23 +0.16 1.4
MidCpInst 49.44 +0.36 1.4
CapWGrA 52.92 +0.32 1.2 CoreBond 10.46 -0.01 0.4 Income 14.09 ... 0.4 JPMorgan R Class DivGro 54.03 +0.30 1.3
HlthCareAdml r 0.4 INSTTRF2045 26.55 +0.17 1.4
Magin 10.55 +0.09 3.4 88.19 -0.38 MidCpIstPl 243.82 +1.76 1.4
EupacA p 56.63 +0.41 1.7 CorePlusBond 10.22 -0.01 0.5 Intl Stk 43.93 +0.03 0.8 OTC 13.36 +0.16 4.5 CoreBond 11.90 -0.01 0.5 EqInc 32.23 +0.19 0.5 HYCorAdml r 5.98 ... 0.5 INSTTRF2050 26.59 +0.17 1.4 RealEstaInstl 20.49 +0.24 0.6
FdInvA p 62.96 +0.32 1.5 Intl Eq 12.12 +0.08 1.1 Stock 197.36 +0.62 1.9 Puritn 23.19 +0.11 1.9 Lord Abbett A
EqIndex 87.40 +0.61 1.8 InfProAd 26.02 ... 0.5 IntlVal 37.90 +0.20 1.0 SmCapInst 80.01 +0.66 0.8
GwthA p 52.48 +0.32 2.6 LargeCapValue 13.88 +0.09 1.3 DoubleLine Funds SAIUSQtyIdx 15.06 +0.09 2.6 ShtDurIncmA p 4.21 -0.01 0.1 Growth 76.43 +0.72 4.2 IntlGrAdml 106.38 +1.04 3.5 LifeCon 21.21 +0.05 0.9 STIGradeInst 10.74 ... 0.2
HI TrA p 10.12 +0.02 0.6 Del Invest Instl CoreFxdIncmI 11.13 ... 0.5 SrsEmrgMkt 21.36 +0.28 3.5 Lord Abbett F HelSci 81.41 -0.85 ... ITBondAdml 11.87 -0.01 0.6 LifeGro 36.61 +0.20 1.3 STIPSIxins 24.73 ... 0.1
ICAA p 40.08 +0.20 1.3 Value 22.41 +0.06 ... TotRetBdI 10.69 ... 0.6 SrsGlobal 13.33 +0.08 1.2 ShtDurIncm 4.21 ... 0.1 InstlCapG 45.79 +0.34 4.0 ITIGradeAdml 10.08 -0.01 0.4 LifeMod 29.17 +0.11 1.1 TotBdInst 11.09 -0.01 0.4
IncoA p 23.37 +0.10 0.6 Dimensional Fds Edgewood Growth Instituti SrsGroCoRetail 18.57 +0.22 4.6 Lord Abbett I IntlStk 18.97 +0.14 1.8 LTGradeAdml 11.05 -0.02 1.0 PrmcpCor 28.29 +0.17 1.3 TotBdInst2 11.05 -0.01 0.5
N PerA p 48.33 +0.42 2.3 5GlbFxdInc 10.74 ... 0.1 EdgewoodGrInst 40.02 +0.40 3.9 SrsIntlGrw 17.83 +0.12 1.8 ShtDurInc p 4.21 ... 0.1 MidCap 96.81 +0.48 1.6 MidCpAdml 223.79 +1.61 1.4 STAR 27.78 +0.13 1.6 TotBdInstPl 11.09 -0.01 0.4
NEcoA p 46.93 +0.34 2.6 DFARlEst 41.22 +0.47 0.7 Fidelity SrsIntlVal 9.95 +0.02 0.5 Metropolitan West N Inc 9.75 ... 0.5 MuHYAdml 11.82 ... 0.8 TgtRe2015 15.30 +0.03 0.8 TotIntBdIdxInst 34.01 -0.05 0.2
NwWrldA 72.09 +0.62 2.2 EmgMktVa 28.85 +0.32 0.6 500IdxInstPrem 114.09 +0.79 1.8 TotalBond 10.96 ... 0.6 TotRetBdI 10.97 -0.01 0.4 NHoriz 61.85 +0.10 4.2 MuIntAdml 14.55 ... 0.6 TgtRe2020 32.84 +0.12 1.0 TotIntlInstIdx r 120.82 +0.87 1.1
SmCpA p 59.60 +0.31 1.3 EmMktCorEq 22.20 +0.28 2.0 Contrafund K6 14.99 +0.13 3.6 Fidelity SAI TRBdPlan 10.32 -0.01 0.4 OverS SF r 11.25 +0.05 0.5 MuLTAdml 11.99 ... 0.9 TgtRe2025 20.06 +0.08 1.1 TotItlInstPlId r 120.84 +0.87 1.1
TxExA p 13.41 ... 0.7 IntlCoreEq 13.82 +0.06 0.1 ExtMktIdxInstPre 66.03 +0.59 1.4 TotalBd 10.55 ... 0.6 MFS Funds Class I R2020 22.34 +0.09 1.1 MuLtdAdml 11.11 ... 0.3 TgtRe2030 36.88 +0.17 1.2 TotStInst 81.13 +0.59 1.8
WshA p 48.45 +0.21 0.6 IntSmCo 18.84 +0.08 -0.3 IntlIdxInstPrem 43.18 +0.13 0.5 First Eagle Funds ValueI 44.96 +0.22 0.6 R2025 18.02 +0.08 1.3 MuShtAdml 15.87 ... 0.2 TgtRe2035 22.80 +0.12 1.2 ValueInst 46.84 +0.19 0.1
Baird Funds IntSmVa 19.17 +0.06 -0.9 MidCpInxInstPrem 23.92 +0.18 1.2 GlbA 58.05 +0.10 0.2 MFS Funds Instl R2030 26.29 +0.14 1.5 PrmcpAdml r 147.02 +0.93 2.0 TgtRe2040 39.65 +0.23 1.3 WCM Focus Funds
AggBdInst 11.26 ... 0.4 LgCo 25.24 +0.18 1.9 SAIUSLgCpIndxFd 17.60 +0.12 1.8 FPA Funds IntlEq 28.07 +0.02 0.8 R2035 19.34 +0.11 1.6 RealEstatAdml 132.36 +1.51 0.6 TgtRe2045 25.05 +0.16 1.4 WCMFocIntlGrwIns 19.32 +0.17 2.2
CorBdInst 11.61 -0.01 0.4 TAUSCoreEq2 20.40 +0.15 1.1 SmCpIdxInstPrem 21.05 +0.15 0.1 FPACres 34.25 +0.15 1.2 Northern Funds R2040 27.53 +0.17 1.7 SmCapAdml 80.01 +0.66 0.8 TgtRe2050 40.33 +0.26 1.4 Western Asset
BlackRock Funds US CoreEq1 26.26 +0.19 1.3 TMktIdxInstPrem 92.19 +0.67 1.8 Franklin A1 StkIdx 37.75 +0.26 1.8 Value 38.40 +0.31 1.2 SmGthAdml 71.30 +0.55 2.0 TgtRet2055 43.80 +0.29 1.4 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Tuesday, January 14, 2020 * * THE WALL STREET JOURNAL.

BUSINESS & FINANCE

AXA Equitable to Give Parent Name the Ax

BY LESLIE SCISM morning, company executives insurance corporations due to AXA’s acquisition of the U.S. the world’s biggest sellers of life insurance is difficult to
AND NICOLE FRIEDMAN said. challenging market conditions. company in 1992 was part of a property-casualty insurance to sell. “It’s much easier to talk
Mark Pearson, the U.S. com- In the U.S., individual life-in- wave of European purchases businesses around the globe. to an entrepreneur about his
AXA Equitable Holdings pany’s chief executive, said in surance-policy sales have fallen of American life insurers, as After the financial crisis, it be- or her risk situation than to
Inc. is dropping AXA from its an interview that the decision the European companies gan shifting away from inter- individuals through a banking
name in another sign the com- to revert to the company’s sought to earn fees from baby est-rate-sensitive life insurance channel about his or her
pany is breaking free of insur- original name was an easy one. CEO Mark boomers’ retirement savings. toward other types of insur- death,” he said.
ance conglomerate AXA SA, its The company was founded Pearson said Since the 2008 global fi- ance in which profits are more Besides life insurance sold
parent since the 1990s. in 1859 as the Equitable Life renaming the nancial crisis, some of those dependent on underwriting, to U.S. households, the soon-to-
The rebranding follows the Assurance Society of the company acquirers are reacting to AXA Chief Executive Thomas be-rebranded Equitable is a
initial public offering of AXA United States. Equitable tougher and sometimes con- Buberl said in October. large seller of retirement-in-
Equitable shares in May 2018 “It’s got such brand good- Holdings brings flicting capital requirements in Taking AXA Equitable pub- come annuities. It has a fleet of
and a secondary offering last will in there, particularly in ‘brand goodwill.’ Europe and the U.S. for many lic was part of this strategic about 4,300 financial advisers
year, which reduced ownership the baby-boomer generation” types of life-insurance prod- shift. Some of the proceeds and sells through banks, bro-
by the French powerhouse to a that remembers the pre-AXA ucts. At the same time that went toward AXA’s acquisition kerages and other middlemen.
small slice. years when Equitable Cos. was about 45% since the mid-1980s, they need to hold more capi- of property-casualty insurer The company also has a
The 161-year-old New York the moniker, he said. though sales have flattened out tal, ultralow interest rates are XL Group Ltd. in 2018 for 65% ownership stake in the
company is expected to an- This move highlights the in recent years, according to depressing what they can earn more than $15 billion, he said. separately publicly traded as-
nounce its new name, Equita- trend of U.S. life-insurance Limra, an industry-funded re- by investing premium dollars. Another reason for the set manager AllianceBern-
ble Holdings, on Tuesday brands separating from larger search firm. Paris-based AXA is one of shift, Mr. Buberl said, is that stein Holding LP.

Sterling Expected change in earnings from previous year, by S&P 500 sector
21.5% Visa Makes
Drops on
2020
estimate 14.7
13.3 12.3 12.0
Deal to
Rate-Cut
9.5 8.7 8.4
5.9 5.5 5.1
Buy Plaid
Concern 0% 4.8
8.3

0.1
3.2
4.4 5.0 Continued from page B1
Visa last year acquired con-
BY AVANTIKA CHILKOTI trol of Earthport, which pro-
–1.7 –0.2
–3.1 vides cross-border payment ser-
The British pound fell below vices to banks and businesses,
$1.30 on Monday amid growing after rival Mastercard Inc. also
expectations of an interest-rate made an offer for the company.
cut by the Bank of England. –16.0 Before that, Mastercard bought
The decline followed disap- payment-technology firm Vo-
pointing economic data and 2019 calink, which enables the move-
comments from central bank estimate ment of payments between

.
officials in recent days indicat- –27.8 bank accounts.

ly
ing a willingness to cut rates. Energy Industrials Materials Consumer Comm Technology Health care Consumer Real estate Financials Utilities These moves are essentially
The weak economic figures discretionary services staples a way for the giant networks to
suggested that uncertainty re- diversify, preparing for the pos-
garding Brexit has hurt the U.K. Source: FactSet on sibility that noncard-payment
economy more than many ana- forms could one day replace

Profit Rebound Expected in 2020

lysts had expected. their cards.
The pound fell 0.6% against Card networks are con-
the dollar, reaching its lowest cerned that consumer pay-
us l,

level since Dec. 25. It has ments could move away from
dropped around 2% in 2020. BY AKANE OTANI One reason why: Investors FactSet, analysts estimate year up 16%, while Boeing rose debit and credit cards to bank
al a
e
At the start of the year, few have penciled in a turnaround earnings in the S&P 500 en- 1%. That was well behind the accounts, essentially allowing
investors forecast the Bank of Money managers aren’t ex- in profits for this year, thanks ergy, industrial and materials S&P 500, which finished the consumers to pay for products
England’s policy rate would be pecting much when U.S. com- to signs that growth around sectors will grow by double- year with a 29% gain. directly out of their bank ac-
ci on

lowered in 2020. But those ex- panies report their latest the world is stabilizing and digit percentages, leading the Just weeks into the new counts while bypassing so-
pectations have shifted with quarterly results over the next trade tensions are easing. projected rebound among the year, though, there are signs called card rails altogether.
further uncertainty over the several weeks. Analysts expect earnings to S&P 500’s 11 groups. that the outlook is improving. Bank-account payments also
U.K.’s trade relationships after But for the bull market to grow by 4.6% in the first quar- In a separate analysis, Data earlier in the month offer a way into business-to-
Brexit. The U.K. is set to leave continue its more than dec- ter from the year-earlier pe- Credit Suisse said it expects from IHS Markit showed U.S. business payments, a sector in
er rs

the European Union on Jan. adelong ascent, they are lean- riod and by 6.4% in the second multinationals with more for- business activity grew in De- which card companies have
31, although its ing on one crucial assumption: quarter, according to FactSet. eign exposure to report earn- cember from November, thanks been trying to play a bigger
CURRENCIES current access that corporate earnings And while it is still early, they ings growth of 9.4% in the to a rise in new order volumes role because it is viewed as un-
to EU markets growth will pick up over the expect even more impressive first half of the year, com- and demand from clients. Sur- tapped compared with con-
m e

will continue until at least the next couple of quarters from gains for the year as a whole. pared with more domestically veys point to a pickup in manu- sumer payments.
end of the year while a long- its current near-zero rate. Estimates suggest the S&P focused firms, where it be- facturing output in China, a The deal could also help Visa
term trade deal is hashed out. Companies in the S&P 500 500’s earnings could grow by lieves earnings will increase hopeful sign for growth else- address banks’ concerns about
m rp

On Thursday, the central are projected to report a 2% 9.4% on a year-over-year basis. where in Asia. And the World security as more new players
bank’s governor, Mark Carney, decline in earnings in the “The confidence that inves- Bank estimates the global like Plaid gain access to their
said policy makers were pre- fourth quarter from the year- tors have in the re-acceleration economy will pick up by 2.5% customers’ information. It
pared to take prompt action if earlier period, according to of the economy and profits
The confidence that this year from 2.4% in 2019, could boost Plaid’s standing
economic weakness persists. FactSet estimates from Friday. hasn’t been shaken, and you investors have in the boosted by a gradual recovery with banks that have been wary
co Fo

Two members of the monetary If that pans out, it would mark need that to justify prices in investment and trade. of the services it offers and
policy committee have since the fourth straight quarter of where they are and to continue
economy and profits If key readings of manufac- clashed with fintech firms over
suggested they would vote for a declining earnings—the lon- to see positive performance in ‘hasn’t been shaken.’ turing activity rise in 2020, their use of Plaid to access
rate cut if economic data don’t gest such streak since a period 2020,” said Thomas Hainlin, “that’s going to be a very pow- bank-customer account data.
improve. “They have got a co- from 2015-16. global investment strategist at erful driver of market upside,” Visa is paying a significant
ordinated message going out Stocks have managed to Ascent Private Capital Manage- said Credit Suisse’s Mr. Golub. premium over Plaid’s valuation
that we are not going to stand rally nevertheless. The Dow ment at U.S. Bank. That being by 5.7% in the same period. Of course, there is always of roughly $2.65 billion in a
by and wait for evidence that Jones Industrial Average’s rise said, “the bar is set pretty low The rosier outlook for some the potential that economic 2018 funding round, though the
the economy has bounced this year has left it less than in terms of expectations for of the S&P 500’s groups rests growth falls short of analysts’ purchase price still represents a
back,” said John Wraith, who 4% away from crossing 30000 earnings,” Mr. Hainlin added. on the assumption that factory projections—especially if U.S.- rounding error for a company
covers U.K. rates strategy and for the first time. The S&P 500 Banks are poised to report activity and industrial produc- China trade negotiations hit a with a market value of some
economics for UBS. and Nasdaq hit all-time clos- among the strongest results in tion will stabilize in 2020 af- wall. With stocks trading at $420 billion.
The probability of a 0.25- ing highs Monday, extending the fourth quarter, while manu- ter dropping off markedly higher-than-average valua- Both Visa and Mastercard
percentage-point cut in the pol- gains after a banner 2019. facturers, energy producers around the world last year. tions, many analysts are left had invested in Plaid as part of
n-

icy rate—from the current “Whatever return we got and materials firms are ex- Trade tensions between the wondering if modest earnings the $250 million funding round,
0.75%—at the Jan. 30 meeting last year, it was against the pected to post among the big- U.S. and China and the suspen- growth will be enough to push according to S&P Capital IQ
has risen to 49% from 5% at the backdrop of almost no earn- gest declines in earnings. In ad- sion of production of Boeing the stock market much higher data.
start of last week, according to ings growth to speak of,” said dition to the biggest U.S. banks, Co.’s 737 MAX jetliner weighed in 2020. Plaid was founded in 2012
no

CME futures data. Jonathan Golub, chief U.S. eq- Delta Air Lines Inc., United- on manufacturing activity in For context, the S&P 500 by Zach Perret, who is its cur-
Adding to expectations of uity strategist at Credit Suisse Health Group Inc. and Alcoa 2019, in turn hurting earnings ended Monday at 3288. That is rent chief executive, and Wil-
monetary easing, official esti- Group AG which has among Corp. are among the companies and share performance for a less than 4% away from where liam Hockey. Its other investors
mates out Monday showed the the higher forecasts of Wall scheduled to report this week. number of industrial companies. BMO Capital Markets and include venture-capital firms
U.K.’s gross domestic product Street analysts for stocks’ For 2020, analysts say to Heavy-machinery maker Goldman Sachs predict the Andreessen Horowitz LLC and
decreased 0.3% in November 2020 performance. expect a reversal. According to Caterpillar Inc. finished the S&P 500 will close the year. Kleiner Perkins.
from the previous month. That
compared with expectations for
0.1% growth in a survey of econ-
omists by The Wall Street Jour-
nal.
Lack of panies has been curtailed by
Mifid II, said Anne-Sophie
d’Andlau, co-founder of Lon-
Sales of European research by sell-side and independent
analysts to hedge funds and asset managers
$6 billion
more than 46% last year.
A spokesman for Inwit said
the company is covered by
The FTSE 100 equities
benchmark gained 0.4% on
Monday, while the FTSE 250,
Research don and Paris-based invest-
ment manager CIAM. Previ-
ously, investment firms could
Mifid II came into
effect on Jan. 3, 2018
more than 20 analysts and that
it constantly provides informa-
tion to the market.
4
which includes companies with
a greater focus on the U.K.’s do-
mestic economy, was up 0.7%.
Aids Funds ask brokers to organize meet-
ings with company manage-
ment. Now, such meetings
Liad Meidar, managing
partner of London-based Gate-
more Capital Management, be-
The yield on the 10-year U.K. have to be paid for separately 2
gan investing in British courier
government bond was little Continued from page B1 if they are arranged by bro- DX (Group) PLC in 2016.
changed at 0.779%. and a turnaround in the cur- kers. The company has under-
Analysts at Investec said the rency saw the FTSE 250 index As a result, some compa- gone a multiyear turnaround
move in sterling showed that of midsize and small compa- nies’ strategies and positions 0 and during its troubled period,
economic data and central bank nies rally versus the FTSE 100 within their sectors aren’t be- 2015 ’20* which coincided with Mifid II,
commentary have “regained index of very large companies ing telegraphed to the market, analyst coverage fell.
their mojo” as the primary at year-end. leading to mispricing, she said. Average number of analysts covering a company, 2015-20† Gatemore was able to bene-
drivers of the U.K.’s currency. Fund managers say Mifid II The FTSE 250 index has an fit from its 35.6% ownership in
has exacerbated these trends. average of 7.7 analysts per Before Mifid II came into effect After Mifid II came into effect the company as the stock
How many U.S. dollars £1 buys “Mifid II definitely had a de- company, down from 9.3 at the climbed from a recent 2017
grading effect on the coverage end of 2017, according to Fact- FTSE  low. DX is covered by one bro-
$1.33
of smaller companies,” said Set. ker currently. Before Mifid II it
Adrian Gosden, portfolio man- The number of analysts cov- would have been three or four,
ager for a U.K. fund at Swiss ering stocks in Europe, the FTSE  Mr. Meidar said.
manager GAM Holding AG. Middle East and Africa at the A spokesman for DX said
1.32
“You’re down to four analysts world’s largest investment the company’s turnaround is
or fewer for companies in the banks dropped 18% to 900 Euro Stoxx well-advanced.
£300 million market-cap area.” from the end of 2018 to the Still, Mr. Meidar said the
1.31 In general, those who want middle of 2019, according to company’s turnaround hasn’t
to invest in smaller companies research firm Coalition. S&P  fully been appreciated by the
have to work harder to under- Meanwhile, European sales market, and that investor sen-
stand the business. of analyst research are pro-  5  5  timent can take longer to shift
1.30 Touring factories or prem- jected to fall nearly 28% this *2020 figure is an estimate. †2020 data is from Jan. 9, 2019 to Jan. 9, 2020 for the same reason some
ises with a top executive can year to $4.11 billion from the Sources: Integrity Research (sales); FactSet (analysts) companies are undiscovered
show investors how a company end of 2017, right before Mifid and thus cheaper in the first
is really run, Mr. Gosden said. II went into effect, according Wireless Italiane SpA, or In- stock not being covered prop- place.
1.29 “You have to get in and see to Integrity Research. wit, a unit of Telecom Italia erly. When there is good news,
management themselves,” he The environment helped SpA. Mr. Taselaar added to the Less in-depth research has companies take longer to re-
Dec. 25 Jan. 1 13
said. one of Mr. Taselaar’s trades, a position over the course of last been available on Inwit since rate, he said, as the word
Source: Tullett Prebon But investor access to com- bet on Italy’s Infrastrutture year and benefited from the Mifid II, he said. Inwit was up doesn’t spread as quickly.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Tuesday, January 14, 2020 | B9

MARKETS

Freeport
Rules Out
Stocks Jump Before Earnings Blitz
BY ANNA HIRTENSTEIN within Iran over the weekend Index performance ber from a year earlier, the
AND KAREN LANGLEY

Deals in The S&P 500 clinched an-

have forced Tehran to focus on
domestic affairs, easing con-
cerns that it would escalate the
2.0%

Nasdaq Composite
smallest annual gain since July
2018 and an amount that in-
vestors said didn’t spark wor-

Near Term other record as geopolitical

tensions remained in check and
investors looked ahead to the
conflict.
“Things that have concerned
the market such as the ten-
1.5

1.0
S&P 500
Dow Jones Industrial Average
ries about inflation.
Gains among shares of large
companies were broad-based,
BY ALISTAIR MACDONALD start of earnings season. sions between the U.S. and with 10 of 11 S&P 500 sectors
The broad index of large China, and Iran, the direction rising.
U.S. mining company Free- U.S. companies gained 22.78 of travel is improving,’’ said 0.5 The health-care sector fell
port-McMoRan Inc. has no in- points, or 0.7%, to 3288.13. The James Athey, a senior invest- 0.4%, weighed down by de-
terest in major strategic technology-heavy Nasdaq Com- ment manager at Aberdeen clines in shares of managed-
deals over the next three posite climbed 95.07 points, or Standard Investments. “The 0 care companies.
years, its chief executive said 1%, to a record 9273.93. The path of least resistance is The materials, technology
Monday, potentially stymieing Dow Jones Industrial Average higher: Essentially equities –0.5 and real-estate sectors led the
informal overtures from Bar- added 83.28 have gotten to the stage where index, each rising at least 1.2%.
rick Gold Corp. to merge. MONDAY’S points, or 0.3%, in the absence of anything bad, Among individual stocks,
Barrick Gold Chief Execu- MARKETS to 28907.05— they will be performing pretty –1.0 Tesla gained $46.71, or 9.8%, to
tive Officer Mark Bristow has just 0.2% below strongly.’’ $524.86, sending shares of the
told reporters that there is last week’s high. Stocks have rallied in recent –1.5 electric-car maker above $500
logic in merging with Free- The U.S. and China plan to months, with the S&P 500 fin- for the first time, after analysts
Jan. 3 6 7 8 9 10 13
port. That has stoked expecta- sign a phase-one trade deal ishing 2019 up 29%, its stron- at Oppenheimer raised their
tions among some investors Wednesday, helping to defuse gest performance since 2013. Source: FactSet price target.
and bankers that the two tensions that have roiled global The index has risen 1.8% to Shares of Five Below tum-
could get together. Alongside markets for two years. The start 2020. Investors have at- in what management teams are nies are having to raise wages bled $13.77, or 11%, to $107.46
copper, Freeport’s Indonesian countries also have agreed to tributed some of those gains to saying and how they’re feeling to attract workers. after the retailer lowered its
mine, Grasberg, is one of the semiannual talks to resolve dis- the three interest-rate cuts the about the prospects for their If wages were to begin ris- sales guidance. Woodward
world’s largest gold producers. putes, and the Treasury De- Federal Reserve implemented business in the coming couple ing quickly, that could cause shares rose $5.88, or 4.8%, to
But Freeport is too focused partment will drop its designa- between July and October. of years,” said Susan Schmidt, the Fed to rethink its plans to $127.84 and Hexcel shares
on the engineering challenge tion of China as a currency U.S. companies report their head of U.S. equities at Aviva hold interest rates steady. gained $6.98, or 9.6%, to
of turning Grasberg from open manipulator. latest quarterly earnings over Investors. “That certainly would be $79.89 on news the two aero-
pit mining into an under- Tensions between the U.S. the next several weeks. Companies scheduled to re- problematic for the markets,” space suppliers would merge.
ground operation to think and Iran have eased in recent Fourth-quarter earnings for port Tuesday include Delta Air he said. “The main linchpin in At midday Tuesday in To-
about mergers and acquisition days, with the spotlight on the companies in the S&P 500 are Lines, JPMorgan Chase and having equities go higher has kyo, the Nikkei 225 Stock Aver-
deals, said the company’s vet- Islamic Republic after it admit- expected to decline 2.1% from a Citigroup. been accommodative monetary age and South Korea’s Kospi
eran CEO, Richard Adkerson. ted last week that it acciden- year earlier, according to Fact- Jim Besaw, chief investment policy.” were each up 0.7%,.
In addition, market chal- tally shot down a Ukrainian Set. But analysts expect earn- officer at GenTrust, said he The most recent jobs report The yield on the benchmark
lenges related to the U.S.- passenger jet, killing 176 peo- ings growth to pick up in 2020. would be scrutinizing earnings Friday showed private-sector 10-year U.S. Treasury rose to
China trade war mean this ple. Wide-ranging protests “People are really interested reports for signs that compa- wages grew by 2.9% in Decem- 1.846% from 1.825% Friday.
isn’t the best time for strate-
gic moves, Mr. Adkerson said.
“Our company is laser-fo-
cused on completing that Gap Narrows

.
[Grasberg transition], so we
Between

ly
are focused on that and not
M&A opportunities,” he told
The Wall Street Journal. “After
that is complete, we would be
in a position to look at a num-
on German, U.S.
ber of alternatives that could
be attractive to our sharehold-
Bond Yields
ers,” he said. BY SAM GOLDFARB
us l,

That could be a problem for

Barrick. Mr. Bristow recently Selling in European govern-
al a
e
told Bloomberg News that if ment bonds narrowed the gap
Barrick were to attempt a between U.S. and German
merger with Freeport, it would bond yields Monday, extending
ci on

have to be a friendly rather a recent move propelled by

than hostile approach. The easing concerns about the eu-
South African executive has rozone economy.
talked generally about adding The yield on the 10-year
more copper to its current re- German bund settled at nega-
er rs

serves of the metal. That tive 0.201%, according to

makes sense because the in- Tradeweb, up from negative
dustrial metal is often found 0.235% Friday.
with gold, and because copper Yields, which rise when
ESSAM AL-SUDANI/REUTERS
m e

is an important component in bond prices fall, have been

the increasing electrification trending upward on German
of energy, he has said. bonds since early September,
m rp

Mr. Adkerson declined to reflecting some improvement

comment on whether Barrick in global economic data and
Gold has approached his com- de-escalation in
pany. Barrick also declined to CREDIT the U.S.-China
comment. Prices are at their lowest level since early December, and the five-session losing streak is the longest in five months. An oil field in Iraq. MARKETS trade war.
co Fo

At current copper prices, Although the

Freeport’s cash flows will dou- yield on the benchmark 10-

Oil Falls as Bullish Wagers Decline

ble in two years, Mr. Adkerson year U.S. Treasury note has
said, but investors have yet to climbed since last summer, it
price in the expected growth. hasn’t increased as much as
Meanwhile, the company faces its German counterpart. That
lower revenue and higher cap- BY AMRITH RAMKUMAR and many analysts projecting funds and other speculative these longs have now been liq- means the extra yield inves-
ital costs during the transition ample supply without major investors could exacerbate the uidated, as geopolitical ten- tors can get from buying U.S.
at Grasberg. When Freeport A pullback in bullish oil disruptions in the region. slide, analysts said. Net bets sions subside,” ING analysts Treasurys over German bunds
does come to look at strategic bets could tamp down crude Prices are at their lowest level on higher prices of Brent rose said in a note to clients. is now less than it used to be.
opportunities, this could be prices with tensions in the since early December, and the to their highest level since Oc- Commodity investors were Data released last week
about pouring capital into its Middle East subsiding, a rapid five-session losing streak tober 2018 during the week looking ahead to monthly in- showed German industrial
own projects, rather than shift after the U.S.-ordered marks oil’s longest in five ended Jan. 7, Intercontinental ventory reports from OPEC output rose 1.1% in November
M&A, he said. killing of a top Iranian military months. Exchange figures show. Net and the International Energy from the previous month—
n-

Mr. Adkerson, who joined leader had The U.S. continues to churn bullish bets on U.S. crude also Agency this week for the latest above the 0.7% increase antici-
Freeport in 1989, said he is COMMODITIES some traders out crude, and the Organiza- rose that week and were at figures on oil supply and de- pated by economists surveyed
feeling bullish about the cop- positioning tion of the Petroleum Export- their highest point since late mand. by The Wall Street Journal.
per market, given that the for further gains this month. ing Countries and allies in- April, according to the Com- Energy Information Admin- Other data has shown contin-
no

scarcity of new projects in the U.S. crude-oil futures fell cluding Russia have been modity Futures Trading Com- istration data last week show- ued weakness in the German
metal should boost its 1.6% to $58.08 a barrel on the curbing output to support mission. ing a surprising rise in U.S. in- economy. Still, some investors
price. Analysts mainly share New York Mercantile Exchange prices. That means the group Analysts said some of those ventories for the week ended are hoping that a preliminary
that view. The scarcity has Monday, logging a fifth con- led by Saudi Arabia could bullish wagers were likely un- Jan. 3 also hurt oil, so the lat- U.S.-China trade deal can help
also triggered speculation secutive decline. quickly respond even if there wound after President Trump est figures for the week ended lift its manufacturing sector.
about deals as miners look to Prices hit an eight-month are temporary shortages, ana- signaled no further strikes Friday will also be in focus. At the end of Monday’s ses-
increase their exposure to the high Jan. 6, with some ana- lysts said. Wednesday following an Ira- They are slated to be released sion, the gap between the 10-
metal, with Freeport talked of lysts projecting supply short- Brent crude, the global nian missile strike on Iraqi on Wednesday. year yields in the U.S. and Ger-
as an acquisition target. ages after the U.S. killing of gauge of oil prices, declined bases housing American and Elsewhere in commodities many was 2.047 percentage
In 2018, Indonesia took a Maj. Gen. Qassem Soleimani, 1.2% to $64.20 a barrel on the allied military forces that re- Monday, natural-gas prices points—down from 2.06 per-
51% stake in Grasberg, paying leader of the foreign wing of Intercontinental Exchange to sulted in no casualties. slid 0.9% to $2.182 a million centage points Friday and as
$3.65 billion to Freeport and Iran’s Islamic Revolutionary start the week, also extending A further pullback could British thermal units. much as 2.504 percentage
Australian miner Rio Tinto Guard Corps, in Iraq. a recent decline. keep pressure on oil, with Milder-than-expected win- points last July. The yield on
PLC. They have since retreated The sudden reversal in oil- many projecting plentiful sup- ter weather and steady supply the 10-year U.S. Treasury note
—Jacquie McNish 8.2%, with the U.S. and Iran market momentum and a pull- plies. have weighed on prices of the settled at 1.846%, compared
contributed to this article. backing away from conflict back in bullish bets by hedge “It appears that some of heating fuel in recent weeks. with 1.825% Friday.
“After a string of just hor-
rific economic data, the data

Tech Giants’ Market Gains Propel a Risky Investment has been less worse in Eu-
rope,” said Robert Tipp, chief
investment strategist and head
of global bonds at PGIM Fixed
Fast Start BY MICHAEL WURSTHORN other 2,300 exchange-traded a bank, similar to a corporate Income.
products listed in the U.S., in- bond. Banks then promise to At the same, he said, the
An exchange-traded note that tracks highflying technology
The FANG stocks are al- cluding other leveraged and pay a return to the investor yield on the 10-year Treasury
companies and uses leverage to magnify its returns has outpaced
ready sinking their teeth into nonleveraged products, ac- linked to the performance of note has been capped at
the S&P 500 and many other exchange-traded products.
2020. cording to Morningstar. That the assets they track. If the is- around 2% due to the pull of
Index and note performance, year to date The long-running FANG follows a 117% rise last year. suer collapsed and couldn’t low yields in Europe and the
trade of buying highflying The note, launched by Bank pay off the debt, the investors view that short-term interest
30% technology stocks including of Montreal in 2018, tracks an could lose everything. ETFs, rates set by the Federal Re-
Facebook Inc., Amazon.com index that has an equal expo- on the other hand, generally serve have reached their peak
MicroSectors Inc., Netflix Inc. and Google sure to 10 technology and can liquidate their assets. for this economic cycle.
FANG+ Index 3X parent Alphabet Inc. is con- communication stocks, includ- The note also uses deriva-
Leveraged ETN tinuing to pay off for inves- ing the FANG companies, as tives to magnify the moves of
20
tors this year. All four stocks well as Tesla Inc., Apple Inc., the underlying index. So while AUCTION RESULTS
are up at least 2%, led by Nvidia Corp., Twitter Inc., the index tracked by the note Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
Facebook, which has surged Baidu Inc. and Alibaba Group is up just 8.7%, the FANG+ clearing yield. Rates are determined by the difference
between that price and the face value.
8.1%. Holding Ltd. All of those note has risen nearly three
13-WEEK AND 26-WEEK BILLS
10 Those gains have pushed stocks have outperformed the times that.
13-Week 26-Week
one exchange-traded product broader market through the The leverage, however, Applications $123,431,388,600 $109,772,333,500
NYSE FANG+ index that tracks those stocks and first two weeks of the year. works both ways and has the Accepted bids $44,965,368,600 $38,541,749,500
" noncomp $1,061,652,900 $939,445,400
uses leverage to magnify its But the FANG+ note takes potential to magnify losses, " foreign noncomp $300,000,000 $500,000,000
S&P 500 returns near the top of the on additional layers of risk to making the strategy especially Auction price (rate) 99.613250 99.226500
(1.530%) (1.530%)
0 leaderboard. deliver an even bigger return. risky during volatile periods. Coupon equivalent 1.562% 1.568%
The MicroSectors FANG+ Unlike an exchange-traded The S&P 500, which has Bids at clearing yield accepted 80.79% 65.92%
Dec. 31 Jan. 2 Jan. 13 Cusip number 912796TR0 912796SZ3
Index 3X Leveraged exchange- fund, exchange-traded notes risen 1.8% in 2020, trails the
2019 2020 traded note is up 28% this don’t own a portfolio of as- 10-stock FANG index by about
Both issues are dated Jan. 16, 2020. The 13-week bills
mature on April 16, 2020; the 26-week bills mature on
Source: FactSet year, better than most of the sets. They are debt issued by 7 percentage points. July 16, 2020.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Tuesday, January 14, 2020 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Facebook’s VR Quest
Finally Gets Real
Newest Oculus headset sees strong demand,
with a big new game on the way

Facebook may have a virtual re- The Oculus Quest headset ad-
ality hit on its hands. It’s about dresses at least one of those limi-
time. tations. The device is designed to
It has been nearly six years deliver high-caliber games on par
since the social network put its VR with the company’s original Rift
stake into the ground. At $2 bil- headset without the need to be
CARL COURT/GETTY IMAGES

lion, the acquisition price for tethered. Facebook launched the

Oculus in early 2014 was twice Quest last May, and it has been a
what Facebook paid for Instagram relative hit. SuperData estimates
two years prior. It was also far sales of the device hit about
more risky. 388,000 units by the end of the
Instagram was already being third quarter, which is 60% higher
used by some 30 million people than the Rift managed at the same
A crowd in Taipei after President Tsai Ing-wen of the Democratic Progressive Party was re-elected on Saturday. for the familiar—and free—task of point of its life cycle.

Taiwan Can Keep Growing

sharing pictures. The number of Holiday demand seems to have
people willing to spend hundreds been strong as well. According to
of dollars to strap high-definition the Oculus website, the Quest is
displays to their faces was much, out of stock until March.
much smaller. Of course, game devices are
It hasn’t changed much since. nothing without games. Oculus has
By the end of the third quarter, been bundling a new Star Wars ti-
Deteriorating relations with Beijing won’t derail its fundamental strengths about 2.6 million Oculus VR head- tle called “Vader Immortal” with
sets had shipped life to date, ac- the Quest, which likely helped
cording to Neilsen’s SuperData. given the popularity of the Star
Taiwan on Saturday voted over- Despite that, Taiwan has contin- nese goods. Falling exports to main- That is about the number of Play- Wars franchise of late. Also, a new
whelmingly to re-elect President ued to log solid growth, averaging land China last year were offset by a Station 4 units Sony sold in the VR-only sequel to Valve’s “Half
Tsai Ing-wen, a result widely seen 3.4% annually from 2010 to 2018, surge in shipments to the U.S. September quarter alone—for a Life” game series is due for release

.
as a rejection of closer ties with according to International Monetary Against the backdrop of the trade console nearing the end of its life in March. “Half Life” is a much-

ly
mainland China. But this may not Fund data. For a place that is al- war, Taiwan is likely to be the only cycle. VR seems a natural applica- loved franchise among PC gamers
matter as much for the island’s ready wealthier than South Korea major Asian economy to record tion for videogames, but the high that hasn’t seen a major release in
economy as investors might think. and France on a per capita purchas- faster growth for 2019 than for 2018, cost of the gear, small number of more than a decade.
The landslide election—more ing-power basis, those are impres-
on according to Capital Economics. games and the fact that most high- It may just be enough to get
than eight million votes for Ms. Tsai sive numbers. Over the same pe- Taiwan does face some real eco- end headsets still need to be teth- gamers to finally plug into VR—
marked a record—comes as many riod, the U.S. and Germany only nomic threats, including worsening ered to a PC or console has and Oculus.
Taiwanese eye Beijing’s intransigent grew on average about 2%. demographics and its powerful neigh- sharply limited its appeal. —Dan Gallagher
stance on the Hong Kong protests and Unlike Hong Kong, where policy bor’s attempts to restrict tourism to
us l,

more aggressive rhetoric in recent errors have prevented the economy the island. Mainland tourist numbers Combined global $7 billion
years with rising alarm. Self-ruled from moving away from a narrow fell sharply late last year, although sales of virtual
al a
e
Taiwan, one of Asia’s most vibrant focus on finance and real estate— overall visitor arrivals still rose in the reality hardware
6
democracies, is claimed by Beijing as both highly dependent on mainland first 11 months. Taiwan could also and software
its territory. Ms. Tsai’s Democratic support—Taiwan is a well-diversi- end up disadvantaged by its exclusion
ci on

Progressive Party advocates main- fied economy. Best known is its so far from the trade agreement that 5
taining a healthy distance from the world-beating information technol- replaced the Trans-Pacific Partner-
mainland politically and economically, ogy sector, which lies at the center ship trade bloc abandoned by Presi-
4
a trend that looks likely to continue. of the global semiconductor supply dent Trump but continued by Japan,
Taiwan’s economy is closely en- chain. Yet it also has a lot of heavy Australia and other countries.
er rs

twined with China’s, but the pace of industry, making chemicals among Overall, though, Taiwan looks 3
integration has already slowed other things, and a large financial- well placed to benefit from chang-
markedly since the global financial services sector. In 2018, more than ing supply-chain dynamics in Asia.
crisis. After a big climb in the early 30% of the economy was in manu- That will be especially true if it is 2
m e

2000s, official data show shipments facturing, far higher than in most able to overcome pressure from
to the mainland have been range- wealthy economies. China to keep it out of the Pacific 1
bound since 2010 at about 30% of The island is also poised to bene- trade bloc. Ms. Tsai’s historic elec-
m rp

total exports, much of which goes fit, to an extent, from the continuing tion—and Beijing’s ire—seem un- Note: 2020-22
into products such as iPhones that rearrangement of Asian supply likely to change Taiwan’s fundamen- are projections. 0
are in turn shipped to the West. chains to avoid U.S. tariffs on Chi- tal advantages. —Nathaniel Taplin Source: SuperData 2018 ’19 ’20 ’21 ’22
co Fo

This Earnings Season, OVERHEARD

Watch the Outlook Prince Harry and Meghan Mar- Duchy of Cornwall, an entirely dif-
kle, the duke and duchess of Sus- ferent £931 million estate cobbled
Corporate earnings likely first quarter, 6.5% in the second, sex, have chosen to step back as together over centuries of savvy
started growing again in the 10.1% in the third and 14% in the senior members of the British acquisition and brute force. It is a
fourth quarter, but it is what com- fourth. That might reflect analysts’ royal family and become finan- private estate, and the Sussexes
panies say about where things are longstanding tendency toward cially independent. intend to hang on to their
headed that will matter most for more optimistic views of the fu- Your definition of financially in- chunk—which makes up 95%
n-

the stock market. ture, however, than anything else. dependent may differ a little from of their income.
The fourth-quarter reporting Another reason for caution: theirs. Japan has a simpler system:
season is about to get under way, When earnings revved higher in The Sussexes will cut them- The property of the imperial
and industry analysts polled by 2013 and 2016, wage growth was selves off from the Sovereign household belongs to the state
no

FactSet estimate that earnings of significantly lower than it is now, Grant, their portion of the in- and the family members receive
companies in the S&P 500 slipped making labor costs less of an is- come from the Crown Estate. allowances from the government.
by 1.8%. That would mark the sue. With the unemployment rate The £14.3 billion ($18.57 bil- Reluctant royals might look at
fourth consecutive quarter of earn- at 3.5%, it seems likely that labor lion) estate, which was cobbled Thailand’s King Maha Vajiralong-
CHRIS JACKSON/GETTY IMAGES

ings declines if it comes true—but costs will keep picking up. With together over centuries of savvy korn with envy.
it probably won’t. most economists expecting both acquisition and brute force, is nei- Thailand’s royal portfolio,
By the time companies report, U.S. and global gross-domestic- ther quite the property of the thought to be in the tens of bil-
analysts have usually cut estimates product growth to stay muted in government nor the monarch. lions of dollars, was transferred to
to the point that they are easy to 2020, a substantial acceleration in Most of the couple’s money the king’s personal control in
beat, and earnings will almost cer- profits looks like a lot to ask for. comes from the more modest 2018.
tainly be better than what is now Companies themselves don’t ap-
penciled in. Over the past five pear particularly optimistic. The
years, actual S&P 500 earnings Business Roundtable’s fourth-quar-
have beat estimates by 4.9 per- ter survey of chief executives and
centage points on average, accord-
ing to FactSet.
So earnings growth should be in
Duke University’s fourth-quarter
survey of chief financial officers
both elicited cautious responses
It May Not Pay to Play Geopolitical Risk
the low single digits, with a fair on the 2020 outlook.
amount of variation between com- Perhaps corner-office moods Geopolitical risk has been on perts that geopolitical risk is ris- Mr. Soleimani’s killing will either
panies. Energy sector profits look have brightened in the interim, the tips of many tongues in finan- ing leads, perhaps, to more reports be very costly for equities—a ma-
to be down sharply as a result of and on their earnings conference cial markets in recent years, but of rising geopolitical risk by jour- jor conflict seriously affecting cor-
lower oil prices. Financial and calls companies will offer forecasts selloffs in equity markets associ- nalists, jacking up the indexes. porate earnings, oil prices and eco-
health-care companies, which have for this year that justify investors’ ated with moments of high stress Nobel Prize-winning economist nomic policy around the world—or
domestic focuses that leave them recent enthusiasm. If not, the are now notorious for the rapidity Robert Engle isn’t so sure that it will cost almost nothing. Either
less exposed to trade tensions and stock market could be in for a re- with which they reverse. geopolitical risk in markets is all way, it is hard to make the argu-
weak global growth, should do set. The U.S. airstrike against Maj. that high right now. In his work, ment that it is worth the handful
better. And as with any earnings —Justin Lahart Gen. Qassem Soleimani and the re- he analyzes the factors driving of percentage points that it actu-
period, there will be individual taliatory Iranian missile attacks on cross-asset and cross-country vola- ally knocks off the S&P 500.
companies that wildly exceed or S&P 500 earnings, Iraqi bases containing U.S. troops tility. When something affects all The phenomenon of rapidly-re-
undershoot investor expectations, change from a year earlier now count among the dozens of asset classes across countries, the versing geopolitical selloffs isn’t
to their respective joy and sorrow. short-lived geopolitical market cause is likely to be geopolitical. particularly recent. After the Sep-
End-of-quarter estimate Actual
But modest earnings growth in panics after which rallies in risk By his measure, such international tember 11, 2001, attacks, Iraq’s in-
the fourth quarter may not be 25% assets have resumed within days, events haven’t been particularly vasion of Kuwait in 1990 and the
enough by itself for investors on or even hours. severe at all in recent years. use of American ground troops in
the heels of a rally that has sent 20 It is taken for granted that po- A significant problem with the Cambodia in 1970, analysts at
stocks sharply higher. Instead, litical risk has risen. Indexes like relatively small selloffs generated State Street Global Advisors note
they may also want to see signs 15 the Economic Policy Uncertainty by clashes in the Middle East or that the U.S. equity index returned
that earnings growth will acceler- Index and Geopolitical Risk Index North Korean missile tests is that to its pre-selloff level within less
ate through the year. That often 10 have climbed in recent years; the they represent a compromise that than a month.
happens following periods of infe- former set a record high in 2019. is uncomfortable for everyone. In recent years, equity investors
rior profits: After a fallow 2012, 5 Those indexes move up or down in Some investors may believe a mis- have done best when they have
earnings growth picked up part based on the number of times sile launch or an airstrike will spi- largely overlooked geopolitical
strongly through 2013. The same 0 certain words related to geopoli- ral into something far worse. Oth- stress. Without special insight into
thing happened again starting in tics or economic uncertainty are ers might think the panic will be the likelihood of brief crises devel-
the second half of 2016. –5 used in selected newspapers over short-lived and normal service will oping into something much worse,
Analysts are on board with that a given month. resume shortly. that may be the best course of ac-
2017 ’18 ’19
scenario, forecasting that S&P 500 Those indexes run the risk of With such bifurcated views, a tion for most.
earnings will grow by 4.7% in the Source: FactSet circular logic: being told by ex- headline-grabbing event such as —Mike Bird